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.
The Companys 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 |
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 Companys 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.
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.
Your Board doesnt propose to transfer any amount to General Reserve for the financial year ended on March 31, 2023.
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 Companys 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.
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.
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 Companys 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 Companys website i.e., www.globalsurfaces.in The financial statements of the Subsidiary Companies is available on the Companys 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 Companys 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 Companys Subsidiary, Joint Venture or Associate Company during the financial year ended on March 31, 2023.
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.
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 Companys operations in future.
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.
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.
Global has historically adopted the practice of undertaking related party transactions only in the ordinary and normal course of business and at arms 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 arms 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 Companys website at the web link
https://globalsurfaces.in/wp-content/uploads/documents/Company- Policies/Policy%20on%20Dealing%20with%20Related%20Party%20Transactions.pdf
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.
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:
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.
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.
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
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 organizations 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.
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 doesnt 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.
The Board of Directors of the Company constituted the following
Committees:
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.
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 Companys 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
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 Companys 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.
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 Companys 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.
Pursuant to section 92(3) read with section134(3) of the Act, the Annual Return as on March 31, 2023 is available on the Companys website on
https://globalsurfaces.in/annual-reports-and-annual-returns/
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.
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 Companys 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 Companys 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.
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.
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
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 Companys 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 Companys website at the web link i.e.,
https://globalsurfaces.in/wp-content/uploads/documents/Company- Policies/Risk%20Assessment%20and%20Management%20Policy.pdf
(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 Companys website at
https://globalsurfaces.in/wp-content/uploads/documents/Company- Policies/Nomination%20and%20Remuneration%20Policy.pdf
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 |
Bachelors 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 |
Bachelors 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 |
Bachelors 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 |
Bachelors 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 |
Bachelors 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 |
Bachelors 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.
The Management Discussion and Analysis Report forming part of this Annual Report and has been annexed with the Boards Report.
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 Boards Report.
Your Companys shares are listed at BSE Limited and National Stock Exchange of India Ltd and the listing fees for the year has been duly paid.
As required by section 134(3)(c) of the Act, your Directors state and confirm that:
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
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