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Panafic Industrials Ltd.

BSE: 538860 Sector: Financials
NSE: N.A. ISIN Code: INE655P01029
BSE 10:18 | 03 Feb 1.30 0.13
(11.11%)
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NSE 05:30 | 01 Jan Panafic Industrials Ltd
OPEN 1.20
PREVIOUS CLOSE 1.17
VOLUME 283484
52-Week high 3.99
52-Week low 1.03
P/E
Mkt Cap.(Rs cr) 11
Buy Price 1.27
Buy Qty 1025.00
Sell Price 1.30
Sell Qty 5369.00
OPEN 1.20
CLOSE 1.17
VOLUME 283484
52-Week high 3.99
52-Week low 1.03
P/E
Mkt Cap.(Rs cr) 11
Buy Price 1.27
Buy Qty 1025.00
Sell Price 1.30
Sell Qty 5369.00

Panafic Industrials Ltd. (PANAFICINDUSTRI) - Director Report

Company director report

To the Members

Your Directors are pleased to present the 36th Annual Report together withthe Audited Statement of Accounts for the year ended 31st March 2021.

FINANCIAL RESULTS

The Company’s financial performance for the year ended 31st March 2021is summarized below:

(in Rs.)

Particulars

For The Year Ended

31st March 2021 31st March 2020
Total Revenue 4981326 6342802
Total Expenses 3365723 22950644
Depreciation/Provisions 239794 368225
Profit/(Loss) Before Tax 3125929 (16976067)
Exceptional and extraordinary items 0 0
Provision for Taxation (1140129) (3256271)
Profit/(Loss) After Tax 2755732 (13719796)
Paid up Equity Capital 82125000 82125000

PERFORMANCE OF THE COMPANY

During the year under review Company has earned revenue from Operation Rs.4981326 incomparison to last year revenue of Rs.6342802. This year Company has earned a Profitafter tax of Rs. 2755732 in comparison to last year loss of Rs.1.37crores. Inspite ofthe challenges imposed due to second wave of pandemic Corona Company has shown a goodperformance.

CHANGE IN THE NATURE OF BUSINESS

During the financial year under review no changes have occurred in the nature of theCompany’s business.

DIVIDEND

Your directors did not recommend any dividend for the financial year 2020-21.

TRANSFER TO RESERVE

The Company transferred an amount of Rs.2204585 to the General Reserve for theFinancial Year ended 31st March 2021.

PUBLIC DEPOSITS

During the year under review your Company has not invited or accepted any deposits.There are no unpaid or unclaimed deposits as on the date with the Company.

CHANGE IN THE NATURE OF BUSINESS

During the year under review there has been no change in the nature of business of theCompany.

CHANGES IN THE SHARE CAPITAL

The Paid-up Equity Share Capital of the Company as on 31st March 2021 wasRs. 82125000 comprising of 82125000 Equity Shares of Re.1/- each. During the yearunder review the Company has not issued any fresh shares.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING FINANCIAL POSITION OF THE COMPANYFROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT:

There has been no material change and commitment affecting the financial performanceof the Company which occurred between the end of the financial year of the Company towhich the financial statements relate and the date of this Report.

SUBSIDIARIES/JOINT VENTURES/ASSOCIATES

The Company does not have any Subsidiary/Joint Venture/Associate Company for the yearended on 31st March 2021.

DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors hereby confirms and accepts the responsibility for the followingin respect of the Audited Annual Accounts for the financial year ended March 31 2021:

i. That in the preparation of the annual accounts for the financial year ending 31stMarch 2021 the applicable accounting standards had been followed along with properexplanation relating to material departures;

ii. That the directors had selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for that period;

iii. That the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts of Company on a ‘goingconcern’ basis.

v. That proper internal financial controls were in place and that the financialcontrols were adequate and were operating effetely;

vi. That the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

DISCLOSURE ON COMPLIANCE WITH SECRETARIAL STANDARDS

Your Directors confirm that the Secretarial Standards issued by the Institute ofCompany Secretaries of India have been complied with.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Board of Directors

None of the Directors of the Company are disqualified under the provision of Section164 and 165 of the Companies Act 2013 as applicable on the date of this Board’sReport.

As on date of this report the composition of Board is as follows:

S. No. Name of the Director DIN Designation Date of Appointment
1. Mrs. Sarita Gupta 00113099 Executive Managing Director 30/09/2014
2. Ms. Renu 03572788 Non-Executive Director 30/09/2014
3. Mr. Sanjeev Kumar 06625416 Non-Executive Independent Director 09/07/2013
4. Mr. Shri Kishan Gupta 08430379 Non-Executive Independent Director 24/04/2019

Appointment

During the year under review no Director was appointed.

Re-appointment

Further the Company wished for the re-appointment Ms. Sarita Gupta (DIN: 00113099)who retires by rotation in our ensuing 36th Annual General Meeting as per therequirement of Section 152(6) of the Companies Act 2013 and being eligible to offerherself for re-appointment.

Resignation

During the financial under 2020-21 no director was resigned.

Key Managerial Personnel

Following officials are appointed as the Key Managerial Personnel ("KMP") ofthe Company.

Company Secretary & Compliance Officer

Ms. Priti Gupta is appointed as a Company Secretary and Compliance Officer of theCompany w.e.f. 10th February 2020.

DECLARATION BY INDEPENDENT DIRECTORS

Mr. Sanjeev Kumar and Mr. Shri Kishan Gupta Independent Directors of the Company havesubmitted their disclosures to the Board that they fulfill all the requirements asstipulated in Section 149(6) of the Companies Act 2016 read with relevant rules thereto.

BOARD AND COMMITTEE MEETINGS

BOARD MEETINGS

Regular meetings of the Board are held at least once in a quarter inter-alia toreview the quarterly results of the Company. Additional Board meetings are convened asand when required to discuss and decide on various business policies strategies andother businesses. The Board meetings are held at the registered office of the Company.During the year under review Board of Directors of the Company met 6 times viz 10thJune 2020 15th September 2020 20th September 2019 30thOctober 2020 13th November 2020 14th February 2021.

DIRECTORS ATTENDANCE RECORD AND DETAILS OF DIRECTORSHIPS HELD

Name of the Directors No. of Board Meetings attended during Financial Year 2020-21 Whether Previous AGM attended or not No. of other Directorship in other Public Companies*
Mrs. Sarita Gupta 6 Yes 1
Mr. Shree Kishan Gupta 6 Yes Nil
Mr. Sanjeev Kumar 6 Yes Nil
Ms. Renu 6 Yes 1

COMMITTEE MEETINGS

A) Audit Committee

The Company has formed audit committee in line with the provisions Section 177 of theCompanies Act 2013 and Regulation 18 of the Listing Regulations. Audit Committee meetingis generally held one in quarter for the purpose of recommending the quarterly/halfyearly/yearly financial results and the gap between two meetings did not exceed on hundredand twenty days. Audit Committee met five times on 10th June 2020 15thSeptember 2020 30th October 2020 and 13th November 2020 and 14thFebruary 2021.

The composition of the Committee and the details of meetings attended by its membersare given below:-

S. No. Name of the Director Designation Number of meetings during the financial year 2020-2021
Held Attended
1. Mrs. Sarita Gupta Member 5 5
2. Mr. Shree Kishan Gupta Member 5 5
3. Mr. Sanjeev Kumar Chairman 5 5

B) Nomination and Remuneration Committee

The Company has formed Nomination and Remuneration Committee in line with theprovisions Section 178 of the Companies Act 2013 and Regulation 19 of ListingRegulations. Nomination and Remuneration Committee meetings are generally held foridentifying the person who is qualified to become Directors and may be appointed in seniormanagement and recommending their appointment and removal. During the year under reviewcommittee met two times 10th June 2020 and 13th November 2020.

The composition of the Committee and the details of meetings attended by its membersare given below:-

S. No. Name of the Director Designation Number of meetings during the financial year 2020-21
Held Attended
1. Mr. Shree Kishan Gupta Member 2 2
2. Mr. Sanjeev Kumar Chairman 2 2
3. Mrs. Sarita Gupta Member 2 2

C) Shareholder’s/ Investor Grievance Committee

The Company has constituted Stakeholder’s Relationship Committee mainly to focuson the Redressal of Shareholders’/Investors’ Grievances if any like Transfer/Transmission/ Demat of Shares Loss of Share Certificates Non-receipt of Annual ReportDividend Warrants etc. During the year under review Stakeholder’s Grievance &Relationship Committee met four times 10th June 2020 15thSeptember 2020 30th October 2020 and 14th February 2021.

The composition of the Committee and the details of meetings attended by its membersare given below:-

S. No. Name of the Director Designation Number of meetings during the financial year 2020-21
Held Attended
1. Mrs. Sarita Gupta Member 4 4
2. Mr. Sanjeev Kumar Chairman 4 4
3. Mr. Ankur Sharma Member 4 4

EXTRAORDINARY GENERAL MEETING

No Extra Ordinary General Meeting was held during the year 2020-2021.

COMPANY’S POLICY RELATING TO DIRECTORS’ AND KMP’S APPOINTMENT PAYMENTOF REMUNERATION AND DISCHARGE OF THEIR DUTIES

The Company's policy relating to appointment of Directors and KMP payment ofManagerial remuneration Directors’ qualification positive attributes independenceof directors and other related matters has been devised as per the provisions given underSection 178(3) of Companies Act 2013.

CRITERIA FOR DETERMINING QUALIFICATIONS POSITIVE ATTRIBUTES AND INDEPENDENCE OF ADIRECTOR

1. Qualifications of Independent Directors

An Independent director shall possess appropriate skills experience and knowledge inone or more fields of finance law management sales marketing administrationresearch corporate governance operations or other disciplines related to thecompany’s business.

2. Positive attributes of Independent Directors

An independent director shall be a person of integrity who possesses relevantexpertise and experience and who shall uphold ethical standards of integrity and probity;act objectively and constructively; exercise his responsibilities in a bona-fide manner inthe interest of the company; devote sufficient time and attention to his professionalobligations for informed and balanced decision making; and assist the company inimplementing the best corporate governance practices.

3. Independence of Independent Directors

An Independent director should meet the requirements of the Companies Act 2013 andListing Regulations concerning independence of directors.

INDEPENDENT DIRECTORS DECLARATION

The Company has received the necessary declaration from each ID in accordance withSection 149(7) of the Companies Act 2013 that he/she meets the criteria of independenceas laid out in sub-section (6) of Section 149 of the Companies Act 2013 and Regulation16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

CERTIFICATE BY PRACTICING COMPANY SECRETARY

The Company has received certificate from Ms. Sheetal Bansal Proprietor of SheetalBansal & Associates Practising Company Secretaries confirming that none of theDirectors of the Company have been debarred or disqualified from being appointed orcontinuing as director of companies by the SEBI/ Ministry of Corporate of Affairs or anysuch authority. The certificate is attached as "ANNEXURE C".

ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OFDIRECTORS

In line with the requirement of Regulation 25(3) of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Board has carried out an Annual Evaluationof its own performance performance of the Directors and the working of its Committeesbased on the evaluation criteria defined by Nomination and Remuneration Committee (NRC)for performance evaluation process of the Board its Committees and Directors.

The Board’s functioning was evaluated on various aspects including inter-alia theStructure of the Board Meetings of the Board Functions of the Board Degree offulfillment of key responsibilities Establishment and delineation of responsibilities tovarious Committees Effectiveness of Board Processes information and functioning.

The Committees of the Board were assessed on the degree of fulfillment of keyresponsibilities adequacy of Committee composition and effectiveness of meetings. TheDirectors were evaluated on aspects such as attendance contribution at Board/CommitteeMeetings and guidance/support to the Management outside Board/Committee Meetings.

The performance assessment of Non-Independent Directors Board as a whole and theChairman were evaluated in a separate meeting of Independent Directors. The same was alsodiscussed in the meetings of NRC and the Board. Performance evaluation of IndependentDirectors was done by the entire Board excluding the Independent Director beingevaluated.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has put in place an adequate internal control system to safeguard allassets and ensure operational excellence. The system also meticulously records alltransaction details and ensures regulatory compliance. It also has a team of internalauditors to conduct internal audit. Audit firms also ensure that all transactions arecorrectly authorised and reported. The reports are reviewed by the Audit Committee of theBoard. Wherever deemed necessary internal control systems are strengthened and correctiveactions initiated.

REPORTING OF FRAUDS

There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and / or Board under Section 143(12)of the Act and the rules made thereunder.

RELATED PARTY TRANSACTIONS

Details of related party transactions that were entered into during the financial yearif any under the provisions of Section 188 of the Companies Act 2013 are given in theFinancial Statements. There are no materially significant related party transactions madeby the company which may have potential conflict with the interest of the Company at largeand thus disclosures as required under Section 134(3)(h) read with Rule 8(2) of theCompanies (Accounts) Rules 2014 is not required in Form AOC 2 as specified under theCompanies Act 2013.

All Related Party Transactions are placed before the Audit and Risk ManagementCommittee for approval as required under SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. Prior omnibus approval of the Audit and Risk ManagementCommittee is obtained for the transactions which are of foreseen and repetitive nature.The transactions entered into pursuant to such omnibus approval so granted are audited anda statement giving details of all related party transactions is placed before the Auditand Risk Management Committee on a quarterly basis.

LISTING OF EQUITY SHARES

Your Company’s shares are listed with the BSE Limited. The listing fee has beenpaid for the financial year 2020 - 2021.

CORPORATE GOVERNANCE

Since the paid up capital of the company is less than Rs.10 Crores and the net worth ofthe Company is less than Rs.25 Crores the provisions of Regulations1718192021222324252627 and clauses (b) to (i) of sub-regulation 2 of Regulation46 and para C D & E of Schedule V of the Securities and Exchange Board of India(Listing Obligations and Disclosures Requirements) Regulations 2015 are not applicableto the Company hence corporate governance report has not been enclosed to directorsreport.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(i) Annual overlook and outlook

It has been a challenging year with several macro headwinds encompassing industrialinfrastructure and real estate market. Slow economic activity and liquidity challengesimpacted the overall demand scenario in the industry.

Later part of the year also witnesses an unpredictable outbreak of corona virus sendingglobal economic into tizzy affecting overall economy. Complete lockdown affect the supplychains and consumer sentiments. These disruptions impacted the overall performance of theCompany for the year. We are confident to lead the recovery in a shorter period after postpandemic phase and strive to sustain profitable growth.

(ii) Industry Structure and Developments:

Capital Market is dependent on various external factors beyond the control of theManagement. Factors like economy Industrial Growth Level of Export Political ScenarioReform initiatives of the Government. The participants having any dealing with CapitalMarket are affected directly by the movement in the market.

(iii) Opportunities & Threats:

The biggest opportunity for the Indian financial system today is the Indian consumer.Demographic shifts in terms of income levels and cultural shifts in terms of lifestyleaspirations are changing the profile of the Indian consumer. Your Company being aninvestment Company seeks opportunities in the capital market. The volatility in stockindices in the financial year under report represents both an opportunity and challengefor the Company. Further the impact of stress in the NBFC sector spills over to this yearas well it may lead to lower credit off take from NBFCs which may dampen growth inconsumption spending. The most significant threat for any lending activity is toconstantly exhibit operational excellence and contain the loss and mitigate the risks.

Currently the biggest threat is COVID 19 and its impact. It is expected that overallNBFC business will be severely affected which would result to the turning of loan intoNPA.

(iv) Future Outlook:

NBFCs are facing liquidity crisis and that coupled with increasing stress in thecorporate segment warrants caution. In fact many corporates were dragged to NCLT underInsolvency and Bankruptcy Code which clearly manifests the stress the corporates arefacing. Further improvements in the capital markets may also positively impact thefinance and investment companies. However the continued deterioration in assets qualityand NPA’S are haunting the finance companies.

(v) Risks & concerns:

In the normal course of business finance and investment companies are exposed tovarious risks namely Credit Risk Market Risk and Operational Risk besides otherresidual risks such as Liquidity Risk Interest Rate Risk Strategic Risk etc. anycompany which is in the business of lending the entire proposition of the Company(providing finance to various segments of the economy) is on the fundamentals of managingthe risk rather than avoiding it. Further the risk of market fluctuations will be a majorrisk associated with the company.

(vi) Internal Control:

The company has in place adequate internal financial control system. The Company’sinternal control systems including internal financial controls are commensurate with thenature of its business and the size and complexity of its operations and same are adequateand operating effectively. The Audit Committee reviews adequacy and effectiveness of theCompany’s internal control system including internal financial control. Your companyhas taken proper care for the maintenance of adequate accounting records as required byvarious statutes.

(vii) Financial performance:

The financial performance of the company has been covered in the Director’sReport.

(viii) Human Resources:

The current activities of the Company may not require significant human resourcehowever to the extent possible requisite personnel have been engaged to take care oforganization need of human resources. Accordingly your Company attributes importance tohuman resource development activities.

(ix) Cautionary Statement:

The statements in this Management Discussion and Analysis describing the Company'sobjects projections estimates expectations may be construed as"forward-looking" statements within the meaning of applicable securities lawsand regulations and such forward looking statements involve risks and uncertainties.Actual results may differ materially from those expressed in this statement. Importantfactors that could influence the Company’s operations include fluctuations in thecapital markets repayments by the borrowers changes in government regulations tax lawseconomic developments within the country and other factors such as litigation andindustrial relations. The Company undertakes no obligation to publicly update or reviseany forward looking statements whether as a result of new information future events orotherwise. Readers are cautioned not to place undue reliance on these forward lookingstatements.

AUDITORS

Statutory Auditors

As per the provisions of Section 139 of the Act M/s SRDP & Co. CharteredAccountants (FRN: 509930C) will serve as the Statutory Auditors of the Company in casualVacancy as the previous Auditor M/s. Rohit Suri & Associates Chartered Accountantshas expressed their inability to continue as Statutory Auditors of the Company vide theresignation letter dated 14th August 2021.

M/s SRDP & Co. has consented to act as statutory auditors of the Company for theFinancial Year 2021-22 i.e. upto the conclusion of the 37th Annual GeneralMeeting of the Company to be held in the year 2022 and given a certificate in accordancewith Section 139 141 and other applicable provisions of the Act to the effect that theirappointment if made shall be in accordance with the conditions prescribed and that theyare eligible to hold office as Statutory Auditors of the Company. As required underRegulation 33 of the Listing Regulations Statutory Auditors have confirmed that they holda valid certificate issued by the Peer Review Board of the Institute of CharteredAccountants of India.

Necessary resolution and explanation thereto have been provided in the AGM noticeseeking approval of members.

There are no qualifications reservations or adverse remarks made by erstwhileStatutory Auditors in their Report.

Auditor’s Observation

The existing Statutory Auditors does not contain any qualification reservation andadverse remarks in their report.

Secretarial Auditors

The Board has appointed Ms. Sheetal Bansal Practicing Company Secretary to conductSecretarial Audit for the FY 2020-21. The Secretarial Audit Report for the Financial Yearended 31st March 2021 is at "Annexure A".

The said report does not contain any qualification reservation and adverse remarks.

Internal Auditor

The Companies Act 2013 has mandated the appointment of Internal Auditor in theCompany. Accordingly the Company has appointed Mr. Vijay Kataria Chartered Accountanthaving ICAI Membership No. 534458 as an Internal Auditor of the Company.

Cost record and cost audit

Maintenance of cost records and requirement of cost audit as prescribed under theprovision of Section 148(1) of the Companies Act 2013 are not applicable for the businessactivities carried out by the Companies.

REPORTING OF FRAUD BY AUDITOR

During the year under review neither the statutory auditor nor the Secretarial auditorreported to the audit committee under section 143(12) of the companies Act 2013 anyinstant of fraud committed against the company by its officers or employees the details ofwhich would need to be mentioned in the Board’s report.

RISK MANAGEMENT

The Company does not have any formal Risk Management Policy as the elements of riskthreatening the company are very minimal. However on discretionary basis the Company hasconstituted the Risk Management Committee to cope up with adequate processes andprocedures in place to mitigate risks of various kinds if any but as no such mattercomes before the Board till date no meeting held as such.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS IN SECURITIES

Pursuant to section 186 (11) of the Companies Act 2013 (‘Act’) theprovisions of section 186(4) of the Act requiring disclosure in the financial statement ofthe full particulars of the loans made and guarantees given or securities provided by aNon-Banking Financial Company in the ordinary course of its business and the purpose forwhich the loan or guarantee or security is proposed to be utilised by the recipient of theloan or guarantee or security are exempted from disclosure in the Annual Report.

Disclosure of Investment is also exempt for investment made in respect of investmentor lending activities by a non-banking financial company registered under Chapter III-Bof the Reserve Bank of India Act 1934 and whose principal business is acquisition ofsecurities under section 186(11).

FIXED DEPOSITS

The Company has not accepted deposit from public during the year and there was nodeposit outstanding on 31st March 2021.

HUMAN RESOURCE DEVELOPMENT

The Company believes that its people are the key differentiators especially in thecurrent knowledge driven competitive and global business environment. Adapting workculture to suit the dynamic balancing of people requirements is an ongoing process. TheBoard of Directors of your company would like to place on record their sincereappreciation for the efforts and contribution made by all the employees of the Company inrealizing the targeted projects of the Company. Your Directors take this opportunity tothank all employees for rendering impeccable services to every constituent of Companycustomers and shareholders.

POLICY ON PREVENTION PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORK PLACE

The provisions of the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013 and the rules made thereunder are not applicable to the Company.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

1. The Company have promoted ethical behaviour in all its business activities and hasestablished a vigil mechanism for Directors and Employees to report their genuineconcerns.

2. The Vigil Mechanism as envisaged in the Companies Act 2013 and the Rules prescribedis implemented through the Whistle Blower Policy to provide for adequate safeguardsagainst victimization of persons who use such mechanism and make provision for directaccess to the Chairperson of the Audit Committee.

3. As per the Whistle Blower Policy implemented by the Company the Employees are freeto report illegal or unethical behaviour actual or suspected fraud or violation of theCompany’s Codes of Conduct or Corporate Governance Policies or any improper activityto the Chairman of the Audit Committee of the Company or Chairman of the Company.

4. The Whistle Blower Policy provides for protected disclosure and protection to theWhistle Blower. Under the Whistle Blower Policy the confidentiality of those reportingviolation(s) is protected and they are not subject to any discriminatory practices.

The Whistle Blower Policy has been appropriately communicated within the Company andhas also been hosted on the website of the Company www.panaficindustrialsltd.com. Nopersonnel have been denied access to the Audit Committee.

POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITYINITIATIVES

The Company does not have developed and implemented any corporate social responsibilityinitiatives as the said provisions are not applicable to the Company.

EXTRACT OF ANNUAL RETURN

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of theCompanies Act 2013 read with Rule 12 of the Companies (Management and Administration)Rules 2014 an extract of the Annual Return as at 31st March 2020 forms partof this Report and is appended herewith as "ANNEXURE B".

PARTICULARS OF EMPLOYEES AND REMUNERATION

None of the Employees of the Company was in receipt of remuneration which was morethan the limits as prescribed under Section 197 of the Companies Act 2013 read with theCompanies (Particulars of Employees) Rules 1975 and hence no particulars are required tobe disclosed in this Report.

PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNINGS AND EXPENDITURE

Since the Company does not own any manufacturing facility the other particularsrelating to conservation of energy and technology absorption stipulated in the Companies(Disclosure of Particulars in the Report of the Board of Directors) Rules 1988 are notapplicable. Apart from that there were no foreign exchange earnings or outgo of thecompany during the year under report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant or material orders which were passed by the Regulators orCourts or Tribunals which impact the going concern status and the Company’sOperations in future.

APPRECIATION

Your Directors wish to take this opportunity to offer sincere appreciation andacknowledge with gratitude the support and co-operation extended by the clients vendorsbankers registrar and share transfer agent business associates financial institutionsmedia and their agencies and look forward to their continued support and assistance.Weplace on record our appreciation of the contribution made by our employees at all levels.We look forward for such continued hard work solidarity cooperation and support.

The Board of Directors also wishes to place on record its gratitude for the faithreposed in the Company by the Securities and Exchange Board of India the Reserve Bank ofIndia and the Government of India.

For and on behalf of the Board of Directors
M/s Panafic Industrials Limited
Sd/- Sd/-
Sarita Gupta Renu
Director Director
DIN: 00113099 DIN: 03572788
D-158 Pushpanjli Enclave H-3/197 Kuwar Singh Nagar
Place: Delhi Pitam Pura Delhi- 110034 Najafgarh Road Nangloi
Date: 3rd September 2021 Delhi-110041

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