Directors Report of Panther Industrial Products Ltd.

Mar 31, 2024

Your Directors have pleasure in presenting this Thirty Six Annual report on
the affairs of the Company together with the Audited Statement of Accounts for
the year ended on 31^st March, 2024.

11 FINANCIAL PERFORMANCE: fAmount in ? )

PARTICULARS	As on 31.03.2024	As on 31.03.2023
Revenue from operations [net)	-	-
Other income	72,72,014	64,41,221
Earnings before interest, tax, depreciation and amortization [EBITDA) and prior period adjustments
Depreciation and amortization expenses	1,34,222	1,14,290
Other expenses	55,59,533	43,60,367
Profit before tax [PBT)	15,78,259	19,66,564
Profit after tax and minority interest [PAT)	9,66,159	14,54,864

The financial statements of the Company have been prepared in accordance with
the Generally Accepted Accounting Principles in India [Indian GAAP) to comply
with the Accounting Standards notified under Section 211 [3C) of the Companies
Act, 1956 [which continue to be applicable in respect of Section 133 of the
Companies Act, 2013 in terms of Rule 7 of The Companies [Accounts) Rules,
2014) and the relevant provisions of the Companies Act, 1956 / Companies Act,
2013, as applicable Accounting policies have been consistently applied except
where a newly issued accounting standard, if initially adopted or a revision to an
existing accounting standard requires a change in the accounting policy hitherto
in use. Management evaluates all recently issued or revised accounting
standards on an ongoingbasis.

2) OPERATIONAL PERFORMANCE:

During the year under review, Your Company has reported Profit of amounted
to ^ 9,66,159/- in the current year as compared to Profit of ^ 14,54,864/- in
the previous year.

3) DIVIDEND:

In order to conserve the resources of the Company, your Directors regret their
inability to recommend any payment of dividend for the Financial Year ended
March 31,2024.

4) UNCLAIMED DIVIDEND:

There is no balance lying in unpaid equity dividend account.

5) SHARE CAPITAL:

The paid-up equity share capital of the Company as on 31^st March, 2024 was
14,000,970/-. During the year under review, the Company has not issued any
shares. It has neither issued employee stock options nor sweat equity shares and
does not have any scheme to fund its employees to purchase the shares of the
Company. Further, during the year under review, the promoters have not
acquired/sold any shares of the Company.

6) DEPOSITS:

Your Company has not accepted/invited deposits from the public falling within
the ambit of Section 73 of the Companies Act, 2013 and The Companies
(Acceptance ofDeposits] Rules, 2014.

7) TRANSFER TO RESERVE:

Company has not transferred any amount from profit to General Reserve.

8} HOLDING COMPANIES/SUBSIDIARY COMPANIES/ASSOCIATE
COMPANIES:

Your Company neither have any Holding Companies / Subsidiary Companies nor
have any direct Associate Companies during the financial year end 31^st March,
2024.

9) RELATED PARTY TRANSACTIONS:

During the reporting financial year, there is no transaction with related parties
which attract the provision of Section 188 (1) of the Companies Act, 2013 as all
the transaction with related parties, if any, are in normal course of business and
at Arm Length Basis. Hence, section 188(1) is not applicable and consequently no
particulars in Form AOC-2 have been furnished.

10) DIRECTORS:

As on 31^st March, 2024, the Company has Two Directors consisting of One
Independent non-executive Director and one Wholetime Director.

a) Appointment/Resignations from the Board of Directors

In terms of Section 149, 152 read with Schedule IV and all other applicable
provisions of the Companies Act, 2013 and The Companies (Appointment and
Qualification of Directors) Rules, 2014 (including any statutory modifications or
re-enactment thereof for the time being in force), the Independent Directors
were appointed for a term of five years and are not liable to retire by rotation.

b) Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 and
Regulation 17 of the SEBI Regulations, a Company shall have atleast one Woman
Director on the Board of the Company. So the company is looking out to fill the
casual vacancy caused by the resignation of Women Director.

c) Directors Retiring by Rotation

In accordance with the provisions of section 152 of the Companies Act, 2013 and
Articles of Association of the Company, Mr. ABHIJIT Y. KADAM (DIN:
06756295), Director of the Company, retire by rotation at the forthcoming
Annual General Meeting of the Company and being eligible, offers himself for re¬
appointment.

The information of Directors seeking appointment/re-appointment as required
pursuant to Regulation 36(3) of the SEBI Regulations, is provided in the notice
covering the Annual General Meeting of the Company. Based on the
confirmations received from Directors, none of the Directors are disqualified
fromappointmentunder Section 164 ofthe Companies Act, 2013.

11) NUMBER OF MEETINGS OF THE BOARD:

Regular meetings of the Board are held to discuss and decide on various business
policies, strategies and other businesses.

The Board met Four times during the FY 2023-24 viz, 30^th May 2023, 31^th July
2023,14*August 2023, lO^November 2023.

12) COMMITTEES OF THE BOARD:

Your Company has several committees which have been established as a part of
the best practices and are in compliance with the requirements of the relevant
provisions of laws and statutes applicable to the Company.

The Company has following Committees namely:

1. Nomination and Remuneration Committee;

2. Stakeholders'' Grievance and Relationship Committee;

3. Audit Commitee;

13) DECLARATION BY INDEPENDENT DIRECTORS:

During the Financial Year 2023-2024 there was no Independent Director in the
company. Board is looking for the right candidate who can fill the vacancy of
Independent Director and take the responsibility.

14) PERFORMANCE EVALUATION OF THE BOARD:

Main Object of the Company

In previous couple of years due to tight competition the scope of the main
business is reducing and company is finding very difficult to run the business as
mentioned in main object of the company, so its trying to evaluate and working
out for opportunity in the field of consultancy services in Financial sectors.
Simultaneously, company will try to look out for its feasibility of its main business
and meantime the consultancy services business expands then company will
make the necessary changes in its main object thereafter.

In compliance with the provisions of the Companies Act, 2013 and Regulation
2 5 (4) (a) of the SEBI Regulation, annual performance evaluation of the Board and
its Directors individually was carried out Various parameters such as the
Board''s functioning, composition of its Board and Committees, execution and
performance of specific duties, obligations and governance were considered for
evaluation.

The performance evaluation of the Board as a whole was carried out by the
Independent Directors. The performance evaluation of each Independent
Director was also carried out by the Board.

The Board of Directors expressed their satisfaction with the evaluation process.

15) CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company is not required to constitute a Corporate Social Responsibility
Committee as it does not fall within purview of Section 13 5 [1) of the Companies
Act 2013 and hence it is not required to formulate policy on corporate social
responsibility.

16) INDIAN ACCOUNTING STANDARD (IndAS):

The Indian Accounting Standards (Ind AS) were notified by the Ministry of
Corporate Affairs on February 16,2015. These standards will become applicable
to the Company, its subsidiaries and associates with effect from April 1, 2016,
Your Company has taken adequate steps, in this regard to ensure a smooth
transition to Ind AS.

17) MANAGEMENT PERCEPTION TO AUDITORS QUALIFICATION:

The observations made by the auditors in their report in respect of the Internal
Audit System and others, read together with the notes on accounts are self-
explanatory and do not call for the further explanation, however the following be
noted as further clarification:

Note B (3) in the Significant Accounting Policies and Notes on Accounts (Notes
A & B) to the balance sheet

(a) Reference is invited to note B(16)(a)in Notes on Accounts to the
balance sheet and statement of profit and loss regarding Trade receivable by
the management 184,769,870 Though the company company is confident of
recovery, in view of huge losses and uncertainty in the business operations and
hence the management has not made any provisionfor the same.

The unsecured interest free loan granted by the Company to companies under
the same management with understanding that the same has been granted for
temporary period and recoverable on demand, hence the same is not prejudicial
to the interest of the Company.

18) DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE
WORKPLACE (PREVENTION, PROHIBITOON AND REDRESSAL) ACT, 2013:

The Company has in place a policy for Prevention of Sexual Harassment in line
with the requirements of the Sexual Harassment of Women at the Workplace
(Preservation, Prohibition & Redressal) Act, 2013. Complaints Committee has
been set up to redress complaints received regarding sexual harassment All
employees are covered under this policy. The Company has not received any
complaint of sexual harassment during the Financial Year 2023-2024.

191 VIGIL MECHANISM/WHISTLE BLOWER POLICY

Pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read
with Rule 7 ofthe Companies (Meetings of Board and its Powers) Rules, 2014, the
Company is required to frame "Vigil Mechanism" (Whistle Blower) to deal with
instances of fraud and mismanagement in the Company.

20) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED
PARTIES:

During the reporting financial year, there is no transaction with related parties
which attract the provision of Section 188 (1) ofthe Companies Act, 2013 as all
the transaction with related parties, if any, are in normal course of business and
at Arm Length Basis. Hence, section 188(1) is not applicable and consequently
no particulars in FormAOC-2havebeenfurnished.

21) AUDITORS:

a) Statutory Auditors

At M/s S.M. Bhat & Associates, Chartered Accountants, appointed as the
Statutory Auditors ofthe Company having Firm Reg. No. 131347W shall continue
to hold office as the statutory auditors till the conclusion of the 38th Annual
General Meeting as per the provisions of Section 139 ofthe Companies Act, 2013
and rules made thereunder.

h) Secretarial Auditor:

The Company is unable to obtained Secretarial Audit required under section
204(1) of the Companies Act, 2013 and the rules made thereunder, as the

assignment of the Secretarial Audit has not been accepted by any professional
having membership of Institute of Company Secretaries of India. The Company
has been trying to engage a Company Secretary from the date became applicable
to the company but in vain. However, the company shall continue to try and
engage a Company Secretary who could accept the assignment and report shall
be furnished accordingly.

22) SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY
SECRETARIES OF INDIA (ICSI):

The Company complies with all applicable mandatory Secretarial Standards
issuedby the Institute of Company Secretaries of India [ICSI).

23) CORPORATE GOVERNANCE:

Since the Paid-Up Capital of the company is less then ^ 100,000,000/- and Net
worth not exceeding ^ 250,000,000/-therefore separate section on Corporate
Governance practices followed by the Company as stipulated under Regulation
15 [2) and Schedule V of the SEBI Regulations are Not applicable to the company.
However, as measure of good corporate governance practice, the company has
voluntarily initiated to the extent possible, considering constitutions of Board
and activities of the Company, steps towards the compliance of the same.

24) PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

During the year under review, the Company has not advanced any loans/ given
guarantees/ made investments and the Rules made thereunder are given in the
notes to Financial Statements.

25) SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
OR COURTS:

During the financial year, No significant material orders have been passed by the
Regulators or Courts or Tribunals which would impact the going concern status
ofthe Company and its future operations.

26) PARTICULARS OF EMPLOYEES:

None of the employee has received remuneration exceeding the limit as in
pursuantto Section 197(12) ofthe Companies Act, 2013 read with Rule 5(1) and
5(2) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

27) REMUNERATION POLICY FOR THE DIRECTORS, KEY MANAGERIAL
PERSONNEL AND OTHER EMPLOYEES

In terms of the provisions of Section 178[3) of the Act, the Nomination &
Remuneration Committee is responsible for formulating the criteria for
determining qualification, positive attributes and independence of a Director.
The Nomination & Remuneration Committee is also responsible for
recommending to the Board a policy relating to the remuneration of the
Directors, Key Managerial Personnel and other employees. In line with this
requirement, the Board has approved that all the provisions of remuneration
policy of the company related with criteria for remuneration, determining
qualifications, positive attributes and independence of a director will be mutatis
and mutandis applicable on our company.

28) DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and
explanation obtained by them, the Directors make the following statements in
terms ofSection 134(3)(c) ofthe Companies Act, 2013:

(a) That in preparation of the Annual Financial Statements for the year
ended 31^5tMarch, 2024; the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any.

(b) That such accounting policies as mentioned in the notes to the Financial
Statements have been selected and applied consistently & judgements
and estimates have been made that are reasonable and prudent so as to
give true and fair view ofthe Statement of Affairs of the Company as at
31^st March, 2024 and of the Profit of the Company for the year ended on
that date.

(c } That proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.

(d) That the Annual Financial Statements have been prepared on a going
concern basis.

(e) That proper Internal Financial Controls were in place and that the
Financial Controls were adequate and were operating effectively.

(f) That systems to ensure compliance with the provisions of all applicable
laws were in place and were adequate and operating effectively.

29) STATUTORYDISCLOSURES:

Conservation of energy, technology absorption, foreign exchange earnings
and outgo

The information on conservation of energy, technology absorption and foreign
exchange earnings and outgo stipulated under Section 134(3)(m) of the
Companies Act, 2013 read with Rule, 8 of The Companies [Accounts) Rules,
2014, is annexed herewith as "Annexure-1".

30) LISTING OF THE COMPANY''S EQUITY SHARES

The equity shares of your Company are listed on The BSE Ltd., due to regulatory
reason trading in equity shares ofthe company is restricted.

31) OTHERDISCLOSURE:

[a) There is no change in nature of business ofthe company during FY 2024.

[b) With deep sorrow the Board of Directors ofthe Company acknowledges
the passing of Shri Kartik Kirtikumar Parekh, who served as a Director
of the Company and expresses its deepest condolences to the family
and loved ones of the deceased. The Board of Directors expresses its
appreciation for the valuable contributions of Shri Kartik Kirtikumar
Parekh during his tenure with the Company and acknowledges his
service with gratitude.

32) ACKNOWLEDGEMENT

Your Directors take this opportunity to express deep and sincere gratitude to all
the stakeholders ofthe Company for their confidence and patronage.

Your Directors wish to place on record their appreciation for the support and
contribution made by the employees at all levels and also wish to thank all its
customers, dealers, agents, suppliers, investors and bankers for their continued
support and faith reposed in your Company.

For PANTHER INDUSTRIAL PRODUCTS LIMITED

KAUSHIK C. SHAH ABHIJIT Y. KADAM

MANAGING DIRECTOR CHIEF FINANCIAL OFFICER

(DIN:00009510)

Date: 2^nd August, 2024
Place: Mumbai

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Mar 31, 2015

Dear Members

The Directors have pleasure in presenting Twenty Seventh Annual Report on the affairs of the Company together with the Audited Statement ofAccounts for the year ended 31st March, 2015.

1. Financial Summary or performance of the company

PARTICULARS 2014-2015 2013-2014

Net Income /(Loss) from operations 1,237,887 0.00

Less: Expenses 1,344,673 350,913

Profit /(Loss) before Interest and Depreciation (106,786) (350,913)

Less: Interest NIL NIL

Depreciation 517,454 855,091

Profit /(Loss) Before Tax (624,240) (1,206,004)

Less: Provision for Income Tax NIL NIL

Profit/(Loss) After Tax (624,240) (1,206,004)

Earning per shares (1)Basic (0.45) (0.86)

(2) Diluted (0.45) (0.86)

2. Operations

The Company has reported total income of Rs. 1,237,887/- for the current year as compared to NILin the previous year. The Net Loss for the year under review amounted to Rs. 624,240/- in the current year as compared to Rs.1,206,004/- in the previous year.

3. Transfer to reserves

Since no profit was reported during the year therefore the Company has not transferred any amount to reserves.

4. Dividend:

Due to Loss of Rs. 624,2407- your directors regret their inability to recommend any dividend for financial period 2014-15.

5. Material Changes between the date of the Board report and end of financial year.

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which me financial statements relate and the date of the report.

6. Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future:

During the year under review there has been no such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

7. Subsidiary Company:

As on March 31,2015, the Company does not have any subsidiary,

8. Statutory Auditor & Audit Report:

M/s. S. Kumar Jain & Co., Chartered Accountants, statutory auditors of the Company having registration number FRN No. 131314W hold office unit the conclusion of next Annual General Meeting subject to the ratification of the members at every general meeting. The Company has received a certificate from the statutory auditors to the effect that their reappointment, if made, would be within the limits prescribed. The statutory auditors have also confirmed that they hold a valid certificate issued by the 'Peer Review Board* of The Institute of Chartered Accountants of India.

There are no qualifications or observations or remarks made by the Auditors in their Report

9. Change in the nature of business:

There is no change in the nature of the business of the company

lO. Details of directors or key managerial personnel; During the year, the Board was duly constituted.

Shrl Kartfk Kirtikumar Parekh, Director of the Company who is Babie to retire by rotation and *being eligible, offer himself for reappointment

II Deposfts:

The Company has not invited/ accepted any deposits from the public during the year ended March 31,2015.

There were no unclaimed or unpaid deposits as on March 31,2015.

12. Conservation of energy, technology absorption, foreign exchange earnings and outgo:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3Xm) of the Companies Act, 2013 read with Rule,8 of The Companies(Anexure) Rules,2014,is Anexure wit has Anexure-r.

13.Corporate Social Responsibility:

The Company is not required to constitute a Corporate Social Responsibility Committee as it does not fall within purview of Section 135(1) of the Companies Act, 2013 and hence it is not required to formulate policy on corporate social responsibility.

14.Number of meeting of the Board: During the year 2014-15, the Board of Directors met 6(Six) times viz. on 30th May, 2014,31st July, 2014, 31st October, 2014, 08th November, 2014, 10th February, 2015, 21st February, 2015and 05th March, 2015.

26th Annual General Meeting of the Company was held on 29th September, 2014.

15.Director a' Responsibility Statement

Pursuant to the requirnemen tunder section 134 (3KC) of the (C) of the companies Act,2013 with respect to Directors' Response fifty Statement, it is hereby confirmed that:

(i) in the preparation of the annual accounts for the financial year ended 31st March, 2015, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) 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 affairs of the company as at March 31,2015 and of the profit and loss of the company for that period;

(iii) the director had taken proper and soften are for their naturee records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors had prepared the annual accounts on a going concern basis; and

(v) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

16.Deciaration by Independent Directors:

Since the Company is in process to appointment of Independent Directors under Section 149(4) and Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 hence no declaration has been obtained.

- 17.Company"s policy on directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub- ection (3) of section 178:

The Company is yet to constitute a Nomination and Remuneration Committee under Section 178(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 20M and Stakeholders Relationship Committee under Section 178(5) of the Companies Act, 2013, since company is in process to appoint Independent Director.

18.Particulars of loans, guarantees or investments under section 186: During the year under review, the Company has not advanced any loans/ given guarantees/ made investments.

19.Particulars of Employee:

None of the employee has received remuneration exceeding the limit as stated in rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

20. Extract of Annual Return: The Extract of Annual return for the financial year ended 31st March, 2015 is attached to the directors report and named as*Annexure-ll".

21 .Related Party Transactions:

AH related party transactions that were entered into during the financial year were on an arm's length basis and were in the ordinary course of business. Particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in the form AOC-2 is attached to this report and named as "Annexure- III*.

22.Corporate Governance Report:

Since The Paid Up Capital of the company is less than Rs. 3,00,00,000/- mandatory provisions of the Corporate Governance under Clause 49 of the Listing Agreement are not applicable to the company. However as measure of good corporate governance practice, the company has voluntarily initiated to the extent possible, considering constitutions of Board and activities of the Company, steps towards the compliance of the same.

23.Secretarfal Audit Report:

The Company is unable to obtained Secretarial Audit required under section 204(1) of the Companies Act, 2013 and the rules made there under, as the assignment of the Secretarial Audit has not been accepted by any professional having membership of Institute of Company Secretaries of India. The Company has been trying to engage a Company Secretary from the date became applicable to the company but in vain.

However, the company shall continue to try and engage a Company Secretary who could accept the assignment and report shaH be furnished accordingly.

24.Prevention of Sexual Harassment Policy

The Company has in place a Prevention of Sexual Harassment policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

During the year 2014-2015, no complaints were received by the Company related to sexual harassment

25. Acknowiedgments:

Your Directors take this opportunity to place on record their appreciation and sincere gratitude to the Government of India, Government of Maharashtra, and the Bankers to the Company for their valuable support and took forward to their continued co-operation in the years to come.

Your Directors acknowledge the support and co-operation received from the employees and all those who have helped in the day to day management.

For and on behalf of the Board of Directors of

Place: Mumbai Panther Industrial Products Limited

Date : 15th May, 2015

Registered Office:

First Floor, Radha Bhuvan. Kirtikumar N. Parekh Kaushik C. Shah

121 Nagindas Master Road, (Director) (Director)

Fort. Mumbai-400 023 DIN:00009494 DIN.00009510

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Mar 31, 2014

The Members

PANTHER INDUSTRIAL PRODUCTS LIMITED

Mumbai.

Dear Sir/Madam,

The Directors take pleasure in presenting 26th Annual Report with the audited accounts for the year ended 31 st March, 2014.

FINANCIAL RESULTS:

PARTICULARS 2013-2014 2012-2013 Rs. in Lacs Rs. in Lacs

Net Income / (Loss) from operations 0.00 0.00

Less: Expenses 3.52 3.74

Profit / (Loss) before Interest and Depreciation (3.52) (3.74)

Less: Interest NIL NIL

Depreciation 8.55 11.54

Profit/(Loss) Before Tax (12.07) (15.28)

Less: Provision for Income Tax NIL NIL

Profit/(Loss) After Tax (12.07) (15.28)

Add/ (Loss) Brought Forward from Last Year 884.14 899.42

Add / (Less) Prior period Adjustment (Taxation) NIL NIL

Balance Carried to the Balance Sheet 872.07 884.14

Equity Share Capital (Rs. 10/- per share) 14000 14000

Preference Share Capital (Rs. 10/- per share) 1 1 (The above figures has been rounded off to nearest one)

DIVIDEND:

In order to conserve the resources of the Company, your Directors do not recommend payment of dividend, for the current year.

REVIEW OF OPERATIONS:

During the year under review, the Company has not earned any income. MANAGEMENT PERCEPTION TO AUDITORS QUALIFICATION:

The observations made by the auditors in their report in respect of the Internal Audit System and - others, read together with the notes to accounts are self explanatory and do not call for the further explanation, however the following be noted as further clarification:

Note B (8) and (9) in the SignificantAccounting Policies and Notes on Accounts (Notes A & B) to the balance sheet

Sundry debtors and Loans and advances unsecured and considered good include Rs.9,97,94,054/- and Rs.7,78,25,000/-, respectively due from an associates companies. The Management is taking steps to ensure recovery of the amount and is confident that the said advances shall be fully recovered and no provision is presently considered necessary.

The unsecured interest free loan granted by the Company to companies under the same management with understanding that the same has been granted for temporary period and recoverable on demand, hence the same is not prejudicial to the interest of the Company

PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any deposit within the meaning of section 58Aof the Companies Act, 1956, read together with the Companies (Acceptance of Deposits) Rules, 1975.

DIRECTORS:

Shri KlrtJkumar N. Parekh, Director of the Company who is liable to retire by rotation and being eligible, offer himself for reappointment.

AUDITORS:

M/s. S. Kumar Jain & Co., Chartered Accountants, New Delhi, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting & being eligible offer themselves for reappointment.

DIRECTORS''RESPONSIBILITY STATEMENT:

Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

i) In the preparation of the Accounts for the Financial year ended 31st March, 2014, the applicable accounting standards had been followed along with proper explanation relating to material departures;

li) The Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii) The Directors had taken proper and sufficient care for the maintenance of adequate accounting Records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) The Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE:

Since the paid up capital of the company is less than Rs.3,00,00,000/- mandatory provisions of the Corporate Governance under Clause 49 of the Listing Agreement are not applicable to the company. However as measure of good corporate governance practice, the company has voluntarily initiated to the extent possible, considering constitutions of Board and activities of the Company, steps towards the compliance of the same.

HUMAN RESOURCES:

There are no employees covered under the limits as specified under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING ANDOUTGO.:

The information required under section 217 (l)(e)of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report of the Board of Directors) Rule, 1988 is as follows.

I. Conservation of Energy : NA

ii. TechnologyAbsorption, : NA

Adoption and innovation

Hi. Foreign Exchange Earnings : NIL

iv. Foreign Exchange Outgo : NIL

COMPLIANCE CERTIFICATE:

The Company is unable to obtained Compliance Certificate required under section 383(1A) of the Companies AcL1956, as the assignment of the Secretarial Audit has not been accepted by any professional having membership of Institute of Company Secretaries of India. The Company has been trying to engage a Company Secretary from the date became applicable to the company but in vain.

However, the company shall continue to try and engage a Company Secretary who could accept the assignment and report shall be furnished accordingly.

ACKNOWLEDGEMENT:

The Directors would like to place on record their sincere appreciation for the continued support received from shareholders, bankers, legal advisors and all other connected with the business of the Company, for their outstanding contribution in the activities of the Company.

By order of the Board of Directors For Panther Industrial Products Limited

Kartik K. Parekh Kaushlk C. Shah (Director) (Director) DIN:00009502 DIN:00009510

Place: Mumbai Date : 30th May, 2014

Registered Office: First Floor, Radha Bhuvan, 121 Nagindas Master Road, Fort. Mumbai-400 023

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Mar 31, 2013

To, The Members of PANTHER INDUSTRIAL PRODUCTS LIMITED

Mumbai.

Dear Sir/Madam,

The Directors take pleasure in presenting 25th Annual Report with the audited accounts for the year ended31stMarch,2013.

FINANCIAL RESULTS:

PARTICULARS 2012-2013 2011-2012 Rs. in Lacs Rs. In Lacs

Net Income / (Loss) from operations 0.00 0.00

Less: Expenses 3.74 6.34

Profit I (Loss) before Interest and Depreciation (3.74) (6.34)

Less: Interest NIL NIL

Depredation 11.54 13.07

Profit I (Loss) Before Tax (15.28) (19.41)

Less: Provision for Income Tax NIL NIL

Profit/(Loss) After Tax (15-28) (19.41)

Add/ (Loss) Brought Forward from Last Year 899.42 918.83

Add / (Less) Prior period Adjustment (Taxation) NIL NIL

Balance Carried to the Balance Sheet 884.14 699.42

Equity Share Capital (Rs. 101- per share) 14000 14000

Preference Share Capital (Rs. 10/- per share) 1 1

(The above figures has been rounded off to nearest one)

DIVIDEND:

In order to conserve the resources of the Company, your Directors do not recommend payment of dividend, for the current year.

REVIEW OF OPERATIONS:

During the year under review, the Company has not earned any income.

MANAGEMENT PERCEPTION TO AUDITORS QUALIFICATION:

The observations made by the auditors in their report in respect of the Internal Audit System and others, read together with the notes to accounts are self explanatory and do not call for the further explanation, however the following be noted as further clarification:

Note B (8) and (9) in the Significant Accounting Policies and Notes on Accounts (Notes A & B) to the balance sheet

Sundry debtors and Loans and advances unsecured and considered good include Rs.9,97,94,054/- and Rs.7,78,25,000/-, respectively due from an associates companies. The Management is taking steps to ensure recovery of the amount and is confident that the said advances shall be fully recovered and no provision is presently considered necessary.

The unsecured interest free loan granted by the Company to companies under the same management with understanding that the same has been granted for temporary period and recoverable on demand, hence the same is not prejudicial to the interest of the Company

PUBUC DEPOSITS:

During the year under review, the Company has not accepted any deposit within the meaning of section 58Aof the Companies Act, 1956, read together with the Companies (Acceptance of Deposits) Rules, 1975.

DIRECTORS:

Shri Kartik K. Parekh, Director of the Company who is liable to retire by rotation and being eligible, offer himself for reappointment.

AUDITORS:

M/s. S. Kumar Jain & Co., Chartered Accountants, New Delhi, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting & being eligible offer themselves for reappointment

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

i) in the preparation of the Accounts for the Financial year ended 31st March, 2013, the applicable accounting standards had been followed along with proper explanation relating to material departures;

li) 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 affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting Records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other Irregularities;

iv) the Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE:

Since the paid up capital of the company is less'' than Rs.3,00,00,000/- mandatory provisions of the Corporate Governance under Clause 49 of the Listing Agreement are not applicable to the company. However as measure of good corporate governance practice, the company has voluntarily initiated to the extent possible, considering constitutions of Board and activities of the Company, steps towards the compliance of the same.

HUMAN RESOURCES:

There are no employees covered under the limits as specified under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO.:

The information required under section 217 (l)(e) of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report of the Board of Directors) Rule, 1988 is as follows.

1. Conservation of Energy : N.A.

2. Technology Absorption, : N.A.

Adoption and innovation

3. Foreign Exchange Earnings : NIL

4. Foreign Exchange Outgo : NIL

COMPLIANCE CERTIFICATE:

The Company is unable to obtained Compliance Certificate required under section 383(1A) of the Companies Act,1956, as the assignment of the Secretarial Audit has not been accepted by any professional having membership of Institute of Company Secretaries of India. The Company has been trying to engage a Company Secretary from the date became applicable to the company but in vain.

However, the company shall continue to try and engage a Company Secretary who could accept the assignment and report shall by furnished accordingly.

ACKNOWLEDGEMENT:

The Directors would like to place on record their sincere appreciation for the continued support received from shareholders, bankers, legal advisors and all other connected with the business of the Company, for their outstanding contribution in the activities of the Company.

By order of the Board of Directors

For Panther Industrial Products Limited

Kirtikumar N. Parekh Kaushik C. Shah (Director) (Director)

Place: Mumbai

Date : 30th May, 2013



Registered Office:

First Floor, Radha Bhuvan,

121 Nagindas Master Road,

Fort, Mumbai -400 023

---

Mar 31, 2009

The Directors take pleasure in presenting 21st Annual Report with the audited accounts for the year ended 31st March, 2009.

FINANCIAL RESULTS:

PARTICULARS 2008 – 2009 2007 – 2008 (Rs. In Lacs) (Rs. in Lacs)

Net Income / (Loss) from operations 0.00 0.10

Less: Expenses 5.48 13.00

Profit / (Loss) before Interest and Depreciation (5.48) (12.90)

Less: Interest NIL NIL

Depreciation 3.24 3.24

Profit / (Loss) Before Tax (7.88) (16.14)

Less: Provision for Income Tax NIL NIL

Profit / (Loss) After Tax (7.88) (16.14)

Add/ (Loss) Brought Forward from Last Year 937.05 953.19

Add / (Less) Prior period Adjustment (Taxation) NIL NIL

Balance Carried to the Balance Sheet 929.17 937.05

Equity Share Capital (Rs.10/- per share) 14000 14000

Preference Share Capital (Rs.10/- per share) 1 1

(The above figures has been rounded off to nearest one)

DIVIDEND:

In order to conserve the resources of the Company, your Directors do not recommend payment of dividend, for the current year.

REVIEW OF OPERATIONS:

During the year under review, the Company has not earned any income.

PUBLIC DEPOSITS:

During the year under review, the company has not accepted any deposit within the meaning of section 58A of the Companies Act, 1956, read together with the Companies (Acceptance of Deposits) Rules, 1975.

DIRECTORS:

Shri Kaushik C. Shah, Director of the Company who is liable to retire by rotation and being eligible, offer himself for reappointment.

AUDITORS:

M/s. S. Kumar Jain & Co., Chartered Accountants, Mumbai, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting & being eligible offer themselves for reappointment.

As regards to the observation made by the auditor in their report, the same read together with notes to accounts attached to the statement of accounts are self explanatory and do not call for further explanation and Directors has nothing more to add as explanation to the auditors observation.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

i) in the preparation of the Accounts for the Financial year ended 31st March, 2009, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE :

Since the paid up capital of the company is less then Rs.3,00,00,000/- mandatory provisions of the Corporate Governance under Clause 49 of the Listing Agreement are not applicable to the company. However as measure of good corporate governance practice, the company has voluntarily initiated to the extent possible, considering constitutions of Board and activities of the Company, steps towards the compliance of the same.

HUMAN RESOURCES:

There are no employees covered under the limits as specified under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

The information required under section 217 (I)(e) of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report of the Board of Directors) Rule, 1988 is as follows.

1. Conservation of Energy : N.A.

2. Technology Absorption, : N.A. Adoption and innovation

3. Foreign Exchange Earnings : NIL

4. Foreign Exchange Outgo : NIL

COMPLIANCE CERTIFICATE:

The Company is unable to obtained Compliance Certificate required under section 383(1A) of the Companies Act,1956, as the assignment of the Secretarial Audit has not been accepted by any professional having membership of Institute of Company Secretaries of India. The Company has been trying to engage a Company Secretary from the date became applicable to the company but in vain.

However, the company shall continue to try and engage a Company Secretary who could accept the assignment and report shall be furnished accordingly.

ACKNOWLEDGEMENT:

The Directors would like to place on record their sincere appreciation for the continued support received from shareholders, bankers, legal advisors and all other connected with the business of the Company, for their outstanding contribution in the activities of the Company.

By order of the Board of Directors For Panther Industrial Products Limited

Place: Mumbai Sd/- Sd/-

Date : 29th June, 2009 Kirtikumar N. Parekh Kaushik C. Shah (DIRECTOR) (DIRECTOR)

Registered Office:

First Floor, Radha Bhuvan, 121 Nagindas Master Road, Fort, Mumbai - 400 023