September 08, 2023

To, To,
The Manager (Listing) The Manager (Listing)
BSE Limited, National Stock Exchange of India Limited,
Phiroze Jeejeebhoy Towers, Exchange Plaza,
Dalal Street, Bandra Kurla Complex,
Mumbai – 400 001 Bandra (East),
Mumbai - 400 051

Scrip Code: 533581 Scrip Symbol: PGEL

By means of BSE Listing Centre By means of NEAPS

Sub.: Annual Report 2022-23

Dear Sir,

Pursuant to regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements)

Regulations 2015, we are enclosing Annual Report 2022-23 of PG Electroplast Limited.

Further, the 21st Annual General Meeting of PG Electroplast Limited is scheduled to be

held on Saturday, 30th day of September 2023 at 02.00 PM through Video
Conferencing/Other Audio Visual Means ("VC/OAVM”).

This is for your information and record.

Thanking you,
Yours Faithfully,
For PG Electroplast Limited
Sanchay Digitally signed by
Sanchay Dubey

Dubey Date: 2023.09.08

20:43:20 +05'30'
(Sanchay Dubey)
Company Secretary

Encl: as above
 Sterling performance
94.03% 91.4% 107%
21,599 1,804 775
Revenue EBITDA PAT
(H in million) YoY growth (H in million) YoY growth (H in million) YoY growth

Improving. Contents
Integrating. Corporate Overview 02-27 Financial Statements 90-249
Innovating. 02
03
Sharpening our innovative precision
Expanding our reach
Standalone
91 Independent Auditor’s Report
04 Clients who rely on us 100 Standalone Balance Sheet
05 Transforming over the years 101 Standalone Statement of Profit and Loss
At PG Electroplast (PGEL), We have grown ~3x in two 06 Chairman’s message 102 Standalone Statement of Cash Flow
we are performing and
transforming ourselves with
years with total income 08
10
Financial metrics
Offerings that set us apart
104
105
Standalone Statement of Changes in Equity
Notes to the Standalone Financial Statements

emphasis on improvement rising at a ~75% CAGR from 11 Developing an innovative product line
Consolidated
in operations, integration ~ J 7,058 million in fiscal 12
13
Plastic moulding
Product business 169 Independent Auditor’s Report
and innovation. Strong 2021 to ~ J 21,643 million in 14 Consumer electronics 178
179
Consolidated Balance Sheet
Consolidated Statement of Profit and Loss
relationships with fiscal 2023. 15 Tool manufacturing
16 Improving our operations 180 Consolidated Statement of Cash Flow
prominent brands and 182 Consolidated Statement of Changes in Equity
18 Leading with an integrated business model
forays into emerging Rapid urbanisation, a growing aspirational 20 Macro trends shaping our strategies 184 Notes to the Consolidated Financial Statements
segments have sustained population and rising income levels, along with 22 Building a future-ready workforce
favourable government policies, augur well for
our growth momentum. 24 Board of Directors
our sustainable growth even in the coming years.
Through adept cost management, strategic product
26 Key managerial persons Notice 250-257
27 Corporate information
Building on our engineering pricing and operational leverage, we have been able 250 Notice of the 21st Annual General Meeting
expertise, we have continued to improve our operating margins. Going forward,
to integrate cutting-edge
technologies into our products,
we remain focused on leveraging the growing
market potential for our products. Statutory Reports 28-89
further enhancing and future- 28 Management Discussion and Analysis
proofing our portfolio.
Innovating for new products, 37 Directors’ Report

We have consistently upgraded our 48 Report on Corporate Governance

facilities to become a preferred integrating emerging 81 Business Responsibility and
Forward - looking statements

‘one stop’ destination for our technologies and customer Sustainability Report Some information in this report may contain forward - looking statements
which include statements regarding Company’s expected financial position
esteemed clients. With every step
insights and further improving
and results of operations, business plans and prospects etc. and are
generally identified by forward - looking words such as “believe,” “plan,”
forward, we have strengthened “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar
relationships with customers, our financial and operational words. Forward - looking statements are dependent on assumptions or
reaffirmed our market leadership basis underlying such statements. We have chosen these assumptions or

and explored avenues to diversify metrics remain our foremost basis in good faith, and we believe that they are reasonable in all material
respects. However, we caution that actual results, performances or

priority to create sustainable

Check out our online report
our offerings. for simple navigation
achievements could differ materially from those expressed or implied in
such forward - looking statements. We undertake no obligation to update
across your devices.
value for all stakeholders. Online Report www.pgel.in/financial-information.php
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Sharpening our Expanding our reach

innovative precision

CORPOR ATE OVERVIEW

Established in 1977, the PG Group has emerged as a 7
leading Electronics Manufacturing Services provider. Strategically
PG Electroplast, the flagship company of the group, was Located
incorporated in 2003, offering a diverse range of solutions. Manufacturing
With a comprehensive approach, PGEL serves as a one-stop Locations
destination for leading Indian and global brands.

1
Unit
We are an established Original Design In our pursuit of organic growth, we
Manufacturing (ODM) and contract ROORKEE, UTTARKHAND
focus on enhancing our capacities
manufacturer (CM) in India, specialising and capabilities across all product Washing Machines, Plastic
in consumer durables such as air verticals. This strategic approach aims Moulding
conditioners, washing machines and to augment the value proposition of
plastic moulding. We offer end-to-end our offerings, while simultaneously
solutions to over 50 renowned Indian benefiting from better economies

STATUTORY REPORTS
and global brands, including product of scale through extensive backward
design, tool manufacturing, supply integration efforts.
chain development and final assembly.
Our revenue has grown at a 50% CAGR
from 2020 to 2023, primarily owing
to our ability to adapt to our clients'
Vision Mission
evolving needs.
4
To emerge as a global At PGEL, it is our mission to provide
Unit
the highest quality products –
one-stop solution partner
competitively priced, along with
in the field of Plastic GREATER NOIDA, UTTAR
services exceeding our customers’
PRADESH
Moulding and Electronic expectations. We are committed to
Washing Machines, PCB
Manufacturing Services by maximise value for all stakeholders and
Assemblies, Air Coolers, LED
build an environment that encourages
maximising efficiency and TVs, Plastic Moulding, Tool
continual improvement to address a
technological innovation. dynamic business environment. Manufacturing, Crossflow Fans
2
Unit

FINANCIAL STATEMENTS
Our core competencies AHMEDNAGAR,
MAHARASHTRA
Air Conditioners, Plastic
One-stop-solution for Robust end-to-end Backward integrated Moulding, Sheet Metal, Heat
our customers product development facilities Exchangers, Crossflow fans
capabilities

Expertise in serving State-of-the-art Strong customer

Our manufacturing facilities
diverse end markets machineries and relationships
technologies

02 03
 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Clients who Transforming

rely on us over the years

CORPOR ATE OVERVIEW

A TV Manufac Started
PG Group starts as a small manufacturing Colour TVs A PCB Assembly
We have remained agile, while adapting to the dynamic operating electronic component A TV manufacturing and Audio Products turing Line was set up
environment and shifting customer preferences; forging strong manufacturing unit in Delhi plant was set up in Noida plant was set up in Noida in Noida
relationships with our valued clientele. Currently, we serve most major 1977 1995 1997 1999
domestic and international brands in the Indian market.
Diversified into the
97 automotive industry and
started working with leading Got the first tender
Customers Indian and global automotive from the Tamil Nadu
served in FY 2023 OEMs. PGEL was rated the government for supplying Started Plastic
biggest manufacturer in India Started manufacturing CTV. Supplied 2.5 million Injection
for consumer electronics CFL lights CTV in the next three years moulding plant
Key Clients 2010 2009 2008 2003

Diversified into the small

STATUTORY REPORTS
domestic appliances
industry by setting up a The assembly
Expanded footprint by Expanded the plastic state-of-the-art motor plant plant for the
setting up a state-of-the-art injection moulding and started manufacturing set-top-box gets
plastic injection moulding business by adding a new juicers, mixer grinders for commenced
plant near Pune factory in Greater Noida leading Indian brands operations

2011 2012 2014 2015

Adopted the ‘Process

Crossed the H 500 crore mark Excellence’ approach
in revenues. Successfully to focus on process
launched the 2nd model of Installed PU Paint Shop improvement, ongoing A new tooling division
Semi-Automatic Washing facility. Set up of the business process was setup to cater
Machine. A product Thermoset – Urea- management and continuous to the burgeoning
showroom at the Corporate Formaldehyde (UF) Toilet improvement in overall demand of our
Office was set up Seats manufacturing facility operations existing customers

2019 2018 2017 2016

FINANCIAL STATEMENTS
Achieved the highest ever Crossed ₹ 20 billion
revenue – crossed the ₹ 10 (₹ 2000 crore) mark in
billion (₹ 1000 crore) mark. consolidated revenues. PG
AC Outdoor Unit Assembly Developed and launched Technoplast crossed ₹ 10
Achieved the highest ever capabilities were 2 new platforms of SAWM billion (₹ 1000 crore) mark.
revenue. Crossed the H 6 developed. Developed and and FATL washing machines. Doubled capacities for
billion (H 600 crore) mark. launched an ODM platform Developed and launched 4 Air Conditioners, Washing
Commissioned the assembly for fully Automatic Washing platforms ODM platform for Machines, and Air Coolers.
of the AC IDU (Indoor Machines. Developed and air conditioners. Got approved Developed and launched new
Unit) along with the heat launched an ODM platform under the PLI Scheme for air ODM platform for Washing
exchanger coil. for Air Coolers. conditioner components. Machines.

2020 2021 2022 2023

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Chairman’s message

CORPOR ATE OVERVIEW

phenomenal numbers with a 62% share Our Room Air Conditioner (RAC) Focus on capital efficiency, driven
in our overall sales. In FY2022-23, our business clocked a revenue of H 1041 by improving asset turns through
net profit grew by 107%, at around H crores, achieving an extraordinary product business growth has been
77.5 crores. We have also made capital growth rate of 255% during FY23. We the hallmark of our strategy and
expenditures of around H 155 crores have a positive outlook on this segment we aim to deliver industry leading
in Fiscal 2023 to add impetus to our and are confident about our ability growth with best in class return ratios
business expansion plans. to keep growing this segment in the in coming years. We believe that our
coming years. new initiatives and planned capacities
Securing overall business growth will open new growth horizon for
Alongside, the washing machine division Company in near future.
We are an established original also witnessed remarkable growth,
design manufacturer and contract surging by 56% year-on-year. The Looking ahead, we are optimistic
manufacturer, for the consumer phenomenal success rides on our ability about our growth trajectory and
durables industry in India, with primary to broad base our product offerings, seek to explore new avenues
focus on manufacture of room air with an emphasis on delivering of success. Thank you for your
conditioners, washing machines and customised models that are precisely unwavering support and trust in

STATUTORY REPORTS
plastic moulding. We provide end- tailored to customer requirements PG Electroplast. Together, we are
to-end solutions across the entire along with a recent introduction of Fully confident of embarking on an exciting
value chain of the products we supply Automatic Top Load (FATL) washing journey towards a brighter and more
to our customers, which include machines to our product portfolio. prosperous future.
more than 50 leading domestic and
international brands. This includes Future roadmap Warm regards,
product conceptualisation, designing
and prototyping, tool design We believe in the immense potential Anurag Gupta
and manufacturing, supply chain of the consumer durables industry. It Chairman
Dear Shareholder, Growth outlook across current focus development and final assemblies for propels us to capitalise on emerging
segments remains robust and with products like RACs, washing machines, opportunities, and to develop
I am delighted to present you new initiatives, Company’s addressable LED TVs and air coolers. With our innovative products for our customers.
Focus on capital an update on the company’s market in Consumer Electronics and distinctive portfolio offering end-to- With our backward integrated
manufacturing plants, we are constantly
efficiency, driven performance for 2022-23. Consumer Durables will see multifold end solutions across the product value
honing our processes and policies,
increase. chain, we have consistently reported
by improving asset Our teams managed to scale strong performances across our and adopting technology to aid our
turns through product operations at an incredible Performance review
business verticals. productivity and enhance efficiency
across the value chain.
business growth has pace and have delivered In the last seven years, we have grown
The products division, primarily
been the hallmark of another stellar performance

FINANCIAL STATEMENTS
an a 35% Compounded Annual Growth The order book for our products
responsible for the manufacturing
this year through meticulous Rate (CAGR), expanding over 8 times business continues to be robust and
our strategy and we in terms of revenue, reaching H 2,148
of washing machines, room air
we have witnessed significant traction
aim to deliver industry planning and tireless efforts. conditioners and air coolers, has
crores in the fiscal year 2022-2023. for the newly launched products.
reported growth of 182%, from around
leading growth with This year saw us cross multiple Our EBITDA has also grown in tandem,
H 475 crores in FY22 to approximately Our relentless emphasis on Research
at a CAGR of 36%, a testament to and Development (R&D) has played
best in class return milestones and was full of important
the strength of our steady financial
H 1,338 crores during the current
highlights. All engines of growth for financial year. To fulfil evolving a significant role in developing new
ratios in coming years. the company are now firing and the performance.
consumer demands, we remain products that are aligned to cater to the
company has firmly established itself committed to launch innovative belly of the market. We are now also
During the year, our consolidated sales
as a credible contract manufacturer & products at different price points. It is working on developing cutting-edge,
grew by 95.7%, surpassing H 2,147
ODM player in Room AC and Washing not only expected to solidify our market line-leading products which can help us
crores. The product business reported
Machine industry. presence but, also deepen our reach. crack new niches.

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Financial metrics

CORPOR ATE OVERVIEW

Revenue Net Worth ROCE ROE Performance snapshot Operational highlights
(H million) (H million) (%) (%)
In FY 2023, the Product business As of March 31, 2023, we have
21,599 3,959 21.78 21.88 generated 62.0% of the total revenues. become the second-largest
While the Washing Machines business manufacturer in India for Original
performed well, showing a growth of Design Manufacturer (ODM) and
FY 2023 21,599 FY 2023 3,959 FY 2023 21.78 FY 2023 21.88
55.5% year-on-year and selling over 4.58 contract manufacturer of Room
FY 2022 11,116 FY 2022 3,123 FY 2022 14.14 FY 2022 14.82 lakh units during the period, the Room Air Conditioners (RACs) based on
AC business witnessed an impressive unit sales volume. Our role includes
FY 2021 7,032 FY 2021 1,925 FY 2021 9.45 FY 2021 6.30
growth of 254.6%, contributing ₹ 10,412 being the ODM for RACs, washing
FY 2020 6,399 FY 2020 1,762 FY 2020 7.53 FY 2020 1.52 million to the revenue. PG Technoplast, machines and air coolers. With a
a wholly owned subsidiary, achieved sharp focus on maintaining cost
FY 2019 5,084 FY 2019 1,690 FY 2019 7.49 FY 2019 6.64
remarkable success, surpassing ₹ 10,000 leadership and reliable supply chain
million in revenue in just the second services, we have produced RACs
year of its operation. for over 14 different brands in less
than three years since starting
Operating margins have been steady RAC Completely Built Units (CBUs)
at ~8.4% year-on-year despite higher manufacturing.
EBITDA EBITDA margin EPS Gross block growth in the low-margin TV and

STATUTORY REPORTS
Electronics. This can be attributed Our sustained growth across
(H million) (%) (H) (H million)
to effective cost control, favourable various financial indicators can

1,804 8.35 34.06 6,946 commodity prices and operating

leverage. However, there has been an
be attributed to our emphasis on
business expansion and capital
increase in net debt by approximately efficiency. Going above and beyond
FY 2023 1,804 FY 2023 8.35 FY 2023 34.06 FY 2023 6,946 ₹ 1,580 million in FY 2023 due to capital to meet the requirements of our
expenditures and higher working capital clients has helped us achieve robust
FY 2022 943 FY 2022 8.48 FY 2022 17.63 FY 2022 5,267
demands driven by substantial sales revenue growth at a remarkable
FY 2021 516 FY 2021 7.33 FY 2021 5.90 FY 2021 3,392 growth. 50% Compound Annual Growth Rate
FY 2020 404 FY 2020 6.31 FY 2020 1.34 FY 2020 3,039 (CAGR) from FY 2020 to FY2023.
For FY 2024, we will prioritise capital
FY 2019 339 FY 2019 6.67 FY 2019 5.34 FY 2019 2,280 efficiency and working capital
optimisation. Emphasis will be placed
on R&D, new product development
and capacity enhancement across all
product lines, especially in the AC and
washing machine segments, to diversify
PAT PAT margin Book value our portfolio.
(H million) (%) (%)

FINANCIAL STATEMENTS
775 3.59 174.1
FY 2023 775 FY 2023 3.59 FY 2023 174.1

FY 2022 374 FY 2022 3.37 FY 2022 147.1

FY 2021 116 FY 2021 1.65 FY 2021 97.7

FY 2020 26 FY 2020 0.41 FY 2020 90.2

FY 2019 100 FY 2019 1.96 FY 2019 90.6

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Offerings that Developing an

set us apart innovative product line

CORPOR ATE OVERVIEW

We engage in the production and assembly of a diverse range of At PGEL, our expertise ranges from comprehensive product conceptualisation,
products using two distinct business models. designing and prototyping to production and product management services for
companies spanning diverse downstream industries and end markets. With our
innovative offerings, we enable our customers to optimise manufacturing costs,
deliver top-notch products with minimum lead time, enhance supply-chain efficiency,
reduce inventory obsolescence and lower product fulfilment time.
Contract Manufacturing (CM)

Within the CM model, we Products

produce and deliver products
according to designs created by
our customers. These products
Room air conditioners
are subsequently distributed by Plastic moulding Electronics
our customers under their own Indoor units
brand names. Consumer Durables Televisions
Outdoor units
Sanitaryware PCB Assemblies
Automotive
Washing machines

STATUTORY REPORTS
Consumer Electronics
Semi-automatic top load Others
Fully automatic top load
Tool manufacturing
Air coolers Consumer Durables

Window Sanitaryware

Original Design Desert Automotive

Manufacturing (ODM) Personal Others

In the ODM model, we not only

manufacture, but also conceive
and design products. These Business composition across verticals
products are subsequently
provided to our customers, who
then distribute them under their 1% 1% 48%
own brand names. 12% 27% 12%
20%
2%

FINANCIAL STATEMENTS
FY 2020 9% FY 2021 FY 2022 15% FY 2023
3% 1% 7%
11%
7% 6% 30%
2%
69% 50%
5%
61%

(H million)
RAC 737 1,441 2,969 10,413
Washing machine 556 761 1,670 2,589
Air cooler 203 140 142 382
Electronics 428 364 696 1,572
Plastic moulding 4,406 4,281 5,463 6,541
Tool Manufacturing 64 46 38 103

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

CORPOR ATE OVERVIEW

Plastic Product
moulding business
Our commitment to quality and customer satisfaction has earned us As an Original Design Manufacturer (ODM) and Original Equipment
a strong reputation in the industry. We are the primary manufacturer Manufacturer (OEM) in the consumer appliances industry, we are
of plastic-moulded components for both the consumer durables and engaged in the production of washing machines, air conditioners and
electronics sectors. Our competitive edge stems from our integration coolers. Our product business vertical continues to perform well and
of cutting-edge technologies as well as our proficient in-house design has consistently received encouraging responses from the market.
and engineering capabilities.

STATUTORY REPORTS
Determined to serve the diverse needs of our clientele, we deliver an extensive Way forward Consequently, our focus remains on bolstering this division. We plan on Way forward
array of products, ranging from small to large-sized, high-precision, surface-critical increasing our investments in this segment primarily to foray into additional
injection-moulded components. These components are subsequently employed in We have over 300 moulding product categories and enhance our existing offerings. We are an innovation led company
the production of an array of automotive, electronic equipment and sanitaryware machines, ranging from 90T to with a dedicated focus on
products, such as in-wall tank assemblies, toilet seats and fan parts painting. We 1,850T, across five manufacturing developing products, customized to
also provide a comprehensive array of post-moulding processes, including ultrasonic units in Greater Noida, Roorkee Downstream industries served the specific needs of our customers.
welding, heat staking, hot stamping, pad printing and screen printing. and Ahmednagar. We specialises in We will continue to leverage our
developing small, medium and large ability to launch new products in
sized, high-precision, surface critical order to increase our revenues and
plastic moulded components which market share in our target markets.
are used to manufacture a wide With the ever-evolving consumer
variety of automotive and electronic needs and preferences, we intend
Downstream industries served
equipment. We have capacities to continuously work towards
for various specialised moulding launching new products and
operations such as vertical injection categories at various price points
moulding, plastic blow moulding with an aim to increase our market
and thermoset moulding and also share and our share of the wallets
offer a number of specialised of our consumers. In this regard,
post-moulding operations to meet we intend to further improve our

FINANCIAL STATEMENTS
customer needs. Semiautomatic Air Conditioner Indoor Units product offerings and are looking
Washing Machines at opportunities in similar product
While our product portfolio includes categories.
Automotive components Sanitaryware RACs, washing machines, and
electronics, we have also diversified We cater to our customers across
into engineered plastics for multiple industries. We believe
sanitaryware, automotive and other that the repeated business we
specialized applications. We intend have received from our customers
to explore further applications for is an indicator of our position as a
our plastic moulding capabilities, preferred supplier. We intend to tap
sheet metal capacities and PCB into the market share of existing
assembly lines, to further grow our customers for other products as
component business. well as the corresponding market
Fully Automatic Air Conditioner Coolers and supply chain for other products.
washing machines Outdoor Units
Fans Consumer Durables

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

CORPOR ATE OVERVIEW

Consumer Tool
electronics manufacturing
We engage in contract manufacturing for LED TVs of different sizes. Leveraging cutting-edge CAD/CAM facilities, we develop intricate 3D
Additionally, we offer end-to-end services for the development and profiles. Building on our engineering expertise and proven design
production of printed circuit board (PCB) assemblies for various capability, we transform customer requirements into top notch products.
applications, including procurement, Surface Mount Technology (SMT), We also develop small to medium-sized moulds for various applications in
Auto-Insertion (AI), Manual Insertion (MI), testing, packaging and the automotive, white goods, home and kitchen appliances, lighting and
shipping. We also handle the assembly of set-top boxes and cameras. electrical industries.

STATUTORY REPORTS
Our manufacturing capacity enables us to produce up to 5,00,000 television units Way forward Way forward
with screen sizes of up to 70 inches. We operate from a fully integrated facility,
featuring SMT lines for PCB assembly, dedicated Clean Rooms for LCM Module The company is seeing an increased Outlook for tool manufacturing
assembly and capabilities for Final Product assembly and Plastic Moulding. opportunity in this segment. We business remains very promising as
have We are planning to ramp up an increasing number of customers
Downstream industries served capacity utilisation in FY23 along are looking to localize their tool
with increasing value addition to sourcing. The customers are also
be more cost-competitive which looking for end-to-end solutions
will help us in both, acquiring new for product conceptualization,
customers, and increasing our wallet research and development,
share. tool manufacturing, product
manufacturing, and supply chain
We are also starting the production management. We have taken
of Controller Assemblies for Air a decision to focus on catching
Conditioners in Supa, Maharashtra tool manufacturing orders from
and will also explore more EMS Consumer Durables and the
opportunities for the new facilities. Sanitaryware industries where we
can leverage these factors to tie in

FINANCIAL STATEMENTS
with our company’s current business
objectives to create good synergies
for both our company and our
EMS customers.

LED TV

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Improving our
operations

CORPOR ATE OVERVIEW

With a steadfast focus on manufacturing, a robust and agile supply chain,
cutting-edge research and development, and rigorous quality control, our
capabilities enable us to deliver products that redefine industry standards.
These pillars form the foundation of our success, ensuring that every aspect
of our operations is finely tuned to meet and exceed the evolving needs of
our valued customers.

Manufacturing expertise Backward integration R&D strengths Stringent quality control

STATUTORY REPORTS
With state-of-the-art manufacturing units strategically We have implemented backward integration Prioritising R&D, we invest prudently in product We conduct rigorous in-house quality testing of our
located across Uttar Pradesh, Uttarakhand and in our supply chain strategy, streamlining our development, enhancing our product development products, ensuring that they consistently meet our
Maharashtra, we have gained a strong footprint in manufacturing operations across a spectrum of services across the entire product lifecycle. customers’ expectations. Our adherence to quality
production. Our facilities are equipped with high- critical components. From plastic moulding, sheet control ensures that each product leaving our facilities
quality machinery, efficient assembly lines and full metal fabrication, powder coating paint shops, to Our competent R&D teams employ best-in- is marked by precision, reliability and efficiency.
power backup, ensuring that we meet stringent quality heat exchangers, copper tubing, crossflow fans, class technologies and are involved from the
standards and deliver on time. PCB assemblies, NABL-accredited psychometric labs very conceptualisation and design phases to We have received third-party certifications for
and complete product assembly lines for Room Air prototyping, and assembly of products under our our quality management systems, environmental
Among our manufacturing facilities, our unit in Conditioner (RAC) Indoor Units (IDUs) and Outdoor Original Design Manufacturing (ODM) model. management systems and occupational health

FINANCIAL STATEMENTS
Ahmednagar, Maharashtra, stands as a testament to Units (ODUs), we have effectively woven every aspect and safety management systems across our
our commitment to innovating and scaling. It ranks We focus on enhancing our in-house manufacturing units. These certifications, including
of the production process into our supply chain.
as one of the largest and most backward integrated manufacturing capabilities for various components ISO 9001:2015, 14001:2015, ISO 45001:2018, UL
AC manufacturing plants at a single location in India, This comprehensive approach reinforces our value to deliver comprehensive end-to-end solutions for E520496 and IATF 16949:2016, reflecting our
showcasing our dedication to integrating cutting-edge proposition, offering end-to-end solutions to our all the products we manufacture. dedication to ensuring compliance with the highest
technologies to create futuristic solutions. clientele. We serve various industries, including air standards across every organisational aspect.
conditioners, washing machines, LED TVs and air
We specialise in Original Design Manufacturing (ODM), coolers, automotive components, bathroom fittings and
Original Equipment Manufacturing (OEM) and plastic consumer electronics. Our diverse offerings underscore
injection moulding for the consumer durables industry. our commitment to providing our clients with the
This unique blend of capabilities enables us to offer quality products and solutions; and reaffirms our
end-to-end solutions to consumer durable brands, position as a trusted partner across multiple sectors.
positioning us as a trusted partner in their quest for
quality and innovation.

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 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Leading with an integrated

business model

CORPOR ATE OVERVIEW

What we need What we do What we deliver Stakeholders impacted SDGs

Financial Human Financial Human Shareholders and investors

Capital Capital Capital Capital By properly managing all
aspects of our business, we
By efficiently mobilising funds from Our workforce comprises dedicated, We have a track record of sustained We prioritise our employees’
generate profits that yield
investors, shareholders, banks and seasoned professionals who have Customer
revenue growth and profitability, health, safety, and well-
significant dividends for
institutions, we ensure the optimum been with us for many years. insights along with the maintenance of being, while offering equal
Outbond
shareholders and investors,
use of our financial resources. Our strong cash flow and liquidity. growth opportunities for
logistic while also enhancing the value
primary objective is to generate all. Additionally, we invest in
Total employees: 4,939 of our shares.
sustainable returns on the capital upskilling through training and
Total training hours: 7,378 hours Revenue from operations:
employed. Manufacturing development programmes. Consumers
H 21,478 million
and Production
EBITDA: H 1,804 million We provide quality products
Equity share capital: H 22.74 million Attrition rate: 1.66%
that meet the evolving needs of
PAT: H 775 million Employees -
Net debt: H 5,029 million our customers.
Social and
Net worth: H 3,959 million • Managers: 150
Relationship Capital Design Business partners
verification
Manufactured • On-roll: 1,241
We consistently strengthen By consistently innovating and
Capital • Contractual: 3,548
Manufactured our social connections by adapting to changing market

STATUTORY REPORTS
Designing and
Capital forming partnerships with our protyping We deliver quality products dynamics, we foster a sense
stakeholders and encouraging direct and services, while continually of trust with our business
We operate state-of-the-art in- Research
Social and Relationship
communication with our customers, Product improving our operational efficiency partners, further bolstering our
house manufacturing facilities Capital
supply partners and communities. conceptualisation through constant investments in our competitive edge.
that can produce a wide range of
existing capabilities. Throughout our journey, we
products, including plastic-moulded Employees
components, painted and unpainted Shareholders: 13,160 have built healthy stakeholder
Sales of - We work diligently to
sheet metal components and so CSR expenditure: H 3.4 million relationships, made a positive
provide our personnel with
on, by employing cutting-edge Washing machines: H 2,589 million impact on the communities
a comfortable working
equipment and technologies. Air-coolers: H 382 million we serve and conducted our
environment, having fair
business ethically.
LED TVs: H 1,219 million remuneration and a scope for
Gross block: H 6,946 million
Natural Air-conditioners: H 10,413 million career advancement through
CAPEX: H 1,546 million Total customers: 93
Capital various learning and skill
Plastic components: H 6,541 million Public Shareholding (as of March enhancement programmes
As a responsible organisation, we Strategies 31, 2023): 38.66%
Intellectual are cognisant of our environmental • Driving innovation Society
Capital footprint and have implemented • Delivering quality We aspire to uplift our local
several measures to mitigate it. We • Ensuring excellence Intellectual
We encourage continuous Natural communities and contribute to
have installed a solar power plant, • Enhancing efficiency Capital
improvement and innovation by their holistic development. Also,

FINANCIAL STATEMENTS
water conservation facilities and Capital
driving new product development • Strengthening operational capabilities We strive to innovate continuously we undertake several community
integrated facility management • Fostering engineering excellence We strive to optimise
and integrating advanced and develop new products, while development programmes for
systems to reduce waste and renewable energy and reduce
technologies to enhance our maintaining a strong brand identity ensuring their well-being.
promote renewable energy carbon emissions to promote
product quality. Backed by a to ensure customer satisfaction.
consumption. sustainability. Planet
skilled R&D team, we provide
comprehensive end-to-end product Industries served New products developed: 387 Committed to making our world
Capacity of the solar power plant: a better place to live in, we
development services, spanning • Air conditioners Renewable energy consumed:
5,150 kW Product SKUs: 795
from concept creation and • Washing machines 28,08,826 kWh are striving hard to contribute
prototype development to design • LED televisions to the global fight against
verification and product release. • Air coolers climate change and ensure
• Automotive components the conservation of natural
R&D expenditure: H 126.65 million • Bathroom fittings resources.
• Consumer electronics
R&D team: 32 members

18 19
 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Macro trends shaping our

strategies

CORPOR ATE OVERVIEW

The Government of India is focused on strengthening the electronics Our strategies for sustained growth
manufacturing base in the country, which also includes the
introduction of various incentive schemes. These initiatives have not Expand capacities and offerings in Expansion of the addressable Enhancing operational and
our existing product segments market by developing new products functional efficiencies
only spurred manufacturing growth but have also reduced India’s
reliance on imports while increasing exports. To accommodate the anticipated We aim to improve our revenue and Our primary focus is to ensure cost
surge in demand, we are honing our market share by regularly introducing optimisation, augment efficiencies
manufacturing capabilities. This involves new products that cater to evolving and promote sustainability. We remain
The surge in demand for electronic products, including mobile phones and consumer augmenting the production capacity consumer preferences. Our focus committed to developing eco-friendly
electronics such as air conditioners, washing machines, refrigerators, televisions and air coolers, of our current facilities in Greater is not only limited to enhancing our and cost-effective production processes.
has made this sector a magnet for significant foreign direct investment (FDI) in recent years. Noida and Ahmednagar, specifically offerings, but also extends to exploring Additionally, we are reducing our
The substantial increase in FDI can also be attributed to both electronic companies setting up for the production of air conditioner new product categories and leveraging environmental footprint by investing in
manufacturing and development hubs in India and the government’s endorsement of 100% FDI. components and Completely Built existing customer relationships for solar energy, including the installation
Units (CBUs). In line with this objective, additional opportunities. of rooftop panels in Maharashtra and
our subsidiary, PG Technoplast, has signing a power purchase agreement
recently entered into a memorandum Our diverse product portfolio and for 3.1 MW in Uttar Pradesh. Looking
of understanding (MoU) with the state R&D strengths will enable us to gain ahead, we will continue to pursue
governments of Uttar Pradesh and additional market share, while our brand initiatives that enhance efficiency,
Maharashtra. recall will help us attract new customers while strategically situating our

STATUTORY REPORTS
Atmanirbhar Bharat and expand our reach. manufacturing units to meet demand.
We also intend to undertake an
(Make in India initiative) ongoing assessment of our in-house
product development strategy, explore
Facilitating domestic and Explore adjacent applications Unlocking the potential benefits of
opportunities for expansion and engage
international companies to for our robust capabilities in the PLI scheme
in projects designed to enhance our
establish manufacturing bases in plastic moulding
production capabilities. PGEL is set to become eligible for PLI
India with special funds for mobile
phones and electronic components. With the capability to undertake disbursements starting in FY 2024
a variety of specialised moulding due to a shorter project gestation
operations such as vertical injection period. Our subsidiary, PG Technoplast,
Production-Linked moulding, plastic blow moulding and has obtained approval for specific
Incentive thermoset moulding, our aim is to products such as plastic moulding

Major government (PLI) Scheme further expand the applications of our components, sheet metal components,
plastic moulding capabilities, sheet heat exchangers, crossflow fans,
initiatives
Encouraging investment and metal capacities and PCB assembly motors and control assemblies under
sales in mobile phones and lines to drive the long-term growth of the PLI Scheme. The PLI Scheme offers
components, with a focus on our component business. us a potential cumulative benefit of
increasing exports. ₹1,987.50 million during the five fiscal
years from 2023–2024, provided that

FINANCIAL STATEMENTS
revenue targets are met, investment
Phased Manufacturing conditions are satisfied and other
requirements are fulfilled.
Plan Programme (PMP)
Promoting indigenous
electronic product
manufacturing through
incentives, such as duty
exemptions.

20 21
 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Building a
future-ready workforce

CORPOR ATE OVERVIEW

At PGEL, we have a diverse and competent talent pool. Our team Dynamic
members come from various backgrounds and possess a wide range management team
of skills and expertise. This diversity enables us to overcome complex We are led by an
challenges and adapt to the ever-changing operating environment. experienced and versatile
Additionally, we invest in continuous learning and development management team with
extensive expertise in
programmes to ensure our workforce remains abreast of the latest the industrial, mechanical
industry trends and technologies. engineering and
manufacturing sectors. They
are assisted by a skilled
senior management team in
charge of various functions.
This collective expertise
ensures effective operations
Fostering a culture of and strategy execution,
diversity and inclusion leading to our successful
diversification and product
development over the years.

STATUTORY REPORTS
We value diversity and
inclusion, empowering
Our management’s
each individual to excel
expertise has contributed
in their respective roles.
to our organic growth
Moreover, to stay abreast of
by tapping into new
evolving market dynamics,
opportunities within
we provide our people with
existing channels and
numerous avenues for skill
leveraging strong customer
enhancement. Our induction
relationships. Their
programmes seamlessly
guidance enables us to tailor
integrate newcomers into
solutions to meet customer
our Code of Conduct and
needs.
vibrant work culture.

Our commitment goes

beyond that, as we are Safety at work
resolute in fuelling both the
We recognise that ensuring
personal and professional
safety at the workplace is of
growth of our personnel.
utmost importance. Through
We offer numerous

FINANCIAL STATEMENTS
regular safety training
opportunities to our team
and vigilant awareness
members to help them reach
initiatives, we minimise the
their full potential.
occurrence of hazards and
ensure employee health and
well-being.

22 23
 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Board of Directors

CORPOR ATE OVERVIEW

Mr. Anurag Gupta Mr. Vishal Gupta Mr. Vikas Gupta Mr. Raman Uberoi Ms. Mitali Chitre Mr. Ram Dayal Modi Ms. Ruchika Bansal Mr. Sharad Jain
Chairman-Executive Managing Managing Independent Nominee Independent Independent Independent
Director-Technical Director – Finance Director – Operations Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director

Mr. Anurag Gupta has Mr. Vishal Gupta holds Mr. Vikas Gupta has 28 Mr. Raman Uberoi is a Ms. Mitali Chitre is a Mr. Ram Dayal Modi has Ms. Ruchika Bansal is a Mr. Sharad Jain is a
experience of more a Master’s Degree in years’ experience in the Chartered Accountant and Principal at Baring Private over four decades of rich management consultant Chartered Accountant
than 30 years in the Business Administration field of EMS. He holds an Associate Member of Equity Partners India. experience in Banking with over 20 years’ and a Fellow Member

STATUTORY REPORTS
field of Electronic from University of Pune. a Master’s Degree in the Institute of Chartered She has 17+ years of & Financial services experience, specializing of the Institute of
Manufacturing Services. He has an experience of Business Administration Accountants of India. investment experience of SBI Group. He has in wealth advisory, Chartered Accountants
He has a Bachelor’s 28 years in the field of from University of Pune. He holds a bachelors’ & leads deals across expertise in areas of investment banking, of India (ICAI). He has
Degree of Electronics in electronic manufacturing He is responsible for degree in commerce consumer durables, Credit, FOREX, Project private equity, corporate experience of over
Computer Engineering services. His core business operations, (Honours) from Delhi capital goods, building Appraisal & funding, finance, business strategy 38 years in Financial
and Science from responsibilities include strategy, industry University. He has around materials, logistics and Business Planning, Branch and acumen in the areas & Strategic Planning,
Bengaluru University. Finance & Administration, relations and organization 30 years of experience energy sectors. She serves Expansion, Training of mergers & acquisitions Taxation, Accounting,
He is responsible for Budgeting & Planning governance. He ensures in the area of financial as the Chief Economist system, Operations & and private equity Budgeting and Auditing.
development and process of the Company, to create and develop analysis, credit ratings, for Baring and heads the Branch Banking. He syndication. She is a He is presently engaged
implementation of Government and customer business opportunities mergers and acquisitions, Deal Origination practice. is a Gold medalist in Commerce graduate from in the profession of
technical policies, quality relationships and oversees and increasing the business development She has a Bachelor’s MA (Political Science), SRCC (Delhi University) Chartered Accountancy
assurance, technological monthly and quarterly operational efficiencies functions, etc. Presently, degree in Electronics University of Udaipur, and Post Graduate- for over 15 years. He
advancement, plant & assessments and forecasts with right product mix to he is a Senior Advisor- Engineering from Mumbai Rajasthan and holds Diploma in management is the Chairman of
machinery monitoring and of organization’s financial achieve organizational Government & Regulatory University and MBA from Certified Associate from MDI, Gurgaon. She Stakeholders Relationship
Research & Development. performance. He is a growth and objectives. Relations with CRISIL Cardiff Business School, of Indian Institute of is a member of Audit Committee, Nomination &
He is a member of member of Stakeholders Ratings Limited, and is U.K. She is a member Bankers (Part I). He is the Committee of the Board. Remuneration Committee
Stakeholders Relationship Relationship Committee, also a member of the of the Nomination & Chairman of Corporate and Audit Committee
Committee and Corporate Audit Committee Market Data Advisory Remuneration Committee, Social Responsibility of the Board. He is also
Social Responsibility and Corporate Social Committee of the Risk Management Committee. He is also a a member of the Risk

FINANCIAL STATEMENTS
Committee of the Board. Responsibility Committee Securities and Exchange Committee and Audit member of Nomination & Management Committee
of the Board. Board of India (SEBI). He Committee of the Board. Remuneration Committee of the Board.
is a member of the Audit and Audit Committee of
Committee of the Board. the Board.

24 25
 P G Elect r o p la st L i m i ted Annua l R eport 2022-23

Key managerial persons Corporate information

CORPOR ATE OVERVIEW

PG Electroplast Limited Mr. Ram Dayal Modi
Independent Director
(CIN: L32109DL2003PLC119416)
03047117

Registered Office: Ms. Mitali Chitre

Nominee Director
DTJ-209, DLF Tower-B, Jasola, 09040978
New Delhi-110025
Email: [email protected] / [email protected] Ms. Ruchika Bansal

Telephone No: 91-011-41421439 Independent Director

06505221
Mr. Pramod Chimmanlal Gupta Mr. Sanchay Dubey Fax No: 91-120-2569131
Chief Financial Officer Company Secretary
Management:
Corporate Office:
Mr. Pramod Chimmanlal Gupta
P-4/2 to 4/6, Site-B, UPSIDC Industrial Area,
Mr. Pramod Chimmanlal Gupta is a Mr. Sanchay Dubey is the Company Surajpur, Greater Noida, Dist. Gautam Budh Chief Financial Officer
Chartered Financial Analyst (CFA) Secretary and Compliance Officer Nagar U.P.-201306
Mr. Sanchay Dubey
from the AIMR, USA. He has a PG of our Company. He is an associate Website: www.pgel.in

STATUTORY REPORTS
Degree in Finance from IIM, Lucknow member of Institute of Company Company Secretary
Telephone No: 91-120-2569323
and B-Tech (Hon) in Electronics & Secretaries of India. He holds a
Communication from IIT, Kharagpur. bachelor degree in Commerce Fax No: 91-120-2569131
Statutory Auditors:
He has over 24 years of experience from Devi Ahilya Vishwavidyalaya
in Indian Equity markets across (DAVV), Indore. He is responsible Board of Directors: M/s S.S. Kothari Mehta & Company,
brokerage firms, Mutual funds and for legal and secretarial Chartered Accountants
Insurance Company. He had been compliances of the Company. He Mr. Anurag Gupta Plot No. 68, Okhla Industrial Area,
involved in Business Strategies has experience of more than 7 Chairman Phase-III, New Delhi - 110020
and financial consulting to listed & years in the field of Secretarial & 00184361
unlisted companies and investment Legal Affairs. Banker:
advisory. Mr. Vishal Gupta
Managing Director-Finance State Bank of India
00184809 HDFC Bank
ICICI Bank
Mr. Vikas Gupta
Managing Director-Operations
Registrar & Share Transfer Agent:
00182241
Selenium Building, Tower-B, Plot No 31
Mr. Sharad Jain
& 32, Financial District, Nanakramguda,

FINANCIAL STATEMENTS
Independent Director Serilingampally, Hyderabad, Rangareddy,
06423452 Telangana, India - 500 032

Mr. Raman Uberoi Email: [email protected]

Independent Non-Executive Director

03407353

26 27
 P G Elect r o p la st L i m i ted

Management Discussion and Analysis

Global economic overview by FY 2047, up from the current H 2 lakh in FY 2023.1 While
the post-pandemic private investment recovery is still in its
Global economy is largely on the road to gradual recovery early stages, there are tentative signs that suggest India is
although downside risks such as sticky inflation, continued well-positioned to record an upswing in its investment cycle
geopolitical tension in Europe and fall out from higher interest in both the manufacturing and services sectors. The number
rates in USA remain. Muted consumer demand, coupled with of private investment projects under implementation in the
high commodity prices continue to weigh on future growth manufacturing sector has also been gradually increasing over
prospects in most economies. the years.

According to the IMF (July 2023 Outlook), the global economy During FY 2023, the government’s fiscal policy exhibited a
is likely to register a growth rate of 3% in both CY23 and CY24. strong commitment to consolidation. It effectively directed
Emerging markets and developing economies, including India public expenditure towards a substantial increase in growth-
are witnessing encouraging growth despite several headwinds supportive capital expenditure. Capital formation emerged
emanating from the advanced economies of the world. as a key growth driver in FY 2023. Also, the index of industrial
production (IIP) indicated a growth of 5.1% in the industrial
Global GDP (%)
4.0 4.0 4.1 output.
3.5 [Source- the Reserve Bank of India]
3.0 3.0
2.7
India GDP forecast for FY 2024 (%)

1.5 1.4
6.5 6.3 6.5
6.0 6.0 6.0
5.5

Global Advanced Emerging Market and

economy economies Developing Economies

May-23

May-23

May-23
Mar-22

Mar-22

Mar-22
Jan-22

2022 2023 2024

(Source- IMF World Economic Outlook, July 2023)
Economic survey

CRISIL

Moody

S&P

Fitch

Goldman Sachs

RBI
Outlook

Going forward, expectation of improvements in the supply

side bottlenecks is likely to facilitate fiscal consolidation and
a smoother reduction in inflation towards target levels in the
developed world. However, if globally growth slows down,
the inflation could decline faster than anticipated, eliminating Outlook
the need for tighter monetary policy, and allowing domestic
demand to normalise. In the years ahead, on the backdrop of strong credit growth,
stable financial markets and the Government’s deep focus on
infrastructure and capex are projected to crowd in substantial
Indian economic overview
investments. Although the outlook for the global economy
India emerged as one of the fastest-growing major economies appeared challenging, the fact that the Government of India
in the world in FY 2023. The domestic economy continues to and RBI have been able to steer the Indian economy to higher
demonstrate sheer resilience to external shocks and its real growth from a global uncertainty reflects India’s robust
GDP is estimated to have clocked a growth of 7.2% in FY 2023 economic fundamentals. Indian economy depicted signs of
(Source- the NSO’s final estimates). recovery and pent-up demand over the last two years and it
offers hope for new growth cycle in the coming years driven
A recent SBI study estimates that India’s per capita income by Investment in manufacturing sector and Private sector
at current prices is estimated to reach H 14.9 lakh annually capex cycle.

https://indbiz.gov.in/indias-per-capita-income-to-increase-7-5x-by-2047-report/
1

28
 A n n u a l R e p ort 20 22 -23

India’s Index of industrial production- Manufacturing and specifications are provided primarily by the OEMs to EMS
providers, there is not much scope for product differentiation.
(Base: 2011-12=100)
In the Indian industry landscape, ODMs are currently being

147.1
144.9
145.5
depended on primarily to manufacture the entry-level

142.3
137.5

137.6

138.5
134.6
134.6
136.8
135.0
131.3

128.5
131.6

products. These products have low differentiation, and the

CORPOR ATE OVERVIEW

main features for ODMs ends up being their quality, cost and
delivery.

EMS companies are steadily shifting towards ODM models,

giving full turnkey solutions for items from design, product
development to reverse logistics. Also, due to increased
competition, EMS companies are striving to diversify their
product offerings. EMS providers have the expertise to
procure and manufacture at faster turnaround times. In the
ODM industry, innovation is critical to success. While cost
Apr’22
May’22
Jun’22
Jul’22
Aug’22
Sept’22
Oct’22
Nov’22
Dec’22
Jan’23
Feb’23
Mar’23
Apr’23
May’23
reduction remains the major driver of EMS outsourcing, other
factors such as improved design skills have contributed to
ODM capabilities.
(Source- https://pib.gov.in/PressReleseDetailm.aspx?PRID=1938974 )

India’s consumer durables market

Industry overview
India is poised to become the fifth largest market for consumer
India’s EMS and contract manufacturing industry
durables in the world, fortifying its position as one of the
The electronics manufacturing sector in India is experiencing rapidly expanding consumer durable markets globally. This
rapid growth, attracting global attention and emerging as a surge in demand can be attributed to the increasing incomes

STATUTORY REPORTS
hub for contract manufacturing. The government’s ambitious in both urban and rural regions, a surge in urbanisation and
goal of the domestic electronics sector reaching a output evolving consumer trends. The Indian appliances and consumer
of USD 300 billion by 2025-2026 presents an opportunity electronics industry is set to achieve a size of approximately
for international enterprises to consider India as a reliable USD 21.18 billion by 2025. 4
manufacturing hub.2
The consumer durables sector is currently undergoing
The electronics system design and manufacturing (ESDM) significant transformation, with large set of consumers
sector, driven by the silicon age paradigm and globally spending on home automation and exploring new, time-
prevalent digital lifestyle, has emerged as one of the fastest saving solutions. Today's fast-paced lifestyle, especially for
growing industries worldwide. The Global EMS market is employed women who juggle responsibilities between their
expected to reach USD 1,145 billion by 2026, with a compound home and professional commitments, drives the demand for
annual growth rate (CAGR) of 5.4%. India’s internal demand appliances that are convenient and easy to use. Consequently,
for consumer electronics is also increasing and is expected to a fiercely competitive landscape has emerged, with various
reach USD 21.18 billion by 2025.3 domestic and international businesses striving for the market
share in this segment.
The government’s emphasis on promoting domestic
manufacturing, coupled with the adoption of the China Consumer Electronics & Appliances (CEA) (includes room
+1 strategy by Global OEMs seeking to establish their air conditioners, washing machines, television, air cooler,
manufacturing bases in India, has been instrumental in driving refrigerator and others): In India, CEA has the largest market
share after mobile phones. Sales are driven by rising income
FINANCIAL STATEMENTS

the growth of this sector. This focus on positioning India as

a hub for electronics manufacturing is likely to encompass a levels and technological innovation, since users tend to adapt
wider spectrum beyond mobile devices and consumer-oriented to new technologies through early replacement. Untapped
segments. Moreover, the increase in domestic consumption markets have been brought to the attention of consumer
has emerged as noteworthy catalyst driving the demand in this electronics companies due to digital technology and enabling
sector. connectivity infrastructure. Small and kitchen appliances
account for a significant portion of the market size. With rise
In the total EMS market, contract manufacturing (CM) accounts in demand of components, it is very likely that EMS and Tier-1
for approximately 80%, while original design manufacturing players would take steps to build a component base within the
(ODM) accounts for the remaining 20%. As reference designs country.

2
https://www.investindia.gov.in/team-india-blogs/indias-emergence-global-electronics-manufacturing-hub
3
https://www.pwc.in/research-and-insights-hub/india-calling-decoding-the-countrys-electronics-manufacturing-journey-and-the-way-forward.html
https://timesofindia.indiatimes.com/blogs/voices/indian-consumer-durable-market-a-trends-and-prospects/
4

29
 P G Elect r o p la st L i m i ted

Automotive: Automotive electronics sales are expected to With the new star rating norms, Products in India’s AC market
go up, driven by rising income levels, and an increasing level are today having higher energy efficiencies and are more
of in-vehicle digital experience. Rising awareness among advanced in comparison to many other countries.
people about advanced safety and communication services,
coupled with more embedded connectivity service offerings
Key growth drivers for the industry
by automakers, is also one of the drivers for this market.
Strong push towards Make in India: India is witnessing
Industrial: Industrial electronics play a vital role in improving
a major drive by the government of India to push for the
the efficiency and productivity of industries and are
domestic manufacturing of Electronics especially in segments
anticipated to grow in industries like energy, transportation,
such as Mobile Phones, Televisions, and Medical & Strategic
petroleum, chemical, semiconductor, mining, agriculture, and
Electronics. The Government of India’s “Aatmanirbhar Bharat
others. Current emphasis is also placed on a branch of power
Abhiyaan” or Self-Reliant India campaign provides an increasing
conditioning dealing with power electronic switches, sensors,
range of incentives to attract and localize manufacturing and
actuators, meters, intelligent electronic devices (IEDs),
production in India. These incentives promote manufacturing
automation equipment, semiconductors, nanotechnology,
and exporting products in various industries.
etc., using power semiconductor devices in modernizing
industry technology. New regulations like BS VI for Auto, Digital India program,
Digital payments and Smart Cities program is going to drive
The Bureau of Energy Efficiency (BEE) has implemented star
more usage of electronics in India and therefore will lead to
rating system across appliances and consumer durables in the
a far greater thrust on Make in India than it was seen before.
sector,. The Star Labelling Programme has led to significant
improvements in energy efficiency for split air conditioners, Influx of new electronic applications going forward:
with a 43% increase for one-star ACs and 61% for five-star New emerging opportunities like Electric Vehicles, IoT, and
ACs. Window ACs also saw improvements, with 17% increase Electronic Security system (Cameras or Storage) are opening
for one-star-rated models and 13% for five-star-rated up new electronic market for India and these industries will
counterparts. also be driven by the Make in India thrust.

The Bureau of Energy Efficiency (BEE) has implemented star Increased electrification through various initiatives:
rating system across appliances and consumer durables in the Electricity consumption is one of the most important indices
sector,. The Star Labelling Programme has led to significant that determines the development level of a particular nation.
improvements in energy efficiency for split air conditioners, The Indian government is committed to enhancing the quality
with a 43% increase for one-star ACs and 61% for five-star of life of its citizens by increasing electricity consumption. The
ACs. Window ACs also saw improvements, with 17% increase objective of the government is to provide each household
for one-star-rated models and 13% for five-star-rated with access to round-the-clock electricity. The "Power for All"
counterparts.5 program is a significant step in this direction, which is a joint
initiative of the Government of India and state governments
Improvement in 1 star and 5 star for Window and Split ACs
with the primary goal of making 24x7 power available to all
households, industries, commercial businesses, public needs,
Window type Split type and any other entity that consumes electricity.
61%

Importance of the Digital India initiative: "Digital India"

52%

is a government initiative aimed at preparing India for a

43%

41%
40%

knowledge-based future. The primary objective of the

launch of the "Digital India Mission" is to transform India
17%

16%

15%

into a digitally empowered society and knowledge-based

14%

13%

economy. The Digital India Mission has the vision to provide

each resident of the country with a digital identity card. In the
case of electronics manufacturing, the Digital India initiative
1 Star 2 Star 3 Star 4 Star 5 Star is offering tax incentives in focus areas like FABS, fabless
design, set-top boxes, VSATs, mobiles, consumer and medical
Star Levels
electronics, smart energy meters, smart cards, and micro-
Source- https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1923031 ) ATMs.

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1923031
5

30
 A n n u a l R e p ort 20 22 -23

Changing geopolitical situation post COVID: Post Covid,

Industries served
alignments in the global markets has shown that there is a far
Air coolers
greater resistance to rely on China as their key manufacturing
source. There are discussions in numerous forums to diversify
their manufacturing operations to counties other than China. Air

CORPOR ATE OVERVIEW

conditioners Automotive
India is seen as one of the possible diversification areas along
components
with Vietnam and other South East Asian nations.

Increasing financing options and no-cost EMI schemes: The Washing Bathroom
growth of Indian electronics market is driven by technological machines fittings
advancements and rising disposable income. The Indian
consumer market has been cautious, with a mix in purchase
LED Consumer
of small and large consumer appliances. In recent years,
televisions electronics
due to the availability of no-cost EMI as a payment method,
the purchase behaviour of Indian consumers has shifted
significantly. In addition, trends such as digitalization and new
business models have enabled India's financial institutions to
reach consumers in rural and semi-urban areas and meet their Overview of our operational segments
growing demand. Various brands are also partnering with
Products
consumer finance firms, which not only benefits consumers
but also increases brand visibility in smaller markets. PGEL’s products business has exceeded H 1,300 crore in FY
2023. The order book for the product business remains strong
Company overview with the Company poised to substantially expand its products
business in FY 2024.
PG Electroplast Limited (PGEL) serves as the flagship entity

STATUTORY REPORTS
within the PG Group, an enterprise that commenced its Room air conditioners (RAC)
operations in 1977. PG Electroplast was officially established
During FY 2023, the Room air conditioning (RAC) business
in 2003 and offers electronic manufacturing services in
made a notable contribution of H 1041 crore, achieving a
India. Specialising in original design manufacturing (ODM),
substantial 255% year-on-year growth. The Company has
original equipment manufacturing (OEM) and plastic injection
strategic plans for augmenting its room AC capacity through
moulding, PGEL caters to a distinguished clientele comprising
the establishment of an integrated unit in Rajasthan, dedicated
over 50 Indian and global brands.
to the production of room ACs. Simultaneously, the Company
The Company has a wholly owned subsidiary, PG Technoplast is also in the process of constructing a new building within a
Private Limited (PGTL), that is engaged in the manufacturing Supa factory. The Company is also planning on doubling its
of air conditioners and various components for the consumer printed circuit board (PCB) assembly capacities for AC controls
durables and consumer electronics sectors. in the Supa factory.

With an extensive presence, PGEL has eight manufacturing

units situated across Greater Noida in Uttar Pradesh, Roorkee in
Room Air
Uttarakhand and Ahmednagar in Maharashtra. The Company’s
Conditioners
growth strategy entails enhancing its existing capacity and
core competencies across its diverse product verticals. These
efforts are aimed at achieving increased value addition and
Indoor Units Outdoor Units
improved economies of scale, while maintaining a focus on
FINANCIAL STATEMENTS

backward integration.

The RAC business continues to see increased traction for the

company and in FY2023, company serviced over 14 brands.
With addition of new clients and increasing share of business
in the existing clients, company remains confident of posting
strong growth in the FY2024.

50+ 8 Washing machines (WM)

The Company is the second-largest contract manufacturer

Leading Indian and Manufacturing
Global brands units for washing machines in the country. The washing machine
business has also demonstrated a substantial growth rate of
approximately 56% year-on-year, with over 4.58 lakh units sold.

31
 P G Elect r o p la st L i m i ted

Electronics
Washing
In the Electronics division, the Company assembles printed
Machines
circuit board assemblies for a wide range of applications on
a turnkey basis (including procurement, assembly, testing,
Semi-Automatic Top-Load packing & shipping) for leading TV manufacturers and also
assembles LED TVs. This business contributed 7% to the
Fully-Automatic Top-Load
FY2023 Sales and grew 126% over last year. This business
segment on a smaller base is likely to post strong growth as TV
business is witnessing good client addition and also increased
With Increased capacity in FY2024, company is on a strong
share of business in existing clients.
footing. In FY2023, company serviced 22 brands and with
increasing market share in the existing clients and addition of
new brands, company expects to post strong growth in FY2024.

Electronics
Air coolers

During FY 2023 the air coolers business grew by an impressive

Televisions PCB Assemblies
157%. In FY2022, sharp increases in plastic raw materials prices
impacted the Air Cooler business significantly and therefore
on low base sales growth looks exaggerated. However, the
outlook remains good for next season as we continue to see
improved interest from existing and new customers. Tool manufacturing

During FY2023, the tooling business contributed ~0.5% to

the Company's total turnover. This business also acts as an
Air enabler for some of the company's speciality plastic moulding
Coolers businesses. In last few years, company has upgraded some
of the capabilities of its toolroom and can now manufacture
bigger tools. This has, in turn, helped the company's ODM
Window Desert Personal Projects turn around faster as it can manufacture critical tools
internally.

The Company is planning further investments to augment

capabilities and capacities in this area. The outlook for
Plastic moulding the business remains sound, given that as more product
development happens locally, opportunities for tool
The Plastic moulding component segment had a YoY sales manufacturing should grow exponentially.
growth of about 17% and contributed H 654 crores to the
topline in FY2023. There are specific segments like specialised
plastic components in Sanitaryware and Fans, which are Tool
growing at a higher rate and driving sales growth in this Manufacturing
segment. The outlook for this segment remains in line with
consumer durable industry growth. However, due to slightly
inferior financial metrics (return ratios) in this business, Consumer Durables Sanitaryware
management wants to allocate relatively low capital to this, Automotive Others
and therefore growth rates will be muted in comparison to the
product business of the Company.

Future growth strategy

Plastic The Company's future growth strategy is focused on capitalising

Moulding on the emerging opportunities in the fields of plastic moulding
and consumer durables. Notably, the Company envisions a
promising trajectory for various appliances, including washing
machines, room air conditioners, refrigerators, ceiling fans and
Consumer Durables Sanitaryware Automotive
sanitaryware products. These areas present the Company with
Consumer Electronics Others
significant scope for expansion.

32
 A n n u a l R e p ort 20 22 -23

Key focus areas for the Company include R&D, new product Key ratios
development and capacity expansion across the product
businesses. The Company intends to bolster its product Change
Ratios FY 2023 FY 2022
offerings in both the air conditioning and washing machine (%)
segments. Strong interest from both new and existing clients Debtors Turnover (x) 6.63 6.17 0.46

CORPOR ATE OVERVIEW

further instils confidence in the Company's future growth Inventory Turnover (x) 5.52 4.67 0.85
prospects. Interest Coverage 3.04 3.12 -0.08
Ratio (x)
The Company also foresees significant potential in the Original Current Ratio (x) 1.12 1.11 0.01
Design Manufacturer (ODM) space. With an eye on air coolers, Debt Equity Ratio (x) 1.37 1.23 0.14
washing machines and room air conditioners, the Company is Operating Profit 8.35% 8.48% -0.13%
poised to leverage its expertise to cater to broader consumer Margin (%)
demands, further fortifying its position in the consumer Net Profit Margin (%) 3.59% 3.37% -0.17%
durables sector. Return on Networth – 21.88% 14.82% 7.06%
RoNW (x)
Central to this strategy is the commitment to enhancing the
Company’s operational efficiency. This multifaceted approach
not only promises improved profitability and cash flows, but • Inventory Turnover has improved as the Company
also lays the foundation for strategic reinvestment. By honing optimised on the inventory and business scaled up
its capabilities, the Company is positioning itself to capture significantly.
future opportunities and ensuring a sustained competitive
• Debt to Equity ratio has changed as company expanded
advantage in a dynamic operating environment.
its AC and Washing Machine capacities during the financial
Looking ahead, the Company is poised to remain one of the year and the revenue grew over 94% leading to higher
leading players in India's consumer durable and plastics working capital requirements.
sectors. The pursuit of amplified revenue growth through an

STATUTORY REPORTS
• Operating Profit Margin decline due to higher growth in
expanded market share in the customer outsourcing domain
low margin electronics and TV business and lower growth
underscores the Company's determination to carve out a more
in state incentives income.
substantial footprint. With enhanced operational efficiency,
the Company is expected to achieve a healthy balance sheet, • Return on Net worth has improved as company’s profit
strengthening its resilience and capacity for long-term growth. growth was much higher at 107%, while Net worth
Improved by only 26.7%.
With a forward-looking approach, the Company anticipates a
gradual improvement in margins, facilitated by both refined
operational efficiencies and heightened operating leverage. Human resources
This optimism is further underscored by the Company's keen
focus on diversifying its product portfolio. As the Company The Company acknowledges its people as the true contributors
gears up to introduce new, innovative offerings, the upcoming to its success. It has implemented people-friendly policies
quarters hold promise for the realisation of these ventures, and procedures to foster a diverse and inclusive work
offering an exciting trajectory for all business segments of culture. Employee engagement is yet another focus area
PGEL. for PGEL. Through comprehensive measures such as regular
feedback sessions, team-building activities and professional
development opportunities, PGEL aims to ensure that
Financial review employees feel valued and motivated to contribute their best.
Additionally, the company promotes open communication
FY 2023 has been marked by robust growth, evident in the
FINANCIAL STATEMENTS

channels and encourages a healthy work-life balance to further

Company’s consolidated Revenues which surged by 94.3%
enhance employee engagement and satisfaction.
and exceeded H 2,159 crore. The product business constituted
62.0% of the total revenues in FY 2023. At PGEL, talent acquisition is aimed at sourcing skilled
individuals who align with the Company’s values and goals.
A notable accomplishment is PGEL's subsidiary, PG Technoplast,
The HR department employs rigorous screening and selection
which attained H 1,000 crore in revenue within its second year
procedures to ensure that the right candidates are hired for
of operations. Operational margins improved year-on-year, led
various positions within the organisation. This meticulous
by effective cost control, favourable commodity prices and
approach contributes to building a competent workforce.
operational leverage. Despite a rise of approximately H 158
crore in net debt during FY 2023 due to capital expenditure Once onboard, employees are provided with opportunities
and increased working capital, the Company has improved its for consistent learning and growth. The Company prudently
financial metrices in terms of return ratios and will further invests in training programmes that enhance employees’
prioritise capital efficiency and working capital optimisation technical skills as well as their soft skills, enabling them to excel
for FY 2024.

33
 P G Elect r o p la st L i m i ted

in their roles and contribute effectively to the organisational safety protocols and training programmes are in place to
objectives. Career development plans and mentorship mitigate workplace hazards and ensure the well-being of all
opportunities are also offered, encouraging employees to team members. Moreover, PGEL conducts regular safety audits
advance professionally within the organisation. and assessments to identify and address potential risks.

PGEL believes in giving back to its employees by offering The Company’s commitment to health and safety extends to
competitive compensation and benefits packages. These its products as well. It adheres to stringent quality control
packages not only acknowledge employees’ contributions processes to manufacture electronic products that meet
but also demonstrate the Company’s commitment to their highest safety standards.
financial stability and overall well-being.
In addition, PGEL engages with local communities to raise
awareness about environmental conservation and safety
measures. Through collaborations, workshops and educational
initiatives, the Company aims to promote sustainable practices

3,500+ beyond its business operations.

Key initiatives launched in FY 2023

Employees
To attain sustainable growth, the Company is undertaking
Key initiatives in FY23 various initiatives; few of them are listed below:

The Company believes its employees are an integral part of the • CO2 Flooding systems installed at high risk areas
organisation and hence kept a sharp focus on their personal and
professional development and at the same time aligning their • Daily/Weekly/Monthly/Quarterly Safety audits
goals with that of the Company to create a win-win situation.
• Disaster Management Organization
In pursuance of the Company's commitment to develop
and retain the best available talent, PGEL organises various • Fire Control Room with zone-wise control panels
training programmes for upgrading skill and knowledge of its
employees in different operational areas. In the endeavour to • Work permit issue system for heavy duty machine
promote on the job knowledge and training, the Company had operators
entered into an agreement with Maruti Centre for Excellence
• Accident monitoring management
(MACE) for Industrial, behavioural and safety related Trainings.
• Management review system for EHS activities
In a bid to alleviate some of the mental pressures brought upon
by the pandemic, the company also continued with a scheme The company, in an effort towards reducing the carbon
called “PG Cares”. As per the scheme, should any employee footprint, has begun sourcing some of its required electricity
have an untimely death, the company shall ensure that the from renewable sources. In FY 2022-23, your Company have
family of the employee will continue receiving the former entered into a power purchase agreement with a company to
employee’s salary for two years. All education expenses for obtain at least 3.1 MW of solar energy for our manufacturing
their children until graduation from high school will also be unit at Uttar Pradesh for a period of 25 years. Also have
borne by the company. installed a 1.4 MW rooftop grid system solar panel at our Unit
2 – Subsidiary in Maharashtra, and a 0.65 MW solar plant at our
Environment, Health and Safety (EHS) Unit – 4 in Maharashtra.

PGEL prioritises Environment, Health and Safety (EHS) in all In addition to various laws and regulations, the Company also
its business operations. As a responsible corporate citizen, have a health and safety policy that it has established internally.
it promotes the adoption of sustainable practices across its The Company also have an emergency evacuation plans in
manufacturing units. The Company has implemented several place for our units. The Company conduct training programs
targeted measures to reduce its carbon footprint, conserve and mock drills, to educate and prepare our employees for
resources and ensure eco-friendly operations. In addition, emergency and evacuation situation.
the Company employs eco-friendly technologies and waste
These initiatives are expected to help the company lower
reduction and recycling programmes help manage its waste
energy costs and reiterate the company’s commitment to
output, reducing pollution.
sustainable development philosophy. The main goal behind
The Company also emphasises employee health and safety all the initiatives is to promote safe, healthy and green work
and strives to foster a conducive work environment. Rigorous environment by adopting efficient technologies.

34
 A n n u a l R e p ort 20 22 -23

Risks and mitigation measures the efficacy of risk management processes and systems for risk
reduction. The Company further ensures that the appropriate
Risks and liabilities might have an impact on the Company’s protocols, frameworks and methodologies are in place to track
business, financial situation and operational results. The and assess risks associated with the Company's operations.
Executive Management Team monitors internal and external

CORPOR ATE OVERVIEW

risks that are particular to the business, such as financial, Risk Management Committee
operational, sectoral, sustainability-related risks (particularly
those involving ESG), informational, cyber security and other Mr. Vishal Gupta Mr. Sharad Jain Ms. Mitali Chitre
dangers. In addition to procedures for internal control of (Chairman) (Member) (Member)
identified risks, the Risk Management Committee evaluates

Risks Description Mitigation

The Company’s operations rely on a complex In line with our focus to develop better control
supply chain for sourcing raw materials, on our supply chain and improve our margins,
components and parts. Any disruptions in the The Company consistently strive to strategically
Supply chain supply chain, whether due to transportation backward integrate our manufacturing processes
disruptions issues, geopolitical factors, or natural disasters, and localization.
could impact production and delivery timelines.
The electronics manufacturing industry is The Company believe that its ability to offer end-
highly competitive, with both domestic and to-end solutions to our customers, to meet our
international players. PGEL may face challenges customers’ varying requirements, differentiate
in maintaining its market share and pricing us from our competition. The Company believe
Intense competitiveness, especially if new entrants that maintaining a high standard of quality of our

STATUTORY REPORTS
competition or existing competitors offer more innovative products is critical for our business, adhering to
products or cost-effective solutions. customer specifications and continued growth.
The electronics industry is subject to various The Company has established a comprehensive
regulations regarding safety, quality and internal control structure encompassing
environmental concerns. PGEL must ensure governance, compliance, auditing, oversight and
compliance with these regulations, failure reporting. This framework ensures adherence to
of which could lead to legal issues, fines, or local regulatory obligations, promotes orderly
Regulatory reputational damage. and efficient business conduct, safeguards assets,
compliance detects and prevents fraud and errors, ensures
the sufficiency and completeness of records and
facilitates the prompt generation of reliable data.
Rapid advancements in technology could render The Company invest in R&D to sustain or enhance our
existing products or manufacturing processes existing products and to develop new technologies
obsolete. PGEL needs to continually invest in and processes that would better allow us to
R&D to stay abreast of the latest technological customize products for our clients. The Company
trends and offer advanced solutions to its allocated higher capital expenditure towards our
Technological clients. R&D to meet our customer requirements which
changes enables the Company to offer end – to – end
product development services across the lifecycle
FINANCIAL STATEMENTS

of product.
As a Company that caters to both Indian The company has in place a policy to manage
and global clients, PGEL might be exposed exposure to fluctuation in the prices of the key
to currency exchange rate fluctuations. raw materials used in operations. The Company
Currency These fluctuations could impact the cost of evaluates exchange rate exposure arising from
fluctuations imported materials, affect export revenues and foreign currency transactions and follows an
potentially cause financial uncertainty. established risk management policy.
The manufacturing industry often faces The Company engaged third- party independent
challenges related to labour availability, skill contractors through whom we engage contract
gaps and labour disputes. Maintaining a skilled labour for performance of certain functions as per
workforce and managing labour-related issues is the requirements at our manufacturing units. The
Labour concerns crucial for PGEL’s operational efficiency. number of contract labourers varies from time to
time based on the nature and extent of work.

35
 P G Elect r o p la st L i m i ted

Internal control systems and their adequacy Cautionary statement

The Company maintains a robust and reliable internal control The contents of this report’s Management Discussion and
framework. Aligned with its operational scope, PGEL has Analysis section, detailing the Company’s objectives, forecasts,
established a comprehensive internal control structure estimations and anticipations, might qualify as ‘forward-
encompassing governance, compliance, auditing, oversight looking statements’ as defined by applicable laws and
and reporting. This framework ensures adherence to local regulations. These statements rely on specific presumptions
regulatory obligations, promotes orderly and efficient and anticipations regarding future occurrences. The actual
business conduct, safeguards assets, detects and prevents outcomes could substantially deviate from those expressed or
fraud and errors, ensures the sufficiency and completeness implied due to numerous external and internal factors beyond
of accounting records and facilitates the prompt generation the Company’s direct control. The Company disclaims any
of reliable financial data. The effectiveness of internal checks obligation to publicly modify, amend, or revise such forward-
and control mechanisms is endorsed by internal auditors and looking statements in light of subsequent developments,
subjected to managerial reassessment. The Audit Committee information, or events. Readers are advised that the risks
oversees the Company’s financial reporting process, ensuring mentioned here are not exhaustive and are urged to exercise
accurate and punctual disclosures marked by the utmost their judgement when evaluating the risks associated with the
transparency, integrity and quality. Moreover, the Committee Company.
verifies the adequacy and efficiency of internal control systems
while proposing enhancements as needed.

36
 A n n u a l R e p ort 20 22 -23

Directors’ Report

CORPOR ATE OVERVIEW

DEAR SHAREHOLDERS,

The Board of Directors have pleasure in presenting the Annual Report of your Company along with Audited Financial Statements
(Standalone and Consolidated), for the financial year ended March 31, 2023.

1. FINANCIAL RESULTS:
(Rupees in Lakh)
Standalone Consolidated
Particulars
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22

Revenue from Operations 1,33,114.65 1,03,585.48 2,15,994.75 1,11,163.50

Other Income 472.70 568.57 438.57 432.38
Total Income 1,33,587.35 104,154.05 2,16,433.32 1,11,595.88
Finance costs 2,087.32 1,912.65 4,793.17 2,312.63
Depreciation and amortisation expenses 2,054.96 1,956.87 3,495.07 2,211.27
Total Expenses 1,27,899.10 99,806.38 2,06,679.00 1,06,784.72
Profit before Tax 5,688.25 4,356.35 9,754.32 4,904.22
Total Tax Expenses 1,268.26 1,059.57 2,007.46 1,162.66

STATUTORY REPORTS
Profit for the year 4,419.99 3,296.78 7,746.86 3,741.56
Other Comprehensive Income 4.28 64.02 (3.04) 47.09
Total Comprehensive Income 4,424.27 3,360.80 7,743.82 3,788.65
EPS (Basis) 20.42 15.93 35.78 18.08
EPS (Diluted) 19.27 15.00 33.77 17.03

2. PERFORMANCE OVERVIEW:

During the year under review on a consolidated basis, our lakh for FY 2022-23 from H 2,312.63 lakh for FY 2021-22,
total income increased by 93.94% to H 2,16,433.32 lakh primarily due to increase in the gross borrowings and
for FY 2022-23 from H 1,11,595.88 lakh for FY 2021-22. the interest rates on these borrowings. As a result, our
Our revenue from operations increased by 94.30% to profit for the year increased by 107.05% to H 7,746.86
H 2,15,994.75 lakh for FY 2022-23 from H 1,11,163.50 lakh lakh for FY 2022-23 from H 3,741.56 lakh for FY 2021-22.
for FY 2021-22, primarily due to growth in our sales of Other comprehensive income for the year decreased to
the product business driven by growth in sales of RACs H (3.04) lakh for FY 2022-23 from H 47.09 lakh for FY 2021-22
and washing machines. Other income increased by 1.43% due to difference in the actuarial liabilities on account
to H 438.57 lakh for FY 2022-23 from H 432.38 lakh for of change in the interest rate. On account of the above,
FY 2021-22, primarily due to increase in the interest income our total comprehensive income increased by 104.40% to
FINANCIAL STATEMENTS

on deposits with banks and others. Our total expenses H 7,743.82 lakh for FY 2022-23 from H 3,788.65 lakh for
increased by 93.55% to H 2,06,679.00 lakh for FY 2022-23 FY 2021-22. FY 2022-23 had been a strong growth period
from H 1,06,784.72 lakh for FY 2021-22, on account of for your Company. The detailed operational performance
the factors like Cost of materials consumed, Purchase of of your Company is provided in the Management
traded goods, Employee Benefit Expense, Finance Costs Discussion and Analysis Report forming part of this report.
etc. Our finance costs increased by 107.26% to H 4,793.17

37
 P G Elect r o p la st L i m i ted

3. INCREASE IN ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL OF THE COMPANY:

a) During the period under review, the Company on August 12, 2022 allotted 53,200 Equity shares to ‘PG Electroplast
Limited Employees Welfare Trust’ under the PG Electroplast Employees Stock Options Scheme - 2020. Following is the
summary of allotment of shares:

Date of members approval February 28, 2021 & March 28, 2022
Date of allotment August 12, 2022
Method of allotment Allotment of equity shares pursuant to PG Electroplast Stock
Option Scheme – 2020.
Issue price, basis of computation of issue price Issue price of H 250/- as determined by Nomination &
Remuneration Committee pursuant to PG Electroplast Stock
Option Scheme – 2020.
Particulars of person to whom shares have been The equity shares were allotted to the PG Electroplast Limited
issued Employees Welfare Trust.
Shareholding of promoters and promoter group 65.71%
prior to allotment
No. of share allotted 53,200 Equity Shares of H 10/- each
Shareholding of promoters and promoter group 65.55%
post allotment
Post Issue Public Shareholding 34.20%
Post Issue Employees Welfare Trust Shareholding 0.25%
Consideration details The company received consideration in cash of H 1,33,00,000/-
pursuant to issue of 53,200 Equity Shares at an issue price of
H 250/- each.
Date of listing and trading approval of NSE & BSE September 23, 2022

b) Further, during the year, the Company on September 27, 2022 allotted 1,00,000 Equity Shares of face value of H 10/- each
pursuant to conversion of 1,00,000 Fully Convertible Warrants at an issue price of H 150/- each, by way of preferential
allotment to the following persons belonging to “Non-Promoter” category.

Details w.r.t. allotment of equity shares on preferential basis pursuant to conversion of warrants are mentioned below:

Date of Members approval through Postal Ballot February 28, 2021

Date of allotment September 27, 2022
Method of allotment Allotment of equity shares to the person belonging to
Promoter & Non-Promoter Category on preferential basis due
to conversion of Fully Convertible Warrants.
Issue price, basis of computation of issue price Issue price of H 150/-
The price of the Equity Shares was determined in accordance
with the Regulation 164 of (ICDR) Regulations, 2018.
Particulars of person to whom shares have been The equity shares were allotted to the person belonging to Non-
issued Promoter Category of the Company viz. Mr. Nikhil Vishnuprasad
Bagla and Mrs. Urmila Nikhil Bagla, respectively.
Shareholding of promoters and promoter group 65.55%
prior to allotment
No. of share allotted 1,00,000 Equity Shares of H 10/- each
Shareholding of promoter and promoter group post 65.24%
allotment
Post Issue Public Shareholding 34.51%
Post Issue Employees Welfare Trust Shareholding 0.25%
Consideration details The company has received consideration in cash pursuant to
the issue of Fully Convertible Warrants converted into 1,00,000
Equity Shares at an issue price of H 150/- each which were
allotted as following:

Allottees Equity shares allotted

Nikhil Vishnuprasad Bagla 50,000
Urmila Nikhil Bagla 50,000
1,00,000
Date of listing approval of NSE & BSE October 18, 2022.

38
 A n n u a l R e p ort 20 22 -23

c) During the year 2022-23, the Company allotted 13,64,551 Equity Shares of Face Value of H 10/- each upon conversion of
1,076,904 Compulsorily Convertible Debentures (“CCDs”) and interest @ 17.96% accrued thereon; issued on preferential
basis to the person belonging to the Public Category.

Details w.r.t. allotment of equity shares on preferential basis pursuant to conversion of CCDs and interest accrued thereon

CORPOR ATE OVERVIEW

are mentioned below:

Date of Members approval EGM June 19, 2021

Date of allotment December 31, 2022
Method of allotment Allotment of Equity Shares upon conversion of 1,076,904
Compulsorily Convertible Debentures (“CCDs”) and interest @
17.96% accrued thereon to the person belonging to the Public
Category on preferential basis.
Issue price, basis of computation of issue price Issue price of H 337/-
The minimum issue price of CCDs, has been calculated on the
basis of trading at NSE, being the Exchange with higher trading
volume.
Particulars of person to whom shares have been The Equity shares pursuant to conversion of CCDs were
issued allotted to the persons belonging to the Public Category viz.
Baring Private Equity India AIF, Famy Care Pvt. Ltd., Ashok
Kumar Sobhamal Patni and Rajnikanta Gajendrakumar Patni,
respectively.
Shareholding of promoters and promoter group 65.24%
prior to allotment
No. of shares allotted pursuant to conversion of 13,64,551 Equity Shares of H 10/- each
CCDs and interest accrued

STATUTORY REPORTS
Shareholding of promoter and promoter group post 61.33%
allotment
Post Issue Public Shareholding 38.66%
Post Issue Employees Welfare Trust Shareholding 0.01%
Consideration details The company has received the consideration in cash pursuant
to issue of 10,76,904 CCDs at an issue price of H 337/- each
pursuant to which Equity shares were allotted upon conversion
of CCDs and interest accrued as following:

Allottees Equity shares allotted

Baring Private Equity India AIF 10,05,740
Famy Care Pvt. Ltd. 2,44,121
Ashok Kumar Sobhamal Patni 76,458
Rajnikanta Gajendrakumar Patni 38,232
13,64,551
Date of listing approval of NSE & BSE February 03, 2023 and February 07, 2023, respectively.

At the end of the year, the Company’s issued, subscribed 6. STATE OF THE COMPANY’S AFFAIRS:
and paid-up capital was 2,27,42,617 Equity Shares of
FINANCIAL STATEMENTS

H 10/- each. Business and its operations:

PG Electroplast Limited, an established original design

4. TRANSFER TO RESERVE: manufacturer (“ODM”) and contract manufacturer (“CM”),
for the consumer durables industry in India, with primary
The Board of Directors of your company has decided not
focus on manufacture of room air conditioners (“RACs”),
to transfer any amount to the Reserves for the year under
washing machines and plastic moulding. The Company
review.
provide end – to – end solutions across the entire value
chain of the products we supply to our customers, which
5. DIVIDEND: include more than 50 leading domestic and international
brands. This includes product conceptualization, designing
The Board of Directors of your company has not and prototyping, tool design and manufacturing, supply
recommended any dividend for the year under review. chain development and final assemblies for products like
RACs, washing machines, LED TVs and air coolers. The
The Dividend Distribution Policy of the Company is
Company considers its ability to evolve and address the
available at web-link https://www.pgel.in/pdf/codes-
needs of our marquee customer base as a key factor in the
policies/DDPolicy.pdf
39
 P G Elect r o p la st L i m i ted

growth of our revenue from operations which grew at a The Company is an end – to – end solutions provider across
CAGR of 75.26% from FY 2021 to FY 2023. The Company the entire value chain of the products we supply to our
is the fastest growing B2C focused ODM players in India, customers. We serve across varied industries such as air
having recorded the highest revenue CAGR amongst listed conditioners, washing machines, LED TVs, air coolers,
peers over FY 2022-23. automotive components, bathroom fittings and consumer
electronics.
The Company, including its wholly owned subsidiary,
operates seven manufacturing units located in Greater Key business developments:
Noida, Uttar Pradesh; Roorkee, Uttarakhand; and
Ahmednagar, Maharashtra. We also operate a unit at • The Company’s 100% subsidiary PG Technoplast
Ahmednagar, Maharashtra, where we operate incoming Private Limited (PGTL), has in its Supa plant expanded
and outgoing quality control of products, storage of raw the capacity to 100,000 Outdoor Units per month
materials and finished goods and dispatch operations for and over 150,000 Indoor Units per month during the
our other manufacturing units in the location. financial year.

The manufacturing units are equipped with high quality The RAC business clocked 255% growth over FY2022
machinery, assembly lines and full power backup that and had H 1,04,127.31 lakh in Sales. The outlook for
enable us to meet the quality requirements of our the segment remains robust as the Company plans to
customers in a timely manner. put new manufacturing plant for RAC manufacturing
in North India and also work on improving the
The Company has continuously evolved our product value addition further by adding more component
portfolio to meet the needs of our customers and cater to manufacturing in-house.
the prevailing industry technologies. Post incorporation
in 2003, the Company started manufacturing plastic • In FY2023, the Company commissioned its new
moulded components. Thereafter, in 2014, the Washing Machine (WM) manufacturing line in
Company started focusing on the products business and Greater Noida. The expanded capacity for Washing
commenced manufacturing air coolers. We set up an in machines stands at 100,000 Units per month for SEMI-
– house tool room for our tool manufacturing business Automatic category. In FY2023, company supplied
vertical in 2016 and thereafter started manufacturing WM to 22 brands across customers and clocked over
semi – automatic washing machines in 2017. In 2018, we H 25,885.02/- lakh with 56% growth over FY2022. The
started manufacturing RAC IDUs and subsequently RACs outlook for the segment remains robust as company
ODUs in 2021. Additionally, in 2021, we commenced is seeing increased order flow from new and existing
manufacturing FATL and subsequently LED TVs in 2022. customers.
Presently, our product portfolio includes complete RAC
• In FY2023, Air Cooler business clocked sales of
sets, washing machines, and televisions, all of which today
H 3,824.92/- lakh, which was just 157% growth over
contribute significantly to our revenue.
FY2022. In FY2022, sharp increases in plastic raw
The Company has been manufacturing RAC IDUs since materials prices impacted the Air Cooler business
2018 and RAC ODUs since 2021. We offer RACs CBU in significantly and therefore on low base sales growth
the capacity ranging from 1.0T to 2.0T in both fixed speed looks exaggerated. However, the outlook remains
and invertor categories for various star ratings. We are the good for next season as we continue to see improved
second largest player in terms of RAC finished goods sales interest from existing and new customers.
to the OEMs / brands, basis Fiscal 2023 data. The Company
• On a consolidated basis, the Plastic moulding
is a largest manufacturer of plastic moulding for consumer
component segment had a YoY sales growth of about
durables and consumer electronics industry, in terms of
17% and contributed H 65,410.75 lakh to the topline in
revenue in India, as on March 31, 2023. Through the plastic
FY2023. There are specific segments like specialised
moulding business, we offer a wide range of products
plastic components in Sanitaryware and Fans, which
including small, medium and large sized, high – precision,
are growing at a higher rate and driving sales growth
surface critical injection moulded components for consumer
in this segment. The outlook for this segment remains
durables and the consumer electronics industry.
in line with consumer durable industry growth.
The Company is the second largest ODM player for washing However, due to slightly inferior financial metrics
machines in India in terms of volume of units sold as of (return ratios) in this business, management wants to
March 31, 2023, which provides end – to – end assembly allocate relatively low capital to this, and therefore
solutions for final products. The Company commenced growth rates will be muted in comparison to the
manufacturing semi – automatic washing machines in 2017 product business of the Company.
and presently offer semi – automatic and fully automatic
• In the Electronics division, the Company assembles
washing machines in capacities ranging from 6 – 14 kg and
printed circuit board assemblies for a wide range
6.5 – 7.5 kg, respectively.
of applications on a turnkey basis (including

40
 A n n u a l R e p ort 20 22 -23

procurement, assembly, testing, packing & shipping) 9. MANAGEMENT:

for leading TV manufacturers and also assembles
LED TVs. This business contributed 7% to the FY2023 • Board of Directors:
Sales and grew 126% over last year.
a) The Board of Directors in their meeting held on

CORPOR ATE OVERVIEW

• During FY2023, the tooling business contributed February 14, 2022 reappointed Mr. Anurag Gupta
~0.5% to the Company's total turnover. This business (DIN: 00184361) as the Whole Time Director of
also acts as an enabler for some of the Company's your Company w.e.f. July 15, 2022.
speciality plastic moulding businesses. In last few
b) Reappointment of Mr. Anurag Gupta as Whole
years, company has upgraded some of the capabilities
Time Director was regularised through Postal
of its toolroom and can now manufacture bigger tools.
Ballot Process on March 28, 2022 for a period of
This has, in turn, helped the Company's ODM Projects
three consecutive years w.e.f. July 15, 2022.
turn around faster as it can manufacture critical
tools internally. The Company is planning further c) Mr. Kishore Kumar Kaul (DIN: 07339035) tendered
investments to augment capabilities and capacities in his resignation and ceased to be Non-Executive
this area. The outlook for the business remains sound, Independent Director of your Company w.e.f.
given that as more product development happens December 22, 2022 due to personal reasons.
locally, opportunities for tool manufacturing should He also confirmed that there were no material
grow exponentially. reasons for his resignation as specified above.

All our businesses segments have performed well in d) The Board of Directors appointed Mr. Raman
FY23, particularly the company’s current focus area - Uberoi (DIN: 03407353) as an Additional Director
the products business that achieved 182% growth over in capacity of Non-Executive Independent
FY2022. Director w.e.f. March 22, 2023.

Capital Expenditure Activities:

STATUTORY REPORTS
e) The appointment of Mr. Raman Uberoi (DIN:
03407353) as Non-Executive Independent
During the year, the company on a consolidated basis has
Director of the Company w.e.f. March 22, 2023 was
incurred H 15,456.60/- lakh on capital expenditure primarily
regularised through Postal Ballot Process by the
for the purchase of plant and equipment. Further, the
shareholders of the Company on June 21, 2023.
Company allocated higher capital expenditure for certain
identified eligible white good products such as control Disclosures under Section II of Part II of Schedule V of
assemblies for IDU or ODU or remotes, plastic moulding the Companies Act, 2013:
components, sheet metal components, heat exchangers,
cross flow fan, and display panels (LCD / LED) and towards (i) All elements of remuneration package such
our R&D to meet our customer requirements to sustain as salary, benefits, bonuses, stock options,
or enhance our existing products and to develop new pension, etc., of all the directors including detail
technologies and processes that would better allow us to of fixed component is mentioned in Corporate
customize products for our clients. Also, the Company has Governance Report as Annexure I.
invested in the construction of new building/floors which
(ii) Service contracts, notice period, severance fees:
has increased the covered area.
N.A.

7. CREDIT RATING: (iii) Stock option details: N.A.

During the year, the Credit Rating Agency ‘Crisil Ratings In accordance with the provisions of the Companies
FINANCIAL STATEMENTS

Limited’ has assigned to your Company a Long-Term Act 2013, Mr. Anurag Gupta (DIN:00184361), Director
rating "CRISIL A-/Stable" on December 07, 2021. Further, of the Company will retire by rotation at the ensuing
on January 23, 2023 CRISIL Ratings Limited reaffirmed Annual General Meeting and being eligible, offer
your Company's Long-Term Rating at "CRISIL A-/Stable himself for re-appointment.
(Reaffirmed)”.
None of the Directors have incurred any disqualification
on account of non-compliance with any of the
8. INVESTOR EDUCATION AND PROTECTION provisions of the Act. During the year 2022-23, Non-
FUND: Executive Independent Directors of the Company had
no pecuniary relationship or transactions with the
Your Company did not have any outstanding amount of
Company, other than sitting fees for the purpose of
unclaimed/unpaid dividend and the corresponding shares.
attending meetings of the Company.

41
 P G Elect r o p la st L i m i ted

The Company has received declarations from each of The details of program for familiarization of Independent
the Independent Directors confirming that they meet Directors of your Company are available at web-link http://
the criteria of independence as prescribed under www.pgel.in/pdf/codes-policies/FP_ID.pdf
Section 149(6) of the Companies Act, 2013 as well
as under Regulation 16 of SEBI (Listing Obligation &
12. CORPORATE GOVERNANCE REPORT,
Disclosure Requirements) Regulation, 2015 and there
MANAGEMENT DISCUSSION AND ANALYSIS
has been no change in the circumstances which may
REPORT AND BUSINESS RESPONSIBILITY &
affect their status as independent director during the
SUSTAINABILITY REPORT:
year. The independent directors have also confirmed
that they have complied with the Company’s code of The Corporate Governance Report is presented as
conduct. ‘Annexure I’; Management Discussion & Analysis Report
and Business Responsibility & Sustainability Report as
• Key Managerial Persons:
stipulated under SEBI (Listing Obligations & Disclosure
During the year under review, there was no change in Requirements) Regulations, 2015 forms integral part
Key Managerial Persons of your Company. of this report. Compliance certificate on Corporate
Governance, issued by M/s Puja Mishra & Co., Practicing
Company Secretary also form a part of the said Corporate
10. MEETINGS OF BOARD OF DIRECTORS & ITS Governance Report.
COMMITTEES.

7 (Seven) meetings of the Board of Directors were 13. COMPANY’S POLICY ON DIRECTORS’
held during the period under review. For details of the APPOINTMENT AND REMUNERATION:
Composition & Meetings of the Board and its Committees,
please refer to the Report on Corporate Governance, The Company has adopted a Nomination and
which forms part of this Report as Annexure I. Remuneration Policy. Salient features of this policy are
attached as ‘Annexure II’ to this report.
During the year, no such instances occurred where the
Board has not accepted any recommendation of the Audit
14. REMUNERATION OF DIRECTORS AND
Committee.
EMPLOYEES:

11. BOARD EVALUATION AND FAMILIARIZATION The disclosure pertaining to remuneration and other
PROGRAMME: details of directors and employees as required under
section 197(12) of the Companies Act 2013 read with Rule
The Nomination & Remuneration Committee has carried 5 of the Companies (Appointment and remuneration of
out a formal annual evaluation of performance of the Managerial Personal) Rules, 2014 and the amendment
Board itself through a structured questionnaire after thereof have been provided in the ‘Annexure III’ forming
taking into consideration the various aspects of the part of this report.
Board’s functioning, composition of the Board and
its Committees, culture, execution and performance During the period under review, the Managing/Whole
of specific duties, obligations and governance, of its time Director of the company were not in receipt of any
Committees and individual Directors, pursuant to the commission from the company.
provisions of the Companies Act, 2013 and Regulation 17
of SEBI (Listing Obligations and Disclosure Requirements) 15. DIRECTORS RESPONSIBILITY STATEMENT:
Regulations, 2015. The evaluation of individual Directors
including chairman was done by the Directors other To the best of knowledge and belief and according to
than the one being evaluated by Board & Nomination the information and explanations obtained by them,
Remuneration Committee. your Directors make the following statement in terms of
Section 134(3)(c) of the Act:
The Nomination & Remuneration Committee evaluated
the performance of each and every director of the a) that in the preparation of the Annual Accounts for the
company and each member of the committee and year ended March 31, 2023, the applicable accounting
expressed satisfaction over their performance. standards have been followed along with proper
explanation relating to material departures, if any;
Further, the Independent Directors also, at their
separate meeting held on March 31, 2023 reviewed the b) the directors had selected such accounting policies
performance of chairman of the Board, Non-Independent and applied them consistently and made judgements
Directors and the Board as a whole and assessed the and estimates that are reasonable and prudent so as
quality, quantity and timeliness of flow of information to give a true and fair view of the state of affairs of
between the company management and the Board. They the Company as at March 31, 2023 and of the profit of
expressed satisfaction over the said subject matter. the Company for the year ended on that date;

42
 A n n u a l R e p ort 20 22 -23

c) that the Directors have taken proper and sufficient 17. STATUTORY AUDITORS & THEIR REPORT:
care for the maintenance of adequate accounting
records in accordance with the provisions of the M/s S.S. Kothari Mehta & Company, Chartered Accountants,
Companies Act, 2013 for safeguarding the assets of (Firm Registration No. 000756N) were appointed as the
the Company and for preventing and detecting fraud Statutory Auditors of the Company from the conclusion of the

CORPOR ATE OVERVIEW

19th AGM till the conclusion of 24th AGM of the Company.
and other irregularities;
The Report of Statutory Auditor’s - M/s S.S. Kothari Mehta
d) the annual accounts have been prepared on a going
& Company, on Financial Statements (Standalone &
concern basis;
Consolidated) for the year ended on March 31, 2023 are
e) that the Directors had laid down internal financial part of this Annual Report. The Statutory Auditor’s Report
controls to be followed by the Company and that such does not contain any qualification, reservation or adverse
internal financial controls are adequate and were remarks. No fraud has been reported by the Auditor.
operating effectively; and
18. SECRETARIAL AUDITORS & THEIR REPORT:
f) that the Directors had devised proper systems
to ensure compliance with the provisions of all Pursuant to the provisions of Section 204 of the Companies
applicable laws and that such systems were adequate Act, 2013 and the Companies (Appointment and
and operating effectively. Remuneration of Managerial Personnel) Rules, 2014, the
Board of Directors had appointed M/s Puja Mishra & Co.,
Practicing Company Secretary for conducting Secretarial
16. INTERNAL FINANCIAL CONTROL SYSTEMS, Audit of Company for the financial year 2022-23. The
THEIR ADEQUACY AND RISK MANAGEMENT: Secretarial Audit Report of the Company and Material
Subsidiary i.e. PG Technoplast Private Limited is annexed
The establishment of an effective corporate governance
with Board Report as ‘Annexure IV’. The Secretarial auditor’s
and internal control system is essential for sustainable
report does not contain any qualification, reservation or
growth and long-term improvements in corporate value,

STATUTORY REPORTS
adverse remarks. The auditors have also given a certificate
and accordingly your Company works to strengthen such
of Non-Disqualification of Directors as on March 31, 2023
structures. Your Company has developed & implemented
annexed with Board Report as ‘Annexure V’.
a Risk Management framework for identification,
evaluating and management of risks, including the risks Other parts of this report are self-explanatory and do not
which may threaten the existence of the Company. In line call for any further clarifications.
with your Company’s commitment to deliver sustainable
value, this framework aims to provide an integrated and
19. COST AUDITORS:
organized approach for evaluating and managing risks.
Regular exercise has been carried out to identify, evaluate, The Board of Directors have re-appointed M/s Amit Singhal
manage and monitor the risks. & Associates, Cost Accountants, having Firm Registration
Number: 101073, as Cost Auditors to audit the cost
Your Company’s internal control systems are records of the financial year 2023-24 and recommended
commensurate with the nature of its business and the ratification of their remuneration by the shareholders
size and complexity of its operations. The Company has in at the ensuing annual general meeting. The Company
place adequate controls, procedures and policies, ensuring has maintained cost records as specified by the Central
orderly and efficient conduct of its business, including Government under sub-section (1) of section 148 of the
adherence to the Company’s policies, safeguarding of its Companies Act, 2013 w.r.t. the business activities carried
assets, prevention and detection of frauds and errors, out by the Company.
accuracy and completeness of accounting records, and
FINANCIAL STATEMENTS

timely preparation of reliable financial information. The 20. DISCLOSURES RELATING TO SUBSIDIARIES,
internal controls cover operations, financial reporting, ASSOCIATES AND JOINT VENTURES:
compliance with applicable laws and regulations,
safeguarding assets from unauthorized use and ensure As on March 31, 2023, the Company has 2 (Two) Wholly
compliance of corporate policies. Internal controls are Owned Subsidiaries i.e. M/s PG Technoplast Private
reviewed periodically by the internal auditors and are Limited and M/s PG Plastronics Private Limited.
subject to management reviews with significant audit
During the year, M/s PG Technoplast Private Limited
observations and follow up actions reported to the Audit
became the Material Subsidiary of the Company.
Committee. The Audit Committee actively reviews the
adequacy and effectiveness of internal control systems Pursuant to the provisions of Section 129 (3) of the
and suggests improvements for strengthening them in Companies Act, 2013, a statement containing the salient
accordance with the changes in the business dynamics, if features of the financial statements of all the Subsidiaries
required. in form AOC-1 is annexed hereto as ‘Annexure-VI’ and
hence, not repeated here for the sake of brevity.

43
 P G Elect r o p la st L i m i ted

A copy of the audited financial statements of each of the 24. CORPORATE SOCIAL RESPONSIBILITY (CSR):
subsidiary companies and English translation thereof will
be kept for inspection for any Member of the Company at Your Company has been constantly working towards
Corporate Office during business hours. Further, pursuant providing and encouraging medical aid, treatment of poor
to the provisions of Section 136 of the Companies Act, people, rendering medical care and advice and promoting
2013, these financial statements are also placed on the education and financial assistance to the children and
Company’s website www.pgel.in. Copy of these financial women of weaker sections of society including overall
statements shall be made available to any member of the development and upliftment. Your Company’s constant
Company, on request. endeavor has been to support initiatives in the chosen
focus areas of CSR.
21. DEPOSITS:
Your Company has a duly constituted CSR Committee,
The Company has not accepted any deposits from public which is responsible for fulfilling the CSR objectives of
and as such, no amount on account of principal or interest your Company. Details of composition of CSR Committee
on deposits from public was outstanding as on the date of and Annual Report on CSR Activities of your Company are
the balance sheet. enclosed as ‘Annexure VIII’ and form a part of this report in
the format prescribed in the Companies (Corporate Social
Responsibility Policy) Rules, 2014.
22. PARTICULARS OF LOAN GIVEN, INVESTMENTS
MADE, GUARANTEE GIVEN AND SECURITIES The CSR Policy of your Company lays down the philosophy
PROVIDED UNDER SECTION 186 OF THE and approach of your Company towards its CSR
COMPANIES ACT, 2013: commitment. CSR Policy, adopted by the Company, is
Details of loans, guarantees and investments covered available on its website at link http://www.pgel.in/pdf/
under the provisions of Section 186 of the Companies Act, codes-policies/CSRPOLICY.pdf
2013 are given in the notes to Financial Statements.
25. EMPLOYEES STOCK OPTION SCHEME:
23. PARTICULARS OF CONTRACTS OR
Your Company has in place a ‘PG Electroplast Employees
ARRANGEMENTS WITH RELATED PARTIES:
Stock Option Scheme – 2020’ (Scheme) to enhance the
The particulars of contract or arrangements entered by employee engagement, reward the employees for their
the Company with related parties referred to in section association and performance and to motivate them to
134 of the Companies Act, 2013 are disclosed in form contribute to the growth and profitability of the Company.
AOC-2 as ‘Annexure VII’.
The Board of Directors in its meeting held on November
During the year, the Company had not entered into 05, 2020 and the shareholders of the company through
any contract/arrangement/ transaction with related postal ballot on February 28, 2021 approved the Scheme
parties which could be considered material except for to create, grant, offer, issue and allot Employee Stock
transactions with wholly owned subsidiary in accordance Options (“Options”) to the employees of the Company
with the Companies Act, 2013, SEBI (Listing Obligations & and its subsidiary company(ies) under the Scheme, in one
Disclosure Requirements) Regulations 2015 and policy on or more tranches, a maximum of 2% of issued and paid-up
dealing with Related Party Transactions of the Company. capital of the Company. Further, approvals of the Board
Details of related party transactions entered into by the
of Directors and Shareholders of the Company at their
Company, in terms of Ind AS-24 have been disclosed in the
meetings held on February 14, 2022 and March 28, 2022,
notes to the standalone/consolidated financial statements
respectively, was accorded to increase the existing pool of
forming part of the Annual Report 2022-23.
the Scheme from 3,90,578 Options to 6,09,422 Options.
All related party transactions entered into by your Accordingly, the options reserved under the Scheme
Company, during the year under review, were approved are 10,00,000 Options convertible into equal number of
by the Audit Committee. Prior omnibus approval has been Shares of H10/- each.
obtained for related party transactions which are repetitive
in nature and/or entered in ordinary course of business and The Scheme was in compliance with erstwhile Securities
at arm’s length. There are no materially significant related and Exchange Board of India (Share Based Employee
party transactions that may have potential conflict with the Benefit) Regulations, 2014 (hereinafter referred as SEBI
interest of the Company at large. (SBEB) Regulations). During FY 2021-22, the Scheme was
amended to align with the Securities and Exchange Board
The policy on materiality of Related Party Transactions of India (Share Based Employee Benefit and Sweat Equity)
and policy on dealing with Related Party Transactions Regulations, 2021 (hereinafter referred as SEBI (SBEB &
are available at web-link http://www.pgel.in/pdf/codes- SE) Regulations) which were notified on August 13, 2021.
policies/RelatedPartyTransactionsPolicy.pdf
During the year, your Company granted 1,60,000 (One Lakh
Sixty Thousand Only) Options to the employees of the

44
 A n n u a l R e p ort 20 22 -23

Company and its subsidiary company under the Scheme. a) The company, in an effort towards reducing the
Further, your company allotted 53,200 (Fifty-Three carbon footprint, has begun sourcing some of
Thousand Two Hundred Only) Equity Shares of face value its required electricity from renewable sources.
of H 10/- each to the ‘PG Electroplast Limited Employees In FY 2022-23, your Company have entered into
Welfare Trust’ under the PG Electroplast Employees Stock a power purchase agreement with a company to

CORPOR ATE OVERVIEW

Options Scheme – 2020. obtain at least 3.1 MW of solar energy for our
manufacturing unit at Uttar Pradesh for a period
In compliance with the requirements of the SEBI (SBEB & of 25 years. Also have installed a 1.4 MW rooftop
SE) Regulations), a certificate from auditors confirming grid system solar panel at our Unit 2 – Subsidiary
implementation of the Scheme in accordance with the said in Maharashtra, and a 0.65 MW solar plant at
regulations and shareholder’s resolution, will be available our Unit – 4 in Maharashtra. These initiatives
electronically for inspection by the members during the are expected to help the company lower energy
annual general meeting of the Company. Further the costs and reiterate the company’s commitment
disclosure pursuant to the provisions of the SEBI (SBEB & to sustainable development philosophy.
SE) Regulations) can be accessed at the company’s website
at https://www.pgel.in/pdf/Disclosure_SBEB_31032023.pdf b) Shop floors which run manufacturing process
have been transitioned to LED highbay lights
which have further reduced the energy costs by
26. VIGIL MECHANISM:
about 60%.
The Company has established a Vigil Mechanism / Whistle
c) The Company purchased several Injection
Blower Policy for dealing with instances of fraud &
Moulding Machines that use Servo-Hybrid
mismanagement. All Employees of the Company and
Technologies which use 60% less power than
various stakeholders of the company can make protected
older Injection Moulding Machines.
disclosures in writing or through mail in relation to
matters concerning the Company/unethical behavior/ d) A turbo ventilation system has been installed on all

STATUTORY REPORTS
actual or suspected fraud/ violation of codes & policies of roofs which has reduced the use of exhaust fans.
the Company.
e) The Company is also maintaining a power factor
Your Company hereby confirm that no directors/employee of about close to 1.
have been denied access to the chairman of the Audit
Committee. There were no complaints received through f) All streetlights & main machine flow highbay
the said mechanism during the financial year 2022-23. lights have been substituted for greener LED
alternatives.
The Vigil Mechanism or whistle blower policy may be
accessed at web-link http://www.pgel.in/pdf/codes- g) The Company has installed variable frequency
policies/VigilMechanismWhistleBlowerPolicy.pdf drivers in all electric motors which have helped
sustain a lower power factor.
27. ANNUAL RETURN: h) Using invertor technology to control the speed
of the compressor’s motor in the AC plant better
Pursuant to Section 92(3) read with section 134(3)(a) of
temperature regulation has been achieved and
the Companies Act, 2013, copies of the Annual Returns of
has hence reduced energy consumption.
the Company prepared in accordance with Section 92(1) of
the Act read with Rule 11 of the Companies (Management i) The Company continuously evaluate new
and Administration) Rules, 2014 are placed on the website technologies and techniques to make
FINANCIAL STATEMENTS

of the Company and is accessible at the http://www.pgel. infrastructure more energy efficient.
in/pdf/Annual_Return_2022-23.pdf
The main goal behind all the initiatives is to promote
a safe, healthy and green work environment by
28. CONSERVATION OF ENERGY, TECHNOLOGY
adopting efficient technologies.
ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO: (B) Technology absorption:
(A) Conservation of Energy: In striving for continuous excellence in technology
and best quality product, several initiatives have been
The key focus area in our operations is conservation
taken:
of energy. We endeavor to conserve energy and
continuously make efforts to optimize use of fuels, a) The bigger moulding machines on the shop floor
power & water. The following steps have been taken have been fitted with an automatic conveyor
for conservation of energy: line, thereby reducing production cost while
enhancing product quality.

45
 P G Elect r o p la st L i m i ted

b) With technology from Hoti (Xiamen) Plumbing The QIP Committee – 2022-23 on September 02, 2023,
Inc, the company has added a PU paint shop and approved the issue and allotment of 32,05,128 Equity Shares,
a UF thermoset moulding seat facility, giving it to eligible QIBs at the issue price of H 1,560/- per Equity Share
new manufacturing capabilities. aggregating to H 499,99,99,680/- (Rupees Four Hundred
Ninety-Nine Crore Ninety-Nine Lakh Ninety-Nine Thousand
c) New Blow Moulding Equipment has also been Six Hundred Eighty Only), pursuant to the QIP.
installed.
The post allotment, paid-up equity Capital of the
d) Additional PCB & SMT assembly-cum-automation Company stands increased to H 26,02,46,450/- consisting
machines have been purchased thereby of 2,60,24,645 Equity Shares of face value of H10/- each.
increasing production capacity.
Your Company on July 13, 2023 entered into a 50-50
e) Industrial robots are being installed on injection Joint Venture (JV) Agreement with Jaina Group [Jaina
moulding machines which will reduce manpower Marketing & Associates (JMA), Jaina India Private Limited
cost. (Jaina India) and Goodworth Electronics Private Limited
(Goodworth)] to create a strong and competitive business
f) Injection moulding machines with servo drive
that can meet the growing demand for high-quality
technology have been added to the facilities.
televisions. Further, on July 31, 2023 pursuant to the JV
These initiatives will help the Company to manufacture Agreement, your Company acquired 5,000 (Five Thousand)
cheaper and more durable products. Equity shares at face value of H 10/- each of Goodworth
Electronics Private Limited (JV Company).
(C) Foreign exchange earnings and Outgo:
Except for the details mentioned above, there is no
(H in Lakhs) material change and commitment occurred between
Particulars 2022-23 2021-22 March 31, 2023 and the date of this report, which may
Foreign Earnings 201.62 37.73 affect the financial position of the Company.
Foreign Outgo 32,762.77 16,944.45
31. COMPLIANCE OF APPLICABLE SECRETARIAL
29. SIGNIFICANT & MATERIAL REGULATORY STANDARD:
ORDERS:
During the reporting period, your company has duly
During the reporting period, no significant material orders complied with all applicable secretarial standards.
were passed by the regulators or courts or tribunals
impacting the going concern status and Company’s 32. DISCLOSURES PERTAINING TO THE
operations in future. SEXUAL HARASSMENT OF WOMEN AT THE
WORKPLACE (PREVENTION, PROHIBITION
30. MATERIAL CHANGE AND COMMITMENT AND REDRESSAL) ACT, 2013:
OCCURRED BETWEEN END OF FINANCIAL
In order to comply with provisions of the Sexual Harassment
YEAR AND THE DATE OF REPORT:
of Women at Workplace (Prevention, Prohibition and
The Nomination & Remuneration Committee on May 26, Redressal) Act, 2013 and Rules framed thereunder, the
2023 allotted 48,200 (Forty-Eight Thousand Two Hundred Company has formulated and implemented a policy on
only) Equity Shares of H 10/- each to ‘PG Electroplast prevention, prohibition and redressal of complaints related to
Limited Employees Welfare Trust’ under the PG sexual harassment of women at the workplace. All employees,
Electroplast Employees Stock Options Scheme - 2020. whether permanent, temporary or contractual are covered
under the above policy. The said policy has been uploaded
The Nomination & Remuneration Committee on May 26, on the internal portal of the Company for information of all
2023 granted 3,57,000 (Three Lakh Fifty-Seven Thousand employees. An Internal Complaint Committee (ICC) has been
only) Employee Stock Options convertible into equal set up in compliance with the said Act.
number of Equity Shares of the Company of face value
of H 10/- each, to the Employees of the Company and its The following is a summary of sexual harassment
Subsidiary Company, under the PG Electroplast Employees complaints received and disposed of during the year:
Stock Option Scheme – 2020.
(a) Number of complaints pending at the beginning of
The Nomination & Remuneration Committee on August the year: NIL
22, 2023 allotted 28,700 (Twenty Eight Thousand Seven (b) Number of complaints received during the year: NIL
Hundred Only) Equity Shares of H 10/- each to the ‘PG
(c) Number of complaints disposed off during the year:
Electroplast Limited Employees Welfare Trust’ under PG
NIL
Electroplast Employees Stock Options Scheme - 2020.
(d) Number of cases pending at the end of the year: NIL

46
 A n n u a l R e p ort 20 22 -23

ACKNOWLEDGEMENT

The Directors extended their vote of thanks to the Company’s employees, customers, vendors, business associates investors and
all stakeholders for their continuous support. The Directors also thank the Government of India, Governments of various states
in India, Governments of various countries and concerned Government departments and agencies for their co-operation. The

CORPOR ATE OVERVIEW

Directors appreciate and value the contribution made by every member of the PG Group.

For and on Behalf of

Board of Directors of PG Electroplast Limited

Sd/- Sd/-
(Anurag Gupta) (Vikas Gupta)
Chairman MD-Operations
DIN: 00184361 DIN: 00182241
Date: September 07, 2023 B-15, Kalindi Colony, B-15, Kalindi Colony,
Place: Greater Noida Delhi-110065 Delhi-110065

STATUTORY REPORTS
FINANCIAL STATEMENTS

47
 P G Elect r o p la st L i m i ted

Annexure-I

Report on Corporate Governance

for the year 2022-23
[Pursuant to regulation 34(3) and Schedule V(C) of the SEBI Listing Obligations and Disclosure Requirements) Regulation 2015]

1) 
COMPANY’S PHILOSOPHY ON CODE OF sufficient disclosure about the decision-making processes
GOVERNANCE: and performance of the boards to enable the stakeholders to
make proper judgments, particularly with respect to how the
The Company believes that the creation of a climate which board members fulfil their duty of loyalty and duty of care in
emphasizes good governance principles, and deployment providing guidance and oversight to the management.
of a good corporate governance culture are keys for
sustainable development. Key aspect of the Company's Our business culture and practices are founded upon a
corporate governance philosophy includes continuous common set of values that govern our relationships with
strives to attain higher levels of consistency in policies of customers, employees, stakeholders, suppliers and the
the Company, accountability of managers and the Board communities in which we operate.
of Directors, transparency of corporate structures and

Your Company confirms compliance to the Corporate
operations, corporate responsibility towards stakeholders
Governance requirements as specified in the SEBI (Listing
and Open & honest way, the Company runs.
Obligations and Disclosure Requirements) Regulations,
Judgement or decisions of the boards are regulated by 2015 [hereinafter referred to as ‘Listing Regulations’] for the
Corporate Governance principle to ensure that there is financial year ended March 31, 2023 is as set out in this report

2) BOARD OF DIRECTORS:

a) The composition and category of Board of Directors as on March 31, 2023:

Name Designation Category

Mr. Anurag Gupta Whole Time Director Promoter, Executive
Mr. Vishal Gupta Managing Director - Finance Promoter, Executive
Mr. Vikas Gupta Managing Director - Operations Promoter, Executive
Mr. Sharad Jain Director Independent, Non-Executive
Mr. Raman Uberoi Director Independent, Non-Executive
Mr. Ram Dayal Modi Director Independent, Non-Executive
Ms. Mitali Chitre Director Nominee, Non-Executive
Ms. Ruchika Bansal Director Independent, Non-Executive

Notes for Point 2 (a)(b)(c)(d) & (f):

The Board of Directors in their meeting held on February 14, 2022 reappointed Mr. Anurag Gupta (DIN: 00184361) as the
Whole Time Director of your Company w.e.f. July 15, 2022.

Reappointment of Mr. Anurag Gupta as Whole Time Director was regularised through Postal Ballot Process on March 28,
2022 for a period of three consecutive years w.e.f. July 15, 2022.

Mr. Kishore Kumar Kaul (DIN: 07339035) tendered his resignation and ceased to be Non-Executive Independent Director
of your Company w.e.f. December 22, 2022 due to personal reasons. He also confirmed that there were no material
reasons for his resignation as specified above.

The Board of Directors appointed Mr. Raman Uberoi (DIN: 03407353) as an Additional Director in capacity of
Non-Executive Independent Director w.e.f. March 22, 2023.

The appointment of Mr. Raman Uberoi (DIN: 03407353) as Non-Executive Independent Director of the Company w.e.f.
March 22, 2023 was regularised through Postal Ballot Process by the shareholders of the Company on June 21, 2023.

48
 A n n u a l R e p ort 20 22 -23

b) Regularization of appointments of Whole Time Director and Non-Executive Independent Director:

Name of the Regularised at AGM/

S.N. DIN Designation Appointment Period
Director through Postal Ballot
1. Mr. Anurag 00184361 Whole Time Director 3 consecutive years Postal Ballot on March

CORPOR ATE OVERVIEW

Gupta w.e.f. July 15, 2022 28, 2022
2. Mr. Raman 03407353 Non-Executive 5 consecutive years Postal Ballot on June
Uberoi Independent Director w.e.f. March 22, 2023 21, 2023

c) Dates of Board Meetings held and attendance of each Director at the meeting and the last Annual General Meeting (AGM):

AGM
May 28, August August September November February March
Name of the Directors September
2022 12, 2022 29, 2022 27, 2022 14, 2022 04, 2023 22, 2023
29, 2022
Mr. Anurag Gupta √ √ √ √ √ √ √ √
Mr. Vishal Gupta √ √ √ √ √ √ √ √
Mr. Vikas Gupta √ X √ √ √ √ √ √
Mr. Sharad Jain √ √ √ √ √ √ √ √
Mr. Ram Dayal Modi √ √ √ √ √ √ √ √
Ms. Mitali Chitre √ √ √ √ √ √ √ √
Ms. Ruchika Bansal √ √ √ √ √ √ X √
Mr. Raman Uberoi NA NA NA NA NA √ √ NA

d) Number of Board Meetings (BM) held and attended by each director during the financial year 2022-23:

STATUTORY REPORTS
Name of the Directors Number of BM held and entitled to attend Number of BM attended
Mr. Anurag Gupta 7 7
Mr. Vishal Gupta 7 7
Mr. Vikas Gupta 7 6
Mr. Sharad Jain 7 7
Mr. Ram Dayal Modi 7 7
Ms. Mitali Chitre 7 7
Ms. Ruchika Bansal 7 6
Mr. Raman Uberoi 1 1

e) Number of other Board or Committees, etc.:

Number of other Names of the other

Number of other Board in
Committees in which a listed entities where
which the Director is a:
Name of the Directors director is a: the person is a director
and the category of
Member Chairperson Member Chairperson
directorship:
Mr. Anurag Gupta 6 3 0 0 Nil
Mr. Vishal Gupta 6 4 0 0 Nil
Mr. Vikas Gupta 7 0 0 0 Nil
FINANCIAL STATEMENTS

Mr. Sharad Jain 0 0 0 0 Nil

Mr. Ram Dayal Modi 1 0 3 0 MBL infrastructures
Limited -
Independent Director
Ms. Mitali Chitre 1 0 0 0 Nil
Ms. Ruchika Bansal 2 0 0 0 Globus Spirits Limited -
Independent Director
Mr. Raman Uberoi 1 0 2 0 Dvara Kshetriya Gramin
Financial Services
Private Limited –
Independent Director

f) Disclosure of relationships between Directors inter-se:

Mr. Anurag Gupta, Mr. Vikas Gupta and Mr. Vishal Gupta are related to each other as family members, no relationship
exists among other directors.

49
 P G Elect r o p la st L i m i ted

g) Number of shares and convertible instruments held by Non-Executive Directors:

Number of convertible
Name of the Directors Number of shares
securities
Mr. Sharad Jain 452 Nil
Mr. Ram Dayal Modi Nil Nil
Ms. Mitali Chitre 600 Nil
Ms. Ruchika Bansal Nil Nil
Mr. Raman Uberoi Nil Nil

h) Web link where details of familiarisation programmes imparted to independent directors is disclosed:

The details of model of familiarization program are available on link http://www.pgel.in/pdf/codes-policies/FP_ID.pdf

i) Skills/expertise/competence:

The Board has identified the following skills/expertise/ competencies fundamental for the effective functioning of the
Company which are currently available with the Board:

Area of Expertise
Forward
Technical skills
Name of the Strategy and
Accounts Behavioral
Directors and Governance Sales and Industry Conceptual
and
Planning Marketing Experience Thinking
Finance
Mr. Anurag Gupta √ √ √ √ √
Mr. Vishal Gupta √ √ √ √ √ √ √
Mr. Vikas Gupta √ √ √ √ √ √ √
Mr. Sharad Jain √ √ √ √ √ √
Mr. Ram Dayal Modi √ √ √ √ √ √
Ms. Mitali Chitre √ √ √ √ √ √
Ms. Ruchika Bansal √ √ √ √ √ √
Mr. Raman Uberoi √ √ √ √ √ √

In the table above, the specific areas of focus or expertise of individual Board members have been highlighted.
However, the absence of a mark against a member’s name does not necessarily mean the member does not possess the
corresponding qualification or skill.

j) Confirmation: of appointment of auditors of the company; Examining/

Reviewing with the management the annual financial
In the opinion of the Board, the Independent Directors statements and auditor’s report thereon before submission
fulfil the conditions specified in the SEBI (Listing to the board for approval; Reviewing with the management
Obligations & Disclosure Requirements) Regulations, the quarterly financial statements before submission to
2015 and are independent of the management. the board for approval; Reviewing with the management,
the statement of uses / application of funds raised through
Further, the Company has received declarations from
an issue; Approval or any subsequent modification of
all the Independent Directors confirming that they
transactions of the company with related parties; Reviewing
meet the criteria of independence as specified under
the adequacy of internal audit/control function, Discussion
Section 149(6) of the Companies Act, 2013 and they
with internal auditors of any significant findings; Discussion
are qualified to act as Independent Directors under
with statutory auditors before the audit commences, about
regulation 16(1)(b) of SEBI (Listing Obligations &
the nature and scope of audit as well as post-audit discussion
Disclosure Requirements) Regulations, 2015.
to ascertain any area of concern; and to mandatorily review
the following information:
3) AUDIT COMMITTEE:
a. Management discussion and analysis of financial
Brief term of reference: The term of reference of the Audit condition and results of operations;
Committee includes powers to investigate any activity within
its terms of reference, to obtain outside legal or other b. Statement of significant related party transactions
professional advice etc. The role of the Audit Committee submitted by management;
includes Oversight of the company’s financial reporting
c. Management letters / letters of internal control
process and the disclosure of its financial information;
weaknesses issued by the statutory auditors;
Recommendation for appointment, remuneration and terms

50
 A n n u a l R e p ort 20 22 -23

d. Internal audit reports relating to internal control (b) annual statement of funds utilized for purposes
weaknesses; other than those stated in the offer document/
prospectus/notice in terms of Regulation 32(7).
e. The appointment, removal and terms of remuneration
of the Chief internal auditor shall be subject to review Composition of Audit Committee, details of meeting &

CORPOR ATE OVERVIEW

by the Audit Committee; and attendance of Directors:

f. statement of deviations: During the year 2022-23, 4 (Four) meetings of the Audit
Committee took place on following dates:
(a) quarterly statement of deviation(s) including
report of monitoring agency, if applicable, (i) May 28, 2022; (ii) August 12, 2022; (iii) November 14,
submitted to stock exchange(s) in terms of 2023; (iv) February 04, 2023.
Regulation 32(1).
 The composition of the Audit Committee and the attendance of the members at the meetings held during the year are as under:

Status in
Name of Members Category No. of Meeting Attended
Committee
Mr. Sharad Jain Chairman Non-Executive Independent Director 4
Mr. Vishal Gupta Member Executive Director 4
Mr. Kishore Kumar Kaul# Member Non-Executive Independent Director 3
Mr. Ram Dayal Modi Member Non-Executive Independent Director 4
Ms. Mitali Chitre Member Non-Executive Nominee Director 4
Ms. Ruchika Bansal Member Non-Executive Independent Director 4
Mr. Raman Uberoi* Member Non-Executive Independent Director NA
#
Mr. Kishore Kumar Kaul (DIN: 07339035) tendered his resignation and ceased to be Non-Executive Independent Director and member of the Audit Committee of your
Company w.e.f. December 22, 2022.

STATUTORY REPORTS
*Mr. Raman Uberoi was appointed as a member of the Audit Committee with category of Non-Executive Independent Director of the Company w.e.f. March 22, 2023.

The Company Secretary i.e. Mr. Sanchay Dubey acts as the recommend to the Board their appointment and removal;
Secretary to the Committee. whether to extend or continue the term of appointment
of the independent director on the basis of the report
The Chairman of the Audit Committee was present at
of performance evaluation of independent directors and
the last Annual General Meeting of the Company held on
recommend to the board, all remuneration, in whatever
September 29, 2022.
form, payable to senior management.
During the financial year 2022-23, there were no instances
in which Board has rejected any recommendations made The composition of the Committee meets the requirements
by Audit Committee. of Section 178 of the Companies Act, 2013 and Regulation
19 of the Listing Regulations. As on March 31, 2023, the
4) NOMINATION AND REMUNERATION COMMITTEE: Committee comprises of two Non-Executive Independent
Directors and one Non-Executive Nominee Director. The
Brief term of reference: The terms of reference of the Company Secretary acts as a secretary to the Committee.
Nomination and Remuneration Committee include
formulation of the criteria for determining qualifications, Composition of Nomination & Remuneration Committee,
positive attributes and independence of a director details of meeting & attendance of Directors:
and recommend to the Board a policy, relating to the
remuneration of the directors, key managerial personnel 
During the year 2022-23, 4 (Four) meetings of the
FINANCIAL STATEMENTS

and other employees; Formulation of criteria for evaluation Nomination & Remuneration Committee took place on
of Independent Directors and the Board; Devising a policy following date:
on Board diversity & Identifying persons who are qualified
(i) June 11, 2022; (ii) August 12, 2022; (iii) February 04,
to become directors and who may be appointed in senior
2023; (iv) March 22, 2023
management in accordance with the criteria laid down, and

The composition of the Nomination & Remuneration Committee during the year and attendance of each member at the
Committee Meetings are as given below:
Name of Director Category Status in Committee No. of Meeting Attended
Mr. Sharad Jain Independent Director Chairman 4
Mr. Kishore Kumar Kaul* Independent Director Member 2
Mr. Ram Dayal Modi Independent Director Member 4
Ms. Mitali Chitre Nominee Director Member 4
*Mr. Kishore Kumar Kaul (DIN: 07339035) tendered his resignation and ceased to be Non-Executive Independent Director and member of the Nomination
& Remuneration Committee of your Company w.e.f. December 22, 2022.

51
 P G Elect r o p la st L i m i ted


Performance evaluation criteria for Independent i) participate constructively and actively in the
Directors: committees of the Board in which they are
chairpersons or members;
The Non-Executive Directors are evaluated on the basis of
the criteria including following: j) strive to attend the general meetings of the company;

Whether they- k) keep themselves well informed about the company

and the external environment in which it operates;
a) act objectively and constructively while exercising
their duties; l) do not to unfairly obstruct the functioning of an
otherwise proper Board or committee of the Board;
b) exercise their responsibilities in a bona fide manner in
the interest of the Company; m) moderate and arbitrate in the interest of the
c) devote sufficient time and attention to their company as a whole, in situations of conflict between
professional obligations for informed and balanced management and shareholder’s interest;
decision making;
n) abide by Company’s Memorandum and Articles of
d) do not abuse their position to the detriment of the Association, company’s policies and procedures
company or its shareholders or for the purpose of including code of conduct, insider trading guidelines etc.
gaining direct or indirect personal advantage or
advantage for any associated person; 5. REMUNERATION TO DIRECTORS

e) refrain from any action that would lead to loss of his During the year, Non-Executive Independent Directors of
independence; the Company had no pecuniary relationship or transactions
with the Company, other than sitting fees for the purpose
f) inform the Board immediately when they lose their
of attending meetings of the Company.
independence;

g) assist the company in implementing the best Non-Executive Independent Directors are paid only the
corporate governance practices; sitting fees for attending meetings of the Company. The
sitting fees are decided by the Board of Directors from
h) strive to attend all meetings of the Board of Directors time to time.
and the Committees;

Detail of remuneration/sitting fees paid to Directors for the financial year ended March 31, 2023 has been provided in
following tables:

a) Remuneration to Chairman-cum-Whole Time Director and Managing Directors:

(H / lakhs)
Commission/
Name of other
Salary and Stock Option/
Name of the Directors component of Total
Perquisites Performance
remuneration
Linked Incentive
Mr. Anurag Gupta 99.00 - Nil 99.00
Mr. Vishal Gupta 148.81 - Nil 148.81
Mr. Vikas Gupta 148.85 - Nil 148.85
Total 396.67 - Nil 396.67

b) Remuneration to Non-Executive Independent Directors

(H / lakhs)
Mr. Sharad Mr. Kishore Mr. Ram Ms. Ruchika Mr. Raman Total
Name of the Directors
Jain Kumar Kaul Dayal Modi Bansal Uberoi# Sitting Fees
Sitting Fees 2.60 1.50 2.40 1.80 0.30 8.50
Other 0 0 0 0 0 0

Non-Executive Independent Directors are paid only sitting fees.

*Mr. Kishore Kumar Kaul tendered his resignation and ceased to be Independent Director of the Company w.e.f. December 22, 2022.
#Mr. Raman Uberoi was appointed as Non-Executive Independent Director of the Company w.e.f. March 22, 2023.

52
 A n n u a l R e p ort 20 22 -23

Services of the Managing Directors and Whole Time The status of Investors’ Complaints received/resolved is as
Director may be terminated by either party, giving the follows
other party six months’ notice or the Company paying
six months’ salary in lieu thereof. There is no separate Pending at the Total Pending at
provision for payment of severance pay. Beginning of the Received & the End of

CORPOR ATE OVERVIEW

Year Redressed the Year
6. STAKEHOLDERS RELATIONSHIP COMMITTEE: 0 1 0

As on March 31, 2023, the Stakeholders Relationship • Name of the Non-Executive Director heading the
Committee of the Company comprised of three members: committee: Mr. Sharad Jain

a. Mr. Sharad Jain (Chairman, Non-Executive • Name and Designation of Compliance Officer:
Independent Director), Mr. Sanchay Dubey, Company Secretary

b. Mr. Anurag Gupta, and • Address: PG Elelctroplast Limited, P-4/2 to P-4/6,

Site-B, UPSIDC Industrial Area, Surajpur, Greater
c. Mr. Vishal Gupta Noida, Dist. Gautam Budh Nagar, (U.P.) PIN-201306

• Dedicated e-mail ID to redress investor grievances:

[email protected]

7. OTHER COMMITTEES OF BOARD:

As on March 31, 2023, the Board of the Company has 5 (Five) more Committees, namely, Corporate Social Responsibility (CSR)
Committee, Risk Management Committee Executive Committee, Corporate Committee and QIP Committee – 2022-23. Details
of the Committee are as follows:

STATUTORY REPORTS
Name of the
Term of reference (Brief) Composition other details
Committee
CSR Committee A. Formulation and recommendation to the Board, a Corporate 1. Mr. Ram Dayal Modi,
Social Responsibility Policy which shall indicate the activities Non-Executive Independent
to be undertaken by the company in areas or subject specified Director (Chairperson)
in Schedule VII of the Companies Act, 2013,
2. Mr. Vishal Gupta,
B. To recommend the amount of expenditure to be incurred Executive Director (Member) and
on the activities referred in above mentioned Para A,
3. Mr. Anurag Gupta,
C. Monitoring CSR Policy of the company from time to time, and
Executive Director (Member)
D. Any other matter, the CSR Committee may deem
appropriate after approval of Board of Directors or as may
be directed by the Board of Directors from time to time.
Risk Management 1. To formulate a detailed risk management policy. 1. Mr. Vishal Gupta,
Committee Executive Director (Chairperson)
2. To ensure that appropriate methodology, processes
and systems are in place to monitor and evaluate risks 2. Mr. Sharad Jain,
associated with the business of the Company. Non-Executive Independent
FINANCIAL STATEMENTS

3. To monitor and oversee implementation of the risk Director (Member) and

management policy, including evaluating the adequacy
3. Ms. Mitali Chitre,
of risk management systems.
Non-Executive Nominee Director
4. To periodically review the risk management policy, at (Member)
least once in two years, including by considering the
changing industry dynamic and evolving complexity.

5. To keep the board of directors informed about the nature

and content of its discussions, recommendations and
actions to be taken.

53
 P G Elect r o p la st L i m i ted

Name of the
Term of reference (Brief) Composition other details
Committee
Executive The Board has delegated certain powers to the Executive 1. Anurag Gupta,
Committee Committee, as per provisions of the Companies Act, 2013 to Executive Director (Chairperson),
exercise such power of Board, as and when required, between 2. Vishal Gupta,
periods of two Board Meetings. All matters transacted in Executive Director (Member),
the meeting of Executive Committee during the year were
3. Vikas Gupta, and
ratified by the Board of Directors in their first meeting held
Executive Director (Member)
after meeting of Executive Committee.
Corporate The Board has delegated certain powers to Corporate 1. Vishal Gupta,
Committee Committee to do all such acts, deeds, and things, as it deems Executive Director (Chairman)
necessary or desirable in connection with offering, issuing, 2. Vikas Gupta,
and allotting the Securities, including, but not limited to such Executive Director (Member)
terms and conditions, as the Committee may deem fit and
proper in its absolute discretion.
QIP Committee - The Board has delegated certain powers to the QIP Committee 1. Vishal Gupta,
2022-23 – 2022-23 to do all such acts, deeds, and things, as it deems Executive Director (Chairperson),
necessary or desirable in connection with issue and allotment 2. Anurag Gupta,
of the Equity Shares pursuant to Qualified Institutional Executive Director (Member),
Placements (QIP).
3. Vikas Gupta, and
Executive Director (Member)

The Corporate Committee at its meeting held on December 31, 2022 allotted 13,64,551 Equity Shares of face value of
H 10/- each pursuant to conversion of 10,76,904 17.96%Compulsorily Convertible Debentures (“CCDs”) at a conversion price of
H 337/- on preferential basis to the persons belonging to the public category.

Details of meeting of Risk management Committee & attendance of Directors:

During the year 2022-23, 2 (Two) meetings of the Risk Management Committee were held on September 27, 2022 and March
27, 2023, respectively.

Composition and attendance of Directors attending Risk management Committee meetings held during the year:

No. of Meeting
Name of Director Status in Committee Category
Attended
Mr. Vishal Gupta Chairman Executive Director 2
Mr. Sharad Jain Member Non-Executive Independent 2
Director
Ms. Mitali Chitre Member Non-Executive Nominee Director 2

8. GENERAL BODY MEETINGS

(i) Location & time of last Three Annual General Meetings (AGM):

Annual General Special

Date and Time Location
Meeting Resolution
20th Annual General September 29, 2022, at Conducted through Video Conferencing 8
Meeting 11:30 A.M. at P-4/2 To P-4/6, Site-B, UPSIDC Industrial
Area, Surajpur, Greater Noida (UP) - 201306
19th Annual General September 29, 2021, at Conducted through Video Conferencing 2
Meeting 11:00 A.M. at P-4/2 To P-4/6, Site-B, UPSIDC Industrial
Area, Surajpur, Greater Noida (UP) - 201306
18th Annual General September 29, 2020, at Conducted through Video Conferencing 2
Meeting 11:00 A.M. at P-4/2 To P-4/6, Site-B, UPSIDC Industrial
Area, Surajpur, Greater Noida (UP) - 201306

54
 A n n u a l R e p ort 20 22 -23

Brief description of Special Resolutions passed in last due to outbreak of COVID 19. The said information
3 (Three) AGMs: was sent to the concerned stock exchanges viz. BSE
& NSE immediately after approval from the Board
20th Annual General Meeting: 8 (Eight) and published on the Website of the Company,
Newspapers, and Website of Stock Exchanges.

CORPOR ATE OVERVIEW

1. To approve raising of funds through issuance
of Equity Shares up to H 500 Crores, by way of (ii) Newspapers wherein results normally published:
Qualified Institutions Placement.
All Quarterly Results of the Company are normally
2. To approve remuneration of Mr. Anurag Gupta published in ‘Business Standard’ (English & Hindi).
(DIN: 00184361) as Whole Time Director of the
Company. (iii) Website, where results are displayed:

3. To approve remuneration of Mr. Vishal Gupta Results & official news release are displayed on the
(DIN: 00184809) as Managing Director - Finance Company’s website www.pgel.in shortly after its
of the Company. submission to Stock Exchanges.

4. To approve remuneration of Mr. Vikas Gupta (DIN: (iv) News Releases and Presentations to Institutional
00182241) as Managing Director - Operations of Investors/Analysts:
the Company.
The Company upload all official news releases and the
5. To approve reappointment and remuneration of presentations made by the Company to analysts and
Mr. Pranav Gupta to hold office or place of profit institutional investors, on website of Stock Exchange
in the Company. as well as on its website www.pgel.in.

6. To approve reappointment and remuneration of

Mr. Aditya Gupta to hold office or place of profit 10. GENERAL SHAREHOLDERS INFORMATION:

STATUTORY REPORTS
in the Company.
a) AGM: Date, Time & Venue:
7. To approve reappointment and remuneration of
September 30, 2023 at 02.00 P.M. at through video
Mr. Vatsal Gupta to hold office or place of profit
conferencing or any other audio-visual means.
in the Company.
b) Financial Year:
8. To approve reappointment and remuneration of
Mr. Raghav Gupta to hold office or place of profit April 01, 2022 to March 31, 2023.
in the Company.
c) Dividend payment date:
19th Annual General Meeting: 2 (Two)
No dividend has been declared by the Board during
1. To appoint Mr. Vishal Gupta (DIN:00184809), as the year.
the Managing Director - Finance of the Company.
d) Name & address of Stock Exchanges:
2. To appoint Mr. Vikas Gupta (DIN:00182241),
as the Managing Director - Operations of the Equity shares are listed on BSE Limited and National
Company. Stock Exchange of India Limited.

18th Annual General Meeting: 2 (Two) BSE Limited National Stock Exchange of
FINANCIAL STATEMENTS

Phiroze Jeejeebhoy India Limited

1. To approve borrowing Limits of the company.
Towers, Exchange Plaza, C-1, Block G,
2. To authorize the Board of Directors to create/ Dalal Street, Bandra Kurla Complex,
modify charge. Mumbai – 400 001 Bandra (E),
Mumbai - 400 051

9. MEANS OF COMMUNICATION The Board of Directors hereby confirm that the

listing fees for the financial year 2022-23 & 2023-24
(i) Quarterly results: have been paid.

The quarterly results of the Company are announced e) Stock Code: ISIN No. INE457L01011
within 45 days of completion of each quarter & within
60 days of completion of March Quarter. However, Scrip Code in BSE 533581
results for quarter ended March, were announced Scrip Symbol in NSE PGEL
in compliance with the extension received from the
Stock Exchange and Ministry of Corporate Affairs

55
 P G Elect r o p la st L i m i ted

f) Market Price Data:

Monthly High & Low of Stock Prices (in H/share) of the Company in BSE & NSE during each month in financial year Ended
March 31, 2023 are as under:

NSE BSE
Month
High Price Low Price High Price Low Price
April 2022 843.15 715.00 842.60 714.15
May 2022 909.00 594.85 912.00 590.80
June 2022 1004.00 805.00 1006.55 802.00
July 2022 953.00 854.00 955.00 860.05
August 2022 960.00 821.00 989.00 832.55
September 2022 1110.00 879.00 1104.00 874.90
October 2022 1143.90 993.60 1144.50 997.00
November 2022 1088.60 958.50 1079.95 959.00
December 2022 1180.00 955.55 1180.85 960.00
January 2023 1229.90 1033.00 1228.00 1035.00
February 2023 1410.95 1002.50 1410.00 1002.75
March 2023 1443.90 1287.00 1444.00 1288.20

g) Performance in comparison to broad based indices:

(in H/share)
% change in
closing value % change in
of S&P BSE closing value
S&P BSE Small PGEL Share
Month Small Cap of PGEL share
Cap Closing Closing
Index w.r.t. w.r.t. previous
previous month
month
April 2022 28611.92 787.55 1.38 6.94
May 2022 26370.81 885.70 -8.50 11.08
June 2022 24786.42 865.95 -6.39 -2.28
July 2022 27056.38 942.50 8.39 8.12
August 2022 28650.88 895.45 5.57 -5.25
September 2022 28452.91 1025.60 -0.70 12.69
October 2022 28817.59 1046.45 1.27 1.99
November 2022 29519.61 976.85 2.38 -7.12
December 2022 28926.79 1124.00 -2.05 13.09
January 2023 28205.89 1084.55 -2.56 -3.64
February 2023 27341.14 1390.90 -3.16 22.03
March 2023 26957.01 1330.10 -1.42 -4.57

h) Registrar & Share Transfer Agent:

KFIN TECHNOLOGIES LIMITED

Selenium Building, Tower-B, Plot No 31 & 32,

Financial District, Nanakramguda, Serilingampally,
Hyderabad, Rangareddy, Telangana, India - 500 032
Email: [email protected];
Toll Free/ Phone Number: 1800 309 4001

i) Share Transfer System:

Transfers of equity shares in electronic form are affected through the depositories with no involvement of the Company.
The Company obtains from a Company Secretary in Practice, a certificate of compliance on yearly basis for the share
transfer formalities and files a copy of the said certificate with the Stock Exchanges.

56
 A n n u a l R e p ort 20 22 -23

j) Distribution of shareholding as on March 31, 2023:

No. of No of Shares
S. No. Category % to holders % Shares
Shareholders held

CORPOR ATE OVERVIEW

1 1 - 5000 12,120 92.10 7,79,421 3.43
2 5001 - 10000 414 3.15 3,13,168 1.38
3 10001 - 20000 244 1.85 3,57,226 1.57
4 20001 - 30000 92 0.70 2,34,992 1.03
5 30001 - 40000 54 0.41 1,88,180 0.83
6 40001 - 50000 40 0.30 1,87,626 0.82
7 50001 - 100000 71 0.54 4,99,327 2.20
8 100001 & ABOVE 125 0.95 2,01,82,677 88.74
Total: 13,160 100.00 2,27,42,617 100.00

During the year, the Company allotted:

• 53,200 Equity shares on August 12, 2022 to ‘PG Electroplast Limited Employees Welfare Trust’ at an issue price of
H 250/- per equity share under the PG Electroplast Employees Stock Options Scheme - 2020.

• 1,00,000 Equity Shares of face value of H 10/- each on September 27, 2022 pursuant to conversion of 1,00,000 Fully
Convertible Warrants at an issue price of H 150/- each, by way of preferential allotment to the following persons
belonging to “Non-Promoter” category.

• 13,64,551 Equity Shares of Face Value of H 10/- each upon conversion of 1,076,904 Compulsorily Convertible Debentures
(“CCDs”) and interest @ 17.96% accrued thereon; issued on preferential basis to the person belonging to the Public Category.

STATUTORY REPORTS
k) Dematerialization of shares and liquidity:

The Company has arrangements with both National Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CDSL) for demat facility

S.
No. Description No. of Holders Shares % to Equity
1 NSDL 5,059 1,92,60,581 84.69
2 CDSL 8,101 34,82,036 15.31
Total: 13,160 2,27,42,617 100.00

l) 
Outstanding GDR/ADR/Warrants or any Details of foreign currency exposure are disclosed
Convertible Instruments, conversion dates and in Notes forming part of financial statements of this
likely impact on equity: Annual Report.

Your Company does not have any outstanding GDR/ The policy on risk management can be accessed at
ADR/Warrants or any convertible instruments as on https://www.pgel.in/pdf/codes-policies/RMPolicy.pdf
March 31, 2023.
n) 
Plant Locations: Company has 5 (Five)
m) Commodity price risk or foreign exchange risk and Manufacturing Plants:
FINANCIAL STATEMENTS

hedging activities:
P-4/2 to 4/6, Site-B, Khasra No. 268 & 275,
The Company is exposed to the movement in the price UPSIDC Industrial Area, 15th Milestone, Roorkee
of key raw materials in domestic and international Surajpur, Greater Noida, - Dehradun National
markets. The company has in place a policy to manage District Gautam Budh Highway-73, Vill: Raipur,
exposure to fluctuation in the prices of the key raw Nagar, Pargana: Bhagwanpur,
materials used in operations. Uttar Pradesh, Tehsil -Roorkee,
Pin – 201306 Distt. Haridwar,
The Company’s exposure to the risk of changes Uttrakhand, Pin – 247667
in foreign exchange rates relates primarily to the E-14 & 15, F-20, Site - B, Plot No. A-20/2
Company’s operating activities (when revenue or UPSIDC Industrial Area, Supa Parner MIDC
expense is denominated in foreign currency). The Surajpur, Greater Noida, Industrial Area, City -
Company evaluates exchange rate exposure arising District Gautam Budh Supa, Taluka - Parner,
Nagar, Uttar Pradesh, District: Ahmednagar
from foreign currency transactions and follows an
Pin – 201 306 Maharastra, Pin – 414 301
established risk management policy.

57
 P G Elect r o p la st L i m i ted

within the Company etc; and to protect employees

I- 15, 16, 26 & 27, Site - C, UPSIDC Industrial Area,
Surajpur, Greater Noida, District Gautam Budh wishing to raise a concern about any irregularities
Nagar, Uttar Pradesh, Pin – 201306 within the Company.

o) Address for correspondence: This Policy intends to cover serious concerns that could
have grave impact on the operations and performance
P-4/2 to 4/6, Site - B, UPSIDC Industrial Area, of the business of the Company and malpractices
Surajpur, Greater Noida, Dist. Gautam Budh Nagar, and events which have taken place / suspected to
Uttar Pradesh, Pin – 201306 have taken place, misuse or abuse of authority,
Tel No: +91-120-2569323; Fax No: +91-120-2569131 fraud or suspected fraud, violation of company rules,
manipulations, negligence causing danger to public
11. OTHER DISCLOSURES: health and safety, misappropriation of monies, and
other matters or activity on account of which the
(i) Disclosures on materially significant related party interest of the Company is affected and formally
transactions that may have potential conflict with the reported by whistle blowers concerning its employees.
interests of company at large: This policy has been posted on the website of the
Company at http://www.pgel.in/pdf/codes-policies/
None of the related party transactions held during VigilMechanismWhistleBlowerPolicy.pdf
the year which was materially significant related party
transaction as defined in explanation of Regulation 23 The Directors of the Company affirm that no personnel
(1) of Listing Regulations. None of the transactions have been denied access to the Audit Committee.
with any of the related parties were in conflict with
the interest of the Company. Suitable disclosures of (iv) Details of compliance with mandatory requirements
such transactions have been made in the notes to and adoption of the non-mandatory requirements
financial Statements. of this clause:

(ii) Details of non-compliance by the company & The Company has complied with the mandatory
penalties, and strictures imposed on the company by requirement of the SEBI Listing Regulations. In
Stock Exchange or SEBI or any statutory authority, on compliance with the said Regulations, your Company
any matter related to capital markets: has obtained a certificate from Practicing Company
Secretary regarding compliance of conditions of
During the year, the Company on April 20, 2022 Corporate Governance. The said certificate is annexed
inadvertently filed/uploaded the shareholding to this Report.
pattern in XBRL mode for the quarter September 30,
2021 instead of quarter March 31, 2022 on BSE’s listing Your Company has also adopted the non-mandatory
portal. The Company, on realising the inadvertent requirements specified under Part E of Schedule II of
submission of the shareholding pattern on April 20, SEBI Listing Regulations regarding direct reporting
2022 for the quarter September 30, 2021, suo moto of Internal Auditor of your Company to the Audit
informed the BSE Limited as a good governance Committee of the Board of Directors.
practice and with bona fide intentions vide email/
Also, certificate from Practicing Company Secretary has
letter dated April 29, 2022 and uploaded/filed the
been obtained to the effect that none of the Directors
shareholding pattern for the quarter ended March
on the Board of the Company have been debarred or
31, 2022. The BSE Limited considered the revised
disqualified from being appointed or continuing as
filing as delay in filing amounting to non-compliance
Directors of the Company by the Board or Ministry of
of provisions and imposed fine of H 16,000/- plus GST
Corporate Affairs or any other Statutory Authorities.
@18% vide letter dated May 16, 2022. The Company
The said certificate is annexed to this Report.
paid the fine on May 30, 2022.
(v) Web link where policy for determining ‘material’
(iii) Whistle Blower Policy/Vigil Mechanism and
subsidiaries is disclosed: http://www.pgel.in/pdf/
affirmation that no personnel have been denied
codes-policies/Policyonmaterialsubsidiary.pdf
access to the audit committee:
(vi) Web link where policy on dealing with related party
The Company has established a Vigil Mechanism/
transactions is disclosed: http://www.pgel.in/pdf/
Whistle Blower Policy to provide a channel to the
codes-policies/RelatedPartyTransactionsPolicy.pdf
employees and Directors to report to the Whistle
Officer /Chairman of the Audit Committee about (vii) Details of utilization of funds raised through
unethical behavior, actual or suspected fraud or preferential allotment:
violation of the Codes of conduct or legal or regulatory
requirements or incorrect or misrepresentation of any During the year, the company raised funds for an
financial statements and reports or any irregularities amount of H 1,12,50,000/- on September 27, 2022 by

58
 A n n u a l R e p ort 20 22 -23

way of Preferential Issue of 1,00,000 Equity Shares 12. 

Non-compliance of any requirement of
pursuant to conversion of 1,00,000 Fully Convertible corporate governance report:
Warrants to the persons belonging to the Public
Category. The entire funds raised by the Company There are no instances of non-compliance of any
through Preferential Issue were utilized during the requirements of corporate governance report as

CORPOR ATE OVERVIEW

quarter ended December 31, 2022. mentioned in sub para (2) to (10) of para C of schedule V.

(Viii).Total Audit & Limited Review fees paid to the

13. 
Discretionary requirements of corporate
Statutory Auditor:
governance:
Particulars of payments to M/s S.S. Kothari Mehta &
• No modified opinion has been expressed on the
Company, Chartered Accountant, Statutory Auditors
financial statements for the financial year ended March
of the Company is given below:
31, 2023 by the Statutory Auditors of the Company.
(H in Lakhs)
Particulars Amount • The Internal Auditor of the Company attends the
Audit fee 13.00 meeting of the Audit Committee on quarterly basis and
Limited review fee 09.00 provides its report directly to the Audit Committee.
Total 22.00

(ix) Disclosures in relation to the Sexual Harassment of 14. 

Compliance of corporate governance
Women at Workplace (Prevention, Prohibition and requirements:
Redressal) Act, 2013:
The Company is in compliance with all the mandatory
a) Number of complaints pending at the beginning requirements of Corporate Governance as specified in
of the year: NIL Regulation 17 to 27 and clauses (b) to (i) of sub-regulation
(2) of Regulation 46 of the Listing Regulations.

STATUTORY REPORTS
b) Number of complaints filed during the year: NIL

c) Number of complaints disposed off during the 15. 

Disclosure with respect to demat suspense
year: NIL account/unclaimed suspense account:

d) Number of cases pending at the end of the year: None of the shareholder’s shares are lying in the suspense
NIL account and hence no disclosure is required under
Schedule V of Part F of Listing Regulations, 2015.

For and on Behalf of

Board of Directors of PG Electroplast Limited

Sd/- Sd/-
Date: September 07, 2023 (Anurag Gupta) (Vikas Gupta)
Place: Greater Noida Chairman MD-Operations
FINANCIAL STATEMENTS

Declaration Regarding Compliance by Board Members and Senior Management Personnel with the Code
of Conduct
This is to confirm that the Company has adopted the Code of Conduct for its Board Members including Independent Directors and
Senior Management. This Code is posted on the Company’s website.

I confirm that the Company has, in respect of the financial year ended March 31, 2023 received from the senior management team
of the Company and the members of the Board, a declaration of compliance with the Code of Conduct as applicable to them.

For PG Electroplast Limited

Sd/-
(Anurag Gupta
Date: September 07, 2023 Chairman
Place: Greater Noida DIN:00184361

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 P G Elect r o p la st L i m i ted

Certificate on Corporate Governance

To
The Members,
PG Electroplast Limited

We have examined the compliance of the conditions of Corporate Governance by M/s PG Electroplast Limited (‘the Company’) for
the year ended on March 31, 2023, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46
and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”).

The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company. Our
examination was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring
compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.

In our opinion and to the best of our information and according to the explanations given to us, and the representations made by
the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI
Listing Regulations for the year ended on March 31, 2023.

We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.

Restriction on use

The certificate is addressed and provided to the members of the Company solely for the purpose to enable the Company to comply
with the requirement of the Listing Regulations, and it should not be used by any other person or for any other purpose.

For Puja Mishra & Co.

Sd/-
Name of the Practicing
Company Secretary: Puja Mishra
Place: Ghaziabad ACS/ FCS No.: A42927
Date: 07/09/2023 C P No. : 17148
UDIN: A042927E000955883 PRB Certificate No: 3790/2023

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 A n n u a l R e p ort 20 22 -23

Compliance Certificate
[Under Regulation 17(8) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015]

CORPOR ATE OVERVIEW

We, Vishal Gupta (Managing Director - Finance) and Pramod Chimmanlal Gupta (Chief Financial Officer) certify that:

A. We have reviewed financial statements and the cash flow statement for the year 2022-23 and that to the best of their
knowledge and belief:

1. these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;

2. these statements together present a true and fair view of the listed entity's affairs and are in compliance with existing
accounting standards, applicable laws and regulations.

B. There are, to the best of our knowledge and belief, no transactions entered into by the listed entity during the year which are
fraudulent, illegal or violative of the listed entity's code of conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that We have evaluated
the effectiveness of internal control systems of the listed entity pertaining to financial reporting and We have disclosed to
the auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any, of which We are
aware and the steps we have taken or propose to take to rectify these deficiencies.

D. We have indicated to the auditors and the Audit committee:

1. significant changes in internal control over financial reporting during the year;

STATUTORY REPORTS
2. significant changes in accounting policies during the year and that the same have been disclosed in the notes to the
financial statements; and

3. instances of significant fraud of which they have become aware and the involvement therein, if any, of the management
or an employee having a significant role in the listed entity's internal control system over financial reporting.

For PG Electroplast Limited For PG Electroplast Limited

Sd/- Sd/-
Date: May 28, 2023 (Vishal Gupta) (Pramod Chimmanlal Gupta)
Place: Supa, Ahmednagar MD-Finance Chief Financial Officer
FINANCIAL STATEMENTS

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 P G Elect r o p la st L i m i ted

Annexure-II

Extract of Nomination and Remuneration Policy

General Appointment Criteria for Directors/KMP/ Removal: Due to reasons for any disqualification mentioned
SMP: in the Companies Act, 2013, rules made thereunder or under
any other applicable Act, rules and regulations or any other
Enhancing the competencies of the Board and attracting as reasonable ground, the Committee may recommend to the
well as retaining talented employees for role of KMP/a level Board for removal of a Director, KMP or Senior Management
below KMP are the basis for the Nomination and Remuneration Personnel subject to the provisions and compliance of the said
Committee to select a candidate for appointment to the Act, rules and regulations.
Board. When recommending a candidate for appointment, the
Nomination and Remuneration Committee has regard to: Criteria for Evaluation of Directors and the Board: Following
are the Criteria for evaluation of performance of Independent
• assessing the appointee against a range of criteria which Directors and the Board:
includes but not be limited to qualifications
1. Executive Directors: The Executive Directors shall be
• skills, regional and industry experience, background and evaluated on the basis of targets / Criteria given to
other qualities required to operate successfully in the executive Directors by the board from time to time.
position, with due regard for the benefits from diversifying
the Board; 2. Non-Executive Director: The Non-Executive Directors shall
be evaluated on the basis of the following criteria i.e.
• the extent to which the appointee is likely to contribute to whether they:
the overall effectiveness of the Board, work constructively
with the existing directors and enhance the efficiencies of a) act objectively and constructively while exercising
the Company; their duties;

• the skills and experience that the appointee brings to the b) exercise their responsibilities in a bona fide manner in
role of KMP/Senior Official and how an appointee will the interest of the company;
enhance the skill sets and experience of the Board as a
c) devote sufficient time and attention to their
whole;
professional obligations for informed and balanced
• the nature of existing positions held by the appointee decision making;
including directorships or other relationships and the d) do not abuse their position to the detriment of the
impact they may have on the appointee’s ability to exercise company or its shareholders or for the purpose of
independent judgment; gaining direct or indirect personal advantage or
advantage for any associated person;
• Personal specifications:
e) refrain from any action that would lead to loss of his
• Experience of management in a diverse organization;
independence;
• Excellent interpersonal, communication and f) inform the Board immediately when they lose their
representational skills;- Demonstrable leadership skills; independence;
• Commitment to high standards of ethics, personal g) assist the company in implementing the best
integrity and probity; corporate governance practices;

• Commitment to the promotion of equal opportunities, h) strive to attend all meetings of the Board of Directors
community cohesion and health and safety in the and the Committees;
workplace;
i) participate constructively and actively in the
• Having continuous professional development to committees of the Board in which they are
refresh knowledge and skills. chairpersons or members;

Additional Criteria for Appointment of Independent j) strive to attend the general meetings of the company;
Directors: The Committee shall consider qualifications for
k) keep themselves well informed about the company
Independent Directors as mentioned in herein earlier under
and the external environment in which it operates;
the head ‘Definitions’ and also their appointment shall be
governed as per the provisions of the Listing Agreement (as l) do not to unfairly obstruct the functioning of an
amended from time to time) and Companies Act, 2013. otherwise proper Board or committee of the Board;

62
 A n n u a l R e p ort 20 22 -23

m) moderate and arbitrate in the interest of the The relationship of remuneration to performance should be
company as a whole, in situations of conflict between clear and meet appropriate performance benchmarks. The
management and shareholder’s interest; remuneration should also involve a balance between fixed
and incentive pay reflecting short and long-term performance
n) abide by Company’s Memorandum and Articles of objectives appropriate to the working of the company and its

CORPOR ATE OVERVIEW

Association, company’s policies and procedures goals. Beside the above criteria Committee shall also consider
including code of conduct, insider trading guidelines etc. following points:
Policy on Board diversity: The Board of Directors shall have 1. Director/ Managing Director: Remuneration/
the optimum combination of Directors from the different compensation/ commission, etc. to be paid to Director/
areas / fields like production, Management, Quality Assurance, Managing Director, etc. shall be governed as per provisions
Finance, Sales and Marketing, Supply chain, Research and of the Companies Act, 2013 and rules made thereunder or
Development , Human Resources etc or as may be considered any other enactment for the time being in force.
appropriate. The Board shall have at least one Board member
who has accounting or related financial management expertise 2. Non-Executive Independent Directors: The Non- Executive
and at least three members who are financially literate. Independent Director may receive remuneration by way of
sitting fees for attending meetings of Board or Committee
Remuneration: The guiding principle is that the level and thereof. Provided that the amount of such fees shall be
composition of remuneration shall be reasonable and sufficient subject to ceiling/ limits as provided under Companies Act,
to attract, retain and motivate Directors, Key Management 2013 and rules made there under or any other enactment
Personnel and other senior officials. The Directors, Key for the time being in force. The Independent Directors shall
Management Personnel and other senior officials’ salary not be entitled to any stock option.
shall be based & determined on the individual person’s
skills, responsibilities, performance, salary in industry and in 3. KMPs/Senior Management Personnel, etc.: The
accordance with the limits as prescribed statutorily, if any. Remuneration to be paid to KMPs/ Senior Management
Personnel shall be based on the experience, qualification

STATUTORY REPORTS
The Nomination & Remuneration Committee will recommend and expertise of the related personnel and governed by
the remuneration for Directors, KMPs and Senior Officials of the limits, if any prescribed under the Companies Act,
the Company taking into account factors it deems relevant, 2013 and rules made thereunder or any other enactment
including but not limited to market, business performance for the time being in force.
and practices in comparable companies, having due regard
to financial and commercial health of the Company as well 4. Directors’ and Officers’ Insurance: Where any insurance
as prevailing laws and government/other guidelines. The is taken by the Company on behalf of its Directors, KMPs/
Committee shall consult the Chairman of the Board as it Senior Management Personnel etc. for indemnifying them
deems appropriate. Remuneration of the Chairman to be against any liability, the premium paid on such insurance
recommended by the Committee to the Board of the Company. shall not be treated as part of the remuneration payable
to any such personnel.

FINANCIAL STATEMENTS

63
 P G Elect r o p la st L i m i ted

Annexure-III

Disclosure Related Remuneration Required Under Rule 5 of the Companies

(Appointment and Remuneration of Managerial Personal) Rules, 2014

(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the
company for the financial year 2022-23:

Name Ratio
Mr. Anurag Gupta 37.96 1. The median remuneration of employees of the Company was
Mr. Vishal Gupta 57.09 H 2,60,443.90/- per annum.
Mr. Vikas Gupta 57.07
2. For this purpose, sitting fees paid to the Independent Directors &
remuneration to Executive Directors has not been considered as
remuneration.

(ii) The percentage increase in remuneration of Executive Director, Chief Financial Officer and Company
Secretary in the financial year 2022-23:

Name Designation % increase in remuneration

Mr. Anurag Gupta Whole Time Director 4.35
Mr. Vishal Gupta Managing Director - Finance 17.41
Mr. Vikas Gupta Managing Director - Operations 19.72
Mr. Pramod Chimmanlal Gupta Chief Financial Officer 9.12
Mr. Sanchay Dubey Company Secretary 33.65

(iii) The percentage increase in the median remuneration of employees in the financial year: 8.62%

(iv) The number of permanent employees on the rolls of company as on March 31, 2023: 890

(v) There are no exceptional circumstances for an increase in the managerial remuneration.

(vi) Affirmation: It is hereby confirmed that remuneration paid is as per the remuneration policy of the Company.

(vii) There was no employee in the Company, who was in receipt of remuneration for the year 2022-23 in excess of or equal to
Rupees One Crore and Two Lakh or Rupees Eight Lakh and Fifty Thousand in any month. Further, there was no employee who
was getting remuneration in excess of or equal to Rupees Sixty Lakh in that year or Rupees Five Lakh in any month during the
F.Y. 2022-23.

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 A n n u a l R e p ort 20 22 -23

Annexure-IV

FORM NO. MR-3

SECRETARIAL AUDIT REPORT

CORPOR ATE OVERVIEW

For the Financial Year Ended on March 31, 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]

To,
The Members,
PG Electroplast Limited

We have conducted the secretarial audit of the compliance a. The Securities and Exchange Board of India
of applicable statutory provisions and the adherence to good (Substantial Acquisition of Shares and Takeovers)
corporate practices by PG Electroplast Limited (hereinafter Regulations, 2011;
called the “Company”). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the b. The Securities and Exchange Board of India
corporate conducts/statutory compliances and expressing our (Prohibition of Insider Trading) Regulations, 2015;
opinion thereon.
c. The Securities and Exchange Board of India (Issue of
Based on our verification of the Company’s books, papers, Capital and Disclosure Requirements) Regulations, 2009;
minute books, forms and returns filed and other records
d. The Securities and Exchange Board of India

STATUTORY REPORTS
maintained by the Company and also the information
(Listing Obligations and Disclosure Requirements)
provided by the Company, its officers, agents and authorized
Regulations, 2015;
representatives during the conduct of secretarial audit, and
subject to our separate letter attached as Annexure – I; We e. The Securities and Exchange Board of India (Registrars
hereby report that in our opinion, the company has, during to an Issue and Share Transfer Agents) Regulations,
the audit period covering the financial year ended on March 1993 regarding the Companies Act and dealing with
31, 2023, generally complied with the statutory provisions client.
listed hereunder and also that the Company has proper Board-
processes and compliance-mechanism in place to the extent, The other laws, as informed and certified by the management
in the manner and subject to the reporting made hereinafter: of the Company which is specifically applicable to the Company
based on their industry are:
We have examined the books, papers, minute books, forms and
returns filed and other records maintained by PG Electroplast i. Water (Prevention and Control of Pollution) Act, 1961
Limited for the financial year ended on March 31, 2023
ii. Air (Prevention and Control of Pollution) Act, 1974
according to the provisions of:
iii. The Environment (Protection) Act, 1986
i. The Companies Act, 2013 (the Act) and the rules made
thereunder and the applicable provisions of the Companies iv. Hazardous and Other Wastes (Management and
Act, 1956; Transboundary Movement) Rules, 2016
FINANCIAL STATEMENTS

ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) v. E-Waste (Management) Rules, 2016
and the rules made there under;
We have also examined compliance with the applicable clauses
iii. The Depositories Act, 1996 and the Regulations and of the following:
Byelaws framed thereunder to the extent of Regulation
55A; i. Secretarial Standards issued by The Institute of Company
Secretaries of India.
iv. Foreign Exchange Management Act, 1999 and the rules
and regulations made there under to the extent of ii. The Listing Agreements entered into by the Company
Foreign Direct Investment, Overseas Direct Investment with the Stock Exchange- BSE Limited & National Stock
and External Commercial Borrowings; Exchange of India Limited.

v. Regulations and Guidelines prescribed under the We have made report on compliance under SCRA and SEBI
Securities and Exchange Board of India Act, 1992 (‘SEBI Act, rules and regulations made thereunder in SECRETARIAL
Act’) including: - COMPLIANCE REPORT, annexed as Annexure II of this report.

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 P G Elect r o p la st L i m i ted

In respect of applicable laws other than SCRA and SEBI Act, rules and regulations made thereunder, We report that during the
period under review, the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards,
etc. mentioned above.

We further report that:

• The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. There has been change in the composition of the Board of Directors during the financial year
ended on March 31, 2023 as follows:

Date of 1st Date of current Date of

DIN Name Designation Remarks
Appointment Appointment Cessation, If any
00184361 Anurag Gupta ED, WTD, 17-03-2003 15-07-2022 NA Reappointed as
Chairman WTD
00184809 Vishal Gupta ED, WTD, MD 01-05-2010 01-04-2021 NA NA
00182241 Vikas Gupta ED, WTD, MD 01-05-2010 01-04-2021 NA NA
06423452 Sharad Jain NED-ID 09-11-2012 11-08-2019 NA NA
03407353 Raman Uberoi NED-ID 22-03-2023 22-03-2023 NA Appointed as
ID
07339035 Kishore Kumar Kaul NED – ID 26-01-2021 26-01-2021 23-12-2022 NA
03047117 Ram Dayal Modi NED - ID 26-05-2021 26-05-2021 NA NA
09040978 Mitali Chitre NED – Nominee 02-07-2021 02-07-2021 NA NA
Director
06545221 Ruchika Bansal NED - ID 14-08-2021 14-08-2021 NA NA

• Adequate notice was given to all directors to schedule the 1. During the period under review, the Company allotted
Board Meetings, agenda and detailed notes on agenda 53,200 Equity Shares of face value of H 10/- each at an
were sent at least seven days in advance and a system issue price of H 250/- to the ‘PG Electroplast Limited
exists for seeking and obtaining further information and Employees Welfare Trust’ under PG Electroplast Limited
clarifications on the agenda items before the meeting and Employees Stock Option Scheme - 2020 in compliance
for meaningful participation at the meeting. with the SEBI (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021.
• All decisions at Board Meetings and Committee Meetings
are carried out unanimously as recorded in the minutes of 2. During the period under review, the company allotted
the meetings of the Board of Directors or Committee of 1,00,000 Equity Shares of face value of H 10/- each pursuant
the Board, as the case may be. to conversion of 1,00,000 Fully Convertible Warrants,
issued on March 31, 2021 at an issue price of H 150/- each,
We further report that based on the information provided by way of preferential issue to the persons belonging to
and the representations made by the company and also on Non-Promoter Category in terms of SEBI (Issue of Capital
the review of the compliance reports of Company Secretary & Disclosure Requirements) Regulations, 2018 .
taken on record by the Board of Directors of the Company, in
our opinion, there are adequate systems and processes in the 3. During the period under review, the Company allotted
company commensurate with the size and operations of the 13,64,551 Equity Shares of face value of H 10/- each
company to monitor and ensure compliance with applicable pursuant to conversion of 10,76,904, 17.96% Compulsorily
laws, rules, regulations and guidelines. Convertible Debentures (“CCDs”) allotted on preferential
basis on July 01, 2021 and unpaid coupon amount accrued
We further report that during the audit period, following thereon, at the conversion price of H 337/-, determined as
specific events/actions in pursuance of the above referred per the SEBI ICDR Regulations.
laws, rules, regulations, guidelines etc. having a major bearing
on the company’s affairs.

For Puja Mishra & Co.

Sd/-
Name of the Practicing Company Secretary: - Puja Mishra
Place: Ghaziabad ACS No.: A42927
Date: 07/09/2023 C P No.: 17148
UDIN: A042927E000955806 PRB Certificate No: 3790/2023

This report is to be read with our letter of even date which is annexed as “Annexure I & II’ and forms an integral part of this
report.

66
 A n n u a l R e p ort 20 22 -23

‘Annexure I’

To
The Members

CORPOR ATE OVERVIEW

PG Electroplast Limited

Our report of even date is to be read along with this letter which states as follows:

1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express an
opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are
reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our
opinion.

3. We have not verified the correctness and appropriateness of compliance by the company of applicable General Laws including
Labour laws, financial laws like direct and indirect laws and maintenance of financial records and books of accounts, since the
same have been subject to review by Statutory Financial Audit and other designated professionals. Further, as confirmed by
the Management of the Company, no other specific Act is applicable to Company including the Environmental Laws other than
mentioned in the Report.

4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.

STATUTORY REPORTS
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the company.

7. We have relied on the certificate obtained by the company from the Management Committee/Function heads and based
on the report received, there has been due compliance of all laws, orders, regulations and other legal requirements of the
central, state and other government and legal authorities concerning the business and affairs of the company.

For Puja Mishra & Co.

Sd/-
Name of the Practicing Company Secretary: - Puja Mishra
ACS No.: A42927
Place: Ghaziabad C P No.: 17148
Date: 07/09/2023 PRB Certificate No: 3790/2023
FINANCIAL STATEMENTS

67
 P G Elect r o p la st L i m i ted

‘Annexure II’

SECRETARIAL COMPLIANCE REPORT OF PG ELECTROPLAST LIMITED

FOR THE YEAR ENDED MARCH 31, 2023

I, Puja Mishra, Proprietor of M/s Puja Mishra & Co., Company C. Securities and Exchange Board of India (Substantial
Secretaries, have examined: Acquisition of Shares and Takeovers) Regulations, 2011;

a) all the documents and records made available to us and D. Securities and Exchange Board of India (Buyback of
explanation provided by M/s PG Electroplast Limited Securities) Regulations 2018 (The Company has not made
(“the listed entity”), any buy back of shares or other specified securities during
review period);
b) the filings/ submissions made by the listed entity to the
stock exchanges, E. Securities and Exchange Board of India (Share Based
Employee Benefits) Regulations, 2014;
c) website of the listed entity,

d) any other document/ filing, as may be relevant, which has F. Securities and Exchange Board of India (Issue and Listing
been relied upon to make this certification, of Debt Securities) Regulations, 2008 (Not applicable for
period under review);
for the year ended March 31, 2023 (“Review Period”) in
respect of compliance with the provisions of: G. Securities and Exchange Board of India (Issue and Listing
of Non- Convertible and Redeemable Preference Shares)
1) the Securities and Exchange Board of India Act, 1992 Regulations, 2013 (The Company has not issued any
(“SEBI Act”) and the Regulations, circulars, guidelines Preference Shares);
issued thereunder; and
H. Securities and Exchange Board of India (Prohibition of
2) the Securities Contracts (Regulation) Act, 1956 (“SCRA”), Insider Trading) Regulations, 2015;
rules made thereunder and the Regulations, circulars,
guidelines issued thereunder by the Securities and I. Securities and Exchange Board of India (Prohibition
Exchange Board of India (“SEBI”); of Fraudulent and Unfair Trade Practices relating to
Securities Market) Regulations, 2003;
The specific Regulations, whose provisions and the circulars/
guidelines issued thereunder, have been examined, include: - J. Securities and Exchange Board of India (Depositories and
Participants) Regulations, 2018
A. Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015; and circulars/ guidelines issued thereunder; and based on
the above examination, we hereby report that, during the
B. Securities and Exchange Board of India (Issue of Capital Review Period:
and Disclosure Requirements) Regulations, 2018;

** (a) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued thereunder,
except in respect of matters specified below:

Compliance
Observations/
Requirement Type of
Regulation/ Action Details Remarks of
Sr. (Regulations/ Action Fine Management
Circular Deviations Taken of the Practicing Re marks
No. circulars/ guidelines Amount Response
No. by Violation Company
including specific
Secretary
clause)

None

68
 A n n u a l R e p ort 20 22 -23

(b) The listed entity has taken the following actions to comply with the observations made in previous reports:

Compliance
Requirement
Observations/
(Regulations/ Type of
Remarks of
Sr.

CORPOR ATE OVERVIEW

circulars/ Regulation/ Action Action Details of Fine Management Re
Deviations the Practicing
No. guidelines Circular No. Taken by Violation Amount Response marks
Company
including
Secretary
specific
clause)

1. The listed Regulation The The Fines as per BSE H 16000 The Company The Board
entity shall 31 of the Company Company, on SEBI circular considered plus GST suo moto, took note of
submit to SEBI (Listing on April realising the no. SEBI/HO/ the revised @ 18% informed the the said matter
the stock Obligations 20, 2022 inadvertent CFD/CMD/ filing as amounting BSE Limited and advised
exchange(s) and Disclosure inadvertently submission CIR/P/2020/12 delay to total of as a good the company
a statement Requirements) filed/ of the dated January in filing H18880/- governance to take extra
showing Regulations, uploaded the shareholding 22, 2020 amounting only practice and care and
holding of 2015 by the shareholding pattern on to non with bona fide precautions
securities and Company pattern April 20, compliance intentions while filing
shareholding in XBRL 2022 for of vide email/ disclosures
pattern mode for the quarter provisions letter dated to the stock
separately for the quarter September and April 29, 2022 exchanges
each class of September 30, 2021, imposed and uploaded/ as per the
securities, in 30, 2021 suo moto fine of H filed the SEBI (Listing
the format instead of informed the 16000/- shareholding Obligations
specified by quarter BSE Limited plus GST pattern for and Disclosure
the Board March 31, as a good @18% the quarter Requirements)
from time 2022 on governance vide letter ended March Regulations,
to time on a BSE’s listing practice dated 16th 31, 2022. The 2015.

STATUTORY REPORTS
quarterly basis, portal. and with May, 2022. Company also
within twenty bona fide paid the fine
one days from intentions on 30th May,
the end of vide email/ 2022.
each quarter letter dated
April 29,
2022 and
uploaded/
filed the
shareholding
pattern for
the quarter
ended March
31, 2022.

I, further report that during the period under review, there was no event of appointment/re-appointment of the Statutory Auditor
of the Company and the Company was in the compliance with Para 6(A) & 6(B) of SEBI Circular CIR/CFD/CMD1/114/2019 dated 18th
October, 2019.

I/We hereby report that, during the Review Period the compliance status of the listed entity is appended as below:

Compliance Observations
Sr.
FINANCIAL STATEMENTS

Particulars Status (Yes/ /Remarks by

No.
No/ NA) PCS*
1. Secretarial Standards: Yes None
The compliances of the listed entity are in accordance with the applicable Secretarial
Standards (SS) issued by the Institute of Company Secretaries India (ICSI), as notified by the
Central Government under section 118(10) of the Companies Act, 2013 and mandatorily
applicable.
2. Adoption and timely updation of the Policies: Yes None
• All applicable policies under SEBI Regulations are adopted with the approval of Board
of Directors of the listed entities
• All the policies are in conformity with SEBI Regulations and have been reviewed &
updated on time, as per the regulations/circulars/guidelines issued by SEBI

69
 P G Elect r o p la st L i m i ted

Compliance Observations
Sr.
Particulars Status (Yes/ /Remarks by
No.
No/ NA) PCS*
3. Maintenance and disclosures on Website: Yes None
• The Listed entity is maintaining a functional website
• Timely dissemination of the documents/ information under aseparate section on the
website
• Web-links provided in annual corporate governance reports under Regulation 27(2) are
accurate and specific which re- directs to the relevant document(s)/ section of the website
4. Disqualification of Director: Yes None
None of the Director(s) of the Company is/ are disqualified under Section 164 of Companies
Act, 2013 as confirmed by the listed entity.
5. Details related to Subsidiaries of listed entities have been examined w.r.t.: Yes None
(a) Identification of material subsidiary companies
(b) Disclosure requirement of material as well as other subsidiaries
6. Preservation of Documents: Yes None
The listed entity is preserving and maintaining records as prescribed under SEBI Regulations
and disposal of records as per Policy of Preservation of Documents and Archival policy
prescribed under SEBI LODR Regulations, 2015.
7. Performance Evaluation: Yes None
The listed entity has conducted performance evaluation of the Board, Independent
Directors and the Committees at the start of every financial year/during the financial year
as prescribed in SEBI Regulations.
8. Related Party Transactions:
(a) The listed entity has obtained prior approval of Audit Committee for all related party (a) Yes (a) None
transactions; or
(b) The listed entity has provided detailed reasons along with confirmation whether the (b) NA (b) NA
transactions were subsequently approved/ratified/rejected by the Audit Committee, in
case no prior approval has been obtained.
9. Disclosure of events or information: Yes None
The listed entity has provided all the required disclosure(s) under Regulation 30 along with
Schedule III of SEBI LODR Regulations, 2015 within the time limits prescribed thereunder.
10. Prohibition of Insider Trading: Yes None
The listed entity is in compliance with Regulation 3(5) & 3(6) SEBI (Prohibition of Insider
Trading) Regulations, 2015.
11. Actions taken by SEBI or Stock Exchange(s), if any: Yes None
No action(s) has been taken against the listed entity/ its promoters/ directors/ subsidiaries
either by SEBI or by Stock Exchanges (including under the Standard Operating Procedures
issued by SEBI through various circulars) under SEBI Regulations and circulars/ guidelines
issued thereunder except as provided under separate paragraph herein (**).
12. Additional Non-compliances, if any: NA None
No additional non-compliance observed for any SEBI regulation/circular/guidance note etc.

For Puja Mishra & Co.

Sd/-
Name of the Practicing Company Secretary: - Puja Mishra
Place: Delhi ACSNo.: A42927
Date: 29/05/2023 C P No.: 17148
UDIN: A042927E000407335 PRB Certificate No: 3790/2023

70
 A n n u a l R e p ort 20 22 -23

FORM NO. MR-3

SECRETARIAL AUDIT REPORT
For the Financial Year Ended on March 31, 2023

CORPOR ATE OVERVIEW

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]

To,
The Members,
PG Technoplast Private Limited

We have conducted the secretarial audit of the compliance v. Regulations and Guidelines prescribed under the
of applicable statutory provisions and the adherence to good Securities and Exchange Board of India Act, 1992 (‘SEBI
corporate practices by PG Technoplast Private Limited Act’) NA
(hereinafter called the “Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable basis for The other laws, as informed and certified by the management
evaluating the corporate conducts/statutory compliances and of the Company which is specifically applicable to the Company
expressing our opinion thereon. based on their industry are:

Based on our verification of the Company’s books, papers, i. Water (Prevention and Control of Pollution) Act, 1961
minute books, forms and returns filed and other records
ii. Air (Prevention and Control of Pollution) Act, 1974
maintained by the Company and also the information
provided by the Company, its officers, agents and authorized iii. The Environment (Protection) Act, 1986
representatives during the conduct of secretarial audit, and
subject to our separate letter attached as Annexure – I; We iv. Hazardous and Other Wastes (Management and

STATUTORY REPORTS
hereby report that in our opinion, the company has, during Transboundary Movement) Rules, 2016
the audit period covering the financial year ended on March
v. E-Waste (Management) Rules, 2016
31, 2023, generally complied with the statutory provisions
listed hereunder and also that the Company has proper Board- We have also examined compliance with the applicable clauses
processes and compliance-mechanism in place to the extent, of the following:
in the manner and subject to the reporting made hereinafter:
i. Secretarial Standards issued by The Institute of Company
We have examined the books, papers, minute books, forms and Secretaries of India.
returns filed and other records maintained by PG Technoplast
Limited for the financial year ended on March 31, 2023 ii. As the Company’s shares are not listed in any Stock
according to the provisions of: Exchange in India, the compliance under the Listing
Agreements with the Stock Exchange is not applicable.
i. The Companies Act, 2013 (the Act) and the rules made
thereunder and the applicable provisions of the Companies In respect of applicable laws other than SCRA and SEBI Act,
Act, 1956; rules and regulations made thereunder, We report that during
the period under review, the Company has generally complied
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) with the provisions of the Act, Rules, Regulations, Guidelines,
and the rules made there under; NA Standards, etc. mentioned above.

iii. The Depositories Act, 1996 and the Regulations and We further report that:
FINANCIAL STATEMENTS

Byelaws framed thereunder to the extent of Regulation

55A; NA • The Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-Executive
iv. Foreign Exchange Management Act, 1999 and the rules Directors and Independent Directors. There has been
and regulations made there under to the extent of change in the composition of the Board of Directors during
Foreign Direct Investment, Overseas Direct Investment the financial year ended on March 31, 2023 as follows:
and External Commercial Borrowings; NA

Sr.
Name of Directors Residential Address DIN PAN Designation
No.
1. Vikas Gupta B-15, Kalindi Colony, Opp. Maharani Bagh, 00182241 AAHPG5644H Director
New Delhi – 110065
2. Anurag Gupta B-15, Kalindi Colony, Opp. Maharani Bagh, 00184361 AAHPG5647E Director
New Delhi – 110065

71
 P G Elect r o p la st L i m i ted

Sr.
Name of Directors Residential Address DIN PAN Designation
No.
3. Ms. Ruchika Bansal H-1001, Prateek Stylome, Plot No.-GHA4/ 06505221 AHJPB18O5E Independent
8, Sector-45, Noida, Gautam Buddha Director
Nagar, Uttar Pradesh- 201301
4. Vishal Gupta B-15, Kalindi Colony, Opp. Maharani Bagh, 00184809 AAHPG5643A Director
New Delhi – 110065

• Adequate notice was given to all 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 clarifications on the agenda
items before the meeting and for meaningful participation at the meeting.

• All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committee of the Board, as the case may be.

We further report that based on the information provided and the representations made by the company and also on the review
of the compliance reports of Company Secretary taken on record by the Board of Directors of the Company, in our opinion, there
are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and
ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, there was no such specific events/actions in pursuance of the above referred laws,
rules, regulations, guidelines etc. having a major bearing on the company’s affairs.

For Puja Mishra & Co.

Sd/-
CS Puja Mishra
Place: Ghaziabad ACS No.: A42927
Date: 25/07/2023 C P No.: 17148
UDIN: A042927E000671984 PRB Certificate No: 3790/2023

This report is to be read with our letter of even date which is annexed as Annexure I and forms an integral part of this report.

72
 A n n u a l R e p ort 20 22 -23

‘Annexure I’
To
The Members
PG Technoplast Private limited

CORPOR ATE OVERVIEW

Our report of even date is to be read along with this letter which states as follows:

1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express an
opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are
reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our
opinion.

3. We have not verified the correctness and appropriateness of compliance by the company of applicable General Laws including
Labour laws, financial laws like direct and indirect laws and maintenance of financial records and books of accounts, since the
same have been subject to review by Statutory Financial Audit and other designated professionals. Further, as confirmed by
the Management of the Company, no other specific Act is applicable to Company including the Environmental Laws other than
mentioned in the Report.

4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of

STATUTORY REPORTS
management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the company.

7. We have relied on the certificate obtained by the company from the Management Committee/Function heads and based
on the report received, there has been due compliance of all laws, orders, regulations and other legal requirements of the
central, state and other government and legal authorities concerning the business and affairs of the company.

For Puja Mishra & Co.

Sd/-
CS Puja Mishra
Place: Ghaziabad ACSNo.: A42927
Date: 25/07/2023 C P No.: 17148
UDIN: A042927E000671984 PRB Certificate No: 3790/2023 FINANCIAL STATEMENTS

73
 P G Elect r o p la st L i m i ted

Annexure-V

Certificate of Non-Disqualification
(For the financial year ended on March 31, 2023)

To,
The Members,
PG Electroplast Limited

We have examined the compliance of provisions of the Regulation 34(3) read with clause 10(i) of the Part C of Schedule V of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 by examining the relevant registers, records, forms,
returns and disclosures received from the Directors of M/s PG Electroplast Limited having CIN: L32109DL2003PLC119416 and
having registered office at DTJ209, DLF Tower-B, Jasola, New Delhi, India-110025 (hereinafter referred to as ‘the Company’),
produced before me by the Company.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company, I hereby
certify that none of the Directors on the Board of the Company as stated below for the financial year ended on March 31, 2023,
have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange
Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.

Sr. Director Identification

Name
No. Number (DIN)
1 Anurag Gupta 00184361
2 Vishal Gupta 00184809
3 Vikas Gupta 00182241
4 Sharad Jain 06423452
5 Raman Uberoi 03407353
6 Ram Dayal Modi 03047117
7. Mitali Chitre 09040978
8. Ruchika Bansal 06545221

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of
the Company. My responsibility is to express an opinion on these, based on my verification. This certificate is neither an assurance
as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the
affairs of the Company.

For Puja Mishra & Co.

Company Secretaries

Sd/-
CS Puja Mishra
Place: Ghaziabad M.No. - 42927
Date: 07/09/2023 C P No.: 17148
UDIN: A042927E000955839 PRB Certificate No: 3790/2023

74
 A n n u a l R e p ort 20 22 -23

Annexure-VI

FORM NO. AOC-1

CORPOR ATE OVERVIEW

Statement containing salient features of the financial statement of Subsidiaries/Associate Companies/Joint Ventures as
on March 31, 2023
(Pursuant to first proviso to sub-section sub-section (3) of section 129 of the Act and
read with rule 5 of Companies (Accounts) Rules, 2014)

Part “A”: Subsidiaries:

(Amt. in H Lakh)
1. Name of the Subsidiary Companies PG Technoplast PG Plastronics
Pvt. Ltd. Pvt. Ltd.
2. Reporting period for the subsidiary concerned, if different from the holding N.A. N.A.
company's reporting period
3. Reporting currency and Exchange rate as on the last date of the relevant N.A. N.A.
financial year in the case of foreign subsidiaries.
4. Share capital 52.00 2.00
5. Reserves & surplus 11,371.48 (1.35)
6. Total assets 87,599.85 0.82
7. Total Liabilities 76,176.37 0.18
8. Investments Nil Nil
9. Turnover 1,03,258.66 Nil

STATUTORY REPORTS
10. Profit before taxation 4,077.39 (0.91)
11. Provision for taxation 739.35 0.16
12. Profit after taxation 3,338.03 (0.76)
13. Proposed Dividend Nil Nil
14. % of shareholding 100% 100%

1. Names of subsidiaries which are yet to commence operations: PG Plastronics Private Limited

2. Names of subsidiaries which have been liquidated or sold during the year: Nil

Part "B": Associates and Joint Ventures

There were no Associates and Joint Ventures of the Company as on March 31, 2023.

For and on Behalf of Board of Directors of

PG Electroplast Limited FINANCIAL STATEMENTS

Sd/- Sd/-
(Anurag Gupta) (Vishal Gupta)
Chairman MD-Finance
DIN: 00184361 DIN:00184809

Sd/- Sd/-
Date: September 07, 2023 (Sanchay Dubey) (Pramod Chimmanlal Gupta)
Place: Greater Noida Company Secretary Chief Financial Officer

75
 P G Elect r o p la st L i m i ted

Annexure-VII

FORM NO. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in
sub section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transaction under third proviso thereto

1. Details of contracts or arrangements or transactions not at arm’s length basis:

There were no contracts or arrangements or transactions entered into the year ended March 31, 2023 which were not at arm’s
length basis.

2. Details of material contracts or arrangement or transactions at arm's length basis:

Approved
Approval Transaction
Nature of Approval of limit of Transaction Advance paid
Party Name in General Value in J/
Contract Board transaction, in brief (J/Lakh)
Meeting Lakh (Annual)
if any
Leasing Mr. Vishal Transaction is part of ongoing lease deed dated 06/11/2009 - 0.15
property of Gupta for 30 years (Rent paid for Roorkee Factory).
any kind Mr. Vishal Renewed N.A. Monthly rent Rent paid for - 0.51
Gupta vide Board of H 0.04 lakh Registered
approval on plus taxes & office at
04/02/2023 maintenance Jasola, New
charges Delhi
M/s PG Renewed N.A. Monthly rent Rent received 0.06 0.36
Technoplast vide Board H 0.03 lakh for letting
Private approval on plus taxes premises
Limited 12/08/2022 at Supa,
Ahmednagar,
Maharashtra
M/s PG Renewed N.A. Monthly Rent Rent received - 9.95
Technoplast vide Board H 0.11 lakh for letting
Private approval on plus taxes the premises
Limited 12/08/2022 at Roorkee,
Uttarakhand
M/s PG Renewed N.A. Monthly Rent Rent received 0.10 0.60
Plastronics vide Board H 0.05 Lakh for letting
Private approval on plus taxes premises
Limited 04/02/2023 at Greater
Noida, Uttar
Pradesh
M/s PG Transaction is part of ongoing lease deed 06/11/2009 for 30 - 0.60
Electronics years (Rent paid for Roorkee Factory).

76
 A n n u a l R e p ort 20 22 -23

Approved
Approval Transaction
Nature of Approval of limit of Transaction Advance paid
Party Name in General Value in J/
Contract Board transaction, in brief (J/Lakh)
Meeting Lakh (Annual)
if any

CORPOR ATE OVERVIEW

Purchase of M/s PG Renewed N.A. Aggregate Purchase, - 3,072.76
Goods Technoplast vide Board of Purchase, Sale, High Sea
Private approval on Sale, High Sea Sale, Supply
Limited 14/02/2022 Sale, Supply of Products/
Sales of M/s PG Renewed N.A. of Products Goods/raw - 17,295.08
Products and Technoplast vide Board / Goods/raw materials,
Capital Goods Private approval on materials, capital goods,
Limited 14/02/2022 capital goods, and services
Services M/s PG Renewed N.A. and services from/to the - 15.46
Given/Sales Technoplast vide Board upto H wholly owned
of Services Private approval on 1,00,000 lakh subsidiary of
Limited 14/02/2022 the Company
High Sea M/s PG Renewed N.A. - 1,761.16
Sales of Technoplast vide Board
Capital Goods Private approval on
Limited 14/02/2022
Related party Mrs. Sudesh 15-05-2019 09-08-2019 Upto H 4.00 They are the - 30.87
appointment Gupta lakh per relatives of
to office month Directors &

STATUTORY REPORTS
or place of Mrs. Neelu 15-05-2019 09-08-2019 Upto H 4.00 are holding - 30.87
profit Gupta lakh per office in the
month Company as
Mrs. Sarika 15-05-2019 09-08-2019 Upto H 4.00 an employee - 30.87
Gupta lakh per
month
Mrs. Nitasha 15-05-2019 09-08-2019 Upto H 4.00 - 30.87
Gupta lakh per
month
Mrs. Kanika 14-11-2019 N.A. Upto 2.50 They are the - 6.25
Gupta lakh per relatives of
month Directors &
Mr. Pranav Renewed 29-09-2022 Upto H 10 are holding - 35.26
Gupta vide Board lakh per office in the
approval on month company as
12/08/2022 an employee
Mr. Aditya Renewed 29-09-2022 Upto H 10 - 24.18
Gupta vide Board lakh per
approval on month
12/08/2022
FINANCIAL STATEMENTS

Mr. Vatsal Renewed 29-09-2022 Upto H 10 - 18.25

Gupta vide Board lakh per
approval on month
12/08/2022
Mr. Raghav Renewed 29-09-2022 Upto H 10 - 18.10
Gupta vide Board lakh per
approval on month
12/08/2022

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Annexure VIII

Annual Report on Corporate Social Responsibility (CSR) Activities

[Pursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of the Companies (Corporate Social
Responsibility) Rules, 2014]

1. Brief outline of the Company’s CSR policy, including overview of projects or programmes proposed to
be undertaken:

PG Electroplast Limited (PGEL) strongly believes that Corporate Social Responsibility (CSR) is an approach that contributes to
sustainable development by delivering economic, social and environmental benefits for all stakeholders. It extends beyond
philanthropic activities and reaches out to the integration of social and business goals. These activities need to be seen
as those which would, in the long term, help secure a sustainable competitive advantage. As important as CSR is for the
community, it is equally valuable for a company. CSR activities can help forge a stronger bond between employee, community
and Company; they can boost morale and can help employees and community feel more connected with the company and
world around them.

PGEL believes in its commitment to take care of Environment, Education, Health and Safety of its employees and society which
contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. With
our goal of becoming the leader in the industry and our aim in human resource management, it’s our continuous endeavour
to reform our organization structure to human resource for better productivity and performance.

During the financial year under review, the Company has undertaken many initiatives towards CSR which include contributions
towards rescue and timely treatment of injured and helpless birds and animals. Providing ambulance, medical care and shelter
facility for sick and injured animals. Providing and encouraging medical aid and treatment of poor people, rendering medical
care and advice. Education and financial assistance to the children and women of weaker sections of society and their overall
development and upliftment.

2. The Composition of the CSR Committee:

The CSR Committee of the Board comprises of following Members, as on March 31, 2023:

No. of CSR Committee No. of CSR Committee

Sr. Designation / Nature
Name of Director meeting held during meeting attended
No. of Directorship
the year during the year
1. Mr. Ram Dayal Modi Chairperson 2 2
2. Mr. Anurag Gupta Member 2 2
3. Mr. Vishal Gupta Member 2 2

3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board
are disclosed on the website of the Company:

The CSR policy including overview of projects or programme proposed to be undertaken is available on the Company’s website
through the Web-link: http://www.pgel.in/pdf/codes-policies/CSRPOLICY.pdf

4. The Details of Impact assessment of CSR projects carried out in pursuance of sub – rule (3) of rule 8 of
the Companies (Corporate Social Responsibility Policy) Rules, 2014: Not Applicable

5. Amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year:

Sr. Amount available for set-off from Amount required to be set-off for the
Financial Year
No. preceding financial years (in J/Lakh) financial year, if any (in J/Lakh)
1. 2020-21 Nil Nil
2. 2021-22 Nil Nil
3. 2022-23 Nil 1.13

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 A n n u a l R e p ort 20 22 -23

6. Average net profit of the Company as per section 135(5): H 1643.58 Lakh

7. (a) Two percent of average net profit of the Company as per section 135(5): H 32.87 Lakh

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil

CORPOR ATE OVERVIEW

(c) Amount required to be set off for the financial year: Nil

(d) Total CSR obligation for the financial year (7a+7b+7c): H 32.87 Lakh

8. (a) CSR amount spent or unspent for the financial year:

Amount Unspent (in J/Lakh)

Total amount transferred to
Total amount spent for Amount transferred to any fund specified under
Unspent CSR Account as per
the Financial Year (in Schedule VII as per second proviso to section 135(5)
section 135(6)
J/Lakh)
Name of the
Amount Date of transfer Amount. Date of transfer
Fund
34.00 Nil N.A. N.A. Nil N.A.

(b) Details of CSR amount spent against ongoing projects for the financial year:

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount
transferred
Amount
Amount to Unspent

STATUTORY REPORTS
Item from spent Mode of
Local Location of allocated CSR Mode of
the list of in the Implementation
Sl. Name of the area the project. Project for the Account Implementation
activities in current - Through
No Project (Yes/ State/ duration project for the - Direct (Yes/
Schedule VII financial Implementing
No) District (in J/ project as No)
to the Act. Year (in J/ Agency
Lakh) per Section
Lakh)
135(6) (in J/
Lakh)

1. Reconstruction/ Promoting Yes Village 24-30 18.00 18.00 N.A. No Dnight

Expansion of Education Bilochpura, Months Wings Young
old villagers Baghpat, Foundation
School know Uttar Pradesh (CSR00012628)
as Knowledge
County
Academy
2. Birds and Protection Yes Noida, Uttar 16-18 8.00 8.00 N.A. No Sansthanam
Animals of flora and Pradesh Months Abhay Daanam
Hospital fauna, animal (CSR00001492)
welfare
3. Construction Preventing Yes Jhinjhana, 11-12 8.00 8.00 N.A. No Gyan Chetna
of Ajay Sangaal and Shamli, Uttar Months Educational
Institute promoting Pradesh Society
of Medical health care (CSR00045574)
FINANCIAL STATEMENTS

Sciences &
Research and
Ayushmaan
Hospital

(c) Details of CSR amount spent against other than ongoing projects for the financial year: Not Applicable

(d) Amount spent in Administrative Overheads: Nil

(e) Amount spent on Impact Assessment, if applicable: Not Applicable

(f) Total amount spent for the Financial Year (8b+8c+8d+8e): H 34.00 Lakh

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 P G Elect r o p la st L i m i ted

(g) Excess amount for set off, if any:

Sr.
Particular Amount (in J/Lakh)
No.
(i) Two percent of average net profit of the company as per section 135(5) 32.87
(ii) Total amount spent for the Financial Year 34.00
(iii) Excess amount spent for the financial year [(ii)-(i)] 1.13
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 1.13

9. (a) Details of Unspent CSR amount for the preceding three financial years: None

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Nil

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year (asset-wise details):

a) Date of creation or acquisition of the capital asset(s)

b) Amount of CSR spent for creation or acquisition of capital asset: None

c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address
etc.: Nil

d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset):
None

No capital asset was created / acquired during financial year 2022-23 through CSR spend.

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): Not
Applicable

For PG Electroplast Limited For PG Electroplast Limited

Sd/- Sd/-
Place: Greater Noida (Vishal Gupta) (Ram Dayal Modi)
Date: September 07, 2023 Manager Director-Finance Chairperson, CSR Committee

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 A n n u a l R e p ort 20 22 -23

Business Responsibility and Sustainability Report

(Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

CORPOR ATE OVERVIEW

SECTION A - GENERAL DISCLOSURE

I. DETAILS OF THE LISTED ENTITY

1. Corporate Identity Number (CIN) of the Listed Entity L32109DL2003PLC119416

2. Name of the Listed Entity PG Electroplast Limited
3. Year of incorporation 2003
4. Registered Address DTJ-209, DLF Tower-B, Jasola, New Delhi - 110025
5. Corporate address P-4/2 to P-4/6 Site-B, UPSIDC Industrial Area, Surajpur,
Greater Noida, Uttar Pradesh - 201306
6. Website www.pgel.in
7. Email ID [email protected]
8. Telephone 0120-2569323
9. Financial year for which reporting is being done FY 2022-23
10. Name of the Stock Exchange(s) where shares are listed a) National Stock Exchange of India Limited
b) BSE Limited
11. Paid-up Capital Rs. 22,74,26,170/- as of March 31, 2023
12. Name and contact details (telephone, email address) of the Mr. Sanchay Dubey
person who may be contacted in case of any queries on the 0120-2569323
BRSR report [email protected]

STATUTORY REPORTS
13. Reporting boundary: Are the disclosures under this report The disclosures in this report are made on consolidated
made on a standalone basis (i.e., only for the entity) or on basis, unless otherwise stated
a consolidated basis (i.e. for the entity and all the entities
which form a part of its consolidated financial statements,
taken together) –

II. PRODUCTS / SERVICES

14. Details of business activities (accounting for 90% of the turnover):

Description of Main Activity Description of Business Activity % of Turnover of the entity

Manufacturing Manufacturing of air conditioners, 99.79
washing machines, LED TVs, air coolers,
automotive components, bathroom
fittings and consumer electronics and
its components for OEM/ ODM industry
(Including Scrap)

15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
FINANCIAL STATEMENTS

Product/Service NIC Code % of total Turnover contributed

RAC 28192 48.21
Washing machine 27501 11.98
Air cooler 46529 1.77
Electronics 26104 7.28
Plastic moulding 22207 30.28
Tool Manufacturing 28223 0.48

III. OPERATIONS

16. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants/branch Total

National 7 7
International 0 0

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 P G Elect r o p la st L i m i ted

17. Markets served by the entity:

a) Number of locations

Location Total
National (No. of States) Pan India
International (No. of Countries) 0

b) What is the contribution of exports as a percentage of the total turnover of the entity?

0.09%

c) A brief on types of customers:

PG Electroplast is an end-to-end solutions provider for product design and final product assemblies for products like
Air Conditioners, Washing Machines, LED Televisions, Air Coolers, and much more. The company currently caters to
both ODM and OEM demand, with a continuous focus on delivering the highest standards of quality. The Company
offers exceptional solutions to meet the diverse needs of our clients as an Original Design Manufacturer (ODM) and
Original Equipment Manufacturer (OEM). The Company continue to enjoy enduring relationships with customers
across business verticals and are the chosen partners for our customers due to our ability to provide cost conscious
solutions and streamlined services.

IV. EMPLOYEES

18. Details as at the end of Financial Year

a) Employees and workers (including differently abled):

S.
Particulars Total
No.
1 Permanent 1391
2 Other than Permanent 3548
3 Total employees 4939

b) Differently abled Employees and workers:

S.
Particulars Total
No.
1 Permanent (D) 0
2 Other than Permanent 0
3 Total employees 0

19. Participation/Inclusion/Representation of women

No. and percentage of Females

Location Total
No. (B) % (B / A)
Board of Directors 8 2 25
Key Management Personnel 2 0 0

V. HOLDING, SUBSIDARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURE)

21. (a) Names of holding / subsidiary / associate companies / joint ventures

Does the entity indicated

Name of the holding / Indicate whether holding/ % of shares at column A, participate in
S.
subsidiary / associate Subsidiary/ Associate/ held by listed the Business Responsibility
No.
companies / joint ventures (A) Joint Venture entity initiatives of the listed
entity? (Yes/No)
1. PG Technoplast Private Limited Wholly owned sub-sidiary 100% Yes
2. PG Plastronics Private Limited Wholly owned sub-sidiary 100% Not Operational

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 A n n u a l R e p ort 20 22 -23

VI. CSR DETAILS

22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No): Yes

(ii) Turnover (in Rs.): 2,16,433.32 Lakhs

CORPOR ATE OVERVIEW

(iii) Net Worth (in Rs.): 39,592.78 Lakhs

SECTION B - MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the
NGRBC Principles and Core Elements.

S.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
Policy and management processes
1. a. Whether your entity’s policy / policies cover Y Y Y Y Y Y Y Y Y
each principle and its core elements of the
NGRBCs. (Yes/No)
b. Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
(Yes/No)
c. Web Link of the Policies, if available Refer www.pgel.in for code and policies
2. Whether the entity has translated the policy Y Y Y Y Y Y Y Y Y
into procedures. (Yes / No)
3. Do the enlisted policies extend to your value Y Y Y Y Y Y Y Y Y
chain partners? (Yes/No)

STATUTORY REPORTS
4. Name of the national and international codes/ The Company is committed to provide high quality products with minimal
certifications/ labels/ standards (e.g., Forest environmental impacts to our customers while adhering to highest level
Stewardship Council, Fairtrade, Rainforest of quality, environment, and safety management systems in place.
Alliance, Trusted) standards (e.g. SA 8000, Amber’s facilities/plants are accredited to following International
OHSAS, ISO, BIS) adopted by your entity and Organisation for Standardisation (ISO) standards and others:
mapped to each principle.
- Quality Management System ISO 9001:2015
- Environment Management System ISO 14001:2015
- Occupational Health Safety Management System ISO 45001:2018
- International Automotive Task Force (IATF) 16949:2016
5. Specific commitments, goals and targets set by The Company has adopted sustainability as the main goal and
the entity with defined timelines, if any. protecting the environment is the key to meet its goal. Our products
are manufactured keeping in mind their resource efficiency in their
developing and use phase. Most of the products manufactured are
energy efficient. In order to reduce the industrialization impact, your
Company has adopted the Restriction of Hazardous Substances Directive
(RoHS) process. The company, in an effort towards reducing the carbon
footprint, has begun sourcing some of its required electricity from
FINANCIAL STATEMENTS

renewable sources.
6. Performance of the entity against the specific
commitments, goals and targets along-with Not Applicable
reasons in case the same are not met.
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and
achievements (listed entity has flexibility regarding the placement of this disclosure) - Please refer Chairman Message
forming part of Annual report.
8. Details of the highest authority responsible for Name: Mr. Vishal Gupta
implementation and oversight of the Business Designation: MD-Finance
Responsibility policy (ies). DIN: 00184809
9. Does the entity have a specified Committee of Yes
the Board/ Director responsible for decision Name: Mr. Vishal Gupta
making on sustainability related issues? (Yes / Designation: MD-Finance
No). If yes, provide details. DIN: 00184809

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 P G Elect r o p la st L i m i ted

SECTION C - PRINCIPLE WISE PERFORMANCE DISCLOSURE

Principle wise (as per NVGs) BR Policy/policies

The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) released by the
Ministry of Corporate Affairs has adopted nine areas of Business Responsibility. These briefly are as follows:

P1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and
Accountable.
P2 Businesses should provide goods and services in a manner that is sustainable and safe.
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains.
P4 Businesses should respect the interests of and be responsive to all its stakeholders.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect and make efforts to protect and restore the environment.
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible
and transparent.
P8 Businesses should promote inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their consumers in a responsible man-ner.

The responses regarding the above 9 principles (P1 to P9) are given below:

S.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. Do you have a policy for Principles? Y Y Y Y Y Y Y Y Y
2. Has the policy been formulated in consultation Yes
with the relevant stakeholders?
3. Does the policy conform to any na-tional/ Yes, the policies are based on and compliant with the National Voluntary
international standards? If Yes, specify? Guidelines on So-cial, Environmental and Economic Responsi-bilities of
Business released by the Ministry of Corporate Affairs.
4. Has the policy been approved by the Board? If Yes, the policy has been approved and signed by the Managing Director.
yes, has it been signed by MD / Owner / CEO /
ap-propriate Board Director?
5. Does the Company have a specified committee No, the Company does not have any speci-fied committee of the Board
of the Board/Director/Official to oversee the to oversee the policy instead the Managing Director oversee policy
implementation of the policy? implementation.
6. Indicate the link for the policy to be viewed www.pgel.in
online?
7. Has the policy been formally com-municated to Yes
all relevant internal and external stakeholders?
8. Does the Company have in-house structure to Yes
implement the policy/ policies?
9. Does the Company have a griev-ance redressal Yes
mechanism related to the policy/policies to
address stakeholders’ grievances related to the
policy/ policies?
10. Has the Company carried out inde-pendent The policy has been evaluated internally.
audit / evaluation of the working of this policy
by an internal or external agency?

3. Governance:

Indicate the frequency with which the Board of Directors, The Managing Director annually assesses the BR
Committees of the Board or CEO assess the BR performance performance of the Company for ensuring the effectiveness
of the Company? Within 3 months, 3-6 months, Annually, more and relevance of BR initia-tives.
than 1 year
Does the Company publish a BR or a Sus-tainability Report? The Company published Business Responsibil-ity Report
What is the hyperlink for viewing this report? How frequently annually and can be accessed at our website www.pgel.in
it is published?

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 A n n u a l R e p ort 20 22 -23

PRINCIPLE-WISE PERFORMANCE

PRINCIPLE 1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability

CORPOR ATE OVERVIEW

1. Does the policy relating to ethics, brib-ery and corruption Our Corporate Governance practices apply across the entire PG
cover only the Com-pany? Does it extend to the group/ Joint Group. It also covers all dealings with suppliers, customers and
Ventures/ Suppliers/ Contractors / NGOs/ Others? Yes/No other business partners and other stakeholders. The Company
has zero tolerance approach towards bribery and corruption.
The Company ensures compliance of ethical standards by its
vendors and contractors through appropriate clauses in its
contracts to which they are obligated. The contracts include
clauses in relation to anti-corruption law, confidentiality,
human rights etc.
2. How many Stakeholders Complaints have been received in No complaints were received during the year 2022-23. Further,
the past financial year and what percentage was satisfac- there were no cases of violation of the Company’s Code
torily resolved by the management? If so, provide details of Conduct in FY 2022-23. No case was reported under the
thereof, in about 50 words or so. Company’s Whistle Blower Policy during the year.

Business should provide goods and services that are safe and contribute to sustainability throughout
PRINCIPLE 2
their life cycle

1. List up to 3 of your products or ser-vices whose design The company is engaged in inter-alia manufacturing of the products in

STATUTORY REPORTS
has incorporated so-cial or environmental concerns, the consumer durables, home appliances and other electronic items
risks and/or opportunities in India. Also, each of our manufacturing facilities are non-polluting
entities. The Company has adopted sustainability as the main goal and
protecting the environment is the key to meet its goal. Our products
are manufactured keeping in mind their resource efficiency in their
developing and use phase. Most of the products manufactured are
energy efficient. In order to reduce the industrialization impact,
your Company has adopted the Restriction of Hazardous Substances
Directive (RoHS) process. The company, in an effort towards reducing
the carbon footprint, has begun sourcing some of its required
electricity from renewable sources.
2. For each such product, provide the following details in The Company has taken efforts towards clean energy. As part of
respect of resource use (energy, water, raw material go-green initiative, your Company has already installed solar roof
etc.) per unit of product (optional): tops panels to reduce dependency on non-renewable sources at its
various facilities. This has enabled your Company to reduce costs and
(a) Reduction during sourcing/ produc-tion/ distribution increase operational efficiency. The Company is careful of its water
achieved since the pre-vious year throughout the consumption also and in this regard, the Company has taken several
value chain? (b) Reduction during usage by consumers measures towards wastewater treatment at its own cost and efforts.
(energy, water) has been achieved since the previous The Company has commissioned Sewage treatment plants (STP) in
FINANCIAL STATEMENTS

year? few of our manufacturing facilities. The said STP plants are being
monitored and supervised on daily basis. With the help of the said
STP plants, the Company is successful in treating the wastewater and
thereby reducing water consumption.
3. Does the Company have procedures in place for The Company is committed to ethical, legal, safe, fair and
sustainable sourcing (including transportation)? environmentally responsible business practices. The Company
has developed supplier intimacy and goodwill which enables the
(a) If yes, what percentage of your in-puts was sourced Company to source quality raw materials even when there is scarcity
sustainably? Also, pro-vide details thereof, in about 50 of raw material in Market. We engage with local suppliers for
words or so. sustainable sourcing. Adequate steps are taken for ensuring safety
during transportation. The Company has a responsible supply chain
policy. Our Contracts have appropriate clauses and checks to prevent
the employment of child labour or forced labour in any form. Our
suppliers are being regularly updated about company policies, quality
guidelines and business plan

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 P G Elect r o p la st L i m i ted

4. Has the Company taken any steps to procure goods The Company’s criteria for selection of goods and services are
and services from local & small producers, including reliability, quality and price. Regular assessments are made by the
communities surrounding their place of work? (a) If Company for the key suppliers and local vendors. We are continuously
yes, what steps have been taken to im-prove their working for exploring and selecting competent suppliers locally,
capacity and capability of lo-cal and small vendors? thereby supporting government’s initiative of “Atmanirbhar Bharat
Abhiyaan”. Frequent visits, if required are also arranged by the
officials of the Company to the workstations of these local vendors
for betterment of processes and quality of products.
5. Does the Company have a mechanism to recycle The Company’s waste management strategy is framed around the
products and waste? If yes, what is the percentage of 4 R’s – Reduce, Reuse, Recycle and Replace. The Company follows
recycling of products and waste). Also, provide details appropriate treatment or disposal of hazardous/ non-hazardous
thereof, in about 50 words or so. waste in adherence to applicable legislations. The Company has set
up Sewage Treatment Plants (STP) at its manufacturing facilities
which re-cycle the sewage/wastewater generated from these
manufacturing facilities and treated water is utilized in development
of greenbelt and plantation.

PRINCIPLE 3 Businesses should promote the wellbeing of all employees

1. Please indicate the Total number of employees. 4,939

2. Please indicate the Total number of employees hired on 3,548
temporary/ contractual/causal basis
3. Please indicate the number of permanent wom-en 30
employees
4. Please indicate the Number of permanent em-ployees with Nil
disabilities
5. Do you have an employee association that is recognized by None
management
6. What percentage of your permanent employees is member NA
of this recognised employee associa-tion?
7. Please indicate the Number of complaints relat-ing to child The Company does not engage in any form of child labour/
labour, forced labour, involuntary la-bour, sexual harassment forced labour/ involuntary labour and does not adopt any
in the last financial year and pending, as on the end of the discriminatory employment practices. The Company has a
financial year. policy against sexual harassment and a formal

process for dealing with complaints of harassment or

discrimination. No complaint of Sexual Harassment was
received during the year. Further, No complaints were pending
at the beginning and at the end of the year.
8. What percentage of your under mentioned em-ployees were
given safety & skill up-gradation training in the last year?

a. Permanent Employees a. 100%

b. Permanent Women Employees b. 100%
c. Casual/Temporary/Contractual Employees c. 100%
d. Employees with Disabilities d. NA

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 A n n u a l R e p ort 20 22 -23

Businesses should respect the interests of, and be responsive towards all stakeholders, especially
PRINCIPLE 4
those who are disadvantaged, vulnerable and marginalized.

1. Has the company mapped its internal and ex-ternal Yes, as a result of regular and extensive stakeholder engagement

CORPOR ATE OVERVIEW

stakeholders? Yes/ No over many years, the Company’s business operations have
evolved, balancing business priorities and responsibility
towards economic, environmental and social sustainability. The
Company builds trust through productive relationships, fosters
working partnerships and considers stakeholders both internal
and external as integral to its business.
2. Out of the above, has the company identified the The Company has employed Nil disabled persons (contractual
disadvantaged, vulnerable & marginalized stakeholders. basis).
3. Are there any special initiatives taken by the company Being a responsible corporate citizen, we focus on taking
to engage with the disadvantaged, vul-nerable and everyone along in our journey of growth. Our agenda of
marginalized stakeholders? If so, provide details thereof, in sustainability provides for key focus on social responsibility
about 50 words or so. and its delivery. The Company believes that an effective
stakeholder engagement process is necessary for achieving its
sustainability goal of inclusive growth.

PRINCIPLE 5 Businesses should respect and promote human rights.

STATUTORY REPORTS
1. Does the policy of the Company on human rights cover At PG Electroplast, stakeholders’ engagement is a key pillar
only the Company or extend to the Group/ Joint Ventures/ of sustainability that encompasses policies and programmes
Suppliers/ Contractors/ NGOs/ Others? which supports recognized human rights and seeks to avoid
human rights abuses. Yes, all companies in PG Group, including
employees and contractors are covered by this policy.
2. How many stakeholder complaints have been received in Nil
the past financial year and what per-cent was satisfactorily
resolved by the manage-ment?

PRINCIPLE 6 Businesses should respect, protect, and make efforts to restore the environment.

1. Does the policy related to Principle 6 cover only the company The Company’s environment, health and safety policy covers
or extends to the Group/ Joint Ventures/ Suppliers/ all the employees of PG Group and all the interested parties
Contractors/ NGOs/others. and public.
2. Does the company have strategies/ initia-tives to address Yes, the company has strategies/ initiatives towards addressing
global environmental issues such as climate change, global the global environmental issues. The Company is vigilant of the
FINANCIAL STATEMENTS

warming, etc? Y/N. If yes, please give hyperlink for webpage emerging challenges like climate change, global warming and
etc. investing in measures that convert these

challenges into opportunities. Global environmental issues our

addressed as a part of our business context and our moral duty
towards the environment. Increase use of renewable energy,
clean fuels and environment friendly materials, energy efficient
products, conservation measures, reducing dependence on
limited resources are an ongoing activity. The policy can be
accessed at our website www.pgel.in
3. Does the company identify and assess po-tential Yes. As part of Environmental Health and Safety (EHS),
environmental risks? Y/N the environmental risks are identified, assessed through
Environmental Aspect and Impact Assessments through risk
management committee.

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 P G Elect r o p la st L i m i ted

4. Does the company have any project relat-ed to Clean The company, in an effort towards reducing the carbon
Development Mechanism? If so, provide details thereof, in footprint, has begun sourcing some of its required electricity
about 50 words or so. Also, if Yes, whether any environmental from renewable sources. In FY 2022-23, your Company have
compliance report is filed? entered into a power purchase agreement with a company to
obtain at least 3.1 MW of solar energy for our manufacturing
unit at Uttar Pradesh for a period of 25 years. Also have
installed a 1.4 MW rooftop grid system solar panel at our Unit
2 – Subsidiary in Maharashtra, and a 0.65 MW solar plant at our
Unit – 4 in Maharashtra. These initiatives are expected to help
the company lower energy costs and reiterate the company’s
commitment to sustainable development philosophy.
5. Has the company undertaken any other initiatives on – clean The Company strives to adopt process improvement measures
technology, energy effi-ciency, renewable energy, etc. Y/N. and invest in efficient technologies to reduce its impact on
If yes, please give hyperlink for web page etc. the environment. For energy efficiency we are doing regular
monitoring of power & diesel consumption with lights on & off
in lunch time in different areas. The details of initiatives taken
for conservation of energy are given in in the Director’s Report.
6. Are the Emissions/Waste generated by the company within The Company’s emissions, effluents and waste are within the
the permissible limits given by CPCB/SPCB for the financial permissible limits given by Central Pollution Control Board
year being re-ported? (CPCB) and State Pollution Control Board (SPCB).
7. Number of show cause/ legal notices re-ceived from CPCB/ The Company did not receive any show cause/ legal notices
SPCB which are pending (i.e. not resolved to satisfaction) as from CPCB/SPCB.
on end of Financial Year.

Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible
PRINCIPLE 7
manner.

1. Is your company a member of any trade and chamber or The Company through Mr. Vikas Gupta, Managing Director -
association? If yes, Name only those major ones that your Operations is associated/member of the Consumer Electronics
business deals with. and Appliances Manufacturers Association (CEAMA).
2. Have you advocated/ lobbied through above associations CEAMA plays a strategic role in creating value add for the
for the advancement or improve-ment of public good? Yes/ consumer electronics and appliances industry through
No; if yes specify the broad areas (drop box: Governance and sustainable engagement with various stakeholders.
Ad-ministration, Economic Reforms, Inclusive De-velopment
Policies, Energy Security, Water, Food Security, Sustainable
Business Principles, Others)

PRINCIPLE 8 Businesses should support inclusive growth and equitable development.

1. Does the Company have specified pro-grammes/ initiatives/ Yes, our strategy of doing business is supported by our
projects in pursuit of the policy related to Principle 8? If yes careful concern towards society. The Company considers
details thereof. organisational success and welfare of communities as inter-
dependent. It understands the importance of inclusive growth
for developing the economy as a whole.
2. Are the programmes/projects undertaken through in- Our programmes/ initiatives are undertaken towards welfare
house team/own foundation/ exter-nal NGO/ government of community are strategically designed and implemented.
structures/ any other organization?
3. Have you done any impact assessment of your initiative? The Company assesses the impact of the CSR Projects and
Programs undertaken at its Board and CSR Committee
meetings.

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 A n n u a l R e p ort 20 22 -23

4. What is your company’s direct contribution to community The company contribute towards Eradicating hunger, poverty
development projects- Amount in Rupees and the details of and malnutrition, promoting health care including preventive
the projects under-taken. health care and sanitation and making available safe drinking

CORPOR ATE OVERVIEW

water. The Company also contributed to the Sri Sathya Sai
Medical Trust which has been undertaking a number of welfare
activities such as delivering quality medical care at primary,
secondary and tertiary levels completely free of charge and
supply of pure drinking water in various regions. Refer CSR
Disclosure forming part of Annual Report.
5. Have you taken steps to ensure that this community Our efforts towards betterment of society through various
development initiative is successful-ly adopted by the interventions are being successfully adopted by the community.
community? The Company’s representatives track and take necessary
steps to ensure that the initiatives so taken are providing the
intended benefit to the community as desired.

Businesses should engage with and provide value to their customers and consumers in a responsible
PRINCIPLE 9
manner.

1. What percentage of customer complaints/ consumer cases Nil

are pending as on the end of financial year.
2. Does the company display product infor-mation on the Not applicable since the Company follows the packaging
product label, over and above what is mandated as per local instructions given by its clients.

STATUTORY REPORTS
laws?
3. Is there any case filed by any stakeholder against the No cases were filed by any stakeholders against the Company
company regarding unfair trade practices, irresponsible regarding unfair trade practices, irresponsible advertising and/
advertising and/or anti-competitive behaviour during the or anti-competitive behaviour during the last five years.
last five years and pending as on end of financial year. If so,
provide details thereof, in about 50 words or so.
4. Did your company carry out any consumer survey/ consumer The Company’s Business model is B2B. Cus-tomer feedback
satisfaction trends? is gathered at the end of key customer interactions, during
delivery of Manu-factured product. The Company gathers the
required information from the business part-ners with whom
the Company carry out the business operations. The Company
is not di-rectly engaged with the end customers. There-fore,
the Company does not carry out any con-sumer survey/
consumer satisfaction trends.

FINANCIAL STATEMENTS

89
Standalone
Financial
Statements
 A n n u a l R e p ort 20 22 -23

Independent Auditor’s Report

To the Members of PG Electroplast Limited

CORPOR ATE OVERVIEW

Report on the Audit of the Standalone Financial under those Standards are further described in the Auditor’s
Statements Responsibilities for the Audit of the Standalone Financial
Statements’ section of our report. We are independent of the
Opinion Company in accordance with the ‘Code of Ethics’ issued by
the Institute of Chartered Accountants of India together with
We have audited the accompanying Standalone Financial
the ethical requirements that are relevant to our audit of the
Statements of PG Electroplast Limited (“the Company”),
Standalone Financial Statements under the provisions of the
which comprise the balance sheet as at March 31 2023, the
Act and the Rules thereunder, and we have fulfilled our other
statement of profit and loss, including the statement of
ethical responsibilities in accordance with these requirements
other comprehensive income, the cash flow statement and
and the Code of Ethics. We believe that the audit evidence we
the statement of changes in equity for the year then ended,
have obtained is sufficient and appropriate to provide a basis
and notes to the financial statements, including a summary
for our audit opinion on the Standalone Financial Statements.
of significant accounting policies and other explanatory
information. (hereinafter referred to as the “Standalone Key Audit Matters
Financial Statements”)
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and according judgment, were of most significance in our audit of the
to the explanations given to us, the aforesaid Standalone Standalone Financial Statements for the financial year ended
Financial Statements give the information required by the March 31, 2023. These matters were addressed in the context
Companies Act, 2013, as amended (“the Act”) in the manner of our audit of the Standalone Financial Statements as a whole,

STATUTORY REPORTS
so required and give a true and fair view in conformity with and in forming our opinion thereon, and we do not provide a
the accounting principles generally accepted in India, of the separate opinion on these matters. For each matter below, our
state of affairs of the Company as at March 31, 2023, its profit description of how our audit addressed the matter is provided
including other comprehensive income, its cash flows and the in that context.
changes in equity for the year ended on that date.
We have determined the matters described below to be the key
Basis for Opinion audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities
We conducted our audit of the Standalone Financial Statements
for the audit of the Standalone Financial Statements section of
in accordance with the Standards on Auditing (SAs), as
our report, including in relation to these matters.
specified under section 143(10) of the Act. Our responsibilities

Key audit matters How our audit addressed the key audit matter
Revenue Recognition Our procedures included;
Revenue from the sale of goods (hereinafter referred to as • Evaluating the integrity of the general information and
“Revenue”) is recognized when the Company performs its technology control environment and testing the operating
obligation to its customers and the amount of revenue can effectiveness of key IT application controls.
be measured reliably and recovery of the consideration is
• Evaluating the design and implementation of Company’s
FINANCIAL STATEMENTS

probable. The timing of such recognition in case of sale of

controls in respect of revenue recognition.
goods is when the control over the same is transferred to
the customer, which is mainly upon dispatch. • Testing the effectiveness of such controls over revenue cut
off at year-end.
The timing of revenue recognition is relevant to the • Testing the supporting documentation for sales transactions
reported performance of the Company. The management recorded during the period closer to the year end and
considers revenue as a key measure for evaluation of subsequent to the year end, including examination of credit
performance. There is a risk of revenue being recorded notes issued after the year end to determine whether revenue
before control is transferred. was recognized in the correct period.
• Performing analytical procedures on current year revenue
based on monthly trends and where appropriate, conducting
further enquiries and testing.
• Assessing the appropriateness of the Company’s revenue
recognition accounting policies in line with IND AS 115 (“Revenue
from Contracts with Customers”) and testing thereof.

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 P G Elect r o p la st L i m i ted

Key audit matters How our audit addressed the key audit matter
Accounting for Government Grants
The Company has various grants and subsidies receivable Our audit procedures included, amongst others:
from the State Governments of respective plant locations.
a) Examining that the recognition of grants / subsidies is in
accordance with IND AS 20 by making a reference to the
conditions for such grants in the scheme documents of
the respective state Governments and checking the due
evidence of fulfilment of such conditions by the Company.

b) Verifying the correspondence between the Company and

relevant Government authorities to assess the recoverability
of grants / subsidies already recognized.

Information Other than the Standalone Financial ensuring the accuracy and completeness of the accounting
Statements and Auditor’s Report Thereon records, relevant to the preparation and presentation of the
Standalone Financial Statements that give a true and fair view
The Company’s Board of Directors is responsible for the other and are free from material misstatement, whether due to
information. The other information comprises the information fraud or error.
included in the Annual Report but does not include the
Standalone Financial Statements and our auditor’s report In preparing the Standalone Financial Statements, management
thereon. The Annual Report is expected to be made available is responsible for assessing the Company’s ability to continue
to us after the date of this Auditors’ Report. Our opinion on as a going concern, disclosing, as applicable, matters related to
the Standalone Financial Statements does not cover the other going concern and using the going concern basis of accounting
information and we do not express any form of assurance unless management either intends to liquidate the Company or
conclusion thereon. to cease operations, or has no realistic alternative but to do so.

In connection with our audit of the Standalone Financial Those Board of Directors are also responsible for overseeing
Statements, our responsibility is to read the other information the Company’s financial reporting process.
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone Financial Auditor’s Responsibilities for the Audit of the
Statements or our knowledge obtained in the audit or Standalone Financial Statements
otherwise appears to be materially misstated. When we
read Annual Report, if we conclude that there is a material Our objectives are to obtain reasonable assurance about
misstatement therein, we are required to communicate the whether the Standalone Financial Statements as a whole
matter to those charged with governance. are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance,
Responsibilities of Management for the Standalone
but is not a guarantee that an audit conducted in accordance
Financial Statements
with SAs will always detect a material misstatement when it
The Company’s Board of Directors is responsible for the exists. Misstatements can arise from fraud or error and are
matters stated in Section 134(5) of the Act with respect to considered material if, individually or in the aggregate, they
the preparation of these Standalone Financial Statements could reasonably be expected to influence the economic
that give a true and fair view of the financial position, financial decisions of users taken on the basis of these Standalone
performance including other comprehensive income, cash Financial Statements.
flows and changes in equity of the Company in accordance
As part of an audit in accordance with SAs, we exercise
with the accounting principles generally accepted in India,
professional judgment and maintain professional skepticism
including the Indian Accounting Standards (Ind AS) prescribed
throughout the audit. We also:
under Section 133 of the Act read with relevant Rules issued
thereunder. • Identify and assess the risks of material misstatement of
the Standalone Financial Statements, whether due to fraud
This responsibility also includes maintenance of adequate
or error, design and perform audit procedures responsive
accounting records in accordance with the provisions of the Act
to those risks, and obtain audit evidence that is sufficient
for safeguarding the assets of the Company and for preventing
and appropriate to provide a basis for our opinion. The
and detecting frauds and other irregularities; selection
risk of not detecting a material misstatement resulting
and application of appropriate accounting policies; making
from fraud is higher than for one resulting from error, as
judgments and estimates that are reasonable and prudent;
fraud may involve collusion, forgery, intentional omissions,
and design, implementation and maintenance of adequate
misrepresentations, or the override of internal control.
internal financial controls, that were operating effectively for

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 A n n u a l R e p ort 20 22 -23

• Obtain an understanding of internal control relevant to Report on Other Legal and Regulatory Requirements
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3) 1. As required by the Companies (Auditor’s Report) Order,
(i) of the Act, we are also responsible for expressing our 2020 (“the Order”) issued by the Central Government of
opinion on whether the Company has adequate internal India in terms of section 143(11) of the Act, we give in the

CORPOR ATE OVERVIEW

financial controls with reference to Standalone Financial Annexure A, a statement on the matters specified in the
Statements in place and the operating effectiveness of paragraph 3 and 4 of the Order.
such controls.
2. As required by Section 143(3) of the Act, we report that:
• Evaluate the appropriateness of accounting policies used
(a) We have sought and obtained all the information and
and the reasonableness of accounting estimates and
explanations which to the best of our knowledge and
related disclosures made by management.
belief were necessary for the purposes of our audit;
• Conclude on the appropriateness of management’s use of
(b) In our opinion, proper books of account as required
the going concern basis of accounting and, based on the
by law have been kept by the Company so far as it
audit evidence obtained, whether a material uncertainty
appears from our examination of those books;
exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a (c) The balance sheet, the statement of profit and loss
going concern. If we conclude that a material uncertainty including the statement of other comprehensive
exists, we are required to draw attention in our auditor’s income, the cash flow statement and statement of
report to the related disclosures in the Financial changes in equity dealt with by this Report are in
Statements or, if such disclosures are inadequate, to agreement with the books of account;
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s (d) In our opinion, the aforesaid Standalone Financial
report. However, future events or conditions may cause Statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133 of the

STATUTORY REPORTS
the Company to cease to continue as a going concern.
Act, read with relevant Rules issued thereunder;
• Evaluate the overall presentation, structure and content
of the Standalone Financial Statements, including the (e) On the basis of the written representations received
disclosures, and whether the Financial Statements from the directors as on March 31, 2023 taken
represent the underlying transactions and events in a on record by the Board of Directors, none of the
manner that achieves fair presentation. directors is disqualified as on March 31, 2023 from
being appointed as a director in terms of Section 164
We communicate with those charged with governance (2) of the Act;
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including (f) With respect to the adequacy of the internal financial
any significant deficiencies in internal control that we identify controls with reference to these Standalone Financial
during our audit. Statements and the operating effectiveness of such
controls, refer to our separate Report in “Annexure B”
We also provide those charged with governance with a to this Report;
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate (g) In our opinion, the managerial remuneration for the
with them all relationships and other matters that may year ended March 31, 2023 has been paid/provided by
reasonably be thought to bear on our independence, and the Company to its directors in accordance with the
where applicable, related safeguards. provision of section 197 read with schedule V of the
FINANCIAL STATEMENTS

Act;
From the matters communicated with those charged with
governance, we determine those matters that were of most (h) With respect to the other matters to be included in
significance in the audit of the Standalone Financial Statements the Auditor’s Report in accordance with Rule 11 of
for the financial year ended March 31, 2023 and are therefore the Companies (Audit and Auditors) Rules, 2014,
the key audit matters. We describe these matters in our auditor’s as amended in our opinion and to the best of our
report unless law or regulation precludes public disclosure information and according to the explanations given
about the matter or when, in extremely rare circumstances, to us:
we determine that a matter should not be communicated in
i. The Company has disclosed the impact of
our report because the adverse consequences of doing so
pending litigations on its financial position in its
would reasonably be expected to outweigh the public interest
Standalone Financial Statements – Refer Note 40
benefits of such communication.
to the Standalone Financial Statements;

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 P G Elect r o p la st L i m i ted

ii. The Company did not have any long-term provide any guarantee, security or the like on
contracts including derivative contracts for which behalf of the Ultimate Beneficiaries; and
there were any material foreseeable losses;
c) Based on such audit procedures that were
iii. There were no amounts which were required considered reasonable and appropriate in
to be transferred to the Investor Education and the circumstances, nothing has come to our
Protection Fund by the Company. notice that has caused us to believe that the
representations under sub-clause iv (a) and
iv. a) The management has represented that, iv (b) contain any material misstatement.
to the best of its knowledge and belief, as
disclosed in the notes to the Standalone v. No dividend has been declared or paid during the
Financial Statements, no funds have been year by the Company.
advanced or loaned or invested by the
vi. Proviso to Rule 3(1) of the Companies (Accounts)
company to or in any other person or entities,
Rules, 2014 for maintaining books of account
including foreign entities (“Intermediaries”),
using accounting software which has a feature of
with the understanding, whether recorded in
recording audit trail (edit log) facility is applicable
writing or otherwise, that the Intermediary
to the Company with effect from April 1, 2023,
shall, whether, directly or indirectly lend or
and accordingly, reporting under Rule 11(g) of
invest in other persons or entities identified
Companies (Audit and Auditors) Rules, 2014 is
in any manner whatsoever by or on behalf of
not applicable for the financial year ended March
the company (“Ultimate Beneficiaries”) or
31, 2023.
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the

best of its knowledge and belief, as disclosed For S.S. KOTHARI MEHTA & COMPANY
in the notes to the Standalone Financial Chartered Accountants
Statements, no funds have been received Firm’s Registration No. 000756N
by the company from any person or entity,
including foreign entities (“Funding Parties”), AMIT GOEL
with the understanding, whether recorded in Partner
writing or otherwise, that the company shall, Membership No. 500607
whether, directly or indirectly, lend or invest
in other persons or entities identified in any Place: New Delhi
manner whatsoever by or on behalf of the Date: May 26, 2023
Funding Party (“Ultimate Beneficiaries”) or UDIN : 23500607BGURLE2495

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 A n n u a l R e p ort 20 22 -23

Annexure A to the Independent Auditor’s Report to the Members of PG Electroplast Limited dated May 26,
2023 on its Standalone Financial Statements.

Report on the matters specified in paragraph 3 of (e) There are no proceedings initiated or are pending

CORPOR ATE OVERVIEW

the Companies (Auditor’s Report) Order, 2020 (“the against the Company for holding any benami
Order’) issued by the Central Government of India in property under the Prohibition of Benami Property
terms of section 143(11) of the Companies Act, 2013 Transactions Act, 1988 and rules made thereunder.
(“the Act”) as referred to in paragraph 1 of ‘Report on
ii. (a) The management has conducted physical verification
Other Legal and Regulatory Requirements’ section.
of inventory at reasonable intervals during the year.
i. (a) (A) The Company has maintained proper records In our opinion, the coverage and the procedure of
showing full particulars including such verification by the management is appropriate.
quantitative details and situation of property, No Discrepancies of 10% or more in aggregate for
plant and equipment. each class of inventory were noticed on such physical
verification.
(a) (B) The Company has maintained proper records
showing full particulars of intangibles assets. ii. (b) The Company has been sanctioned working capital
limits in excess of Rs. five crores in
(b) The property, plant and equipment have been aggregate from banks and/or financial institutions
physically verified by the management during the during the year on the basis of security
year, the frequency of which, in our opinion, is of current assets of the Company. The quarterly
reasonable having regard to the size of the Company returns/ statements filed by the Company with such
and the nature of its assets. No discrepancies were banks and financial institutions are in agreement with
noticed on such verification. books of accounts of the Company except certain

STATUTORY REPORTS
variances which has been explained in the note no 46
(c) The title deeds of all the immovable properties (other
to the Standalone Financial Statements.
than properties where the Company is the lessee and
the lease agreements are duly executed in favor of iii. (a) During the year the Company has provided loans,
the lessee) are held in the name of the Company. advances in the nature of loans, stood
guarantee and provided security to companies, firms,
(d) The Company has not revalued its property, plant and
Limited Liability Partnerships or any other parties as
equipment (including right of use assets) or intangible
follows:
assets during the year ended March 31, 2023.
Amount in lakh
Advances in
Guarantees Security Loans
nature of loans
Aggregate amount granted/ provided during the year 43,500.00 Nil 6,742.00 Nil
- Subsidiaries 43,500.00 Nil 6,603.35 Nil
- Joint Ventures Nil Nil Nil Nil
- Associates Nil Nil Nil Nil
- Others Nil Nil 138.65 Nil
Balance outstanding as at balance sheet date in respect
of above cases
- Subsidiaries 60,100.00 Nil 1827.68 Nil
FINANCIAL STATEMENTS

- Joint Ventures Nil Nil Nil Nil

- Associates Nil Nil Nil Nil
- Others Nil Nil 11.90 Nil

iii. (b) During the year the investments made, guarantees and payment of interest has been stipulated and the
provided, security given and the terms and conditions repayment or receipts are regular.
of the grant of all loans and advances in the nature
iii. (d) There are no amounts of loans and advances in the
of loans and guarantees to companies, firms, Limited
nature of loans granted to companies, firms, limited
Liability Partnerships or any other parties are not
liability partnerships or any other parties which are
prejudicial to the Company's interest.
overdue for more than ninety days.
iii. (c) The Company has granted loans or advance in the iii. (e) There were no loans or advance in the nature of
nature of loan granted during the year to companies, loan granted to companies, firms, Limited Liability
firms, Limited Liability Partnerships or any other Partnerships or any other parties. Accordingly, the
parties where the schedule of repayment of principal requirement to report on clause 3(iii)(e) of the Order
is not applicable to the Company.

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 P G Elect r o p la st L i m i ted

iii. (f) As disclosed in note 6 to the Standalone Financial Statements, the Company has granted loans or advances in the nature
of loans, either repayable on demand or without specifying any terms or period of repayment to companies, firms,
Limited Liability Partnerships or any other parties. Of these following are the details of the aggregate amount of loans or
advances in the nature of loans granted to promoters or related parties as defined in clause (76) of section 2 of the Act:

All Parties Promoters Related Parties

Aggregate amount of loans/ advances in nature of loans
- Repayable on demand 1827.68 Nil 1827.68
Percentage of loans/ advances in nature of loans to the total loans 99% Nil 99%

iv. According to the information, explanations and vii. a. The Company is regular in depositing with appropriate
representations provided by the management and based authorities undisputed statutory dues including
upon audit procedures performed, we are of the opinion goods and services tax, provident fund, employees’
that in respect of loans, investments, guarantees and state insurance, income-tax, sales-tax, service tax,
security, the Company has complied with the provisions of duty of customs, duty of excise, value added tax, cess
the Section 185 and 186 of the Act and other statutory dues applicable to it. According
to the information and explanations given to us
v. In our opinion and according to the information and and based on audit procedures performed by us,
explanations given to us, the Company has not accepted no undisputed amounts payable in respect of these
any deposits from the public within the meaning of statutory dues were outstanding, at the year end, for
directives issued by the Reserve Bank of India and a period of more than six months from the date they
provisions of sections 73 to 76 or any other relevant became payable.
provisions of the Act and the Rules framed thereunder.
b. There are no dues of goods and services tax,
vi. We have broadly reviewed the books of account maintained provident fund, employees’ state insurance, income
by the Company pursuant to the rules made by the Central tax, sales-tax, service tax, customs duty, excise duty,
Government for the maintenance of cost records under value added tax, cess, goods and service tax and other
section 148(1) of the Act and are of the opinion that prima statutory dues which have not been deposited on
facie, the specified accounts and records have been made account of any dispute except the following:
and maintained. We have not, however, made a detailed
examination of the same.

Amount paid Period to which Forum where

Amount (Rs
Name of the statute Nature of thedues under protest the amount the dispute is
in Lakhs)
(Rs in Lakhs) relates pending
Central Excise Act, 1944 Excise Duty 765.73 - 2008-09 Supreme Court
to2011-12
Custom Act Anti-dumping duty 738.54 - 2010-11 Supreme Court

viii. The Company has not surrendered or disclosed any (d) On an overall examination of the Standalone Financial
transaction, previously unrecorded in the books of Statements of the Company, we are of the opinion
account, in the tax assessments under the Income Tax that no funds raised on short-term basis have been
Act, 1961 as income during the year. Accordingly, the used for long-term purposes by the Company.
requirement to report on clause 3(viii) of the Order is not
applicable to the Company. (e) On an overall examination of the financial statements
of the Company, the Company has not taken any
ix. (a) The Company has not defaulted in repayment of loans funds from any entity or person on account of or to
or other borrowings or in the payment of interest meet the obligations of its subsidiaries. The Company
thereon to any lender. does not have any joint venture and associate.

(b) The Company has not been declared willful defaulter (f) On an overall examination of the financial statements
by any bank or financial institution or government or of the Company, the Company has not raised loans
any government authority. during the year on the pledge of securities held in its
subsidiary company.
(c) In our opinion and according to the information and
explanations given to us, we are of the opinion that x. (a) The Company has not raised any money during the
Term loans were applied for the purpose for which year by way of initial public offer / further public offer
the loans were obtained. (including debt instruments). Hence, the requirement

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 A n n u a l R e p ort 20 22 -23

to report on clause 3(x)(a) of the Order is not (d) The Group doesn’t have any Core Investment Company
applicable to the Company. as part of the Group.

(a) The Company has complied with provisions of xvii. The Company has not incurred cash losses in the current
sections 42 and 62 of the Act in respect of the financial year and the immediately preceding financial year.

CORPOR ATE OVERVIEW

preferential allotment or private placement of
shares/ fully or partially or optionally convertible xviii. There has been no resignation of the statutory auditors
debentures respectively during the year. The during the year and accordingly requirement to report on
funds raised, have been used for the purposes for Clause 3(xviii) of the Order is not applicable to the Company.
which the funds were raised.
xix On the basis of the financial ratios disclosed in note 45 to
xi. (a) No fraud/ material fraud by the Company or no fraud the Standalone Financial Statements, ageing and expected
/ material fraud on the Company has been noticed or dates of realization of financial assets and payment of
reported during the year. financial liabilities, other information accompanying the
Standalone Financial Statements, our knowledge of the
(b) During the year, no report under sub-section (12) Board of Directors and management plans and based on our
of section 143 of the Act has been filed by cost examination of the evidence supporting the assumptions,
auditor/ secretarial auditor or by us in Form ADT – 4 nothing has come to our attention, which causes us to
as prescribed under Rule 13 of Companies (Audit and believe that any material uncertainty exists as on the date of
Auditors) Rules, 2014 with the Central Government. the audit report that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when
(c) As represented to us by the management, there they fall due within a period of one year from the balance
are no whistle blower complaints received by the sheet date. We, however, state that this is not an assurance
Company during the year. as to the future viability of the Company. We further state
that our reporting is based on the facts up to the date of
xii. The Company is not a Nidhi Company as per the provisions
the audit report and we neither give any guarantee nor any

STATUTORY REPORTS
of the Act. Therefore, the requirement to report on clause
assurance that all liabilities falling due within a period of
3(xii) of the Order are not applicable to the Company.
one year from the balance sheet date, will get discharged
xiii. In our opinion and according to the information and by the Company as and when they fall due.
explanations given to us, the Company is in compliance
xx (a) There are no unspent amounts that are required to
with section 177 and 188 of the Act where applicable, for
be transferred to a fund specified in Schedule VII of
all transactions with the related parties and the details
the Act, in compliance with second proviso to sub
of related parties transactions have been disclosed in
section 5 of section 135 of the Act. This matter has
the Standalone Financial Statements as required by the
been disclosed in note 42 to the Standalone Financial
applicable Indian Accounting standards.
Statements.
xiv (a) The Company has an internal audit system
(b) There are no unspent amounts in respect of ongoing
commensurate with the size and nature of its business.
projects, that are required to be transferred to a
(b) The internal audit reports of the Company issued till special account in compliance of provision of sub
the date of the audit report, for the period under section (6) of section 135 of the Act. This matter has
audit have been considered by us. been disclosed in note 42 to the Standalone Financial
Statements.
xv. In our opinion, and according to the information and
explanations given to us, the Company has not entered xxi. The reporting under clause 3(xxi) of the Order is not
FINANCIAL STATEMENTS

into any non-cash transactions with directors or persons applicable in respect of audit of Standalone Financial
connected with him as referred in section 192 of the Act. Statements of the Company. Accordingly, no comment has
been included in respect of said clause under this report.
xvi. (a) According to the information and explanations given to
us, the provisions of section 45-IA of the Reserve Bank
For S.S. KOTHARI MEHTA & COMPANY
of India Act, 1934 are not applicable to the Company.
Chartered Accountants
(b) The Company has not conducted any Non-Banking Firm’s Registration No. 000756N
Financial or Housing Finance activities without obtained
a valid Certificate of Registration (CoR) from the Reserve AMIT GOEL
Bank of India as per the Reserve Bank of India Act, 1934. Partner
Membership No. 500607
(c) The Company is not a Core Investment Company as
defined in the regulations made by Reserve Bank of Place: New Delhi
India. Accordingly, the requirement to report on clause Date: May 26, 2023
3(xvi) of the Order is not applicable to the Company UDIN : 23500607BGURLE2495

97
 P G Elect r o p la st L i m i ted

Annexure B to the Independent Auditor’s Report to the Members of PG Electroplast Limited dated May 26,
2023 on its standalone financial statements.

Report on the Internal Financial Controls under Our audit involves performing procedures to obtain audit
Clause (i) of Sub-section 3 of Section 143 of the evidence about the adequacy of the internal financial
Act as referred to in paragraph 2(f) of ‘Report on controls system over financial reporting and their operating
Other Legal and Regulatory Requirements’ section effectiveness.

We have audited the internal financial controls over financial Our audit of internal financial controls over financial reporting
reporting of the PG Electroplast Limited (the ‘Company’) as of included obtaining an understanding of internal financial
March 31, 2023 in conjunction with our audit of the Standalone controls over financial reporting, assessing the risk that a
Financial Statements of the Company for the year ended on material weakness exists, and testing and evaluating the
that date. design and operating effectiveness of internal control based
on the assessed risk.

Management’s Responsibility for Internal Financial The procedures selected depend on the auditor’s judgement,
Controls including the assessment of the risks of material misstatement
of the Standalone Financial Statements, whether due to fraud
The Company’s management is responsible for establishing
or error.
and maintaining internal financial controls based on “the
internal control over financial reporting criteria established We believe that the audit evidence we have obtained is
by the Company considering the essential components of sufficient and appropriate to provide a basis for our audit
internal control stated in the Guidance Note on Audit of opinion on the Company’s internal financial controls system
Internal Financial Controls Over Financial Reporting issued over financial reporting.
by the Institute of Chartered Accountants of India”. These
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were
Meaning of Internal Financial Controls over
operating effectively for ensuring the orderly and efficient
Financial Reporting
conduct of its business, including adherence to company’s A company's internal financial control over financial reporting is
policies, the safeguarding of its assets, the prevention and a process designed to provide reasonable assurance regarding
detection of frauds and errors, the accuracy and completeness the reliability of financial reporting and the preparation of
of the accounting records, and the timely preparation of Standalone Financial Statements for external purposes in
reliable financial information, as required under the Act. accordance with generally accepted accounting principles. A
company's internal financial control over financial reporting
Auditors’ Responsibility includes those policies and procedures that:

Our responsibility is to express an opinion on the Company's a) pertain to the maintenance of records that, in reasonable
internal financial controls over financial reporting based on detail, accurately and fairly reflect the transactions and
our audit. dispositions of the assets of the company;

We conducted our audit in accordance with the Guidance Note b) provide reasonable assurance that transactions
on Audit of Internal Financial Controls Over Financial Reporting are recorded as necessary to permit preparation of
(the “Guidance Note”) and the Standards on Auditing, issued by Standalone Financial Statements in accordance with
ICAI and deemed to be prescribed under section 143(10) of the generally accepted accounting principles, and that
Act, to the extent applicable to an audit of internal financial receipts and expenditures of the company are being made
controls, both applicable to an audit of Internal Financial only in accordance with authorizations of management
Controls and, both issued by the Institute of Chartered and directors of the company; and
Accountants of India. Those Standards and the Guidance Note
c) provide reasonable assurance regarding prevention or
require that we comply with ethical requirements and plan
timely detection of unauthorized acquisition, use, or
and perform the audit to obtain reasonable assurance about
disposition of the company's assets that could have a
whether adequate internal financial controls over financial
material effect on the Standalone Financial Statements.
reporting was established and maintained and if such controls
operated effectively in all material respects.

98
 A n n u a l R e p ort 20 22 -23

Inherent Limitations of Internal Financial Controls based on “the internal control over financial reporting
over Financial Reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on
Because of the inherent limitations of internal financial Audit of Internal Financial Controls Over Financial Reporting
controls over financial reporting, including the possibility issued by the Institute of Chartered Accountants of India”.

CORPOR ATE OVERVIEW

of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control For S.S. KOTHARI MEHTA & COMPANY
over financial reporting may become inadequate because of Chartered Accountants
changes in conditions, or that the degree of compliance with Firm’s Registration No. 000756N
the policies or procedures may deteriorate.

AMIT GOEL
Opinion Partner
Membership No. 500607
In our opinion, the Company has, in all material respects, an
adequate internal financial controls system over financial Place: New Delhi
reporting and such internal financial controls over financial Date: May 26, 2023
reporting were operating effectively as at March 31, 2023, UDIN : 23500607BGURLE2495

STATUTORY REPORTS
FINANCIAL STATEMENTS

99
 P G Elect r o p la st L i m i ted

Standalone Balance Sheet

as at 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

As at As at
Particulars Note
31st March, 2023 31st March, 2022
ASSETS
Non-Current Assets
Property, plant and equipment 3 29,197.63 27,382.94
Capital work-in-progress 3 166.84 107.22
Intangible assets 4 44.37 49.25
Financial Assets
Investments 7 7,829.70 7,588.85
Other financial assets 8 431.03 405.45
Other non-current assets 9 660.65 349.05
Total Non-Current Assets 38,330.22 35,882.76
Current Assets
Inventories 11 12,359.69 20,343.07
Financial Assets
Trade receivables 5 13,141.70 17,257.89
Cash and cash equivalents 12(a) 371.26 1,398.89
Bank balances other than cash and cash equivalents 12(b) 1,482.74 1,475.07
Loans 6 1,871.05 1,371.71
Other financial assets 8 2,603.82 1,788.19
Other current assets 9 1,672.04 2,382.52
Income tax assets (net) 10 1,037.58 419.84
Total Current Assets 34,539.88 46,437.18
TOTAL ASSETS 72,870.10 82,319.94
EQUITY AND LIABILITIES
Equity
Equity share capital 13 2,274.26 2,122.49
Other equity 14 33,577.60 28,679.71
Total Equity 35,851.86 30,802.20
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 15 8,454.84 8,983.16
Other financial liabilities 18 217.54 178.37
Lease liabilities 20 13.73 33.21
Deferred tax liabilities (Net) 31 2,339.27 1,552.61
Provisions 16 431.17 409.73
Other current liabilities 19 124.93
Total Non-Current Liabilities 11,581.48 11,157.08
Current Liabilities
Financial Liabilities
Borrowings 15 9,677.36 17,403.75
Trade payables
- Total outstanding dues of micro and small enterprises 17 699.18 932.52
- Total outstanding dues other than micro and small enterprises 17 11,473.06 18,795.96
Other financial liabilities 18 1,994.05 2,379.02
Lease liabilities 20 19.48 61.73
Other current liabilities 19 1,016.24 700.25
Provisions 16 74.35 87.43
Income tax liabilities (Net) 483.04
Total Current Liabilities 25,436.76 40,360.66
Total Liabilities 37,018.24 51,517.74
TOTAL EQUITY AND LIABILITIES 72,870.10 82,319.94
Significant Accounting Policies 2
The accompanying notes are an integral part of standalone financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

1 00
 A n n u a l R e p ort 20 22 -23

Standalone Statement of Profit and Loss

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars Note

CORPOR ATE OVERVIEW

31st March, 2023 31st March, 2022
Income
Revenue from operations 21 1,33,114.65 1,03,585.48
Other Income 22 472.70 568.57
Total Income 1,33,587.35 1,04,154.05
Expenses
Cost of Materials Consumed 23 92,869.52 71,969.99
Purchase of Traded Goods 24 15,571.63 12,986.26
Changes in inventories of finished goods and work-in-progress 25 1,376.42 (1,451.42)
Employee benefits expenses 26 7,933.25 6,954.52
Finance costs 27 2,087.32 1,912.56
Depreciation and amortisation expenses 28 2,054.96 1,956.87
Other expenses 29 6,006.00 5,477.60
Total Expenses 1,27,899.10 99,806.38
Profit before exceptional items & tax 5,688.25 4,347.67
Exceptional Items 29.1 - (8.68)
Profit before tax 5,688.25 4,356.35
Tax expenses
Current tax 31 483.04 -
Deferred tax 31 785.22 1,059.57

STATUTORY REPORTS
Total tax expenses 1,268.26 1,059.57
Profit for the year 4,419.99 3,296.78
Other comprehensive income
A. Items that will not be reclassified to profit or loss in subsequent years
Remeasurement gain on the defined benefit plans 5.72 64.02
Income tax effect (1.44) -
Other comprehensive income for the year 4.28 64.02
Total comprehensive income for the year 4,424.27 3,360.80
Earnings per equity share of Rupee 10 each
Basic earnings per share 30 20.42 15.93
Diluted earnings per share 30 19.27 15.00

The accompanying notes are an integral part of standalone financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N
FINANCIAL STATEMENTS

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

101
 P G Elect r o p la st L i m i ted

Standalone Statement of Cash Flow

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars
31st March, 2023 31st March, 2022
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 5,688.25 4,356.35
Adjustments to reconcile profit before tax to net cash flows
Depreciation and amortisation expenses 2,054.96 1,956.87
Employees expenses non operating 5.72 64.02
Loss on sale of property,plant and equipment & assets written off 35.23 4.27
Profit on sale of property,plant and equipment (11.64) (7.80)
Misc balances written off 34.81 19.28
Provision for warranty expenses- post sales (16.00) 50.00
Provision for doubtful receivable & debts - 221.07
Provision for doubtful advance to suppliers & capital advance 197.00 105.00
Provision for slow & non moving Inventories 2.70 18.01
Impairment allowance - -
Loss on Inventory due to Fire - -
Liabilities no longer required written back (14.71) (28.17)
Employee stock option scheme 247.20 190.94
Interest expense on lease liabilities 4.37 12.17
Fair value gain on Investment recognised through FVTPL (1.67) (4.24)
Interest expense 2,082.95 1,900.39
Interest income (314.56) (327.75)
Cash flow generated from operating activity before working capital 9,994.59 8,530.40
adjustments
Working capital adjustments:
Increase/(decrease) in trade Payables (7,541.55) 4,421.93
Increase/(decrease) in non - current provisions 21.44 (150.34)
Increase/(decrease) in non - current liabilities 124.92
Increase/(decrease) in short - term provisions 2.92 (3.60)
Increase/(decrease) in other current liabilities 315.99 (819.98)
Increase/(decrease) in current financial liabilities (197.80) 221.10
Decrease/(increase) in trade receivables 3,884.38 (2,877.60)
Decrease/(increase) in inventories 7,980.69 (11,100.01)
Decrease / (increase) in short - term loans 231.91 (243.96)
Decrease/(Increase) in other current assets 710.48 (401.54)
Decrease/(Increase) in other current financial assets (698.51) (1,167.71)
Decrease/(increase) in other non current assets (17.34) 26.96
Decrease/(Increase) in other non financial assets (43.82) (12.19)
Cash generated (used in)/generated from operations 14,768.31 (3,576.54)
Direct taxes (paid)/refund (617.74) (236.91)
Net cash flow (used in)/generated from operating activities (A) 14,150.58 (3,813.45)
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property Plant and equipment including CWIP and Intangible assets (4,495.09) (955.66)
Proceeds from sale of Property plant and equipment 54.14 596.29
Investments made during the year (146.96) (7,551.33)
Maturity of bank deposit having maturity more than 3 months (170.08) (703.03)
Interest received 378.09 233.29
Loan given to subsidiary (731.26) (1,096.43)
Net cash flow used in investing activities (B) (5,111.16) (9,476.86)

1 02
 A n n u a l R e p ort 20 22 -23

Standalone Statement of Cash Flow

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars

CORPOR ATE OVERVIEW

31st March, 2023 31st March, 2022
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings 2,649.60 3,140.54
Repayment of long-term borrowings (2,799.34) (3,316.29)
Proceeds from issue of equity share capital 334.89 4,407.23
Proceeds from cumulative compulsory convertible debentures - 3,629.17
Proceeds from/(Repayment of) Short-term borrowings (Net) (8,053.99) 8,183.68
Payment of principal portion of lease liabilities (61.73) (116.59)
Payment of interest portion of lease liabilities (4.37) (12.17)
Interest paid (2,132.11) (1,966.80)
Net cash flow (used in)/generated from financing activities (C) (10,067.05) 13,948.75
Net increase/(decrease) in cash and cash equivalents (A + B + C) (1,027.63) 658.44
Cash and cash equivalents at the beginning of the year 1,398.89 740.45
Cash and cash equivalents at the end of the year 371.26 1,398.89

As at As at
Particulars
31st March, 2023 31st March, 2022

Components of cash and cash equivalents

Cash on hand 5.16 11.01

STATUTORY REPORTS
With banks:
- on current account 366.10 1,387.88
Total cash and cash equivalents 371.26 1,398.89

The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (Ind
AS 7) "Statement of Cash Flows".

The accompanying notes are an integral part of standalone financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
FINANCIAL STATEMENTS

ACS No:A51305

103
 P G Elect r o p la st L i m i ted

Standalone Statement of Changes in Equity

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

A EQUITY SHARE CAPITAL

Equity shares of Rs.10 each issued,subscribed and fully paid up

Particulars Note Amount

As at 1st April 2021 1,969.39
Issue of Share Capital 13 153.10
As at 31st March, 2022 2,122.49
Issue of Share Capital 13 151.77
As at 31st March, 2023 2,274.26

B OTHER EQUITY *
Reserves and surplus Equity
Components Employee Money
Other
of cumulative Share Received Total other
Particulars Securities Retained Comprehensive
compulsory Option against Share equity
premium earnings Income
convertible Reserve Warrants
debentures
Balance as at 1st April, 2021 14,129.86 2,927.39 - 57.34 - 163.13 17,277.72
Changes in accounting policy or - - - - - - -
prior period errors
Balance as at 1st April 2021 14,129.86 2,927.39 - 57.34 - 163.13 17,277.72
Profit for the year - 3,296.78 - - - - 3,296.78
Remeasurement gain on defined - - - 64.02 - - 64.02
benefit plans
Amount received on issue of equity 4,379.75 - - - - (125.63) 4,254.12
share capital
Amount received on issue of CCCDs - - 3,629.17 - - - 3,629.17
Dividend on Equity Component of - (488.87) 439.99 - - - (48.88)
CCCDs
Share based employee expenses - - - - 206.78 - 206.78
Balance as at 31st March, 2022 18,509.61 5,735.30 4,069.16 121.36 206.78 37.50 28,679.71
Profit for the year - 4,419.99 - - - - 4,419.99
Remeasurement gain on defined - - - 4.28 - - 4.28
benefit plans
Amount received for share - - - - - 112.50 112.50
warrants during the year
Amount received on issue of CCCDs - - 89.39 - - - 89.39
Dividend on Equity Component of - (488.88) 439.99 - - - (48.89)
CCCDs
Converted into Equity share capital - - (136.46) - - (10.00) (146.46)
Transferred to securities premium 4,729.77 - (4,462.08) - - (140.00) 127.68
Amount Transferred to retained - 72.10 - - (72.10) - -
earning on excise of ESOPs
Adjustment on termination of ESOP - 4.05 - - (4.05) - -
Share based employee expenses - - - - 339.40 - 339.40
Balance as at 31st March, 2023 23,239.38 9,742.56 - 125.64 470.02 - 33,577.60
* Kindly refer Note No. 14.

The accompanying notes are an integral part of standalone financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

1 04
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

1 CORPORATE INFORMATION Fair value is the price that would be received to sell

CORPOR ATE OVERVIEW

an asset or paid to transfer a liability in an orderly
PG Electroplast Limited ('The Company") is a public transaction between market participants at the
Company domiciled in india and is incorporated under measurement date, regardless of whether that price
the provisions of the Companies Act applicable in india. is directly observable or estimated using another
Its equity shares are listed with the National Stock valuation technique. In estimating the fair value of
Exchange (NSE) and Bombay Stock Exchange (BSE). The an asset or a liability, the Company takes into account
registered office of the Company Is located at DTJ - 209, the characteristics of the asset or liability if market
DLF Tower B, Jasola, New Delhi - 110025. The Company participants would take those characteristics into
is an Electronic Manufacturing Services (EMS) provider for account when pricing the asset or liability at the
Original Equipment Manufacturers (OEMs) of consumer measurement date. Fair value for measurement and/
electronic products in India. The Company manufactures or disclosure purposes in these standalone financial
and / or assemble a comprehensive range of consumer statements is determined on such a basis, except for
electronic components and finished products such as leasing transactions that are within the scope of Ind
Kitchen Appliances, air conditioners (ACs) sub- assemblies, AS 116 Leases, and measurements that have some
Air Cooler, Washing Machine, Mobile handsets, LED for similarities to fair value but are not fair value, such as
third parties. net realisable value in Ind AS 2 Inventories or value in
use in Ind AS 36 Impairment of Assets.
These standalone financial statements were approved for
issue in accordance with a resolution of directors on May (iii) The Company has prepared the standalone financial
28, 2022. statements on the basis that it will continue to

STATUTORY REPORTS
operate as going concern.
2 SUMMARY OF SIGNIFICANT ACCOUNTING
(b) Current versus non-current classification
POLICIES
The Company presents assets and liabilities in the balance
This note provides a list of the significant accounting
sheet based on current/ non-current classification. An
policies adopted in the preparation of these standalone
asset is treated as current when it is:
financial statements. These policies have been consistently
applied to all the years presented, unless otherwise • Expected to be realised or intended to be sold or
stated. consumed in normal operating cycle

(a) Basis of preparation and presentation • Held primarily for the purpose of trading

(i) Compliance with Ind AS • Expected to be realised within twelve months after
the reporting period, or
The standalone financial statements comply in all
material aspects with Indian Accounting Standards • Cash or cash equivalent unless restricted from being
(Ind AS) notified under Section 133 of the Companies exchanged or used to settle a liability for at least
Act, 2013 (the Act) [Companies (Indian Accounting twelve months after the reporting period
Standards) Rules, 2015 as amended by time to time] All other assets are classified as non-current.
and presentation requirements of Division II of
FINANCIAL STATEMENTS

Schedule III to the Companies Act 2013 and other A liability is current when:
relevant provisions of the Act.
• It is expected to be settled in normal operating cycle
(ii) Historical cost convention
• It is held primarily for the purpose of trading"
The standalone financial statements have been • It is due to be settled within twelve months after the
prepared on a historical cost basis except for certain reporting period, or
assets and liabilities (including derivative instruments)
that are measured at fair values at the end of each • There is no unconditional right to defer the settlement
reporting period, as explained in the accounting of the liability for at least twelve months after the
policies below. reporting period

Historical cost is generally based on the fair value of The terms of the liability that could, at the option of the
the consideration given in exchange for goods and counterparty, result in its settlement by the issue of equity
services. instruments do not affect its classification.

105
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

All other liabilities are classified as non-current. (i) Sale of goods

Deferred tax assets and liabilities are classified as non- Revenue from sale of goods is recognized on transfer
current assets and liabilities. of control of goods to the customers, which is usually
on dispatch of goods to customers premises.
The operating cycle is the time between the acquisition of
assets for processing and their realisation in cash and cash Variable Consideration
equivalents. The Company has identified twelve months
as its operating cycle. The Company recognizes revenue from the sale
of goods measured at the standalone selling price
(c) Foreign currencies of the consideration received or receivable, net of
returns and allowances, trade discounts and volume
(i) Functional and presentation currency rebates. If the consideration in a contract includes
a variable amount, the Company estimates the
The standalone financial statements are presented in
amount of consideration to which it will be entitled in
Indian rupee (INR), which is Company’s functional and
exchange for transferring the goods to the customer.
presentation currency unless stated otherwise.
The variable consideration is estimated at contract
(ii) Transactions and balances inception and constrained until it is highly probable
that a significant revenue reversal in the amount
Transactions in foreign currencies are initially of cumulative revenue recognized will not occur
recorded by the Company’s entities at their when the associated uncertainty with the variable
respective functional currency spot rates at the consideration is subsequently resolved.
date the transaction first qualifies for recognition.
However, for practical reasons, the Company (ii) Sale of services
uses average rate if the average approximates
Revenue from services represents the job work
the actual rate at the date of the transaction.
services and repairing of moulds performed by the
Monetary assets and liabilities denominated in
Company for its customers, Revenue from services is
foreign currencies are translated at the functional
recognized as per the terms of the contract with the
currency spot rates of exchange at the reporting date.
customer over the period of time when the control of
(iii) Foreign exchange gains and losses are presented in services is transferred to the customers.
the statement of profit and loss on a net basis within
(iii) Contract balance
exceptional items.
A contract asset is the right to consideration in
(iv) Non-monetary items that are measured in terms of
exchange for goods or services transferred to the
historical cost in a foreign currency are translated
customer. Contract assets are in the nature of unbilled
using the exchange rates at the dates of the initial
receivables, which arises when Company satisfies
transactions. Non-monetary items measured at fair
a performance obligation but does not have an
value in a foreign currency are translated using the
unconditional rights to consideration. A receivables
exchange rates at the date when the fair value is
represents the Company’s right to an amount of
determined. The gain or loss arising on translation of
consideration that is unconditional. Contract assets
non-monetary items measured at fair value is treated
are subject to impairment assessment. Refer to
in line with the recognition of the gain or loss on
accounting policies on impairment of financial assets
the change in fair value of the item (i.e., translation
in section (Financial instruments – initial recognition
differences on items whose fair value gain or loss is
and subsequent measurement).
recognised in OCI or profit or loss are also recognised
in OCI or profit or loss, respectively). A contract liability is the obligation to transfer goods
or services to a customer for which the Company has
(d) Revenue recognition
received consideration (or an amount of consideration
Revenues from contract with customers is recognized when is due) from the customer. If a customer pays
controls of the goods or services transferred to the customer consideration before the Company transfers goods
at an amount that reflects the consideration to which the or services to the customer, a contract liability is
Company expects to be entitled in exchange of goods or recognized when the payment is made or the payment
services. Revenue is stated net of Goods and Service tax and is due (whichever is earlier). Contract liabilities are
net of returns, trade allowances and discounts. recognized as revenue when the Company performs

1 06
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

under the contract (i.e., transfers control of the the difference between the initial carrying value of the

CORPOR ATE OVERVIEW

related goods or services to the customer). loan and the proceeds received. The loan is subsequently
measured as per the accounting policy applicable to
A trade receivable is recognized if an amount of financial liabilities.
consideration that is unconditional (i.e., only the passage
of time is required before payment of the consideration (f) Income tax
is due). Refer to accounting policies of financial assets
in section (Financial instruments – initial recognition The income tax expense or credit for the period is the
and subsequent measurement). tax payable on the current period’s taxable income based
on the applicable income tax rate adjusted by changes
(iv) Other Income in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses. Income
Other income comprise interest income, rental Tax expense for the year comprises of current tax and
income, liabilities no longer required written back, deferred tax.
refund of electricity duty, government incentive and
others. (i) Current tax

Interest income is accrued on a timely basis, by Current income tax assets and liabilities are measured
reference to the principal outstanding and recorded at the amount expected to be recovered from or paid
using the effective interest rate (EIR). EIR is the rate to the taxation authorities. The tax rates and tax
that exactly discounts estimated future cash receipts laws used to compute the amount are those that are
through the expected life of the financial asset to enacted or substantively enacted, at the reporting

STATUTORY REPORTS
the gross carrying amount of the financial asset. date where the Company operates and generates
When calculating the EIR, the Company estimates the taxable income.
expected cash flows by considering all the contractual
terms of the financial instrument but does not Current income tax relating to items recognised
consider the expected credit losses. outside the statement of profit and loss is recognised
outside statement of profit and loss (either in
Rental income arising from operating lease is other comprehensive income or in equity). Current
accounted on a straight line basis over the lease term. tax items are recognised in correlation to the
underlying transaction either in OCI or directly in
In respect of others, Company recognized income equity. Management periodically evaluates positions
when the right to receive is established. taken in the tax returns with respect to situations
in which applicable tax regulations are subject to
(e) Government grants
interpretation and considers whether it is probable
Grants from the government are recognised where there that a taxation authority will accept an uncertain
is a reasonable assurance that the grant will be received tax treatment. The Company shall reflect the effect
and the Company will comply with all attached conditions. of uncertainty for each uncertain tax treatment by
When the grant relates to an expense item, it is recognised using either most likely method or expected value
as income on a systematic basis over the periods that the method, depending on which method predicts better
related costs, for which it is intended to compensate, are resolution of the treatment,
FINANCIAL STATEMENTS

expensed.
(ii) Deferred tax
When the Company receives grants of non-monetary
Deferred tax is recognised on temporary differences
assets, the asset and the grant are recorded at fair value
between the carrying amounts of assets and liabilities
amounts and released to statement of profit and loss over
in the standalone financial statements and the
the expected useful life in a pattern of consumption of
corresponding tax bases used in the computation of
the benefit of the underlying asset i.e. by equal annual
taxable profit. Deferred tax liabilities are generally
instalments.
recognised for all taxable temporary differences.
When loans or similar assistance are provided by Deferred tax assets are generally recognised for
governments or related institutions, with an interest rate all deductible temporary differences, the carry
below the current applicable market rate, the effect of this forward of unused tax credits and unused tax losses
favourable interest is regarded as a government grant. to the extent that it is probable that taxable profits
The loan or assistance is initially recognised and measured will be available against which those deductible
at fair value and the government grant is measured as temporary differences, the carry forward of unused

107
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

tax credits and unused tax losses can be utilised. Such benefits from use of the asset through the period of the
deferred tax assets and liabilities are not recognised lease and (iii) the Company has the right to direct the use
if the temporary difference arises from the initial of the asset.
recognition (other than in a business combination)
of assets and liabilities in a transaction that affects Company as a lessee
neither the taxable profit nor the accounting profit.
The Company’s lease asset classes primarily consist of
The carrying amount of deferred tax assets is reviewed leases for land and buildings. The Company applies a
at the end of each reporting period and reduced to single recognition and measurement approach for all
the extent that it is no longer probable that sufficient leases, except for short-term leases and leases of lowvalue
taxable profits will be available to allow all or part of assets. The Company recognises lease liabilities to make
the asset to be recovered. lease payments and right-of-use assets representing the
right to use the underlying assets.
Deferred tax liabilities and assets are measured at
the tax rates that are expected to apply in the year (i) Right-of-Use assets (ROU)
in which the liability is settled or the asset realised,
The Company recognises right-of-use assets at the
based on tax rates (and tax laws) that have been
commencement date of the lease (i.e., the date the
enacted or substantively enacted by the end of the
underlying asset is available for use). Right-of-use
reporting period.
assets are measured at cost, less any accumulated
Deferred tax relating to items recognized outside the depreciation and impairment losses, and adjusted
statement of profit and loss is recognized outside for any remeasurement of lease liabilities. The cost
the statement of profit and loss (either in other of right-of-use assets includes the amount of lease
comprehensive income or in equity). Deferred tax liabilities recognized, initial direct costs incurred, and
items are recognized in correlation to the underlying lease payments made at or before the commencement
transaction either in OCI or direct in equity. date less any lease incentives received. Right-of-use
assets are depreciated on a straight-line basis over
The measurement of deferred tax liabilities and assets the lease term.
reflects the tax consequences that would follow from
the manner in which the Company expects, at the The Company classifies ROU assets as part of
end of the reporting period, to recover or settle the Property, plant and equipment in Balance Sheet and
carrying amount of its assets and liabilities. lease liability in “ Financial Liability”.

The Company offsets deferred tax assets and (ii) Lease liabilities
deferred tax liabilities if and only if it has a legally
At the commencement date of the lease, the Company
enforceable right to set off current tax assets and
recognises lease liabilities measured at the present
current tax liabilities and the deferred tax assets and
value of lease payments to be made over the lease
deferred tax liabilities relate to income taxes levied
term. The lease payments include fixed payments
by the same taxation authority on either the same
(including in substance fixed payments) less any lease
taxable entity or different taxable entities which
incentives receivable, variable lease payments that
intend either to settle current tax liabilities and assets
depend on an index or a rate, and amounts expected
on a net basis, or to realise the assets and settle the
to be paid under residual value guarantees. The lease
liabilities simultaneously, in each future period in
payments also include the exercise price of a purchase
which significant amounts of deferred tax liabilities
option reasonably certain to be exercised by the
or assets are expected to be settled or recovered.
Company and payments of penalties for terminating
(g) Leases the lease, if the lease term reflects the Company
exercising the option to terminate. Variable lease
The Company assesses at contract inception whether payments that do not depend on an index or a rate are
a contract is, or contains, a lease. That is, if the contract recognized as expenses (unless they are incurred to
conveys the right to control the use of an identified produce inventories) in the period in which the event
asset for a period of time in exchange for consideration. or condition that triggers the payment occurs.
To assess whether a contract conveys the right to control
the use of an identified asset, the Company assesses In calculating the present value of lease payments,
whether: (i) the contract involves the use of an identified the Company uses its incremental borrowing rate at
asset (ii) the Company has substantially all of the economic the lease commencement date because the interest

1 08
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

rate implicit in the lease is not readily determinable. the asset. All other borrowing costs are expensed in the

CORPOR ATE OVERVIEW

After the commencement date, the amount of lease period in which they occur. Borrowing costs consist of
liabilities is increased to reflect the accretion of interest and other costs that an entity incurs in connection
interest and reduced for the lease payments made. with the borrowing of funds. Borrowing cost also includes
In addition, the carrying amount of lease liabilities exchange differences to the extent regarded as an
is remeasured if there is a modification, a change in adjustment to the borrowing costs.
the lease term, a change in the lease payments (e.g.,
changes to future payments resulting from a change (i) Earnings Per Share (EPS)
in an index or rate used to determine such lease
Basic earnings per share are calculated by dividing the
payments) or a change in the assessment of an option
net profit or loss for the period attributable to equity
to purchase the underlying asset.
shareholders by the weighted average number of equity
Lease payments are allocated between principal and shares outstanding during the period. The weighted
finance cost. The finance cost is charged to profit or average number of equity shares outstanding during the
loss over the lease period so as to produce a constant period is adjusted for events such as bonus issue, bonus
periodic rate of interest on the remaining balance of element in a rights issue, share split, and reverse share
the liability for each period. Variable lease payments split (consolidation of shares) if any that have changed
that depend on sales are recognized in profit or loss in the number of equity shares outstanding, without a
the period in which the condition that triggers those corresponding change in resources.
payments occurs.
For the purpose of calculating diluted earnings per share,
the net profit or loss for the period attributable to equity

STATUTORY REPORTS
(iii) Short term leases and leases of low-value of assets
shareholders and the weighted average number of shares
The Company applies the short-term lease outstanding during the period are adjusted for the effect
recognition exemption to its short-term leases (i.e., of all potentially dilutive equity shares.
those leases that have a lease term of 12 months
or less from the commencement date and do not (j) Property, plant and equipment
contain a purchase option). It also applies the
Property, plant and equipment are tangible items that
lease of low-value assets recognition exemption
are held for use in the production or supply for goods
to leases that are considered to be low value.
and services, rental to others or for administrative
Lease payments on short-term leases and leases
purposes and are expected to be used during more
of low-value assets are recognized as expense on
than one period. The cost of an item of property, plant
a straight-line basis over the lease term.
and equipment shall be recognised as an asset if and
Company as a lessor only if it is probable that future economic benefits
associated with the item will flow to the Company
Leases for which the Company is a lessor is classified and the cost of the item can be measured reliably.
as a finance or operating lease. Whenever the The items of property, plant and equipment are stated
terms of the lease transfer substantially all the at cost less accumulated depreciation and accumulated
risks and rewards of ownership to the lessee, impairment losses. Cost includes expenditure that is
the contract is classified as a finance lease. All directly attributable to the acquisition of the items and
FINANCIAL STATEMENTS

other leases are classified as operating leases. are net of recoverable taxes /duty. Subsequent costs are
When the Company is an intermediate lessor, it included in the asset’s carrying amount or recognised as
accounts for its interests in the head lease and a separate asset, as appropriate, only when it is probable
the sublease separately. The sublease is classified that future economic benefits associated with the item
as a finance or operating lease by reference to will flow to the Company and the cost of the item can
the right-of-use asset arising from the head lease. be measured reliably.All other repair and maintenance
For operating leases, rental income is recognized on a costs are recognised in statement of profit and loss as
straight line basis over the term of the relevant lease. incurred. The present value of the expected cost for the
decommissioning of an asset after its use is included in the
(h) Borrowing Costs cost of the respective asset if the recognition criteria for a
provision are met.
Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily Each part of item of property, plant and equipment,
takes a substantial period of time to get ready for its if significant in relation to the total cost of the item,
intended use or sale are capitalised as part of the cost of is depreciated separately. Further, parts of plant and

109
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

equipment that are technically advised to be replaced at Amortisation is recognised on a straight-line basis over
prescribed intervals/period of operation are depreciated their estimated useful lives. The estimated useful life
separately based on their specific useful life provided and amortisation method are reviewed at the end of
these are of significant amounts commensurate with each reporting period, with the effect of any changes in
the size of the Company and scale of its operations. The estimate being accounted for on a prospective basis.
carrying amount of any equipment accounted for as
separate asset is derecognised when replaced. Estimated useful lives of the intangible assets are as
follows:
Capital work- in- progress includes cost of property, plant
and equipment under installation / under development Assets Estimated Useful Life
as at the balance sheet date. Capital work in progress is Computer Software 6 Years
stated at cost, net of accumulated impairment loss, if any. Product Development 10 Years

An item of property, plant and equipment is derecognised An intangible asset is derecognised on disposal, or when
upon disposal or when no future economic benefits are no future economic benefits are expected from use or
expected to arise from the continued use of the asset. Any disposal. Gains or losses arising from derecognition of
gain or loss arising on the disposal or retirement of an item an intangible asset, measured as the difference between
of property, plant and equipment is determined as the the net disposal proceeds and the carrying amount of the
difference between the sales proceeds and the carrying asset, are recognised in statement of profit or loss when
amount of the asset and is recognised in statement of the asset is derecognised.
profit or loss.
Research and development costs
Depreciation methods, estimated useful lives and
Research costs are expensed as incurred. Development
residual value
expenditures on an individual project are recognised as an
Depreciation commences when the assets are ready for intangible asset when the Company can demonstrate:
their intended use. Depreciation is calculated using the
(i) the technical feasibility of completing the intangible
straight-line method to allocate their cost, net of their
asset so that the asset will be available for use or sale;
residual values, over their estimated useful lives.
(ii) its intention to complete and its ability and intention
Depreciation on Property, Plant & Equipment has been
to use or sell the asset;
provided on Straight Line Method (SLM) based on the
useful life of the assets prescribed in Schedule II of the (iii) how the asset will generate probable future economic
Companies Act, 2013 except in respect of major plant & benefits;
machinery, where useful life has been taken as 25 years,
as technically assessed. (iv) the availability of adequate technical, financial and
other resources to complete the development and to
The estimated useful lives, residual values and depreciation use or sell the asset; and
method are reviewed at the end of each reporting period,
with the effect of any changes in estimate accounted for (v) the ability to measure reliably the expenditure
on a prospective basis. attributable to asset during its development.

Depreciation is not recorded on capital work in progress The amount initially recognised for intangible assets is the
until construction and installation are complete and the sum of the expenditure incurred from the date when the
assets is ready for its intended use. intangible asset first meets the recognition criteria listed
above. Where no intangible assets can be recognised,
(k) Intangible assets development expenditure is recognised in statement
of profit or loss in the period in which it is incurred.
Intangible assets acquired separately are measured on
Subsequent to initial recognition, such intangible assets
initial recognition at cost. Following initial recognition,
are reported at cost less accumulated amortisation and
intangible assets are carried at cost less any accumulated
accumulated impairment losses, on the same basis as of
amortisation and accumulated impairment losses.
acquired intangible assets.
Internally generated intangibles, excluding capitalised
development costs, are not capitalised and the related (l) Inventories
expenditure is reflected in profit or loss in the period in
which the expenditure is incurred. Inventories are valued at the lower of cost and net
realisable value. However, materials and other items held

1 10
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

for use in the production of inventories are not written adequacy of product warranties and adjust warranty

CORPOR ATE OVERVIEW

down below cost if the finished products in which they will percentage and warranty provisions for actual
be incorporated are expected to be sold at or above cost. experience, if necessary.
The comparison of cost and net realizable value is made
on an item-by-item basis (ii) Contingent liabilities

(i) Inventories of raw materials, components, stores and A contingent liability is a possible obligation that
spares are valued at lower of cost ( net of recoverable arises from past events whose existence will be
taxes ) and net realizable value. Cost for the purpose of confirmed by the occurrence or non-occurrence of one
valuation of such inventories is determined using the or more uncertain future events beyond the control
first-in, first-out (FIFO) method. Net realizable value of the Company or a present obligation that is not
is the estimated selling price in the ordinary course recognized because it is not probable that an outflow
of business less the estimated cost of completion and of resources will be required to settle the obligation. A
the estimated cost necessary to make the sale. contingent liability also arises in extremely rare cases,
where there is a liability that cannot be recognized
(ii) Finished goods and work-in-progress are valued at because it cannot be measured reliably. The Company
lower of cost and net realizable value. The cost of does not recognize a contingent liability but discloses
finished goods and work-in-progress includes raw its existence in the financial statements unless the
material costs (net of recoverable taxes), direct cost probability of outflow of resources is remote.
of conversion and proportionate allocation of indirect
costs incurred in bringing the inventories to their (iii) Contingent assets

STATUTORY REPORTS
present location and condition.
Contingent assets are not recognized. However, when
(iii) Traded goods: cost includes cost of purchase and the realization of income is virtually certain, then the
other costs incurred in bringing the inventories to their related asset is no longer a contingent asset, but it is
present location and condition. Cost is determined on recognized as an asset.
weighted average basis.
Provisions, contingent liabilities, contingent assets and
(iv) The provision for inventory obsolescence is assessed commitments are reviewed at each balance sheet date.
regularly based on estimated usage and shelf life of
(n) Employee benefits
inventory.
(i) Short-term obligations
(m) Provisions and Contingent liabilities, Contingent assets
Liabilities for wages and salaries, including non-
(i) Provision
monetary benefits that are expected to be settled
A provision is recognized when the Company has a wholly within twelve months after the end of the
present obligation (legal or constructive) as a result of period in which the employees render the related
past event, it is probable that an outflow of resources service are recognised in respect of employees’
embodying economic benefits will be required to services up to the end of the reporting period and are
settle the obligation and a reliable estimate can measured at the undiscounted amounts expected to
be made of the amount of the obligation. These be paid when the liabilities are settled. The liabilities
FINANCIAL STATEMENTS

estimates are reviewed at each reporting date and are presented as current benefit obligations in the
adjusted to reflect the current best estimates. If balance sheet.
the effect of the time value of money is material,
(ii) Other long-term employee benefit obligations
provisions are discounted using a current pretax rate
that reflects, when appropriate, the risks specific to Other long-term employee benefits includes earned
the liability. When discounting is used, the increase in leaves, sick leaves and employee bonus.
the provision due to the assage of time is recognized
as a finance cost. Earned leaves

Warranty Provision The liabilities for earned leaves are not expected to be
settled wholly within twelve months after the end of
Provision for warranty-related costs are recognized the period in which the employees render the related
when the product is sold or service is provided to service. They are therefore measured at the present
customer. Initial recognition is based on historical value of expected future payments to be made in
experience. The Company periodically reviews the respect of services provided by employees up to the

111
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

end of the reporting period using the projected unit Defined contribution plans
credit method, with actuarial valuations being carried
out at the end of each annual reporting period. The Defined contribution plans are retirement benefit
benefits are discounted using the government bond plans under which the Company pays fixed
yields at the end of the reporting period that have contributions to separate entities (funds) or financial
terms approximating to the terms of the related institutions or state managed benefit schemes.
obligation. Remeasurements as a result of experience The Company has no further payment obligations
adjustments and changes in actuarial assumptions are once the contributions have been paid. The defined
recognised in statement of profit & loss. The obligations contributions plans are recognised as employee
are presented as provisions in the balance sheet. benefit expense when they are due. Prepaid
contributions are recognised as an asset to the
(iii) Post-employment obligations extent that a cash refund or a reduction in the future
payments is available.
The Company operates the following post
employment schemes: * Provident Fund Plan & Employee Pension Scheme

* defined benefit plan towards payment of The Company makes monthly contributions at
gratuity; and prescribed rates towards Employees’ Provident
Fund/ Employees’ Pension Scheme to a Fund
* defined contribution plans towards provident administered and managed by the Government
fund & employee pension scheme and employee of India.
state insurance.
* Employee State Insurance
Defined benefit plans
The Company makes prescribed monthly
The Company provides for gratuity obligations through contributions towards Employees’ State
a defined benefit retirement plan (the ‘Gratuity Plan’) Insurance Scheme.
covering all employees. The Gratuity Plan provides a
lump sum payment to vested employees at retirement/ * Leave Encashment
termination of employment or death of an employee,
based on the respective employees’ salary and years of The Company has recognised liability for short
employment with the Company. term compensated absences on full cost basis with
reference to unavailed earned leaves at the year
The liability or asset recognised in the balance sheet end. To the extent, the compensated absences
in respect of the defined benefit plan is the present qualify as a long term benefit, the Company has
value of the defined benefit obligation at the end of provided for the long term liability at year end as
the reporting period less the fair value of plan assets. per the actuarial valuation using the Projected
The present value of the defined benefit obligation Unit Credit Method.
is determined using projected unit credit method by
discounting the estimated future cash outflows by Actuarial gains and losses arising from adjustments
reference to market yields at the end of the reporting and changes in actuarial assumptions are charged
period on government bonds that have terms or credited to the Statement of profit and loss in
approximating to the terms of the related obligation, the year in which such gains or losses arise.
with actuarial valuations being carried out at the end
(o) Share-based payment
of each annual reporting period.
Employees (including senior executives) of the Company
The net interest cost is calculated by applying the
receive remuneration in the form of share-based payments,
discount rate to the net balance of the defined
whereby employees render services as consideration for
benefit obligation and the fair value of plan assets.
equity instruments (equity-settled transactions).
This cost is included in employee benefit expense in
the statement of profit and loss. Remeasurement Equity Settled transactions
gains and losses arising from experience adjustments
and changes in actuarial assumptions are recognised The cost of equity-settled transactions is determined by
in the period in which they occur, directly in other the fair value at the date when the grant is made using an
comprehensive income. They are included in retained appropriate valuation model. Further details are given in
earnings in the statement of changes in equity and in Note 33.
the balance sheet.

1 12
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

That cost is recognised, together with a corresponding (i) Financial assets

CORPOR ATE OVERVIEW

increase in share-based payment (SBP) reserves in equity,
over the period in which the performance and/or service * Initial Recognition and measurement
conditions are fulfilled in employee benefits expense.
Financial assets are classified, at initial recognition,
The cumulative expense recognised for equity-settled
as subsequently measured at amortised cost,
transactions at each reporting date until the vesting date
fair value through other comprehensive income
reflects the extent to which the vesting period has expired
(OCI), and fair value through profit or loss.
and the Company’s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit The classification of financial assets at initial
in the statement of profit and loss for a period represents recognition depends on the financial asset’s
the movement in cumulative expense recognised as at contractual cash flow characteristics and the
the beginning and end of that period and is recognised in Company’s business model for managing them. With
employee benefits expense. the exception of trade receivables that do not contain
a significant financing component or for which the
Service and non-market performance conditions are not
Company has applied the practical expedient, the
taken into account when determining the grant date fair
Company initially measures a financial asset at its
value of awards, but the likelihood of the conditions being
fair value plus, in the case of a financial asset not at
met is assessed as part of the Company’s best estimate
fair value through profit or loss, transaction costs.
of the number of equity instruments that will ultimately
Trade receivables that do not contain a significant
vest. Market performance conditions are reflected within
financing component or for which the Company has
the grant date fair value. Any other conditions attached to
applied the practical expedient are measured at the

STATUTORY REPORTS
an award, but without an associated service requirement,
transaction price determined under Ind AS 115.
are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and The Company’s business model for managing
lead to an immediate expensing of an award unless there financial assets refers to how it manages its
are also service and/or performance conditions. financial assets in order to generate cash flows.
The business model determines whether cash
No expense is recognised for awards that do not ultimately
flows will result from collecting contractual
vest because non-market performance and/or service
cash flows, selling the financial assets, or both.
conditions have not been met. Where awards include a
Financial assets classified and measured at
market or non-vesting condition, the transactions are
amortised cost are held within a business model
treated as vested irrespective of whether the market or
with the objective to hold financial assets in
non-vesting condition is satisfied, provided that all other
order to collect contractual cash flows while
performance and/or service conditions are satisfied.
financial assets classified and measured at fair
When the terms of an equity-settled award are modified, value through OCI are held within a business
the minimum expense recognised is the grant date fair model with the objective of both holding to
value of the unmodified award, provided the original collect contractual cash flows and selling.
vesting terms of the award are met. An additional expense,
* Subsequent Measurement
measured as at the date of modification, is recognised
for any modification that increases the total fair value
FINANCIAL STATEMENTS

* Financial assets carried at amortised cost

of the share-based payment transaction, or is otherwise
beneficial to the employee. Where an award is cancelled by A financial asset is subsequently measured
the entity or by the counterparty, any remaining element at amortised cost which is held with
of the fair value of the award is expensed immediately objective to hold the asset in order to collect
through statement of profit or loss. contractual cash flows and the contractual
terms of the financial asset give rise on
The dilutive effect of outstanding options is reflected as specified dates to cash flows that are solely
additional share dilution in the computation of diluted payments of principal and interest on the
earnings per share. principal amount outstanding.

(p) Financial Instruments * Financial assets at fair value through other

comprehensive income
A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or A financial asset is subsequently measured
equity instrument of another entity. at fair value through other comprehensive

113
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

income which is held with objective to life of the receivables and is adjusted
achieve both collecting contractual cash for forward-looking estimates. At every
flows and selling financial assets and the reporting date, the historical observed
contractual terms of the financial asset give default rates are updated and changes in the
rise on specified dates to cash flows that are forward-looking estimates are analysed.
solely payments of principal and interest on
the principal amount outstanding. (ii) Financial liabilities

* Financial assets at fair value through profit * Initial Recognition and measurement
or loss
Financial liabilities are classified, at initial
A financial asset which is not classified in any recognition, as financial liabilities at fair value
of the above categories are subsequently through profit or loss, loans and borrowings,
fair valued through profit or loss. payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
* Impairment of financial assets
All financial liabilities are recognised initially at
The Company recognizes loss allowances fair value and, in the case of loans and borrowings
using the expected credit loss (ECL) model and payables, net of directly attributable
for the financial assets which are not fair transaction costs.
valued through profit or loss. For impairment
purposes significant financial assets are The Company’s financial liabilities include trade
tested on an individual basis, other financial and other payables, loans and borrowings
assets are assessed collectively in groups including bank overdrafts, financial guarantee
that share similar credit risk characteristics. contracts and derivative financial instruments.

The Company recognises life-time expected * Subsequent measurement

losses for all trade receivables. For all other
For purposes of subsequent measurement,
financial assets, expected credit losses
financial liabilities are classified in two categories:
are measured at an amount equal to the
12 month expected credit losses or at an • Financial liabilities at fair value through
amount equal to the life time expected profit or loss
credit losses if the credit risk on the financial
asset has increased significantly since initial • Financial liabilities at amortised cost (loans
ecognition. The amount of expected credit and borrowings)
losses (or reversal) that is required to adjust
Financial liabilities at fair value through profit
the loss allowance at the reporting date to
or loss
the amount that is required to be recognised
is recognized as an impairment gain or loss in Financial liabilities at fair value through profit or
statement of profit or loss. loss include financial liabilities held for trading
and financial liabilities designated upon initial
The Company follows ‘simplified approach’
recognition as at fair value through profit or loss.
for the recognition of impairment loss
allowance on trade and other receivables. Financial liabilities at amortised cost (Loans and
borrowings)
The application of simplified approach does
not require the Company to track changes in This is the category most relevant to the Company.
credit risk. Rather, it recognises impairment After initial recognition, interest-bearing loans
loss allowance based on life-time ECLs at and borrowings are subsequently measured at
each reporting date, right from its initial amortised cost using the EIR method. Gains and
recognition. losses are recognised in statement of profit or
loss when the liabilities are derecognised as well
The Company uses a provision matrix to
as through the EIR amortisation process.
determine impairment loss allowance
on portfolio of its trade receivables. The Amortised cost is calculated by taking into
provision matrix is based on its historically account any discount or premium on acquisition
observed default rates over the expected and fees or costs that are an integral part of the

1 14
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

EIR. The EIR amortisation is included as finance (q) Cash and cash equivalents

CORPOR ATE OVERVIEW

costs in the statement of profit and loss.
Cash and cash equivalent in the balance sheet comprise
* Derecognition cash at banks and on hand and short-term deposits with an
original maturity of three months or less, that are readily
The Company derecognizes a financial asset convertible to a known amount of cash and subject to an
when the contractual rights to the cash flows insignificant risk of changes in value.
from the financial asset expire or it transfers
the financial asset and the transfer qualifies (r) Critical accounting estimates, assumptions and judgements
for derecognitionas per Ind AS 109. A financial
liability (or a part of a financial liability) is The preparation of the Company’s standalone financial
derecognized from the company’s balance sheet statements requires management to make judgements,
when the obligation specified in the contract is estimates and assumptions that affect the reported
discharged or cancelled or expires. amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure
* Offsetting of financial instruments of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that
Financial assets and financial liabilities are offset require a material adjustment to the carrying amount of
and the net amount is reported in the balance assets or liabilities affected in future periods.
sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an Other disclosures relating to Company’s exposure to risk
intention to settle on a net basis, to realise the and uncertainties includes;

STATUTORY REPORTS
assets and settle the liabilities simultaneously. Capital Management Note 39.

* Reclassification of financial assets Financial risk management objective and policies Note 37.
Sensitivity analysis disclosures note 37.
The Company determines classification
of financial assets and liabilities on initial Judgements
recognition. After initial recognition, no
reclassification is made for financial assets which In the process of applying the Company’s accounting
are equity instruments and financial liabilities. policies, management has made the following judgements,
For financial assets which are debt instruments, which have the most significant effect on the amounts
a reclassification is made only if there is a change recognised in the consolidated financial statements:
in the business model for managing those assets.
Determining the lease term of contracts with renewal
Changes to the business model are expected to be
and termination options – Company as lessee
infrequent. The company’s senior management
determines change in the business model as The Company determines the lease term as the non-
a result of external or internal changes which cancellable term of the lease, together with any periods
are significant to the Company’s operations. covered by an option to extend the lease if it is reasonably
Such changes are evident to external parties. A certain to be exercised, or any periods covered by an
change in the business model occurs when the option to terminate the lease, if it is reasonably certain
FINANCIAL STATEMENTS

company either begins or ceases to perform an not to be exercised.

activity that is significant to its operations. If the
company reclassifies financial assets, it applies The Company has several lease contracts that include
the reclassification prospectively from the extension and termination options. The Company applies
reclassification date which is the first day of the judgement in evaluating whether it is reasonably certain
immediately next reporting period following the whether or not to exercise the option to renew or
change in business model. The company does not terminate the lease. That is, it considers all relevant factors
restate any previously recognised gains, losses that create an economic incentive for it to exercise either
(including impairment gains or losses) or interest. the renewal or termination. After the commencement
date, the Company reassesses the lease term if there is
* Investment in subsidiaries, joint venture and a significant event or change in circumstances that is
associates within its control and affects its ability to exercise or not
to exercise the option to renew or to terminate (e.g.,
Investment in equity shares of subsidiaries, joint
construction of significant leasehold improvements or
venture and associates is carried at cost in the
significant customisation to the leased asset).
financial statements.

115
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

Estimates and assmptions will enhance the asset’s performance of the CGU
being tested. The recoverable amount is sensitive to
The key assumptions concerning the future and other key the discount rate used for the DCF model as well as
sources of estimation uncertainty at the reporting date, the expected future cash-inflows and the growth rate
that have a significant risk of causing a material adjustment used for extrapolation purposes. These estimates are
to the carrying amounts of assets and liabilities within the most relevant to goodwill and other intangibles with
next financial year, are described below. The Company indefinite useful lives recognised by the Company. The
based its assumptions and estimates on parameters key assumptions used to determine the recoverable
available when the standalone financial statements were amount for the different CGUs, including a sensitivity
prepared. Existing circumstances and assumptions about analysis, are disclosed in notes to accounts.
future developments, however, may change due to market
changes or circumstances arising that are beyond the (iv) Share based payments
control of the Company. Such changes are reflected in the
assumptions when they occur. Estimating fair value for share-based payment
transactions requires determination of the most
(i) Property, plant and equipment appropriate valuation model, which is dependent on
the terms and conditions of the grant. This estimate
External advisor and/or internal technical team also requires determination of the most appropriate
assesses the remaining useful life and residual value inputs to the valuation model including the expected
of property, plant and equipment. Management life of the share option, volatility and dividend
believes that the assigned useful lives and residual yield and making assumptions about them. For the
values are reasonable. measurement of the fair value of equity-settled
transactions with employees at the grant date. The
(ii) Intangibles
assumptions and models used for estimating fair
Internal technical and user team assess the remaining value for share-based payment transactions are
useful lives of Intangible assets. Management disclosed in Note 33.
believes that assigned useful lives are reasonable.All
(v) Defined benefit plans (gratuity benefits)
Intangibles are carried at net book value on transition.
The cost of the defined benefit gratuity plan and
(iii) Impairement of non-financial assets
the present value of the gratuity obligation are
Impairment exists when the carrying value of an determined using actuarial valuations. An actuarial
asset or cash generating unit exceeds its recoverable valuation involves making various assumptions that
amount, which is the higher of its fair value less costs may differ from actual developments in the future.
of disposal and its value in use. The fair value less These include the determination of the discount
costs of disposal calculation is based on available rate; future salary increases and mortality rates. Due
data from binding sales transactions, conducted to the complexities involved in the valuation and
at arm’s length, for similar assets or observable its long-term nature, a defined benefit obligation is
market prices less incremental costs for disposing highly sensitive to changes in these assumptions. All
of the asset. The value in use calculation is based on assumptions are reviewed at each reporting date.
a DCF model. The cash flows are derived from the
The parameter most subject to change is the discount
budget for the next five years and do not include
rate. In determining the appropriate discount
restructuring activities that the Company is not yet
rate for plans operated in India, the management
committed to or significant future investments that

1 16
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

considers the interest rates of government bonds (vi) Leases- Estimating the incremental borrowing rate

CORPOR ATE OVERVIEW

where remaining maturity of such bond correspond
to expected term of defined benefit obligation. The Company cannot readily determine the interest
The mortality rate is based on publicly available rate implicit in the lease, therefore, it uses its
mortality tables for the specific countries. Those incremental borrowing rate (IBR) to measure lease
mortality tables tend to change only at interval in liabilities. The IBR is the rate of interest that the
response to demographic changes. Future salary Company would have to pay to borrow over a similar
increases and gratuity increases are based on term, and with a similar security, the funds necessary
expected future inflation rates for the respective to obtain an asset of a similar value to the right-of-
countries. Further details about gratuity obligations use asset in a similar economic environment. The IBR
are given in Note 32. therefore reflects what the Company ‘would have to
pay’, which requires estimation when no observable
rates are available. The Company estimates the IBR
using observable inputs (such as market interest
rates) when available and is required to make certain
entity-specific estimates.

STATUTORY REPORTS
FINANCIAL STATEMENTS

117
1 18
Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

3 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK IN PROGRESS

Property, Plant and Equipment

Buildings, Buildings, Capital Work
Particulars Plant and Electric Furniture and Office Leasehold Total
Lease hold Vehicles Lease hold in Progress
Equipments installation Fixtures equipment Land
Improvement Improvement
Carrying amount (at cost)
At 1st April,2021 9,943.50 20,930.26 731.34 512.45 674.67 216.90 591.98 266.00 33,867.10 601.15
Additions 227.60 2,011.26 24.10 75.00 175.70 87.55 - 58.84 2,660.06 1,688.68
P G Elect r o p la st L i m i ted

Disposals/adjustments (0.00) (761.94) - - (25.10) - - (18.06) (805.10) (2,182.61)

At 31st March, 2022 10,171.10 22,179.58 755.44 587.45 825.27 304.45 591.98 306.78 35,722.06 107.22
Additions 552.42 3,183.43 72.09 14.43 24.82 85.00 - - 3,932.19 3,437.36
Disposals/adjustments - (132.58) - - (38.10) - - (217.83) (388.52) (3,377.74)
At 31st March, 2023 10,723.52 25,230.43 827.53 601.89 811.99 389.44 591.98 88.95 39,265.73 166.84
Accumulated Depreciation
At 1st April,2021 1,146.43 4,486.72 275.87 135.53 312.71 88.03 38.69 125.43 6,609.40 -
Charge for the year 348.67 1,226.33 67.05 51.29 83.56 51.34 8.28 105.54 1,942.06 -
Disposals/adjustments - (180.83) - - (21.75) - - (9.76) (212.34) -
At 31st March, 2022 1,495.10 5,532.22 342.92 186.81 374.52 139.37 46.97 221.21 8,339.12 -
Charge for the year 360.14 1,352.92 56.06 54.03 89.54 68.41 8.19 50.47 2,039.77
Disposals/adjustments - (65.96) - - (33.18) - - (211.64) (310.78)
At 31st March, 2023 1,855.24 6,819.17 398.97 240.84 430.88 207.79 55.16 60.04 10,068.10 -
Net carrying amount
At 31st March, 2022 8,676.00 16,647.37 412.52 400.64 450.75 165.07 545.01 85.57 27,382.94 107.22
At 31st March, 2023 8,868.28 18,411.26 428.56 361.05 381.11 181.65 536.82 28.91 29,197.63 166.84

(i) Leasehold Land

The original lease terms in respect of a parcel of land acquired is as under-

Balance Periodof Lease

Plot no Period of Lease
as at 31st March 2023
P-4/2 to 4/6 at Unit-I 90 years 71 years
E-14, E-15 at Unit-III 83 years 71 years
F-20 at Unit-III 59 years 54 years
I-26, I-27 at Unit-V 64 years 58 years
A-20/2 at Supa, Unit IV 85 Years 79 years
C-11 at Unit-IV 76 years 71 years

These leases of lands have been classified as finance lease in terms of criteria specified in Ind AS 116 leases, including the facts that the market value of the land ( as on the date of
transaction) had been paid to the lessor at the inception of the lease.
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

3 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK IN PROGRESS (Contd..)

CORPOR ATE OVERVIEW

(ii) Restrictions on Property, plant and equipment

Refer note 15 for information on charges created on property, plant and equipment.

(iii) Contractual commitments

Refer note 40(b) for disclosure of contractual commitments for the acquisition of property, plant and equipment.

(iv) The Company has not revalued its Property, Plant & Equipments (including Right of Use assets) or intangible assets or both
during the year.

(v) Capital work-in-progress aging schedule

Amount in CWIP for the period of

CWIP Less than 1 More than 3
1-2 years 2-3 years Total
year years
As at 31st March 2023 -
Projects in Progress 166.84 - - - 166.84
Projects Temporarily suspended - - - - -

STATUTORY REPORTS
Amount in CWIP for the period of
CWIP Less than 1 More than 3
1-2 years 2-3 years Total
year years
As at 31st March 2022
Projects in Progress 107.22 - - - 107.22
Projects Temporarily suspended - - - -

4 INTANGIBLE ASSETS

Computer
Particulars Total
Software’s
Carrying amount (at cost)
At 1st April, 2021 99.33 99.33
Additions 8.82 8.82
Disposals/adjustments - -
At 31st March, 2022 108.15 108.15
Additions 10.32 10.32
Disposals/adjustments - -
FINANCIAL STATEMENTS

At 31st March, 2023 118.47 118.47

Accumulated Amortisation
At 1st April, 2021 44.09 44.09
Charge for the year 14.81 14.81
Disposals/adjustments - -
Impairment loss recognized during the year - -
At 31st March, 2022 58.90 58.90
Charge for the year 15.19 15.19
Disposals/adjustments - -
At 31st March, 2023 74.09 74.09
Net carrying amount
At 31st March, 2022 49.25 49.25
At 31st March, 2023 44.37 44.37

There are no intangible assets under development as at 31st March, 2023 and 31st March, 2022.

119
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

5 TRADE RECEIVABLES

As at As at
Particulars
31st March, 2023 31st March, 2022
Current
- Unsecured, considered good 13,141.70 17,257.89
- Unsecured, credit impaired - 34.84
13,141.70 17,292.73
Less: Allowance for trade receivables - (34.84)
Total trade receivables 13,141.70 17,257.89

Trade receivables includes receivable from related party Rs. 100.35 lakhs (31st March 2022: Rs 1428.11 lakhs ). Refer note 36.

Trade Receivables Aging Schedule

Less than 6 6 months - more than

Particulars 1-2 years 2-3 years Total
months 1 year 3 years
As at 31st March 2023
Undisputed Trade Receivables
- Considered good 13,040.72 37.15 57.68 4.02 2.13 13,141.70
Disputed Trade Receivables
- Credit impaired - - - - -
Gross Carrying Amount 13,040.72 37.15 57.68 4.02 2.13 13,141.70
Less:Allowance for trade receivables - - - - - -
Net Carrying Amount 13,040.72 37.15 57.68 4.02 2.13 13,141.70

Less than 6 6 months - more than

Particulars 1-2 years 2-3 years Total
months 1 year 3 years
As at 31st March 2022
Undisputed Trade Receivables
- Considered good 17,098.41 80.87 75.82 2.79 - 17,257.89
- Which have significant increase in - - - - - -
credit risk
Disputed Trade Receivables
- Credit impaired - - - - 34.84 34.84
Gross Carrying Amount 17,098.41 80.87 75.82 2.79 34.84 17,292.73
Less:Allowance for trade receivables - - - - (34.84) (34.84)
Net Carrying Amount 17,098.41 80.87 75.82 2.79 - 17,257.89

Note:

(a) Neither trade nor other receivables are due from directors or other officers of the Company either severally or jointly with any
other person. Nor any trade or other receivables are due from firms or private companies in which any director is a partner, a
director or a member, except as mentioned in note 36.

(b) Information about the Company's exposure to credit and currency risks, and loss allowances related to trade receivables are
disclosed in note 37. Provision as disclosed above is on case to case basis as identified by the management.

(c) For terms and conditions related to trade receivables owing from related parties, see note 36.

(d) Trade receivables are no-interest bearing and are generally on terms of 30-90 days of credit period.

1 20
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

6 LOANS

CORPOR ATE OVERVIEW

As at As at
Particulars
31st March, 2023 31st March, 2022
Current
- Unsecured, considered good
Loan to Employees 31.47 35.28
Loan to Others* - 240.00
Loan to Related parties (refer note 36) 1,839.58 1,096.43
Total loans 1,871.05 1,371.71

Loan to related parties are given for the purpose of meeting their working capital requirements and for general corporate purposes.

Current Period Previous Period

Particulars Amount Amount
% of Total % of Total
Outstanding Outstanding
Related Parties
PG Technoplast Limited 1,827.68 99% 1,096.43 82%
* Loan to others includes loan given to Indkal Technologies Private Limited for the purpose of arranging materials for LED TV which would be supplied to
Company subsequently.

STATUTORY REPORTS
7 INVESTMENTS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Unquoted
Equity instruments in subsidiaries & controlled entity at cost
520,000 (31st March 2022: 5,20,000) equity shares in PG Technoplast Private Limited 7,610.05 7,517.84
Investment in Corpus Fund in PG Electroplast Limited Employees Welfare Trust- 0.01 -
Controlled Entity
20,000 (31st March 2022: 20000) equity shares in PG Plastronics Private Limited 2.00 2.00
Equity instruments in Others at fair value through profit and loss
14,88,000 (31st March 2022: 248000) equity shares in Solarstream Renewable 148.80 24.80
Services Private Limited
Nil (31st March 2022: 525 nos) equity shares in Indkal Technologies Private Limited - 0.52
7,760.86 7,545.16
Quoted
Investment in Mutual Funds at fair value through profit and loss
3212.29 units (31st March 2022: 2073.82 units ) in HDFC index Funds- Sensex plan 17.16 10.90
FINANCIAL STATEMENTS

10533.53 units (31st March 2022: 6775.75 units ) in HDFC Index Funds-Nifty 50 plan 16.99 10.91
26144.59 units (31st March 2022: 17061.38 units ) in ICICI Prudential Bluechip 17.65 11.19
Funuds
32138.68 units (31st March 2022: 20559.62 units ) in Kotak Flexicap Funds-Growth 17.04 10.69
68.84 43.69
Total Non-Current Investments 7,829.70 7,588.85
Aggregate book value of quoted investments 68.84 43.69
Aggregate market value of quoted investments 68.84 43.69
Aggregate book value of unquoted investments 7,760.86 7,545.16

(i) During the year, Company has granted employee stock options to the employees of PG Technoplast Private Limited. Hence,
Company has adopted equity accounting for the shares based expenses in respect of those employees amounted to Rs.92.21
lakhs (31st March 2022: 15.84 lakhs), debited to investment in subsidiary.

121
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

8 OTHER FINANCIAL ASSETS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current (at amortised cost)
Security Deposits
Unsecured, considered good 317.52 273.70
Bank Deposits
with maturity of more than 12 months 113.51 131.75
431.03 405.45

Deposits of Rs. 113.51 lakhs (31st March, 2022: Rs.126.43 lakhs) pledged as margin money with bank for various type of credit limits.

Current (at amortised cost)

As at As at
Particulars
31st March, 2023 31st March, 2022
Security Deposits
Unsecured, considered good 30.06 14.60
Interest Receivables
Interest accrued on bank and other deposit 41.27 36.87
Interest accrued on others 19.95 87.87
Government grant 2,394.27 1,500.40
Others* 118.27 148.45
Total other financial assets 2,603.82 1,788.19
* Others includes amount recoverable from Maharashtra Government on account of stamp duty paid amounted Rs.58.76 lakhs (31st March 2022: 59.07) and
fire claims receivable amounted Rs.37.73 lakhs (31st March 2022: 47.66 lakhs).

9 OTHER ASSETS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current (at amortised cost)
Unsecured, considered good
Capital advances 603.35 309.09
Prepaid expenses 57.30 39.96
660.65 349.05
Current (at amortised cost)
Unsecured, considered good
Advances to suppliers 875.54 1,392.83
Balances with Government Authorities 577.05 785.45
Prepaid expenses 217.58 202.14
Imprest to employees 1.87 2.10
Unsecured, considered doubtful
Advances to suppliers - 289.32
1,672.04 2,671.84
Less: Allowances for doubtful advance - (289.32)
1,672.04 2,382.52
Total other assets 2,332.69 2,731.57

1 22
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

10 INCOME TAX ASSETS

CORPOR ATE OVERVIEW

As at As at
Particulars
31st March, 2023 31st March, 2022
Income tax refund for earlier years & Advance tax 1,037.58 419.84
1,037.58 419.84

11 INVENTORIES

(Valued at lower of cost or net realisable value)

As at As at
Particulars
31st March, 2023 31st March, 2022
Raw material and components 9,722.57 16,320.79
Work-in-progress 1,419.32 2,386.17
Finished goods 1,238.45 1,648.03
Stores and spares 67.80 73.84
12,448.14 20,428.82
Less: Provision for Slow/Non Moving Inventories (88.45) (85.75)
Total Inventory 12,359.69 20,343.07

STATUTORY REPORTS
(a) The above includes goods in transit as under
Raw material and components 2.33 681.70
(b) The above includes goods at bonded warehouse
Raw material and components - 2,801.94

(c) Refer note 15, for information on hypothecation created on inventory with the bankers against working capital.

(d) The write-down of inventories to net realisable value during the year amounting to Nil (31st March 2022:Nil). These are
recognised as expenses during the respective period and included in changes in inventories.

12 CASH AND BANK BALANCES

(a) Cash and cash equivalents

As at As at
Particulars
31st March, 2023 31st March, 2022
Balances with banks
- In current accounts 366.10 1,387.88
Cash on hand 5.16 11.01
FINANCIAL STATEMENTS

Total cash and cash equivalents 371.26 1,398.89

(b) Bank balances other than cash and cash equivalents

As at As at
Particulars
31st March, 2023 31st March, 2022
Bank deposits
with maturity of more than 3 months and upto 12 months 1,482.74 1,475.07
Total bank balances other than cash and cash equivalents 1,482.74 1,475.07

Deposits of Rs.912.86 lakhs (31st March, 2022: Rs.1085.82 lakhs) pledged as margin money with bank for various type of credit limits.

Deposits with banks are made for varying periods, depending on immediate cash requirement of the Company and to earn
interest at the respective term deposit rates.

123
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

13 SHARE CAPITAL

As at As at
Particulars
31st March, 2023 31st March, 2022
(a) Authorised share capital
3,50,00,000 (31st March, 2022: 3,50,00,000) equity shares 3,500.00 3,500.00
(Par value of Rs. 10 per share)
3,500.00 3,500.00
(b) Issued, Subscribed And Fully Paid Up Share Capital
2,27,42,617 (31st March,2022: 2,12,24,866) equity shares 2,274.26 2,122.49
(Par value of Rs. 10 per share)
2,274.26 2,122.49

(c) Movements in equity share capital

Particulars No. of shares Amount in Rs.

As at 1st April 2021 1,96,93,916 1,969.39
Increase during the year * 15,30,950 153.10
As at 31st March 2022 2,12,24,866 2,122.49
Increase during the year ** 15,17,751 151.77
As at 31st March 2023 2,27,42,617 2,274.26

* 1. During the year 2021-22, the company allotted 11,95,950 equity shares of face value of Rs.10/- each at an issue price of Rs.337/- per share to the persons
belonging to Non-Promoter category by way of preferential allotment.

2. During the year 2021-22, the company on December 10,2021 allotted 3,35,000 equity shares of face value of Rs. 10/- each pursuant to conversion of
3,35,000 share warrants, issued on 31st March, 2021 at an issue price of Rs. 150/- each, by way of preferential allotment to Mr. Anurag Gupta, Mr. Vishal
Gupta and Mr. Vikas Gupta (Promoter Category) and Mr. Arvind Yeshwant Pradhan (Public Category).

**1. During the year 2022-23, the company on September 27, 2022 allotted 1,00,000 equity shares of face value of Rs. 10/- each pursuant to conversion of
1,00,000 share warrants issued on 31st March, 2021 at an issue price of Rs. 150/- each, by way of preferential allotment to Mr. Nikhil Vishnuprasad Bagla
and Mrs. Urmila Nikhil Bagla (Public Category).

2. During the year 2022-23, the company on August 12, 2022 allotted 53,200 Equity Shares of face value of Rs. 10/- each to the ‘PG Electroplast Limited
Employees Welfare Trust’ under PG Electroplast Limited Employees Stock Option Scheme - 2020 in compliance with the SEBI (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021.

3. During the year 2022-23, the Company on December 31, 2022 allotted 13,64,551 Equity Shares of face value of Rs. 10/- each pursuant to conversion of
10,76,904, 17.96%Compulsorily Convertible Debentures (“CCDs”) allotted on preferential basis on July 01, 2021 and unpaid coupon amount accrued
thereon, at the conversion price of Rs. 337/-, determined as per the SEBI ICDR Regulations

There were no buy back of shares or issue of shares pursuant to contract without payment being received in cash during the
previous 5 years.

Terms and rights attached to equity shares

(d) The company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote
per share held. In the event of liquidation of the company, the equity shareholders are eligible to receive the remaining assets
of the company after distribution of all preferential amounts, in proportion to their shareholding.

(e) Particulars of shareholders holding more than 5% shares of fully paid up equity shares

31st March 2023 31st March 2022

Name of Shareholder
No. of shares % holding No. of shares % holding
Mr Anurag Gupta 29,91,201 13.15% 29,91,201 14.09%
Mr Vishal Gupta 50,51,474 21.21% 50,51,474 23.80%
Mr Vikas Gupta 50,73,531 21.31% 50,73,531 23.90%

1 24
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

13 SHARE CAPITAL (Contd..)

CORPOR ATE OVERVIEW

(f) Details of share held by promotors and their family members

31st March 2023 31st March 2022

% Change % Change
Name of Shareholder No. of No. of %
% holding during the during the
shares shares holding
year year
Mr Anurag Gupta 29,91,201 13.15% -0.94% 29,91,201 14.09% 1.59%
Mr Vishal Gupta 50,51,474 22.21% -1.59% 50,51,474 23.80% 9.32%
Mr Vikas Gupta 50,73,531 22.31% 1.60% 50,73,531 23.90% 9.44%
Mrs Sudesh Gupta - - - - - -24.17%
Mrs Neelu Gupta 5,11,000 2.25% -0.16% 5,11,000 2.41% -0.18%
Mrs Sarika Gupta 1,71,016 0.75% -0.05% 1,71,016 0.81% -0.06%
Mrs Nitasha Gupta 1,48,959 0.65% -0.05% 1,48,959 0.70% -0.06%

Shares reserved for issue under options

(g) Information relating to Employee Stock Option Plan, including details of option issued, exercised and lapsed during the
financial year and options outstanding as at end of the reporting period are set out in note 33.

OTHER EQUITY

STATUTORY REPORTS
14 Particulars

As at As at
Particulars
31st March, 2023 31st March, 2022
Securities premium 23,239.38 18,509.61
Retained earnings 9,742.56 5,735.30
Other comprehensive income 125.64 121.36
Money received against Share Warrants - 37.50
Cumulative Compulsorily Convertible Debentures (CCCDs) - 4,069.16
Employee Share Option reserve 470.02 206.78
Total other equity 33,577.60 28,679.71

(a) Securities premium

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 18,509.61 14,129.86
FINANCIAL STATEMENTS

Increased during the year* 4,729.77 4,379.75

Closing balance 23,239.38 18,509.61
* Refer note 13(c) for changes during the year.

125
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

14 Particulars (Contd..)
(b) Retained earnings

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 5,735.30 2,927.39
Net profit for the year 4,419.99 3,296.79
Amount Transferred to retained earning on excise of ESOPs 72.10 -
Adjustment on termination of ESOP 4.05 -
Less: Dividend on CCCDs (488.88) (488.88)
Closing balance 9,742.56 5,735.30

(c) Other comprehensive income

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 121.36 57.34
Increased during the year* 4.28 64.02
Closing balance 125.64 121.36
* Other comprehensive income is increased during the year due to actuarial gain on gratuity provision.

(d) Money received against share warrants

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 37.50 163.13
Received during the year against issue of share warrants 112.50 376.87
Less: Converted into equity shares during the year (150.00) (502.50)
Closing balance - 37.50

(e) Cumulative Compulsorily Convertible Debentures (CCCDs)

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 4,069.16 -
Equity Component of CCCDs 439.99 3,629.17
Receiving during the year 89.39 -
Dividend on equity component of CCCDs (4,598.54) 439.99
Closing balance - 4,069.16

(f) Employee Share Option reserve

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 206.78 -
Employee share option expenses during the year 339.39 206.78
Adjustment on termination of ESOP (4.05) -
Amount Transferred to retained earning on excise of ESOPs (72.10) -
Closing balance 470.02 206.78

1 26
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

14 Particulars (Contd..)

CORPOR ATE OVERVIEW

(h) Nature and Purpose of Reserves

(i) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes
such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

(ii) Retained earnings

Retained Earnings are profits that the Company has earned till date less transfer to other reserve, dividend or other
distribution or transaction with shareholders.

(iii) Employee share option reserve

The share option outstanding account is used to recognise the grant date fair value of options issued to employees under
Employee stock option plan.

(iv) Other Comprehensive Income

Other comprehensive income is the actuarial gain/(loss) on defined benefit plans (i.e Gratuity) till the date which will not
be reclassified to statement of profit and loss subsequently.

STATUTORY REPORTS
(v) Money received against share warrants

It pertains to the application money received on grant of share warrants, this will be transferred to equity share and
securities premium on conversion into equity share capital.

(vi) Cumulative Compulsorily Convertible Debentures (CCCDs)

It pertains to the equity component of cumulative compulsorily convertible debentures.

15 BORROWINGS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current (at amortised cost)
Secured
Term loans
- From banks
- Rupees Loans * 10,112.26 10,445.45
- From Others 774.55 706.54
FINANCIAL STATEMENTS

Vehicle loans
- From banks 85.39 127.57
- From Others 48.15 63.85
Unsecured
- Deferred Payment against Plant and Machinery 419.46 297.12
11,439.81 11,640.53
Less: Current maturity of long term borrowings (2,984.97) (2,657.37)
Total non-current borrowings 8,454.84 8,983.16
* Includes interest free term loan from Uttar Pradesh Financial Corporation Rs 595.84 lakhs ( Previous year: Rs 447.94 lakhs)

127
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at As at
Particulars
31st March, 2023 31st March, 2022
Current (at amortised cost)
Secured
Repayable on demand
- From banks 3,847.41 6,673.67
Term & Vehicle loan from banks- Current maturity of borrowings 2,554.44 2,307.38
Term & Vehicle loan from others- Current maturity of borrowings 105.63 95.43
Unsecured
Deferred Payment against Plant and Machinery- Current maturity of borrowings 324.90 254.56
Bill discounting
- From banks 2,201.44 4,572.71
- From Others 643.54 3,500.00
Total current borrowings 9,677.36 17,403.75

As on Balance sheet date, there is no default in repayment of loans and interest.

Changes in liabilities arising from financing activities

As at Fair Foreign As at
Particulars 1st April, Cash Flows Value exchange Reclassifications 31st March,
2022 Change movement 2023
Non current borrowings 11,640.53 (149.73) - - (50.99) 11,439.81
(including current maturities of
non current borrowings)
Current borrowings 14,746.37 (8,053.98) - - - 6,692.39

As at Fair Foreign As at
Particulars 1st April, Cash Flows Value exchange Reclassifications 31st March,
2021 Change movement 2022
Non current borrowings 11,767.43 (175.76) - - 48.87 11,640.53
(including current maturities of
non current borrowings)
Current borrowings 6,562.69 8,183.68 - - - 14,746.37

1 28
 Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)
A. Term Loan

As at 31st March 2023 As at 31st March 2022

Sr. Type of
Bank Name Term of Repayments Security
No. loan Non-
Current Non-Current Current
Current

Secured- From
Banks
1 State Bank of Term loan - - 39.00 Nil (i). Hypothecation of P&M, Prefabricated building and other utilities
India acquired out of banks finance & Personal guarantee of promoter
directors i.e Mr.Anurag Gupta, Mr.Vishal Gupta and Mr.Vikas Gupta.

(ii). Collateral Security: Factory Land and Building situated at Plot no- P-4/2
- 4/5, Plot No E-14 & E-15, Site-B, UPSIDC Industrial Area, Surajpur,
Greater Noida of Company and Building situated at Khasra No 268 &
275, Village Raipur, Roorkee, Haridwar, Uttarakhand, and factory land
which is in the name of M/s PG Electronics and Mr. Vishal Gupta.

(iii). Corporate Guarantee of PG Electronics (Partnenrship Firm)

2 State Bank of Term loan 229.99 450.00 679.99 390.00 06 monthly installment of Rs. 35 lakhs (i). Hypothecation of P&M, factory land situated at P-4/6 and F-20,
India from April 2023 to Sep 2023, 11 monthly Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida of the
installment of Rs. 40 lakhs from October- Company & Personal guarantee of promoter directors i.e Mr.Anurag
August 2024 and balance in September 2024. Gupta, Mr.Vishal Gupta and Mr.Vikas Gupta.

(ii). Collateral Security: Factory Land and Building situated at Plot

no- P-4/2 - 4/5, Plot No E-14 & E-15, Site-B, UPSIDC Industrial Area,
Surajpur, Greater Noida of Company and Building situated at Khasra
No 268 & 275, Village Raipur, Roorkee, Haridwar, Uttarakhand, and
factory land which is in the name of M/s PG Electronics and Mr.
Vishal Gupta.

(iii). Corporate Guarantee of PG Electronics (Partnenrship Firm)

3 State Bank of Term loan 776.81 216.00 992.81 216.00 55 monthly installment of Rs. 18 lakhs from (i). Hypothecation of P&M, factory land & building situated at Khasra
India April 2023 to October 2027 and balance in no 268 & 275,Raipur, Bhagwanpur, Roorkee, P-4/2 to 4/6 and E-14 &
November 2027. E-15, Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida of the
Company & Personal guarantee of promoter directors i.e Mr. Anurag
Monthly interest is being charged at the end Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
of each month.
(ii). Collateral Security: Factory Land and Building situated at Plot no- P-4/2
- 4/5, Plot No E-14 & E-15, Site-B, UPSIDC Industrial Area, Surajpur,
Greater Noida of Company and Building situated at Khasra No 268 &
275, Village Raipur, Roorkee, Haridwar, Uttarakhand, and factory land
which is in the name of M/s PG Electronics and Mr. Vishal Gupta.

(iii). Corporate Guarantee of PG Electronics (Partnenrship Firm)

129
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

1 30
Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at 31st March 2023 As at 31st March 2022

Sr. Type of
Bank Name Term of Repayments Security
No. loan Non-
Current Non-Current Current
Current

4 State Bank of Term loan 381.14 221.00 602.52 221.00 56 monthly installment of Rs. 18.42 lakhs Collateral free Guaranteed Emergency Credit Line (GECL), which is fully
India GECL*2 from April 2023 to November 2027 and guaranteed by National Credit Gurantee Trustee Company Limited.
balance in December 2027.
Secured by extention of second ranking charge over existing primary and
P G Elect r o p la st L i m i ted

5 State Bank of Term loan 395.96 46.04 442.00 - Monthly installment of Rs. 9.20 lakhs from
collateral securities including mortgages created in favour of the Bank.
India GECL*3 November 2023 to October 2027 and
balance in December 2027. Personal Guarantee are also given by promoter directors i.e. Mr.Anurag
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.

6 State Bank of Term loan- 1,775.27 137.74 - - “78 monthly installment of Rs.36 lakhs i). Secured by way of hypothecation of entire current assets including
India New from Oct 2023 to March 2030 and balance raw material, work-in-progress, finished goods, Book debts, advance
in 6 monthly installment of Rs.32 lakhs payments, stock in transit, other current assets, cash margins of
from April 2030 to Sept 2030.Installments Unit 1 at Greater Noida, 2 at Roorkee & 3 at Greater Noida of the
inclding undisbursed portion of term loan of Company.
Rs 1087 lakhs.
Monthly interest is being charged at the (ii). Collateral Security : Factory Land and Building situated at Plot no-
end of each month. P-4/2 - 4/6 and Plot No E-14 & E-15, Site-B, UPSIDC Industrial Area,
Surajpur, Greater Noida of Company and Building situated at Khasra
No 268 & 275, Village Raipur, Roorkee, Haridwar, Uttarakhand,
factory land which is in the name of M/s PG Electronics and Mr.
Vishal Gupta.
7 HDFC Bank Term loan 1,344.00 617.66 1,961.67 628.80 “(i).Rs.639.82 lakhs,repayable in monthly Secured by way of exclusive charge over land, Building, at I-26 & I-27,
installment of Rs. 20.34 lakhs from April Site-C, UPSIDC Industrial Area,Surajpur Greater Noida, U.P. (Unit 5) and
2023 to December 2024 and Rs. 30.52 lakhs land, Building, at A-20/2. MIDC Supa, District- Ahmendnagar Maharastra
from January 2025 to May 2025 and balance (Unit 4). Term loan are also secured by way of exclusive charge on
amount in June 2025. plant and machinery situated at Unit 5 of Greater Noida and specific
(iii). Rs.464.36 lakhs, repayable in monthly plant & machinery generated out of the term loan, situated at Unit 4 of
installment from April 2023 to July 2027 and Ahemednagar, Maharashtra.
remaining amount in November 2027.
Personal Guarantee are also given by promoter directors i.e. Mr.Anurag
(iv).Rs.857.49 lakhs, repayable in monthly
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
installments of Rs. 20.54 lakhs from April
2023 to June 2026 and balance in July 2026.
Monthly interest is being charged at the end
of each month.
 Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at 31st March 2023 As at 31st March 2022

Sr. Type of
Bank Name Term of Repayments Security
No. loan Non-
Current Non-Current Current
Current

8 HDFC Bank Moratorium 71.80 - 71.81 1.01 Repayable in the month of June 2025, June Moratorium Loan Covid -19 of deferment of existing term loans at Sr no
Loan 2026 and November 2027. 07 & interest amount was granted as per Covid -19 Panedemic Relief by
Covid -19 RBI.
converted
from
existing
loans
9 HDFC Bank Term loan 1,000.00 500.00 1,500.00 500.00 “Repayable in monthly installment of Rs. Secured by extention of second ranking charge over existing primary and
ECGLC-02 41.67 lakh from April 2023 to March 2026. collateral securities including mortgages created in favour of the Bank.
Monthly Interest is being charged at the end
Personal Guarantee are also given by promoter directors i.e. Mr.Anurag
of the each month.
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
10 HDFC Bank Term loan 850.68 77.33 928.00 - “Repayable in monthly installment of Secured by extention of second ranking charge over existing primary and
ECGLC-03 Rs. 19.33 lakh from December 2023 to collateral securities including mortgages created in favour of the Bank.
November 2027.
Personal Guarantee are also given by promoter directors i.e. Mr.Anurag
Monthly Interest is being charged at the end
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
of the each month.
11 ICICI Bank Term loan 770.83 250.00 1,020.83 250.00 Repayable in monthly installment of Rs. First Pari Passu charge on all current assets of Unit-4.
20.83 lakh from April 2023 to April 2027 Guaranteed by promoter directors i.e Mr. Anurag Gupta, Mr. Vishal Gupta
along with interest. & Mr. Vikas Gupta .
12 HDFC Bank Vehicle loan 1.54 5.86 7.40 5.43 Repayment in 15 nos EMIs Secured by hypothecation of vehicle acquired
13 ICICI Bank Vehicle loan 13.67 5.72 - 0.67 Repayment in 37 nos EMIs under the respective vehicle loan.
14 Axis Bank Vehicle loan 31.51 27.09 58.60 51.63 In ranging of 1 to 21 nos EMIs
15 Yes Bank Vehicle loan - - - 3.84 Nil

7,643.21 2,554.44 8,265.64 2,307.38

Secured- From
Others
1 Tata Capital Loan 90.01 88.70 178.87 79.72 Repayable in monthly installments from Machineries purchased from the term loan.
Financial against April 2023 to February 2025. Guaranteed by promoter directors i.e Mr. Anurag Gupta, Mr. Vishal Gupta
Services plant & Mr. Vikas Gupta .
Limited

131
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

1 32
Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at 31st March 2023 As at 31st March 2022

Sr. Type of
Bank Name Term of Repayments Security
No. loan Non-
Current Non-Current Current
Current

2 Uttar Pradesh Interest 595.84 - 447.94 - Repayable in lumpsum amount after 7 years Bank Guarantee of 100% value of loan was issued by State bank of india,
Financial Free Term from the date of disbursement without any Noida in favour of lender for entire period of 7 years plus 6 months delay
Corporation loan interest. period interest @ 15% p.a.,In case of non payment on due date.
P G Elect r o p la st L i m i ted

Ltd (Net
Guaranteed by promoter directors i.e. Mr. Anurag Gupta, Mr. Vishal Gupta
of Ind-AS
& Mr. Vikas Gupta.
adjustments)
3 Vehicle Vehicle loan 31.22 16.93 48.15 15.71 Repayment in monthly 32 Nos EMIs - 2 nos Secured by hypothecation of vehicle acquired under the respective
loan from loan accounts vehicle loan.
Sundaram
Finance
Limited
717.08 105.63 674.96 95.43
Unsecured-
Deferred
payments
1 Deferred
Payment
against P&M
Haitian Deferred 43.83 161.10 17.88 159.86 Repayable in the range of 9 to 20 monthly Not Applicable
Huayuan Payment installment from April 2023 to Novmber
Machinery 2024.
India Pvt Ltd.
Haitian Deferred 50.72 163.81 24.68 94.70 Repayable in monthly & quaterly
Huayuan Payment installments.Rs 26.04 lacs in quaterly
(Hongkong) reapayable in 2 nos insatallments & Rs
Limited 188.49 lacs in monthly reapayble in 16 nos
installments
94.55 324.91 42.56 254.56
 Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)
B. Repayable on demand

As at 31st March 2023 As at 31st March 2022

Sr.
Bank Name Type of loan Term of Repayments Security
No. Non-
Current Non-Current Current
Current

Secured-
From Banks
1 State Bank Cash Credit Limit - - 2,350.85 Repayable on demand (i). Secured by way of hypothecation of entire current assets
of India 1,660.76 including raw material, work-in-progress, finished goods, Book
debts, advance payments, stock in transit, other current assets,
cash margins of Unit 1 at Greater Noida, 2 at Roorkee & 3 at
Greater Noida of the Company

(ii). Collateral Security : Factory Land and Building situated at

Plot no- P-4/2 - 4/6 and Plot No E-14 & E-15, Site-B, UPSIDC
Industrial Area, Surajpur, Greater Noida of Company and
Building situated at Khasra No 268 & 275, Village Raipur,
Roorkee, Haridwar, Uttarakhand, factory land which is in the
name of M/s PG Electronics and Mr. Vishal Gupta.

(iii).Secured by Personal Guarantee of promoter directors i.e.

Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta and
Corporate Guarantee of M/s PG Electronics.

(iv).Factory land and building of Plot no F-20, Site, B, UPSIDC

Industrial Area, Surajpur, Greater Noida, District Gautam Budh
Nagar is the prime security.

(v). Hypothecation of all fixed assets except land & building and
specified machinery charged under term loans of Unit-1, 2 & 3.
2 State Bank Working Capital - - - 1,000.00 Repayable on demand
of India Demand Loan

133
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

1 34
Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at 31st March 2023 As at 31st March 2022

Sr.
Bank Name Type of loan Term of Repayments Security
No. Non-
Current Non-Current Current
Current

3 HDFC Bank Cash Credit Limit - 670.83 - 1,278.14 Repayable on demand (i). Secured by way of hypothecation of entire current assets
present and future of Unit 4 & 5 of the Company and First PP
Charge on Current assets of Unit-4 & 5 with ICICI Bank
P G Elect r o p la st L i m i ted

(ii). Collateral Security : Factory Land and Building situated

at I-26 & I- 27, Site C, UPSIDC Insdustrial Area, Surajpur,
Greater Noida, U.P (Unit-5) and A-20/2. MIDC Supa, District-
Ahmednagar Maharastra (Unit-4) of Company

(iii).Secured by Personal Guarantee of promoter directors i.e.

Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
4 HDFC Bank Working Capital - - 2,000.00 Repayable on demand
Demand Loan 1,500.00
5 State Bank Overdraft - 15.81 - 44.67 Repayable on demand Secured against term deposits.
of India
- - 6,673.66
3,847.41
 Notes to the Standalone Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at 31st March 2023 As at 31st March 2022

Sr.
Bank Name Type of loan Term of Repayments Security
No. Non-
Current Non-Current Current
Current

Unsecured-
From Banks
1 HDFC Bank Bill - - 4,025.29 Repayable on due date I. Exclusive charge on specified receivables discounted.
Discounting 1,289.68
II. Secured by personal guarantee of promoter directors i.e Mr.
Anurag Gupta, Mr. Vishal Gupta & Mr. Vikas Gupta & PDC
cheque for whole facility.
2 ICICI Bank Bill - 911.76 - 547.42 Repayable on due date I. Exclusive charge on specified receivables discounted.
Discounting
II. Secured by personal guarantee of promoter directors i.e Mr.
Anurag Gupta, Mr. Vishal Gupta & Mr. Vikas Gupta & PDC
cheque for whole facility.
3 Bajaj Bill - 643.54 - 3,500.00 Repayable on due date I. Exclusive charge on specified receivables discounted.
Finance Discounting
Limited II. Sales invoice discounting of supplies to Whirlpool & Voltas
Limited.

III. Secured by personal guarantee of promoter directors i.e

Mr.Anurag Gupta, Mr. Vishal Gupta & Mr. Vikas Gupta & PDC
cheque for whole facility.
- 2,844.98 - 8,072.71

135
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

16 PROVISIONS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Provision for employee benefits
Gratuity (refer note 32) 211.00 208.48
Compensated absences (refer note 32) 220.17 201.25
431.17 409.73
Current
Provision for employee benefits
Gratuity (refer note 32) 21.63 19.87
Compensated absences (refer note 32) 18.72 17.56
Provision for warranty expenses-Post Sales# 34.00 50.00
74.35 87.43
Total provisions 505.52 497.16
# 1st April 2022 50.00 -
Arising during the year 29.78 72.00
Utilised -29.78 -22.00
Unused amount reversed -16.00 -
Closing balance as on 31st March 2023 34.00 50.00

17 TRADE PAYABLES

As at As at
Particulars
31st March, 2023 31st March, 2022
Current
Total outstanding dues of micro enterprise and small enterprise 699.18 932.52
Total outstanding dues of creditors other than micro enterprise and small 11,473.06 18,795.96
enterprise
12,172.24 19,728.48

Trade Payable Aging Schedule

Less than 1 more than 3

Particulars 1-2 years 2-3 years Total
year years
As at 31st March 2023
Total outstanding dues to micro enterprises and 699.18 - - - 699.18
small enterprises
Total outstanding dues of creditors other than 11,384.96 2.80 0.66 84.64 11,473.06
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - -
enterprises
Disputed dues of creditors other than micro - - - - -
enterprises and small enterprises
Carrying Amount 12,084.14 2.80 0.66 84.64 12,172.24

1 36
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

17 TRADE PAYABLES (Contd..)

CORPOR ATE OVERVIEW

Less than 1 more than 3
Particulars 1-2 years 2-3 years Total
year years
As at 31st March 2022
Total outstanding dues to micro enterprises and 932.52 - - - 932.52
small enterprises
Total outstanding dues of creditors other than 18,702.16 6.59 9.31 77.90 18,795.96
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - -
enterprises
Disputed dues of creditors other than micro - - - - -
enterprises and small enterprises
Carrying Amount 19,634.68 6.59 9.31 77.90 19,728.48

(a) Trade Payables include due to related parties Rs.28.63 lakhs (March 31, 2022 : Rs.1.22 lakhs) (refer note 36)

(b) The amounts are unsecured and non interest-bearing and are usually on varying trade term.

(c) For terms and conditions with related parties. (refer to note 36)

(d) Trade payables includes acceptances of Rs.1,666.82 lakhs (March 31, 2022: Rs.6436.97 lakhs)

STATUTORY REPORTS
18 OTHER FINANCIAL LIABILITIES

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Security deposits 5.00 2.06
Deferred cost of Interest Free Loan 212.54 176.31
217.54 178.37
Current
Security deposits 0.16 -
Deferred cost of Interest Free Loan 64.59 49.83
Interest accrued and due on borrowings 62.03 62.31
Capital creditors 218.87 417.58
Expenses creditors 1,271.55 1,444.77
Employee benefits & other dues payable # 376.85 404.53
1,994.05 2,379.02
Total other financial liabilities 2,211.59 2,557.39
FINANCIAL STATEMENTS

# (i) Other financial liability include due to related parties Rs.30.33 lakhs ( March 31,2022: Rs.25.74 lakhs) (refer note 36)

19 OTHER CURRENT LIABILITIES

As at As at
Particulars
31st March, 2023 31st March, 2022
Non Current
Duty and Taxes Payable under MOOWR (net of amount recoverable/adjustable) 124.93 -
124.93 -
Current
Advance from customers 243.58 134.65
Statutory dues 772.66 565.59
1,016.24 700.25

Note:-No amount is payable to investors education protection fund.=

137
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

20 LEASES LIABILITIES

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Leases (refer note 34) 13.73 33.21
13.73 33.21
Current
Leases (refer note 34) 19.48 61.73
19.48 61.73

21 REVENUE FROM OPERATIONS

As at As at
Particulars
31st March, 2023 31st March, 2022
Revenue from contract with customers
Sale of products
Manufactured goods 1,15,057.05 88,410.03
Trading goods 15,808.76 13,184.02
Sale of services 466.84 253.79
1,31,332.65 1,01,847.84
Other Operating Income
Sale of scrap 571.39 345.93
Government Subsidy on accrual basis # 1,210.61 1,391.71
1,782.00 1,737.64
Total revenue from operations 1,33,114.65 1,03,585.48
i) Timing of revenue recognition
Goods transferred at a point in time 1,31,437.20 1,01,939.98
Service transferred over a period of time 466.84 253.79
Government Subsidy on accrual basis # 1,210.61 1,391.71
Total revenue from contracts with customers 1,33,114.65 1,03,585.48

ii) Revenue by location of customers

India 1,32,913.03 1,03,502.52
Outside India 201.62 82.96
Total revenue from contracts with customers 1,33,114.65 1,03,585.48
iii) Reconciliation of revenue recognised in Statement of profit and loss with
contracted price
Revenue as per contracted price 1,33,157.57 1,03,640.58
Less: Discount (42.92) (55.10)
Total revenue from contracts with customers 1,33,114.65 1,03,585.48

iv) Performance Obligation

Sale of products: Performance obligation in respect of sale of goods is satisfied when control of the goods is transferred to
the customer, generally on dispach of the goods and payment is generally due as per the terms of contract with customers.

Sales of services: The performance obligation in respect of services is satisfied over the period of time and acceptance of the
customer. Payment is generally due upon completion of service and acceptance of the customer.

# Incentive under Electronic Policy 2016

The Company unit located at Supa, Taluka-Parner, MIDC district Ahemdnagar in Maharashtra is eligible for incentives under the
Electronic Policy-2016 of Maharashtra Government and have been availing incentives in the form of Gross SGST refund for the period

1 38
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

21 REVENUE FROM OPERATIONS (Contd..)

CORPOR ATE OVERVIEW

of January 2020 to October 2028 . The Company recognises income for such government grants based on Gross SGST payable,
having maximum ceiling of Rs. 618.31 lakhs p.a. in accordance with the relevant notifications issued by the State of Maharashtra.
During the year, the Company had already received an in principal approval for eligibililty from the Government of Maharashtra
in response to the application filed by the Company for incentive under Electronic Policy-2016 on its investment for expansion
for the period from March 2017 to February 2021. Accordingly, the Company has recognised grant income amounting to Rs.
618.28 lakhs for the year ended on 31st March 2023 (pertaining to last year Rs. 1391.71 lakhs). The cumulative amount receivable
in respect of the same is Rs 1712.07 ( Rs. 1,391.71 lakhs as at 31st March 2022). During the year Rs 297.92 lakhs is received from
Maharasthra Goverment for FY 2019-20, 2020-21 on provisional basis while sanctions are given for the eligible amount.

# Incentive under IIEPP-2017

The Company units located at Greater Noida known as Unit-1 & 3 are eligible for incentive under IIEPP-2017 of Uttar Pradesh
Govtt. and letter of comfort has been granted during the current financial year and have been availing incentives in the form
of NET SGST refund on increased turover over base turnover & interest subsidy on term loan taken for Plant & Machinery for
the period of April 2018 to March 2023. During the year Company has recognise income amounting to Rs. 473.23 lakhs and
Rs.119.10 Lakhs based on letter of comfort which receivable from PICUP, UP Government untertaking.

As at As at
Particulars
31st March, 2023 31st March, 2022
Contract balances

STATUTORY REPORTS
Trade receivables 13,141.70 17,257.89
Contract Liabilities 243.58 134.65

Trade receivable are non-interest bearing and are generally on terms of 30-90 days.

Contract liabilities include advances received from the customers to deliver the finished goods.

22 OTHER INCOME

For the year ended

Particulars
31st March, 2023 31st March, 2022
i) Interest income
Interest income from bank deposits 83.37 68.17
Interest income from financial assets at amortised cost 81.84 67.64
Interest income from Subsidiary companies 120.94 150.84
Interest income from others* 28.41 41.09
314.56 327.74
* Income interest from others includes Rs 13.03 lakhs (31st March 2022:Rs 14.02 lakhs) on Income tax refund.
ii) Other non operating Income
FINANCIAL STATEMENTS

Rental income 10.55 0.81

Miscellaneous income 8.18 0.82
18.73 1.63
iii) Others
Profit on sale of property, plant & equipment 11.64 7.80
Liability no longer required written back 14.71 28.17
Gain on lease termination 0.48 0.82
Fair value gain on Investment recognised through FVTPL 1.15 4.24
Profit on ( realised gain ) sale of Investment 0.53 -
Refund of Electricity Duty - 176.17
Others* 110.91 22.00
139.41 239.20
*Others includes Rs 55.75 lakhs ( 31st March 2022:Rs 13.16 lakhs) profit on High Sea Sale from related party-refer note-36
Total Other Income 472.70 568.57

139
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

23 COST OF MATERIAL CONSUMED

For the year ended

Particulars
31st March, 2023 31st March, 2022
Inventory at the beginning of the year (excluding goods in transit and at bonded 12,837.15 6,374.72
warehouse)
Add: Purchases 1,05,415.55 91,440.58
Less: Discount received from suppliers (91.32) (21.90)
Less: Cost of traded goods (15,571.63) (12,986.26)
Less: Inventory at the end of the year (excluding goods in transit and at bonded (9,720.23) (12,837.15)
warehouse)
92,869.52 71,969.99

24 PURCHASE OF TRADED GOODS

For the year ended

Particulars
31st March, 2023 31st March, 2022
Purchases 15,571.63 12,986.26
15,571.63 12,986.26

25 CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK-IN-PROGRESS

For the year ended

Particulars
31st March, 2023 31st March, 2022
Inventories at the beginning of the year:
Work-in-progress 2,386.17 1,542.57
Finished goods 1,648.03 1,040.21
Total inventories at the beginning of the year 4,034.20 2,582.78
Inventories at the end of the year:
Work-in-progress 1,419.33 2,386.17
Finished goods 1,238.45 1,648.03
Total inventories at the end of the year 2,657.78 4,034.20
Total changes in inventories of finished goods and work-in-progress 1,376.42 (1,451.42)

26 EMPLOYEE BENEFIT EXPENSES

For the year ended

Particulars
31st March, 2023 31st March, 2022
Salaries,wages and bonus 6,868.64 6,080.86
Contribution to provident and other funds (refer note-32) 283.06 259.88
Leave encashment (refer note-32 ) 71.72 6.80
Gratuity expense (refer note-32) 110.96 109.85
Employee stock option scheme (refer note-33) 247.20 190.94
Staff welfare expenses 351.67 306.19
7,933.25 6,954.52

1 40
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

27 FINANCE COST

CORPOR ATE OVERVIEW

For the year ended
Particulars
31st March, 2023 31st March, 2022
Interest on borrowings
- Interest to Bank 1,107.48 1,123.93
- Interest on vehicle loan 12.55 15.39
- Other interest expense 135.81 129.22
Interest on lease liabilities (refer note-34) 4.37 12.17
Other borrowing costs
- Discounting Charges, Processing fee 827.11 631.85
2,087.32 1,912.56

28 DEPRECIATION AND AMORTIZATION EXPENSES

For the year ended

Particulars
31st March, 2023 31st March, 2022
Depreciation of property, plant and equipment (refer note 3)* 1,981.11 1,828.23
Depreciation of ROU 58.66 113.83
Amortisation of intangible assets (refer note 4) 15.19 14.81

STATUTORY REPORTS
2,054.96 1,956.87

29 OTHER EXPENSES

For the year ended

Particulars
31st March, 2023 31st March, 2022
Consumption of store, spares & tools 600.09 563.10
Power and fuel 2,115.33 1,898.89
Sub-contracting expenses 373.33 419.46
Freight and forwarding charges 478.42 566.42
Rent * 134.27 59.90
Rates and taxes 69.30 54.42
Insurance 160.77 149.90
Repairs and maintenance:
Machinery 399.37 298.13
Building 93.96 59.42
Others 56.59 36.28
Travelling and conveyance ** 112.28 65.74
FINANCIAL STATEMENTS

Vehicle running & maintenance 110.88 75.93

Communication costs 15.84 13.20
Printing and stationery 22.88 20.12
Security expenses 205.80 185.23
Legal and professional fees * 269.83 343.71
Provision for doubtful debts & advances (Net) 197.00 326.07
Provision for Slow/Non moving inventories 2.70 18.01
Bad Debts written off 521.15 398.03
Reversal of provision for doubtful debts & advances (521.15) (398.03)
Payment to auditor (Refer details below Note-29.2) 24.00 21.90
Payment to cost auditor 3.50 3.85
Directors sitting fees 8.60 8.50
Loss on sale of property, plant and equipment 35.23 4.27

141
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

29 OTHER EXPENSES (Contd..)

For the year ended

Particulars
31st March, 2023 31st March, 2022
CSR expenses (Refer note no-42) 34.00
Late delivery charges paid to customers 12.58 4.00
Misc. Balance Written off 34.81 19.28
Miscellaneous expenses 225.04 261.87
Foreign Exchange rate fluctuation (Net) 209.59 -
6,006.00 5,477.60
*Rent includes Rs 1.26 lakhs ( 31st March 2022:Rs1.26 lakhs) to related parties-refer note-36

29.1 Exceptional Items

For the year ended

Particulars
31st March, 2023 31st March, 2022
Foreign Exchange rate fluctuation (Net) - (8.68)
Losses due to Fire-Inventory (Net) - -
- (8.68)

29.2 Detail of payment to Statutory & Tax auditors

For the year ended

Particulars
31st March, 2023 31st March, 2022
Audit fee 13.00 11.00
Tax Audit Fee 2.00 2.00
Limited Review Fee 9.00 8.90
For certificates / other services * 0.77 -
For reimbursement of expenses ** 0.86 0.32
25.63 22.22

30 EARNING PER SHARE

a) Basic Earning per share

For the year ended

Particulars UOM
31st March, 2023 31st March, 2022
Numerator for earnings per share
Profit after tax (Rs. in lakhs) 4,419.99 3,296.78
Denominator for earnings per share
Weighted average number of equity shares outstanding (Numbers) 2,16,49,843 2,06,94,492
during the year
Earnings per share- Basic (one equity share of Rs. 10/- each) 20.42 15.93

1 42
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

30 EARNING PER SHARE (Contd..)

CORPOR ATE OVERVIEW

b) Diluted Earning per share

For the year ended

Particulars UOM
31st March, 2023 31st March, 2022
Numerator for earnings per share
Profit after tax (Rs. in lakhs) 4,419.99 3,296.78
Denominator for earnings per share
Weighted average number of equity shares outstanding (Numbers) 2,16,49,843 2,06,94,492
during the year
Effect of dilution
Share Options (Numbers) 2,25,877 1,72,631
Share warrants (Numbers) 40,054 79,483
Cumulative Compulsory Convertible Debentures & interest (Numbers) 10,24,348 10,26,216
thereon.
Weighted average number of equity shares outstanding (Numbers) 2,29,40,122 2,19,72,821
during the year adjusted for efect of dilution
Earnings per share- Diluted (one equity share of Rs. 10/- each) 19.27 15.00

31 INCOME TAX EXPENSES

STATUTORY REPORTS
Income tax expenses recognized in Statement of Profit and Loss:

For the year ended

Particulars
31st March, 2023 31st March, 2022
Current income tax:
Current income tax charge 483.04 -
Adjustments in respect of current income tax of previous year - -
Total current tax expense 483.04 -
Deferred tax:
Relating to origination and reversal of temporary differences 785.22 1,059.57
Deferred tax on other comprehensive income 1.44 -
Total deferred tax expense recognized 786.66 1,059.57
Income tax expenses charged in Statement of Profit & Loss 1,269.70 1,059.57

Reconciliation of income tax expense and the accounting profit multiplied by Company’s tax rate:

For the year ended

FINANCIAL STATEMENTS

Particulars
31st March, 2023 31st March, 2022
Accounting Profit before income tax 5,688.25 4,356.35
Applicable Income Tax rate - u/s 115BAA 25.17% 25.17%
Computed tax expenses 1,431.73 1,096.49
Corporate social responsibility 8.56 -
Capital expenditure in current during the year 1.55 0.11
other permanent disallowances 23.70 37.95
ESOP (74.23) 48.06
CCCD interest directly charge to reserve (123.04) (123.04)
Other comprehensive income 1.44 -
Tax expenses in Statement of profit & loss 1,269.70 1,059.57

143
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

31 INCOME TAX EXPENSES (Contd..)

Deferred tax liabilities (net)

For the year ended

Particulars
31st March, 2023 31st March, 2022
Opening balance as per last balance sheet 1,552.61 493.04
Deferred tax charged/(credited) to profit and loss during the year 785.22 1,059.57
Deferred tax on other comprehensive income 1.44 -
Closing Balance 2,339.27 1,552.61
Deferred tax liabilities comprises:
Deferred tax liabilities
- Difference in carrying values of property, plant & equipment and intangible 2,641.64 2,404.22
assets
Deferred tax (assets)
- Arising on account of temporary difference (152.17) (149.16)
- Provision for ESOP Reserve (118.30) -
- Provisions of financial/other assets made in books,but tax deductible only on (30.82) (103.17)
Actual write-off
- Carry forward losses and unabsorbed depreciation - (596.92)
- Others (1.09) (2.36)
Deferred tax liabilities (net) 2,339.27 1,554.97

32 EMPLOYEE BENEFIT PLANS:

A) Defined Contribution Plans:

The Company makes contribution in the form of provident funds as considered defined contribution plans and contribution to
Employees Providend Fund Orgnisation.The Company has no further payment obligations once the contributions have been
paid. Following are the schemes covered under defined contributions plans of the Company:

Provident Fund Plan & Employee Pension Scheme: The Company makes monthly contributions at prescribed rates
towards Employee Provident Fund and Employee Pension Scheme fund administered and managed by Ministry of Labour &
Employment,Government of India.

Employee State Insurance: The Company makes prescribed monthly contributions towards Employees State Insurance
Scheme and payment made to Employee State Insurance Corporation, Ministry of Labour & Employment,Government of India.

The Company has charged the following costs in contribution to Provident and Other Funds in the Statement of Profit and Loss:

For the year ended

Particulars
31st March, 2023 31st March, 2022
Company’s contribution to Provident Fund 243.83 220.31
Administrative charges on above fund 10.88 10.22
Company’s contribution to Employee State Insurance Scheme 28.19 29.20
282.90 259.73

B) Defined Benefit Plans:

(i) The Company provides for gratuity obligations through a defined benefit retirement plan (the ‘Gratuity Plan’) covering
all company employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement termination
of employment or death of an employee, based on the respective employees’ salary and years of employment with the
Company.

1 44
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

CORPOR ATE OVERVIEW

(ii) Risk exposure

a) Risk to the beneficiary

The greatest risk to the beneficiary is that there are insufficient funds available to provide the promised benefits.
This may be due to:

• The insufficient funds set aside, i.e. underfunding

• The insolvency of the Employer

• The holding of investments which are not matched to the liabilities

• A combination of these events

b) Risk Parameter

Actuarial valuation is done basis some assumptions like salary inflation,discount rate and withdrawal assumptions.
In case the actual experience varies from the assumptions, fund may be insufficient to pay off the liabilities.
Similarly, reduction in discount rate in subsequent future years can increase the plan's liability. Further, actual
withdrawals may be lower or higher then what was assumptions the valuation,may also impact the plan's liability.

c) Risk of illiquid Assets

STATUTORY REPORTS
Another risk is that the funds, although sufficient, are not available when they are required to finance the benefits.
This may be due to assets being locked for longer period or in illiquid assets.

d) Risk of Benefit Change

There may be a risk that the benefit promised is changed or is changeable within the terms of the contract.

e) Asset liability mismatching risk

ALM risk arises due to a mismatch between assets and liabilities either due to liquidity or changes in interest rates or
due to different duration.

(iii) Changes in defined benefit obligation

Gratuity Leave Encashment

Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Changes in present value of obligation
Present value of obligation as at 502.72 478.73 218.81 310.30
FINANCIAL STATEMENTS

beginning of the year

Interest cost 36.59 30.57 17.18 5.65
Current service cost 94.34 91.28 67.55 20.96
Benefits paid (24.04) (34.05) (51.65) (98.28)
Remeasurement-Actuarial loss/(gain) - - (13.00) (19.82)
Remeasurement gains / (losses)
recognised in other comprehensive
income:
Actuarial (gain)/ loss arising form
- Changes in financial assumptions (13.16) (27.38) - -
- Changes in demographic assumptions - - - -
- Changes in experience adjustments 5.85 (36.43) - -
602.30 502.72 238.89 218.81

145
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

(iv) Fair Value of Plan Assets

Gratuity Leave Encashment

Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Fair value of plan assets at the 274.38 187.94 - -
beginning of the year
Expenses recognised in profit and loss
account
Expected return on plan assets 18.38 12.01 - -
Acturial gain/(loss) 0.20
Contributions by employer directly 7.26 13.40 - -
settled
Contributions by employer 93.70 94.88 - -
Benefit payments -24.04 (34.05) - -
Fair value of plan assets at the end of 369.68 274.38 - -
the year

(v) Amount recognised in Balance Sheet

Gratuity Leave Encashment

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Defined benefit obligation at the end (602.30) (502.72) (238.89) (218.81)
of the year
Fair value of plan assets at the end of 369.68 274.38 - -
the year
Recognised in the balance sheet (232.62) (228.34) (238.89) (218.81)
Current portion of above (21.63) (19.87) (18.72) (17.56)
Non Current portion of above (211.00) (208.48) (220.17) (201.25)

(vi) Expense recognised in the Statement of profit & loss

Gratuity Leave Encashment

Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Current service cost 94.34 91.28 67.55 20.96
Interest expense 36.59 30.57 17.18 5.65
Interest Income on plan Assets (18.38) (12.01) - -
Remeasurement-Actuarial loss/(gain) - - (13.00) (19.82)
Components of defined benefit costs 112.55 109.84 71.73 6.80
recognised in profit or loss
Remeasurement on the net defined
benefit liability:
Return on plan assets (excluding amount
included in net interest expense)
Actuarial (gain)/ loss arising form (13.16) (27.59) - -
changes in financial assumptions

1 46
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

CORPOR ATE OVERVIEW

Gratuity Leave Encashment
Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Actuarial (gain) / loss arising form - - - -
changes in demographic assumptions
Actuarial (gain) / loss arising form 7.44 (36.43) - -
experience adjustments
Components of defined benefit costs (5.72) (64.02) - -
recognised in other comprehensive
income

(vii) The significant actuarial assumptions used for the purposes of the actuarial valuation were as follows:

Gratuity Leave Encashment

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Discounting rate 7.49% 7.28% 7.49% 7.28%
Future salary growth rate 10.00% 10.00% 10.00% 10.00%

STATUTORY REPORTS
Life expectancy/ Mortality rate* 100% of IALM 100% of IALM 100%of IALM 100% of IALM
2012-14 2012-14 2012-14 2012-14
withdrawal rate 5.00% 5.00% 5.00% 5.00%
Method used Projected unit Projected unit Projected unit Projected unit
credit Actuarial credit Actuarial credit Actuarial credit Actuarial
method method method method
* Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics (i.e. IALM 2012-14 ultimate/PY-
IALM 2012-14 ultimate). These assumptions translate into an average life expectancy in years at retirement age.

(viii) Sensitivity Analysis

The sensitivity of the defined benefit obligation to changes in the weigheted principal assumptions is:

Gratuity Leave Encashment

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Changes in liability for 0.5% increase in (29.48) (25.65) (11.53) (10.92)
discount rate
Changes in liability for 0.5% decrease 32.15 28.02 12.56 11.91
FINANCIAL STATEMENTS

in discount rate
Changes in liability for 1.00% increase 55.15 48.73 24.80 23.49
in salary growth rate
Changes in liability for1.00% decrease (48.40) (42.51) (21.41) (20.26)
in salary growth rate
Changes in liability for 2.00% increase (19.16) (19.82) (7.08) (7.32)
in withdrawl rate
Changes in liability for 2.00% decrease 24.71 26.02 9.35 9.66
in withdrawl rate

147
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

(ix) The followings payments are expected contributions to the defined benefit plan in future years

Gratuity Leave Encashment

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Within next 12 months 58.38 45.60 20.12 18.84
Between 2 to 5 years 133.60 109.87 65.58 47.07
Beyond 5 years 1,458.19 1,226.77 561.99 519.80

The average duration of the defined benefit plan obligation at the end of the reporting period is 12 years (31st March
2022: 13 years)

The Plan assets are maintained with Life Insurance Corporation of India.

33 SHARE BASED PAYMENTS

During the year 2020-21, the Company has establised PG Electroplast Employee Stock Option Scheme 2020 “ESOP 2020” and
the same was approved at the general meeting of the Company held on 28th February 2021. The plan was set up so as to offer
and grant, for the benefit of employees of the Company, who are eligible under “Securities and Exchange Board of India” (SEBI)
(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, option of the Company in one or more
tranches, and on such terms and conditions as may be fixed or determined by the board, in accordance with the law or guidelines
issued by the relevant authorities in this regard;

As per the plan, each option is exercisable for one equity share of face value of Rs. 10 each, at a price to be determined in accordance
with ESOP 2020. ESOP information is given for the number of shares.

(i) Set out below is a summary of options granted and vested during the year under the plan

31st March 2023 31st March 2022

Weighted Weighted
Summary of Stock Options Number of average exercise Number of average exercise
Stock Options price per share Stock Options price per share
option option
Options outstanding at the beginning of the year 2,77,000 250 - -
Options granted during the year 1,60,000 650 3,05,000 250
Options vested and exercised during the year 52,600 250 - -
Options lapsed during the year 39,300 418 28,000 250
Options outstanding at the end of the year 3,45,100 2,77,000

(ii) Share options outstanding at the end of the year have the following expiry dates and exercise price:

Share Option Outstanding

Exercise Fair
Grant Grant Date Vesting Date Expiry Date 31st 31st
Price Value
March 2023 March 2022
Grant -1
Vesting 1 17th April 2021 16th April 2022 16th October 2022 250.00 137.08 - 53,400
Vesting 2 17th April 2021 16th April 2023 16th October 2023 250.00 167.03 48,800 53,400
Vesting 3 17th April 2021 16th April 2024 17th October 2024 250.00 188.28 73,200 80,100
Vesting 4 17th April 2021 16th April 2025 17th October 2025 250.00 203.34 73,200 80,100

1 48
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

33 SHARE BASED PAYMENTS (Contd..)

CORPOR ATE OVERVIEW

Share Option Outstanding
Exercise Fair
Grant Grant Date Vesting Date Expiry Date 31st 31st
Price Value
March 2023 March 2022
Grant -2
Vesting 1 17th July 2021 15th July 2022 15th January 2023 250.00 190.67 - 2,000
Vesting 2 17th July 2021 15th July 2023 15th January 2024 250.00 224.77 1,600 2,000
Vesting 3 17th July 2021 15th July 2024 15th January 2025 250.00 251.15 2,400 3,000
Vesting 4 17th July 2021 15th July 2025 15th January 2026 250.00 265.40 2,400 3,000
Grant-3
Vesting 1 11th June 2022 10th December 10th December 650.00 425.29 28,700 -
2023 2023
Vesting 2 11th June 2022 10th December 10th December 650.00 512.22 28,700 -
2024 2024
Vesting 3 11th June 2022 10th December 10th December 650.00 577.97 43,050 -
2025 2025
Vesting 4 11th June 2022 10th December 10th December 650.00 627.73 43,050 -
2026 2026

STATUTORY REPORTS
(iii) Fair value of options granted

The fair value at grant date is determined using the Black Scholes Model as per an independent valuer's report having taken
into consideration the market price being the latest available closing price prior to the date of the grant, exercise price being
the price payable by the employees for exercising the option and other assumptions are as below:

Average life of Risk free Dividend

Tranche Vesting Market Price Volatility
option interest rate yield rate
Grant 1 Vesting 1 319.60 67.48% 1.50 4.24% 0.00%
Vesting 2 319.60 69.21% 2.50 4.81% 0.00%
Vesting 3 319.60 68.62% 3.50 5.26% 0.00%
Vesting 4 319.60 66.68% 4.50 5.63% 0.00%
Grant 2 Vesting 1 391.90 62.40% 1.50 4.24% 0.00%
Vesting 2 391.90 67.30% 2.50 4.81% 0.00%
Vesting 3 391.90 69.31% 3.50 5.26% 0.00%
Vesting 4 391.90 66.09% 4.50 5.63% 0.00%
Grant 3 Vesting 1 923.70 62.65% 1.50 5.94% 0.00%
Vesting 2 923.70 66.50% 2.50 6.47% 0.00%
Vesting 3 923.70 68.11% 3.50 6.82% 0.00%
FINANCIAL STATEMENTS

Vesting 4 923.70 68.35% 4.50 7.07% 0.00%

(iv) Expense arising from share based payment transaction

For the year ended

Particulars
31st March, 2023 31st March, 2022
Expense charged to Statement of Profit & Loss based on the fair value of options 247.20 190.94
Investment Increased in PG Technoplast Private Limited* 108.06 15.84
355.25 206.78
* Company granted options to employees of wholly owned subsidiary (i.e PG Technoplast Private Limited) during the year, expense pertaining to those
employees is debited to investment in PG Technoplast Private Limited.

149
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Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

34 Leases

i) The Company’s lease asset primarily consist of leases for land and buildings for offices and warehouses having the various
lease terms. The Company also has certain leases of with lease terms of 12 months or less. The Company applies the ‘short-
term lease’ recognition exemptions for these leases.

ii) The carrying value of right to use assets and movement thereof are disclosed in note 3.

iii) The following is the carrying value lease liability and movement thereof;

Particulars Amount
Balance as at 1st April, 2021 152.70
Addition during the year 58.83
Finance cost accrued during the year 12.17
Deletion during the year (9.12)
Payment of lease liabilities including interest (119.64)
Rent concession on lease liabilities -
Balance as at 31st March, 2022 94.94
Addition during the year -
Finance cost accrued during the year 4.37
Deletion during the year (6.71)
Payment of lease liabilities including interest (59.39)
Balance as at 31st March, 2023 33.21

As at As at
Particulars
31st March, 2023 31st March, 2022
Current maturity of lease liability 19.48 61.73
Non Current lease liability 13.73 33.21
33.21 94.94

iv) The maturity of lease liabilities are disclosed in note 37.

v) Amounts recognised in the statement of profit and loss during the year

For the year ended

Particulars
31st March, 2023 31st March, 2022
Depreciation charge of right-of-use assets - leasehold building 50.47 105.54
Depreciation charge of right-of-use assets - leasehold land 8.19 8.28
Finance cost accrued during the year (included in finance cost) (refer note 27) 4.37 12.17
Expense related to short term leases (included in other expense) (refer note 29) 134.27 59.90

vi) The Company has applied a single discount rate to a portfolio of leases of a similar assets in similar economic environment
with similar end date.

1 50
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

35 FAIR VALUE MEASUREMENT

CORPOR ATE OVERVIEW

The following table provides categorisation of all financial instruments with comparison of the carrying amount and fair value
except non current investments in subsidiaries which are carried at cost.

As at 31st March, 2023 As at 31st March, 2022

Particulars Carrying Carrying
Fair Value Fair Value
Amount Amount
Financial Assets at amortised cost
Fixed deposits with banks (Non Current) 113.51 113.51 131.75 131.75
Cash and bank balances 1,854.00 1,854.00 2,873.96 2,873.96
Trade receivables 13,141.70 13,141.70 17,257.89 17,257.89
Loans (current) 1,871.05 1,871.05 1,371.71 1,371.71
Other financial assets (Non Current) 317.52 317.52 273.70 273.70
Other financial assets (Current) 2,603.82 2,603.82 1,788.19 1,788.19
Financial Assets at FVTPL
Investment in mutual funds 68.84 68.84 43.69 43.69
Investment In equity shares 148.80 148.80 25.33 25.33
Financial liabilities at amotised cost
Borrowings (Non Current ) 8,454.84 8,454.84 8,983.16 8,983.16
Borrowings (Current ) 9,677.36 9,677.36 17,403.75 17,403.75

STATUTORY REPORTS
Trade Payable 12,172.23 12,172.23 19,728.49 19,728.49
Other financial liabilities (Non current) 217.54 217.54 178.37 178.37
Other financial liabilities (Current) 1,994.05 1,994.05 2,379.02 2,379.02

The management assessed that cash and cash equivalents, trade receivables, trade payables, other current financial assets and
other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments

35.1 FAIR VALUE HIERARCHY

i) The Company uses the following hierarchy for fair value measurement of the company’s financials assets and liabilities:

Level 1: Quoted prices/NAV (unadjusted) in active markets for identical assets and liabilities at the measurement date.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable
market data.

Carrying Value Fair Value

Particulars
FINANCIAL STATEMENTS

31st March, 2023 Level 1 Level 2 Level 3

Assets at fair Value
Fair Value through Profit & Loss
Investment in mutual funds 68.84 68.84 - -
Investment in equity shares 148.80 - - 148.80
Fair Value through amortised cost
Loan 1,871.05 - - 1,871.05
Trade Receivables 13,141.70 - - 13,141.70
Other Financial Assets (Non Current) 431.03 - - 431.03
Other Financial Assets (Current) 2,603.82 - - 2,603.82

151
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

35 FAIR VALUE MEASUREMENT (Contd..)

Carrying Value Fair Value

Particulars
31st March, 2023 Level 1 Level 2 Level 3
Liability at fair Value
Fair Value through amortised cost
Borrowings (Non Current) 8,454.84 - - 8,454.84
Borrowings (Current) 9,677.36 - - 9,677.36
Trade Payables 12,172.23 - - 12,172.23
Other Financial Liabilites (Non Current) 217.54 - - 217.54
Other Financial Liabilites (Current) 1,994.05 - - 1,994.05

Carrying Value Fair Value

Particulars
31st March, 2022 Level 1 Level 2 Level 3
Assets at fair Value
Fair Value through Profit & Loss
Investment in mutual funds 43.69 43.69 - -
Investment in equity shares 25.33 - - 25.33
Fair Value through amortised cost
Loan 1,371.71 - - 1,371.71
Trade Receivables 17,257.89 - - 17,257.89
Other Financial Assets (Non Current) 405.45 - - 405.45
Other Financial Assets (Current) 1,788.19 - - 1,788.19
Liability at fair Value
Fair Value through amortised cost
Borrowings (Non Current) 8,983.16 - - 8,983.16
Borrowings (Current) 17,403.75 - - 17,403.75
Trade Payables 19,728.49 - - 19,728.49
Other Financial Liabilites (Non Current) 178.37 - - 178.37
Other Financial Liabilites (Current) 2,379.02 - - 2,379.02

There are no transfers among levels 1, 2 and 3 during the year.

ii) Fair valuation techniques

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most
relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The following methods and assumptions were used to estimate the fair values:

1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short term maturities of these instruments.

2) Borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk factors, credit
risk and other risk characteristics. Fair value of variable interest rate borrowings approximates their carrying values.

1 52
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE

CORPOR ATE OVERVIEW

Pursuant to compliance of Indian Accounting Standard (IND AS) 24 “Related Party Disclosures”, the relevent information is
provided here below:

Related Parties where control exists

a) Wholly owned subsidiary company

PG Technoplast Private Limited

PG Plastronics Private Limited

b) Other related parties with whom transactions have taken place during the year

Key Management Personnel

Mr. Vishal Gupta (Executive Director)

Mr. Vikas Gupta (Executive Director)

Mr. Anurag Gupta (Executive Director)

Mr. Ram Dayal Modi (Non Executive Director) w.e.f. 26.05.2021

Mr. Sharad Jain (Non Executive Director)

STATUTORY REPORTS
Dr. Rita Mohanty (Non Executive Director) till 15.05.2021

Mrs. Ruchika Bansal (Non Executive Director) w.e.f. 14.08.2021

Mr. Kishore Kumar Kaul (Non Executive Director) till 23.12.2022

Mrs. Mitali Chitre (Non Executive Director) w.e.f. 02.07.2021

Mr. Sanchay Dubey (Company Secretary)

Mr. Pramod Chimmanlal Gupta (Chief Financial Officer) w.e.f. 01.02.2021

Mr. Raman Uberoi (Independent Non-Executive Director) w.e.f. 22.03.2023

Relatives of Key Management Personnel

Mrs. Sarika Gupta (Wife of Mr. Vishal Gupta)

Mrs. Nitasha Gupta (Wife of Mr. Vikas Gupta)

Mrs. Neelu Gupta (Wife of Mr. Anurag Gupta)

Mrs. Sudesh Gupta (Mother of Executive Directors)

FINANCIAL STATEMENTS

Mr. Pranav Gupta (Son of Mr. Anurag Gupta)

Mr. Aditya Gupta (Son of Mr. Anurag Gupta)

Mrs. Kanika Gupta (Daughter in law of Mr. Anurag Gupta)

Mr.Vatsal Gupta (Son of Mr. Vishal Gupta)

Mr. Raghav Gupta (Son of Mr. Vikas Gupta)

Enterprises in which the Key Management Personnel or relatives of them of the Company are interested

PG International (Company’s Directors are partner)

J. B. Electronics (Company’s Directors are partner)

PG Electronics (Company’s Directors are partner)

PG Electroplast Limited Employees Welfare Trust

153
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

c) Key Management Personnel Compensation

For the year ended

Particulars
31st March, 2023 31st March, 2022
Short-term employee benefits 476.00 441.57
Post Employement benefits - -
Share based payments 54.57 76.14
Other Expenses, Sitting Fee and reimbursement of expenses 45.26 45.16
575.82 562.88

d) Related Party transaction

For the year ended 31st March 2023 For the year ended 31st March 2022
Relative Relative
Key Key
Particulars of Key of Key
Subsidiary Management Others Subsidiary Management Others
Management Management
Personnel Personnel
Personnel Personnel
Rent Income
PG Technoplast Private Limited 9.95 - - - 0.36 - - -
PG Plastronics Private Limited 0.60 - - - 0.45 - - -
Revenue - Sales of Products
PG Technoplast Private Limited 17,290.34 - - - 9,953.78 - - -
Revenue - Sales of Services
PG Technoplast Private Limited 15.46 - - - 1.45 - - -
Sale of Capital Goods
PG Technoplast Private Limited 4.74 - - - 3.27 - - -
High Sea Sale of Capital
goods
PG Technoplast Private Limited 1,761.16 - - - 920.67 - - -
Finance Income
PG Technoplast Private Limited 120.93 - - - 150.84 - - -
Purchases of goods
PG Technoplast Private Limited 3,072.76 - - - 3,980.00 - - -
Security Deposit Received
(Rent)
PG Technoplast Private Limited - - - - - - - -
PG Plastronics Private Limited 0.10 -
Investment in Equity Shares
PG Technoplast Private Limited - - - - 7,500.00 - - -
PG Plastronics Private Limited - - - - 2.00 - - -
Investment in Corpus Fund
PG Electroplast Limited 0.01
Employees Welfare Trust
Loan given / (received)*
PG Technoplast Private Limited 6,603.35 - - - 20,977.87 - - -
PG Technoplast Private Limited -5,872.10 - - - -12,381.45 - - -
PG Electroplast Limited 138.65
Employees Welfare Trust
PG Electroplast Limited -126.75
Employees Welfare Trust
Loan Repayment
Mr. Vishal Gupta - - - - - - -
Mr. Vikas Gupta - - - - - - -
Mr. Anurag Gupta - - - - - - -

1 54
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

CORPOR ATE OVERVIEW

For the year ended 31st March 2023 For the year ended 31st March 2022
Relative Relative
Key Key
Particulars of Key of Key
Subsidiary Management Others Subsidiary Management Others
Management Management
Personnel Personnel
Personnel Personnel
Money received against share
warrants
Mr. Vishal Gupta - - - - - 73.13 - -
Mr. Vikas Gupta - - - - - 73.13 - -
Mr. Anurag Gupta - - - - - 73.13 - -
Issue of Equity share capital
on convertion of share
warrant including security
premium
Mr. Vishal Gupta - - - - - 97.50 - -
Mr. Vikas Gupta - - - - - 97.50 - -
Mr. Anurag Gupta - - - - - 97.50 - -
Other Expenses (rent paid)
Mr. Vishal Gupta - 0.66 - - - 0.66 -
Mrs. Sudesh Gupta - - - - - - -
PG Electronics - - - 0.60 - - - 0.60

STATUTORY REPORTS
Remuneration
Mr. Vishal Gupta - 148.81 - - - 122.90 - -
Mr. Vikas Gupta - 148.85 - - - 124.34 - -
Mr. Anurag Gupta - 99.00 - - - 94.88 - -
Mr.Sanchay Dubey - 6.34 - - - 4.74 - -
Mr. Pramod Chimmanlal Gupta - 59.61 - - - 54.63 - -
Mrs. Sarika Gupta - - 30.87 - - - 28.30 -
Mrs. Nitasha Gupta - - 30.87 - - - 28.30 -
Mrs. Neelu Gupta - - 30.87 - - - 28.30 -
Mrs. Sudesh Gupta - - 30.87 - - - 28.30 -
Mr. Pranav Gupta - - 35.26 - - - 21.65 -
Mr. Aditya Gupta - - 24.18 - - - 9.20 -
Mrs. Kanika Gupta - - 6.25 - - - 8.60 -
Mr. Vatsal Gupta - - 18.25 - - - 9.01 -
Mr. Raghav Gupta - - 18.10 - - - 6.69 -
Reimbursement of Expenses
Mr. Anurag Gupta - 12.00 - - - 12.00 - -
Mr. Vishal Gupta - 12.00 - - - 12.00 - -
Mr. Vikas Gupta - 12.00 - - - 12.00 - -
Mr. Pranav Gupta - - 5.28 - - - 4.20 -
FINANCIAL STATEMENTS

Mr. Aditya Gupta - - 1.20 - - - 1.20 -

Mrs. Kanika Gupta - - 2.16 - - - 3.24 -
Mr. Vatsal Gupta 0.70 -
Mr. Raghav Gupta 0.70 -
Shares Based Expenses
Mr. Pramod Chimmanlal Gupta - 52.01 - - - 74.65 - -
Mr.Sanchay Dubey - 2.56 - - - 1.49 - -
Director Sitting Fee
Mr. Sharad Jain - 2.60 - - - 2.80 -
Dr. Rita Mohanty - - - - - 0.10 -
Mr. Kishore Kumar Kaul - 1.50 - - - 2.50 -
Mr. Ram Dayal Modi - 2.40 - - - 1.90 -
Mrs. Ruchika Bansal - 1.80 - - - 1.20 -
Mr.Raman Uberoi 0.30 -

155
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

For the year ended 31st March 2023 For the year ended 31st March 2022
Relative Relative
Key Key
Particulars of Key of Key
Subsidiary Management Others Subsidiary Management Others
Management Management
Personnel Personnel
Personnel Personnel
Leave Encashment paid
during the year
Mr. Vishal Gupta - 5.15 - - - 14.56 -
Mr.Vikas Gupta - 4.89 - - - 14.38 -
Mr.Anurag Gupta - 3.34 - - - 11.15 -
Mrs. Sarika Gupta - - 1.19 - - - 3.99 -
Mrs. Nitasha Gupta - - 1.13 - - - 3.96 -
Mrs. Neelu Gupta - - 1.24 - - - 3.96 -
Mrs. Sudesh Gupta - - 1.13 - - - 3.96 -
Mr. Pranav Gupta - - 1.76 - - - 1.83 -
Mr. Aditya Gupta - 0.13 - -

e) Outstanding Balances

As at 31st March 2023 As at 31st March 2022

Relative Relative
Key Key
Particulars of Key of Key
Subsidiary Management Others Subsidiary Management Others
Management Management
Personnel Personnel
Personnel Personnel
Security Deposit Receivable/
(Payable)
PG Technoplast Private Limited (0.06) - - - (0.06) - - -
PG Plastronics Private Limited (0.10) -
Loan
PG Technoplast Private Limited 1,827.68 - - - 1,096.43 - - -
PG Electroplast Limited 11.90
Employees Welfare Trust
Trade Receivable
PG Technoplast Private Limited 100.35 - - - 1,427.58 - - -
PG Plastronics Private Limited - - - - 0.53 - - -
Other Financial Assets
(Interest accrued)
PG Technoplast Private Limited 10.16 - - - 71.41 - - -
Trade Payables
PG Technoplast Private Limited 28.63
PG International - - - - - - -
J. B. Electronics - - - - - - - 0.92
PG Electronics - - - - - - - 0.30
Other Financial Liabilities
Mr. Vishal Gupta - - - - - 0.08 - -
Remuneration Payable
Mr. Vishal Gupta - 5.09 - - - 4.61 - -
Mr. Vikas Gupta - 7.41 - - - 4.64 - -
Mr.Anurag Gupta - 3.50 - - - 3.35 - -
Mr.Sanchay Dubey - 0.52 - - - 0.49 - -
Mr. Pramod Chimmanlal Gupta - 0.96 - - - 2.56 - -
Mrs.Sarika Gupta - - 1.35 - - - 1.32 -
Mr. Vatsal Gupta - - 1.31 - - - 0.58 -
Mrs. Nitasha Gupta - - 1.70 - - - 1.32 -
Mrs. Neelu Gupta - - 1.35 - - - 2.18 -

1 56
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

CORPOR ATE OVERVIEW

As at 31st March 2023 As at 31st March 2022
Relative Relative
Key Key
Particulars of Key of Key
Subsidiary Management Others Subsidiary Management Others
Management Management
Personnel Personnel
Personnel Personnel
Mrs. Sudesh Gupta - - 1.70 - - - 1.32 -
Mr. Pranav Gupta - - 2.02 - - - 1.12 -
Mr. Aditya Gupta - - 2.07 - - - 0.78 -
Mrs. Kanika Gupta - - - - - - 0.64 -
Mr. Raghav Gupta - - 1.35 - - - 0.74 -
Corporate Guarantee Given
on behalf of
PG Technoplast Private Limited 60,100.00 - - - 16,600.00 - -

f) Terms & Conditions

(i) Remuneration does not include the provision made for gratuity and leave benefits, as they are determined on an acturial
basis for the Company as a whole. Based on the recommendation of the Nomination and remuneration committee, all
decisions relating to the remuneration of the KMPs are taken by the Board of Directors of the Company, in accordance
with shareholders approval, wherever necessary.

STATUTORY REPORTS
(ii) All Transactions entered with related parties defined under the Companies Act, 2013 during the year based on the terms
that would be available to third parties. All other transactions were made in the ordinary course of business and at arm's
lengh price.

(iii) All outstanding balances are unsecured and are repayable in cash.

(iv) *Part of loan of amounted Rs 5872.10 (As on 31st 2022:Rs 12,381.45 lakhs) out of loan taken by PG Technoplast Private
Ltd was repaid during the financial year & loan amounted of Rs Nil (As on 31st March 2022: Rs 7,500 lakhs) has been
converted into equity share capital of PG Technoplast Private Ltd during the previous year.

37 FINANCIAL RISK MANAGEMENT

The Company’s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to manage finances for the Company’s operations. The Company’s principal financial assets comprise trade and other
receivables and cash and cash equivalent that arise directly from its operations.

The Company’s activities expose it mainly to market risk, liquidity risk and credit risk. The monitoring and management of such
risks is undertaken by the senior management of the Company and there are appropriate policies and procedures in place through
FINANCIAL STATEMENTS

which such financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. It
is the Company policy not to carry out any trading in derivative for speculative purposes.

A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprises three types of risk: interest rate risk, currency rate risk and other price risks, such as
equity price risk and commodity price risk.

(i) Interest rate risk

Most of the borrowings availed by the Company are subject to interest on floating rate of basis linked to the base rate or
MCLR (marginal cost of funds based lending rate). In view of the fact that the total borrowings of the Company are quite
substantial, the Company is exposed to interest rate risk.

157
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

37 FINANCIAL RISK MANAGEMENT (Contd..)

The above strategy of the Company to opt for floating interest rates is helpful in declining interest scenario. Further,
most of the loans and borrowings have a prepayment clause through which the loans could be prepaid with pre payment
premium. The said clause helps the Company to arrange debt substitution to bring down the interest costs or to prepay
the loans out of the surplus funds held.While adverse interest rate fluctuations could increase the finance cost, the total
impact, in respect of borrowings on floating interest rate basis.

Interest rate sensitivity of borrowings

With all other variable held constant, the following table demonstrates the sensitivity to a reasonably possible change in
interest rates on floating rate portion of loans and borrowings as on date.

31st March, 2023 31st March, 2022

Increase/ Impact on profit Increase/ Impact on profit
Currency
decrease before tax an decrease before tax an
in base points equity in base points equity
Term Loan +0.50 (52.12) +0.50 (54.48)
-0.50 52.12 -0.50 54.48

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates
primarily to the Company’s operating activities (when revenue or expense is denominated in foreign currency). The
Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies.

The Company's exposure to foreign currency risk at the end of the reporting period expressed in Rs. are as follows;

31st March, 2023 31st March, 2022

Currency Foreign Foreign
Indian Rupee Indian Rupee
Currency Currency
Financial liabilities
Trade payables
USD 10.68 877.28 92.59 7,080.39
CNY 50.86 618.41 - -
Net exposure to foreign currency risk 61.53 1,495.69 92.59 7,080.39
(liabilities)

Sensitivity

The sensitivity of profit or loss to changes in the exchange rates arise mainly from foreign currency denominated financial
instruments.

Impact on Profit and Loss for the Impact on Profit and Loss for the
year ended 31st March, 2023 year ended 31st March, 2022
Currency
Gain/(Loss) on Gain/(Loss) on Gain/(Loss) on Gain/(Loss) on
increase decrease increase decrease
1% appreciation / depreciation in
Indian Rupees against following foreign
currencies
Trade payables
USD & CNY (14.96) 14.96 (70.80) 70.80
(14.96) 14.96 (70.80) 70.80

1 58
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

37 FINANCIAL RISK MANAGEMENT (Contd..)

CORPOR ATE OVERVIEW

(iii) Commodity price risk

Commodity price risk is the risk that future cash flow of the Company will fluctuate on account of changes in market
price of key raw materials. The Company is exposed to the movement in the price of key raw materials in domestic and
international markets. the company has in place policies to manage exposure to fluctuation in the prices of the key raw
materials used in operations.

B) Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price.
The Company uses liquidity forecast tools to manage its liquidity. The Company is able to organise liquidity through own
funds and through working capital loans.The Company has good relationship with its lenders, as a result of which it does not
experience any difficulty in arranging funds from its lenders. Table here under provides the current ratio of the Company as
at the year end.

As at As at
Particulars
31st March, 2023 31st March, 2022
Total current assets 34,539.87 46,437.18
Total current liabilities 25,436.76 40,360.66
Current ratio 1.36 1.15

STATUTORY REPORTS
Maturities analysis of financial liabilities:

The table below provides details regarding the contractual maturity of financial liabilities :

More than-
Particulars on demand < 1 year 1-3 year 3-5 year Total
5 years
As at 31st March 2023
Borrowings 3,847.41 5,829.96 5,218.65 2,435.67 800.52 18,132.20
Trade payable - 12,172.23 - - - 12,172.23
Other financial liabilities - 1,994.05 - 217.54 - 2,211.59
Lease liabilities (undiscounted) - 27.14 3.52 1.50 6.00 38.16
3,847.41 20,023.37 5,222.17 2,654.71 806.52 32,554.17

More than-
Particulars on demand < 1 year 1-3 year 3-5 year Total
5 years
As at 31st March 2022
Borrowings 6,673.66 10,730.08 5,125.02 3,334.42 523.73 26,386.91
Trade payable - 19,728.49 - - - 19,728.49
FINANCIAL STATEMENTS

Other financial liabilities - 2,379.02 - 178.37 - 2,557.39

Lease liabilities (undiscounted) - 66.14 29.91 1.50 6.75 104.30
6,673.66 32,903.74 5,154.92 3,514.28 530.48 48,777.09

C) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company.
The Company is exposed to credit risk from its operating activities, primarily trade receivables. The credit risks in respect of
deposits with the banks, foreign exchange transactions and other financial instruments are only nominal.

The customer credit risk is managed subject to the Company’s established policy, procedure and controls relating to
customer credit risk management. In order to contain the business risk, prior to acceptance of an order from a customer,
the creditworthiness of the customer is ensured through scrutiny of its financials, if required, market reports and reference
checks. The Company remains vigilant and regularly assesses the financial position of customers during execution of contracts

159
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

37 FINANCIAL RISK MANAGEMENT (Contd..)

with a view to limit risks of delays and default. Further, in most of the cases, the Company normally allow credit period of
30-90 days to all customers which vary from customer to customer except mould & dies business. In case of mould & dies
business, advance payment is taken before start of execution of the order. In view of the industry practice and being in a
position to prescribe the desired commercial terms, credit risks from receivables are well contained on an overall basis.

The impairment analysis is performed on each reporting period on individual basis for major customers. Some trade receivables
are grouped and assessed for impairment collectively. The calculation is based on historical data of losses, current conditions
and forecasts and future economic conditions. The Company’s maximum exposure to credit risk at the reporting date is the
carrying amount of each financial asset.

The trade receivables position is provided here below:

As at As at
Particulars
31st March, 2023 31st March, 2022
Total receivables (note 5) 13,141.70 17,257.89
Receivables individually in excess of 10% of the total receivables 3,521.49 6,353.85
Percentage of above receivables to the total receivables of the Company 26.80% 36.82%

Refer note 5 for ageing of trade receivables as at 31st March, 2023 and 31st March 2022.

38 SEGMENT INFORMATION

Operating segment are defined as components of the company about which seperate financial information is available that is
evaluated regularly by the chief operating decision-maker, or decision- making company, in deciding how to allocate resources
and in assessing performance. The Company primarily operates in one business segment- Consumer Electronic Goods and
Components.

39 CAPITAL MANAGEMENT

For the purpose of Capital Management, Capital includes net debt and toal equity of the Company. The Company manages its
capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure
of the Company is based on management’s judgement of its strategic and day-to-day needs with a focus on total equity so as to
maintain investor, creditors and market confidence.The Company may take appropriate steps in order to maintain, or if necessary
adjust, its capital structure.

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-current borrowings (note 15) 8,454.84 8,983.16
Current borrowings (note 15) 6,692.39 14,746.38
Current maturities of long term borrowings (note 15) 2,984.97 2,657.37
Total debts 18,132.20 26,386.91
Less: Cash and cash equivalent (note 12(a)) 371.26 1,398.89
Net Debt (A) 17,760.94 24,988.01
*Total equity (note 13 & note 14) (B) 35,851.87 30,802.20
Gearing ratio (A/B) 49.54% 81.12%

No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March 2023 and
31st March, 2022.

1 60
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

40 CONTINGENCIES AND COMMITMENTS

CORPOR ATE OVERVIEW

a) Contingent Liabilities (to the extend not provided for)

As at As at
Particulars
31st March, 2023 31st March, 2022
Claims against the company not acknowledged as debts
( excluding interest & penalty )
- Central Excise (FY 2008-09 to 2011-12) 765.73 765.73
- Anti-Dumping duty on Import 738.54 738.54
- Claims by third party 45.75 47.59
Guarantees excluding financial guarantees
- HDFC Bank 21,325.00 11,325.00
- ICICI Bank 16,275.00 3,775.00
- Yes Bank 15,000.00 1,500.00
- State Bank of india 7,500.00 -
61,650.03 18,151.86

(i) Excise department has issued show cause notice dated 22nd December, 2011 for Rs 765.73 in respect of CTV sold to ELCOT,
Tamil Nadu ( a Govt. of Tamil Nadu undertaking) during the period February 2009 to October 2011 for free distribution by the
state Govt. to poor section of the people by paying excise duty on the basis of value determined under section 4A instead of

STATUTORY REPORTS
determining the value under section 4 of the Central Excise Act,1944.The department has the contention that sale is institutional
sale & valuation based on MRP under Section 4A is not applicable to the sale to ELCOT. The appeal made by the Company was
allowed by the CESTAT, New Delhi vide order dated 12th March,2014. However, the excise department has filed the appeal
with Supreme Court, which has been admitted by the Supreme Court on 5th January, 2015 by condoning the delay in filing the
appeal. This matter was last time listed on 2nd January, 2017.However, the Excise department filed an Interlocutory Application
seeking early hearing of the appeal on July 11, 2022. The Hon’ble Chief Justice found no merit in the Interlocutory Application
and accordingly, rejected the application filed by the Excise Department. The matter is pending for Final Hearing.

(ii) Directorate of Revenue Intelligence (DRI) had conducted a search on the factory premises of the Company and the residence
of the Promoters on 8th March 2011. The Company has deposited Rs 145 lakhs as anti-dumping duty on import of CPT
during the period from May 2010 to Dec 2010, which is refunded later on. A show cause notice dated 29th May 2015 has
been issued on the company and raised the demand of Anti-Dumping Duty worth Rs. 738.54 lakhs along with interest and
penalty. The Principal Commissioner of custom has passed an order dated 28th February 2017, confirming the demand of
Rs. 738.54 lakhs along with interest & penalty. The Company has filed an appeal before CESTAT, Allahabad Bench on 1st June
2017. The CESTAT vide its order dated 18th June 2019 has allowed the appeal in favour of the Company and refunded the
deposited amount and set aside the order passed by Principal Commissioner of customs, Noida. However, the Department
has filed a Civil Appeal (No. 6544/2020) against the aforesaid Final order of CESTAT, Allahabad dated 18th June 2019. But till
date no hearing was held at Hon’ble Supreme Court and no stay has been granted to the Department.

(iii) NOTICE FOR RECOVERY: The Company have received a Notice under the jurisdiction of West District, Tis Hazari Court,
FINANCIAL STATEMENTS

Delhi from M/s Polyblends (India) Pvt. Ltd for recovery of outstanding amount of Rs. 43,70,501.19/- with respect to
purchase of plastic raw material and plastic filled compounds. The authorised representative appeared on behalf of the
Company on May 20, 2022 before the Hon’ble Court. The Hon’ble Court directed the Company to file written statements.
The Company filed the written statements. The pleadings in this case are complete and issues are framed. Evidence
by way of affidavit were filed on behalf of plaintiff. Preliminary Enquiry stood closed. The case was listed on February
March 27, 2023 for examination of certain documents. The next date of hearing for final arguments is on July 24, 2023.
iv) NOTICE FOR RECOVERY: The Company have received a Notice under the jurisdiction of West District, Tis Hazari Court,
Delhi from M/s Niyati Industries through Mr. Vijay Jain for recovery of outstanding amount of Rs. 2,04,980.39/- with
respect to job work of re-enforced (Polystyrene) of plastic raw materials. The authorised representative appeared on
behalf of the Company on May 12, 2022 before the Hon’ble Court and filed the written statements. Replication has been
filed on behalf of the plaintiff on July 23, 2022. The pleadings in this case are complete and issues are framed. The case
was listed on May 02, 2023 for examination of documents. The next date of hearing is July 18, 2023.

(iv) Company has given corporate guarantee to banks for borrowings taken by its wholly owned subsidiary (i.e PG Technoplast
Private Limited).

161
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

40 CONTINGENCIES AND COMMITMENTS (Contd..)

b) Commitments

As at As at
Particulars
31st March, 2023 31st March, 2022
Estimated amount of contracts remaining to be executed on Capital account 520.20 635.25
and not provided for (Net of advances)
Other Commitments* - 74.40
520.20 709.65
*During the previous year, Company has entered into an agreement with Solar Stream Renewable Services Private Limited to invest Rs.148.80 lakhs in
tranches in the equity shares of the Company & the same has been invested during the year.

41 DETAILS REQUIRED UNDER SECTION 22 OF MICRO, SMALL AND MEDIUM ENTERPRISE DEVELOPMENT
ACT, 2006

Based on the intimation received by the Company from its suppliers regarding their status under the Micro,Small and Medium
Enterprises Development Act, 2006, the relavant information is provided here below:

As at As at
Particulars
31st March, 2023 31st March, 2022
The principle amount and the interest due thereon remaining unpaid to any
supplier at the end of each accounting year;
(i) Principal Amount 699.18 932.52
(ii) Interest due on above - -
The amount of interest paid by the buyer in terms of section 16 of Micro, - -
Small and Medium Enterprises Devlopment Act,2006, along with the amount
of the payment made to the suppliers beyond the appointed day during each
accounting year.
The amount of interest due and payable for the year on delay in making payment - -
(which have been paid but beyond the appointed day during the year) but wihout
adding the interest specified under the Micro, Small and Medium Enterprises
Development Act,2006,
The amount of interest accrued and remaining unpaid at the end of each - -
accounting year; and
The amount of further interest remaining due and payable even in the - -
succeeding years,until such date when the interest due above are actually
paid to the Small enterprise, for the purpose of disallowances of a deductible
expenditure under section 23 of the Micro, Small and Medium Enterprises
Devlopment Act,2006,

1 62
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

42 CORPORATE SOCIAL RESPONSIBILITY (CSR)

CORPOR ATE OVERVIEW

The amount required to be spent as Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 for the
year ended31st March 2023 is 32.87 Lakhs (Previous Year: Nil) i.e. 2% of average net profits for last three financial years, calculated
as per Section 198 of the Companies Act, 2013.

The Company has spent `34 Lakhs on CSR Projects / initiatives during the year (Previous year: Nil ), which are summarized as under:

Sl. Amount spent

Particulars
No 2022-2023 2021-2022
1 Rescue and timely treatment of injured and helpless Birds and animal. 8.00 -
2 Providing and encouraging medical aid and treatment of poor, people, 8.00 -
rending medical care and advice through Gyan chetna eductional society
3 Eduction and financial assistance to the children woman of weaker section 18.00 -
of society overall development and upliftment through Dnight wings young
foundation

43 STANDARD NOTIFIED BUT NOT YET EFFECTIVE

Recent pronouncements Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the

STATUTORY REPORTS
Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules,
2023, applicable from April 1, 2023, as below:

Ind AS 1 – Presentation of Financial Statements The amendments require companies to disclose their material accounting policies
rather than their significant accounting policies. Accounting policy information, together with other information, is material when
it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The Company does
not expect this amendment to have any significant impact in its financial statements.

Ind AS 12 – Income Taxes The amendments clarify how companies account for deferred tax on transactions such as leases and
decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind
AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and
deductible temporary differences. The Company is evaluating the impact, if any, in its financial statements.

Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors The amendments will help entities to distinguish
between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced
with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial
statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require
items in financial statements to be measured in a way that involves measurement uncertainty. The Company does not expect this
amendment to have any significant impact in its financial statements.
FINANCIAL STATEMENTS

44 EVENTS AFTER BALANCE SHEET DATE

No adjusting or significant non-adjusting events have occurred between the reporting date and date of authorization of these
standalone financial statements.

163
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

45 FINANCIAL RATIOS

As at As at
Ratio Numerator Denominator 31st March 31st March , Variance % Remarks
, 2023 2022

Current Ratio Current Assets Current Liabilities 1.36 1.15 18%

Debt-Equity Ratio Total Debt Shareholders Equity 0.51 0.86 -41% Note: 1
Debt Service Coverage Earnings available for Debt Service 1.74 1.34 29% Note: 2
Ratio debt Service
Return on Equity Ratio Net Profits after taxes Average Shareholders Equity 13.26% 13.17% 1%
Inventory Turnover Ratio Sales Average Inventory 8.14 7.00 16%
Trade Receivables Net Credit Sales Avg.Accounts Receivable 8.76 6.48 35% Note: 3
turnover Ratio
Trade Payable turnover Net Credit Purchases Average Trade Payables 6.61 5.22 27% Note: 4
Ratio
Net Capital turnover Ratio Net Sales Working Capital 14.62 17.05 -14%
Net Profit Ratio Net Profit Net Sales 3.32% 3.18% 4%
Return on capital Earning before Interest Capital employed 13.82% 10.68% 29% Note: 5
employed and Taxes
Return on Investment- Interest (Finance Income) Investment Not Applicable

Note: 1: Significant increase in profit after tax due to increase in revenue from operation & repayment of long term loans.

Note: 2: Significant increase in EBIDTA from operation.

Note: 3: Significant decrease in collection period from receivable & credit period has been also reduced.

Note: 4: Significant decrease in payment period made to trade Payable & credit period has been also reduced.

Note: 5: Significant increase in EBIDTA from operation.

46 RECONCILIATION OF QUARTERLY BANK RETURNS -FY 2022-23

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns

Inventory 31st March 2023 9,605.11 9,602.77 2.34

Debtors 31st March 2023 8,127.24 8,082.25 44.99
Creditors-LC creditors only) 31st March 2023 7,903.60 7,804.69 98.91
Net Total 31st March 2023 25,635.95 25,489.71 146.24
Inventory 31st December 2022 7,211.43 7,201.77 9.66
Debtors 31st December 2022 7,023.47 6,966.21 57.26
Creditors-LC creditors only) 31st December 2022 (5,089.57) (4,961.91) (127.66)
Net Total 31st December 2022 9,145.33 9,206.07 (60.74)
State Bank of India
Inventory 30th Septermber 2022 9,872.34 9,859.27 13.07
Debtors 30th Septermber 2022 11,734.37 11,723.74 10.63
Creditors-LC creditors only) 30th Septermber 2022 (12,372.36) (11,994.00) (378.36)
Net Total 30th Septermber 2022 9,234.35 9,589.01 (354.66)
Inventory 30th June 2022 7,955.63 7,955.63 -
Debtors 30th June 2022 10,172.97 9,742.89 430.08
Creditors-LC creditors only) 30th June 2022 (9,823.51) (9,440.93) (382.58)
Net Total 30th June 2022 8,305.09 8,257.59 47.50

1 64
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

46 RECONCILIATION OF QUARTERLY BANK RETURNS -FY 2022-23 (Contd..)

CORPOR ATE OVERVIEW

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns

Inventory 31st March 2023 2,843.03 2,843.03 -

Debtors 31st March 2023 5,014.46 4,959.10 55.36
Creditors-Trade & LC creditors 31st March 2023 (4,268.62) (4,268.62) -
Net Total 31st March 2023 3,588.87 3,533.51 55.36
Inventory 31st December 2022 4,765.64 4,765.64 -
Debtors 31st December 2022 5,227.29 5,227.29 -
Creditors-Trade & LC creditors 31st December 2022 (3,142.92) (3,142.92) -
Net Total 31st December 2022 6,850.01 6,850.01 -
HDFC Bank
Inventory 30th Septermber 2022 6,430.19 6,430.19 -
Debtors 30th Septermber 2022 2,856.73 2,856.73 -
Creditors-Trade & LC creditors 30th Septermber 2022 (4,751.05) (4,751.05) -
Net Total 30th Septermber 2022 4,535.87 4,535.87 -
Inventory 30th June 2022 6,837.84 6,825.08 12.76
Debtors 30th June 2022 8,273.51 6,972.46 1,301.05
Creditors-Trade & LC creditors 30th June 2022 (9,548.56) (9,548.56) -
Net Total 30th June 2022 5,562.79 4,248.98 1,313.81

STATUTORY REPORTS
Note for discripencies

(a) The difference in inventory is due to goods in transit included in books of accounts which is not considered in DP statements
filled with bankers.

(b) The difference in creditors is due to Letter of credit taken in books of account on the basis of LC open with banks but in DP
statements are taken on baisis of acceptances.

(c) The difference in debtors is due to subsequent adjustment made in the books of account which is not considered in DP
statements filled with bankers.

RECONCILIATION OF QUARTERLY BANK RETURNS -FY 2021-22

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns

Inventory 31st March 2022 7268.12 7186.97 81.15

Debtors 31st March 2022 10538.68 10538.69 -0.01
Creditors-LC creditors only) 31st March 2022 -2555.87 -2556.00 0.13
Net Total 31st March 2022 15250.93 15169.65 81.28
FINANCIAL STATEMENTS

Inventory 31st December 2021 5813.38 5838.98 -25.60

Debtors 31st December 2021 8985.99 8985.99 0.00
Creditors-LC creditors only) 31st December 2021 -1988.01 -1241.00 -747.01
Net Total 31st December 2021 12811.36 13583.96 -772.60
State Bank of India
Inventory 30th Septermber 2021 6125.00 6065.33 59.67
Debtors 30th Septermber 2021 7608.39 7608.39 0.00
Creditors-LC creditors only) 30th Septermber 2021 -1872.70 -1266.00 -606.70
Net Total 30th Septermber 2021 11860.68 12407.72 -547.03
Inventory 30th June 2021 4216.34 4174.91 41.43
Debtors 30th June 2021 4360.22 4386.14 -25.92
Creditors-LC creditors only) 30th June 2021 -1678.20 -1221.00 -457.20
Net Total 30th June 2021 6898.36 7340.05 -441.69

165
 P G Elect r o p la st L i m i ted

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

46 RECONCILIATION OF QUARTERLY BANK RETURNS -FY 2022-23 (Contd..)

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns

Inventory 31st March 2022 13074.91 12560.15 514.76

Debtors 31st March 2022 6754.04 6754.04 0.00
Creditors-Trade & LC creditors 31st March 2022 -11070.84 -11070.84 0.00
Net Total 31st March 2022 8758.11 8243.35 514.76
Inventory 31st December 2021 9817.62 9553.49 264.13
Debtors 31st December 2021 7596.88 7596.68 0.20
Creditors-Trade & LC creditors 31st December 2021 -10932.30 -10024.22 -908.08
Net Total 31st December 2021 6482.20 7125.95 -643.75
HDFC Bank
Inventory 30th Septermber 2021 4712.11 4625.84 86.26
Debtors 30th Septermber 2021 3772.24 3772.24 0.00
Creditors-Trade & LC creditors 30th Septermber 2021 -3117.41 -2992.55 -124.85
Net Total 30th Septermber 2021 5366.93 5405.52 -38.59
Inventory 30th June 2021 4556.09 4562.70 -6.61
Debtors 30th June 2021 2610.07 2610.08 -0.01
Creditors-Trade & LC creditors 30th June 2021 -2600.91 -2596.11 -4.80
Net Total 30th June 2021 4565.25 4576.66 -11.42

Note for discripencies

(a) The difference in inventory is due to goods in transit included in books of accounts which is not considered in DP statements
filled with bankers.

(b) The difference in creditors is due to Letter of credit taken in books of account on the basis of LC open with banks but in DP
statements are taken on baisis of acceptances.

(c) The difference in debtors is due to subsequent adjustment made in the books of account which is not considered in DP
statements filled with bankers.

47 Disclosure required under Section 186(4) of the Companies Act, 2013

i) Amount of Investment:

As at 31st March, 2023 As at 31st March, 2022

Name of the Subsidiaries & Controlled Entity Investment Outstanding Investment Outstanding
made amount made amount
PG Technoplast Private Limited - 7,500.00 7500.00 7,500.00
PG Plastronics Private Limited - 2.00 2.00 2.00
PG Electroplast Limited Employees Welfare 0.01 0.01 - -
Trust -Controlled Entity

ii) Amount of loan/advance in the nature of loan:

As at 31st March, 2023 As at 31st March, 2022

Name of the Subsidiaries/Controlled Entity Outstanding Outstanding
Loan given Loan given
amount amount
PG Technoplast Private Limited 6,603.35 1,827.68 20,977.87 1,096.43
PG Electroplast Limited Employees Welfare 138.65 11.90 - -
Trust -Controlled Entity

Loan to subsidiaries is given for the purpose of meeting their working capital requirements and for general corporate purposes.

Loan to controlled Entity is given for the purpose for investing in shares given to employees under Stock Option Scheme -
2020 in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

1 66
 A n n u a l R e p ort 20 22 -23

Notes to the Standalone Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

47 Disclosure required under Section 186(4) of the Companies Act, 2013 (Contd..)

CORPOR ATE OVERVIEW

iii) Amount of guarantee provided:

As at 31st March, 2023 As at 31st March, 2022

Name of the Subsidiaries & Controlled Entity Investment Outstanding Investment Outstanding
made amount made amount
PG Technoplast Private Limited 60,100.00 60,100.00 16,600.00 16,600.00

Corporate guarantee provided to banks for borrowings taken by its subsidiary for the purpose of their principal business activities.

48 OTHER STATUTORY INFORMATION

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.

ii) The Company does not have any transactions with companies struck off Company.

iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

v) The Company is not a declared wilful defaulter by any bank or financial Institution or other lender, in accordance with the

STATUTORY REPORTS
guidelines on wilful defaulters issued by the Reserve Bank of India, during the year ended 31 March 2023 and 31 March 2022.

vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

viii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961.

49 Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/
disclosure.
FINANCIAL STATEMENTS

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

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Consolidated
Financial
Statements
 A n n u a l R e p ort 20 22 -23

Independent Auditor’s Report

To the Members of PG Electroplast Limited

CORPOR ATE OVERVIEW

Report on the Audit of the Consolidated Financial responsibilities under those SAs are further described in the
Statements Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent
Opinion of the Group and controlled entity in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of
We have audited the consolidated financial statements of PG
India together with the ethical requirements that are relevant
Electroplast Limited (hereinafter referred to as “the Holding
to our audit of the consolidated financial statements under the
Company”) and its subsidiaries (the Holding Company and
provisions of the Act and the Rules thereunder, and we have
its subsidiaries together referred to as “the Group”) and
fulfilled our other ethical responsibilities in accordance with
controlled entity, comprising the consolidated balance
these requirements and the Code of Ethics. We believe that
sheet as at March 31, 2023, and the consolidated statement
the audit evidence we have obtained, and the audit evidence
of profit and loss (including other comprehensive income),
obtained by the other auditors in terms of their reports
consolidated statement of changes in equity and consolidated
referred to in ‘Other Matters’ paragraph below is sufficient
statement of cash flows for the year then ended, and notes
and appropriate to provide a basis for our audit opinion on the
to the consolidated financial statements, including a summary
consolidated financial statements.
of the significant accounting policies and other explanatory
information (hereinafter referred to as “the consolidated Key Audit Matters
financial statements”).
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and according judgment, were of most significance in our audit of the

STATUTORY REPORTS
to the explanations given to us, and based on the consideration consolidated financial statements for the year ended March
of reports of other auditors on separate financial statements 31, 2023. These matters were addressed in the context of
of such subsidiaries and controlled entity, as were audited our audit of the consolidated financial statements as a whole,
by the other auditors, the aforesaid consolidated financial and in forming our opinion thereon, and we do not provide a
statements give the information required by the Companies separate opinion on these matters. For each matter below, our
Act, 2013 (“Act”) in the manner so required and give a true description of how our audit addressed the matter is provided
and fair view in conformity with the accounting principles in that context.
generally accepted in India, of the consolidated state of
affairs of the Group and controlled entity as at March 31, We have determined the matters described below to be
2023, of its consolidated profit and other comprehensive loss, the key audit matters to be communicated in our report.
consolidated changes in equity and consolidated cash flows for We have fulfilled the responsibilities described in Auditor’s
the year then ended. responsibilities for the audit of consolidated financial
statements section of our report, including in relation to these
Basis for Opinion matters.

We conducted our audit in accordance with the Standards on

Auditing (SAs) specified under section 143(10) of the Act. Our

Key audit matters How our audit addressed the key audit matter
FINANCIAL STATEMENTS

Revenue Recognition Our procedures included;

Revenue from the sale of goods (hereinafter referred to as • Evaluating the integrity of the general information and
“Revenue”) is recognized when the Company performs its technology control environment and testing the operating
obligation to its customers and the amount of revenue can effectiveness of key IT application controls.
be measured reliably and recovery of the consideration is
probable. The timing of such recognition in case of sale of • Evaluating the design and implementation of Company’s
goods is when the control over the same is transferred to controls in respect of revenue recognition.
the customer.
• Testing the effectiveness of such controls over revenue cut
off at year-end.

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 P G Elect r o p la st L i m i ted

Key audit matters How our audit addressed the key audit matter
The timing of revenue recognition is relevant to the • Testing the supporting documentation for sales transactions
reported performance of the Company. The management recorded during the period closer to the year end and
considers revenue as a key measure for evaluation of subsequent to the year end, including examination of credit
performance. There is a risk of revenue being recorded notes issued after the year end to determine whether revenue
before control is transferred. was recognized in the correct period.

• Performing analytical procedures on current year revenue

based on monthly trends and where appropriate, conducting
further enquiries and testing.

• Assessing the appropriateness of the Company’s revenue

recognition accounting policies in line with IND AS 115 (“Revenue
from Contracts with Customers”) and testing thereof.
Accounting for Government Grants
The Company has various grants and subsidies receivable Our audit procedures included, amongst others:
from the State Governments of respective plant locations.
a) We examine that the recognition of grants / subsidies is in
accordance with IND AS 20 by making a reference to the
conditions for such grants in the scheme documents of
the respective state Governments and checking the due
evidence of fulfillment of such conditions by the Company.

b) We verified the correspondence between the Company and

relevant Government authorities to assess the recoverability
of grants / subsidies already recognized
The following key audit matters was included in the audit report dated May 18, 2023, containing and unmodified audit opinion
on the financial statement of PG Technolplast Private Limited, a wholly owned subsidiary of the Holding Company issue by an
independent firm of Chartered Accountants reproduce by us as under :
Capitalization and useful life of Property, Plant &
Equipment
During the year ended March 31, 2023, the subsidiary Company The audit procedures applied by the component auditor of the
has incurred capital expenditure on project included in capital component included and were not limited to the following:
work in progress. Items of property, plant and equipment
(PPE) that are ready for its intended use as determined by the • Examined the management assessment of the assumptions
management have been capitalized in the current year. considered in estimation of useful life.

Judgement is involved to determine that the aforesaid • Examined the technical evaluation by third party specialist
capitalization meet the recognition requirement under appointed by management.
lnd AS. specifically in relation to determination of
• Assessed the nature of the additions made to PPE, intangible
whether the criteria for intended use has been met.
assets, capital work-in-progress and intangible asset under
Further, the Company has assessed the useful life of its
development on a test check basis to test whether they
PPE. Assessment of useful life of plant and machinery
meet the recognition criteria of Ind AS 16- Property, Plant
involves management judgement, technical assessment,
and Equipment, including intended use of management.
anticipated technological changes etc.
Revenue Recognition The audit procedures applied by the component auditor of the
component included and were not limited to the following:
a) Revenue from the sale of goods is recognised in the
income statement when the significant risks and Evaluation of internal control activities oven revenue recognition
rewards of ownership have been transferred to the and testing of key controls.
buyer. This normally means when a product has been Testing of accounts receivables by requesting confirmations
delivered to the customer in accordance with agreed from the company’s customers and by reconciling cash payments
delivery terms. Revenue from the sale of services received after the year end against the accounts receivable
is recognised when the service is rendered to the balances at the year end.
customer.
The risk for revenue being recognised in an incorrect period
b) The risk for revenue being. recognised in an incorrect presents a key audit matter due to the financial significance and
period presents a key audit matter due to the financial nature of net sales in the financial statements.
significance and nature of net sales in the financial We assessed that the disclosure of revenue in accordance
statements with IND AS 115 ‘Revenue from contracts with customers’ are
appropriately presented and disclosed.

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 A n n u a l R e p ort 20 22 -23

Other Information related to going concern and using the going concern basis
of accounting unless the respective Board of Directors either
The Holding Company’s Management and Board of Directors are intends to liquidate the Company or to cease operations, or
responsible for the other information. The other information has no realistic alternative but to do so.
comprises the information included in the annual report but

CORPOR ATE OVERVIEW

does not include the consolidated financial statements and our The respective Board of Directors of the companies included in
auditors’ report thereon. the Group and controlled entity responsible for overseeing the
financial reporting process of each company.
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements
In connection with our audit of the consolidated financial
Our objectives are to obtain reasonable assurance about
statements, our responsibility is to read the other information
whether the consolidated financial statements as a whole
and, in doing so, consider whether the other information
are free from material misstatement, whether due to fraud
is materially inconsistent with the consolidated financial
or error, and to issue an auditor’s report that includes our
statements or our knowledge obtained in the audit or
opinion. Reasonable assurance is a high level of assurance,
otherwise appears to be materially misstated. If, based on
but is not a guarantee that an audit conducted in accordance
the work we have performed and the reports of the other
with SAs will always detect a material misstatement when it
auditor as furnished to us, we conclude that there is a material
exists. Misstatements can arise from fraud or error and are
misstatement of this other information, we are required to
considered material if, individually or in the aggregate, they
report that fact. We have nothing to report in this regard.
could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated
Management’s and Board of Directors’ Responsibility financial statements.
for the Consolidated Financial Statements

STATUTORY REPORTS
As part of an audit in accordance with SAs, we exercise
The Holding Company’s Management and Board of Directors professional judgment and maintain professional skepticism
are responsible for the preparation and presentation of these throughout the audit. We also:
consolidated financial statements in terms of the requirements
of the Act that give a true and fair view of the consolidated • Identify and assess the risks of material misstatement
state of affairs, consolidated profit and other comprehensive of the consolidated financial statements, whether due
income, consolidated statement of changes in equity and to fraud or error, design and perform audit procedures
consolidated cash flows of the Group including controlled responsive to those risks, and obtain audit evidence that
entity in accordance with the accounting principles generally is sufficient and appropriate to provide a basis for our
accepted in India, including the Indian Accounting Standards opinion. The risk of not detecting a material misstatement
(Ind AS) specified under section 133 of the Act. resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional
The respective Management and Board of Directors of the omissions, misrepresentations, or the override of internal
companies included in the Group and controlled entity are control.
responsible for maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding • Obtain an understanding of internal control relevant to
the assets of each Company and for preventing and detecting the audit in order to design audit procedures that are
frauds and other irregularities; the selection and application appropriate in the circumstances. Under section 143(3)
of appropriate accounting policies; making judgments and (i) of the Act, we are also responsible for expressing our
estimates that are reasonable and prudent; and the design, opinion on whether the Holding Company, its subsidiaries
FINANCIAL STATEMENTS

implementation and maintenance of adequate internal and its controlled entity has adequate internal financial
financial controls, that were operating effectively for ensuring controls with reference to consolidated financial
accuracy and completeness of the accounting records, relevant statements in place and the operating effectiveness of
to the preparation and presentation of the consolidated such controls.
financial statements that give a true and fair view and are free
• Evaluate the appropriateness of accounting policies
from material misstatement, whether due to fraud or error,
used and the reasonableness of accounting estimates
which have been used for the purpose of preparation of the
and related disclosures in the consolidated financial
consolidated financial statements by the Management and
statements made by the Management and Board of
Directors of the Holding Company, as aforesaid.
Directors.
In preparing the consolidated financial statements, the
• Conclude on the appropriateness of the Management
respective Management and Board of Directors of the
and Board of Directors use of the going concern basis of
companies included in the Group and controlled entity are
accounting and, based on the audit evidence obtained,
responsible for assessing the ability of each company to
whether a material uncertainty exists related to events
continue as a going concern, disclosing, as applicable, matters

171
 P G Elect r o p la st L i m i ted

or conditions that may cast significant doubt on the Other Matters

Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required a) We did not audit the financial statements of two
to draw attention in our auditor’s report to the related subsidiaries whose financial statements reflect total assets
disclosures in the consolidated financial statements or, if of 87600.68 lakhs as at March 31, 2023, total revenues of
such disclosures are inadequate, to modify our opinion. 103258.66 lakhs and net cash outflows of 490.75 lakhs
Our conclusions are based on the audit evidence obtained for the year ended on that date, as considered in the
up to the date of our auditor’s report. However, future consolidated financial statements.
events or conditions may cause the Group and controlled
b) We did not audit the financial statements of one controlled
entity to cease to continue as a going concern.
entity whose financial statements reflect total assets of
• Evaluate the overall presentation, structure and content 12.39 lakhs as at March 31, 2023, total revenues of Nil
of the consolidated financial statements, including the lakhs and net cash inflows of 0.05 lakhs for the year ended
disclosures, and whether the consolidated financial on that date, as considered in the consolidated financial
statements represent the underlying transactions and statements.
events in a manner that achieves fair presentation.
These financial statements has been audited by other auditors
• Obtain sufficient appropriate audit evidence regarding whose reports has been furnished to us by the Management
the financial information of such entities or business and our opinion on the consolidated financial statements, in
activities within the Group and controlled entity to express so far as it relates to the amounts and disclosures included
an opinion on the consolidated financial statements. in respect of these subsidiaries and controlled entity and our
We are responsible for the direction, supervision and report in terms of sub-section (3) of Section 143 of the Act, in
performance of the audit of financial information of such so far as it relates to the aforesaid subsidiaries and controlled
entities included in the consolidated financial statements entity are based solely on the audit report of the other auditors.
of which we are the independent auditors. For the other
Our opinion on the consolidated financial statements, and our
entities included in the consolidated financial statements,
report on Other Legal and Regulatory Requirements below,
which have been audited by other auditors, such other
is not modified in respect of the above matters with respect
auditors remain responsible for the direction, supervision
to our reliance on the work done and the reports of the other
and performance of the audits carried out by them. We
auditors.
remain solely responsible for our audit opinion.

We communicate with those charged with governance of Report on Other Legal and Regulatory Requirements
the Holding Company and such other entities included in
the consolidated financial statements of which we are the 1. As required by the Companies (Auditors’ Report) Order,
independent auditors regarding, among other matters, the 2020 (the ‘Order’ or ‘CARO’), issued by the Central
planned scope and timing of the audit and significant audit Government of India in terms of sub-section (11) of
findings, including any significant deficiencies in internal section 143 of the Act, based on our audit and on the
control that we identify during our audit. consideration of report of the other auditors on separate
financial statements and the other financial information
We also provide those charged with governance with a of the subsidiaries and its controlled entity, incorporated
statement that we have complied with relevant ethical in India, we give in the “Annexure A” a statement on the
requirements regarding independence, and to communicate matters specified in paragraphs 3(xxi) of the Order.
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and 2. As required by Section 143(3) of the Act, based on our audit
where applicable, related safeguards. and on the consideration of report of the other auditor
on separate financial statements of such subsidiaries and
From the matters communicated with those charged with controlled entity as was audited by other auditor, as noted
governance, we determine those matters that were of most in the ‘Other Matters’ paragraph, we report, to the extent
significance in the audit of the consolidated financial statements applicable, that:
for the year ended March 31, 2023 and are therefore the key
audit matters. We describe these matters in our auditors’ a) We have sought and obtained all the information and
report unless law or regulation precludes public disclosure explanations which to the best of our knowledge and
about the matter or when, in extremely rare circumstances, belief were necessary for the purposes of our audit of
we determine that a matter should not be communicated in the aforesaid consolidated financial statements;
our report because the adverse consequences of doing so
b) In our opinion, proper books of account as required
would reasonably be expected to outweigh the public interest
by law relating to preparation of the aforesaid
benefits of such communication.
consolidated financial statements have been kept so
far as it appears from our examination of those books
and the report of the other auditor;

1 72
 A n n u a l R e p ort 20 22 -23

c) The consolidated balance sheet, the consolidated ii. The Group and controlled entity did not have
statement of profit and loss (including other any long term contracts including derivative
comprehensive income), the consolidated statement contracts for which there were any material
of changes in equity and the consolidated statement of foreseeable losses;
cash flows dealt with by this Report are in agreement

CORPOR ATE OVERVIEW

with the relevant books of account maintained for the iii. There were no amounts which were required
purpose of preparation of the consolidated financial to be transferred to the Investor Education and
statements. Protection Fund by the Holding Company, its
subsidiaries and controlled entity incorporated in
d) In our opinion, the aforesaid consolidated financial India during the year ended March 31, 2023.
statements comply with the Ind AS specified under
section 133 of the Act, read with Companies (Indian iv. a) The respective managements of the Holding
Accounting Standards) Rules, 2015, as amended; Company, its subsidiaries and controlled
entity incorporated in India whose financial
e) On the basis of the written representations received statements have been audited under the
from the directors of the Holding Company as on Act have represented to us and the other
March 31, 2023 taken on record by the Board of auditors of such subsidiaries and controlled
Directors of the Holding Company and the reports entity respectively that, to the best of their
of the statutory auditors of its subsidiaries and knowledge and belief , as disclosed in Note
controlled entity incorporated in India, none of the 46 to the consolidated financial statements,
directors of the Group companies and controlled no funds have been advanced or loaned or
entity incorporated in India are disqualified as on invested (either from borrowed funds or
March 31, 2023 from being appointed as a director in securities premium or any other sources or
terms of Section 164(2) of the Act; kind of funds) by the Holding Company or
its subsidiaries or its controlled entity to
f) With respect to the adequacy of the internal financial

STATUTORY REPORTS
or in any person(s) or entity(ies), including
controls with reference to consolidated financial foreign entities (‘the intermediaries’), with
statements of the Holding Company, subsidiaries and the understanding, whether recorded in
controlled entity and the operating effectiveness writing or otherwise, that the intermediary
of such controls, refer to our separate Report in shall, whether, directly or indirectly lend or
“Annexure B”; invest in other persons or entities identified
in any manner whatsoever by or on behalf of
g) In our opinion and based on the consolidation
the Holding Company, or any such subsidiary
of reports of the other statutory auditors of the
companies or controlled entity or provide
subsidiaries and controlled entity incorporated in
any guarantee, security or the like on behalf
India, the managerial remuneration for the year
the Ultimate Beneficiaries;
ended March 31, 2023 has been paid/provided by
the Holding Company, its subsidiaries and controlled b) The respective managements of the Holding
entity incorporated in India to their directors in Company, its subsidiaries and controlled
accordance with the provision of section 197 read entity incorporated in India whose financial
with schedule V of the Act; statements have been audited under the
Act have represented to us and the other
h) With respect to the other matters to be included in
auditors of such subsidiaries respectively
the Auditor's Report in accordance with Rule 11 of
that, to the best of their knowledge and
the Companies (Audit and Auditor’s) Rules, 2014, in
belief, as disclosed in the Note 46 to the
FINANCIAL STATEMENTS

our opinion and to the best of our information and

accompanying consolidated financial
according to the explanations given to us and based
statements, no funds have been received
on the consideration of the report of the other auditor
by the Holding Company or its subsidiary
on separate financial statements of the subsidiaries
companies or its controlled entity from any
and controlled entity as noted in the ‘Other Matters’
person(s) or entity(ies), including foreign
paragraph:
entities (‘the Funding Parties’), with the
i. The consolidated financial statements disclose understanding, whether recorded in writing
the impact of pending litigations on its or otherwise, that the Holding Company, or
consolidated financial position of the Group and any such subsidiary companies or controlled
controlled entity in its consolidated financial entity shall, whether directly or indirectly,
statements - Refer Note 40 to the consolidated lend or invest in other persons or entities
financial statements. identified in any manner whatsoever by or

173
 P G Elect r o p la st L i m i ted

on behalf of the Funding Party (‘Ultimate using accounting software which has a feature of
Beneficiaries’) or provide any guarantee, recording audit trail (edit log) facility is applicable
security or the like on behalf of the Ultimate to the Company with effect from April 1, 2023,
Beneficiaries; and and accordingly, reporting under Rule 11(g) of
Companies (Audit and Auditors) Rules, 2014 is
c) Based on such audit procedures performed not applicable for the financial year ended March
by us and that performed by the auditors 31, 2023.
of the subsidiaries (including step down
subsidiary) and controlled entity, as
considered reasonable and appropriate in
the circumstances, nothing has come to our
or other auditors’ notice that has caused For S.S. Kothari Mehta & Company
us or the other auditors to believe that the Chartered Accountants
management representations under sub- Firm Registration No. 000756N
clauses (a) and (b) above contain any material
misstatement.
AMIT GOEL
v. No dividend has been declared or paid during Partner
the year by the Company, its subsidiaries and its Membership No: 500607
controlled entity. Place: New Delhi

vi. Proviso to Rule 3(1) of the Companies (Accounts) Date : May 26, 2023
Rules, 2014 for maintaining books of account UDIN: 23500607BGURLD2788

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 A n n u a l R e p ort 20 22 -23

Annexure A to the Independent Auditors’ Report to the members of PG Electroplast Limited dated May 26,
2023 on its Consolidated Financial Statements

In our opinion and according to the information and explanations given to us, following company incorporated in India and included

CORPOR ATE OVERVIEW

in the Consolidated Financial Statements, have unfavourable remarks, qualifications or adverse remarks given by the respective
auditors in their reports under the companies (Auditor’s Report) Order,2020 (CARO):

Sr. Holding/ Subsidiary/ Clause No. of CARO report which is

Name of the entities CIN
No JV/ Associate unfavourable or qualified or adverse
1 PG Electroplast Limited L32109DL2003PLC119416 Holding Company 3ii(b)

For S.S. Kothari Mehta & Company

Chartered Accountants
Firm Registration No. 000756N

AMIT GOEL
Partner
Date : May 26, 2023 Membership No: 500607
UDIN: 23500607BGURLD2788 Place: New Delhi

STATUTORY REPORTS
FINANCIAL STATEMENTS

175
 P G Elect r o p la st L i m i ted

Annexure B to the Independent Auditors’ Report to the members of PG Electroplast Limited dated May 26,
2023 on its Consolidated Financial Statements

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”) as referred to in paragraph 2(f) of ‘Report on Other Legal and Regulatory Requirements’ section.

Our reporting on the internal financial control with

statements were established and maintained and if such
reference to consolidated financial statement is
controls operated effectively in all material respects.
not applicable in respect of one controlled entity.
Our audit involves performing procedures to obtain audit
In conjunction with our audit of the consolidated financial
evidence about the adequacy of the internal financial controls
statements of PG Electroplast Limited (‘the Holding Company’)
with reference to consolidated financial statements and their
as of and for the year ended March 31, 2023, we have audited
operating effectiveness. Our audit of internal financial controls
the Internal Financial Controls over Financial Reporting of PG
with reference to consolidated financial statements included
Electroplast Limited (hereinafter referred to as “the Company”
obtaining an understanding of internal financial controls with
or “Holding Company”) and its subsidiaries (the Holding
reference to consolidated financial statements, assessing the
Company and its subsidiaries together referred to as “the
risk that a material weakness exists, and testing and evaluating
Group”) incorporated in India, for the year ended on that date.
the design and operating effectiveness of the internal controls
based on the assessed risk. The procedures selected depend
Management’s Responsibility for Internal Financial on the auditor’s judgement, including the assessment of the
Controls risks of material misstatement of the consolidated financial
statements, whether due to fraud or error.
The respective Board of Directors of the Holding company, its
subsidiary companies, to whom reporting under clause (i) of sub We believe that the audit evidence we have obtained and
section 3 of Section 143 of the Act in respect of the adequacy the audit evidence obtained by other auditor of the relevant
of the internal financial controls with reference to financial subsidiaries in terms of their report referred to in Other
statements is applicable, which are companies incorporated in Matters paragraph below, is sufficient and appropriate to
India, are responsible for establishing and maintaining internal provide a basis for our audit opinion on the internal financial
financial controls based on internal control over financial controls with reference to consolidated financial statements.
reporting criteria established by the Company considering
the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over
Meaning of Internal Financial controls with
Financial Reporting issued by the Institute of Chartered
Reference to Consolidated Financial Statements
Accountants of India (ICAI). These responsibilities include A company's internal financial control over financial reporting is
the design, implementation and maintenance of adequate a process designed to provide reasonable assurance regarding
internal financial controls that were operating effectively for the reliability of financial reporting and the preparation of
ensuring the orderly and efficient conduct of its business, consolidated financial statements for external purposes in
including adherence to the respective company’s policies, accordance with generally accepted accounting principles. A
the safeguarding of its assets, the prevention and detection company's internal financial control over financial reporting
of frauds and errors, the accuracy and completeness of the includes those policies and procedures that:
accounting records, and the timely preparation of reliable
financial information, as required under the Act. a) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company;
Auditors’ Responsibility
b) provide reasonable assurance that transactions
Our responsibility is to express an opinion on the internal
are recorded as necessary to permit preparation of
financial controls with reference to consolidated financial
consolidated financial statements in accordance with
statements based on our audit. We conducted our audit in
generally accepted accounting principles, and that
accordance with the Guidance Note and the Standards on
receipts and expenditures of the company are being made
Auditing, prescribed under section 143(10) of the Act, to the
only in accordance with authorizations of management
extent applicable to an audit of internal financial controls with
and directors of the company; and
reference to the consolidated financial statements. Those
Standards and the Guidance Note require that we comply c) provide reasonable assurance regarding prevention or
with ethical requirements and plan and perform the audit to timely detection of unauthorized acquisition, use, or
obtain reasonable assurance about whether adequate internal disposition of the company's assets that could have a
financial controls with reference to consolidated financial material effect on the consolidated financial statements.

1 76
 A n n u a l R e p ort 20 22 -23

Inherent Limitations of Internal Financial controls Financial Reporting issued by the Institute of Chartered
with Reference to Financial Statements Accountants of India (the “Guidance Note”).

Because of the inherent limitations of internal financial

Controls with reference to consolidated financial statements,
Other Matters

CORPOR ATE OVERVIEW

including the possibility of collusion or improper management Our aforesaid reports under Section 143(3)(i) of the Act on the
override of controls, material misstatements due to error or adequacy and operating effectiveness of the internal financial
fraud may occur and not be detected. Also, projections of any controls with reference to financial statement in so far as it
evaluation of the internal financial controls with reference to relates to two subsidiaries incorporated in India, is based on
consolidated financial statements to future periods are subject the corresponding report of the auditor of such company
to the risk that the internal financial controls with reference incorporated in India. Our opinion is not modified in respect
to consolidated financial statements may become inadequate of this matter.
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion For S.S. Kothari Mehta & Company

Chartered Accountants
In our opinion, the Holding Company and its relevant Firm Registration No. 000756N
subsidiaries, have, in all material respects, adequate internal
financial controls with reference to consolidated financial AMIT GOEL
statements and such internal financial controls were operating Partner
effectively as at March 31, 2023, based on the internal financial Membership No: 500607
controls with reference to consolidated financial statements UDIN : 23500607BGURLD2788
criteria established by the such companies considering the
essential components of such internal control stated in the Place: New Delhi

STATUTORY REPORTS
Guidance Note on Audit of Internal Financial Controls Over Date : May 26

FINANCIAL STATEMENTS

177
 P G Elect r o p la st L i m i ted

Consolidated Balance Sheet

as at 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

As at As at
Particulars Note
31st March, 2023 31st March, 2022
ASSETS
Non-Current Assets
Property, plant and equipment 3 57,656.99 44,028.77
Capital work-in-progress 3 197.50 488.98
Goodwill 4 0.34 0.34
Other intangible assets 4 122.02 66.78
Financial Assets
Investments 7 217.64 69.02
Other financial assets 8 994.63 837.39
Other non-current assets 9 783.13 553.89
Total Non-Current Assets 59,972.25 46,045.17
Current Assets
Inventories 11 35,338.12 28,603.25
Financial assets
Trade receivables 5 43,787.36 21,332.74
Cash and cash equivalents 12(a) 866.91 2,385.29
Bank balances other than cash and cash equivalents 12(b) 3,095.76 1,533.07
Loans 6 45.83 275.28
Investments 6(b) - -
Other financial assets 8 2,675.94 1,936.63
Other current assets 9 3,661.45 4,304.24
Income tax assets (Net) 10 1,372.91 436.94
Total Current Assets 90,844.28 60,807.44
TOTAL ASSETS 1,50,816.53 1,06,852.61
EQUITY AND LIABILITIES
Equity
Equity share capital 13 2,274.26 2,122.49
Other equity 14 37,318.52 29,107.31
Total Equity 39,592.78 31,229.80
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 15 22,495.96 17,178.48
Other financial liabilities 18 217.54 178.37
Lease liabilities 20 3,162.21 1,339.81
Deferred tax liabilities (Net) 31 2,817.61 1,655.70
Provisions 16 562.10 447.66
Other liabilities 19 604.73 -
Total Non-Current Liabilities 29,860.15 20,800.02
Current Liabilities
Financial Liabilities
Borrowings 15 31,756.50 21,206.63
Trade payables
- Total outstanding dues of micro and small enterprises 17 2,967.79 1,358.05
- Total outstanding dues other than micro and small enterprises 17 36,027.31 25,562.65
Other financial liabilities 18 5,316.90 4,453.34
Lease liabilities 20 284.24 137.37
Other current liabilities 19 4,072.33 2,013.83
Provisions 16 93.06 90.92
Income tax liabilities (Net) 845.47 -
Total Current Liabilities 81,363.60 54,822.79
Total Liabilities 1,11,223.75 75,622.81
TOTAL EQUITY AND LIABILITIES 1,50,816.53 1,06,852.61
Significant Accounting Policies 2

The accompanying notes are an integral part of consolidated financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

1 78
 A n n u a l R e p ort 20 22 -23

Consolidated Statement of Profit and Loss

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars Note

CORPOR ATE OVERVIEW

31st March, 2023 31st March, 2022
Income
Revenue from operations 21 2,15,994.75 1,11,163.50
Other Income 22 438.57 432.38
Total Income 2,16,433.32 1,11,595.88
Expenses
Cost of Materials Consumed 23 1,60,461.35 73,149.77
Purchase of Traded Goods 24 18,815.72 18,161.84
Changes in inventories of finished goods and work-in-progress 25 (2,826.31) (2,908.06)
Employee benefits expenses 26 12,285.48 7,785.34
Finance costs 27 4,793.17 2,312.63
Depreciation and amortisation expenses 28 3,495.07 2,211.27
Other expenses 29 9,654.52 6,071.94
Total Expenses 2,06,679.00 1,06,784.72
Profit before exceptional items & tax 9,754.32 4,811.16
Exceptional Items 29.1 - (93.06)
Profit before tax 9,754.32 4,904.22
Tax expenses
Current tax 31 845.47 -
Deferred tax 31 1,161.99 1,162.66

STATUTORY REPORTS
Total tax expenses 2,007.46 1,162.66
Profit for the year 7,746.86 3,741.56
Other comprehensive income
A. Items that will not be reclassified to profit or loss in subsequent years
Remeasurement gain on the defined benefit plans (3.12) 47.09
Income tax effect 0.08 -
Other comprehensive income for the year (3.04) 47.09
Total comprehensive income for the year 7,743.82 3,788.65
Profit for the year attributable to
Equity share holders of the parent company 7,746.86 3,741.55
Non controlling interests -
Other comprehensive income for the year attributable to
Equity share holders of the parent company (3.04) 47.09
Non controlling interests -
Total comprehensive income for the year attributable to
Equity share holders of the parent company 7,743.82 3,788.65
Non controlling interests -
Earnings per equity share of Rupee 10 each
Basic earnings per share 30 35.78 18.08
FINANCIAL STATEMENTS

Diluted earnings per share 30 33.77 17.03

The accompanying notes are an integral part of consolidated financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

179
 P G Elect r o p la st L i m i ted

Consolidated Statement of Cash flow

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars
31st March, 2023 31st March, 2022
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 9,754.32 4,904.22
Adjustments to reconcile profit before tax to net cash flows
Depreciation and amortisation expenses 3,495.07 2,211.27
Employees expenses non operating (3.12) 47.09
Loss on sale of property,plant and equipment & assets written off 35.23 4.27
Profit on sale of property,plant and equipment (11.64) (7.80)
Misc balances written off 35.23 19.29
Provision for warranty expenses- post sales (16.00) 50.00
Provision for doubtful receivable & debts - 221.07
Provision for doubtful advance to suppliers & capital advance 197.00 105.00
Provision for slow & non moving Inventories 7.33 18.01
Loss on Inventory due to Fire 7.91 1.53
Loss on property,plant and equipment due to Fire 16.30 11.41
Liabilities no longer required written back (14.71) (28.17)
Employee stock option scheme 339.41 206.78
Interest expense on lease liabilities 182.23 74.81
Fair value gain on Investment recognised through FVTPL (1.67) (4.24)
Interest expense 4,610.94 2,237.82
Interest income (318.12) (205.53)
Cash flow generated from operating activity before working capital 18,315.71 9,866.82
adjustments
Working capital adjustments:
Increase/(decrease) in trade Payables 12,089.09 11,614.14
Increase/(decrease) in non - current provisions 114.44 (112.41)
Increase/(decrease) in non - current liabilities 604.73
Increase/(decrease) in short - term provisions 18.15 (0.11)
Increase/(decrease) in other current liabilities 2,058.50 493.60
Increase/(decrease) in current financial liabilities 1,311.13 914.82
Decrease/(increase) in trade receivables (22,686.85) (6,952.46)
Decrease/(increase) in inventories (6,750.11) (19,361.72)
Decrease / (increase) in short - term loans 229.45 (243.96)
Decrease/(Increase) in other current assets 642.78 (2,175.60)
Decrease/(Increase) in other current financial assets (240.68) (1,533.32)
Decrease/(increase) in other non current assets (21.12) (36.97)
Decrease/(Increase) in other non financial assets (175.47) (99.13)
Cash generated (used in)/generated from operations 5,509.75 (7,626.30)
Direct taxes (paid)/refund (935.96) (254.01)
Net cash flow generated (used in) from operating activities (A) 4,573.79 (7,880.31)
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property Plant and equipment including CWIP and Intangible (15,456.56) (15,710.22)
assets
Proceeds from sale of Property plant and equipment 37.84 584.88
Investments made during the year (153.20) (49.33)
Maturity of bank deposit having maturity more than 3 months (2,025.10) (1,106.03)
Interest received 300.13 180.55
Net cash flow used in investing activities (B) (17,296.89) (16,100.15)

1 80
 A n n u a l R e p ort 20 22 -23

Consolidated Statement of Cash flow

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars

CORPOR ATE OVERVIEW

31st March, 2023 31st March, 2022
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings 11,543.27 12,607.38
Repayment of long-term borrowings (4,122.83) (3,510.91)
Proceeds from issue of equity share capital 334.89 4,407.23
Proceeds from cumulative compulsory convertible debentures - 3,629.17
Proceeds from/(Repayment of) Short-term borrowings (Net) 8,497.90 10,909.65
Payment of principal portion of lease liabilities (216.30) (144.95)
Payment of interest portion of lease liabilities (182.23) (74.81)
Interest paid (4,649.98) (2,198.94)
Net cash flow (used in)/generated from financing activities (C) 11,204.72 25,623.82
Net increase/(decrease) in cash and cash equivalents (A + B + C) (1,518.38) 1,643.36
Cash and cash equivalents at the beginning of the year 2,385.29 741.93
Cash and cash equivalents at the end of the year 866.91 2,385.29
Components of cash and cash equivalents ( Refer note -12(a)
Cash on hand 5.63 11.97
With banks:
- on current account 861.28 2,373.32
Total cash and cash equivalents 866.91 2,385.29

STATUTORY REPORTS
The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (Ind
AS 7) "Statement of Cash Flows".

The accompanying notes are an integral part of consolidated financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305 FINANCIAL STATEMENTS

181
 P G Elect r o p la st L i m i ted

Consolidated Statement of Changes in Equity

for the year ended 31st March, 2023 (All Amounts are in Rupees, unless otherwise stated)

A EQUITY SHARE CAPITAL

Equity shares of Rs.10 each issued,subscribed and fully paid up

Particulars Note Amount

As at 1st April 2021 1,969.39
Issue of Share Capital 13 153.10
As at 31st March, 2022 2,122.49
Issue of Share Capital 13 151.77
As at 31st March, 2023 2,274.26

B OTHER EQUITY *

Reserves and surplus Equity

Components Employee Money
Other Total
of cumulative Share Received
Particulars Treasurey Securities Retained Comprehensive other
compulsory Option against Share
Shares premium earnings Income equity
convertible Reserve Warrants
debentures
Balance as at 1st April, 2021 - 14,129.86 2,927.15 - 57.35 - 163.13 17,277.49
Profit for the year - - 3,741.56 - - - - 3,741.56
Remeasurement gain on - - - - 47.09 - - 47.09
defined benefit plans
Amount received for share - - - - - - 376.87 376.87
warrants during the year
Amount received on issue of - 4,379.75 - - - - - 4,379.75
equity share capital
Amount received on issue of - - - 3,629.17 - - - 3,629.17
CCCDs
Dividend on Equity - - (488.88) 439.99 - - - (48.89)
Component of CCCDs
Converted into Equity share - - - - - - (33.50) (33.50)
capital
Transferred to securities - - - - - - (469.00) (469.00)
premium
Share based employee - - - - - 206.77 - 206.77
expenses
Balance as at 31st March, - 18,509.61 6,179.83 4,069.16 104.44 206.77 37.50 29,107.31
2022

1 82
 A n n u a l R e p ort 20 22 -23

Consolidated Statement of Changes in Equity

for the year ended 31st March, 2023 (All Amounts are in Rupees, unless otherwise stated)

B OTHER EQUITY * (Contd..)

CORPOR ATE OVERVIEW

Reserves and surplus Equity
Components Employee Money
Other Total
of cumulative Share Received
Particulars Treasurey Securities Retained Comprehensive other
compulsory Option against Share
Shares premium earnings Income equity
convertible Reserve Warrants
debentures
Profit for the year - - 7,746.86 - - - - 7,746.86
Remeasurement gain on - - - - (3.04) - - (3.03)
defined benefit plans
Amount received for share - - - - - - 112.50 112.50
warrants during the year
Amount received on issue of - - - 89.39 - - - 89.39
CCCDs
Dividend on Equity - - (488.88) 439.99 - - - (48.89)
Component of CCCDs
Converted into Equity share - - - (136.46) - - (10.00) (146.46)
capital
Transferred to securities - 4,729.77 - (4,462.08) - - (140.00) 127.69
premium
Treasurey Shares (6.25) - - - - - - (6.25)
Amount Transferred to - - 72.10 - - (72.10) - -
retained earning on excise
of ESOPs

STATUTORY REPORTS
Adjustment on termination - - 4.05 - - (4.05) - -
of ESOP
Share based employee - - - - - 339.40 - 339.40
expenses
Balance as at 31st March, (6.25) 23,239.38 13,513.97 - 101.40 470.02 - 37,318.52
2023

* Kindly refer Note No. 14.

The accompanying notes are an integral part of consolidated financial statements.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

FINANCIAL STATEMENTS

Dated:26th May,2023 Company Secretary Chief Financial Officer

ACS No:A51305

183
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

1 CORPORATE INFORMATION Historical cost is generally based on the fair value of

the consideration given in exchange for goods and
The consolidated financial statements comprise financial services.
statements of PG Electroplast Limited (“the Parent
group”) and its subsidiaries (collectively,“the Group”) Fair value is the price that would be received to sell
for the year ended March 31, 2022. PG Electroplast an asset or paid to transfer a liability in an orderly
Limited (“the Parent group”) is a public group domiciled transaction between market participants at the
in india and is incorporated under the provisions of the measurement date, regardless of whether that price
Companies Act applicable in india. Its equity shares are is directly observable or estimated using another
listed with the National Stock Exchange (NSE) and Bombay valuation technique. In estimating the fair value of
Stock Exchange (BSE). The registered office of the group an asset or a liability, the Group takes into account
is located at DTJ - 209, DLF Tower B, Jasola, New Delhi - the characteristics of the asset or liability if market
110025. The Group is an Electronic Manufacturing Services participants would take those characteristics into
(EMS) provider for Original Equipment Manufacturers account when pricing the asset or liability at the
(OEMs) of consumer electronic products in India. The measurement date. Fair value for measurement and/
group manufactures and / or assemble a comprehensive or disclosure purposes in these consolidated financial
range of consumer electronic components and finished statements is determined on such a basis, except for
products such as Kitchen Appliances, air conditioners leasing transactions that are within the scope of Ind
(ACs) sub- assemblies, Air Cooler, Washing Machine, AS 116 Leases, and measurements that have some
Mobile handsets, LED for third parties. similarities to fair value but are not fair value, such as
net realisable value in Ind AS 2 Inventories or value in
These consolidated financial statements were approved use in Ind AS 36 Impairment of Assets.
for issue in accordance with a resolution of directors on
May 26, 2023. (iii) The Group has prepared the consolidated financial
statements on the basis that it will continue to
operate as going concern.
2 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (b) Basis of Consolidation

This note provides a list of the significant accounting The consolidated financial statements comprises the
policies adopted in the preparation of these standalone financial statement of the PG Electroplast Limited ('the
financial statements. These policies have been consistently Parent company') and subsidiaries (collectively "the
applied to all the years presented, unless otherwise stated. Group) as at March 31, 2022. Control is achieved when the
Group is exposed, or has rights, to variable returns from
(a) Basis of preparation and presentation
its involvement with the investee and has the ability to
(i) Compliance with Ind AS affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if
These consolidated financial statements of the the Group has:
Group have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the (i) Power over the investee (i.e. existing rights that give
Companies (Indian Accounting Standards) Rules, 2015 it the current ability to direct the relevant activities of
(as amended from time to time) and presentation the investee)
requirements of Division II of Schedule III to the
(ii) Exposure, or rights, to variable returns from its
Companies Act, 2013, (Ind AS compliant Schedule
involvement with the investee, and
III). These consolidated financial statements are
presented in INR and all values are rounded to the (iii) The ability to use its power over the investee to affect
nearest lakhs, except when otherwise indicated. its returns.

(ii) Historical cost convention Generally, there is a presumption that a majority of voting
rights result in control. To support this presumption and
The financial statements have been prepared on a
when the Group has less than a majority of the voting
historical cost basis except for certain assets and
or similar rights of an investee, the Group considers all
liabilities (including derivative instruments) that are
relevant facts and circumstances in assessing whether it
measured at fair values at the end of each reporting
has power over an investee, including
period, as explained in the accounting policies below.

1 84
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

(i) The contractual arrangement with the other vote (ii) Offset (eliminate) the carrying amount of the parent’s

CORPOR ATE OVERVIEW

holders of the investee investment in each subsidiary and the parent’s portion
of equity of each subsidiary. Business combinations
(ii) Rights arising from other contractual arrangements policy explains how to account for any related
goodwill.
(iii) The Group’s voting rights and potential voting right
(iii) Eliminate in full intragroup assets and liabilities,
(iv) The size of the Group’s holding of voting rights
equity, income, expenses and cash flows relating to
relative to the size and dispersion of the holdings of
transactions between entities of the group (profits
the other voting rights holders
or losses resulting from intragroup transactions that
The Group re-assesses whether or not it controls an are recognized in assets, such as inventory and fixed
investee if facts and circumstances indicate that there are assets, are eliminated in full). Intragroup losses may
changes to one or more of the three elements of control. indicate an impairment that requires recognition in
Consolidation of a subsidiary begins when the Group the consolidated financial statements. Ind AS - 12
obtains control over the subsidiary and ceases when the "Income Taxes" applies to temporary differences
Group loses control of the subsidiary. Assets, liabilities, that arise from the elimination of profits and losses
income and expenses of a subsidiary acquired or disposed resulting from intragroup transactions.
of during the year are included in the consolidated
Profit or loss and each component of other comprehensive
financial statements from the date the Group gains control
income (OCI) are attributed to the equity holders of the
until the date the Group ceases to control the subsidiary.
parent of the Group and to the non-controlling interests,
Consolidated financial statements are prepared using

STATUTORY REPORTS
even if this results in the non-controlling interests having
uniform accounting policies for like transactions and other
a deficit balance. When necessary, adjustments are made
events in similar circumstances. If a member of the Group
to the financial statements of subsidiaries to bring their
uses accounting policies other than those adopted in the
accounting policies into line with the Group’s accounting
consolidated financial statements for like transactions and
policies. All intra-group assets and liabilities, equity,
events in similar circumstances, appropriate adjustments
income, expenses and cash flows relating to transactions
are made to that Group member’s financial statements in
between members of the Group are eliminated in full on
preparing the consolidated financial statements to ensure
consolidation.
conformity with the Group’s accounting policies.
Goodwill is initially measured at cost, being the excess
The financial statements of all entities used for the
of the aggregate of the consideration transferred and
purpose of consolidation are drawn up to same reporting
the amount recognised for noncontrolling interests,
date as that of the parent company, i.e., year ended on
and any previous interest held, over the net identifiable
March 31. When the end of the reporting period of the
assets acquired and liabilities assumed. If the fair value
parent company is different from that of a subsidiary, the
of the net assets acquired is in excess of the aggregate
subsidiary prepares, for consolidation purposes, additional
consideration transferred, the Group re-assesses whether
financial information as of the same date as the financial
it has correctly identified all of the assets acquired and
statements of the parent company to enable the parent
all of the liabilities assumed and reviews the procedures
company to consolidate the financial information of the
used to measure the amounts to be recognised at the
subsidiary, unless it is impracticable to do so or there are
acquisition date. If the reassessment still results in an
FINANCIAL STATEMENTS

no significant transaction or event between the date of

excess of the fair value of net assets acquired over the
those financial statement and date of financial statement
aggregate consideration transferred, then the gain is
of parent company.
recognised in OCI and accumulated in equity as capital
(c) Consolidation Procedures - Subsidiary reserve. However, if there is no clear evidence of bargain
purchase, the Group recognises the gain directly in equity
(i) Combine like items of assets, liabilities, equity, as capital reserve, without routing the same through OCI.
income, expenses and cash flows of the parent with
those of its subsidiaries. For this purpose, income (d) Current versus non-current classification
and expenses of the subsidiary are based on the
The Group presents assets and liabilities in the balance
amounts of the assets and liabilities recognized in the
sheet based on current/ non-current classification. An
consolidated financial statements at the acquisition
asset is treated as current when it is:
date.
• Expected to be realised or intended to be sold or
consumed in normal operating cycle

185
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

• Held primarily for the purpose of trading (iv) Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated
• Expected to be realised within twelve months after
using the exchange rates at the dates of the initial
the reporting period, or
transactions. Non-monetary items measured at fair
• Cash or cash equivalent unless restricted from being value in a foreign currency are translated using the
exchanged or used to settle a liability for at least exchange rates at the date when the fair value is
twelve months after the reporting period determined. The gain or loss arising on translation of
non-monetary items measured at fair value is treated
All other assets are classified as non-current. in line with the recognition of the gain or loss on
A liability is current when: the change in fair value of the item (i.e., translation
differences on items whose fair value gain or loss is
• It is expected to be settled in normal operating cycle
recognised in OCI or profit or loss are also recognised
• It is held primarily for the purpose of trading in OCI or profit or loss, respectively).

• It is due to be settled within twelve months after the (f) Revenue recognition
reporting period, or
Revenues from contract with customers is recognized
• There is no unconditional right to defer when controls of the goods or services transferred to the
the settlement of the liability for at least customer at an amount that reflects the consideration
twelve months after the reporting period to which the Group expects to be entitled in exchange
The terms of the liability that could, at the option of of goods or services. Revenue is stated net of Goods
the counterparty, result in its settlement by the issue and Service tax and net of returns, trade allowances and
of equity instruments do not affect its classification. discounts.

All other liabilities are classified as non-current. (i) Sale of goods

Deferred tax assets and liabilities are classified as non- Revenue from sale of goods is recognized on transfer
current assets and liabilities. of control of goods to the customers, which is usually
on dispatch of goods to customers premises.
The operating cycle is the time between the acquisition of
assets for processing and their realisation in cash and cash Variable Consideration
equivalents. The Group has identified twelve months as its
The Group recognizes revenue from the sale of
operating cycle.
goods measured at the standalone selling price
(e) Foreign currencies of the consideration received or receivable, net of
returns and allowances, trade discounts and volume
(i) Functional and presentation currency rebates. If the consideration in a contract includes a
variable amount, the Group estimates the amount of
The consolidated financial statements are presented consideration to which it will be entitled in exchange
in Indian rupee (INR), which is Group’s functional and for transferring the goods to the customer. The
presentation currency unless stated otherwise. variable consideration is estimated at contract
inception and constrained until it is highly probable
(ii) Transactions and balances
that a significant revenue reversal in the amount
Transactions in foreign currencies are initially recorded of cumulative revenue recognized will not occur
by the Group’s entities at their respective functional when the associated uncertainty with the variable
currency spot rates at the date the transaction first consideration is subsequently resolved.
qualifies for recognition. However, for practical reasons,
(ii) Sale of services
the Group uses average rate if the average approximates
the actual rate at the date of the transaction. Revenue from services represents the job work
Monetary assets and liabilities denominated in foreign services and repairing of moulds performed by the
currencies are translated at the functional currency Group for its customers, Revenue from services is
spot rates of exchange at the reporting date. recognized as per the terms of the contract with the
customer over the period of time when the control of
(iii) Foreign exchange gains and losses are presented in
services is transferred to the customers.
the statement of profit and loss on a net basis within
exceptional items.

1 86
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

(iii) Contract balance (g) Government grants

CORPOR ATE OVERVIEW

A contract asset is the right to consideration in Grants from the government are recognised where there is a
exchange for goods or services transferred to reasonable assurance that the grant will be received and the
the customer. Contract assets are in the nature Group will comply with all attached conditions. When the
of unbilled receivables, which arises when Group grant relates to an expense item, it is recognised as income
satisfies a performance obligation but does not on a systematic basis over the periods that the related costs,
have an unconditional rights to consideration. A for which it is intended to compensate, are expensed.
receivables represents the Group’s right to an amount
of consideration that is unconditional. Contract assets When the Group receives grants of non-monetary assets, the
are subject to impairment assessment. Refer to asset and the grant are recorded at fair value amounts and
accounting policies on impairment of financial assets released to statement of profit and loss over the expected
in section (Financial instruments – initial recognition useful life in a pattern of consumption of the benefit of the
and subsequent measurement). underlying asset i.e. by equal annual instalments.

A contract liability is the obligation to transfer When loans or similar assistance are provided by
goods or services to a customer for which the governments or related institutions, with an interest rate
Group has received consideration (or an amount of below the current applicable market rate, the effect of
consideration is due) from the customer. If a customer this favourable interest is regarded as a government grant.
pays consideration before the Group transfers The loan or assistance is initially recognised and measured
goods or services to the customer, a contract at fair value and the government grant is measured as the
difference between the initial carrying value of the loan and

STATUTORY REPORTS
liability is recognized when the payment is made or
the payment is due (whichever is earlier). Contract the proceeds received. The loan is subsequently measured
liabilities are recognized as revenue when the Group as per the accounting policy applicable to financial liabilities.
performs under the contract (i.e., transfers control of
(h) Income tax
the related goods or services to the customer).
The income tax expense or credit for the period is the
A trade receivable is recognized if an amount of
tax payable on the current period’s taxable income based
consideration that is unconditional (i.e., only the passage
on the applicable income tax rate adjusted by changes
of time is required before payment of the consideration
in deferred tax assets and liabilities attributable to
is due). Refer to accounting policies of financial assets
temporary differences and to unused tax losses. Income
in section (Financial instruments – initial recognition
Tax expense for the year comprises of current tax and
and subsequent measurement)."
deferred tax.
(iv) Other Income
(i) Current tax
Other income comprise interest income, rental
Current income tax assets and liabilities are measured
income, liabilities no longer required written back,
at the amount expected to be recovered from or paid
refund of electricity duty, government incentive and
to the taxation authorities. The tax rates and tax laws
others.
used to compute the amount are those that are enacted
or substantively enacted, at the reporting date where
FINANCIAL STATEMENTS

Interest income is accrued on a timely basis, by

reference to the principal outstanding and recorded the Group operates and generates taxable income.
using the effective interest rate (EIR). EIR is the rate
Current income tax relating to items recognised
that exactly discounts estimated future cash receipts
outside the statement of profit and loss is recognised
through the expected life of the financial asset to the
outside statement of profit and loss (either in
gross carrying amount of the financial asset. When
other comprehensive income or in equity). Current
calculating the EIR, the Group estimates the expected
tax items are recognised in correlation to the
cash flows by considering all the contractual terms of
underlying transaction either in OCI or directly in
the financial instrument but does not consider the
equity. Management periodically evaluates positions
expected credit losses.
taken in the tax returns with respect to situations
Rental income arising from operating lease is in which applicable tax regulations are subject to
accounted on a straight line basis over the lease term. interpretation and considers whether it is probable
that a taxation authority will accept an uncertain
In respect of others, Group recognized income when tax treatment. The Group shall reflect the effect
the right to receive is established. of uncertainty for each uncertain tax treatment by

187
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

using either most likely method or expected value same taxation authority on either the same taxable
method, depending on which method predicts better entity or different taxable entities which intend
resolution of the treatment. either to settle current tax liabilities and assets on
a net basis, or to realise the assets and settle the
(ii) Deferred tax liabilities simultaneously, in each future period in
which significant amounts of deferred tax liabilities or
Deferred tax is recognised on temporary differences
assets are expected to be settled or recovered.
between the carrying amounts of assets and liabilities
in the consolidated financial statements and the (i) Leases
corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally The Group assesses at contract inception whether a
recognised for all taxable temporary differences. contract is, or contains, a lease. That is, if the contract
Deferred tax assets are generally recognised for conveys the right to control the use of an identified
all deductible temporary differences, the carry asset for a period of time in exchange for consideration.
forward of unused tax credits and unused tax losses To assess whether a contract conveys the right to control
to the extent that it is probable that taxable profits the use of an identified asset, the Group assesses whether:
will be available against which those deductible (i) the contract involves the use of an identified asset (ii)
temporary differences, the carry forward of unused the Group has substantially all of the economic benefits
tax credits and unused tax losses can be utilised. Such from use of the asset through the period of the lease and
deferred tax assets and liabilities are not recognised (iii) the Group has the right to direct the use of the asset.
if the temporary difference arises from the initial
recognition (other than in a business combination) Group as a lessee
of assets and liabilities in a transaction that affects
The Group’s lease asset classes primarily consist of
neither the taxable profit nor the accounting profit.
leases for land and buildings. The Group applies a single
The carrying amount of deferred tax assets is reviewed recognition and measurement approach for all leases,
at the end of each reporting period and reduced to except for short-term leases and leases of lowvalue
the extent that it is no longer probable that sufficient assets. The Group recognises lease liabilities to make
taxable profits will be available to allow all or part of lease payments and right-of-use assets representing the
the asset to be recovered. right to use the underlying assets.

Deferred tax liabilities and assets are measured at (i) Right-of-Use assets (ROU)
the tax rates that are expected to apply in the year
The Group recognises right-of-use assets at the
in which the liability is settled or the asset realised,
commencement date of the lease (i.e., the date the
based on tax rates (and tax laws) that have been
underlying asset is available for use). Right-of-use
enacted or substantively enacted by the end of the
assets are measured at cost, less any accumulated
reporting period.
depreciation and impairment losses, and adjusted
Deferred tax relating to items recognized outside the for any remeasurement of lease liabilities. The cost
statement of profit and loss is recognized outside of right-of-use assets includes the amount of lease
the statement of profit and loss (either in other liabilities recognized, initial direct costs incurred, and
comprehensive income or in equity). Deferred tax lease payments made at or before the commencement
items are recognized in correlation to the underlying date less any lease incentives received. Right-of-use
transaction either in OCI or direct in equity. assets are depreciated on a straight-line basis over
the lease term.
The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from The Group classifies ROU assets as part of Property,
the manner in which the Group expects, at the end of plant and equipment in Balance Sheet and lease
the reporting period, to recover or settle the carrying liability in “ Financial Liability”.
amount of its assets and liabilities.
(ii) Lease liabilities
The Group offsets deferred tax assets and deferred
At the commencement date of the lease, the Group
tax liabilities if and only if it has a legally enforceable
recognises lease liabilities measured at the present
right to set off current tax assets and current tax
value of lease payments to be made over the lease
liabilities and the deferred tax assets and deferred
term. The lease payments include fixed payments
tax liabilities relate to income taxes levied by the
(including in substance fixed payments) less any lease

1 88
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

incentives receivable, variable lease payments that the contract is classified as a finance lease. All

CORPOR ATE OVERVIEW

depend on an index or a rate, and amounts expected other leases are classified as operating leases.
to be paid under residual value guarantees. The lease When the Group is an intermediate lessor, it accounts
payments also include the exercise price of a purchase for its interests in the head lease and the sublease
option reasonably certain to be exercised by the separately. The sublease is classified as a finance or
Group and payments of penalties for terminating the operating lease by reference to the right-of-use asset
lease, if the lease term reflects the Group exercising arising from the head lease.
the option to terminate. Variable lease payments that
do not depend on an index or a rate are recognized For operating leases, rental income is recognized on a
as expenses (unless they are incurred to produce straight line basis over the term of the relevant lease.
inventories) in the period in which the event or
(j) Borrowing Costs
condition that triggers the payment occurs.
Borrowing costs directly attributable to the acquisition,
In calculating the present value of lease payments,
construction or production of an asset that necessarily
the Group uses its incremental borrowing rate at
takes a substantial period of time to get ready for its
the lease commencement date because the interest
intended use or sale are capitalised as part of the cost of
rate implicit in the lease is not readily determinable.
the asset. All other borrowing costs are expensed in the
After the commencement date, the amount of lease
period in which they occur. Borrowing costs consist of
liabilities is increased to reflect the accretion of
interest and other costs that an entity incurs in connection
interest and reduced for the lease payments made.
with the borrowing of funds. Borrowing cost also includes
In addition, the carrying amount of lease liabilities
exchange differences to the extent regarded as an

STATUTORY REPORTS
is remeasured if there is a modification, a change in
adjustment to the borrowing costs.
the lease term, a change in the lease payments (e.g.,
changes to future payments resulting from a change (k) Earnings Per Share (EPS)
in an index or rate used to determine such lease
payments) or a change in the assessment of an option Basic earnings per share are calculated by dividing the
to purchase the underlying asset. net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity
Lease payments are allocated between principal and shares outstanding during the period. The weighted
finance cost. The finance cost is charged to profit or average number of equity shares outstanding during the
loss over the lease period so as to produce a constant period is adjusted for events such as bonus issue, bonus
periodic rate of interest on the remaining balance of element in a rights issue, share split, and reverse share
the liability for each period. Variable lease payments split (consolidation of shares) if any that have changed
that depend on sales are recognized in profit or loss in the number of equity shares outstanding, without a
the period in which the condition that triggers those corresponding change in resources.
payments occurs.
For the purpose of calculating diluted earnings per share,
(iii) Short term leases and leases of low-value of assets the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares
The Group applies the short-term lease recognition
outstanding during the period are adjusted for the effect
exemption to its short-term leases (i.e., those leases
FINANCIAL STATEMENTS

of all potentially dilutive equity shares.

that have a lease term of 12 months or less from the
commencement date and do not contain a purchase (l) Property, plant and equipment
option). It also applies the lease of low-value assets
recognition exemption to leases that are considered Property, plant and equipment are tangible items that
to be low value. are held for use in the production or supply for goods and
services, rental to others or for administrative purposes and
Lease payments on short-term leases and leases are expected to be used during more than one period. The
of low-value assets are recognized as expense on a cost of an item of property, plant and equipment shall be
straight-line basis over the lease term. recognised as an asset if and only if it is probable that future
economic benefits associated with the item will flow to the
Group as a lessor
Group and the cost of the item can be measured reliably.
Leases for which the Group is a lessor is classified as The items of property, plant and equipment are stated
a finance or operating lease. Whenever the terms at cost less accumulated depreciation and accumulated
of the lease transfer substantially all the risks and impairment losses. Cost includes expenditure that is
rewards of ownership to the lessee, directly attributable to the acquisition of the items and

189
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

are net of recoverable taxes /duty. Subsequent costs are Depreciation is not recorded on capital work in progress
included in the asset’s carrying amount or recognised as until construction and installation are complete and the
a separate asset, as appropriate, only when it is probable assets is ready for its intended use.
that future economic benefits associated with the item
will flow to the Group and the cost of the item can be (m) Intangible assets
measured reliably.All other repair and maintenance
Intangible assets acquired separately are measured on
costs are recognised in statement of profit and loss as
initial recognition at cost. Following initial recognition,
incurred. The present value of the expected cost for the
intangible assets are carried at cost less any accumulated
decommissioning of an asset after its use is included in the
amortisation and accumulated impairment losses.
cost of the respective asset if the recognition criteria for a
Internally generated intangibles, excluding capitalised
provision are met.
development costs, are not capitalised and the related
Each part of item of property, plant and equipment, expenditure is reflected in profit or loss in the period in
if significant in relation to the total cost of the item, which the expenditure is incurred.
is depreciated separately. Further, parts of plant and
Amortisation is recognised on a straight-line basis over
equipment that are technically advised to be replaced at
their estimated useful lives. The estimated useful life
prescribed intervals/period of operation are depreciated
and amortisation method are reviewed at the end of
separately based on their specific useful life provided
each reporting period, with the effect of any changes in
these are of significant amounts commensurate with the
estimate being accounted for on a prospective basis.
size of the Group and scale of its operations. The carrying
amount of any equipment accounted for as separate asset Estimated useful lives of the intangible assets are as
is derecognised when replaced. follows:

Capital work- in- progress includes cost of property, plant Assets Estimated Useful Life
and equipment under installation / under development Computer Software 6 Years
as at the balance sheet date. Capital work in progress is Product Development 10 Years
stated at cost, net of accumulated impairment loss, if any.
An intangible asset is derecognised on disposal, or when
An item of property, plant and equipment is derecognised no future economic benefits are expected from use or
upon disposal or when no future economic benefits are disposal. Gains or losses arising from derecognition of
expected to arise from the continued use of the asset. Any an intangible asset, measured as the difference between
gain or loss arising on the disposal or retirement of an item the net disposal proceeds and the carrying amount of the
of property, plant and equipment is determined as the asset, are recognised in statement of profit or loss when
difference between the sales proceeds and the carrying the asset is derecognised.
amount of the asset and is recognised in statement of
Research and development costs
profit or loss.
Research costs are expensed as incurred. Development
Depreciation methods, estimated useful lives and residual
expenditures on an individual project are recognised as an
value
intangible asset when the Group can demonstrate:
Depreciation commences when the assets are ready for
(i) the technical feasibility of completing the intangible
their intended use. Depreciation is calculated using the
asset so that the asset will be available for use or sale;
straight-line method to allocate their cost, net of their
residual values, over their estimated useful lives. (ii) its intention to complete and its ability and intention
to use or sell the asset;
Depreciation on Property, Plant & Equipment has been
provided on Straight Line Method (SLM) based on the (iii) how the asset will generate probable future economic
useful life of the assets prescribed in Schedule II of the benefits;
Companies Act, 2013 except in respect of major plant &
machinery, where useful life has been taken as 25 years, (iv) the availability of adequate technical, financial and
as technically assessed. other resources to complete the development and to
use or sell the asset; and
The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, (v) the ability to measure reliably the expenditure
with the effect of any changes in estimate accounted for attributable to asset during its development.
on a prospective basis.

1 90
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

The amount initially recognised for intangible assets is the estimates are reviewed at each reporting date and

CORPOR ATE OVERVIEW

sum of the expenditure incurred from the date when the adjusted to reflect the current best estimates. If
intangible asset first meets the recognition criteria listed the effect of the time value of money is material,
above. Where no intangible assets can be recognised, provisions are discounted using a current pretax rate
development expenditure is recognised in statement that reflects, when appropriate, the risks specific to
of profit or loss in the period in which it is incurred. the liability. When discounting is used, the increase in
Subsequent to initial recognition, such intangible assets the provision due to the assage of time is recognized
are reported at cost less accumulated amortisation and as a finance cost.
accumulated impairment losses, on the same basis as of
acquired intangible assets. Warranty Provision

(n) Inventories Provision for warranty-related costs are recognized

when the product is sold or service is provided to
Inventories are valued at the lower of cost and net customer. Initial recognition is based on historical
realisable value. However, materials and other items held experience. The Group periodically reviews the
for use in the production of inventories are not written adequacy of product warranties and adjust warranty
down below cost if the finished products in which they will percentage and warranty provisions for actual
be incorporated are expected to be sold at or above cost. experience, if necessary.
The comparison of cost and net realizable value is made
on an item-by-item basis (ii) Contingent liabilities

(i) Inventories of raw materials, components, stores and A contingent liability is a possible obligation that

STATUTORY REPORTS
spares are valued at lower of cost ( net of recoverable arises from past events whose existence will be
taxes ) and net realizable value. Cost for the purpose of confirmed by the occurrence or non-occurrence of
valuation of such inventories is determined using the one or more uncertain future events beyond the
first-in, first-out (FIFO) method. Net realizable value control of the Group or a present obligation that is not
is the estimated selling price in the ordinary course recognized because it is not probable that an outflow
of business less the estimated cost of completion and of resources will be required to settle the obligation. A
the estimated cost necessary to make the sale. contingent liability also arises in extremely rare cases,
where there is a liability that cannot be recognized
(ii) Finished goods and work-in-progress are valued at because it cannot be measured reliably. The Group
lower of cost and net realizable value. The cost of does not recognize a contingent liability but discloses
finished goods and work-in-progress includes raw its existence in the financial statements unless the
material costs (net of recoverable taxes), direct cost probability of outflow of resources is remote.
of conversion and proportionate allocation of indirect
costs incurred in bringing the inventories to their (iii) Contingent assets
present location and condition.
Contingent assets are not recognized. However, when
(iii) Traded goods: cost includes cost of purchase and the realization of income is virtually certain, then the
other costs incurred in bringing the inventories to their related asset is no longer a contingent asset, but it is
present location and condition. Cost is determined on recognized as an asset.
FINANCIAL STATEMENTS

weighted average basis.

Provisions, contingent liabilities, contingent assets
(iv) The provision for inventory obsolescence is assessed and commitments are reviewed at each balance sheet
regularly based on estimated usage and shelf life of date.
inventory.
(p) Employee benefits
(o) Provisions and Contingent liabilities, Contingent assets
(i) Short-term obligations
(i) Provision
Liabilities for wages and salaries, including non-
A provision is recognized when the Group has a monetary benefits that are expected to be settled
present obligation (legal or constructive) as a result of wholly within twelve months after the end of the
past event, it is probable that an outflow of resources period in which the employees render the related
embodying economic benefits will be required to service are recognised in respect of employees’
settle the obligation and a reliable estimate can services up to the end of the reporting period and are
be made of the amount of the obligation. These measured at the undiscounted amounts expected to

191
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

be paid when the liabilities are settled. The liabilities reference to market yields at the end of the reporting
are presented as current benefit obligations in the period on government bonds that have terms
balance sheet. approximating to the terms of the related obligation,
with actuarial valuations being carried out at the end
(ii) Other long-term employee benefit obligations of each annual reporting period.
Other long-term employee benefits includes earned The net interest cost is calculated by applying the
leaves, sick leaves and employee bonus. discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
Earned leaves
This cost is included in employee benefit expense in
The liabilities for earned leaves are not expected to be the statement of profit and loss. Remeasurement
settled wholly within twelve months after the end of gains and losses arising from experience adjustments
the period in which the employees render the related and changes in actuarial assumptions are recognised
service. They are therefore measured at the present in the period in which they occur, directly in other
value of expected future payments to be made in comprehensive income. They are included in retained
respect of services provided by employees up to the earnings in the statement of changes in equity and in
end of the reporting period using the projected unit the balance sheet.
credit method, with actuarial valuations being carried
Defined contribution plans
out at the end of each annual reporting period. The
benefits are discounted using the government bond Defined contribution plans are retirement benefit
yields at the end of the reporting period that have plans under which the Group pays fixed contributions
terms approximating to the terms of the related to separate entities (funds) or financial institutions
obligation. Remeasurements as a result of experience or state managed benefit schemes. The Group has no
adjustments and changes in actuarial assumptions further payment obligations once the contributions
are recognised in statement of profit & loss. The have been paid. The defined contributions plans are
obligations are presented as provisions in the balance recognised as employee benefit expense when they
sheet. are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction
(iii) Post-employment obligations
in the future payments is available.
The Group operates the following post employment
* Provident Fund Plan & Employee Pension Scheme
schemes:
The Group makes monthly contributions at
* defined benefit plan towards payment of
prescribed rates towards Employees’ Provident
gratuity; and
Fund/ Employees’ Pension Scheme to a Fund
* defined contribution plans towards provident administered and managed by the Government
fund & employee pension scheme and employee of India.
state insurance.
* Employee State Insurance
Defined benefit plans
The Group makes prescribed monthly
The Group provides for gratuity obligations through contributions towards Employees’ State
a defined benefit retirement plan (the ‘Gratuity Insurance Scheme.
Plan’) covering all employees. The Gratuity Plan
* Leave Encashment
provides a lump sum payment to vested employees at
retirement/termination of employment or death of an The Group has recognised liability for short
employee, based on the respective employees’ salary term compensated absences on full cost basis
and years of employment with the Group. with reference to unavailed earned leaves at
the year end. To the extent, the compensated
The liability or asset recognised in the balance sheet
absences qualify as a long term benefit, the
in respect of the defined benefit plan is the present
Group has provided for the long term liability
value of the defined benefit obligation at the end of
at year end as per the actuarial valuation
the reporting period less the fair value of plan assets.
using the Projected Unit Credit Method.
The present value of the defined benefit obligation
Actuarial gains and losses arising from
is determined using projected unit credit method by
adjustments and changes in actuarial assumptions
discounting the estimated future cash outflows by

1 92
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

are charged or credited to the Statement of measured as at the date of modification, is recognised

CORPOR ATE OVERVIEW

profit and loss in the year in which such gains or for any modification that increases the total fair value
losses arise. of the share-based payment transaction, or is otherwise
beneficial to the employee. Where an award is cancelled by
(q) Share-based payment the entity or by the counterparty, any remaining element
of the fair value of the award is expensed immediately
Employees (including senior executives) of the Group
through statement of profit or loss.
receive remuneration in the form of share-based payments,
whereby employees render services as consideration for The dilutive effect of outstanding options is reflected as
equity instruments (equity-settled transactions). additional share dilution in the computation of diluted
earnings per share.
Equity Settled transactions
(r) Financial Instruments
The cost of equity-settled transactions is determined by
the fair value at the date when the grant is made using an A financial instrument is any contract that gives rise to
appropriate valuation model. Further details are given in a financial asset of one entity and a financial liability or
Note 33. equity instrument of another entity.
That cost is recognised, together with a corresponding (i) Financial assets
increase in share-based payment (SBP) reserves in equity,
over the period in which the performance and/or service * Initial Recognition and measurement
conditions are fulfilled in employee benefits expense.
Financial assets are classified, at initial recognition,

STATUTORY REPORTS
The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date as subsequently measured at amortised cost,
reflects the extent to which the vesting period has expired fair value through other comprehensive income
and the Group’s best estimate of the number of equity (OCI), and fair value through profit or loss.
instruments that will ultimately vest. The expense or credit
The classification of financial assets at initial
in the statement of profit and loss for a period represents
recognition depends on the financial asset’s
the movement in cumulative expense recognised as at
contractual cash flow characteristics and the
the beginning and end of that period and is recognised in
Group’s business model for managing them.
employee benefits expense.
With the exception of trade receivables that do
Service and non-market performance conditions are not not contain a significant financing component
taken into account when determining the grant date fair or for which the Group has applied the practical
value of awards, but the likelihood of the conditions being expedient, the Group initially measures a
met is assessed as part of the Group’s best estimate of the financial asset at its fair value plus, in the case of
number of equity instruments that will ultimately vest. a financial asset not at fair value through profit
Market performance conditions are reflected within the or loss, transaction costs. Trade receivables that
grant date fair value. Any other conditions attached to do not contain a significant financing component
an award, but without an associated service requirement, or for which the Group has applied the practical
are considered to be non-vesting conditions. Non-vesting expedient are measured at the transaction price
determined under Ind AS 115.
FINANCIAL STATEMENTS

conditions are reflected in the fair value of an award and

lead to an immediate expensing of an award unless there
The Group’s business model for managing
are also service and/or performance conditions.
financial assets refers to how it manages its
No expense is recognised for awards that do not ultimately financial assets in order to generate cash flows.
vest because non-market performance and/or service The business model determines whether cash
conditions have not been met. Where awards include a flows will result from collecting contractual
market or non-vesting condition, the transactions are cash flows, selling the financial assets, or both.
treated as vested irrespective of whether the market or Financial assets classified and measured at
non-vesting condition is satisfied, provided that all other amortised cost are held within a business model
performance and/or service conditions are satisfied. with the objective to hold financial assets in
order to collect contractual cash flows while
When the terms of an equity-settled award are modified, financial assets classified and measured at fair
the minimum expense recognised is the grant date fair value through OCI are held within a business
value of the unmodified award, provided the original model with the objective of both holding to
vesting terms of the award are met. An additional expense, collect contractual cash flows and selling.

193
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

* Subsequent Measurement is recognized as an impairment gain or loss in

statement of profit or loss.
* Financial assets carried at amortised cost
The Group follows ‘simplified approach’ for
A financial asset is subsequently measured the recognition of impairment loss allowance
at amortised cost which is held with on trade and other receivables.
objective to hold the asset in order to collect
contractual cash flows and the contractual The application of simplified approach does
terms of the financial asset give rise on not require the Group to track changes in
specified dates to cash flows that are solely credit risk. Rather, it recognises impairment
payments of principal and interest on the loss allowance based on life-time ECLs at
principal amount outstanding. each reporting date, right from its initial
recognition.
* Financial assets at fair value through other
comprehensive income The Group uses a provision matrix to
determine impairment loss allowance
A financial asset is subsequently measured on portfolio of its trade receivables. The
at fair value through other comprehensive provision matrix is based on its historically
income which is held with objective to observed default rates over the expected
achieve both collecting contractual cash life of the receivables and is adjusted
flows and selling financial assets and the for forward-looking estimates. At every
contractual terms of the financial asset give reporting date, the historical observed
rise on specified dates to cash flows that are default rates are updated and changes in the
solely payments of principal and interest on forward-looking estimates are analysed.
the principal amount outstanding.
(ii) Financial liabilities
* Financial assets at fair value through profit
or loss * Initial Recognition and measurement

A financial asset which is not classified in any Financial liabilities are classified, at initial
of the above categories are subsequently recognition, as financial liabilities at fair value
fair valued through profit or loss. through profit or loss, loans and borrowings,
payables, or as derivatives designated as hedging
* Impairment of financial assets instruments in an effective hedge, as appropriate.
The Group recognizes loss allowances using All financial liabilities are recognised initially at
the expected credit loss (ECL) model for the fair value and, in the case of loans and borrowings
financial assets which are not fair valued and payables, net of directly attributable
through profit or loss. For impairment transaction costs.
purposes significant financial assets are
tested on an individual basis, other financial The Group’s financial liabilities include trade and
assets are assessed collectively in groups other payables, loans and borrowings including
that share similar credit risk characteristics. bank overdrafts, financial guarantee contracts
and derivative financial instruments.
The Group recognises life-time expected
losses for all trade receivables. For all other * Subsequent measurement
financial assets, expected credit losses
are measured at an amount equal to the For purposes of subsequent measurement,
12 month expected credit losses or at an financial liabilities are classified in two categories:
amount equal to the life time expected
• Financial liabilities at fair value through
credit losses if the credit risk on the financial
profit or loss
asset has increased significantly since initial
ecognition. The amount of expected credit • Financial liabilities at amortised cost (loans
losses (or reversal) that is required to adjust and borrowings)
the loss allowance at the reporting date to
the amount that is required to be recognised

1 94
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

Financial liabilities at fair value through profit Group’s senior management determines change

CORPOR ATE OVERVIEW

or loss in the business model as a result of external or
internal changes which are significant to the
Financial liabilities at fair value through profit or Group’s operations. Such changes are evident
loss include financial liabilities held for trading to external parties. A change in the business
and financial liabilities designated upon initial model occurs when the group either begins or
recognition as at fair value through profit or loss. ceases to perform an activity that is significant to
its operations. If the group reclassifies financial
Financial liabilities at amortised cost (Loans and
assets, it applies the reclassification prospectively
borrowings)
from the reclassification date which is the first
This is the category most relevant to the Group. day of the immediately next reporting period
After initial recognition, interest-bearing loans following the change in business model. The
and borrowings are subsequently measured at group does not restate any previously recognised
amortised cost using the EIR method. Gains and gains, losses (including impairment gains or
losses are recognised in statement of profit or losses) or interest.
loss when the liabilities are derecognised as well
(s) Cash and cash equivalents
as through the EIR amortisation process.
Cash and cash equivalent in the balance sheet comprise
Amortised cost is calculated by taking into
cash at banks and on hand and short-term deposits with an
account any discount or premium on acquisition
original maturity of three months or less, that are readily
and fees or costs that are an integral part of the

STATUTORY REPORTS
convertible to a known amount of cash and subject to an
EIR. The EIR amortisation is included as finance
insignificant risk of changes in value.
costs in the statement of profit and loss.
(t) Critical accounting estimates, assumptions and
* Derecognition
judgements
The Group derecognizes a financial asset when
The preparation of the Group’s financial statements
the contractual rights to the cash flows from
requires management to make judgements, estimates and
the financial asset expire or it transfers the
assumptions that affect the reported amounts of revenues,
financial asset and the transfer qualifies for
expenses, assets and liabilities, and the accompanying
derecognitionas per Ind AS 109. A financial
disclosures, and the disclosure of contingent liabilities.
liability (or a part of a financial liability) is
Uncertainty about these assumptions and estimates could
derecognized from the group’s balance sheet
result in outcomes that require a material adjustment
when the obligation specified in the contract is
to the carrying amount of assets or liabilities affected in
discharged or cancelled or expires.
future periods.
* Offsetting of financial instruments
Other disclosures relating to Group’s exposure to risk and
Financial assets and financial liabilities are offset uncertainties includes;
and the net amount is reported in the balance Capital Management Note 39.
sheet if there is a currently enforceable legal right
FINANCIAL STATEMENTS

to offset the recognised amounts and there is an Financial risk management objective and policies Note 37.
intention to settle on a net basis, to realise the Sensitivity analysis disclosures note 37.
assets and settle the liabilities simultaneously.
Judgements
* Reclassification of financial assets
In the process of applying the Group’s accounting policies,
The Group determines classification of financial management has made the following judgements, which
assets and liabilities on initial recognition. After have the most significant effect on the amounts recognised
initial recognition, no reclassification is made for in the consolidated financial statements:
financial assets which are equity instruments and
financial liabilities. For financial assets which are Determining the lease term of contracts with renewal
debt instruments, a reclassification is made only and termination options – Group as lessee
if there is a change in the business model for
managing those assets. Changes to the business The Group determines the lease term as the non-
model are expected to be infrequent. The cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably

195
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

certain to be exercised, or any periods covered by an amount, which is the higher of its fair value less costs
option to terminate the lease, if it is reasonably certain of disposal and its value in use. The fair value less
not to be exercised. costs of disposal calculation is based on available
data from binding sales transactions, conducted
The Group has several lease contracts that include at arm’s length, for similar assets or observable
extension and termination options. The Group applies market prices less incremental costs for disposing
judgement in evaluating whether it is reasonably certain of the asset. The value in use calculation is based on
whether or not to exercise the option to renew or a DCF model. The cash flows are derived from the
terminate the lease. That is, it considers all relevant factors budget for the next five years and do not include
that create an economic incentive for it to exercise either restructuring activities that the Group is not yet
the renewal or termination. After the commencement committed to or significant future investments that
date, the Group reassesses the lease term if there is will enhance the asset’s performance of the CGU
a significant event or change in circumstances that is being tested. The recoverable amount is sensitive to
within its control and affects its ability to exercise or not the discount rate used for the DCF model as well as
to exercise the option to renew or to terminate (e.g., the expected future cash-inflows and the growth rate
construction of significant leasehold improvements or used for extrapolation purposes. These estimates are
significant customisation to the leased asset). most relevant to goodwill and other intangibles with
indefinite useful lives recognised by the Group. The
Estimates and assmptions
key assumptions used to determine the recoverable
The key assumptions concerning the future and other key amount for the different CGUs, including a sensitivity
sources of estimation uncertainty at the reporting date, analysis, are disclosed in notes to accounts.
that have a significant risk of causing a material adjustment
(iv) Share based payments
to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Group Estimating fair value for share-based payment
based its assumptions and estimates on parameters transactions requires determination of the most
available when the standalone financial statements were appropriate valuation model, which is dependent on
prepared. Existing circumstances and assumptions about the terms and conditions of the grant. This estimate
future developments, however, may change due to market also requires determination of the most appropriate
changes or circumstances arising that are beyond the inputs to the valuation model including the expected
control of the Group. Such changes are reflected in the life of the share option, volatility and dividend
assumptions when they occur. yield and making assumptions about them. For the
measurement of the fair value of equity-settled
(i) Property, plant and equipment
transactions with employees at the grant date. The
External advisor and/or internal technical team assumptions and models used for estimating fair
assesses the remaining useful life and residual value value for share-based payment transactions are
of property, plant and equipment. Management disclosed in Note 33.
believes that the assigned useful lives and residual
(v) Defined benefit plans (gratuity benefits)
values are reasonable.
The cost of the defined benefit gratuity plan and
(ii) Intangibles
the present value of the gratuity obligation are
Internal technical and user team assess the remaining determined using actuarial valuations. An actuarial
useful lives of Intangible assets. Management valuation involves making various assumptions that
believes that assigned useful lives are reasonable.All may differ from actual developments in the future.
Intangibles are carried at net book value on transition. These include the determination of the discount
rate; future salary increases and mortality rates. Due
(iii) Impairement of non-financial assets to the complexities involved in the valuation and
its long-term nature, a defined benefit obligation is
Impairment exists when the carrying value of an
highly sensitive to changes in these assumptions. All
asset or cash generating unit exceeds its recoverable
assumptions are reviewed at each reporting date.

1 96
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

The parameter most subject to change is the discount (vi) Leases- Estimating the incremental borrowing rate

CORPOR ATE OVERVIEW

rate. In determining the appropriate discount rate for
plans operated in India, the management considers The Group cannot readily determine the interest rate
the interest rates of government bonds where implicit in the lease, therefore, it uses its incremental
remaining maturity of such bond correspond to borrowing rate (IBR) to measure lease liabilities. The
expected term of defined benefit obligation. IBR is the rate of interest that the Group would have
to pay to borrow over a similar term, and with a similar
The mortality rate is based on publicly available security, the funds necessary to obtain an asset of a
mortality tables for the specific countries. Those similar value to the right-of-use asset in a similar
mortality tables tend to change only at interval in economic environment. The IBR therefore reflects
response to demographic changes. Future salary what the Group ‘would have to pay’, which requires
increases and gratuity increases are based on estimation when no observable rates are available.
expected future inflation rates for the respective The Group estimates the IBR using observable inputs
countries. Further details about gratuity obligations (such as market interest rates) when available and is
are given in Note 32. required to make certain entity-specific estimates.

STATUTORY REPORTS
FINANCIAL STATEMENTS

197
1 98
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

3 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK IN PROGRESS

Property, Plant and Equipment Right-to-Use

Buildings, Buildings, Capital Work
Particulars Plant and Electric Furniture and Office Leasehold Total
Lease hold Vehicles Lease hold in Progress
Equipments installation Fixtures equipment Land
Improvement Improvement
At 1st April, 2021 9,943.50 20,930.26 731.34 512.45 674.67 216.90 591.98 266.00 33,867.11 601.15
Additions 3,424.04 12,564.48 558.85 115.43 327.72 170.46 929.52 1,469.44 19,559.93 17,806.76
Disposals/adjustments (9.76) (761.94) - - (25.10) - - (8.30) (805.10) (17,918.93)
P G Elect r o p la st L i m i ted

At 31st March, 2022 13,357.78 32,732.80 1,290.19 627.88 977.29 387.36 1,521.50 1,727.14 52,621.94 488.98
Additions 1,366.48 12,414.72 416.87 173.62 345.85 273.47 - 2,185.57 17,176.58 10,290.09
Disposals/adjustments 9.76 (132.58) - - (38.10) - - (227.60) (388.52) (10,581.57)
At 31st March, 2023 14,734.02 45,014.94 1,707.06 801.50 1,285.04 660.83 1,521.50 3,685.11 69,410.00 197.50
Accumulated Depreciation
At 1st April, 2021 1,146.43 4,486.72 275.87 135.53 312.71 88.03 38.69 125.43 6,609.41 -
Charge for the year 361.42 1,362.77 76.36 51.91 87.97 56.10 9.84 189.72 2,196.10 -
Disposals/adjustments - (180.83) - - (21.75) - - (9.76) (212.34) -
At 31st March, 2022 1,507.85 5,668.66 352.23 187.44 378.93 144.13 48.53 305.39 8,593.17 -
Charge for the year 469.10 2,235.95 108.93 58.16 120.89 111.87 20.82 344.91 3,470.63 -
Disposals/adjustments - (65.96) - - (33.17) - - (211.64) (310.77) -
At 31st March, 2023 1,976.96 7,838.65 461.16 245.60 466.65 256.00 69.35 438.66 11,753.01 -
Net carrying amount
At 31st March, 2022 11,849.93 27,064.14 937.96 440.44 598.36 243.23 1,472.97 1,421.75 44,028.77 488.98
At 31st March, 2023 12,757.06 37,176.29 1,245.90 555.90 818.38 404.83 1,452.15 3,246.46 57,656.99 197.50

(i) Leasehold Land

The original lease terms in respect of a parcel of land acquired is as under-

Balance Period of Lease

Plot no Period of Lease
as on 31st March,2023
P-4/2 to 4/6 at Unit-I 90 years 71 years
E-14, E-15 at Unit-III 83 years 71 years
F-20 at Unit-III 59 years 54 years
I-26, I-27 at Unit-V 64 years 58 years
A-20/2 at Supa, Unit IV 85 Years 79 years
C-11 at Unit-IV 76 years 71 years
A-18, Supa, MIDC, Taluka-Parner, Ahmednagar 95 years 72 years

These leases of lands have been classified as finance lease in terms of criteria specified in Ind AS 116 leases, including the facts that the market value of the land ( as on the date of
transaction) had been paid to the lessor at the inception of the lease.
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

3 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK IN PROGRESS (Contd..)

CORPOR ATE OVERVIEW

(ii) Restrictions on Property, plant and equipment

Refer note no. 15 for information on charges created on property, plant and equipment.

(iii) Contractual commitments

Refer note no. 40(ii) for disclosure of contractual commitments for the acquisition of property, plant and equipment.

(iv) The Group has not revalued its Property, Plant & Equipments (including Right to Use assets) or intangible assets or both
during the year.

(v) Capital work-in-progress ageing schedule

Amount in CWIP for the period of

CWIP Less than 1 More than 3
1-2 years 2-3 years Total
year years
As at 31st March 2023
Projects in Progress 197.50 - - - 197.50
Projects Temporarily suspended - - - - -

STATUTORY REPORTS
Amount in CWIP for the period of
CWIP Less than 1 More than 3
1-2 years 2-3 years Total
year years
As at 31st March 2022
Projects in Progress 488.98 - - - 488.98
Projects Temporarily suspended - - - - -

4 GOODWILL AND OTHER INTANGIBLE ASSETS

Computer
Particulars Goodwill Total
Softwares
At 1st April, 2021 0.34 99.33 99.67
Additions - 26.71 26.71
Disposals/adjustments - - -
At 31st March, 2022 0.34 126.04 126.38
Additions - 79.68 79.68
Disposals/adjustments - - -
At 31st March, 2023 0.34 205.72 206.06
FINANCIAL STATEMENTS

Accumulated Depreciation
At 1st April, 2021 - 44.09 44.09
Charge for the year - 15.17 15.17
Disposals/adjustments - - -
At 31st March, 2022 - 59.26 59.26
Charge for the year - 24.44 24.44
Disposals/adjustments - - -
At 31st March, 2023 - 83.70 83.70
Net carrying amount
At 31st March, 2022 0.34 66.78 67.12
At 31st March, 2023 0.34 122.02 122.36

(a) Goodwill is acquired on acquisition of PG Technoplast Private Limited on 17th December 2020 having indefinite useful life.The
company do impairment testing annaualy.

(b) There are no intangible assets under development as at the end of current reporting year and previous year.

199
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

5 TRADE RECEIVABLES

As at As at
Particulars
31st March, 2023 31st March, 2022
Current
- Unsecured, considered good 43,787.36 21,332.74
- Unsecured, credit impaired - 34.84
43,787.36 21,367.58
Less: Allowance for trade receivables - (34.84)
Total trade receivables 43,787.36 21,332.74

Trade Receivables Aging Schedule

Less than 6 6 months - more than

Particulars 1-2 years 2-3 years Total
months 1 year 3 years
As at 31st March 2023
Undisputed Trade Receivables
- Considered good 43,661.03 62.50 57.68 4.02 2.13 43,787.36
Disputed Trade Receivables
- Considered good
- Credit impaired - - - - - -
Gross Carrying Amount 43,661.03 62.50 57.68 4.02 2.13 43,787.36
Less: Allowance for trade receivable - - - - - -
Net Carrying Amount 43,661.03 62.50 57.68 4.02 2.13 43,787.36

Less than 6 6 months - more than

Particulars 1-2 years 2-3 years Total
months 1 year 3 years
As at 31st March 2022
Undisputed Trade Receivables
- Considered good 21,173.26 80.87 75.82 2.79 - 21,332.74
Disputed Trade Receivables
- Credit impaired - - - - 34.84 34.84
Gross Carrying Amount 21,173.26 80.87 75.82 2.79 34.84 21,367.58
Less: Allowance for trade receivable - - - - (34.84) (34.84)
Net Carrying Amount 21,173.26 80.87 75.82 2.79 - 21,332.74

Note:

(a) Neither trade nor other receivables are due from directors or other officers of the Group either severally or jointly with any
other person. Nor any trade or other receivables are due from firms or private companies in which any director is a partner, a
director or a member, except as mentioned above.

(b) Information about the Group's exposure to credit and currency risks, and loss allowances related to trade receivables are
disclosed in note 37. Provision as disclosed above is on case to case basis as identified by the management.

(c) Trade receivables are no-interest bearing and are generally on terms of 30-90 days of credit period.

2 00
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

6 LOANS

CORPOR ATE OVERVIEW

As at As at
Particulars
31st March, 2023 31st March, 2022
Current
- Unsecured, considered good
Loan to Employees 40.22 35.28
Loan to Others* 5.61 240.00
Total loans 45.83 275.28
* Loan to others includes loan given to Indkal Technologies Private Limited for the purpose of arranging materials for LED TV which would be supplied to group
subsequently during FY 2021-22.

7 INVESTMENTS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Unquoted
Equity instruments in Others at fair value through profit and loss
14,80,000 (31st March 2022: 248000) equity shares in Solarstream Renewable 148.80 24.80

STATUTORY REPORTS
Services Private Limited
Nil (31st March 2022: 525) equity shares in Indkal Technologies Private Limited - 0.52
148.80 25.33
Quoted
Investment in Mutual Funds at fair value through profit and loss
3212.29 units (31st March 2022: 2073.82 units ) in HDFC index Funds- Sensex plan 17.16 10.90
10533.53 units (31st March 2022: 6775.75 units ) in HDFC Index Funds-Nifty 50 16.99 10.91
plan
26144.59 units (31st March 2022: 17061.38 units ) in ICICI Prudential Bluechip 17.66 11.19
Funuds
32138.68 units (31st March 2022: 20559.62 units ) in Kotak Flexicap Funds-Growth 17.04 10.69
68.84 43.69
Total Non-Current Investments 217.64 69.02
Aggregate book value of quoted investments 68.84 43.69
Aggregate market value of quoted investments 68.84 43.69
Aggregate book value of unquoted investments 148.80 25.33
Aggregate market value of unquoted investments 148.80 25.33
FINANCIAL STATEMENTS

8 OTHER FINANCIAL ASSETS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current (at amortised cost)
Security Deposits
Unsecured, considered good 536.12 360.65
Bank Deposits
with maturity of more than 12 months 458.51 476.74
994.63 837.39
Deposits of Rs.458.51 lakhs (31st March 2022: Rs.471.44 lakhs) pledged as
margin money with the bank for various type of credit limits.

201
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

8 OTHER FINANCIAL ASSETS (Contd..)

As at As at
Particulars
31st March, 2023 31st March, 2022
Current (at amortised cost)
Security Deposits
Unsecured, considered good 34.11 15.62
Interest Receivables
Interest accrued on bank and other deposit 61.59 38.59
Interest accrued on others 11.66 16.67
Government grant and others* 2,568.58 1,865.75
Total other financial assets 2,675.94 1,936.63
* Others includes amount recoverable from Maharashtra Government on acconut of stamp duty paid amounted Rs. 58.76 lakhs (31st March 2022: Rs 59.07
lakhs) and fire claim receivable amounted Rs.55.27 lakhs (31st March 2022: 264.41 lakhs).

9 OTHER ASSETS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current (at amortised cost)
Unsecured, considered good
Capital advances 658.12 450.00
IGST Receivable Under Moowr-Capital Good - -
Prepaid expenses 125.01 103.89
783.13 553.89
Current (at amortised cost)
Unsecured, considered good
Advances to suppliers 1,421.58 1,587.58
Balances with Government Authorities 587.92 2,456.44
Prepaid expenses and others 373.56 257.19
IGST Receivable Under Moowr-Raw Material 1,274.74 -
Imprest to employees 2.33 3.03
Other Assets 1.32 -
Unsecured, considered doubtful
Advances to suppliers - 289.32
3,661.45 4,593.56
Less: Allowances for doubtful advance - (289.32)
3,661.45 4,304.24
Total other assets 4,444.58 4,858.13

10 INCOME TAX ASSETS

As at As at
Particulars
31st March, 2023 31st March, 2022
Income tax refund for earlier years & Advance tax 1,372.91 436.94
1,372.91 436.94

2 02
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

11 INVENTORIES

CORPOR ATE OVERVIEW

(Valued at lower of cost or net realisable value)

As at As at
Particulars
31st March, 2023 31st March, 2022
Raw material and components 27,007.09 23,114.69
Work-in-progress 2,630.08 3,005.06
Finished goods 5,687.07 2,485.78
Stores and spares 106.96 83.47
35,431.20 28,689.00
Less: Provision for Slow/Non Moving Inventories (93.08) (85.75)
Total Inventory 35,338.12 28,603.25
(a) The above includes goods in transit as under
Raw material and components 2.34 868.20
(b) The above includes goods at bonded warehouse
Raw material and components - 4,655.73

(c) Refer note 15, for information on hypothecation created on inventory with the bankers against working capital.

(d) The write-down of inventories to net realisable value during the year amounting to Nil (31st March 2022: nil). These are
recognised as expenses during the respective period and included in changes in inventories.

STATUTORY REPORTS
12 CASH AND BANK BALANCES

(a) Cash and cash equivalents

As at As at
Particulars
31st March, 2023 31st March, 2022
Balances with banks
- In current accounts 861.28 2,373.32
Cash on hand 5.63 11.97
Total cash and cash equivalents 866.91 2,385.29

(b) Bank balances other than cash and cash equivalents

As at As at
Particulars
31st March, 2023 31st March, 2022
Bank deposits
FINANCIAL STATEMENTS

with maturity of more than 3 months and upto 12 months 3,095.76 1,533.07
Total bank balances other than cash and cash equivalents 3,095.76 1,533.07

Deposits of Rs.2225.88 lakhs (31st March, 2022:Rs.1143.82 lakhs) pledged as margin money with bank for various type of
credit limits.

Deposits with banks are made with banks for varying periods, depending on immediate cash requirement of the Group and to
earn interest at the respective term deposit rates.

203
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

13 SHARE CAPITAL

As at As at
Particulars
31st March, 2023 31st March, 2022
(a) Authorised share capital
3,50,00,000 (31st March, 2022: 3,50,00,000) equity shares 3,500.00 3,500.00
(Par value of Rs. 10 per share)
3,500.00 3,500.00
(b) Issued, Subscribed And Fully Paid Up Share Capital
2,27,42,617 (31st March, 2022:2,12,24,866 ) equity shares 2,274.26 2,122.49
(Par value of Rs. 10 per share)
2,274.26 2,122.49

(c) Movements in equity share capital

Particulars No. of shares Amount in Rs.

As at 1st April 2021 1,96,93,916 1,969.40
Increase during the year * 15,30,950 153.10
As at 31st March 2022 2,12,24,866 2,122.49
Increase during the year ** 15,17,751 151.77
As at 31st March 2023 2,27,42,617 2,274.26
* 1. During the year 2021-22, the company allotted 11,95,950 equity shares of face value of Rs.10/- each at an issue price of Rs.337/- per share to the persons
belonging to Non-Promoter category by way of preferential allotment.

2. During the year 2021-22, the company on December 10,2021 allotted 3,35,000 equity shares of face value of Rs. 10/- each pursuant to conversion of
3,35,000 share warrants, issued on 31st March, 2021 at an issue price of Rs. 150/- each, by way of preferential allotment to Mr. Anurag Gupta, Mr. Vishal
Gupta and Mr. Vikas Gupta (Promoter Category) and Mr. Arvind Yeshwant Pradhan (Public Category).

**1. During the year 2022-23, the company on September 27, 2022 allotted 1,00,000 equity shares of face value of Rs. 10/- each pursuant to conversion of
1,00,000 share warrants issued on 31st March, 2021 at an issue price of Rs. 150/- each, by way of preferential allotment to Mr. Nikhil Vishnuprasad Bagla
and Mrs. Urmila Nikhil Bagla (Public Category).

2. During the year 2022-23, the company on August 12, 2022 allotted 53,200 Equity Shares of face value of Rs. 10/- each to the ‘PG Electroplast Limited
Employees Welfare Trust’ under PG Electroplast Limited Employees Stock Option Scheme - 2020 in compliance with the SEBI (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021.

3. During the year 2022-23, the Company on December 31, 2022 allotted 13,64,551 Equity Shares of face value of Rs. 10/- each pursuant to conversion of
10,76,904, 17.96%Compulsorily Convertible Debentures (“CCDs”) allotted on preferential basis on July 01, 2021 and unpaid coupon amount accrued
thereon, at the conversion price of Rs. 337/-, determined as per the SEBI ICDR Regulations

There were no buy back of shares or issue of shares pursuant to contract without payment being received in cash during the
previous 5 years.

(d) Terms and rights attached to equity shares

The group has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote
per share held. In the event of liquidation of the group, the equity shareholders are eligible to receive the remaining assets of
the group after distribution of all preferential amounts, in proportion to their shareholding.

(e) Particulars of shareholders holding more than 5% shares of fully paid up equity shares

31st March 2023 31st March 2022

Name of Shareholder
No. of shares % holding No. of shares % holding
Mr Anurag Gupta 29,91,201 13.15% 29,91,201 14.09%
Mr Vishal Gupta 50,51,474 21.21% 50,51,474 23.80%
Mr Vikas Gupta 50,73,531 21.31% 50,73,531 23.90%

2 04
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

13 SHARE CAPITAL (Contd..)

CORPOR ATE OVERVIEW

(f) Details of share held by promotors

31st March 2023 31st March 2022

% Change % Change
Promoter Name No. of No. of %
% holding during the during the
shares shares holding
year year
Mr Anurag Gupta 29,91,201 13.15% -0.94% 29,91,201 14.09% 1.59%
Mr Vishal Gupta 50,51,474 22.21% -1.59% 50,51,474 23.80% 9.32%
Mr Vikas Gupta 50,73,531 22.31% 1.60% 50,73,531 23.90% 9.44%
Mrs Sudesh Gupta - - - - - -24.17%
Mrs Neelu Gupta 5,11,000 2.25% -0.16% 5,11,000 2.41% -0.18%
Mrs Sarika Gupta 1,71,016 0.75% -0.05% 1,71,016 0.81% -0.06%
Mrs Nitasha Gupta 1,48,959 0.65% -0.05% 1,48,959 0.70% -0.06%

(g) Shares reserved for issue under options

Information relating to Employee Stock Option Plan, including details of option issued, exercised and lapsed during the
financial year and options outstanding as at end of the reporting period are set out in note 33.

STATUTORY REPORTS
14 OTHER EQUITY

As at As at
Particulars
31st March, 2023 31st March, 2022
Securities premium 23,239.38 18,509.61
Retained earnings 13,513.97 6,179.83
Other comprehensive income 101.40 104.44
Money received against share Warrants - 37.50
Cumulative Compulsarily Convertible Debentures - 4,069.16
Employee Stock Option reserve 470.02 206.77
Treasurey share (6.25) -
Total other equity 37,318.52 29,107.31

(a) Securities premium

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 18,509.61 14,129.86
FINANCIAL STATEMENTS

Increased during the year* 4,729.77 4,379.75

Closing balance 23,239.38 18,509.61
* Refer note 13(c) for changes during the year.

(b) Retained earnings

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 6,179.83 2,927.15
Net profit for the year 7,746.86 3,741.56
Less: Dividend on Equity Component of CCCDs (488.88) (488.88)
Amount Transfrred to Securities Premium on excise of ESOPs 72.10 -
Adjustment of forfeiture of ESOP 4.05 -
Closing balance 13,513.97 6,179.83

205
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

14 OTHER EQUITY (Contd..)

(c) Other comprehensive income

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 104.44 57.35
Increased during the year* (3.04) 47.09
Closing balance 101.40 104.44
* Other comprehensive income is increased during the year due to acturial gain on gratuity provision.

(d) Money received against share warrants

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 37.50 163.13
Received during the year against issue of share warrants 112.50 376.87
Converted into equity shares during the year (150.00) (502.50)
Closing balance - 37.50

(e) Cumulative Compulsarily Convertible Debentures (CCD)

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance -
Equity Component of CCCDs 4,069.16 3,629.17
Dividend on equity component of CCCDs 439.99 439.99
Add : Amount received on issue of CCCDs 89.39 -
Less:- Conversion into to Equity share capital (4,598.54) -
Closing balance - 4,069.16

(f) Employee Share Option reserve

As at As at
Particulars
31st March, 2023 31st March, 2022
Opening balance 206.78 -
Employee stock option expenses during the year 339.40 206.78
Amount Transfrred to Securities Premium on excise of ESOPs (72.10) -
Adjustment of termination of ESOP (4.05) -
Closing balance 470.02 206.78

(g) Treasurey share

As at As at
Particulars
31st March, 2023 31st March, 2022
Treasurey share (6.25) -
Closing balance (6.25) -

2 06
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

14 OTHER EQUITY (Contd..)

CORPOR ATE OVERVIEW

(i) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes
such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

(ii) Retained earnings

Retained Earnings are profits that the Group has earned till date less transfer to other reserve, dividend or other
distribution or transaction with shareholders.

(iii) Employee stock option reserve

The stock option outstanding account is used to recognise the grant date fair value of options issued to employees under
Employee stock option plan.

(iv) Other Comprehensive Income

Other comprehensive income is the acturial gain/(loss) on defined benefit plans (i.e Gratuity) till the date which will not
be reclassified to statement of profit and loss subsequently.

(v) Money Received against share warrants

It pertains to the application money received on grant of share warrants, this will be transferred to equity share and

STATUTORY REPORTS
securities premium on conversion into equity share capital.

(vi) Cumulative Compulsorily Convertible Debentures (CCCDs)

It pertains to equity component of cumulative compulsorily convertible debentures.

15 BORROWINGS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current (at amortised cost)
Secured
Term loans
- From banks
- Rupees Loans 25,008.18 18,657.65
- From Others * 774.55 706.54
Vehicle loans
- From banks 348.70 178.11
- From Others 90.90 120.55
FINANCIAL STATEMENTS

Unsecured
- Deferred Payment against Plant and Machinery 2,059.89 1,249.92
28,282.22 20,912.77
Less: Current maturity of long term borrowings (5,786.26) (3,734.29)
Total non-current borrowings 22,495.96 17,178.48
* Includes interest free term loan from Uttar Pradesh Financial Corporation Rs 595.84 lakhs ( Previous year: Rs 447.94 lakhs)

207
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at As at
Particulars
31st March, 2023 31st March, 2022
Current (at amortised cost)
Secured
Repayable on demand
- From banks 14,161.60 9,399.63
Term & Vehicle loan from banks- Current maturity of borrowings 4,193.40 2,800.74
Term & Vehicle loan from others- Current maturity of borrowings 120.66 109.38
Unsecured
Deferred Payment against Plant and Machinery- Current maturity of borrowings 1,472.20 824.17
Bill discounting
- From banks 11,165.10 4,572.71
- From Others 643.54 3,500.00
Total current borrowings 31,756.50 21,206.63

As on Balance sheet date, there is no default in repayment of loan and interest.

Changes in liabilities arising from financial activities

As at Fair Foreign As at
Interest
Particulars 1st April, Cash Flows Value exchange 31st March,
Amortisation
2022 Change movement 2023
Non current borrowings 20,912.77 7,420.45 - - (50.99) 28,282.23
(including curent maturities of
non current borrowings)
Current borrowings 17,472.34 8,497.90 - - - 25,970.24

As at Fair Foreign As at
Interest
Particulars 1st April, Cash Flows Value exchange 31st March,
Amortisation
2021 Change movement 2022
Non current borrowings 11,767.43 9,096.47 - - 48.87 20,912.77
(including curent maturities of
non current borrowings)
Current borrowings 6,562.69 10,909.65 - - - 17,472.34

2 08
 Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)
A. Term Loan

Sr. Type of As at 31st March 2023 As at 31st March 2022

Bank Name Term of Repayments Security
No. loan Non-Current Current Non-Current Current

Secured- From
Banks
1 State Bank of Term loan - - - 39.00 Nil (i). Hypothecation of P&M, Prefabricated building and other utilities
India acquired out of banks finance & Personal guarantee of promoter
directors i.e Mr.Anurag Gupta, Mr.Vishal Gupta and Mr.Vikas
Gupta.

(ii). Collateral Security: Factory Land and Building situated at Plot

no- P-4/2 - 4/5, Plot No E-14 & E-15, Site-B, UPSIDC Industrial
Area, Surajpur, Greater Noida of Company and Building situated
at Khasra No 268 & 275, Village Raipur, Roorkee, Haridwar,
Uttarakhand, and factory land which is in the name of M/s PG
Electronics and Mr. Vishal Gupta.

(iii). Corporate Guarantee of PG Electronics (Partnenrship Firm)

2 State Bank of Term loan 229.99 450.00 679.99 390.00 06 monthly installments of Rs. 35 lakhs (i). Hypothecation of P&M, factory land situated at P-4/6 and
India from April 2023 to Sept. 2023, 11 monthly F-20, Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida of
installments of Rs. 40 lakhs from October- the Company & Personal guarantee of promoter directors i.e
August 2024 and balance in September Mr.Anurag Gupta, Mr.Vishal Gupta and Mr.Vikas Gupta.
2024.
(ii). Collateral Security: Factory Land and Building situated at Plot
no- P-4/2 - 4/5, Plot No E-14 & E-15, Site-B, UPSIDC Industrial
Area, Surajpur, Greater Noida of Company and Building situated
at Khasra No 268 & 275, Village Raipur, Roorkee, Haridwar,
Uttarakhand, and factory land which is in the name of M/s PG
Electronics and Mr. Vishal Gupta.

(iii). Corporate Guarantee of PG Electronics (Partnenrship Firm)

209
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

2 10
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

Sr. Type of As at 31st March 2023 As at 31st March 2022

Bank Name Term of Repayments Security
No. loan Non-Current Current Non-Current Current

3 State Bank of Term loan 776.81 216.00 992.81 216.00 55 monthly installments of Rs.18 lakhs from (i). Hypothecation of P&M, factory land & building situated at
India April 2023 to October 2027 and balance in Khasra no 268 & 275,Raipur, Bhagwanpur, Roorkee, P-4/2 to
November 2027. 4/6 and E-14 & E-15, Site-B, UPSIDC Industrial Area, Surajpur,
Greater Noida of the Company & Personal guarantee of
Monthly interest is being charged at the end promoter directors i.e Mr. Anurag Gupta, Mr. Vishal Gupta and
of each month. Mr. Vikas Gupta.
P G Elect r o p la st L i m i ted

(ii). Collateral Security: Factory Land and Building situated at Plot

no- P-4/2 - 4/5, Plot No E-14 & E-15, Site-B, UPSIDC Industrial
Area, Surajpur, Greater Noida of Company and Building situated
at Khasra No 268 & 275, Village Raipur, Roorkee, Haridwar,
Uttarakhand, and factory land which is in the name of M/s PG
Electronics and Mr. Vishal Gupta.

(iii). Corporate Guarantee of PG Electronics (Partnenrship Firm)

4 State Bank of GECL*2 381.14 221.00 602.52 221.00 56 monthly installments of Rs. 18.42 lakhs Collateral free Guaranteed Emergency Credit Line (GECL), which
India from April 2023 to November 2027 and is fully guaranteed by National Credit Gurantee Trustee Company
balance in December 2027. Limited (NCGTC). Secured by extention of second ranking charge
5 State Bank of GECL*3 395.96 46.04 442.00 - 48 monthly installments of Rs. 9.20 lakhs over existing primary and collateral securities including mortgages
India from November 2023 to October 2027 and created in favour of the State Bank of India.
balance in December 2027.
Personal Guarantee are also given by promoter directors i.e.
Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta."
6 State Bank of Term loan- 1,775.27 137.74 - - 78 monthly installments of Rs.36 lakhs i). Secured by way of hypothecation of entire current assets
India New from Oct 2023 to March 2030 and balance including raw material, work-in-progress, finished goods, Book
in 6 monthly installments of Rs.32 lakhs debts, advance payments, stock in transit, other current assets,
from April 2030 to Sept 2030.Installments cash margins of Unit 1 at Greater Noida, 2 at Roorkee & 3 at
inclding undisbursed portion of term loan of Greater Noida of the Company.
Rs 1087 lakhs.
(ii). Collateral Security : Factory Land and Building situated at
Monthly interest is being charged at the end Plot no- P-4/2 - 4/6 and Plot No E-14 & E-15, Site-B, UPSIDC
of each month. Industrial Area, Surajpur, Greater Noida of Company and
Building situated at Khasra No 268 & 275, Village Raipur,
Roorkee, Haridwar, Uttarakhand, factory land which is in the
name of M/s PG Electronics and Mr. Vishal Gupta.
 Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

Sr. Type of As at 31st March 2023 As at 31st March 2022

Bank Name Term of Repayments Security
No. loan Non-Current Current Non-Current Current

7 HDFC Bank Term loan 1,344.00 617.66 1,961.67 628.80 (i). Rs.639.82 lakhs,repayable in monthly Secured by way of exclusive charge over land, Building, at I-26
installments of Rs. 20.34 lakhs from & I-27, Site-C, UPSIDC Industrial Area,Surajpur Greater Noida,
April 2023 to December 2024 and Rs. U.P. (Unit 5) and land, Building, at A-20/2. MIDC Supa, District-
30.52 lakhs from January 2025 to May Ahmendnagar Maharastra (Unit 4). Term loan are also secured by
2025 and balance amount in June 2025. way of exclusive charge on plant and machinery situated at Unit 5 of
Greater Noida and specific plant & machinery generated out of the
(ii). Rs.464.36 lakhs, repayable in monthly
term loan, situated at Unit 4 of Ahemednagar, Maharashtra.
installments from April 2023 to
July 2027 and remaining amount in Personal Guarantee are also given by promoter directors i.e.
November 2027. Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
(iii). Rs.857.48 lakhs, repayable in monthly
installments of Rs. 20.54 lakhs from
April 2023 to June 2026 and balance
in July 2026. Monthly interest is being
charged at the end of each month.
8 HDFC Bank Term loan 4,828.04 742.77 5,570.81 371.39 Repayable in 42 monthly instalments Secured by way of 1st Parri Passu charge over land, Building,
of Rs 61.89 lakhs in the month of April at A-18, Village Supa,Taluka-Parner, Distt.-Ahmednagar,
2023 to September 2026 and 36 monthly Maharashtra-414302 measuring 40011 Sq.mete.
installments of Rs 82.53 lakhs from October Term loan are also secured by way of 1st Parri Passu charge on plant
2026 to September 2029. and machinery situated at Unit-1 at Greater Noida Extention, UP,
Unit-2 at Supa, Ahmednagar.
Personal Guarantee are also given by directors i.e. Mr.Anurag
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
PDC cheque of total santioned loan amount.Corporate Gurantee of
PG Electroplast Ltd is also given.
9 HDFC Bank Term loan 6,500.00 500.00 - - Repayable in 84 monthly instalments of Rs Secured by way of 1st Parri Passu charge over land, Building,
83.34 lakhs in the month of Oct 2023 to at A-18, Village Supa,Taluka-Parner, Distt.-Ahmednagar,
September 2030 Maharashtra-414302 measuring 40011 Sq.mete.
Term loan are also secured by way of 1st Parri Passu charge on plant
and machinery situated at Unit-1 at Greater Noida Extention, UP,
Unit-2 at Supa, Ahmednagar.
Personal Guarantee are also given by directors i.e. Mr.Anurag
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
PDC cheque of total santioned loan amount.Corporate Gurantee of
PG Electroplast Ltd is also given.

211
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

2 12
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)
Sr. Type of As at 31st March 2023 As at 31st March 2022
Bank Name Term of Repayments Security
No. loan Non-Current Current Non-Current Current

10 HDFC Bank Moratorium 71.82 - 71.80 1.01 Repayable in month of June 2025, June Moratorium Loan Covid -19 of deferment of existing term loans at
Loan 2026 and November 2027. Sr. no 7 & interest amount was granted as per Covid -19 Panedemic
Covid -19 Relief by RBI.
converted
from
existing
P G Elect r o p la st L i m i ted

loans
11 HDFC Bank ECGLC-02 1,000.00 500.00 1,500.00 500.00 "Repayable in 36 monthly installments of Secured by extention of second ranking charge over existing
Rs.41.67 lakh from April 2023 to March 2026. primary and collateral securities including mortgages created in
Monthly Interest is being charged at the end favour of the Bank.
of the each month." Personal Guarantee are also given by promoter directors i.e.
12 HDFC Bank ECGLC-03 850.67 77.33 928.00 - "Repayable in 48 monthly installments Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
of Rs. 19.33 lakh from December 2023 to
November 2027.
Monthly Interest is being charged at the end
of the each month."
13 ICICI Bank Term loan 770.83 250.00 1,020.83 250.00 Repayable in 49 monthly installments of First Pari Passu charge on all current assets of Unit-4 of PG
Rs. 20.83 lakh from April 2023 to April 2027 Electroplast Limited
along with interest. Guaranteed by promoter directors i.e Mr. Anurag Gupta, Mr. Vishal
Gupta & Mr. Vikas Gupta .
14 ICICI Bank Term loan 1,645.60 249.60 1,895.20 104.80 Repayable in 43 monthly instalments of Rs Secured by way of 1st Parri Passu charge over land, Building,
20.80 lakhs in the month of April 2023 to at A-18, Village Supa,Taluka-Parner, Distt.-Ahmednagar,
October 2026 and 36 monthly installments Maharashtra-414302 measuring 40011 Sq.mete.
of Rs 27.80 lakhs from November 2026 to Term loan are also secured by way of 1st Parri Passu charge on plant
October 2029. and machinery situated at Unit-1 at Greater Noida Extention, UP,
Unit-2 at Supa, Ahmednagar.
Monthly Interest is being charged at the end
of the month. Personal Guarantee are also given by directors i.e. Mr.Anurag
Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
PDC cheque of total santioned loan amount.Corporate Gurantee of
PG Electroplast Ltd is also given.
 Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

Sr. Type of As at 31st March 2023 As at 31st March 2022

Bank Name Term of Repayments Security
No. loan Non-Current Current Non-Current Current

15 Yes Bank Term loan 376.16 53.74 270.00 - Repayable in 48 monthly instalments of Secured by way of exclusive charge by way of hypothecation on
Rs.4.48 lakhs from April 2023 to March 2027 entire existing and future specific assets which are procured out of
and 36 monthly installments of Rs.5.97 lakhs term loan taken from Yes Bank.
from April 2027 to March 2030. Personal Guarantee are also given by directors i.e. Mr.Anurag
Monthly Interest is being charged at the end Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
of the month. PDC cheque of total santioned loan amount.Corporate Gurantee of
PG Electroplast Ltd is also given.
16 HDFC Bank Vehicle loan 1.54 5.86 7.40 5.43 Repayment in 15 EMIs Secured by hypothecation of vehicle acquired
17 HDFC Bank Vehicle loan 151.39 79.21 27.62 14.63 Repayment in the range of 20-38 EMIs under the respective vehicle loan.
18 ICICI Bank Vehicle loan 13.67 5.72 - 0.67 Repayment in 37 EMIs
19 ICICI Bank Vehicle loan 19.07 13.63 5.74 2.55 Repayment in range of 24- 37 EMIs
20 Axis Bank Vehicle loan 31.51 27.09 58.60 51.63 Repayment in EMIs ranging from 01 to 21
months
21 Yes Bank Vehicle loan - - - 3.84 Nil
21,163.49 4,193.39 16,035.01 2,800.74
Secured- From
Others
1 Tata Capital Loan 90.01 88.70 178.87 79.72 Repayable in 23 monthly installments from " 1st Charge on machineries purchased from the term loan.
Financial against April 2023 to February 2025. Guaranteed by promoter directors i.e Mr. Anurag Gupta, Mr. Vishal
Services plant Gupta & Mr. Vikas Gupta ."
Limited
2 Uttar Pradesh Interest 595.84 - 447.94 - Repayable in lumpsum after 7 years from "Bank Guarantee of 100% value of loan was issued by State bank
Financial Free Term the date of disbursement without any of india, Noida in favour of lender for entire period of 7 years plus
Corporation loan interest. 6 months delay period interest @ 15% p.a.in case of non payment
Ltd on due date.
Guaranteed by promoter directors i.e. Mr. Anurag Gupta, Mr. Vishal
Gupta & Mr. Vikas Gupta."
3 Vehicle Vehicle loan 31.22 16.93 48.15 15.71 Repayable in 32 Nos EMIs Secured by hypothecation of vehicle acquired under the respective
loan from vehicle loan.
Sundaram
Finance
Limited

213
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FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

2 14
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

Sr. Type of As at 31st March 2023 As at 31st March 2022

Bank Name Term of Repayments Security
No. loan Non-Current Current Non-Current Current

4 Vehicle Vehicle loan 27.72 15.03 42.75 13.94 Repayment in 32 EMIs Secured by hypothecation of vehicle acquired under the respective
loan from vehicle loan.
Sundaram
Finance
Limited
744.80 120.66 717.72 109.38
P G Elect r o p la st L i m i ted

Unsecured-
Deferred
payments
1 Deferred
Payment
against P&M
Haitian Deferred 43.83 161.10 17.88 159.86 Repayable in the range of 9 to 20 monthly
Huayuan Payment installment from April 2023 to Novmber
Machinery 2024.
India Pvt Ltd.
Haitian Deferred 343.44 668.57 151.91 233.47 Repayable in range of 20 monthly
Huayuan Payment instalments
Machinery
India Pvt Ltd.
Haitian Deferred 50.72 163.81 24.68 94.70 Repayable in monthly & quaterly Not Applicable
Huayuan Payment installments.Rs 26.04 lacs repayable in 2
(Hongkong) quaterly installments &
Limited Rs 188.49 lacs repayable in 16 monthly
installments
Haitian Deferred 149.69 478.72 231.29 336.13 Repayable in range of 20 monthly
Huayuan Payment instalments
(Hongkong)
Limited
587.69 1,472.20 425.75 824.17
 Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)
B. Repayable on demand

As at 31st March 2023 As at 31st March 2022

Sr. Type of
Bank Name Non- Term of Repayments Security
No. loan Current Non-Current Current
Current
Secured-
From Banks
1 State Bank Cash Credit - 1,660.76 - 2,350.85 Repayable on demand (i). Secured by way of hypothecation of entire current assets
of India Limit including raw material, work-in-progress, finished goods, Book
debts, advance payments, stock in transit, other current assets,
cash margins of Unit 1 at Greater Noida, 2 at Roorkee & 3 at
Greater Noida of the Company

(ii). Collateral Security : Factory Land and Building situated at

Plot no- P-4/2 - 4/6 and Plot No E-14 & E-15, Site-B, UPSIDC
Industrial Area, Surajpur, Greater Noida of Company and
Building situated at Khasra No 268 & 275, Village Raipur,
Roorkee, Haridwar, Uttarakhand, factory land which is in the
name of M/s PG Electronics and Mr. Vishal Gupta.

(iii). Secured by Personal Guarantee of promoter directors i.e.

Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta and
Corporate Guarantee of M/s PG Electronics.

(iv). Factory land and building of Plot no F-20, Site, B, UPSIDC

Industrial Area, Surajpur, Greater Noida, District Gautam Budh
Nagar is the prime security.

(v). Hypothecation of all fixed assets except land & building and
specified machinery charged under term loans of Unit-1, 2 & 3.
2 State Bank Working - - - 1,000.00 Repayable on demand
of India Capital
Demand
Loan
3 State Bank Overdraft - 15.81 - 2.67 Repayable on demand
Secured against term deposits.
of India

215
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

2 16
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)
As at 31st March 2023 As at 31st March 2022
Sr. Type of
Bank Name Non- Term of Repayments Security
No. loan Current Non-Current Current
Current
4 HDFC Bank Cash - 670.83 - 1,278.14 Repayable on demand (i). Secured by way of hypothecation of entire current
Credit assets present and future of Unit 4 & 5 of the
Limit Company i.e. PG Electroplast Limited and First PP
5 HDFC Bank Working - 1,500.00 - 2,000.00 Repayable on demand Charge on Current assets of Unit-4 with ICICI Bank
P G Elect r o p la st L i m i ted

Capital for working capital demand loan.

Demand
Loan (ii). Collateral Security : Factory Land and Building
situated at I-26 & I- 27, Site C, UPSIDC Insdustrial
Area, Surajpur, Greater Noida, U.P (Unit-5)
and A-20/2. MIDC Supa, District- Ahmednagar
Maharastra (Unit-4) of Company

(iii). Secured by Personal Guarantee of promoter

directors i.e. Mr.Anurag Gupta, Mr. Vishal Gupta and
Mr. Vikas Gupta.
6 State Bank Overdraft - 3.33 - 44.67 Repayable on demand Secured against term deposits.
of India
Secured by way of hypothecation of entire current
7 State Bank Cash - 1,622.00 - - Repayable on demand
assets present and future of the company i.e. PG
of India Credit
Technoplast Private Limited (PGTL) and 2nd Parri Passu
Limit
charge on plant & machinery of unit 1 at Greater Noida
extention UP, Unit-2 of PGTLat Supa Ahmednagar,
Maharashtra. 2nd Parri passu charge of all banks on
Factory land & building situated at A-18,MIDC Supa
Distt: Ahmednagar, maharashtra of PGTL.
Personal Guarantee are also given by directors i.e.
Mr.Anurag Gupta, Mr. Vishal Gupta and Mr. Vikas Gupta.
PDC cheque of total santioned loan amount.
Corporate Gurantee of PG Electroplast Ltd is also given.
8 ICICI Bank Cash - 42.95 - 792.93 Repayable on demand
Credit
Limit
 Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

15 BORROWINGS (Contd..)

As at 31st March 2023 As at 31st March 2022

Sr. Type of
Bank Name Non- Term of Repayments Security
No. loan Current Non-Current Current
Current
9 HDFC Bank Cash - 1,362.03 - 1,430.37 Repayable on demand
Credit
Limit
10 HDFC Bank Working - 3,470.00 - - Repayable on demand
Capital
Demand
Loan
11 Yes Bank Working - 3,500.00 - 500.00 Repayable on demand
Capital
Demand
Loan
12 Yes Bank Cash - 313.88 - - Repayable on demand
Credit
Limit
- 14,161.60 - 9,399.63

217
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

16 PROVISIONS

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Provision for employee benefits
Gratuity (refer note 32) 282.92 230.63
Compensated absences (refer note 32) 279.18 217.03
562.10 447.66
Current
Provision for employee benefits
Gratuity (refer note 32) 22.62 21.98
Compensated absences (refer note 32) 21.44 18.94
Provision for warranty expenses-Post Sales # 49.00 50.00
93.06 90.92
Total provisions 655.16 538.58
# 1st April 2022 50.00 -
Arising during the year 57.30 72.00
Utilised (42.30) (22.00)
Unused amount reversed (16.00) -
Closing balance as on 31st March 2023 49.00 50.00

17 TRADE PAYABLES

As at As at
Particulars
31st March, 2023 31st March, 2022
Current
Total outstanding dues of micro enterprise and small enterprise 2,967.79 1,358.05
Total outstanding dues of creditors other than micro enterprise and small 36,027.31 25,562.65
enterprise
38,995.10 26,920.70

Trade Payable Aging Schedule

Less than 1 more than 3

Particulars 1-2 years 2-3 years Total
year years
As at 31st March 2023
Total outstanding dues to micro enterprises and 2,967.79 - - - 2,967.79
small enterprises
Total outstanding dues of creditors other than 35,939.21 2.80 0.66 84.64 36,027.31
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - -
enterprises
Disputed dues of creditors other than micro - - - - -
enterprises and small enterprises
Carrying Amount 38,907.00 2.80 0.66 84.64 38,995.10

2 18
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

17 TRADE PAYABLES (Contd..)

CORPOR ATE OVERVIEW

Less than 1 more than 3
Particulars 1-2 years 2-3 years Total
year years
As at 31st March 2022
Total outstanding dues to micro enterprises and 1,358.05 - - - 1,358.05
small enterprises
Total outstanding dues of creditors other than 25,468.84 6.59 9.32 77.90 25,562.65
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - -
enterprises
Disputed dues of creditors other than micro - - - - -
enterprises and small enterprises
Carrying Amount 26,826.89 6.59 9.32 77.90 26,920.70

(a) Trade Payables include due to related parties Nil (March 31, 2022:Rs.1.22 lakhs) (refer note 36)

(b) The amounts are unsecured and non interest-bearing and are usually on varying trade term.

(c) For terms and conditions with related parties. (refer to note 36)

(d) Trade payables includes acceptances of Rs. 6587.74 lakhs (March 31, 2022: Rs.8313.28 lakhs)

STATUTORY REPORTS
18 OTHER FINANCIAL LIABILITIES

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Security deposits 5.00 2.06
Deferred cost of Interest Free Loan 212.54 176.31
217.54 178.37
Current
Security deposits -
Deferred cost of Interest Free Loan 64.59 49.84
Interest accrued and due on borrowings 177.45 167.60
Capital creditors 1,223.61 1,692.84
Expenses creditors 2,968.63 1,994.92
Employee benefits & other dues payable # 882.62 548.14
5,316.90 4,453.34
Total other financial liabilities 5,534.44 4,631.71
FINANCIAL STATEMENTS

# Other financial liability include due to related parties Rs.30.33 lakhs (31st March, 2022:Rs.25.82 lakhs) (refer note 36)

19 OTHER CURRENT LIABILITIES

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Custom Duty Payable- Capital Good MOOWR 604.73 -
604.73 -
Current
Advance from customers 249.64 1,380.16
Statutory dues 3,822.69 633.67
4,072.33 2,013.83

219
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

20 LEASE LIABILITIES

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-Current
Leases (refer note 34) 3,162.21 1,339.81
3,162.21 1,339.81
Current
Leases (refer note 34) 284.24 137.37
284.24 137.37

21 REVENUE FROM OPERATIONS

For the year ended

Particulars
31st March, 2023 31st March, 2022
Revenue from contract with customers
Sale of products
Manufactured goods 2,07,273.45 1,03,399.46
Trading goods 5,576.09 5,654.93
Sale of services 470.51 346.05
2,13,320.05 1,09,400.44
Other Operating Income
Sale of scrap 1,464.09 371.35
Government Incentives from States Goverments 1,210.61 1,391.71
2,674.70 1,763.06
Total revenue from operations 2,15,994.75 1,11,163.50
i) Timing of revenue recognition
Goods transferred at a point in time 2,14,313.63 1,09,425.74
Service transferred over a period of time 470.51 346.05
Government Incentives from States Goverments 1,210.61 1,391.71
Total revenue from contracts with customers 2,15,994.75 1,11,163.50
ii) Revenue by location of customers
India 2,15,791.93 1,11,080.54
Outside India 202.82 82.96
Total revenue from contracts with customers 2,15,994.75 1,11,163.50
iii) Reconciliation of revenue recognised in Statement of profit and loss with
contracted price
Revenue as per contracted price 2,16,502.32 1,11,218.60
Less: Discount (507.57) (55.10)
Total revenue from contracts with customers 2,15,994.75 1,11,163.50

iv) Performance Obligation

Sale of products: Performance obligation in respect of sale of goods is satisfied when control of the goods is transferred to
the customer, generally on dispatch of the goods and payment is generally due as per the terms of contract with customers.

Sales of services: The performance obligation in respect of services is satisfied over a point of time and acceptance of the
customer. Payment is generally due upon completion of service and acceptance of the customer.

# Incentive under Electronic Policy 2016

The Company unit located at Supa, Taluka-Parner, MIDC district Ahemdnagar in Maharashtra is eligible for incentives under the
Electronic Policy-2016 of Maharashtra Government and have been availing incentives in the form of Gross SGST refund for the period
of January 2020 to October 2028 . The Company recognises income for such government grants based on Gross SGST payable,

2 20
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

21 REVENUE FROM OPERATIONS (Contd..)

CORPOR ATE OVERVIEW

having maximum ceiling of Rs. 618.31 lakhs p.a. in accordance with the relevant notifications issued by the State of Maharashtra.
During the year, the Company had already received an in principal approval for eligibililty from the Government of Maharashtra
in response to the application filed by the Company for incentive under Electronic Policy-2016 on its investment for expansion
for the period from March 2017 to February 2021. Accordingly, the Company has recognised grant income amounting to Rs.
618.28 lakhs for the year ended on 31st March 2023 (pertaining to last year Rs. 1391.71 lakhs). The cumulative amount receivable
in respect of the same is Rs 1712.07 ( Rs. 1,391.71 lakhs as at 31st March 2022). During the year Rs 297.92 lakhs is received from
Maharasthra Goverment for FY 2019-20, 2020-21 on provisional basis while sanctions are given for the eligible amount.

# Incentive under IIEPP-2017

The Company units located at Greater Noida known as Unit-1 & 3 are eligible for incentive under IIEPP-2017 of Uttar Pradesh
Govtt. and letter of comfort has been granted during the current financial year and have been availing incentives in the form
of NET SGST refund on increased turover over base turnover & interest subsidy on term loan taken for Plant & Machinery for
the period of April 2018 to March 2023. During the year Company has recognise income amounting to Rs. 473.23 lakhs and
Rs.119.10 Lakhs based on letter of comfort which receivable from PICUP, UP Government untertaking.

As at As at
Particulars
31st March, 2023 31st March, 2022
Contract balances
Trade receivables 43,787.36 21,332.74

STATUTORY REPORTS
Contract Liabilities 249.64 1,380.16

Trade receivable are non-interest bearing and are generally on terms of 30-90 days.

Contract liabilities include advances received from the customers to deliver the finished goods.

22 OTHER INCOME

For the year ended

Particulars
31st March, 2023 31st March, 2022
i) Interest income
Interest income from bank deposits 128.21 79.89
Interest income from financial liabilities at amortised cost 149.62 83.97
Interest income from others* 40.28 41.66
318.11 205.52
* Interest income from others includes Rs. 14.21 lakhs (31st March 2022: Rs
14.21 lakhs) interest on Income tax refund.
ii) Other Non operating Income
Rental income - -
FINANCIAL STATEMENTS

Miscellaneous income 8.18 0.82

8.18 0.82
iii) Others
Profit on sale of property, plant and equipment 11.64 7.80
Liability no longer required written back 14.71 28.17
Gain on lease termination 0.48 0.82
Fair value gain on Investment recognised through FVTPL 1.15 4.24
Profit on ( realised gain ) sale of Investment 0.53 -
Refund of Electricity Duty - 176.17
Others 83.77 8.84
112.28 226.04
Total Other Income 438.57 432.38

221
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

23 COST OF MATERIAL CONSUMED

For the year ended

Particulars
31st March, 2023 31st March, 2022
Inventory at the beginning of the year (excluding goods in transit and bonded 17,590.76 6,374.72
warehouse)
Add: Purchases 1,88,834.99 1,02,575.55
Less: Discount received from suppliers (143.93) (21.90)
Less: Cost of traded goods (18,815.72) (18,161.85)
Less: Stock loss due to Fire - (25.99)
Less: Inventory at the end of the year (excluding goods in transit and bonded (27,004.75) (17,590.76)
warehouse)
1,60,461.35 73,149.77

24 PURCHASE OF TRADED GOODS

For the year ended

Particulars
31st March, 2023 31st March, 2022
Purchases 18,815.72 18,161.84
18,815.72 18,161.84

25 CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK-IN-PROGRESS

For the year ended

Particulars
31st March, 2023 31st March, 2022
Inventories at the beginning of the year:
Work-in-progress 3,005.06 1,542.57
Finished goods 2,485.78 1,040.21
Total inventories at the beginning of the year 5,490.84 2,582.78
Inventories at the end of the year:
Work-in-progress 2,630.08 3,005.06
Finished goods 5,687.07 2,485.78
Total inventories at the end of the year 8,317.15 5,490.84
Total changes in inventories of finished goods and work-in-progress (2,826.31) (2,908.06)

26 EMPLOYEE BENEFIT EXPENSES

For the year ended

Particulars
31st March, 2023 31st March, 2022
Salaries,wages and bonus 10,820.60 6,814.64
Contribution to provident and other funds (refer note 32) 394.54 289.07
Leave encashment (refer note 32) 121.94 25.39
Gratuity expense (refer note 32) 152.19 117.19
Employee stock option scheme (refer note 33) 339.40 206.78
Staff welfare expenses 456.81 332.27
12,285.48 7,785.34

2 22
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

27 FINANCE COST (Contd..)

CORPOR ATE OVERVIEW

For the year ended
Particulars
31st March, 2023 31st March, 2022
Interest on borrowings
- Interest to Bank 2,476.32 1,357.69
- Interest on vehicle loan 26.17 18.00
- Other interest expense 220.48 128.47
Interest on lease liabilities (refer note 34) 182.23 12.17
Other borrowing costs
- Discounting Charges, Processing fee 1,887.97 796.30
4,793.17 2,312.63

28 DEPRECIATION AND AMORTIZATION EXPENSES

For the year ended

Particulars
31st March, 2023 31st March, 2022
Depreciation of property, plant and equipment (refer note 3)* 3,104.90 1,996.54
Amortisation of intangible assets (refer note 4) 24.44 15.17

STATUTORY REPORTS
Depreciation - ROU 365.73 199.56
3,495.07 2,211.27

29 OTHER EXPENSES

For the year ended

Particulars
31st March, 2023 31st March, 2022
Consumption of store, spares & tools 2,046.66 660.44
Power and fuel 2,868.21 2,061.95
Sub-contracting expenses 491.05 473.90
Freight and forwarding charges 877.91 706.00
Rent 166.05 69.53
Rates and taxes 200.55 58.75
Insurance 229.56 161.04
Repairs and maintenance:
Machinery 621.09 320.22
Building 126.55 59.42
Others 84.50 36.52
FINANCIAL STATEMENTS

Travelling and conveyance ** 145.56 71.57

Vehicle running & maintenance 131.00 79.94
Communication costs 22.93 14.95
Printing and stationery 31.85 23.32
Security expenses 298.68 209.65
Legal and professional fees * 328.22 355.76
Provision for doubtful debts & advances (Net) 197.00 326.07
Provision for Slow/Non moving inventories 7.33 18.01
Bad Debts written off 521.15 398.03
Reversal of provision for doubtful debts & advances (521.15) (398.03)
Payment to auditor (Refer details below Note-29.2) 29.41 24.58
Payment to cost auditor 5.00 3.85
Directors sitting fees 9.00 8.50
Loss on sale of property, plant and equipment 35.23 4.27

223
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

29 OTHER EXPENSES (Contd..)

For the year ended

Particulars
31st March, 2023 31st March, 2022
CSR Expenses 40.10 -
Late delivery charges paid to customers 12.58 4.00
Misc. Balance Written off 35.23 19.29
Miscellaneous expenses 356.51 300.41
Foreign Exchange rate fluctuation (Net) 232.56 -
Losses due to Fire-Inventory (Net) 7.91 -
Losses due to Fire-property,plant and equipments (Net) 16.30 -
9,654.52 6,071.91

29.1 Exceptional Items

For the year ended

Particulars
31st March, 2023 31st March, 2022
Foreign Exchange rate fluctuation (Net) - (104.47)
Losses due to Fire-Inventory (Net) - 1.54
Losses due to Fire-property,plant and equipments (Net) - 9.87
- (93.06)

29.2 Detail of payment to statutory & tax auditors

For the year ended

Particulars
31st March, 2023 31st March, 2022
Audit fee 16.50 13.18
Tax audit fee 2.50 2.50
Limited review fee 10.00 8.90
For certificates / other services * 1.84 0.05
For reimbursement of expenses ** 0.86 0.32
31.70 24.95

30 EARNING PER SHARE

a) Basic Earning per share

For the year ended

Particulars UOM
31st March, 2023 31st March, 2022
Numerator for earnings per share
Profit after tax (Rs. in lakhs) 7,746.86 3,741.56
Denominator for earnings per share
Weighted average number of equity shares outstanding (Numbers) 2,16,49,843 2,06,94,492
during the year
Earnings per share- Basic (one equity share of Rs. 10/- each) 35.78 18.08

2 24
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

30 EARNING PER SHARE (Contd..)

CORPOR ATE OVERVIEW

b) Diluted Earning per share

For the year ended

Particulars UOM
31st March, 2023 31st March, 2022
Numerator for earnings per share
Profit after tax (Rs. in lakhs) 7,746.86 3,741.55
Denominator for earnings per share
Weighted average number of equity shares outstanding (Numbers) 2,16,49,843 2,06,94,492
during the year
Effect of dilution
Stock Options (Numbers) 2,25,877 1,72,631
Share warrants (Numbers) 40,054 79,483
Cumulative Compulsory Convertible Debentures (Numbers) 10,24,348 10,26,216
Weighted average number of equity shares outstanding (Numbers) 2,29,40,122 2,19,72,821
during the year adjusted for efect of dilution
Earnings per share- Diluted (one equity share of Rs. 10/- each) 33.77 17.03

31 INCOME TAX EXPENSES

STATUTORY REPORTS
Income tax expenses recognized in Statement of Profit and Loss:

For the year ended

Particulars
31st March, 2023 31st March, 2022
Current income tax:
Current income tax charge 845.47 -
Adjustments in respect of current income tax of previous year - -
Total current tax expense 845.47 -
Deferred tax:
Relating to origination and reversal of temporary differences 1161.99 1,162.66
Deferred tax on other comprehensive income (0.08) -
Total deferred tax expense recognized 1,161.91 1,162.66
Income tax expenses charged in Statement of Profit & Loss 2,007.38 1,162.66

Reconciliation of income tax expense and the accounting profit multiplied by Group’s tax rate:

For the year ended

Particulars
31st March, 2023 31st March, 2022
FINANCIAL STATEMENTS

Accounting Profit before income tax 9,754.32 4,904.22

Applicable Income Tax rate - u/s 115BAA 17.168% to 17.168% to 25.168%
25.168%
Computed tax expenses 2,131.07 1,199.78
Corporate social responsibility 9.61 0
Capital expenditure in current during the year 1.59 3.15
other permanent disallowances 78.29 32.00
ESOP (90.06) 50.77
CCCD interest directly charge to reserve (123.04) (123.04)
Other comprehensive income (0.08) -
Tax expenses in Statement of profit & loss 2,007.38 1,162.66

225
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

31 INCOME TAX EXPENSES (Contd..)

Deferred tax liabilities (net)

For the year ended

Particulars
31st March, 2023 31st March, 2022
Opening balance as per last balance sheet 1,655.70 493.04
Deferred tax charged/(credited) to profit and loss during the year 1,161.99 1,162.66
Deferred tax on other comprehensive income (0.08) -
Closing Balance 2,817.61 1,655.70
Deferred tax liabilities comprises:
Deferred tax liabilities
- Difference in carrying values of property, plant & equipment and intangible assets 3,184.14 2,577.66
Deferred tax assets
- Arising on account of temporary difference (30.82) (103.17)
- Provision for ESOP Reserve (118.30) -
- Provisions of financial/other assets made in books,but tax deductible only on (183.55) (170.20)
Actual write-off
- Carry forward losses and unabsorbed depreciation - (636.65)
- Others (33.86) (11.94)
Deferred tax liabilities (net) 2,817.61 1,655.70

Group has carried forward unabsorbed depreciation , having indiefinite time period to adjust against taxable income of the group.

32 EMPLOYEE BENEFIT PLANS:

A) Defined Contribution Plans:

The Group makes contribution in the form of provident funds as considered defined contribution plans and contribution to
Employees Providend Fund Orgnisation.The Group has no further payment obligations once the contributions have been paid.
Following are the schemes covered under defined contributions plans of the Group:

Provident Fund Plan & Employee Pension Scheme: The Group makes monthly contributions at prescribed rates towards
Employee Provident Fund and Employee Pension Scheme fund administered and managed by Ministry of Labour &
Employment,Government of India.

Employee State Insurance: The Group makes prescribed monthly contributions towards Employees State Insurance Scheme
and payment made to Employee State Insurance Corporation, Ministry of Labour & Employment,Government of India.

The Group has charged the following costs in contribution to Provident and Other Funds in the Statement of Profit and Loss:

For the year ended

Particulars
31st March, 2023 31st March, 2022
Group’s contribution to Provident Fund 342.96 246.56
Administrative charges on above fund 15.16 11.28
Group’s contribution to Employee State Insurance Scheme 36.11 31.08
394.23 288.92

B) Defined Benefit Plans:

(i) The Group provides for gratuity obligations through a defined benefit retirement plan (the ‘Gratuity Plan’) covering all
group employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement termination of
employment or death of an employee, based on the respective employees’ salary and years of employment with the
Group.

2 26
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

CORPOR ATE OVERVIEW

(ii) Risk exposure

a) Risk to the beneficiary

The greatest risk to the beneficiary is that there are insufficient funds available to provide the promised benefits.
This may be due to:

• The insufficient funds set aside, i.e. underfunding

• The insolvency of the Employer

• The holding of investments which are not matched to the liabilities

• A combination of these events

b) Risk Parameter

Actuarial valuation is done basis some assumptions like salary inflation,discount rate and withdrawal assumptions. In
case the actual experience varies from the assumptions, fund may be insufficient to pay off the liabilities.

Similarly, reduction in discount rate in subsequent future years can increase the plan's liability. Further, actual
withdrawals may be lower or higher then what was assumptions the valuation,may also impact the plan's liability.

STATUTORY REPORTS
c) Risk of illiquid Assets

Another risk is that the funds, although sufficient, are not available when they are required to finance the benefits.
This may be due to assets being locked for longer period or in illiquid assets.

d) Risk of Benefit Change

There may be a risk that the benefit promised is changed or is changeable within the terms of the contract.

e) Asset liability mismatching risk

ALM risk arises due to a mismatch between assets and liabilities either due to liquidity or changes in interest rates or
due to different duration.

(iii) Changes in defined benefit obligation

Gratuity Leave Encashment

Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Changes in present value of obligation
FINANCIAL STATEMENTS

Present value of obligation as at 526.99 478.73 235.97 310.30

beginning of the year
Interest cost 38.36 32.60 18.43 21.13
Current service cost 133.80 97.38 111.10 78.29
Benefits paid (25.45) (34.05) (57.29) (99.72)
Remeasurement-Actuarial loss/(gain) - - (7.58) (74.03)
Remeasurement gains / (losses)
recognised in other comprehensive
income:
Actuarial (gain)/ loss arising form
- Changes in financial assumptions (15.10) (20.13) - -
- Changes in demographic assumptions - - - -
- Changes in experience adjustments 16.63 (27.54) - -
675.23 526.99 300.63 235.97

227
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

(iv) Fair Value of Plan Assets

Gratuity Leave Encashment

Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Fair value of plan assets at the 274.38 187.94 - -
beginning of the year
Expenses recognised in profit and loss
account
Expected return on plan assets 18.38 12.80 - -
Acturial gain/(loss) - (0.59)
Remeasurement gains / (losses)
recognised in other comprehensive
income:
Contribution by employer directly 7.26 13.40 - -
settled
Contributions by employer 93.70 94.88 - -
Benefit payments (24.04) (34.05) - -
Fair value of plan assets at the end of
the year
369.68 274.38 - -

(v) Amount recognised in Balance Sheet

Gratuity Leave Encashment

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Defined benefit obligation at the end (675.23) (526.99) (300.63) (235.97)
of the year
Fair value of plan assets at the end of 369.68 274.38 - -
the year
Recognised in the balance sheet (305.55) (252.61) (300.63) (235.97)
Current portion of above (22.62) (21.98) (21.44) (18.94)
Non Current portion of above (282.92) (230.63) (279.18) (217.03)

(vi) Expense recognised in the Statement of profit & loss

Gratuity Leave Encashment

Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Current service cost 133.80 97.38 111.09 78.29
Interest expense 38.37 32.60 18.43 21.13
Interest Income on plan assets (19.98) (12.80) - -
Remeasurement-Actuarial loss/(gain) - - (7.58) (74.03)
Components of defined benefit costs 152.19 117.19 121.94 25.39
recognised in profit or loss
Remeasurement on the net defined
benefit liability:

2 28
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

CORPOR ATE OVERVIEW

Gratuity Leave Encashment
Particulars For the year ended For the year ended
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Return on plan assets (excluding
amount included in net interest
expense)
Actuarial (gain)/ loss arising form (15.10) (19.55) - -
changes in financial assumptions
Actuarial (gain) / loss arising form - - - -
changes in demographic assumptions
Actuarial (gain) / loss arising form 18.22 (27.54) - -
experience adjustments
Components of defined benefit costs 3.12 (47.09) - -
recognised in other comprehensive
income

(vii) The significant actuarial assumptions used for the purposes of the actuarial valuation were as follows:

STATUTORY REPORTS
Gratuity Leave Encashment
Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Discounting rate 7.49% 7.28% 7.49% 7.28%
Future salary growth rate 10.00% 10.00% 10.00% 10.00%
Life expectancy/ Mortality rate* 100% of IALM 100% of IALM 100%of IALM 100%of IALM
2012-14 2012-14 2012-14 2012-14
withdrawal rate 5.00% 5.00% 5.00% 5.00%
Method used Projected unit Projected unit Projected unit Projected unit
credit Actuarial credit Actuarial credit Actuarial credit Actuarial
method method method method
* Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics (i.e. IALM 2012-14 ultimate/PY-
IALM 2012-14 ultimate). These assumptions translate into an average life expectancy in years at retirement age.

(viii) Sensitivity Analysis

The sensitivity of the defined benefit obligation to changes in the weigheted principal assumptions is:

Gratuity Leave Encashment

FINANCIAL STATEMENTS

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Changes in liability for 0.5% increase in (34.02) (26.89) (15.31) (11.78)
discount rate
Changes in liability for 0.5% decrease 37.14 29.38 16.73 12.84
in discount rate
Changes in liability for 1.00% increase 64.49 51.08 33.15 25.33
in salary growth rate
Changes in liability for 1.00% decrease (56.48) (44.56) (28.43) (21.85)
in salary growth rate
Changes in liability for 2.00% increase (24.90) (20.78) (9.84) (7.90)
in withdrawl rate
Changes in liability for 2.00% decrease 31.75 27.28 13.11 10.42
in withdrawl rate

229
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

32 EMPLOYEE BENEFIT PLANS: (Contd..)

(ix) The followings payments are expected contributions to the defined benefit plan in future years

Gratuity Leave Encashment

Particulars As at As at As at As at
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Within next 12 months 59.36 47.80 23.05 20.32
Between 2 to 5 years 144.90 115.17 78.86 50.76
Beyond 5 years 1,692.74 1,286.00 760.04 560.54

The average duration of the defined benefit plan obligation at the end of the reporting period is 12 years (31st March
2022: 13 years)

The Plan assets are maintained with Life Insurance Corporation of India.

33 SHARE BASED PAYMENTS

During the year 2020-21, the Company has establised PG Electroplast Employee Stock Option Scheme 2020 "ESOP 2020" and
the same was approved at the general meeting of the Company held on 28th February 2021. The plan was set up so as to offer
and grant, for the benefit of employees of the Company, who are eligible under "Securities and Exchange Board of India" (SEBI)
(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, option of the Company in one or more
tranches, and on such terms and conditions as may be fixed or determined by the board, in accordance with the law or guidelines
issued by the relevant authorities in this regard;

As per the plan, each option is exercisable for one equity share of face value of Rs. 10 each, at a price to be determined in accordance
with ESOP 2020. ESOP information is given for the number of shares.

(i) Set out below is a summary of options granted and vested during the year under the plan

31st March 2023 31st March 2022

Weighted Weighted
Summary of Stock Options Number of average exercise Number of average exercise
Stock Options price per share Stock Options price per share
option option
Options outstanding at the beginning of the year 2,77,000 250 - -
Options granted during the year 1,60,000 650 3,05,000 250
Options vested and exercised during the year 52,600 250 - -
Options lapsed during the year 39,300 418 28,000 250
Options outstanding at the end of the year 3,45,100 2,77,000

(ii) Share options outstanding at the end of the year have the following expiry dates and exercise price:

Share Option Outstanding

Exercise Fair
Grant Grant Date Vesting Date Expiry Date 31st 31st
Price Value
March 2023 March 2022
Grant -1
Vesting 1 17th April 2021 16th April 2022 16th October 2022 250.00 137.08 - 53,400
Vesting 2 17th April 2021 16th April 2023 16th October 2023 250.00 167.03 48,800 53,400
Vesting 3 17th April 2021 16th April 2024 17th October 2024 250.00 188.28 73,200 80,100
Vesting 4 17th April 2021 16th April 2025 17th October 2025 250.00 203.34 73,200 80,100

2 30
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

33 SHARE BASED PAYMENTS (Contd..)

CORPOR ATE OVERVIEW

Share Option Outstanding
Exercise Fair
Grant Grant Date Vesting Date Expiry Date 31st 31st
Price Value
March 2023 March 2022
Grant -2
Vesting 1 17th July 2021 15th July 2022 15th January 2023 250.00 190.67 - 2,000
Vesting 2 17th July 2021 15th July 2023 15th January 2024 250.00 224.77 1,600 2,000
Vesting 3 17th July 2021 15th July 2024 15th January 2025 250.00 251.15 2,400 3,000
Vesting 4 17th July 2021 15th July 2025 15th January 2026 250.00 265.40 2,400 3,000
Grant-3
Vesting 1 11th June 2022 10th December 10th December 650.00 425.29 28,700 -
2023 2023
Vesting 2 11th June 2022 10th December 10th December 650.00 512.22 28,700 -
2024 2024
Vesting 3 11th June 2022 10th December 10th December 650.00 577.97 43,050 -
2025 2025
Vesting 4 11th June 2022 10th December 10th December 650.00 627.73 43,050 -
2026 2026

STATUTORY REPORTS
(iii) Fair value of options granted

The fair value at grant date is determined using the Black Scholes Model as per an independent valuer's report having taken
into consideration the market price being the latest available closing price prior to the date of the grant, exercise price being
the price payable by the employees for exercising the option and other assumptions are as below:

Average life of Risk free Dividend

Tranche Vesting Market Price Volatility
option interest rate yield rate
Vesting 1 319.60 67.48% 1.50 4.24% 0.00%
Vesting 2 319.60 69.21% 2.50 4.81% 0.00%
Grant 1
Vesting 3 319.60 68.62% 3.50 5.26% 0.00%
Vesting 4 319.60 66.68% 4.50 5.63% 0.00%
Vesting 1 391.90 62.40% 1.50 4.24% 0.00%
Vesting 2 391.90 67.30% 2.50 4.81% 0.00%
Grant 2
Vesting 3 391.90 69.31% 3.50 5.26% 0.00%
Vesting 4 391.90 66.09% 4.50 5.63% 0.00%
Vesting 1 923.70 62.65% 1.50 5.94% 0.00%
Vesting 2 923.70 66.50% 2.50 6.47% 0.00%
Grant 3
Vesting 3 923.70 68.11% 3.50 6.82% 0.00%
FINANCIAL STATEMENTS

Vesting 4 923.70 68.35% 4.50 7.07% 0.00%

(iv) Expense arising from share based payment transaction

For the year ended

Particulars
31st March, 2023 31st March, 2022
Expense charged to Statement of Profit & Loss based on the fair value of options 339.40 206.78
339.40 206.78

231
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

34 Leases

i) The Group’s lease asset primarily consist of leases for land and buildings for offices and warehouses having the various lease
terms. The Group also has certain leases of with lease terms of 12 months or less. The Group applies the ‘short-term lease’
recognition exemptions for these leases.

ii) The carrying value of right to use assets and movement thereof are disclosed in note 3.

iii) The following is the carrying value lease liability and movement thereof;

Particulars Amount
Balance as at 1st April, 2021 152.70
Addition during the year 1,469.44
Finance cost accrued during the year 74.80
Deletion during the year (9.12)
Payment of lease liabilities including interest (210.64)
Balance as at 31st March, 2022 1,477.18
Addition during the year 2,185.57
Finance cost accrued during the year 182.23
Deletion & elimination during the year 2.88
Payment of lease liabilities including interest (401.41)
Balance as at 31st March, 2023 3,446.45

As at As at
Particulars
31st March, 2023 31st March, 2022
Current maturity of lease liability 284.24 137.37
Non Current lease liability 3,162.21 1,339.81

iv) The maturity of lease liabilities are disclosed in note 37.

v) Amounts recognised in the statement of profit and loss during the year

For the year ended

Particulars
31st March 2023 31st March 2022
Depreciation charge of right-of-use assets - leasehold building 344.91 189.72
Depreciation charge of right-of-use assets - leasehold land 20.82 9.84
Finance cost accrued during the year (included in finance cost) (refer note 27) 182.23 74.80
Expense related to short term leases (included in other expense) (refer note 29) 166.05 69.53

vi) The Group has applied a single discount rate to a portfolio of leases of a similar assets in similar economic environment with
similar end date.

35 FAIR VALUE MEASUREMENT

Set out below, is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments:

As at 31st March, 2023 As at 31st March, 2022

Particulars
Carrying Amount Fair Value Carrying Amount Fair Value
Financial Assets at amortised cost
Fixed deposits with banks (Non Current) 458.51 458.51 476.74 476.74
Cash and bank balances 3,962.67 3,962.67 3,918.36 3,918.36
Trade receivables 43,787.36 43,787.36 21,332.74 21,332.74
Loans (current) 45.83 45.83 275.28 275.28
Other financial assets (Non Current) 536.12 536.12 360.65 360.65

2 32
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

35 FAIR VALUE MEASUREMENT (CONTD..)

CORPOR ATE OVERVIEW

As at 31st March, 2023 As at 31st March, 2022
Particulars
Carrying Amount Fair Value Carrying Amount Fair Value
Other financial assets (Current) 2,675.94 2,675.94 1,936.63 1,936.63
Financial Assets at FVTPL
Investment in mutual funds 68.84 68.84 43.69 43.69
Investment in equity shares 148.80 148.80 25.33 25.33
Financial liabilities at amotised cost
Borrowings (Non Current ) 22,495.96 22,495.96 17,178.48 17,178.48
Borrowings (Current ) 31,756.50 31,756.50 21,206.63 21,206.63
Trade Payable 38,995.10 38,995.10 26,920.70 26,920.70
Other financial liabilities (Non current) 217.54 217.54 178.37 178.37
Other financial liabilities (Current) 5,316.90 5,316.90 4,453.34 4,453.34

The management assessed that cash and cash equivalents, trade receivables, trade payables, other current financial assets
and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these
instruments

35.1 FAIR VALUE HIERARCHY

STATUTORY REPORTS
i) The Group uses the following hierarchy for fair value measurement of the group’s financials assets and liabilities:

Level 1: Quoted prices/NAV (unadjusted) in active markets for identical assets and liabilities at the measurement date.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.

Carrying Value Fair Value

31st March, 2023 Level 1 Level 2 Level 3
Assets at fair Value
Fair Value through Profit & Loss
Investment in mutual funds 68.84 68.84 - -
Investment in equity shares 148.80 - - 148.80
Fair Value through amortised cost
Loan 45.83 - - 45.83
Trade Receivables 43,787.36 - - 43,787.36
Other Financial Assets (Non Current) 994.63 - - 994.63
FINANCIAL STATEMENTS

Other Financial Assets (Current) 2,675.94 - - 2,675.94

Liability at fair Value
Fair Value through amortised cost
Borrowings (Non Current) 22,495.96 - - 22,495.96
Borrowings (Current) 31,756.50 - - 31,756.50
Trade Payables 38,995.10 - - 38,995.10
Other Financial Liabilites (Non Current) 217.54 - - 217.54
Other Financial Liabilites (Current) 5,316.90 - - 5,316.90

233
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Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

35 FAIR VALUE MEASUREMENT (Contd..)

Carrying Value Fair Value

31st March, 2022 Level 1 Level 2 Level 3
Assets at fair Value
Fair Value through Profit & Loss
Investment in mutual funds 43.69 43.69 - -
Investment in equity shares 25.33 - - 25.33
Fair Value through amortised cost
Loan 275.28 - - 275.28
Trade Receivables 21,332.74 - - 21,332.74
Other Financial Assets (Non Current) 837.39 - - 837.39
Other Financial Assets (Current) 1,936.63 - - 1,936.63
Liability at fair Value
Fair Value through amortised cost
Borrowings (Non Current) 17,178.48 - - 17,178.48
Borrowings (Current) 21,206.63 - - 21,206.63
Trade Payables 26,920.70 - - 26,920.70
Other Financial Liabilites (Non Current) 178.37 - - 178.37
Other Financial Liabilites (Current) 4,453.34 - - 4,453.34

There are no transfers among levels 1, 2 and 3 during the year.

ii) Fair valuation techniques

The Group maintains policies and procedures to value financial assets or financial liabilities using the best and most
relevant data available. The fair values of the financial assets and liabilities are included at the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. The following methods and assumptions were used to estimate the fair values:

1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short term maturities of these instruments.

2) Borrowings are evaluated by the Group based on parameters such as interest rates, specific country risk factors,
credit risk and other risk characteristics. Fair value of variable interest rate borrowings approximates their carrying
values.

36 RELATED PARTY DISCLOSURE

Pursuant to compliance of Indian Accounting Standard (IND AS) 24 “Related Party Disclosures”, the relevent information is
provided here below:

Related Parties where control exists

i) Other related parties with whom transactions have taken place diuring the year

Key Management Personnel

Mr. Vishal Gupta (Executive Director)

Mr. Vikas Gupta (Executive Director)

Mr. Anurag Gupta (Executive Director)

Mr. Ram Dayal Modi (Non Executive Director) w.e.f. 26.05.2021

Mr. Sharad Jain (Non Executive Director)

Dr. Rita Mohanty (Non Executive Director) till 15.05.2021

2 34
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

CORPOR ATE OVERVIEW

Mrs. Ruchika Bansal (Non Executive Director) w.e.f. 14.08.2021

Mr. Kishore Kumar Kaul (Non Executive Director) w.e.f. 23.12.2022

Mrs. Mitali Chitre (Non Executive Director) w.e.f. 02.07.2021

Mr. Sanchay Dubey (Company Secretary)

Mr. Pramod Chimmanlal Gupta (Chief Financial Officer) w.e.f. 01.02.2021

Mr. Raman Uberoi (Non Executive Director) w.e.f. 22.03.2023

Relatives of Key Management Personnel

Mrs. Sarika Gupta (Wife of Mr. Vishal Gupta)

Mrs. Nitasha Gupta (Wife of Mr. Vikas Gupta)

Mrs. Neelu Gupta (Wife of Mr. Anurag Gupta)

Mrs. Sudesh Gupta (Mother of Executive Directors)

Mr. Pranav Gupta (Son of Mr. Anurag Gupta)

Mr. Aditya Gupta (Son of Mr. Anurag Gupta)

STATUTORY REPORTS
Mrs. Kanika Gupta (Daughter in law of Mr. Anurag Gupta)

Mr. Vatsal Gupta (Son of Mr. Vishal Gupta)

Mr. Raghav Gupta (Son of Mr. Vikas Gupta)

Enterprises in which the Key Management Personnel or relatives of them of the group are interested

PG International (Parent Company’s Directors are partner)

J. B. Electronics (Parent Company’s Directors are partner)

PG Electronics (Parent Company’s Directors are partner)

ii) Key Management Personnel Compensation

For the year ended

Particulars
31st March 2023 31st March 2022
Short-term employee benefits 476.00 441.57
Share based payments 54.57 76.14
Other Expenses, Sitting Fee and reimbursement of expenses 45.66 45.16
576.23 562.87
FINANCIAL STATEMENTS

iii) Related Party transaction

As at 31st March, 2023 As at 31st March 2022

Key Relative of Key Key Relative of Key
Description
Management Management Others Management Management Others
Personnel Personnel Personnel Personnel
Money received against
share warrants
Mr.Vishal Gupta - - - 73.13 - -
Mr.Vikas Gupta - - - 73.13 - -
Mr.Anurag Gupta - - - 73.13 - -

235
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Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

As at 31st March, 2023 As at 31st March 2022

Key Relative of Key Key Relative of Key
Description
Management Management Others Management Management Others
Personnel Personnel Personnel Personnel
Issue of Equity share capital
on convertion of share
warrant including security
premium
Mr.Vishal Gupta - - - 97.50 - -
Mr.Vikas Gupta - - - 97.50 - -
Mr.Anurag Gupta - - - 97.50 - -
Other Expenses (rent paid)
Mr.Vishal Gupta 0.66 - - 0.66 - -
PG Electronics - - 0.60 - - 0.60
Remuneration
Mr.Vishal Gupta 148.81 - - 122.90 - -
Mr.Vikas Gupta 148.85 - - 124.34 - -
Mr.Anurag Gupta 99.00 - - 94.88 - -
Mr.Sanchay Dubey 6.34 - - 4.74 - -
Mr. Pramod Chimmanlal Gupta 59.61 - - 54.63 - -
Mrs. Sarika Gupta - 30.87 - - 28.30 -
Mrs. Nitasha Gupta - 30.87 - - 28.30 -
Mrs. Neelu Gupta - 30.87 - - 28.30 -
Mrs. Sudesh Gupta - 30.87 - - 28.30 -
Mr. Pranav Gupta - 35.26 - - 21.65 -
Mr. Aditya Gupta - 24.18 - - 9.20 -
Mrs. Kanika Gupta - 6.25 - - 8.60 -
Mr.Vatsal Gupta - 18.25 - - 9.01 -
Mr. Raghav Gupta - 18.10 - - 6.69 -
Reimbursement of Expenses
Mr.Anurag Gupta 12.00 - - 12.00 - -
Mr.Vishal Gupta 12.00 - - 12.00 - -
Mr.Vikas Gupta 12.00 - - 12.00 - -
Mr. Pranav Gupta - 5.28 - - 4.20 -
Mr. Aditya Gupta - 1.20 - - 1.20 -
Mrs. Kanika Gupta - 2.16 - - 3.24 -
Mr.Vatsal Gupta - 0.70 - - - -
Mr. Raghav Gupta - 0.70 - - - -
Shares Based Expenses
Mr. Pramod Chimmanlal Gupta 52.01 - - 74.65 - -
Mr.Sanchay Dubey 2.56 - - 1.49 - -
Director Sitting Fee
Mr. Sharad Jain 2.60 - - 2.80 - -
Mrs. Rita Mohanty - - - 0.10 - -
Mr. Kishore Kumar Kaul 1.50 - - 2.50 - -
Mr. Ram Dayal Modi 2.40 - - 1.90 - -
Mrs. Ruchika Bansal 2.20 - - 1.20 - -
Mr. Raman Uberoi 0.30 - - - - -
Leave Encashment paid
during the year
Mr. Vishal Gupta 5.15 - - 14.56 - -
Mr. Vikas Gupta 4.89 - - 14.38 - -
Mr. Anurag Gupta 3.34 - - 11.15 - -

2 36
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

36 RELATED PARTY DISCLOSURE (Contd..)

CORPOR ATE OVERVIEW

As at 31st March, 2023 As at 31st March 2022
Key Relative of Key Key Relative of Key
Description
Management Management Others Management Management Others
Personnel Personnel Personnel Personnel
Mrs. Sarika Gupta - 1.19 - - 3.99 -
Mrs. Nitasha Gupta - 1.13 - - 3.96 -
Mrs. Neelu Gupta - 1.24 - - 3.96 -
Mrs. Sudesh Gupta - 1.13 - - 3.96 -
Mr. Pranav Gupta - 1.76 - - 1.83 -
Mr. Aditya Gupta - 0.13 - - - -

iv) Outstanding Balances

As at 31st March, 2023 As at 31st March 2022

Key Relative of Key Key Relative of Key
Description
Management Management Others Management Management Others
Personnel Personnel Personnel Personnel
Other Financial Liabilities
Mr. Vishal Gupta - - - 0.08 - -

STATUTORY REPORTS
Trade Payable
J B Electronics - - - - - 0.92
PG Electronics - - - - - 0.30
Remuneration Payable
Mr. Vishal Gupta 5.09 - - 4.61 - -
Mr. Vikas Gupta 7.41 - - 4.64 - -
Mr.Anurag Gupta 3.50 - - 3.35 - -
Mr.Sanchay Dubey 0.52 - - 0.49 - -
Mr. Pramod Chimmanlal Gupta 0.96 - - 2.56 - -
Mrs.Sarika Gupta - 1.35 - - 1.32 -
Mr.Vatsal Gupta - 1.31 - - 0.58 -
Mrs. Nitasha Gupta - 1.70 - - 1.32 -
Mrs. Neelu Gupta - 1.35 - - 2.18 -
Mrs. Sudesh Gupta - 1.70 - - 1.32 -
Mr. Pranav Gupta - 2.02 - - 1.12 -
Mr. Aditya Gupta - 2.07 - - 0.78 -
Mrs. Kanika Gupta - - - - 0.64 -
Mr. Raghav Gupta - 1.35 - - 0.74 -
FINANCIAL STATEMENTS

v) Terms & Conditions

(a) Remuneration does not include the provision made for gratuity and leave benefits, as they are determined on an acturial
basis for the Group as a whole. Based on the recommendation of the Nomination and remuneration committee, all
decisions relating to the remuneration of the KMPs are taken by the Board of Directors of the Group, in accordance with
shareholders approval, wherever necessary.

(b) All Transactions entered with related parties defined under the Companies Act, 2013 during the year based on the terms
that would be available to third parties. All other transactions were made in the ordinary course of business and at arm's
lengh price.

(c) All outstanding balances are unsecured and are repayable in cash.

237
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

37 FINANCIAL RISK MANAGEMENT

The Group’s principal financial liabilities comprise borrowings, trade other payables. The main purpose of these financial liabilities
is to manage finances for the Group’s operations. The Group’s principal financial assets comprise trade and other receivables and
cash and cash equivalent that arise directly from its operations.

The Group’s activities expose it mainly to market risk, liquidity risk and credit risk. The monitoring and management of such risks
is undertaken by the senior management of the group and there are appropriate policies and procedures in place through which
such financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. . It is the
Group policy not to carry out any trading in derivative for speculative purposes.

A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprises three types of risk: currency rate risk, interest rate risk and other price risks, such as
equity price risk and commodity price risk.

(i) Interest rate risk

Most of the borrowings availed by the Group are subject to interest on floating rate of basis linked to the base rate or
MCLR (marginal cost of funds based lending rate). In view of the fact that the total borrowings of the Group are quite
substantial, the Group is exposed to interest rate risk.

The above strategy of the Group to opt for floating interest rates is helpful in declining interest scenario. Further, most
of the loans and borrowings have a prepayment clause through which the loans could be prepaid with pre payment
premium. The said clause helps the Group to arrange debt substitution to bring down the interest costs or to prepay the
loans out of the surplus funds held. While adverse interest rate fluctuations could increase the finance cost, the total
impact, in respect of borrowings on floating interest rate basis.

Interest rate sensitivity of borrowings

With all other variable held constant, the following table demonstrates the sensitivity to a reasonably possible change in
interest rates on floating rate portion of loans and borrowings as on date.

31st March, 2023 31st March, 2022

Increase/ Impact on Increase/ Impact on profit
Currency
decrease profit before decrease before tax an
in base points tax an equity in base points equity
Term Loan +0.50 (128.13) +0.50 (96.07)
-0.50 128.13 -0.50 96.07

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates
primarily to the Group’s operating activities (when revenue or expense is denominated in foreign currency). The Group
evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management
policies.

The Group's exposure to foreign currency risk at the end of the reporting period expressed in Rs. are as follows;

31st March, 2023 31st March, 2022

Currency Foreign Foreign
Indian Rupee Indian Rupee
Currency Currency
Financial liabilities
Trade payables
USD 71.40 5,881.56 103.13 7,886.41
CNY 72.33 879.56 0.43 5.10
Net exposure to foreign currency risk (liabilities) 143.73 6,761.12 103.56 7,891.51

2 38
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

37 FINANCIAL RISK MANAGEMENT (Contd..)

CORPOR ATE OVERVIEW

Sensitivity

The sensitivity of profit or loss to changes in the exchange rates arise mainly from foreign currency denominated financial
instruments.

Impact on Profit and Loss for the Impact on Profit and Loss for the
year ended 31st March, 2023 year ended 31st March, 2022
Currency
Gain/(Loss) on Gain/(Loss) on Gain/(Loss) on Gain/(Loss) on
appreciation depreciation appreciation depreciation
1% appreciation / depreciation in Indian
Rupees against following foreign currencies
Trade payables
USD (58.82) 58.82 (78.86) 78.86
CNY (8.80) 8.80 (0.05) 0.05
(67.62) 67.62 (78.91) 78.91

(iii) Commodity price risk

Commodity price risk is the risk that future cash flow of the Group will fluctuate on account of changes in market price of
key raw materials. The Group is exposed to the movement in the price of key raw materials in domestic and international

STATUTORY REPORTS
markets. the group has in place policies to manage exposure to fluctuation in the prices of the key raw materials used in
operations.

B) Liquidity Risk

Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or at reasonable price.
The Group uses liquidity forecast tools to manage its liquidity. The Group is able to organise liquidity through own funds and
through working capital loans.The Group has good relationship with its lenders, as a result of which it does not experience
any difficulty in arranging funds from its lenders. Table here under provides the current ratio of the Group as at the year end.

As at As at
Particulars
31st March, 2023 31st March, 2022
Total current assets 90,844.28 60,807.44
Total current liabilities 81,363.60 54,822.79
Current ratio 1.12 1.11

Maturities analysis of financial liabilities:

The table below provides details regarding the contractual maturity of financial liabilities :
FINANCIAL STATEMENTS

More than
Particulars on demand < 1 year 1-3 year 3-5 year Total
-5 years
As at 31st March 2023
Borrowings 14,161.60 17,594.91 9,996.41 7,041.98 5,457.57 54,252.46
Trade payable - 38,995.10 - - - 38,995.10
Other financial liabilities - 5,316.90 - 217.54 - 5,534.44
Lease liabilities (undiscounted) - 550.57 1,156.85 1,097.60 1,934.76 4,739.77
14,161.60 62,457.47 11,153.26 8,357.11 7,392.33 1,03,521.77
As at 31st March 2022
Borrowings 9,399.63 11,807.00 7,624.96 5,556.87 3,996.65 38,385.11
Trade payable - 26,920.70 - - - 26,920.70
Other financial liabilities - 4,453.34 - 178.37 - 4,631.71
Lease liabilities (undiscounted) - 246.59 443.78 468.12 896.69 2,055.19
9,399.63 43,427.63 8,068.74 6,203.36 4,893.34 71,992.71

239
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

37 FINANCIAL RISK MANAGEMENT (Contd..)

C) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Group. The
Group is exposed to credit risk from its operating activities, primarily trade receivables. The credit risks in respect of deposits
with the banks, foreign exchange transactions and other financial instruments are only nominal.

The customer credit risk is managed subject to the Group’s established policy, procedure and controls relating to customer
credit risk management. In order to contain the business risk, prior to acceptance of an order from a customer, the
creditworthiness of the customer is ensured through scrutiny of its financials, if required, market reports and reference
checks. The Group remains vigilant and regularly assesses the financial position of customers during execution of contracts
with a view to limit risks of delays and default. Further, in most of the cases, the Group normally allow credit period of 30-90
days to all customers which vary from customer to customer except mould & dies business. In case of mould & dies business,
advance payment is taken before start of execution of the order. In view of the industry practice and being in a position to
prescribe the desired commercial terms, credit risks from receivables are well contained on an overall basis.

The impairment analysis is performed on each reporting period on individual basis for major customers. Some trade receivables
are grouped and assessed for impairment collectively. The calculation is based on historical data of losses, current conditions
and forecasts and future economic conditions. The Group’s maximum exposure to credit risk at the reporting date is the
carrying amount of each financial asset.

The trade receivables position is provided here below:

As at As at
Particulars
31st March, 2023 31st March, 2022
Total receivables (note 5) 43,787.36 21,332.74
Receivables individually in excess of 10% of the total receivables 23,637.22 5,356.00
Percentage of above receivables to the total receivables of the Group 53.98% 25.11%

38 SEGMENT INFORMATION

Operating segment are defined as components of the group about which seperate financial information is available that is
evaluated regularly by the chief operating decision-maker, or decision- making group, in deciding how to allocate resources and
in assessing performance. The Group primarily operates in one business segment- Consumer Electronic Goods and Components.

39 CAPITAL MANAGEMENT

For the purpose of Capital Management, Capital includes net debt and toal equity of the Group. The Group manages its capital so as to
safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure of the Group is based
on management’s judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and
market confidence.The Group may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

As at As at
Particulars
31st March, 2023 31st March, 2022
Non-current borrowings (note 15) 22,495.96 17,178.48
Current borrowings (note 15) 25,970.24 17,472.34
Current maturities of long term borrowings (note 15) 5,786.26 3,734.29
Total debts 54,252.46 38,385.11
Less: Cash and cash equivalent (note 12(a)) (866.91) (2,385.29)
Net Debt (A) 53,385.54 35,999.83
*Total equity (note 13 & note 14) (B) 39,592.78 31,229.80
Gearing ratio (A/B) 134.84% 115.27%

No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March 2023 and
31st March, 2022.

2 40
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

40 CONTINGENCIES AND COMMITMENTS

CORPOR ATE OVERVIEW

i) Contingent Liabilities (to the extend not provided for)

As at As at
Particulars
31st March, 2023 31st March, 2022
Claims against the group not acknowledged as debts
(excluding interest & penalty)
- Central Excise (FY 2008-09 to 2011-12) 765.73 765.73
- Anti-Dumping duty on Import 738.54 738.54
- Claims by third party 45.75 47.59
1,550.02 1,551.86

(a) Excise department has issued show cause notice dated 22nd December, 2011 for Rs 765.73 in respect of CTV sold to
ELCOT, Tamil Nadu ( a Govt. of Tamil Nadu undertaking) during the period February 2009 to October 2011 for free
distribution by the state Govt. to poor section of the people by paying excise duty on the basis of value determined
under section 4A instead of determining the value under section 4 of the Central Excise Act,1944.The department has the
contention that sale is institutional sale & valuation based on MRP under Section 4A is not applicable to the sale to ELCOT.
The appeal made by the Group was allowed by the CESTAT, New Delhi vide order dated 12th March,2014. However, the
excise department has filed the appeal with Supreme Court, which has been admitted by the Supreme Court on 5th
January, 2015 by condoning the delay in filing the appeal. This matter was last time listed on 2nd January, 2017.However,
the Excise department filed an Interlocutory Application seeking early hearing of the appeal on July 11, 2022. The Hon’ble

STATUTORY REPORTS
Chief Justice found no merit in the Interlocutory Application and accordingly, rejected the application filed by the Excise
Department. The matter is pending for Final Hearing.

(b) Directorate of Revenue Intelligence (DRI) had conducted a search on the factory premises of the parent company and the
residence of the Promoters on 8th March 2011. The group has deposited Rs 145 lakhs as anti-dumping duty on import of
CPT during the period from May 2010 to Dec 2010, which is refunded later on. A show cause notice dated 29th May 2015
has been issued on the group and raised the demand of Anti-Dumping Duty worth Rs. 738.54 lakhs along with interest and
penalty. The Principal Commissioner of custom has passed an order dated 28th February 2017, confirming the demand of
Rs. 738.54 lakhs along with interest & penalty. The group has filed an appeal before CESTAT, Allahabad Bench on 1st June
2017. The CESTAT vide its order dated 18th June 2019 has allowed the appeal in favour of the group and refunded the
deposited amount and set aside the order passed by Principal Commissioner of customs, Noida. However, the Department
has filed a Civil Appeal (No. 6544/2020) against the aforesaid Final order of CESTAT, Allahabad dated 18th June 2019. But
till date no hearing was held at Hon’ble Supreme Court and no stay has been granted to the Department.

(c) NOTICE FOR RECOVERY: The Company have received a Notice under the jurisdiction of West District, Tis Hazari Court,
Delhi from M/s Polyblends (India) Pvt. Ltd for recovery of outstanding amount of Rs. 43,70,501.19/- with respect to
purchase of plastic raw material and plastic filled compounds. The authorised representative appeared on behalf of the
Company on May 20, 2022 before the Hon’ble Court. The Hon’ble Court directed the Company to file written statements.
The Company filed the written statements. The pleadings in this case are complete and issues are framed. Evidence by
way of affidavit were filed on behalf of plaintiff. Preliminary Enquiry stood closed. The case was listed on February March
27, 2023 for examination of certain documents. The next date of hearing for final arguments is on July 24, 2023.
FINANCIAL STATEMENTS

(d) NOTICE FOR RECOVERY: The Company have received a Notice under the jurisdiction of West District, Tis Hazari Court,
Delhi from M/s Niyati Industries through Mr. Vijay Jain for recovery of outstanding amount of Rs. 2,04,980.39/- with
respect to job work of re-enforced (Polystyrene) of plastic raw materials. The authorised representative appeared on
behalf of the Company on May 12, 2022 before the Hon’ble Court and filed the written statements. Replication has been
filed on behalf of the plaintiff on July 23, 2022. The pleadings in this case are complete and issues are framed. The case
was listed on May 02, 2023 for examination of documents. The next date of hearing is July 18, 2023.

ii) Commitments

As at As at
Particulars
31st March, 2023 31st March, 2022
Estimated amount of contracts remaining to be executed on Capital account 530.99 1,403.55
and not provided for (Net of advances)
Other Commitments* - 74.40
530.99 1,477.95

241
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

40 CONTINGENCIES AND COMMITMENTS (Contd..)

During the last year, Company has entered into an agreement with Solar Stream Renewable Services Private Limited to invest
Rs.148.80 lakhs in tranches in the equity shares of the Company & the same has been invested during the year.

41 DETAILS REQUIRED UNDER SECTION 22 OF MICRO, SMALL AND MEDIUM ENTERPRISE DEVELOPMENT
ACT, 2006

Based on the intimation received by the Group from its suppliers regarding their status under the Micro,Small and Medium
Enterprises Development Act, 2006, the relavant information is provided here below:

As at As at
Particulars
31st March, 2023 31st March, 2022
The principle amount and the interest due thereon remaining unpaid to any
supplier at the end of each accounting year;
(i) Principal Amount 2,967.79 1,358.05
(ii) Interest due on above - -
The amount of interest paid by the buyer in terms of section 16 of Micro, - -
Small and Medium Enterprises Devlopment Act,2006, along with the amount
of the payment made to the suppliers beyond the appointed day during each
accounting year.
The amount of interest due and payable for the year on delay in making payment - -
(which have been paid but beyond the appointed day during the year) but wihout
adding the interest specified under the Micro, Small and Medium Enterprises
Development Act,2006,
The amount of interest accrued and remaining unpaid at the end of each - -
accounting year; and
The amount of further interest remaining due and payable even in the succeeding - -
years,until such date when the interest due above are actually paid to the Small
enterprise, for the purpose of disallowances of a deductible expenditure under
section 23 of the Micro, Small and Medium Enterprises Devlopment Act,2006,

42 CORPORATE SOCIAL RESPONSIBILITY (CSR)

The amount required to be spent as Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 for the
year ended31st March 2023 is 38.97 Lakhs (Previous Year: Nil) i.e. 2% of average net profits for last three financial years, calculated
as per Section 198 of the Companies Act, 2013.

The Group has spent `40.10 Lakhs on CSR Projects / initiatives during the year (Previous year: Nil ), which are summarized as under:

Amount spent
Sl. No No. Nature of activities
2022-2023 2021-2022
1 Rescue and timely treatment of injured and helpless Birds and animal. 10.00 -
2 Providing and encouraging medical aid and treatment of poor, people, 10.00 -
rending medical care and advice through Gyan chetna eductional
society
3 Eduction and financial assistance to the children woman of weaker 20.10 -
section of society overall development and upliftment through Dnight
wings young foundation

2 42
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

43 STANDARD NOTIFIED BUT NOT YET EFFECTIVE

CORPOR ATE OVERVIEW

Recent pronouncements Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the
Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules,
2023, applicable from April 1, 2023, as below:

Ind AS 1 – Presentation of Financial Statements The amendments require companies to disclose their material accounting policies
rather than their significant accounting policies. Accounting policy information, together with other information, is material when
it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The Company does
not expect this amendment to have any significant impact in its financial statements.

Ind AS 12 – Income Taxes The amendments clarify how companies account for deferred tax on transactions such as leases and
decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind
AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and
deductible temporary differences. The Company is evaluating the impact, if any, in its financial statements.

Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors The amendments will help entities to distinguish
between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced
with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial
statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require
items in financial statements to be measured in a way that involves measurement uncertainty. The Company does not expect this

STATUTORY REPORTS
amendment to have any significant impact in its financial statements.

44 EVENTS AFTER BALANCE SHEET DATE

No adjusting or significant non-adjusting events have occurred between the reporting date and date of authorization of these
consolidated financial statements.

45 RECONCILIATION OF QUARTERLY BANK RETURNS-FY 2022-23

(i) Parent Company-FY 2022-23

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
Inventory 31st March 2023 9,605.11 9,602.77 2.34
Debtors 31st March 2023 8,127.24 8,082.25 44.99
Creditors-LC creditors 31st March 2023 7,903.60 7,804.69 98.91
only)
FINANCIAL STATEMENTS

Net Total 31st March 2023 25,635.95 25,489.71 146.24

Inventory 31st December 2022 7,211.43 7,201.77 9.66
Debtors 31st December 2022 7,023.47 6,966.21 57.26
Creditors-LC creditors 31st December 2022 (5,089.57) (4,961.91) (127.66)
only)
Net Total 31st December 2022 9,145.33 9,206.07 (60.74)
State Bank of India
Inventory 30th Septermber 2022 9,872.34 9,859.27 13.07
Debtors 30th Septermber 2022 11,734.37 11,723.74 10.63
Creditors-LC creditors 30th Septermber 2022 (12,372.36) (11,994.00) (378.36)
only)
Net Total 30th Septermber 2022 9,234.35 9,589.01 (354.66)
Inventory 30th June 2022 7,955.63 7,955.63 -
Debtors 30th June 2022 10,172.97 9,742.89 430.08
Creditors-LC creditors 30th June 2022 (9,823.51) (9,440.93) (382.58)
only)
Net Total 30th June 2022 8,305.09 8,257.59 47.50

243
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

45 RECONCILIATION OF QUARTERLY BANK RETURNS-FY 2022-23 (Contd..)

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
Inventory 31st March 2023 2,843.03 2,843.03 -
Debtors 31st March 2023 5,014.46 4,959.10 55.36
Creditors-Trade & LC 31st March 2023 (4,268.62) (4,268.62) -
creditors
Net Total 31st March 2023 3,588.87 3,533.51 55.36
Inventory 31st December 2022 4,765.64 4,765.64 -
Debtors 31st December 2022 5,227.29 5,227.29 -
Creditors-Trade & LC 31st December 2022 (3,142.92) (3,142.92) -
creditors
Net Total 31st December 2022 6,850.01 6,850.01 -
HDFC Bank
Inventory 30th Septermber 2022 6,430.19 6,430.19 -
Debtors 30th Septermber 2022 2,856.73 2,856.73 -
Creditors-Trade & LC 30th Septermber 2022 (4,751.05) (4,751.05) -
creditors
Net Total 30th Septermber 2022 4,535.87 4,535.87 -
Inventory 30th June 2022 6,837.84 6,825.08 12.76
Debtors 30th June 2022 8,273.51 6,972.46 1,301.05
Creditors-Trade & LC 30th June 2022 (9,548.56) (9,548.56) -
creditors
Net Total 30th June 2022 5,562.79 4,248.98 1,313.81

Note for discripencies

(a) The difference in inventory is due to goods in transit included in books of accounts which is not considered in DP
statements filled with bankers.

(b) The difference in creditors is due to Letter of credit taken in books of account on the basis of LC open with banks but in
DP statements are taken on baisis of acceptances.

(c) The difference in debtors is due to subsequent adjustment made in the books of account which is not considered in DP
statements filled with bankers.

(i). Parent Company-FY 2021-22

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
Inventory 31st March 2022 7,268.12 7,186.97 81.15
Debtors 31st March 2022 10,538.68 10,538.69 (0.01)
Creditors-LC creditors 31st March 2022 (2,555.87) (2,556.00) 0.13
only)
Net Total 31st March 2022 15,250.93 15,169.65 81.28
Inventory 31st December 2021 5,813.38 5,838.98 (25.60)
Debtors 31st December 2021 8,985.99 8,985.99 0.00
State Bank of India Creditors-LC creditors 31st December 2021 (1,988.01) (1,241.00) (747.01)
only)
Net Total 31st December 2021 12,811.36 13,583.96 (772.60)
Inventory 30th Septermber 2021 6,125.00 6,065.33 59.67
Debtors 30th Septermber 2021 7,608.39 7,608.39 (0.00)
Creditors-LC creditors 30th Septermber 2021 (1,872.70) (1,266.00) (606.70)
only)
Net Total 30th Septermber 2021 11,860.68 12,407.72 (547.03)

2 44
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

45 RECONCILIATION OF QUARTERLY BANK RETURNS-FY 2022-23 (Contd..)

CORPOR ATE OVERVIEW

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
Inventory 30th June 2021 4,216.34 4,174.91 41.43
Debtors 30th June 2021 4,360.22 4,386.14 (25.92)
Creditors-LC creditors 30th June 2021 (1,678.20) (1,221.00) (457.20)
only)
Net Total 30th June 2021 6,898.36 7,340.05 (441.69)
Inventory 31st March 2022 13,074.91 12,560.15 514.76
Debtors 31st March 2022 6,754.04 6,754.04 -
Creditors-Trade & LC 31st March 2022 (11,070.84) (11,070.84) -
creditors
Net Total 31st March 2022 8,758.11 8,243.35 514.76
Inventory 31st December 2021 9,817.62 9,553.49 264.13
Debtors 31st December 2021 7,596.88 7,596.68 0.20
Creditors-Trade & LC 31st December 2021 (10,932.30) (10,024.22) (908.08)
creditors
Net Total 31st December 2021 6,482.20 7,125.95 (643.75)
HDFC Bank
Inventory 30th Septermber 2021 4,712.11 4,625.84 86.26

STATUTORY REPORTS
Debtors 30th Septermber 2021 3,772.24 3,772.24 -
Creditors-Trade & LC 30th Septermber 2021 (3,117.41) (2,992.55) (124.85)
creditors
Net Total 30th Septermber 2021 5,366.93 5,405.52 (38.59)
Inventory 30th June 2021 4,556.09 4,562.70 (6.61)
Debtors 30th June 2021 2,610.07 2,610.08 (0.01)
Creditors-Trade & LC 30th June 2021 (2,600.91) (2,596.11) (4.80)
creditors
Net Total 30th June 2021 4,565.25 4,576.66 (11.42)

Note for discripencies

(a) The difference in inventory is due to goods in transit included in books of accounts which is not considered in DP
statements filled with bankers.

(b) The difference in creditors is due to Letter of credit taken in books of account on the basis of LC open with banks but in
DP statements are taken on baisis of acceptances.

(c) The difference in debtors is due to subsequent adjustment made in the books of account which is not considered in DP
statements filled with bankers.
FINANCIAL STATEMENTS

(ii). Subsidiaries Company-FY 2022-23

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
HDFC Bank Inventory 31st March 2023 23,028.56 23,028.56 -
Debtors 31st March 2023 30,774.64 30,746.01 28.63
Creditors-Trade & LC 31st March 2023 26,951.84 26,951.84 -
creditors
Net Total 31st March 2023 80,755.04 80,726.41 28.63
Inventory 31st December 2022 22,885.61 22,839.06 46.55
Debtors 31st December 2022 13,473.02 13,466.62 6.40
Creditors-Trade & LC 31st December 2022 (20,474.85) (20,474.85) -
creditors
Net Total 31st December 2022 15,883.78 15,830.83 52.95

245
 P G Elect r o p la st L i m i ted

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

45 RECONCILIATION OF QUARTERLY BANK RETURNS-FY 2022-23 (CONTD..)

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
Inventory 30th Septermber 2022 12,954.19 12,950.18 4.01
Debtors 30th Septermber 2022 2,741.53 2,741.53 -
Creditors-Trade & LC 30th Septermber 2022 (5,203.49) (5,203.49) -
creditors
Net Total 30th Septermber 2022 10,492.23 10,488.22 4.01
Inventory 30th June 2022 8,828.84 8,827.68 1.16
Debtors 30th June 2022 5,628.00 4,942.37 685.63
Creditors-Trade & LC 30th June 2022 (11,646.51) (11,647.28) 0.77
creditors
Net Total 30th June 2022 2,810.33 2,122.77 687.56

Note for discripencies

(a) The difference in inventory is due to goods in transit included in books of accounts which is not considered in DP
statements filled with bankers.

(b) The difference in debtors is due to amount receivable from group company which is not considered in DP statements
filled with bankers.

(ii). Subsidiaries Company-FY 2021-22

Amount as per
Amount as Amount of
Name of the Bank Particulars Quarter reported in
per books Difference
quarterly returns
Inventory 31st March 2022 8,301.88 8,114.20 187.68
Debtors 31st March 2022 5,502.96 5,502.96 -
Creditors-Trade & LC 31st March 2022 8,619.79 8,619.79 -
creditors
Net Total 31st March 2022 22,424.64 22,236.96 187.68
HDFC Bank
Inventory 31st December 2021 3,309.92 3,286.78 23.15
Debtors 31st December 2021 1,997.79 1,997.79 -
Creditors-Trade & LC 31st December 2021 3,605.61 3,605.96 (0.36)
creditors
Net Total 31st December 2021 8,913.31 8,890.53 22.79

Note for discripencies

(a) The difference in inventory is due to goods in transit included in books of accounts which is not considered in DP
statements filled with bankers.

2 46
 A n n u a l R e p ort 20 22 -23

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

46 OTHER STATUTORY INFORMATION

CORPOR ATE OVERVIEW

i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.

ii) The Group does not have any transactions with companies struck off Company.

iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

iv) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.

v) The Group is not a declared wilful defaulter by any bank or financial Institution or other lender, in accordance with the
guidelines on wilful defaulters issued by the Reserve Bank of India, during the year ended 31 March 2022 and 31 March 2021.

vi) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vii) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

STATUTORY REPORTS
viii) The Group does not have any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961.

FINANCIAL STATEMENTS

247
2 48
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

47 GROUP INFORMATION

The Consolidated financial statement of the group includes entities as mentioned below;

Net Assets i.e total assets Share in Other Share in Total Comprehensive
Ownership Share in profit and loss
minus total liabilities Comprehensive Income Income
S Country of interest
Name of entity Nature Year Ended As % of As % of Amount As % of Amount As % of
No. Incorporation held by the Amount (Rs. Amount (Rs.
consolidated consolidated (Rs. In consolidated (Rs. In consolidated
group In lakhs) In lakhs)
net assets net assets lakhs) net assets lakhs) net assets

(I) Parent
P G Elect r o p la st L i m i ted

PG Electroplast India Parent 31st March 90.55% 35,851.87 57.06% 4,419.98 -140.79% 4.28 57.13% 4,424.26
Limited Company 2023
31st March 98.63% 30,802.20 88.11% 3,296.78 135.95% 64.02 88.71% 3,360.80
2022
(II) Subsidiaries having
no non-controlling
interest
PG Technoplast India Wholly owned 100.00% 31st March 28.85% 11,423.48 43.09% 3,338.03 240.79% (7.32) 43.01% 3,330.71
Private Limited subsidiary 2023
100.00% 31st March 25.62% 8,000.57 13.37% 500.22 -35.95% (16.93) 12.76% 483.30
2022
PG Plastronics Private India Wholly owned 100.00% 31st March 0.00% 0.65 -0.01% (0.76) 0.00% - -0.01% (0.76)
Limited subsidiary 2023
100.00% 31st March 0.00% (0.60) -0.02% (0.60) 0.00% - -0.02% (0.60)
2022
PG Electroplast Controlled 100.00% 31st March 0.00% (0.24) 0.00% (0.25) - -0.00 (0.25)
Limited Employees Entity 2023
Welfare Trust
 Notes to the Consolidated Financial Statements
for the year ended 31st March, 2023 (All Amounts are in Rupees lakhs, unless otherwise stated)

47 GROUP INFORMATION (Contd..)

Net Assets i.e total assets Share in Other Share in Total Comprehensive
Ownership Share in profit and loss
minus total liabilities Comprehensive Income Income
S Country of interest
Name of entity Nature Year Ended As % of As % of Amount As % of Amount As % of
No. Incorporation held by the Amount (Rs. Amount (Rs.
consolidated consolidated (Rs. In consolidated (Rs. In consolidated
group In lakhs) In lakhs)
net assets net assets lakhs) net assets lakhs) net assets

100.00% 31st March - - - -

2022
Elimination on 31st March -19.40% (7,682.97) -0.13% (10.14) 0.00% - -0.13% (10.14)
Consolidation 2023
31st March -24.25% (7,572.37) -1.47% (54.87) 0.00% - -1.45% (54.87)
2022
Total - 31st March 100.00% 39,592.78 100.00% 7,746.86 100.00% (3.04) 100.00% 7,743.82
2023
Total - 31st March 100.00% 31,229.80 100.00% 3,741.54 100.00% 47.09 100.00% 3,788.63
2022

48 Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

As per our report of even date attached For and on behalf of Board of Directors
For S.S.Kothari Mehta & Company PG Electroplast Ltd
Chartered Accountants
Firm Registration No. 000756N

Amit Goel Anurag Gupta Vishal Gupta

Partner Chairman & Executive Director Managing Director - Finance
M. No. 500607 DIN-00184361 DIN-00184809

Place: Greater Noida, U.P. Sanchay Dubey Promod C Gupta

Dated:26th May,2023 Company Secretary Chief Financial Officer
ACS No:A51305

249
A n n u a l R e p ort 20 22 -23

FINANCIAL STATEMENTS STATUTORY REPORTS CORPOR ATE OVERVIEW

 P G Elect r o p la st L i m i ted

PG ELECTROPLAST LIMITED
CIN: L32109DL2003PLC119416
Regd. Office: DTJ-209, 2nd Floor, DLF Tower-B, Jasola, New Delhi-110025
Corp. Office: P-4/2 to 4/6, Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida, Dist. Gautam Budh Nagar, (U.P.)-201306
Email: [email protected] Website: www.pgel.in Phones: +011-41421439 / 0120-2569323

NOTICE OF THE 21ST ANNUAL GENERAL MEETING

NOTICE is hereby given that the 21st ANNUAL GENERAL SPECIAL BUSINESS:
MEETING of the members of PG ELECTROPLAST LIMITED (the
“Company”) will be held on Saturday, 30th day of September 3. TO APPROVE/RATIFY REMUNERATION OF THE COST
2023 at 02:00 PM through video conferencing or any other AUDITOR FOR THE FINANCIAL YEAR ENDING ON
audio-visual means to transact the following business: MARCH 31, 2024 and in this regard to consider and if
thought fit, to pass with or without modification(s), the
following resolution as an ORDINARY RESOLUTION:
ORDINARY BUSINESS:
“RESOLVED THAT pursuant to the provisions of Section
1. To receive, consider and adopt the Audited Financial
148 and other applicable provisions of the Companies
Statements (including Consolidated Financial Statements)
Act, 2013 read with Rule 14 of the Companies (Audit and
of the Company for the financial year ended on March 31,
Auditors) Rules, 2014 and Companies (Cost Records and
2023, the report of the Board of Directors and Statutory
Audit) Rules, 2014 (including any statutory modification(s)
Auditors thereon and in this regard to consider and if
or re-enactment thereof for the time being in force)
thought fit, to pass with or without modification(s), the
and other applicable provisions, if any, the Shareholders
following resolution as an ORDINARY RESOLUTION:
hereby ratify the approved remuneration of H 4,75,000/-
“RESOLVED THAT the Audited Financial Statements (Rupees Four Lakh Seventy-Five Thousand Only) plus
(including Consolidated Financial Statements) of the applicable taxes and reimbursement of out of pocket
Company for the financial year ended March 31, 2023 expenses to be paid to M/s Amit Singhal & Associates,
together with the Report of Board of Directors and the (Firm Registration No. 101073), Cost Accountants, to
Auditors thereon, laid before this meeting, be and are conduct audit of the cost records of the Company for the
hereby considered and adopted.” financial year ending on March 31, 2024 as approved by
the Board of Directors on recommendation of the Audit
2. To re-appoint Mr. Anurag Gupta (DIN:00184361) as a Committee of the Company.”
Director, who retires by rotation and, being eligible, offers
himself for re-appointment and in this regard to consider
and if thought fit, to pass with or without modification(s), By Order of Board of Directors
the following resolution as an ORDINARY RESOLUTION: of PG Electroplast Limited
“RESOLVED THAT pursuant to section 152 of the
Companies Act 2013, Mr. Anurag Gupta (DIN: 001824361),
who retires by rotation at this meeting and being eligible, Sd/-
has offered himself for re-appointment as director of the (Sanchay Dubey)
Company, be and is hereby reappointed as a Director of Date: September 07, 2023 Company Secretary
the Company, liable to retire by rotation.” Place: Greater Noida Membership No. A51305

2 50
 A n n u a l R e p ort 20 22 -23

NOTES:

a) Pursuant to the General Circular No. 10/2022 dated Depository Participants (DP). Changes intimated to the
December 28, 2022, issued by the Ministry of Corporate DP will then be automatically reflected in the Company’s
Affairs (MCA) and Circular SEBI/HO/CFD/PoD-2/P/ record which will help the Company and KFin Technologies
CIR/2023/4 dated January 5, 2023 issued by SEBI Limited, Registrar and Transfer Agent of the Company, to
(hereinafter collectively referred to as “the Circulars”), provide efficient and better services. Members holding
permitted the holding of the Annual General Meeting shares in physical form are also requested to intimate such
("AGM") through Video Conferencing/Other Audio Visual changes to the Company or KFin Technologies Limited.

NOTICE
Means ("VC/OAVM"), without the physical presence of the
Members at a common venue. Accordingly, the AGM of the h) Members holding shares in physical form are mandatorily
Company is being held through VC/OAVM. Instructions for required to dematerialize their holding in order to
attending the meeting through VC/OAVM and remote eliminate all risks associated with physical share
e-voting are attached. certificate. Members can contact the Company or its RTA
i.e. KFin Technologies Limited for further assistance.
b) In line with the various circulars, Notice of the AGM
is being sent only through electronic mode to those i) Members holding shares in physical form, in identical
Members whose email addresses are registered with the order of names, in more than one folio are requested to
Company/ Depositories (”DP”). Members may note that send to the Company's Registrar, the details of such folios
the Notice of AGM will also be available on the Company's together with the share certificates for consolidating their
website (www.pgel.in), website of BSE (www.bseindia. holdings in one folio. A consolidated share certificate
com), NSE (www.nseindia.com) and website of Registrar will be issued to such Members after making requisite
and Transfer Agent of the Company i.e., KFin Technologies changes.
Limited (www.evoting.kfintech.com).
j) In the case of joint holders, the Member whose name
c) Pursuant to the provisions of the Companies Act, 2013, appears as the first holder in the order of names as per
a member entitled to attend and vote at the Meeting is the Register of Members of the Company will be entitled
entitled to appoint a proxy to attend and vote on his/ to vote at the AGM.
her behalf and the proxy need not be a Member of the
k) Electronic copy of all documents referred to the
Company. Since this AGM is being held pursuant to the
accompanying Notice of AGM will be available for
aforesaid circulars through VC/OAVM, physical attendance
inspection by members in electronic mode at the
of Members has been dispensed with. Accordingly, the
Company’s website i.e. www.pgel.in.
facility for appointment of proxies by the Members will
not be available for the Annual General Meeting and hence l) The Company has a registered e-mail address investors@
the Proxy Form and Attendance Slip are not annexed to pgel.in for members to mail their queries or lodge
the Notice. Likewise, the Route Map is also not annexed complaints, if any. The Company endeavors to reply to
with this Notice. queries as soon as possible. The Company’s website
www.pgel.in has a dedicated section on Investors.
d) The attendance of the Members attending the AGM
through VC/OAVM will be counted for the purpose of m) The Securities and Exchange Board of India (SEBI) vide
reckoning the quorum under Section 103 of the Companies Circular (SEBI/HO/MIRSD/DOP1/CIR/P/2018/73) dated
Act, 2013. Members can attend and participate in the April 20, 2018 has mandated the submission of Permanent
Annual General Meeting through VC/OACM only. Account Number (PAN) and Bank details by every
participant in securities market. Members holding shares
e) Institutional / Corporate Shareholders (i.e. other than
in electronic form are mandatorily required to submit their
individuals / HUF, NRI, etc.) are required to send a scanned
PAN and Bank details to their depository participants with
copy (PDF/ JPG Format) of its Board or governing body
whom they are maintaining their Demat accounts. Members
Resolution/Authorization etc., authorizing its representative
holding shares in physical form can submit their PAN and
to attend the AGM through VC / OAVM on its behalf and
Bank details to the Company/RTA. Shareholders who have
to vote through remote e-voting. The said Resolution/
not updated their details are requested to send their PAN
Authorization shall be sent to the company by email through
and Bank details in terms of the above said SEBI Circulars.
its registered email address at [email protected].
n) Pursuant to Section 72 of the Companies Act, 2013,
f) Explanatory Statement pursuant to Section 102 of the
member(s) of the Company may nominate a person in
Companies Act, 2013 is attached and forms part of this
whom the shares held by him/them shall vest in the event
notice.
of his/ their unfortunate death. Member(s) holding shares
g) Members holding shares in electronic form are requested in physical form may file nomination in the prescribed
to intimate all changes pertaining to their bank particulars, Form SH-13 with the Company’s RTA. In respect of shares
nominations, power of attorney, change of address, change held in dematerialized form, the nomination form may be
of name, email address, contact numbers, etc., to their filed with the respective Depository Participant.

251
 P G Elect r o p la st L i m i ted

o) Members of the Company holding shares either in s) The Scrutinizer shall, immediately after the conclusion
physical form or in electronic form as on the cut-off of e-voting at the AGM, thereafter unblock the votes
date i.e. Friday, September 22, 2023 may cast their cast through remote e-voting and make, not later than
vote by remote e-Voting. The remote e-Voting period 2 working days of conclusion of the AGM, a consolidated
commences on Tuesday, September 26, 2023 at 9.00 a.m. Scrutinizer Report of the total votes cast in favour or
(IST) and ends on Friday, September 29, 2023 at 5.00 against, if any, to the Chairman or a person authorised by
p.m. (IST). The remote e-Voting module shall be disabled him in writing, who shall countersign the same.
by NSDL/CDSL for voting thereafter. Once the vote on a
resolution is cast by the Member, the Member shall not t) The Results declared along with the Scrutinizer’s Report
be allowed to change it subsequently. The voting rights of shall be placed on the website of the Company at www.
the Members (for voting through remote e-Voting before/ pgel.in and on the website of BSE Limited at www.bseindia.
during the AGM) shall be in proportion to their share of com and National Stock Exchange of India Limited at
the paid-up equity share capital of the Company as on the www.nseindia.com and on the website of KFin at https://
cut-off date, i.e., Friday, September 22, 2023. evoting.kfintech.com, immediately after the declaration
of Result by the Chairman or any person authorized by him
p) Members having any question or query related to agenda/ in writing.
business of AGM are requested to write to the Company
Secretary on the Company's investor email-id investor@ u) Subject to receipt of requisite number of votes, the
pgel.in during the period starting from Tuesday, September Resolution shall be passed on Saturday, September 30,
26, 2023 (09:00 a.m. IST) up to Thursday, September 28, 2023.
2023 (5:00 p.m. IST), so as to enable the management to
v) The Members can join the AGM in the VC/OAVM mode
keep the information ready. Please note that members
15 minutes before and after the scheduled time of the
questions will be answered only if they continue to hold
commencement of the Meeting by following the procedure
the shares as of Friday, September 22, 2023, i.e. the cut-off
mentioned in the Notice. The facility of participation at the
date for e-voting.
AGM through VC/OAVM will be made available to at least
q) Pursuant to the provisions of Section 108 of the 1000 members on a first come first served basis. This will
Companies Act, 2013 read with Rule 20 of the Companies not include large Shareholders (Shareholders holding 2%
(Management and Administration) Rules, 2014 (as or more shareholding), Promoters, Institutional Investors,
amended) and Regulation 44 of SEBI (Listing Obligations Directors, Key Managerial Personnel, the Chairpersons
& Disclosure Requirements) Regulations, 2015 (as of the Audit Committee, Nomination and Remuneration
amended), and the Circulars issued thereof, the Company Committee and Stakeholders Relationship Committee,
is providing facility of remote e-voting to its Members in Auditors etc. who are allowed to attend the AGM without
respect of the business to be transacted at the AGM. restriction on account of first come first served basis.

As per the SEBI circular dated December 9, 2020 on w) The Company has been allotted ISIN INE457L01011 by
e-voting facility, individual members holding securities CDSL and NSDL (for dematerialization of the company’s
in Demat mode are allowed to vote through their demat shares. We hereby request all the members to get their
account maintained with Depositories (NSDL/CDSL) and shares dematerialized.
Depository Participants. Members are advised to update
their mobile number and email Id in their demat accounts INSTRUCTIONS FOR REMOTE E-VOTING FOR AGM
in order to access e-voting facility. THROUGH VC/OAVM:
Individual members holding securities in physical mode Login method for remote e-voting: Applicable only for
are allowed to vote through e-voting platform https:// Individual shareholders holding securities in Demat Form.
evoting.kfintech.com. Other members except individual
members are also allowed to vote through e-voting As per the SEBI circular dated December 9, 2020 on e-Voting
platform https://evoting.kfintech.com. facility provided by Listed Companies, Individual members
holding securities in Demat mode are allowed to vote through
r) Ms. Puja Mishra of M/s Puja Mishra & Co., a Practicing their demat account maintained with Depositories and
Company Secretary (ACS No. 42927, C.P. No.:17148), Depository Participants. Members are advised to update their
has been appointed as “Scrutinizer” to scrutinize the mobile number and email Id in their demat accounts in order to
e-Voting process in a fair and transparent manner and she access e-voting facility.
has communicated her willingness to be appointed.

2 52
 A n n u a l R e p ort 20 22 -23

Login method for Individual member holding securities in demat mode given below:
Amount in lakh
NSDL CDSL
1 User already registered for the IDeAS facility: 1. Existing user who have opted for Easi / Easiest

I. URL: https://eservices.nsdl.com I. URL: https://web.cdslindia.com/myeasinew/home/login

II. Click on the “Beneficial Owner” icon under ‘IDeAS’ or
section. URL: www.cdslindia.com

NOTICE
III. On the new page, enter User ID and Password.
II. Click on New System Myeasi
Post successful authentication, click on “Access to
e-Voting” III. Login with user id and password.

IV. Click on company name or e-Voting service provider IV. The option will be made available to reach e-Voting page
and you will be re-directed to e-Voting service without any further authentication.
provider website for casting the vote during the V. Click on e-Voting service provider name to cast your vote.
remote e-Voting period. 2. User not registered for Easi/Easiest

2. User not registered for IDeAS e-Services I. Option to register is available at https://web.cdslindia.
com/myeasitoken/Registration/EasiestRegistration
I. To register click on link: https://eservices.nsdl.com
II. Proceed with completing the required fields.
II. Select “Register Online for IDeAS”
3. By visiting the e-Voting website of CDSL
III. Proceed with completing the required fields.
I. URL: www.cdslindia.com
3. User not registered for IDeAS e-Services
II. Provide demat Account Number and PAN No.
I. To register click on link: https://eservices.nsdl.com/ III. System will authenticate user by sending OTP on
SecureWeb/IdeasDirectReg.jsp registered Mobile & Email as recorded in the demat
II. Proceed with completing the required fields. Account.
4. By visiting the e-Voting website of NSDL IV. After successful authentication, the user will be provided
links for the respective ESP where the e- Voting is in
I. URL: https://www.evoting.nsdl.com/ progress.

II. Click on the icon “Login” which is available under

‘Shareholder/Member’ section.

III. Enter User ID (i.e. 16-digit demat account number

held with NSDL), Password/OTP and a Verification
Code as shown on the screen.

IV. Post successful authentication, you will be redirected

to NSDL Depository site wherein you can see e-Voting
page.

V. Click on company name or e-Voting service provider

name and you will be redirected to e-Voting service
provider website for casting your vote during the
remote e-Voting period.

Individual members (holding securities in demat mode) login through their depository participants.

Members can also login using the login credentials of your demat account through your Depository Participant registered with
NSDL/CDSL for e-Voting facility. Once login, you will be able to see e-voting option. Click on e-Voting option and you will be
redirected to NSDL/CDSL Depository site after successful authentication. Click on company name or e-Voting service provider
name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-voting period.

253
 P G Elect r o p la st L i m i ted

IMPORTANT NOTE:

Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at
above mentioned website.
Amount in lakh
Members facing any technical issue – NSDL Members facing any technical issue - CDSL
Members facing any technical issue in login can contact NSDL Members facing any technical issue in login can contact CDSL
helpdesk by sending a request at [email protected] or call helpdesk by sending a request at helpdesk.evoting@cdslindia.
at toll free no.: 18001020 990 and 1800224430 com or contact at 022-23058738 or 22-23058542-43.

A. Instructions for remote e-voting for Physical cases can login multiple times and vote until they confirm
(Shares held in Physical Mode): the voting on the resolution by clicking “SUBMIT”.

I. Launch internet browser by typing the URL: https:// XI. Corporate/institutional members (i.e. other than
evoting.kfintech.com individuals, HUF, NRI, etc.) are required to send
scanned image (PDF/ JPG format) of certified true
II. Enter the login credentials provided in the email and copy of relevant board resolution/authority letter,
click on Login. etc. together with attested specimen signature of the
duly authorised signatory(ies) who is/are authorised
III. Password change menu appears when you login for
to vote, to the Scrutiniser through email at and may
the first time with default password. You will be
also upload the same in the e-voting module in their
required to mandatorily change the default password.
login. The scanned image of the above documents
IV. The new password should comprise of minimum 8 should be in the naming format ‘PGE_EVENT No’
characters with at least one upper case (A- Z), one
XII. In case of any queries/grievances, you may refer the
lower case (a-z), one numeric value (0-9) and a special
Frequently Asked Questions (FAQs) for Members at
character (@, #, $, etc.,).
https://evoting.kfintech.com/public/Faq.aspx or call
V. Update your contact details like mobile number, KFin on 1-800-309-4001 (toll free).
email address, etc. if prompted. You may also enter
In case e-mail ID of a Member is not registered with
a secret question and answer of your choice to
the Company/ Depository Participant(s), then such
retrieve your password in case you forget it. It is
Member is requested to register/ update their e-mail
strongly recommended not to share your password
addresses with the Depository Participant (in case of
with any other person and take utmost care to keep it
Shares held in dematerialised form) and inform KFin
confidential.
at the email ID [email protected] (in case of
VI. Login again with the new credentials. Shares held in physical form):

VII. On successful login, the system will prompt you to (i) Upon registration, Member will receive an e-mail
select the “EVENT” i.e. “PG Electroplast Limited.” from KFin which includes details of E-Voting
Event Number (EVEN), USER ID and password.
VIII. On the voting page, enter the number of shares
(which represents the number of votes) as on the (ii) Please follow all steps from Note A above to cast
Cut-off date under “FOR / AGAINST” or alternatively, your vote by electronic means.
you may partially enter any number in “FOR” and
partially “AGAINST” but the total number in “FOR / INSTRUCTIONS FOR VOTING AT AGM:
AGAINST” taken together shall not exceed your total
shareholding as mentioned above. If the member a. Only those members/shareholders, who will be present in
does not indicate either “FOR” or “AGAINST” it will be the AGM through VC/OAVM and have not cast their vote
treated as “ABSTAIN” and the shares held will not be through remote e-voting and are otherwise not barred
counted under either head. from doing so are eligible to vote through e-voting at the
AGM.
IX. Members holding multiple folios s may choose to vote
differently for each folio / demat account. b. However, members who have voted through remote
e-voting will be eligible to attend the AGM.
X. You may then cast your vote by selecting an appropriate
option and click on “Submit. A confirmation box will c. Members attending the AGM shall be counted for the
be displayed. Click “OK” to confirm or “CANCEL” purpose of reckoning the quorum under section 103 of
to modify. Once you confirm the voting on the the Act.
resolution, you will not be allowed to modify your
vote thereafter. During the voting period, members d. Upon declaration by the Chairman about the
commencement of e-voting at AGM, members shall click

2 54
 A n n u a l R e p ort 20 22 -23

on the thumb sign on the left bottom corner of the video e. While all efforts would be made to make the VC/OAVM
screen for voting at the AGM, which will take them to the meeting smooth, participants connecting through mobile
'Instapoll' page. devices, tablets, laptops, etc. may, at times, experience
audio/video loss due to fluctuation in their respective
e. Members may click on the 'Instapoll' icon to reach the networks. Use of a stable Wi-Fi or LAN connection can
resolution page and follow the instructions to vote on the mitigate some of the technical glitches.
resolution(s).
f. Members, who would like to express their views or ask
questions during the AGM will have to register themselves

NOTICE
INSTRUCTIONS FOR MEMBERS FOR ATTENDING/
as a speaker by visiting the URL https://emeetings.kfintech.
JOINING THE AGM:
com/ and clicking on the tab 'Speaker Registration' during
a. Members will be able to attend the AGM through VC/ the period starting from Tuesday, September 26, 2023
OAVM or view the live webcast of AGM provided by KFin (09:00 a.m. IST) up to Thursday, September 28, 2023
at https://emeetings.kfintech.com/ by clicking on the tab (5:00 p.m. IST). Only those members who have registered
'Video Conference' and using their remote e-voting login themselves as a speaker will be allowed to express their
credentials. The link for AGM will be available in member views/ask questions during the AGM.
login, where the EVENT and the name of the Company
The Company reserves the right to restrict the number
can be selected. Members who do not have User ID and
of speakers depending on the availability of time for the
Password for e-voting or have forgotten the User ID and
AGM. Please note that only questions of the members
Password may retrieve the same by following the remote
holding the shares as on cut-off date will be considered.
e-voting instructions mentioned under heading A above.
g. A video guide assisting the members attending AGM either
b. Members are encouraged to join the meeting through
as a speaker or participant is available for quick reference
Laptops with Google Chrome for better experience.
at https://emeetings.kfintech.com/.
c. Further, members will be required to allow camera, if any,
h. Members who need technical assistance before or during
and hence use internet with a good speed to avoid any
the 21st AGM can contact KFin at emeetings@kfintech.
disturbance during the meeting.
com or helpline – call KFin on 1-800-309-4001 (toll free).
d. Members may join the meeting using earphones for better
sound clarity.

255
 P G Elect r o p la st L i m i ted

ANNEXURE TO NOTICE: EXPLANATORY STATEMENT PURSUANT

TO SECTION 102(1) OF THE COMPANIES ACT, 2013:

Item No. 3:

The Board of Directors of the Company has appointed M/s Amit Singhal & Associates, Cost Accountants (Firm Registration No:
101073), as Cost Auditors of the Company to audit cost records for the financial year ending on March 31, 2024. The remuneration
payable to M/s Amit Singhal & Associates, Cost Auditors of the Company for the financial year ended March 31, 2024 was
recommended by the Audit Committee to the Board of Directors and subsequently, was considered and approved by the Board of
Directors at its meeting held on August 04, 2023.

In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the
remuneration payable to the Cost Auditor has to be ratified by the shareholders of the Company. Accordingly, the consent of the
shareholders is sought to pass an ordinary resolution for approval of remuneration payable to Cost Auditors as set out at Item No.
3 of the notice.

None of the Directors and Key Managerial Personnel of the Company and their relatives is interested or concerned in the said
resolution for their appointment.

By Order of Board of Directors

of PG Electroplast Limited

Sd/-
(Sanchay Dubey)
Date: September 07, 2023 Company Secretary
Place: Greater Noida Membership No. A51305

2 56
 A n n u a l R e p ort 20 22 -23

Additional information on Director seeking re-appointment at the

Annual General Meeting
Particulars Anurag Gupta
Date of Birth May 27, 1969
Age 54 years
Date of first March 17, 2003

NOTICE
appointment on the
Board
Qualification He holds bachelor’s degree in computer engineering & science from M. S. Ramaiah Institute of Technology,
Bangalore University in 1991.
Industrial Experience He started his career in 1992, with M/s PG Electronics (a partnership firm in the Promoter Group) as a
Partner, where he was responsible for manufacturing of TV components. In 1999, he joined Kushang
Technologies Limited (formerly Kushang Apparels Limited) as a Director, where he was responsible for
all technical functions of the Company.
Association with He joined our Company as Promoter Director in 2003 and became Executive Director - Technical in 2010.
the Company & Job Currently, he is associated as Whole-Time Director of the Company for a period of 3 (three) years, from July
Profile 15, 2022 to July 14, 2025. His responsibilities in our Company include development and implementation of all
technical policies & procedures including all associated production and post-production services, monitoring
of plant & machineries required for production and quality assurance and technology up-gradation as and
when required, executing research & development activities, establishing and supervising operations and
maintenance routines (preventive, general & emergency) and ensuring strict adherence to our quality assurance
policy. He is also the Chairman of the Board of Directors of the Company as well as at all the general meetings
of the members of the Company.
No. of share held in 29,91,201 (11.49% of paid-up capital)
the Company
Directorship held in - Kushang Technologies Limited
other Companies - P.G.Appliances Private Limited
- Vrinda Infotech Private Limited
- PG Infotel Private Limited
- PG Technoplast Private Limited
- PG Plastronics Private Limited
- Goodworth Electronics Private Limited
Membership/ NIL
Chairmanship of
Committees of other
Companies
Attendance in Board 7 out of 7 Board meetings attended during FY 2022-23.
meetings held during
FY 2022-23

Mr. Anurag Gupta is a relative (Brother) of Mr. Vishal Gupta, Managing Director-Finance and Mr. Vikas Gupta, Managing Director-
Operations of the Company and have no inter-se relationship between other members of the Board and Key Managerial Personnel
of the Company.

For any other information related to Mr. Anurag Gupta, refer to the Report on Corporate Governance, which forms part of this
Annual Report FY 2022-23.

257
Notes
Notes
Notes
PG ELECTROPLAST LIMITED
(CIN: L32109DL2003PLC119416)
Registered office: DTJ209, 2nd Floor, DLF Tower-B, Jasola,
New Delhi - 110025, India
Email: [email protected]/[email protected]
Tel-Fax.: +91 11 41421439
Corporate Office: P-4/2 to 4/6, Site-B, UPSIDC Industrial Area,
Surajpur, Greater Noida, District Gautam Budh Nagar,
Uttar Pradesh - 201306, India
Telephone No: +91 120 2569323
Fax No.: +91 120 2569131
Website: www.pgel.in