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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Directors Report of Permanent Magnets Ltd.

Mar 31, 2025

The Board of Directors is pleased to present the 64^th Annual Report of the Company, outlining its operational and business performance, along with the summary of standalone and consolidated financial statements for the financial year ended March 31, 2025.

FINANCIAL HIGHLIGHTS:

The Companyâs Financial Performance for the Financial Year ended March 31, 2025 is summarized below				('' in Crores)
Particulars	Standalone		Consolidated
	31.03.2025 31.03.2024		31.03.2025	31.03.2024
Revenue from operations	199.54	201.47	205.05	201.48
Other Income	4.54	4.40	4.16	4.45
Total Income	204.08	205.87	209.21	205.93
PBIDT & Extra Ordinary Items	31.76	39.83	34.60	38.82
Interest	2.17	2.05	2.40	2.28
Depreciation	9.33	6.87	11.43	8.26
Profit before Extra Ordinary Items & tax	20.26	30.91	20.77	28.27
Extra Ordinary Items	-	-	-	-
Profit before Tax	20.26	30.91	20.77	28.27
Current Tax	5.70	8.18	5.71	8.18
Deferred Tax	(0.60)	(0.01)	(0.68)	(0.11)
Profit/(Loss) for the year	15.17	22.74	15.75	20.20
Other Comprehensive Income	(0.01)	(0.01)	(0.01)	(0.01)
Total Comprehensive Income for the period (Comprising Profit (Loss) and Other Comprehensive Income for the period)	15.16	22.73	15.74	20.19

1. COMPANYâS PERFORMANCE:

The Highlights of the Companyâs performance (Standalone) for the year ended March 31, 2025 are as under:

â¢ During the year under review, the Company achieved a turnover of ''199.54 Crores, which is broadly in line with the turnover of ''201.47 Crores recorded in the previous year

â¢ The Profit after Tax (PAT) for the financial year 202425 is ''15.17 Crores against ''22.74 Crores in the year

2023- 24.

The Highlights of the Companyâs performance (Consolidated) for the year ended March 31, 2025 are as under:

â¢ During the year under review, the Company achieved a turnover of ''205.05 Crores as compared to ''201.48 Crores in the previous financial year 2023-24, registering a modest growth in revenue.

â¢ The Profit after Tax (PAT) for the financial year

2024- 25 is ''15.75 Crores against ''20.20 Crores in the year 2023-24.

2. DIVIDEND:

Your Directors have recommended a final dividend of ''2/- (Rupees two only) per equity share of face value ''10 (Rupees Ten only), representing 20% for the financial year ended March 31, 2025. The proposed dividend is subject to the approval of the members at the forthcoming Annual General Meeting and will be paid to those shareholders whose names appear in the Register of Members as on the record date.

Pursuant to the amendments introduced by the Finance Act, 2020, under the Income-tax Act, 1961, dividends paid or distributed by the Company are now taxable in the hands of the shareholders. Accordingly, the Company will deduct tax at source before making the payment of the final dividend.

3. CHANGE IN THE NATURE OF THE BUSINESS:

There were no changes in the nature of business during the year under review as prescribed in Rule 8 of the Companies (Accounts) Rules, 2014.

4. TRANSFER TO RESERVE:

The Board of Directors of the Company has not recommended transfer of any amount to the General Reserve for the Financial Year ended March 31, 2025.

5. DEPOSITS:

During the year the Company has not accepted deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

6. LISTING:

The shares of the Company are listed on âBSE Limitedâ at Mumbai. The Company has paid the applicable listing fees to the Stock Exchange till date.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

As on March 31, 2025, the Company has 6 directors with combination of executive & non-executive directors including one women director

a. Retirement by Rotation and subsequent Reappointment:

Girish Desai (DIN: 01056763), Non-Executive Director being the longest in the office among the directors liable to retire by rotation, retires from the Board this year and being eligible, has offered himself for re-appointment. The Boards of Directors recommends his re-appointment at Item No. 3 of the Notice Calling 64^th Annual General Meeting for consideration of the Shareholders.

b. Re-Appointment of Managing Director:

On the recommendation of Nomination and Remuneration Committee the Board has considered and seek approval from members of the Company as following:

Re-appointment of Sharad Taparia (DIN: 00293739) as Managing Director of the Company, liable to retire by rotation for a period of Five (5) consecutive years commencing from April 01, 2026, subject to approval of members of the Company through Ordinary Resolution.

In this regard the Board of Directors of the Company had approved the Notice of AGM dated May 23, 2025, for seeking the approval of Members of the Company by way of Ordinary Resolution for re-appointment of Sharad Taparia (DIN: 00293739) as a Managing Director of the Company.

c. Key Managerial Personnel:

The Key Managerial Personnel of the Company as on March 31, 2025 are:

Sr.	Name of Key	Designation
No.	Managerial personnel
1.	Sharad Taparia	Managing Director
2.	Sukhmal Jain	Chief Financial Officer
3.	Rachana Sawant	Company Secretary

8. DIRECTORS RESPONSIBILITY STATEMENT:

Accordingly, pursuant to Section 134(3)(c) and 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm:

I. That in the preparation of the annual financial statements for the year ended March 31, 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

II. That such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 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, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

IV. That the annual financial statements have been prepared on a going concern basis;

V. That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

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

9. CORPORATE GOVERNANCE:

In terms of Regulation 34 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. A separate section on corporate governance along with a certificate from the auditors confirming compliance is annexed and forms part of the Annual Report.

10. AUDITORS:

Statutory Auditors

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made there under, M/s. Jayesh Sangharajka & Co. LLP Chartered Accountants (Firm Registration No. 104184W/W100075) was appointed as Statutory Auditor of the Company in the 61^st Annual General Meeting till the conclusion of the 66^th Annual General Meeting of the Company. M/s. Jayesh Sangharajka & Co. LLP Chartered Accountants (Firm Registration No. 104184W/W100075) have confirmed their eligibility and qualification required under Section 139, 141 and other applicable provisions of the Companies Act, 2013 and Rules issued thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

M/s. Jayesh Sangharajka & Co. LLP and have confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India as required under the Listing Regulations.

Auditorsâ Report

The Auditorâs Report for the year ended March 31, 2025 on the financial statements of the Company is a part of this Annual Report. The notes on Financial Statements referred in the Annual Report are self-explanatory and do not call for any further comments. The Auditorâs Report for the financial year 2024-25 does not contain any qualification, reservation or adverse remark.

Secretarial Auditor

The Secretarial Audit for the year 2024-25 was undertaken by M/s. Arun Dash & Associates, practicing Company Secretary and the Secretarial Auditor of the Company. The Secretarial Audit Report for the financial year ended March 31, 2025 under the Act, read with Rules made thereunder and Regulation 24A of the Listing Regulations of the Company are annexed herewith as âAnnexure Aâ.

The observations made in the Secretarial Audit Report are self-explanatory.

Securities and Exchange Board of India (SEBI) had amended SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âSEBI(LODR) Regulations, 2015â) on December 12, 2024 amended Regulations 24A of SEBI (LODR) Regulations, 2015 provides specific guidelines for appointing and re-appointing Secretarial Auditors w.e.f April 01, 2025.

Regulations 24A of SEBI (LODR) Regulations, 2015 states that on the basis of recommendation of Audit Committee the board of directors of a listed entity shall appoint or reappoint an individual as Secretarial Auditor for not more than one term of five consecutive years or a Secretarial Audit firm as Secretarial Auditor for not more than two terms of five consecutive years, with the approval of its shareholders in its Annual General Meeting. Accordingly, based on the recommendations of the Audit Committee and the Board of Directors, it is hereby proposed to appoint M/s Dash Dwivedi & Associates LLP, Company Secretaries (PCS), having (FRN: L2025MH018300), as the Secretarial Auditors of the Company for a period of 5 consecutive years from financial year 2025-26 to financial year 202930 pursuant to provisions of Section 204 of the Companies Act read with Rule 9 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force)and Regulation 24(A) of SEBI (LODR) Regulations, 2015.

M/s. Dash Dwivedi & Associates LLP, Company Secretaries is a peer reviewed corporate law advisory firm offering comprehensive solutions in corporate compliance, securities law, capital markets advisory, intellectual property rights (IPR), and litigation support before the National Company Law Tribunal (NCLT).

Internal Auditors

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and The Companies (Accounts) Rules, 2014, during the year under review the Internal Audit of the functions and activities of the Company was undertaken by the Internal Auditors of the Company on quarterly basis by G S Nayak & Co., Chartered Accountants the Internal Auditors of the Company. There were no adverse remarks or qualification on accounts of the Company from the Internal Auditors.

Internal Audit report is reviewed by the audit committee from time to time.

11. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

The Company has one wholly owned subsidiary and does not have any Associate or Joint Venture companies within the meaning of Section 2(6) of the Companies Act, 2013 ("the Act").

Subsidiary Company - Quantum Magnetics Private Limited (Incorporated on May 31, 2023).

The Consolidated Financial Statements of the Company and its subsidiary, forming part of this Annual Report, have been prepared in accordance with Section 129(3) of the Companies Act, 2013. A statement containing the salient features of the financial statements of the subsidiary, in the prescribed format AOC-1, is annexed to this Report as "Annexure B". This statement also highlights the performance and financial position of the subsidiary.

In accordance with the provisions of Section 136 of the Companies Act, 2013 and the amendments thereto, read with the SEBI Listing Regulations the audited Financial Statements, including the consolidated financial statements and related information of the Company and financial statements of the subsidiary Company are available on the website of the Company at www.pmlindia.com.

12. EXPLANATION ON AUDITORâS COMMENT:

The Board have to state as under with reference to the Auditorâs certain remarks as contained in the annexure to the Auditorâs Report:

With reference to para IX of the Annexure A to the Auditorâs Report, the Central Excise Loan interest has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies and Government of India is being taken up and will be sorted out in due course of time. No material liability is expected in this regard.

13. MANAGEMENT DISCUSSION AND ANALYSIS:

A detailed review of operations, performance and future outlook of your Company and its businesses is given in the Management Discussion and Analysis, which forms part of this Report as stipulated under Regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

14. PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197 (12) read with Rule 5 (1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of employees of the Company is herewith annexed as âAnnexure Câ.

The Policy requires your Company to investigate such incidents, when reported, in an impartial manner and take appropriate action to ensure that the requisite standards of professional and ethical conduct are always upheld.

The Whistle Blower Policy has been uploaded on the website of the Company under investors tab at www.pmlindia.com.

19. CONSERVATION OF ENERGY, TECHNOLOGY DEVELOPMENT AND ABSORPTION:

âAnnexure Fâ attached hereto which provides the information required to be disclosed on the efforts made on Conservation of Energy, Technology Development and Absorption as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

20. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to paragraph No. 14 of Notes to accounts for the foreign exchange outgo and earnings of the Company which is required to be disclosed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

20. PARTICULARS OF LOANS GIVEN,

GUARANTEES AND INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES

PROVIDED:

The particulars of loans, guarantees and investments as per Section 186 of the Act by the Company, have been disclosed in the financial statements.

21. DECLARATION FROM INDEPENDENT DIRECTORS:

The Company has inter alia, received the following declarations from all the Independent Directors confirming that:

1. They meet the criteria of independence as prescribed under the provisions of the Act, read with the Schedule and Rules issued thereunder, and the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company;

2. They have complied with the Code for Independent Directors prescribed under Schedule IV to the Act; and

3. They have registered themselves with the Independent Directorâs Database maintained by the Indian Institute of Corporate Affairs.

None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

15. SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS:

Honâble Bombay High Court has given interim stay order against the winding up order passed (against the Company) dated 15/04/2015. This was a lawsuit filed by M/s. Savino Del Bene Freight Forwarders (India) Private Limited. Company has deposited ''0.19 Cr including interest as per direction of Honâble Bombay High Court. The Appeal shall be added to the appropriate board for hearing. But the same is not yet listed on the Board of High Court.

16. RELATED PARTY TRANSACTIONS:

Related party transactions entered during the financial year under review are disclosed in Note No. 8 of Notes to Accounts of the Company for the financial year ended March 31, 2025.

All related party transactions entered into by the Company, were approved by the Audit Committee and were at armâs length and in the ordinary course of business.There were no material significant related party transactions with the Companyâs Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company.

The information on transactions with related parties pursuant to Section 134(3) (h) of the Act read with Rule 8(2) of the Companies(Accounts) Rules, 2014 are given in âAnnexure Dâ in Form AOC-2 which is part of this report.

In line with the requirements of the Companies Act,2013 and the SEBI Listing Regulations, the Company has formulated a Policy on Related Party Transactions. The Policy can be accessed on the Companyâs website at www.pmlindia.com

17. CORPORATE SOCIAL RESPONSIBILITY:

As part of the Corporate Social Responsibility initiative the Company has spent an amount of ''0.64 Cr towards the various CSR activities during the financial year 2024-25. A report on CSR Activities as required under Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014 is enclosed herewith as âAnnexure Eâ.

The Company has adopted Corporate Social Responsibility Policy in line with Schedule-VII of Companies Act 2013. The CSR Policy is disclosed on the website of the Company www.pmlindia.com.

18. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has a robust vigil mechanism through its Whistle Blower Policy approved and adopted by the Board of Directors of the Company in compliance with the provisions of Section 177(9) of the Act and Regulation 22 of the Listing Regulations. Your Companyâs Whistleblower Policy encourages Directors and employees to bring to your Companyâs attention, instances of illegal or unethical conduct, actual or suspected incidents of fraud, actions that affect the financial integrity of your Company, or actual or suspected instances of leak of unpublished price sensitive information that could adversely impact your Companyâs operations, business performance and/ or reputation.

22. BOARD MEETINGS:

During the year under review Four Board Meetings were convened and held on May 16, 2024, August 09, 2024, November 12, 2024, and February 14, 2025.

23. COMMITTEE MEETINGS:

The Board has the following Committees:-

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

A detailed disclosure on the Board, its committees, its composition and brief terms of reference, number of board and committee meetings held, and attendance of the directors at each meeting is provided in the Report on Corporate Governance which forms part of the Annual Report.

24. ANTI SEXUAL HARASSMENT POLICY:

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (âPOSH Actâ) and the Rules framed thereunder, the Company has adopted a strict policy of zero tolerance towards any form of sexual harassment at the workplace. This policy applies to all employees, including permanent, contractual, temporary, and trainees.

The Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.During the financial year under review, no complaints pertaining to sexual harassment were received.

25. ANNUAL RETURN:

The Annual Return of the Company as on March 31, 2025 in Form MGT - 7 is in accordance with Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014, and is available on the website of the Company in investor tab at www.pmlindia.com.

26. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The Company has instituted a robust Internal Financial Control (IFC) framework over financial reporting, aimed at ensuring that all transactions are properly authorized, accurately recorded, and reported in a timely manner These controls offer reasonable assurance regarding the integrity and reliability of the Companyâs financial statements.

The responsibility for compliance with applicable laws, regulations, and internal policies lies with the respective functional heads. The adoption of system-driven reporting and increased automation across various aspects of financial reporting has significantly improved both accuracy and operational efficiency.

The Company actively monitors updates to Accounting Standards and the Companies Act, and promptly aligns its systems, processes, and controls to maintain full regulatory compliance.

All policy changes and their potential impact on the financial statements are carefully assessed in consultation with the statutory auditors and the Audit Committee, and are appropriately disclosed in the financial reports.

27. SHARE CAPITAL:

The paid-up equity share capital of the Company as on March 31, 2025, stood at ''8.60 Crores. There was no change in the share capital of the Company during the year under review. The authorized share capital of the Company currently stands at ''16 Crores.

The Company has proposed to increase its authorized share capital from ''16 Crores to ''26 Crores, subject to the approval of the members at the 64^th Annual General Meeting.

28. BOARD EVALUATION:

In terms of the provisions of Section 134(3)(p) of the Companies Act, 2013 and Regulation 17(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, individual Directors as well as the evaluation of the working of its Board Committees. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Directors being evaluated. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

29. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Pursuant to Section 124 and Section 125 of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, transfer and Refund) Rules, 2016 (âthe Ruleâ), all the unpaid and unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India, after the completion of Seven Years. Further according to the Rules, the shares on which dividend has not been paid or claimed by the Shareholder for seven consecutive years or more shall also be transferred to demat account of the IEPF Authority.

Company has not completed seven years since its last dividend declaration or payment, it means that the threshold for transferring funds to the IEPF has not been met. In such cases, the Company would not be eligible to transfer funds to the IEPF until it fulfills this requirement.

30. REPORTING OF FRAUDS:

During the year under review, neither the Statutory Auditor nor the Secretarial Auditor has reported to the Audit Committee under Section 143(12) of the Companies Act, 2013, any instances of the fraud committed by the Company, its officers and employees, the details of which would need to be mentioned in the Board Report.

31. APPRECIATION:

The Board of Directors places on record its deep appreciation for the outstanding personal efforts and collective contribution of all employees towards the Company''s performance during the year. The Board also expresses its sincere gratitude for the continued support and cooperation extended by financial institutions, banks, government and regulatory authorities, stock exchanges, customers, and vendors throughout the year under review.

Mar 31, 2023

Your Board of Director''s have pleasure in presenting the 62^nd Annual Report on the operational and business performance of the Company together with the Audited Financial Statements for the Financial Year ended March 31,2023.

FINANCIAL HIGHLIGHTS:

The Company''s Financial Performance for the Financial Year ended March 31, 2023 is summarized below:

(? In Lakhs)
Particulars	31.03.2023	31.03.2022
Sales	18,273.95	12,951.07
Other Income	545.18	374.83
Total Income	18,819.14	13,325.90
PBIDT & Extra Ordinary Items	4,671.62	3,047.92
Interest	127.16	85.68
Depreciation	548.80	405.67
Profit before Extra Ordinary Items & tax	3,995.66	2,556.57
Extra Ordinary Items	-	-
Profit before Tax	3,995.66	2,556.57
Current Tax	1,051.10	665.18
Deferred Tax	(30.65)	(13.04)
Profit/(Loss) for the year	2,975.21	1,904.43
Other Comprehensive Income	0.83	1.02
Total Comprehensive Income for the period (Comprising Profit (Loss) and Other Comprehensive Income for the period)	2,976.04	1,905.45

1. COMPANYâS PERFORMANCE:

Your Company''s total revenue during the year under review was ? 18819.14 Lakhs compared to ? 13325.90 Lakhs in the previous year. The Profit before Tax for the year 2022-23 was ? 3995.66 Lakhs as against ? 2556.57 Lakhs in the previous year. Profit after Tax in 2022-23 stood at ? 2976.04 Lakhs as against ? 1905.45 Lakhs in the previous year.

2. DIVIDEND:

Your Directors have recommend a final dividend of ?1.50/-(Rupee one & fifty paisa only) per share (viz 15%) per equity share of the face value of ? 10/- (Rupees Ten only) each for the financial year ended March 31, 2023. The dividend payout is subject to the approval of the members at the ensuing Annual General Meeting. The Dividend will be paid to members whose names appear in the register of members as on record date.

3. CHANGE IN THE NATURE OF THE BUSINESS:

There were no changes in the nature of business during the year under review as prescribed in Rule 8 of the Companies (Accounts) Rules, 2014.

4. TRANSFER TO RESERVE:

The Board of Directors of the Company has not recommended transfer of any amount to the General Reserve for the Financial Year ended March 31,2023.

5. DEPOSITS:

The company has not accepted any deposits from the public during the year pursuant to the provisions of section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 or under Chapter V of the Companies Act, 2013 (the Act).

6. LISTING:

The shares of the Company are listed on "BSE Limitedâ at Mumbai. The Company has paid the applicable listing fees to the Stock Exchange till date.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board comprises of adequate number of members with diverse experience and skills, such that it best serves the governance and strategic needs of the Company. The Directors are persons of eminence in areas such as business,

industry, finance,law, administration etc. and bring with them experience and skills which add value to the performance of the Board.

In accordance with the provisions of Section 152(6) of the Act, Sunaina Taparia (DIN: 07139610), retires by rotation at the ensuing Annual General Meeting and being eligible, has offered herself for re-appointment. The Board recommends his re- appointment.

The Board recommends the reappointment of Sunaina Taparia (DIN: 07139610), for the consideration of the members of the company at the ensuing annual general meeting. Brief details of Sunaina Taparia has been mentioned in the notice convening the Annual General Meeting at Information in respect of the directors seeking appointment/re-appointment pursuant to the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Secretarial Standards.

None of the Directors, Key Managerial Personnel and their relatives are interested in the said resolution.

In terms of Section 203 of the Act, the following are the Key Managerial Personnel of the Company:

- Sharad Taparia, Managing Director

- Sukhmal Jain, CFO & Senior Vice President - Finance

- Rachana Rane, Company Secretary

All the Independent Directors of the Company have given their declarations to the Company under Section 149(7) of the Act that they meet the criteria of independence as provided under Section 149(6) of the Act and Regulation 16(1)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''the Listing Regulations''). In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Listing Regulations and are independent of the management.

8. DIRECTORS RESPONSIBILITY STATEMENT:

Accordingly, pursuant to Section 134(3)(c) and 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm:

I. that in the preparation of the annual financial statements for the year ended March 31, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

II. that such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 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, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

IV. that the annual financial statements have been prepared on a going concern basis;

V. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

VI. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

9. CORPORATE GOVERNANCE:

10. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

Since the Company has no subsidiaries, Joint Ventures or associate companies provisions of section 129(3) of the Companies Act, 2013 is not applicable. As the Company does not have any subsidiaries, associates or joint venture companies as per the Companies Act, 2013, no report on the performance of such Companies is provided.

11. AUDITORS:

Statutory auditors

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made there under, M/s. Jayesh Sangharajka & Co. LLP Chartered Accountants (Firm Registration No.104184W/W100075) was appointed as Statutory Auditor of the Company in the 61^st Annual General Meeting till the conclusion of the 66^th Annual General Meeting of the Company. M/s. Jayesh Sangharajka & Co. LLP Chartered Accountants (Firm Registration No. 104184W/W100075) have confirmed their eligibility and qualification required under Section 139, 141 and other applicable provisions of the Companies Act, 2013 and Rules issued thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the rules made there under, the Company had appointed M/s. Arun Dash & Associates, a firm of Company Secretaries to undertake the Secretarial Audit of the Company for the year ended March 31, 2023. The Secretarial Audit Report issued in this regard is annexed as "Annexure Aâ. The observations made in the Secretarial Audit Report are self-explanatory.

Internal Auditors

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and The Companies (Accounts) Rules, 2014, during the year under review the Internal Audit of the Company was undertaken on quarterly basis by M/S. G S Nayak & Co., Chartered Accountants. There were no adverse remarks or

qualification on accounts of the Company from the Internal Auditors. Internal Audit report is reviewed by the audit committee from time to time.

12. EXPLANATION ON AUDITORâS COMMENT:

The Board have to state as under with reference to the Auditor''s certain remarks as contained in the annexure to the Auditor''s Report:

With reference to para IX of the "Annexure Aâ to the Auditor''s Report, the Central Excise Loan interest has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies and Government of India is being taken up and will be sorted out in due course of time. No material liability is expected in this regard.

13. MANAGEMENT DISCUSSION AND ANALYSIS:

14. PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197(12) read with Rule 5(1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of employees of the Company is herewith annexed as "Annexure Bâ.

15.SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS:

Hon''ble Bombay High Court has given interim stay order against the winding up order passed (against the Company) dated April 15, 2015. This was a lawsuit filed by M/s. Savino Del Bene Freight Forwarders (India) Private Limited. Company has deposited ? 19.05 Lakhs including interest as per direction of Hon''ble Bombay High Court. The Appeal shall be added to the appropriate board for hearing. But the same is not yet listed on the Board of High Court.

16. RELATED PARTY TRANSACTIONS:

Related party transactions entered during the financial year under review are disclosed in Note No. 9 of Notes to Accounts of the Company for the financial year ended March 31, 2023. These transactions entered were at an arm''s length basis and in the ordinary course of business. There were no material significant related party transactions with the Company''s Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company. The information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies(Accounts) Rules, 2014 are given in "Annexure Câ in Form AOC-2 which is part of this report.

The Policy on the Related Party Transactions as approved by the Board is uploaded on the website of the Company.

17. CORPORATE SOCIAL RESPONSIBILITY:

As part of the Corporate Social Responsibility initiative the Company has spent an amount of ? 44.18 Lakhs towards the various CSR activities during the financial year 2022-23. A report on CSR Activities as required under Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014 is enclosed herewith as "Annexure Dâ.

The Company has adopted Corporate Social Responsibility Policy in line with Schedule-VII of Companies Act 2013. The CSR Policy is disclosed on the website of the Company www.pmlindia.com.

18. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Whistle Blower Policy has been uploaded on the website of the Company under investors tab at www.pmlindia.com.

19. CONSERVATION OF ENERGY, TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The Conservation of Energy, R & D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. "Annexure E" attached hereto which provides the information required to be disclosed on the efforts made on Conservation of Energy, Technology Development and Absorption as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

20. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to paragraph No. 15 of Notes to accounts for the foreign exchange outgo and earnings of the Company which is required to be disclosed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

21. PARTICULARS OF LOANS GIVEN, GUARANTEES AND INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED:

During the year under review, your Company did not give any loans or guarantees, provide any security or make any investments as covered under Section 186 of the Companies Act, 2013.

22. BOARD AND COMMITTEE MEETINGS:

The Board has the following Committees:-

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

A detailed disclosure on the Board, its Committees, its composition, the detailed charter and brief terms of

reference, number of Board and Committee meetings held, and attendance of the Directors at each meeting is provided in the Report on Corporate Governance which forms part of the Annual Report.

23. ANTI SEXUAL HARASSMENT POLICY:

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder. During the financial year under review, the Company has not received any complaint of Sexual Harassment of Women at Workplace.

24. ANNUAL RETURN:

The Annual Return of the Company as on March 31, 2023 in Form MGT - 7 is in accordance with Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014, and is available on the website of the Company in investor tab at www.pmlindia.com.

25. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The current system of internal financial control is aligned with the statutory requirements. Effectiveness of internal financial control is ensured through management reviews and controlled self-assessment. The Company''s internal auditors carry out regular checks on the adequacy of the internal financial controls. The Internal Audit Reports are submitted periodically to the Audit Committee. The Audit Committee reviews these reports with the executive management and requisite corrective actions are taken by the process owners in their respective areas and thereby strengthen the controls.

26. SHARE CAPITAL:

The paid up Equity Share Capital as on March 31, 2023 was ? 859.85 Lakhs.There was no change in the Share Capital during the year under review.

27. PERFORMANCE EVALUATION:

Your Company believes that it is the collective effectiveness of the Board that impacts the Company''s performance and thus, the primary evaluation platform is that of collective performance of the Board. The parameters for evaluation of Board performance, as laid under evaluation criteria adopted by the Company, have been derived from the Board''s core role of trusteeship to protect and enhance shareholder value as well as fulfill expectations of other stakeholders through strategic supervision of the Company. The questionnaire of the evaluation criteria is a key part of the process of reviewing the functioning and effectiveness of the Board and

for identifying possible paths for improvement. Each Board member is requested to evaluate the effectiveness of the Board dynamics and relationships, information flow, decisionmaking of the directors, relationship to stakeholders, company performance, company strategy and the effectiveness of the whole Board and its various committees on a scale of one to five. Feedback on each director is encouraged to be provided as part of the survey.

The said criteria also contemplate evaluation of Directors based on their performance as directors apart from their specific role as independent, non-executive and executive directors as mentioned below:

a. Every director will be evaluated on discharging their duties and responsibilities as enshrined under various statutes and regulatory facet, participation in discussions and deliberations in achieving an optimum balance between the interest of company''s business and its stakeholders.

b. Executive Directors will also be evaluated based on targets/criteria given to Executive Directors by the Board from time to time in addition to their terms of appointment.

c. Independent Directors will also be evaluated on discharging their obligations in connection with their independence criteria as well as adherence with the requirements of professional conduct, roles, functions and duties, specifically applicable to Independent Directors as contained in Schedule IV to the Companies Act, 2013.

The Board of Directors of your Company has made annual evaluation of its performance and directors for the financial year 2022- 23 based on aforesaid criteria.

28. REPORTING OF FRAUDS:

29. APPRECIATION:

The Board of Directors place on record sincere gratitude and appreciation for all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year. The Board conveys its appreciation for its customers, shareholders, suppliers as well as vendors, bankers, business associates, regulatory and government authorities for their continued support.

Place: Thane Date: May 17, 2023

Corporate Office:

Plot No. B-3, MIDC Industrial Area,

Village Mira, Mira Road - 401107, Dist. Thane

FOR AND ON BEHALF OF THE BOARD,

Sd/- Sd/-

Sharad Taparia Mukul Taparia

Managing Director Director

Mar 31, 2018

To,

The Members,

PERMANENT MAGNETS LIMITED

The Directors have pleasure in presenting the 57th Annual Report of the Company together with the Audited Statements of the Accounts for the year ended 31st March, 2018.

FINANCIAL RESULTS:

(Rs. In Lakhs)

Particulars	31/03/2018	31/03/2017
Sales	9276.60	7193.37
Other Income	44.60	117.20
PBIDT & Extra Ordinary Items	297.81	(159.69)
Interest	165.36	161.50
Depreciation	127.62	140.04
Profit before Exceptional Items & tax	590.79	141.85
Exceptional Items	96.93	-
Profit before Tax	687.72	141.85
Current Tax	140.22	23.29
Deferred Tax	8.68	-
Profit/(Loss) for the year	538.82	118.56
Other Comprehensive Income	2.50	0.09
Total Comprehensive Income for the period (XIII XIV) (Comprising Profit (Loss) and Other Comprehensive Income for the period)	541.32	118.65

1. COMPANYâS PERFORMANCE:

The Sales for the financial year under review increased by appx. 29% as compared to previous year. Profitability also improved due to foreign exchange gain and operational efficiency during the year. The Companyâs total Revenue from operation stood at â 9276.60 lakhs and the revenue for previous year was â 7193.37 lakhs. The revenue from operation comprises of export Rs. 5668.67 lakhs. The Company earned Profit before Extra Ordinary Items & tax of Rs. 590.79 lakhs and profit after tax of Rs. 538.82 lakhs as compared to profit of Rs. 118.56 lakhs.

2. DIVIDEND :

In order to conserve the resources of the Company, the Board of Directors are not recommending any dividend for the Financial Year.

3. CHANGE IN THE NATURE OF THE BUSINESS:

There were no changes in the nature of business during the year under review as prescribed in Rule 8 of the Companies (Accounts) Rules, 2014.

4. TRANSFER TO RESERVE:

The Company has not transferred any amount to reserves in the current financial year.

5. DEPOSITS:

6. LISTING:

The shares of the Company are listed on âBSE Limitedâ at Mumbai. The Company has paid the applicable listing fees to the Stock Exchange till date.

7. DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors of the Company have submitted the declaration of Independence as required under Section 149(7) of the Act confirming that they meet the criteria of Independence under section 149 (6) of the Act and Regulation 16 (1) (b) of SEBI LODR Regulations.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of the Act and Articles of Association of the Company, Smt. Sunaina Taparia, non-executive director retires by rotation and being eligible offers herself for reappointment.

The Board of Directors comprises of five directors of which two are Independent. Shri. Rajeev Mundra, Independent and Non Executive Director appointed as a Chairman of the Company.

Shri. Arun Binani, Independent Director of the Company has expressed his unwillingness to continue with the position and ceased to be associated with the Company w.e.f November 30, 2017. The Board places on record its sincere appreciation for the services rendered by Shri. Arun Binani during his tenure as an Independent Director of the Company.

On the recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company at their meeting held on December 26, 2017 has appointed Shri. Kamal Binani as an Additional Director (Non-executive, Independent) of the Company, subject to approval of the members at this Annual General Meeting.

Shri. Sukhmal Jain, Senior Vice President Finance acts as the CFO and Smt. Rachana Rane act as a Company Secretary of the Company.

9. DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Act :

a) that in the preparation of the annual financial statements for the year ended March 31, 2018, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and of the profit of the Company for the year ended on that date;

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

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

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

10. CORPORATE GOVERNANCE:

In terms of Regulation 27(2) read with Regulation 15(2) of Chapter IV of Listing Regulations, compliance with the provisions of clauses relating to corporate governance is not mandatory, for the time being, in respect of the companies having paid up equity share capital not exceeding Rs. 10 Crore and net worth not exceeding Rs. 25 Crore, as on the last day of the previous financial year. As our Company fits in these criteria, it is not required to provide details on corporate governance.

11. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

Since the Company has no subsidiaries, Joint Ventures or associate companies provisions of section 129(3) of the Companies Act, 2013 is not applicable. As the Company do not have any subsidiaries, associates or joint venture companies as per the Companies Act, 2013, no report on the performance of such Companies is provided.

12. AUDITORS:

12.1 STATUTORY AUDITORS

M/s Ramanand & Associates, Chartered Accountants (Firm Registration No. 117776W) are the statutory auditors of the Company for the year ended March 31, 2018. Their appointment as the statutory auditors will be ratified at the ensuing Annual General Meeting pursuant to the provisions of Section 139 of the Companies Act, 2013 and Rules made thereunder.

There is no audit qualification, reservation or adverse remark for the year under review.

12.2 SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s. Arun Dash & Associates, a firm of Company Secretaries in Practice (C.P.No. 9309) to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed as âAnnexure-Bâ and forms an integral part of this Report.

The observations made in the Secretarial Audit Report are self-explanatory.

12.3 INTERNAL AUDITORS

M/S. G S Nayak & Co., Chartered Accountants performs the duties of internal auditors of the company and their report is reviewed by the audit committee from time to time.

13. EXPLANATION ON AUDITORâS COMMENT

The Board have to state as under with reference to the Auditorâs certain remarks as contained in the annexure to the Auditorâs Report:

a) With reference to para VII(a) of the Annexure - B to the Auditorâs Report the TDS i.e â 8.63 lakhs pertaining to late filing fees & interest which are lying with the Income Tax Authorities and With reference to para VII(c) the matter is being looked into and shall soon be appropriately dealt with.

b) With reference to para VIII of the Annexure - B to the Auditorâs Report, the Central Excise Loan interest has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies will be sorted out in due course of time. No material liability is expected in this regard. During the year Principal amount of central excise loan taken from ICICI Bank has been repaid in full.

14. MANAGEMENT DISCUSSION AND ANALYSIS.

The Management Discussion and Analysis are annexed and forms an integral part of this report.

15. PARTICULARS OF EMPLOYEES:

There are no employees covered by provision contained in Rule 5(2) and Rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended. As per latest amendment, name of top ten employees in terms of remuneration drawn is 1. Girish Mahajan 2. P A Kamath 3. Sukhmal Jain 4. Hemant Kore 5. Allen Dâcunha 6. Sunil Verma 7. Raghav Garg 8. Deepali Rane 9. Priti Kulkarni 10. Dinesh Kadam

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 in âAnnexure Dâ which is part of this report.

16. SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS

Honorable Bombay High Court has given interim stay order against the winding up order passed (against the Company) dated 15/04/2015. This was a lawsuit filed by a Freight Forwarder of the company who was deficient in services to the company. Company has deposited Rs. 19,05,179/- including interest as per direction of Honourable Bombay High Court. The Appeal shall be added to appropriate board for hearing. But the same is not yet listed on the Board of High Court.

17. CONSERVATION OF ENERGY, TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The Conservation of Energy, R & D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. âAnnexure Aâ attached hereto provides the information required to be disclosed on the efforts made on Conservation of Energy, Technology Development and Absorption as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

18. CORPORATE SOCIAL RESPONSIBILITY

As contemplated under section 135 of the Companies Act, 2013 and rules framed thereunder along with revised schedule VII of the Act, the Company being covered under the provision of the said section in FY 17-18 and has taken necessary initial steps in this regard. The CSR policy is posted on the Companyâs website - www.pmlindia.com.

A committee of the directors titled Corporate Social Responsibility (CSR) Committee has been formed by the directors consisting, Shri. Rajeev Mundra, as a Chairman, Shri. Sharad Taparia and Shri. Mukul Taparia as members.

19. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has adopted a Vigil Mechanism Policy for directors and employees to report genuine concerns and to provide for adequate safeguards against victimization of persons who may use such mechanism. The said policy is posted on the Companyâs website - www.pmlindia.com.

20. RELATED PARTY TRANSACTIONS

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in ordinary course of business and on armsâ length basis.

During the year, the Company had not entered into any contract/arrangement/transaction with related parties which could be considered material. Members may refer to Note 8 of Notes to Account of the standalone financial statement which sets out related party disclosures.

The information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies(Accounts) Rules, 2014 are given in âAnnexure Eâ in Form AOC-2 which is part of this report.

21. FOREIGN EXCHANGE EARNING AND OUTGO:

22. PARTICULARS OF LOANS GIVEN, GUARANTEES AND INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED:

The Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.

23. MEETINGS, COMPOSITION OF THE BOARD AND COMMITTEES:

The Board of Directors of the Company met five times during the year on 29th May, 2017; 14th August, 2017 ; 4th September, 2017; 30th November, 2017, 26th December, 2017 and 13th February, 2018.

Board of Directors Composition:

The composition is as under:

Name of the Director	Category	*Member of the Board of Other Companies	No. of other Committee Memberships held #
			As Chairman	As Member
Shri. Sharad Taparia	Managing Director	-	-	-
Shri. Rajeev Mundra	Independent and Non Executive Director	2	-	1
Shri. Kamal Binani	Additional Director (Independent and Non Executive Director)	4	-	-
Shri. Mukul Taparia	Non Executive Director	1	-	-
Smt. Sunaina Taparia	Non Executive Director	-	-	-

*The above excludes Foreign Companies, Private Companies and alternate Directorships

# Only Audit Committee, Remuneration Committee and Shareholders Grievance Committee are reckoned for the purpose. The details of the meetings attended by the Board during the year are given below.

Date of Board Meetings	Arun Binani	Sharad Taparia	Rajeev Mundra	Kamal Binan	Mukul Taparia	Sunaina Taparia
29th May, 2017	V	V	V	NA	-	V
14th August, 2017	V	V	V	NA	V	-
4th September, 2017	V	V	V	NA	V	-
30th November, 2017	V	V	V	NA	-	V
26th December, 2017	NA	V	V	NA	V	V
13th February, 2018	NA	V	V	V	V	-

The time gap between any two meetings did not exceed one hundred and twenty days.

AUDIT COMMITTEE

Audit Committee of the Board of Directors (âthe Audit Committeeâ) is entrusted with the responsibility to supervise the Companyâs internal controls and financial reporting process. The composition, quorum, powers, role and scope are in accordance with Section 177 of the Companies Act, 2013 and the provisions of Regulation 18 of the Listing Regulations.

Constitution

During the year under review, the committee consisted of Three directors viz. Shri. Rajeev Mundra, Chairman, Shri. Kamal Binani and Shri. Sharad Taparia .

Composition, names of members and chairman

Sr. No.	Members	Category
1.	Shri. Rajeev Mundra , Chairman	Independent Non Executive Director
2.	Shri. Sharad Taparia, Member	Managing Director
3.	Shri. Kamal Binani, Member	Additional Director (Independent Non Executive Director)

* Smt. Rachana Rane, Company Secretary acts as the Secretary of the Committee.

Audit Committee Meetings during the year and attendance -

Date of the Meeting	Attendance of Directors for Meetings held during the year 2017-2018
Date of the Meeting	Shri. Rajeev Mundra	Shri. Sharad Taparia	Shri. Arun Binani	Shri. Kamal Binani
29th May, 2017	V	V	V	NA
14th August, 2017	V	V	V	NA
4th September, 2017	V	V	V	NA
30th November, 2017	V	V	V	NA
13th February, 2018	V	V	NA	V

The Audit Committee inter alia performs the functions of approving Annual Internal Audit Plan, review of financial reporting system, internal controls system, discussion on financial results, interaction with Statutory and Internal Auditors, one-on-one Meeting with Statutory and Internal Auditors, recommendation for the appointment of Statutory Auditors and their remuneration, recommendation for the appointment and remuneration of Internal Auditors, Review of Forex policy, Management Discussions and Analysis, Review of Internal Audit Reports and significant related party transactions.

The Board has framed the Audit Committee Charter for the purpose of effective compliance of provisions of section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. In fulfilling the above role, the Audit Committee has powers to investigate any activity within its terms of reference, to seek information from employees and to obtain outside legal and professional advice.

The Audit Committee, while reviewing the Annual Financial Statements also reviews the applicability of various Indian Accounting Standards (IND-AS) referred to in Section 133 of the Companies Act, 2013. Compliance of the Accounting Standards as applicable to the Company has been ensured in the preparation of the Financial Statements for the year ended March 31, 2018.

The Audit Committee also oversees and reviews the functioning of a vigil mechanism (implemented in the Company as a Whistle Blower Policy) and reviews the findings of investigation into cases of material nature and the actions taken in respect thereof.

NOMINATION AND REMUNERATION COMMITTEE (NRC)

The Nomination And Remuneration Committee comprises of Three Directors. The Nomination And Remuneration Committee include Shri. Rajeev Mundra, Independent Director, Shri. Kamal Binani, Additional Director (Independent, Non-Executive) w.e.f 26th December, 2017 and Shri. Mukul Taparia, Non-Executive Director. The Composition of Nomination And Remuneration Committee is in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations.

During the year, the committee met once, 26th December, 2017 the meeting was attended by all members.

The Committee was mandated with the following terms of reference:

- Reviewing the overall compensation policy and other employment conditions of Managing Director(s) and Senior Management.

- To help in determining the appropriate size, diversity and composition of the Board;

- To recommend to the Board appointment/re-appointment and removal of Directors;

- To frame criteria for determining qualifications, positive attributes and independence of Directors;

After Resignation of Shri. Arun Binani, the Nomination And Remuneration Committee recommend to Shri. Kamal Binani in his place. The NRC policy is posted on the Companyâs website - www.pmlindia.com.

The company does not have any stock option scheme.

STAKEHOLDER RELATIONSHIP COMMITTEE

The Committee comprises of two Independent Directors and one non executive director. The Stakeholders Relationship Committee comprises of three Directors. Shri. Rajeev Mundra, Independent Director is the Chairman of this Committee. Other members of Committee consist of Shri. Mukul Taparia, Non Executive Director and Shri. Kamal Binani, Additional Director (Independent, Non Executive).

Smt. Rachana Rane, is the compliance officer for this purpose.

The committee meeting was held on 13th February, 2018 and was attended by all three members.

The Committee looks into the matters of Shareholders/ Investors grievances along with approval of transfer of shares and issue of duplicate / split /consolidation /sub-division of share certificates.During the year the Company received NIL complaints. The Secretarial Department of the Company and the Registrar and Share Transfer Agent, Adroit Corporate Services Private Limited attend to all grievances of the shareholders received directly or through SEBI, Stock Exchanges, Ministry of Corporate

Affairs, Registrar of Companies, etc. The Minutes of the Stakeholders Relationship Committee Meetings are circulated to the Board and noted by the Board of Directors at the Board Meeting. The committee also reviews the feedback from the investors and approves initiatives for further improvements in investor servicing. The Committee also ensures the expeditious share transfers.

24. ANTI SEXUAL HARASSMENT POLICY

The Company has in place a policy on Anti Sexual Harassment in line with the requirements of The Sexual Harassment of Women at the Work place (Prevention, Prohibition & Redressal) Act, 2013. During the year under review, no complaints were reported to the Board.

25. EXTRACT OF ANNUAL RETURN

An extract of Annual Return in the prescribed Form No. MGT 9 as referred to in section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as âAnnexure Câ.

26. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has an Internal Financial Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board & to the Chairman & Managing Director. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.

27. SHARE CAPITAL

The Paid-up Capital of the Company is â 8,59,84,530/- and Authorised Capital of the Company is Rs. 16,00,00,000/-.

28. COST RECORDS AND AUDIT

Under the Section 148 of the Act the Central Government has prescribed maintenance and audit of cost records vide the Companies (Cost Records and Audit) Rules, 2014 to such class of companies as mentioned in the Table appended to Rule 3 of the said Rules. Cost audit provisions are not applicable to the Company as of now.

29. EQUITY SHARES IN THE SUSPENSE ACCOUNT

In accordance with the requirement of Regulation 34 (3) and Schedule V Part F of Listing Regulations, 2015 the Company reports the following details in respect of equity shares lying in the suspense account which were issued in dematerialised form pursuant to the public issue of the Company: NA

30. PERFORMANCE EVALUATION :

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the Listing Regulations, the Board has carried out the annual evaluation of its own performance, its Committees and Directors individually. Evaluation parameters of individual directors including the Chairman of the Board and Independent Directors were based on knowledge to perform the role, time and level of participation, performance of duties and level of oversight. The performance evaluation of the Chairman and Managing Director and the Non Independent Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.

31. APPRECIATION:

Your Directors wish to thank all the shareholders, bankers and clients for lending their support in various activities of the Company. Your Directors would like to place on record their appreciation to all the employees who have continued their support during the year.

Date: 13th August, 2018 FOR AND ON BEHALF OF THE BOARD,

Place: Mumbai.

Corporate Office: Sd/- Sd/-

B-3,MIDC Industrial Area,

Village Mira, Mira Road-401104 Sharad TaParia Mukul Taparia

Dist. Thane. Managing Director Director

Mar 31, 2015

To ,

The Members,

PERMANENT MAGNETS LIMITED.

The Directors have pleasure in presenting the 54th Annual Report of the Company together with the Audited Statements of the Accounts for the year ended 31st March, 2015.

FINANCIAL RESULTS:

(Rs.In Lacs)

Particulars 31/03/2015 31/03/2014

Sales 5869.19 5453.66

Other Income 40.35 74.06

PBIDT & Extra Ordinary Items 488.11 337.70

Interest 326.03 326.19

Depreciation 111.05 82.56

Profit before Extra Ordinary Items & tax 51.03 -71.05

Extra Ordinary Items - -

Profit before Tax 51.03 -71.05

Tax /Deferred Tax 9.44 -

Profit/(Loss) for the year 41.59 -71.05

1. YEAR IN RETROSPECT.

The Sales for the financial year under review increased by appx. 7.60 % as compared to previous year. Profitability was also improved due to foreign exchange gain and operational efficiency during the year.

2. DIVIDEND:

Due to the paucity of net profit and to conserve resources for growth, the Board has considered it prudent not to declare any dividend.

3. WORKING FOR 2015-16:

The sales during April-July 2015 has been Rs. 21.83 Crores. The corresponding sales for the corresponding period of 2014-15 was Rs. 13.03 Crores. Sales is increased due to increase in sales of copper shunt and other developed products.

4. FIXED DEPOSITS:

The company has not accepted any deposits from the public during the year pursuant to the provisions of section 58A of the Companies Act, 1956.

5. LISTING:

The shares of the Company are listed on "Bombay Stock Exchange Limited" at Mumbai. The Company has paid the applicable listing Fees to the Stock Exchange, Mumbai till date.

6. DIRECTORS:

At the 53rd Annual General Meeting of the company , the Company had pursuant to the provisions of Clause 49 of the Listing Agreement entered in to with stock exchanges, appointed Shri Arun Binani and Shri Rajeev Mundra as Independent Directors of the company for 5 consecutive years.. The Company has received declarations from the said Independent Directors of the company that they meet the criteria of independence as prescribed both under sub section (6) of Section 149 of the Companies Act, 2013 and under the said Clause 49.At Board Meeting held on 27th March, 2015, the Board appointed Ms Sunaina Taparia as non executive director, liable to retire by rotation as additional director.

In accordance with the provisions of Companies Act, 2013 Shri Mukul Taparia ,non executive director retires by rotation and being eligible offers himself for reappointment.

7. DIRECTORS RESPONSIBILITY STATEMENT:

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

a) that in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2015 and of the profit of the Company for the year ended on that date;

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

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

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

8. CORPORATE GOVERNANCE:

In terms of SEBI circular No. CIR/CFD/POLICY CELL/7/2014 dtd 15th September, 2014, compliance with the provisions of Clause 49 shall not be mandatory, for the time being, in respect of the companies having paid up equity share capital not exceeding Rs.10 crore and Net Worth not exceeding Rs.25 crore, as on the last day of the previous financial year. Accordingly, our company is fitting in to these criteria and we are not required to give corporate governance report detailing compliance on corporate governance.

9. SUBSIDIARIES:

Since the Company has no subsidiaries, provisions of section 129(3) of the Companies Act, 2013 is not applicable.

10. AUDITORS:

10.1 STATUTORY AUDITORS

M/s. Jayesh Sanghrajka & Co.LLP, Chartered Accountants, Mumbai, have been appointed as statutory auditors of the company at the last Annual General Meeting held on 22.09.2014 for a period of three years subject to ratification by members at every consequent Annual General Meeting. Therefore, ratification of appointment of Statutory Auditors is being sought from the members of the Company at the ensuing AGM.

10.2 SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Arun Dash & Associates (CP No.:9309),Company Secretaries to undertake the secretarial audit of the company. The Secretarial Audit Report is annexed herewith as 'Annexure B'.

10.3 INTERNAL AUDITORS

M/S G S Nayak & Co, Chartered Accountants performs the duties of internal auditors of the company and their report is reviewed by the audit committee from time to time.

11. EXPLANATION ON AUDITOR'S COMMENT

The Board have to state as under with reference to the Auditor's certain remarks as contained in the annexure to the Auditor's Report:

a) With reference to para 7(a) and para 7(b) of the Annexure to the Auditor's Report the item relates to a company that has merged in the company. The matter is being looked into and shall soon be appropriately dealt with.

b) With reference to para 9 of the Annexure to the Auditor's Report, the Central Excise Loan has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies will be sorted out in due course of time. No material liability is expected in this regard. Please also refer to paragraph No. 27(f) in Accounts. As regard, the minor delay in repayment of instalments of term loan from bank was due to temporary cash flow gap, which has soon corrected.

12. MANAGEMENT DISCUSSION AND ANALYSIS.

The Management Discussion and Analysis are annexed and forms an integral part of this report.

13. PARTICULARS OF EMPLOYEES:

There are no employees covered by provision contained in Rule 5(2) and Rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules , 2014, as amended.

14. SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS

Honourable Bombay High Court has given interim stay order till 14th September, 2015, against the winding up order passed against the Company dated 15/04/2015. This was a lawsuit fled by a Freight Forwarder of the company who was deficient in services to the company. Company has deposited Rs. 19,05,179/- Lac with interest as per direction of Honourable Bombay High Court.

15. TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The R & D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. Annexure A attached hereto provides the information required to be disclosed on the efforts made on Technology Development and Absorption as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

16. CORPORATE SOCIAL RESPONSIBILITY

The provisions of Companies Act, 2013 regarding Corporate Social Responsibility are not attracted to the company.

17. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

In order to ensure that the activities of the company and its employees are conducted in a fair and transparent manner by adoption of standards of professionalism, honesty, integrity and ethical behaviour, the company has adopted vigil mechanism policy. This policy is posted on the website of company.

18. RELATED PARTY TRANSACTIONS

There were no contracts or arrangements entered into by the company in accordance with provisions of Section 188 of the Companies Act, 2013

19. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to paragraph No. 12 b) of accounts for the foreign exchange outgo and earnings of the Company.

20. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

There were no transactions for loans made, guarantees given or securities provided during the year pursuant to Section 186(4) of the Companies Act, 2013.

21. BOARD AND OTHER COMMITTEES

During the year five Board Meetings and four Audit Committee Meetings were held. The details of the constitution and meetings of the Board and the Committees held during the year are given below.

Board of Directors Composition:

During the period under review, the Board of Directors comprises of four directors of which two are Independent directors . The Chairman is Independent and Non Executive Director. Mr. Mukul J. Taparia is appointed as additional Director of the company w.e.f. 12th August, 2014 as Non Executive Director of the company. The composition is as under:

Name of the Director Category *Member of the No. of other Committee Board of Other Memberships held# Companies As Chairman As Member

Mr. Arun Binani Chairman, Independent and Non Executive 3 - - Director

Mr. Sharad Taparia Managing Director - - -

Mr. Rajeev Mundra Independent and Non Executive Director 2 - 1

Mr. Mukul J. Taparia Non Executive Director 1 - -

*The above excludes Foreign Companies, Private Companies and alternate Directorships

# Only Audit Committee, Remuneration Committee and Shareholders Grievance Committee are reckoned for the purpose.

-Attendance at Board Meetings and last Annual General Meeting.

Details of Board Meetings held during the year 2014-2015

Date of Meetings Arun Binani Sharad Taparia Rajeev Mundra Mukul Taparia Board Meetings

29-05-2014 - - - -

12-08-2014 - - - -

07-11-2014 - - - -

12-02-2015 - - - -

27-03-2015 - - - -

22-09-2014 - - - - (Last AGM)

The time gap between any two meetings did not exceed four months.

AUDIT COMMITTEE

Constitution

During the year under review, the committee consisted of four directors viz. Mr. Rajeev Mundra, Chairman, Mr. Arun Binani , Mr. Mukul Taparia and Shri Sharad Taparia.

Composition, names of members and chairman

Members Category

Sr. No.

1. Mr. Rajeev Mundra , Chairman Independent Non Executive Director

2. Mr. Sharad Taparia, Member Managing Director

3. Mr. Arun Binani, Member Independent Non Executive Director

4. Mr. Mukul Taparia Non Executive Director

Bhavana Shah, Company Secretary acts as the Secretary of the Committee

Audit Committee Meetings during the year and attendance -

Date of the Meeting Attendance of Directors for Meetings held during the year 2014-2015

Mr. Rajeev Mundra Mr. Sharad Taparia Mr. Arun Binani Mukul Taparia

29-05-2014 - - - -

12-08-2014 - - - -

07-11-2014 - - - -

12-02-2015 - - - -

The Audit Committee is to oversee the Company's financial reporting process and disclosure of its financial Information to recommend the appointment of Statutory Auditors and fixation of their fees, to review and discuss with the Management & the Auditors about internal control systems, the scope of Audit including the observations of the Auditors, adequacy of the internal audit system, changes in accounting policies & practices and major accounting entries involving estimates, compliances with accounting standards and Listing Agreement entered into with the Stock Exchanges and other legal requirements concerning financial statements and related party transactions, if any, to review the Company's Financial and Risk Management Policies and discuss with the Internal Auditors any significant findings for follow-up thereon, to review the Quarterly, Half yearly and Annual Financial Statements before they are submitted to the Board of Directors.

The Audit Committee has established a Vigil Mechanism and adopted a Revised Whistle-Blower Policy at its meeting held on May 29, 2014, which provides a formal mechanism for all Directors and employees of the Company to approach the Management of the Company (Audit Committee in case where the concern involves the Senior Management) and make protective disclosures to the Management about unethical behaviour, actual or suspected fraud or violation of the Company's Code of Conduct or ethics policy. The disclosures reported are addressed in the manner and within the time frames prescribed in the Policy. The Company affirms that no director or employee of the Company has been denied access to the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE

During the year under review, the committee consisted of three directors viz Mr. Rajeev Mundra, Chairman, Mr. Arun Binani , Mr. Mukul Taparia. During the year , the committee met twice, 12th August, 2015 and 12th February, 2015 and both meetings were attended by all members.

The Committee was mandated with the following terms of reference:

- Determination and approval of the remuneration, commission and special allowance, if any, payable to the Managing Director.

- Finalisation and approval of the annual increments, if any, to the Managing Director.

The remuneration policy of the company:

Shri Sharad Taparia is paid salary of Rs. 12,75000/- p.a... exclusive of perquisites as mentioned in the resolution passed at the general meeting of shareholders of the company approving his appointment as Managing Director and remuneration. No remuneration is payable to the non executive directors.

The company does not have any stock option scheme.

STAKEHOLDER RELATIONSHIP COMMITTEE

The Committee comprises of two Independent Directors and one non executive director . The Stakeholder Relationship Committee of the Board is empowered to oversee the redressal of investors' complaints pertaining to share/debenture transfers, non-receipt of annual reports, interest/dividend payments, issue of duplicate certificates, transmission (with and without legal representation) of shares and other miscellaneous complaints. The composition of the Stakeholder Relationship Committee and attendance at its meeting is as follows:

Stakeholder Relationship Committee consists of Mr. Rajeev Mundra, Chairman of the Committee, Mukul Taparia and Mr. Arun Binani. The Company Secretary, Ms. Bhavana Shah, is the compliance officer for this purpose. The committee meeting was held on 7th November, 2014 and was attended by all three members,

During the year the Company received NIL complaints.

The Committee reviews the system of dealing with and responding to correspondence from all investors. Every complaint letter received from stock exchanges, SEBI, Dept. of Company Affairs etc. and the responses thereto are reviewed by this committee. The committee also reviews the feedback from the investors and approves initiatives for further improvements in investor servicing. The Committee also ensures the expeditious share transfers.

22. NONIMATION AND REMUNERATION COMMITTEE(NRC) / REMUNERATION POLICY

The Company has a policy in place for identification of Independence, Qualifications and positive attributes of Directors. The remuneration of the Directors is recommended by NRC to the Board for their approval.

23. ANTI SEXUAL HARASSMENT POLICY

The Company has in place a policy on Anti Sexual Harassment in line with the requirements of The Sexual Harassment of Women at the Work place (Prevention, Prohibition & Redressal) Act, 2013. There were no instances of Sexual Harassment that were reported during the period under review.

24. EXTRACT OF ANNUAL RETURN

The extract of the Annual Return in the prescribed Form No. MGT 9 is appended as Annexure C.

25. APPRECIATION:

Your Directors wish to thank all the shareholders, bankers and clients for lending their support in various activities of the Company. Your Directors would like to place on record their appreciation to all the employees who have continued their support during the year.

FOR AND ON BEHALF OF THE BOARD,

Sd/- Sd/-

Sharad Taparia Arun Binani

Managing Director Independent Director

Date: 10th August,2015

Place: Mumbai.

Corporate Office:

B-3, MIDC Industrial Area,

Village Mira, Mira Road 401104

Dist. Thane.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 53rd Annual Report of the Company together with the Audited Statements of the Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS:

(Rs. In Lacs)

Particulars 31/03/2014 31/03/2013

Sales 5453.66 4851.07

Other Income 74.06 79.16

PBIDT & Extra Ordinary Items 337.70 394.58

Interest 326.19 349.53

Depreciation 82.56 85.36

Profit before Extra Ordinary Items & tax -71.05 -40.30

Extra Ordinary Items - 215.54

Profit before Tax -71.05 -255.85

Tax/Deferred Tax - -

Profit/(Loss) for the year -71.05 -255.85

1. YEAR IN RETROSPECT:

The Sales for the financial year under review increased by appx. 12% as compared to previous year. However Profitability was under pressure due to higher cost of materials, increase in other expenses etc. during the year.

2. DIVIDEND:

Due to the paucity of net profit and to conserve resources for growth, the Board has considered it prudent not to declare any dividend.

3. WORKING FOR 2014-15:

The sales during April-July 2014 has been 13.03 Crores. The corresponding sales for the corresponding period of 2013-14 was 15.01 Crores. Some customers have slowdown resulting in less sales.

4. FIXED DEPOSITS:

The company has not accepted any deposits from the public during the year pursuant to the provisions of section 58A of the Companies Act, 1956.

5. LISTING:

The shares of the Company are listed on "Bombay Stock Exchange Limited" at Mumbai. The Company has paid the applicable listing Fees to the Stock Exchange, Mumbai till date.

6. DIRECTORS:

The Company has ,pursuant to the provisions of Clause 49 of the Listing Agreement entered in to with stock exchanges, appointed Shri Arun Binani and Shri Rajeev Mundra as Independent Directors of the company. The Company has received declarations from the said Independent Directors of the company that they meet the criteria of independence as prescribed both under sub section (6) of Section 149 of the Companies Act, 2013 and under the said Clause 49.In accordance with the provisions of Section 149(4) and proviso to Section 152(5) of the Companies Act, 2013, these directors are being appointed as Independent directors to hold office as per their tenure of appointment mentioned in the Notice of the forthcoming AGM of the company.

Shri Mukul J. Taparia was appointed as additional director of the company by the Board of Directors at their meeting held on 12th August, 2014. He holds office up to the date of the forth coming AGM. He has offered himself for appointment as Non Executive Director of the company.

7. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 the Board of Directors confirms that:

a) In the preparation of the accounts, the applicable accounting standards have been followed.

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and of the financial year and of the Profit or Loss of the Company for the year ended 31st March, 2012.

c) The Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The Directors have prepared the Annual accounts on a going concern basis.

8. CORPORATE GOVERNANCE:

The Corporate Governance Code as contained in the Listing Agreement with the Stock Exchange is applicable in the case of the Company. The Company has taken necessary steps for ensuring the compliance of the code. A separate section on Corporate Governance is annexed and forms an integral part of this Report.

9. SUBSIDIARIES:

Since the Company has no subsidiaries, provisions of section 212 of the Companies Act, 1956 is not applicable.

10. AUDITORS:

M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai retire as Auditors at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. It is proposed to reappoint them as statutory auditors of the company for three years to hold office from the conclusion of this AGM till the conclusion of fifty sixth AGM of the company, subject to ratification of their appointment at every AGM.

11. EXPLANATION ON AUDITOR''S COMMENT:

The Board have to state as under with reference to the Auditor''s certain remarks as contained in the annexure to the Auditor''s Report:

a) With reference to para 9(a) and para 9(b) of the Annexure to the Auditor''s Report the item relates to a company that has merged in the company. The matter is being looked into and shall soon be appropriately dealt with.

b) With reference to para 11 of the Annexure to the Auditor''s Report, the Central Excise Loan has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies will be sorted out in due course of time. No material liability is expected in this regard. Please also refer to paragraph No. 27(f) in Accounts. As regard, the minor delay in repayment of instalments of term loan from bank was due to temporary cash flow gap, which has soon corrected.

12. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis are annexed and forms an integral part of this report.

13. COST AUDITORS:

Pursuant to the provisions of Section 233B of the Companies Act, 1956, the Company has appointed M/S. Krishna S. & Associates,Cost Accountants as cost Auditor of the Company for audit of the Cost accounting reports for the financial year 2014-15.

The Board had on May 29, 2014 on the recommendation of the Audit Committee, approved the appointment and remuneration of M/s Krishna S. & Associates, Cost Accountants to conduct the audit of the Cost records pertaining to relevant product groups maintained by the Company for the Financial Year ending March 31, 2015 and remuneration of Rs. 35000/- plus service tax, out-of-pocket, travelling and living expenses have been fixed for this purpose.

In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, ratification for the remuneration payable to the Cost Auditors for the Financial Year 2014-15 by way of an Ordinary Resolution is being sought from the members as set out at Item No.8 of the Notice.

14. PARTICULARS OF EMPLOYEES:

There are no employees covered by Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

15. TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The R & D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. Annexure A attached hereto provides the information required to be disclosed on the efforts made on Technology Development and Absorption as per Form B of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 read with section 217(1)(e).

16. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to paragraph No. 12 b) of accounts for the foreign exchange outgo and earnings of the Company.

17. APPRECIATION:

Your Directors wish to thank all the shareholders, bankers and clients for lending their support in various activities of the Company. Your Directors would like to place on record their appreciation to all the employees who have continued their support during the year.

FOR AND ON BEHALF OF THE BOARD,

Sd/- Sharad Taparia Managing Director

Date: 12th August, 2014 Place: Mumbai.

Corporate Office: B-3, MIDC Industrial Area, Village Mira, Mira Road 401104 Dist. Thane.

Mar 31, 2013

To , The Members of PERMANENT MAGNETS LIMITED.

The Directors have pleasure in presenting the 52nd Annual Report of the Company together with the Audited Statements of the Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS:

(Rs. In Lacs)

Particulars 31/03/2013 31/03/2012

Sales 4851.07 4684.13

Other Income 79.16 103.09

PBIDT & Extra Ordinary Items 394.58 497.70

Interest 349.53 574.95

Depreciation 85.36 84.37

Profit before Extra Ordinary Items & tax -40.31 -161.62

Extra Ordinary Items 215.55 ----

Profit before Tax -255.86 -161.62

Tax /Deferred Tax - -64.34

Profit/(Loss) for the year -255.86 -225.96

1. YEAR IN RETROSPECT

The Sales for the financial year under review increased by appx.3.5% as compared to previous year. However Profitability was under pressure due to payment pursuant to voluntary retirement scheme of employees during the year.

2. DIVIDEND:

Due to the losses during the period under review, the Board has considered it prudent not to declare any dividend.

3. WORKING FOR 2013-14:

The sales during April-July 2013 have been 15.01 Crores. The corresponding sales for the corresponding period of 2012- 13 were 14.18 Crores. Company is continuing focus on developing new products, which has reflected in marginal increase in sales.

4. FIXED DEPOSITS:

The company has not accepted any deposits from the public during the year pursuant to the provisions of section 58A of the Companies Act, 1956.

5. LISTING:

The shares of the Company are listed on "Bombay Stock Exchange Limited" at Mumbai. The Company has paid the applicable listing Fees to the Stock Exchange, Mumbai till date.

6. DIRECTORS:

Mr. Rajeev Mundra, Director of the Company retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

7. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 the Board of Directors confirms that:

a) In the preparation of the accounts, the applicable accounting standards have been followed.

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2013 and of the financial year and of the Profit or Loss of the Company for the year ended 31st March, 2013.

c) The Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The Directors have prepared the Annual accounts on a going concern basis.

8. CORPORATE GOVERNANCE:

The Corporate Governance Code as contained in the Listing Agreement with the Stock Exchange is applicable in the case of the Company. The Company has taken necessary steps for ensuring the compliance of the code. A separate section on Corporate Governance is annexed and forms an integral part of this Report.

9. SUBSIDIARIES:

Since the Company has no subsidiaries, provisions of section 212 of the Companies Act, 1956 is not applicable.

10. AUDITORS:

M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai retire as Auditors at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

11. EXPLANATION ON AUDITOR''S COMMENT

The Board have to state as under with reference to the Auditor''s certain remarks as contained in the annexure to the Auditor''s Report:

With reference to Para 11 of the Annexure to the Auditor''s Report, the Central Excise Loan has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies will be sorted out in due course of time. No material liability is expected in this regard. Please also refer to paragraph No. 28(e) in Accounts. As regard, the minor delay in repayment of instalments of term loan from bank was due to temporary cash flow gap, which has soon been corrected.

12. MANAGEMENT DISCUSSION AND ANALYSIS.

The Management Discussion and Analysis are annexed and forms an integral part of this report.

13. PARTICULARS OF EMPLOYEES:

There are no employees covered by Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

14. TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The R & D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. Annexure A attached hereto provides the information required to be disclosed on the efforts made on Technology Development and Absorption as per Form B of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 read with section 217(1)(e).

15. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to paragraph No.36(d) of accounts for the foreign exchange outgo and earnings of the Company.

16. APPRECIATION:

Your Directors wish to thank all the shareholders, bankers and clients for lending their support in various activities of the Company. Your Directors would like to place on record their appreciation to all the employees who have continued their support during the year.

FOR AND ON BEHALF OF THE BOARD,

Sd/-

Date : 7th August,2013 Sharad Taparia

Place : Mumbai. Managing Director

Corporate Office:

B-3, MIDC Industrial Area,

Village Mira, Mira Road 401104

Dist. Thane.

Mar 31, 2012

To, The Members, of PERMANENT MAGNETS LIMITED.

The Directors have pleasure in presenting the 51st Annual Report of the Company together with the Audited Statements of the Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS:

(Rs. In Lacs)

Particulars 31/03/2012 31/03/2011

Sale 4684.13 6207.81

Other Income 45.89 14.12

PBIDT & Extra Ordinary Items 420.71 411.48

Interest 497.95 300.83

Depreciation 84.37 88.45

Profit before Extra Ordinary Items & tax - 161.61 22.20

Extra Ordinary Items - 64.37 -

Profit before Tax - 161.61 22.20

Tax/Deferred Tax - (1.84)

Profit/(Loss) for the year - 225.96 24.04

1. YEAR IN RETROSPECT

The Sales for the financial year under review reduced by appx. 25% as compared to previous year. However Profitability was under pressure due to higher interest costs during the year.

2. DIVIDEND:

Due to the paucity of net profit and to conserve resources for growth, the Board has considered it prudent not to declare any dividend.

3. WORKING FOR 2012-13:

The sales during April-July 2012 has been 14.18 Crores. The corresponding sales for the corresponding period of 2011-12 was 14.45 Crores. Some customers have slowdown resulting in less sales. The company is focusing and development of new product to increase sales.

4. FIXED DEPOSITS:

The company has not accepted any deposits from the public during the year pursuant to the provisions of section 58A of the Companies Act, 1956.

5. LISTING:

The shares of the Company are listed on "Bombay Stock Exchange Limited" at Mumbai. The Company has paid the applicable listing Fees to the Stock Exchange, Mumbai till date.

6. DIRECTORS:

Mr. Arun Binani, Director of the Company retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

7. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 the Board of Directors confirms that:

a) In the preparation of the accounts, the applicable accounting standards have been followed.

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and of the financial year and of the Profit or Loss of the Company for the year ended 31st March, 2012.

c) The Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The Directors have prepared the Annual accounts on a going concern basis.

8. CORPORATE GOVERNANCE:

The Corporate Governance Code as contained in the Listing Agreement with the Stock Exchange is applicable in the case of the Company. The Company has taken necessary steps for ensuring the compliance of the code. A separate section on Corporate Governance is annexed and forms an integral part of this Report.

9. SUBSIDIARIES:

Since the Company has no subsidiaries, provisions of section 212 of the Companies Act, 1956 is not applicable.

10. AUDITORS:

M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai retire as Auditors at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

11. EXPLANATION ON AUDITOR'S COMMENT

The Board have to state as under with reference to the Auditor's certain remarks as contained in the Annexure to the Auditor's Report:

a) With reference to para 9(a) and para 9(b) of the Annexure to the Auditor's Report the item relates to a company that has merged in the company. The matter is being looked into and shall soon be appropriately dealt with.

b) With reference to para 11 of the Annexure to the Auditor's Report, the Central Excise Loan has remained unpaid as the matter is pending for the cause of implementing agency claiming compound interest on an interest free excise loan under a scheme of incentives. Matter with relevant agencies will be sorted out in due course of time. No material liability is expected in this regard. Please also refer to paragraph No. 27(f) in Accounts. As regard, the minor delay in repayment of installments of term loan from bank was due to temporary cash flow gap, which has soon corrected.

12. MANAGEMENT DISCUSSION AND ANALYSIS.

The Management Discussion and Analysis are annexed and forms an integral part of this report.

13. PARTICULARS OF EMPLOYEES:

There are no employees covered by Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended. The Company has offered VRS for its permanent employees.

14. TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The R&D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. Annexure A attached hereto provides the information required to be disclosed on the efforts made on Technology Development and Absorption as per Form B of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 read with section 217(1)(e).

15. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to paragraph No. 36(b) of accounts for the foreign exchange outgo and earnings of the Company.

16. APPRECIATION:

Your Directors wish to thank all the shareholders, bankers and clients for lending their support in various activities of the Company. Your Directors would like to place on record their appreciation to all the employees who have continued their support during the year.

FOR ANDON BEHALF OF THE BOARD,

Sd/- Sharad Taparia Managing Director

Date: 14th August, 2012 Place: Mumbai.

Corporate Office: B-3, MIDC Industrial Area, Village Mira, Mira Road 401104 Dist. Thane.

Mar 31, 2010

The Directors have pleasure in presenting the 49TH Annual Report of the Company together with the Audited Statements of the Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS:

(Rs. in Lakhs)

Particulars 31/03/2010 31/03/2009

Sales 4791.37 5963.49

Other Income 221.16 1173.15

PBIDT & Extra Ordinary Items 569.93 739.70

Interest 381.61 301.39

Depreciation 98.03 110.27

Profit before Extra Ordinary Items & tax 90.28 328.04

Extra Ordinary Items 66.92 94.58

Profit before Tax 23.36 233.46

Tax /Deferred Tax (2.51) 34.55

Profit/(Loss) for the year 25.88 198.91

1. YEAR IN RETROSPECT :

The Sales for the financial year under review have declined 20% as compared to previous year. The decline is due to postponement of orders by our customers mainly in export market. The global slowdown & recession has affected your Company badly. However sales picked up substantially during the current financial year

2. DIVIDEND:

To conserve resources for growth, the Board has considered it prudent not to declare any dividend.

3. WORKING FOR 2010-11:

The sales during April-June 2010 has been Rs. 1496 lakhs. The corresponding sales for the last year was Rs. 883 lakhs, showing significant increase of 69%. The trend is likely to continue during the entire year.

4. FIXED DEPOSITS:

The company has not accepted any deposits from the public during the year pursuant to the provisions of section 58A of the Companies Act, 1956.

5. LISTING:

The shares of the Company are listed on ÃBombay Stock Exchange LimitedÃ at Mumbai. The Company has paid the applicable listing fees to the stock exchange till date.

6. DIRECTORS:

Mr. Arun Binani, Director of the Company retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

7. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 the Board of Directors confirms that:

a) In the preparation of the accounts, the applicable accounting standards have been followed.

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2010 and of the Profit or Loss of the Company for the year ended on that date.

c) The Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The Directors have prepared the Annual accounts on a going concern basis.

8. CORPORATE GOVERNANCE:

The Corporate Governance Code as contained in the Listing Agreement with the Stock Exchange is applicable in the case of the Company. The Company has taken necessary steps for ensuring the compliance of the code. A separate section on Corporate Governance is annexed and forms an integral part of this Report.

9. SUBSIDIARIES:

Since the Company has no subsidiaries, provisions of Section 212 of the Companies Act, 1956 is not applicable.

10. COMMITTEES:

The Company has already constituted the Audit committee, Shareholders Committee, and Remuneration Committee pursuant to clause 49 of the Listing Agreement.

11. AUDITORS:

M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai retires as Auditor at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

The Auditors has also submitted Peer Review Certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India, New Delhi as required under Listing Agreement.

12. EXPLANATION ON AUDITORS COMMENT

The Board have to state as under with reference to the Auditors certain remarks as contained in the annexure to the Auditors Report:

(a) With reference to para 3(b) to 3(d) of the Annexure to the Auditors Report, a substantial part of the loans to entities covered under the register maintained pursuant to Section 301 did not involve any cash outgo from the Company and is purely of historical nature. No loan was granted during the year under report or arose during the year. The small accretion to the loan amount is only due to addition of interest charged on the opening balances of the loan which has been offered as income in the Companys tax returns. Further, one among the three parties has repaid their dues in full after the close of the financial year 2009-10. The Management is confident of receiving the entire amount in due course of time from the other two parties.

(b) With reference to para 9(a) to 9(c) of the Annexure to the Auditors Report, all the undisputed tax amounts shown therein have been either paid or have become subject matter of an appeal to the superior authorities after 31st March, 2010.

(c) With reference to para 11 of the Annexure to the Auditors Report, the Central Excise Loan has remained pending as the implementing agency has been claiming compound interest on what is supposed to be an interest free excise loan under a scheme of incentives. The Company will sort out the matter with relevant agencies in due course of time. No material liability is expected in this regard. Please also refer to point No. 2 (f) in Notes to Accounts.

13. INSIDER TRADING:

The Company has implemented a policy prohibiting Insider Trading in conformity with applicable regulations of the Securities Exchange Board of India ("SEBI"), which has been laid down for employees, connected persons and persons deemed to be connected for trading in the securities of the Company.

14. MANAGEMENT DISCUSSION AND ANALYSIS.

The Management Discussion and Analysis are annexed and forms an integral part of this report.

15. PARTICULARS OF EMPLOYEES:

In terms of the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, the names and other particulars of employees are set out in the Annexure B attached hereto.

16. TECHNOLOGY DEVELOPMENT AND ABSORPTION:

The R & D activity in the Company is mainly carried out by the key line manufacturing and technical personnel in alliance with the key technical sales personnel and outsourced consultants. Annexure A attached hereto provides the information required to be disclosed on the efforts made on Technology Development and Absorption as per Form B of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 read with section 217(1)(e).

17. FOREIGN EXCHANGE EARNING AND OUTGO:

Please refer to Note No. 20(6)C and 20(6)D of Notes to accounts for the foreign exchange earnings and outgo of the Company.

18. APPRECIATION:

Your Directors wish to thank all the shareholders, bankers and clients for lending their support in various activities of the Company. Your Directors would like to place on record their appreciation to all the employees who have continued their support during the year.

FOR AND ON BEHALF OF THE BOARD

Sd/- SHYAM SUNDER TAPARIA MANAGING DIRECTOR

Date: 12th August, 2010 Place: Mumbai.

Head Office: B-2/B-3, MIDC Industrial Area, Village Mira, Mira Road 401104 Dist. Thane.

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