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PANTIIER,••• ,1.,Al"8BII~1Sa LIII11EI

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za,ANNUAL REPORT

2010-2011

Board of DirectorsNotice to ShareholdersDirectors' ReportAuditors' ReportBalance SheetProfit and Loss AccountNotes Forming Part of the AccountsBalance Sheet Abstract & Company'sGeneral Business ProfileCash Flow Statement

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3-56-7

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10-1516

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ANNUAL REPORT 201 0-2011

BOARD OF DIRECTORS Shri. Kirtikumar N. ParekhShri. Kartik K. ParekhShri. Kaushik C. Shah

AUDITORS S. Kumar Jain & Co.Chartered Accountants

BANKERS Bank of IndiaCanara BankOriental Bank of CommerceMadhavpura Mercantile Co-op Bank LimitedUnited Bank of IndiaAxis BanklOBI BankThe Royal Bank of ScotlandHOFC Bank Ltd.

REGISTERED OFFICE First Floor, Radha Bhavan,..121, Nagindas Master Road,Mumbai 400 023.

REGISTRAR AND TRANSFER AGENTS Link Intime india Pvt LimitedC-13, Pannalal Silk Mills Compound,L.B.S. Marg, Bhandup 01'1),Mumbai - 400 078.

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'ANTHER.".'STlllAl'.DDlleTSl.".rE.

Notice is hereby given that lWENTY THIRDANNUAL GENERAL MEETING of themembers of the Panther Industrial ProductsLImited will be held on Thursday, 29"September, 2011 at M. C. Ghia Hall (N. J. NairConference Room), Bhogllal HargovlndasBuilding,4"' Floor, 18120, Kaikhushru DubashMarg, Mumbal- 400 001 at 11.00 a.m. for thepurpose of transacting following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt AuditedBalance Sheet as at 3101 March, 2011 andProfit and Loss Account for the year ended3111 March, 2011 and the Report of Directorsand Auditors thereon.

2. ToAppoint Director in place of Shri KirtikumarN. Parekh, who retires by rotation at ensuingAnnual General Meeting and being eligible,offers hlmselffo reappointment

3. To appoint Auditors to hold office from theconclusion of this meeting until the conclusionof next Annual General Meeting and to fix theirremuneration,

By order of the Board of DirectorsFor Panther Industrial Products LImited

Kaushlk C. Shah(Director)

Place: MumbaiDate: 27" May, 2011

lteglstered office:First Floor, Radha Bhuvan,121 Naglndas Master Road,Fort, Mumbai - 400 023

NOTICE'Note":(1) A MEMBER ENTITLED TO ATIEND AND

VOTEATTHE MEETING IS ENTITLED TOAPPOINT A PROXY TO ATIENDAND VOTE INSTEAD OF HIMSELF ANDTHE PROXY NEED NOT BE A MEMBEROF THE COMPANY.A proxy In order to beoffective should be deposlted at theRegistered office of the Company at least~8 hours before the meeting.

(2) The Register of Members will remainclosed (Book Closure) on 27" September,2011 to 28"' September, 2011 for thepurpose of Annual General Meeting.

(3) Members are requested to bring theirattendance slip alongwith copy of theBalance Sheet duly filled Infor attending themeeting.

(4) Members are requested to notify changes,if any, in their registered address immedi-otely at the company's registered office.

(5) Members are requested to send In theirquertes, If any, at least 10 days in advanceof the meeting, so that the Information canbe made available at the meeting.

By order of the Board of DirectorsFor Panther Industrial Products Umlted

Kaushlk C. Shah(Director)

Place: MumbalDate: 27" May, 2011

Registered office:First Floor, Radha Bhuvan,121 Naglndas Master Road,Fort, Mumbal - 400 023

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ANNUAL REPORT 2010·2011DIRECTORS REPORT

To,The MembersPANTHER INDUSTRIAL PRODUCTS UMITEDMumbai.

Dear SirlMadam,

Your Directors take pleasure in presenting 23" Annual Report with the audited accounts for the yearended 3111March,2011.

FINANCIAL RESULTS :

PARTICULARS 2010·2011Rs. In Lacs

2009·2010Rs. In Lacs

Net Income 1( Loss) from operationsLess: ExpensesProfit 1(Loss) before Interest and Depreciation'Less: Interest

DepreciationProfit 1(Loss) Before TaxLess: Provision for Income TaxProfit 1(Loss) After TaxAdd! (Loss) Brought Forward from Last YearAdd 1 (Less) Prior period Adjustment (Taxation)Balance Carried to the Balance SheetEquity Share Capital ( Rs. 10/- per share)Preference Share Capital (Rs. 10/- per share)(The above figures has been rounded off to nearest one)

0.003.04

0.005.05

(3.04)NIL1.87

(5.05)

NIL0.38

(4.91)NIL

(5.43)NIL

(4.91)823.74

NIL918.83140001

(5.43)929.17

NIL923.7414000

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DIVIDEND:In order to conserve the resources of the Company, your Directors do not recommend payment ofdividend, for the current year.

REVIEW OF OPERATIONS:During the year under review, the Company has not earned any Income.

MANAGEMENT PERCEPTION TOAUDITORS QUALIFICATION:The observations made by the auditors In their report In respect of the Internal Audit System andothers, read together with the notes to accounts are self explanatory and do not can for the furtherexplanation, however the following be noted as further clarification:

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PANTHERI•• ,.rIlIAL'1I11.IIer.

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Note B (4) of Schedule JSundry debtors and Loans and advances unsecured and considered good Include Rs.9,97,94,054/-and Rs.7,78,25,OOO/-, respecUvely due from an associates companies. The Management Is takingsteps to ensure recovery of the amount and Is confident that the said advances shall be fullyrecovered and no provision Is presently considered necessary.The unsecured Interest free loan granted by the Company to companies under the samemanagement with understanding that the same has been granted for temporary period andrecoverable on demand, hence the same is not prejudicial to the interest of the Company.As regard to Annexure to the Auditors Report. Clause 7, the internal audit system of the company. TheCompany has no formallntemal audit system, but the management Is of the opinion that the Internalcontrols and Internal checks Installed by the Management adequately serve as subsUtutesfor Internalaudit systems.

PUBLIC DEPOSITS:During the year under review, the Company has not accepted any deposit within the meaning ofsection 58Aofthe Companies Act, 1956, road together with the Companies (Acceptance of Deposits)Rules, 1975.

DIRECTORS:Shrl K1rtikumar N. Parekh, Director of the Company who Is liable to reUre by rotaUon and beingcfigible, offer himself for reappointment.

AUDITORS:MIs. S. Kumar Jain & Co., Chartered Accountants, Mumbal Statutory Auditors of the Company whoreUreat the ensuing Annual General Meeting & being eligible offer themselves for reappointment..As regards to the observation made by the auditor In their report, the same read together with notesto accounts attached to the statement of accounts are self explanatory and do not call for furtherexplanation and Directors has nothing more to add as explanation to the auditors observation.

DIRECTORS'RESPONSIBILITYSTATEMENT:Pursuant to sub-section (2M) of Section 217 of the Companies Act, 1956, the Board of Directorsof the Company hereby state and confirm that:I) Inthe preparation of theAccounts for the Financial year ended 31" March, 2011, the

applicable accounting standards had been followed along with proper explanation relatingto material departures;

Ii) the Directors had selected such accounting policies and applied them conSistently and madeJudgements and estimates that are reasonable and prudent so as to give a true and fair view of

• the state of affairs of the Company at the ond of the financial year and of the profit of theCompanyforthat period;

Iii) the Directors had taken proper and .sufficient care for the maintenance of adequate accounting. records In accordance with the provisions of the Companies Act, 1956 for safeguarding theassets of the Company and for preventing and detecting fraud and other Irregularities;

Iv) the Directors had prepared the annual accounts on a going concern basis.

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ANNUAL REPORT 2010-2011CORPORATE GOVERNANCE:Since the paid up capital of the company Is less then Rs.3,OO,OO,OOO/- mandatory provisions of theCorporate Go.Jeriuln<:eunder Clause 49 of the Llsting~'reement are not applicable to the corttpariy: .However as measure of good corporate governance practice, the company has voluntarily Initiated tothe extent possible, considering constitutions of Board and activities of the Company, steps towardsthe compliance of the same.

HUMAN RESOURCES:There are no employees covered under the limits as specified under section 217 (2A) of theCompanlesAct, 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGEEARNING AND OUTGO.:The information required under section 217 (I)(e) of the Companies Act, 1956 read with Companies(Disclosuras of Particulars In the Report of the Board ofDirectors) Rule, 1988 is as follows.

1. Conservation of Energy : NA.2. TechnoiogyAbsorption, -: NA

Adoption and innovation3. Foreign Exchange Earnings : NIL4. Foreign Exchange Outgo : NIL

COMPUANCECERnRCATE:The Company Is unable to obtained Compnanca Certificate required under section 383(1A) of theCompanies Ad, 1956, as the assignment of the Secretarial Audit has not been accepted by anyprofessional having membership of Institute of Company Secretaries of India.The Company has beentrying to engage a Company Secretary from the date became applicable to the company but in vain.However, the company shall continue to try and engage a Company Secretary who could accept theassignment and report shall befumlshed accordingly. r

ACKNOWLEDGEMENT:The Directors .would Dke to place on record their sIncere appreciation for the continued supportreceived from shareholders, bankers, \egaladvisors and all other connected with the business of theCompany, for their outstanding contribution In the activities of the Company.

By order of the Board of DirectorsFor Panther Industrial Products UmHed

Klrtlkumar N. Parekh(Director)

Kaushlk C. Shah(DIrector)

Place: MumbaiDate: 27"May,2011Registered OffIce:First Aoor, Radha Bhuvan,121NagindasMasterRoad,Fort.Mumbal-400 023

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PANTHER' •• III'.UL',III"e"L''''TEI

AUDITORS' REPORT TO THE MEMBERS OFPANTHER INDUSTRIAL PRODUCTS LIMITED

We have audited the attached balance sheet of Panther Industrial Products Ud as at 31- March, 2011 and alsothe annexed profit and loss account and the cash flow statement of the Company for the year ended on that date.These tinancialatatements are the responsibility of the Company's management Our responsibility Is to expressan opinion on these tinanclal statements based on our audit1. We conducted our audit In accordance with auditing standards generelly accepted In india. Those standards

require that we plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement An audit Includes examining, on a test basis, evidencesupporting the amounts and disclosures In the tinanclal statements. Iv! audit also Includes, assessing theaccounting principles used and significant estimates made by management, as welles evaluating the overanpresentation of the flllancial statements. We beneve that our audit provides a'reasonable basis for our opinion.

2. As requited by The Companies (Auditor's Report) Order, 2003 Issued by the Central Government In terms ofsection 227(4A) of the Companies Act. 1956, we annox hereto a statement on the matters specllled Inparagraphs 4 and 5 of the said Order,

3. Further, to our comments In paragraph 2 above, we report that(a) We have obtained all the Information and explanations which to the best of our knowledge and belief

were necessaryforthe purposes of our audit;(b) In our opinion, proper books of account as required by law have been kept by the Company 10 far as

appears from our examination of the books;(c) The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by the report are In

agreementwlth the books of account;(d) In our opinion, the Balance Sheet, Profit and Loss Account and cash flow statement compOes In an

material respect with Accounting Standards referred to in Section 211(3C) of the CompaniesAct. 1956;(e) On the basis of written representations received from the directors of the Company as at31-March, 2011

and taken on record by the Board of Directors, Vie report that no director Is disqualified from beingappointed as director of the Company under clause (g) of sub-6ectlon (1) of section 274 of theCompanlesAct, 1956.

(f) In our opinion and to the best of our Information and according to the explanations given to us, theaccounts subject to-(1) Refer Note 8(4) of Schedule J regarding sundry de!Jtors and loans and advances considered goodand recoverable by the management Rs 9,97,94,054 and Rs 7,78,25,000 due from certain companies.Though the Company Is confident of recovety. In view of huge losses and uncertaInty In the businessoperations of such companIes, we are unable to express an opInIon with regard to recoverabnityof suchadvances.(II) In view of our comments In para abova, the said accounts, read with the Notes to Accountsappeerfng In the Schedule J give a true and faIr view In conformity with the accounting principlesgeneraUyaccepted In India:give the information required by the Companies ~ 1956 In the manner so required and give a trueand fairview Inconformltywlth the accounting principles generally accepted In India:-Q) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011.QI) In the case of the Profit and Loss Account, of the loss for the yearonded on that date.

and• QH) In the case of cash flow statement, of the cash flows forthe year ended on that date.

For S. KUMAR JAIN & COChartered Accountants

Mumbal, 2"'" May, 2011

SANJAYJAINProprietor

MembershIp no 39938

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ANNUAL REPORT 201 0-2011ANNEXURE TO THE AUDITORS' REPORT

(Referred to In paragraph (2) of our Report of even date)1. The nature of Company's activitie. during the year under report have been such that the l'8qunmenlll of clauses 4 (1i)and (xJIi)of

the Order are not applicable to the Company. .2. (a) The Company has makltantaIned properracords ~ full par1IcuIars, IncIuc!IrlI quanlltatlYa deCals and duaUon dllxad assatas.

(b) According to ilia Infonnatlon and explanations given to us. the 1Ixed assets have been physIcaIy ver1fted by the managementduring !he year. We are Infonned that no meterial discrepancies were noticed by the management on euch verification.

3. (a) The Con'clenY has granIBd .., UI1SeClI'IKI loa1. b a CIX1'C*1Yc:overed In bI RegistIIr mai1IaIned IRIer IIedIon 301 of f1e~AcI, 1956 and the ~ended baIa10e Is Rs 7.78;1S.fX1J.(b) The rate of Interest and other tenns and conditions on which loans ara given are not. prima facie prejudicial to the Interest of

the Company.(e) The Company has teken Interest-free unsecured loans from a company covered In the register maintained under eectIon

301 ofllle CompaniesAct. 1956. There are no transactions during the year and the yearencled balance is Rs. 1.35.000.(eI) The rate of Interast and other tenns and conditions on which loans have been taken are not. prima facie, prejudicial to the

InterestoftheCompany.(e) Tll«9 is no repayment,chodule s;lGCffied fortlle principal amounts ofloana taken III1d tile laid loans are Interestfree.

4. In our opinion and according to the Wonnation end explanations given to w. there 81'1I IIdequate Internal control systemscommensutale with the size of the Comj)Bny and the nature of its business with regard to purchases of Inventory, fixed assets andwith regard to sale of goods. However; durfng the yeerthefV Is/lO purr;/lasa of IrIv&nlOly. fixed 8$118/sand cafa 0 f goo dB andtherefore MI have nelthercome actOS.S norMl have bean Informed of anywea/cn1lSS In intemal control.

5. (a) Accotdlng to the InfolTllllllon ant: explarurtions given to us, we are of the opinion that the particulars of contracts or arrangementsthat need to be enterec:: lntol!1e roglstermalntalnec:: undersec:tion 301 of the Comj)8l1lesAct. 1956 have been so entereet

(b) In our opinion and o=rding to the Information ond explanations given to us. t••.•ere are no transac:ions made In pur:;uence orconlnlcts or anangements entered In the register maintained under section 301 of the Companies Act. 1956 and exceedingthe value of rupeea five lacs In respect of eny party ~urfng the yaar. .

6. In 01.1'cpInIon and IICCOI'IIniI to the WonnaIIon and ax;D1a5ons gfwIn b us. the Company has mt -=cepIIId any cIepoeI from \he pIbIcwtil h ~ d eeCions 5&Aand 58Ma-anyolherreleva1l provIsIonsdthe ~Act. 1956 and the lUes fiwned there under.

7. The CompanydoN not have a foImaJ Intema/aud'rt 8y$tems. The Company has no Intsmalaud'it system. However. In our opinion.the Intarnal contrcts ant: Internal checks Installed by the l.4anagementadequately serve as substitutes forlnternalaudlt systems.

8. The Central Government has not prescribed malnten£nca of cost records under sedfon 209(lXeI) oftheAcl9. (a) hx:ording to the Infonnalion and explanations given to us, 11111Company Is generally regIUr In ~lIposItIng undl8puted

Gtatutory dues i1cIuding provident f.:nc::. employaes' £'.3I.e insurance, Investor education and pt'IIIedIon fund. 1ncomHax. saIe8tax. wealth lax, sarvtce tax. custom ~uty. txcIse duty. cess and c:herstatutory duos with approprlata au1Iloritles where applicable.There are no 8lT'II8IS cf outstanding stetulo!y dues as at tile last dtrf of the relevant perlod for a period cf more than six monthsfrom the date tile become payable.

(b) According to the Information and explanations given to us, particulars of dues Inc:ome-taxas at31- March, 2011, which hasnot been deposfted on account of cfaspute Is as under-

f- -,-

Name of the statue Nature of dues Amount(Rs) Period to which the FOl\lm before_~chamount relates the dispute Is ""nding

Income-taxAct, 1961 Income-tax demand 2.49.74.079 A. Y.2001~ ClTlA)Income-tax Act, 1961 Income-tax oenaltY 1.21.58.829 A. Y.2001-02 CITlA)

10. The Company has no accumulated Iossas at the end of IIIe flllBnclal year and has not Incurred cash Iossas In the financial year. under reportandln the Immediately preceding llnanclal year.

11. The Car!'fDly has not raised IIIT'f Ican from tInancIaI nsII!u!Ian a-bank a-OII deberCns and herx:e, dause (xl) IIpar.vaph 41s notapplcable.12. A.c:cording to the Information and explanations given to w. the Company has not granted any loans and advancas on the basis of

any aecurily byway of pledge of shares. debentures and other securities.13. There are no transactions and contracts In respect of shares. securfties, debentures and other inveslments. AIIlrlv&stments are held

by the Companyln Its own name except to theexlentandforrea.an specIfIedlnthelbotnot8ofSchedrJeEannexedto theacc:ounta.14.A.ccordilg to the Infonnation and expIana!Jons glvan b us. the Con1'8I\Y has nof glvan any guarantee for loans taken by others from

any bank orfinanclallnstitution. However; the Company has pledged aecurl/ie$ for/oens obtained by tmodate c:oncems from a bank.15. The Company has not obtained any term loanaduring theyaar.16. The Company has not raised anyfund. on ahorI-Ierm basis.17. The Company has not made anypreferenUaI aDotmentoflharesduring 1I1eyear.18. The Company has not Issued any debentures and hence, the queatIon ofaeatlrcl any securIly O(c:haIge In raspect thereof does notarise.19. During the period. the Company has not raised money by public iAue.20. AI:lcording to the Information and axpB1ations given bus. no hud 011 a-bythe ConlI8I1Yhas been no6ced orraported ctmg the pedod.

For a. kUMAR JAIN" COChartlQ<! AccoI8l!ants

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SANJAYJAINProprtetor

Mumbei. 27"' May. 2011

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PA IITIERI•• "rIIAL'.81.,r.11.,rE.

BALANCE SHEET AS AT MARCH 31. 2011

ScheduleSOURCES OF FUNDS:1 Share Capital A2 Reserves and Surplus B3 Total Shareholders' Funds4 Loans

Unsecured C

Total Funds Employed

APPLICAnON OF FUNDS:5 FixedAssets D

(a) Gross Block(b) L.~ss: Depreciation(e) Net Block

6 Investments E7 CurrentAssets

(IncludingLoans and Advances)(a) Sundry Debtors F(b) Loans and Advances G(e) cash and Bank Balances H

8 Le•• : Current Liabilities & ProvisionsCurrent Liabilities I

9 Net CurrentAssetsTotal Assets ( Net)

Significant AccounUng Pollcle. andNote. on Accounts J

As,at31.t March, 20.10Rupees Rupees Rupee. Rupees

14,000,970 14,000,97093,883,004 94,374,125

107,883,974 108,375,095

76,500,653 75,000,653184,384,627 183,375,748

1,450,800187,292

1,263,508

7,860,500 7,860,500

99,794,05478,739,323

615,702179,149,079

99,794,05478,794,323

248,272178,836,649

3,888,4613,888,461

3,321,4023,321,402

175,260,G18184,384,627

175,515,247183,375,748

As per our Report attached to the balance sheet

For S. KUMAR JAIN & CO• Chartered Accountants

For and on behalf of the Board

Klrtlkumar N.ParekhDirector

SANJAY JAIN Kaushlk C. ShahProprietor DirectorMembership no 39938

Mumbal, 27th May, 2011 Mumbal, 27th May, 20118

ANNUAL REPORT 201 0-2011PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2011

Previous year

Rupee.Schedule RupeesINCOME:

EXPENDITURE:

1 Operating and Other expenses 12 Depreclatlon

303,829 505,102187,292 37,582--491,121 542,684

(491,121) (542,684)

- -(491,121) (542,684)

92,374,125 92,916,808

91,883,004 92,374,125

(0.3S) (0.39)

PROFIT DEFORETAXES3 Provision for taxation

PROFITAFTER TAXES

4 Balance brought forward from last year

BAlANCE CARRIED TO BAlANCE SHEET

oaslc and Diluted Earnings per Share (Ra){Refer Note 7 of Schedule J)

Significant Accounting Pollcl.s andNotes on Accounts J

As per our Reportattached to the balancesheet For and on behalf of the Board

For S. KUMAR JAIN & COChartered Accountants

Klrtlkumar N.ParekhDirector

SANJAYJAINProprietor .Membership no 39938

Mumbal, 27th May, 2011

. Kaushlk C. ShahDirector

Mumbal,27th May,2011

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~ "AITlIla•• ,.,rIlAL',lIllcr,~ L,,,,rEII ANNUAL REPORT 201 0-2011I

SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31. 2011

ii~IAllllt Allllt l t: 'I ~ ~March 31, 2010 March 31, 2010 ~..!. ~..!.RupeM RupeM RupeM Rupeea - -

SCHEDULE A: SCHEDULE E : INVESTMENTS (AT COST) :SHARE CAPITAL Equity SharM (Quoted) (Fully-PtId) : (Non-Trade) H~I50,000 (50,000) Preferenee 57000 (57000) AIcom ~xl~xShares of Rs 10 Mdt 500,000 500,000 Tec:hnologielltd· 7,210,500 7,210,50019,50,000 (19,50,000) Equity SharM (Unquoted)

Equity Shares (Fully-Palcl) : (Trade)ofRs10uch 11,500,000 19,500,000

6500 (6500) Madhavpuni20,000,000 20,000,000 J.4en:antlle Co-qI Bank ltd •• 150,000 650,000 It fli ~!luued, Sub..:rtbed and Paid-up: 7,860,500 7,860,500 ~l ~a90 (90) 12% Preference Shares * Se<:urtUes pledged for loans obtained by ~te _ J! -~

ofRs 10 each 100 900 froma bank(Radaamable at the option of the •• Sharee lying with cal I j!

i iCompany by gMng notice of notless than 48 hours) Notea:

I, '! '~14,00,007 (14,00,007) Equity 1.Aggragate of QuotedI!Shares of Rs 10 each 14,000,070 14,000,070 Investmenla COlt 7,210,500 7,210,500 ~ ~ J!

14,000,870 14,000,970 Market Value" 1111,130 181,630 I to

I Ji~ ii> ii> cS ••SCHEDULEB:

•• Market price at cut-off date not ewIabIe, aalUch, valued at :0: :0: IIlast lradad priceII 'g 'gRESERVES AND SURPLUS 2.Aggragate of Unquoted ~Q

Capital R.Nrv. Investments COlt 150,000 650,000 I

Stele InvestmantSubaldy 2,000,000 2,000,000

I I~,Pront and Ioas account SCHEDULE F : SUNDRY DEBTORS~~ 8

as par account annexad 11,8113,004 82,374,125 (Unaecured - Conaldend llood ) ••iil ~..!. ~X53,1183,004 ' (a) Debts outstanding for Q parlod

II

s .'94,374,125oxceadlng six months, -considered good. 18,1M.054 99,794,054 ~ ..

SCHEDULEC:ii> ii> I(b) other Debts, considered good . -

t j!UNSECURED LOANS ;; 'i i!From Slate Induslr1al and 88,784,054 99,794,054 '~Investment Corporatlon of *Duefrom a companyunderlhe eame rnanagementMeS811 NH CMaharaahlra ltd. (SICOM) SeaIriIias ltd Rs 9,97,94,054 (pnwIous year Rs 9,97,94,054» '0 "

j! l'7" l'7" cInterest free, Seles tax SCHEDULE G : LOANS AND ADVANCES I !!Deferral Loan 2,320,070 2,320,070

'i S- S- f IFromOlhera 74,180,583 72,680,583 (Unaecured • Conaldend llood ) e76,500,853 75,000,653 (a) Intar-corporate deposit 77,825,000 77,825,000 Ii 0 i ii(b) Sundly Loan "5,080 465,080 I i • g ii> G)' 01 eml;i! 'i ~ II~ ..

(e) Advances recoverable In cash or I:) ..• '~ :& 0

~ ilNIn kind or forvalua to be received 17,287 72,267 e lIi'.

(d) BOI-Custodian aCCCQ\t 235,378 235,376 c c.Ii ! l. :Ii

(RafernotaB2-SchaduleJ) I:) e

[I iS! Z ~(a) Daposlls 47.soo 47,500 -~ &:::» In(f) Income-tax 149,100 149,100 I:) j j ~i ..Ii••••x78,739,323 78,794,323 U i ii~to Q :E

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PANTIIER'''11111 rlULPlto.lllcrl~ L.",.rE.

SCHEDULES FORMING PART OF THEBALANCE SHEET AS AT MARCH 31, 2011

As at Mardi 31, 2010Rupees Rupees Rupees Rupees

SCHEDULEH:CASHAND BANK BALANCESea)Cash-on-hand 1,511 12,155(b) BenkBalances

WIth Scheduled BanksOn ClmtntAcc:ount 487,547 118,961On OebenturelnterestAccount 116,556 C;1~103 117,156 236,117

WIth Non.scheduled BankOn CurrentAcc:ounlAxIs Bank(Maximumamountoulstand"lIIOat anytimeduringthe year Rs NIL(previousyear Rs NIL» -Total G15,702 248,272

SCHEDULEI:CURRENTLIABILITIESSundry creditors(I) For expenses(II)For other lIablllUes

3,888,461 3,321,402

3,&88,461 3,321,402

SCHEDULE FORMING PART OF THE PROFITAND LOSS ACCOUNT FOR THE YEAR

ENDED MARCH 31, 2011Previousyear

Rupue RupeesSCHEDULE1 Oper.clng expenauPrInttngand StatIoneIyConvnunlcationmcpenaeeMotorcar expensesLoseon Salaof MotorCarRegiatrart.Transferagentexpenses 64,385LlsUngFeea 24,111Le;al and Professlonalfees G,500kI~Hors' Remune:'3tlon 11,030MiscellaneousExpense. 34,187

303,828

18,83314,83756,028

19,97886,98715,503

239,40686,44824,8184,00011,030

36,932505,102

Signature to Schedule. 1and A to Iand Note.

For and on behalf of the Board

•K1rt1kumarN, ParekhDlrvctor

MumbaJ, 27th May, 2011

Kaushlk C. ShahD/rvctor

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ANNUAL REPORT 201 0-2011SCHEDULEJ:

SIGNIFICANT ACCOUNTING POUCIES AND NOTES ON THE BALANCE SHEET AND PROFIT ANDLOSSAtCOUNT' '. . .

A. SIGNIFICANT ACCOUNTING POLICIES:

1. BASISOFACCOUNTINGThe accounts are Prepared under historical cost convention on accnJal system of at:countlng.

2. FIXED ASSETSFixed Assets are carried at cost less depreciation.

3. DEPRECIATION

Depreciation Is provided on fun value of the assets purchased during the year. IUs provided on the basisas prescribed In Schedule XIV of the CompanlesAct, 1956, as amended.

4. REVENUE RECOGNmON

Expenses and Incomes cOnsidered payable and recelyable, respectively, are accounted for on Qccrualbasis when no significant uncertainty as to determination or realisation exists.

5. INVESTMENTSlong-term Investments are stated at cost; the costs are determined at FIFO Method.

6. CLAIMS, DEMANDS AND CONTINGENCIESDisputed and/or contingent HabDities are either provided for or disclosed depending on Managementsjudgement of the potential outcome.

B. NOTESONACCOUNTS:1. Contingent liabilities not provided for:

Income-tax Rs 2,51,31,160 (previous year Rs 2,51 ,31 ,160)

2. Mr Ketan V. Parekh, notified under the Special Court [TORTS) Aa. 1992 Is an ex-director of theCompany. The Custodian has withdrawn a sum of Rs 235,316 (previous year Rs 235,316) from variousbank accounts of the Company, The Company has no liability under the said Act and and hence, thesame has been separately shown as an asset under the head -loans and Advances. In any view, theamount Is receivable from the aforesaid ex-dlrector; Mr Ketan V. Parekh made an application to Courtunder the aforesaid Act forde-notification.

The said amount will be received back as soon as he Is de-notlfled.ln any view, the said amount Isreceivable from the aforesaid ex~lrector.

3. (a) The Tax Recovery Officer (TRO) has passed orders undersectlon 226 of the Income-taxAct, 1961for attachment of credit balances lying In some bank accounts and has commenced recoveryproceedings undersectlon 222 .

(b) Certain cases have been filed by Serious Fraud Investigation Office (SFIO) for aneged violation ofthe provisions of the Companies Aa. 1956 before the Chief Metropontan (CMM) Court, the same arepending cflSposal.

4. Sundry debtors Rs 9,91,94,054 (previous year Rs 9,91,94,054) and Loan &Advances of Rs1,18.25,OOO(previous year Rs 7,78,25,000) due from an associate company Notwithstanding the financial and legalmatters InvoMng the said company, the Management Is hopeful of recovering the amount and noprovision Is presently considered necessary.

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'IiNTIIEII••• ",rlllAl'1111 •• ,r,

~ l, •• ,rEI5. The accounts Include remuneretion toAudltors In respect of:

particulars Am2YD1Rs

11,030(11,030)

Audit Fees

6. Additional Information pursuant to the provisions of paragraphs 4C and 40 given hereinbelow, to theextent applicable: (As certl1ied by Management nnd relied on by Auditors)

Figures in brackets are in respect of previous year.

(a) Particulars In respect of opening stock, purchases, sales and closing stock of goods and securitiestraded In : Nil

(b) CIFvalueofimportsofrawmaterials Nil

(c) Expenditure In Forelg~ Currency Nil(d) Remittance In Foreign Currency Nil

(e) EamlngslnForelgnCurrency UII

7. Eamlngspershare:

(a) Weighted average number of equity shares of Rs 10 each-0) Number of shares at the begiMing of the year01) Numberof shares at the end of the year

(b) Weighted average number of equity shares outstan~lng during the year(b) Net profit aftertax available for equity share holde:'S On Ro)(c) Basic and diluted eamlngs per share (In Rs)

8. In terms of Accounting &tandard 17, "Segment Reporting" Issued by the Institute of CharteredAccountants of India, no reporting Is required to be made as the Company has not undertaken enytrading activity during the year under review.

9. In terms of Accounting standard 22, "Accounting for taxes on Income" Issued by"the Institute ofChartered Accountants of India, the Deferred TaxAssets have not been created In the accounts for theyear cnded 31" March, 2011 as the Company considers that there Is no reasonable certainty ofsufficient future taxable Income being available against wtllch such deferred tax assets can berearlZedlutilized.

10. The carrying amounts of assets ere reviewed at each balance sheet date If there Is any Indication ofImpairment based on Intemall extemal factors I.e. when the carrying amounts of these assets exceeds

• the recoverable amount. en Impairment loss Is charged to the profit and loss account In the year Inwhich en asset Is Identified as impaired. An impairment loss recognlsed In prior accounting periods Isreversed or reduced If there has been a favourable change in the estimate of recoverable amount

11. There are no dues / overdues b Small Scale cnd/or Ancillary Industrial Suppners on account ofprincipal and/or interest as at the close of the year.

2010-11 2009-10

1400007 14000071400007 14000071400007 1400007(491121) (542684)""

(O.35) (O.39)

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ANNUAL REPORT 2010-201112. Related Party Disclosure:

!a) Related Partles-Srno "Related PartY Relations

1 Salmangallnvestrade Ltd Company having Control of the Reporting Enterprise2 Mr. Kartlk K. Parekh 0) Key management personnel

Director (1) Hes significant Influence over the reporting enterprise3 Mr. K1rtikumarN. Parekh (i) Key management personnel

Director Oi) Hes significant Influence over the reporting enterprise4 Panther Rncap and Management

Services Ltd5 NH Securities Ltd6 Classic Infin Lld7 KNP Securities Pvt Ltd Associate companies In which key management8 Classic Share & Stock Broklng personnel directly or Indlrectiy having significant

Services ltd Influence

9' Netscape Software Ltd10 Panther Investrade Ltd11 Glbs ComDuters Ltd12 Chat Computers Ltd13 "Lumlnant Investments Ltd

(b) Related Party Transaction -Amount In Rupees

Transaction undertaken Company having Key Associate companiescontrol over Management In which key

the Reporting Personnel managementEnterprise personnel directly

or indirectly havingsignificant Influence

Expenses Incurred on behalf of - - 56,029the reporting enterprise (-) (-) (-)

ICD advanced (Net) by the - - -reporting enterprise (-) (-) (55,000)Expenses reimbursed by the - - -reporting onterprlse (-) (-) (-)

Debit balances outstanding - - 17,76,19,054as on 31.3.2011 (-) (-) (17,76,74,054)Credit balances outstanding 1,35,000 12,795 38,01,110as on 31.3.2011 (1,35,OOO) (12,795) (32,45,081)

Note: FIguresIn parenthesisdenote prevtousyears figures

13. Previous year's figures have been regrouped, recast wherever necessary.

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PAIITlfR•••• ,T.'Al'•••• CTIl •• ,rE.BALANCE SHEET ABSTRACT AND COMPANY'S

GENERAL BUSINESS PROFILE

1. REGISTRAll0N DETAILS

Registration No : I 4 I 5 I 0 I 41 2 I

Balance Sheet date : 131-1 03-120111

omState code

n. CAPITAL RAISED DURING THE YEAR(Amount InRsThousands)Public Issue '-1"""'1N""""I"""I"-:IL"""I--'I . RIghts Issue

Bonus Issue I I NI II LI I Private Placement

W. POSmON OF MOBIUSAnON AND DEPLOYMENT OF FUNDS(Amountln~Thousands) .Total LlablDties "'-1-:-1'-18""""""'14~13~"""'18""'1'-~""'1

Sources of Funds

I IN III LllI INIJlLI 1

TotalAssets 1118141318141

Paid-up capital 11141010111

I INIIILI 1

Reserv••• nd Surplus I 9 I 3 I 81 8 I 3 I

Unsecured Loans I 7 16 15 I 0 I 0 ISecured Loans

Appncatlon of Funds

Net Fixed Assets I 111216131

Net Current Assets I 11 71 51 21 6111

AccUmulatedLosses I I N III LI 1 '

IV. PERfORMANCE OF COMPANY(Amount InRs.Thousands)Total Income ,'-"""'1.•...•1,......,....1...,..1.•...•-1 Total Expend'lture: I I 1419111

profitlLossBeforeTax . I I 1419111 profit/LossAfterTax I I 1419111

Earning Per Share I I 0 I. 1315 I Dividend Rate I I N I II LI I

V. GENERIC NAME OF THREE PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY(As per monetarytenns)Item Code No (ITC Code) : NA

tProduct Description : NA

Investments 1171816101

I INIII LI IMisc. Expenditure

For and on behalf of the Board

KJrtlkul'lW' N. ParekhDIrector

Kaushlk C. ShahDirector

PlaceDate

Mumbai2Z- May,2011

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ANNUAL REPORT 201 0-2011CASH FLOW STATEMENT ANNEXED TO TliE BALANCE SHEET FOR TliE YEAR ENDED 31· MARCH, 2011

YMr encIecI31' March, 2010

IbIpeM Rut>-A CASH FLOW FROM OPERAnNG ACTMT1ESNet Proftt/(Lou) Bef<n Tax and ExtnIotdIna!y ItemsI.Ma: DivIdendAdjuItnMnta For:

DeprecIdonPr.imInary ~1bIIc IeaueI~ wrttI8n off(ProIIt)lLoesonaaIeof FlxedAAets

Operating Proflt B.fora Woridng Capital ChangesAclJuatmentl For:rr.cM end OCher ReceIYebleeTnICIe~Pnwt.Ion written beckSfDd<-ft.hde

C•• h Generated from OperationsDirect Taxes paid

Nat Cuh Flowfrom Operating ActIvItI.. ••• A

B CASH FLOW FROM INVESnNG ACTMT1ES :DMdendIncomeP~atFixedAMetl(MotorCer)

Net Cuh uHd In Inv •• Ung actlvltl.. ••• B

C CASH FLOW FROM FINANCING ACTMTYProceeds from Secured BorrowingsProceeds from Unsecured BorrowIngsNet Cuh from FlnanclngActlvW.. ••• C

Nr.~)InCMhandCeshEquIvaIenIa...(A+B+C}

Cuh and Cuh Equivalent. •• at the _ncement·oftfM,.ar(OpenJna BaIMce)Cuh and Cuh EqulYalenta lIS at the oncl of 11Myear(Clo.lnll Balance)

Noe.: ~res In brackets represent outIIows.For and on behalf at!he a--dn

KIrtIkwnarN.Parekh KaUI'" C.111MDItectDr DhctDrPlace: MumbaJDale: 27"May, 2011

RupeM Rut>-

(4,91,121) (5,42.884)

- -181,292 37,582- ---- (3.03,829) ~ (2.65,696)

65,000 (41.966)5,67,059 (52,885)- -- ~ - ~--- ---3,11,230 (3,10,547)

-3,18,230 (3,60,547)

- -(14,50,800) (14,50,100) 4,11,111 ~

(14,50.100) ~

.. ~ - ---- --- ---

~3,t7,430 50,584

2,4I,m 1,17.707

1,15,702 2,AI,272

AUDITORS' CERTIFICATETo.Th. Boord of DIredotI.l'enIhIr lncluatNI ProcIucta Ud121, Rdl811h1NM. lotftoor,FotI, MumI* 400 023w. r- -** IIMIa\I8CIwd CellI Flow StIIement d•••••••••..-.. Praduc:tl lid forllMl,... ended 3101 M8rc:II, 2011. The IIIIIoment '*beonprel*lCl byllMl ~In~ wt1hIIMIreq,*-"- da.- 32 ofllMl Ueting~wIIh IIMISk>cIr.~ and II buedon Ind Inog........twllh IIMI~ proftllnd - 8CCOI.I1I1ndbeIence ••• atllMl c:on.,.nyCXl'N*t by_reportdxru.y, 2011IDIIMIIMII1bnatllMleomp.ny.

ForLICIJIIAR.IAIN & CoCIreItwed~...,-

",."",.."•••••••••••••• 110 •••MumbIi, 27" Mey.2011

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PA.THER' •• '.lBIAL'I•••el.L,.,1E.

PROXYRegistered Office :

1st Floor, Radha Bhuvan, 121, Naglndas Master Road, Mumbal-400 023.

No. of Shares held: _

lIWe ••.•..•..••••••.•••.••.•....•..•.•••••••••••..•.••••••...••.•..••••••..••••••••••..•.•..•••..•.•......••..•••••.. ,.•....•....••......•••..•.••••Of ............•...........................................................................................belng a member/members ofPANTHER INDUSTRIAL PRODUCTS LIMITED, hereby appoint •..•....••••...••...•..••.•• of .......•.....••.....•••.or falling him .....••..............•......••....•...............................•....................• of ...•......................••.....•.......as my/our proxy to vote for me/us and on my/our behalf at the TWENTY THIRD ANNUAL GENERAlMEETING of the members of the Panther Industrial Products Umited will be held on Thursday, 29"September, 2011 at M. C. Ghia Hall (N. J. Nair Conference Room), Bhogilal Hargovindas Building, 4"Floor, 18120, Kalkhushru Dubash Marg, Mumbal- 400001 at 11.00 a.m. at any adjournment thereof.,

I

: Signed •.••....•••.•.••••.•....•..•.•.•.••••••••••dayof ...•.••.•..•.•....••••.2011IIIII Note:The proxy fonn duly completed and stamped must reach the Company's Registered OIIice notless lhan: '8 hours before the time for holding theafore said meeting. The Proxy need not be a memberoftheCompany.,~-----------------------------------------------------------------------

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PA.THEIl••••• lIIAL'I•••el.

~ LI.,1E.

ATTENDANCE SLIPRegistered Office:

1st Floor, Radha Bhuvan, 121, Nagindas Master Road, Mumbai - 400 023.

ATTENDANCE SUP FOR TWENTY THIRD ANNUAL GENERAL MEEnNGPLEASE FILL IN THE ATIENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THEMEETING HALL. Joint Shareholders may obtain additional Attendance SOpon request

NAME AND ADDRESS OF THE SHAREHOLDERMIX 81Re.

RevenueNo. of Shares held: Stamp

Iex I hereby record my presence at the lWENTYTHIRDANNUAL GENERAl MEETING of the members of: the Panther Industrial Products Umited will be hel~ on Thursday, 29" September, 2011 at M. C. Ghia: Hall (N. J. Nair Conference Room), Bhogilal Hargovindas Building, 4" Floor, 18120, Kaikhushru: DubashMarg,Mumbal-400001 at11.00A.M.II

, SIGNATURE OF SHAREHOLDER OR PROXY _

•

BOOK-POST

Printed Matter

To,

If und.eJivered, please retum to :Panther Industrial Products Limited1st Floor, Radha Bhuvan,121, Nagindas Master Road,Mumbai - 400 023.