Panafic Industrials Ltd Management Discussions.

BUSINESS REVIEW

Financial year 2016-17 concluded with a Net Profit of Rs. 44,41,432/- for the company which is Rs. 26,83,950/- more than the previous financial year 2015-16. Sincere efforts were made at all levels of the organization to cut costs and also to keep the expenses in check despite the inflationary tendencies of the market.

MATERIAL CHANGES

CHANGE IN CONTROL AND MANAGEMENT OF THE COMPANY

During the financial year, the Company received the resignation of Mr. Rajeev Kumar Gupta from the position of Managing Director of the company, the Board of directors approved the same w.e.f January 03, 2017 in the duly held board meeting

Further, the Company wished for the re-appointment Ms. Renu (DIN: 03572788), who retires by rotation in our ensuing 32nd Annual General Meeting as per the requirement of Section 152(6) of the Companies Act, 2016 and being eligible to offer herself for re-appointment.

Company Secretary & Compliance Officer

The Companies Act, 2013 has mandated the appointment of Company Secretary in all listed Companies. Therefore, Ms. Ronika Bharara, a member of the Institute of Company Secretaries of India, was appointed as the Company Secretary & Compliance Officer of the Company w.e.f. 10th June, 2015 upon recommendation and approval by the Remuneration Committee and the Board.

*The same detail has already been given in our last report.

Internal Auditor

The Companies Act, 2013 has mandated the appointment of Internal Auditor in the Company. Accordingly, the Company has appointed Mr. Vijay Katana, Chartered Accountant, having ICAI Membership No. 534458 as an Internal Auditor of the Company in the Board Meeting held on 31st March, 2015.

*The same detail has already been given in our last report.

Chief Financial Officer

Pursuant to Section 203 of the Companies Act, 2013, read with Rule 8 of the Companies (Appointment and Remuneration) Rules, 2014, the Board at its meeting held on 6th September, 2014 has appointed Mrs. Santa Gupta as the Chief Financial Officer (CFO).

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.

INTERNAL CONTROL SYSTEM

The Company has an adequate system of internal control covering all financial and operating functions. These controls have been designed to provide a reasonable assurance with regard to maintenance of proper accounting controls, monitoring of operations, protecting assets from unauthorized use or losses, compliances with regulations and for ensuring reliability of financial reporting.

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.

For and on behalf of the Board of Directors
M/s Panafic Industrials Limited
Sd/- 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: 06th September, 2017