proAR 2017 2018

PROLIFE INDUSTRIES LIMITED
CIN NO: L24231GJ1994PLC022613
ANNUAL REPORT 2017-2018

CIN NO: L24231GJ1994PLC022613
Contents of Annual Report
Sr. Particulars Page Nos.

No.
1. Corporate Information 2
2. Notice of Annual General Meeting 3-9
3. Map Location of Registered Office 10
4. Board’s Report 11-17
5. Annexure I – IV To Board’s Report 18-31
6. Management Discussion and Analysis Report 32-35
7. Independent Auditor’s Report 36-45
8. Financials 46-48
9. Notes on Accounts 49-76
10. Attendance Slip 77
11. Proxy Form 78-80
CIN NO: L24231GJ1994PLC022613
CORPORATE INFORMATION
Board of Directors:
Mr. Manindersingh Satnamsingh Jolly - Managing Director
Mrs. Anureet Kaur Jolly - Director
Mr. Arun Siriram Sehgal - Independent Director
Mr. Yogesh Satyanarayan Pareek - Independent Director
Mr. Nikunj Soni - up to 30th December, 2017
Mr. Naresh Thakkar - up to 1st June, 2018
Chief Financial Officer:

Mr. Jayvik Mahendrabhai Soni
Company Secretary & Compliance Officer:

Ms. Darshna N. Maniyar
Statutory Auditors:
M/S. MISTRY & SHAH.
Chartered Accountants
Ahmedabad
Share Transfer Agent:

LINK INTIME INDIA PRIVATE LIMITED
506-508, Amarnath Business Centre-1
(ABC-1), Besides Gala Business Centre
Near XT Xavier’s College Corner
Off C G Road, Ellis bridge
Ahmedabad 380006
BANK:
The Jammu and Kashmir Bank
The Axis Bank
Registered Office:
213, G.I.D.C., Panoli
Ankleshwar 394116
Gujarat
India
CIN : L24231GJ1994PLC022613
EMAIL : info@prolifeindustries.in
CONTACT NO. : 02646 272490
WEBSITE : www.prolifeindustries.in
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CIN NO: L24231GJ1994PLC022613
NOTICE
NOTICE is hereby given that the Twenty Fourth Annual General Meeting of PROLIFE
INDUSTRIES LIMITED will be held on Saturday, 29th September, 2018 at 11.00 a.m. at 6,8,10,12
HEXON ARCADE, NR, JAYABEN MODI HOSPITAL, VALIA ROAD, G.I.D.C.,
ANKLESHWAR- 393002 to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the Audited Financial Statements of the Company for the
financial year ended March 31, 2018, together with the Reports of the Board of Directors
and the Auditors thereon;
2. To declare final dividend on Equity shares for the year 2017-18
3. To appoint a Director in place of Mrs. Anureet Kaur Jolly [DIN:02730332], who retires by
rotation in terms of section 152(6) of the Companies Act, 2013 and being eligible to offer
herself for re-appointment;
4. To appoint statutory auditors of the Company
To Consider and if thought fit to pass with or without modification(s) the following resolution as
an Ordinary Resolution.
.
RESOLVED THAT pursuant to provisions of section 139 and all other applicable provisions, if
any, of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules 2014, (including
any statutory modification(s) or re-enactment(s) thereof, for the time being in force), M/s. Bihari
Shah & Co., Chartered Accountants (Firm Registration Number 119020W) be and are hereby
appointed as Statutory Auditors of the Company for a terms of 5 years to hold office from the
conclusion of this annual general meeting until conclusion of the sixth annual general meeting to
be held in the calendar year 2023 for auditing the accounts of the company for the financial year
2018-19 to 2022-23 at such remuneration as may be mutually agreed between the board of the
directors of the company and the auditors.’
3
SPECIAL BUSINESS:
5. Appointment of Mr. Yogesh Pareek [DIN: 02937854] as an Independent Director.
To consider and, if thought fit, to pass, with or without modification(s), the following Resolution
as an Ordinary Resolution:
“RESOLVED THAT pursuant to provision of Section 149,152, 161 read with Schedule IV and all
other applicable provision of the Companies Act, 2013 and the Companies (Appointment and
Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment
thereof for the time being in force, who was appointed as an Additional (Independent) Director of
the Company by the Board of Directors at its meeting held on June 14, 2018, whose term of office
expires at this Annual General Meeting (‘AGM’) and in respect of whom the Company has
received a Notice in writing from a Member along with the deposit of the requisite amount under
Section 160 of the Companies Act, 2013 proposing his candidature for the office of Director who
has submitted a declaration that he meets the criteria for independence as provided in Section
149(6) of the Act, be and is hereby appointed as an Independent Director of the Company to hold
office for a term of 5 (five) consecutive years with effect from 29th September, 2018 and shall not
be retire by rotation. His remuneration will be as per the Companies Act, 2013 and terms and
conditions decided by the Board.”
By order of the Board of Directors

Place: Ankleshwar
Dated: 04.09.2018
(Manindersingh Jolly)
Chairman & Managing Director
DIN: 00399467
REGISTERED OFFICE
213, G.I.D.C.,
PANOLI, ANKLESHWAR- 394116cvc
CIN: L24231GJ1994PLC022613
Email Id: info@prolifeindustries.in
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NOTES:
1. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, in respect
of the business under Item 5, of the Notice is annexed hereto
2. A member entitled to attend and vote at the meeting is also entitled to appoint a proxy
to attend and vote instead of himself and a proxy should be a member of the
Company.
3. Proxies in order to be effective must be lodged at the Registered Office of the

Company at least 48 hours before the time of the meeting.
4. Members/Proxies should bring the attendance slip duly filled in for attending the
Meeting duly completed and signed, mentioning therein details of their DP ID and
Client ID / Folio No.
5. A person can act as proxy on behalf of Members not exceeding fifty (50) and holding in the
aggregate not more than 10% of the total share capital of the Company. In case a proxy is
proposed to be appointed by a Member holding more than 10% of the total share capital of
the Company carrying voting rights, then such proxy shall not act as a proxy for any other
person or shareholder.
6. The Notice of AGM along with the Annual Report 2017-2018 is sent to all members via
email address registered with the RTA.
7. The Register of Members and Share Transfer Books of the Company will remain closed
from September 23, 2018 to September 29, 2018 (both day inclusive).
8. If the Final Dividend, as recommended by the Board of Directors, is approved at the AGM,
payment of such dividend will be made on or before 28th October, 2018 as under:
i. To all Beneficial Owners in respect of shares held in dematerialized form as per

the data as may be made available by the National Securities Depository Limited
(NSDL) and the Central Depository Services (India)Limited (CDSL) as of the
close of business hours on September 22, 2018;
ii. To all Members in respect of shares held in physical form if any, after giving
effect to valid transfers in respect of transfer requests lodged with the Company if
any as of the close of business hours on September 22, 2018.
9. In case of joint holders attending the Meeting, only such joint holder who is higher in the
order of names will be entitled to vote at the Meeting.
10. Relevant documents referred to in the accompanying Notice and in the Explanatory
Statements, if any, are open for inspection by the Members at the Company's Registered
Office on all working days of the Company, during business hours up to the date of the
Meeting.
5
11. Corporate Members intending to send their authorized representatives to attend the Meeting
pursuant to Section 113 of the Companies Act, 2013 are requested to send to the Company,
a certified copy of the relevant Board Resolution together with their respective specimen
signatures authorizing their representative(s) to attend and vote on their behalf at the
Meeting.
 Intimate immediately any changes in their address to Company's Registrar and Share
12. All Members are requested to
 Send all correspondence relating to transfer and transmission of shares to Registrar of

Transfer Agent
shares to Registrar and Transfer Agent and not to the Company. Quote their Folio No.
 Send their queries related to accounts and operations of the Company at least 10 days in
/Client ID No. in their correspondence with the Registrar and Share Transfer Agent.
 Intimate Registrar and Share Transfer Agent Link Intime India Private Limited for
advance so that the required information can be made available at the meeting.
 Bring their copies of annual report and attendance slip with them at the meeting.
consolidation of folios, in case having more than one folio.
 Members holding shares in dematerialized form are requested to intimate all changes
pertaining to their registered email id, bank detail, mandates, nominations, power of
attorney etc to their Depository Participants. Changes intimated to the Depository
Participants will then be automatically reflected in Company's records which will help
the Company and its Registrars and Transfer Agents, M/s Link Intime India Private
Limited, to provide efficient and better service to the Members. Members holding share
in physical form, if any are requested to advice such changes to the Company's
Registrar and transfer agents, M/s Link Intime India Private Limited. Members holding
shares in physical form are requested to consider converting their holding to
dematerialized form to eliminate all risk associated with physical shares. Members can
contact the Company's Registrar & Transfer Agent, M/s Link Intime India Private
Limited.
13. The Company is concerned about the environment and utilizes natural resources in a
sustainable way. The Ministry of Corporate Affairs, Government of India, has permitted
companies to send official documents to their Members electronically as part of its green
initiatives in corporate governance. To support the green initiative of the Ministry of
Corporate Affairs, the Notice conveying the AGM, Financial Statements, Directors’ Report,
Auditors’ Report etc. is being sent by electronic mode to those Members whose email
addresses are registered with the RTA / Depositories, unless any Member has requested
form a physical copy of the same. Members may note that this Notice and the Annual
Report 2017-18 will also be available on the Company’s website www.prolifeindustries.in.
Place: Ankleshwar
Dated: 04.09.2018
DIN: 00399467
REGISTERED OFFICE
213, G.I.D.C.,
PANOLI, ANKLESHWAR- 394116
CIN: L24231GJ1994PLC022613
6
Explanatory Statement pursuant to Section 102 (1) of the Companies Act, 2013
Item No.4
M/s Mistry & Shah, Chartered Accountants (Firm Registration Number 122702W) have expressed
their unwillingness to continue as a Statutory Auditors of the Company for the remaining period
from the conclusion of the ensuing Annual General Meeting.
To appoint Statutory Auditors of the Company due to the resignation of M/s Mistry & Shah,
Chartered Accountants the Board of Directors has approached M/s Bihari Shah & Co., Chartered
Accountants (Firm Registration Number 119020W), Ahmedabad and they agreed to act as a
Statutory Auditors of the Company form the conclusion of the ensuing Annual General Meeting to
the conclusion of the Annual General Meeting to be held in the calendar year 2023.
With respect to the same, M/s Bihari Shah & Co., Chartered Accounts (Firm Registration Number
119020W) have conveyed their consent to be appointed as the Statutory Auditors of the Company
along with confirmation that, their appointment, if made by the members, would be within the
limits prescribed under the Companies Act, 2013.
The Board recommends the Ordinary Resolution set out at item no. 4. None of the Directors, Key
Managerial Persons or their relatives, in any way, concerned or interested, financially or otherwise
in the said resolution.
Item No 5
The Board of Directors of the Company appointed, pursuant to the provisions of Companies act
2013 of the Act and the Articles of Association of the Company, Mr. Yogesh Satyanarayan Pareek
[DIN: 02937854], as an additional Independent (Non-Executive) Director of the Company with
effect from June 14, 2018. The Company has received a notice in writing from a member along
with the deposit of requisite amount under Section 160 of the Act proposing the candidature of Mr.
Mr. Yogesh Satyanarayan Pareek [DIN: 02937854] for the office of Independent (Non-Executive)
Director in terms of Section 164 of the Act and has given his consent to act as Independent (Non-
Executive) Director. Section 149 of the Act inter alia stipulates the criteria of Independence should
company propose to appoint an Independent (Non-Executive) Director on its Board. The Company
has received a declaration from Mr. Yogesh Satyanarayan Pareek [DIN: 02937854], that he meets
with the criteria of Independence as prescribed under section (6) of section 149 of the act.
Mr. Yogesh Satyanarayan Pareek [DIN: 02937854], aged 34 years is Non-Executive &
Independent of the Company. He holds Bachelor’s degree from Narmada college of Science,
Technology & Commerce and Master’s in Labour Laws from National Institute of Business
Management and having around 14 years of Experience in Media.
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The Board recommends the Special Resolution set out at item no. -5. None of the other Directors
(except Mr. Yogesh Satyanarayan Pareek)/Key Managerial Personnel of the Company/ their
relatives is in any way concerned or interested, Financially or otherwise in the resolution

Place: Ankleshwar
Dated: 04.09.2018
DIN: 00399467
REGISTERED OFFICE
213, G.I.D.C.,
PANOLI, ANKLESHWAR- 394116
CIN: L24231GJ1994PLC022613
8
Details of Director Seeking Re-appointment at the Annual General Meeting
Particulars Mrs. AnureetKaur Jolly
Date of Birth 18th May,1967
Date of Appointment 31st October, 2009
Qualifications Bachelor of Science (B.Sc), Graduate

Diploma in Financial Management
(PGDFM) and Post Graduate Diploma in
System Management (PGDSM)
.
Expertise in specific functional areas Wide experience in chemical business
Directorships held in other public companies PROLIFE SPECIALITY CHEMICALS

(excluding foreign companies and Section 8 LIMITED (Formerly Known as Nem
companies) Organics Limited)
Memberships / Chairmanships of committees of -

other public companies (includes only Audit
Committee and Stakeholders’ Relationship
Committee.)
Number of shares held in the Company 10,10,000
For other details such as number of Board meetings attended during the year, remuneration drawn
and relationship with other directors and key managerial personnel in respect of Mrs. Anureet Kaur
Jolly, please refer to the Director’s Report which is part of this Annual Report
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CIN NO: L24231GJ1994PLC022613
Route map of venue of Annual General Meeting of PROLIFE INDUSRIES LIMITED
Venue: 6,8,10,12 HEXON ARCADE, NR, JAYABEN MODI HOSPITAL, VALIA ROAD,
G.I.D.C.,ANKLESHWAR- 393002
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CIN NO: L24231GJ1994PLC022613
DIRECTORS’ REPORT
To
The Members,
Prolife Industries Limited
Your Directors are pleased to present before you the Annual Report together with the audited
accounts of the company for the year ended on 31st March, 2018.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31 stMarch, 2018 are as under:
Particulars Financial Year Financial
2017-18 Year2016-17
(Amount in Rs.) (Amount in Rs.)
Income:
a)Revenue from Operation 273,128,511.94 271,917,326.00
b) Other Income 2,793,859.64 1,001,241.00
Total Income 275,922,371.58 272,918,567.00
Profit before Depreciation, Interest Charges
37,406,245.20 26,024,743.00
and Taxation
Depreciation 8,861,733.00 4,710,935.00
Interest Charges 7,628,875.00 8,062,295.00
Profit/(loss) for year before exceptional item, Prior 20,915,637.20 13,251,513.00
Period Expense and tax
Exceptional and extraordinary Income - -
Exceptional and extraordinary Expense - -
Profit/(loss) for year before tax 20,915,637.20 13,251,513.00
TAX Expenses 5,866,284.00 4,506,829.00
Profit After Tax 15,049,353.20 8,744,684.00
COMPANY’S PERFORMANCE:
During the year under review, the company’s net turnover stood at Rs. 275,922,371.58/- while
Profit after tax was Rs. 15,049,353.20/- Your Directors are continuously looking for avenues for
future growth of the company.
DIVIDEND:
Your directors please to recommend final dividend of Rs. 0.25/-per share Equity Shares of the
Company.
TRANSFER TO RESERVES:
The company has not transferred any amount to General Reserve.
DEPOSITS:
Your Company has not accepted deposits within the meaning of Section 73 and 76 of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014. Hence, the
company is not required to comply with the Provision of Section 73 and 76 of the Companies Act,
2013 and the Companies (Acceptance of Deposits) Rules, 2014.
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CHANGE IN SHARE CAPITAL:
During the year, there is no any change in the equity share capital of the Company.
DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENTIAL

RIGHTS:
The company has not issued any equity shares with differential voting rights during the Financial
year and it is therefore not required to make disclosures specified in Rule 4 (4) of Companies
(Share Capital and Debenture) Rules, 2014.
DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES:

The company has not issued any Sweat Equity Shares during the financial year and it is therefore
not required to make disclosures specified in Rule 8 (13) of Companies (Share Capital and
Debenture) Rules, 2014.
DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTION:

The company has not issued any shares under Employee Stock Option Scheme during the financial
year and it is therefore not required to make disclosures specified in Rule 12 (9) of Companies
(Share Capital and Debenture) Rules, 2014.
STATEMENT OF UTILIZATION OF ISSUE PROCEEDS:

The company has utilized the issue proceeds as per the purpose mentioned in the Prospectus dated
20th December, 2016. There is no variation in utilization of issue proceeds.
EXTRACT OF ANNUAL RETURN:

The Extract of Annual return in Form No. MGT – 9 pursuant to section 92(3) of the Companies
Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014 as on
the financial year ended on March 31, 2018 is annexed herewith as Annexure I to this report.
NO. OF BOARD MEETINGS:

During the financial year 2017-18, five board meetings of the Board of Directors of the company
were held on 25.04.2017, 26.05.2017, 18.08.2017, 09.11.2017, 09.01.2018.
Pursuant to Section 173(1) of The Companies Act, 2013, there was no gap for more than one
hundred and twenty days between two consecutive board meetings.
PARTICULARS OF LOAN, GUARANTEE AND INVESTMENT:

The particulars of loans, guarantees and investments have been disclosed in the financial
statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

During the year, none of the transactions with related parties falls under the scope of section 188(1)
of the Act. Information on transactions with related parties pursuant to section 134(3)(h) of the Act
read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure III in Form
AOC-2 and the same forms part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO:
The Particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo, pursuant to Section 134 of the Companies act 2013 read with the Companies
(Account) Rules, 2014 are given in Annexure IV
12
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:
No Significant and material changes occurred subsequent to the close of the financial year of the
Company to which the balance sheet relates and the date of the report like settlement of tax
liabilities, operation of patent rights, depression in market value of investments, institution of cases
by or against the company, sale or purchase of capital assets or destruction of any assets etc.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
During the year under review, none of the companies has become or ceased to be Company’s
subsidiaries, joint ventures or associate companies.
REPORT ON THE PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:
During the year under review, none of the companies have become or ceased to be Company’s
subsidiaries, joint ventures or associate companies, therefore Report on the performance and
financial position of each of the subsidiaries, associates and joint venture companies is not require
to be given.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Pursuant to the provision of section 149 of the Companies Act, 2013 Mr. Arun Siriram Sehgal
[DIN: 00491163] was appointed as independent Director of the Company at the Annual
GeneralMeeting held on 25th September, 2017. He has also submitted declaration he meets each of
the criteria of independence as provided in section 149(6) of the Act and there has been no change
in the circumstances which may affect their status as Independent Director during the year.
Pursuant to the provision of Section 168 of Companies Act, 2013 Mr. Nikunj Dineshkumar Soni
[DIN: 07608605] has resigned from the Directorship of the Company from 30th December, 2017
In accordance with the provisions of Section 152 of the Companies Act 2013 and the Articles of
Association of the Company, Mrs. AnureetKaur Jolly [DIN:02730332], Director of the Company,
retires by rotation at the ensuing Annual General Meeting and being eligible, offers themselves for
re-appointment.
DECLARATION BY INDEPENDENT DIRECTOR:
The Company has received necessary declaration from each independent director under section
149(7) of the Companies Act, 2013 that he meets the criteria of independence laid down in section
149(6) of the Companies Act, 2013.
DIRECTORS’ RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134 (3) (c)read with section 134 (5) of the Companies
Act, 2013, the Board of Directors states:
1) That in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
2) That the directors have selected such accounting policies and applied them consistently and
made judgments 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 end of the financial year and of the profit
and loss of the Company for that period.
3) That the directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the assets
of the Company and for preventing and detecting fraud and other irregularities.
4) That the Directors have prepared the annual accounts on a going concern basis.
13
5) They have laid down internal financial controls to be followed by the Company and such
internal financial controls are adequate and operating effectively.
6) The directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
PARTICULARS OF EMPLOYEES:
During the year under review, the Company had no employee drawing remuneration exceeding the
prescribed limits under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the
Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN
STATUS AND COMPANY’S OPERATIONS IN FUTURE:
The Company has not received any significant and material orders passed by the Regulators or
Courts or Tribunals impacting the going concern status and Company’s operations in Future.
INTERNAL FINANCIAL CONTROL SYSTEM:
Your Company has in place adequate internal control systems commensurate with the size of its
operations. Internal control systems designed to ensure sound management of your company’s
operation, safekeeping of its assets, optimal utilization of resources, reliability of its financial
information and compliance. Systems and procedures are periodically reviewed by the
management.
RISK MANAGEMENT POLICY:
Your company recognizes that risk is an integral part of business and is committed to managing the
risks in a pro active and efficient manner. There is no risk which in the opinion of the board may
threaten the existence of the company. The company has taken sufficient insurance coverage to
safeguard its assets including Inventories, Buildings and Machineries etc.
VIGIL MECHANISM:
The Company has established a vigil mechanism policy and overseas through the committee, the
genuine concerns expressed by the employees and other Directors. The Company has also provided
adequate safeguards against victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the chairman of the Audit Committee on reporting
issues concerning the interests of co employees and the Company.
AUDIT COMMITTEE:
The company has reconstituted Audit Committee pursuant to section 177 of the Companies Act,
2013 read with rule (6) of the Companies (Meetings of Board and its Powers) Rules, 2014 as on
09.01.2018 due to appointment of Mr. Arun Sehgal and resignation of Mr. Nikunj Soni as Director
of the Company. The Committee reconstituted with the following member.
Sr. Board of Director Designation Nature of Directorship
No
1 Nareshbhai Vanmalidas Thakkar Chairperson Non Executive and
Independent director
2 Arun Sehgal Member Non Executive and
3 AnureetKaur Jolly Member Non-Executive and Non-
During the year under review, five meetings of Audit Committee were held on 25.04.2017,
26.05.2017, 18.08.2017, 09.11.2017 and 09.01.2018.
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NOMINATION AND REMUNERATION COMMITTEE:
The company has reconstituted Nomination and Remuneration Committeepursuant to section 178
of the Companies Act, 2013 read with rule (6) of the Companies (Meetings of Board and its
Powers) Rules, 2014 as on 09.01.2018 due to appointment of Mr. Arun Sehgal and resignation of
Mr. Nikunj Soni as Director of the Company.. The Committee reconstituted with the following
member.

No
1 AnureetKaur Jolly Chairperson Non Executive and Non
2 Nareshbhai Vanmalidas Thakkar Member Non Executive and
During the year under review, five meetings of Nomination and Remuneration Committee were
held on 25.04.2017, 26.05.2017, 18.08.2017, 09.11.2017 and 09.01.2018.
STAKEHOLDER RELATIONSHIP COMMITTEE:

The company has reconstituted Stakeholder Relationship Committee pursuant to section 178 of the
Companies Act, 2013 read with rule (6) of the Companies (Meetings of Board and its Powers)
Rules, 2014 as on 09.01.2018 due to appointment of Mr. Arun Sehgal and resignation of Mr.
Nikunj Soni as Director of the Company. The Committee reconstituted with the following member.

No
1 AnureetKaur Jolly Chairperson Non Executive and Non
2 Nareshbhai Vanmalidas Thakkar Member Non Executive and
During the year under review, five meetings of Stakeholder Relationship Committee were held on
25.04.2017, 26.05.2017, 18.08.2017, 09.11.2017 and 09.01.2018.
BOARD EVALUATION:
The board of directors has carried out an annual evaluation of its own performance, board
committees and individual directors pursuant to the provisions of the Act and the corporate
governance requirements as prescribed by Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements), Regulations 2015 (“SEBI Listing Regulations”). The
performance of the board was evaluated by the board after seeking inputs from all the directors on
the basis of the criteria such as the board composition and structure, effectiveness of board
processes, information and functioning, etc. The performance of the committees was evaluated by
the board after seeking inputs from the committee members on the basis of the criteria such as the
composition of committees, effectiveness of committee meetings, etc. The board and the
nomination and remuneration committee reviewed the performance of the individual directors on
the basis of the criteria such as the contribution of the individual director to the board and
committee meetings like preparedness on the issues to be discussed, meaningful and constructive
15
contribution and inputs in meetings, etc. In addition, the chairman was also evaluated on the key
aspects of his role. In a separate meeting of independent directors, performance of non-independent
directors, performance of the board as a whole and performance of the chairman was evaluated,
taking into account the views of executive directors and non-executive directors. The same was
discussed in the board meeting that followed the meeting of the independent directors, at which the
performance of the board, its committees and individual directors was also discussed. Performance
evaluation of independent directors was done by the entire board, excluding the Independent
director being evaluated.
CORPORATE GOVERNANCE:
Pursuant to Regulation 15(2) of SEBI (Listing Obligation and Disclosure Requirements)
Regulation, 2015, provisions of Corporate Governance are not applicable to the company as it is
listed to SME Platform of NSE.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

Your Directors state that during the year under review, there were no reported cases falling within
the purview of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013.
SECRETARIAL AUDIT REPORT:
In terms of Section 204 of the Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014, the Company has appointed Mr. Amit Patel
Practicing Company Secretary, Ahmedabad (CP No. 15068) as Secretarial Auditor of the Company
for the F.Y. 2017-18. Hence, The Company has obtained Secretarial audit report from Mr. Amit
Patel, Practicing Company Secretary, Ahmedabad (CP No. 15068) which is enclosed as Annexure
II to this report. The report is self-explanatory and do not call for any further comments.
STATUTORY AUDITORS:
M/s Mistry & Shah, Chartered Accountants (Firm Registration Number 122702W) have expressed
their unwillingness to continue as a Statutory Auditor of the Company for the remaining period
from the ensuing Annual General Meeting. Due to resignation of M/s Mistry & Shah, Chartered
Accountants, the Board approached M/s Bihari Shah & Co., Chartered Accountant and and they
agreed to act as a Statutory Auditor of the Company form the conclusion of the ensuing Annual
General Meeting to the conclusion of the Annual General Meeting to be held in the calendar year
2023 for auditing the annual accounts of the company for the financial year 2018-19 to 2022-23.
Accordingly, requisite resolutions for the appointment of M/s Bihari Shah & Co., Chartered
Accountants as statutory auditor of the company forms part of the notice conveying the Annual
General Meeting.
The comments in the Auditors report with notes on accounts are self-explanatory and therefore do
not call for any further explanation.
16
ACKNOWLEDGEMENT:
Your Directors take this opportunity to thank all the stakeholders, Investors, Clients, Banks,
Government, Regulatory Authorities and Stock Exchange for their continued support and to place
on record the appreciation of the valuable contribution and dedication shown by the employees of
the Company, RTA, Auditors and Practicing Company Secretary which have contributed to the
successful management of the Company’s affairs.

Place: Ankleshwar
Dated: 04.09.2018
DIN: 00399467
REGISTERED OFFICE
213, G.I.D.C., PANOLI,
ANKLESHWAR- 394116
CIN: L24231GJ1994PLC022613
17
ANNEXURE - I
FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN
As on the financial year ended on 31st March, 2017

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i. CIN : L24231GJ1994PLC022613
ii. Registration Date : 27/07/1994
iii. Name of the Company : PROLIFE INDUSTRIES LIMITED
iv. Category / Sub-Category : Company Limited By Shares /
of the Company. Indian Non Government Company
v. Address of the registered office : 213,G.I.D.C. PANOLI ANKLESHWAR
and contact details GUJARAT 394116
Tel - 02646 272490
vi. Whether listed company : Yes
vii. Name, Address and Contact details : Link Intime India Private Limited.
of Registrar and Transfer Agent, if any C 101, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai – 400083
Tel - 022 4918 6270
Fax - 022 4918 6060
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10 % or more of the total turnover of the
company shall be stated:-
Sr. Name and Description of main Products/ NIC Code of % to total

No. Services the Product/ turnover of the
service company
1 Manufacture of other chemical products 202 100
Note: NIC code of product is as per National Industrial Classification, 2008
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Sr. Name of the Address of the CIN/ Holding/ % of Applicable

No. Company Company GLN Subsidiary/ shares Section
Associate held
NOT APPLICABLE
18
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS
PERCENTAGE OF TOTAL EQUITY):
i. Category-wise Shareholding:
Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year Change
Demat Physical Total % of Demat Physical Total % of during
Total Total the year
Shares Shares
A: Promoters
(1) Indian:
a) Individual/ HUF 2972080 - 2972080 72.59 2972080 - 2972080 72.59 -
b) Central Govt. - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corporate 2000 2000 0.05 2000 2000 0.05 -
e) Banks / FI - - - - - - - - -
f) Any other… - - - - - - - - -
Sub - Total (A) (1) 2974080 - 2974080 72.64 2974080 - 2974080 72.64 -
(2) Foreign
a) NRIs – Individuals - - - - - - - - -
b) Other- Individuals - - - - - - - - -
c) Bodies Corporate - - - - - - - - -
d) Banks / FI - - - - - - - - -
(e) Any other… - - - - - - - - -
Sub - Total (A) (2) - - - - - - - - -
Total shareholding
of promoter (A) = 2974080 - 2974080 72.64 2974080 - 2974080 72.64 -
(A)(1) + (A)(2)
B: Public
Shareholding
1 Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital - - - - - - - - -
Funds
f) Insurance - - - - - - - - -
Companies
g) FIIs - - - - - - - - -
h) Foreign Venture - - - - - - - - -
Capital Funds
(i) Others - - - - - - - - -
Sub - Total (B) (1) - - - - - - - - -
2 Non-institutions
a) Bodies Corporate - - - - -
i) Indian 231000 - 231000 5.64 156000 - 156000 3.81 -
ii) Overseas - - - - - - - - -
b) Individuals
I) Individual 400012 - 400012 9.78 340000 - 340000 8.31 -
shareholders holding
nominal share capital
up to Rs. 1 lakh
II) Individual 255000 - 255000 6.23 384000 - 237000 9.38 -
shareholders holding
nominal share capital
in excess of Rs. 1 lakh
c) Others - - - - - - - - -
19
(c-i) NRIs - - - - - - - - -
(Repatriation)
(c-ii) NRIs (Non- - - - - - - - - -
repat.)
(c-iii) Foreign - - - - - - - - -
Companies
Clearing member 47988 - 47988 1.17 90000 - 90000 2.20 -
HUF 186000 - 186000 4.54 150000 - 150000 3.66 -
Trust - - - - - - - - -
Sub - Total (B) (2) - - - - - - - - -
Total public 1120000 - 1120000 27.36 1120000 - 1120000 27.36 -
shareholding (B) =
(B) (1) + (B)(2)
C: Shares Held By - - - - - - - - -
Custodian For
GDRS & ADRS
GRAND TOTAL 4094080 - 4094080 100 4094080 - 4094080 100 -
(A+B+C)
ii. Shareholding of Promoters:

Sr. Shareholder’s Name Shareholding at the beginning Shareholding at the end of the % change
No. of the year year in
No. of % of %of No. of % of %of Shares sharehold
Shares total Shares Shares total Pledged/ ing during
Shares of Pledged / Shares of encumbered the year
the encumbe the to total
company red to company shares
total
shares
Manindersingh
1 1082200 26.43 - 1082200 26.43 - -
Satnamsingh Jolly
2 Anureetkaur Jolly 1010000 24.67 - 1010000 24.67 - -
Karan Manindersigh
3 401000 9.79 - 401000 9.79 - -
Jolly
Harpreetsingh
4 288880 7.06 - 288880 7.06 - -
Satnamsingh Jolly
5 NirmalSingh Maunder 190000 4.64 - 190000 4.64 - -
Prolife Bio-Chemical
6 Industries Private 2000 0.05 - 2000 0.05 - -
Limited
iii. Change in Promoters’ Shareholding*:NA

SL. Name of the Shareholding at the Date Reason Increase/ Cumulative
No. Shareholder beginning of the year as Decrease in Shareholding
on 01.04.2017 Shareholding during the Year
No. of % of Total No. of No. of % of Total
Shares Shares of the Shares Shares Shares of the
Company Company
*: Shareholding of Promoters includes shareholding of promoter and promoter Group.
20
iv. Shareholding Pattern of top ten Shareholders (other than Directors, promoters and
Holders of GDRs and ADRs):-
Sr. Name Shareholding at the Date Increase/ Reason Cumulative

No. beginning of the Decreases Shareholding
year shareholding during the year
No. of % of total No. of % of total
shares shares of shares shares the
the company
company
1 Darshan Orna
21000 0.5129 30.06.2017 69000 Transfer 90000 2.1983
Limited
07.04.2017 96000 Transfer 96000 2.3448
19.05.2017 9000 Transfer 105000 2.5647
09.06.2017 3000 Transfer 108000 2.6380
16.06.2017 9000 Transfer 117000 2.8578
23.06. 2017 3000 Transfer 120000 2.9311
30.06.2017 (24000) Transfer 96000 2.3448
07.07.2017 3000 Transfer 99000 2.4181
14.07.2017 18000 Transfer 117000 2.8578
18.08.2017 12000 Transfer 129000 3.1509
22.09.2017 24000 Transfer 153000 3.7371
29.09.2017 (12000) Transfer 141000 3.4440
Prabhat Financial
2 0 0
Services Limited 06.10.2017 (6000) Transfer 135000 3.2974
13.10.2017 (66000) Transfer 69000 1.6854
03.11.2017 3000 Transfer 72000 1.7586
17.11.2017 3000 Transfer 75000 1.8319
24.11.2017 (15000) Transfer 60000 1.4655
08.12.2017 (3000) Transfer 57000 1.3923
30.12.2017 (3000) Transfer 54000 1.3190
12.01.2018 (15000) Transfer 39000 0.9526
19.01.2018 (3000) Transfer 36000 0.8793
23.03.2018 21000 Transfer 57000 1.3923
31.03.2018 15000 Transfer 72000 1.7586
28.04.2017 36000 Transfer 48000 1.1724
05.05.2017 3000 Transfer 51000 1.2457
12.05.2017 3000 Transfer 54000 1.3190

Heena Mukesh
12000 0.2931
3 Mehta 08.12.2017 3000 Transfer 57000 1.3923
22.12.2017 6000 Transfer 63000 1.5388
02.02.2018 3000 Transfer 66000 1.6121
23.02.2018 3000 Transfer 69000 1.6854
Kushal Jayesh
4 54000 1.3190 - - - 54000 1.3190
Khandwala
21
Veeram Ornaments
5 21000 0.5129 29.09.2017 24000 Transfer 45000 1.0991
Limited
Sidharth Samyak
6 39000 0.9526 10.01.2017 36000 Transfer 36000 0.8793
Gadhaiya Huf .
Chaitali Pankajbhai 14.07.2017 36000 Transfer 36000 0.8793
7 0 0
Patel 31.03.2018 3000 Transfer 39000 0.9526
8 Ram Babu Kabra Huf 0 0 29.09.2017 36000 Transfer 36000 0.8793
9 Abhishek Parwal 0 0 13.10.2017 27000 Transfer 27000 0.6595
10 Richa Parwal 0 0 13.10.2017 27000 Transfer 27000 0.6595
v. Shareholding of Directors and Key Managerial Personnel: -

Sr. Name Shareholding at the Date Increase/ Reason Cumulative
No. beginning of the Decrease in shareholding
year shareholdin during the year
No. of % of g No. of % of
shares total shares total
shares shares
Manindersingh
1 Satnamsingh 1082200 26.43 - - - 1082200 26.43
Jolly
2 Anureetkaur -
1010000 24.67 - - 1010000 24.67
Jolly
V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the
financial year:
i) Principal Amount - 67,263,091.00 - 67,263,091.00
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) - 67,263,091.00 - 67,263,091.00
Change in Indebtedness during the
financial year:
* Addition - - - -
* Reduction - 99,33,034.00 - 99,33,034.00
Net Change - 99,33,034.00 - 99,33,034.00
Indebtedness at the end of the financial
year:
i) Principal Amount - 57,330,057.00 - 57,330,057.00
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) - 57,330,057.00 - 57,330,057.00
22
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Sl. No. Particulars of Remuneration Name of MD/ Total
WTD/ Amount
Manager
Manindersingh
Jolly
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the 500000 500000
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 - -
(c) Profits in lieu of salary under section 17(3) Income- tax Act, - -
1961
2 Stock Option - -
3 Sweat Equity - -
4 Commission
- as % of profit - -
- others, specify…
5 Others, please specify - -
Total (A) 500000 500000
B. Remuneration to other directors: No Remuneration or sitting fees are paid.

SI. No. Name of Director Total
Particulars of Remuneration Naresh Arun Amount
Thakkar Sehgal
1 Independent Directors
:
Fee for attending board /committee meeting - - -
s
Commission - - -
Others - - -
TOTAL (1) - - -
2 Other Non-Executive Directors

:
Fee for attending board /committee meetings - - -
Commission - - -
Others - - -
TOTAL (2) - - -
TOTAL B = (1+2) - - -
TOTAL MANAGERIAL - - -
REMUNERATION
Overall Ceiling as per the Act - - -
23
C. Remuneration To Key Managerial Personnel other than MD/Manager/Whole Time
Director:
SI. Particulars of Remuneration Key Managerial Personnel

No. CEO CFO CS Total
(N.A.) Amount
1 Gross salary - 570000 272800 842800-
(a) Salary as per provisions contained in section - - - -
17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, - - - -
1961
(c) Profits in lieu of salary under section 17(3) - - - -
Income- tax Act, 1961
2 Stock Option - - - -
3 Sweat Equity - - -
4 Commission - - - -
- as % of profit
- others, specify…
5 Others, please specify - - - -
Total - 570000 272800 842800
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Not Applicable
Type Section of Brief Details of Authority Appeal

the Description Penalty/ (RD/NCLT/ made, if any
Companies Punishment/ COURT) (give details)
Act compounding
fees imposed
A. COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B.DIRECTORS
Penalty - - - - -
C. OTHER OFFICERS IN DEFAULT

Penalty - - - - -
24
ANNEXURE - II
FORM NO. MR-3
SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2018
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of
The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members
213, G.I.D.C. PANOLI,
ANKLESHWAR – 394 116
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the
adherence to good corporate practices by Prolife Industries Limited (hereinafter called “the
Company”). Secretarial Audit was conducted in a manner that provided me a reasonable basis for
evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed
and other records maintained by the Company and also the information provided by the Company,
its officers, agents and authorized representatives during the conduct of secretarial audit, the
explanations and clarifications given to me and the representations made by the Management, I
hereby report that in my opinion, the Company has, during the audit period covering the financial
year ended on 31st March, 2018 generally complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes and compliance mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records made
available to me and maintained by the Company as per Annexure A for the Financial Year ended
on 31st March, 2018 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to
the extent of Foreign Direct Investment, Overseas Direct Investment and External
Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
(b) Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India (Share based Employee Benefits)
Regulations, 2014; (Not applicable to the Company during the period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities)
Regulations, 2008;(Not applicable to the Company during the audit period)
25
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share
Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with
client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009;(Not applicable to the Company during the audit period) and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations,
1998;(Not applicable to the Company during the audit period)
(i) The Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
I further report that having regard to the compliance system prevailing in the company and on
examination of relevant documents and records in pursuance thereof, on test check basis, the
company has generally complied with other laws identified by the management as applicable
specifically to the company broadly covering Laws relating to chemical Industries.
However, it has been found that there were no instances requiring compliance with the provisions
of the laws indicated at point (d), (e) (g) and (h) of Para (v) mentioned herein above during the
period under review.
I have also examined compliance with the applicable clauses of the following:
i. Secretarial Standards issued by The Institute of Company Secretaries of India.

ii. The Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirement) Regulations, 2015.
During the period under review the Company has generally complied with the provisions of the
Act, Rules, Regulations, Guidelines, Standards, mentioned hereinabove and are adequate systems
and processes in the Company that commensurate with the size and operations of the Company to
monitor and ensure compliance with applicable laws, rules, regulations and guidelines. I have
relied on the representations made by the Company and its officers for systems and mechanisms
formed by the Company for compliances under the laws and regulations applicable to the
Company as referred hereinabove and verification of documents and records on test check basis.
I further report that the compliance by the company of the direct and indirect tax laws has not been
reviewed during this audit as the same had been subject to review by the statutory financial audit
and other designated professionals.
I 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. The changes in the composition of
the Board of Directors that took place during the period under review were carried out in
compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes
on agenda were sent at least seven days in advance. Decisions at the Board Meetings were taken
either unanimously or with majority.
26
I further report that 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.
Place: Ahmedabad
Date: September 04, 2018 Name of Company Secretary : Amit Patel
Company Secretary
FCS No. 8291 CP. No. 15068
This report is to be read with our letter of even date which is annexed as Annexure B and forms an
integral part of this report.
27
ANNEXURE - A
List of documents verified
1. Memorandum & Articles of Association of the Company.
2. Minutes of the meetings of the Board of Directors, Audit Committee, Nomination &
Remuneration Committee, Stakeholders’ Relationship Committee held during the period
under report.
3. Minutes of General Body Meetings held during the period under report.
4. Statutory Registers/Records under the Companies Act and rules made there under viz.
- Register of Directors & KMP

- Register of Directors’ Shareholding
- Register of loans, guarantees and security and acquisition made by the Company
- Register of Members
- Periodical BENPOS, Registers of Demat/Remat and records made available from RTA
5. Agenda papers relating to the Board Meetings and Committee Meetings.
6. Declarations received from the Directors of the Company pursuant to the provisions of
Section 299 of the Companies Act, 1956 and 184 of the Companies Act, 2013.
7. E-Forms filed by the Company, from time-to-time, under applicable provisions of the
Companies Act, 1956 and Companies Act, 2013 and attachments thereof during the period
under report.
8. Intimations/ documents/ reports/ returns filed with the Stock Exchanges pursuant to the
provisions of Listing Agreement during the period under report.
9. Communications/ Letters issued to and acknowledgements received from the Independent

directors for their appointment
10. Various policies framed by the company from time to time as required under the
Companies Act as well as listing agreement/SEBI Regulations.
28
ANNEXURE - B
To,
The Members
213, G.I.D.C. PANOLI,
ANKLESHWAR – 394 116
Sir,
Sub: Secretarial Audit Report for the Financial Year ended on 31 st March, 2018
My report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the company. My

responsibility is to express an opinion on these secretarial records based on my audit.
2. I 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. I believe that
the processes and practices I followed, provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of
Accounts of the company.
4. Where ever required, I 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 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.
Place: Ahmedabad
Date: September 04, 2018 Name of Company Secretary: Amit Patel
Company Secretary
FCS No. 8291 CP. No. 15068
29
ANNEXURE - III
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: Prolife
Industries Limited has not entered into any contract/arrangement/transaction with its related parties
which are not in ordinary course of business or at arm’s length during FY 2017-18.
i. Name(s) of the related party and nature of relationship: Not Applicable
ii. Nature of contracts/arrangements/transactions: Not Applicable
iii. Duration of the contracts / arrangements/transactions: Not Applicable
iv. Salient terms of the contracts or arrangements or transactions including the value, if any: Not
Applicable
v. Justification for entering into such contracts or arrangements or transactions: Not Applicable
vi. Date(s) of approval by the Board: Not Applicable
vii. Amount paid as advances, if any: Not Applicable
viii. Date on which the special resolution was passed in general meeting as required under first proviso
tosection 188: Not Applicable
2. Details of contracts or arrangements or transactions at Arm’s length basis:
Name (s) of the related Nature of Duration of the Salient terms of the Date(s) of Amount
party contracts/ contracts/ contracts or approval by paid as
arrangements/ arrangements/ arrangements or Board advances,
transaction transaction transaction including if any
the value, if any
Sale of goods 12 months 18,478,508 April 25, 2018
Shraddha Finechem Private
Limited Raw Material
12 months 9,792,215 April 25, 2018
Purchased
Sale of Goods 12 months 35,730,437 April 25, 2018
Prolife Bio-Chemical
Industries Private Limited Raw Material
12 months 51,245,786 April 25, 2018
Purchased
Sales of Goods 12 months 34,049,029 April 25, 2018
Goldstar Chemicals Private
Limited Raw Material
12 months 5,038,600 April 25, 2018
Purchased
J.S. Chemical Sales of Goods 12 months 2,419,000 April 25, 2018
Prolife Specialty Chemical Raw Material
12 months 30,906,913 April 25, 2018
Limited Purchased
Prolife Communication Pvt
Expenditures 11,000 April 25, 2018
Ltd

Place: Ankleshwar
Dated: 04.09.2018
DIN: 00399467
REGISTERED OFFICE
ANKLESHWAR- 394116
CIN: L24231GJ1994PLC022613
30
ANNEXURE: IV
TO THE DIRECTORS’ REPORT FOR THE YEAR 2017-2018
Information on Conservation of Energy, Technology Absorption and Foreign Exchange

Earnings and Outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read
with Rule 8 of The Companies (Accounts) Rules, 2014.
(a) CONSERVATION OF ENERGY
(i) the steps taken or impact on conservation of energy -

(ii) the steps taken by the company for utilizing alternate sources of energy -
(iii) the capital investment on energy conservation equipment’s -
(b) TECHNOLOGY ABSORPTION
(i) the efforts made towards technology absorption -

(ii) the benefits derived like product improvement, cost reduction, product -
development or import substitution
(iii) in case of imported technology (imported during the last three years -
reckoned from the beginning of the financial year)-
(a) the details of technology imported -
(b) the year of import; -
(c) whether the technology been fully absorbed -
(d) if not fully absorbed, areas where absorption has not taken place, and -
the reasons thereof
(iv) the expenditure incurred on Research and Development -
(c) FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year, the total foreign exchange used and the total foreign exchange earned are as under
Total Foreign Exchange earned in actual Rs. 138,365,203.00/-

Total Foreign Exchange used in actual -
Total Imported Goods Rs. 13,014,211.30/-

Place: Ankleshwar
Dated: 04.09.2018
DIN: 00399467
REGISTERED OFFICE
213, G.I.D.C.,PANOLI,
ANKLESHWAR- 394116
CIN: L24231GJ1994PLC022613
31
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
BUSINESS OVERVIEW:
Our Company was incorporated as Mamta Dyes and Intermediaries Private Limited under the
provision of the Companies Act, 1956 vide certificate of incorporation dated July 27, 1994 issued
by the Assistant Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Consequent upon the
conversion of our Company to public limited company, the name of our Company was changed to
Mamta Dyes and Intermediaries Limited and fresh certificate of incorporation dated February 20,
1997 was issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Subsequently,
the name of our Company was changed to R R J-Dyes and Intermediates Limited vide fresh
certificate of incorporation dated February 20, 1997 was issued by the Registrar of Companies,
Gujarat, Dadra and Nagar Haveli. Later on the name of the company was changed to Prolife
Industries Limited and fresh certificate of Incorporation dated March 7, 2013 pursuant to change of
name was issued by Registrar of Companies, Gujarat, Dadra and Nagar Haveli.
Our company is engaged in the business of manufacturing special and exclusive range of
intermediates for dyes, pigments, pharmaceuticals, agrochemicals and others. The company
originally founded in the year 1994 in the name of Mamta Dyes & Intermediates Private Ltd and
has been in this Industry from the very inception. Company has established even its own Research
& Development Department within few years of incorporation of the company. It has already
succeeded in developing very high quality Specialty Chemicals as result of thorough knowledge
and R & D efforts of the Chairman and Managing Director of the company who has sound
knowledge as well as vast experience of two decades in the chemical industry. The company has
established its presence in domestic as well export market and are regularly catering to the needs of
their customers in many countries including U.S.A, Spain, Switzerland, Germany, France, Taiwan,
Japan, Germany, Brazil etc.
REVIEW OF BUSINESS:
During the year under review, the profit after tax for the year ended 31st March, 2018 is Rs.
15,049,353.20 as against Rs. 8,744,684 in the previous year showing growth of 72.10%
KEY FACTORS AFFECTING THE RESULTS OF OPERATION:
The Company‘s future results of operations could be affected potentially by the following factors:
 Political Stability of the Country.

 World Economy.
 Government policies for the capital markets.
 Investment Flow in the country from the other countries.
 Government policy for textile sector.
 Competition from existing players:
 Company‘s ability to successfully implement our growth strategy
 The loss of shutdown of operations of our Company at any time due to strike or labour
unrest or any other reasons,
 Loss due to delay in execution of projects in time
32
OUR COMPETITIVE STRENGTH
i. Experienced management team and motivated employee
We have a highly experienced and qualified management team. Our MD is professionally qualified
person having sound knowledge and vast experience of more than two decades in chemical
industry. Our Management is backed by motivated staff that is instrumental in our business growth
ii. Well equipped Research and Development facility
We have well equipped research and Development facility to improve quality of the products and
to produce high performance chemicals. Company has in house sound R&D Department backed by
technical expertise of our Managing Director Mr. Maninder Singh Jolly, which helps the company
to enhance our product range.
iii. Established vast Domestic as well as Export market
The company is catering the customers both in domestic market as well as overseas market. The
company is catering the needs of customers with its high quality customized products as per the
specific requirements of buyers located in U.S.A, Spain, U.K., Switzerland, Germany, Italy, Hong
Kong, Japan, Brazil etc. The company is selling its product to internationally renowned companies.
iv. Continuous Innovation of Products and diverse products
The management is of the opinion that in order to be successful and competitive in the market, the
company needs to be innovative. We offer special and exclusive range of intermediates for dyes,
pigments, pharmaceuticals agrochemicals and others. Such diverse product mix helps us to cater
the diverse customer segments and to various sectors of Industry. The product mix helps us to
sustain the growth level. Over the years we have developed various products which is used by
Pharmaceutical Industry, Chemical industry, Packaging / FMCG Industry, agro-chemical industry.
v. Modern Infrastructure and Integrated Facilities
The unit is located in Panoli Industrial Estate, Tal. Ankleshwar, Dist Bharuch. The Industrial estate
is developed by GIDC and enjoys good infrastructure like electricity, water, roads, labour, raw
material suppliers and market for finished products which has a vital demand in the market & with
this scenario we are concentrating on expanding the production capacity and new product range.
OUR BUSINESS STRATEGY
i. Enhanced product range through emphasis on R&D
We intend to strengthen our Research and Development department to enhance the product range
and improve the quality of the products and achieve the cost reduction by utilizing the improved
method of production. In keeping with this philosophy, we will focus on increasing our customer
base of our products, give them a platform of choice to transact and support them with quality
research as well as on capturing the significant growth opportunities across the spectrum.
ii. Broad basing our Overseas reach
The company is engaged in manufacture and development of various kinds of Dyes &
Intermediates. The main end product of the company is Naphthalene based Dyes & Intermediates
which are being sold to well known multinational trading houses in various countries like U.S.A,
Spain, Switzerland, Germany, France, Taiwan, Japan, Germany, Brazil, Pakistan etc. The company
is manufacturing one exclusive product namely Violet Acid which is in demand all over the world.
The Company is planning to expand their business area which turns into higher demand and sales
of products manufactured by the company in various countries of the world.
33
iii. Maintain and expand long-term relationships with clients
Our Company believes that business is a by-product of relationship. The business model is based
on client relationships that are established over period of time rather than a project-based execution
approach. Our Company believes that a long-term client relationship with large clients fetches
better dividends. Long-term relations are built on trust and continuous maintaining of the
requirements of the customers. It forms basis of further expansion for our Company, as we are able
to monitor a potential product/ market closely.
iv. Optimal Utilization of Resources
Our Company constantly endeavors to improve our production process, skill up-gradation of
workers, modernization of machineries to optimize the utilization of resources. We regularly
analyze our existing material procurement policy and manufacturing process to identify the areas
of bottlenecks and correct the same. This helps us in improving efficiency and putting resources to
optimal use.
ACHIEVEMENTS
We have got the shares of our company listed on SME platform of NSE Limited pursuant to an
Initial Public Offer of the company. Our issue was oversubscribed by 4.3216 times during this
volatile market. Investors have shown great faith in the management and working of our company.
RISK AND RISK MITIGATION
i. Financial Risks
The Company’s policy is to actively manage its foreign exchange risk within the framework of
Forex policy. An interest rate fluctuation, the Company has adopted a prudent and conservative
risk mitigation strategy to minimize interest costs.
ii. Price Risks
Adverse Fluctuations in the price and availability of raw material could increase input costs which
may affect the operation of the company and thereby affect the profitability of the Company .The
Company proactively manages these risks through forward booking, inventory management and
proactive vendor development practices. The Company’s reputation for quality, product
differentiation and service, coupled with existence of powerful brand image with robust marketing
network mitigates the impact of price risk.
iii. Regulatory Risks
The Company is exposed to risks attached to various statutes and regulations. The Company is
mitigating these risks through regular review of legal compliances carried out through internal as
well as external compliance audits.
INTERNAL FINANCIAL CONTROL SYSTEM:
The Company has in place adequate internal control systems commensurate with the size of its
operations. Internal control systems are designed to ensure sound management of your company’s
operation, safekeeping of its assets, optimal utilization of resources, reliability of its financial
information and compliance. It clearly defines roles and responsibilities have been
institutionalized. Systems and procedures are periodically reviewed to keep pace with the growing
size and complexity of your Company’s operations
34
HUMAN RESOURCE
The Company firmly believes that Human resource is an asset to any industry, sourcing and
managing. The Company believes that employees are the key to the success of our business. The
Company focuses on hiring and retaining employees and workers who have prior experience in the
chemical Industry. The Management views this process as a necessary tool to maximize the
performance of our employees. The Company has not experienced any strikes, work
stoppages,labour disputes or actions by or with our employees, and The Company have cordial
relationship with our employees.
CAUTIONARY STATEMENT
Statements in this management discussion and analysis describing the company’s objectives,
projections, estimates and expectations may be ‘forward looking statements’ based on the plan and
assumptions of the management. Actual results might differ substantially or materially from those
expressed or implied. The Company assumes no responsibility to publicly amend, modify or revise
any such statements on the basis of subsequent development, information or event.

Place: Ankleshwar
Dated: 04.09.2018
DIN: 00399467
REGISTERED OFFICE
ANKLESHWAR- 394116
CIN: L24231GJ1994PLC022613
35
I N D E P E N D E N T A U D I T O R S’ R E P O R T
To the Members of Prolife Industries Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Prolife Industries Limited (CIN :
L24231GJ1994PLC022613) (“the Company”), which comprise the Balance Sheet as at 31 March
2018, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, as applicable.
This responsibility also includes maintenance of adequate accounting records in accordance

with the provisions of the Act for safeguarding the assets of the company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgements and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made there under and the Order under section 143 (11)
of the Act.
36
We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the company’s preparation of the financial
statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting estimates made by the
Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the State of Affairs of the Company as at 31 March, 2018 and its Profit and
its Cash Flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by
the Central Government of India in terms of sub-section (11) of section 143 of the Act,
we give in the “Annexure A”, statement on the matters specified in the paragraph 3 and
4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
37
(c) The balance sheet, the statement of profit and loss and the cash flow statement
dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, as applicable;
(e) On the basis of the written representations received from the directors as on 31
March,2018 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March,2018 from being appointed as a director in terms of Section
164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls over
financial reporting.
(g) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according to the explanations given to
us:
i.The Company has disclosed the impact of pending litigations on its financial position in
its financial statements in accordance with the generally accepted accounting practice –
also refer Note 3.26 to the financial statements;
ii.The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii.There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
For, Mistry & Shah

F.R.N: - 122702W
Ketan Mistry
Partner Date: May 30, 2018
M.NO. 112112 Place: Ahmedabad
38
“Annexure A” to the Independent Auditors’ Report
(The Annexure referred to in Paragraph 1 under “Report on Other Legal and Regulatory
Requirements” section of our report on even date)
Report on Companies (Auditor’s Report) Order, 2016 (‘the Order’) issued by the
Central Government in terms of Section 143(11) of the Companies Act, 2013 (‘the
Act’) of Prolife Industries Limited (‘the Company’)
(i) In respect of the Company’s Fixed Assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Fixed Assets;
(b) The Fixed Assets were physically verified during the year by the management in
accordance with a regular programme of verification which, in our opinion, provides for
physical verification of all the fixed assets at reasonable intervals. According to the
information and explanation given to us, no material discrepancies were noticed on
such verification.
(c) According to the information and explanations given to us and the records examined
by us, we report that, the title deeds, comprising all the immovable properties of land
and buildings which are freehold, are held in the name of the Company as at the balance
sheet date except stated below. In respect of immovable properties of land and
buildings that have been taken on lease and disclosed as fixed asset in the financial
statements, the lease agreements are in the name of the Company, where the Company
is the lessee in the agreement.
Further, we report the following:-
• Office at Thailand is in the name of Director of the Company, Mr. Maninder Singh
Jolly.
(ii) The management has conducted the physical verification of inventory at reasonable
intervals and no material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms,
limited liability partnerships or other parties covered in the Register maintained under
section 189 of the Companies Act, 2013.
39
(iv) In our opinion and according to the information and explanation given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Companies
Act, 2013 in respect of grants of loans, making investments and providing guarantees, as
applicable.
(v) The Company has not accepted any deposits during the year and does not have any
unclaimed deposits as at March 31, 2018 and therefore, the provisions of the clause 3
(v) of the Order are not applicable.
(vi) Reporting under clause 3(vi) of the order is not applicable as the Company’s business
activities are not covered by the Companies (Cost Records and Audit) Rules, 2014.
(vii) According to information and explanations given to us in respect of statutory dues the
(a) Company has not been regular in depositing undisputed statutory dues including
Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax,
Custom Duty, Excise Duty, Value added Tax, Cess, Goods and Services Tax and any
other material statutory dues to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund,

Employees’ State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise
Duty, Value Added Tax, Cess, Goods and Services Tax and other material statutory
dues in arrears as at March 31, 2018 for a period of more than six months from the
date they became payable.
(c) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty, Customs Duty,
Value Added Tax and Goods and Services Tax which have not been deposited as on
March 31, 2018 on account of dispute are given below: -
40
Name of Nature Forum where Amount Amount Period to
Statue of the dispute is (In Rs. in paid which the
Dues pending Lakhs) under amount
Protest relates
The Income
Tax Act, Income Commissioner of 4.79 0.72 2013-14
1961 Tax Income Tax
The Income Tax Income Tax Officer, 3.39 - 2009-10

Tax Act, Deducted TDS, Ahmedabad to
1961 at Source 2017-18
AA,DGFT Export Jt. Director General 3.16 - 2001-02

Obligation of Foreign Trade
Disputed Amount relating to Income Tax pending at forum Income Tax Appellate
Tribunal, Ahmedabad for Financial Year 2010-11 amounting to Rs.11.31 Lakhs was under
protest and decision of same came in favour of the Company. Hence, amount is no more
a disputed liability.
(viii) In our opinion and according to the information and explanations given to us,
the Company has not defaulted in the repayment of loan or borrowings to banks. The
Company does not have any loans or borrowings from financial institutions or
government and has not issued any debentures.
(ix) The Company has not raised moneys by way of initial public offer or further public offer
(including debt instruments).
(x) To the best of our knowledge and according to the information and explanations given
to us, no fraud by the Company and no fraud on the Company by its officers or
employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the
Company has paid / provided managerial remuneration in accordance with the requisite
approvals mandated by the provisions of section 197 read with Schedule V to the
Companies Act, 2013.
41
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the
CARO 2016 Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the
Company is in compliance with Section 188 and 177 of the Companies Act, 2013, where
applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the financial statements etc. as required by the
applicable accounting standards (refer note no. 3.34)
(xiv) During the year the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures and hence reporting under
clause (xiv) of CARO 2016 is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, during the
year the Company has not entered into any non-cash transactions with its directors or
persons connected with him and hence provisions of section 192 of the Companies Act,
2013 are not applicable.
(xvi)The company is not required to be registered under section 45 IA of the Reserve Bank
of India Act, 1934.
For, Mistry & Shah

F.R.N: - 122702W
Ketan Mistry
42
“Annexure B” to the Independent Auditor’s Report
(The Annexure referred to in Paragraph 2(f) under “Report on Other Legal and Regulatory
Requirements” section of our report on even date)
Report on the Internal Financial Controls Over Financial Reporting

under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Prolife Industries
Limited (CIN: L24231GJ1994PLC022613) (“the Company”) as of March 31, 2018 in conjunction
with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial
controls based on the internal financial control over financial 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 Financial Reporting issued by the Institute of
Chartered Accountants of India (ICAI). These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to company’s
policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over
financial reporting based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance
Note”) issued by The Institute of Chartered Accountants of India and the Standards on Auditing,
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an
audit of internal financial controls. Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material respects.
43
Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an understanding
of internal financial controls over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Company’s internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal financial control over financial reporting includes those policies
and procedures that
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized

acquisition, use, or disposition of the company's assets that could have a material effect on the
financial statements.
Inherent Limitations of Internal Financial Controls Over Financial

Reporting
Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility 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
44
subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the
Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were operating
effectively as at March 31, 2018, based on the internal control over financial 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 Financial Reporting issued by
The Institute of Chartered Accountants of India.
For, Mistry & Shah

F.R.N: - 122702W
Ketan Mistry
45
CIN NO: L24231GJ1994PLC022613
Balance Sheet As At March 31, 2018
In `
As At March 31,
Particulars Note No.
2018 2017
EQUITY AND LIABILITIES
Shareholders' Funds
(a) Share Capital 3.1 40,940,800.00 40,940,800.00
(b) Reserves and Surplus 3.2 59,950,590.33 45,886,773.13
100,891,390.33 86,827,573.13
Non-Current Liabilities
(a) Long-Term Borrowings 3.3 57,330,057.00 67,263,091.00
(b) Deferred Tax Liabilities (Net) 14,104.35 -
(c) Other Long Term Liabilities 3.4 2,700,000.00 2,700,000.00
(d) Long Term Provisions 3.5 831,181.00 866,173.00
60,875,342.35 70,829,264.00
Current Liabilities
(a) Short-Term Borrowings 3.6 (9,101,539.56) (16,610,501.00)
(b) Trade Payables 3.7
Micro, Small and Medium Enterprise - -
Others 54,791,045.81 41,159,870.00
(c) Other Current Liabilities 3.8 1,010,993.00 1,141,473.00
(d) Short Term Provision 3.9 2,741,985.00 1,932,371.00
49,442,484.25 27,623,213.00
Total 211,209,216.93 185,280,050.13
ASSETS
Non-Current Assets
(a) Fixed Assets 3.10
Tangible Assets 70,404,702.00 55,878,650.00
Intangible Assets
Capital Work-in-Progress - 5,314,070.00
Intangible Assets Under Development
(b) Non-Current Investments 3.11 37,399,780.75 25,321,940.00
(c) Deffered Tax Asset - 450,170.00
(d) Long-Term Loans and Advances 3.12 25,137,670.08 12,429,434.00
(e) Other Non-Current Assets
132,942,152.83 99,394,264.00
Current Assets
(a) Current Investment 3.13 5,462,435.45 15,096,140.00
(b) Inventories 3.14 34,306,376.00 24,658,718.00
(c) Trade receivables 3.15 28,375,091.73 42,823,541.00
(d) Cash and Cash Equivalents 3.16 9,910,710.25 2,858,540.13
(e) Short Term Loans and Advance 3.17 1.67 230,424.00
(f) Other Current Assets 3.18 212,449.00 218,423.00
78,267,064.10 85,885,786.13
Total 211,209,216.93 185,280,050.13
Corporate Information 1
Significant Accounting Policies 2
Notes On Financial Statements 3
As per our report of even date For and on behalf of the Board
For Mistry & Shah

FRN:122702W Manindersingh Jolly Anureet Kaur Jolly
Managing Director Director
DIN:00399467 DIN:02730332
Ketan Mistry Darshana Maniyar Jayvik Soni

Partner Company Secretary CFO
M. No. 112112 M. No: A45578
Place : Ahmedabad Place : Ankleshwar
Date : May 30, 2018 Date : May 30, 2018
46
CIN NO: L24231GJ1994PLC022613
Statement Of Profit & Loss For The Year Ended 31st March, 2018
In `
Year Ended March 31,
Particulars Note No.
2018 2017
Income :
Revenue from Operations 3.19 273,128,511.94 271,917,326.00
Other Income 3.20 2,793,859.64 1,001,241.00
275,922,371.58 272,918,567.00
Expenditure :
Cost of Materials Consumed 3.21 197,102,730.47 207,851,509.00
Change in Inventories 3.22 (4,958,290.23) 1,599,200.00
Employee Benefit Expenses 3.23 11,812,694.00 9,217,027.00
Finance Costs 3.24 7,663,974.00 8,185,624.00
Depreciation & Amortisation 3.10 8,861,733.00 4,710,935.00
Other Expenses 3.25 34,523,893.14 28,102,759.00
255,006,734.38 259,667,054.00
Profit before Exceptional and Extraordinary Items 20,915,637.20 13,251,513.00

and Tax Items
Exceptional - -
Profit before Extraordinary Items and Tax 20,915,637.20 13,251,513.00
Extraordinary Items - -
Profit Before Tax 20,915,637.20 13,251,513.00
Tax Expenses
Current Tax (5,402,010.00) (5,088,179.00)
Deferred Tax (464,274.00) 581,350.00
Profit after tax for the year 15,049,353.20 8,744,684.00
Earnings per Equity Share

-Basic 3.68 2.71
-Diluted 3.68 2.71
Corporate Information 1
Significant Accounting Policies 2
Notes On Financial Statements 3
For Mistry & Shah

DIN:00399467 DIN:02730332
Ketan Mistry
Partner Darshana Maniyar Jayvik Soni
M. No. 112112 Company Secretary CFO
M. No: A45578
Place : Ahmedabad Place : Ankleshwar
Date : May 30, 2018 Date : May 30, 2018
47
CIN NO: L24231GJ1994PLC022613
Cash Flow Statement For The Year Ended March 31, 2018
In `
Year Ended March 31,
Sr.No PARTICULARS
2018 2017
1 CASH FLOW FROM OPERATING ACTIVITIES
Net Profit (Loss) As per Profit & Loss Account 15,049,353.20 8,744,684.00
a Tax and Extra-Ordinary Item
Income Tax 5,402,010.00 5,088,179.00
Deffered Tax 464,274.00 (581,350.00)
Net Profit (Loss) before tax 20,915,637.20 13,251,513.00
b Adjustments:-
Interest and finance cost 7,663,974.00 8,185,624.00
Depreciation 8,861,733.00 4,710,935.00
Interest Income (294,602.45) (267,199.00)
Dividend income - -
Operating profit(loss) before working capital changes 37,146,741.75 25,880,873.00
c Adjustments:-
Decrease/(Increase) in Trade Receivables 14,448,449.27 (4,114,884.00)
(Decrease)/Increase in Trade Payables 13,631,175.81 8,917,744.00
(Decrease)/Increase in Short term Borrowings 7,508,961.44 (34,535,751.00)
(Decrease)/Increase in Other Current liabilities (130,480.00) (68,440.00)
(Decrease)/Increase in Short term Provision 809,614.00 722,247.88
Decrease/(Increase) in Inventories (9,647,658.00) 7,718,789.00
Decrease/(Increase) in Other Current Asset 5,974.00 (211,600.00)
Net Cash Flow before tax and extra ordinary item 63,772,778.27 4,308,978.88
Direct Taxes Paid (5,402,010.00) (5,088,179.00)
Less: Extraordinary Items - -
Net Cash Flow from Operating Activities 58,370,768.27 (779,200.12)
2 CASH FLOW FROM INVESTING ACTIVITIES:

a Acquisition of Fixed Assets (30,634,539.00) (28,172,092.00)
b Sale of Fixed Assets 12,560,824.00 -
c Dividend received - -
d Interest Income 294,602.45 267,199.00
e Decrease/(Increase) in Non Current Investment (12,077,840.75) 2,814,259.95
f Decrease/(Increase) in Long term loan and advances (12,708,236.08) 1,475,684.32
g Decrease/(Increase) in Other Non Current Asset (15,096,140.00)
h Decrease/(Increase) in Short term loans and advances 230,422.68 -
i Decrease/(Increase) in Other Non Current Asset - 5,952,973.00
Decrease/(Increase) in Current Investments 9,633,704.55
Net Cash Flow from Investing Activities (32,701,062.15) (32,758,115.73)

3 CASH FLOW FROM FINANCING ACTIVITIES:
a Changes in Long Term Borrowings (9,933,034.00) (951,852.00)
b Dividend and Dividend Distribution Tax paid (985,536.00) (64,546.00)
c Interest and finance cost (7,663,974.00) (8,185,624.00)
d Changes in Other Long Term Liabilities (34,992.00) 42,180,000.00
- -
Net Cash Flow from Financing Activities (18,617,536.00) 32,977,978.00
Net Increase in Cash and Equivalent. 7,052,170.12 (559,337.85)

Cash And Cash Equivalents as at the Beginning of the year 2,858,540.13 3,417,877.98
Cash And Cash Equivalents as at the closing of the year 9,910,710.25 2,858,540.13
For Mistry & Shah

DIN:00399467 DIN:02730332
Ketan Mistry Darshana Maniyar Jayvik Soni

Partner Company Secretary CFO
M. No. 112112 M. No: A45578
Place : Ahmedabad Place : Ahmedabad
Date : May 30, 2018 48 Date : May 30, 2018
Note 1. Corporate Information: -
The Company was incorporated at Ankleshwar as “Mamta Dyes and Intermediates
Private Limited” on July 27, 1994 with the registrar of companies at Gujarat, Dadra &
Nagar Haveli. The company was converted in to Public Limited Company vide a fresh
certificate of incorporation on February 20, 1997. The name of the company was
changed from Mamta Dyes and Intermediates Limited to “R.R.J. Dyes and Intermediates
Limited” vide fresh certificate of Incorporation dated February 20, 1997. Further the
name of the company was changed to “Prolife Industries Limited” vide fresh Certificate
of Incorporation dated March 7, 2013. The Company got listed in year 2016-17 on the
Small and Medium Enterprise Exchange (“SME Exchange”, in this case being the NSE
EMERGE platform).
Our company is engaged in the business of manufacturing special and exclusive range of
intermediates for dyes, pigments, agrochemicals and others. The company originally
founded in the year 1994 in the name of Mamta Dyes & Intermediates Private Ltd has
been in this Industry from the very inception. Company has established its own research
& Development department within few years of incorporation of the company. It has
already succeeded in developing very high-quality Specialty Chemicals as result of
thorough knowledge and R & D efforts of the Managing Director of the company who
have vast knowledge as well as years of experience in the chemical industry. The
company has established vast domestic as well export market and are regularly catering
to the needs of their customers in various parts of world including U.S.A., Spain, France,
Taiwan, Japan etc.
Annual Report 2017-18
49
Note 2.Significant Accounting Policies: -
1. Basis of accounting and preparation of financial statement: -
The financial statements of the company have been prepared in accordance with the
Generally Accepted Accounting Principles in India (“Indian GAAP”), the Accounting
Standards (“AS”) as specified under section 133 of The Companies Act, 2013, read
with applicable rules of Companies (Accounts) Rules 2014 and the relevant
provisions of the Companies Act, 2013 (“the 2013 Act”). The financial statements are
prepared on the basis of going concern under the historical cost convention using
the accrual method of accounting.
2. Use of Estimates: -
The preparation of financial statements in conformity with Indian GAAP requires the
management to make estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities and disclosures of contingent liabilities.
Management believes that the estimates used in the preparation of financial
statements are prudent and reasonable. Actual results could differ from the
estimates.
3. Valuation of Inventories: -
As per (AS) 2, The inventories are physically verified at regular intervals by the
management. Raw materials and packing materials are valued at the lower of cost
and net realizable value.
Finished goods, Stock-in-Trade and Work-in-Progress are valued at lower of cost and
net realizable value. Cost of inventories comprises of cost of purchase, cost of
conversion and other costs including manufacturing overheads net of recoverable
taxes incurred in bringing them to their respective present location and condition.
Consumable stores and spares are valued at the lower of cost and net realizable
value, as estimated by the management. Obsolete, defective, unserviceable and slow
/ non-moving stocks are duly provided for.
4. Impairment of Assets: -
Pursuant to "AS-28 Impairment of Assets" issued by the Central Government under

the Companies (Accounting Standard) Rules 2006 for determining Impairment in the
carrying amount of fixed assets, the management has concluded that since
recoverable amount of fixed assets is not less than its carrying amount, therefore no
provision is required for impairment in respect of fixed Assets owned by the
Company.
50
5. Research and Development: -
Research Costs are charged as an expense in the year in which they are incurred and
are reflected under the appropriate heads of account. Development expenditure is
carried forward when its future recoverability can reasonably be regarded as assured
and is amortized over the period of expected future benefit.
6. Prior Period Adjustments / Exceptional Items: -
All identifiable items of Income and Expenditure pertaining to prior period are
accounted as “Prior Period Items”. “Exceptional items” are accounted depending on
the nature of transaction.
7. Event Occurring After Balance Sheet Date: -
As per AS 4 Events occurring after the balance sheet date are those significant
events, both favourable and unfavourable, that occur between the balance sheet
date and the date on which the financial statements are approved by the Board of
Directors in the case of a company, and, by the corresponding approving authority in
the case of any other entity.
These events can broadly be classified in two ways:

a) Those which provide further evidence of conditions that existed at the
balance sheet date; and
b) Those which are indicative of conditions that arose subsequent to the
balance sheet date.
Adjustments to assets and liabilities are required for events occurring after the
balance sheet date that provide additional information materially affecting the
determination of the amounts relating to conditions existing at the balance sheet
date.
8. Investments: -
Recognition and Measurement

Long-term investments, are carried individually at cost less provision for diminution,
other than temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of investments include
acquisition charges such as brokerage, fees and duties.
On disposal of investment, the difference between its carrying amount and net
disposal proceeds is charged or credited to the Statement of Profit and Loss.
51
Presentation and disclosures
Investments that are readily realisable and are intended to be held for not more
than one year from the date, on which such investments are made, are classified as
current investments. All other investments are classified as long term investments.
9. Property, Plant and Equipment & Capital Work-In-Progress: -
Property, Plant and Equipment represents a significant proportion of the asset base
of the company. The change in respect of periodic depreciation is derived after
determining an estimate of an asset’s expected useful life and the expected residual
value at the end of its life. The useful lives and the residual value of the company’s
assets are determined by the management at the time the asset is acquired and
reviewed periodically, including at each financial year end.
Property, Plant and Machinery are stated at cost less depreciation / amortisation
and impairment losses, if any. The cost of Fixed Assets comprises its purchase price
net of any taxes, duties, freight and other incidental expenses related to acquisition,
improvements and installation of the assets.
Borrowing costs that are directly attributable to the acquisition / construction of the
qualifying asset are capitalised as part of the cost of such asset, up to the date of
acquisition / completion of construction.
Projects under which Property, Plant and Machinery are not yet ready for their
intended use are carried at cost, comprising direct cost, related incidental expenses
and attributable interest.
Gains or Losses arising from derecognition of Property, Plant and Machinery are
measured as the difference between the net disposal proceeds and the carrying
amount of the asset and are recognized in the statement of profit and loss when the
asset is derecognized.
Intangible Assets acquired separately are measured on initial recognition at cost.

Following initial recognition, Intangible Assets are carried at cost less accumulated
amortization and accumulated impairment, if any. Gains or losses arising from
derecognition of an Intangible Asset are measured as the difference between the net
disposal proceeds and the carrying amount of the Asset and are recognized in the
statement of profit and loss when the asset is derecognized.
Deprecation on Property, Plant and Machinery is provided on “Written down Value

Method” over the useful lives of the assets estimated by the Management. The
Management estimates are based on the useful life provided in the Schedule II to
Companies Act 2013, however for certain assets the Management Estimates differs
from the useful life mentioned in Schedule II. The Useful Life of Various assets are
mentioned in the below mentioned Chart.
52
Depreciation methods, useful lives and residual values are reviewed periodically,
including at each financial year end.
Sr. No Major Head Assets Included Useful Life

1. Buildings Road, Factory 30 Years
Building, Office
2. Plant & Machinery All Plant and 20 Years
Machinery and Diesel
Generator Set
3. Furniture and All Furniture and 10 Years
Fittings Fixtures
4. Motor Vehicle Four Wheel Vehicles 8 Years
5. Motor Vehicle Two Wheel Vehicles 4 Years

6. Office Equipment Weighing Machine, 5 Years
Refrigerator,
Telephone, EPBX,
Mobile
7. Computer and Computers 3 Years
Data Processing
Units
8. Laboratory Laboratory Equipment 10 Years
Equipment
9. Electrical Electrical Installation 10 Years
Installations and
Equipment
10. Hydraulic Works, Gas Pipelines 15 Years
Pipelines and
Sluices
10. Revenue Recognition: -
Revenue has been considered as per AS 9- Revenue Recognition issued by Institute

of Chartered Accountants of India. Income from sale of goods is recognised upon
transfer of significant risks and rewards of ownership of the goods to the customer
which generally coincides with dispatch of goods to customer. Sales are recorded net
of- Sales Tax / VAT, returns, rebates, discounts, Goods and Services Tax (GST) and
Excise Duties.
Interest income is recognised on accrual basis. Other operational revenue represents

income earned from the activities incidental to the business and is recognised when
the right to receive the income is established as per the terms of the contract.
53
Revenue is recognised when consideration receivable for the sale of goods, the
rendering of services or from the use by others of enterprise resources is reasonably
determinable. When such consideration is not determinable within reasonable
limits, the recognition of revenue is postponed.
When recognition of revenue is postponed due to the effect of uncertainties, it is

considered as revenue of the period in which it is properly recognised.
11. Employee Benefits: -
• Short Term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the service
are classified as short term employee benefits. Benefits such as salaries,
performance incentives, etc., are recognised as an expense at the undiscounted
amount in the Statement of Profit and Loss of the year in which the employee
renders the related service.
• Post-Employment Benefits:
a) Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the

Company pays specified contributions to a separate entity. The Company makes
specified monthly contributions towards Provident Fund and Pension Scheme. The
Company’s contribution is recognised as an expense in the Profit and Loss
Statement during the period in which the employee renders the related service.
b) Defined Benefit Plans
For defined benefit plans in the form of Gratuity Fund, the cost of providing benefits
is determined using the Projected Unit Credit (PUC) method, with actuarial
valuations being carried out at each Balance Sheet date. Actuarial gains and losses
are recognised in the Statement of Profit and Loss in the period in which they occur.
Past service cost is recognised immediately to the extent that the benefits are
already vested and otherwise is amortised on a straight-line basis over the average
period until the benefits become vested.
The retirement benefit obligation recognised in the Balance Sheet represents the
present value of the defined benefit obligation as adjusted for unrecognised past
service cost, as reduced by the fair value of scheme assets. Any asset resulting from
this calculation is limited to past service cost, plus the present value of available
refunds and reductions in future contributions to the schemes.
54
12. Foreign Currency Transactions: -
On initial recognition, all foreign currency transactions are converted and recorded
at exchange rates prevailing on the date of the transaction.
As at the reporting date, foreign currency monetary assets and liabilities are
translated at the exchange rate prevailing on the Balance Sheet date and the
exchange gains or losses are recognised in the Statement of Profit and Loss.
Non-monetary items which are carried in terms of historical cost denominated in a
foreign currency are reported using the exchange rate at the date of the transaction.
Any income or expense on account of exchange difference between the date of
transaction and on settlement Date or on translation is recognized in the profit and
loss account as income or expense except in cases where they relate to the
acquisition of fixed assets in which case they are adjusted to the carrying cost of such
assets.
13. Borrowing Costs: -
Borrowing costs that are attributable to the acquisition, construction or production

of a qualifying asset are capitalised as part of cost of such asset till such time the
asset is ready for its intended use or sale. A qualifying asset is an asset that
necessarily requires a substantial period of time to get ready for its intended use or
sale. All other borrowing costs are recognised as an expense in the period in which
they are incurred.
14. Leases: -
Lease arrangements where the risks and rewards incidental to ownership of an asset
substantially vest with the lessor are recognised as operating leases. Lease rentals
under operating leases are recognised in the Statement of Profit and Loss on a
straight-line basis.
15. Earnings Per Share (EPS): -
Basic earnings per share are calculated by dividing the net profit or loss for the
period attributable to equity shareholders by the weighted average number of
equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for
the period attributable to equity shareholders and the weighted average number of
shares outstanding during the period are adjusted for the effects of all dilutive
55
potential equity shares. Detailed working for the same is mentioned in Note No. 3.27
in Notes to financial statement
16. Taxes on Income: -
Tax expense comprises both current and deferred taxes. Current tax is the amount of
tax payable on the taxable income for the year as determined in accordance with
applicable tax rates and the provisions of the Income Tax Act, 1961 and other
applicable tax laws.
Deferred tax is recognised on timing differences, being the differences between the
taxable income and the accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax is measured
using the tax rates and the tax laws enacted or substantively enacted as at the
reporting date.
The carrying amount of deferred tax assets are reviewed at each balance sheet date.
The Company writes-down the carrying amount of a deferred tax asset to the extent
that it is no longer reasonably certain or virtually certain, as the case may be, that
sufficient future taxable income will be available against which deferred tax asset
can be realized. Any such write-down is reversed to the extent that it becomes
reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available.
Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the
extent there is convincing evidence that the Company will pay normal income tax
during the specified period. The Company reviews the same at each balance sheet
date and writes down the carrying amount of MAT Credit Entitlement to the extent
there is no longer convincing evidence to the effect that Company will pay normal
Income Tax during the specified period.
17. Provisions and Contingent Liability: -
A Provision is recognized, if as a result of past event the company has a present

obligation that is reasonably estimable and it is probable that an outflow of
economic benefits will be required to settle the Obligation. Provisions are not
discounted to their present value and are determined based on the best estimate
required to settle the obligation at the reporting date. These estimates are reviewed
at each reporting date and adjusted to reflect the current best estimates.
A contingent liability is a possible obligation that arises from past events whose
existence will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the Company or a present obligation
that is not recognized because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises in extremely rare
56
cases where there is a liability that cannot be recognized because it cannot be
measured reliably. The Company does not recognize a contingent liability but
discloses its existence in the financial statements.
18. Cash and Cash Equivalents (for the purpose of Cash Flow Statement): -
Cash and cash equivalents for the purposes of cash flow statement comprise cash at
bank and in hand, fixed deposits with banks, which are short term, highly liquid
investments that are readily convertible into known amounts of cash and which are
subject to an insignificant risk of changes in value.
19. Cash Flow Statement: -
Cash flows are reported using the indirect method, whereby profit / loss before
extraordinary items and tax is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or payments. The
cash flows from operating, investing and financing activities of the company are
segregated based on available information.
57
Note No-3.1.1 Share Capital
Particulars As at March 31,2018 As at March 31,2017
Number In ` Number In `
Equity Share Capital of ` 10/- each
Authorized Share Capital 4,500,000 45,000,000.00 4,500,000 45,000,000.00
Issued Share Capital 4,094,080 40,940,800.00 4,094,080 40,940,800.00
Subscribed and Fully Paid Up 4,094,080 40,940,800.00 4,094,080 40,940,800.00
40,940,800.00 40,940,800.00
Note No-3.1.2 Reconciliation of Share Capital

Number In ` Number In `
Equity Shares (Face Value ` 10.00)
Shares outstanding at the beginning of the year 4,094,080 40,940,800.00 1,492,040.00 14,920,400.00
Shares Issued during the year 2,602,040.00 26,020,400.00
Shares bought back during the year
Shares outstanding at the end of the year 4,094,080 40,940,800.00 4,094,080.00 40,940,800.00
Terms / rights attached to equity shares

1. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the board of directors is subject to
the approval of the shareholders in the ensuing annual general meeting.
2. In F.Y. 2016-17, the company had issued bonus shares at ratio 1:1 on August 16, 2016.
Company had also issued 11,10,000 equity shares of face value Rs.10 per share at premium of Rs.28 per share through Initial Public
Offer (IPO) at SME Platform on 05th January, 2017.
3. The company is neither a subsidiary nor a holding company of any other body corporate. Disclosures as regards the Shareholdings in or by
such body-corporate, accordingly, are not applicable on the company.
4. In the Event of Liquidation of the company, the share holders of equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by
shareholders.
5. The company did not have outstanding calls unpaid by directors and officers of the company (Previous year NIL) and also did not have any
amount of forfeited shares (Previous Year NIL).
Note No 3.1.3 Shareholders holding more than 5% of Share

Number % of Holding Number % of Holding
Maninder Singh Jolly 1,082,200 26.43 % 1,082,200 26.43 %
Anureet Kaur Jolly 1,010,000 24.67 % 1,010,000 24.67 %
Karan M Jolly 401,000 9.79 % 401,000 9.79 %
Harpreet S Jolly 288,880 7.06 % 288,880 7.06 %
Nirmal Singh Munder 190,000 4.64 % 190,000 4.64 %
Note No- 3.2 - Reserves and Surplus In `

Reserves
Securities Premium 31,080,000.00 31,080,000.00
Surplus
Opening Balance 14,806,773.13 20,982,489.13
(+) Net profit/(Net loss) for the Current Year 15,049,353.20 8,744,684.00
(-) Bonus Issued out of free reserves - (14,920,400.00)
(-) Adjustment in Depreciation - -
(-) Dividend paid for FY 2016-17 (818,816.00) -
(+) Deferred Tax Liability - -
(-) Dividend Distribution Tax (166,720.00) -
Closing balance 59,950,590.33 45,886,773.13
Total 59,950,590.33 45,886,773.13
* The Board has Proposed Dividend of Rs. 0.25 per equity share of F.V Rs.10 each for Financial Year 2017-18.
58
Note No -3.3 Long Term Borrowings In `
Unsecured Loans:
From Body Corporate* 56,253,717.00 66,186,751.00
From Related Party 1,076,340.00 1,076,340.00
Total 57,330,057.00 67,263,091.00

* The above Loans are unsecured and terms of repayment are three years from the date of acceptance.
Note No-3.4 Other Long Term Liabilities In `

Others* 2,700,000.00 2,700,000.00
Total 2,700,000.00 2,700,000.00
* The amount of Other Long Term Liability represent advance received from Shweta Co-Operative Housing Society Limited
towards "Agreement for Sale" of GIDC Plot No.H31 and H36 situated at GIDC Panoli
Note No-3.5 Long Term Provision In `

Provision for Employee Benefits:

Gratuity (Refer Note No.3.29) 831,181.00 866,173.00
Total 831,181.00 866,173.00
Note No-3.6 Short Term Borrowings In `

Secured
Loans Repayable on Demand
From Banks
The J & K Bank (Bank OD) # (9,101,539.56) (16,610,501.00)
Total (9,101,539.56) (16,610,501.00)
# 1 The J & K Bank (Bank OD) is secured by way of hypothecation of entire block of current assets including raw material,
stock in process, finished goods, Book Debts including export receivables etc. as primary security
# 2 The J & K Bank (Bank OD) is also secured by way of Equitable mortgage of factory land and building situated at Plot No.
213, GIDC Panoli, Ankleshwar, Gujarat.
# 3 The J & K Bank (Bank OD) is also secured by way of Equitable mortgage of land along with allied construction situated at
Plot No. 214, GIDC Panoli, Ankleshwar, Gujarat.
# 4 The J & K (Bank OD) is also secured by way of Personal Guarantee of Mr. Maninder Singh Jolly (Managing Director) and
Mrs. Anureetkaur Jolly (Director).
Note No-3.7 Trade Payables In `

MSME Creditors
Principal Amount due and remaining unpaid - -
Interest due on above and unpaid interest - -
Interest paid - -
Payment made beyond the appointed day during the year - -
Interest due and payable for the period of delay - -
Interest accrued and remaining unpaid - -
- -
Amount of further remaining due and payable in succeeding year
Other Trade Payables 54,791,045.81 41,159,870.00
Total 54,791,045.81 41,159,870.00
* The company has dispatch letter by post for asking MSME Registration of Vendors. Till date company has not received any
confirmation on that. Hence in the absence of information all vendors are classified under Non-MSME Creditors.
59
Note No-3.8 Other Current Liabilities In `
Statutory Dues
Professional Tax Payable 4,460.00 6,410.00
Tax Deducted at Source Payable 1,006,533.00 881,229.00
VAT and CST Payable - 112,891.00
Service Tax Payable - 140,943.00
Total 1,010,993.00 1,141,473.00
Note No-3.9 Short Term Provision In `

Provision for Employee Benefits

Bonus Payable - 76,713.00
Director Salary payable 1,785,000.00 1,310,000.00
Provident Fund payable 47,960.00 51,488.00
Gratuity Payable (Refer Note No. 3.29) 15,594.00 18,449.00
Others
Provision for Expenses 893,431.00 64,664.00
Income Tax Payable - 411,057.00
Total 2,741,985.00 1,932,371.00
Note No-3.11 Non-Current Investments In `

Investments in Property
G.I.D.C. Plot* 2,511,223.00 2,511,223.00
Investment in Joint Venture** 13,660,391.00 13,660,391.00
Office at Thailand*** 6,857,348.00 6,857,348.00
Dahej Plot 2,181,024.00 2,181,024.00
Investments in Partnership Firm

Ayaz Ice & Cold Storage**** 90,793.00 90,793.00
Investments in Equity Instruments

(a) In Equity Instruments (quoted) (fully paid up)
- 2000 Equity Shares of Rs. 10 each purchased at a 114,000.00
price of Rs. 57 each of Reliable Data Service Ltd
(Market Value of Reliable Data Service Ltd is Rs. 1,05,800.00)
- 102500 Equity Shares of Rs.10 each purchased at a 11,985,001.75
price of Rs. 116.93 each (appx.) of Umiya Tubes Ltd.
(Market Value of Umiya Tubes Ltd is Rs. 90,71,250.00)
Other Non Current Investment

Bharuch Enviro Infrastructure Limited - 21,161.00
Total 37,399,780.75 25,321,940.00
*The Company has entered into "Agreement for Sale" With Shweta Co-Op Housing Society Limited for sale of GIDC Plot no. H31
and H36 for Rs. 27,00,000.00
**This amount represents 12.99% share in the JSK Motel Management Inc. Percentage of Share is based on actual amount
remitted by the company less amount repatriated in FY 2016-17.
*** Office at Thailand is recognised as non-monetary investment and thus it is valued at Historic Cost and no Foreign Exchange
Gain / Loss is booked. The office was purchased to expand business operations and till date it has not been put to use, hence
classified as Investment in Property. It is in the name of one of the Director Mr. M S Jolly.
****This represents amount of capital invested in Ayaz Ice & Cold Storage, a Partnership Firm through directors of the
company i.e. Mr. M S Jolly and Mrs. Anureet Kaur Jolly.
60
Note No-3.12 Long term Loans and Advances In `
Security Deposites
Unsecured, considered good
Ankleshwar Telephone Deposit 9,000.00 9,000.00
DGVCL Deposit 1,836,437.00 1,836,437.00
G.I.D.C. Power Deposit 9,600.00 9,600.00
Gujarat Gas Co. Ltd. Deposit 1,003,122.57 953,016.00
Hexone Office Deposit 40,000.00 40,000.00
MGO (Gujarat Gas) Caution Deposit - 15,094.00
NSE Deposite - 421,800.00
PETL - 480,000.00
Balances With Government Authorities

Duty Drawback Receivable 835,341.00 580,149.00
Excise Duty - 2,439,629.00
Excise Refund - 1,151,882.00
CGST Paid on RCM 121,298.00 -
IGST Paid on RCM 93,008.00 -
SGST Paid on RCM 121,298.00 -
Input GST Receivable 14,207,872.51 -
Income Tax Appeal ITAT 750,000.00 750,000.00
Income Tax Appeal CIT A.Y. 2014-15 71,885.00 71,885.00
Income Tax Receivable 13-14 21,812.00 21,812.00
Income Tax Receivable 277,014.00 277,014.00
Income Tax Receivable 17-18 1,235,525.00 -
Balance in PLA - 32,595.00
Service Tax - 645,519.00
Value Added Tax Refund - 1,133,152.00
Value Added Tax Receivable - 1,228,656.00
VAT Paid 2013-14 1,344,000.00 -
VAT Paid 2014-15 2,106,563.00 -
VAT Paid 2016-17 718,700.00 -
Loans and Advances to Employees

Shantilal Machi - 27,000.00
Ganesh Prasad - 10,000.00
Hitesh Sharma 25,000.00 25,000.00
Pawan Singh (Advance) 40,000.00 -
Other Loans and Advances

Sachin Industries 100,000.00 100,000.00
Total 25,137,670.08 12,429,434.00
Note No-3.13 Current Investment In `

Investment in Equity
1,17,000 Equity Shares of Rs. 10.00 each purchased at price of Rs. - 14,940,400.00
127.70 each of Akash Infra-Projects Ltd
Investment in Mutual Funds

2,35,483.283 Units of Franklin India Ultra Short Bond Fund - 5,462,435.45 155,740.00
Super Institutional Plan - Growth
Total 5,462,435.45 15,096,140.00
61
Note No-3.14 Inventories In `
Finished Goods 16,827,338.00 11,869,048.00

Packing Material 119,287.00 55,232.00
Raw Material 17,359,751.00 12,734,438.00
Total 34,306,376.00 24,658,718.00
Note No-3.15 Trade Receivables In `

Outstanding for More than 6 months

Unsecured considered good 170,900.00 1,054,475.00
Outstanding for Less Than 6 months

Unsecured considered good 28,204,191.73 41,769,066.00
Total 28,375,091.73 42,823,541.00

*Debtors are subject to confirmation.
Note No-3.16 Cash and Cash Equivalents In `

Balances with banks in Current Account

Axis Bank 1,887,604.24 (569,720.00)
Dollar Account 4,378,595.00 1,087,830.00
S.B.I. (Airport) 223,295.50 223,944.00
S.B.I. (J.N.P.T.) 98,613.00 99,262.00
Cash on hand
Cash on hand 547,732.00 333,907.00
FDR for Bank Guarantees*

BG (Gujarat Gas) 1,304,861.90 1,304,862.00
BG GPCB 89,348.00 53,708.00
Bank Deposit with more than 12 months maturity

FDR with Banks 1,380,660.00 324,745.00
Total 9,910,709.64 2,858,538.00

* Fixed Deposit of Rs. 1,394,209.90 (Previous Year Rs. 1,358,570.00) is held by bank as security against guarantee issued to Gujarat Gas
Limited and Gujarat Pollution Control Board.
Note No -3.17 Short Term Loans and Advances In `

Unsecured considered good
GOEL Power Er. - 200,000.00

Beeline Broking Limited 1.67 30,424.00
Total 1.67 230,424.00
Note No -3.18 Other Current Assets In `


Prepaid Insurance 31,567.00 26,812.00
Prepaid Expense 35,000.00 187,500.00
Accrued F.D Interest 145,882.00 4,111.00
Total 212,449.00 218,423.00
62
Note No: 3.10 Fixed Assets In `
GROSS BLOCK DEPRECIATION / AMORTIZATION NET BLOCK
Particulars As at April Addition during Ded/Adj during As at March Upto March 31, Upto March 31, As at March As at March
For the year
1,2017 the year the year 31,2018 2017 2018 31,2018 31,2017
TANGIBLE ASSETS
BUILDINGS 23,768,978.00 4,400,673.00 - 28,169,651.00 2,677,970.00 2,265,236.00 4,943,206.00 23,226,445.00 21,091,008.00

PLANT AND MACHINERY 37,123,498.00 16,780,519.00 - 53,904,017.00 7,502,192.00 5,471,683.00 12,973,875.00 40,930,142.00 29,621,306.00
FURNITURE AND FITTINGS 1,705,629.00 62,000.00 - 1,767,629.00 930,653.00 214,935.00 1,145,588.00 622,041.00 774,976.00
MOTOR VEHICLES 865,027.00 - - 865,027.00 776,951.00 44,824.00 821,775.00 43,252.00 88,076.00
OFFICE EQUIPMENT 148,055.00 61,954.00 - 210,009.00 100,874.00 30,472.00 131,346.00 78,663.00 47,181.00
COMPUTERS AND DATA
PROCESSING UNITS 150,264.00 180,104.00 - 330,368.00 130,247.00 67,065.00 197,312.00 133,056.00 20,017.00
LABORATORY EQUIPMENT 207,629.00 - - 207,629.00 161,239.00 18,241.00 179,480.00 28,149.00 46,390.00
ELECTRICAL INSTALLATIONS AND
EQUIPMENT 2,069,399.00 1,902,535.00 - 3,971,934.00 822,341.00 740,307.00 1,562,648.00 2,409,286.00 1,247,058.00
HYDRAULIC WORKS, PIPELINES
AND SLUICES 85,167.00 - - 85,167.00 47,559.00 8,970.00 56,529.00 28,638.00 37,608.00
LAND* 2,905,030.00 - - 2,905,030.00 - - 2,905,030.00 2,905,030.00
PLANT AND MACHINERY WIP 5,314,070.00 7,246,754.00 12,560,824.00 - - - - 5,314,070.00
Total 74,342,746.00 30,634,539.00 12,560,824.00 92,416,461.00 13,150,026.00 8,861,733.00 22,011,759.00 70,404,702.00 61,192,720.00
* Land is Non-Depreciable Assets, hence no depreciation has been provided on it.
63
Note No :-3.19 Revenue from Operations In `
Sale Of Products
Export 124,300,756.00 56,263,377.00
G S Sales 93,932,609.69 142,046,126.00
Merchant Export 14,764,447.00 36,313,350.00
O G S Sales 15,713,670.00 20,844,445.00
Sales against CT-1 4,983,071.00 4,920,000.00
Sales against CT-3 - 2,555,000.00
Export at Concession Rate 8,821,888.25 -
Sale Of Services
Job Work Charges 8,542,275.00 7,520,100.00
Other Operating Revenue

Export Incentives* 2,069,795.00 1,454,928.00
Total 273,128,511.94 271,917,326.00

* Exports Incentives includes amount received / receivable towards duty drawback.
Note No :-3.20 Other Income In `

Interest on:
Fixed Deposit and PCL A/c 294,602.45 267,199.00
Interest on VAT Refund - 489,991.00
Other Non-operating Income

Discount 10,259.90 24,138.00
Exchange Gain & Loss 2,003,951.79 -
Kasar Vatav 178,350.05 64,173.00
Profit from Investment 306,695.45 155,740.00
Total 2,793,859.64 1,001,241.00
Note No :-3.21 Cost of Materials Consumed In `

Opening Balance Of Raw material 12,789,670.00 18,909,258.00

Purchase Of Raw material 201,792,097.90 201,731,921.00
Less: Closing Balance Of Raw material (17,479,037.43) (12,789,670.00)
Total 197,102,730.47 207,851,509.00
Note No :-3.22 Change In Inventories In `

Finished Goods
Opening Balance 11,869,048.00 13,468,248.00
Less: Closing Balance (16,827,338.23) (11,869,048.00)
Total (4,958,290.23) 1,599,200.00
64
Note No :-3.23 Employee Benefit Expenses In `
Salary and Wages

Bonus 237,810.00 383,563.00
Director Salary 500,000.00 500,000.00
Labour Charges 4,105,094.00 1,415,793.00
Salary Wages 2,606,805.00 2,667,914.00
Over Time 342,511.00 335,577.00
Contribution to Provident Fund and Other Funds
Provident Fund 301,875.00 287,526.00

Gratuity Expense* (37,847.00) 76,873.00
Staff Welfare Expenses

Lunch 840.00 540.00
Medical Allowance 28,519.00 -
Staff Welfare Expenses 292,395.00 244,747.00
Tea & Refreshment Expenses 373,876.00 316,679.00
PM Insurance Policy 3,762.00 5,449.00
Production Incentive 132,500.00 114,550.00
Reimbursemant of Expense 62,880.00 48,000.00
Heat Gas & Dust Allowance 257,082.00 280,766.00
House Rent Allowance 1,019,279.00 955,651.00
City Compensatory Allowance 431,585.00 461,055.00
Conveyance Allowance 383,469.00 382,951.00
Special Allowance 770,259.00 739,393.00
Total 11,812,694.00 9,217,027.00

* Gratuity Expense is recorded as per Acturial Report.
Note No :-3.24 Finance Costs In `

Interest Expenses
Bank Interest 79,288.00 179,045.00
Interest on Unsecured Loans 7,549,587.00 7,883,250.00
Other Borrowing Cost

Letter of Credit Charges 35,099.00 123,329.00
Total 7,663,974.00 8,185,624.00
Note No :-3.25 Other Expenses In `

Payment To Auditors
Audit Fees 120,000.00 100,000.00
Prior Period Items

Prior Period Expenses* 5,380.00 -
Power & Fuel
Gas & Fuel Expenses 8,494,644.40 5,646,748.00
Petrol/vehicle Expenses 16,305.00 35,410.00
Power Expenses 5,778,332.00 5,522,387.00
65
Repairs to Plant & Machineries
Electrical Expenses 1,036,374.38 797,766.00
Repair and Mat.(Plant & Machinery) 6,446,578.65 2,821,732.00
Stores & Spares 1,426,078.64 925,681.00
Computer Expense 23,589.06 32,015.00
Vehicle Reparing 20,342.00 7,400.00
Insurance
Insurance Expenses 331,900.98 163,234.00
ECGC Premium - 12,624.00
Rates and taxes

Excise Expense 144,883.00 -
GIDC Notified Tax 231,498.00 149,429.00
Professional Tax - 2,500.00
Service Tax 275,236.53 113,231.00
Vat Credit Reversal 179,874.00 377,740.00
Vat Expense 666,003.38 -
Others Rates and Taxes 26,851.00 7,295.00
Miscellaneous Expenses
Advertisement Expense 107,478.00 1,023,858.00
Annual Charges - 528.00
Bank Charges 340,510.00 133,729.00
BEIL Expense - 50,000.00
Broking Charges 5,950.89 -
Clearing & Forwarding Charges 978,457.00 275,882.00
Commission Expenses 604,837.00 114,316.00
Compensation Expesne 127,250.00 173,164.00
Contribution Expense (PETL) 480,000.00 100,000.00
Conveyance Expense 72,275.00 134,175.00
Detention Expense 1,852.00 1,844.00
Donation Expense 10,000.00 15,500.00
Drinking Water 87,500.00 37,140.00
Factory Expesne 257,664.00 316,129.00
Freight Expenses 279,761.50 -
Foreign Exchange Loss - 821,576.00
Furniture Repairs 52,125.00 -
Gardner Expenses 210,200.00 -
GPCB Analysis Charges 79,129.20 6,539.00
Interest and Penalty on Statutory Dues 84,856.00 33,468.00
Internet Expense 17,935.00 20,000.00
Income Tax Appeal fees 49,870.00 -
IPO Expense 218,116.60 3,129,972.00
Laboratory Expenses 32,858.90 53,567.00
Legal & Prof.Expenses 994,743.12 296,650.00
Loading Unloading Expenses 290,176.00 307,730.00
Loss on Sale of Investment 79,276.00
Medical Expenses 11,361.00 175,180.00
Membership Fees 15,500.00 4,000.00
Merchant Banking Expenses 250,000.00
Mobile Expense 47,565.00 10,770.00
Office Expenses 64,558.00 96,268.00
Other Expenses 110,515.26 3,202.00
66
Packing and Forwarding Expense 5,049.00 9,900.00
Palletization Expenses 54,631.00 -
Postage & Courier Expenses 64,358.65 31,350.00
Printing & Stationery 119,831.00 186,282.00
Quality Difference - (368,649.00)
Reimbursement of Expenses** 644,137.00 1,067,462.00
Round Off 837.00 2.00
Shipping Line Charges 24,000.00 -
Safety and fire Expenses - 14,705.00
Sundry W/off - 41,585.00
Security Expenses 471,182.00 476,529.00
Service Charge 2,705.00 626.00
Telephone Expenses 3,309.00 4,828.00
Telephone Expenses (Hexone) 7,289.00 2,729.00
Tempo Charges 83,350.00 57,950.00
Testing expense 11,000.00 -
Transportation Expenses 475,284.00 803,229.00
Travelling & Conveyance 70,925.00 129,742.00
UN Certificate Fees 43,000.00
Uniform Expense 59,285.00
Water & Drainage 1,072,624.00 1,476,662.00
Waste Treatment Expense 211,690.00
Weigh Expenses 13,950.00 12,920.00
Xerox 1,550.00 2,243.00
Total 34,523,893.14 28,102,759.00
*This amount represents actual reimbursement paid to clearing and forwarding agent for exports.
67
3.26 Contingent Liabilities not provided for: -
Particulars Year ended March Year ended

31, 2018 March 31, 2017
Disputed Income Tax Liability 7,01,445.00 16,10,570.00
Disputed Custom Duty Liability 3,16,320.00 3,16,320.00
Tax Deducted at Source Liability (on TRACES 3,39,370.00 3,09,474.00
portal)
Claims against the Company not 78,690.00 78,690.00
acknowledged as debts (Labour matters
involving issues like termination of
employment) *
Total 14,35,825.00 23,15,054.00
In respect of above matters, future cash flows in respect of contingent liabilities are
determinable only on receipts of judgements pending at various forums/authorities.
* It is in respect of the amount payable to one of its employee for employment termination.
The liability has been calculated up to the Date of Order of Labour Court. The Company has
filed appeal against the issued orders.
3.27Earnings Per Share (EPS)
The Calculation of Weighted Average Number of Equity Shares as per (AS) 20 is described
below:
Particulars Current Year Previous Year

No. Of No. Of Weighted No. Of No. Of Weighted
Shares Days average Shares Days average
outsta number of outstan number
nding Shares ding of Shares
Number of shares 4,094,080 365 4,094,080 14,92,040 365 14,92,040

outstanding at the
Beginning of the
year
Shares issued - - - 1,110,000 81 246,329
during the year
By way of issue of - - - 1,492,040 365 1,492,040
Bonus Issue
Other than bonus - - - - - -
issue

68
Total Shares 4,094,080 - 4,094,080 4,094,080 - 3,230,409
outstanding at the
end of the year
The following reflects the profit and share data used in the Basic and Diluted EPS
computation: -
Particulars Year ended March Year ended March 31,

31, 2018 2017
Net Profit as per Profit and Loss 15,049,353.20 8,744,684.00

Weighted Average Number of Equity 4,094,080.00 3,230,409.00
Shares
Nominal Value per Share 10 10
Basic and Diluted Earnings Per Share 3.68 2.71
3.28 Segment Reporting: -
Information about Primary (Business) Segment:

The Company operates in single business segment of “Dyes Intermediates”. Hence, there is
only one reportable business segment as envisaged in Accounting Standard (AS) 17 “Segment
Reporting”.
Information about Secondary (Geographical) Segment:

The Company derives revenue from both domestic and overseas markets, which are
considered as different geographical segments. Segment-wise revenues are as under:

69
3.29Retirement Benefits: -
Disclosure Requirement as per AS-15 (Revised 2005) “Employee Benefits” notified under
section 133 of the Companies Act, 2013
a) Defined Contribution Plan (Provident Fund) included in Employee Benefit Expenses

during Current Year is Rs. 3,01,875.00
b) Defined Benefit Plan: -
Prolife Industries Limited has defined benefit gratuity plan.
Change in Present Value of Benefit Obligations
Present Value of Benefit Obligation on 1-4-2017 8,84,622.00

Current Service Cost 1,03,770.00
Interest Cost 68,116.00
Benefit Paid 0.00
Actuarial Losses /(gains) (2,09,733.00)
Present Value of Benefit Obligation on 31-03-2018 8,46,775.00
Details of experience adjustment on plan assets and Liabilities
Experience adjustment on plan assets 0.00

Experience adjustment on plan liabilities (1,67,392.00)
Bifurcation of Present Value of Benefit Obligation
Current - Amount due within one year 15,594.00

Non-Current - Amount due after one year 8,31,181.00
Total 8,46,775.00
Change in Fair Value of Plant Assets
Fair Value of Plan Assets on 1-4-2017 0.00

Expected Return on Plan Assets 0.00
Company Contributions 0.00
Benefits paid 0.00
Actuarial losses (gains) 0.00
Expected Company Contributions in the next year 0.00

70
Asset Category of Plan Assets
Government of India Securities 0.00

High quality corporate bonds 0.00
Equity shares of listed companies 0.00
Property 0.00
Funds managed by Insurance Company 0.00
Cash / Bank Balance 0.00
Amount recognized in Balance Sheet and Statement of Profit and Loss
Present Value of Benefit Obligation on 31-3-2018 846,775

Net Liability / (Asset) recognised in Balance Sheet 846,775
Current Service Cost 103,770.00

Interest Cost 68,116.00
Expected Return on Plan Assets 0.00
Net actuarial losses (gains) recognized in the year (209,733.00)
Expenses recognized in Statement of Profit and Loss (37,847.00)
3.30 Duty Drawback:
Duty Drawback, which is received and receivable for F.Y. 2017-18 are recorded.
3.31 Prior Period Expenses:
All identifiable items of Income and Expenditure pertaining to prior period are accounted as
“Prior Period Items”.
3.32 Realizations:
In the opinion of the Board and to the best of its knowledge and belief, the value on
realization of current assets, loans and advances will, in the ordinary course of business, not
be less than the amounts at which they are stated in the Balance sheet.
3.33 Micro Small and Medium Enterprise(MSME) Creditors:
The Micro Small and Medium Enterprise registered under The Micro small and Medium
Enterprise Development Act 2006 have been taken based on the list of MSME creditors

71
provided by the management. However, as the Company has not received any claims in
Respect of such interest and as such, no provision has been made in the books of accounts.
3.34 Related Party Disclosures: -
Related party transactions are reported as per AS-18 of Companies (Accounting Standards)
Rules, 2006, as amended, in the below mentioned table: -
Nature of
Relationship Period
Transaction
2017-18 2016-17
1. Mr. Maninder singh S
Director
Jolly
Remuneration (Gross Paid) 500,000.00 500,000.00
2. Prolife Bio- Chemical Common

Industries Private Limited Directorship
Sales of Goods 35,730,437.00 52,270,779.00
Raw Material Purchased 51,245,786.00 46,194,392.00
Reimbursement of Expenses 5,905,641.00 2,417,049.00
3. Goldstar Chemicals Common

Private Limited Directorship
Sales of Goods / Services 34,049,029.00 80,718,347.00
Partnership Firm
4. J.S Chemical
of Director
Sales of Goods 2,419,000.00 4,907,332.00
Raw Material Purchased - -
Reimbursement of Expenses - -
5. Prolife Speciality
Chemicals Limited Common
(Formerly known as Nem Directorship
Organics Limited)
Reimbursement of Expenses - -
Sales of Goods - -
Purchase of Machines - 4,347,750.00

72
5. Shraddha Fine Chem Common
Sales of Goods 18,478,508.00 7,127,121.00
6. Prolife Entertainment & Common

Production Private Limited Directorship
Expenses - 1,020,408.00
7. Prolife Communication Common

Expenses 11,000.00 -
8. Jayvik Soni CFO CFO 570,000.00 390,000.00

9. Darshna Maniyar CS CS 272,800.00 132,600.00
Key Managerial Personnel (KMP)

Mr. Manindersingh Jolly - Managing Director
Mr. Jayvik Soni - Chief Financial Officer
Miss. Darshana Maniyar - Company Secretary
Relative of Key Managerial Personnel

Mrs. Anureet Kaur Jolly - Wife of Managing Director
Enterprise over which Key Managerial Personnel and their relatives have Significant
Influence
J.S. Chemicals
Prolife Speciality Limited (Formerly known as Nem Organics Limited)
Pro Chukan Chemical Industries Private Limited
Prolife Bio-Chemical Industries Private Limited
Prolife Communication Private Limited
Prolife Entertainment and Production Private Limited
Prolife Hair and Health Care Private Limited
Prolife Multi Specialty Hospitals Private limited
Shraddha Fine Chem Private Limited
Shree Ram Chemicals
Solvochem Industries
Solvochem Intermediates Private limited
Yushika Exports

73
3.35 Unhedged Foreign Currency Exposure
The company does not use any derivative instruments to hedge its risk associated with foreign
currency fluctuations. The details in respect of exposure to foreign currency fluctuation are as
follows:-
Currency Year Ended 31st Year Ended 31st

March 2018 March 2017
Receivable US $ 496920.29 8,34,672.36
Payable US $ 21,500.00 Nil
EEFC US $ 67,444.87 Nil
3.36 CIF Value of Imports
Year Ended 31st Year Ended 31st

Raw Material 1,30,14,211.30 1,51,93,621.00
Stores, Spares and Packing Materials - -
Capital Goods - -
Total 1,30,14,211.30 1,51,93,621.00
3.37 Expenditure in Foreign Currency

Legal and Professional - -
Total - -
3.38 Earnings in Foreign Exchange

CIF Value of Exports 8,05,13,379.00 6,94,46,801.00
FOB Value of Exports 5,78,51,824.00 22,269,926.00

74
3.39 Management Remuneration
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sr. MD/WTD/ Total

No. Particulars of Remuneration Manager Amount
MD
1 Gross Salary 5,00,000.00 5,00,000.00
a) Salary as per Provisions contained in
section 17(1) of the Income Tax Act, 1961.
b) Value of perquisites u/s 17 (2) of Income
Tax Act,1961
c) Profits in lieu of salary under section 17(3)
Income- tax Act, 1961
2 Stock option 0 0
3 Sweat Equity 0 0
4 Commission 0 0
5 Any other Benefits 0 0
Total 5,00,000.00 5,00,000.00
Ceiling as per the Act 30,00,000.00
B. Remuneration to key managerial personnel other than MD/ Manager/ WTD:
Name of Managerial
Sr. Particulars of Total
Person other than
No. Remuneration Amount
MD/WTD/Manager
CFO CS
1 Gross Salary 5,70,000.00 2,72,800.00 8,42,800.00
a) Salary as per Provisions
contained in section 17(1) of
the Income Tax Act, 1961.
b) Value of perquisites u/s 17
(2) of Income Tax Act,1961
c) Profits in lieu of salary under
section 17(3) Income- tax Act,
1961
2 Stock option 0 0 0

75
3 Sweat Equity 0 0 0
4 Commission 0 0 0
5 Any other Benefits 0 0 0
Total 570,000.00 2,72,800.00 8,42,800.00
3.40 General Notes: -
Previous Year's figures have been regrouped / reclassified wherever necessary to correspond
with current year's classification / disclosure.
Balances shown under Long-term Borrowings, Long Term Provisions, Short Term Provisions,
Trade Payables, Other Current Liabilities, Long Term Loans and Advances, Inventories, Trade
Receivables, Short Term Loans and Advances and Other Current Assets, etc. are subject to
confirmation / reconciliation, if any. The management does not expect any material difference
affecting the current year's financial statements.
For Mistry & Shah For and on Behalf of Board

F.R.N 122702W
Ketan Mistry Manindersingh Jolly Anureet Kaur Jolly

Partner Managing Director Director
M.No. 112112 DIN: 00399467 DIN: 02730332
DarshanaManiyar Jayvik Soni

Company Secretary CFO
M. No:A45578
Date: May 30, 2018 Date: May 30, 2018

Place: Ahmedabad Place: Ankleshwar

76
CIN NO: L24231GJ1994PLC022613
ATTENDANCE SLIP
To be handed over at the entrance of the Meeting Hall
I/We hereby record my/our presence at the 24th Annual General Meeting of the Company held at
6 ,8,10,12 Hexon Arcade, Nr. Jayaben Modi Hospital Valia Road, G.I.D.C., Ankleshwar 393002,
Gujarat, India on Saturday, 29th September, 2018, at 11:00 A.M.
Folio No. / Client ID/DPID No.

………………………………………………………………………………….
Full Name of the Shareholder:

…………………………………………………………………………………
Signature: ……………………………………
Full Name of Proxy………………………………………………………………….
Signature: ………………………………….
(To be filled in if the Proxy attends instead of the Member)
77
CIN NO: L24231GJ1994PLC022613
24th Annual General Meeting – 29th September, 2018
Form No. MGT-11
PROXY FORM
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the
Companies (Management and Administration) Rules, 2014]
Name of the Member(s): …………………………………………………………........................
Registered Address: ……………………………………………………………..............................
Email: ………………………………………………………………………………………………
Folio No./Client ID: ………………………………………………………………………………
DP ID: ……………………………………………………………………………………………...
I/ We, being the Member(s) of…………………. Shares of the Prolife Industries Ltd., hereby
appoint
Name: ……………………………...………………………………………………………………
Address: ……………………………………………………………….…………………………
Email……………………..............................................................................................................
Signature: ..............................................................
or failing him / her
Name: …………………………………………………...………………………………………
Address: …………………………………………………………………………………………
Email: …………………………………………............................................................................
Signature: ..............................................................
or failing him / her
Name: ……………………………………………………………………………………………
Address: ……………………………………………………………………….………………
Email: ……………………………................................................................................
Signature: ........................................................
78
as my/ our proxy to attend and vote (on a poll) for me/ us and on my/ our behalf at the 24th
Annual General Meeting of the company, to be held on Saturday, 29th September, 2018 at 11:00
A.M. at 6 ,8,10,12 Hexon Arcade, Nr. Jayaben Modi Hospital Valia Road, G.I.D.C., Ankleshwar
393002, Gujarat, India and at any adjournment thereof:
Sr. No. Resolutions Optional*

For Against
1. To receive, consider and adopt the Audited
Financial Statements of the Company for the
financial year ended March 31, 2018, together with
the Reports of the Board of Directors and the
Auditors thereon (Ordinary resolution).
2. To declare final dividend on Equity shares for the

year 2017-18 (Ordinary resolution)
3. To appoint Mrs. Anureet Kaur Jolly [DIN:
02730332], who retires by rotation and being
eligible offers himself for reappointment. (Ordinary
resolution).
4. To appoint Statutory Auditors of the company to

hold office from the conclusion of this AGM until
the conclusion of the sixth annual general meeting
to be held in the calendar year 2023 to pass the
resolution thereof (Ordinary resolution).
5. To appoint Mr. Yogesh Satyanarayan Pareek [DIN:

02937854] as Non- executive independent director
of the Company (Special Resolution)
Signed this …………………………….Day of ……………………………… 2018
…………………………………….. ………………………………………
Signature of the Member Signature of the proxy
holder(s)
Affix Rs. 1/
Revenue
Stamp
Signature of the shareholder

Across Revenue Stamp
79
Notes:
1. This form of proxy in order to be effective should be duly completed and deposited at the
Registered Office of the Company not less than 48 hours before the commencement of
the meeting.
2. A Proxy need not be a member of the Company.
3. A person can act as proxy on behalf of members not exceeding fifty and holding in the
aggregate not more than 10% of the total share capital of the Company carrying voting
rights. A member holding more than 10% of total share capital of the Company carrying
voting rights may appoint a single person as proxy and such person shall not act as a
proxy for any other person or shareholder.
4. *This is only optional Please put a ‘X’ in the appropriate column against the resolutions
indicated in the Box. If you leave the ‘For’ or ‘Against’ column blank against any or all
the resolutions, your Proxy will be entitled to vote in the manner as he / she thinks
appropriate.
5. In the case of joint holders, the signatures of any one holder will be sufficient, but names
of all the joint holders should be stated.
80
REGISTERED OFFICE: 213, G.I.D.C. PANOLI,
ANKLESHWAR 394116 GUJARAT
Email: info@prolifeindustries.in
Tel. : 02646 272490

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PROLIFE INDUSTRIES LIMITED

CIN NO: L24231GJ1994PLC022613

ANNUAL REPORT 2017-2018

Contents of Annual Report

Sr. Particulars Page Nos.

Chief Financial Officer:

Company Secretary & Compliance Officer:

Share Transfer Agent:

2. To declare final dividend on Equity shares for the year 2017-18

5. Appointment of Mr. Yogesh Pareek [DIN: 02937854] as an Independent Director.

By order of the Board of Directors

3. Proxies in order to be effective must be lodged at the Registered Office of the

i. To all Beneficial Owners in respect of shares held in dematerialized form as per

 Send all correspondence relating to transfer and transmission of shares to Registrar of

By order of the Board of Directors

Particulars Mrs. AnureetKaur Jolly

Date of Birth 18th May,1967

Date of Appointment 31st October, 2009

Qualifications Bachelor of Science (B.Sc), Graduate

Directorships held in other public companies PROLIFE SPECIALITY CHEMICALS

Memberships / Chairmanships of committees of -

Number of shares held in the Company 10,10,000

Route map of venue of Annual General Meeting of PROLIFE INDUSRIES LIMITED

DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENTIAL

DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES:

DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTION:

STATEMENT OF UTILIZATION OF ISSUE PROCEEDS:

EXTRACT OF ANNUAL RETURN:

NO. OF BOARD MEETINGS:

PARTICULARS OF LOAN, GUARANTEE AND INVESTMENT:

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

Sr. Board of Director Designation Nature of Directorship

STAKEHOLDER RELATIONSHIP COMMITTEE:

Sr. Board of Director Designation Nature of Directorship

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

By order of the Board of Directors

FORM NO. MGT-9

As on the financial year ended on 31st March, 2017

I. REGISTRATION AND OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:

Sr. Name and Description of main Products/ NIC Code of % to total

1 Manufacture of other chemical products 202 100

Note: NIC code of product is as per National Industrial Classification, 2008

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:

Sr. Name of the Address of the CIN/ Holding/ % of Applicable

ii. Shareholding of Promoters:

iii. Change in Promoters’ Shareholding*:NA

*: Shareholding of Promoters includes shareholding of promoter and promoter Group.

Sr. Name Shareholding at the Date Increase/ Reason Cumulative

05.05.2017 3000 Transfer 51000 1.2457

12.05.2017 3000 Transfer 54000 1.3190

v. Shareholding of Directors and Key Managerial Personnel: -

Total (i+ii+iii) - 57,330,057.00 - 57,330,057.00

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

B. Remuneration to other directors: No Remuneration or sitting fees are paid.

2 Other Non-Executive Directors

SI. Particulars of Remuneration Key Managerial Personnel