Global Surfaces Ltd
Directors Reports
To,
The Members of Global Surfaces Limited
Your directors are pleased to present the 32nd Annual Report on the
business and operations of the Company together with the audited standalone &
consolidated financial statements for the financial year ended on March 31, 2023.
- FINANCIAL HIGHLIGHTS
The Company's financial performance for the year ended on
March 31, 2023 is summarized below:
(` In Millions)
Particulars |
Standalone |
Consolidated |
March 31,
2023 |
March 31, 2022 |
March 31, 2023 |
March 31,
2022 |
Total Income from Operations |
1,770.30 |
1,893.71 |
1,780.66 |
1,903.13 |
Net Profit/(Loss)for the
period (Before Tax, Exceptional and/or Extraordinary Items) |
260.38 |
358.58 |
252.91 |
361.06 |
Net Profit/(Loss)for the
period Before Tax (After Exceptional and/or Extraordinary Items) |
260.38 |
358.58 |
252.91 |
361.06 |
Net Profit/(Loss)for the
period After Tax
(After Exceptional and/or Extraordinary Items) |
250.74 |
354.60 |
242.34 |
356.34 |
Total Comprehensive Income for
the period [Comprising Profit/(Loss)for the period (After Tax) and Other Comprehensive
Income (After Tax)] |
251.05 |
355.34 |
257.13 |
357.26 |
Equity Share Capital |
423.82 |
338.62 |
423.82 |
338.62 |
Other Equity [Reserves
(Excluding Revaluation Reserve)] |
2,179.41 |
997.78 |
2,189.48 |
1,001.72 |
Earnings Per Share (of 310.00
each)
(For continuing and discontinued operations): Basic:
Diluted: |
7.34
7.34 |
10.47
10.47 |
7.10
7.10 |
10.52
10.52 |
- STATE OF COMPANY'S AFFAIRS AND PERFORMANCE
The Financial Year 2022-23 was one of the significant years as we
achieved a major milestone during the year by going public. Further information on the
Business overview and outlook and State of the a?airs of the Company is discussed in
detail in the Management Discussion & Analysis Report.
There is no change in the nature of business of the Company for the
year under review.
Revenue and Profit (Standalone)
Your Company's total income during the year under review
amounting to 31,770.30 Mn. as compared to 31,893.71 Mn. in previous financial year and net
Profit After Tax (PAT) amounting to 3250.74 Mn. as compared to 3354.60 Mn. in previous
year recording a decrease of 29.29 % in 2022-23. During the financial year decrease in the
Profit after Tax (PAT) is due to increase in raw material prices.
Revenue and Profit (Consolidated)
The total income during the year under review amounting to
31,780.66 Mn. as compared to 31903.13 Mn. in previous financial year and net Profit After
Tax (PAT) amounting to 3242.34 Mn. as compared to 3356.34 Mn. in previous year recording a
decrease of 31.99% in 2022-23. During the financial year decrease in the Profit after Tax
(PAT) is due to increase in raw material prices.
- DIVIDEND
The Board of Directors aim to grow the business lines of the
Company and enhance the rate of return on investments of the shareholders. With a view to
financing the long-term growth plans of the Company that requires substantial resources,
the Board of Directors did not recommend any dividend for the year under review.
- TRANSFER TO RESERVES
Your Board doesn't propose to transfer any amount to General
Reserve for the financial year ended on March 31, 2023.
- INITIAL PUBLIC OFFERING (IPO)
During the financial year ended March 31, 2023 the Company had made
an Initial Public O?ering (IPO) of 1,10,70,000 equity shares of
310.00 each at a price of 3140 per share (including a Share premium of
3130) comprising of a fresh issue of 85,20,000 equity shares and an O?er for Sale (OFS) of
25,50,000 equity shares by selling shareholders. Total Proceeds received by the Company
pursuant to the IPO aggregates to 3119.28 Crores by way of fresh issue of equity shares to
the public.
The O?er was subscribed to the extent of 12.21 times (excluding the
Anchor Investor Portion) as per the bid books of NSE and BSE after removing all
rejections. The Board remains grateful to all investors for their overwhelming response to
the IPO.
The shares of the Company have been listed on BSE Limited (BSE) and the
National Stock Exchange of India Limited (NSE) w.e.f. March 23, 2023. The Company's
shares are compulsorily traded in dematerialized form.
As of March 31, 2023, 100% Shares of the Company are held in demat
form.
The listing fees for the year 2023-24 have been paid to both BSE as
well as NSE.
- CHANGE IN CAPITAL STRUCTURE Authorized Share Capital
There was no change in the authorized share capital of the Company
during the year under review.
The current Authorized Share Capital of the Company is 346,00,00,000
(Rupees Forty-Six Crores Only) divided into 4,60,00,000 (Four Crore Sixty Lakhs) Equity
Shares of 310 (Rupees Ten) each.
Paid Up and Subscribed Share Capital
Company had made the Initial Public o?er of equity shares
comprising of Fresh issue and o?er for sale of Equity Shares. After the completion of the
initial public o?er the post-paid up equity share capital of the Company increased from 3
33,86,18,180 (Thirty-three crore eighty-six lakhs eighteen thousand one hundred and
eighty) Consisting of 3,38,61,818 (Three Crore thirty-eight lakhs sixty-one thousand eight
hundred and eighteen only) Equity shares of 310 each to 342,38,18,180 (Rupees Forty-Two
Crores thirty-eight lakhs eighteen thousand one hundred and eighty only) consisting of
4,23,81,818 (Four Crore twenty-three lakhs eighty-one thousand eight hundred and eighteen
only) Equity Shares of 310 each.
- SUBSIDIARY COMPANY
Your Company along with the following Wholly Owned Subsidiary and
Subsidiary of the Company is engaged in the business of processing of natural stones and
manufacturing engineered quartz, not only in the country but also across the globe:
Global Surfaces FZE-Wholly Owned Subsidiary Global Surfaces Inc.
(USA)-Subsidiary
Superior Surfaces Inc. was incorporated on May 05, 2023 in State of
Texas, USA. Its main activity is distribution of artificial stones including engineering
quartz.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013
(the Act), the Company has prepared Consolidated Financial Statements which forms part of
this Annual Report. A separate statement containing salient features of the financial
statements of the Company's Subsidiaries in prescribed form AOC-1 is annexed as
Annexure-I to this report. The audited financial statements including the consolidated
financial statements of the Company and all other documents required to be attached
thereto is available on the Company's website i.e., www.globalsurfaces.in The
financial statements of the Subsidiary Companies is available on the Company's
website i.e. www.globalsurfaces.in These documents will also be available for inspection
on all working days, during business hours, at the Registered Office of the Company. The
Company is already having a policy for determining material subsidiaries and the same is
available on Company's website at the web link i.e.,
https://globalsurfaces.in/wp-content/uploads/documents/Company-
Policies/Policy%20for%20determining%20material%20subsidiary.pdf
There was no Company which has ceased to be Company's Subsidiary,
Joint Venture or Associate Company during the financial year ended on March 31, 2023.
- MATERIAL CHANGES & COMMITMENTS
In pursuance to section 134(3)(L) of the Act, no material changes
and commitments have occurred after the closure of the financial year to which the
financial statements relate till the date of this report, a?ecting the financial position
of the Company.
- MATERIAL ORDERS
In pursuance to Rule 8 (5) (vii) of the Companies (Accounts) Rules,
2014, no significant or material orders were passed by the regulators or courts or
tribunals impacting the going concern status and Company's operations in future.
- PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT
Pursuant to the provisions of section 186 of the Act and Schedule V
of the Regulations, investments made are provided as part of the financial statements.
There are no loans granted, guarantees given or issued or securities provided by your
Company in terms of section 186 of the Act, read with the rules issued there under.
- DEVIATION(S) OR VARIATION(S) IN THE USE OF PROCEEDS OF
INITIAL PUBLIC ISSUE (IPO), IF ANY
There were no instances of deviation(s) or variation(s) in the
utilization of proceeds of IPO as mentioned in the objects of O?er in the Prospectus dated
March 16, 2023, in respect of the IPO of the Company.
- RELATED PARTY TRANSACTIONS
Global has historically adopted the practice of undertaking related
party transactions only in the ordinary and normal course of business and at arm's
length as part of its philosophy of adhering to highest ethical standards, transparency
and accountability. Pursuant to the provisions of Section 188 of the Act read with rules
issued there under and Regulation 23 of the listing regulations, all contracts /
transactions /arrangements entered by the Company during the financial year with the
related parties were in ordinary course of business and on an arm's length basis.
During the financial year 2022-23, all transactions with related
parties were reviewed and approved by the Audit Committee. Prior omnibus approval of the
Audit Committee has been obtained for the transactions which are of repetitive nature. The
transactions entered into pursuant to the omnibus approval so granted along with a
statement giving details of all related party transactions was placed before the Audit
Committee on quarterly basis, specifying the nature, value and terms and conditions of the
same. The Company has made transactions with related parties pursuant to section 188 of
the Act. The particulars of material contracts or arrangements with related parties
referred to in sub-section (1) of section 188 of the Act in the Form AOC-2 is annexed
herewith as Annexure II'.
The Company has formulated a policy on materiality of related party
transactions and also on dealing with related party transactions which has been uploaded
on the Company's website at the web link
https://globalsurfaces.in/wp-content/uploads/documents/Company-
Policies/Policy%20on%20Dealing%20with%20Related%20Party%20Transactions.pdf
- BOARD AND COMMITTEE MEETINGS
The details of Board and Committee meetings held during the
financial year ended on March 31, 2023 are set out in the Corporate Governance Report
which forms part of this report. The gap between two consecutive meetings was held within
the time period stipulated under the Act, Secretarial Standard-1 and the listing
regulations.
- DIRECTORS AND KEY MANAGERIAL PERSONNEL Directors
Your Company has an optimum combination of executive as well as
non-executive Directors in compliance with Regulation 17 of the Listing Regulations as
amended from time to time.
Board of Directors of the Company as on March 31, 2023:
Name |
Designation |
Category |
Mr.
MayankShah Mrs. Siveta Shah |
Chairman
and Managing Director Director |
Executive
Director Executive Director |
M r. Ash ish
Kumar K ach avva |
Director |
Non-Executive
Director |
Mr. Dinesh
KumarGovil |
Director |
Independent
Director |
M r. Yas
hvvant Kuma r Sharma |
Director |
Independent
Director |
Mr.SudhirBaxi |
Director |
Independent
Director |
Key Managcrial Personnel
Name |
Designation |
Mr.
MayankShah |
Chairman and
Managing Director |
Mr.
RajeshGattani |
Chief
Financial Officer |
Mr.AsecmSehgai |
Company
Secretary and |
|
Compliance
Officer |
Changes during the period under review:
During the year under review, the following changes occurred in the
Board of Directors:
- In accordance with the provisions of the Section 152 of the Act and the Articles of
Association of the Company, Mr. Ashish Kumar Kachawa, Non-Executive Director of the
Company is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and
being eligible, has o?ered himself for re-appointment.
- Mr. Mayank Shah was appointed as Chairman and Managing Director with e?ect from March
02, 2019 and it is proposed to re-appoint him as Chairman and Managing Director at ensuing
AGM for a period of 5 (Five) years commencing from March 01, 2024.
- Necessary resolutions for the appointment/re-appointment of aforesaid Directors,
wherever applicable, have been incorporated in the notice convening the ensuing AGM. As
required under the listing regulations and Secretarial Standards on General Meetings
issued by ICSI, the relevant details of Directors retiring by rotation and/or seeking
appointment/re-appointment at the ensuing AGM are furnished as Annexure A' to
the notice of AGM.
Key Managerial Personnel (KMP)
Mr. Rajesh Gattani, resigned from the position of Chief Financial
Officer of the Company with e?ect from close of business hours of July 04, 2023.
- DECLARATION BY INDEPENDENT DIRECTORS
Pursuant to the provisions of section 149(7) of the Act and
Regulation 25 of the listing regulations all Independent Directors of the Company have
given declaration that they meet the criteria of independence laid down in Section 149(6)
of the Act and Regulation 16(1) (b) of Listing Regulations and also affirmed compliance
regarding online registration with the Indian Institute of Corporate A?airs'
(IICA) for inclusion of name in the databank of Independent Directors. With regard to
proficiency of the Independent Directors, ascertained from the online proficiency
self-assessment test conducted by the Institute, as notified under sub-section (1) of
section 150 of the Act, the Board of Directors have taken on record the declarations
submitted by Independent Directors that they are exempt from appearing in the test or they
have passed the exam as required by the institute.
The terms & conditions for the appointment of Independent Directors
are given on the website of the Company.
- FAMILIARIZATIONPROGRAMMEFORINDEPENDENTDIRECTORS
In compliance with the requirements of the Act and the listing
regulations, the Company has put in place a familiarization programme for the Independent
Directors to familiarize them with their role, rights, and responsibility as Directors,
the working of the Company, nature of the industry in which the Company operates, business
model etc. All new Independent Directors inducted into the Board attend an orientation
program which enables them to augment their knowledge & skills, so that they can
discharge their responsibilities e?ectively and efficiently. The details of such
familiarization programmes imparted to Independent Directors are posted on the website of
the Company and can be accessed at
https://globalsurfaces.in/wp- content/uploads/documents/Company-
Policies/Details%20of%20familarization%20programme.pdf
- FORMAL ANNUAL EVALUATION
Performance evaluation is becoming increasingly important for Board
and Directors and has benefits for individual Directors, Board and the Companies for which
they work.
The Securities and Exchange Board of India has issued a Guidance Note
on Board Evaluation and pursuant to the provisions of the Act, the Board of Directors has
carried out an annual performance evaluation of its own performance, Board Committees and
individual Directors.
The performance evaluation of the Board was based on criteria such as
composition and role of the Board, Board communication and relationships, functioning of
Board Committees of Board processes, manner of conducting the meetings, review of
performance of Executive Directors, value addition of the Board members and corporate
governance, succession planning, strategic planning etc.
Evaluation of Committees was based on criteria such as adequate
independence of each Committee, manner of conducting the meetings, frequency of meetings
and time allocated for discussions at meetings, functioning of Board Committees, value
additions made by the members of the committees and e?ectiveness of its
advice/recommendation to the Board, etc.
Evaluation of Directors was based on criteria such as participation and
contribution in Board and Committee meetings, representation of shareholder interest and
enhancing shareholder value, experience and expertise to provide feedback and guidance to
top management on business strategy, governance, risk and understanding of the
organization's strategy etc.
Performance evaluation of every Director was done by the Independent
Directors and also by the Nomination and Remuneration Committee in their meetings held on
March 01, 2023 and May 29, 2023 respectively.
- AUDITORS AND AUDITORS' REPORT Statutory Auditor
M/s. B Khosla & Co., Chartered Accountants (FRN 000205C) the
Statutory Auditor of the Company were appointed at 28th Annual General Meeting (AGM) of
the Company held on September 16, 2019 for a period of five years.
Pursuant to the amendments of Section 139 of the Companies Act, 2013 by
the Companies Amendment Act, 2017 notified on May 07, 2018, the requirement of
ratification of Statutory Auditors by the Members has been withdrawn and therefore, it is
not required to ratify the appointment every year.
The Auditors in their report for the financial year 2022-23 have given
unmodified opinion.
As per sub section 12 of section 143 of the Act during the financial
year, no fraud was reported by the Auditor of the Company in their Audit Report.
The term of M/s. B Khosla & Co., Chartered Accountants, the
Statutory Auditor of the Company would expire at the ensuing Annual General Meeting of the
Company. In the Board meeting held on May 29,, 2023 it is proposed to re-appoint M/s B
Khosla & Co., Chartered Accountants as Statutory Auditors of the Company for second
term for the period of five years commencing from April 01, 2023 to March 31, 2028 to hold
office from the conclusion of 32nd AGM till the conclusion of 37th AGM of the Company
subject to the approval of shareholders in the Annual General Meeting of the Company which
will held on Wednesday, September 20, 2023.
Secretarial Auditor
Pursuant to provisions of section 204 of the Act and rules made
there under, M/s. Vimal Gupta and Associates, Company Secretaries, (FRN: S2016RJ382000),
was appointed as Secretarial Auditor to conduct the Secretarial Audit of the Company for
the financial year 2022-23. An Audit Report issued in form MR-3 by M/s. Vimal Gupta &
Associates, Company Secretaries, in respect of the Secretarial Audit of the Company for
the financial year ended on March 31, 2023, is attached as Annexure III' to
this Report. The report doesn't contain any reservation, qualification or adverse
remark or disclaimer.
The Board has appointed M/s. Mukul Dusad & Associates (FRN:
S2019RJ707900), Company Secretaries as Secretarial Auditor of the Company to carry out
Secretarial Audit of the Company for the financial year 2023-24.
- BOARD'S COMMITTEES
The Board of Directors of the Company constituted the following
Committees:
- Audit Committee
- Corporate Social Responsibility Committee
- Nomination and Remuneration Committee
- Stakeholders Relationship Committee
The Committees' composition, charters and meetings held during the
year and attendance there at, are given in the Report on Corporate Governance forming part
of this Annual Report.
- PREVENTION OF INSIDER TRADING
Pursuant to the provisions of the Securities and Exchange Board of
India (Prohibition of Insider Trading) Regulations, 2015 and amendments thereto, the Board
has formulated and implemented a Code of Conduct to regulate, monitor and report trading
by its designated Persons and other connected persons and Code of Practices and Procedures
for fair disclosure of Unpublished Price Sensitive Information. The trading window is
closed during the time of declaration of results and occurrence of any material events as
per the code. The same is available on the Company's website at the web link i.e.
https://globalsurfaces.in/wp-content/uploads/documents/Company-
Policies/Policy%20and%20Procedures%20for%20Inquiry%20in%20Case%20of%20Leak%20or%20Suspected%20Leak%20of%20UPSI.pdf
- VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has established a Whistle Blower Policy to deal with
the cases of unethical behavior in all its business activities, fraud, mismanagement and
violation of Code of Conduct of the Company. The policy provides systematic mechanism to
report the concerns and adequate safeguards against the victimization, if any. The policy
is available on the Company's website at the weblink i.e.,
https://globalsurfaces.in/wp-content/uploads/documents/Company-
Policies/Vigil%20Mechanism%20_%20Whistle%20Blower%20Policy.pdf
During the financial year, no whistle blower event was reported and
mechanism is functioning well. No personnel have been denied access to the Audit
Committee.
- CORPORATE SOCIAL RESPONSIBILITY (CSR)
Your Company firmly believes that the commitment towards playing a
defining role in the development of its stakeholders extends to uplifting the lives of the
Marginalized segments of the society, living in and around its areas of operation. The
principles of Corporate Social Responsibility (CSR) are deeply imbibed in your
Company's corporate culture.
The Annual Report on CSR activities as required under Rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014 read with section 134(3)
and 135(2) of the Act, is annexed herewith as Annexure IV' to this report. To
amplify outreach e?orts, your company has contributed a sum of 359,48,238 towards CSR
activities during the financial year 2022-23.
In order to prevent sexual harassment of women at work place "The
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013" was notified on December 09, 2013, under the said Act, every Company is
required to set up an Internal Complaints Committee to look into complaints relating to
sexual harassment at work place of any women employee.
In terms of the provisions of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company adopted a policy
for prevention of Sexual Harassment of Women at workplace and also set up an Internal
Complaints Committee to look into complaints relating to sexual harassment at work place
of any women employee. During the financial year 2022- 23, no new complaint has been
received. Hence, no complaint is pending at the end of the financial year.
- ANNUAL RETURN
Pursuant to section 92(3) read with section134(3) of the Act, the
Annual Return as on March 31, 2023 is available on the Company's website on
https://globalsurfaces.in/annual-reports-and-annual-returns/
- DEPOSITS
During the financial year under review, your Company has neither
invited nor accepted or renewed any fixed deposit in terms of provisions of section 73 to
76 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014. No amount of
principal or interest was outstanding as on March 31, 2023.
- INTERNAL FINANCIAL CONTROLS
Your Company put sufficient internal financial control system
adequate with the size of its business operations. Internal control systems comprising of
policies and procedures are designed to ensure sound management of your Company's
operations, safe keeping of its assets, optimal utilization of resources, reliability of
its financial information and compliance. Systems and procedures are periodically reviewed
to keep pace with the growing size and complexity of your Company's operations.
During the financial year under review, the Statutory Auditor in their
Report on the Internal Financial Control with reference to financial statements for the
financial year 2022-23 has given unmodified report.
- CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information on Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and Outgo pursuant to section 134 of the Act read with rules
made there under is given in Annexure V' to this report.
- NOMINATION AND REMUNERATION POLICY
The Company has CSR Policy in place and the same can be accessed at In
line with the requirements of Companies Act, 2013 and the SEBI
https://globalsurfaces.in/wp-
content/uploads/documents/Company-Policies/CSR%20Policy.pdf
- RISK MANAGEMENT POLICY
The Company has framed and implemented a Risk Management Policy to
identify the various business risks. This framework seeks to create transparency, minimize
adverse impact on the business objectives and enhance the Company's competitive
advantage. The Risk Management Policy defines the risk management approach across the
enterprise at various levels including documentation and reporting. The policy is
available on the Company's website at the web link i.e.,
https://globalsurfaces.in/wp-content/uploads/documents/Company-
Policies/Risk%20Assessment%20and%20Management%20Policy.pdf
- DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
(Listing Obligations and Disclosure Requirements) Regulations,
2015, the Company has formulated a Nomination and Remuneration Policy.
The Nomination and Remuneration policy provides guidelines to the Nomination and
Remuneration Committee relating to the Appointment, Removal & Remuneration of
Directors, Key Managerial Personnel and Senior Management. This policy formulates the
criteria for determining qualifications competencies, positive attributes and independence
for the appointment of a director (executive / non-executive) and also the criteria for
determining the remuneration of the Directors, Key Managerial Personnel, Senior Management
and other Employees.
It also provides the manner for e?ective evaluation of performance of
Board, its committees and individual directors. The Nomination and Remuneration Policy can
be accessed on the Company's website at
https://globalsurfaces.in/wp-content/uploads/documents/Company-
Policies/Nomination%20and%20Remuneration%20Policy.pdf
- PARTICULARS OF EMPLOYEES
The statement containing particulars of employees as required under
Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is given herein below:
Sl. No. |
Name of the Employee |
Designation |
Remuneration (` In
lakhs) |
Nature of the employment
(contractual or otherwise) |
Qualification |
Experience (In years) |
Date of Commencement of
employment |
Age |
Previous Employment |
Whether relative of the
director, if yes name of the Director |
Percentage of equity
shares held by the employee In the Company |
1 |
Mayank Shah |
Chairman and Managing Director |
190.16 |
Contractual |
Bachelor's degree in
commerce |
18 |
01.04.2016 |
46 |
Own Business |
Spouse of Mrs. Sweta Shah |
55.46% |
2 |
Sweta Shah |
Executive Director |
69.60 |
Onroll Employee |
Bachelor's degree in
commerce |
02 |
11.09.2021 |
47 |
Own Business |
Spouse of Mr. Mayank Shah |
5.66% |
3 |
Sanjeev Bansal |
Vice President
Marketing |
37.36 |
Onroll Employee |
Bachelor's degree in
commerce |
30 |
11.07.2018 |
56 |
Aro Granite Industries Limited |
No |
0.00% |
4 |
Rajesh Gattani* |
Chief Financial Officer |
26.19 |
Onroll Employee |
Chartered Accountant |
08 |
07.06.2018 |
33 |
M/s. Surendra Gupta &
Associates |
No |
0.00% |
5 |
Arun Kant Dixit |
General Manager - Production |
23.13 |
On roll Employee |
Bachelor's degree in
commerce |
30 |
21.11.2007 |
59 |
Mercury Granite Private Limited |
No |
0.00% |
6 |
Rajesh Choudhary |
Production Manager |
20.75 |
On roll Employee |
Bachelor's degree in
commerce |
20 |
01.09.2018 |
44 |
Paradigm Granite Limited |
No |
0.00% |
7 |
Arihant Jain |
Manager- Operations |
13.04 |
On roll Employee |
Master of Business
Administration |
05 |
08.03.2021 |
36 |
N.A. |
No |
0.00% |
8 |
Ashish Agarwal |
Accounts
Manager |
10.06 |
Onroll Employee |
Chartered
Accountant |
04 |
20.07.2021 |
27 |
S K Finance
Limited |
No |
0.00% |
9 |
Ashutosh Pandey* |
Production in Charge |
10.08 |
On roll Employee |
Bachelor of Arts |
15 |
10.07.2018 |
34 |
Baba Quartz Pvt. Ltd. |
No |
0.00% |
10 |
Ram Niranjan Verma |
Exports Manager |
9.83 |
On roll Employee |
Bachelor's degree in
commerce |
19 |
01.04.2004 |
53 |
N.A. |
No |
0.00% |
* Mr. Ashutosh Pandey, Production in Charge of the Company has
resigned with e?ect from February 17, 2023 and Mr. Rajesh Gattani, Chief Financial Officer
ofthe Companyhasresignedwithe?ectfrom July 04, 2023.
The details in terms of section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
are forming part of this report as Annexure VI' to this report.
- MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report forming part of this
Annual Report and has been annexed with the Board's Report.
- CORPORATE GOVERNANCE
The Company has complied with the requirements of corporate
governance as stipulated under the listing regulations. The corporate governance report
and certificate from practicing Company Secretary confirming compliance of conditions as
required by Regulation 34(3) read with Part E of Schedule V of the listing regulations,
form part of the Board's Report.
- LISTING OF SHARES
Your Company's shares are listed at BSE Limited and National
Stock Exchange of India Ltd and the listing fees for the year has been duly paid.
- DIRECTORS' RESPONSIBILITY STATEMENT
As required by section 134(3)(c) of the Act, your Directors state and
confirm that:
- The Directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of a?airs of the Company as at March 31, 2023 and of the profit and loss
of the Company for the year ended on March 31, 2023;
- the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and
- the Directors have prepared the annual accounts on a going concern' basis;
- the Directors have laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and are operating e?ectively; and
the Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating e?ectively.
- ACKNOWLEDGEMENT
Your directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment. The enthusiasm and unstinting
e?orts of the employees have enabled the Company to provide higher levels of consumer
delight through continuous improvement in existing products and introduction of new
products.
Your Directors acknowledge wise counsel received from Statutory and
Secretarial Auditors, and are grateful for their consistent support and cooperation.
The Board places on record its appreciation for the support and co-
operation, your Company has been receiving from its suppliers, customers and others
associates.
The Directors also take this opportunity to thank all Investors,
Clients, Banks, Government and Regulatory Authorities and Stock Exchanges for their
continued support.
For and on behalf of the Board of Directors
For Global Surfaces Limited
Mayank Shahfor preventing and detecting fraud and other
irregularities;
Place: Jaipur
Dated: August 14,2023
Chairman and Managing Director
DIN: 01850199