Dear Shareholders,
Your director's have pleasure in presenting 38th Annual Report of Virgo
Polymers India Limited along with audited financial statements for the year ended March,
2023.
1. FINANCIAL RESULTS:
The Company's Financial results for the period under review are as follows:
PARTICULARS |
2022-23 |
2021-22 |
|
(Rs. In Lakhs) |
(Rs. In Lakhs) |
Revenue from operations |
17,028.17 |
11,799.28 |
Other Income |
37.13 |
60.93 |
Total Income |
17,065.29 |
11,860.2 |
Total expenses |
16,992.47 |
11,781.15 |
Profit/(Loss) before tax |
72.83 |
79.05 |
Exceptional Item |
- |
- |
Tax Expenses: |
|
|
Current Tax |
(9.86) |
(11.69) |
Deferred Tax |
4.42 |
(12.58) |
MAT Credit entitlement |
- |
3.92 |
Transfer to Reserve |
- |
- |
Profit / (Loss) carried to Balance sheet |
63.01 |
54.42 |
2. BUSINESS PERFORMANCE:
During the year under review, your company has made profit of Rs 63.01 lakhs against
54.42 lakhs profit in the previous financial year. There is no change in the nature of
business of the Company.
3. SHARE CAPITAL:
The Paid-up Equity Share Capital as on March 31, 2023 was Rs. 3,40,00,000/ - There is
no change in the Share Capital of the Company during the financial year.
4. DIVIDEND:
The Board of Directors wish to conserve the profit for future development and expansion
and hence have not recommended any dividend for the financial year 2022-23.
5. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
During the year, Your Company has not granted loan or in respect of a loan to any
person or body corporate or acquisition of shares in other body corporate under Section
186 of the Companies Act, 2013.
6. TRANSFER OF PROFIT TO RESERVES:
During the year, your Company has made a profit of Rs. 63.01 Lakhs. However, Company
does not recommend to transfer any amount to reserves.
7. DEPOSITS:
Your Company has not accepted any deposits from the public during the year under review
and there are no outstanding deposits as on 31st March, 2023.
8. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
During the year 2022-2023, the Company had entered into transaction with related
parties pursuant to the provisions of Section 188 of the Companies Act, 2013. The
transaction entered into by the Company are in arm's length basis. The particulars of
contracts or arrangement with related parties given in the AOC-2 as enclosed in the
Annexure-II
9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Industry Structure and Developments:
Presently the Company is manufacturing an extensive range of FIBC (Jumbo bags, big
bags, bulk sacks) in various designs and sizes. FIBC is one of the most cost effective and
ideal type of packaging solutions for transportation and storage of goods. These bags are
made of polypropylene fabric.
Opportunities and Threats:
Our Company project has resulted in high quality output which has resulted to tie up
long term contracts with the Customers. Our main concern is, continuous competition from
other manufactures in the same line of production.
Segment wise performance:
The Performance of the products of the Company namely FIBC (Jumbo bags, big bags, bulk
sacks) in various designs and sizes which are made up of polypropylene fabric are
satisfactory and the only problem faced by the Company is power interruption and power
failure which are beyond control.
Risks and Concerns:
Our main concern is, continuous competition from other manufacturers in the same line
of production by reducing the price in the market due to which the Company has to reduce
the price to retain its share in the market.
10. RISK MANAGEMENT POLICY:
The risk management is overseen by the Audit Committee of the Company on a continuous
basis. Major risks, if any, identified by the by the business and functions are
systematically addressed through mitigating action on a continuous basis. The risk
management policy is available in the Company website www.virgopolymers.com.
11. NOMINATION AND REMUNERATION POLICY
Pursuant to Section 178(3) of the Companies Act, 2013, the Board of Directors has
framed a policy which lays down a framework in relation to remuneration of Directors, Key
Managerial Personnel and Senior Management of the company. The policy also lays down the
criteria for selection and appointment of Board Members. The policy and details of
Nomination and Remuneration is available on the website of the Company at
www.virgopolymers.com.
In accordance with the Nomination and Remuneration Policy, the Nomination and
Remuneration Committee has, inter alia, the following responsibilities:
1. The Committee had formulated the criteria for determining qualifications, positive
attributes, and independence of a director. and is available in the company website
www.virgopolymers.com. The Committee shall identify persons who are qualified to become
Director and persons who may be appointed in Key Managerial and Senior Management
positions in accordance with the criteria laid down in this policy.
2. Recommend to the Board, appointment, and removal of Director, KMP and Senior
Management Personnel.
3. The Board shall carry out evaluations of the performance of every Director, KMP and
Senior Management Personnel at regular intervals (yearly).
4. The remuneration/ compensation/ commission etc. to the Managerial Personnel, KMP and
Senior Management Personnel will be determined by the Committee and recommended to
the Board for approval. The remuneration/ compensation/ commission etc. shall be
subject to the prior/ post approval of the shareholders of the Company and Central
Government, wherever required.
5. Increments to the existing remuneration/ compensation structure may be recommended
by the Committee to the Board which should be within the slabs approved by the
Shareholders in the case of Managerial Personnel.
6. Where any insurance is taken by the Company on behalf of its Managerial Personnel,
Chie Executive Officer, Chief Financial Officer, the Company Secretary, and any other
employees for indemnifying them against any liability, the premium paid on such insurance
shall not be treated as part of the remuneration payable to any such personnel. Provided
that if such person is proved to be guilty, the premium paid on such insurance shall be
treated as part of the remuneration.
7. The Non-Executive/ Independent Director is not paid remuneration by way of fees for
attending meetings of the Board or Committee thereof.
8. Commission to Non-Executive/ Independent Directors If proposed may be paid within
the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the
net profits of the Company computed as per the applicable provisions of the Companies Act,
2013.
12. BOARD POLICIES:
The Company has the following policies which are applicable as per the Companies Act,
2013 and SEBI (LODR) Regulations, 2015 which are placed on the website of the Company
www.virgopolymers.com.
(i) Code of Conduct for Directors and Senior Management
(ii) Policy of Directors' Appointment and Remuneration
(iii) Nomination and Remuneration Policy
(iv) Policy on Related Party Transactions
(v) Policy on Sexual Harassment of woman at work place (Prevention, prohibition and
redressal) Act, 2013.
(vi) Policy on Material Events
(vii) Policy on preservation and archival
Since your Company's Paid-up Capital and Net worth is less than Rs. 10 Crores and Rs.
25 Crores respectively, the provisions of SEBI (LODR) Regulations, 2015 relating to
corporate governance is not applicable.
13. BOARD DIVERSITY:
Since the Company falls under the exempted category as provided under Regulation 15 of
Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)
Regulations, 2015 disclosure on Board Diversity is not applicable.
14. PARTICULARS OF EMPLOYEES:
There are no employees falling within the provisions of section 197 of the Companies
Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
15. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT:
Training on all sectors is given to its employees periodically and motivated to work in
line with the development of the industry. The willingness and commitment of the employees
help the company to stand tall among its customer in quality and service.
16. INTERNAL COMPLAINTS COMMITTEE:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints
Committee ("ICC") is in place for all works and offices of the Company to
redress complaints received regarding sexual harassment. The policy on Prohibition
Prevention & Redressal of Sexual Harassment is available on the website of the Company
at www.virgopolymers.com
During the Financial Year under review, no complaints with allegation of sexual
harassment were filed with the ICC.
Internal Complaint Committee Members:
1. Mrs. Mamta Ramsisaria
2. Mr. Vivek Ramsisaria
17.SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES COMPANIES:
The Company does not have any Subsidiaries, Associates and Joint Venture Companies.
18. MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND THE DATE OF REPORT:
There are no material changes and commitments occurred between the end of the financial
year of the company to which the financial statements relate and the date of the report,
affecting the financial position of the company.
19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations.
20. REPORTING OF FRAUDS BY AUDITORS:
During the year under review, neither the Statutory Auditors nor the Secretarial
Auditor has reported to the Audit Committee under Section 143 (12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Board's Report.
21. AUDITORS:
STATUTORY AUDITORS
M/S. VENKAT AND RANGAA LLP, Chartered Accountants, (Firm Registration Number: 004597 S)
has been appointed as statutory auditor of the company for the term of five years in the
37th Annual General Meeting which held on 12th September 2022 and
they continue to be the Auditors till 42nd Annual General Meeting.
COMMENT ON STATUTORY AUDITOR'S REPORT:
There are no qualifications, reservations, remarks or disclaimers made by M/ s.
Parthasarathy, Sankaran & Associates, Statutory Auditor, in their audit report.
SECRETARIAL AUDITOR:
Pursuant to the requirements of Section 204 (1) of the Companies Act, 2013 and Rule 9
of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mrs.
Lakshmmi Subramanian of M/s. Lakshmmi Subramanian & Associates, Practising Company
Secretaries (Membership No.3534 CP:1087) was appointed to conduct secretarial audit for
the financial year 2022-2023.
The Secretarial Audit Report as received from the Secretarial Auditor is annexed to
this report as Annexure - I. The Secretarial Audit report contain certain observation
remarks.
Board's Reply:
The Board of Directors taking necessary actions to rectify the observation remarks in
the Secretarial Audit Report
INTERNAL AUDITORS:
M/s. A. K. Lunawath & Associates, Chartered Accountants, are the internal auditors.
The Audit Committee determines the scope of Internal Audit in line with regulatory and
business requirements.
COST AUDITOR:
Pursuant to notification of Companies (Cost Records and Audit) Rules, 2014 read with
Companies (Cost Records and Audit) Amendment rules, 2014 the Company does not fall under
the purview of Cost Audit.
22. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Board consists two independent directors, one Non-Executive Director and two Whole
Time Directors and one Managing Director and Company Secretary and Chief Financial
Officer.
Shri. Vivek Ramsisaria |
Managing Director |
Shri. Varun Ramsisaria |
Whole Time Director |
Smt. Mamta Ramsisaria |
Whole Time Director |
Shri. Sunil Saraf |
Non-Executive Director |
Shri. Sagar Ramsisaria |
Independent Director |
Shri. Rishav Sethia |
Independent Director |
Directors' appointment / Re-appointment:
Appoint a director in place of Mr. Varun Ramsisaria (having DIN 01107837) who
retires from office by rotation and being eligible offers himself for reappointment.
Reappointment of Mr. Sunil Saraf (holding DIN: 00388423) as non-executive
Director of the company for a period of five consecutive year.
COMPANY SECRETARY & CHIEF FINANCIAL OFFICER:
Smt. Sweety Goyal |
Company Secretary |
(Appointed w.e.f. 01.04.2023) |
|
Shri. Shyam Kishore |
Chief Financial Officer |
(Appointed w.e.f. 13.04.2023) |
|
Shri Raghavan Gopalaswami |
Company Secretary |
(Demised on 24th August 2022) |
|
Shri Manish Kumar Agarwal |
Chief Financial Officer |
(Resigned w.e.f. 01.04.2023) |
|
composition of committees of the board
During the year all the recommendations of the Audit Committee were accepted by the
Board. Pursuant to Section 177(8) of the Companies Act, 2013, the Composition of Audit
Committee is given as under:
AUDIT COMMITTEE:
Shri. Rishav Sethia |
Independent Director-Chairperson |
Shri. Sagar Ramsisaria |
Independent Director-Member |
Shri. Varun Ramsisaria |
Whole Time Director-Member |
STAKEHOLDERS RELATIONSHIP COMMITTEE:
Shri. Rishav Sethia |
Independent Director-Chairperson |
Shri. Varun Ramsisaria |
Whole Time Director-Member |
Shri. Sunil Saraf |
Non-Executive Director |
NOMINATION REMUNERATION COMMITTEE:
Shri. Rishav Sethia |
Independent Director-Chairperson |
Shri. Sagar Ramsisaria |
Independent Director-Member |
Shri. Sunil Saraf |
Non-Executive Director |
23. NUMBER OF MEETINGS OF THE BOARD AND BOARDS' COMMITTEE:
The Board meets at regular intervals to discuss and decide on business strategies /
policies and review the financial performance of the Company.
The Board Meetings are pre-scheduled, and a tentative annual calendar of the Board is
circulated to the Directors well in advance to facilitate the Directors to plan their
schedules.
Meeting |
No. of Meetings during the Financial Year 2022-23 |
Date of the Meeting |
Board Meeting |
6 |
30.05.2022, 12.08.2022, 12.11.2022, 09.02.2023, 10.03.2023 & 24.03.2023 |
Audit Committee |
4 |
30.05.2022, 12.08.2022, 12.11.2022 & 09.02.2023 |
Nomination & Remuneration Committee |
1 |
24.03.2023 |
The interval between two Board Meetings was well within the maximum period mentioned
under section 173 of the Companies Act, 2013, and SEBI Listing (Disclosures and
Obligations Requirements) Regulations, 2015.
24.BOARD EVALUATION:
Pursuant to the provision of the Companies Act, 2013, a structured questionnaire was
prepared after taking into consideration of the various aspects of the Boards'
functioning, the composition of the Board and its committees, culture, execution and
performance of specific duties, obligations, and governance.
The board and the committee were evaluated on various criteria as stated below:
1. Composition of the Board and Committee.
2. Understanding of the Company and its business by the Board.
3. Availability of information to the board and committee.
4. Effective Conduct of Board and Committee Meetings.
6. Monitoring by the Board management effectiveness in implementing strategies,
managing risks and achieving the goals.
The Board also carried out the evaluation of directors and chairman based on following
criteria:
1. Attendance of meetings.
2. Understanding and knowledge of the entity.
3. Maintaining Confidentiality of board discussion.
4. Contribution to the board by active participation.
5. Maintaining independent judgment in the decisions of the Board
25. SECRETARIAL STANDARDS:
The Company has complied with the secretarial standards issued by the Institute of
Company Secretaries of India, to the extent as applicable.
26. SEPARATE MEETING OF THE INDEPENDENT DIRECTORS:
As required under Clause VII of Schedule IV of the Companies Act, 2013, the Independent
Directors held a Meeting on 10th February 2023, without the attendance of
Non-Independent Directors and members of Management.
27. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:
The familiarization program is to update the Directors on the roles, responsibilities,
rights and duties under the Act and other statutes and about the overall functioning and
performance of the Company. The policy and details of familiarization program is available
on the website of the Company at www.virgopolymers.com
28. INDEPENDENT DIRECTOR'S DECLARATION:
All Independent Directors have given declarations that they meet the Criteria of
independence laid down under Section 149 of the Companies Act, 2013 and Securities and
Exchange Board of India (Listing Obligations and Disclosure requirements) Regulations,
2015 in respect of financial year ended 31st March, 2023, which has been relied on by the
Company and placed at the Board Meeting
29. WHISTLE BLOWER POLICY/ VIGIL MECHANISM:
Pursuant to Section 177(9) of the Companies Act, 2013, your Company has established a
Vigil Mechanism policy for directors and employees to report concerns about unethical
behaviors, actual or suspected fraud, violations of Code of Conduct of the Company etc.
The mechanism also provides for adequate safeguards against the victimization of employees
who avail themselves of the mechanism and also provides for direct access by the Whistle
Blower to the Audit Committee. It is affirmed that during the Financial Year 2022-23, no
employee has been denied access to the Audit Committee. The vigil mechanism policy is also
available on the Company's website www.virgopolymers.com
30. INTERNAL CONTROL AND THEIR ADEQUACY:
The Company has formulated a Framework on Internal Financial Controls In accordance
with Rule 8 (5) (viii) of Companies (Accounts) Rules, 2014, the Company has adequate
internal control systems to monitor business processes, financial reporting and compliance
with applicable regulations and they are operating effectively.
The systems are periodically reviewed by the Audit Committee of the Board for
identification of deficiencies and necessary time-bound actions are taken to improve
efficiency at all the levels. The Committee also reviews the observations forming part of
internal auditors' report, key issues and areas of improvement, significant processes and
accounting policies.
31. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT:
The Board of Directors has adopted a policy and procedure on Code of Conduct for the
Board Members and employees of the Company in accordance with the SEBI (Prohibition of
Insiders Trading) Regulations, 2015. This Code helps the Company to maintain the Standard
of Business Ethics and ensure compliance with the legal requirements of the Company.
The Code is aimed at preventing any wrong doing and promoting ethical conduct at the
Board and by employees. The Compliance Officer is responsible to ensure adherence to the
Code by all concerned.
The Code lays down the standard of Conduct which is expected to be followed by the
Directors and the designated employees in their business dealings and in particular on
matters relating to integrity in the workplace, in business practices and in dealing with
stakeholders.
All the Board Members and the Senior Management Personnel have confirmed Compliance
with the Code.
32.CORPORATE SOCIAL RESPONSIBILITY (CSR):
Pursuant to section 135 of the Companies Act, 2013, every company having net worth of
Rs. 500 crore or more, or turnover of Rs.1000 crore or more or a net profit of Rs. 5 crore
or more during the financial year shall constitute a CSR Committee. Our Company has not
triggered any of the above limits; hence, no committee in this has been constituted.
33. EXTRACT OF ANNUAL RETURN:
The Submission of Extract of Annual Return in MGT-9 is dispensed with in terms of
Companies (Management and Administration) Amendment rules, 2021 dated 5 th
March, 2021. Hence, the question of attaching MGT-9 with this report does not arise.
However, the Annual return can be viewed in the website of the company www.virgopolymers.com
34. DISCLOSURE REQUIREMENTS:
The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
and is of the view that such systems are adequate and operating effectively.
35. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:
Director's appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters provided
under the Companies Act, 2013 are covered under the Board's policy formulated by the
Company and is available on the Company website www.virgopolymers.com.
36. DIRECTORS' RESPONSIBILITIES STATEMENT:
Pursuant to the requirement of Section 134 (5) of the Act, the Directors hereby
confirm:
That in the Preparation of Final Accounts, the applicable Accounting Standards has been
followed along with proper explanation relating to material departures;
That they had selected such Accounting Policies and applied them consistently and made
judgements and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period.
That they had taken proper and sufficient care for the maintenance of adequacy
Accounting Records in accordance with the provisions of the Act, for safeguarding the
Assets of the Company and for preventing and detecting fraud and other irregularities;
That they had prepared the Annual Accounts on a Going Concern basis.
That they laid down internal financial controls to be followed by the Company and that
such internal financial controls are adequate and operating properly; and
That they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
37. THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
The details of Conservation of Energy, technology absorption, foreign exchange earnings
and outgo as required under Section 134 (3) (m) of the Companies Act, 2013 read with Rule
8 of the Companies (Accounts) Rules, 2014 are as follows:
Conservation of Energy:
(i) In view of the pandemic and employees working from home the registered office has
been shifted to a very small place wherein there is absolutely no power consumption when
compared to the earlier years
(ii) Improvements in operating efficiency and reduction in the employee strength.
Technology absorption:
(i) The efforts made towards technology absorption: NIL
(ii) Benefits derived Production improvement: NIL
Cost Reduction: NIL
Production development or Import substitution; NIL
(iii) Import Technology; NIL
(iv) Expenditure incurred on Research and Development; NIL
Foreign exchange earnings and outgo:
Details |
2022-2023 |
2021-2022 |
|
Rs. |
Rs. |
Export Sales |
74,75,45,361 |
88,33,20,152 |
Exchange fluctuation on export |
1,69,93,689 |
2,54,43,448 |
Expenditure in Foreign Exchange |
Nil |
Nil |
Travel Expenditure - Directors |
Nil |
Nil |
CIF value of imports - Raw Materials |
31,12,92,307 |
21,04,90,780 |
38. CORPORATE GOVERNANCE REPORT
Since your Company's paid-up Equity Capital, and Net worth is less than Rs. 10 Crores
and Rs. 25 Crores respectively, the provisions of SEBI (LODR), 2015 relating to Corporate
Governance, is not applicable to the Company.
39. APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016 DURING THE YEAR:
There were no applications made nor any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 during the year.
40. MAJOR THINGS HAPPENED DURING THE YEAR WHICH MADE THE IMPACT ON THE OVERALL WORKINGS
OF THE COMPANY & THE MAJOR ACTIONS TAKEN BY THE COMPANY IN THAT RESPECT, SUCH AS
COVID-19 PANDEMIC:
Nil
41. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE
TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF:
During the year under review there was no instance of one-time settlement with any Bank
or Financial Institution.
42. THE RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE
EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR AND PERCENTAGE INCREASE IN REMUNERATION OF
EACH DIRECTOR AND KMP:
|
|
|
|
|
|
(Rs. In lakhs) |
S.No. |
Name |
Designation |
Remuneration for FY 2022-23 |
Remuneration for FY 2021-22 |
Increase in Remuneration |
Ratio/times per median of employee remuneration |
1. |
Vivek Ramsisaria |
Managing Director |
30 |
16 |
14 |
5.07:1 |
2. |
Mamta Ramsisaria |
Whole Time Director |
30 |
12 |
18 |
6.52:1 |
3. |
Varun Ramsisaria |
Whole Time Director |
30 |
16 |
14 |
5.07:1 |
6. |
Manish Kumar Agarwal |
CFO |
6 |
6 |
NIL |
NIL |
43. LISTING FEES:
The Company confirms that it has paid the annual listing fees for the year 2022-23 to
the Bombay Stock Exchange.
44. CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS:
The Register of Members and Share Transfer books of the company will be closed with
effect from Wednesday, 06th of September 2023 to Tuesday, 12th of
September 2023 (both days inclusive)
45. ACKNOWLEDGEMENT:
Your directors wish to place on record their appreciation of the Contributions made by
employees at all levels, towards the continued growth and prosperity of your Company.
Directors also take this opportunity to convey theirs thanks to all the valued
shareholders of the Company and to the Bakers for their valuable services.
46. CAUTIONARY STATEMENT:
The statements contained in the Board's Report and Management Discussion and Analysis
Report contain certain statements relating to the future and therefore are forward looking
within the meaning of applicable securities, laws and regulations. Various factors such as
economic conditions, changes in government regulations, tax regime, other statues, market
forces and other associated and incidental factors may however, lead to variation in
actual results.
Place: Chennai |
|
|
Date: 11.08.2023 |
|
|
|
By and on behalf of Board of Directors |
|
For Virgo Polymers (India) Limited |
|
Sd/- |
Sd/- |
|
Mr. Varun Ramsisaria |
Mr. Vivek Ramsisaria |
|
Whole Time Director |
Managing Director |
|
DIN: 01107837 |
DIN: 09142187 |
|