Panafic Industrials Ltd Directors Report.

To the Members,

Your Directors are pleased to present the 35th Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2020.

FINANCIAL RESULTS

The Companys financial performance for the year ended 31st March, 2020 is summarized below:

(in Rs.)

Particulars

For The Year Ended

31st March, 2020 31st March, 2019
Total Revenue 63,42,802 10,208,322
Total Expenses 2,29,50,644 72,00,481
Depreciation/Povisions 3,68,225 5,65,057
Profit/(Loss) Before Tax (16,976,067) 2,442,784
Exceptional and extraordinary items 0 0
Provision for Taxation (3,256,271) 538,782
Profit/(Loss) After Tax (13,719,796) 1,904,002
Paid up Equity Capital 82,125,000 82,125,000

STATE OF COMPANYS AFFAIR, OPERATING RESULTS AND PROFITS

The beginning of 2020 has witnesses the global spread of COVID 19, i.e. coronavirus one that profoundly not just impacts economy but the global economy and its people at large. Due to pandemic the Companys business has reduced due to limited participation by the institutional in the stock market activitv of the company. Further Company also lost 10 productive days in Q4 FY20 resulting in lower acquisition of loan accounts.

During the year under review, your company has suffered from loss of Rs.1.37crores as compared to Profit earned of Rs.19.04Lacs in the previous year.

CHANGE IN THE NATURE OF BUSINESS

During the financial year under review, no changes have occurred in the nature of the Companys business.

DIVIDEND

Your Directors do not recommend any dividend for the financial year 2019-20.

TRANSFER TO RESERVE

The Company transferred an amount of Rs. (13,719,796) to the General Reserve for the Financial Year ended 31st March, 2020.

PUBLIC DEPOSITS

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

CHANGE IN THE NATURE OF BUSINESS

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

CHANGES IN THE SHARE CAPITAL

The Paid-up Equity Share Capital of the Company as on 31st March, 2020 was Rs. 8,21,25,000 comprising of 8,21,25,000 Equity Shares of Re.1/- each. During the year under review, the Company has not issued any fresh shares.

MATERIAL CHANGES AND COMMITMENT - IF ANY, AFFECTING FINANCIAL POSITION OF THE COMPANY FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT:

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

SUBSIDIARIES/JOINT VENTURES/ASSOCIATES

The Company does not have any Subsidiary/Joint Venture/Associate Company for the year ended on 31st March, 2020.

DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors hereby confirms and accepts the responsibility for the following in respect of the Audited Annual Accounts for the financial year ended March 31, 2020:

i. That in the preparation of the annual accounts for the financial year ending 31st March, 2020, the applicable accounting standards had been followed along with proper explanation relating to material departures;

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

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

iv. The Directors have prepared the annual accounts of Company on a ‘going concern basis.

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

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

DISCLOSURE ON COMPLIANCE WITH SECRETARIAL STANDARDS

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

DIRECTORS AND KEY MANAGERIAL PERSONNEL ? Board of Directors

None of the Directors of the Company are disqualified under the provision of Section 164 and 165 of the Companies Act, 2013 as applicable on the date of this Boards Report.

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

Name of the Director DIN Designation Date of Appointment
1. Mrs. Sarita Gupta 00113099 Executive Managing Director 30/09/2014
2. Ms. Renu 03572788 Non-Executive Director 30/09/2014
3. Mr. Sanjeev Kumar ^ 06625416 Non-Executive Independent Director 09/07/2013
4. Mr. Shri Kishan Gupta 08430379 Non-Executive Independent Director 24/04/2019

Appointment

During the year under review, no Director was appointed.

Re-appointment

Further, the Company wished for the re-appointment Ms. Renu (DIN: 03572788), who retires by rotation in our ensuing 35th Annual General Meeting as per the requirement of Section 152(6) of the Companies Act, 2013 and being eligible to offer herself for re-appointment.

Resignation

During the financial under 2019-20 no director was resigned.

Key Managerial Personnel

Following officials are appointed as the Key Managerial Personnel (“KMP”) of the Company.

Company Secretary & Compliance Officer

Panafic Industrials Limited

2019-20

During the year Ms. Megha Jain, Company Secretary and Compliance Officer of the Company resigned from her office w.e.f. 19th October, 2019, whereas, in her place, Ms. Priti Gupta was appointed as a Company Secretary and Compliance Officer of the Company w.e.f. 10th February, 2020.

DECLARATION BY INDEPENDENT DIRECTORS

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

BOARD AND COMMITTEE MEETINGS BOARD MEETINGS

Regular meetings of the Board are held at least once in a quarter, inter-alia, to review the quarterly results of the Company. Additional Board meetings are convened, as and when required, to discuss and decide on various business policies, strategies and other businesses. The Board meetings are held at the registered office of the Company.

During the year under review, Board of Directors of the Company met 7 times, viz, 24th April, 2019, 29th May, 2019, 13th August, 2019, 03rd September, 2019, 23rd October, 2019, 14th November, 2019 and 14th February, 2020.

DIRECTORS ATTENDANCE RECORD AND DETAILS OF DIRECTORSHIPS HELD

Name of the Directors No. of Board Meetings attended during Financial Year 2019-20 Whether Previous AGM attended or not No. of other Directorship in other Public Companies*
Mrs. Santa Gupta 7 Yes 1
Mr. Shree Kishan Gupta 7 Yes Nil
Mr. Sanjeev Kumar 7 Yes Nil
Ms. Renu 7 Yes 1

COMMITTEE MEETINGS

A) Audit Committee

The Company has formed audit committee in line with the provisions Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. Audit Committee meeting is generally held one in quarter for the purpose of recommending the quarterly/half yearly/yearly financial results and the gap between two meetings did not exceed on hundred and twenty days. Audit Committee met four times on 29th May, 2019, 13th August, 2019, 14th November, 2019 and 14th February, 2020.

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

Name of the Director Designation

Number of meetings during the financial year 2019-2020

Held Attended
1. Mrs. Santa Gupta Member 4 4
2. Mr. Shree Kishan Gupta Member 4 4
3. Mr. Sanjeev Kumar Chairman 4 4

B) Nomination and Remuneration Committee

The Company has formed Nomination and Remuneration Committee in line with the provisions Section 178 of the Companies Act, 2013 and Regulation 19 of Listing Regulations. Nomination and Remuneration Committee meetings are generally held for identifying the person who is qualified to become Directors and may be appointed in senior management and recommending their appointment and removal. During the year under review, committee met two times 24th April, 2019 and 13th August, 2019.

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

Name of the Director Designation

Number of meetings during the financial year 2019-2020

Held Attended
1. Mr. Shree Kishan Gupta Member 2 2
2. Mr. Sanjeev Kumar Chairman 2 2
3. Mrs. Santa Gupta Member 2 2

C) Shareholders/Investor Grievance Committee

The Company has constituted Stakeholders Relationship Committee mainly to focus on the Redressal of Shareholders/Investors Grievances, if any, like Transfer/ Transmission/ Demat of Shares, Loss of Share Certificates, Non-receipt of Annual Report, Dividend Warrants, etc. During the year under review, Stakeholders Grievance & Relationship Committee met four times 29th May, 2019, 13th August, 2019, 14th November, 2019 and 14th February, 2020.

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

Name of the Director Designation

Number of meetings during the financial year 2019-20

Held Attended
1. Mrs. Sarita Gupta Member 4 4
2. Mr. Sanjeev Kumar Chairman 4 4
3. Mr. Ankur Sharma Member 4 4

EXTRAORDINARY GENERAL MEETING

No Extra Ordinary General Meeting was held during the year 2019-2020.

COMPANYS POLICY RELATING TO DIRECTORS AND KMPS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THETR DUTIES

The Companys policy relating to appointment of Directors and KMP, payment of Managerial remuneration, Directors qualification, positive attributes, independence of directors and other related matters has been devised as per the provisions given under Section 178(3) of Companies Act, 2013.

CRITERIA FOR DETERMINING QUALIFICATIONS. POSITIVE ATTRIBUTES AND INDEPENDENCE OF A DIRECTOR

1. Qualifications of Independent Directors

An Independent director shall possess appropriate skills, experience and knowledge in one or more fields of finance, law, management, sales, marketing, administration, research, corporate governance, operations or other disciplines related to the companys business.

2. Positive attributes of Independent Directors

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

3. Independence of Independent Directors

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

INDEPENDENT DIRECTORS DECLARATION

The Company has received the necessary declaration from each ID in accordance with Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence as laid out in sub-section (6) of Section 149 of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CERTIFICATE BY PRACTICING COMPANY SECRETARY

The Company has received certificate from Mr. Mukesh Agarwal Proprietor of Mukesh Agarwal & Co., Practising Company Secretaries, confirming that none of the Directors of the Company have been debarred or disqualified from being appointed or continuing as director of companies by the SEBI/ Ministry of Corporate of Affairs or any such authority. The certificate is attached as “ANNEXURE C”.

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

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

The Boards functioning was evaluated on various aspects, including inter-alia the Structure of the Board, Meetings of the Board, Functions of the Board, Degree of fulfillment of key responsibilities, Establishment and delineation of responsibilities to various Committees, Effectiveness of Board Processes, information and functioning.

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

The performance assessment of Non-Independent Directors, Board as a whole and the Chairman were evaluated in a separate meeting of Independent Directors. The same was also discussed in the meetings of NRC and the Board. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has put in place an adequate internal control system to safeguard all assets and ensure operational excellence. The system also meticulously records all transaction details and ensures regulatory compliance. It also has a team of internal auditors to conduct internal audit. Audit firms also ensure that all transactions are correctly authorised and reported. The reports are reviewed by the Audit Committee of the Board. Wherever deemed necessary, internal control systems are strengthened and corrective actions initiated.

REPORTING OF FRAUDS

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

RELATED PARTY TRANSACTIONS

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

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

LISTING OF EQUITY SHARES

Your Companys shares are listed with the BSE Limited. The listing fee has been paid for the financial year 2019 - 2020. CORPORATE GOVERNANCE

Since the paid up capital of the company is less than Rs.10 Crores and the net worth of the Company is less than Rs.25 Crores, the provisions of Regulations 17,18,19,20,21,22,23,24,25,26,27, and clauses (b) to (i) of sub-regulation 2 of Regulation 46 and para C, D & E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and

Disclosures Requirements) Regulations, 2015, are not applicable to the Company, hence corporate governance report has not been enclosed to directors report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(i) Annual overlook and outlook

It has been a challenging year with several macro headwinds encompassing industrial, infrastructure and real estate market. Slow economic activity and liquidity challenges impacted the overall demand scenario in the industry.

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

(ii) Industry Structure and Developments:

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

(iii) Opportunities & Threats:

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

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

(iv) Future Outlook:

NBFCs are facing liquidity crisis and that coupled with increasing stress in the corporate segment warrants caution. In fact many corporates were dragged to NCLT under Insolvency and Bankruptcy Code which clearly manifests the stress the corporates are facing. Further, improvements in the capital markets may also positively impact the finance and investment companies. However, the continued deterioration in assets quality and NPAS are haunting the finance companies.

(v) Risks & concerns:

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

(vi) Internal Control:

The company has in place adequate internal financial control system. The Companys internal control systems, including internal financial controls, are commensurate with the nature of its business and the size and complexity of its operations and same are adequate and operating effectively. The Audit Committee reviews adequacy and effectiveness of the Companys internal control system including internal financial control. Your company has taken proper care for the maintenance of adequate accounting records as required by various statutes.

(vii) Financial performance:

The financial performance of the company has been covered in the Directors Report.

(viii) Human Resources:

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

(ix) Cautionary Statement:

The statements in this Management Discussion and Analysis describing the Companys objects, projections, estimates, expectations may be construed as "forward-looking" statements within the meaning of applicable securities laws and regulations and such forward looking statements involve risks and uncertainties. Actual results may differ materially from those expressed in this statement. Important factors that could influence the Companys operations include fluctuations in the capital markets, repayments by the borrowers, changes in government regulations, tax laws, economic developments within the country and other factors such as litigation and industrial relations. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on these forward looking statements.

AUDITORS Statutory Auditors

M/s Rohit Suri & Associates, Chartered Accountants will serve as the Statutory Auditors of the Company till the conclusion of the 39th Annual General Meeting of the Company to be held in the year 2024. The Company has received a letter from them to the effect that their reappointment, if made, will be in accordance with the provisions of section 139 & 141 of the Act, and are eligible for re-appointment, holding peer review certificate.

Auditors Observation

The existing Statutory Auditors does not contain any qualification, reservation and adverse remarks in their report. Secretarial Auditors

The Board has appointed Ms. Sheetal Bansal, Practicing Company Secretary, to conduct Secretarial Audit for the FY 201920. The Secretarial Audit Report for the Financial Year ended 31st March, 2020 is at “Annexure A”.

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

Internal Auditor

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

Cost record and cost audit

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

REPORTING OF FRAUD BY AUDITOR

During the year under review, neither the statutory auditor nor the Secretarial auditor reported to the audit committee, under section 143(12) of the companies Act, 2013, any instant of fraud committed against the company by its officers or employees the details of which would need to be mentioned in the Boards report.

RISK MANAGEMENT

The Company does not have any formal Risk Management Policy as the elements of risk threatening the company are very minimal. However, on discretionary basis the Company has constituted the Risk Management Committee to cope up with adequate processes and procedures in place to mitigate risks of various kinds, if any, but as no such matter comes before the Board till date, no meeting held as such.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS IN SECURITIES

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

Disclosure of Investment is also exempt for investment made, in respect of investment or lending activities, by a nonbanking financial company registered under Chapter III-B of the Reserve Bank of India Act, 1934 and whose principal business is acquisition of securities under section 186(11).

FIXED DEPOSITS

The Company has not accepted deposit from public during the year and there was no deposit outstanding on 31st March, 2019.

HUMAN RESOURCE DEVELOPMENT

The Company believes that its people are the key differentiators, especially in the current knowledge driven, competitive and global business environment. Adapting work culture to suit the dynamic balancing of people requirements is an ongoing process. The Board of Directors of your company would like to place on record their sincere appreciation for the efforts and contribution made by all the employees of the Company in realizing the targeted projects of the Company. Your Directors take this opportunity to thank all employees for rendering impeccable services to every constituent of Company, customers and shareholders.

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

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

WHISTLE BLOWER POLICY/VIGIL MECHANISM

1. The Company have promoted ethical behaviour in all its business activities and has established a vigil mechanism for Directors and Employees to report their genuine concerns.

2. The Vigil Mechanism as envisaged in the Companies Act, 2013 and the Rules prescribed is implemented through the Whistle Blower Policy, to provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee.

3. As per the Whistle Blower Policy implemented by the Company, the Employees are free to report illegal or unethical behaviour, actual or suspected fraud or violation of the Companys Codes of Conduct or Corporate Governance Policies or any improper activity to the Chairman of the Audit Committee of the Company or Chairman of the Company.

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

The Whistle Blower Policy has been appropriately communicated within the Company and has also been hosted on the website of the Company www.panaficindustrialsltd.com. No personnel have been denied access to the Audit Committee.

POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

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

EXTRACT OF ANNUAL RETURN

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

PARTICULARS OF EMPLOYEES AND REMUNERATION

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

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. AND FOREIGN EXCHANGE EARNINGS AND EXPENDITURE

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

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant or material orders which were passed by the Regulators or Courts or Tribunals which impact the going concern status and the Companys Operations in future.

APPRECIATION

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

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

For and on behalf of the Board of Directors
M/s Panafic Industrials Limited
Sd/- .
Sarita Gupta Renu
Director Director
DIN:00113099 DIN: 03572788
D-158, Pushpanjli Enclave, H-3/197, Kuwar Singh Nagar, Najafgarh
Pitam Pura, Delhi- 110034 Road, Nangloi, Delhi-110041
Place: Delhi
Date: 5th December, 2020