Paushak Limited Annual Report 2018-19 PDF

PAUSHAK LIMITED
PAUSHAK LIMITED
Board of Directors Registrar and Transfer Agent

Mr. Chirayu Amin - Chairman Link Intime India Pvt. Ltd.
Mr. Udit Amin B-102 & 103 Shangrila Complex,
Mr. Amit Goradia 1st Floor, Opp. HDFC Bank,
Mr. Vijay Gandhi Nr. Radhakrishna Char Rasta,
Mr. Atul Patel Akota, Vadodara - 390 020.
Dr. Shamita Amin Tel : +91 265 2356573 / 2356794
Mr. Abhijit Joshi - Whole-time Director & CEO Fax : +91 265 2356791
Email ID : vadodara@linkintime.co.in
Dy. CFO
Mr. Kaushik Shah Stock Exchange
BSE Limited
Phiroze Jeejeebhoy Towers,
Company Secretary Dalal Street,
Mr. Charandeep Singh Saluja (upto 31st May, 2018) Mumbai - 400 001.
Code : 532742 / PAUSHAK LTD
Ms. Manisha Saraf (w.e.f. 1st June, 2018)
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Statutory Auditors Alembic Road, Vadodara - 390 003.
Maloo Bhatt & Co. Tel : +91 265 2280550
Chartered Accountants Fax : +91 265 2282506
204-207, Parshwa Complex, Email ID : investors@paushak.com
Nr. Cash & Carry, Ellora Park, Website : www.paushak.com
Vadodara - 390 023. CIN : L51909GJ1972PLC044638
Manufacturing Facility
Panelav, Tal. Halol,
Dist. Panchamahal - 389 350. Gujarat.
1
PAUSHAK LIMITED
NOTICE
NOTICE is hereby given that the Forty Sixth Annual General Meeting of Paushak Limited will be held at “Sanskruti”,
Alembic Corporate Conference Center, Opp. Pragati Sahakari Bank Limited, Alembic Colony, Vadodara - 390 003, on
Wednesday, the 7th August, 2019 at 12:30 p.m. to transact the following business:
ORDINARY BUSINESS
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31st March, 2019 and the Reports of the Board of Directors and Auditors thereon.
7RGHFODUHGLYLGHQGRQ(TXLW\6KDUHVIRUWKH¿QDQFLDO\HDUHQGHGst March, 2019.
3. To appoint a Director in place of Mr. Chirayu Amin (DIN: 00242549) who retires by rotation and being eligible, offers
himself for re-appointment.
SPECIAL BUSINESS
4. 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVWKHIROORZLQJ5HVROXWLRQDVD6SHFLDO5HVROXWLRQ
Re-appointment of Dr. Shamita Amin (DIN: 00331702) as an Independent Director of the Company:
“RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152, 178 and other applicable provisions, if any, of
the Companies Act, 2013 (‘the Act’), rules framed thereunder and Schedule IV to the Act and the applicable provisions
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, approval of the members of the
Company be and is hereby accorded to the re-appointment of Dr. Shamita Amin as an Independent Director of the
&RPSDQ\QRWOLDEOHWRUHWLUHE\URWDWLRQIRUKHUVHFRQGWHUPRI¿YHFRQVHFXWLYH\HDUVZHIth March, 2020.
RESOLVED FURTHER THAT the Board of Directors of the Company be and are hereby severally authorized to do all
acts, deeds and things, necessary and expedient to give effect to this resolution.”
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“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 (‘the Act’), the remuneration payable to M/s.
Santosh Jejurkar & associates, Cost Accountant (FRN: 102697) appointed by the Board of Directors of the Company
WRFRQGXFWWKHDXGLWRIWKHFRVWUHFRUGVRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDUDPRXQWLQJWR` 0.30 Lacs plus
applicable taxes, traveling and other out-of-pocket expenses incurred by them in connection with the aforesaid audit,
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NOTES:
1. ANY MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE
INSTEAD OF HIMSELF AND SUCH PROXY NEED NOT BE A MEMBER OF THE COMPANY.
2. $SHUVRQFDQDFWDVDSUR[\RQEHKDOIRIPHPEHUVQRWH[FHHGLQJ¿IW\DQGKROGLQJLQWKHDJJUHJDWHQRWPRUH
than ten percent of the total share capital of the Company carrying voting rights. A member holding more than
ten percent of the total share capital of the Company carrying voting rights may appoint a single person as
proxy, provided such person shall not act as a proxy for any other person or shareholder.
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before the time of commencement of the meeting.
4. The Register of Members of the Company will remain closed from Thursday, 1st August, 2019 to Wednesday, 7th
August, 2019 (both days inclusive), for the purpose of payment of dividend.
5. The details of Mr. Chirayu Amin and Dr. Shamita Amin, Directors, seeking re-appointment pursuant to Regulation 36(3)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions is
annexed herewith as Annexure A to this notice.
6. The dividend when sanctioned will be made payable on or before Friday, 16th August, 2019, to those members whose
names stand on the Register of Members of the Company on Wednesday, 31st July, 2019 in case of physical shares
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promptly any change in their registered addresses.
In order to enable the Company to directly credit the dividend amount in the bank accounts:
a) Shareholders holding shares in demat accounts are requested to update their bank account details with their
respective Depository Participants.
b) Shareholders holding shares in physical form are requested to provide the following details along with an
authorization letter allowing the Company to directly credit the dividend in their bank accounts:
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account type and account number, IFSC code and MICR code and a copy of cancelled cheque.
2
PAUSHAK LIMITED
7. As per the provisions of Section 125 of the Companies Act, 2013 read with Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended (“IEPF Rules, 2016”), the amount of
dividend remaining unpaid or unclaimed for a period of seven years from the date of transfer to Unpaid Dividend
Account, shall be transferred to the Investor Education and Protection Fund (IEPF), a fund constituted by the
Government of India under Section 125 of the Companies Act, 2013.
Further, in accordance with the provisions of Section 124(6) of the Companies Act, 2013 and IEPF Rules, 2016, shares
on which dividend has not been paid or claimed for seven consecutive years or more, are liable to be transferred to
IEPF.
Members who have not claimed dividend for previous year(s) are requested to claim the same by approaching the
Company or the R & T Agents of the Company.
The due dates for transferring the unclaimed / unpaid dividend to IEPF are as under:
Date of Declaration of Dividend Dividend for Financial Year Proposed Month and Year of
Transfer to the Fund
8th August, 2012 2011-12 September, 2019
2nd August, 2017 2016-17 September, 2024
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a.m. and 1:00 p.m. on any working day except Saturdays and holidays up to the date of Annual General Meeting.
9. All the work related to share registry in terms of both physical and electronic, are being conducted by Company’s
R & T Agents, Link Intime India Pvt. Limited, B-102 & 103, Shangrila Complex, First Floor, Opp. HDFC Bank, Near
Radhakrishna Char Rasta, Akota, Vadodara - 390 020 Tel: +91 265 2356573, 2356794 Email ID: vadodara@linkintime.
co.in. The Shareholders are requested to send their communication to the aforesaid address.
10. The Company has designated an exclusive Email ID: investors@paushak.com for redressal of Shareholders’/
Investors’ complaints/ grievances. In case you have any queries, complaints or grievances, then please write to us at
the above mentioned email address.
11. Updation of Email ID: The Shareholders are requested to intimate their Email ID to the Company or update their
Email ID registered with Depository Participants, if the same is changed.
12. Voting through Electronic Means and Declaration of Results:
Pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management
and Administration) Rules, 2014 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company is pleased to provide its members the facility to exercise their right to vote by
electronic means. The facility of casting votes using an electronic voting system from a place other than the AGM
venue (‘remote e-voting’) will be provided to the members by Central Depository Services (India) Limited (CDSL).
The Company is providing facility for voting by electronic means and the business may be transacted through such
electronic voting. The facility for voting through ballot paper shall also be made available at the meeting and members
attending the meeting who have not already cast their vote by remote e-voting shall be able to exercise their right at the
meeting. The members who have cast their vote by remote e-voting prior to the meeting may also attend the meeting
but shall not be entitled to cast their vote again.
M/s. Samdani Shah & Kabra, Practising Company Secretaries, Vadodara has been appointed as the Scrutinizer for
conducting the e-voting process.
Mr. Chirayu Amin, Chairman of the Company and in his absence Mr. Udit Amin, Director or Mr. Abhijit Joshi, Whole-time
Director & CEO of the Company, will declare the voting results based on the scrutinizer’s report received on e-voting
and voting at the meeting. The voting results along with scrutinizer’s report will be displayed on the:
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(iii) CDSL website www.evotingindia.com and
(iv) Stock exchange website www.bseindia.com
3
PAUSHAK LIMITED
The ‘Step by Step’ procedure and instructions for casting your vote electronically are as under:
(i) The E-voting period begins on Sunday, 4th August, 2019 at 9:00 a.m. and ends on Tuesday, 6th August, 2019 at 5:00 p.m.
During this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on
the cut-off date on Wednesday, 31st July, 2019 may cast their vote electronically. Any person, who acquires shares of
the Company and becomes member of the Company after dispatch of the notice and holding shares as on Wednesday,
31st July, 2019, may obtain the login Id and password by sending request at helpdesk.evoting@cdslindia.com. The
e-voting module shall be disabled by CDSL for voting after Tuesday, 6th August, 2019 (5:00 p.m.).
(ii) The shareholders should log on to the e-voting website www.evotingindia.com.
(iii) Click on Shareholders.
(iv) Now Enter your User ID
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b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID
c. Members holding shares in Physical Form should enter Folio Number registered with the Company.
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(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier voting
of any company, then your existing password is to be used.
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For Members holding shares in Demat Form and Physical Form
PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both
demat shareholders as well as physical shareholders).
Members who have not updated their PAN with the Company/Depository Participant are
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page of the Annual Report.
In case the sequence number is less than 8 digits enter the applicable number of 0’s before
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Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your
Details OR demat account or in the Company records in order to login.
Date of Birth If both the details are not recorded with the depository or Company please enter the member
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(viii) After entering these details appropriately, click on “SUBMIT” tab.
(ix) Members holding shares in physical form will then directly reach the Company selection screen. However, members
holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily
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holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts
for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person
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(x) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained
in this Notice.
(xi) Click on the EVSN for the relevant Company (PAUSHAK LIMITED - 190625004) on which you choose to vote.
(xii) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for
voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option
NO implies that you dissent to the Resolution.
(xiii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
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your vote.
(xv) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xvi) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
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and click on Forgot Password & enter the details as prompted by the system.
4
PAUSHAK LIMITED
(xviii) Shareholders can also use Mobile app - “m-Voting” for e-voting. m-Voting app is available on IOS, Android &
Windows based Mobile. Shareholders may log into m-Voting using their e-voting credentials to vote for the Company
resolution(s).
(xix) Note for Non-Individual Shareholders and Custodians
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www.evotingindia.com and register themselves as Corporates.
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helpdesk.evoting@cdslindia.com
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Compliance User would be able to link the account(s) for which they wish to vote on.
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the accounts they would be able to cast their vote.
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Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
(xx) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions
(“FAQs”) and e-voting manual available at www.evotingindia.com, under help section or write an email to
helpdesk.evoting@cdslindia.com
By Order of the Board,
Sd/-
Manisha Saraf
Company Secretary
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Tel: +91 265 2280550 Fax: +91 265 2282506
Website: www.paushak.com
Email ID: investors@paushak.com
CIN: L51909GJ1972PLC044638
Date: 6th May, 2019
Place: Vadodara
5
PAUSHAK LIMITED
Explanatory Statement as required under Section 102 of the Companies Act, 2013
Item No. 4
Dr. Shamita Amin (DIN: 00331702) was appointed as an Independent Director of the Company pursuant to the provisions
of Section 149 of the Companies Act, 2013 read with rules framed thereunder (‘the Act’) and the Clause 49 of the erstwhile
/LVWLQJ$JUHHPHQWHQWHUHGLQWRZLWKWKHVWRFNH[FKDQJH'U6KDPLWD$PLQKROGVRI¿FHDVDQ,QGHSHQGHQW'LUHFWRURIWKH
Company upto 9th0DUFKµ¿UVWWHUP¶LQWHUPVRIWKHH[SODQDWLRQWR6HFWLRQVDQGRIWKH$FW
Dr. Shamita Amin is an M.B.B,S., M.D. She has experience of over 35 years as Consulting Physician and Associate
Professor in S.S.G. Hospital & Medical College, Vadodara. She holds directorships in Mahi-Valley Hotels and Resorts
Limited and Janardan Colds Storage Co. Private Limited.
The Board of Directors at its meeting held on 6th May, 2019, on the recommendation of the Nomination and Remuneration
Committee and based on the performance evaluation, considers that given her background and experience and contributions
PDGHE\KHUGXULQJKHUWHQXUHWKHDVVRFLDWLRQRI'U6KDPLWD$PLQZRXOGEHEHQH¿FLDOWRWKH&RPSDQ\DQGLWLVGHVLUDEOH
to re-appoint Dr. Shamita Amin as an Independent Director of the Company, not liable to retire by rotation, for a second term
RI¿YHFRQVHFXWLYH\HDUVZHIth March, 2020.
,QWKHRSLQLRQRIWKH%RDUG'U6KDPLWD$PLQIXO¿OVWKHFRQGLWLRQVIRUDSSRLQWPHQWRI,QGHSHQGHQW'LUHFWRUDVVSHFL¿HGLQ
the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Listing Regulations, 2015’)
and is independent of the management.
Copy of the draft letter of appointment of Dr. Shamita Amin setting out the terms and conditions of appointment are available
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The details of Dr. Shamita Amin as required under the provisions of Regulation 36(3) of the Listing Regulations, 2015 and
other applicable provisions are provided in Annexure - A to this Notice.
The Board of Directors recommends the resolution at Item No. 4 of this Notice for your approval.
None of the Directors, Key Managerial Personnel and relatives thereof except Dr. Shamita Amin, has any concern or
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Item No. 5
In accordance with the provisions of Companies (Cost Records and Audit) Rules, 2014, the Company is required to get its
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appointed by the Board of Directors of the Company, on the recommendation of the Audit Commitment, to conduct the audit
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In terms of the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules,
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as set out in the resolution for aforesaid services to be rendered by them.
The Board of Directors recommends the resolution as set out at Item No. 5 of this Notice for your approval.
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the resolution at Item No. 5 of the Notice.
By Order of the Board,
Sd/-
Manisha Saraf
Company Secretary
Tel: +91 265 2280550 Fax: +91 265 2282506
CIN: L51909GJ1972PLC044638
Date: 6th May, 2019
Place: Vadodara
6
PAUSHAK LIMITED
ANNEXURE A
Details of the Directors seeking re-appointment at the Annual General Meeting pursuant to Regulation 36(3) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions are as under:
Name of the Director Mr. Chirayu Amin Dr. Shamita Amin
Age 72 years 71 years
4XDOL¿FDWLRQ MBA M.B.B.S, M.D.
Experience 51 years 40 years
Terms and Conditions of re-appointment N.A. N.A.
along with details of remuneration sought to
be paid
Remuneration last drawn (2018-19) N.A. N.A.
1DWXUH RI H[SHUWLVH LQ VSHFL¿F IXQFWLRQDO Management & Leadership Management & Healthcare
areas
'DWHRI¿UVWDSSRLQWPHQWRQWRWKH%RDUG 18th August, 2005 10th March, 2015
No. of Shares held in the Company as on 89,686* Equity shares Nil
31st March, 2019
Relationship with other Directors, Manager Mr. Chirayu Amin is the father of Mr. Dr. Shamita Amin does not have
and other Key Managerial Personnel Udit Amin. any relation with other Directors,
Manager and other Key Managerial
Personnel.
No. of Meetings of the Board attended 4 3
during the year
Directorship in other companies as on 31st 1. Alembic Pharmaceuticals 1. Janardan Colds Storage Co.
March, 2019 Limited Private Limited
2. Alembic Limited 2. Mahi-Valley Hotels and Resorts
3. Elecon Engineering Company Limited
Limited
4. Shreno Limited
5. Nirayu Private Limited
Chairmanship / Membership of Committees 1. Alembic Pharmaceuticals Nil
of other Board Limited
Member of Nomination and
Remuneration Committee
Chairman of Corporate
Social Responsibility
Committee
2. Alembic Limited
3. Shreno Limited
Chairman of Stakeholders
Relationship Committee
and Corporate Social
Responsibility Committee
4. Nirayu Private Limited
Chairman of Corporate
Social Responsibility
Committee
*15,423 Equity share held in the name of Chirayu Ramanbhai Amin in representative capacity of Karta of Chirayu Ramanbhai
Amin HUF.
7
PAUSHAK LIMITED
BOARD’S REPORT
Dear Members,
Your Directors have pleasure in presenting their 46th Annual Report together with the Audited Statement of Accounts for the
year ended on 31st March, 2019.
1. Operations and State of Affairs of the Company:
(` in Lacs)
Particulars Year ended on Year ended on
31st March, 2019 31st March, 2018
3UR¿WIRUWKH\HDUEHIRUH,QWHUHVW'HSUHFLDWLRQDQG7D[ 4,284.09 3,235.03
Adjusting therefrom:
Less:
Interest (net) 13.64 9.80
Depreciation 386.51 338.70
3UR¿WEHIRUH([FHSWLRQDO,WHPVDQG7D[ 3,883.94 2,886.53
Add:
Exceptional Items 1,015.04 -
3UR¿WEHIRUH7D[ 4,898.98 2,886.53
Less:
Tax Expenses 1,003.24 739.45
3UR¿WDIWHU7D[ 3,895.74 2,147.08
Other Comprehensive Income 4,784.34 979.85
Total Comprehensive Income 8,680.08 3,126.93
The Company has prepared the Standalone Financial Statements in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 prescribed under Section 133 of the Companies Act, 2013.
2. Transfer to Reserve:
During the year under review, the Company has not proposed to transfer any amount to General Reserve out of the net
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3. Dividend:
Your Directors recommend Dividend at ` 5.00 per equity share (i.e. 50%) of face value ` 10/- per share for the
¿QDQFLDO year ended on 31st March, 2019 as against ` SHU HTXLW\ VKDUH LH IRU WKH ¿QDQFLDO \HDU HQGHG
31st March, 2018.
4. Management Discussion and Analysis Report:
As per the provision of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Management Discussion and Analysis Report has been included and is annexed herewith as Annexure A.
5. Corporate Governance:
The Report on Corporate Governance as stipulated under Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 forms part of the Annual Report.
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the conditions of Corporate Governance as stipulated under the aforesaid Schedule V is enclosed to the Report on
Corporate Governance.
6. Directors:
In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company,
Mr. Chirayu Amin, Chairman of the Company, will retire by rotation at the ensuing Annual General Meeting and being
eligible offers himself for re-appointment.
7KH¿UVWWHUPRIRI¿FHRI'U6KDPLWD$PLQ,QGHSHQGHQW'LUHFWRUZLOOH[SLUHRQth March, 2020. The Nomination and
Remuneration Committee and the Board of Directors at their respective meetings held on 6th May, 2019 has recommended
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approval of the members by way of Special Resolution at the Annual General Meeting.
8
PAUSHAK LIMITED
7. Key Managerial Personnel:

Mr. Abhijit Joshi, Whole-time Director & CEO, Mr. Kaushik Shah, Dy. CFO and Ms. Manisha Saraf, Company Secretary
are Key Managerial Personnel of the Company.
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of Mr. Charandeep Singh Saluja w.e.f. 1st June, 2018.
8. Meetings of the Board:
)RXU%RDUG0HHWLQJVZHUHKHOGGXULQJWKH¿QDQFLDO\HDUHQGHGst March, 2019. The details of the Board Meetings
with regard to their dates and attendance of each of the Directors thereat have been provided in the Corporate Governance
Report.
9. Independent Directors:
7KH,QGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\KDYHJLYHQWKHGHFODUDWLRQDQGFRQ¿UPDWLRQWRWKH&RPSDQ\DVUHTXLUHG
under Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of the SEBI (Listing Obligations and Disclosure
5HTXLUHPHQWV5HJXODWLRQVFRQ¿UPLQJWKDWWKH\PHHWWKHFULWHULDRILQGHSHQGHQFHDQGWKDWWKH\DUHQRWDZDUHRI
any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to
GLVFKDUJHWKHLUGXWLHVZLWKDQREMHFWLYHLQGHSHQGHQWMXGJHPHQWDQGZLWKRXWDQ\H[WHUQDOLQÀXHQFH
10. Performance Evaluation:
Pursuant to the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board has carried out the annual performance evaluation of the Directors individually as well as
evaluation of the working of the Board and of the Committees of the Board, by way of individual and collective feedback
from Directors.
The following were the Evaluation Criteria:
(a) For Independent Directors:
- Knowledge and Skills
- Professional conduct
- Duties, Role and Functions
)XO¿OOPHQWRIWKH,QGHSHQGHQFH&ULWHULDDQGWKHLULQGHSHQGHQFHIURPWKHPDQDJHPHQW
(b) For Non- Executive Directors:
- Knowledge and Skills
- Professional conduct
- Duties, Role and Functions
(c) For Executive Directors:
- Performance as Team Leader/ Member
- Evaluating Business Opportunity and analysis of Risk Reward Scenarios
- Set Key Goals and Achievements
- Professional Conduct and Integrity
- Sharing of Information with the Board
The Directors expressed their satisfaction with the evaluation process.
11. Audit Committee:
The Audit Committee consists of Independent Directors with Mr. Amit Goradia as Chairman, Mr. Atul Patel and Mr. Vijay
Gandhi as members. The Committee inter alia reviews the Internal Control System, Scope of Internal Audit, Reports of
,QWHUQDO$XGLWRUVDQG&RPSOLDQFHRIYDULRXVUHJXODWLRQV7KH&RPPLWWHHDOVRUHYLHZVWKH¿QDQFLDOVWDWHPHQWVEHIRUH
they are placed before the Board.
12. Vigil Mechanism:
In compliance with requirements of Section 177(9) & (10) of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a Vigil Mechanism or Whistle Blower Policy for directors, employees and
other stakeholders to report genuine concerns has been established. The same is also uploaded on the website of the
Company.
9
PAUSHAK LIMITED
13. Internal Control Systems:

7KH&RPSDQ\¶VLQWHUQDOFRQWUROSURFHGXUHZKLFKLQFOXGHVLQWHUQDO¿QDQFLDOFRQWUROVHQVXUHFRPSOLDQFHZLWKYDULRXV
policies, practices and statutes and in keeping in view with the organization’s pace of growth and increasing complexity
of operations. The internal auditors team carries out extensive audits throughout the year across all functional areas and
submits its reports to the Audit Committee.
14. Corporate Social Responsibility:
$OHPELF *URXS KDV EHHQ SURDFWLYHO\ FDUU\LQJ RXW &65 DFWLYLWLHV VLQFH PRUH WKDQ ¿IW\ \HDUV $OHPELF *URXS KDV
HVWDEOLVKHG QXUWXUHG DQG SURPRWHG YDULRXV 1RQ3UR¿W 2UJDQLVDWLRQV IRFXVLQJ RQ WKUHH PDMRU DUHDV (GXFDWLRQ
Healthcare and Rural Development.
In compliance with requirements of Section 135 of the Companies Act, 2013, the Company has laid down a CSR Policy.
7KHFRPSRVLWLRQRIWKH&RPPLWWHHFRQWHQWVRI&653ROLF\DQGUHSRUWRQ&65DFWLYLWLHVFDUULHGRXWGXULQJWKH¿QDQFLDO
year ended 31st March, 2019 in the format prescribed under Rule 9 of the Companies (Corporate Social Responsibility
Policy) Rules, 2014 is annexed herewith as Annexure B.
15. Policy on Nomination and Remuneration:
In compliance with the requirements of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has laid down a Nomination and
Remuneration policy which has been uploaded on the Company’s website.
During the year, the Company has amended the Nomination and Remuneration Policy to bring it in line with the
amendments in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The web-link as required under Companies Act, 2013 is as under:
http://www.paushak.com/pdf/NR-Policy.pdf
The salient features of the NRC Policy are as under:
1) Setting out the objectives of the Policy.
'H¿QLWLRQVIRUWKHSXUSRVHVRIWKH3ROLF\
3) Policy for appointment and removal of Director, KMP and Senior Management.
4) Policy relating to the Remuneration for the Managerial Personnel, KMP, Senior Management Personnel & other
employees.
5) Remuneration to Non- Executive / Independent Director.
16. Related Party Transactions:
5HODWHG SDUW\ WUDQVDFWLRQV WKDW ZHUH HQWHUHG LQWR GXULQJ WKH ¿QDQFLDO \HDU ZHUH RQ DUP¶V OHQJWK EDVLV DQG ZHUH LQ
RUGLQDU\FRXUVHRIEXVLQHVV7KHUHDUHQRPDWHULDOO\VLJQL¿FDQWUHODWHGSDUW\WUDQVDFWLRQVPDGHE\WKH&RPSDQ\ZKLFK
PD\KDYHSRWHQWLDOFRQÀLFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\
There are no material related party transactions which are not in ordinary course of business or which are not on arm’s
length basis and hence there is no information to be provided as required under Section 134(3)(h) of the Companies
Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014.
The Board has approved a policy for related party transactions which has been uploaded on the Company’s website.
The web-link as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under:
http://www.paushak.com/pdf/RPT-Policy.pdf
17. Loans, Guarantees or Investments:
Details of Loans granted, Guarantees given and Investments made during the year under review, covered under the
provisions of Section 186 of the Companies Act, 2013 is annexed herewith as Annexure C.
18. Listing of Shares:
The Equity Shares of the Company are listed on BSE Limited with security ID / symbol of PAUSHAKLTD. The Company
FRQ¿UPVWKDWWKHDQQXDOOLVWLQJIHHVWR%6(/LPLWHGIRUWKH¿QDQFLDO\HDUKDVEHHQSDLG
19. Auditors:
(a) Statutory Auditors:
7KH$XGLWRU¶V5HSRUWIRU¿QDQFLDO\HDUGRHVQRWFRQWDLQDQ\TXDOL¿FDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN
7KH$XGLWRU¶V5HSRUWLVHQFORVHGZLWKWKH¿QDQFLDOVWDWHPHQWVLQWKLV$QQXDO5HSRUW
The Auditors of the Company have not reported any instances of fraud committed against the Company by its
RI¿FHUVRUHPSOR\HHVDVVSHFL¿HGXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
10
PAUSHAK LIMITED
(b) Secretarial Auditors:

The Board of Directors of the Company appointed M/s. Samdani Shah & Kabra, Practising Company Secretaries,
9DGRGDUDWRFRQGXFW6HFUHWDULDO$XGLWRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDU
7KH6HFUHWDULDO$XGLW5HSRUWRI0V6DPGDQL6KDK .DEUD3UDFWLVLQJ&RPSDQ\6HFUHWDULHVIRUWKH¿QDQFLDO\HDU
2018-19 is annexed herewith as Annexure D.
7KH6HFUHWDULDO$XGLWRU¶V5HSRUWGRHVQRWFRQWDLQDQ\TXDOL¿FDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN
During the year under review, the Company has complied with the applicable provisions of the Secretarial
Standards.
(c) Cost Auditors:
M/s. Santosh Jejurkar & Associates, Cost Accountant, Vadodara, has been appointed as Cost Auditor of the
Company for conducting audit of the cost accounts maintained by the Company relating to Inorganic Chemicals
IRUWKH¿QDQFLDO\HDU
7KH&RPSDQ\KDVPDGHDQGPDLQWDLQHGWKHFRVWUHFRUGVDVVSHFL¿HGE\WKH&HQWUDO*RYHUQPHQWXQGHU6HFWLRQ
148(1) of the Companies Act, 2013.
(d) Internal Auditors:
The Board of Directors has appointed M/s. K. C. Mehta & Co., Chartered Accountants as Internal Auditors of the
&RPSDQ\IRUWKH¿QDQFLDO\HDU
The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business
REMHFWLYHV0DMRUULVNVLGHQWL¿HGE\WKHEXVLQHVVHVDQGIXQFWLRQVDUHV\VWHPDWLFDOO\DGGUHVVHGWKURXJKPLWLJDWLQJ
actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors
of the Company.
20. Particulars of employees and related disclosures:
Disclosures pertaining to remuneration and other details 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, is annexed
herewith as Annexure E.
A statement showing the names and other particulars of the employees falling within the preview of Rules 5(2) and
5(3) of the aforesaid rules are provided in the Annual Report. The Annual Report is being sent to the members of the
&RPSDQ\H[FOXGLQJWKHDIRUHVDLGLQIRUPDWLRQ7KHVDLGLQIRUPDWLRQLVDYDLODEOHIRULQVSHFWLRQDWWKH5HJLVWHUHG2I¿FHRI
the Company during working hours and the same will be furnished on request in writing to the members.
21. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
The information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies
(Accounts) Rules, 2014, is annexed herewith as Annexure F.
22. Extracts of Annual Return:
The extract of Annual Return required under Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of
the Companies (Management and Administration) Rules, 2014, is annexed herewith as Annexure G and has been
uploaded on the Company’s website. The web-link as required under Companies Act, 2013 is as under:
https://www.paushak.com/notice.aspx
23. Material Changes:
7KHUHKDYHEHHQQRPDWHULDOFKDQJHVDQGFRPPLWPHQWVDIIHFWLQJWKH¿QDQFLDOSRVLWLRQRIWKH&RPSDQ\VLQFHWKHFORVH
RI¿QDQFLDO\HDULHVLQFHst0DUFK)XUWKHULWLVKHUHE\FRQ¿UPHGWKDWWKHUHKDVEHHQQRFKDQJHLQWKHQDWXUH
of business of the Company.
24. Details of Unclaimed Suspense Account:
Disclosure pertaining to Unclaimed Suspense Account as required under Schedule V of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, is annexed herewith as Annexure H. The voting rights on the equity
shares which are transferred to Unclaimed Suspense Account shall remain frozen till the rightful owner of such equity
shares claims the shares.
11
PAUSHAK LIMITED
25. Directors’ Responsibility Statement:

In terms of the provisions of Companies Act, 2013, the Directors state that:
D LQSUHSDUDWLRQRIWKHDQQXDODFFRXQWVIRUWKH¿QDQFLDO\HDUHQGHGst March, 2019, the applicable accounting
VWDQGDUGVKDYHEHHQIROORZHGDORQJZLWKSURSHUH[SODQDWLRQUHODWLQJWRPDWHULDOGHSDUWXUHV
E WKHGLUHFWRUVKDGVHOHFWHGVXFKDFFRXQWLQJSROLFLHVDVOLVWHGLQ1RWHWRWKH¿QDQFLDOVWDWHPHQWVDQGDSSOLHG
them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair
YLHZRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DWWKHHQGRIWKH¿QDQFLDO\HDUDVRQst0DUFKDQGRIWKHSUR¿W
RIWKH&RPSDQ\IRUWKDWSHULRG
F WKHGLUHFWRUVKDGWDNHQSURSHUDQGVXI¿FLHQWFDUHIRUPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFH
with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud
DQGRWKHULUUHJXODULWLHV
G WKHGLUHFWRUVKDGSUHSDUHGWKHDQQXDODFFRXQWVRQDJRLQJFRQFHUQEDVLV
e) WKHGLUHFWRUVKDGODLGGRZQLQWHUQDO¿QDQFLDOFRQWUROVWREHIROORZHGE\WKHFRPSDQ\DQGWKDWVXFKLQWHUQDO
¿QDQFLDOFRQWUROVDUHDGHTXDWHDQGZHUHRSHUDWLQJHIIHFWLYHO\DQG
f) 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.
26. Other Disclosures:
a) The Company does not have any scheme of provision of money for the purchase of its own shares by employees
RUE\WUXVWHHVIRUWKHEHQH¿WRIHPSOR\HHV
b) The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress
complaints received regarding sexual harassment.
c) The Company has not invited/accepted any deposits from public.
G 7KHUHDUHQRVLJQL¿FDQWDQGPDWHULDORUGHUVSDVVHGE\WKH5HJXODWRUVRU&RXUWVRU7ULEXQDOVLPSDFWLQJWKHJRLQJ
concern status of the Company and its operations in future.
On behalf of the Board of Directors,
Sd/-
Chirayu Amin
Chairman
DIN: 00242549
Tel: +91 265 2280550 Fax: +91 265 2282506
CIN: L51909GJ1972PLC044638
Date: 6th May, 2019
Place: Vadodara
12
PAUSHAK LIMITED
Annexure A
MANAGEMENT DISCUSSION AND ANALYSIS
7KH&RPSDQ\¶VPDQDJHPHQWSURYLGHVLWVRZQSHUVSHFWLYHRQWKHRSHUDWLQJDQG¿QDQFLDOSHUIRUPDQFHRIWKH&RPSDQ\GXULQJ
¿QDQFLDO\HDUDQGDQRXWORRNRIWKHEXVLQHVVSHUIRUPDQFHLQWKHFRPLQJ\HDUVDVIROORZV
(A) Industry Structure and Development & Business, Opportunities, Threats & Risks
Paushak is India’s largest phosgene based specialty chemicals manufacturer serving pharmaceutical, agrochemical and
performance industries. The Company is domestic market leader in most of its product portfolio.
3DXVKDNKDVEHHQDEOHWRGHYHORSVFDOHXSDQGFRPPHUFLDOL]HYDULRXVQHZSURGXFWVZKHUHLWLVWKH¿UVW,QGLDQFRPSDQ\
to do so. This has resulted not only in higher revenues but also a robust pipeline for future. Paushak is also actively
exploring various opportunities, including contract manufacturing, with global customers, who are leader in their markets
and sees a good opportunity for itself while offering an “India alternative” to them.
With improved demand and relationship with the customers, Paushak has been able to utilise its capacity while
sustaining the momentum to grow its agrochemical intermediate business. In order to cater to rising customer demands
and shrinking timelines, the Company has further strengthened the R&D and operations while continuously enhancing
WKHHI¿FLHQF\RILWVUHVRXUFHVZLWKIRFXVWRKDYHLPSURYHGDXWRPDWLRQFRPLQJLQ
Paushak has also accelerated its efforts to improve the technology while enhancing capabilities and capacities to emerge
as “Technology driven global Specialty Chemical Company”. Paushak has been able to develop indigenous technology
for its one of the key product portfolio and would be expanding the capacity to a much larger size with “Make in India”
approach. It will not only result in import substitution in India but will also help Paushak to become a global supplier
while ensuring cost competitiveness. The Company has also applied for expansion of its capacity with addition of new
downstream products while tripling of its Phosgene capacity as upstream and expect the same to be approved within
¿QDQFLDO\HDU7KLVZLOOKHOS3DXVKDNWRDFFHOHUDWHWKHJURZWKLQIXWXUH
7KH&RPSDQ\KDVEHQH¿WHGIURPWKHFRQVWUDLQHGVXSSOLHVDQGVKRUWDJHRILQWHUPHGLDWHVDQGFKHPLFDOVIURP&KLQDGXH
to stricter environmental compliance. However, supplies from China is expected to improve in near future which will result
LQPRUHFRVWFRPSHWLWLRQDQGSULFLQJSUHVVXUH$OVRULVLQJFUXGHFRVWDORQJZLWKÀXFWXDWLRQLQIRUHLJQFXUUHQF\GRSRVH
VLJQL¿FDQWULVNVIRUWKHEXVLQHVV
7KH&RPSDQ\DOVRLGHQWL¿HVVDIHW\DVSHFWVRIKD]DUGRXVFKHPLFDOVKDQGOLQJLQFOXGLQJ3KRVJHQHDVDNH\ULVN$IWHU
evaluation of various technologies across the globe, the company has started up-gradation of its core technology. The
Company has moved towards “behaviours based safety” concept with more emphasis on safety practices, automation
& improved infrastructure to minimise the risk and will continue to do so in future as well. To improve the operational
readiness and enhance the capabilities while doing global benchmarking, Paushak has integrated its operating
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&DUH´FHUWL¿FDWLRQZKLFKLVDGRSWHGE\WKHJOREDODQGODUJHFKHPLFDOFRPSDQLHVLQWKHZRUOGWRDFKLHYHKLJKHUVWDQGDUGV
of performance and generate greater value for their businesses while ensuring sustainability of its operations for all the
stakeholders.
(B) Outlook:
Paushak plans to invest aggresively to expand its capability, capacities and its infrastructure to accelerate the growth
of business while focusing de-risking its product portfolio, customers and markets. While Phosgene chemistry remains
WKHFRUHDUHDRIRSHUDWLRQVDQGSURGXFWRIIHULQJWKH&RPSDQ\KDVDOVRLGHQWL¿HGQHZFKHPLVWU\DUHDVWRRIIHUPRUH
capabilities and services to its customers while generating higher value addition. It will also improve the ability to handle
complex reactions and do multiple steps for the customers, especially innovators.
(C) Financial Performance:
The Gross Revenue of the Company is ` 14,215.30 Lacs for the year under review as compared to ` 10,775.12 Lacs
IRUWKHSUHYLRXV\HDU7KH&RPSDQ\UHJLVWHUHGD1HW3UR¿WRI` 3,895.94 Lacs for the year under review as compared
WR1HW3UR¿WRI` 2,147.08 Lacs for the previous year.
(D) Key Financial Ratios:
7KH&RPSDQ\KDVPDLQWDLQHGUREXVWJURZWKGXULQJWKH\HDUXQGHUUHYLHZZKLFKUHÀHFWVLQWKHNH\¿QDQFLDOUDWLR$
summary of the same is as under:
Particulars 31.03.2019 31.03.2018

2SHUDWLQJ3UR¿W0DUJLQ 27.32% 26.79%
1HW3UR¿W0DUJLQ 27.41% 19.93%
Return on Net Worth 33.46% 21.52%
13
PAUSHAK LIMITED
Particulars 31.03.2019 31.03.2018

Earnings Per Share 125.64 66.95
Debt Equity Ratio - 0.01
Receivables days 73 118
Inventory days 63 56
Current Ratio 3.65 2.38
1RWH2SHUDWLQJ3UR¿WPDUJLQDQG1HW3UR¿WPDUJLQDUHFDOFXODWHGRQWKH7RWDO,QFRPHRIWKH&RPSDQ\
)RUWKH\HDUXQGHUUHYLHZWKH1HW3UR¿WPDUJLQDQG5HWXUQRQ1HWZRUWKLVKLJKHURQDFFRXQWRI([FHSWLRQDO,QFRPHRI
` 1,015.04 Lacs. During the year, the Company has made changes in its Policy for receivables, payables and working
capital which resulted in lower Receivable days and higher current ratio. Since the Company had negligible debt at the
end of the year, interest coverage ratio has not been provided.
(E) Internal Control Systems and Adequacy:
The Company believes that Internal Control is a necessary concomitant of the principle of Governance. It remains
committed to ensuring an effective Internal Control environment that provides assurance to (a) the management, (b)
Audit Committee, (c) Board of Directors and (d) the shareholders that there is a structured system for close and active
VXSHUYLVLRQWRHQVXUHUHOLDELOLW\RI¿QDQFLDODQGRSHUDWLRQDOUHSRUWLQJDQGOHJDODQGUHJXODWRU\FRPSOLDQFH
,QWHUUHODWHGFRQWUROV\VWHPVFRYHULQJDOO¿QDQFLDODQGRSHUDWLQJIXQFWLRQVDVVXUHIXO¿OPHQWRIWKHVHREMHFWLYHV7KH
Company uses Enterprise Resource Planning (ERP) supported by in-built controls that ensures reliable and timely
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(F) Human Resource - Developing Human Capital:
Paushak has made structured changes to add more competent resources to build capabilities, while improving the
overall work culture to accelerate the growth. The key employee strength has been doubled in last two years with addition
of capable resources with substantial quality experience to enhance the overall operational capability of the Company. It
KDVDOVRDGRSWHG³7RWDO4XDOLW\0DQDJHPHQW´SKLORVRSK\DVDWRROWRLPSURYHWKHHI¿FLHQFLHVDQGV\VWHPDWLFDSSURDFK
With improvement and introduction of various policies, we have been able to attract and retain talent to ensure that
knowledge & technology become the backbone of the Company. The focus remains to grow and emerge as “Technology
driven global specialty chemical Company”.
Sd/-
Place: Vadodara Chirayu Amin
Date: 6th May, 2019 Chairman
DIN: 00242549
14
PAUSHAK LIMITED
Annexure B
Annual Report on CSR Activities to be included in the Board’s Report
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XQGHUWDNHQDQGDUHIHUHQFHWRWKHZHEOLQNWRWKH&653ROLF\DQGSURMHFWVRUSURJUDPV
The Company’s CSR Policy provides for carrying out CSR activities in the area of Education, Healthcare and Rural
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Hospital, Rural Development Society, Uday Education Society and others.
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FRQWULEXWLRQWRZDUGVVRPHVSHFL¿FSURMHFWEHLQJXQGHUWDNHQE\DQ\RIWKHRUJDQLVDWLRQ
Web-link to the CSR Policy of the Company: http://www.paushak.com/pdf/CSR-Policy.pdf
2. The Composition of CSR Committee:
Mr. Amit Goradia - Chairman
Mr. Udit Amin - Member
Mr. Atul Patel - Member
3. $YHUDJH1HW3UR¿WRIWKH&RPSDQ\IRUWKHODVWWKUHH¿QDQFLDO\HDUV ` 1,753.46 Lacs.
4. 3UHVFULEHG&65([SHQGLWXUHWZRSHUFHQWRIWKHDPRXQWDVLQLWHPDERYH ` 35.07 Lacs.
5. 'HWDLOVRI&656SHQWGXULQJWKH¿QDQFLDO\HDU
D 7RWDODPRXQWWREHVSHQWIRUWKH¿QDQFLDO\HDU` 35.07 Lacs.
(b) Amount unspent, if any: Nil
(c) 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKH¿QDQFLDO\HDULVGHWDLOHGEHORZ
(` in Lacs)
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. CSR project Sector in Projects or Amount Amount spent Cumulative Amount
No. or activity which the programs(1) outlay on the projects expenditure Spent:
LGHQWL¿HG project is Local area or (budget) or programs upto the Direct or
covered other.(2) Specify project or Sub-heads reporting through
the State and programs 1. Direct period implementing
District where wise Expenditure agency
projects or on projects or
programs was programs
undertaken 2. Overheads
1. Contribution CSR Across Gujarat Multiple Direct- 35.07 35.07 Through
to Alembic activities program Implementing
CSR VSHFL¿HGLQ Agency-
Foundation schedule Alembic CSR
VII of the Foundation
Companies
Act, 2013
TOTAL 35.07 35.07
6. ,QFDVHWKHFRPSDQ\KDVIDLOHGWRVSHQGWKHWZRSHUFHQWRIWKHDYHUDJHQHWSUR¿WRIWKHODVWWKUHH¿QDQFLDO
years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board
Report: Not Applicable.
7KH&65&RPPLWWHHRIWKH&RPSDQ\KHUHE\FRQ¿UPVWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\
LVLQFRPSOLDQFHZLWK&65REMHFWLYHVDQG3ROLF\RIWKH&RPSDQ\
Sd/- Sd/-
Chirayu Amin Amit Goradia
Chairman Chairman- CSR Committee
DIN: 00242549 DIN: 00074478
15
PAUSHAK LIMITED
Annexure-C
Particulars of Loans granted, Guarantees given or Investments made by the Company
Nature of Date of Name and Address of the person or body corporate Amount Purpose
Transaction making WRZKRPLWLVPDGHRUJLYHQRUZKRVHVHFXULWLHVKDYH (in ` Lacs) of loan/
ZKHWKHUORDQ loans, giving been acquired guarantee/
/ guarantee/ guarantee or investments
investments) making
investments
Investments 25.06.2018 Axis Arbitrage Fund - Direct Dividend Reinvestment 100.00 Investment of
28.06.2018 204, 2nd Floor, Pavan Complex, Near Masonic Hall, 100.00 Surplus Funds
Jetalpur Road, Alkapuri, Vadodara - 390007, Gujarat
Investments 15.05.2018 BSL Cash Plus - Growth Direct Plan - Q Div-Direct 420.86 Investment of
Soham Complex, 49, Alkapuri Society, Ground Floor, Surplus Funds
Opposite HDFC Bank, Alkapuri, R C Dutt Road, Vadodara
- 390007, Gujarat
Investments 17.05.2018 Edelweiss Liquid Fund - Direct Plan Growth 160.76 Investment of
Tower 3, Wing B, Ground Floor, Kohinoor City Mall, Surplus Funds
Kohinoor City, Kirol Road, Kurla (W), Mumbai - 400070,
Maharashtra
Investments 31.05.2018 Franklin India Liquid Fund - Super Institution Plan - Direct 150.00 Investment of
07.06.2018 Growth 150.00 Surplus Funds
104 -107, First Floor, Spentha Complex, Opposite Pizza
Hut, Near Ambedkar Circle, Race Course Road, Vadiwadi,
Vadodara - 390007, Gujarat
Investments 11.06.2018 Franklin India Ultra Short Bond Fund - Super Institutional 1000.00 Investment of
11.06.2018 Plan - Direct Growth Plan 300.39 Surplus Funds
06.12.2018 104 -107, First Floor, Spentha Complex, Opposite Pizza 200.00
Hut, Near Ambedkar Circle, Race Course Road, Vadiwadi,
07.01.2019 Vadodara - 390007, Gujarat 200.00
01.03.2019 200.00
22.03.2019 200.00
Investments 01.06.2018 HDFC Balance Advantage Fund - Growth Option 104.71 Investment of
“HDFC House”, 2nd Floor, H. T. Parekh Marg, 165-166, Surplus Funds
Backbay Reclamation, Churchgate, Mumbai - 400020,
Maharashtra
Investments 17.05.2018 HDFC Money Market Fund - Direct Plan - Growth Option 221.69 Investment of
“HDFC House”, 2nd Floor, H. T. Parekh Marg, 165-166, Surplus Funds
Backbay Reclamation, Churchgate, Mumbai - 400020,
Maharashtra
Investments 09.05.2018 ICICI Prudential Liquid Fund - Direct Plan Growth 350.00 Investment of
10.05.2018 No. 1089 ICICI Prulife Towers, 1st Floor, Appa Saheb 421.43 Surplus Funds
06.09.2018 Maratha Marg, Opposite Tata Motor Showroom 200.00
Near Century Bazar, Prabhadevi, Mumbai - 400025,
Maharashtra
Investments 17.05.2018 IDFC Cash Fund Growth - Direct Plan 642.34 Investment of
Gr Floor, Akash Ganga Complex, Adjacent to Vanijya Surplus Funds
Bhavan, Race Course, Vadodara - 390007, Gujarat
Investments 10.07.2018 Reliance Arbitrage Fund - Direct Monthly Dividend Plan 179.48 Investment of
st
11.12.2018 No. 1089 ICICI Prulife Towers, 1 Floor, Appa Saheb 258.98 Surplus Funds
Maratha Marg, Opposite Tata Motor Showroom
Near Century Bazar Prabhadevi, Mumbai - 400025,
Maharashtra
Investments 02.11.2018 UTI Arbitrage Fund - Direct Dividend Option 481.85 Investment of
Landmark Building, Shop no 6 and 7, Race Course Rd, Surplus Funds
Vadodara - 390007, Gujarat
The above stated investments are gross investments and are not net of redemptions made by the Company.
Sd/-
Chirayu Amin
Place: Vadodara DIN: 00242549
16
PAUSHAK LIMITED
Annexure - D
Secretarial Audit Report
for the Financial Year ended March 31, 2019
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
and Regulation 24A of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015]
To,
The Members,
Paushak Limited
Alembic Road,
Vadodara- 390003,
Gujarat.
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Paushak Limited (hereinafter referred to as ‘the company’). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing
our opinion thereon.
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PDLQWDLQHG E\ WKH FRPSDQ\ DQG DOVR WKH LQIRUPDWLRQ SURYLGHG E\ WKH FRPSDQ\ LWV RI¿FHUV DJHQWV DQG DXWKRUL]HG
representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the company has, during the
audit period covering the Financial Year ended on 31st March, 2019, complied with the statutory provisions listed hereunder
and also that the company has proper Board-Processes and Compliance-Mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter:
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Company for the Financial Year ended on 31st March, 2019, according to the provisions of:
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LL 7KH6HFXULWLHV&RQWUDFWV5HJXODWLRQ$FW6&5$DQGWKHUXOHVPDGHWKHUHXQGHU
LLL 7KH'HSRVLWRULHV$FWDQGWKH5HJXODWLRQVDQG%\HODZVIUDPHGWKHUHXQGHU
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
'LUHFW,QYHVWPHQW2YHUVHDV'LUHFW,QYHVWPHQWDQG([WHUQDO&RPPHUFLDO%RUURZLQJV
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(SEBI Act):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,

E 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD3URKLELWLRQRI,QVLGHU7UDGLQJ5HJXODWLRQV
(c) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
UHJDUGLQJWKH&RPSDQLHV$FWDQGGHDOLQJZLWKFOLHQW
(d) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 / 2018.
We report that, there were no actions / events in pursuance of the following regulations requiring compliance thereof
by the company during the period of this report:-
(a) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 /

E 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQH¿WV5HJXODWLRQV
F 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD,VVXHDQG/LVWLQJRI'HEW6HFXULWLHV5HJXODWLRQV
(d) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.
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E 3HWUROHXP$FW
F ,QGLDQ%RLOHU$FW
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H 60396WDWLF0RELOH3UHVVXUH9HVVHOV5XOHV
17
PAUSHAK LIMITED
I +D]DUGRXV:DVWH5XOHV
J *DV&\OLQGHU5XOHV
K '*6HWV5XOHV
L :DWHU&HVV$FWDQGUXOHVPDGHWKHUHXQGHU
M 3XEOLF/LDELOLW\,QVXUDQFH$FWDQGUXOHVPDGHWKHUHXQGHU
N %LR0HGLFDO:DVWH0DQDJHPHQW +DQGOLQJ5XOHV
O %DWWHULHV5XOHV
P &KHPLFDO$FFLGHQW(PHUJHQF\3ODQQLQJ3UHSDUHGQHVV 5HVSRQVH5XOHV
(n) Ozone Depleting Substance Regulation & Control Rules, 2000.
We have also examined compliance with the applicable clauses / regulations of the following:
L 6HFUHWDULDO6WDQGDUGVLVVXHGE\7KH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLDDQG
(ii) The Listing Agreement entered into by the Company with BSE Ltd.
During the period under review the Company has complied with the provisions of the applicable Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above.
We further report that;
A. The Board of directors of the Company is duly constituted with proper balance of Executive Directors, Non-executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
WKHSHULRGXQGHUUHYLHZLIDQ\ZHUHFDUULHGRXWLQFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKH$FW
B. Adequate notice is given to all the Directors to schedule the Board Meetings, Agenda and detailed notes on Agenda
were sent at least seven days in advance and a system exists for seeking and obtaining further information and
FODUL¿FDWLRQRQWKH$JHQGDLWHPVEHIRUHWKHPHHWLQJDQGIRUPHDQLQJIXOSDUWLFLSDWLRQDWWKHPHHWLQJ
C. As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were
XQDQLPRXVDQGQRGLVVHQWLQJYLHZVKDYHEHHQUHFRUGHG
D. There are adequate systems and processes in the company commensurate with the size and operations of the
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( 'XULQJ WKH DXGLW SHULRG WKHUH ZHUH QR VSHFL¿F LQVWDQFHV DFWLRQV LQ SXUVXDQFH RI WKH DERYH UHIHUUHG ODZV UXOHV
regulations, guidelines etc., having major bearing on the Company’s affairs. However, the company has Bought back
and extinguished 1,25,000 (One Lakh Twenty Five Thousand ) fully paid up equity shares of the company having
face value of ` 10/- each at a price of ` 1700/- per Equity Share aggregating to ` 21,25,00,000/- (Rupees Twenty One
Crores Twenty Five Lacs Only) and the Buy-Back was completed on 22nd May, 2018.
Sd/-
S. Samdani
Partner
Samdani Shah & Kabra
Company Secretaries
FCS No. 3677
CP No. 2863
Place: Vadodara
Date: April 26, 2019
This Report is to be read with our letter of even date which is annexed as Appendix A and forms an integral part of this report.
18
PAUSHAK LIMITED
Appendix A
To,
The Members,
Paushak Limited
Alembic Road
Vadodara- 390003
Gujarat
Our Secretarial Audit report of even date is to be read along with this letter, that:
I. Maintenance of Secretarial records and compliance of the provisions of Corporate and other applicable laws, rules,
regulations, standards is the responsibility of the management of the company. Our examination was limited to the
YHUL¿FDWLRQDQGDXGLWRISURFHGXUHVDQGUHFRUGVRQWHVWEDVLV2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVH
VHFUHWDULDOUHFRUGVDQGFRPSOLDQFHVEDVHGRQVXFKYHUL¿FDWLRQDQGDXGLW
II. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
FRUUHFWQHVVRIWKHFRQWHQWVRI6HFUHWDULDOUHFRUGV7KHYHUL¿FDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWV
DUHUHÀHFWHGLQ6HFUHWDULDOUHFRUGV:HEHOLHYHWKDWWKHSURFHVVHVDQGSUDFWLFHVZHIROORZHGSURYLGHDUHDVRQDEOH
basis for our opinion.
III. Wherever required, we have obtained the management representation about the Compliance of laws, rules and
regulations and happening of events etc.
,9 7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHI¿FDF\RU
effectiveness with which the management has conducted the affairs of the company.
Sd/-
S. Samdani
Partner
Company Secretaries
FCS No. 3677
CP No. 2863
Place: Vadodara
19
PAUSHAK LIMITED
Annexure - E
As per the provisions of Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company is required to disclose following information in the Board’s Report.
5DWLRRIWKHUHPXQHUDWLRQRIHDFKGLUHFWRUWRWKHPHGLDQUHPXQHUDWLRQRIWKHHPSOR\HHVRIWKHFRPSDQ\IRUWKH¿QDQFLDO\HDU
Name Ratio to Employees
Mr. Abhijit Joshi - Whole-time Director & CEO 1:0.04932
3HUFHQWDJHLQFUHDVHLQUHPXQHUDWLRQRIHDFK'LUHFWRU&KLHI)LQDQFLDO2I¿FHU&KLHI([HFXWLYH2I¿FHU&RPSDQ\6HFUHWDU\
RU0DQDJHULIDQ\LQWKH¿QDQFLDO\HDU
Name % Increase
Mr. Abhijit Joshi - Whole-time Director & CEO 6.99
Mr. Kaushik Shah - Dy. CFO 10.00
Ms. Manisha Saraf - Company Secretary N.A.*
*Appointed w.e.f. 1st June, 2018
3HUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKH¿QDQFLDO\HDU 3.44
Number of permanent employees on the rolls of Company 265
6.17%
Average percentile increase already made in the salaries of employees other than the
(Non- Managerial
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Personnel)
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6.99%
any exceptional circumstances for increase in the managerial remuneration
(Managerial Personnel)
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Remuneration Policy of the Company.
Sd/-
Chirayu Amin
20
PAUSHAK LIMITED
Annexure - F
,QIRUPDWLRQUHTXLUHGXQGHU6HFWLRQPRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV
(Accounts) Rules, 2014 pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings
and Outgo
(A) Conservation of Energy:
(i) Steps taken or impact on conservation of energy:
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VSHFL¿FHQHUJ\FRQVXPSWLRQ
The Company is currently in process of upgrading old manufacturing plants, especially the utilities network, so
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(ii) Steps taken for utilizing alternate sources of energy:
7KH&RPSDQ\KDVLQYHVWHGLQZLQGPLOOIRUFDSWLYHXVH$VLJQL¿FDQWSDUWRIHQHUJ\UHTXLUHPHQWDUHPHWIURPVXFK
non-conventional source of energy.
We are exploring the use of solar energy in plant applications and expansion projects.
(iii) Capital Investment on energy conservation equipments:
7KH&RPSDQ\KDVLQYHVWHGLQHQHUJ\HI¿FLHQWJDVVFUXEELQJV\VWHPDQGDLUFRPSUHVVRU
(B) Technology Absorption:
(i) (IIRUWVPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ
7KH&RPSDQ\KDVHVWDEOLVKHGDQLPSURYHGLQGLJHQRXVWHFKQRORJ\IRUEHWWHUSKRVJHQHPDQXIDFWXULQJEDVHG
on study of global practices.
7KH&RPSDQ\LVDOVRDGRSWLQJDFOHDQHUWHFKQRORJ\IRULWVPDQXIDFWXULQJSURFHVV
(ii) %HQH¿WVGHULYHGOLNHSURGXFWLPSURYHPHQWFRVWUHGXFWLRQSURGXFWGHYHORSPHQWRULPSRUWVXEVWLWXWLRQ
The Company has continued to commercialize some products which were earlier available from China.
The Company has adopted solvent-free processes for many products, which are environment friendly as well as
low cost.
(iii) Information regarding technology imported, during the last 3 years: Nil
(iv) Expenditure incurred on Research and Development:
During the year under review, the Company has incurred expenses of ` 224.02 Lacs as compared to ` 236.69 Lacs
for the previous year on Research and Development.
(C) Foreign Exchange Earnings and Outgo:
)RUHLJQH[FKDQJHHDUQHGLQWHUPRIDFWXDOLQÀRZVGXULQJWKH¿QDQFLDO\HDUZDV` 2,120.51 lacs.
)RUHLJQH[FKDQJHRXWJRLQWHUPRIDFWXDORXWÀRZVGXULQJWKH¿QDQFLDO\HDUZDV` 416.69 lacs.
Sd/-
Chirayu Amin
21
PAUSHAK LIMITED
Annexure - G
Form No. MGT - 9
Extract of Annual Return
$VRQWKH¿QDQFLDO\HDUHQGHGRQst March, 2019
[Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and
Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i) CIN L51909GJ1972PLC044638
ii) Registration Date 06/05/1972
iii) Name of the Company Paushak Limited
iv) Category/Sub-Category of the Company Company Limited by Shares
v) $GGUHVV RI WKH 5HJLVWHUHG 2I¿FH DQG &RQWDFW
Alembic Road, Vadodara - 390 003.
Details Tel: +91 265 2280550 Fax: +91 265 2282506
vi) Whether listed company Yes
vii) Name, Address and Contact Details of Registrar Link Intime India Private Limited
and Transfer Agent, if any: B - 102 & 103 Shangrila Complex,
First Floor, Opp. HDFC Bank,
Near Radhakrishna Char Rasta,
Akota, Vadodara - 390 020.
Tel: +91 265 2356573, 2356794
Email : vadodara@linkintime.co.in
II. PRINCIPAL BUSINESS ACTIVITY OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the Company shall be stated:
Sr. Name and Description of main products/ NIC Code of the Product/ % to total turnover of
No. services Service the company
1. Speciality Chemicals and Intermediates 241* 99.07
$VSHU1DWLRQDO,QGXVWULDO&ODVVL¿FDWLRQ1,&
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Sr. Name and address of the Holding/Subsidiary/ CAN/GLN %of shares Applicable
No. Company Associate held sections
1. Nirayu Private Limited Holding U51909GJ1971 33.20* 2(46)
FF-54, Avishkar Complex, PTC098778
Old Padra Road, Vadodara - 390015.
3OHDVHUHIHU1RWH)DRI1RWHVWRVWDQGDORQH¿QDQFLDOVWDWHPHQWV
IV. SHAREHOLDING PATTERN (Equity share Capital Break up as percentage of Total Equity):
L &DWHJRU\ZLVH6KDUH+ROGLQJ
Sr. Category of Shareholding at the beginning of the year Shareholding at the end of the year %
No. Shareholders Demat Physical Total % of Demat Physical Total % of Change
Total Total during
Shares Shares the year
(A) Promoter
[1] Indian
(a) Individuals / Hindu 2,16,550 - 2,16,550 6.75 1,81,468 - 1,81,468 5.89 -0.86
Undivided Family
(b) Central Government - - - - - - - - -
(c) State Government(s) - - - - - - - - -
(d) Bodies Corporate 19,12,594 - 19,12,594 59.64 18,39,679 - 18,39,679 59.69 0.05
(e) Financial Institutions - - - - - - - - -
/ Banks
22
PAUSHAK LIMITED
Total Total during
(d) Any Other (Specify)
Trusts 9,335 - 9,335 0.29 8,946 - 8,946 0.29 -0.00
Sub Total (A)(1) 21,38,479 - 21,38,479 66.68 20,30,093 20,30,093 65.87 -0.81
[2] Foreign
(a) Individuals (Non- - - - - 25,846 - 25,846 0.84 0.84
Resident Individuals /
Foreign Individuals)
(b) Government - - - - - - - -
(c) Bodies Corporate - - - - - - - -
(d) Financial Institutions - - - - - - - - -
/ Banks
(e) Any Other (Specify) - - - - - - - - -
Sub Total (A)(2) 0 - 0 0.00 25,846 - 25,846 0.84 0.84
Total Shareholding 21,38,479 0 21,38,479 66.68 20,55,939 0 20,55,939 66.71 0.03
of Promoter
and Promoter
Group(A)=(A)(1)+(A)
(2)
(B) Public Shareholding
[1] Institutions
(a) Mutual Funds - - - - - - - -
(b) Financial Institutions - 83 83 0.00 - 83 83 0.00 -
/ Banks
(c) Central Government - - - - - - - - -
(d) State Government(s)
(e) Venture Capital Funds - - - - - - - -
(f) Insurance Companies - - - - - - - -
(g) FIIs / FPIs 5,701 - 5,701 0.18 - - 0 - -0.18
(h) Provident Funds/ - - - - - - - -
Pension Funds
(i) Any Other (Specify) - - - - - - - -
Sub Total (B)(1) 5,701 83 5,784 0.18 0 83 83 0.00 -0.18
[2] Non-Institutions
(a) Individuals
(i) Individual 4,64,261 2,86,820 7,51,081 23.42 4,61,528 2,40,924 7,02,452 22.79 -0.63
shareholders holding
nominal share capital
upto Rs. 1 lac.
(ii) Individual 1,41,438 - 1,41,438 4.41 1,38,314 - 1,38,314 4.49 0.08
shareholders holding
nominal share capital
in excess of Rs. 1 lac
(b) NBFCs registered - - - - 250 - 250 0.01 0.01
with RBI
23
PAUSHAK LIMITED
Total Total during
(c) Overseas - - - - - - - - -
Depositories(holding
DRs) (balancing
¿JXUH
(d) Any Other (Specify)
IEPF 90,631 - 90,631 2.83 97,552 - 97,552 3.17 0.34
Trusts 44 - 44 0.00 44 - 44 0.00 0.00
Hindu Undivided 13,555 16 13,571 0.42 9,024 16 9,040 0.29 -0.13
Family
Non Resident Indians 2,446 - 2,446 0.08 3,028 - 3,028 0.10 0.02
(Non Repat)
Non Resident Indians 2,464 4 2,468 0.08 20,533 - 20,533 0.67 0.59
(Repat)
Unclaimed Shares 6,111 - 6,111 0.19 5,371 - 5,371 0.17 -0.02
Clearing Member 4,470 - 4,470 0.14 6,917 - 6,917 0.22 0.09
Bodies Corporate 50,034 557 50,591 1.58 42,035 556 42,591 1.38 -0.20
Sub Total (B)(2) 7,75,454 2,87,397 10,62,851 33.14 7,84,596 2,41,496 10,26,092 33.29 0.15
Total Public 7,81,155 2,87,480 10,68,635 33.32 7,84,596 2,41,579 10,26,175 33.29 -0.03
Shareholding(B)=(B)
(1)+(B)(2)
Total (A)+(B) 29,19,634 2,87,480 32,07,114 100.00 28,40,535 2,41,579 30,82,114 100.00 0.00
(C) Shares held by - - - - - - - - -
custodian for GDRs
and ADRs
Sub Total (C ) - - - - - - - - -
Total (A)+(B)+(C) 29,19,634 2,87,480 32,07,114 100.00 28,40,535 2,41,579 30,82,114 100.00 0.00
(ii) Shareholding of Promoters:
Details of Shareholding of Promoters:
Sr. Shareholder’s Shareholding at the beginning of the Shareholding at the end of the year % change in
No. Name year shareholding
No. of % of total % shares No. of % of total % shares during the
Shares shares of the pledged/ Shares shares pledged / year
company encumbered of the encumbered
to total company to total
shares shares
1. Chirayu Amin* 93,682 2.92 - 89,686^ 2.92 - Nil
2. Udit Amin 26,997 0.84 - 25,846^ 0.84 - Nil
*16,423 Equity Shares and 15,423 Equity Shares held in the name of Chirayu Ramanbhai Amin in representative
FDSDFLW\RI.DUWDRI&KLUD\X5DPDQEKDL$PLQ+8)DWWKHEHJLQLQJRIWKH\HDUDQGDWWKHHQGRIWKH¿QDQFLDO\HDU
2018-19 respectively.
^ The change in shareholding is pursuant to shares offered under Buyback of equity shares of the Company.
24
PAUSHAK LIMITED
Details of Shareholding of persons and entities of promoter group:
Sr. Shareholder’s Name Shareholding at the beginning of the Shareholding at the end of the year % change in
No. year shareholding
No. of % of total % shares No. of % of total % shares during the
Shares shares of the pledged/ Shares shares pledged/ year
company encumbered of the encumbered
to total company to total
shares shares
1. Nirayu Private Limited 10,64,610 33.20 - 10,23,366@ 33.20 - Nil
2. Alembic Limited 6,10,615 19.04 - 5,87,809* 19.07 - 0.03
3. Shreno Limited 2,37,369 7.40 - 2,28,504* 7.41 - 0.01
4. Alembic Pharmaceuticals Ltd. ^ - - - - - - -
5. Alembic City Ltd.^ - - - - - - -
6. Shreno Publications Ltd. ^ - - - - - - -
7. Malika Amin 39,273 1.22 - 37,598* 1.22 - Nil
8. Pranav Amin 29,599 0.92 - 28,336* 0.92 - Nil
9. Shaunak Amin 26,999 0.84 - 25,848* 0.84 - Nil
10. Barkha Pranav Amin^ - - - - - - -
11. Samira Pranav Amin^ - - - - - - -
12. Ranvir Pranav Amin^ - - - - - - -
13. Krupa Shaunak Amin^ - - - - - - -
14. Naintara Shaunak Amin^ - - - - - - -
15. Inaaya Shaunak Amin^ - - - - - - -
16. Tishya Udit Amin^ - - - - - - -
17. Ujjwal Vidyalaya 5,447 0.17 - 5,216* 0.17 - Nil
18. Arogyavardhini Society 3,365 0.10 - 3,222* 0.10 - Nil
19. Vidyanidhi Trust 123 0.00 - 108* 0.00 - Nil
20. Virsad Family Trust# 200 0.01 - 200 0.01 - Nil
21. Laburnum Family Trust# 200 0.01 - 200 0.01 - Nil
22. Viramya Packlight LLP^ - - - - - - -
23. Utkarsh Vidyakendra^ - - - - - - -
24. Uday Education Society^ - - - - - - -
25. Bhailal Amin General Hospital^ - - - - - - -
26. Laksh Trust^ - - ` - - - -
27. Grace Star Trust^ - - - - - - -
28. Gallup Trust^ - - - - - - -
29. Satori Trust^ - - - - - - -
@
The change in shareholding is pursuant to shares offered under Buyback of Equity Shares of the Company and
creeping acquisition of shares during the year.
* The change in shareholding is pursuant to shares offered under Buyback of Equity Shares of the Company.
^ As per the disclosures under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, furnished
by the Promoters.
#
Equity shares held in the name of the Trustees on behalf of the trust.
25
PAUSHAK LIMITED
(iii) Change in Promoter’s Shareholding (please specify, if there is no change):

Sr. Particulars Shareholding at the beginning Cumulative Shareholding
No. of the year during the year
No. of % of total shares No. of Shares % of total
Shares of the company shares of the
company
At the beginning of the year 21,38,479 66.68 21,38,479 66.68
Buyback of shares 25.05.2018 (90,689) (2.83) 20,47,790 66.44
Market Purchase 11.10.2018 236 0.01 20,48,026 66.45
by Nirayu Private 15.10.2018 250 0.01 20,48,276 66.46
Limited
17.10.2018 2,000 0.06 20,50,276 66.52
19.10.2018 200 0.01 20,50,476 66.53
22.10.2018 960 0.03 20,51,436 66.56
23.10.2018 1,351 0.04 20,52,787 66.60
06.02.2019 406 0.01 20,53,193 66.62
07.02.2019 300 0.01 20,53,493 66.63
08.02.2019 200 0.01 20,53,693 66.63
11.02.2019 390 0.01 20,54,083 66.65
12.02.2019 111 0.01 20,54,194 66.65
14.02.2019 658 0.02 20,54,852 66.67
15.02.2019 300 0.01 20,55,152 66.68
18.02.2019 673 0.02 20,55,825 66.70
27.02.2019 114 0.01 20,55,939 66.71
At the end of the year 20,55,939 66.71 20,55,939 66.71
(iv) Shareholding Pattern of Top Ten Shareholders (other than Directors, Promoters and Holders of GDRs and
ADRs):
Sr. Name Shareholding at the Date Increase/ Reason Cumulative

No. beginning of the year Decrease in Shareholding during
shareholding the year
No. of % of total No. of % of total
Shares shares Shares shares
of the of the
Company Company
1 Nirayu Private 10,64,610 33.20 25th May, - Increase 10,23,366 33.20
Limited 2018 41,244^ Decrease
2 Alembic Limited 6,10,615 19.04 25th May, - Increase 5,87,809 19.04
2018 22,806* Decrease
3 Shreno Limited 2,37,369 7.41 25th May, Increase 2,28,504 7.41
2018 8,865* Decrease
4. Malika Amin 39,273 1.22 25th May, - Increase 37,598 1.22
5. Siddhant Khanna 15,000 0.47 During the 16,000 Increase 31,000 1.01
¿QDQFLDO - Decrease
year
6. Pranav Amin 29,599 0.92 25th May, - Increase 28,336 0.92
7. Shaunak Amin 26,999 0.84 25th May, - Increase 25,848 0.84
26
PAUSHAK LIMITED
Sr. Name Shareholding at the Date Increase/ Reason Cumulative

No. beginning of the year Decrease in Shareholding during
shareholding the year
No. of % of total No. of % of total
Shares shares Shares shares
of the of the
Company Company
8. Sunil Rungta1 24,817 0.77 - - No change 24,817 0.81
during the
year
9. Sanjay Katkar 22,000 0.69 During the 2,613 Increase 24,613 0.80
¿QDQFLDO Decrease
year
10. Shirish Joshi1 17,983 0.53 - - No change 17,983 0.58
during the
year
11. Jitendra Baldwa# 43,326 1.35 During the - Increase 17,924 0.58
¿QDQFLDO 25,402 Decrease
year
Note: The date wise increase/ decrease in shareholding of the top ten shareholders is available on the website of the
Company.
^The change in shareholding is pursuant to shares offered under Buyback of Equity Shares of the Company and
Creeping acquisition of shares during the year.
*
The change in shareholding is pursuant to shares offered under Buyback of Equity Shares of the Company.
#
Ceased to be a top ten shareholder as on 31st March, 2019.
1
The Change in shareholding % is pursuant to the reduction in paid up capital due to Buyback of Equity Shares of the
Company.
(v) Shareholding of Directors and Key Managerial Personnel:
Sr. At the beginning/ end of the year Shareholding at the beginning Cumulative Shareholding during
No. of the year the year
No. of % of total shares No. of % of total shares
Shares of the company Shares# of the company
1. Chirayu Amin* 93,682 2.92 89,686 2.92
2. Udit Amin, Director 26,997 0.84 25,846 0.84
Note: None of the other Director and Key Managerial Personnel holds any shares in the Company.
*16,423 Equity Share and 15,423 Equity Shares held in the name of Chirayu Ramanbhai Amin in representative
FDSDFLW\RI.DUWDRI&KLUD\X5DPDQEKDL$PLQ+8)DWWKHEHJLQLQJRIWKH\HDUDQGDWWKHHQGRIWKH¿QDQFLDO\HDU
2018-19 respectively.
#
The change in shareholding is pursuant to shares offered under buyback of Equity Shares.
V INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
(`. in Lacs)
Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the
¿QDQFLDO\HDU
i) Principal Amount 57.44 - - 57.44
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 0.01 - - 0.01
Total (i+ii+iii) 57.45 - - 57.45
27
PAUSHAK LIMITED
Secured Loans Unsecured Deposits Total

excluding deposits Loans Indebtedness
&KDQJHLQ,QGHEWHGQHVVGXULQJWKH¿QDQFLDO
year
· Addition - - - -
· Reduction 57.10 - - 57.10
Net Change 57.10 - - 57.10
,QGHEWHGQHVVDWWKHHQGRIWKH¿QDQFLDO\HDU
i) Principal Amount 0.35 - - 0.35
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 0.35 - - 0.35
VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(` in Lacs)
Sr. Particulars of Remuneration Name of WTD Total Amount
No. 0U$EKLMLW-RVKL
1 Gross Salary
(a) Salary as per provisions contained in section 17(1) of the Income 48.70 48.70
Tax Act, 1961
(b) Value of Perquisites u/s 17(2) Income Tax Act, 1961 - -
F 3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQ,QFRPH7D[$FW - -
2 Stock Option - -
3. Sweat Equity - -
4. Commission - -
5. Others, please specify - -
Total (A) 48.70 48.70
Overall Ceiling as per the Act 192.32
B. Remuneration to other Directors:
(` in Lacs)
Sr. Particulars of Remuneration Name of Directors Total
No. Chirayu Udit Amit Atul Shamita 9LMD\ Amount
Amin Amin Goradia Patel Amin Gandhi
1. Independent Directors
· Fee for attending board/ - - 1.00 1.25 0.65 1.35 4.25
committee
· Commission - - - - - - -
· Others, Please specify - - - - - - -
Total (1) - - 1.00 1.25 0.65 1.35 4.25
2. Other Non-Executive
Directors
· Fee for attending board/ 0.70 0.55 - - - - 1.25
committee
· Commission - 76.75# - - - - 76.75
· Others, Please Specify - - - - - - -
Total (2) 0.70 77.30 - - - - 78.00
Total Managerial 0.70 77.30 1.00 1.25 0.65 1.35 82.25
Remuneration (1+2)
Overall Ceiling as per the Act 38.46*
#
Commission to Mr. Udit Amin was approved by the members at the 45th AGM held on 6th August, 2018 of the Company.
*No Managerial remuneration other than sitting fees has been paid to the Non-Executive Directors of the Company.
28
PAUSHAK LIMITED
C. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD:

(` in Lacs)
Sr. Particulars of Remuneration Key Managerial Personnel
No. Charandeep Singh Manisha Saraf - Kaushik Total
6DOXMD&RPSDQ\ Company Secretary Shah - Dy.
Secretary (w.e.f. 1st June, 2018) CFO
(upto 31st May, 2018)
1 Gross Salary
(a) Salary as per provisions contained in
section 17(1) of the Income Tax Act, 2.19 9.97 12.92 25.08
1961
(b) Value of Perquisites u/s 17(2) Income
Tax Act, 1961 - - - -
F 3UR¿WV LQ OLHX RI VDODU\ XQGHU VHFWLRQ

17(3) Income Tax Act, 1961 - - - -
2. Stock Option - - - -
3. Sweat Equity - - - -
4. Commission - - - -
5. Others, please specify - - - -
Total 2.19 9.97 12.92 25.08
Note: 7KHDERYHVWDWHG¿JXUHVIRUUHPXQHUDWLRQDUHH[WUDFWHGIURP)RUPRIWKH,QGLYLGXDO0DQDJHULDO3HUVRQQHO
DQG .H\ 0DQDJHULDO 3HUVRQQHO IRU WKH )< :KHUHDV WKH ¿JXUHV IRU WKH PDQDJHULDO SHUVRQQHO DQG NH\
managerial personnel in Corporate Governance Report are prepared on the basis of accrual accounting principle and
hence are not comparable.
VII PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:
There has been no penalty or punishment or compounding of offences against/by the Company, Directors and Other
2I¿FHUVLQGHIDXOWXQGHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWGXULQJWKH)<
Sd/-
Chirayu Amin
29
PAUSHAK LIMITED
Annexure - H
Details of Unclaimed Suspense Account as per the provisions of Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
Aggregate number of shareholders and the outstanding shares in the suspense No. of Shareholders: 143
account lying at the beginning of the year Outstanding Shares: 6,111
Number of shareholders who approached the company for transfer of shares No. of shareholders: 3
from suspense account during the year No. of shares: 16
Number of shareholders to whom shares were transferred from suspense No. of shareholders: 3
account during the year No. of shares: 16
Number of shareholders whose shares were transfer to the Investor Education No. of shareholders: 24
and Protection Fund No. of shares: 724
Aggregate number of shareholders and the outstanding shares in the suspense No. of Shareholders: 116
account lying at the end of the year Outstanding Shares: 5,371
Note: The voting rights on the above shares shall remain frozen till the rightful owner of such shares claims the shares.
Sd/-
Chirayu Amin
30
PAUSHAK LIMITED
Report on Corporate Governance

1. Company’s Philosophy:
The Company strongly believes in adopting the best practices in the areas of Corporate Governance. The Company’s
SROLF\DQGSUDFWLFHVDUHDLPHGDWHI¿FLHQWFRQGXFWRIEXVLQHVVDQGHIIHFWLYHO\PHHWLQJLWVREOLJDWLRQWRWKHVKDUHKROGHUV
The Company will continue to focus its resources, strengths and strategies for enhancement of the long term
shareholders’ value while at the same time protecting the interest of other stakeholders.
2. Board of Directors:
Composition of the Board:
The Board of Directors consists of 1 Professional Executive Director, 2 Promoter Non-Executive Director and 4
Independent Non-Executive Directors. The Chairman of the Board is Promoter Non-Executive Director. As on
31st March, 2019 and on the date of this report, the Board meets the requirement of having at least one woman
director and not less than 50% of the Board strength comprising of Non-Executive Directors as 4 out of 7 Directors
are Independent Non-Executive Directors including 1 Woman Director.
Number of Board Meetings held and the dates of the Board Meetings:
Four (4) Board Meetings were held during the year ended on 31st March, 2019 on 17th May, 2018, 6th August,
2018, 31st October, 2018 and 31st January, 2019. The time gap between any two meetings was not exceeding one
hundred and twenty days.
Details of composition and category of Directors, attendance at the Board Meetings, Annual General
Meeting and shareholding of each Director:
Name of the Director Category No. of Board Attendance No. of Equity
Meetings held & at last AGM shares held in the
attended during the Company#
Financial Year
Mr. Chirayu Amin Promoter Non- 4 out of 4 Yes 89,686^
Chairman Executive
Mr. Udit Amin Promoter Non- 3 out of 4 No 25,846
Executive
Mr. Amit Goradia NED (I)* 3 out of 4 Yes Nil
Mr. Vijay Gandhi NED (I)* 4 out of 4 Yes Nil
Mr. Atul Patel NED (I)* 4 out of 4 Yes Nil
Dr. Shamita Amin NED (I)* 3 out of 4 No Nil
Mr. Abhijit Joshi Professional 4 out of 4 Yes Nil
Whole-time Director & CEO Executive
#The Company has not issued any convertible instruments.
^Includes 15,423 Equity Shares held in the name of Chirayu Amin in representative capacity of Karta of Chirayu
Ramanbhai Amin HUF.
*NED (I) means Non-Executive Director (Independent).
1XPEHURIRWKHUERDUGRIGLUHFWRUVRUFRPPLWWHHVLQZKLFKD'LUHFWRULVD'LUHFWRU0HPEHU&KDLUSHUVRQ
Name of the No. of Directorships No. of Committee No. of Committee
Director Memberships Chairmanships
In all other Excl. Pvt. All Only Audit & All Only Audit &
companies Ltd.,* Foreign committees Stake-holders committees Stake-holders
& Sec. 8 Relation-ship Relation-ship
companies Committee Committee
Mr. Chirayu Amin 5 5 7 1 4 1
Mr. Udit Amin 2 1 1 1 - -

Mr. Atul Patel 7 5 5 2 1 1
Mr. Amit Goradia 5 - - - - -
Dr. Shamita Amin 2 1 - - - -
Mr. Vijay Gandhi - - - - - -
Mr. Abhijit Joshi 1 - - - - -
* Includes directorship in private companies that are either holding or subsidiary company of a public company.
31
PAUSHAK LIMITED
1DPHVRIWKHRWKHUOLVWHGHQWLWLHVZKHUHWKHSHUVRQLVDGLUHFWRUDQGWKHFDWHJRU\RIGLUHFWRUVKLS
Name of the Director Name of the listed entities Category of directorship
Alembic Pharmaceuticals Limited Executive Chairman and CEO
Mr. Chirayu Amin Alembic Limited Non-Executive Chairman
Elecon Engineering Limited Non-Executive Independent Director
Mr. Udit Amin Alembic Limited Non-Executive Director
Mr. Amit Goradia - -
Mr. Atul Patel 20 Microns Limited Non-Executive Independent Director
Dr. Shamita Amin - -
Mr. Vijay Gandhi - -
Mr. Abhijit Joshi Alembic Limited Non-Executive Director
Pursuant to the provisions of Section 165(1) the Companies Act, 2013 and the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, none of the Directors holds directorships in more than 20
companies (Public or Private), 10 public companies and membership of board committees (Audit & Stakeholders
Relationship Committees) in excess of 10 and chairmanship of Board Committee in excess of 5. None of the
directors serve as Independent director in more than 7 listed companies. None of the director who serve as
Whole-Time Director in any listed company, serve as Independent Director in more than three listed companies.
'LVFORVXUHRIUHODWLRQVKLSVEHWZHHQ'LUHFWRUVLQWHUVH
Mr. Chirayu Amin, Chairman is father of Mr. Udit Amin, Non-Executive Director of the Company. None of the other
Directors are related to each other.
Familiarisation program for Independent Directors:
The Company has conducted the familiarisation programmes for Independent Directors during the year. The
details for the same have been disclosed on the website of the Company at the following web-link:
http://www.paushak.com/familiarisation-program.aspx
&RQ¿UPDWLRQRQWKHLQGHSHQGHQFHRIWKH,QGHSHQGHQW'LUHFWRUV
7KH %RDUG RI 'LUHFWRUV KHUHE\ FRQ¿UPV WKDW LQ WKHLU RSLQLRQ WKH ,QGHSHQGHQW 'LUHFWRUV IXO¿O WKH FRQGLWLRQV
VSHFL¿HGLQWKH6(%,/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVDQGDUH,QGHSHQGHQW
of the Management.
Matrix setting out the skills/expertise/competence of the board of directors:
The board skill matrix provides a guide as to the core skills, expertise, competencies and other criteria (collectively
referred to as ‘skill sets’) considered appropriate by the board of the Company in the context of its business and
sector(s) for it to function effectively and those actually available with the Board. The skill sets will keep on
changing as the organization evolves and hence the board may review the matrix from time to time to ensure that
the composition of the skill sets remains aligned to the Company’s strategic direction.
7KHVNLOOVHWVLGHQWL¿HGE\WKHERDUGDORQJZLWKDYDLODELOLW\DVVHVVPHQWLVDVXQGHU:
Core Skills/Experience/Competence $FWXDO$YDLODELOLW\ZLWKFXUUHQWERDUG
,QGXVWU\NQRZOHGJHH[SHULHQFH
(a) Speciality Chemicals, Inorganic Chemical, Pharmaceuticals or Available
General Industry Knowhow
(b) Creating value through Intellectual Property Rights Available
(c) Domestic Operations Available
(d) Previous Board Experience Available
Technical skills/experience
(a) Strategic planning Available
(b) Risk and compliance oversight Available
(c) Marketing Available
(d) Policy Development Available
(e) Accounting, Tax, Audit, Finance and Legal Available
(f) Sales/ Customer Engagement Available
(g) Public Relations and Liasoning Available
Behavioural Competencies
(a) Integrity & Ethical Standards Available
(b) Mentoring Abilities Available
(c) Interpersonal Relations Available
32
PAUSHAK LIMITED
3. Audit Committee:
Composition, Name of Chairman and Members & Terms of Reference:
The Audit Committee comprises of 3 Independent Non-Executive Directors viz. Mr. Amit Goradia, Mr. Atul Patel
and Mr. Vijay Gandhi. Mr. Amit Goradia is Chairman of the Audit Committee. The terms of reference of the
&RPPLWWHHFRYHUWKHPDWWHUVVSHFL¿HGIRU$XGLW&RPPLWWHHXQGHUWKH6(%,/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH
Requirements) Obligations, 2015 and Companies Act, 2013.
The Statutory Auditors, Internal Auditors and other relevant Senior Management Persons are invited to attend
the Meetings of Audit Committee. The Company Secretary of the Company acts as Secretary to the Committee.
Mr. Amit Goradia, Chairman of Audit Committee was present at the last Annual General Meeting held on
6th August, 2018.
Meetings and the attendance during the year:
There were Four (4) meetings of the Audit Committee held during the year ended 31st March, 2019 on 17th May,
2018, 6th August, 2018, 31st October, 2018 and 31st January, 2019.
The attendance of each member of the Audit Committee is given below:
Name of Director No. of meetings held No. of meeting attended
Mr. Amit Goradia 4 3
Mr. Vijay Gandhi 4 4
Mr. Atul Patel 4 4
4. Nomination and Remuneration Committee:
Composition, Name of Chairman and Members & Terms of Reference:
The Nomination and Remuneration Committee of Directors comprises of four Directors viz. Mr. Atul Patel,
Mr. Amit Goradia, Mr. Vijay Gandhi and Mr. Chirayu Amin. Mr. Atul Patel is Chairman of the Nomination and
5HPXQHUDWLRQ&RPPLWWHH7KHWHUPVRIUHIHUHQFHRIWKH&RPPLWWHHFRYHUWKHPDWWHUVVSHFL¿HGIRU1RPLQDWLRQ
and Remuneration Committee under the SEBI (Listing Obligations and Disclosure Requirements) Obligations,
2015 and Companies Act, 2013. Mr. Atul Patel, Chairman of Nomination and Remuneration Committee was
present at the last Annual General Meeting held on 6th August, 2018.
Meetings and attendance during the year:
There were Two (2) meetings of the Nomination and Remuneration Committee held during the year ended
31st March, 2019 on 17th May, 2018 and 31st January, 2019.
The attendance of each member of the Nomination and Remuneration Committee is given below:
Name of the Director No. of meetings held No. of meetings attended
Mr. Atul Patel 2 2
Mr. Chirayu Amin 2 2
Mr. Amit Goradia 2 2
Performance Evaluation Criteria for Independent Directors:
The performance evaluation criteria for Independent Directors are disclosed in the Board’s Report.
5. Details of Remuneration paid to Directors:
Executive Directors:
7KHGHWDLOVRIDOOHOHPHQWVRIUHPXQHUDWLRQSDFNDJHLHVDODU\EHQH¿WVERQXVSHQVLRQHWFSDLGWRWKH([HFXWLYH
'LUHFWRUIRUWKH¿QDQFLDO\HDUDUHJLYHQEHORZ
(` in Lacs)
Name & Designation of the Executive Directors Fixed Salary & Variable Performance Total
Perquisites Incentive
Mr. Abhijit Joshi Whole- time Director &CEO 50.31 6.12 56.43
Notes: (a) Mr. Abhijit Joshi, Whole-time Director: Appointed for a period of 3 years w.e.f. 1st May, 2018.
(b) The criteria for Variable Performance Incentive includes Company Performance Periodical Reviews,
Skills and Competence.
33
PAUSHAK LIMITED
(c) The Executive Director and the Company are entitled to terminate the service contracts by giving not
less than 3 months’ notice in writing to the other party. There is no provision for payment of severance
fees. The Company does not have any Stock Options Scheme.
Non-Executive Directors:
All Non-Executive Directors are paid ` 15,000/- as sitting fees for attending Board Meetings, ` 10,000/- for Audit
Committee Meetings and ` 5,000/- for other Committee Meetings.
7KHGHWDLOVRISD\PHQWPDGHWR1RQ([HFXWLYH'LUHFWRUVGXULQJWKH¿QDQFLDO\HDUDUHDVXQGHU
(` in Lacs)
Name of Directors Sitting fees for Sitting fees for Total Fees Paid
Board Meetings Committee Meetings
Mr. Chirayu Amin 0.60 0.10 0.70
Mr. Udit Amin 0.45 0.10 0.55
Mr. Amit Goradia 0.45 0.55 1.00
Mr. Atul Patel 0.60 0.65 1.25
Dr. Shamita Amin 0.45 0.20 0.65
Mr. Vijay Gandhi 0.60 0.75 1.35
Mr. Udit Amin, Non-Executive Director, has been paid commission of `/DFVIRUWKH¿QDQFLDO\HDUZKLFK
is within the limit approved by the members of the Company at the 45th Annual General Meeting of the Company held
on 6th August, 2018.
None of the Non-Executive Directors has any pecuniary relationship or transactions with the Company and its
associates except:
a. Mr. Atul Patel, where other Companies under the same management have paid a total of ` 17.51 Lacs to an entity,
Enviro Infrastructure Company Limited in which Mr. Atul Patel is a Director.
b. Mr. Vijay Gandhi, where other companies under same management have paid a total of ` 5.31 Lacs to M/s. V. H.
*DQGKL &R&KDUWHUHG$FFRXQWDQWDVIHHVIRUSURIHVVLRQDOVHUYLFHVSURYLGHGE\WKH¿UPWRWKRVHFRPSDQLHV
0U9LMD\*DQGKLLVSURSULHWRURIWKHVDLG¿UP
7KH%RDUGGRHVQRWFRQVLGHUWKHFRPSDQ\¶V¿UP¶VDVVRFLDWLRQZLWKJURXSFRPSDQLHVWREHRIPDWHULDOQDWXUHVRDVWR
affect the independence of judgment of Mr. Atul Patel and Mr. Vijay Gandhi as Independent Directors of the Company.
6. Stakeholders Relationship Committee:
The Stakeholders’ Relationship Committee comprises of 3 Directors viz. Mr. Vijay Gandhi, Dr. Shamita Amin and
Mr. Abhijit Joshi. Mr. Vijay Gandhi is Chairman of the Stakeholders Relationship Committee.
Mr. Vijay Gandhi was present at the last Annual General Meeting held on 6th August, 2018. Ms. Manisha Saraf,
&RPSDQ\6HFUHWDU\LVWKH&RPSOLDQFH2I¿FHURIWKH&RPSDQ\
Details of No. of Shareholders’ complaints received: 15 (Fifteen)
No. of complaints not solved to the satisfaction of shareholders: Nil
No. of pending complaints: Nil
Meetings and the attendance during the year:
Four (4) meetings of the Stakeholders Relationship Committee were held during the year on 17th May, 2018,
6th August, 2018, 31st October, 2018 and 31st January, 2019.
The attendance of each member of the Committee is given below:
Name of Director No. of meetings held No. of meetings attended

Dr. Shamita Amin 4 3
Mr. Abhijit Joshi 4 4
34
PAUSHAK LIMITED
7. General Body Meetings:

The details of the location and time where the last three Annual General Meetings (AGMs) were held as under:
Financial Location Date Time No. of Special
Year Resolutions passed
2017-18 "Sanskruti", Alembic Corporate Conference 6th August, 2018 12.30 p.m. 7
Center, Opp. Pragati Sahakari Bank Limited,
Alembic Colony, Vadodara - 390 003
2016-17 "Sanskruti", Alembic Corporate Conference 2nd August, 2017 12.30 p.m. 1
2015-16 "Sanskruti", Alembic Corporate Conference 11th August, 2016 12.30 p.m. -
* Whether any special resolution passed last year through postal ballot: No
* Whether any special resolution is proposed to be conducted through postal ballot: No
8. Means of Communication:
4XDUWHUO\5HVXOWV : The results will be published in the newspapers

having wide coverage.
:KLFK1HZVSDSHUVZKHUHLQUHVXOWVQRUPDOO\SXEOLVKHG : Business Standard (English), Loksatta (Gujarati) or
any other leading newspaper
$Q\ZHEVLWHZKHUHGLVSOD\HG : www.paushak.com
:KHWKHULWDOVRGLVSOD\VRI¿FLDOQHZVUHOHDVHVDQG : Yes
7KHSUHVHQWDWLRQVPDGHWRLQVWLWXWLRQDOLQYHVWRUVRUWR : No
the analysts
9. General Shareholder Information:
a) Annual General Meeting Date, Time and Wednesday, 7th August, 2019 at 12:30 p.m.
Venue “Sanskruti”, Alembic Corporate Conference Centre, Opp. Pragati
Sahakari Bank Ltd., Alembic Colony, Vadodara 390 003.
b) Financial Year 2018 - 2019
c) Dividend Payment Date On or before 16th August, 2019
d) Listing on Stock Exchanges BSE Limited (BSE)
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
e) Stock Code The Equity Shares of the Company are Listed on BSE Limited
with Scrip Code: 532742 / PAUSHAKLTD
ISIN: INE111F01016
f) Market price data - high, low during each Please see Annexure ‘I’
PRQWKLQODVW¿QDQFLDO\HDU
g) Share Performance of the Company in Please see Annexure ‘II’
comparison to BSE Sensex
h) In case the securities are suspended from Not applicable
trading, the directors report shall explain
the reason thereof
i) Registrar and Share Transfer Agents Link Intime India Pvt. Limited
B-102 & 103, Shangrila Complex,
First Floor, Opp. HDFC Bank,
Near Radhakrishna Char Rasta,
Akota, Vadodara-390020
Tel: +91 265 2356573, 2356794
Email ID: vadodara@linkintime.co.in
35
PAUSHAK LIMITED
j) Share Transfer System Share transfers will be registered and returned within a period of
¿IWHHQGD\VIURPWKHGDWHRIUHFHLSWLIGRFXPHQWVDUHDFFXUDWHLQ
all respects.
Stakeholders’ Relationship Committee has delegated powers
to Registrar and Share Transfer Agents to effect transfer/
transmission, name deletion, renewal of shares, duplicate, etc.
Total number of shares transferred in physical form during the year
were 3,029 (previous year 2,130).
k) Distribution of Shareholding/Shareholding Please see Annexure ‘III’
Pattern as on 31st March, 2019
l) Dematerialization of Shares and Liquidity As on 31st March, 2019, 28,40,535 shares (92.16%) are held in
dematerialised form by the shareholders.
Trading in shares is permitted only in dematerialized form as per
QRWL¿FDWLRQLVVXHGE\WKH6(%,
m) Outstanding GDRs/ADRs/Warrants or any Nil
Convertible Instruments, conversion date
and likely impact on equity
n) Commodity price risk or foreign exchange The Company faces commodity risk in certain key raw materials as
risk and hedging activities ZHOODV¿QLVKHGSURGXFWV7KH&RPSDQ\LVQHWIRUHLJQH[FKDQJH
earner and like most companies having both imports and exports,
IDFHVIRUHLJQFXUUHQF\ÀXFWXDWLRQULVN
The disclosure pertaining to exposure and commodity risks is not
applicable to the Company.
o) Plant Location Panelav, Tal. Halol, Dist. Panchmahal - 389 350, Gujarat.
p) Address for Correspondence / Investor &RPSDQ\6HFUHWDU\ &RPSOLDQFH2I¿FHU
Correspondence Paushak Limited, Alembic Road,
Vadodara - 390 003.
Tel. : +91 265 2280550
Fax : +91 265 2282506
E-mail ID: investors@paushak.com
2. Link Intime India Private Ltd
B-102 & 103, Shangrila Complex,
1st Floor, Opp. HDFC Bank,
RadhaKrishna Char Rasta,
Akota, Vadodara - 390 020.
Tel.:+91 265 2356573, 2356794
E-mail ID: vadodara@linkintime.co.in
q) List of all credit ratings obtained by the The credit rating details are given hereunder:
entity
Instrument Amount Rating Rating & Remarks

` Cr. Agency Outlook
Propose Long Term 20.00 CRISIL Limited CRISIL A- / Assigned - Fund and Non-Fund based
Bank Loan Facility Stable facilities and term loans
Propose Working 9.00 CRISIL Limited CRISIL A- / Assigned - Fund and Non-Fund based
Capital Facility Stable facilities
Working Capital 5.00 CRISIL Limited CRISIL A- / Assigned - Fund and Non-Fund based
Facility (IDBI Bank Stable facilities
Limited)
Working Capital 6.00 CRISIL Limited CRISIL A- / Assigned - Fund and Non-Fund based
Facility (HDFC Bank Stable facilities
Limited)
36
PAUSHAK LIMITED
10. Other Disclosures:

(i) Related Party Transactions:
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the Company at large.
The Board has approved a policy for related party transactions which has been uploaded on the Company’s
website. The web-link as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 is as under:
http://www.paushak.com/pdf/RPT-Policy.pdf
(ii) Compliance:
There was no non-compliance by the Company, penalties, strictures imposed on the Company by Stock
Exchanges or SEBI or any statutory authority on any matter related to capital markets, during the last three years.
LLL :KLVWOH%ORZHU3ROLF\
The Company has established vigil mechanism for directors, employees and other stakeholders to report
concerns about unethical behavior, actual or suspected fraud or violation of the Company’s code of conduct or
ethical policy.
The Whistle Blower Policy is placed on the website of the Company and web-link to the same is as under:
http://www.paushak.com/pdf/Whistle-Blower-Policy.pdf
The Company has provided opportunities to encourage employees to become whistle blowers. It has also
HQVXUHGDPHFKDQLVPZLWKLQWKHVDPHIUDPHZRUNWRSURWHFWWKHPIURPDQ\NLQGRIKDUP,WLVKHUHE\DI¿UPHGWKDW
no personnel has been denied access to the Audit Committee.
LY 'HWDLOVRI&RPSOLDQFHZLWK0DQGDWRU\UHTXLUHPHQWVDQGDGRSWLRQRI1RQPDQGDWRU\UHTXLUHPHQWV
Mandatory requirements:
The Companies complies with all the mandatory requirements of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 with regard to Corporate Governance.
Non-Mandatory requirements:
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E +DOI\HDUO\GHFODUDWLRQRI¿QDQFLDOSHUIRUPDQFHWRHDFKKRXVHKROGRIVKDUHKROGHUV1RWFRPSOLHG
F 0RGL¿HGRSLQLRQVLQ$XGLW5HSRUW&RPSOLHGDVWKHUHDUHQRPRGL¿HGRSLQLRQLQ$XGLW5HSRUW
(d) Separate posts of Chairman & CEO: Complied
(e) Reporting of Internal Auditors directly to Audit Committee: Complied
(v) Disclosure of commodity price risks and commodity hedging activities:
The details are provided at point no. 9(n) of this report.
(vi) 'HWDLOVRIXWLOL]DWLRQRIIXQGVUDLVHGWKURXJKSUHIHUHQWLDODOORWPHQWRUTXDOL¿HGLQVWLWXWLRQVSODFHPHQWDV
VSHFL¿HGXQGHU5HJXODWLRQ$
Not Applicable.
(vii) &HUWL¿FDWHIURPD&RPSDQ\6HFUHWDU\LQSUDFWLFH
7KH &RPSDQ\ KDV UHFHLYHG D FHUWL¿FDWH IURP 0V 6DPGDQL 6KDK .DEUD 3UDFWLVLQJ &RPSDQ\ 6HFUHWDULHV
FRQ¿UPLQJWKDWQRQHRIWKH'LUHFWRUVRQWKH%RDUGRIWKH&RPSDQ\KDYHEHHQGHEDUUHGRUGLVTXDOL¿HGIURPEHLQJ
appointed or continuing as directors of companies by the Securities and Exchange Board of India/Ministry of
Corporate Affairs or any such statutory authority. The same forms a part of this Report as Annexure - D.
(viii) Instances of not accepting any recommendation of the Committee by the Board:
There is no such instance where Board had not accepted any recommendation of any committee of the Board
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(ix) Fees to the Statutory Auditors of the Company:
The total fees for all services paid to the Statutory Auditors of the Company is mentioned at Note 28 of the
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Auditors is a part.
37
PAUSHAK LIMITED
(x) 'LVFORVXUHRIWKHFRPSOLDQFHZLWKFRUSRUDWHJRYHUQDQFHUHTXLUHPHQWVVSHFL¿HGLQUHJXODWLRQWR
and Clauses (b) to (i) of sub-regulation (2) of regulation 46 of the SEBI (Listing Obligations and Disclosure
Requirements), 2015:
The Company is in compliance with Regulation No. 17 for Board of Directors, Regulation No. 17A for Maximum
number of directorships, Regulation No. 18 for Audit Committee, Regulation No. 19 for Nomination and
Remuneration Committee, Regulation No. 20 for Stakeholders Relationship Committee, Regulation No. 22 for
Vigil Mechanism and Regulation No. 23 for Related Party Transactions, Regulation No. 24A for Secretarial Audit,
Regulation No. 25 for Obligations with respect to Independent Directors, Regulation No. 26 for Obligations with
respect to Directors and Senior Management, Regulation No. 27 for Other Corporate Governance requirements
and Regulation 46(2)(b) to (i) for website.
Regulation No. 21 for Risk Management Committee and Regulation No. 24 for Corporate Governance
requirements with respect to subsidiary of the Company, are not applicable to the Company.
(xi) Independent Directors’ Meeting:
The Independent Directors met on 6th0D\WRFDUU\RXWWKHHYDOXDWLRQIRUWKH¿QDQFLDO\HDUDQGLQWHU
alia, discussed the following:
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* Evaluation of the performance of the Chairman, taking into account the views of the Executive and Non-
([HFXWLYH'LUHFWRUV
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that is necessary for the Board to effectively and reasonable perform its duties.
All Independent Directors were present at the Meeting.
(xii) Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013:
The Company has in place a Policy on Prevention of Sexual Harassment in line with the requirements of The
Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.
Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual
harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the year, the complaint received by the Company was as follows:
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E 1XPEHURIFRPSODLQWVGLVSRVHGRIGXULQJWKH¿QDQFLDO\HDU
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Annexure - I
0DUNHWSULFHGDWDRIWKH&RPSDQ\¶VVKDUHVWUDGHGRQ%6(/LPLWHG%6(GXULQJWKH¿QDQFLDO\HDU
(Amount in `)
Month - Year BSE

High Price /RZ3ULFH
April - 2018 1,560.00 1,290.10
May - 2018 1,655.00 1,430.00
June - 2018 1,563.00 1,399.90
July - 2018 1,793.90 1,400.00
August - 2018 2,464.00 1,710.00
September - 2018 3,319.40 2,150.00
October - 2018 2,517.00 1,970.00
November - 2018 2,398.00 2,058.95
December - 2018 2,387.00 1,985.00
January - 2019 2,549.00 2,050.10
February - 2019 2,200.00 1,690.00
March - 2019 2,349.00 1,840.50
On 29th0DUFKODVWWUDGLQJGD\RIWKH¿QDQFLDO\HDUWKHFORVLQJSULFHRIWKHVKDUHVRIWKH&RPSDQ\RQ%6(ZDV
` 2,027.95.
38
PAUSHAK LIMITED
Annexure -II
Share Performance of the Company in comparison to BSE Sensex:
Annexure - III
st
The distribution of shareholdings as on 31 March, 2019 is as under:
Number of Share of Face Number of % of total Number of Shares % of total

Value Shareholders Shareholders Shares
1 2 3 4 5
1-500 5,998 71.03 73,804 2.39
501-1000 1,193 14.13 1,11,268 3.61
1001-2000 566 6.70 94,390 3.06
2001-3000 240 2.84 66,981 2.17
3001-4000 111 1.32 41,819 1.36
4001-5000 70 0.83 33,228 1.08
5001-10000 154 1.82 1,14,909 3.73
10001 and above 112 1.33 25,45,715 82.60
Total 8,444 100.00 30,82,114 100.00
Shareholding pattern as on 31st March, 2019:

Sr. No. Category No. of Shares Held % of Voting Strength
(A) Shareholding of Promoter & Promoter Group
(1) Indian 20,30,093 65.87
(2) Foreign 25,846 0.84
Total Shareholding of Promoter and Promoter Group 20,55,939 66.71
(B) Public Shareholding
(1) Institutions 83 0.00
(2) Central Government/ State Government(s)/ President of India - -
(3) Non-institutions 10,26,092 33.29
Total Public Shareholding 10,26,175 33.29
39
PAUSHAK LIMITED
Sr. No. Category No. of Shares Held % of Voting Strength

(C) 6KDUHVKHOGE\&XVWRGLDQVDQGDJDLQVWZKLFK'HSRVLWRU\ - -
Receipts have been issued
(1) Promoter and Promoter Group - -
(2) Public - -
7RWDO6KDUHVKHOGE\&XVWRGLDQVDQG$JDLQVWZKLFK -
Depository Receipts have been issued
Total (A) + (B) + (C) 30,82,114 100.00
Sd/-
Chirayu Amin
CODE OF CONDUCT
The Board has adopted code of conduct for all Board Members and Senior Management Personnel of the Company and
the said code of conduct is posted on the web site of the Company (www.paushak.com). A declaration signed by the CEO
on behalf of the Board of Directors is given below:
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As provided under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, all Board Members and
6HQLRU0DQDJHPHQW3HUVRQQHOKDYHDI¿UPHGFRPSOLDQFHZLWKWKHFRGHRIFRQGXFWRIWKH&RPSDQ\IRUWKH\HDUHQGHGst
March, 2019 and the copy of the code of conduct is put on the website of the Company at www.paushak.com
On behalf of the Board of Directors
Sd/-
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Whole time Director & CEO
DIN: 06568584
40
PAUSHAK LIMITED
CORPORATE GOVERNANCE CERTIFICATE

To the Members of Paushak Limited
We have examined the compliance of the conditions of Corporate Governance by Paushak Limited for the year ended
March 31, 2019 as per the relevant provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations).
The Compliance of conditions of Corporate Governance is the responsibility of the Company’s Management. Our examination
was limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the
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In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Regulations.
We state that in respect of investor grievances received during the year ended March 31, 2019, no investor grievance
is pending against the Company, as per the records maintained by the Company and presented to the Stakeholders
Relationship Committee.
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effectiveness with which the Management has conducted the affairs of the Company.
Sd/-
S. Samdani
Partner

Company Secretaries
FCS No.: 3677
CP No.: 2863
Place: Vadodara
41
PAUSHAK LIMITED
INDEPENDENT AUDITOR’S REPORT

To the Members of
Paushak Limited
Report on the Audit of the Financial Statements
Opinion
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Basis for Opinion
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Key Audit Matters
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Information Other than the Financial Statements and Auditor’s Report Thereon
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Management’s Responsibility for the Standalone Financial Statements
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42
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31st March, 2019 VW0DUFK
I. ASSETS
(1) Non-current assets
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7UDGH5HFHLYDEOHV 8 3,246.87
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F 2WKHUFXUUHQWDVVHWV 11 273.48
Total Current Assets 8,869.32
TOTAL ASSETS 21,406.21
II. EQUITY AND LIABILITIES
Equity
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2WKHU(TXLW\ 13 17,448.37
Total Equity 17,756.58
Liabilities
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E 'HIHUUHG7D[/LDELOLWLHV1HW 15 2,112.20
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G &XUUHQW7D[/LDELOLWLHV1HW 21 42.33
Total Current Liabilities 1,480.39
Total Liabilities 3,649.63
TOTAL EQUITY AND LIABILITIES 21,406.21
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I. INCOME
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2WKHU,QFRPH 23 264.61
Total Income 14,215.30
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VIII. Other Comprehensive Income 29
$ L ,WHPWKDWZLOOQRWEHUHFODVVL¿HGWRSUR¿WRUORVV 6,124.81
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IX. Total Other Comprehensive Income 4,784.34
; 7RWDO&RPSUHKHQVLYH,QFRPHIRUWKHSHULRG9,,,; 8,680.08
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A Equity Share Capital
Particulars Nos ` in Lacs

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Balance at 1st April, 2017
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Balance at 31st March, 2018 3,207,114 320.71
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Particulars Resrves and Surplus FVOCI FVOCI - Debt Total
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Capital Capital Securities General Retained Investment Reserve
Reserve Redemption Premium Reserve Earning Reserve
Reserve
Balance at 1st April, 2017 (I)
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year (II)
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Particulars Resrves and Surplus FVOCI FVOCI - Debt Total
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Balance at 1st April, 2018 (I) 4.25 301.16 782.64 4,876.44 3,695.35 366.53 965.89 10,992.26
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year (II)
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Transaction for the year (III) - 12.50 (782.64) (1,342.36) (111.35) (0.12) - (2,223.97)
%DODQFHDWVW0DUFK,,,,,, 4.25 313.66 - 3,534.08 7,488.38 5,102.29 1,005.70 17,448.37

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As at 1st April 2017 6.17 216.58 1,960.00 1,450.40 119.34 1.11 38.93 1.73 - 3,794.25 30.61
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As at 31st March 2018 6.17 226.96 2,437.93 1,450.40 120.63 20.91 45.54 1.73 - 4,310.26 98.07
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As at 1st April 2017 - 9.39 248.09 47.02 12.61 0.56 2.86 0.36 - 320.88 -
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As at 31st March 2018 - 19.10 488.32 109.65 28.50 0.77 8.18 0.71 - 655.23 -
Net Carrying amount
As at 1st April 2017 6.17 207.19 1,711.91 1,403.39 106.73 0.55 36.07 1.37 - 3,473.37 30.61
As at 31st March 2018 6.17 207.86 1,949.61 1,340.76 92.13 20.14 37.36 1.02 - 3,655.03 98.07
Gross Carrying amount
As at 1st April 2018 6.17 226.96 2,437.93 1,450.40 120.63 20.91 45.54 1.73 - 4,310.26 98.07
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As at 31st March, 2019 5.09 326.30 2,772.67 1,450.40 138.82 52.08 69.30 1.73 2.89 4,819.28 623.79
As at 1st April 2018 - 19.10 488.32 109.65 28.50 0.77 8.18 0.71 - 655.23 -
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As at 31st March, 2019 - 30.27 780.70 172.28 41.98 3.06 11.48 1.08 0.02 1,040.88 -
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As at 31st March 2018 6.17 207.86 1,949.61 1,340.76 92.13 20.14 37.36 1.02 - 3,655.04 98.07
As at 31st March, 2019 5.09 296.02 1,991.97 1,278.12 96.83 49.02 57.82 0.65 2.86 3,778.40 623.79
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As at 1st April 2018 0.88
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st 0DUFK HTXLW\ VKDUHV RI 5V HDFK IXOO\ SDLG XS LQ 0.64
$OHPELF/LPLWHG6KDUHV6ROGGXULQJWKH\HDUXQGHUEX\EDFN
st0DUFKHTXLW\VKDUHVRI5VHDFKIXOO\SDLGXSLQ$OHPELF 4.60
3KDUPDFHXWLFDOV/LPLWHG
Investment in Equity Instruments (Unquoted)
st0DUFKHTXLW\VKDUHVRI5VHDFKIXOO\SDLGXSLQ 1,615.23
1LUD\X3YW/WG
st0DUFKHTXLW\VKDUHVRI5VHDFKIXOO\SDLG 5,051.56
XSLQ6KUHQR/LPLWHG1RWH
st0DUFKHTXLW\VKDUHVRI5VHDFKIXOO\SDLGXSLQ*XMDUDW 0.01
8UEDQ+RXVLQJ&R
st0DUFKHTXLW\VKDUHVRI5VHDFKIXOO\SDLGXSLQ 2.50
3UDJDWL6DKDNDUL%DQN/WG
st0DUFKHTXLW\VKDUHRI5VHDFKIXOO\SDLGXSLQ%KDUDW&R 0.00
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st 0DUFK HTXLW\ VKDUHV RI 5V HDFK IXOO\ SDLG XS LQ 7KH 0.01
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st 0DUFK 1RQ&RQYHUWLEOH &XPXODWLYH 1,314.67
5HGHHPDEOH 3UHIHUHQFH 6KDUHV RI 5V HDFK IXOO\ SDLG XS LQ 1LUD\X
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st 0DUFK 5HGHHPDEOH &XPXODWLYH 3UHI 29.25
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Total 8,134.69
$JJUHJDWHYDOXHRITXRWHGLQYHVWPHQWV$WFRVW 104.72
$JJUHJDWHYDOXHRITXRWHGLQYHVWPHQWV$WPDUNHWYDOXH 121.46
$JJUHJDWHYDOXHRIXQTXRWHGLQYHVWPHQWV$WFRVW 87.36
$JJUHJDWHYDOXHRIXQTXRWHGLQYHVWPHQWV$WPDUNHWYDOXH 8,013.23
1RWH 'XULQJ WKH SUHYLRXV \HDU (TXLW\ 6KDUHV RI 5V HDFK KDYH EHHQ DOORWWHG E\ 6KUHQR /LPLWHG RQ
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1RWH'XULQJWKHSUHYLRXV\HDUXSRQWKHDPDOJDPDWLRQRI:KLWH¿HOG&KHPWHFK3YW/WG:&3/DQG6LHUUD,QYHVWPHQWV
3YW/WG6,3/ZLWK1LUD\X3ULYDWH/LPLWHG13/DQG3UHIHUHQFH6KDUHVRI5VHDFKDWDSUHPLXP
RI5VHDFKKDYHEHHQDOORWWHGE\13/LQH[FKDQJHRIHTXLW\VKDUHVRI5VHDFKKHOGLQ:&3/DQG
HTXLW\VKDUHVRI5VHDFKKHOGLQ6,3/UHVSHFWLYHO\E\WKH&RPSDQ\DVRQWKHUHFRUGGDWH7KHVKDUHVKHOG
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As at $VDW
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D 5DZPDWHULDOV 461.07
E :RUNLQSURJUHVV 163.75
F )LQLVKHGJRRGV 3.26
G 6HPL)LQLVKHGJRRGV 884.31
H 6WRUHVVSDUHV 3DFNLQJ0DWHULDOV 277.47
Total 1,789.86

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8QLWVst0DUFK1LO,&,&,/LTXLG)XQG'LUHFW3ODQ 767.92
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8QLWVst0DUFK1LO$[LV$UELWUDJH)XQG'LUHFW 209.45 -
'LYLGHQG5HLQYHVWPHQW
8QLWVst0DUFK1LO)UDQNOLQ,QGLD8OWUD6KRUW 1,544.75 -
%RQG)XQG6XSHU,QVWLWXWLRQDO3ODQ'LUHFW*URZWK
8QLWV st 0DUFK 1LO 5HOLDQFH $UELWUDJH )XQG 451.38 -
'LUHFW0RQWKO\'LYLGHQG5HLQYHVWPHQW3ODQ
8QLWVst0DUFK1LO87,$UELWUDJH)XQG 492.86 -
'LUHFW'LYLGHQG3ODQ
1LO8QLWVst0DUFK(GHOZHLVV/LTXLG)XQG*URZWK -
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Total 3,466.36
$JJUHJDWHERRNYDOXHRITXRWHGLQYHVWPHQWV 3,349.49

$JJUHJDWHPDUNHWYDOXHRITXRWHGLQYHVWPHQWV 3,466.36
7UDGH5HFHLYDEOHV&XUUHQW8QVHFXUHG ` LQ/DFV
As at $VDW
Particulars
Considered good
5HFHLYDEOHIURP5HODWHG3DUWLHV>5HIHUQRWHQR)@ 0.19
2WKHUV 3,246.68
3,246.87
7UDGH5HFHLYDEOHVZKLFKKDYHVLJQL¿FDQWLQFUHDVHLQ&UHGLW5LVN -
/HVV7UDGH5HFHLYDEOHVFUHGLWLPSDLUHG -
Total 3,246.87

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As at $VDW
Particulars
D %DODQFHVZLWK%DQN
,QFXUUHQWDFFRXQW 53.13
E &DVKRQKDQG 1.29
Total 54.42
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As at $VDW
Particulars
D 2WKHU%DQN%DODQFHV
,Q'HSRVLW$FFRXQWVZLWK%DQN 1.12
E ,QHDUPDUNHGDFFRXQWV
%DODQFHVKHOGLQXQSDLGGLYLGHQGDFFRXQWV 37.21
Total 38.33
2WKHU&XUUHQW$VVHWV ` LQ/DFV
As at $VDW
Particulars
D $GYDQFHJLYHQWR7UDGH&UHGLWRUV 23.91
E 7HQGHUDQG2WKHU'HSRVLWV 0.08
F 5HFHLYDEOHIURP5HYHQXH$XWKRULWLHV 201.16
G 3UHSDLG([SHQVHV 12.87
H ([SRUWEHQH¿WUHFHLYDEOH 35.46
I 2WKHUV 0.00
Total 273.48
1RWH$PRXQWOHVVWKDQ5XSHHV2QHWKRXVDQG

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(TXLW\6KDUH&DSLWDO ` LQ/DFV
As at $VDW
Particulars
D 6KDUHV$XWKRUL]HG
(TXLW\VKDUHVRI5VHDFK 900.00
5HGHHPDEOH&XPXODWLYH3UHIHUHQFH6KDUHVRI5V 1,100.00
HDFK
Total 2,000.00
E 6KDUHVLVVXHGVXEVFULEHGDQGIXOO\SDLG
(TXLW\6KDUHVRI5VHDFK3UHYLRXV<HDU 308.21
(TXLW\6KDUHVRI5VHDFK
Total 308.21
(c) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting
SHULRG
Particulars Nos (` in Lacs)
6KDUH FDQFHOOHG XSRQ %X\EDFN RI 2QH /DF 7ZHQW\ )LYH
7KRXVDQG(TXLW\6KDUHVRIWKH&RPSDQ\ERXJKWEDFNDWDSULFHRI
` 5XSHHV 2QH 7KRXVDQG 6HYHQ +XQGUHG 2QO\ SHU (TXLW\
6KDUH
(d) The rights, preferences and restrictions including restrictions on the distribution of dividends and the
UHSD\PHQWRIFDSLWDO
7KH&RPSDQ\LVKDYLQJRQO\RQHFODVVRIVKDUHVLH(TXLW\FDUU\LQJDQRPLQDOYDOXHRI5VSHUVKDUH(YHU\
KROGHURIWKHHTXLW\VKDUHRIWKH&RPSDQ\LVHQWLWOHGWRRQHYRWHSHUVKDUHKHOG,QWKHHYHQWRIOLTXLGDWLRQRI
WKH &RPSDQ\ WKH HTXLW\ VKDUHKROGHUV ZLOO EH HQWLWOHG WR UHFHLYH UHPDLQLQJ DVVHWV RI WKH &RPSDQ\ DIWHU WKH
GLVWULEXWLRQUHSD\PHQWRIDOOFUHGLWRUV7KHGLVWULEXWLRQWRWKHHTXLW\VKDUHKROGHUVZLOOEHLQSURSRUWLRQRIWKH
QXPEHURIVKDUHVKHOGE\HDFKVKDUHKROGHU
(e) Shares in the company held by each shareholder holding more than 5 percent shares specifying the
QXPEHURIVKDUHVKHOGDVDW
Numbers KHOG 1XPEHUV KHOG
1LUD\X3ULYDWH/WG 1,023,366
$OHPELF/WG 587,809
6KUHQR/WG 228,504
(f) Buy-back of Shares

7KH%RDUGRI'LUHFWRUVKDGDSSURYHGWKHSURSRVDOIRU%X\EDFNRI(TXLW\6KDUHVDWLWVPHHWLQJKHOGRQWK
-DQXDU\7KHVDPHZDVDSSURYHGE\WKHPHPEHUVWKURXJK3RVWDO%DOORWWKHUHVXOWRIZKLFKZDVGHFODUHG
RQ WK 0DUFK ,Q IXUWKHUDQFH WR WKH VDPH GXULQJ WKH TXDUWHU HQGHG WK -XQH WKH &RPSDQ\
ERXJKWEDFN(TXLW\6KDUHVRI5VHDFKDWDSULFHRI5VSHUVKDUH

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(a) Capital Reserve
%DODQFHDVSHUWKHODVW¿QDQFLDOVWDWHPHQWV 4.25
4.25
(b) Capital Redemption Reserve

$GG7UDQVIHUUHGIURP*HQHUDO5HVHUYHXSRQ%X\EDFNRI(TXLW\ 12.50
6KDUHVRIWKH&RPSDQ\
313.66
(c) Securities Premium

/HVV8WLOLVDWLRQIRU%X\EDFN2IIHURI(TXLW\6KDUHVRIWKH&RPSDQ\ 782.64
-
(d) General Reserve

%DODQFHDVSHUWKHODVW¿QDQFLDOVWDWHPHQWV 4,876.44
7UDQVIHUUHGIURP5HWDLQHG(DUQLQJV -
/HVV8WLOLVDWLRQIRU%X\EDFN2IIHURI(TXLW\6KDUHVRIWKH&RPSDQ\ 1,329.86
/HVV7UDQVIHUUHGWR&DSLWDO5HGHPSWLRQ5HVHUYHXSRQ%X\EDFNRI 12.50
(TXLW\6KDUHVRIWKH&RPSDQ\
3,534.08
(e) Retained Earnings
%DODQFHDVSHUWKHODVW¿QDQFLDOVWDWHPHQWV 3,695.35
3UR¿W/RVVIRUWKH\HDU 3,895.74
Items of Other Comprehensive Income
5HPHDVXUHPHQWRISRVWHPSOR\PHQWEHQH¿WREOLJDWLRQQHWRIWD[ 8.65
/HVV$SSURSULDWLRQV
(TXLW\'LYLGHQGLQFOXGLQJWD[WKHUHRQ5VSHUVKDUH (111.47)
3<5VSHUVKDUH
7UDQVIHUUHGWR*HQHUDO5HVHUYH -
2&,6DOHRI,QYHVWPHQW 0.12
7,488.38
(f) FVOCI - Equity Investment Reserve
&KDQJHVLQIDLUYDOXHRI)92&,LQVWUXPHQWVQHWRIWD[ 4,735.88
,QWHUWUDQVIHUIURP)92&,'HEW,QYHVWPHQW5HVHUYH (0.12)
5,102.29
(g) FVOCI - Debt Investment Reserve
&KDQJHVLQIDLUYDOXHRI)92&,LQVWUXPHQWVQHWRIWD[ 39.81
,QWHUWUDQVIHUWR)92&,(TXLW\,QYHVWPHQW5HVHUYH -
1,005.70
Total Other Equity 17,448.37

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7KLV UHVHUYH ZDV FUHDWHG DV SHU UHTXLUHPHQWV RI &RPSDQLHV$FW SXUVXDQW WR EX\EDFN RI HTXLW\ VKDUHV DQG
UHGHPSWLRQRISUHIHUHQFHVKDUHV
6HFXULWLHV3UHPLXP
6HFXULWLHV3UHPLXPLVXVHGWRUHFRUGWKHSUHPLXPRQLVVXHRIVKDUHV
*HQHUDO5HVHUYH
7KLVUHVHUYHLVFUHDWHGE\WUDQVIHURIDSRUWLRQRIWKHQHWSUR¿W
)92&,(TXLW\,QYHVWPHQW5HVHUYH
7KH &RPSDQ\ KDV HOHFWHG WR UHFRJQLVH FKDQJHV LQ WKH IDLU YDOXH RI FHUWDLQ LQYHVWPHQWV LQ HTXLW\ VKDUHV LQ RWKHU
FRPSUHKHQVLYHLQFRPH7KHVHFKDQJHVDUHDFFXPXODWHGZLWKLQWKH)972&,HTXLW\LQYHVWPHQWVUHVHUYHZLWKLQHTXLW\
)92&,'HEW,QYHVWPHQW5HVHUYH
7KH&RPSDQ\KDVHOHFWHGWRUHFRJQLVHFKDQJHVLQWKHIDLUYDOXHRIFHUWDLQLQYHVWPHQWVLQSUHIHUHQFHVKDUHVLQRWKHU
FRPSUHKHQVLYHLQFRPH7KHVHFKDQJHVDUHDFFXPXODWHGZLWKLQWKH)972&,GHEWLQYHVWPHQWVUHVHUYHZLWKLQHTXLW\
3URYLVLRQV1RQ&XUUHQW ` LQ/DFV

As at $VDW
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3URYLVLRQIRUHPSOR\HHEHQH¿WV
3URYLVLRQIRU/HDYHEHQH¿WV 56.32
3URYLVLRQIRU*UDWXLW\EHQH¿WV 0.73
Total 57.04
'HIHUUHG7D[/LDELOLWLHV1HW ` LQ/DFV

As at $VDW
Particulars
'HIHUUHG7D[/LDELOLWLHVRQ
'LIIHUHQFH%HWZHHQ%RRN 7D['HSUHFLDWLRQ 586.22
)DLUYDOXHFKDQJHVWKURXJK3 / 37.39
)DLUYDOXHFKDQJHVWKURXJK2&, 1,823.10
2,446.71
/HVV'HIHUUHG7D[$VVHWVRQ
3URYLVLRQIRUGRXEWIXOGHEWV -
8QXVHGWD[FUHGLW 306.92
'LVDOORZDQFHVXQGHU,QFRPH7D[$FW 27.59
334.51
Total 2,112.20
%RUURZLQJV&XUUHQW ` LQ/DFV
As at $VDW
Particulars
From Banks
Working Capital facilities 0.35
6HFXUHGE\ZD\RIK\SRWKHFDWLRQFKDUJHRQLQYHQWRULHVDQGERRNGHEWV
Total 0.35

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7UDGH3D\DEOH ` LQ/DFV
)RU6XSSOLHV6HUYLFHV
D'XHWR0LFUR 6PDOOHQWHUSULVHV>5HIHU1RWH'@ 72.81
E2WKHUV 1,005.43
Total 1,078.25
2WKHU)LQDQFLDO/LDELOLWLHV&XUUHQW ` LQ/DFV
8QSDLG'LYLGHQGV 37.21
7UDGH'HSRVLWV 25.00
Total 62.21
2WKHU&XUUHQW/LDELOLWLHV ` LQ/DFV
6WDWXWRU\/LDELOLWLHV
3)(6,3URI7D[ 2WKHUV 11.89
*67 177.37
7'6 31.23
6WDIISD\DEOHV 66.91
Total 287.40
3URYLVLRQV&XUUHQW `LQ/DFV

3URYLVLRQIRUHPSOR\HHEHQH¿WV
3URYLVLRQIRU/HDYHEHQH¿WV 8.48
3URYLVLRQIRU*UDWXLW\EHQH¿WV 1.37
Total 9.85
&XUUHQW7D[/LDELOLWLHV1HW `LQ/DFV

3URYLVLRQIRU,QFRPH7D[QHWRIDGYDQFHWD[DQG7'6 42.33
Total 42.33

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5HYHQXHIURP2SHUDWLRQV
`LQ/DFV
Particulars For the Year ended )RUWKH<HDUHQGHG
a Sale of products
'RPHVWLF 11,531.29
([SRUWV 2,178.96
13,710.25
b Other Operating Revenues
'LVSRVDO6DOHV 95.47
([SRUW,QFHQWLYHV 111.11
6HUYLFH,QFRPH 33.86
240.44
Total 13,950.69
5HYHQXHIURPRSHUDWLRQVIRUWKHSHULRGRIWRLQFOXGHVH[FLVHGXW\UHFRYHUHGRQVDOHVRI5V
ODFV :LWK HIIHFW IURP VW -XO\ *RRGV DQG 6HUYLFH 7D[ *67 ZDV LQWURGXFHG DQG KHQFH WKH UHYHQXH IURP
RSHUDWLRQVIRUWKHVXEVHTXHQWSHULRGVLVQHWRI*67
2WKHU,QFRPH
`LQ/DFV
'LYLGHQG
)LQDQFLDO$VVHWV,QYHVWPHQWV
)URP2WKHUUHODWHGSDUWLHV 17.63
)URP2WKHUV 43.22
3URYLVLRQIRU%DGDQG'RXEWIXO'HEWVZULWWHQEDFN -
6XQGU\%DODQFHZULWWHQEDFN 13.51
,QWHUHVW,QFRPH
)URP2WKHUV 0.16
3UR¿WRQ6DOH5HGHPSWLRQRI,QYHVWPHQW1HW 34.74
6DOHRI3RZHU 11.53
3UR¿WRQ6DOHRI3URSHUW\3ODQWDQG(TXLSPHQW 0.02
([FKDQJH)OXFWXDWLRQ*DLQ1HW 11.18
)DLU9DOXHFKDQJHRILQYHVWPHQWKHOGIRUWUDGLQJ 128.39
5HQW5HFHLYHG
)URP2WKHUUHODWHGSDUWLHV 4.20
)URP2WKHUV 0.03
Total 264.61
&RVWRI5DZ0DWHULDO&RQVXPHG
`LQ/DFV
,QYHQWRU\DWWKHEHJLQQLQJRIWKH\HDU 520.47
$GG3XUFKDVHV 5,860.61
6,381.08
/HVV,QYHQWRU\DWWKHHQGRIWKH\HDU 461.07
Total 5,920.00

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&KDQJHLQLQYHQWRULHVRI¿QLVKHGJRRGVVHPL¿QLVKHGJRRGVDQGZRUNLQSURJUHVV
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Inventory at the end of the year
:RUNLQ3URFHVV 163.75
6HPL)LQLVKHG*RRGV 884.31
)LQLVKHG*RRGV 3.26
1,051.32
Inventory at the beginning of the year
:RUNLQ3URFHVV 119.98
6HPL)LQLVKHG*RRGV 374.53
)LQLVKHG*RRGV 4.02
498.53
$GG([FLVH'XW\RQ)LQLVKHG*RRGV
&ORVLQJ6WRFN -
2SHQLQJ6WRFN -
-
Total (552.78)
(PSOR\HHEHQH¿WVH[SHQVH
`LQ/DFV
6DODULHV:DJHV%RQXVDQG2WKHUVHWF 1,642.00
&RQWULEXWLRQWR3URYLGHQWDQGRWKHUIXQGV 64.84
6WDIIZHOIDUH 130.01
Total 1,836.85
)LQDQFH&RVW
`LQ/DFV
,QWHUHVWRQ:RUNLQJ&DSLWDO 0.66
%DQN&KDUJHV 12.97
Total 13.64

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2WKHU([SHQVHV `LQ/DFV

5HSDLUVDQG0DLQWHQDQFH
0DFKLQHULHV 379.69
%XLOGLQJV 4.26
2WKHUV 2.71
)UHLJKWDQG)RUZDUGLQJ&KDUJHV 275.10
3DFNLQJ0DWHULDO&RQVXPHG 196.73
6WRUHV6SDUHV &RQWDLQHUV&RQVXPHG 678.41
3RZHU )XHO 490.31
([FLVH'XW\ -
2WKHUPDQXIDFWXULQJH[SHQVHV 62.65
6HOOLQJ'LVWULEXWLRQ $GYHUWLVHPHQW([SHQVHV 87.03
5HQW 10.58
5DWHVDQG7D[HV 20.38
,QVXUDQFH 10.46
7UDYHOOLQJ([SHQVH 133.53
/HJDO 3URIHVVLRQDO)HHV 223.32
3D\PHQWWR$XGLWRU>5HIHU1RWH,@ 4.63
$XGLW)HHV 1.70
&HUWL¿FDWLRQ)HHV 2.63
7D[$XGLW)HHV 0.30
'LUHFWRUV
6LWWLQJIHHV 5.50
%DG'HEWV:ULWWHQRII 11.95
3URYLVLRQIRU%DGDQG'RXEWIXO'HEWV8WLOLVHG (11.95)
/RVVRQ6DOHVRI)L[HG$VVHWV 0.55
([SHQVHVRQ&65$FWLYLWLHV>5HIHU1RWH+@ 35.07
0LVFHOODQHRXV([SHQVHV 106.26
Total 2,727.15
2WKHU&RPSUHKHQVLYH,QFRPH
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For the Year ended )RUWKH<HDUHQGHG
D ,WHPWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WDQG/RVV
*DLQDQGORVVHVRQUHPHDVXUHPHQWRI)LQDQFLDO$VVHW 6,107.28
URXWHGWKURXJK2&,
,QFRPH7D[5HODWLQJWRWKLVLWHP (1,371.40)
4,735.88
5HPHDVXUHPHQWVRISRVWHPSOR\PHQWEHQH¿WREOLJDWLRQV 17.53
,QFRPH7D[5HODWLQJWRWKLVLWHP (8.88)
8.65
4,744.53
E ,WHPWKDWZLOOEHUHFODVVL¿HGWR3UR¿WDQG/RVV
*DLQDQGORVVHVRQUHPHDVXUHPHQWRI)LQDQFLDO$VVHW (55.86)
URXWHGWKURXJK2&,
,QFRPH7D[5HODWLQJWRWKLVLWHP 95.67
39.81
Total 4,784.34

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Sr. Particulars As at $VDW
No. 31st March, 2019 VW0DUFK
L 'LVSXWHGFODLPVIRUH[FLVHGXW\ 26.05
LL 9$7 &67 2.55
LLL &LYLO6XLW 4.00
LY %DQN*XDUDQWHH 151.21
& 'H¿QHGEHQH¿WSODQVFRPSHQVDWHGDEVHQFHV$VSHUDFWXDULDOYDOXDWLRQ
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31.03.2019 31.03.2019
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([SHQVHUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿W /RVV
&XUUHQW6HUYLFH&RVW 18.80 6.85
,QWHUHVW&RVW 1.28 2.98
(PSOR\HH&RQWULEXWLRQV - -
([SHFWHGUHWXUQRQSODQDVVHWV - -
1HW$FWXULDO*DLQV/RVVHV - 19.04
3DVW6HUYLFH&RVW - -
6HWWOHPHQW&RVW - -
7RWDOH[SHQVH 20.08 28.87
([SHQVHUHFRJQLVHGLQWKH6WDWHPHQWRI2WKHU&RPSUHKHQVLYH,QFRPH
&RPSRQHQWVRIDFWXDULDOJDLQORVVHVRQREOLJDWLRQV
'XHWRFKDQJHLQ)LQDQFLDO$VVXPSWLRQV - -
'XHWRFKDQJHLQ'HPRJUDSKLF$VVXPSWLRQV - -
'XHWR([SHULHQFH$GMXVWPHQWV (15.66) -
5HWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWVLQFOXGHGLQ (1.87) -
,QWHUHVW,QFRPH
Total amount recognized in Other Comprehensive (17.53) - -
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1HW$VVHW/LDELOLW\UHFRJQLVHGLQWKH%DODQFH6KHHW
3UHVHQWYDOXHRI'H¿QHG%HQH¿W2EOLJDWLRQDVDW 223.21 56.53
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)DLUYDOXHRISODQDVVHWVDVDW0DUFK 221.11 -
)XQGHGVWDWXV>6XUSOXV'H¿FLW@ (2.10) (56.53)
1HWDVVHWOLDELOLW\DVDW0DUFK (2.10) (56.53)

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Change in Obligation during the year ended March 31, 2019
3UHVHQWYDOXHRI'H¿QHG%HQH¿W2EOLJDWLRQDW 214.93 40.56
beginning of the year
&XUUHQW6HUYLFH&RVW 18.80 6.85
,QWHUHVW&RVW 13.13 2.98
6HWWOHPHQW&RVW - -
3DVW6HUYLFH&RVW - -
(PSOR\HH&RQWULEXWLRQV - -
$FWXULDO*DLQV/RVVHV (15.66) 19.04
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3UHVHQWYDOXHRI'H¿QHG%HQH¿W2EOLJDWLRQDWWKH 223.21 56.53
end of the year
Change in Assets during the Year ended March 31, 2019
3ODQDVVHWVDWWKHEHJLQQLQJRIWKH\HDU 188.15 -
$VVHWVDFTXLUHGLQDPDOJDPDWLRQLQSUHYLRXV\HDU - -
6HWWOHPHQWV - -
([SHFWHGUHWXUQRQSODQDVVHWV 11.85 -
&RQWULEXWLRQVE\(PSOR\HU 27.23 -
$FWXDOEHQH¿WVSDLG (7.99) -
$FWXULDO*DLQV/RVVHV 1.87 -
3ODQDVVHWVDWWKHHQGRIWKH\HDU 221.11 -
$FWXDOUHWXUQRQSODQDVVHWV 11.85 -
([SHFWHG&DVKÀRZEDVHGRQWKHSDVWVHUYLFHOLDELOLW\IRU\HDUHQGHGVW0DUFK
<HDU&DVKÀRZ 76.86 8.48
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6HQVLWLYLW\$QDO\VLV
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&KDQJHLQ5DWHRI'LVFRXQWLQJ 217.67 54.19
&KDQJHLQ5DWHRI'LVFRXQWLQJ 229.09 59.08
&KDQJHLQ5DWHRI6DODU\,QFUHDVH 228.87 59.10
&KDQJHLQ5DWHRI6DODU\,QFUHDVH 217.80 54.15
&KDQJHLQ5DWHRI(PSOR\HH7XUQRYHU 223.42 56.70
&KDQJHLQ5DWHRI(PSOR\HH7XUQRYHU 223.00 56.36
$GHVFULSWLRQRIPHWKRGVXVHGIRUVHQVLWLYLW\DQDO\VLVDQGLWV/LPLWDWLRQV
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WKHUHVXOWVPD\YDU\LIWZRRUPRUHYDULDEOHVDUHFKDQJHGVLPXOWDQHRXVO\7KHPHWKRGXVHGGRHVQRWLQGLFDWH
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D. Micro, Small and Medium Enterprises Development Act, 2006

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As at $VDW
D L7KH3ULQFLSDODPRXQWUHPDLQLQJXQSDLGWRDQ\VXSSOLHUDWWKH 72.81
HQGRIDFFRXQWLQJ\HDU
LL7KHLQWHUHVWGXHRQDERYH -
7RWDORIL LLDERYH 72.81
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E Secondary Segment (By Geographical Segment)
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For the Year ended 31st March, 2019 VW0DUFK
,QGLD 11,531.29
2XWVLGH,QGLD 2,178.96
7RWDO6DOHV 13,710.25
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F. Related Party Disclosures

List of Related Parties with whom the Company has entered into transcations during the year
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Sr. Particulars For the Year ended )RUWKH<HDUHQGHG
Controlling Company
'LYLGHQG5HFHLYHG 17.60
.03 3URPRWHUV 'LUHFWRUV 5HODWLYHV RI .03
3URPRWHUV'LUHFWRUV
5HFHLYLQJRI6HUYLFHV 27.00
2 'LUHFWRU
V6LWWLQJ)HHV 5.50
.035HPXQHUDWLRQ 159.64
Other related parties
3XUFKDVHRI*RRGV 133.89
2 6DOHRI*RRGV 182.96
5HFHLYLQJRI6HUYLFHV 53.64
4 5HQW,QFRPH 4.96
3XUFKDVHRI)L[HG$VVHWV 4.87
6DOHRI/DQG 1,017.00
'LYLGHQG5HFHLYHG 0.03
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5HPXQHUDWLRQ3D\DEOH 76.75
Other related parties
7UDGH2WKHU3D\DEOH 1.69
2 7UDGH2WKHU5HFHLYDEOH 0.19
,QYHVWPHQWV 7,986.70
i) Disclosure in respect of material transaction with related parties during the year (including all
transactions with entities which hold 10% or more shareholding in the company)
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Purchase of Goods
$OHPELF/WG 132.60
$OHPELF3KDUPDFHXWLFDOV/WG 0.77
2WKHUV 0.52
2 Sale of Goods
$OHPELF/WG -
Receiving of Services
$OHPELF/WG 53.64
0V<HUD$PLQ 27.00
4 Rent Income
$OHPELF/WG 3.54
2WKHUV 1.42
3XUFKDVHRI)L[HG$VVHWV
6KUHQR/WG 2.73
$OHPELF/WG 1.69
2WKHUV 0.45

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Director's Sitting Fees
0U&KLUD\X$PLQ 0.70
0U8GLW$PLQ 0.55
0U$PLW*RUDGLD 1.00
0U$WXO3DWHO 1.25
0U9+*DQGKL 1.35
'U6KDPLWD$PLQ 0.65
KMP Remuneration
0U$EKLMLW-RVKL 56.43
0U8GLW$PLQ 76.75
0U.DXVKLN6KDK 13.52
0U&KDUDQGHHS6LQJK6DOXMD 2.30
0V0DQLVKD6DUDI 10.65
Sale of Land
$OHPELF/WG 1,017.00
Dividend Received
6KUHQR/WG -
1LUD\X3YW/WG 17.60
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I. Payment to Auditors
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D Statutory Auditors
$V$XGLWRUV 1.70
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2WKHUVHUYLFHV 0.85
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K. Financial instruments
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Particulars As at 31st March, 2019
Carrying Level of input used in
amount Level 1 Level 2 Level 3
Financial assets
$W)DLU9DOXHWKURXJK3UR¿WDQG/RVV
0XWXDO)XQGV 3,582.58
At FVTOCI
,QYHVWPHQWLQ(TXLW\LQVWUXPHQWV 6,674.55
,QYHVWPHQWLQ'HEWLQVWUXPHQWV 1,343.92
At Amortised cost
7UDGH5HFHLYDEOHV 3,246.87
&DVKDQGFDVKHTXLYDOHQWV 54.42
%DQNEDODQFHVRWKHUWKDQDERYH 38.33
Financial liabilities
7UDGH3D\DEOHV 1,078.25
7UDGH'HSRVLWV 25.00
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Particulars As at 31st March, 2018
Carrying Level of input used in
amount Level 1 Level 2 Level 3
Financial assets
$W)DLU9DOXHWKURXJK3UR¿WDQG/RVV
0XWXDO)XQGV 3,363.28
At FVTOCI
,QYHVWPHQWLQ(TXLW\LQVWUXPHQWV 567.42
,QYHVWPHQWLQ'HEWLQVWUXPHQWV 1,399.78
At Amortised cost
7UDGH5HFHLYDEOHV 3,871.79
&DVKDQGFDVKHTXLYDOHQWV 5.77
%DQNEDODQFHVRWKHUWKDQDERYH 37.50
Financial liabilities
7UDGH3D\DEOHV 1,741.29
7UDGH'HSRVLWV 25.00
%RUURZLQJV 57.44
2WKHU)LQDQFLDOOLDELOLWLHV 36.91
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Particulars Fair value as at 6LJQL¿FDQW2EVHUYDEOH Probable - weighted range
31st March, VW0DUFK Inputs 31st March, VW0DUFK
2019 2019
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Trade receivables
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Particulars Less than 1 year More than 1 year Total
As at 31st March, 2019
Non-derivatives
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Total Non-derivative liabilities 1,068.00 - 1,068.00
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As at 31st March, 2018
Non-derivatives
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Total Non-derivative liabilities 1,860.64 - 1,860.64

PAUSHAK LIMITED
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PAUSHAK LIMITED

Board of Directors Registrar and Transfer Agent

7. Key Managerial Personnel:

13. Internal Control Systems:

(b) Secretarial Auditors:

25. Directors’ Responsibility Statement:

Particulars 31.03.2019 31.03.2018

Particulars 31.03.2019 31.03.2018

On behalf of the Board of Directors,

Details of Shareholding of persons and entities of promoter group:

(iii) Change in Promoter’s Shareholding (please specify, if there is no change):

Sr. Name Shareholding at the Date Increase/ Reason Cumulative

Sr. Name Shareholding at the Date Increase/ Reason Cumulative

Secured Loans Unsecured Deposits Total

VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

C. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD:

F 3UR¿WV LQ OLHX RI VDODU\ XQGHU VHFWLRQ

On behalf of the Board of Directors,

Report on Corporate Governance

Mr. Udit Amin 2 1 1 1 - -

Name of Director No. of meetings held No. of meetings attended

7. General Body Meetings:

 4XDUWHUO\5HVXOWV : The results will be published in the newspapers

Instrument Amount Rating Rating & Remarks

10. Other Disclosures:

Month - Year BSE

Number of Share of Face Number of % of total Number of Shares % of total

Shareholding pattern as on 31st March, 2019:

Sr. No. Category No. of Shares Held % of Voting Strength

On behalf of the Board of Directors,

CORPORATE GOVERNANCE CERTIFICATE

Samdani Shah & Kabra

INDEPENDENT AUDITOR’S REPORT

CA. Yash Bhatt

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

Nature of Nature of Amount under Period to Forum where

CA. Yash Bhatt

STATEMENT OF PROFIT AND LOSS

For and on behalf of the Board

STATEMENT OF CHANGES IN EQUITY

A Equity Share Capital

Particulars Nos ` in Lacs

For and on behalf of the Board

CASH FLOW STATEMENT

CASH FLOW STATEMENT

NET CASH UTILISED IN FINANCIAL ACTIVITIES C (2,293.91) 

1(7,1&5($6( '(&5($6( ,1&$6+$1'&$6+(48,9$/(176 $%& 49.48 

For and on behalf of the Board

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

4. Investment Property ` LQ/DFV

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

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Total 1,789.86 

NOTES TO FINANCIAL STATEMENTS

4XDUWHUO\5HVXOWV : The results will be published in the newspapers

NET CASH UTILISED IN FINANCIAL ACTIVITIES C (2,293.91)

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Total 1,789.86

$JJUHJDWHERRNYDOXHRITXRWHGLQYHVWPHQWV 3,349.49

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Total Other Equity 17,448.37

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Total 2,112.20

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