Directors Report of Parshwanath Corporation Ltd.

Mar 31, 2025

The Board of Directors hereby submits the report of the business and operations of your company
along with the audited financial statements, for the financial year ended March 31, 2025.

FINANCIAL OVERVIEW (Amount in Lakhs.)

Particular	2024-2025	2023-2024
Revenue from Operation	70.19	59.16
Other Income	81.56	67.03
Profit / loss before Depreciation, Exceptional items and Tax Expense	73.81	60.76
Less : Depreciation	0.41	0.05
Profit / loss before Exceptional items and tax expense	73.4	60.71
Exceptional items	6.74	6.04
Profit / loss before tax expense	66.66	54.67
Less: Tax Expense	11.18	8.54
Adjustment of Income Tax of Earlier Years	0	(5.44)
Profit / loss for the year(1)	55.48	51.52
Total Comprehensive Income(2)	0.12	0.12
Total (1 2)	55.59	51.64

1.2 REVIEW OF OPERATION : The Company has incurred total profit of Rs. 55.59 Lakhs as compare to
profit of Rs. 51.64 Lakhs in the Previous Year. The Company earned revenue from operation is Rs.
70.19 Lakhs which is higher than earned in the previous year Rs. 59.16 Lakhs. Currently company
does not have any project and major part of the earning of the company is from the interest income.

1.3 TRANSFER TO RESERVES : The Board of Directors of your Company, has decided not to transfer any
amount to the Reserves for the year under review, except for the Profit earned during the year which
has been transferred to the Surpluses Head of the Reserves & Surpluses.

1.4 DIVIDEND : The Board of Directors of your company, after considering holistically the relevant
circumstances and keeping in view the company''s dividend distribution policy, has decided that it would
be prudent, not to recommend any Dividend for the year under review.

1.5 MAJOR EVENTS OCCURRED DURING THE YEAR

(a) State of the Company’s affair : Your company is engaged in the business of construction
and development of housing projects in India. However currently company does not have any
project. Further, during the year under review, the company was highly depended on the interest
income. The Directors of the company are working hard to earn more profit and tremendous
growth in future.

(b) Change in Nature of Business : During the year there was no change in the nature of the
business of the Company.

(c) Material changes and commitments affecting the financial position of the company:

There have been no material changes and commitments, which affect the financial position of
the company which have occurred between the end of the financial year of the company to
which the financial statements relate and the date of the report.

2. GENERAL INFORMATION

Parshwanath Corporation Limited has been offering world-class residential and commercial properties since
1967. Our aim is to create best in the class properties that offer the perfect balance of opulence and elegance.
We enhance the lifestyle of people by blending innovation with passion. The company has grown brick by
brick and reached towering heights.

3. CAPITAL AND DEBT STRUCTURE

During the year under review, the company has neither issued nor bought back shares. The Capital of the
company remains same as under.

Authorized Share Capital	Rs.10,00,00,000 divided into1,00,00,000 shares of Rs. 10 each
Issued Share Capital	Rs. 3,13,18,370 divided into 31,31,837 shares of Rs. 10 each
Paid Up share Capital	Rs. 3,13,18,370 divided into 31,31,837 shares of Rs. 10 each

The Capital of the Company consist only Equity shares.

4. CREDIT RATING

During the year the company has not issued any securities and not raised any loan which requires credit
rating, hence credit rating provisions not applicable on company and has not obtained any credit rating during
the year.

5. INVESTOR EDUCATION AND PROTECTION FUND

The Company has not declared any dividend, hence not transferred any amount to Investor education and
Protection Fund.

6. MANAGEMENT

6.1 Directors and Key Managerial Personnel
Board Composition

The constitution of the Board (as on 31/03/2025) and the attendance of the Directors are given below :

Name of the Directors	Category of the Director (NE/E/ID)	Designation	No. of Director ship	No. of Meetings attended	Details of committee		Presence in previous AGM
					As Member	As Chairman
Mrs. Riddhiben R. Patel	Executive	Joint-Managing Director	3	7	7	0	Yes
Mr. Rushabh N. Patel	Executive	Managing Director	5	7	0	7	Yes
Mr. Asit A Vyas	Independent	Independent Director	1	6	0	3	Yes
Mr. Nikunj Shah	Independent	Independent Director	1	3	3	0	Yes
Ms. Trishala Jadav	Independent	Independent Director	1	3	3	0	Yes

Directors

1. Appointments

• The Company has Appointed Mr. Nikunj Shah as an Independent Director w.e.f 01/09/2024.

• The Company has Appointed Ms. Trishala Jadav as an Independent Director w.e.f 15/09/2024.

• The Company has Appointed Mr. Prashant Maha as a Company Secretary and compliance
officer w.e.f 23 /09/2024.

2. Change in Designation : There was change in Designation of Mr. Nikunj Shah and Ms. Trishala
Jadav as a Independent Director from Additional independent Director of the company in the previous
annual General meeting dated 27/09/2024.

3. Resignation : There are no resignation during the year under review.

4. Retirement : Mr. Asit Vyas (DIN : 08473656), Non -executive director who retires by rotation
and being eligible offers himself for re-appointment.

5. Cessation : There are no cessation during the year under review.

6. Disclosure of relationship between directors inter se : None of the directors are being
related to each other except for Mrs. Riddhiben R. Patel,Joint-Managing Director and Chief financial
officer of the Company, being wife of Mr. Rushabh N. Patel who is Managing Director of the
Company.

6.2 Independent director : The company appointed Mr. Nikunj Shah as an Independent Director of the
company w.e.f 01/09/2024 and Ms. Trishala Jadav w.e.f 15/09/2024 and regularized in the previous Annual
General meeting dated 27/09/2024.

6.3 Independent director’s declaration : The company has received necessary declarations from
Independent Director under Section 149(6) and 149(7) of the companies Act, 2013 and regulation
16(1 )(b) and regulation 25(8) of SEBI (Listing Obligations and Disclosures Requirements) Regulations,
2015, that he meet the criteria of independence laid down thereunder.

Familiarization Programme

As per the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the company has taken necessary steps and formed the policy on
the Board''s Familiarization and Remuneration Policy to get the new Directors (including Non - Executive
Directors and Independent Directors), Key Managerial Personnel and Senior Management familiarize,
habituated and their acquaintance with the atmosphere and working of the Company. The same can
be finding at the website of www.parshwanath.co.in.

6.4 Board Meetings : During the period under review, 07 (Seven) Board Meeting were held by the Board
of Directors to transact various business items.

Sr. No	Date and Day of the Board Meeting
1.	18th April 2024
2.	30th May 2024
3.	13th August 2024
4.	26th August 2024
5.	23th September 2024
6.	13th November 2024
7.	13th February 2025

6.5 Committees

1. Audit Committee

(a) Brief Description : The primary object of the Audit Committee is to monitor and provide
an effective supervision of the Management''s financial reporting process, to ensure
accurate and timely disclosures with the highest levels of transparency, integrity and
quality of financial reporting. The committee oversees the work carried out in the financial
reporting process by the Management, the internal auditor, the statutory auditor and
notes the processes and safeguards employed by each of them.

(b) Constitution and Composition of Audit Committee : The Company has in accordance
with the Section 177 constituted the Audit Committee. The Audit Committee constituted and
re constituted from time to time to comply with statutory requirement. The Audit Committee
met 5 (Five) times during the last financial year on the following dates:

Sr. No.	Date and Day of the Meeting
1.	30th May, 2024
2.	13th August, 2024
3.	26th August, 2024
4.	13th November, 2024
5.	13th February, 2025

The constitution of the Committee (as on 31/03/2025) and the attendance of each member of
the Committee are given below :

			No of	Number of
Name of the Member	Type of Directors	Category	Meeting	meetings attended
Mr. Nikunj Shah#	Independent Director Non-Executive Director	Chairman	2	2
Ms. Trishala Jadav*	Joint - Managing Director	Member	2	2
Mrs. Riddhiben R. Patel	Joint - Managing Director	Member	2	2

#W.e.f 01/09/2024 * w.e.f 15/09/2024

2. Nomination &Remuneration Committee

(a) Constitution & Composition of Nomination & Remuneration Committee : The

Company has formulated Nomination & Remuneration Committee as per the requirement
of 178(1) of the companies Act, 2013. The main function of the Nomination &
Remuneration Committee is to formulation and recommendation of the policy for the
appointment, removal, performance evaluation of the directors & the consideration to
be paid to them and other matters as may be determined by the committee and the
prevailing provisions for formulation of criteria for evaluation of Independent Directors
and Board. Further to recommend/review remuneration of Directors based on their
performance and carry out functions as mandated by Board from time to time.

During the year under review, there were 2 (Tow) meeting of Nomination and
Remuneration committee held during the year.

Sr. No.	Date and Day of the Meeting
1.	26th August, 2024
2.	23rd September, 2024

The constitution of the Committee (as on 31/03/2025) and the attendance of each
member of the Committee are given below :

			No of	Number of
Name of the Member	Type of Directors	Category	Meeting	meetings attended
Mr. Asit A. Vyas	Non-Executive Director	Chairman	2	2
Mr. Nikunj Shah#	Independent Director Non-Executive Director	Member	1	1
Ms. Trishala Jadav*	Independent Director Non-Executive Director	Member	1	1

3. Stakeholders Relationship Committee

The Company has formulated the Stakeholders Relationship Committee in accordance with the
Section 178(5) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015 as entered into by the Company. The function of the
Stakeholders Relationship Committee is to look into complaints if any and redress the same
expeditiously. Besides, the committee approves allotment, transfer & Transmission of shares,
issue of any new certificates on split / consolidation / renewal etc. as may be referred to it.

During the relevant financial year, 5 (Five) Committee Meetings were held as follows :

Sr. No.	Date and Day of the Meeting
1.	30th May, 2024
2.	13th August, 2024
3.	26th August, 2024
4.	13th November, 2024
5.	13th February, 2025

The constitution of the Committee as on 31/03/2024 is as under :

Name of the Member	Type of Director	Category	No. of held meeting	No. of meetings attended
Mr. Rushabh N. Patel	Managing Director	Member	5	5
Mrs. Riddhiben R. Patel	Joint-Managing Director	Member	5	5
Mr. Asit A. Vyas	Independent Director *Non-Executive Director	Chairman	5	5

*W.e.f 12/02/2024
Compliance Officer:

Mr.Prashant Maha (W.e.f. 23/09/2024)
Mail Id: [e-mail]
Contact No.: 079-27540647

Compliant received during	Compliant solved during	Compliant pending during
the year*	the year	the year*
0	0	0

Note : The Company had not received the investor complaint.

4. Independent Directors’ Meeting

The Independent Directors of the Company met during the year without the attendance of non
- Independent Directors and members of the Board on 13th February, 2025. The Independent
Directors reviewed the performance of the non-independent Directors and Board as whole.
the performance of the Chairman taking into account the views of executive Directors and
non-executive Directors and assessed the quality, quantity and timeline of flow of information
between company management and Board.

6.6 Recommendation of Audit Committee

There are no transactions which are recommended by the audit committee and not accepted by the
board of the directors of the company.

6.7 Company’s Policy on Directors appointment and remuneration

The current policy is to have an appropriate mix of executive and independent directors to maintain the
independence of the board, and separate its functions of governance and management. The policy of
the Company on directors'' appointment and remuneration, including the criteria for determining
qualifications, positive attributes, independence of a director and other matters, as required under
sub-section (3) of Section 178 of the Companies Act, 2013 is available at registered office for review.
There has been no change in the policy since last fiscal. We affirm that the remuneration paid to the
directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.
Code of conduct

The Company has already implemented a Code of Conduct for all Board Members and Senior
Managements of the company in compliance with SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015 (earlier Listing Agreement). But, since the operations of the Company
were not much, the application of the code of conduct was limited to that extent. The code of conduct
of the company can be found on the website of the company at www.parshwanath.com

6.8 Board Evaluation

During the year, the Board adopted a formal mechanism for evaluating its performance and as well as
that of its Committees and individual Directors, including the Chairman of the Board.

The evaluation framework for assessing the performance of Directors (including Independent Directors)
comprises of the following key areas :

• Attendance and participation in the Meetings and timely inputs on the minutes of the meetings.

• Adherence to ethical standards & code of conduct of Company and disclosure of non -
independence, as and when it exists and disclosure of interest.

• Raising of valid concerns to the Board and constructive contribution to resolution of issues at
meetings.

• Interpersonal relations with other directors and management.

• Objective evaluation of Board''s performance, rendering independent, unbiased opinion.

• Understanding of the Company and the external environment in which it operates and contribution
to strategic direction.

• Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard of confidential
information.

The evaluation involves Self-Evaluation of the Board Member and subsequently assessment by the
Board of Directors. A member of the Board will not participate in the discussion of his / her evaluation.

1. Observations of board evaluation carried out for the year:

2. Previous year''s observation s and actions taken:

3. Proposed actions based on current year observations:

6.9 Remuneration of Directors and Employees of Listed companies

Pursuant to the Sub - Rule (2) of the Rule 5 of the Companies (Appointment & Remuneration or
Managerial Personnel) Rules, 2014 and Amendment rules, 2016, read with Section 197 of the Act, no
employees was in receipt of the remuneration in aggregate to Rs. 1,20,00,000/- (Rupees One crore
Two Lakhs only) per annum or Rs. 8,50,000/- (Rupees Eight Lakh Fifty Thousand only) per month or
at a rate in excess of that drawn by the Managing Director / Whole - time director of Manager and
holds himself or along with his spouse & dependent children, no less than two percent of the equity
shares of the Company. Further, the information required pursuant to Section 197 read with Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of
employees of the Company will be provided upon request.

In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others
entitled thereto, excluding the information on employees'' particulars which is available for inspection
by the Members at the Registered Office of the Company during the business hours on working days
of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in
obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

As per the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the details of the
ratio of the remuneration of each director to the median employee''s remuneration are described in
the “Annexure - I” to this report.

Further, in pursuance to the Rule 5(2) of the Companies (Appointment and Remunerations of Managerial
Personnel) Rules, 2014, the details of the employees employed throughout the financial year or part
thereof, was in receipt of remuneration in that year, which, in the aggregate, or as the case may be,
at a rate which in the aggregate, is in excess of that drawn by the Managing Director or Whole Time
Directors or Manager and holds by himself or along with his spouse and dependent children, not less
than two per cent of the equity shares of the company, is not being feasible for the company, as the
company currently pays sitting fees to the director of the company.

6.10 Remuneration received by Managing Director/ Whole time Director from holding or
subsidiary company

There is no such amount received by the Managing Director/ Whole time Director As the company
does not have any holding company or subsidiary company.

6.11 Director’s Responsibility Statement

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the board of directors, to the
best of their Knowledge and ability confirm and state that -

I. In the preparation of the annual accounts, the applicable accounting standards have 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 at the end of the financial year and of the Profit and loss
of the company for that period;

III. The Directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act 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;

V. The Directors had laid down internal financial controls to be followed by the Company and that
such internal financial controls are adequate and were operating effectively; and

VI. 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.

6.12 Internal Financial Controls

The Company has an adequate system of internal control procedures which is commensurate with the
size and nature of business. Detailed procedural manuals are in place to ensure that all the assets are
safeguarded, protected against loss and all transactions are authorized, recorded and reported correctly.
The internal control systems of the Company are monitored and evaluated by internal auditors and
their audit reports are periodically reviewed by the Audit Committee of the Board of Directors. The
observations and comments of the Audit Committee are also generally placed before the Board. Some
key features of the company''s internal controls systems have been provided in the Management
discussion and Analysis Report as Annexure -V, which being annexed to this report.

6.13 Frauds reported by the Auditor

In pursuance to the Section 134(3)(ca) of the Companies Act, 2013 (“the Act”), there has been no
reported frauds being detected by the Auditor of the Company in accordance with the Section 143(12)
of the Act.

7. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

The Company does not have any Subsidiary, Associates Company or Joint Venture.

8. DETAILS OF DEPOSITS

The Company has not invited or accepted deposit within the meaning of section 73 of the act read with rules
made there under, from the public neither does have any unpaid or unclaimed deposits along with interest
during the year. Further, the company has not made any default in repayment of deposits or payment of
interest thereon, as no deposits have been invited or accepted by the Company during the year. Furthermore,
there are no such deposits which are not in compliance with the requirements of Chapter V of the Act.

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Details of loan, guarantees or investment as per section 186 of the act are provided in the notes to the
financial Statement.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

Particulars of contracts or arrangements with related Parties referred to in Section 188(1) of the Companies,
2013 in the prescribed form AOC-2 is appended as “Annexure-II” of the Board''s report.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

Your company is not falling under the criteria mention as per Section 135 (1) of the Companies Act, 2013 and
the companies (Corporate Social Responsibilities) Rules, 2014. Hence, the company has not developed and
implemented any corporate Social Responsibilities initiatives.

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

Conservation of Energy and Technology Absorption

During the year under review, there are no manufacturing activities undertaken by the company. The Company
has taken utmost care to use the latest technology to conserve the energy
Foreign Exchange Earnings : NIL
Foreign Exchange Expenditure : NIL

13. RISK MANAGEMENT

Considering the present condition of the company the company has formulated the risk management policy.
The board is being regularly provided with information which may have potential threat of risk as and when
required. The detailed policy can be find out at the website of the company www.parshwanath.com

14. DETAILS OF WHISTLE BLOWER POLICY & VIGIL MECHANISM

The Company has established a “Whistle Blower and Vigil Mechanism Policy” for Directors and employees to
report the genuine concerns as per the provisions of Section 177 (9) of the Companies Act, 2013. However
the Section is not applicable to the Company but the company has formed the policy as a part of good
governance.

15. SIGNIFICANT AND MATERIAL ORDERS OF JUDICIAL BODIES/REGULATORS

There are no significant material orders passed by the Regulators/ Courts which would impact the going
concern status of the Company and its future operations.

16. AUDIT REPORT AND AUDITORS

• INTERNAL AUDITOR : In pursuance to the provisions of Section 138 of the Companies Act, 2013,
your Company has appointed M/s. P G M S & Associates, Chartered Accountant as the Internal Auditor
of the Company.

• STATUTORY AUDITOR : M/s. S G D G & Associates LLP, Chartered Accountants (F. R No.W100188) has
tendered resignation for the remaining term and to fill the casual vacancy, the board in the meeting dated
09/06/2025 has appointed M B D & Co. LLP , Chartered Accountants (F. R No. 135129W/W100152) as a
Statutory auditor of the company and proposed their appointed to fill casual vacancy and their appointment
for the term of 5 years from this Annual general meeting to the 44th Annual general meeting of the Company.
The observations and comments, if any, marked in the Auditors'' Report are self-explanatory and
therefore, do not call for any further comments.

• COST AUDIT REPORT : As per section 148 of the Companies Act, 2013 read with the Companies
(Audit and Auditors) Rules, 2014, Company is in construction business, and as per criteria mentioned
in the Companies (Cost Records and Audit) Amendment Rules, 2014 (the Rules) company does not fall
under the criteria mentioned in the Rules.

• SECRETARIAL AUDITOR : Mrs. Kajal Ankit Shukla, Practicing Company Secretaries, Proprietor of M/s.
K. A. Shukla & Associates has been appointed for the purpose of conducting Secretarial Audit of the
Company. The Secretarial Audit Report is appended to this report as “Annexure IV”.

As the company have claimed exemption under the regulation 15 of SEBI Listing Obligation (Disclosure
& Requirements) Regulations, 2015, for Corporate Governance the provisions of Annual secretarial
compliance report as per circular dated 08th February, 2019 is not applicable on the Company.

17. SECRETARIAL AUDIT REPORT

The Secretarial Audit Report is appended to this report as “Annexure IV”.

18. EXPLANATIONS IN RESPONSE TO AUDITORS QUALIFICATIONS

Explanation to the observations given in the Secretarial Audit report

1. In respect to the qualification given by the secretarial auditor in the report with regards to point (i) the
company has appointed Company secretary and compliance officer with effect from 23.09.2024.

2. In respect to the Qualification given by the secretarial auditor in the report with regards to Point (ii),
The company is under process of opening of Escrow Account.

3. In respect to the qualification given by the secretarial auditor in the report with regards to point (iii) the
company is under process to dematerialized all shares of the promoter group.

4. In respect to the qualification given by the secretarial auditor in the report with regards to point (iv),(v),(vi)
the company has appointed The company appointed Mr. Nikunj Shah as an Independent Director of the
company w.e.f 01.09.2024 and Ms. Trishala Jadav w.e.f 15/09/2024.

19. COMPLIANCE WITH SECRETARIAL STANDARDS

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relating to ‘Meetings of the Board
of Directors'' and ‘General Meetings ''respectively have been duly followed by the Company.

20. EXTRACT OF ANNUAL RETURN

The Extract of Annual Return in Form MGT-9 as provided under Section 92 (3) of the Companies Act, 2013 is
annexed herewith as “Annexure -III”. Further, draft MGT-7 of the company for the year 2023-2024 is available
on www.parshwanath.com, the website of the company.

21. CORPORATE GOVERNANCE REPORT

As per the criteria mention in the regulation 15 of SEBI Listing Obligation (Disclosure & Requirements)
Regulations, 2015, company is not falling under the same and the company has claimed exemption from SEBI.
Hence company has not submitted corporate governance report with the stock exchange for the period under
review. The company has claimed exemption under regulation 15(2) of SEBI Listing Obligation (Disclosure &
Requirements) Regulations, 2015 vide letter dated 30th May, 2019 to Bombay Stock Exchange.

22. ANNUAL SECRETARIAL COMPLIANCE REPORT

As per the clarification issued by Bombay Stock Exchange dated 9th May, 2019 the company need not to
comply with the submission of Annual Secretarial Compliance report as does not falling under the criteria
mentioned under regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015. The
company has claimed exemption under regulation 15(2) of SEBI Listing Obligation (Disclosure & Requirements)
Regulations, 2015 vide letter dated 30th May, 2019 to Bombay Stock Exchange.

23. MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion and Analysis Report as per the Regulation 34 of the SEBI Listing Obligation
(Disclosure & Requirements) Regulations, 2015 is part of the Annual Report as “Annexure-V”.

24. EQUAL OPPORTU NITY TO EMPLOYEES

The Company has always provided a congenial atmosphere for work to all employees that are free from
discrimination and harassment including sexual harassment. It has provided equal opportunities of employment
to all without regard to their caste, religion, color, marital status and sex. The Company has also framed a
Policy on “Prevention of Sexual Harassment “at the workplace. There were no cases reported under the said
Policy during the year.

25. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR
ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

There was no application or any proceedings is ongoing during the year under Insolvency and Bankruptcy
code 2016.

26. LISTING AT STOCK EXCHANGE

The Equity shares of your company are listed on BSE (Bombay Stock Exchange). The Listing fees for the
Year 2024-2025 have been paid to the Stock Exchanges.

27. DISCLOSURE OF TRANSACTIONS OF COMPANY WITH PROMOTER/ PROMOTER GROUP

Sr. No.	Name of Promoter	Nature of Transaction	Amount
1.	Mr. Rushabh N. Patel	Remuneration	15,00,000
2.	Mrs. Riddhiben R. Patel	Remuneration	15,00,000

28. DISCLOSURE OF DEMAT SUSPENSE ACCOUNT / UNCLAIMED SUSPENSE ACCOUNT

With the advent of the new Securities & Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the listed entities are required to make disclosure in the Annual Report about
the details of share in Demat Suspense Account / Unclaimed Suspense Account. The details of the same is
mentioned below:

Aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the beginning of the year	NIL
Number of shareholders who approached listed entity for transfer of shares from suspense account during the year	NIL
Number of shareholders to whom shares were transferred from suspense account during the year	Nil
Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year	Nil
The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares	Not Applicable

29. APPRECIATION

Your Directors place on record their appreciation and gratitude for the excellent support the Company has
received from its workers, employees, customers, vendors and shareholders. They also express their sincere
thanks to the Bankers and various State Governments for the valuable support extended to the Company.

For, Parshwanath Corporation Limited

Date : 09-06-2025 SD/- SD/-

Place : Ahmedabad Mr. Rushabh N. Patel Mrs. Riddhiben R.Patel

Managing Director Joint-Managing Director& CFO
DIN : 00047374 DIN : 00047238

---

Mar 31, 2024

The Board of Directors hereby submits the report of the business and operations of your company along with the audited financial statements, for the financial year ended March 31, 2024.

FINANCIAL OVERVIEW (Amount in Lakhs.)

Particular	2023-2024	2022-2023
Revenue from Operation	59.16	51.99
Other Income	67.03	51.21
Profit/loss before Depreciation, Exceptional items and Tax Expense	60.76	40.19
Less : Depreciation	0.05	0.02
Profit / loss before Exceptional items and tax expense	60.71	40.17
Exceptional items	6.04	5.70
Profit /loss before tax expense	54.67	34.47
Less : Tax Expense	8.54	5.44
Adjustment of Income Tax of Earlier Years	(5.44)	0.12
Profit / loss for the year(1)	51.52	28.90
Total Comprehensive Income(2)	0.12	0.42
Total (1 2)	51.64	29.32

1.2 REVIEW OF OPERATION : The Company has incurred total profit of Rs.51.52 as compare to profit of Rs.28.90 in the Previous Year. The Company earned revenue from operation is Rs. 59.16 which is higher than earned in the previous year Rs.51.99. Currently company does not have any project and major part of the earning of the company is from the interest income.

1.3 TRANSFER TO RESERVES : The Board of Directors of your Company, has decided not to transfer any amount to the Reserves for the year under review, except for the Profit earned during the year which has been transferred to the Surpluses Head of the Reserves & Surpluses.

1.4 DIVIDEND : The Board of Directors of your company, after considering holistically the relevant circumstances and keeping in view the company''s dividend distribution policy, has decided that it would be prudent, not to recommend any Dividend for the year under review.

1.5 MAJOR EVENTS OCCURRED DURING THE YEAR

(a) State of the Company’s affair : Your company is engaged in the business of construction and development of housing projects in India. However currently company doesnot have any project. Further, during the year under review, the company was highly depended on the interest income. The Directors of the company are working hard to earn more profit and tremendous growth in future.

(b) Change in Nature of Business : During the year there was no change in the nature of the business of the Company.

(c) Material changes and commitments affecting the financial position of the company:

There have been no material changes and commitments, which affect the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.

2. GENERAL INFORMATION

ParshwanathCorporation Limited has been offering world-class residential and commercial properties since 1967. Our aim is to create best in the class properties that offer the perfect balance of opulence and elegance. We enhance the lifestyle of people by blending innovation with passion. The company has grown brick by brick and reached towering heights.

3. CAPITAL AND DEBT STRUCTURE

During the year under review, the company has neither issued nor bought back shares. The Capital of the company remains same as under.

Authorized Share Capital	Rs.10,00,00,000 divided into1,00,00,000 shares of Rs. 10 each
Issued Share Capital	Rs. 3,13,18,370 divided into 31,31,837 shares of Rs. 10 each
Paid Up share Capital	Rs. 3,13,18,370 divided into 31,31,837 shares of Rs. 10 each

¦ The Capital of the Company consist only Equity shares.

4. CREDIT RATING

During the year the company has not issued any securities and not raised any loan which requires credit rating, hence credit rating provisions not applicable on company and has not obtained any credit rating during the year.

5. INVESTOR EDUCATION AND PROTECTION FUND

The Company has not declared any dividend, hence not transferred any amount to Investor education and Protection Fund.

6. MANAGEMENT

6.1 Directors and Key Managerial Personnel:

Board Composition

The constitution of the Board (as on 31/03/2024) and the attendance of the Directors are given below:

Name of the Directors	Category of the Director (NE/E/ID)	Designation	No. of Director ship	No. of Meetings attended	Details of committee		Presence in previous AGM
					As Member	As Chairman
Mrs. Riddhiben R. Patel	Executive	Joint-Managing Director	3	6	3	0	Yes
Mr. Rushabh N. Patel	Executive	Managing Director	5	6	3	6	Yes
Mr. Asit A Vyas	Independent	Independent Director	1	6	0	3	Yes

Directors

1. Appointments : There is No appointment of director in the company during the year.

2. Change in Designation : There was change in Designation of Mr. Asit A. Vyas from Independent Director of the company to Director of the company with Effect from 12^th February, 2024.

3. Resignation : Mrs. Ankita Bang has resigned from the position of company secretary and compliance officer effective 12^th February 2024.

4. Retirement : Mrs. Riddhiben R. Patel (DIN : 00047238) Joint Managing Director who retires by rotation and being eligible offers herself for re-appointment.

5. Cessation : Due to non-passing the mandatory examination of independent director, Mr. Asit A. Vyas ceased to be an Independent Director of the company.

6. Disclosure of relationship between directors inter se : None of the directors are being related to each other except for Mrs. Riddhiben R. Patel,Joint-Managing Director and Chief financial officer of the Company, being wife of Mr. Rushabh N. Patel who is Managing Directorof the Company.

6.2 Independent director : Mr. Asit A. Vyas, appointed as Independent Director of the company w.e.f. 08^th June, 2019. However Mr. Asit A. Vyas has not clear the Examination as per Section 150 of the companies Act, 2013 reason of which he ceased to be an independent Director of the company. The Company needs to required 2 no. of Independent directors in the company to comply with section 177 and 178 of the Companies Act, 2013.

The company appointed Mr. Nikunj Shah as an Independent Director of the company w.e.f 01.09.2024 and Ms. Trishala jadav w.e.f 15/09/2024.

6.3 Independent director’s declaration : The company has received necessary declarations from Independent Director under Section 149(6) and 149(7) of the companies Act, 2013 and regulation 16(1 )(b) and regulation 25(8) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, that he meet the criteria of independence laid down thereunder. As on 31^st March, 2024, company does not have any Independent.

Familiarization Programme

As per the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has taken necessary steps and formed the policy on the Board''s Familiarization and Remuneration Policy to get the new Directors (including Non - Executive Directors and Independent Directors), Key Managerial Personnel and Senior Management familiarize, habituated and their acquaintance with the atmosphere and working of the Company. The same can be finding at the website of www.parshwanath.co.in.

6.4 Board Meetings : During the period under review,06 (Six) Board Meeting were held by the Board of Directors to transact various business items.

Sr. No	Date and Day of the Board Meeting
1.	Tuesday,30th May 2023
2.	Thursday,10th August 2023
3.	Monday,28th August 2023
4.	Friday,09th November 2023
5.	Thursday,10th January 2024
6.	Monday,12th February 2024

6.5 Committees

1. Audit Committee

(a) Brief Description : The primary object of the Audit Committee is to monitor and provide an effective supervision of the Management''s financial reporting process, to ensure accurate and timely disclosures with the highest levels of transparency, integrity and quality of financial reporting. The committee oversees the work carried out in the financial reporting process by the Management, the internal auditor, the statutory auditor and notes the processes and safeguards employed by each of them.

(b) Constitution and Composition of Audit Committee : The Company has in accordance with the Section 177 constituted the Audit Committee. The Audit Committee constituted and re constituted from time to time to comply with statutory requirement. The Audit Committee met 4 (Four) times during the last financial year on the following dates:

Sr. No.	Date and Day of the Meeting
1.	Tuesday, 30th May 2023
2.	Thursday, 10th August 2023
3.	Friday, 9th November 2023
4.	Monday, 12th February 2024

The constitution of the Committee (as on 31/03/2024) and the attendance of each member of the Committee are given below :

			No of	Number of
Name of the Member	Type of Directors	Category	Meeting	meetings attended
Mr. Asit A.Vyas	Independent Director *Non-Executive Director	Chairman	4	4
Mrs. Riddhiben R. Patel	Joint- Managing Director	Member	4	4
Mr. Rushabh N. Patel	Managing Director	Member	4	4

The Audit committee consist of Mrs. Riddiben R. Patel, Joint-Managing Director in executive capacity and Mr. Rushabh N. Patel, Manging Dircetor in executive capacity.

*w.e.f 12/02/2024.

The company appointed Mr. Nikunj Shah as an Independent Director of the company w.e.f

01.09.2024 and Ms. Trishala jadav w.e.f 15/09/2024.

2. Nomination &Remuneration Committee

(a) Constitution & Composition of Nomination & Remuneration Committee : The

Company has formulated Nomination & Remuneration Committee as per the requirement of 178(1) of the companies Act, 2013. The main function of the Nomination & Remuneration Committee is to formulation and recommendation of the policy for the appointment, removal, performance evaluation of the directors & the consideration to be paid to them and other matters as may be determined by the committee and the prevailing provisions for formulation of criteria for evaluation of Independent Directors and Board. Further to recommend/review remuneration of Directors based on their performance and carry out functions as mandated by Board from time to time.

During the year under review, there was no transaction occurred which requires approval of Nomination and Remuneration committee therefore no Board meeting held during the year.

The constitution of the Committee (as on 31/03/2024) and the attendance of each member of the Committee are given below :

			No of	Number of
Name of the Member	Type of Directors	Category	Meeting	meetings attended
Mr. Asit A. Vyas	Independent Director *Non-Executive Director	Chairman	0	0
Mrs. Riddhiben R. Patel	Joint-Managing Director	Member	0	0
Mr. Rushab N. Patel	Managing Director	Member	0	0

The Nomination and Remuneration Committee consist of Mrs. Riddiben R. Patel, JointManaging Director in executive capacity and Mr. Rushabh N. Patel, Manging Dircetor in executive capacity.

*Non-Executive Director

The company appointed Mr. Nikunj Shah as an Independent Director of the company w.e.f

01.09.2024 and Ms. Trishala jadav w.e.f 15/09/2024

3. Stakeholders Relationship Committee

The Company has formulated the Stakeholders Relationship Committee in accordance with the Section 178(5) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 as entered into by the Company. The function of the Stakeholders Relationship Committee is to look into complaints if any and redress the same expeditiously. Besides, the committee approves allotment, transfer & Transmission of shares, issue of any new certificates on split / consolidation / renewal etc. as may be referred to it.

During the relevant financial year, 4 (Four) Committee Meetings were held as follows:

Sr. No.	Date and Day of the Meeting
1.	Tuesday, 30th May 2023
2.	Thursday, 10th August 2023
3.	Friday, 9th November 2023
4.	Monday, 12th February 2024

The constitution of the Committee as on 31/03/2024 is as under :

Name of the Member	Type of Director	Category	No. of held meeting	No. of meetings attended
Mr. Rushabh N. Patel	Managing Director	Member	4	4
Mrs. Riddhiben R. Patel	Joint-Managing Director	Member	4	4
Mr. Asit A. Vyas	Independent Director *Non-Executive Director	Chairman	4	4

*Non-Executive Director

Company has not received Complain from shareholders of the Company during the year of review which is yet pending. However, the Company has taken necessary reply as and when required.

The details of the Compliance Officer and the details of complaints received / solved / unsolved during the year are as follows:

Compliance Officer :

Mr. C.A. Shah

Mail Id: [e-mail] Contact No.: 079-27540647

Compliant received during	Compliant solved during	Compliant pending during
the year*	the year	the year*
0	0	0

Note : The Company had not received the investor complaint.

4. Independent Directors’ Meeting

The Independent Directors of the Company not met during the yearwithout the attendance of non - Independent Directors and members of the Board due to only 1 independent director in the Company upto 12^th February, 2024. The Independent Directors reviewed the performance of the non-independent Directors and Board as whole. the performance of the Chairman taking into account the views of executive Directors and non-executive Directors and assessed the quality, quantity and timeline of flow of information between company management and Board. The company appointed Mr. Nikunj Shah as an Independent Director of the company w.e.f

01.09.2024 and Ms. Trishala jadav w.e.f 15/09/2024.

6.6 Recommendation of Audit Committee

There are no transactions which are recommended by the audit committee and not accepted by the board of the directors of the company

6.7 Company’s Policy on Directors appointment and remuneration

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the board, and separate its functions of governance and management. The policy of the Company on directors'' appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013 is available at registered office for review. There has been no change in the policy since last fiscal. We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

Code of conduct

The Company has already implemented a Code of Conduct for all Board Members and Senior Managements of the company in compliance with SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (earlier Listing Agreement). But, since the operations of the Company were not much, the application of the code of conduct was limited to that extent. The code of conduct of the company can be found on the website of the company at www.parshwanath.com

6.8 Board Evaluation

During the year, the Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors, including the Chairman of the Board.

The evaluation framework for assessing the performance of Directors (including Independent Directors) comprises of the following key areas :

• Attendance and participation in the Meetings and timely inputs on the minutes of the meetings.

• Adherence to ethical standards & code of conduct of Company and disclosure of non -independence, as and when it exists and disclosure of interest.

• Raising of valid concerns to the Board and constructive contribution to resolution of issues at meetings.

• Interpersonal relations with other directors and management.

• Objective evaluation of Board''s performance, rendering independent, unbiased opinion.

• Understanding of the Company and the external environment in which it operates and contribution to strategic direction.

• Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard of confidential information.

The evaluation involves Self-Evaluation of the Board Member and subsequently assessment by the Board of Directors. A member of the Board will not participate in the discussion of his / her evaluation.

1. Observations of board evaluation carried out for the year

2. Previous year''s observation s and actions taken

3. Proposed actions based on current year observations

6.9 Remuneration of Directors and Employees of Listed companies

Pursuant to the Sub - Rule (2) of the Rule 5 of the Companies (Appointment & Remuneration or Managerial Personnel) Rules, 2014 and Amendment rules, 2016, read with Section 197 of the Act, no employees was in receipt of the remuneration in aggregate to Rs. 1,20,00,000/- (Rupees One crore Two Lakhs only) per annum or Rs. 8,50,000/- (Rupees Eight Lakh Fifty Thousand only) per month or at a rate in excess of that drawn by the Managing Director / Whole - time director of Manager and holds himself or along with his spouse & dependent children, no less than two percent of the equity shares of the Company. Further, the information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company will be provided upon request.

In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees'' particulars which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

As per the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the details of the ratio of the remuneration of each director to the median employee''s remuneration are described in the “Annexure - I" to this report.

Further, in pursuance to the Rule 5(2) of the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014, the details of the employees employed throughout the financial year or part thereof, was in receipt of remuneration in that year, which, in the aggregate, or as the case may be, at a rate which in the aggregate, is in excess of that drawn by the Managing Director or Whole Time Directors or Manager and holds by himself or along with his spouse and dependent children, not less than two per cent of the equity shares of the company, is not being feasible for the company, as the company currently pays sitting fees to the director of the company.

6.10 Remuneration received by Managing Director/ Whole time Director from holding or subsidiary company

There is no such amount received by the Managing Director/ Whole time Director As the company does not have any holding company or subsidiary company.

6.11 Director’s Responsibility Statement

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their Knowledge and ability confirm and state that -

I. In the preparation of the annual accounts, the applicable accounting standards have 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 at the end of the financial year and of the Profit and loss of the company for that period;

III. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act 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;

V. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

VI. 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.

6.12 Internal Financial Controls

The Company has an adequate system of internal control procedures which is commensurate with the size and nature of business. Detailed procedural manuals are in place to ensure that all the assets are safeguarded, protected against loss and all transactions are authorized, recorded and reported correctly. The internal control systems of the Company are monitored and evaluated by internal auditors and their audit reports are periodically reviewed by the Audit Committee of the Board of Directors. The observations and comments of the Audit Committee are also generally placed before the Board. Some key features of the company''s internal controls systems have been provided in the Management discussion and Analysis Report as Annexure -V, which being annexed to this report.

6.13 Frauds reported by the Auditor

In pursuance to the Section 134(3)(ca) of the Companies Act, 2013 (“the Act”), there has been no reported frauds being detected by the Auditor of the Company in accordance with the Section 143(12) of the Act.

7. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

The Company does not have any Subsidiary, Associates Company or Joint Venture.

8. DETAILS OF DEPOSITS

The Company has not invited or accepted deposit within the meaning of section 73 of the act read with rules made there under, from the public neither does have any unpaid or unclaimed deposits along with interest during the year. Further, the company has not made any default in repayment of deposits or payment of interest thereon, as no deposits have been invited or accepted by the Company during the year. Furthermore, there are no such deposits which are not in compliance with the requirements of Chapter V of the Act.

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Details of loan, guarantees or investment as per section 186 of the act are provided in the notes to the financial Statement.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

Particulars of contracts or arrangements with related Parties referred to in Section 188(1) of the Companies, 2013 in the prescribed form AOC-2 is appended as “Annexure-II” of the Board''s report.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

Your company is not falling under the criteria mention as per Section 135 (1) of the Companies Act, 2013 and the companies (Corporate Social Responsibilities) Rules, 2014. Hence, the company has not developed and implemented any corporate Social Responsibilities initiatives.

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

Conservation of Energy and Technology Absorption

During the year under review, there are no manufacturing activities undertaken by the company. The Company has taken utmost care to use the latest technology to conserve the energy Foreign Exchange Earnings : NIL Foreign Exchange Expenditure : NIL

13. RISK MANAGEMENT

Considering the present condition of the company the company has formulated the risk management policy. The board is being regularly provided with information which may have potential threat of risk as and when required. The detailed policy can be find out at the website of the company www.parshwanath.com

14. DETAILS OF WHISTLE BLOWER POLICY & VIGIL MECHANISM

The Company has established a “Whistle Blower and Vigil Mechanism Policy” for Directors and employees to report the genuine concerns as per the provisions of Section 177 (9) of the Companies Act, 2013. However the Section is not applicable to the Company but the company has formed the policy as a part of good governance.

15. SIGNIFICANT AND MATERIAL ORDERS OF JUDICIAL BODIES/REGULATORS

There are no significant material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.

16. AUDIT REPORT AND AUDITORS

• INTERNAL AUDITOR : M/s PGMS & Associates has resigned as an Internal Auditor of the company and the company has appointed M/s Ajay J. Shah & Co. Chartered Accountant as an internal Auditor of the company with effect from 01.04.2024 In pursuance to the provisions of Section 138 of the Companies Act, 2013.

• STATUTORY AUDITOR : M/s. S G D G & Associates LLP, Chartered Accountants (F. R No.W100188) who was appointed as the Statutory Auditors of the Company at 37^th Annual General Meeting who was appointed to hold office for the term of 5 years till conclusion of the 42^nd Annual General Meeting of the company subject to rectification by members of the company at every Annual General Meeting and now proposed to ratified as an auditor for the remaining term of 4 Years upto 42^nd AGM and that the Board be and is hereby authorized to fix such remuneration as may be determined by the Audit Committee in consultation with the Auditors.

The observations and comments, if any, marked in the Auditors'' Report are self explanatory andtherefore, do not call for any further comments.

• COST AUDIT REPORT : As per section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Company is in construction business, and as per criteria mentioned in the Companies (Cost Records and Audit) Amendment Rules, 2014 (the Rules) company does not fall under the criteria mentioned in the Rules.

• SECRETARIAL AUDITOR : Mrs. Kajal Ankit Shukla, Practicing Company Secretaries, Proprietor of M/s. K. A. Shukla & Associates has been appointed for the purpose of conducting Secretarial Audit of the Company. The Secretarial Audit Report is appended to this report as “Annexure IV”.

As the company have claimed exemption under the regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015, for Corporate Governance the provisions of Annual secretarial compliance report as per circular dated 08^th February, 2019 is not applicable on the Company.

17. SECRETARIAL AUDIT REPORT

The Secretarial Audit Report is appended to this report as “Annexure IV”.

18. EXPLANATIONS IN RESPONSE TO AUDITORS QUALIFICATIONS

Explanation to the observations given in the Secretarial Audit report

1. In respect to the qualification given by the secretarial auditor in the report with regards to point (i) the company is under process to dematerialized all shares of the promoter group.

2. In respect to the qualification given by the secretarial auditor in the report with regards to point (ii), (iii), (iv) & (v) the company has appointed The company appointed Mr. Nikunj Shah as an Independent Director of the company w.e.f 01.09.2024 and Ms. Trishala Jadav w.e.f 15/09/2024.

3. In respect to the Qualification given by the secretarial auditor in the report with regards to Point (vi), The company is under process of opening of Escrow Account.

Further, with reference to the observation stated regarding no company secretary and qualified compliance officer as on 31.03.2024, we would like to state that the company secretary and compliance officer has tendered her resignation w.e.f 12.02.2024 and company is under process of appointment of company secretary and compliance officer.

19. COMPLIANCE WITH SECRETARIAL STANDARDS

The Directors state that applicable Secretarial Standards i.e. SS 1 and SS 2 relating to ‘Meetingsof the Board of Directors'' and ‘General Meetings ''respectively have been duly followed by the Company.

20. EXTRACT OF ANNUAL RETURN

The Extract of Annual Return in Form MGT-9 as provided under Section 92 (3) of the Companies Act, 2013 is annexed herewith as “Annexure -III”.Further, draft MGT-7 of the company for the year 2023-2024 is available on www.parshwanath.com , the website of the company.

21. CORPORATE GOVERNANCE REPORT

As per the criteria mention in the regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015, company is not falling under the same and the company has claimed exemption from SEBI. Hence company has not submitted corporate governance report with the stock exchange for the period under review. The company has claimed exemption under regulation 15(2) of SEBIListing Obligation (Disclosure & Requirements) Regulations, 2015 vide letter dated 30^th May, 2019 to Bombay Stock Exchange.

22. ANNUAL SECRETARIAL COMPLIANCE REPORT

As per the clarification issued by Bombay Stock Exchange dated 9^th May, 2019 the company need not to comply with the submission of Annual Secretarial Compliance report as does not falling under the criteria mentioned under regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015. The company has claimed exemption under regulation 15(2) of SEBIListing Obligation (Disclosure & Requirements) Regulations, 2015 vide letter dated 30^th May, 2019 to Bombay Stock Exchange.

23. MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion and Analysis Report as per the Regulation 34 of the SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015 is part of the Annual Report as “Annexure-V”.

24. EQUAL OPPORTUNITY TO EMPLOYEES

The Company has always provided a congenial atmosphere for work to all employees that are free from discrimination and harassment including sexual harassment. It has provided equal opportunities of employment to all without regard to their caste, religion, color, marital status and sex. The Company has also framed a Policy on “Prevention of Sexual Harassment “at the workplace. There were no cases reported under the said Policy during the year.

25. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

There was no application or any proceedings is ongoing during the year under Insolvency and Bankruptcy code 2016.

26. LISTING AT STOCK EXCHANGE

The Equity shares of your company are listed on BSE (Bombay Stock Exchange). The Listing fees for the Year 2023-2024 have been paid to the Stock Exchanges.

27. DISCLOSURE OF TRANSACTIONS OF COMPANY WITH PROMOTER/ PROMOTER GROUP

Sr. No.	Name of Promoter	Nature of Transaction	Amount
1.	Mr. Rushabh N. Patel	Remuneration	15,00,000
2.	Mrs. Riddhiben R. Patel	Remuneration	15,00,000

28. DISCLOSURE OF DEMAT SUSPENSE ACCOUNT / UNCLAIMED SUSPENSE ACCOUNT

With the advent of the new Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the listed entities are required to make disclosure in the Annual Report about the details of share in Demat Suspense Account / Unclaimed Suspense Account. The details of the same is mentioned below''

Aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the beginning of the year	NIL
Number of shareholders who approached listed entity for transfer of shares from suspense account during the year	NIL
Number of shareholders to whom shares were transferred from suspense account during the year	Nil
Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year	Nil
The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares	Not Applicable

29. APPRECIATION

Your Directors place on record their appreciation and gratitude for the excellent support the Company has received from its workers, employees, customers, vendors and shareholders. They also express their sincere thanks to the Bankers and various State Governments for the valuable support extended to the Company.

For, Parshwanath Corporation Limited

Date : 26-08-2024 SD/- SD/-

Place : Ahmedabad Mr. Rushabh N. Patel Mrs. Riddhiben R.Patel

Managing Director Joint-Managing Director& CFO DIN : 00047374 DIN : 00047238

---

Mar 31, 2015

Dear Members,

The Directors present this ANNUAL REPORT and Audited Accounts for the year ended on 31st March, 2015.

FINANCIAL RESULTS

(Rs. in Lakhs)

Particulars 2014-2015 2013-2014

Total Revenue from Operations 59.61 15.91

Other Income 74.02 58.58

Profit before Finance Cost and Depreciation 66.99 (1.03)

Less: Finance Cost 0 4.32

Profit/(Loss) before Depreciation 66.99 (5.34)

Less: Depreciation 14.73 8.95

Profit/(Loss) before Tax 52.26 (14.31)

Current Tax 18.00 -

Deferred Tax - -

Tax expense for earlier years (26.48) -

Balance of Profit/(Loss) for the year 60.74 (14.31)

OPERATIONS

A. PERFORMANCE

1. The total Revenue of the Company for the year ended on 31st March, 2015 has been increased from Rs.74,50,131 Rs. of previous year to Rs. 133,62,704 Rs. in the current year, which is worth appreciating. The Company does not have any project in present time. The company is generating revenue from interest business.

2. The profit of the Company during the previous year was Rs. (-14,31,053). However, during the current year, it mounted to Rs. 60,74,364 which was higher than Previous Year. The proper planning and knowledge of the management in investing the Company's funds at right place and at right time has brought good results. The efficiency of the Directors in this field has proved to be beneficial for the Company.

B. CURRENT OUTLOOK

The Company is engaged in the business of housing finance, Construction and development of housing projects in India. But currently company does not have any ongoing projects. Company is earning from the interest of previous Investment. The Directors of the Company are expecting future growth which shall be beneficial to the stakeholders of the company.

DIVIDEND

The Board of Directors of the Company is of the opinion to retain the profits in to the business of the Company for future investment therefore does not recommend any dividend for the financial year 2014-15.

TRANSFER TO RESERVE:

The Company has decided to transfer Rs.60,74,364 to reserves of the Company.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of Loans, Guarantees or Investments are provided in the notes to the Financial Statement. Further, the Company has made following investment, which was dominated during the year as follows:

Particulars Amount

Investment in Equity Instruments (Quoted) 5,25,000

Less: Provision for diminution in value of Investment 3,50,000

Government Securities - NSC 10,000

Total 1,85,000

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

1) Conservation of Energy and Technology Absorption :

The year under review, there are no manufacturing activities undertaken by the Company. However, the Company has made necessary endeavor to conserver the non - renewable resources and Energy and has taken utmost care to use the latest technology to conserve the energy.

2) Foreign Exchange Earnings : NIL Foreign Exchange Outgos : NIL

PARTICULARS OF EMPLOYEES

The information required under section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

a. The ration of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Name of the Directors Ratio

Mr. Navnitbhai C. Patel (Chairman) 0.83:1

Mr. RushabhNavnitbhai Patel (Managing Director) 2.5:1

Mrs. RiddhiRushabh Patel(Joint Managing Director) 0.42:1

The percentage increase in remuneration of each director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year.:

Name of the Directors % Increase

Mr. Navnitbhai C. Patel (Chairman) -75%

Mr. Rushabh Navnitbhai Patel (Managing Director) NIL

Mrs. Riddhi Rushabh Patel (Joint Managing Director) -75%

b. The percentage increase in the median of employees in the financial year: -4.34%

c. The number of permanent employees on the rolls of the Company: 3

d. The remuneration of the Directors was Rs.27,00,000 in previous year which is decrees to Rs. 13,50,000 during the review period.

e. Comparison of the remuneration of the key managerial personnel against the performance of the Company: (Amt in Lacs)

Average remuneration of key managerial Amount personnel (KMP) in FY-2015 (Per Month)

Mr. Navnitbhai C. Patel (Chairman)* 1,00,000

Mr. RushabhNavnitbhai Patel (Managing Director) 75,000

Mrs. RiddhiRushabh Patel (Joint Managing Director)* 50,000

*Mr. Navnitbhai C. Patel and Mrs. Riddhiben R. Patel received remuneration from the month April, May and June. Whereas Mr. Rushabh N. Patel has received Remuneration for the Whole Year under Review.

As compare to the last year Company has earned profit of Rs. 60,74,364 and total remuneration paid during the year to the Directors is Rs. 13,50,000.

f. Variation in the market capitalization of the Company, price earnings ratio as at the closing date of current financial year and previous financial year (Rs in Lacs)

Particulars March 31, 2015 March 31, 2014 % Change

Market capitalization* — — —

Price Earning Ratio 7.92 -0.04 1000%

g. Percentage increase over decrease in the market quotation of the shares of the Company in comparison to the rate at which the Company come out with the last Public Offer. :- N.A.

h. Average percentile increase already made in the salaries of the employee other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: N.A

i. Average Percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the Managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:: N.A

j. The Key parameters for any variable component of remuneration availed by the Directors: Services provided to the company.

k. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: No Employees are there who are receiving any amount in excess of remuneration paid to the director

l. Affirmation that the remuneration is as per the remuneration policy of the Company.

We affirm that the remuneration paid to the Managerial personnel is as per the remuneration policy of the Company.

There is no employee covered under section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY

Considering the present condition of the company the company has formulated the risk management policy. The board is being regularly provided with information which may have potential threat of risk as and when required.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability confirm and state that -

i. In the preparation of the annual accounts, the applicable accounting standards have 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 at the end of the financial year and of the loss of the company for that period;

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act 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;

v. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

vi. 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.

EXTRACT OF THE ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure A".

DIRECTORS AND KEY MANAGERIAL PERSONNEL

1. Appointment or Resignation/ Cessation of Director and KMP:

During the year under review, there are no changes in directorship of the Company. The Company has not appointed key managerial personnel however; company is under consideration to appoint Key managerial personnel as per Section 203 of the Companies Act, 2013.

2. Retirement by Rotation

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 2013, Mrs. Riddhiben R. Patel retires by rotation and being eligible, seeks re-appointment.

DECLARATION BY INDEPENDENT DIRECTORS

The Company do have formation of board as per Companies Act, 2013 as well as per Listing Agreement all the independent director attending the meetings of the Company and have given declaration to the Company stating their independence pursuant to Section 149(6) of the Companies Act, 2013. There has been no change in the circumstances which may affect their status as independent director during the year.

BOARD MEETINGS

The Board of Directors met 5 (Five) times during the year. The details of the meeting are as below:

Sr. Date of meeting Sr. No Date of meeting No.

1 27.05.2014 4 11.11.2014

2 13.08.2014 5 13.02.2015

3 23.09.2014

BOARD EVALUATION

During the year, the Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors, including the Chairman of the Board.

The evaluation framework for assessing the performance of Directors comprises of the following key areas:

* Attendance and participation in the Meetings and timely inputs on the minutes of the meetings

* Adherence to ethical standards & code of conduct of Company and disclosure of non * independence, as and when it exists and disclosure of interest

* Raising of valid concerns to the Board and constructive contribution to resolution of issues at meetings

* Interpersonal relations with other directors and management

* Objective evaluation of Board's performance, rendering independent, unbiased opinion

* Understanding of the Company and the external environment in which it operates and contribution to strategic direction

* Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard of confidential information

The valuation involves Self-Evaluation by the Board Member and subsequently assessment by the Board of Directors. A member of the Board will not participate in the discussion of his / her evaluation.

EQUAL OPPORTUNITY EMPLOYER

The Company has always provided a congenial atmosphere for work to all employees that is free from discrimination and harassment including sexual harassment. It has provided equal opportunities of employment to all without regard to their caste, religion, colour, marital status and sex. The Company has also framed a Policy on "Prevention of Sexual Harassment" at the workplace. There were no cases reported under the said Policy during the year.

REMUNERATION POLICY

Pursuant to the provisions of Section 178, Company was required to constitute a Nomination and Remuneration Committee and to adopt the remuneration policy. The Company has formulated remuneration policy. Brief of the same has been provided in the Corporate Governance report.

AUDIT COMMITTEE:

During the year under review the board has re-constituted the audit committee in accordance with the applicable provision of the companies Act, 2013 and listing agreement. The composition of the committee is as under:

Name of the Director Designation

Mr. Ramanbhai H. Patel Chairman

Mrs. Riddhiben R. Patel Member

Mr. Arvindbhai B. Patel Member

The meeting of the Audit committee held on 27.05.2014, 13.08.2014, 11.11.2014 and 13.02.2015 during the year under review.

STATUTORY AUDITORS

Pursuant to provisions of Section 139 of the Companies Act, 2013 and the rules framed there under, appoint M/s. Manubhai & Shah (FRN: 106041W), Chartered Accountants, Ahmedabad were reappointed as statutory auditors of the Company for a period of one year, from the conclusion of this Annual General Meeting till the conclusion of AGM to be held for the financial year 2015-16.

COMMENT ON AUDITOR'S REPORT:

The report of the Auditor is Self-explanatory and no further comments required for the same.

COST AUDIT

As per section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Company is in construction business, and the Companies (Cost Records and Audit) Amendment Rules, 2014 (the Rules) are applicable to the Company but company does not fall under the criteria mentioned in the Rules.

SECRETARIAL AUDITOR

The provisions of Section 204 of the Companies Act, 2013 mandates Secretarial Audit of the Company to be done from the financial year commencing on or after 1st April, 2014 by a Company Secretary in Practice. The Board of Directors of the Company has appointed Mrs. Kajal Shukla (Fellow Membership No. 8042, Certificate of Practice No. 8267) of M/S K. A. Shukla & Associates, Practicing Company Secretaries, Ahmedabad to conduct the Secretarial Audit of the Company for the financial year 2014-15 and her SecretarialAudit Report is appended to this Report in MR - 3 which forms part of the Board's Report.

The explanations to the observation given in the Secretarial Audit report are as follows:

1. In respect to the qualification made by the Secretarial Auditor in their report towards the point (i), (ii), (ill), (iv) & (xii) of the Report, we would like to state that, the management is in process of formulating organization structure in order to follow the eligible compliances to the company;

2. Point (v) of the report made by the Secretarial Auditor, being self explanatory, hence no further comments required;

3. In respect of the qualification made in point (vii) of the Secretarial Audit Report, the company is under process to availing suitable candidates;

4. In respect of the qualification made in the point (viii) of the Secretarial Report, the unaudited financial statement are subject to the limited review by the Auditor of the Company, but the limited review report is not being attached along with the unaudited results;

5. In respect of point (vi) of the Secretarial Audit Report, as the 2(two) out of the 4(four) Independent Directors had the continuous leave of absence, since long period, they have de facto ceased to be the director of the Company. In this respect the company is under the process of reconstituting of the Board of Director and its committee members in compliance with the Clause 49(II)(A) and Section 149 of the Companies Act, 2013;

6. In respect of point (ix) of the Secretarial Audit Report, the company is under process of maintenance of proper updated website on its portal;

7. In respect of point (x) of the Secretarial Audit Report, a proceeding was under process with Securities and Exchange Board of India (SEBI) in respect of non - compliance of the Minimum Public Shareholding in respect of Securities Contract (Regulation) Act, 1956; the matter was resolved and was complied by issue bonus shares other than non - promoter group dated 23rd September, 2014, after taking necessary approvals;

8. In respect of point (xi) of the Secretarial Audit Report, a settlement process has been initiated by the SEBI, in respect of Section 23E and Section 23H of the Securities Contract (Regulation) Act, 1956, for the purpose of unauthorized off - loading of promoters shareholding in order to reduce the non - public shareholding. The matter is still under process.

INTERNAL AUDITOR:

In terms of Section 138 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, the company has appointed M/s. Trupal J. Patel & Co, Chartered Accountant as the internal auditor of the Company.

RELATED PARTY TRANSACTIONS

There were no contract or arrangements made with related parties as defined under Section 188 of the Companies Act, 2013 during the year under review so AOC-2 shall not be required. The Disclosure regarding the related party transaction has been provided in notes to the financial statement.

SUBSIDIARY COMPANIES / ASSOCIATE COMPANIES / JOINT VENTURE

The Company does not have any Subsidiary, Associate Company or Joint Venture.

WHISTLE BLOWER &VIGILMECHANISM

The Company has established a "Whistle Blower and Vigil Mechanism Policy" for Directors and employees to report the genuine concerns. The provisions of this policy are in line with the provisions of Section 177(9) of the Companies Act, 2013 and the revised clause 49 of the Listing Agreements with the stock exchanges.

ANNUAL EVALUATION OF BOARD'S PERFORMANCE

The information pertaining to Annual Evaluation of Board's performance as required to be stated in terms of section 134(3)(p) of the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014 have been provided in the Corporate Governance Report forming part of this Annual Report.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS

A separate report on corporate Governance and Management and Analysis forms part of Annual report and the certificate from the Company's auditors regarding compliance of conditions of corporate Governance is annexed to the Corporate Governance Report.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

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

SIGNIFICANT AND MATERIAL ORDERS

The Securities and Exchange Board of India Passed an Order on 08.01.2015 with reference to interim order passed on 4th June 2013 regarding non compliance with the minimum Public shareholding. The Company is now under settlement procedure with SEBI regarding off loading of shares of promoter's group in public without permission of SEBI.

INTERNAL CONTROL SYSTEMS

The Company has an adequate system of internal control procedures which is commensurate with the size and nature of business. Detailed procedural manuals are in place to ensure that all the assets are safeguarded, protected against loss and all transactions are authorised, recorded and reported correctly. The internal control systems of the Company are monitored and evaluated by internal auditors and their audit reports are periodically reviewed by the Audit Committee of the Board of Directors. The observations and comments of the Audit Committee are also generally placed before the Board.

CAUTIONARY STATEMENT

Statements in the Boards' Report and the Management Discussion and Analysis describing the Company's objectives, explanations and predictions, may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the company's operations include: global and domestic demand and supply conditions affecting selling prices, new capacity additions, availability of critical materials and their cost, changes in government policies and tax laws, economic development of the country, and other factors which are material to the business operations of the Company.

APPRECIATION

Your Directors place on record their appreciation and gratitude for the excellent support the Company has received from its workers, employees, customers, vendors and shareholders. They also express their sincere thanks to the CDR Cell, the Bankers and various State Governments for the valuable support extended to the Company.

On Behalf of the Board of Directors For, Parshwanath Corporation Limited.

Place: Ahmedabad Date : 31.08.2015 Sd/- Sd/- Mr. Navnitbhai C. Patel Mr. Rushabh N. Patel Chairman Managing Director DIN : 00042153 DIN : 00047374

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Mar 31, 2014

Dear Members,

The Directors present herewith the 28th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2014.

FINANCIAL RESULTS:

The financial highlights of the year are as under which reflects that the Company has earned gross profit/loss of Rs. (14.31) Lacs during the year under report.

(Rs. in Lacs)

Particulars For The Year Ended

March 31,2014 March 31,2013

Net Sales/Income from Operations 15.92 119.96

Other Operating Income 58.58 65.63

Total Income 74.50 185.59

Total Expenses 75.53 102.40

Operating Profit( )/Loss (-) (1.02) 83.19

Less: Finance Cost (4.32) (2.90) Less: Depreciation (8.96) (9.23)

Profit ( )/Loss (-) Before TAX & Exceptional Items (14.31) 71.06

Provision For Tax (NET) 0.00 11.28

Profit ( )/Loss (-) After TAX before Exceptional Items (14.31) 59.78

Less: Exceptional Items 0.00 0.00

Profit ( )/Loss (-) After Exceptional Items (14.31) 59.78

Add: Balance Brought Forwarded from Previous Year 480.85 421.07

Balance Carried to Balance Sheet 466.54 480.85

DIVIDEND :

In view of loss of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company entered into constructions activities and joined as partner with two partnership firms M/s. Vaibhavlaxmi Corporation and M/s. Chinmay Corporation, which are engaged in construction activities. The company itself is also engaged in the construction activities The company has taken legal steps for recovering the dues from the defaulting members and filed Civil and Criminal proceedings against such persons who failed to pay installments of loan in time. The hearing of Civil and Criminal Suits filed by the Company has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 31st March, 2013 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities; iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE:

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report and the same is annexed hereto. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year under report from Shri S. R. Sanghavi, Practicing Company Secretary and the same is attached herewith.

DIRECTORS:

Your Directors Shri Navinbhai S. Patel and Shri H. K. Yadav, retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES:

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

BONUS SHARES:

With a view to comply with Minimum Public Shareholding requirement as per SEBI guidelines and as directed in SEBI''s letter dated 23rd April, 2013, the company decided to issue Bonus Shares as per Special Resolution passed by the Members at their Extra Ordinary General Meeting held on 31st May, 2013. However, the Bombay Stock Exchange raised some querries and the matter is pending with them.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES:

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS:

The existing Auditors of the Company M/s. Manubhai & Shah, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Corporation Ltd. 50, Harsiddha Chambers, By order of the Board of Directors 3rd Floor, Ashram Road, Ahmedabad-380014. NAVNITBHAI C. PATEL Date : 13th August, 2014 Chairman

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Mar 31, 2013

To, The Members of Parshwanath Corporation Limited,

The Directors present herewith the 27th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTS:

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 71.06 Lacs during the year under report.

(Rs. in Lacs)

Particulars For The Year Ended

March 31,2013 March 31,2012

Net Sales/Income from Operations 119.96 1213.69

Other Operating Income 65.63 193.64

Total Income 185.59 1407.33

Total Expenses 102.40 957.12

Operating Profit( )/Loss (-) 83.19 450.22

Less: Finance Cost (2.90) (0.15)

Less: Depreciation (9.23) (1.74)

Profit ( )/Loss (-) Before TAX & Exceptional Items 71.06 448.32

Provision For Tax (NET) 11.28 62.72

Profit ( )/Loss (-) After TAX before Exceptional Items 59.78 385.60

Less: Exceptional Items 0.00 0.00

Profit ( )/Loss (-) After Exceptional Items 59.78 385.60

Add: Balance Brought Forwarded from Previous Year 421.07 35.48

Balance Carried to Balance Sheet 480.85 421.07



DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS:

Members are aware that the company entered into constructions activities. After commencing the construction activities, the Company has started earning profits.

The company filed Civil and Criminal proceedings against the persons who failed to pay installments of loan in time. The hearing of Civil and Criminal Suits filed by the Company has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 31st March, 2013 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE:

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report and the same is annexed hereto. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year under report from Shri S. R. Sanghavi, Practicing Company Secretary and the same is attached herewith.

DIRECTORS:

Your Directors Shri Arvindbhai B. Patel and Shri Ramanbhai H. Patel, retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES:

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES:

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL, as there is no employee the remuneration under the said Section.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS:

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to The Kalupur Commercial Co-op. Bank Limited, Punjab National Bank, as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.



Registered Office : For, Parshwanath Corporation Ltd.

50, Harsiddha Chambers, By order of the Board of Directors

3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date : 13th August, 2013 Chairman

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Mar 31, 2012

To, The Members of Parshwanath Corporation Limited,

The Directors present herewith the 26th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2012.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 448.32 Lacs during the year under report.

(Rs. in Lacs) Particulars For The Year Ended March 31,2012 March 31,2011

Net Sales/Income from Operations 1213.69 72.00

Other Operating Income 193.64 115.33

Total Income 1407.33 187.33

Total Expenses 957.12 44.61

Operating Profit( )/Loss (-) 450.22 142.72

Less: Finance Cost (0.15) (0.10)

Less: Depreciation (1.74) (1.33)

Profit ( )/Loss (-) Before TAX & Exceptional Items 448.32 141.29

Provision For Tax (NET) 62.72 6.00

Profit ( )/Loss (-) After TAX before Exceptional Items 385.60 135.29

Less: Exceptional Items 0.00 0.00

Profit ( )/Loss (-) After Exceptional Items 385.60 135.29

Add: Balance Brought Forwarded from Previous Year 35.48 (99.81)

Balance Carried to Balance Sheet 421.07 35.48

DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS:

Members are aware that the company entered into construction activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath Corporation the partnership firms, engaged in construction activities. The Company is now earning profits from construction activities.

The company continued to face problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members. '

DIRECTORS' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 31st March, 2012 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going'concern basis.

CORPORATE GOVERNANCE:

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year 2011-12 from Shri S. R. Sanghavi, Practicing Company Secretary and the same is attached herewith.

DIRECTORS :

Your Directors Shri Navnitbhai C. Patel and Shri Navinbhai S. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider reappointing the Directors.

DEMATERIALISATION OF EQUITY SHARES:

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES:

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/ unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Corporation Ltd.

50, Harsiddha Chambers, By order of the Board of Directors

3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date ; 27th August, 2012 Chairman

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Mar 31, 2011

To The Members of Parshwanath Corporation Limited

The Directors present herewith the 25th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2011.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs.35.48 Lakhs during the year under report.

2010-2011 2009-2010 Rs. in Lacs Rs.in Lacs

Gross Profit 142.62 7.23

Less : Depreciation (1.33) (1.34)

Profit Before Tax 141.29 5.89

Add/(Less) : Deferred Tax adjustments — —

Current Tax 6.00 —

Profit after Tax 135.29 5.89

Balance of (Loss) brought forward from previous year (99.81) (105.70)

35.48 (99.81)

Less : adjustment of transitional gratuity liability due to Adoption of AJ-15 (revised) — —

Balance of profit/(Loss) carried forward to Balance Sheet 35.48 (99.81)

DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company entered into constructions activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath Corporation the partnership firms, engaged in construction activities. The Company has started earning profits from construction activities.

The company continued to face problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company, has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

CHANGE OF NAME:-

The company was directed by the Registrar of Companies, Gujarat, Ahmedabad that since the company has ceased to carry on housing finance activities, the words "Housing Finance" should be deleted from the name of the company and to change the name of the company.

Accordingly the words "Housing Finance" were removed from the name of the company and the name was changed to "PARSHWANATH CORPORATION LTD." The same was approved by the Central Government and the Company has received a "Fresh Certificate of Incorporation Consequent upon change of Name."

DIRECTORS' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms :

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 31st March, 2011 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE :

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year 2010-11 from the Practicing Company Secretary and the same is attached herewith.

DIRECTORS :

Your Directors Shri Rushabh N. Patel & Smt. Riddhiben R. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES :

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES :

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Corporation Ltd.

50, Harsiddha Chambers, By order of the Board of Directors 3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date : 26th August, 2011 Chairman

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Mar 31, 2010

The Directors present herewith the 24th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2010.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 7.23 Lakhs during the year under report.

2009-2010 2008-2009 Rs. in Lacs Rs. in Lacs

Gross Profit: 7.23 (23.09)

Less: Depreciation <1.34) (1.81)

Profit Before Tax 5.89 (24.09)

Add/(Less): Deferred Tax adjustments - -

Current Tax - (54.61)

Profit after Tax 5.89 (79.51)

Balance of Loss brought forward from previous year (105.70) (26.19)

(99.81) (105.70)

Less : adjustment of transitional gratuity liability due to Adoption of AJ-15 (revised)

Balance of Loss carried forward to Balance Sheet (99.81) (105.70)

DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company enterned into constructions activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath Corporation the partnership firms, engaged in construction activities. This is going to be beneficial in coming years.

The company continued to face serious problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company, has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS RESPONSIBILITY STATEMENT :

The Board of Directors of the Company confirms :

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 31st March, 2010 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE :

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year 2009-10 from the Pactising Company Secretary and the same is enclose herewith.

DIRECTORS :

Your Directors Shri H.K. Yadav & Shri Ramanbhai H. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report.

The members are requested to consider to reappoint the Directors.

MANAGING DIRECTORS:

During the year under report, Shri Navnitbhai C. Patel Chairman and Managing Director, and Smt. Ridhhiben R. Patel Jt. Managing Director, were reappointed for further period of five years, subject to the approval of the members. Particulars of their reappointment are mentioned in the Corporate Governance Reports. The members are requested to consider to reappoint them.

The remuneration payable to Shri Rushabh N. Patel was revised and increased subject to the approval of the members.

DEMATERIALISATION OF EQUITY SHARES :

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES :

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT :

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT :

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co- op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co- operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Housing Finance Corp. Ltd.

50, Harsiddha Chambers, For and on behalf of the Board of Directors 3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date : 31 st August, 2010 Chairman

---

Mar 31, 2009

The Directors present herewith the 23rd Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2009.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 69.51 Lakhs during the year under report.

2008-2009 2007-2008

Rs. in Lacs Rs. in Lacs

Gross Profit: (23.09) 69.51

Less: Depreciation (1-81) 2.01

Profit Before Tax (24.09) 67.50

Add/ (Less): Deferred Tax adjustments - 0.38

Current Tax (54.61) (3.65)

Profit after Tax (79.51) 64.23

Balance of (Loss) brought forward from previous year (26.19) (90.09)

(105.70) 26.52

Less : adjustment of transitional gratuity liability due to

Adoption of AJ-15 (revised) - 0.33

Balance of (Loss) carried forward to Balance Sheet (105.70) (26.19)

DIVIDEND :

In view of accumulated loss of the Company your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company enterned into constructions activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation & Shri Parshwanath Corporation, the partnership firms, engaged in construction activities. This is going to be beneficial in coming years.

The company continued to face serious problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company, has come up and orders have been passed

in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS RESPONSIBILITY STATEMENT :

The Board of Directors of the Company confirms :

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 31st March, 2009 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE :

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

DIRECTORS :

Your Directors Shri Navinbhai S. Patel & Shri Arvindbhai B. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES :

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year..-

PARTICULARS OF EMPLOYEES :

Information as required to be given under section 21.7 (2A) of the Companies Adt, 1956 read with the . Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT :

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT :

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Housing Finance Corp. Ltd.

50, Harsiddha Chambers, For and on behalf of the Board of Directors

3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date :31st July, 2009 Chairman