~l~[~p~r~a~ti~k~p~a~n~e~lS~L~im~it~e~d~~~~ › bseplus › AnnualReport › 526490 › 52649… ·...

~l~[~p~r~a~ti~k~p~a~n~e~lS~L~im~it~e~d~~~~Corp Off . 8/101, Universal Paradise, Nanda Patkar Road, Vile Parle (E), Mumbai - 400 057. (MH).Tel· 022-26148355, Fax: 022-2614 5709 E-mail: [email protected], website : www.pratikpanels.com

CIN No : L36101CT1989PLC005107

Date: 24th September, 2018

To,BSELimited,P. J. Towers,Dalal Street, Fort,Mumbai-400 023.

Script Code: 526490

Sub: Submission of Annual Report for the year ended 31st March. 2018

Ref: Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.2015

Dear Sir,

Please find attached herewith the Annual Report of the Company for the year ended si''March, 2018 which was approved and adopted in the Annual General Meeting of the Companyheld on Friday, 21stSeptember, 2018.

Kindly take the same on your record.

Thanking you,

Yours faithfully,For Pratik Panels Limited,

~H·Sj'1lL:Gunwantraj Singhvi(Managing Director)DIN: 00218731

•

Regd. Off. : Near Milan Traders. Opp Bhatia Building. Jawahar Nagar. Raipur (c.g.) 492001

TWENTY NINETH ANNUAL REPORT

2017 - 2018

PRATIK PANELS LIMITEDRegistered Office : Jawahar Nagar, Near Milan Traders,Opp. Bhaa Building, Raipur (C.G.) - 492 001.

* PRATIK PANELS LIMITED *TWENTY NINETH ANNUAL REPORT

BOARD OF DIRECTORS 1. Shri Gunwant Raj M. Singhvi (Managing Director)

2. Shri Jayesh J. Shah (Independent Director)

3.ShriUttamchandB.Jain (Director–Resignedw.e.f.27thNovember,2017)

4.Smt.NishaSinghvi (Director)

5.ShriKulmeetSaggu (Independent Director)

COMPANY SECRETARY & COMPLIANCE OFFICER Mr. Denzil D’Souza

AUDITORS M/s. Monica Jain & Co. Chartered Accountants B-107/108,RolexShoppingCentre, StationRoad,Goregaon(West), Mumbai–400062.

BANKERS CentralBankofIndia MainBranchG.E.Road, Raipur[C.G.]492001.

REGISTERED OFFICE JawaharNagar,NearMilanTraders,

Opp.BhatiaBuilding,

Raipur[C.G,]492-001.

CIN L36101CT1989PLC005107

CORPORATE OFFICE B/101,UniversalParadise,NandaPatkarRoad, VileParle(East),Mumbai-400057.TELEPHONE NO 022-26148355

FAX NO 022-26145709

EMAIL ID [email protected]

WEBSITE www.pratikpanels.com

STOCK EXCHANGE WHERE SHARES LISTED BSELimited,Mumbai

REGISTRAR & SHARE TRANSFER AGENTS M/s.SharexDynamic(India)Pvt.Ltd. UnitNo.1,LuthraIndustrialPremises, SafedPool,AndheriKurlaRoad,Andheri(East), Mumbai[M.S.]400-072.

Pratik Panels Limited

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NOTICE

NOTICEisherebygiventhattheTwentyNinethAnnualGeneralMeetingofthemembersofPRATIKPANELSLIMITEDwillbeheldonFriday,21stSeptember,2018at11.00a.m.attheHeavens,2ndFloor,HotelVenkateshInternational,PhoolChowk,Raipur(C.G.)totransactthefollowingbusinesses:

ORDINARY BUSINESS:

1. Toreceive,considerandadopttheauditedFinancialStatementoftheCompanyforthefinancialyearended 31stMarch,2018togetherwiththereportsoftheBoardofDirectors&Auditorsthereon.

2. ToappointaDirectorinplaceofMrs.NishaSinghvi(DIN:05286282),whoretiresbyrotationintermsofSection152(6)oftheCompaniesAct,2013andbeingeligible,offersherselfforre-appointment.

3. ToappointM/s.JainJagawatKamdar&Co.,CharteredAccountants(FRN:122530W)astheStatutoryAuditorsoftheCompanyandtofixtheirremuneration.Inthisregardtoconsiderandifthoughtfit,topassthefollowingresolutionasanOrdinaryResolution:

“RESOLVED THAT pursuanttoSection139,142andotherapplicableprovisionsifany,oftheCompaniesAct,2013readwiththeCompanies(AuditandAuditors)Rules,2014,M/s.JainJagawatKamdar&Co.,CharteredAccountants(FirmRegistrationNo.122530W)beandareherebyappointedastheStatutoryAuditorsoftheCompanytofillthecasualvacancycausedbytheresignationofStatutoryAuditors,M/s.MonikaJain&Co.,CharteredAccountants(FirmRegistrationNo.130708W),toholdofficeforatermof5(five)yearsfromtheconclusionofthisAnnualGeneralMeetinguntiltheconclusionofthe 34thAnnualGeneralMeetingoftheCompanytobeheldintheyear2023,atsuchremunerationtoberecommendedbytheAuditCommitteeoftheBoardofDirectorsandfinalizedbytheBoardofDirectorsinconsultationwiththeStatutoryAuditors.”

SPECIAL BUSINESS:

4. To re-appointMr. Jayesh Shah (DIN: 00218776), as an IndependentDirector and in this regard toconsiderandifthoughtfit,topassthefollowingresolutionasaSpecialResolution:

“RESOLVED THATpursuanttotheprovisionsofSections149,150and152readwithScheduleIVandotherapplicableprovisions,ifany,oftheCompaniesAct,2013andtheCompanies(AppointmentandQualificationofDirectors)Rules,2014andtheapplicableprovisionsoftheSecuritiesandExchangeBoard of India (ListingObligations andDisclosure Requirements) Regulations, 2015 (including anystatutorymodification(s)orre-enactment(s)thereof,forthetimebeinginforce),Mr.JayeshShah(DIN:00218776),whowasappointedasanIndependentDirectorandwhoholdsofficeasanIndependentDirectoruptoMarch31,2019and,whohassubmittedadeclarationthathemeetsthecriteriaofindependenceunderSection149(6)oftheCompaniesAct,2013andbeingeligible,beandisherebyre-appointedasanIndependentDirectoroftheCompany,notliabletoretirebyrotationandtoholdofficeforasecondtermof5(five)consecutiveyears,i.e.uptoMarch31,2024.”

5. ToshifttheRegisteredOfficeoftheCompanyfromtheStateofChhattisgarhtotheStateofMaharashtra.Inthisregardtoconsiderandifthoughtfit,topassthefollowingresolutionasaSpecialResolution:

“RESOLVED THAT pursuanttotheprovisionsofSection12,13andotherapplicableprovisionsandrelevantrulesapplicable,ifany,oftheCompaniesAct,2013andsubjecttotheconfirmationoftheRegional Director and such other approvals, permissions and sanctions asmay be necessary, theconsentofthemembersoftheCompanybeandisherebyaccordedtoshifttheregisteredofficeoftheCompanyfromtheStateofChhattisgarhtotheStateofMaharashtra.


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RESOLVED FURTHER THAT theClauseNo.IIoftheMemorandumofAssociationoftheCompanybeandisherebysubstitutedbythefollowingClause:

II.TheregisteredofficeofthecompanywillbesituatedintheStateofMaharashtrai.e.withinthejurisdictionofRegistrarofCompanies,Maharashtra,atMumbai.

RESOLVED FURTHER THATforthepurposeofgivingeffecttothisresolution,theBoardofDirectorsoftheCompanybeandisherebyauthorisedtodoallsuchacts,deeds,mattersandthingsasitmayinitsabsolutediscretiondeemnecessaryordesirableforandonbehalfoftheCompany.”

ByOrderoftheBoard Pratik Panels Limited

Place:Mumbai (Gunwantraj M. Singhvi)Date:30thJuly,2018 ManagingDirector

DIN:00218731

NOTICE

1. AMEMBERENTITLEDTOATTENDANDVOTEATTHEANNUALGENERALMEETING ISENTITLEDTOAPPOINTAPROXYTOATTENDANDVOTEONAPOLLINSTEADOFHIMSELF/HERSELFANDSUCHPROXYNEEDNOTBEAMEMBEROFTHECOMPANY. THEPROXY INORDERTOBEVALIDANDEFFECTIVE,MUSTBEDELIVEREDATTHEREGISTEREDOFFICEOFTHECOMPANYNOTLESSTHANFORTY-EIGHTHOURSBEFORETHECOMMENCEMENTOFTHEMEETING.

2. AsperSection105oftheCompaniesAct,2013andrelevantrulesmadethereunder,apersoncanactasaproxyonbehalfofmembersnotexceeding50(fifty)andholdingintheaggregatenotmorethantenpercentofthetotalsharecapitaloftheCompanycarryingvotingrights.Amemberholdingmorethan10%(tenpercent)oftotalsharecapitaloftheCompanycarryingvotingrightsmayappointasinglepersonasproxyandsuchpersonshallnotactasaproxyforanyotherpersonorshareholder.

3. Members/ProxiesshouldbringtheenclosedAttendanceSlipdulyfilledin,forattendingthemeetingandtheproxyholdershouldprovehisidentityatthetimeofattendingthemeeting.AProxyFormwhichdoesnotstatethenameoftheProxyshallbeconsideredasinvalid.

4. Corporate members intending to send their authorised representative to attend the Meetingare requested to send to the Company a certified copy of theBoardResolution authorizing theirrepresentativetoattendandvoteontheirbehalfattheMeeting.

5. The relevant Explanatory Statements pursuant to Section 102(1) of the Companies Act, 2013, inrespectofitem4&5oftheNoticeassetoutabove,isannexedheretoandformspartoftheNotice.

6. IncaseofjointholdersattendingtheMeeting,onlysuchjointholderwhoishigherintheorderofnameswillbeentitledtovote.

7. IndividualShareholderscanavailofthefacilityofnomination.Thenomineeshallbetheperson inwhomallrightsoftransferand/oramountpayableinrespectofthesharesshallvestintheeventofthedeathoftheshareholder(s).AminorcanbeanomineeprovidedthenameoftheguardianisgivenintheNominationForm.Thefacilityofnominationisnotavailabletonon-individualshareholderssuchasBodiesCorporate,KartasofHinduUndividedFamilies,PartnershipFirms,Societies,TrustsandholdersofPowerofAttorney.Forfurtherdetails,pleasecontacttheCompany’sCorporateoffice.


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8. Membersarerequestedto:

(a) intimatetotheCompany’sRegistrarandShareTransferAgents,changes, ifany, in their respectiveaddressesalongwithPinCodeNumberatanearlydate.

(b) QuoteFolioNumbersinalltheircorrespondence.

(c) ConsolidateholdingsintoonefolioincaseofmultiplicityofFolioswithnamesinidenticalorders.

9. With the aim of curbing fraud and manipulation risk in physical transfer of securities, SEBI has notified the SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 on June 8, 2018 to permit transfer of listed securities only in the dematerialized form with a depository from 5th December, 2018. In view of the above and the inherent benefits of holding shares in electronic form, we urge the shareholders holding shares in physical form to opt for dematerialization. Shareholders can contact the Company’s Registrar and Transfer Agents, M/s. Sharex Dynamic (India) Private Limited for assistance in this regard.

10. QueriesonaccountsandoperationsoftheCompany,ifany,maypleasebesenttotheCompanyatleastsevendaysinadvanceofthemeetingsothattheinformationmaybemadereadilyavailableattheMeeting.

11. TheRegisterofMembersandtheShareTransferBooksoftheCompanywillbeclosedfromMonday,17thSeptember,2018toFriday,21stSeptember,2018(bothdaysinclusive)forthepurposeofAnnualGeneralMeetingoftheCompany.

12. VOTING THROUGH ELECTRONIC MEANS:

In compliancewithSection108of theCompaniesAct,2013, readwithRule20of theCompanies(Management and Administration) Rules, 2014 as amended by the Companies (ManagementandAdministration)Rules, 2015andRegulation44of the SEBI (ListingObligations andDisclosureRequirements)Regulations,2015,theCompanyispleasedtooffere-votingfacilityasanalternativemodeofvotingwhichwillenablethememberstocasttheirvoteelectronically.ThemembersmaycasttheirvoteusinganelectronicvotingsystemfromaplaceotherthanthevenueoftheAGM(“remotee-voting”). Necessary arrangements have been made by the Company with Central DepositoryServices(India)Limited(CDSL)tofacilitatee-voting.

ThefacilityforvotingthroughpollingpapershallbemadeavailableattheAGMandthemembersattendingtheAGMwhohavenotcasttheirvotebyremotee-votingshallbeabletoexercisetheirrightattheAGM.Thememberswhohavecasttheirvotebyremotee-votingpriortotheAGMmayalsoattendtheAGMbutshallnotbeentitledtocasttheirvoteagain.

The instructions for members for remote e-voting are as under:

(i) Thevotingperiodbeginson18thSeptember,2018at9.00a.m.ISTandendson20thSeptember,2018at5.00p.m. IST.DuringthisperiodshareholdersoftheCompany,holdingshareseitherinphysicalformorindematerializedform,asonthecut-offdate(recorddate)14thSeptember,2018maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyCDSLforvotingthereafter.

(ii) Shareholderswhohavealreadyvotedpriortothemeetingdatewouldnotbeentitledtovoteatthemeetingvenue.

(iii) Theshareholdersshouldlogontothee-votingwebsitewww.evotingindia.com.


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(iv) Nextclickon“Shareholders”tabtocastyourvotes.

(v) NowEnteryourUserID

a. ForCDSL:16digitsbeneficiaryID,

b. ForNSDL:8CharacterDPIDfollowedby8DigitsClientID,

c. MembersholdingsharesinPhysicalFormshouldenterFolioNumberregisteredwiththeCompany.

(vi) NextentertheImageVerificationasdisplayedandClickonLogin.

(vii) Ifyouareholdingsharesindematformandhadloggedontowww.evotingindia.comandvotedonanearliervotingofanycompany,thenyourexistingpasswordistobeused.

(viii) Ifyouareafirsttimeuserfollowthestepsgivenbelow:

For Members holding shares in Demat Form and Physical Form

PAN Enter your10digit alpha-numericPAN issuedby IncomeTaxDepartment(Applicableforbothdematshareholdersaswellasphysicalshareholders)•MemberswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipantarerequestedtousethefirsttwolettersoftheirnameandthe8digitsofthesequencenumberinthePANfield.

• In case the sequence number is less than 8 digits enter the applicablenumber of 0’s before the number after the first two characters of thenameinCAPITALletters.Eg.IfyournameisRameshKumarwithsequencenumber1thenenterRA00000001inthePANfield.

Dividend Bank DetailsORDate of Birth (DOB)

EntertheDividendBankDetailsorDateofBirth(indd/mm/yyyyformat)asrecordedinyourdemataccountorinthecompanyrecordsinordertologin.• Ifboththedetailsarenotrecordedwiththedepositoryorcompanypleaseenterthememberid/folionumberintheDividendBankdetailsfieldasmentionedininstruction(v).

(ix) Afterenteringthesedetailsappropriately,clickon“SUBMIT”tab.

(x) MembersholdingsharesinphysicalformwillthendirectlyreachtheCompanyselectionscreen.However,members holding shares in demat formwill now reach ‘Password Creation’menuwhereintheyarerequiredtomandatorilyentertheirloginpasswordinthenewpasswordfield.Kindlynotethatthispasswordistobealsousedbythedematholdersforvotingforresolutionsofanyothercompanyonwhichtheyareeligibletovote,providedthatcompanyoptsfore-votingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

(xi) ForMembersholdingsharesinphysicalform,thedetailscanbeusedonlyfore-votingontheresolutionscontainedinthisNotice.

(xii) ClickontheEVSNfortherelevant‘PratikPanelsLtd.’onwhichyouchoosetovote.

(xiii) Onthevotingpage,youwillsee“RESOLUTIONDESCRIPTION”andagainstthesametheoption“YES/NO”forvoting.SelecttheoptionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissenttotheResolution.


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(xiv) Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.

(xv) Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.

(xvi) Onceyou“CONFIRM”yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.

(xvii)Youcanalsotakeaprintofthevotescastbyclickingon“Clickheretoprint”optionontheVotingpage.

(xviii)IfademataccountholderhasforgottentheloginpasswordthenEntertheUserIDandtheimageverificationcodeandclickonForgotPassword&enterthedetailsaspromptedbythesystem.

(xix) Shareholderscanalsocast theirvoteusingCDSL’smobileappm-Votingavailable forandroidbasedmobiles. Them-Voting app can be downloaded from Google Play Store. iPhone andWindowsphoneuserscandownloadtheappfromtheAppStoreandtheWindowsPhoneStorerespectively.Pleasefollowtheinstructionsaspromptedbythemobileappwhilevotingonyourmobile.

(xx) NoteforNon–IndividualShareholdersandCustodians

• Non-Individualshareholders(i.e.otherthanIndividuals,HUF,NRIetc.)andCustodianarerequiredtologontowww.evotingindia.comandregisterthemselvesasCorporates.

• AscannedcopyoftheRegistrationFormbearingthestampandsignoftheentityshouldbeemailedtohelpdesk.evoting@cdslindia.com.

• AfterreceivingthelogindetailsaComplianceUsershouldbecreatedusingtheadminloginandpassword.TheComplianceUserwouldbeabletolinktheaccount(s)forwhichtheywish to vote on.

• Thelistofaccountslinkedintheloginshouldbeemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccountstheywouldbeabletocasttheirvote.

• Ascannedcopyof theBoardResolutionandPowerofAttorney (POA)whichtheyhaveissuedinfavouroftheCustodian,ifany,shouldbeuploadedinPDFformatinthesystemforthescrutinizertoverifythesame.

(xxi) Incaseyouhaveanyqueriesorissuesregardinge-voting,youmayrefertheFrequentlyAskedQuestions(“FAQs”)ande-votingmanualavailableatwww.evotingindia.com,[email protected].

13. Oncethevoteonaresolutioniscastbytheshareholderthroughremotee-voting,theshareholdershallnotbeallowedtochangeitsubsequently.

14. ThevotingrightoftheshareholdersshallbeinproportiontotheirsharesinthepaidupequitycapitaloftheCompanyasonthecut-offdate.

15. AcopyofthisnoticeisplacedonthewebsiteoftheCompanyandthewebsiteofCDSL.

16. Mr.AshishO.Lalpuria,PracticingCompanySecretary(CertificateofPracticeNumber11155)hasbeenappointedasscrutinizerforconductingthee-votinginfairandtransparentmanner.


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17. TheScrutinizershallaftertheconclusionofthevotingattheAGM,firstcountthevotescastatthemeeting,thereafterunblockthevotescastthroughremotee-votinginthepresenceofatleasttwowitnessesnotintheemploymentoftheCompanyandmakenotlaterthan3daysoftheconclusionofAGM,aconsolidatedScrutinizerReportofthetotalvotescastinfavouroragainst,ifany,totheChairmanorapersonauthorisedbytheChairman inwriting,whoshallcountersignthesameanddeclaretheresultofthevotingforthwith.

18. The resultdeclaredalongwith theScrutinizerReport shall beplacedon theCompany’swebsite -www.pratikpanels.comand thewebsiteofCDSLwithin twodaysofpassing the resolutionsat theAGMoftheCompanyandcommunicatedtoBSELtd.

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013:

Item No. 4

Mr.JayeshShah(DIN:00218776)wasappointedasan IndependentDirectoroftheCompanyundertheprovisions of the CompaniesAct, 2013, vide resolutionpassed by themembers at theAnnualGeneralMeetingheldon27thSeptember,2014andheholdsofficeasanIndependentDirectoroftheCompanyuptoMarch31,2019(“firstterm”).

PursuanttotheprovisionsofSection149andotherapplicableprovisionsoftheCompaniesAct,2013,anIndependentDirectorshallholdofficeforatermuptofiveconsecutiveyearsontheBoardofaCompany,andshallbeeligibleforre-appointmentonpassingofaspecialresolutionbytheCompanyanddisclosureofsuchappointmentinBoard’sreport.

TheNominationandRemunerationCommittee(NRC)oftheBoardofDirectors,onthebasisofthereportofperformanceevaluation,hasrecommendedre-appointmentofMr.JayeshShahasanIndependentDirectorforasecondtermof5(five)consecutiveyearsontheBoardoftheCompanyfrom1stApril,2019to31st March,2024.

TheBoard,basedontheperformanceevaluationandaspertherecommendationoftheNRC,considersthatgivenhisbackgroundandexperienceandcontributionsmadebyhimduringhistenure,thecontinuedassociation ofMr. Jayesh Shahwould be beneficial to the Company and it is desirable to continue toavail his services as an IndependentDirector.Accordingly, it is proposed to re-appointMr. Jayesh ShahasanIndependentDirectoroftheCompany,notliabletoretirebyrotation,forasecondtermof5(five)consecutiveyearsontheBoardoftheCompany.

Mr.JayeshShahisnotdisqualifiedfrombeingappointedasaDirectorintermsofSection164oftheActandhas given his consent to act as a Director.

TheCompanyhasalsoreceiveddeclarationfromMr.JayeshShahthathemeetsthecriteriaofindependenceasprescribedbothunderSection149(6)oftheActandundertheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015(“ListingRegulations”).

IntheopinionoftheBoard,Mr.JayeshShahfulfilstheconditionsforappointmentasanIndependentDirectorasspecifiedintheActandtheListingRegulations.Mr.JayeshShahisindependentofthemanagement.

DetailsofMr.JayeshShah,areprovidedinthe“Annexure”totheNotice.

CopyofdraftletterofappointmentofMr.JayeshShahsettingoutthetermsandconditionsofappointmentisavailableforinspectionbythemembersattheregisteredofficeoftheCompany.


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Mr.JayeshShahis interestedintheresolutionsetoutat ItemNo.4oftheNoticewithregardtohisre-appointment.Saveandexcepttheabove,noneoftheotherDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,financiallyorotherwise,intheresolution.

ThisstatementmayalsoberegardedasanappropriatedisclosureundertheActandtheListingRegulations.

TheBoardcommendstheSpecialResolutionsetoutatItemNo.4oftheNoticeforapprovalbythemembers.

Item No. 5

TheBoardofDirectorsproposes to shift the registeredofficeof theCompany, subject toall regulatoryapprovals, from the State of Chhattisgarh to the State ofMaharashtra. In view of the fact that all theDirectorsof theCompanyarebasedatMumbai (Maharashtra), itwouldbe convenient to carryon thebusiness activities of the Companymore efficiently and smoothly fromMumbai. SinceMaharashtra isoneofthemostdevelopedstatesinthecountry,thereistremendousscopefordevelopmentofIndustry,TradeandCommerce,andthereforetheshiftingoftheRegisteredOfficeshallhelpinbetterconductofthebusinessactivities.Hence,asawholeitwouldbeintheinterestoftheCompany,itsmembersandgeneralpublictoshifttheRegisteredOfficeoftheCompanytotheStateofMaharashtra.

Aspersection12oftheCompaniesAct,2013theregisteredofficeoftheCompanymaybeshiftedoutsidethelocallimitsofanycity,townorvillageontheauthorityofthespecialresolutionpassedbytheCompanyandsubjecttotheconfirmationoftheRegionalDirector,therefore,ithasbecomenecessarytoseekyourconsentbywayofspecialresolutiontogiveeffecttosuchprovision.

Furtheraspersection110oftheCompaniesAct,2013readwithRule22oftheCompanies(ManagementandAdministration)Rules,2014,thesaidresolutionisrequiredtobepassedthroughpostalballot.However,aspersection29oftheCompaniesAmendmentAct,2017(w.e.f.9thFebruary,2018),anyitemofbusinessrequiredtobetransactedbymeansofpostalballotmaybetransactedatageneralmeetingbyacompanywhichisrequiredtoprovidethefacilitytomemberstovotebyelectronicmeansundersection108oftheCompaniesAct,2013.ThereforeastheCompanyisprovinge-votingfacilityfortheresolutionstobepassedattheensuingAnnualGeneralMeeting,thesaidresolutionforshiftingofRegisteredOfficeoftheCompanyisnotrequiredtobepassedthroughpostalballot.

DraftamendedcopyoftheMemorandumofAssociationhasbeenplacedattheRegisteredOfficeoftheCompanyforinspectionduringthebusinesshours.

NoneoftheDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,financiallyorotherwise,intheresolutionexcepttotheextentofsharesheldbythemintheCompany.

TheBoardcommendstheSpecialResolutionsetoutatItemNo.5oftheNoticeforapprovalbythemembers.

ByOrderoftheBoard Pratik Panels Limited

Place:Mumbai (Gunwantraj M. Singhvi)Date:30thJuly,2018 ManagingDirector

DIN:00218731


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Disclosure relating to Directors seeking appointment/re-appointment pursuant to Regulation 36 (3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and Clause 1.2.5 of the Secretarial Standard 2 on General Meetings:

Particulars Mrs. Nisha Singhvi Mr. Jayesh Shah

Age 35 yrs 60yrs

Qualification B.Com B.Com

Experience EngagedinadministrativefunctionsoftheCompany.

Engagedintimberandplywoodbusiness

Terms & Conditions of appointment/ re-appointment

Re-appointmentasDirectorliabletoretirebyrotation.

Re-appointmentasIndependentDirectorforsecondtermof5yearsfrom1stApril2019to31stMarch,2024.

Remuneration to be paid Nil Nil

Remuneration last drawn Nil Nil

Date of first appointment on Board

31.03.2015 20.12.2005

Shareholding in the Company 11378equityshares 600equityshares

Relationship with other Directors/Manager/Key Managerial Personnel

Daughter in Law of Mr.GunwantrajSinghvi,Managing Director of the Company.

Nil

Number of Board Meetings attended during 2017-18

Three Four

Directorships of other Boards as on March 31, 2018

Nil Nil

Membership / Chairmanship of Committees of other Boards as on March 31, 2018

Nil Nil


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DIRECTORS’ REPORT

ToTheMembers,

YourDirectorspresentherewiththe29thAnnualReportalongwiththeAuditedFinancialStatementfortheyearended31stMarch2018.

1. FINANCIAL RESULTS:

(Rs.inlakhs)

Year ended on 31-03-2018

Year ended on 31-03-2017

TotalIncome 7.30 10.00

GrossProfitbeforeInterest&ExtraordinaryItem 0.72 0.58

Less:Interest&Financecharges 0 0

Less:ExtraordinaryItem 0

Profit/(Loss)beforeTax 0.72 0.58

Less:ProvisionforTaxation -- --

Profit/(Loss)afterTaxation 0.72 0.58

Balancebroughtforwardfrompreviousyear (368.65) (369.23)

BalancecarriedtoBalanceSheet (367.93) (368.65)

2. FINANCIAL PERFORMANCE

During the current year, your Company has registered revenue of Rs. 7.30 lakhs, as compared toRs.10lakhsinthepreviousfinancialyear.YourcompanyhasearnedanetprofitofRs.0.72lakhsascomparedtoprofitofRs.0.58lakhsinthepreviousfinancialyear.

3. OPERATIONS & STATE OF AFFAIRS OF THE COMPANY

During the year, the Company had not ventured into any new business and had not carried outany business activities. TheManagement is still looking for newbusiness avenues for the growththeCompany.Asthenewareaofoperationisstillunderconsideration,yourDirectorsareunabletocommentonthefutureprospectsoftheCompany.

4. CHANGE IN NATURE OF BUSINESS

Duringthefinancialyear2017-18,Companyhasnotchangeditsnatureofbusinessandnotcarriedoutanyactivityduringtheyear.

5. CONSOLIDATION OF ACCOUNTS OF SUBSIDIARY COMPANY

SincetheCompanydoesnothaveanysubsidiary,thereisnorequirementforconsolidationofaccountandtoprovidestatementcontainingthesalientfeaturesofthefinancialstatementofthesubsidiary.

6. DETAILS OF NEW SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

During the financial year, no Company became or ceased to be the Subsidiary, Joint Venture orAssociateCompany.


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7. DIVIDEND AND TRANSFER TO RESERVES

InviewoftheaccumulatedlossesoftheCompany,yourDirectorsdonotrecommendanydividendfortheyear2017-18andnoamounthasbeentransferredtoReserveduringtheyear2017-18.

8. DEPOSIT

Duringtheyearunderreview,yourCompanyhasneitheracceptednorrenewedanydepositswithinthemeaningofSection73oftheCompaniesAct,2013.

9. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF FINANCIALYEARANDDATEOFREPORT

Thereisnooccurrenceofmaterialchangeandcommitmentmadebetweentheendofthefinancialyearanddateofthisreportwhichhasaffectedthefinancialpositionofthecompany.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the recommendationof theNomination andRemunerationCommittee, the Board ofDirectors of the Company vide resolution passed on July 27, 2017 approved re-appointment of Mr. GunwantrajM. Singhvi asManaging Director on the Board of the Companywith effect fromSeptember22,2017foraperiodof3years,whichwasapprovedbytheshareholdersatthe28th AGM heldon30thSeptember,2017.

Mr.UttamchandJain,hasresignedasDirectoroftheCompanyw.e.f.27thNovember,2017.

InaccordancewiththeprovisionsofSection152(6)oftheCompaniesAct,2013,Mrs.NishaSinghvi,DirectoroftheCompanyretiresbyrotationandbeingeligible,offersherselfforre-appointmentattheensuingAnnualGeneralMeeting.

None of the Directors of the Company are disqualified for being appointed and re-appointed asDirectorsintermsofSection164oftheCompaniesAct,2013.

11. DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declarations from both the Independent Directors of the Companyconfirmingthattheymeetthecriteriaofindependenceasprescribedundertheapplicableprovisionsofsection149(6)oftheAct.

12. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of Annual Return in FormMGT-9 is annexed herewith as“Annexure I”.

13. MEETINGS

ThedetailsofdateofmeetingsofBoardofDirectorsanditsCommitteesalongwiththeattendanceofeachdirectorattheMeetingsoftheBoardandCommitteesareannexedherewithas“Annexure II”. TheinterveninggapbetweentheBoardmeetingswerewithintheperiodprescribedundertheCompaniesAct,2013andtheSecretarialStandardonBoardMeetingsissuedbyICSI.

14. DIRECTORS’ RESPONSIBILITY STATEMENT

PursuanttoSection134(3)(c)and134(5)oftheCompaniesAct,2013,theBoardofDirectors,tothebestoftheirknowledgeandability,confirmthat:

(i) in the preparation of the annual accounts, the applicable accounting standards had beenfollowedandthattherewerenomaterialdepartures;


13

(ii) thedirectorshadselectedsuchaccountingpoliciesandapplied themconsistentlyandmadejudgmentsandestimatesthatarereasonableandprudent,soastogiveatrueandfairviewofthestateofaffairsofthecompanyattheendofthefinancialyearandoftheprofitoftheCompanyfortheperiod;

(iii) thedirectorshadtakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheAct,forsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;

(iv) thedirectorshavepreparedtheannualaccountsonagoingconcernbasis;

(v) thatproperinternalfinancialcontrolswereinplaceandthatthefinancialcontrolswereadequateandoperatingeffectively.

(vi) the directors have devised proper systems to ensure compliance with the provisions of allapplicablelawsandthatsuchsystemsareadequateandoperatingeffectively.

15. CORPORATE SOCIAL RESPONSIBILITY

Theprovisionof Section135pertaining toCorporateSocialResponsibility isnot applicable to theCompanyforthefinancialyear2017-18.

16. AUDIT COMMITTEE AND NOMINATION & REMUNARATION COMMITTEE

The Audit Committee of the Company is constituted in accordance with Section 177(2) of theCompaniesAct,2013.TheCompositionoftheAuditCommitteeisasfollows:

Name of the Director Category Status

Mr. Jayesh Shah IndependentNon-Executive Chairman

Mr.KulmeetSaggu IndependentNon-Executive Member

Mr. Gunwantraj Singhvi PromoterExecutive Member

TheBoardhas,ontherecommendationoftheNominationandRemunerationCommitteeframedapolicyforselectionandappointmentofDirectors,SeniorManagementandtheirremuneration.TheNominationandRemunerationPolicyisannexedherewithas“Annexure III”.

17. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Duringtheyear,thecompanyhasnotgivenanyloansorguaranteeorprovidedanysecuritytoanypersonsorbodycorporateormadeinvestmentinanysecuritywithinthemeaningofSection186oftheCompaniesAct,2013.

18. RELATED PARTY CONTRACTS

Duringtheyear,Companyhasnotenteredintoanytransactionreferredtoinsub-section(1)ofsection188of theCompaniesAct, 2013 readwithRule 15of theCompanies (Meetingsof Board and itspowers)Rules,2014withrelatedparties.

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

Duringtheyear,companyhasnotundertakenanyoperationalactivities.However,asrequiredunderSection134(3)oftheCompaniesAct,2013readwithRule8(3)oftheCompanies(Accounts)Rules,2014theinformationrelatingtoconservationofenergy,technologyabsorptionandforeignexchangeearningsandoutgo,totheextentapplicableisannexedherewithas“Annexure IV”.


14

20. RISK MANAGEMENT

Yourcompanyhasbeenregularlyassessingtheriskandensuresthattheriskmitigationplansareinplace.

21. FORMAL ANNUAL EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors, Board,CommitteesandotherindividualDirectorswhichincludecriteriaforperformanceevaluationofthenon–executivedirectorsandexecutivedirectors.

OnthebasisofthePolicyforperformanceevaluationofIndependentDirectors,Board,CommitteesandotherindividualDirectors,aprocessofevaluationwasfollowedbytheBoardforitsownperformanceandthatofitsCommitteesandindividualDirectors.

At a separate meeting of independent Director, performance of non-independent directors,performanceoftheBoardasawholeandperformanceoftheChairmanwasevaluated,takingintoaccounttheviewsofexecutivedirectorsandnon-executivedirectors.

22. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

TherearenosignificantandmaterialorderspassedbytheRegulators/CourtsthatwouldimpactthegoingconcernstatusoftheCompanyanditsfutureoperations.

23. INTERNAL FINANCIAL CONTROL

YourCompanyhasInternalControlsystemtoensureaneffectiveinternalcontrolenvironmentthatprovidesassuranceontheefficiencyofconductingbusiness,includingadherencetotheCompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessofAccountingrecordsandthetimelypreparationofreliablefinancialdisclosures.

24. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT, 2013.

YourDirectorsstatethatduringtheyearunderreview,therewerenocasesreportedpursuanttotheSexualHarassmentofWomenatWorkplace(PreventionProhibitionandRedressal)Act,2013.

25. ESTABLISHMENT OF VIGIL MECHANISM

The Company has a VigilMechanism to dealwith the instances of fraud andmismanagement, ifany. TheVigilMechanismPolicy had been recommendedby theAudit Committee and thereafterapprovedandadoptedbytheBoardofDirectorsoftheCompany.ThevigilmechanismisavailableontheCompany’swebsiteatwww.pratikpanels.com

26. PARTICULARS OF EMPLOYEES:

In terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies(Appointment and Remuneration ofManagerial Personnel) Rules, 2014, disclosures pertaining toremunerationandotherdetailsareappendedas‘AnnexureV’totheDirectors’Report.

NoneoftheemployeesoftheCompanyemployedthroughouttheyearwereinreceiptofremunerationinexcessofthelimitssetoutinRule5(2)ofthesaidrules.


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27. AUDITORS

Statutory Auditors

The present Auditor, M/s.Monika Jain & Co., Chartered Accountants (ICAI Firm Registration No.130708W)wereappointedastheStatutoryAuditorsoftheCompanyattheAnnualGeneralMeetingof themembers held on 30th September, 2017 for a termof 5 years.However, theCompanyhasreceivedaletterofresignationfromtheStatutoryAuditorsexpressingtheirunwillingnesstoactastheAuditorsoftheCompanyduetopreoccupation.

TheAuditCommitteeoftheCompanyhasproposedtheBoardandtheBoardisrecommendingtothemembers,theappointmentofM/s.JainJagawatKamdar&Co.,CharteredAccountants(ICAIFirmRegistrationNo.122530W)inplaceofM/s.MonikaJain&Co.,CharteredAccountantsasStatutoryAuditorsof theCompany foraperiodof5 (five)years fromtheconclusionof theensuingAnnualGeneralMeetingtilltheconclusionofthe34thAnnualGeneralMeetingtobeheldintheyear2023.

TheCompanyhasreceivedawrittenconsentandcertificatefromM/s.JainJagawatKamdar&Co.,Chartered Accountants, (Firm Reg. No. 122530W), to the effect that their appointment, ifmade,wouldbewithintheprescribedlimitsunderSection141(3)(g)oftheCompaniesAct,2013.

NecessaryresolutionforappointmentofthesaidAuditorsisincludedintheNoticeofAnnualgeneralMeetingforseekingapprovalofmembers.

Secretarial Auditor

TheBoardhadappointedM/s.JayshreeA.Lalpuria&Co,PractisingCompanySecretaries,toconductSecretarialAudit for thefinancialyear2017-18.TheSecretarialAuditReport for thefinancialyearended 31stMarch,2018isannexedherewithas“Annexure VI”.

28. AUDITOR’S REPORT

Statutory Auditor’s Report

TheStatutoryAuditorshaveexpressedanunmodifiedopinionintheAuditReportinrespectoftheauditedfinancialstatementforthefinancialyearended31stMarch,2018.TherearenoqualificationsoradverseremarksintheStatutoryAuditors’ReportwhichrequireanyexplanationfromtheBoardofDirectors.

Reporting of fraud by the Auditor under Section 143(12) of the Companies Act, 2013

TheBoardofDirectorsstatethatM/s.MonikaJain&Co.,StatutoryAuditorshavenotreportedofanyfraudinvolvinganyamountcommittedbytheCompanytotheCentralGovernment,AuditCommitteeortotheBoardofDirectorsoftheCompany.

Secretarial Auditor’s Report

AsregardsremarksoftheSecretarialAuditorinherreport,theDirectorswishtoclarifythat:

TheCompanyhasnotcarriedoutanybusinessactivityduringtheyearandduetofinancialconstraintsCompanycouldnotappointInternalAuditorpursuanttosection138oftheCompaniesAct,2013,Chief FinancialOfficeras requiredunderSection203(1)of theActanddidnotpublish thenoticeof closureof itsRegisterofmembersand transfer register innewspapers as required tobegivenpursuanttosection91oftheCompaniesAct,2013andintimationregardingBoardMeetingandalsoitsAudited(yearly)andUn-audited(quarterly)FinancialResultsasrequiredunderRegulation47ofSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015.


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29. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

TheManagementDiscussionandAnalysisReportas requiredunderRegulation34(2)of SecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015isprovidedinAnnexureVIIandformsapartoftheAnnualReport.

ACKNOWLEDGEMENT

TheDirectorswishtoplaceonrecordtheirappreciationofthecontinuedsupportandcooperationreceivedfromvariouscustomers,banks,employeesandotherstakeholdersofthecompany.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORSPRATIK PANELS LIMITED

GUNWANTRAJ M. SINGHVI JAYESH SHAHMANAGING DIRECTOR DIRECTORDIN: 00218731 DIN: 00218776

Place : MumbaiDate : 30th July, 2018


17

Annexure IFORM NO. MGT 9

EXTRACT OF ANNUAL RETURNAs on financial year ended on 31.03.2018

Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Company (Management & Administration) Rules, 2014.

I. REGISTRATION & OTHER DETAILS:

1. CIN L36101CT1989PLC005107

2. RegistrationDate 27/02/1989

3. NameoftheCompany PratikPanelsLimited

4. Category/Sub-categoryoftheCompany CompanyLimitedbyShares/Non-GovernmentCompany

5. AddressoftheRegisteredoffice&contactdetails

NearMilanTraders,BhatiaBuilding,JawaharNagar,Raipur–493221

6. Whetherlistedcompany Yes

7. Name,Address&contactdetailsoftheRegistrar&TransferAgent,ifany.

M/s.SharexDynamic(India)Pvt.Ltd.UnitNo.1,LuthraIndustrialPremises,SafedPool,AndheriKurlaRoad,Andheri(East),Mumbai[M.S.]400-072.Tel:28515606/28515644Fax:28512885Email:[email protected]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

Sl. No.

Name and Description of main products / services

NIC Code of the Product/service

% to total turnover of the company

1 Nil

TheCompanyhasnotcarriedoutanybusinessactivitiesduringtheyear.TheCompanyhasearnedrevenuefromthesaleofscrapanddamagedgoods.

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

Sl. No.

NameandAddress of the

Company

CIN/GLN Holding/Subsidiary/Associate

%ofsharesheld ApplicableSection

NotApplicable


18

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

(i) Category-wise Share Holding

Category of Shareholders

No.ofSharesheldatthebeginningoftheyear[Ason1-April-2017]

No. of Shares held at the end of the year[Ason31-March-2018]

%Changeduring

the year Demat Physical Total %of

TotalShares

Demat Physical Total %ofTotal

Shares

A. Promoters

(1) Indian

a)Individual/HUF 1529213 500 1529713 39.239 1529213 500 1529713 39.239 0

b)CentralGovt. 0 0 0 0 0 0 0 0 0

c) State Govt(s) 0 0 0 0 0 0 0 0 0

d)BodiesCorp. 0 0 0 0 0 0 0 0 0

e)Banks/FI 0 0 0 0 0 0 0 0 0

f) Any other 0 0 0 0 0 0 0 0 0

Sub-total(A)(1) 1529213 500 1529713 39.239 1529213 500 1529713 39.239 0

(2) Foreign

a)NRIs-Individuals 0 0 0 0 0 0 0 0 0

b)otherindividuals 0 0 0 0 0 0 0 0 0

c)BodiesCorp. 0 0 0 0 0 0 0 0 0

d)Banks/FI 0 0 0 0 0 0 0 0 0

e) Any other 0 0 0 0 0 0 0 0 0

Sub-total(A)(2) 0 0 0 0 0 0 0 0 0

Total shareholding of Promoter (A)=(A)(1)+(A)(2)

1529213 500 1529713 39.239 1529213 500 1529713 39.239 0

B. Public Shareholding

1. Institutions

a)MutualFunds

b)Banks/FI 0 0 0 0 0 0 0 0 0

c) Central Govt 0 0 0 0 0 0 0 0 0

d) State Govt(s) 0 0 0 0 0 0 0 0 0

e) Venture Capital Funds

0 0 0 0 0 0 0 0 0

f) Insurance Companies

0 0 0 0 0 0 0 0 0

g)FIIs 0 0 0 0 0 0 0 0 0

h)ForeignVentureCapitalFunds

0 0 0 0 0 0 0 0 0


19

Category of Shareholders

No.ofSharesheldatthebeginningoftheyear[Ason1-April-2017]

No. of Shares held at the end of the year[Ason31-March-2018]

%Changeduring

the year Demat Physical Total %of

TotalShares

Demat Physical Total %ofTotal

Shares

i) Others (specify) 0 0 0 0 0 0 0 0 0

Sub-total(B)(1):- 0 0 0 0 0 0 0 0 0

2. Non-Institutions 0 0 0 0 0 0 0 0 0

a) Bodies Corp.

i) Indian 64175 2400 66575 1.708 70925 2400 73325 1.881 0.173

ii) Overseas 0 0 0 0 0 0 0 0 0

b)Individuals

i) Individual shareholders holdingnominalshare capital upto Rs.2lakh

1134730 942410 2077140 53.280 1126942 938010 2064952 52.968 -0.312

ii) Individual shareholders holdingnominalshare capital in excessofRs2lakh

151601 0 151601 3.890 152027 0 152027 3.900 0.010

c) Others (specify)

Non Resident Indians

2900 0 2900 0.074 850 0 850 0.022 -0.052

Overseas Corporate Bodies

0 0 0 0 0 0 0 0 0

ForeignNationals 0 0 0 0 0 0 0 0 0

ClearingMembers 1020 0 1020 0.026 1100 0 1100 0.028 0.002

Trusts 0 0 0 0 0 0 0 0 0

ForeignBodies-DR 0 0 0 0 0 0 0 0 0

HinduUndividedFamily

69451 100 69551 1.784 76433 100 76533 1.963 0.179

Sub-total (B)(2):- 1423877 944910 2368787 60.761 1423877 944910 2368787 60.761 0

Total Public Shareholding (B)=(B)(1)+ (B)(2)

1423877 944910 2368787 60.761 1423877 944910 2368787 60.761 0

C. Shares held by Custodian for GDRs & ADRs

0 0 0 0 0 0 0 0 0

Grand Total (A+B+C) 2953090 945410 3898500 100 2957490 941010 3898500 100 0


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(ii) Shareholding of Promoter-

SN Shareholder’sName Shareholdingatthebeginningoftheyear[Ason1-April-2017]

Shareholding at the end of the year[Ason31-March-2018]

%Changeduring

the year No. of Shares

%oftotal

Shares of the

company

%ofSharesPledged/

encumberedto total shares

No. of Shares

%oftotal

Shares of the

company

%ofSharesPledged/

encumberedto total shares

1 NISHAJAISINGHVI 11378 0.292 0 11378 0.292 0 0

2 JAIGUNWANTSINGHVI 572948 14.697 0 572948 14.697 0 0

3 DIPTYPRATIKSINGHVI 13786 0.354 0 13786 0.354 0 0

4 PRATIKGUNWANTSINGHVI 355581 9.121 0 355581 9.121 0 0

5 GUNWANTRAJMSINGHVI(HUF)

55400 1.421 0 55400 1.421 0 0

6 GUNWANTRAJSINGHVI 459820 11.795 0 459820 11.795 0 0.

7 JAYAGSINGHVI 500 0.013 0 500 0.013 0 0

8 GUNWANTRAJMANEKCHANDSINGHVIHUF

60300 1.547 0 60300 1.547 0 0

TOTAL 1529713 39.239 0 1529713 39.239 0 0

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

Sr. No.

Name Shareholding Date Increase /decrease in

shareholding

Reason CumulativeShareholding during

the year

No. of shares at the beginning

(01.04.2017)/end of

the year (31.03.2018)

%oftotalshares of

thecompany

No. of shares

%oftotalshares of

thecompany

No change during the year


21

(iv) Shareholding Pattern of top ten Shareholders: (Other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. No.


shareholding


the yearNo. of

shares at the beginning

(01.04.2017)/end of

the year (31.03.2018)

%oftotalshares of

thecompany

No. of shares

%oftotalshares of

thecompany

1. LuxmiKantGupta

119311 3.06 01.04.201721.04.2017 426 Transfer 119737 3.071

119737 3.071 31.03.20182. Avalon

InvestmentPrivateLimited

50174 1.287 01.04.2017NOCHANGE

50174 1.287 31.03.20183. SubramanianP 32290 0.828 01.04.2017

NOCHANGE32290 0.828 31.03.2018

4. Sushil S Jain (HUF)

31443 0.807 01.04.201707.07.2017 -75 Transfer 31368 0.805

31368 0.805 31.03.20185. RuiaRajeshP 18900 0.485 01.04.2017

NOCHANGE18900 0.485 31.03.2018

6. AnilBhanwarlalJain

18600 0.477 01.04.2017NOCHANGE

18600 0.477 31.03.20187. AjayKumarGarg 15200 0.39 01.04.2017

NOCHANGE15200 0.39 31.03.2018

8. TalakshiTejshiShah

13636 0.35 01.04.2017NOCHANGE

13636 0.35 31.03.20189. KiranDeviBaid 13501 0.346 01.04.2017

NOCHANGE13501 0.346 31.03.2018

10. TasneemTLokhandwala

12400 0.318 01.04.2017NOCHANGE

12400 0.318 31.03.2018


22

(v) Shareholding of Directors and Key Managerial Personnel:

Sr. No.


shareholding


the yearNo. of

shares at the beginning

(01.04.2017)/end of

the year (31.03.2018)

%oftotalshares of

thecompany

No. of shares

%oftotalshares of

thecompany

A. Directors1. Jayesh Jethalal

Shah600 0.015 01.04.2017

NOCHANGE600 0.015 31.03.2018

2. Nisha Jai Singhvi 11378 0.292 01.04.2017NOCHANGE

11378 0.292 31.03.20183. Uttamchand

BhurmalJain*Nil 01.04.2017Nil 31.03.2018

4. Gunwantraj ManekchandSinghvi

459820 11.795 01.04.2017NOCHANGE

459820 11.795 31.03.20185. KulmeetSaggu Nil 01.04.2017

Nil 31.03.2018B. Key Managerial Personnel (KMP's)1. Denzil D’Souza Nil 01.04.2017

Nil 31.03.2018

*Resigned w.e.f. 27thNovember2017

V. INDEBTEDNESS -IndebtednessoftheCompanyincludinginterestoutstanding/accruedbutnotdueforpayment. (InRs.) Secured Loans

excludingdeposits

Unsecured Loans

Deposits TotalIndebtedness

Indebtedness at the beginning of the financial yeari)PrincipalAmount - 19,34,047 - 19,34,047ii)Interestduebutnotpaid - - - -iii)Interestaccruedbutnotdue - - - -Total (i+ii+iii) - 19,34,047 - 19,34,047Change in Indebtedness during the financial year

Addition - 4,87,000 - 4,87,000Reduction - 16,15,000 - 16,15,000Net Change - (11,28,000)) - (11,28,000))Indebtedness at the end of the financial year

i)PrincipalAmount - 8,06,047 - 8,06,047ii)Interestduebutnotpaid - - - -iii)Interestaccruedbutnotdue - - - -Total (i+ii+iii) - 8,06,047 - 8,06,047


23

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

SN. ParticularsofRemuneration NameofManagingDirector

Mr. Gunwantraj Singhvi

TotalAmount

1 (a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961

Nil Nil

(b)Valueofperquisitesu/s17(2)Income-taxAct,1961 Nil Nil(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

Nil Nil

2 StockOption Nil Nil3 SweatEquity Nil Nil4

Commission-as%ofprofit-others,specify

Nil Nil

5 Others,pleasespecify Nil Nil Total (A) Nil Nil Ceiling as per the Act Pusuant to provision of Section 196

and197oftheCompaniesAct,2013and Part II of Schedule V, limit ofyearly remuneration payable shallnotexceedRs.60Lacs

B. Remuneration to other directors (In Rs.)

SN. ParticularsofRemuneration NameofDirectors TotalAmount

JayeshShah

KulmeetSaggu

UttamchandJai

Nisha Jai Singhvi

1 Independent DirectorsFeeforattendingboardcommitteemeetingsCommissionOthers,pleasespecifyTotal (1)

2 OtherNon-ExecutiveDirectors

FeeforattendingboardcommitteemeetingsCommissionOthers,pleasespecify

Total(2) Total(B)=(1+2) TotalManagerialRemuneration Overall Ceiling as per the Act

--------

--------

--------

--------

-----N

IL-----

--------

--------

--------

--------


24

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

(In Rs.)

SN ParticularsofRemuneration KeyManagerialPersonnel CEO CS-Denzil

D’SouzaCFO Total

1 Gross salary(a) Salary as per provisions contained in section17(1)oftheIncome-taxAct,1961

N.A. 1,44,000 Nil 1,44,000

(b)Valueofperquisitesu/s17(2)Income-taxAct,1961

N.A. - Nil -

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

N.A. - Nil -

2 StockOption N.A. - Nil -3 SweatEquity N.A. - Nil -4 Commission-as%ofprofit

-others,specifyN.A. - Nil -

5 Others,pleasespecify N.A. - Nil - Total N.A. 1,44,000 Nil 1,44,000

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type SectionoftheCompanies

Act

BriefDescription

Details of Penalty/

Punishment/Compoundingfeesimposed

Authority[RD/NCLT/COURT]

Appealmade,if any (give

Details)

A. COMPANYPenaltyPunishmentCompoundingB. DIRECTORSPenaltyPunishmentCompoundingC. OTHER OFFICERS IN DEFAULTPenaltyPunishmentCompounding

FOR AND ON BEHALF OF THE BOARD OF DIRECTORSPRATIK PANELS LIMITED

GUNWANTRAJ M. SINGHVI JAYESH SHAHMANAGING DIRECTOR DIRECTORDIN: 00218731 DIN: 00218776

Place : MumbaiDate : 30th July, 2018

--------

--------

--------

--------

-----N

IL-----

--------

--------

--------

--------


25

ANNEXURE II

Board Meeting:

TheBoardMeetingforthefinancialyearended31stMarch,2018wereheldon26thMay,2017,27thJuly,2017,14thNovember,2017and27thJanuary,2018.Thedetailsofattendanceofeachdirectoratthe

BoardMeetingsareasgivenbelow:

NameofDirectoranddesignation No.ofMeetingsattendedGunwantraj Singhvi – Managing Director 4JayeshShah-Director 4*UttamchandJain-Director NilNishaSinghvi-Director 3KulmeetSaggu-Director 3

*Resignedw.e.f.27thNovember,2017

Audit Committee:

TheMeetingsoftheAuditCommitteeforthefinancialyearended31stMarch,2018wereheldon26thMay,2017,27thJuly,2017,14thNovember,2017and27thJanuary,2018.ThedetailsofattendanceofeachdirectorattheAuditCommitteeMeetingsareasgivenbelow:

NameofCommitteememberanddesignation No.ofMeetingsattendedJayeshShah–Chairman 4GunwantrajSinghvi–Member 4KulmeetSaggu–Member 3

Nomination & Remuneration Committee:

TheMeetingsoftheNomination&RemunerationCommitteeforthefinancialyearended31stMarch,2018washeldon26thMay,2017and27thJuly,2017.ThedetailsofattendanceofeachdirectorattheNomination&RemunerationCommitteeMeetingsareasgivenbelow:

NameofCommitteememberanddesignation No.ofMeetingsattendedJayeshShah–Chairman 2KulmeetSaggu–Member 2NishaSinghvi–Member 1

Stakeholders Relationship Committee:

TheMeetingsoftheStakeholdersRelationshipCommitteeforthefinancialyearended31stMarch,2018wereheldon26thMay,2017,14thNovember,2017and27thJanuary,2018.ThedetailsofattendanceofeachdirectorattheNomination&RemunerationCommitteeMeetingsareasgivenbelow:

NameofCommitteememberanddesignation No.ofMeetingsattendedJayeshShah–Chairman 3GunwantrajSinghvi–Member 3


26

Annexure III

Nomination and Remuneration Policy pursuant to Section 178(3) of the Companies Act, 2013

The Board of Directors of Pratik Panels Limited (“the Company”) renamed the existing remunerationcommitteeas“NominationandRemunerationCommittee”attheMeetingheldon11thAugust2014.TheCommitteeconsistsofthree(3)Non-ExecutiveDirectors.

ThefollowingistheNominationandRemunerationCommitteePolicyadoptedbytheCommittee.

1. Objective

TheNominationandRemunerationCommitteeandthisPolicyshallbe incompliancewithSection178oftheCompaniesAct,2013readalongwiththeapplicablerulestheretoandClause49undertheListingAgreement.TheKeyObjectivesoftheCommitteewouldbe:

a. To guide the Board in relation to appointment and removal of Directors, Key ManagerialPersonnelandSeniorManagement.

b. ToformulatethecriteriaforevaluationofIndependentDirectorandtheBoard

c. ToevaluatetheperformanceofthemembersoftheBoardandprovidenecessaryreporttotheBoardforfurtherevaluationoftheBoard.

d. TorecommendtotheBoardonRemunerationpayabletotheDirectors,KeyManagerialPersonnelandSeniorManagement.

e. ToprovidetoKeyManagerialPersonnelandSeniorManagementrewardlinkeddirectlytotheireffort,performance,dedicationandachievementrelatingtotheCompany’soperations.

f. To retain, motivate and promote talent and to ensure long term sustainability of talentedmanagerialpersonsandcreatecompetitiveadvantage.

g. TodeviseapolicyonBoarddiversity

h. ToImplementandmonitorpoliciesandprocessesregardingprinciplesofcorporategovernance

2. Definitions

a. “Act”meanstheCompaniesAct,2013andrulesframedthereunder,asamendedfromtimetotime.

b. “Board” meansBoardofDirectorsoftheCompany.

c. “Central Government”meansRegistrarofCompanies,RegionalDirectororanyotherauthorityundertheMinistryofCorporateAffairs.

d. “Director(s)”meanDirectorsoftheCompany.

e. “Key Managerial Personnel” means

(i) ChiefExecutiveOfficerortheManagingDirectorortheManager;

(ii) Whole-timedirector;

(iii) ChiefFinancialOfficer;

(iv) CompanySecretary;and

(v) anyotherofficer/employeeasmaybeprescribedundertheActorbytheBoard.


27

f. “Senior Management”meansSeniorManagementmeanspersonnelofthecompanywhoaremembersofitscoremanagementteamexcludingtheBoardofDirectorsbutincludingFunctionalHeads.

3. Scope and Duties

a. The Scope of work of Nomination and remuneration Committee will include:

(i) TheNominationandRemunerationCommitteeshallidentifypersonswhoarequalifiedtobecomedirectorsandwhomaybeappointedinseniormanagementinaccordancewiththecriterialaiddown,recommendtotheBoardtheirappointmentandremovalandshallcarryoutevaluationofeverydirector’sperformance.

(ii) TheNominationandRemunerationCommitteeshallformulatethecriteriafordeterminingqualifications,positiveattributesandindependenceofadirectorandrecommendtotheBoardapolicy,relatingtotheremunerationforthedirectors,keymanagerialpersonnelandotheremployees.

(iii) TooverseeandmonitortheFamiliarizationProgrammeforIndependentDirectors.

b. The Nomination and Remuneration Committee shall, while formulating the policy as above shall ensure that—

(i) thelevelandcompositionofremunerationisreasonableandsufficienttoattract,retainandmotivatedirectorsofthequalityrequiredtorunthecompanysuccessfully;

(ii) relationshipofremunerationtoperformanceisclearandmeetsappropriateperformancebenchmarks;and

(iii) remuneration to directors, keymanagerial personnel and seniormanagement involvesabalancebetweenfixedand incentivepay reflectingshortand long-termperformanceobjectivesappropriatetotheworkingofthecompanyanditsgoals:

c. Duties of Nomination and Remuneration Committee

(i) ThedutiesoftheCommitteeinrelationtonominationmattersinclude:

• EnsuringthatthereisanappropriateinductioninplacefornewDirectorsandmembersofSeniorManagementandreviewingitseffectiveness;

• Ensuring that on appointment to the Board, Non-Executive Directors receive a formalletterofappointmentinaccordancewiththeGuidelinesprovidedundertheAct;

• Identifying and recommending Directorswho are to be put forward for retirement byrotation.

• Determiningtheappropriatesize,diversityandcompositionoftheBoard;

• Developing a succession plan for the Board and Senior Management and regularlyreviewingtheplan;

• EvaluatingtheperformanceoftheBoardmembersandSeniorManagementinthecontextoftheCompany’sperformancefrombusinessandcomplianceperspective;

• MakingrecommendationstotheBoardconcerninganymattersrelatingtothecontinuationinofficeofanyDirectoratanytimeincludingthesuspensionorterminationofserviceof


28

anExecutiveDirectorasanemployeeoftheCompanysubjecttotheprovisionofthelawand their service contract.

• Delegating any of its powers to one or more of its members or the Secretary of theCommittee;

• RecommendanynecessarychangestotheBoard;and

• Consideringanyothermatters,asmayberequestedbytheBoard.

(ii) The duties of the Committee in relation to remuneration matters include:

• toconsideranddeterminetheRemunerationPolicy,basedontheperformanceandalsobearinginmindthattheremunerationisreasonableandsufficienttoattractretainandmotivatemembers of the Board and such other factors as the Committee shall deemappropriateallelementsoftheremunerationofthemembersoftheBoard.

• to approve the remuneration of the Senior Management including key managerialpersonnel of the Company maintaining a balance between fixed and incentive payreflectingshortandlongtermperformanceobjectivesappropriatetotheworkingoftheCompany.

• to delegate any of its powers to one ormore of itsmembers or the Secretary of theCommittee.

• toconsideranyothermattersasmayberequestedbytheBoard.

4. Policy for appointment and removal of Director, KMP and Senior Management

a. Appointment criteria and qualifications

(i) The Committee shall identify and ascertain the integrity, qualification, expertise andexperienceofthepersonforappointmentasDirector,KMPoratSeniorManagementlevelandrecommendtotheBoardhis/herappointment.

(ii) Apersonshouldpossessadequatequalification,expertiseandexperienceforthepositionhe/sheisconsideredforappointment.TheCommitteehasdiscretiontodecidewhetherqualification,expertiseandexperiencepossessedbyapersonissufficient/satisfactoryfortheconcernedposition.

(iii) TheCompanyshallnotappointorcontinuetheemploymentofanypersonasManagingDirectororWhole-timeDirectorwhohasattainedtheageofseventyyears.Providedthatthetermofthepersonholdingthispositionmaybeextendedbeyondtheageofseventyyears with the approval of shareholders by passing a special resolution based on theexplanatorystatementannexedtothenoticeforsuchmotionindicatingthejustificationforextensionofappointmentbeyondseventyyears.

b. Term / Tenure

(i) Managing Director/Whole-time Director:

• The Company shall appoint or re-appoint any person as its Executive Chairman, ManagingDirectororExecutiveDirectorforatermnotexceedingfiveyearsatatime.Nore-appointmentshallbemadeearlierthanoneyearbeforetheexpiryofterm.


29

(ii) Independent Director:

• AnIndependentDirectorshallholdofficeforatermuptofiveconsecutiveyearsontheBoardoftheCompanyandwillbeeligibleforre-appointmentonpassingofaspecialresolutionbytheCompanyanddisclosureofsuchappointmentintheBoard’sreport.

• No Independent Director shall hold office for more than two consecutive terms, but suchIndependentDirector shallbeeligible forappointmentafterexpiryof threeyearsof ceasingtobecomean IndependentDirector.Providedthatan IndependentDirectorshallnot,duringthesaidperiodofthreeyears,beappointedinorbeassociatedwiththeCompanyinanyothercapacity,eitherdirectlyorindirectly.

• At the time of appointment of Independent Director it should be ensured that number ofBoardsonwhichsuch IndependentDirectorserves isrestrictedtoseven listedcompaniesasanIndependentDirectorandthreelistedcompaniesasanIndependentDirectorincasesuchpersonisservingasaWhole-timeDirectorofalistedcompanyorsuchothernumberasmaybeprescribedundertheAct.

c. Evaluation

TheCommitteeshall carryoutevaluationofperformanceofeveryDirector,KMPandSeniorManagementPersonnelonyearlybasisoratsuchother intervalas maybedecidedbytheCommitteefromtimetotime.

The Performance Evaluation of Independent Director should be done by Board of Directors(excludingthedirectorsbeingevaluated)

Onthebasisofthereportofperformanceevaluation,itshallbedeterminedwhethertoextendorcontinuethetermofappointmentofindependentdirector.

d. Removal

DuetoreasonsforanydisqualificationmentionedintheActorunderanyotherapplicableAct,rulesandregulationsthereunder,theCommitteemayrecommend,totheBoardwithreasonsrecordedinwriting,removalofaDirector,KMPorSeniorManagementPersonnelsubjecttotheprovisionsandcomplianceofthesaidAct,rulesandregulations.

e. Retirement

TheDirector,KMPandSeniorManagementPersonnelshallretireaspertheapplicableprovisionsof the Act and the prevailing policy of the Company. The Boardwill have the discretion toretaintheDirector,KMP,SeniorManagementPersonnelinthesameposition/remunerationorotherwiseevenafterattainingtheretirementage,forthebenefitoftheCompany.

5. Policy relating to the Remuneration for the Whole-time Director, KMP and Senior Management Personnel

(i) The remuneration / compensation / commission etc. to theWhole-time Director, KMP andSeniorManagementPersonnelwillbedeterminedbytheCommitteeandrecommendedtotheBoardforapproval.Theremuneration/compensation/commissionetc.shallbesubjecttotheprior/postapprovalof the shareholdersof theCompanyandCentralGovernment,whereverrequired.

(ii) TheremunerationandcommissiontobepaidtotheWhole-timeDirectorshallbeaspertheprovisions of the Act.


30

(iii) Incrementstotheexistingremuneration/compensationstructuremayberecommendedbytheCommitteetotheBoardwhichshouldbewithintheslabsapprovedbytheShareholdersinthecaseofWhole-timeDirector.

(iv) Where any insurance is taken by the Company on behalf of its Whole-time Director, ChiefExecutiveOfficer,ChiefFinancialOfficer,theCompanySecretaryandanyotheremployeesforindemnifyingthemagainstanyliability,thepremiumpaidonsuchinsuranceshallnotbetreatedaspartoftheremunerationpayabletoanysuchpersonnel.Providedthatifsuchpersonisprovedtobeguilty,thepremiumpaidonsuchinsuranceshallbetreatedaspartoftheremuneration.

(v) TheESOPPolicywillbedecidedbytheCommitteebasedontheapplicableActs/GuidelineswithintheoverallPolicydecidedbytheShareholdersattheGeneralMeeting.

6. Remuneration to Whole-time / Executive / Managing Director, KMP and Senior Management Personnel:

(i) Fixed pay:

TheWhole-timeDirector/KMPandSeniorManagementPersonnelshallbeeligibleforamonthlyremunerationasmaybeapprovedbytheBoardontherecommendationoftheCommittee.Thebreakupofthepayscaleandquantumofperquisitesincluding,employer’scontributiontoP.F,pensionscheme,medicalexpenses,clubfeesetc.shallbedecidedandapprovedbytheBoard/thePersonauthorizedbytheBoardontherecommendationoftheCommitteeandapprovedbytheshareholdersandCentralGovernment,whereverrequired.

(ii) Minimum Remuneration:

If,inanyfinancialyear,theCompanyhasnoprofitsoritsprofitsareinadequate,theCompanyshallpayremunerationtoitsWhole-timeDirectorinaccordancewiththeprovisionsofScheduleVoftheActandifitisnotabletocomplywithsuchprovisions,withthepreviousapprovaloftheCentralGovernment.

(iii) Provisions for excess remuneration:

IfanyWhole-timeDirectordrawsorreceives,directlyorindirectlybywayofremunerationanysuchsumsinexcessofthelimitsprescribedundertheActorwithoutthepriorsanctionoftheCentralGovernment,whererequired,he/sheshallrefundsuchsumstotheCompanyanduntilsuchsumisrefunded,holditintrustfortheCompany.TheCompanyshallnotwaiverecoveryofsuchsumrefundabletoitunlesspermittedbytheCentralGovernment.

7. Remuneration to Non- Executive / Independent Director

(i) Sitting Fees:

The Non- Executive / Independent Director may receive remuneration by way of fees forattendingmeetingsofBoardorCommitteethereofprovidedthattheamountofsuchfeesshallnot exceedRs.One Lacpermeetingof theBoardorCommitteeor suchamountasmaybeprescribedbytheCentralGovernmentfromtimetotime.

(ii) Commission:

Commissionmaybepaidwithinthemonetarylimitapprovedbyshareholders,subjecttothelimitnotexceeding1%oftheprofitsoftheCompanycomputedaspertheapplicableprovisionsof the Act.

(iii) Stock Options:

TheStockOptionentitlementwillbesubjecttoAct,RulesandGuidelinesthenprevailing.


31

8. Constitution

(i) The Committee shall consist of aminimum 3 non-executive directors and one-half of themshouldbeindependentDirectors

(ii) MembershipoftheCommitteeshallbedisclosedintheAnnualReport.

(iii) TermoftheCommitteeshallbecontinuedunlessterminatedbytheBoardofDirectors.

9. Chairperson

(i) ChairpersonoftheCommitteeshallbeanIndependentDirector.

(ii) ChairpersonoftheCompanymaybeappointedasamemberoftheCommitteebutshallnotbeaChairmanoftheCommittee.

(iii) IntheabsenceoftheChairperson,themembersoftheCommitteepresentatthemeetingshallchooseoneamongstthemtoactasChairperson.

(iv) Chairmanof theNominationandRemunerationCommitteemeetingcouldbepresentat theAnnualGeneralMeetingormaynominate someothermember toanswer the shareholders’queries.

10. Frequency of Meetings

ThemeetingoftheCommitteeshallbeheldatsuchregularintervalsasmayberequired.

11. Committee Members’ Interests

(i) AmemberoftheCommitteeisnotentitledtobepresentwhenhisorherownremunerationisdiscussedatameetingorwhenhisorherperformanceisbeingevaluated.

(ii) TheCommitteemay invite suchexecutives, as it considersappropriate, tobepresentat themeetingsoftheCommittee.

12. Secretary

TheCompanySecretaryoftheCompanyshallactasSecretaryoftheCommittee.

13. Voting

(i) Matters arising for determination at Committeemeetings shall be decided by amajority ofvotesofMemberspresentandvotingandanysuchdecisionshallforallpurposesbedeemedadecisionoftheCommittee.

(ii) Inthecaseofequalityofvotes,theChairmanofthemeetingwillhaveacastingvote.

14. Minutes of Committee Meeting

ProceedingsofallmeetingsmustbeminutisedandsignedbytheChairmanoftheCommittee.ThesamewillbesignedbytheChairmanatthenextmeetingoftheCommittee.


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ANNEXURE IV

Details on Conservation of Energy, Technology absorption and Foreign Exchange earnings and Outgo:-

A. Conservation of Energy-

i. Steps taken or impact on conservation of energy:SincetheCompanyhasdiscontinuedallitsbusinessactivities,ithasnottakenanystepsonconservationofenergy.

ii. Steps taken by the Company for utilizing alternate sources of energy: TheCompanyhasnotcarriedoutanymanufacturingactivitiesduringtheyear.

iii. Capital investment on energy conservation equipments: NIL

B. Technology absorption:-

i. Efforts made towards technology absorption:Notapplicable

ii. Benefits derived like product improvement, cost reduction, product development or import substitution: Nil

iii. Imported technology (imported during the last three years reckoned from the beginning of the financial year):

a) Detailsoftechnologyimported-Notechnologywasimportedduringtheyear.

b) Yearofimport-NotApplicable

c) Whetherthetechnologybeenfullyabsorbed-NotApplicable

d) Ifnotfullyabsorbed,areaswhereabsorptionhasnottakenplace,andthereasonsthereof-NotApplicable

iv. Expenditure incurred on Research and Development -TheCompanyhasnospecificResearchandDevelopmentDepartment.

C. Foreign exchange earnings and Outgo:-

i. Foreign Exchange earned in terms of actual inflows during the year – Nil

ii. Foreign Exchange outgo during the year in terms of actual outflows – Nil


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Annexure V

Details pertaining to remuneration as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Ratioof the remunerationofeachdirector to themedian remuneration of the employees of thecompanyforthefinancialyear2017-18

NotApplicable

Thepercentage increase in remunerationof eachdirector, Chief Financial Officer, Chief ExecutiveOfficer, Company Secretary or Manager in thefinancialyear2017-18

Designation 2016-17* 2017-18 %increase

CompanySecretary

96,000 1,44,000 0%

Mr. Denzil D’Souza was appointed as CompanySecretaryw.e.f.05.08.2016.

Thepercentageincreaseinthemedianremunerationofemployeesinthefinancialyear2017-18

Nil

Thenumberofpermanentemployeesontherollsofcompany

1

Average percentile increase already madein the salaries of employees other than themanagerial personnel in the last financial yearand its comparison with the percentile increasein the managerial remuneration and justificationthereofandpointout ifthereareanyexceptionalcircumstances for increase in the managerialremuneration

NotApplicable

TheCompanyaffirmsthattheremunerationisaspertheremunerationpolicyoftheCompany.


34

ANNEXURE VI

Form No. MR-3SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2018

[Pursuanttosection204(1)oftheCompaniesAct,2013andRuleNo.9oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014]

To,TheMembers,Pratik Panels Limited

IhaveconductedthesecretarialauditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporatepracticesbyPratikPanelsLimited(hereinaftercalled‘theCompany’).SecretarialAuditwasconductedinamannerthatprovidedmeareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingmyopinionthereon.

BasedonmyverificationoftheCompany’sbooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbythecompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,Iherebyreportthatinmyopinion,thecompanyhas,duringtheauditperiodcoveringthefinancialyearendedon31stMarch,2018(‘AuditPeriod’) compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processes and compliance-mechanism in place to the extent, in themanner and subject to thereportingmadehereinafter:

Ihaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedon31stMarch,2018accordingtotheprovisionsof:

(i) TheCompaniesAct,2013(theAct)andtherulesmadethereunder:

(ii) TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtherulesmadethereunder;

(iii) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;

(iv) ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereundertotheextentofForeignDirectInvestment,OverseasDirectInvestmentandExternalCommercialBorrowings;

(v) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-

(a) TheSecuritiesandExchangeBoardof India (SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;

(b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations,2009;

(d) TheSecuritiesandExchangeBoardofIndia(ShareBasedEmployeeBenefits)Regulations,2014(NotapplicabletotheCompanyduringtheAuditPeriod);

(e) TheSecuritiesandExchangeBoardof India(IssueandListingofDebtSecurities)Regulations,2008(NotapplicabletotheCompanyduringtheAuditPeriod);

(f) TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransferAgents)Regulations,1993regardingtheCompaniesActanddealingwithclient;

(g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009(NotapplicabletotheCompanyduringtheAuditPeriod)and


35

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (NotapplicabletotheCompanyduringtheAuditPeriod);

Ihavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:

(i) SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndiawithrespecttoboardandgeneralmeetings.

(ii) TheListingAgreemententeredintobytheCompanywithBSELtd.readwithSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015.

DuringtheperiodunderreviewtheCompanyhascompliedwiththeprovisionsoftheAct,Rules,Regulations,Guidelines,Standards,etc.mentionedabovesubjecttothefollowingobservations:

1. TheCompanyhasnotappointedInternalAuditorpursuanttoSection138oftheCompaniesAct,2013andRule13oftheCompanies(Accounts)Rules,2014fortheyearunderconsiderationasintheopinionof themanagement therewere no operations carried out by the Company and hence there is norequirementforinternalaudit.

2. TheCompanyhasnotappointedChiefFinancialOfficerpursuanttosection203(1)oftheCompaniesAct,2013.

3. TheCompanyhasnotgivennoticeofclosureofitsRegisterofmembersandtransferregister(whichwere closed for 28th Annual GeneralMeeting of the Company held on 30th September 2017) innewspapersasrequiredtobegivenpursuanttosection91oftheCompaniesAct,2013andRule10oftheCompanies(ManagementandAdministration)Rules,2014.

4. TheCompanyhasnotpublishedinnewspapersintimationregardingBoardMeetingandalsoitsAudited(yearly)andUn-audited(quarterly)FinancialResultsasrequiredunderRegulation47ofSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015.

I further report that

The Board of Directors of the Company is duly constitutedwith proper balance of Executive DirectorsandNon-ExecutiveDirectorsandIndependentDirectors.ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionsof the Act.

Adequatenotice isgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentat leastsevendays inadvance,andasystemexists forseekingandobtaining furtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.

MajoritydecisionoftheBoardofDirectorsand itsCommittees iscarriedthroughandarecapturedandrecordedaspartoftheminutes.Therewerenodissentingviews.

I further report that thereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsofthecompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsand guidelines.

For JAYSHREE A. LALPURIA & CO., PRACTISING COMPANY SECRETARIES

(Jayshree A. Lalpuria)Place:Mumbai ProprietorDate:5thJuly,2018 ACS:17629CP:7109

Note:ThisreportistobereadwithourletterofevendatewhichisannexedasAnnexureAandformsanintegral part of this report.


36

Annexure - A

To,TheMembers,PratikPanelsLimited

SecretarialAuditReportofevendateistobereadalongwiththisletter.

1. The compliance of provisions of all laws, rules, regulations, standards applicable to Pratik PanelsLimited (the ‘Company) is theresponsibilityof themanagementof theCompany.Myexaminationwaslimitedtotheverificationofrecordsandproceduresontestcheckbasisforthepurposeofissueof the Secretarial Audit Report.

2. Maintenanceofsecretarialandotherrecordsofapplicablelawsistheresponsibilityofthemanagementof the Company.My responsibility is to issue Secretarial Audit Report, based on the audit of therelevantrecordsmaintainedandfurnishedtomebytheCompany,alongwithexplanationswheresorequired.

3. Ihavefollowedtheauditpracticesandprocessesaswereappropriatetoobtainreasonableassuranceabout the correctnessof the contentsof the secretarial andother legal records, legal compliancemechanism and corporate conduct. The verificationwas done on test check basis to ensure thatcorrectfactsasreflectedinsecretarialandotherrecordsproducedtome.IbelievethattheprocessesandpracticesIfollowed,providesareasonablebasisformyopinionforthepurposeofissueoftheSecretarial Audit Report.

4. IhavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsofthecompany.

5. Whereverrequired,Ihaveobtainedthemanagementrepresentationaboutthecomplianceoflaws,rulesandregulationsandmajoreventsduringtheauditperiod.

6. TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityofthecompanynoroftheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

For JAYSHREE A. LALPURIA & CO., PRACTISING COMPANY SECRETARIES

(Jayshree A. Lalpuria)Place:Mumbai ProprietorDate:5thJuly,2018 ACS:17629CP:7109


37

ANNEXURE VII

MANAGEMENT DISCUSSION AND ANALYSIS:

Industry Structure and Developments:

TheCompanyhadstoppedall itsmanufacturingactivitiesat itsplantatRaipurandsold itsundertakingcomprisingoffactorybuildingandlandintheyear2015-16.TheonlyoptionavailabletotheCompanyistodiversifyintosomeotherbusinessactivityleadingtogrowthandprofitabilityoftheCompany.Thenewareaofoperationisstillunderconsideration.

Opportunities and threats:

WiththerecoveryoftheIndianeconomy,yourDirectorsshalltakeallpossibleendeavorstoidentifyandexploitnewbusinessopportunitiesforthebenefitofitsshareholders.

Segment wise or product wise performance:

SincetheCompanyhasnotundertakenanyactivityduringtheyear,nocommentsarebeingoffered.

Outlook:


Risk and concerns:


Internal control systems and their adequacy:

Consideringthefactthatthecompanydoesnothaveanybusinessactivitypresently,theinternalcontrolsystemsareadequate.

Discussion on financial performance with respect to operational performance:


Material developments in Human Resources/Industrial Relations front including number of people employed:

SincetheCompanydoesnothaveanyemployees,nocommentsarebeingoffered.


38

INDEPENDENT AUDITOR’S REPORT

To,TheMembersofPRATIKPANELSLTD

Report on the Financial Statements

WehaveauditedtheaccompanyingfinancialstatementsofPRATIKPANELSLTD(“theCompany”),whichcomprisetheBalanceSheetasatMarch31,2018,andtheStatementofProfitandLossandtheStatementofCash Flows for the year thenendedanda summaryof the significant accountingpolicies andotherexplanatoryinformation.

Management’s Responsibility for the Financial Statements

TheCompany’sBoardofDirectorsisresponsibleforthemattersstatedinSection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothepreparationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceandcashflowsoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,includingtheAccountingStandardsspecifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014.

This responsibility also includes maintenance of adequate accounting records in accordance with theprovisionsoftheActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudsandother irregularities; selectionandapplicationofappropriateaccountingpolicies;making judgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthestandalonefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Auditor’s Responsibility

Ourresponsibilityistoexpressanopiniononthesestandalonefinancialstatementsbasedonouraudit.

Inconductingouraudit,wehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtheRulesmadethereunderandtheOrderissuedundersection143(11)oftheAct.

We conducted our audit of the standalone financial statements in accordance with the Standards onAuditingspecifiedunderSection143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthestandalonefinancialstatementsarefreefrommaterialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsandthedisclosuresinthestandalonefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthestandalonefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalfinancialcontrolrelevanttotheCompany’spreparationofthestandalonefinancialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriateinthecircumstances.AnauditalsoincludesevaluatingtheappropriatenessoftheaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebytheCompany’sDirectors,aswellasevaluatingtheoverallpresentationofthethesefinancialstatements.

Webelievethattheauditevidenceobtainedbyusissufficientandappropriatetoprovideabasisforourauditopiniononthesefinancialstatements.

Opinion

Inouropinionandbestofour informationandaccording to theexplanationgiven tous, theaforesaidfinancialstatementsgivetheinformationrequiredbytheActinthemannersorequiredandgiveatrueand


39

fairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia:

i. inthecaseofBalanceSheet,ofthestateofaffairsofthecompanyasat31stMarch,2018;and

ii. inthecaseofStatementofProfitandLoss,oftheprofit&cashflowsofthecompanyfortheyearended on that date.

Report on Other Legal and Regulatory Requirements

1. AsrequiredbySection143(3)oftheAct,basedonourauditwereportthat:

a) wehaveobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit.

b) inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks.

c) theBalanceSheet,theStatementofProfitandLossandtheStatementofCashFlowdealtwithbythisReportareinagreementwiththebooksofaccount.

d) in our opinion, the aforesaid financial statements comply with the Accounting StandardsspecifiedunderSection133of theAct, readwithRule7of theCompanies (Accounts)Rules,2014;

e) onthebasisofthewrittenrepresentationsreceivedfromthedirectorsoftheCompanyasonMarch31,2018takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedasonMarch31,2018frombeingappointedasadirectorintermsofSection164(2)oftheAct.

f) withrespecttotheadequacyofthe internalfinancialcontrolsoverfinancialreportingoftheCompany and the operating effectiveness of such controls, refer to our separate Report in“Annexure A”. Our report expresses an unmodified opinion on the adequacy and operatingeffectivenessoftheCompany’sinternalfinancialcontrolsoverfinancialreporting.

g) withrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,asamended,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:

i. TheCompanydoesnothaveanypendinglitigationswhichwouldtheimpactitsfinancialpositioninitsfinancialstatements.

ii. TheCompanydidnothaveany long-termcontracts includingderivativecontractsasat31stMarch,2018,forwhichtherewereanymaterialforeseeablelosses.

iii. Therewerenoamountswhichwererequiredtobetransferred,totheInvestorEducationandProtectionFundbytheCompany.

2. As requiredby theCompanies (Auditor’sReport)Order, 2016 (the “Order”) issuedby theCentralGovernment in termsof Section143(11) of theAct,we give in “AnnexureB” a statementon themattersspecifiedinparagraphs3and4oftheOrder.

For Monika Jain & Co.Chartered Accountants

FRN: 130708W

Date:30thMay2018 Manoj Sethia Place:Mumbai Partner

(MembershipNo.139145)


40

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referredtoinparagraph1(f)under‘ReportonOtherLegalandRegulatoryRequirements’sectionofourreporttotheMembersofPratikPanelsLtdofevendate)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 (“the Act”)

WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofPratikPanelsLtd(“theCompany”)asofMarch31,2018inconjunctionwithourauditofthethesefinancialstatementsoftheCompanyfortheyear ended on that date.

Management’s Responsibility for Internal Financial Controls

TheBoardofDirectorsoftheCompany isresponsible forestablishingandmaintaining internalfinancialcontrols based on the internal control over financial reporting criteria established by the CompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.Theseresponsibilitiesincludethedesign,implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.

Auditor’s Responsibility

OurresponsibilityistoexpressanopinionontheinternalfinancialcontrolsoverfinancialreportingoftheCompanybasedonouraudit.Weconductedouraudit inaccordancewith theGuidanceNoteonAuditof Internal Financial ControlsOver Financial Reporting (the “GuidanceNote”) issuedby the InstituteofCharteredAccountantsof Indiaand theStandardsonAuditingprescribedunderSection143(10)of theCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

Our audit involvesperformingprocedures toobtain audit evidenceabout theadequacyof the internalfinancialcontrolssystemoverfinancialreportingandtheiroperatingeffectiveness.Ourauditof internalfinancialcontrolsoverfinancialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolssystemoverfinancialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

Acompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassurance regarding the reliabilityoffinancial reportingand thepreparationoffinancial statements forexternal purposes in accordance with generally accepted accounting principles. A company’s internalfinancialcontroloverfinancialreportingincludesthosepoliciesandproceduresthat


41

(1) pertain to themaintenance of records that, in reasonable detail, accurately and fairly reflect thetransactionsanddispositionsoftheassetsofthecompany;

(2) providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementanddirectorsofthecompany;and

(3) providereasonableassuranceregardingpreventionortimelydetectionofunauthorisedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including thepossibility of collusion or improper management override of controls, material misstatements due toerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Opinion

Inouropinion,tothebestofourinformationandaccordingtotheexplanationsgiventous,theCompanyhas,inallmaterialrespects,anadequateinternalfinancialcontrolssystemoverfinancialreportingandsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasatMarch31,2018,basedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.


FRN: 130708W




42

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT

(Referredtoinparagraph2under‘ReportonOtherLegalandRegulatoryRequirements’sectionofevendate)

i.(a) TheCompanyhasnofixedassetsduringtheyear;

(b)–NA-

(c)–NA-

ii. TheCompanydoesnothaveanyinventories.Accordingly,reportingunderclause3(ii)oftheOrderisnotapplicabletotheCompany.

iii. Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotgrantedanyloans,securedorunsecured,tocompanies,firmsLimitedLiabilityPartnershipsorotherpartiescoveredintheregistermaintainedundersection189oftheCompaniesAct,2013.

iv. In our opinion and according to the information and explanations given to us, the Company hascompliedwiththeprovisionsofSections185and186oftheActinrespectofgrantofloans,makinginvestmentsandprovidingguaranteesandsecurities,asapplicable.

v. The Company has not accepted any deposits during the year and does not have any unclaimeddepositsasatMarch31,2018andtherefore,theprovisionsoftheclause3(v)oftheOrderarenotapplicabletotheCompany.

vi. ThemaintenanceofcostrecordshasnotbeenspecifiedbytheCentralGovernmentundersection148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Thusreportingunderclause3(vi)oftheorderisnotapplicabletotheCompany.

vii. Accordingtotheinformationandexplanationsgiventous,inrespectofstatutorydues:

(a) TheCompanyhasgenerallybeenregularindepositingundisputedstatutorydues,includingProvidentFund,Employees’StateInsurance,IncomeTax,SalesTax,ServiceTax,GoodsandServiceTax,ValueAddedTax,CustomsDuty,ExciseDuty,Cessandothermaterialstatutoryduesapplicabletoitwiththeappropriateauthorities.

(b) TherewerenoundisputedamountspayableinrespectofProvidentFund,Employees’StateInsurance,IncomeTax,SalesTax,ServiceTax,ValueAddedTax,GoodsandServiceTax,CustomsDuty,ExciseDuty,CessandothermaterialstatutoryduesinarrearsasatMarch31,2018foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

viii. TheCompanyhasnottakenanyloansorborrowingsfromfinancialinstitutions,banksandgovernmentorhasnotissuedanydebentures.Hencereportingunderclause3(viii)oftheOrderisnotapplicabletotheCompany.

ix. TheCompanyhasnotraisedmoneysbywayofinitialpublicofferorfurtherpublicoffer(includingdebtinstruments)ortermloansandhencereportingunderclause3(ix)oftheOrderisnotapplicabletotheCompany.

x. Tothebestofourknowledgeandaccordingtotheinformationandexplanationsgiventous,nofraudbytheCompanyornomaterialfraudontheCompanybyitsofficersoremployeeshasbeennoticedor reported during the year.


43

xi. Inouropinionandaccordingtotheinformationandexplanationsgiventous,theCompanyhasnotpaid/providedmanagerialremuneration,hencereportingunderclause3(xi)isnotapplicabletotheCompany.

xii. TheCompany isnotaNidhiCompanyandhencereportingunderclause3(xii)oftheOrder isnotapplicabletotheCompany.

xiii. Inouropinionandaccordingtotheinformationandexplanationsgiventous,theCompanyhasnotenteredintoanytransactionswithrelatedpartiesasperSection177and188oftheCompaniesAct,2013.

xiv. Duringtheyear,theCompanyhasnotmadeanypreferentialallotmentorprivateplacementofsharesorfullyorpartlypaidconvertibledebenturesandhencereportingunderclause3(xiv)oftheOrderisnotapplicabletotheCompany.

xv. Inouropinionandaccordingtothe informationandexplanationsgiventous,duringtheyeartheCompanyhasnotenteredintoanynon-cashtransactionswithitsDirectorsorpersonsconnectedtoitsdirectorsandhenceprovisionsofsection192oftheCompaniesAct,2013arenotapplicabletotheCompany.

xvi. TheCompanyisnotrequiredtoberegisteredundersection45-IAoftheReserveBankofIndiaAct,1934,accordinglyreportingunderclause3(xvi)oftheOrderisnotapplicabletotheCompany.


FRN: 130708W




44

BALANCE SHEET AS AT 31ST MARCH 2018P A R T I C U L A R S NOTES

NO. As at

31st March, 2018As at

31st March, 2017As at

31st March, 2016I. ASSETS1. NON CURRENT ASSETS(i) FIXEDASSETS(a) TangibleAssets

GrossBlockLess:AccumulatedDepreciation 0 0 0

(b) CapitalWorkinProgress 0 0 0(ii) LongTermLoanandAdvances 0 0 0(iii) OtherNon-CurrentAssets 0 0 0

2. CURRENT ASSETS(a) Inventories(b) TradeReceivables 2.01 3,820,731 5,676,050 17,836,164(c) CashandBankBalance 2.02 15,198 14,260 108,712(d) Loan and Advances

3,835,929 5,690,310 17,944,8763 MISCELLANEOUS EXPENDITURE 0 0 0

TOTAL ASSETS 3,835,929 5,690,310 17,944,876 II EQUITY AND LIABILITY1. SHARE HOLDERS' FUNDS(a) Share Capital 2.03 38,985,000 38,985,000 38,985,000(b) Reserves & Surplus 2.04 (36,092,832) (36,164,424) (36,222,612)

2,892,168 2,820,576 2,762,3882. NON-CURRENT LIABILITIES(a) Long-TermBorrowings 2.05 806,047 1,934,047 8,219,047(b) DeferredTaxLiability

806,047 1,934,047 8,219,0473 CURRENT LIABILITIES

(a) TradePayables(b) OtherCurrentLiabilities 2.06 102,114 935,687 6,963,441(c) Short-TermProvisions 2.07 35,600 -

137,714 935,687 6,963,441TOTAL EQUITY AND LIABILITY 3,835,929 5,690,310 17,944,876

Significantaccountingpolicies&notestofinancialStatement

1

ASPEROURREPORTOFEVENDATE ForandonbehalfoftheBoardofDirectors FOR MONIKA JAIN & CO. GUNWANT RAJ M. SINGHVI JAYESH SHAH CHARTEREDACCOUNTANTS MANAGINGDIRECTOR DIRECTORFRN:130708W DIN:00218731 DIN:00218776

MANOJ SETHIA DENZIL DSOUZA PARTNER COMPANYSECRETARY(MEMBERSHIPNO:139145) PLACE:MUMBAI DATED:30thMay,2018


45

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2018

P A R T I C U L A R S NOTES NO.

As at 31st March, 2018


I. RevenuefromOperations 3.01

II. OtherIncome 3.02 729,962 1,000,000

Total Revenue TOTAL 729,962 1,000,000

III. EXPENSES

a Changes in Inventories 3.03 - -

b Employeesbenefitexpenses 3.04 144,000 96,000

c AdministrativeandOtherExpenses 3.05 514,370 845,812

d FinanceCharges 3.06 - -

TOTAL 658,370 941,812

IV Profitbeforeextraordinaryitemsandtax 71,592 58,188

V ExtraordinaryItems 3.07 - - VI Profitbeforetax 71,592 58,188

VII TaxExpenses:

a ProvisionforIncometax - -

VIII Profitfortheyear 71,592 58,188

ix EarningperequityShare

(FacevalueofRs10/-each)

BasicEPS(inRs) 0.02 0.01

DilutedEPS(inRs) 0.02 0.01

Significantaccountingpolicies&notestofinancialStatement

1




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CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2018Year Ended

31st March 2018Year Ended

31st March 2017CASH FLOW FROM OPERATION ACTIVITIESNet Profit Before Tax 71,592 58,188Depreciation - -MiscellaneousExpensesWritten-off - -Interest - - - -Less:Profitonsaleoffixedassts - - - -OperatingProfitBeforeWorkingCapitalChanges

71,592 58,188

Changes in Working Capital Decrease in Inventories - -DecreaseinSundryDebtors 1,855,319 12,160,114DecreaseinCurrentLiabities (797,973) 1,057,346 (6,027,754) 6,132,360Cash Generated from Operations 1,128,938 6,190,548DirectTaxesPaid - -NetCashFlowFromOperatingActivities(I) 1,128,938 6,190,548CASH FLOW FROM INVESTING ACTIVITIESPurchaseofFixedAssets - -SoldofFixedAssets - -Recovery of loan - -NetCashFlowsInvestingActivities(II) - -CASH FLOW FROM FINANCING ACTIVITIESProceedFromofLongTermborrowings - -RepaymentofLongTermborrowings (1,128,000) (6,285,000)decreaseinCashCreditUtilisation - (1,128,000) - (6,285,000)NET INCREASE/ DECREASE IN CASH AND CASH EQUIVALENT

938 (94,452)

Cash&CashEquivalentasatthecommencementofthe year

14,260 108,712

Cash&CashEquivalentasatthecloseoftheyear 15,198 14,260

Notes : TheaboveStatementofCashFlowshasbeenpreparedunderthe‘IndirectMethod’assetoutintheIndianAccountingStandard(IndAS)7,StatementofCashFlowsasspecifiedintheCompanies(IndianAccountingStandards),Rules,2015(asamended)




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Notes to accounts forming part of Financial Statement ended on 31.03.2018

Company Overview :

PratikPanelsLtd.,formerlyknownasRaipurPanelsPvtLtd.,wasincorporatedin1989andwasconvertedtoaPublicLimitedCompanyin1994havingitsregisteredofficeatJawaharNagar,NearMilanTraders,Opp.BhatiaBuilding,Raipur–492001andCorporateOfficeatB-101,UniversalParadise,NandaPatkarRoad,VilleParleEast,Mumbai-400057.

Notes no.

1 SIGNIFICANT ACCOUNTING POLICIES

1.01) Basis of Preparation

ThefinancialstatementshavebeenpreparedincompliancewithIndianAccountingStandards(the‘IndAS’)notifiedunderSection133oftheCompaniesAct,2013(the‘Act’)readwithRule3oftheCompanies(IndianAccountingStandards)Rules,2015(asamended)andotherrelevantprovisionsofthe Act.

Thesefinancialstatementsfortheyearended31stMarch,2018arethefirstthattheCompanyhaspreparedunder IndAS.Forallperiodsup toand including theyearended31stMarch,2017, theCompanyprepareditsfinancialstatementsinaccordancewiththeaccountingstandardsnotifiedundertheSection133oftheActreadtogetherwithRule7oftheCompanies(Accounts)Rules,2014(the‘previousGAAP’)usedforitsstatutoryreportingrequirementinIndiaimmediatelybeforeadoptingIndAS.Thefinancialstatementsfortheyearended31stMarch,2017andtheopeningBalancesheetasat1stApril,2016havebeenrestatedinaccordancewithIndASforcomparativeinformation.

Thefinancial statementshavebeenpreparedonaccrual andgoing concernbasis. Theaccountingpoliciesareappliedconsistentlytoalltheperiodspresentedinthefinancialstatements,includingthepreparationoftheopeningIndASBalancesheetasat1stApril,2016beingthe‘dateoftransitiontoIndAS’.Allassetsandliabilitieshavebeenclassifiedascurrentornon-currentaspertheCompany’snormaloperatingcycleandothercriteriaassetoutintheDivisionIIofScheduleIIItotheAct.Basedonthenatureofproductsandthetimebetweenacquisitionofassetsforprocessingandtheirrealisationincashandcashequivalents,theCompanyhasascertaineditsoperatingcycleas12monthsforthepurposesofcurrentornoncurrentclassificationofassetsandliabilities.

Thefinancialstatementsof theCompanyfortheyearended31stMarch,2018wereapprovedforissueinaccordancewiththeresolutionoftheBoardofDirectorson30thMay,2018.

1.02) Use of estimates

Thepreparationoffinancialstatementsrequiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilities,disclosureofcontingentliabilitiesasatthedateofthefinancialstatementsandreportedamountsofrevenueandexpensesduringthereportedperiod.Actualresultscoulddifferfromtheseestimatesandanyrevisiontosuchaccountingestimatesisrecognisedprospectivelyintheperiodinwhichtheresultsareascertained.

1.03) Fixed Assets

Duringtheyearcompanydoesnothaveanyfixedassetsandnobusinessactivityhasbeencarriedout.

1.04) Inventories

Duringtheyearcompanydoesnothaveany inventoriesandnobusinessactivityhasbeencarriedout.


48

1.05) Foreign Currency Transactions

Duringtheyearcompanyisnothavinganyforeigncurrencytransaction.

1.06) Retirement and other employee benefits:

Allemployeebenefitsfallingduewhollywithintwelvemonthsofrenderingserviceareclassifiedasshort-termemployeebenefits.Benefits,suchas,salaries,wages,short-termcompensatedabsences,performance incentives,etc., and theexpected costofbonus, ex-gratiaare recognisedduring theperiodinwhichtheemployeerendersrelatedservice.

1.07) Borrowing Costs

ThatthereisnoBorrowingcost.

1.08) Contingent Liabilities

As informed and certified by the management there is no contingent liablities provided by thecompany

1.09) Provision for Taxation

ProvisionforIncomeTaxhasnotbeenmadeasthecompanyhasUnabsorbedlosses.

1.10) Deferred Tax Asset/Liability

Noprovisionfordeferredtaxfortheyearandfortheearliaryearhasbeenmadebythecompany.

1.11) Earnings per Share

BasicEPSiscomputedusingtheweightedaveragenumberofequitysharesoutstandingduringtheperiod.DilutedEPS iscomputedusing theweightedaveragenumberofequityanddilutiveequityequivalentsharesoutstandingduringtheperiodexceptwheretheresultswouldbeanti-dilutive.

1.12) Impairment of Assets

Thecarryingoftheassetsisreviewedateachbalancesheetthatifthereisanyindicationofimpairmentbasedoninternal/externalfactors.Animpairmentlossisrecognizedwhereverthecarryingamountofanassetexceedsitsrecoverableamount.Therecoverableamountisthegreateroftheassetnetsellingpriceandvalueinuse.Inassessingvalueinuse,theEstimatedfuturecashflowsarediscountedto their present value at the weighted average Cost of capital.

1.13)Previousyear’sfigureshavebeenrearrangedandregroupedwherevernecessarysoastomakethemcomparablewiththoseofthecurrentyear.


49




2.01 TRADE RECEIVABLES(Unsecured and considered goods)DebtsOutstandingforaperiodexceedingsixmonths 3,820,731 5,676,050 17,836,164OtherDebts - -

TOTAL 3,820,731 5,676,050 17,836,164

2.02 CASH,CASH EQUIVALENT AND BANK BALANCECashinHand 2,775 2,820 70,952Balance with Scheduled BankCentralBankofIndia,VilleParle,Mumbai 11,214 10,231 36,551StateBankofIndia,Raipur 1,209 1,209 1,209

TOTAL 15,198 14,260 108,712

P A R T I C U L A R S As at March 31, 2018 As at March 31, 2017 As at March 31, 2016No. of shares

Amount No. of shares


Amount

2.03 SHARE CAPITALAUTHORIZED CAPITALEquityShareofRs.10/-Eachwithvotingright

4,500,000 45,000,000 4,500,000 45,000,000 4,500,000 45,000,000

ISSUEDEquityShareofRs.10/-Eachwithvotingright

4,120,000 41,200,000 4,120,000 41,200,000 4,120,000 41,200,000

SUBSCRIBEDEquityShareofRs.10/-Eachwithvotingright

3,970,900 39,709,000 3,970,900 39,709,000 3,970,900 39,709,000

PAID UPEquityShareofRs.10/-Eachwithvotingright

3,898,500 38,985,000 3,898,500 38,985,000 3,898,500 38,985,000

3,898,500 38,985,000 3,898,500 38,985,000 3,898,500 38,985,000

Refernote(i),(ii)&(iii)below

(i) Reconciliationofthenumberofsharesandamountoutstandingatthebeginningandattheendofthereportingperiod:

P A R T I C U L A R S As at March 31, 2018 As at March 31, 2017 As at March 31, 2016No. of shares



Amount

ReconciliationOfIssuedShareEquityshareswithvotingrightsOpening 3,898,500 38,985,000 3,898,500 38,985,000 38,98,500 38,985,000IssuedDuringtheYear - - - - 0 0Closing 3,898,500 38,985,000 3,898,500 38,985,000 38,98,500 38,985,000


50

(ii) Terms/rightsattachedtoEquityShares:

ThecompanyhasoneclassofequityshareshavingaparvalueofRs.10.00pershare.Eachholderofequitysharesisentitledtoonevotepershare.IntheeventofliquidationoftheCompany,theholdersofequityshareswillbeentitledtoreceiveremainingassetsoftheCompany,afterdistributionofallpreferentialamounts.Thedistributionshallbeaccordingtothemembersrightand interest in theCompany.

(iii) Detailsofsharesheldbyeachshareholderholdingmorethan5%shares:

Class of Share / Name of Shareholder

As at March 31, 2018 As at March 31, 2017 As at March 31, 2016No. of shares held

% holding in that Class of

Share

No. of shares held

% holding in that Class

of Share

No. of shares held

% holding in that Class of

ShareGunwantraj Singhvi 459,820 11.79% 459,820 11.79% 452,200 11.60%Jai Singhavi 572,948 14.70% 572,948 14.70% 572,948 14.70%PratikSinghavi 355,581 9.12% 355,581 9.12% 355,581 9.12%

As at March 31, 2018



2.04 RESERVE & SURPLUSCAPITAL RESERVES AsPerPreviousBalanceSheet 181,000 181,000 181,000

181,000 181,000 181,000GENERAL RESERVES OpeningBalance 520,000 520,000 520,000Add:Additionduringtheyear - - 0ClosingBalance 520,000 520,000 520,000PROFIT & LOSS ACCOUNTOpeningBalance (36,865,424) (36,923,612) (39,892,910)Add:Additionduringtheyear 71,592 58,188 2,969,298ClosingBalance (36,793,832) (36,865,424) (36,923,612)

TOTAL (36,092,832) (36,164,424) (36,222,612)

2.05 LONG TERM BORROWINGUN-SECUREDLOANFromDirector,ShareHolderetc 806,047 1,934,047 8,219,047

806,047 1,934,047 8,219,047

2.06 OTHER CURRENT LIABILITIESLiabilitiesforExpenses 1,840,640OtherCreditBalances 102,114 935,687 5,122,801

TOTAL 102,114 935,687 6,963,441


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2.07 SHORT-TERM PROVISIONSOtherProvisions 35,600 -

35,600 -

P A R T I C U L A R S As at 31st March, 2018


3 Notes referred to in the Statement of Profit and Loss are as follows:

3.01 Revenue from OperationsParticularsSaleofDamageGoods - -Sub-Total - -Less:ExciseDuty - -

TOTAL - -

3.02 OTHER INCOMESundryBalanceWrittenoff 729,962 1,000,000ProfitFromFixedAssetsSold

TOTAL 729,962 1,000,000

3.03 INCREASE/(DECREASE) IN STOCKFinishedProduct 0.00 0.00Rejected/DamagedGoodsStock 0.00 0.00Store&Tools 0.00 0.00

TOTAL 0.00 0.00Less : Opening Stock 0.00 0.00

0.00 0.00

3.04 EMPLOYEE BENEFITS

SalaryandWages 144,000 96,000EmployerConstructiontoPF - -

TOTAL 144,000 96,000


52

P A R T I C U L A R S As at 31st March, 2018


3.05 ADMINISTRATIVE AND OTHER EXPENSES

Printing&Stationery 30,000 30,000Postage&Electric 32,510 43,922LegalLicense&ProfessionalFees 612 9,180Security Charges - -Fees 287,500 229,000BankCommission 164 555 MicsExpenses 3,495 10,982SundryBalanceWrittenoff - 62,548InterestExpenses - 311,598Dematcharges 118,389 123,027PaymenttoAuditor 17,700 25,000OfficeRent 24,000 -

TOTAL 514,370 845,812 3.06 FINANCIAL CHARGES

BankInterest 0.00 0.00interest to Others 0.00 0.00

TOTAL 0.00 0.003.07 Extraordinary Items

Claimspaid - -TOTAL - -

4 PAYMENT TO AUDITOR(i) As Auditor 15,000 10,000(ii) ForTaxationMatters - 5,000(iii) ForCompanyLawMatters - 4,000(iv) ForOthers - 6,000

TOTAL 15,000 25,000 5 Particulars of Remuneration to Executive / Whole time Directors:

SalarytoExecutiveDirector 0.00 0.006 Balances of personal accounts like , Receivables, Payables and Loans & Advances are subject to

their respective confirmations and reconciliations.



PRATIK PANELS LIMITEDCIN No.: L36101CT1989PLC005107

RegisteredOffice:JawaharNagar,NearMilanTraders,Opp.BhatiaBuilding,Raipur492–001.Email:[email protected],Website:www.pratikpanels.com

ATTENDANCE SLIP

(29thAnnualGeneralMeeting)

FolioNo./DPIDNo.&ClientIDNo......................................................

No. of shares held……………

Iherebyrecordmypresenceatthe29thAnnualGeneralMeetingheldonFriday,21stSeptember,2018at11.00a.m.attheHeavens,2ndfloor,HotelVenkateshInternational,PhoolChowk,Raipur(C.G.).

Member’sName:..................................................................

___________________________Proxy’sName:...................................................................... Member’s/Proxy’sSignature

Note: Please fill this attendance slip and hand it over at the entrance of the venue of the meeting.

THIS PAGE HAS BEEN INTENTIONALLY KEPT BLANK

PRATIK PANELS LIMITEDCIN No.: L36101CT1989PLC005107

RegisteredOffice:JawaharNagar,NearMilanTraders,Opp.BhatiaBuilding,Raipur492–001.Email:[email protected],Website:www.pratikpanels.com

Form No. MGT -11PROXY FORM

[PursuanttoSection105(6)oftheCompaniesAct,2013andrule19(3)oftheCompanies(ManagementandAdministration)Rules,2014]

Nameofthemember(s): EmailID:

RegisteredAddress: FolioNo./ClientID:

DPId:

I/We,beingthemember(s)of………….sharesoftheabovenamedcompany,herebyappoint

1. Name:________________________________ Address: ___________________________________

E-mailId:______________________________ Signature:_______________________,orfailinghim

2. Name:________________________________ Address: ___________________________________

E-mailId:______________________________ Signature:_______________________,orfailinghim

3. Name:________________________________ Address: ___________________________________

E-mailId:______________________________ Signature: __________________________________

asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe29thAnnualGeneralMeetingoftheCompany,tobeheldonFriday,21stSeptember,2018at11.00a.m.theHeavens,2ndfloor,HotelVenkateshInternational,PhoolChowk,Raipur(C.G.)andatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:

Resolution No.

Description of Resolution Vote*For Against

1 Adoption of Financial Statements for the year ended 31stMarch, 2018togetherwiththereportsoftheBoardofDirectorsandAuditorsthereon.

2 Re-appointmentofMrs.NishaSinghvi(DIN:05286282),asDirector,whoretiresbyrotationandbeingeligible,offersherselfforre-appointment.

3 AppointmentofM/s.JainJagawatKamdar&Co.,CharteredAccountants,astheStatutoryAuditorsoftheCompanyforaperiodof5yearsandfixingtheirremuneration.

4 Re-appointmentofMr.JayeshShah(DIN:00218776)asanIndependentDirectorforasecondtermof5years.

5 ShiftingtheRegisteredOfficeoftheCompanyfromtheStateofChhattisgarhto the State of Maharashtra.

*Itisoptionaltoindicateyourpreference.Ifyouleavethe‘fororagainst’columnblankagainstanyorallresolutions,yourproxywillbeentitledtovoteinthemannerashe/shemaydeemappropriate.

Signedthis________dayof__________2018

Signature of Shareholder

SignatureofProxyholder(s)

Note: 1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48 hours before the commencement of the Meeting.

2. The form should be signed across the stamp as per specimen signature registered with the Company.

3. A Proxy need not be a member of the Company.

Re.1/-Revenue


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Route Map to the venue of the 29th Annual General Meeting


57

NOTES


58

NOTES

To,

Ifundeliveredpleasereturnto:

PRATIK PANELS LTD.CorporateOffice:B/101,UniversalParadise,

NandaPatkarRoad,VileParle(East),Mumbai-400057.

Printedby:DJM

ediaprint&LogisticLtd.Em

ail:[email protected]

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