Notes to Accounts of Pratik Panels Ltd.

Mar 31, 2023

*During the year, persuant to scheme of Capital eduction, face value of equity shares Rs. 10/- have been reduced to Re.1/- each.

Notes:

a) The company has only one class of equity shares having a par value of Re.1/- per share (March 31, 2022 of Rs.10 each). Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in indian rupees. The dividend proposed by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2023, the amount of per share dividend recognised as distributions to equity shareholder was NIL per share (March 31, 2022 Rs.NIL/-)

e) The Company has forfeited of 221500 Equity Shares (March 31, 2022- 221500 Equity Shares) of face value of Rs.10/- each.

f) Change in capital structure persuant to Scheme of Capital Reduction approved by National Company Law Board ("The NCLT"),

Mumbai bench vide their order dated July 08, 2022.

Persuant to Scheme of reduction as approved by National Company Law Board vide their order dated July 08, 2022, otherwise as stated in below notes, the following consequential impact have been given in accordance with the approved Scheme of Capital Reduction and hence, the company on March 31, 2023 has made change in its share capital structure under Financial liability. Details of same are:

i) Reduction of existing Issued, Subscribed and Paid up Equity Capital (prior to fresh allotment) to 38,98,500 fully paid up Equity Shares of Re.1/- each and adjusting capital reduction of Rs.3,50,86,500/- with the brought forward balance of accumulated losses.

ii) Increase in authorised share capital to Rs.7,50,00,000 consisting of 7,50,00,000 equity shares of par value Re.1/- per share.

iii) Allotment of 6,00,00,000 fully paid up fresh equity shares of face value of Re.1/-.

The existing issued share capital of Rs.4,12,00,000/-, subscribed share capital of Rs.3,97,09,000/- and paid up share capital of Rs.3,89,85,000/- consisting of 41,20,000, 39,70,900 and 38,98,500 equity shares respectively of face value Rs.10/- each of the Pratik Panels Limited was reduced to issued share capital of Rs.41,20,000/-, subscribed share capital of Rs.39,70,900/- and paid up share capital of Rs.38,98,500/- consisting of 41,20,000, 39,70,900 and 38,98,500 equity shares respectively of face value Re.1/- each.

The reduction of existing Issued, Subscribed and Paid up Share Capital of the company shall be effected by reducing the paid up value per equity share from Rs.10/- to Re.1/- each however there is no change in number of shares held by the existing shareholders of the Company.

Notes:

1. The company do not anticipate any liability on account of counter guarantees given to bank for various loan facility availed by associated concerns.

2. The company does not anticipate any liability except above on account of pending income tax and sales tax assessments.

2.26 DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006:

The company is in the process of compiling information as to whether any of its suppliers constitute micro, small and medium enterprises as per Micro, Small & Medium Enterprises Development Act, 2006 and therefore, the amount due to such suppliers has not been identified.

2.30 RELATED PARTY TRANSACTIONS

As per accounting standard (AS-18) on "Related Party Disclosure" details of transaction with related parties as defined therein are given. List of related parties with whom transactions have taken place during the year and relationship.

The management is of the opinion that since none of the employees of the company were in continuous service of more than five years, requirement of provision for gratuity does not arises. The management is also of the opinion that the provisions of payment of pension Act are not applicable to the company.

2.29 RECLASSIFICATION OF PROMOTERS OF THE COMPANY

It is informed and on the basis of documents produced, the existing promoters have informed vide their letter to reclassify them from promoter category to public category. The existing promoters have entered into share purchase agreement in respect of 39.24% of total equity and voting share capital with the acquirer Mr. Pankaj Chandrakant Mishra and Mrs. Devyani Pankaj Mishra on 21.01.2022. Pursuant to the share purchase agreement, an open offer as per regulation 3(1) and (4) of Securities and Exchange Board of India (Substantial Acquisition of shares and takeover) Regulation, 2011 and subsequent amendment thereof is being made by the acquirer.

The above request for reclassification was approved by the Board of Directors in their meeting held on 27.08.2022. Mr. Pankaj Chandrakant Mishra and Mrs. Devyani Pankaj Mishra are incoming promoters as per share purchase agreement.

NOTE 2.30 : CAPITAL MANAGEMENT

The Company''s capital management is intended to create value for shareholders by facilitating the achievement of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual business plan coupled with long-term and short-term strategic investment and expansion plans.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes, within net debt, interest bearing loans and borrowings, trade and other payables, less cash and short-term deposits.

(b) Financial risk management

In the course of its business, the Company is exposed primarily to interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.

The Board of Directors reviews and approves risk management framework and policies for managing these risks and monitors suitable mitigating actions taken by the management to minimise potential adverse effects and achieve greater predictability to earnings. In line with the overall risk management framework and policies, the management monitors and manages risk exposure through an analysis of degree and magnitude of risks.

Interest rate risk

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Company''s cash flows as well as costs. The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company''s interest rate exposure is mainly related to debt obligations.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on loans and borrowings. With all other variables held constant, the Company''s profit before tax is affected through the impact on floating rate borrowings, as follows:

This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits and loan granted to corporate and non corporate entities.

Trade receivables

Customer credit risk is managed by the Company''s internal policies, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on market feedback and credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.

The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and operate in independent markets.

Loans Granted

Lending credit risk is managed by the Company''s internal policies, procedures and control relating to lending credit risk management. The Company evaluates the concentration of risk with respect to loan granted as low because loan is granted for short term and regular monitoring of the same is done by the Management.

Liauiditv Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity riskmanagement is to maintain sufficient liquidity and ensurethat funds are available for use as per requirements. The Company monitors its risk of shortage of funds through using a liquidity planning process that encompasses an analysis of projected cash inflow and outflow.

2.34 OTHER DISCLOSURES

(a) Balances grouped under Non Current Liabilities and Current Liabilities, Non Current Assets and Current Assets in certain cases are subject to confirmation and reconciliation from respective parties. Impact of the same, if any, shall be accounted as and when determined.

(b) In the opinion of the Management Long Term Loans and Advances, Other Non Current Assets, Current Assets and Other Current Assets fetch approximately the value as stated in the Financial Statement if realised in the ordinary course of business subject to balance confirmation. The provision for all known liabilities is adequate and is not in excess of amounts considered reasonably necessary.

(c) Other information required under Part I & Part II of Schedule III to The Companies Act,2013 are either NIL or NOT APPLICABLE.

The accompanying notes are an integral part of the Standalone financial statements As per our report of even date

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Mar 31, 2014

1 Balances of personal accounts like Unsecured Loans, Receivables, Payables and Loans & Advances are subject to their respective confirmations and reconciliations,

2 Figures of the previous year have been regrouped or rearranged, wherever considered necessary, to suit the current year''s presentation.

3 Contingent liabilities & commitments (to the extent not provided for) Contingent liabilities.

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Mar 31, 2013

1.01). Accounting Assumptions

The financial statements are prepared under the historical cost convention, on accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 and the accounting standards notified by the Companies (Accounting Standards) Rules, 2006 (Indian GAAP), as adopted consistently by the Company.

1.02). Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and any revision to such accounting estimates is recognised prospectively in the period in which the results are ascertained.

2 Balances of personal accounts like Unsecured Loans, Receivables, Payables and Loans & Advances are subject to their respective confirmations and reconciliations.

3 Figures of the previous year have been regrouped or rearranged, wherever considered necessary, to suit the current year''s presentation.

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Mar 31, 2012

(i) Terms/rights attached to Equity Shares:

The company has one class of equity shares having a par value of Rs. 10.00 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution shall be according to the members right and interest in the Company.

NOTES : 1. The lease hold land has been obtained from M.P. Audyogik Vikas Nigam (Raipur) Limited for a term of 99 Years.

No amortization on account of lease hold land has been made in the books of account during the year.

2. Depreciation has been provided at the rates and in the manner prescribed in Income Tax Act. 1961.

Note: Figures shown in Brackets represent previous year figures.

Notes to accounts forming part of Financial Statement ended on 31.03.2012

3 Balances of personal accounts like Unsecured Loans, Receivables, Payables and Loans & Advances are subject to their respective confirmations and reconciliations.

4 Figures of the previous year have been regrouped or rearranged, wherever considered necessary, to suit the current year's presentation.

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Mar 31, 2011

1 CONTINGENT LIABILITIES

a. Estimated amount of contracts remaining Not Ascertained to be executed on Capital Account and (Not Ascertained) not provided for.

b. Outstanding guarantee furnished to Rs. NIL Lacs Banks in respect of Letter of Credit. Rs. (NIL)Lacs

c. Claims against the Company/disputed NIL liabilities not acknowledged as debts. (NIL)

2. Balances under Secured Loans, Unsecured Loans, Sundry Debtors, Cash & Bank Balances, Advance and Deposited, Current Liabilities and Provisions, Sundry Creditors and Other Credit Balances etc. are subject to confirmation and reconciliation, if any

3. Mercantile method of Accounting is employed by the concern except otherwise specifically stated However where the amount is immaterial / negligible and or where the establishment of accrual and or determination of accrual and or determination of amount is not possible, no provisions are made

4. During the year depreciation on fixed assets is provided on WDV method at the rate and in the manner prescribed in the Income Tax Act, 1961.

5. Provision for Income Tax has not been made as the company has incurred loss during the year

6. Provision for Fringe Benefit Tax liabilities has been made during the year as advise to the Company.

7. In the opinion of the management the current assets loans and advances are approximately of the value stated if realized in the ordinary course of business and provision for all known liabilities are adequate and not in excess of the amount reasonable necessary

8. Previous Year's figures have been regrouped / rearranged wherever considered necessary.

9. The Company has taken a policy from Life Insurance Corporation of India towards the liabilities on account of gratuity payment.

10. As informed by the Director that no material event have occurred after the fate of Balance Sheet

11. The Company is not making any provisions for deferred tax liability in the books of accounts as advise to the Company.

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Mar 31, 2010

1 CONTINGENT LIABILITIES

a. Estimated amount of contracts remaining Not Ascertained to be executed on Capital Account and not provided for. (Not Ascertained)

b. Outstanding guarantee furnished to Rs. NIL Lacs Banks in respect of Letter of Credit. Rs. (NIL)Lacs

c. Claimsagainst the Company/disputed NIL liabilities not acknowledged as debts. (NIL)

2. Balances under Secured Loans, Unsecured Loans, Sundry Debtors, Cash & Bank Balances, Advance and Deposited, Current Liabilities and Provisions, Sundry Creditors and Other Credit Balances etc. are subjectto confirmation and reconciliation, if any.

3. Mercantile method of Accounting is employed by the concern except otherwise specifically stated.

However where the amount is immaterial / negligible and or where the establishment of accrual and or determination of accrual and or determination of amount is not possible, no provisions are made.

4. During the year depreciation on fixed assets is provided on WDV method at the rate and in the manner prescribed in the IncomeTax Act, 1961.

5. Provision for Income Tax has not been made as the company has incurred loss during the year.

6. Provision for Fringe Benefit Tax liabilities has been made during the year as advise to the Company.

7. In the opinion of the management the current assets loans and-advances are approximately of the value stated if realized in the ordinary course of business and provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

8. Previous Years figures have been regrouped / rearranged wherever considered necessary.

9. Bank fixed deposit of Rs. 51500.00 have been deposited towards security deposit as follows :

1. F.D.R.of Rs. 20,000/-WithM.P.A.K.V.N.(R)Ltd., Bhopal

2. F.D.R. of Rs. 7,000/-With Sales Tax Department, Raipur

3. F.D.R.of Rs. 10,000/-With Sales Tax Department, Bangalore

4. F.D.R.of Rs. 13,500/-With Excise Department, Raipur

5. F.D.R.of Rs. 1,000/-With Forest Department, Raipur

Interest on these

. will be accounted for on cash basis.

10. The Company has taken a policy from Life Insurance Corporation of India towards the liabilities on account of gratuity payment.

11. The Company has been advised that the Computation of net profit for the purpose of Directors remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Remuneration has been paid to the Director as per Schedule XIII of the Company Act, 1956 as mentioned below:

1. Salary to Managing Director Rs. 2.52 Lacs P.A.

(Previous Year Rs. 2.52 Lacs PA)

2. Salary to Executive Director Rs. 2.16 Lacs P.A.

(Previous Year Rs. 2.16 Lacs P.A.)

12. As informed by the Director that no material event have occurred after the fate of Balance Sheet.

13. The Company is not making any provisions for deferred tax liability in the books of accounts as advise to the Company.