Rights, preferences and restrictions attached to equity shares_

The Company has one class of equity shares having a par value of Rs 10/* each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders arc eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their share holding.

In the opinion of the Board, ‘Sundry Debtors’, ‘Loans and Advances' and ‘Other current Assets' are approximately of the value stated if realised in the ordinary course of business. Confirmation Letters Note - 24: have not been obtained in respect of debtors, creditors, loans taken and loans/advances given.

Accordingly such balances are subject to confirmation, reconciliation and consequent adjustments, if any.

During the year, Palco Metals Limited (“the Company”) has entered into the Share purchase Note - 25 : Agreement with Shareholders of Subsidiary company Palco Recycle Industries Limited to raise the further stake in the Subsidiary company from existing 64.72 to 100.00%._

During tne year, tne board ot Directors or tne company, nas decided tne merger Detween raico Metals Limited with Subsidiary company Palco Recycle Industries Limited subject to requisite approvals/consents, and with the Company and their respective shareholders under section 233 and other applicable provisions of the Companies Act, 2013. However later the Board decided to withdraw the earlier made application to Regional Director for approval Merger of Palco Metals Limited (Transferee Company) with Wholly Owned Subsidiary Palco Recycle Industries Limited (Transferee Company) due to non-satisfaction of Condition prescribed in 233(1 )(b) of the Act read with rule 25(3) Note - 26 : i.e. approval of at least 90% of total no. of shares for the scheme.

Further Now Board has decided to approved merger by absorption of Palco Recycle Industries Limited (the “Transferor Company” or “PRIL”), a wholly owned subsidiary of the Company, with Palco Metals Limited (the “Company” or the “Transferee Company” or “PML”), and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013 (“the “Scheme”), subject to requisite statutory / regulatory approvals including the approval of the Honourable National Company Law Tribunal, Ahmedabad Bench (“NCLT”).

In the opinion of the Board, provisions for all known liabilities are adequate and not in excess of the reasonably necessary.

or Claims, Late payment charges etc have been accounted for in the books as and when confirmed with

No Provision For Gratuity and Leave Encashment Is Made During The Year As No Employes Is Entitled Note 31 : To Get The Benefit Of The Gratuity As provided In The Condition Provided In The Payment Of Gratuity Act 1972._

Note 33 : Operational Cycle

The current assets and liabilities have been reflected in the Balance Sheet as per the operating cycle confirmed by the management.

The Company has not received any intimation from “Suppliers” regarding their status under the Micro, _N „ . , Small and Medium enterprises Development Act, 2006 and hence disclosure, if any, relating to the ' amount un-paid as the end of year together with interest paid/ payable as required under the said Act have not been furnished._

Sundry Creditors include dues to Small Scale Industrial Undertakings as informed by the management Rs. Nil (P.Y. Rs. Nil).

Note 35 : The Small Scale Industrial Undertakings to whom amount outstanding as informed by the management for more than 30 days where such dues exceed Rs. 1 lac are Nil (P.Y. Nil).

Note 36 : Previous Year Figures_

Previous year figures have been regrouped and re -arranged as per the requirement of Ind As & revised schedule - III of the Companies Act, 2013_

The details required under segment reporting as per AS 17 is not furnished as the company is not ‘ having any reportable segments_

Note 38 : Contingent Liabilities to the extent not provided for_

The Company is contingently liable as it has given corporate guarantee for Rs. 3164 Lacs for loan borrowed by Palco Recycle Industries Ltd._