Precision Camshafts LTD FY 2024

PCL/SEC/24-25/023 3rd July 2024
To, To,
National Stock Exchange of India Limited, BSE Limited,
"Exchange Plaza" 5th Floor, Plot No. C-1, Phiroze Jeejeebhoy Towers,
G Block, Bandra Kurla Complex, Dalal Street,
Bandra (East), Mumbai – 400051 Mumbai - 400001
NSE Scrip Code - PRECAM BSE Scrip Code – 539636
Subject: Notice of 32nd Annual General Meeting (AGM), Annual Report for Financial Year (FY) 2023-
24 and Book Closure for AGM and dividend
Dear Sir/Madam,
This is to inform that 32nd Annual General Meeting (AGM) of members of Precision Camshafts Limited
is scheduled to be held on Friday, 26th July 2023 at 3:00 PM (IST) through Video Conferencing (VC)/
Other Audio-Visual Means (OAVM) in compliance with the applicable provisions of the Companies Act,
2013 read with Rules made thereunder, SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 read with various circulars issued by the Ministry of Corporate Affairs and SEBI from
time to time.
Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 amended from time to time, please find attached herewith a copy of Annual Report for the FY
2023-24 along with the Notice of the 32nd AGM, which has been sent through electronic mode to the
Members of the Company. It is also available at the website of the Company www.pclindia.in.
Pursuant to the intimation dated 23rd May 2024 via Intimation number PCL/SEC/23-24/009 wherein
the Book Closure date was inadvertently mentioned as Friday 19th July 2024 to Wednesday 26th July
2024 for the purpose of Annual General Meeting and declaration of Dividend of the Company. Further
pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Register of Members and Share Transfer Books will remain closed from Saturday, 20th July 2024
to Friday, 26th July 2024 (both days inclusive) for the purpose of AGM and payment of dividend.
You are requested to take note of the same and take the Annual Report on record.
Thanking you,
For Precision Camshafts Limited

Tanmay Digitally signed by
Tanmay Pethkar
Pethkar Date: 2024.07.03

__________________
19:12:47 +05'30'
Tanmay M. Pethkar
Company Secretary and Compliance Officer
Membership No. A53618
CONTENTS
Corporate Overview 01-43
Purpose. Prowess. Progress. 01
Key Highlights of FY 2023-24 02
About the Precision Group 04
PCL in a Nutshell 06
Our Journey 10
Product Portfolio 12
Presence 14
Marquee Clientele 15
Message from the Chairman & MD 16
Financials 20
Operating Environment 22
Investment Case 24
Lakshya 2030 26
Innovation 28
Customer-Centricity 29
Technology 30
Way Forward 31
Environmental Initiatives 32 Please find our online version at
Employee Initiatives 37 https://pclindia.in/index.php/annual-report/
Community Initiatives 39
Board of Directors 40
Management Team 41
Awards 42
Corporate Information 43 Scan todownload
Investor Information
Statutory Reports 44-147

Market Cap as of
31st March, 2024:
` 1880.72 Crores
CIN: L24231PN1992PLC067126
Management Discssion and Analysis 44 ISIN: INE484I01029
Board’s Report 58 BSE Code: 539636
Corporate Governance Report 77 NSE Symbol: PRECAM
Bloomberg Code: PRECAM:IN
Bsiness Responsibility and Sustainability 110
Dividend Declared: Rs. 1 per equity share
Report
AGM Date: Friday, 26th July 2024
Video Conferencing and other audio-Visual
AGM Mode:
Means (VC/OAVM
Financial Statements 148-286 Disclaimer: This document contains statements about expected future events
and the financials of Precision Camshafts ’the Company’, which are forward-
looking. By their nature, forward-looking statements require the Company to
Standalone 148 make assumptions and are subject to inherent risks and uncertainties. There is
a significant risk that the assumptions, predictions, and other forward-looking
Consolidated 218 statements may not prove to be accurate. Readers are cautioned not to place
undue reliance on forward-looking statements, as several factors could cause
assumptions, actual future results, and events to differ materially from those
expressed in the forward-looking statements. Accordingly, this document
is subject to the disclaimer and qualified in its entirety by the assumptions,
qualifications, and risk factors referred to in the Management Discussion and
AGM Notice 287 Analysis section of this Annual Report.
PURPOSE.
PROWESS.
PROGRESS.
At Precision Camshafts Limited, our purpose is at the heart

of everything we do. We are dedicated to creating camshaft
solutions that not only meet but exceed the expectations
of our customers and stakeholders. Our commitment to Progress is the cornerstone of our growth and success. We
purpose extends beyond business success to making a continuously challenge ourselves to evolve, adapt, and
positive impact on society and the environment. We strive innovate in response to changing market dynamics and
to contribute to a sustainable future through responsible customer needs. Our focus on progress drives us to explore
practices and meaningful initiatives. new technologies, expand our capabilities, and enhance
our operational efficiency. We are committed to advancing
Our journey is marked by a relentless pursuit of engineering
the automotive industry and driving progress for a better
excellence and innovation. With a team of highly skilled
tomorrow.
professionals and state-of-the-art technology, we push the
boundaries of what is possible in camshaft manufacturing. Together, these pillars of Purpose, Prowess, and Progress
Our prowess in precision engineering enables us to deliver define who we are and guide our every endeavour. At
products of exceptional quality, durability, and performance, Precision Camshafts Limited, we are not just shaping
setting new standards in the industry. camshafts; we are shaping the future of mobility.
PRECISION CAMSHAFTS LIMITED
Annual Report 2023-24
NURTURING PROGRESS WITH STEADY

PERFORMANCE
Financial Operational
₹ 674.61 Crores 72%

Revenue (on standalone basis) Percentage of Capacity Utilisation of Machine
Camshafts
₹ 139.63 Crores 91%

EBITDA
Percentage of Capacity Utilisation of
Camshafts Casting
20.70%
EBITDA Margin
10.08 million
Total Camshafts Produced
`78.40 Crores
PAT
1
Products Launched
11.62%
PAT Margin
0.07
Debt to Equity
2
Corporate Overview
Statutory Reports
Financial Statements
Environment Social
67,632 m3 904
Water Consumption Employees
76,446.77 MT CO2e 5.42

Total GHG Emission Male to Female Ratio of Employees
81.300 million units 13,42,192

Electricity Generated CSR Beneficiaries
474.51 MT 154.53 Lakhs

Waste Management CSR Expenditure
Governance
9
Directors on Board
4
Female Directors
3
4
Corporate Overview
Statutory Reports
ABOUT THE PRECISION GROUP

The Precision Group is a diversified conglomerate
with a significant presence in the Indian
manufacturing and technology sectors. The
Group has established itself as a leader in several
industries, including automotive components and
electric drivetrains. The Group's commitment to
innovation, quality, and sustainability has driven
its success and growth over the years.
In the automotive sector, the Precision Group is known for its expertise in manufacturing
precision components, such as balancer shafts, prismatic components and fuel injector
components. Crucial for facilitating the smooth operation of vehicles, these components
are supplied to leading automobile manufacturers in India and globally. The Group’s focus
on quality and technology has helped it maintain a strong market position and build long-
term partnerships with its customers.
Complete integrated
electric drivelines and
power solutions for
heavy equipment
Global benchmark in One-stop solution

quality with state-of- for niche machined
the-art manufacturing components, including
footprint Camshafts, Balancer
Shafts and Injectors
Leading supplier
partner to marquee
global OEMS Publicly listed
company with
strong financial
position
Global manufacturing
Strong & experienced
footprint
management team and board
with long term strategic vision
5
OUR STORY OF PURPOSE,

PROWESS & PROGRESS
Established in 1992, Precision Camshafts
Our Ethos
Limited (also referred to as ‘PCL’, or ‘We’
or ‘Our Company’) stands as an esteemed
and globally renowned manufacturer Our Vision
of top-tier camshafts. Our Company To become a solution provider of automotive
embodies a legacy of excellence since components, systems, and services to OEMs
across the globe with a strategic focus on
its inception. Through the years, we have electric mobility.
consistently garnered a strong reputation,
positioning ourselves as a trailblazer in
the domain of camshaft manufacturing.
Thereby establishing high benchmarks for
innovation and quality within the industry.
PCL is an exclusive global supplier of a wide spectrum of camshaft
solutions, ranging from cast iron and ductile iron to hybrid and
assembled variants. Over the years, we have evolved to become
a name known for pioneering growth through innovation and a
commitment to delivering excellence. Our comprehensive product
portfolio extends beyond camshafts, encompassing critical injector
components, balancer shafts, and bespoke prismatic parts. As
dedicated suppliers, we actively participate in forging collaborative
partnerships. These initiatives help us contribute meaningfully to the
relentless pursuit of excellence by esteemed OEMs worldwide.
Our operational footprint spans meticulously designed plants

in Solapur and Nashik (Maharashtra), featuring four foundries in
Solapur and six machine shops – four in Solapur and two in Nashik.
Furthermore, our global reach is fortified by our state-of-the-art
manufacturing facilities in Cunewalde (Germany) and Oosterhout
(Netherlands). This highlights our indomitable dedication to serving a
diverse clientele on an international scale.
What sets PCL apart is not solely our expansive geographic presence
but, more importantly, our dedication to brilliance in manufacturing.
Our avant-garde facilities and engineering prowess stand as
distinguishing pillars, positioning us as a leading force in the industry.
Our Company transcends being merely a Company; we are the living
evidence of precision, innovation, and a firm commitment to the
pursuit of excellence within the automotive manufacturing sector.
6
Corporate Overview
Statutory Reports
Our Mission Core Values Our DNA

To gain larger market share, ensure We operate on the principle of The Precision DNA is ‘FIIERCE’ which
profitable growth, embrace change, ‘C.R.E.A.T.E’ – Customer Focus, stands for forward looking – ingenious -
and drive continuous improvement Respect, Excellence, Agility, Teamwork, indomitable – excellence – result-oriented
in operations, product quality, Entrepreneurship. An acronym for an – competence – energy.
technology, sustainability, employee exemplary set of principles that are
development and community perceptible in every interaction and Forward Looking
enhancement. interface with PCL employees.
Future-ready team with a progressive
business approach
Ingenious
Solution-oriented, innovative, and
resourceful problem solving
Indomitable
Raising the benchmark with a ‘never say
die’ attitude
Excellence
Constantly striving towards perfection
Result Oriented
Keen attention to details with sharp focus
on the finish line
Competence
Process-driven company with strong
technical & manufacturing expertise
Energy
High level of enthusiasm and restless for
challenges
We are a future-ready team with a

progressive business approach,
providing solutions, raising benchmarks,
constantly striving towards perfection
with keen attention on to timelines,
backed with strong technical and
manufacturing expertise boost with high
level of enthusiasm.
7
Our Stature
30+ Years
Experience in the
automotive industry
50+
Marquee clients across the
globe
300+ Engineers
Driving extensive production
experience
150+ Variants
of Camshafts, majorly
catering to passenger
vehicles
45+
Customers
8 Facilities
Comprising four foundries
and four machine shops in
Solapur, Maharashtra
8
Corporate Overview
Statutory Reports
Performance
Volume Contribution (in %)
FY 2023-24
46 Machine Camshafts
54 Camshafts Casting
Volume Contribution (in %)
FY 2022-23
65 Machine Camshafts
35 Camshafts Casting
Consolidated Revenue Contribution for FY 2023-24

(` In Crores)
674.61 160.81 50.07 147.69
PCL MFT MEMCO EMOSS
9
OUR MILESTONES MAP
1992 2018
Incorporated PCL Acquired 76% Stake – MFT
Acquired 51% Stake – EMOSS
1997 2017
PE Investment – CDC Acquired 95% of Equity in
MEMCO
1999 2016
Entered into a JV in India with G Launched IPO and got
Clancey Limited, UK Listed on BSE and NSE
2006 2012
Acquired 51% Stake of G Entered into 2 JVs in
Clancey Limited in the JV China with Shenlong -
SLPCL & PCLSL
& 13
2008 2011
PE Investment – Incorporated PCL
TATA Capital (Shanghai) Company
Limited
10
Corporate Overview
Statutory Reports
2019 2024
Acquired Balance 5% Equity Started construction on a 25 Acres
– MEMCO Greenfield Site For Specialised
Disinvested from JVs in Machining Facility And Electric
China – SLPCL & PCLSL Vehicles
2020 2023
Acquired Balance 49% Enetered MOU with Prospective
Stake – EMOSS Customers for eLCV
Acquired Balance 24% Achieved a Remarkable Milestone,
Stake – MFT Surpassing a Turnover of `1,000
Crores by the Precision Group
2021 2022
Developed India’s first Started Development of
Retrofitted Electric Mid-size Retrofitted eLCV
Bus – Oranje Tiger Diversified Product Portfolio
MOU with Solapur Municipal at PCL (Other than
Corporation and Other Camshafts)
Private Companies for
Electric LCV
Expansion of EMOSS BV in to
Additional 2nd plant
11
OUR RANGE OF EXCELLENCE

PCL’s extensive product range includes a variety of camshafts, balancer shafts,
injector components, and other automotive and non-automotive parts, tailored
to meet the needs of OEMs worldwide. Additionally, we have engineered
complete electric drivelines for heavy equipment and vehicles, cementing our
leadership and innovation in the electric mobility sector. Through our relentless
pursuit of prowess and progress, we continue to set benchmarks in the
industry, ensuring that our products remain at the forefront of technology.
Camshafts Hybrid Camshafts

PCL specialises in producing chilled cast iron camshafts Camshafts produced using this technology can be made
that meet the demanding requirements of the from chilled cast iron or ductile iron, with additional
automotive industry. These camshafts are designed to components such as steel trigger wheels and gears
perform well under high stress, provide efficient wear fitted onto them.
resistance even with minimal lubrication, and offer a
competitive pricing. In addition, our products contribute Assembled Camshafts
to improved emissions and guarantee high-performance In this process, cam lobes, fuel lobes, trigger wheels,
material behaviour. Our Company has successfully and other components are assembled onto a high-
delivered these camshafts to markets in America, specification steel tube using force-free heat shrink
Europe, Asia, including the Indian Subcontinent and technology. This method minimises internal stress
Japan. generated during assembly, resulting in a longer
PCL's current manufacturing capabilities include product lifespan. Additionally, since no castings are
producing fully machined and as-cast camshafts made required for assembled camshafts, the carbon footprint
according to customer specifications. These camshafts is reduced.
cater to different engine types, including SOHC, DOHC,
V6, and V8, with applications for both VCT and non-VCT
systems.
Chilled Cast Iron Camshafts

Cast iron provides numerous advantages, including
enhanced corrosion resistance, excellent castability,
and consistent hardness and structure across sections.
In camshaft manufacturing, this technology is further
enhanced by manual chill placement, which increases
the hardness of the cam lobes, ensuring superior
performance and durability.
Ductile Iron Camshafts

Ductile iron, also known as spheroidal or nodular cast
iron, is a contemporary metallurgical innovation. This
material can be further strengthened through heat
treatment, resulting in enhanced mechanical properties
such as increased strength, toughness, and ductility.
12
Corporate Overview
Statutory Reports
MEMCO Engineering packages. Our solutions enable the seamless transformation

of any vehicle into an efficient and environmentally friendly
Fuel Injector Components electric vehicle (EV).
Fuel Injection components for conventional and DRDi

Diesel Engines, like Nozzle Holder Body, and Nozzle EV Buses
Retaining Nuts, among others The automotive industry requires valve-train components
tolerant to increased stress that offer low wear resistance
Stainless Steel Components even with the least lubrication. Our Company meets this
Various components for instrumentation demand through electric public transportation solutions,
such as electric buses that are emission-free, noiseless, and
MFT vibration-free. In the process, we not only help enhance the

comfort of public transport but also promote environmental
Balancer Shafts & Assemblies sustainability. Our EMOSS e-Bus represents the next
We manufacture fully machined, hardened and balanced generation of electric buses for both public and commercial
(vertical and horizontal) balancer shafts and their transportation, available in a variety of sizes to suit different
assemblies made up of forged, ductile iron route. needs.
In sparsely populated areas, public transportation presents
Prismatic Components a challenge for specialised routes catering to small groups
We produce a variety of powertrain, brake and chassis of people. We believe in making zero-emission transport
components, and also engage in machining all casting accessible to everyone, regardless of location or route
materials (GG, GGG, Aluminium). complexity. As such, our drivelines are designed with
passengers in mind, ensuring they are extremely quiet,
Camshafts comfortable, and wheelchair-accessible.
We create a diverse range of camshafts for auto OEMs.
EV Trucks
EMOSS We specialise in the design, development, production, and
testing of innovative electric drivelines. Using our modular
Drivelines
system, we convert a wide range of vehicles to run on
Today's transporters face significant challenges in meeting
electric power, including delivery vans, full electric trucks,
strict pollutant emissions and noise regulations while
and range-extended electric semi-trucks.
adhering to precise delivery time slots. To help address
such issues, we specialise in designing, developing, and
producing cutting-edge electric drivelines and battery
13
PROPELLING FORWARD WITH OUR

WORLDWIDE REACH
Harnessing our expertise and resources with unfaltering prowess, we have
strategically established a robust presence in key global markets. This has
enabled us to meet the diverse customer needs across different regions.
Our commitment to progress ensures we continually adapt and excel across
different regions.
Sweden
Canada
Norway
Austria
Poland
United Kingdom
Brazil Spain
United States
of America
India
France
Mexico
Germany Uzbekistan
China
Hungary
South Korea
New Zealand
Nashik
Solapur
Disclaimer : This map is a generalised illustration only for the ease of the reader to understand the locations, and it is not intended to be used for reference purposes. The
representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. The Company or any of its directors,
officers or employees, cannot be held responsible for any misuse or misinterpretation of any information or design thereof. The Company does not warrant or represent any
kind in connection with its accuracy or completeness.
14
Corporate Overview
Statutory Reports
ADVANCING WITH A STELLAR MARQUEE

CLIENTELE
Strong Portfolio of Clients E-MOBILITY
TRANSPORTATION (PRIVATE SECTOR)
ROAD SWEEPER (PUBLIC SECTOR) WASTE MANAGEMENT
FIRE TRUCK (OEM)
AUTOMOTIVE
COMMON
COMMON
15
MESSAGE FROM
THE CHAIRMAN & MD
At Precision Camshafts
Limited, our values of
Purpose, Prowess, and
Progress drive our every
endeavour. We believe in the
power of Purpose, aligning
our actions with a greater
vision to create meaningful
impact in everything we
do. With Prowess, we strive
for excellence, pushing
boundaries and setting new
standards in the industry.
16
Corporate Overview
Statutory Reports
Dear Stakeholders, our future is the transition to EVs. With

the Government targeting 30% EV
I am pleased to share Precision
Camshafts Limited's Annual Report
for FY 2023-24. Despite facing several
`674.61 Crores penetration by 2030, the demand is
expected to surge.
Revenue
global economic challenges, we Company & Segment Overview
delivered a resilient performance driven
The Precision Group currently operates
by our pursuit towards achieving
14 plants in 3 countries, serving over
`139.63 Crores
excellence and fostering innovation as
50 renowned global customers and
we progress towards Lakshya 2030.
manufacturing more than 15 diverse
At Precision Camshafts Limited, our EBITDA products for various industries,
values of Purpose, Prowess, and primarily focussed on the automotive
Progress drive every endeavour we space. With a global workforce
undertake. We believe in the power exceeding 2500+ employees, Precision
of Purpose, aligning our actions with
a greater vision to create meaningful
48 %
of revenue
Camshafts Limited has consistently
achieved a year-on-year (YoY) growth
impact in everything we do. With contributed to export rate of 12.16%. We have actively
Prowess, we strive for excellence, pursued the development, validation,
pushing boundaries and setting new and supply of new components and
standards in the industry. Through materials throughout our journey.
pursuing an economic policy agenda
Progress, we embrace innovation and Our offerings have extended beyond
to revitalise the country’s growth
continuous improvement, ensuring camshafts, catering to customers
trajectory, focusing on reviving the
that we evolve with the changing who are powertrain agnostic and not
financial sector, streamlining business
times. Together, these values guide reliant on internal combustion engines
regulations to spur economic activity,
us as we navigate challenges, seize (ICE). Furthermore, we have formed a
and bolstering physical and digital
opportunities, and chart a course dedicated team to diversify our product
infrastructure to enhance connectivity
towards a brighter, more sustainable portfolio and expand the customer
and competitiveness in manufacturing.
future. base to ensure future readiness in line
Industry Landscape with the targets set during Lakshya
Economic Conditions 2030. By successfully expanding
The Indian automobile industry has
The Indian economy demonstrated our camshaft business with existing
served as a trustworthy indicator of
remarkable resilience amid global customers and acquiring new ones, we
economic well-being for long, reflecting
economic uncertainties, achieving over continue to strengthen our client base,
the nation’s growth and technological
7% growth for the third consecutive positioning ourselves for sustained
advancements. The country
year. Projections indicate further growth.
commands a significant position in the
expansion by 7% only in FY 2024-25,
global heavy vehicles market, ranking Segmental Overview
driven by increased public sector
as the largest producer of tractors,
investment, a strong financial sector, MEMCO, Nashik, demonstrated growth
the second-largest manufacturer of
and significant growth in non-food in total income, reaching `50.07 Crores
buses, and the third-largest producer
credit. in FY 2023-24, compared to
of heavy trucks worldwide. According
`53 Crores in FY 2022-23. Our
India has solidified its position as the to the Society of Indian Automobile
Company aims to further expand its
world's third-largest fintech economy, Manufacturers (SIAM), the industry
business by acquiring new customers
trailing only the USA and the UK. produced 2,84,34,742 units in FY
while retaining existing ones.
Surpassing Hong Kong, India now 2023-24 reflecting a 9.6% increase over
holds the fourth spot in global stock FY 2022-23. The sector is poised for MFT, Germany, also experienced
markets, signalling robust domestic future growth, driven by trends such growth, with a total income of
and international investor confidence, as vehicle electrification, especially in `160.81 Crores in FY 2023-24,
buoyed by sustained IPO activity. three-wheelers and small passenger up from `171 Crores in FY 2022-23.
The Indian Government is actively cars. One key trend that will shape
17
Looking ahead, we anticipate ongoing We are also working closely with Our inaugural annual
challenges but remains focussed on our valued customers to understand
offsite, ‘Lakshya 2030’,
growth. their unique operational needs and
challenges. The positive feedback
held from 4th March to
EMOSS, Netherlands, witnessed a
that we have received reinforces our 8th, 2024, across Solapur
substantial increase in total income,
reaching `147.69 Crores in FY 2023-
belief that EMOSS EVs are not only and Mahabaleshwar, was
environmentally friendly but also offer a dynamic and purpose-
24, compared to `231.5 Crores in FY
practical and cost-effective solutions
2022-23. EMOSS has a positive order
for businesses. Thus, these vehicles
driven event. The Solapur
book for the next two to three years.
entail a lower cost of ownership segment focused on
Financial Performance compared to diesel vehicles. The setting expectations,
PCL’s revenue from operations positive interactions we have had benchmarking
reached `674.61 Crores in FY 2023- with state and city officials and private
manufacturing practices,
24. The EBITDA for FY 2023-24 is corporations have further reinforced
our confidence in our E-mobility fostering cross-company
`139.63Crores, compared to
`117.97 Crores in FY 2022-23. The offerings for the country. collaboration, and
PAT was recorded at `78.40 Crores PCL is forging multiple supplier establishing high
for the fiscal year, compared to `60.94 and customer partnerships in India, standards for operational
Crores in the previous year. With regard anticipating that these collaborations excellence.
to exports, the total value accounted will be pivotal in the swift development,
for 48 % of the year’s sales, while implementation, and furthering of our
the remaining balance constituted E-mobility initiatives. We anticipate
domestic sales. We are optimistic continued growth in our Indian Speaking of PCL’s initiatives towards
and taking strategic actions to further operations over the next three to four boosting organisational growth, we
strengthen our topline as well as years. At the same time, we are actively are taking several steps to enhance
bottom line, going ahead. directing our attention towards the our manufacturing capabilities
European market, which presents further. Firstly, we are in the process
Electric Mobility of introducing a highly automated
steady demand and promising order
In line with the progress of e-mobility prospects. assembly line for camshafts, which
in India, PCL is actively focussed on will improve efficiency and quality in
developing an electric powertrain Lakshya 2030 production. Additionally, our Company
tailored for sub-four-ton LCVs, targeting Our inaugural annual offsite meet, is setting up a new manufacturing
the thriving Indian market. This effort 'Lakshya 2030', held from 4th March facility dedicated to producing EV
culminated in the successful delivery to 8th March 2024, across Solapur transmission parts. Through this facility,
of our electric commercial vehicles and Mahabaleshwar, was a dynamic we will integrate the latest technology
to valued customers in November and purpose-driven event. The to meet the growing demand for
2023. Such positive impacts of our Solapur segment focussed on electric vehicles.
innovations on businesses and the setting expectations, benchmarking
Furthermore, PCL is investing in a
environment act as a driving force for manufacturing practices, fostering
green sand facility to manufacture
all our endeavours. cross-company collaboration, and
products like differential cases
PCL has successfully delivered electric establishing high standards for
and housings, aligning with our
light commercial vehicles (eLCVs) to operational excellence. The second
commitment to sustainable practices.
a diverse range of customers across part of our offsite meeting took
We are also driving continual
India. This marks a significant step in place at the scenic hill station of
improvement through automation and
ensuring customer confidence in the Mahabaleshwar. Amid stunning
productivity enhancement initiatives
reliability, efficiency, and performance landscapes, we engaged in team-
across our operations. These efforts are
of the EMOSS re-powered electric light building exercises, strengthened
in line with our goal to remain at the
commercial vehicles. bonds, and collectively crafted vision
forefront of innovation and efficiency
and mission statements.
in our industry. All these initiatives not
18
Corporate Overview
Statutory Reports
only align with our individual Company activities aimed at improving the the Board for their support and
goals but also solidify our commitment communities in which we operate. By encouragement. Their guidance has
to a shared vision, propelling us focussing on sustainable practices been instrumental in our success.
towards a prosperous future. and community development, PCL I also want to express my sincere
is dedicated to nurturing sustainable appreciation to our exceptional
Our People communities and fostering a future that Management Team, dedicated staff,
At PCL, we are dedicated to providing prioritises environmental sustainability. and dependable suppliers for their
our employees with a safe and healthy tireless efforts and commitment to
work environment. Our Company Way Forward excellence.
prioritises employee development Over the past thirty years, we have
Above all, I am deeply grateful to
by investing in various training established our Company as a paragon
our stakeholders for their firm belief,
programmes, mentorship, and of excellence, competitiveness, and
continued trust, and invaluable
performance evaluations to enhance customer-centricity. Our commitment
contributions. Your consistent support
career growth and skills. We also to quality has earned us global acclaim
is essential as we embark on this
focus on employee engagement as a premier manufacturer of camshafts
journey towards further growth and
through team-building activities and for passenger cars, with a remarkable
innovation. Let us continue to work
recognition programmes, fostering a 70 % market share in India alone. As we
together, striving for excellence
culture of diversity and inclusion with move forward, we are excited to explore
and shaping the future of Precision
equal opportunities for all employees. new opportunities in the automotive
Camshafts.
industry, particularly in the realm of
Safety considerations form an integral
electric vehicles. Warm regards,
part of PCL’s commitment towards
employee welfare. As such, we ensure I want to extend my heartfelt gratitude Yatin S. Shah
strict adherence to occupational to my esteemed colleagues on Chairman & Managing Director
health and safety regulations.
Appropriate safety training is provided
to all employees and robust safety
protocols are maintained to ensure
a safe workplace environment for
them. Through these initiatives, we
demonstrate our commitment to the
well-being and professional growth of
our valued employees.
Sustainability Commitment
PCL places a strong emphasis
on environmental stewardship.
Recognising the importance of
safeguarding the environment,
we have undertaken significant
initiatives to minimise our Company’s
environmental footprint. We have
implemented in-house water treatment
activities to recycle water and have
established treatment plants. We have
also created green covers across our
facilities.
In terms of corporate social

responsibility (CSR), we are actively
engaged in educational and healthcare
19
STRENGTHENING FOUNDATION WITH ROBUST

FINANCIAL PERFORMANCE
Revenue (` In Crores) EBITDA (` In Crores)
464.06 381.76 512.12 626.34 674.61 115.13 97.28 107.90 117.97 139.63
FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Profit After Tax (` In Crores) Debt-to-Equity Ratio (%)
72.05 61.69 66.07 60.95 78.40 0.04 0.05 0.06 0.05 0.07
20
Corporate Overview
Statutory Reports
EPS (In `) Return on Equity (in %)
7.59 6.50 6.96 6.42 8.25 11.1 9.06 8.92 7.61 8.81
ROCE (In %) Dividend Per Share (In `)
5.6 8.53 9.06 10.96 11.55 0.95 1.00 1.10 1.00 1.00
21
UNDERSTANDING OUR OPERATING

ENVIRONMENT BETTER
PCL operates in a dynamic and competitive environment influenced by rapid
technological advancements, changing customer demands, and fluctuating
market conditions. Our operations are also shaped by global economic trends,
regulatory changes, and industry specific challenges. To navigate this ever-
changing landscape, we continuously innovate, adapt, and optimise our
strategies, ensuring our position as a key player in automotive and precision
engineering.
Economic Conditions Government Policies

The Indian automobile industry has served as a reliable The Indian Government is actively encouraging foreign
indicator of the economy's well-being for a considerable investment in the automobile sector, allowing 100%
time, mirroring both its growth and technological FDI under the automatic route. In accordance with
advancements. The country has a robust standing in these regulations, our Company has constructed
the global heavy vehicles market, evident in its rankings robust infrastructure, incorporated cutting-edge
as the largest producer of tractors, the second-largest machinery, and integrated our technological prowess to
manufacturer of buses, and the third-largest producer of manufacture top-quality camshafts for our clients.
heavy trucks worldwide. As per reports by the Society of
The Government has also implemented a Battery-
Indian Automobile Manufacturers (SIAM), the industry
Swapping Policy, allowing the exchange of depleted
produced 2,84,34,742 units in FY 2023-24 reflecting a
batteries for charged ones at designated stations. These
9.6% increase over FY 2022-23.
trends have, in turn, made electric vehicles a more
Looking ahead, the automobile sector is poised for attractive option. Additionally, the Production Linked
considerable growth, driven by trends such as vehicle Incentive Scheme (PLI) for the automotive and auto
electrification, especially in three-wheelers and small components sector has attracted substantial proposed
passenger cars. A key trend likely to shape is the investments.
transition to EVs. With the Government targeting 30% EV
Make in India 2.0 is another noteworthy Government
penetration by 2030, the demand is expected to surge,
initiative aiming to foster investment and innovation, and
positioning the Indian industry for continued progress.
incorporate modern manufacturing infrastructure across
various sectors. The automotive sector is also included
in this programme, which has bolstered demand in the
country’s camshaft industry.
Furthermore, the Automotive Mission Plan 2016-26

(AMP 2026), a collaborative vision of the Government
and the automotive industry, outlines a strategic
roadmap for sectoral growth over the next decade. It
focusses on enhancing the industry's size, contribution
to the country’s development, global competitiveness,
technological advancements, and institutional
capabilities.
22
Corporate Overview
Statutory Reports
Trends & Opportunities Contributing to India’s

The automotive industry is experiencing a noticeable e-LCV Development
transformation, driven by evolving customer preferences
and technological advancements. A key trend shaping Our mission is to drive the electrification of vehicles
the industry is the rise of digital sales channels and in an eco-conscious manner. In our 're-powering'
dealership models. Customers now seek transparency process, we infuse new life into diesel commercial
and convenience in their vehicle purchases, prompting vehicles by converting them into fully electric vehicles
OEMs to embrace digital platforms for sales. Some (EVs). Our immediate objective is to convert existing
OEMs have successfully shifted to agency models, while internal combustion engine (ICE) vehicles into EVs. This
others are exploring hybrid models that blend traditional development would pave the way for our Company to
dealership approaches with digital elements. evolve into an original equipment manufacturer (OEM)
in the EV space.
Another notable trend is the increasing popularity
of alternative mobility and ownership models. With After thorough research and gathering insights from
changes in the work culture and consumer preferences, potential customers in India, we have identified a
there is a growing demand for vehicle leasing, promising Indian-made light commercial vehicle (LCV).
subscription-based ownership, and innovative mobility Our EV experts in the Netherlands have worked closely
solutions like ride-hailing and sharing. This trend reflects with our local team to successfully convert a prototype
a shift towards more flexible and cost-effective modes of of this LCV into an electric vehicle. This electric LCV
transportation. is now ready for testing and demonstration in India,
marking a vital milestone for our Company.
Furthermore, there is a strong focus on enhancing
the customer experience and product quality in the Furthermore, our team is nearing completion of the
automotive industry. Customers expect a seamless localisation of the electric powertrain. We distributed 22
and hassle-free experience throughout their entire EVs in November-December 2023. This achievement not
automotive journey, from the purchase to the after-sales only aligns with the country’s Make in India initiative but
services. As such, OEMs are placing greater emphasis also ensures that our electric vehicles are well-suited for
on understanding and meeting these expectations, Indian driving conditions and meet the expectations of
recognising the key role of customer satisfaction in commercial customers.
achieving sustained industrial growth.
23
INVESTMENT CASE
We are a globally recognised leader
in producing high-end automotive
solutions. We are renowned for our
innovation, quality, and commitment
to sustainability. With a diverse
portfolio of 15+ products and a
workforce of 2500+ employees,
our Company continues to push
boundaries, setting new standards
for excellence in the industry.
Tremendous Prospects
in the Indian Automobile
Market
The Indian automotive sector is anticipated to reach
USD 300 billion by 2026, riding on robust growth
fuelled by a rising middle-income consumer base and a
dynamic youth population. The nation has emerged as
a key global player, with a CEEW study projecting a USD
206 billion opportunity for EVs by 2030. This forecast
entails a USD 180 billion investment in manufacturing
and charging infrastructure.
Powering Ahead with

Camshafts
PCL is a front-runner in India’s camshaft manufacturing
landscape, boasting an impressive ~70% market share
and steering the nation’s automotive industry towards
precision engineering. We have a robust ~9% market
share in the global camshaft industry.
24
Corporate Overview
Statutory Reports
R&D and Technological

Prowess
Our dedicated R&D team propels the Precision
Group forward by staying ahead of the latest
trends in camshafts and electrification. We develop
cutting-edge products to evolve continuously,
offering value-added components that seamlessly
adapt to the ever-changing industrial dynamics.
Financial Resilience
The Precision Group boasts a robust financial
profile that is strategically positioned to pursue
ambitious growth targets. Our optimal financial
structure, coupled with the ability to maintain
healthy cash and bank balances, empowers us to
achieve operational and strategic objectives with
precision.
Commitment to Shareholder
Returns
Our commitment to shareholder enrichment is
substantiated by a consistent track record of
financial performance. This stability stands as
concrete validation of our well-defined business
strategies, operational efficiency, and adaptability
in navigating shifting market conditions.
25
ABOUT LAKSHYA 2030

PCL’s inaugural annual offsite,
‘Lakshya 2030’, took place
from 4th to 8th March, 2024 in
Solapur and Mahabaleshwar.
This dynamic and purpose-
driven gathering was designed
to chart a bold course for
Precision Camshafts Limited
(Solapur) and its subsidiaries,
including Memco Engineering
Private Limited (Nashik), MFT
Motoren Und Fahrzeugtechnik
GmbH (Germany), and EMOSS
(Netherlands), till 2030.
The Solapur segment focussed on establishing
expectations, benchmarking manufacturing
practices, fostering cross-company collaboration,
and setting high standards for operational
excellence. Detailed presentations from each group
company illuminated strategic growth pathways.
The second leg of our journey took us to the

picturesque hill station of Mahabaleshwar. Amid the
stunning landscapes, we engaged in team-building
exercises, strengthened bonds, and collectively
crafted our vision and mission statements. While
these sessions aligned with the individual company
goals, they also solidified our commitment to a
shared vision, propelling us towards a prosperous
future.
26
Corporate Overview
Statutory Reports
27
LEVERAGING OUR PROWESS TO

INNOVATE
Innovation forms the core of our journey towards Lakshya 2030. We recognise
that innovation is not just a strategic imperative but also a key driver of
sustainable growth and competitive advantage in the rapidly evolving
automotive industry landscape. By fostering a culture of innovation across our
operations, from product design and manufacturing to customer engagement
and business processes, we are poised to transform challenges into
opportunities and achieve our ambitious goals for 2030.
Our Progress Lakshya 2030 Targets

Completed first CAE simulation for Implementing a strong and robust process for
estimating dynamic loads on camshafts, new product development
focussing on high cycle fatigue (HCF)
Development in camshafts and crankshafts
Fine-tuned chemical composition
Differential cases/housings
Electric vehicle (EV) transmission parts
Products developed through Joint Ventures (JVs)
28
Corporate Overview
Statutory Reports
ENVISIONING CUSTOMER-CENTRIC
PROGRESS
Our commitment to delivering excellence in precision engineering and
innovative solutions is not just a business goal, it is a promise we make to every
customer. Each interaction with our customers is an opportunity to build trust
and exceed expectations, driving us closer to our vision of being the most
preferred camshaft supplier globally. For our Company, customer satisfaction
is not just a metric but the cornerstone of our success and the guiding principle
behind every decision we make.
Lakshya 2030 Targets

Customers from Europe
Customers from India
Enhancing marketing network with customers
29
FOSTERING PROGRESS WITH

TECHNOLOGY
In an era of fast technological advancements, we recognise the crucial
role of technology in shaping our ambitious goals towards Lakshya 2030.
We understand that embracing cutting-edge technologies is not just a
strategic imperative but also a pathway to sustainable growth and global
competitiveness. By utilising technology innovatively, PCL aims to upgrade
manufacturing processes, develop high-performance products, and build
stronger customer relationships.
Our Progress Lakshya 2030 Targets

Developed local solutions for complex Implementing a highly automated assembly line for camshafts
laser structures
Establishing a manufacturing facility for the EV transmission parts
Developed local solutions for deep and integrating related technology
rolling machine
Introducing a green sand facility for producing products like
differential cases and housings
Implementing continual improvement drives, including

automation and productivity enhancement
30
Corporate Overview
Statutory Reports
ACHIEVING GOALS WITH PRECISION

As we set our sights on Lakshya 2030, our journey ahead is defined by a
relentless pursuit of efficiency. This aspect forms the cornerstone of our
strategy, guiding all our endeavours to meet the challenges of tomorrow head-
on. In our quest for excellence, efficiency serves as our compass, directing
us towards sustainable growth, innovation, success and leadership in the
automotive industry.
Our Progress
Elevated internal talent from line
supervisors to section heads
Integrated new talent from diverse

backgrounds at division-head levels
Introduced special operation machines

like hirth milling, pin turning/grinding,
and deep rolling
Started induction hardening for all

ductile iron tools to improve tool life from
40K to 70K cycles
Lakshya 2030 Targets

Ensuring competitive pricing
Implementing robust pollution-control

systems in the foundry and machine shop to
meet dynamic MPCB guidelines
Planning for future projects with minimal

workforce-dependent processes
Implementing employee-friendly HR policies

to enhance employee engagement
Focussing on improving the work culture
Ensuring proper recognition of employee

contributions
31
ALIGNING ENVIRONMENT CONSERVATION

WITH PROGRESS
PCL is dedicated to creating
a positive environmental
impact that paves the way
for a brighter and more
sustainable future. As a socially
responsible organisation,
we embrace our purpose by
prioritising sustainability,
upholding ethical values,
empowering our workforce,
and exemplifying social
responsibility. Through these
efforts, we meticulously fulfil
our commitment to ESG,
driving progress and fostering
a lasting impact on society.
Our dedication to the environment is evident
in our operations, whereby we prioritise
environmental initiatives and actively work
to diminish our carbon footprint. We have
fostered a culture that emphasises the safety
and well-being of our employees. Moreover,
we believe in contributing to our community
through diverse initiatives, including supporting
education and healthcare, addressing social
issues, and nurturing art and culture.
32
Corporate Overview
Statutory Reports
33
SDGs Impacted
Environmental Leadership
At PCL, environmental sustainability lies at the forefront of
our business operations, as we proactively deploy diverse
strategies to curtail resource consumption, optimise resource
utilisation, and diminish emissions. Our commitment to
contribute towards a cleaner planet is highlighted by our
significant investments in environmental sustainability,
which are integral to our manufacturing processes.
Our commitment extends to enhancing process efficiency

and elevating energy management practices to meet our
environmental sustainability objectives. We persistently work
towards augmenting the use of renewable energy sources,
rigorously complying with environmental regulations
to safeguard and preserve the environment for future
generations.
Emissions Scope
1, 2, and 3
We prioritise emission management as a crucial aspect
of our business. While facing challenges in achieving
yearly energy and CO2 reductions, our focus on increasing
efficiency and fuel use alterations guides future
improvements. Our strategic plan involves integrating new
technologies and exploring innovative approaches for
emission reduction.
Already, PCL’s sustainability efforts have led to significant

emissions reductions, and we are aiming for a 7% cut in
Scope 1 and 2 emissions by 2030. We actively plan to
implement renewable energy sources. We are developing
a comprehensive GHG Management System, measuring
Scope 1, Scope 2 (location-based), and Scope 3 emissions,
emphasising our commitment to a holistic approach,
andcovering factors like paper consumption, food waste,
and employee transport.
34
Corporate Overview
Statutory Reports
Water and Energy

Management
Water is a crucial element in PCL’s operations, serving
diverse purposes such as domestic use and industrial
processes like manufacturing, cooling, and cleaning. We are
committed to promoting sustainable water usage within our
facilities, emphasising efficient utilisation at both process
and domestic levels. Groundwater is our primary water
source, so we continuously monitor and analyse water
consumption to understand usage patterns and enhance
our water management framework.
Additionally, energy efficiency is a top priority for PCL. We

strive to achieve a 5% reduction in energy consumption
through the implementation of innovative technologies,
energy conservation practices, and efficient project
development. By adopting measures to reduce specific
energy consumption, we aim to successfully meet our
sustainability goals and targets.
Sustainable Energy
Practices at PCL
PCL is actively dedicated to utilising renewable energy
sources and reducing energy consumption, ensuring
sustainable electricity usage for future generations. To
honour this commitment, we recently completed the
construction of a 15 MW solar power plant at Mangalwedha,
which it was connected to the grid with net metering in July
2023. Anticipated to generate ample electricity to meet the
entire energy needs of the facility, any surplus power will
be directed to the grid. This installation marks a significant
achievement in our quest to reduce carbon emissions by
20% before 2025. Beyond contributing to environmental
sustainability, the solar power plant is expected to yield cost
savings, underscoring the mutually beneficial impact of this
initiative on both our Company and the environment.
35
Sustainable Waste Practices

at PCL
Our Company acknowledges the critical importance
of waste management and has implemented a robust
framework to address sustainability challenges. We
are primarily focussed on reducing waste generation
throughout our operations. With regard to material use and
manufacturing processes, conscious efforts are made to
minimise waste. Going beyond mere compliance, we adhere
to the principles of Reduce, Reuse, and Recycle, ensuring
effective waste management.
For all the waste generated by our facilities, we adhere
to local, regional, and national regulations. The waste
management strategy encompasses collection, segregation,
management, and disposal. To treat wastewater, we operate
an in-house sewage treatment plant (STP), where the
resulting biological and chemical sludge is repurposed as
fertiliser in gardening. This holistic approach underscores
our commitment to sustainable waste practices and
environmental responsibility.
Effluent Management
Effluent management stands as a pivotal element in PCL's
waste management strategy, as our Company aspires to be
water-positive. Our primary focus is on minimising effluents
and maximising recycling and reusing practices within
our facilities. Through continuous monitoring and review,
we identify and address gaps in our effluent management
system.
To handle the effluents generated, we have implemented

an effluent treatment plant, significantly reducing the
impact on nearby water resources. Emphasising the
recycling of domestic water, we have installed a sewage
treatment plant at our manufacturing facility. The treated
water is then recycled and reused for purposes such as
toilet flushing and gardening. Remarkably, 100% of the
water used for gardening at PCL is sourced from their
Effluent Treatment Plant, showcasing a comprehensive
commitment to sustainable water practices.
36
Corporate Overview
Statutory Reports
EMPOWERING OUR WORKFORCE TOWARDS

PROGRESS
Precision Camshafts is dedicated to fostering holistic development and
establishing strong connections with both its employees and the community.
We wholeheartedly embrace the principle of inclusive growth and remain firm
in upholding this fundamental value throughout every aspect of our business
operations.
SDGs Impacted
People
We place a high priority on cultivating unity and
enthusiasm among our employees as they collaborate
towards achieving organisational goals. We
acknowledge the pivotal role that employees play in
strategic thinking and their contribution towards driving
future growth. To create a supportive work environment
for empowering employees, we seamlessly incorporate
employee engagement initiatives into our human
resource management processes.
Employee Diversity
Employee diversity is a core aspect of PCL's operations. 904
We've established a robust framework to create an Employees
inspiring workplace with experts from diverse fields.
Our focus is on attracting, developing, and retaining
top talent, while upholding values of trust, integrity, and
respect.
884
Our employment agenda offers ambitious growth plans, Permanent Employees
unparalleled career opportunities, and comprehensive
training to nurture a workforce of passionate individuals.
This approach is in line with our dedication to fostering
a diverse and inclusive workforce, integrating diversity
into our processes, and valuing meritocracy, fairness,
20
Other than Permanent
and ethics.
Employees
PCL ensures equal opportunities for all employees,
regardless of background. We consistently implement
initiatives to enhance diversity and inclusion, striving to
create an inclusive work environment.
5.42
Male to Female Ratio
37
Employee Training and

9,072 Development
Total Hours of Training
At PCL, we attach immense importance to training and
development to enhance the skills of our team members.
Our emphasis is on fostering growth and increasing
productivity through comprehensive training programmes
tailored to meet both organisational requirements and
individual developmental needs. Supervisors play a vital
role in managing our training calendar and facilitating
various initiatives, including capability building,
competency development, and skill enhancement.
Through structured career discussions and individual

development plans, we have implemented a robust
training framework that comprehensively addresses
the diverse spectrum of training requirements for our
employees.
Ethics and Human Rights

At the heart of our principles, we are deeply committed to
ethics and human rights. We recognise the importance
of upholding human rights and treating individuals with
dignity and respect. To ensure the protection of our
employees’ rights, we have implemented comprehensive
policies, procedures, and control mechanisms across
our operations, establishing robust frameworks for ethics
management.
As a company, we vehemently condemn child labour,

forced labour, and any form of compulsory labour.
Our stringent policies and frameworks are designed to
proactively identify and eliminate any potential threats,
allowing us to build a business founded on strong ethical
principles.
Health and Safety

Health and safety form an integral pillar of our business
philosophy. We consider safety to be a paramount priority
and have implemented measures to ensure a secure
and healthy work environment for all individuals on our
premises. Our robust safety framework is meticulously
designed to proactively prevent incidents and maintain a
high level of safety throughout the workplace.
This framework involves continuous monitoring, thorough

analysis, documentation, and regular reviews of safety
conditions in all operational areas. Such an approach
enables us to identify and address potential risks
effectively, ensuring the continued well-being and security
of everyone within our Company.
38
Corporate Overview
Statutory Reports
EMPOWERING COMMUNITIES TOWARDS

PROGRESS
We recognise that Corporate Social Responsibility (CSR) initiatives are vital for
enhancing community well-being. As a responsible organisation, giving back is a
core component of our business strategy. We consistently align our community
development programmes with the United Nations Sustainable Development
Goals. Thus, ensuring that our efforts create a meaningful and lasting impact on
society.
We carry out comprehensive scoping and

needs assessments at our key plant locations
to identify and prioritise the specific needs
of the communities. These insights form
the foundation for developing effective
implementation frameworks, enabling us
to initiate and execute a wide range of CSR
activities.
Our CSR intervention areas encompass activities

related to healthcare, education, sustainability,
and social issues.
`154.54 Lakhs
Investment in CSR Projects for FY 2023-24
13,24,192
Total Beneficiaries impacted
through CSR Projects
39
BOARD OF DIRECTORS
Mr. Yatin Shah Dr. Suhasini Shah Mr. Ravindra Joshi

Chairman & Managing Director Non-Executive Director, PCL/ Whole-Time Director & Group CFO
Chairperson, Precision Foundation
Mr. Karan Shah Mrs. Savani Laddha Dr. Ameet Dravid

Whole-time Director, Independent Director Independent Director
Business Development
Ms. Apurva Joshi Mr. Suhas Ahirrao Mrs. Anagha Anasingaraju

Independent Director Independent Director Independent Director
40
Corporate Overview
Statutory Reports
MANAGEMENT TEAM
Mr. Anit Pal Singh Mr. Rajkumar Kashid Mr. Viplav Roy Mr. Deepak Kulkarni
Chief Operating Officer GM – Human Resources DGM – Projects and DGM – Projects
Machine Shop
Mr. J P Singh Mr. C S Mundodagi Ms. Aarohi Deosthali Mr. P M Mahindrakar

DGM – Projects AGM - Foundry AGM – Accounts AGM – Machine Shop
Mr. C S Singh Mr. Oliver Heldt Mr. Arnold Lars Mr. Micael Brauer
AGM – Machine Shop Managing Director – MFT Sales - MFT CFO - MFT
Mr. Patrik Heuts Mr. Anantkumar Malekar Mr. Jacob Van Rijswijk Mr. Martijen Williams
Chief CTO-Emoss CFO-Emoss CSO-Emoss COO EMOSS
41
AWARDS & ACCOLADES

With over two decades of experience in the automotive industry, Precision
has fostered innovation in every aspect of our work. Consistently meeting our
customer expectations in terms of quality, delivery, cost and safety has earned us
notable accolades and recognition over time.
2022 Excellence in Quality and Gold Category for year

Zero Defect Supplies Award Safety for the Year 2019 2010
From Toyota Industries Engine The Machinist: Super Excellence In Exports
India Pvt. Ltd. Shop Floor Award Award
2022 Excellence in Quality Award & for Being the First Private
Best Quality Supplier Award Excellence in CSR Award 2018 Equity Partnership for year
From Toyota Industries Engine AWARD 2008
India Pvt. Ltd. The Machinist: Super Shop
Tata Capital Recognition
Floor Award
2022 SME Business Outstanding Exporter in

Zero Defect Supplies Award From Excellence Award 2017 Engineing Category for year
Toyota Industries Engine India D&B Ecgc 2008
Pvt. Ltd. D&B Ecgc
Gold Category for the Best Overall Exporter Category for year
Year 2020 (Medium) & Best Manufacturer 2007
Zero Defect Supplies Award Exporter (Medium) for year Eepc India Western Region
From Toyota Industries Engine D & B Ecgc Medium Enterprises Award For
India Pvt. Ltd. Excellence In Export
‘Fastest Growing Company’ in

the Auto Ancillary - Large SMEs
Category for the Year 2020 JRD Tata Udyog Ratna Excellence in Exports for
Award for year 2011 year 2007
Zero Defect Supplies Award From
Toyota Industries Engine India Maharashtra Rajya D & B Ecgc Exporters
Pvt. Ltd. Audyogik Vikas Parishad Awards
42
Corporate Overview
Statutory Reports
Corporate Information Corporate Office

3rd Floor, ‘Kohinoor B Zone Baner’, Mumbai -
Board Of Directors
Bangalore Highway, Baner,
Mr. Yatin S. Shah
Pune - 411 045, Maharashtra, India
Chairman & Managing Director
Mr. Ravindra R. Joshi Factories
Whole-Time Director & Chief Financial Officer 1. E 102/103, M.I.D.C., Akkalkot Road,
Mr. Karan Y. Shah Solapur - 413 006, Maharashtra, India
Whole-Time Director – Business Development 2. D 5, MIDC Chincholi - 413255, Maharashtra, India
Dr. Suhasini Y. Shah 3. D 6, D 7, D 7-1 M.I.D.C., Chincholi,
Non- Executive Non-Independent Director Solapur - 413255, Maharashtra, India
Mrs. Savani A. Laddha Board Committees as of 31st March 2024
Independent Woman Director Audit Committee
Dr. Ameet N. Dravid Mrs. Savani A. Laddha – Chairperson & Independent
Independent Director Director
Ms. Apurva P. Joshi Mr. Ravindra R. Joshi – Whole-Time Director & CFO
Independent Director Dr. Ameet N. Dravid – Independent Director
Mrs. Anagha S. Anasingaraju Ms. Apurva P. Joshi – Independent Director
Independent Director Mrs. Anagha S. Anasingaraju – Independent Director
Mr. Suhas J. Ahirrao Mr. Suhas J. Ahirrao – Independent Director
Independent Director
Nomination Remuneration Committee
Company Secretary & Compliance Officer
Mrs. Savani A. Laddha – Chairperson
Tanmay M. Pethkar Dr. Ameet N. Dravid – Independent Director
Statutory Auditors Mrs. Anagha S. Anasingaraju – Independent Director
M/s MSKA & Associates Ms. Apurva P. Joshi – Independent Director
Chartered Accountants, Pune CSR Committee

Firm Registration No: 105047W Mr. Yatin Shah – Chairman (Managing Director)
Secretarial Auditors Dr. Suhasini Y. Shah – Non-Executive Non-Independent
M/s J.B. Bhave & Co. Director
Company Secretaries, Pune Dr. Ameet N. Dravid – Independent Director
CP No: 3068 Ms. Apurva P. Joshi – Independent Director
Registrar and Transfer Agent Mr. Suhas J. Ahirrao – Independent Director
Link Intime India Private Limited, Pune Stakeholders’ Relationship Committee

SEBI Registration No: INR000004058 Dr. Suhasini Y. Shah – Chairperson (Non-Executive Non-
Bankers Independent Director)
Dr. Ameet N. Dravid – Independent Director
Bank of India
Mr. Karan Y. Shah – Whole-time Director
Bank of Baroda
Mrs. Anagha S. Anasingaraju – Independent Director
Registered Office
E - 102/103, M. I. D. C.,
Akkalkot Road,
Solapur 413006,
Maharashtra, India
Phone: + 91 91686465/31/32/33 36/37
Fax: (0217) 2653398
E-mail: cs@pclindia.in/investor.redressal@pclindia.in
Website: www.pclindia.in
43
MANAGEMENT
DISCUSSION & ANALYSIS
Corporate Overview
Statutory Reports
Economy Review
Economic Conditions
The global economy is estimated to continue its steady growth momentum for 2024 and 2025. Notably, the growth rate
for the two years is projected at 3.2%, which would coincide with that for 2023. This progress can be vastly accredited to
the developing markets of emerging economies, which have undergone significant expansion. The growth rate for such
economies is expected to rise from 1.6% in 2023 to 1.7% in 2024, and elevate further to 1.8% by the year 2025.
Global Economic Growth (in %)

World (%) The US economy exhibited tenacious core inflation. This situation is in contrast
3.2 3.2 3.2 growth in 2023, and is forecasted to with 2023, when global core inflation
advance at a rate of 2.4% in 2024. experienced a slight decrease on an
However, the country’s markets are annual average basis, while headline
likely to be hit by a decrease in the inflation witnessed a substantial drop.
growth in 2025, which could lead The latter trend may be attributed to
the economy to slow down to 1.9%. lower inflation of fuel and food prices.
This deceleration may be the result In 2024, core inflation is anticipated
of gradual fiscal tightening and a to decrease by 1.2 percentage points,
softening of the labour market. following a mere 0.2 percentage point
contraction in 2023. Similar to headline
Noticeably, though the target reflects
inflation, the decline in core inflation is
2023E 2024P 2025P an upward revision of the growth in the
swifter for advanced economies.
US, there is an offset in the Euro zone as
Advanced Economies (%) per the IMF’s report.
Outlook
1.6 1.7 1.8 The GDP growth in the Euro zone has
In 2024, global GDP growth is
stagnated over the past year, largely due
forecasted to slow down, although the
to significant exposure to the ongoing
likelihood of a global recession remains
Russia-Ukraine conflict. Despite this
low. The US economy is anticipated
sluggishness, the growth estimates
to experience moderate growth,
indicate an increase from 0.4% in 2023
accompanied by a decrease in inflation
to 0.8% in 2024, and further to 1.5% in
2025. This anticipated rise can be owed and sustained low unemployment
to stronger household consumption, rates. However, there are persistent
bolstered by the easing impact of energy challenges including elevated levels
price shocks and a decline in inflation, of public debt and the potential for
2023E 2024P 2025P additional negative supply shocks.
which would support an increase in real
income. However, in case of Germany, Central banks are expected to uphold
Emerging Markets and
Developing Economies (%) the growth forecasts for both 2024 and a restrictive monetary policy stance
2025 remain subdued due to persistently to combat inflation. The US Federal
4.1 4.2 4.3
weak consumer sentiment. This Reserve is projected to commence
projected trend is somewhat balanced normalisation of policy rates around
by relatively better forecasts for several the midpoint of 2024. Moreover, the
smaller economies, including Belgium ongoing decrease in global inflation
and Portugal. is forecasted to prompt several central
banks worldwide to implement
Global headline inflation is projected
interest rate cuts later in the year. This
to decrease from an annual average
development would lay the foundation
of 6.8% in 2023 to 5.9% in 2024, and
for stronger global growth in 2025.
further to 4.5 percent in 2025. The
decline in global inflation in 2024 can (Source - https://www.imf.org/en/
2023E 2024P 2025P Publications/WEO/Issues/2024/04/16/
be credited to a widespread decrease in world-economic-outlook-april-2024)
P - Projections E - Estimates
45
Indian Economy
India showcased exceptional economic resilience in FY 2023-24, achieving a noteworthy growth rate of 7.6% driven by various
factors. These included improved corporate and bank balance sheets, a resurgence in rural consumption, and a slight uptick in
private consumption. Additionally, the sustained growth in gross fixed capital formation maintained a double-digit rate, making
a substantial contribution to the positive economic trajectory.
Notably, domestic demand conditions remained robust, despite the challenges prevailing in the global market. There was a
significant rise in e-way bills and toll collections in February 2024. Furthermore, the Indian Government invested substantially in
public infrastructure and towards the strengthening of the financial sector. These investments played a pivotal role in stabilising
the economy amid several external uncertainties.
Indian Economy Real GDP Growth Rate (in %) Outlook

GDP Growth Rate (%) Looking forward, India's economic prospects remain
optimistic, although there are hurdles yet to be overcome.
4.2 (6.6) 8.7 7 7.6 Forecasts indicate that inflation is likely to hover around
an average of 4.4% for FY 2024-25, presenting an
ongoing challenge for the economy. Nonetheless, India
is anticipated to maintain its strong growth momentum,
with a predicted GDP growth rate of 7.4% for the same
fiscal year. The World Bank’s projections suggest a
slowdown in growth to 6.3% in FY 2023-24 due to external
factors and decreasing pent-up demand. However,
despite such projections, the service sector is expected to
FY 2020-21 continue thriving, with an anticipated growth rate of 7.4%.
FY 2019-20 FY 2021-22 FY 2022-23 FY 2023-24 Additionally, investment growth is forecasted to remain
robust, at an estimated 8.9%.
(Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2010223#:~:text=The%20growth%20rate%20of%20GDP,growth%20rate%20of%20
9.1%20percent)
46
Corporate Overview
Statutory Reports
Industry Overview Global Electric Passenger Vehicle Sales: YoY Growth
Global Automotive Industry 250
The automotive sector is witnessing a wave of innovation

200
in Million Units (%)

in 2024, yet there is a notable air of caution amid the
excitement. The sales figures for electric vehicles (EVs),
150
which were soaring previously, are now experiencing a
significant slowdown. For instance, in the U.S., EV sales
are projected to grow year-on-year by only 16% in 2024. 100
This marks a notable decrease from an approximate year-
on-year (Y-o-Y) growth of 64% observed in 2023. Similarly, 50
in China, the year-on-year growth in 2024 is predicted to
be 11.1%, dropping from 36.5% in 2023. This deceleration 0
can be attributed to various factors including reduced 2021 2022 2023F 2024F
incentives, inadequate charging infrastructure, and market
saturation among early adopters. In response, industry
leaders are implementing strategies such as price reductions China Europe USA Others
to attract the mass market, a move seen as favourable.
Nonetheless, this slowdown is prompting major players like (Source: https://www.forbes.com/sites/sarwantsingh/2024/01/11/
GM, VW, and Ford to reassess their strategies, resulting in global-automotive-market-predictions-for-2024/?sh=9dd3ab2492b8
production adjustments and delays in new model launches. https://www.marketsandmarkets.com/blog/AT/Global%20
Interestingly, while battery electric vehicles (BEVs) are Automotive%20Market%20Predictions%20For%202024)
witnessing headwinds, plug-in hybrid electric vehicles
(PHEVs) are gaining traction due to their lower upfront
costs and increased flexibility. These patterns are helping to
address concerns surrounding range anxiety.
Global Electric Passenger Vehicle Sales Volume

0 5 10 15
2.8 6.0 9.4 12.8 14.6

in Million Units
2020 2021 2022 2023F 2024F
China Europe USA Others
F - Forecasts
47
Indian Automotive Industry

For a considerable period, the Indian automotive industry the industry witnessed a total unit sale of 2,38,52,738 in FY
has served as a reliable indicator of the economy’s vitality, 2023-24,marking a significant increase from the previous
mirroring its growth and technological advancements. With year. The sector is poised for further growth, driven by trends
distinctions such as being the largest tractor producer, the such as vehicle electrification, particularly in three-wheelers
second-largest bus manufacturer, and the third-largest heavy and small passenger cars. One crucial trend that is visible is
truck producer globally, India holds a formidable position the transition towards electric vehicles (EVs). Additionally,
in the international heavy vehicles market. According to with the Indian Government targeting a 30% EV penetration
the Society of Indian Automobile Manufacturers (SIAM), by 2030, a surge in demand is on the horizon.
Domestic Sales Trend for Automobiles

In FY 2023-24, the total domestic sales of passenger vehicles surged from 38,90,114 to 42,18,746 units. Additionally, the sales of
commercial vehicles, including the medium, light and heavy variants, saw an increase from 9,62,468 to 9,67,878 units compared to
the previous year. Moreover, three-wheeler sales witnessed a substantial rise from 4,88,768 to 6,91,749 units during the same fiscal
period. There was a rise in the sales of two-wheelers as well, which escalated from 1,58,62,087 in FY 2022-23 to 1,79,74,365 units in
FY 2023-24.
Category FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24

Passenger Vehicles 33,77,389 27,73,519 27,11,457 30,69,523 38,90,114 42,18,746
Commercial Vehicles 10,07,311 7,17,593 5,68,559 7,16,566 9,62,468 9,67,878
Three -Wheelers 7,01,005 6,37,065 2,19,446 2,61,385 4,88,768 6,91,749
Two-Wheelers 2,11,79,847 1,74,16,432 1,51,20,783 1,35,70,008 1,58,62,087 1,79,74,365
Total 2,62,65,552 2,15,44,609 1,86,20,245 1,76,17,482 2,12,03,437 2,38,52,738
(Source: https://www.siam.in/press-release.aspx?mpgid=48&pgidtrail=50)
48
Corporate Overview
Statutory Reports
Growth Drivers Industry Trends

Growing Income: India’s per capita Net National Income Transitioning towards Electric Vehicles
(NNI) surged by 35.12%, from ` 72,805 in FY 2014-15 to
Over the past few years, the Government
` 98,374 in 2022-23, indicating a significant growth in
has implemented several initiatives aimed at
income.
cultivating a conducive policy environment to
Youngest Nation by 2025: India is set to become the encourage the adoption of electric vehicles
youngest nation with an average age of 25 years by 2025, (EVs).
reflecting its youthful demographic profile.
Vehicle Penetration – India’s vehicle penetration rate is Voluntary Vehicle Fleet Modernisation
projected to reach 72 vehicles per 1000 people by 2025, Programme (V-VMP)
highlighting the increasing adoption of automobiles in the The Government provides tax incentives and
country.
discounts for upgrading from old vehicles to new
Expanding R&D Hub – India is emerging as a prominent ones.
R&D hub, accounting for 40% of the total global
engineering and R&D expenditure of USD 31 billion.
Moreover, 8% of the country’s R&D expenditure is directed Bharat Stage VI Norms by 2020
towards the automotive sector, indicating a growing focus India is striving to slash its carbon footprint by
on innovation in this industry.
33-35% by the year 2030.
Atmanirbhar Bharat Abhiyaan – Self-Reliant India:
The Government has introduced a special economic and
comprehensive package under the Atmanirbhar Bharat Positive GST Impact
Abhiyaan (Self-Reliant India Initiative), which amounts to There has been a decrease in the overall cost
` 20 Lakhs Crores. This initiative is aimed at providing a framework of the Indian automobile sector.
boost to the country’s manufacturing sector, emphasising
self-reliance and economic resilience.
Outlook
India has set an ambitious target to double its auto industry size to ` 15 Lakhs Crores by the end of 2024. Within the Indian
automobile market, two-wheelers hold a commanding 76% market share, reflecting the country's extensive mobility needs. On the
other hand, passenger cars account for 17.4% of the market, with a preference for small and mid-sized models.
The growth of the automobile industry hinges on several factors, including the availability of skilled labour at competitive rates,
robust R&D centres, and cost-effective steel production. This industry not only offers substantial investment opportunities but also
generates significant direct and indirect employment opportunities for both skilled and unskilled workers.
Furthermore, the electric vehicle (EV) sector holds immense potential for job creation. As per the forecasts, the sector has the
potential to generate five crore jobs by 2030. With the industry continuing to evolve and embrace new technologies, it remains a
vital contributor to India's economic growth and employment scenario.
49
Auto Component Industry in technology, including electric vehicle components and

capacity enhancements to align with upcoming regulatory
changes.
Global Perspective Furthermore, several factors are expected to positively
The global auto components industry encompasses impact Indian auto component suppliers in the medium
a diverse array of players, including manufacturers, to long term. These encompass increased supplies to
aftermarket parts suppliers, dealers, and retailers. While new platforms, higher value addition, and the potential
China has historically dominated the auto component for aftermarket demand in overseas markets. Additionally,
manufacturing industry, there’s now a gradual shift towards opportunities in the EV segment, vehicle premiumisation,
other Asian nations. India is a noteworthy instance, with the localisation efforts, and evolving regulatory norms
country’s performance driven by increased market potential are anticipated to contribute to stable growth for auto
and cost advantages in manufacturing. component suppliers, driven by higher content per vehicle.
Over the past decade, the global exports of auto

Camshaft Industry
components have seen growth across various sub-
categories. This boost in exports reflects the industry’s The global automotive camshaft market was valued at
expanding reach and demand. The rapidly globalising USD 3.8 billion in 2022, and at USD 3.9 billion in 2023.
business scenario presents new opportunities for the Moving forward, the market size is predicted to reach USD
industry, particularly with the ongoing shift towards
electric and hybrid vehicles. This trend is expected to
reshape business models, opening up newer verticals and
opportunities for auto component manufacturers.
Such developments are likely to spur higher volumes of

international trade in the short term. The new technologies
will take time to establish their manufacturing bases in
low-cost countries. As the industry adapts to these changes,
it is poised to capitalise on emerging opportunities in the
evolving automotive sector.
Indian Perspective
The forecast for the upcoming fiscal year indicates a
moderation in annual revenue growth for leading auto-
component manufacturing companies. Notably, the
estimates for the sector range from 5-7%, with the adjustment
driven by anticipated declines in both domestic volumes
and exports.
Notably, the industrial outlook for FY 2024-25 appears

relatively subdued. This is despite a robust overall
performance projected for the year, characterised by healthy
domestic demand and an expected resultant growth of
9-11% for a sample of 45 auto ancillaries. The projection
stems from the anticipated moderation in domestic volume
growth and a weaker outlook for exports.
In FY 2023-24 the industry witnessed increased investment

in capacity enhancements and technological development,
a trend expected to persist into FY 2024-25. Significant
capital expenditure is anticipated for the upcoming fiscal
year, which would be directed towards a range of initiatives.
Some of these include new product additions, product
development for committed platforms, and advancements
50
Corporate Overview
Statutory Reports
5.99 billion by 2032, with a compound annual growth rate India Automotive Camshaft Market Competition 2023
(CAGR) of 5.20% from 2023 to 2032. The Indian market for
10,000 Monopoly
automotive camshafts saw a significant growth of 20.09%
9,000
in 2022 compared to 2021, with a 5.81% CAGR from 2017.
8,000
However, the competitiveness of the market has decreased,
7,000
as indicated by the increase in the Herfindahl-Hirschman
6,000
Index (HHI) from 1,858 in 2017 to 2,369 in 2022. A lower
5,000 Modrate Competion
HHI suggests a more competitive market with more players,
4,000
whereas a higher index indicates fewer competitors. This
3,000
shift suggests that India is increasingly relying on domestic
2,000
production to satisfy the demand for automotive camshafts in
1,000
the country.
0 Highly Fragmented
In 2023, the Herfindahl-Hirschman Index (HHI) for India’s 2017 2018 2019 2020 2021 2022
automotive camshaft market stood at 2,369, up from 1,858

India Automotive Camshaft Market: HHI Index Trend of Exporting Countries
in 2017. This increase indicates a shift towards moderate
competitiveness within the market. The HHI is used to
Note: HHI Index which is also known as Herfindahl–Hirschman index
measure market competitiveness, with a range from 0 to measures the competition in the country where, HHI less than 1500
10,000. means highly competitive; 1500-2500 means moderately competitive;
2500-6000 means concentrated and more than 6000 means highly
concentrated
(Source: https://www.marketresearchfuture.com/reports/automotive-
camshaft-market-11576
https://www.6wresearch.com/industry-report/india-automotive-
camshaft-market-outlook)
Outlook
Looking ahead, the accelerating trend towards vehicle
electrification presents promising opportunities for
companies in the automotive camshaft market. The
emergency of new technologies is necessitating innovative
designs and components, including camshafts, further
driving the demand. Additionally, the extensive use of
camshafts in heavy-duty diesel engines for mining and
construction equipment contributes to a positive outlook for
future growth in this sector.
51
Product Linked Incentive Scheme (PLI) emissions regulations have amplified interest in EVs. This surge
in EV sales presents promising opportunities for India’s auto
The Union Cabinet, led by the Prime Minister, has launched a
components industry.
Production-Linked Incentive (PLI) Scheme for the automobile
and auto components sectors, with a budget allocation of
USD 3.5 billion. This initiative aims to stimulate the domestic
production of advanced automotive technology by offering
financial incentives of up to 18%. In the process, it targets
to facilitate significant investments into the automotive
manufacturing value chain. Eligible products manufactured
in India from 1st April 2022 onwards, will benefit from these
incentives over a span of five consecutive years.
The Ministry of Heavy Industries recently extended the tenure

of the PLI Scheme by one additional year, incorporating
a few amendments. Now, the incentives will apply across
five consecutive fiscal years starting from 2023-24, with the
incentive payments commencing in the fiscal year 2024-25. An
approved applicant is entitled to these benefits for five years,
extending no further than 31st March 2028.
Notably, the scheme has already attracted proposed

investments totaling ` 67,690 Crores, significantly surpassing
the target of ` 42,500 Crores over five years. The approved
applicants for the Champion OEM Incentive include diverse
international groups from countries like the Republic of
Korea, USA, Japan, France, Italy, the UK, and the Netherlands,
Bridging the Local Manufacturing void
underscoring the global interest and confidence in this
initiative. Leading global manufacturers are increasingly eyeing auto
(Source: https://www.investindia.gov.in/sector/auto- component production in India. The approved `18,100 Crores
components#:~:text=100%25%20FDI%20in%20the%20 PLI scheme for battery manufacturing by the Government
automotive,allowed%20under%20the%20automatic%20
route.&text=The%20rapidly%20growing%20auto%20market,5X%20
aims to boost local production, cutting reliance on imports
in%20next%2010%20years.) and reducing EV costs. Moreover, a proposed `76,000 Crores
incentive for semiconductor development seeks to attract
Opportunities companies to set up plants in India with competitive packages.
Building Support Infrastructure and Advancing the
Challenges
Research & Development Hub
Shortage of Semi-Conductors
India has become a leading destination for automotive R&D,
attracting global players due to its skilled workforce, cost The auto component industry is grappling with a shortage
advantages, and Government incentives. With a large domestic of semiconductors amid geopolitical tensions, thereby
market and the widespread access to neighboring regions, impacting the margins for OEMs. With automotive segments
investments in India’s automotive sector are on the rise. accounting for 11% of the semiconductor demand and
Government initiatives like the Automotive Mission Plan (AMP) electronics now comprising 40% of vehicle functions, the
2026 and the National Electric Mobility Mission Plan (NEMMP) shortage persists. Disruptions resulting from the Covid-19
2020 further support the industry’s growth, focussing on pandemic and geopolitical tensions have exacerbated supply
sustainable technologies. chain challenges, prolonging the six-month chip-to-vehicle
production timeline. The return to stable production remains
Electric Vehicle Surge: Meeting the Demand uncertain, necessitating ongoing monitoring.
Electric vehicles (EVs) are fuelling innovation in the auto
component industry, particularly in electrical distribution Shortage of Semi-Conductors
systems. The shift towards these vehicles is giving rise to more
intricate and high-voltage electrification systems. These are Automobile Original Equipment Manufacturers (OEMs) are
needed for accommodating the growing number of electrical facing the hurdle of soaring raw material prices due to ongoing
components in EVs. Decreasing ownership costs and stringent geopolitical tensions. Particularly, the costs of aluminum
52
Corporate Overview
Statutory Reports
and steel have surged, leading OEMs to hike vehicle prices. Company Overview
However, these substantial price hikes are expected to dampen Precision Camshafts Limited (also referred to as ‘PCL’ or
consumer demand, and lead to a potential clouding of the ‘The Company’) has earned global recognition as a leading
industry’s outlook. manufacturer of camshafts, producing a comprehensive
range of camshafts under one roof. Since its inception in
Technical Transformations 1992, the Company has emerged as a dominant player in
The automotive industry is grappling with technological shifts the camshaft manufacturing industry. Its achievements
like emission regulations and electric mobility. Transitioning to are the result of its unyielding dedication to maintaining a
the BS-VI norms posed challenges for Indian auto component robust quality management system, adhering to world-class
manufacturers due to technology complexities and reliance production standards, and undertaking continuous efforts
on imports. Joint ventures with leading firms offer a solution, for improvement.
granting access to new technologies and broader markets.
With a strong emphasis on engineering, research &
Efforts towards technology upgrades include modular
development (R&D), PCL has broadened its capabilities to
platforms and platform sharing initiatives by both Indian and
become a self-reliant provider of automotive solutions. The
foreign firms.
PCL Group of companies, including Memco Engineering
Private Limited, MFT Motoren und Fahrzeugtechnik GmbH,
High and Non-uniform Taxes and Emoss Mobile Systems B.V., enables the Company to
India’s auto components industry grapples with high and offer essential automotive and non-automotive components.
non-uniform tax rates, ranging from 18% to 28% GST, along Additionally, it provides electric mobility solutions, to top-tier
with compensation cess ranging from 1% to 22%. This lack automotive original equipment manufacturers (OEMs).
of uniformity discourages domestic production, particularly
in certain sub-segments. Additionally, auto components for
EVs come with high GST rates, which can hinder domestic
production. Streamlining taxes and duties on auto components
is crucial to foster indigenisation and attract investments,
especially in critical areas like batteries and power electronics.
53
PCL takes pride in its ability to promptly address customer and collaboration, while in Mahabaleshwar, the Company
needs. The Company highly values its employees and built team cohesion and crafted a shared vision for the
emphasises sustainability through its corporate social future. The second part of the offsite took place in the scenic
responsibility initiatives. hill-station of Mahabaleshwar. Amid stunning landscapes,
team-building exercises were conducted, bonds were
PCL’s inaugural annual offsite meet, ‘Lakshya 2030’, held
strengthened, and the Company’s vision and mission
from 4th to 8th March 2024, in Solapur and Mahabaleshwar,
statements were crafted collectively. These sessions aligned
aimed to set a bold course for PCL and its subsidiaries till
with the Company goals and solidified the commitment to
2030. In Solapur, the focus was on operational excellence
a shared vision, propelling the group towards a prosperous
future.
Performance Overview
Financial Overview
Standalone and Consolidated
Standalone Consolidated
Particulars For the Year Ended For the Year Ended For the Year Ended For the Year Ended
31st March 2024 31st March 2023 31st March 2024 31st March 2023
Total Revenue 70,0026.71 65,432.41 1,05,976.30 1,10,979.40
Total Expense 56,063.45 53,635.16 93,094.37 96,953.17
Earnings Before Interest,
Tax, Depreciation and 13,963.26 11,797.25 12,881.93 14,026.23
Amortisation (EBITDA)
Profit before Tax
(PBT) and Exceptional 9,950.99 8,341.06 4,187.98 6,027.80
Items
Exceptional Items 0 0.00 1,829.19 0.00
PBT 9,950.99 8,341.06 6,017.17 6,027.80
Total Tax Expense 2,110.00 2,246.24 1,981.86 1,399.21
Profit/Loss for
7,840.99 6,094.82 4,035.31 4,628.59
the Year
EPS (Basic) 8.25 6.42 4.25 4.87
EPS (Diluted) 8.25 6.42 4.25 4.87
Performance Overview
During the financial year under review, the Company recorded
a total revenue of ` 70,026.71 Lakhs on a standalone basis,
compared to ` 65,432.41 Lakhs in 2022-23. The profit after tax
(PAT) for the year amounted to ` 7,840.99 Lakhs, as opposed to
` 6,094.82 Lakhs recorded in the previous year.
Consolidated
On a consolidated basis, the total revenue amounted to
`1,05,976.30 Lakhs, compared to `1,10,979.40 Lakhs in the
previous year. The PAT for the year was `4,035.31 Lakhs, in
contrast to the profit of `4,628.59 Lakhs earned in the previous
year.
Disclosure of Accounting Treatment

During the preparation of its financial statements, the Company
adhered to the accounting treatment as prescribed in the
applicable Accounting Standards. Therefore, no additional
disclosure or explanation from management is required in the
financial statements.financial statements.
54
Corporate Overview
Statutory Reports
Key Financial Ratios on Standalone Basis

Reasons for Change
Ratio FY 2023-24 FY 2022-23 % Change
by 25% or More
Debtors’/Trade Payables
4.75 5.63 2.71 NA
Turnover ration
Creditors’/Trade payables
4.94 4.93 0.27 NA
Ratio
Inventory Turnover Ratio 2.86 3.38 -15.51 NA
Net Capital Turnover Ratio 2.07 2.08 -0.29 NA
Return on Investment The variance in ratio
9 4 110.66 is due to market
fluctuations.
Debt Service Coverage Ratio/
36.96 43.50 19.63 NA
Interest Coverage Ratio
Current Ratio 3.12 2.89 7.89 NA
Debt Equity Ratio The variance in ratio is
mainly on account of
0.07 0.05 31.12 increase in borrowings
due to increase in
business operations.
Operating Profit Margin 14.00 15.00 -6.67 NA
Net Profit Ratio 12.00 11.00 9.88 NA
Return on Net Worth 9.17 7.66 19.63 NA
Risks and Concerns

In the course of its operations, Precision Camshafts Limited is likely to encounter various risks that can affect both its traditional and
modern operations. To address these risks effectively, PCL’s Board prioritises risk management and develops strategies for risk
mitigation.
As part of this approach, the Company has established a Risk Management Committee (RMC). The primary responsibility of
the RMC is to identify and mitigate risks specific to the listed entity. These risks may encompass financial, operational, sectoral,
sustainability (including ESG-related), information, cybersecurity, or any other risks deemed relevant by the Committee.
By proactively addressing these risks through the efforts of the Risk Management Committee, PCL aims to ensure the continuity
of its operations and safeguard the interests of its stakeholders.
Risk Impact Mitigation

Economic Turmoil PCL’s routine operations and plans for business The Company diligently monitors the evolving
expansion may be impeded by shifts in the social, business environment and takes proactive
geopolitical, legal, or economic framework, either measures, including strategic adjustments, to
domestic or international. safeguard its interests in order to mitigate the risk.
Technology Risk The automotive industry is undergoing a PCL employs various strategies to mitigate the
significant transformation as a result of Industry 4.0 impact of market trends, with a focus on innovating
and the widespread digitisation of the entire value and implementing new products and services
chain. Hence, these recent changes also bring throughout. In the process, the Company aims to
potential risks and hazards. improve efficiency, protect its market position, and
stimulate growth.
Intense Competition PCL’s market share, its margin structure, and the The Company utilises its market leadership,
returns on its invested capital may be impacted technological expertise, established strategic
by the heightened competition in the automotive alliances, and strong customer relationships to
supplies sector. mitigate this risk. Additionally, its early engagement
with customers for design and development
solutions further keeps it ahead of its competitors.
55
Risk Impact Mitigation

Climate Change PCL faces significant threats due to global PCL remains firmly committed to reducing its
environmental challenges, such as extreme environmental footprint, continually striving to
weather events, climate action failure, the loss develop and implement innovative production
of biodiversity, and man-made environmental techniques. Its vehicle-related products are
disasters. specifically designed to encourage lower fuel
consumption. As such, these products play a
vital role in advancing the Company’s overall
environmental sustainability initiatives.
Procurement Risks PCL may face procurement risks arising from volatile PCL’s procurement department prioritises quality, cost,
raw material prices and its suppliers' incapacity to meet and performance deliveries to ensure optimal supplies
delivery deadlines while upholding product quality of goods and services. Moreover, the Company actively
standards. Any unfavourable price fluctuations or seeks out alternative sources and prioritises localisation
supplier difficulties may affect the Company's financial efforts to decrease reliance on single suppliers or regions.
standing and revenue.
Labour Dispute Risks PCL’s capability to meet stakeholder demands can be The Company fosters an open and constructive
potentially affected due to industrial action resulting from relationship with its employees, unions, subcontractors,
industrial disputes. and other stakeholders by maintaining consistent,
transparent, and ongoing communication.
Human Resources Development

Precision Camshafts Limited has an extensive Human
Resources (HR) policy encompassing various aspects,
such as the code of conduct, working hours, probation
requirements, internal transfers, promotion, and misconduct.
PCL acknowledges the inclusive development of its
stakeholders, and endeavours to foster growth for everyone
through a conducive work environment. The Company’s
talent management and leadership development are
integral to its dedication to being an attractive workplace.
With the aim to facilitate personal and professional growth,
PCL regularly organises training sessions and seminars
to ensure employees can enhance their skills at all career
stages. The Company aims to establish a workplace that
attracts and retains talent, enhancing the productivity of
all its employees. Moreover, PCL is committed to providing
equal opportunities to its employees, regardless of their
race, colour, religion, gender, marital status, age, ethnicity, or
disability. As on 31st March 2024, the Company had a total of
904 employees.
Internal Control Systems and their Adequacy

To enable proper financial management and circumvent
fraud, PCL maintains effective internal control systems at
par with its size and operations. These systems comprise
policies and procedures, which are designed to ensure
the orderly and efficient conduct of business, safeguard
business assets, prevent and detect fraud, ensure the
accounting records are complete and accurate, and prepare
financial information in a timely manner. Furthermore, the
system is reviewed and updated continually based on the
recommendations made by the Statutory Auditors, Internal
56
Corporate Overview
Statutory Reports
Auditors, and the Independent Audit Committee of the Board about compliance with internal controls. Additionally,
of Directors of the Company. it apprises them about the efficiency and effectiveness
of the Company’s operations as well as the key process
PCL works under the SAP environment and helps gain
risks.
control of every stage, from procurement to manufacturing
and sales. Additionally, the Company has in place adequate PCL also maintains controls by keeping unpublished
controlling systems to curb production wastage and price sensitive information as confidential. All the
inculcate processing efficiency. directors of the Board, the Senior Management, the
Auditors (Internal, Statutory and Secretarial) team,
Some features of internal control systems include: -
and the employees of the Company listed as insiders
The Audit Committee of PCL comprises Independent comply with code of conduct of insider trading and
Directors and Executive Director who regularly review a Code of Practices and Procedures for Fair Disclosure of
range of critical attribute of the Company. These include Unpublished Price Sensitive Information.
significant audit findings, the adequacy of internal
controls, compliance with accounting standards, and Cautionary Statement
the reasons for changes in accounting policies and
The information and opinion expressed in this report as well
practices, if any.
as the Board’s Report describing the Company’s objectives,
PCL consistently maintains comprehensive information projections, estimates, and expectations may be ‘forward-
security and undertakes continuous upgrades to the looking statements’ within the meaning of applicable laws
Company’s IT systems. Its supplier and customer and regulations. Actual results might differ substantially
relations management departments are also regulated or materially from those expressed or implied. Important
well through the connection of its different locations, developments that could affect the Company’s operations
dealers and vendors for efficient and convenient include a downtrend in the spend by the Government in
information exchange. agriculture and infrastructure, significant changes in political
and economic environment in India, volatility in the prices
The Company’s team of internal auditors operates in
of major raw materials and its availability, taxation laws,
line with the best governance practices. It reviews and
exchange rate fluctuations, interest, and other costs.
reports to the Management and the Audit Committee
57
BOARD’S REPORT
To,
The Members,
Precision Camshafts Limited (Company)
The Board of Directors (Board) is pleased to present their THIRTY SECOND ANNUAL REPORT on the business and operations of
the Company together with the Audited Standalone and Consolidated Financial Statements for the year ended 31st March 2024.
1. FINANCIAL RESULTS
The Company’s financial performance for the Financial Year under review along with previous year’s figures is given hereunder:
(` in Lakhs)
Particulars Standalone Consolidated
For the Year For the Year For the Year For the Year
ended ended ended ended
Total Revenue 70,026.71 65,432.41 1,05,976.30 1,10,979.40
Total Expenses 56,063.45 53,635.16 93,094.37 96,953.17
Earnings before interest, tax, 13,963.26 11,797.25 12,881.93 14,026.23
depreciation and amortisation (EBITDA)
Profit Before Tax & Exceptional Items 9,950.99 8,341.06 4,187.98 6,027.80
Exceptional items 0.00 0.00 1,829.19 0.00
Profit before tax 9,950.99 8,341.06 6,017.17 6,027.80
Total Tax Expenses 2,110.00 2,246.24 1,981.86 1,399.21
Profit/(Loss) for the year 7,840.99 6,094.82 4,035.31 4,628.59
EPS (Basic) 8.25 6.42 4.25 4.81
EPS (Diluted) 8.25 6.42 4.25 4.81
2. COMPANY’S FINANCIAL PERFORMANCE AND OUTLOOK

During the Financial Year under review, on a standalone basis your Company registered a total revenue of
` 70,026.71 Lakhs as against ` 65,432.41 Lakhs in the previous year. The profit after tax for the year stood at ` 7,840.99
Lakhs as against ` 6,094.82 Lakhs in the previous year.
n a consolidated basis, the total revenue was ` 1,05,976.30 Lakhs as against ` 1,10,979.40 Lakhs in the previous year.
O
The profit after tax for the year stood at ` 4,035.31 Lakhs as against profit of ` 4,628.59 Lakhs in the previous year.
Outlook of the business has been discussed in detail in the Management Discussion and Analysis which forms part of this
Annual Report.
3. CHANGE IN NATURE OF BUSINESS, IF ANY

During the Financial Year under review, there has been no change in the business of the Company.
owever, the Company via Postal Ballot conducted through remote e-voting results of which were declared on 19th
H
November 2023 altered its Memorandum of Association of the Company and added clause 2,3 and 4 after sub-clause 1.
The Company entered the business of manufacturing of EV vehicles, Kits and retrofitting of the EV kits in commercial
vehicles in Indian Market.
4. TRANSFER TO RESERVES
During the year under review, the Company has not transferred any amounts to the General reserve. For complete details
on movement in Reserves and Surplus during the financial year ended 31st March 2024, please refer to the ‘Statement of
Changes in Equity’ included in the standalone and consolidated financial statements of this Annual report.
58
Corporate Overview
Statutory Reports
Board’s Report (Contd.)
5. DIVIDEND
our Board is pleased to recommend a final dividend of ` 1/- per equity share (10%) for the Financial Year ended 31st March
Y
2024. If the dividend so recommended is declared by the members at the ensuing 32nd Annual General Meeting, the total
cash outflow towards dividend would be ` 949.86/- Lakhs.
In accordance with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI
LODR) the Company has formulated a Dividend Distribution Policy. The Dividend Distribution Policy of the Company is also
hosted on the website of the Company at PCL - Dividend Distribution Policy.
6. SHARE CAPITAL
During the Financial Year under review, there was no change in the capital structure of the Company. Consequently, the
issued, subscribed and paid-up equity share capital of the Company is ` 9,498.58 Lakhs divided into 9,49,85,835 Equity
Shares of ` 10/- each. The Company has not allotted any Equity Shares under the exercise of stock options under Precision
Camshafts Limited Employee Stock Option Scheme 2015 (“PCL ESOS 2015”).
7. UTILIZATION OF IPO PROCEEDS

The proceeds of the IPO have been used for setting up of machine shop for machining of camshafts and offer related
expenses and general corporate purposes of ` 240 Crores. The Company has utilised IPO Proceeds and last Statement of
Deviation is submitted to Stock Exchange on 7th June 2019 and is also available on the website of the Company.
8. CREDIT RATING
The recent Credit rating on standalone basis is: -
Facilities/Instruments Amount (` crore) Rating Rating action

Long-term bank facilities 2.05 CARE A; Stable Reaffirmed
Long-term / short-term bank facilities 10.00 CARE A; Stable / CARE A1 Reaffirmed
Short-term bank facilities 74.95 CARE A1 Reaffirmed
Total bank facilities 87.00
(` Eighty-Seven Crores)
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL 3.

The members of the Company approved the
Changes in the composition of Board of Directors of appointment of Mr. Ravindra R. Joshi, Whole
the Company during the Financial year under review: time Director and CFO through Postal Ballot on
19th November 2023.
1. he members of the Company have approved
T
re-appointment of Mr. Karan Y. Shah as Whole Time 4. r. Sarvesh N Joshi retired from the Board as
M
Director (Business Development) for the period an Independent Director after completing two
13th August 2023 to 31st March 2027 by ordinary consecutive terms at the 31st Annual General
resolution through remote e-voting in the Annual Meeting of the Company on 26th July 2023.
General Meeting held on 26th July 2023. Changes in Key Managerial Personnel of the Company
during the Financial year under review:
2. he members of the Company have approved
T
appointment of Ms. Apurva P. Joshi, Mr. Suhas 1. r. Gautam V. Wakankar resigned from the post
M
J. Ahirrao and Mrs. Anagha Anasingaraju as of Company Secretary & Compliance Officer w.e.f.
Independent Director for the first term from 30th April 2023.
29th March 2023 till 30th September 2024 each 2. r. Tanmay M. Pethkar was appointed as the
M
through Postal Ballot on 12th May 2023. Company Secretary and Compliance Officer of the
Company with effect from 10th August 2023.
59
3. he members of the Company approved the

T not aware of any circumstance or situation, which exists
appointment of Mr. Ravindra R. Joshi, Whole or may be reasonably anticipated, that could impair
Time Director and CFO through Postal Ballot on or impact their ability to discharge their duties with
19th November 2023. an objective independent judgement and without any
external influence.
Pursuant to the provisions of Section 203 of the Act, the
Key Managerial Personnel (KMP) of your Company as on The Independent Directors have complied with the
31st March 2024 are as mentioned below:- Code for Independent Directors prescribed in Schedule
IV to the Act as well as the Code of Conduct for Directors
Sr. Name Designation
and Senior Management Personnel.
No.
1. Mr. Yatin S. Shah Chairman and Managing During the year, Independent Directors of the Company
Director had no pecuniary relationship or transactions with the
2. Mr. Ravindra R. Joshi Whole-time Director and Company, other than commission and reimbursement
Chief Financial Officer of expenses incurred by them for the purpose of
3. Mr. Karan Y. Shah Whole-time Director – attending meetings of the Board of Director and its
Business Development Committee. The details of remunerations and/or other
benefits of the Independent Directors are mentioned in
4. Mr. Tanmay M Pethkar Company Secretary &
the Corporate Governance Report.
Compliance Officer
As on 31st March 2024, Non-Executive Directors on the 11. A STATEMENT REGARDING OPINION OF THE BOARD
Board are as mentioned below: - WITH REGARD TO INTEGRITY, EXPERTISE AND
EXPERIENCE (INCLUDING THE PROFICIENCY)
Sr. Name Designation
OF THE INDEPENDENT DIRECTORS APPOINTED
No.
DURING THE YEAR.
1. Dr. Suhasini Y. Shah Non- Executive Non-
Independent Director The Board of Directors considered that Ms. Apurva
2. Mrs. Savani A. Laddha Independent Woman P. Joshi, Mr. Suhas J. Ahirrao and Mrs. Anagha S.
Director Anasingaraju possess the requisite expertise and
3. Dr. Ameet N. Dravid Independent Director experience (including the proficiency) and they are
4. Ms. Apurva P. Joshi* Independent Director persons of high integrity and repute and accordingly
approved their appointment/re-appointment as
5. Mr. Suhas J. Ahirrao* Independent Director
Independent Director(s). Other than the above, there
6. Mrs. Anagha S. Independent Director
are no other appointments / re-appointments for
Anasingaraju*
Independent Directors of the Company in Financial Year

*Ms. Apurva P. Joshi, Mr. Suhas J. Ahirrao and Mrs. Anagha 2023-24.
S. Anasingaraju were appointed as Additional Directors on
29th March 2023 and their appointment was confirmed by the 12. BOARD MEETINGS
members of the Company vide postal ballot through remote
he Board meets at regular intervals to discuss and
T
e-voting, results of the same declared on Friday, 12th May 2023.
decide on Company / business policy and strategy
apart from other Board business. Notice of the Board
10. DECLARATION FROM INDEPENDENT DIRECTORS
meeting is given well in advance to all the Directors. The
The Company has received declarations from all the Agenda of the Board / Committee meetings is set by the
Independent Directors of the Company confirming that Company Secretary in consultation with the Chairman
they meet the criterion of Independence as prescribed and Managing Director and Chief Financial Officer of the
under Section 149 (6) of the Companies Act, 2013 (Act) Company. The Agenda for the Board and Committee
and Regulation 16 (1) (b) of SEBI LODR. meetings covers items set out as per regulations in SEBI
In terms of Regulation 25(8) of the SEBI LODR, the LODR and Act to the extent it is relevant and applicable.
Independent Directors have confirmed that they are The Agenda for the Board and Committee meetings
60
Corporate Overview
Statutory Reports
includes detailed notes on the items to be discussed at accordance with the provisions of the Companies Act,
the meeting to enable the Directors to take an informed 2013 and Rules made thereunder and is within the
decision. ceiling limits as provided thereunder and approved by
the shareholders.
uring the Financial Year under review, 6 (Six) Board
D
Meetings were convened and held on 10th April 2023, The Company’s policy of remuneration of the senior
26th May 2023, 10th August 2023, 18th October 2023, management is structured to attract and retain the talent
9th November 2023 and 8th February 2024 respectively. and is in turn dependent on following key parameters:
The maximum interval between any two meetings was 1. Complexities and criticality of the jobs
well within the maximum allowed gap of 120 days.
2. rofile of the employee in terms of his / her
P
qualification and experience
13. MEETING OF INDEPENDENT DIRECTORS
I n compliance with the provisions of Schedule IV of the 3. eneral trends in the industry and market for a
G
Act and Regulation 25(3) of SEBI LODR, a meeting of similar talent
Independent Directors was held on 25th March 2024 to 4. I ncorporation of an element of motivation by way
review the performance as per Regulation 25(4) of SEBI of remuneration linked to specific performances
LODR and Schedule IV of the Companies Act, 2013. wherever applicable
The Independent Directors expressed their satisfaction s a policy of the Company, the Non-executive Directors
A
with the quality, quantity and timeliness of flow of are paid commission as a percentage of profit based on
information between the Company Management and the performance evaluation for that financial year under
the Board. All Independent Directors were present at review.
the meeting.
16. PARTICULARS OF EMPLOYEE REMUNERATION
14. COMMITTEES OF BOARD

Disclosures with respect to the remuneration of
Details of all the Committees along with their charters, Directors, KMPs and employees as required under
compositions and meetings held during the year are Section 197(12) of the Companies Act, 2013 read
provided in the report on Corporate Governance which with Rule 5(1) of the Companies (Appointment and
forms part of this Annual Report and is also available Remuneration of Managerial Personnel) Rules, 2014 are
on the website of the Company at PCL - Corporate given in Annexure D to this Report.
Governance.
There were no employee(s) in receipt of remuneration
15.
COMPANY’S POLICY ON DIRECTORS, KMPS AND of ` 1.02 Crores or more per annum or in receipt of
EMPLOYEES APPOINTMENT AND REMUNERATION remuneration of ` 8.50 Lakhs per month, under Rule
5(2) of the Companies (Appointment and Remuneration
he Company has in placed a Policy on Directors’
T
of Managerial Personnel) Rules 2014 except employees
appointment and remuneration of the Directors, Key
mentioned in Annexure D of this Report. Industrial
Managerial Personnel (KMP) and other employees
relations continued to be cordial during the year.
including criteria for determining qualifications, positive
attributes, independence of a director and other
17.
COMMISSION OR REMUNERATION FROM
matters. It is available on the website of the Company
SUBSIDIARY
at PCL - Appointment and Remuneration of Directors,
KMPs and employees. During the Financial Year under review, Mr. Karan Y.
Shah, Whole–time Director of the Company has received
The Company pays remuneration by way of salary, remuneration of ` 30,00,000 from MEMCO Engineering
perquisites, allowances, variable pay, commission Private Limited – Wholly Owned Subsidiary (WOS) of the
and retirement benefits to its Executive Directors. Company.
The remuneration to the Executive Director(s) is in
61
18.
STATEMENT ON FORMAL ANNUAL EVALUATION 21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS
OF THE PERFORMANCE OF THE BOARD, ITS WITH RELATED PARTIES
COMMITTEES AND DIRECTORS All contracts/ arrangements/ transactions entered by
The Board of Directors has carried out an annual the Company during the Financial year ended 31st March
evaluation of its own performance, board committees 2024 with related parties were on an arm’s length basis
and individual directors, pursuant to the provisions of and were in the ordinary course of business. There
the Act and Regulation 19 read with Schedule II, Part D were no material related party transactions (RPTs)
of the SEBI LODR. undertaken by the Company during the Financial Year
that require Shareholders’ approval under Regulation
he performance of the Board was evaluated by the
T
23(4) of SEBI LODR or Section 188 of the Act.
Board after seeking inputs from all the Directors on
the basis of criteria such as the board composition and The approval of the Audit Committee was sought for
structure, effectiveness of board processes, information all RPTs. Certain transactions which were repetitive
and functioning, etc. in nature were approved through omnibus route. All
the transactions followed the applicable provisions of
The performance of the Committees was evaluated
the Act and SEBI LODR. Therefore, the disclosure of
by the Board after seeking inputs from the committee
related party transactions as required under Section
members based on criteria such as the composition of
134 (3)(h) of the Act in Form AOC-2 is not applicable
committees, effectiveness of committee meetings, etc.
to the Company and hence the same is not provided.
The Board and Nomination and Remuneration Committee (Please refer Note No. 33 to the Standalone Financial
reviewed the performance of individual Directors based Statements).
on criteria such as the contribution of the individual
Director to the Board and committee meetings like 22. EXPLANATION OR COMMENTS ON QUALIFICATIONS,
preparedness on the issues to be discussed, meaningful RESERVATIONS OR ADVERSE REMARKS OR
and constructive contribution and inputs in meetings, etc. DISCLAIMERS MADE BY THE STATUTORY AUDITORS,
SECRETARIAL AUDITORS
I n a separate meeting of Independent Directors, the
performance of Non- Independent Directors and the There were no qualifications, reservations or adverse
Board was evaluated. Additionally, they also evaluated remarks made by the Statutory Auditors in the Audit
the Chairman of the Board. The Board also assessed the Report on the Standalone and Consolidated Financial
quality, quantity and timeliness of the flow of information Statements for the Financial year ended 31st March 2024.
between the Company management and the Board that The Report of Secretarial Auditors for the Financial Year
is necessary for the Board to effectively and reasonably ended 31st March 2024 is also unmodified.
perform their duties.
he Board of Directors expressed their satisfaction with

T 23.
MATERIAL CHANGES AFTER THE CLOSURE OF
the evaluation process. FINANCIAL YEAR
There were no material changes after the closure of the
19. ANNUAL RETURN financial year.
Pursuant to Section 92(3) of Companies Act 2013, the
copy of Annual Return for the Financial Year ended 24.
ENERGY CONSERVATION, TECHNOLOGY
31st March 2024 is placed on the Company’s website at ABSORPTION AND FOREIGN EXCHANGE EARNINGS
PCL - Annual Return FY 23-24. AND OUTGO
The information pertaining to conservation of Energy,
20.
PARTICULARS OF LOANS, GUARANTEES OR Technology absorption, Foreign exchange earnings
INVESTMENTS UNDER SECTION 186 and outgo as required under Section 134(3)(m) of
The Company has not given any loans, guarantees or the Companies Act, 2013 read with Rule 8(3) of the
made investment under section 186 of Companies Act, Companies (Accounts) Rules, 2014 is furnished in
2013 during the period under review. Annexure B and is attached to this report.
62
Corporate Overview
Statutory Reports
25. SUBSIDIARIES AND ACQUISITIONS Camshafts, Bearing Caps, Engine Brackets and
The Company has 2 (Two) subsidiaries, 2 (Two) step Prismatic Components (i.e. brake and chassis
down subsidiaries as on 31st March 2024. components, machining of all casting materials).
MFT enjoys long term relationships with marquee
a)
PCL (International) Holding B.V. (“PCL NL”) –
global customers like Volkswagen, Audi, Opel,
Wholly Owned Subsidiary (WOS)
Westphalia, Hatz, Suzuki etc.
CL NL is a WOS of the Company in Netherlands.
P
d) Emoss Mobile Systems B.V. (“EMOSS”) – Step
The existing customer base of the Company is
Down Subsidiary
predominantly located in Europe and hence to
facilitate coordination between Company and MOSS is a one-of-a-kind business that designs,
E
customers WOS was formed. The Company through develops, produces and supplies complete electric
this WOS holds 100% stake in EMOSS Mobile powertrains for trucks, busses, military vehicles and
Systems B.V. (Netherlands) and MFT Motoren heavy equipment. EMOSS business model includes
und Fahrzeugtechnik GmbH (Germany). Other conversion of diesel trucks into ready to use electric
objective of having PCL (International) Holding trucks. The Company also manufactures “ready
B.V. is to monitor the performance and reporting of to assemble modular kits” which are assembled
subsidiaries centrally. onto the chassis. EMOSS provides an end-to-end
solution to its customers which includes research
uring the Financial Year under review, on
D
and development, engineering, production, testing,
Consolidated basis PCL NL registered a total revenue
certification, delivery and post-sales service.
of ` 3 0,943.27 Lakhs as against ` 40,229.34 Lakhs
EMOSS also provides real-time power management
in the previous year. The net loss for the year
and tracking via an integrated cockpit setup. The
stood at ` 3,756.35 Lakhs as against net loss of
trucks powered by Electric Drivelines can carry a
` 1,412.86 Lakhs in the previous year.
maximum payload of 50 tons with a mobility of up
b) Memco Engineering Private Limited (“MEMCO”) to 350 km which may be extended beyond 500 km
– WOS with long range extenders developed by EMOSS.
Acquisition has paved access to electrical mobility
EMCO is a WOS of the Company based in
M
markets such as Europe, North America, Australia
Nashik, Maharashtra, India. It is engaged in
and New Zealand.
the business of manufacturing fuel injection
components for conventional CRDi diesel engines,
The Company has formulated a policy for
brake components, high pressure diesel injector determining “material” subsidiaries is available
connectors for naval ships and high precision on the website of the Company at PCL - Policy for
instrumentation components. MEMCO enjoys long determining Material Subsidiaries.
term relationships with marquee global customers
like Bosch, Delphi, Endress Hauser and Giro. 26. STATEMENT CONTAINING THE SALIENT FEATURES
OF THE FINANCIAL STATEMENTS OF SUBSIDARIES /
uring the Financial Year under review, on MEMCO
D
ASSOCIATE COMPANIES / JOINT VENTURES
registered a total revenue of ` 5 ,006.33 Lakhs as
against ` 5 ,339.19 Lakhs in the previous year. The Further a statement containing salient features of the
net loss for the year stood at ` 22.98 Lakhs as against financial statements of subsidiaries in the prescribed
net loss of ` 24.42 Lakhs in the previous year. format AOC-1 is appended as Annexure-A to this Report.
The statement also provides details of performance and
c)
MFT Motoren und Fahrzeugtechnik Gmbh financial position.
(“MFT”) – Step Down Subsidiary
There has not been any material change in the nature of the
MFT is engaged in the business of manufacturing business of the Subsidiaries. As required under SEBI LODR
Balancer Shafts (i.e. fully machined, hardened and and Act, the consolidated financials of your Company and
balanced vertical and horizontal Balancer shafts), Subsidiaries are provided in this annual report.
63
27. STATEMENT ON RISK MANAGEMENT POLICY During the Financial Year under review, these controls
The Company has in place Risk Management Committee were tested and the observations of the Auditors were
to identify, assess, monitor and mitigate various risks addressed by the Company after taking necessary
to the Company. The Company’s future growth is steps to strengthen the financial controls and improve
linked with general economic conditions prevailing the systems. Statutory Auditors have also certified
in the market. Management has taken appropriate adequacy of internal financial controls systems over
measures for identification of risk elements related to financial reporting based on the internal control over
the Industry, in which the Company is engaged, and is financial reporting criteria established by the Company
always trying to reduce the impact of such risks. The considering the essential components of internal
Company has also formulated Risk Management Policy control, as stated in the Guidance Note on Audit of
and Risk Management Systems are evaluated by the Internal financial controls over financial reporting issued
Audit Committee.
by the Institute of Chartered Accountants of India.
The Company has adopted a Risk Management Policy in
accordance with the provisions of the Act and Regulation 30. DEPOSITS
21 of the Listing Regulations. Risk Management Policy During the Financial Year under review, the Company
is hosted on website of the Company at PCL - Risk has not accepted any deposits.
Management Policy.
31.
SECRETARIAL AUDIT REPORT AND ANNUAL
28. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS SECRETARIAL COMPLIANCE REPORT
PASSED BY REGULATORS OR COURTS OR TRIBUNALS
ursuant to the provisions of Section 204 of the Act
P
IMPACTING THE GOING CONCERN STATUS AND
COMPANY’S OPERATION IN FUTURE and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Board
uring the Financial Year under review, there were no
D
appointed M/s. J B Bhave & Co., Company Secretaries,
significant and material orders passed by regulators or
Pune as the Secretarial Auditors of the Company for the
courts or tribunals impacting the going concern status
and Company’s operation in future. Investigation under Financial Year 2023-2024. There are no qualifications/
Section 210 of Companies Act 2013 has been initiated observations/ remarks in the Secretarial Audit Report
by Ministry of Corporate Affairs on 17th December 2021. for the Financial Year ended 31st March 2024 which
The investigation is under process. is annexed herewith as an Annexure H to the Annual
Report.
29.
STATEMENT IN RESPECT OF ADEQUACY OF
Pursuant to SEBI Circular CIR/CFD1/27/2019 dated
INTERNAL FINANCIAL CONTROL WITH REFERENCE
8th February 2019 all listed entities shall, additionally, on
TO THE FINANCIAL STATEMENTS
annual basis, submit a report to the stock exchange(s)
The Company has in place adequate internal financial
on compliance of all applicable SEBI Regulations and
controls with reference to the Financial Statements. The
circulars / guidelines issued thereunder within 60 days
policies and procedures adopted by the Company covers
of end of Financial Year. Such report shall be submitted
orderly and efficient conduct of business including
by Company Secretary in practice to the Company in
adherence to the Company’s policies, safeguarding of
the assets of the Company, prevention and detection the prescribed format. The Company has received this
of fraud and errors, accuracy and completeness of report from M/s J.B. Bhave & Co., Company Secretaries,
accounting records and the timely preparation of Pune for the Financial Year ended 31st March 2024 and
reliable financial information. The Audit Committee it has been submitted to the stock exchange(s) within
periodically reviews the internal control systems with the stipulated time. The said report form’s part of this
the Management, Internal Auditors and Statutory Annual Report as Annexure I.
Auditors test the adequacy of internal audit functions.
64
Corporate Overview
Statutory Reports
32. CORPORATE SOCIAL RESPONSIBILITY (CSR) Detailed Annual Report on CSR activities for the Financial
The Company’s guiding principle for CSR is to build its Year ended 31st March 2024 is given as Annexure C
relationship with stakeholders and the community at and CSR Policy is also disclosed on the website of the
large, and to contribute to their long term social good Company at PCL - CSR Policy.
and welfare.
33.
PCL ESOS 2015 – INFORMATION REGARDING
As on 31st March 2024, the composition of Corporate ALLOTMENTS DURING THE YEAR
Social Responsibility (CSR) Committee is as follows:
uring the Financial Year ended 31st March 2024, in
D
Sr. Name Designation terms of PCL ESOS 2015, the Company has not allotted
No. any Equity Shares on exercise of vested options and no
1. Mr. Yatin S. Shah Chairman fresh grant was made by the Company.
2. Dr. Suhasini Y. Shah Member The disclosures in compliance with Section 62 of the
3. Dr. Ameet N. Dravid Member Companies Act, 2013 read with Rule 12 of Companies
4. Ms. Apurva P. Joshi Member (Share Capital and Debentures) Rules, 2014, SEBI
(Share Based Employee Benefits) Regulations, 2014 are
5. Mr. Suhas J. Ahirrao Member
as follows:
Total No. of Shares covered by ESOP Scheme approved by the 6,00,000 (Six Lakhs) Equity Shares
Shareholders
Grant I II Total
Options granted - - -
Options Vested - - -
Options exercised - - -
The total number of shares arising as a result of exercise of option - - -
Options forfeited - - -
Options lapsed - - -
Extinguishment or modification of options - - -
The exercise price ` 10/- ` 10/- ` 10/-
Pricing formula As per the ESOS Scheme approved by the
members of the Company.
Variation of terms of options NA NA NA
Money realised by exercise of options - - -
Total number of options in force NIL
Employee wise details of options granted to:
i. Key Managerial Personnel & Senior Managerial Personnel NA NA NA
ii. ny other employee who receives a grant of options in any one
A NA NA NA
year of option amounting to 5% or more of options granted
during that year
iii. Identified employees who were granted option, during any one NA NA NA
year, equal to or exceeding 1% of the issued capital (excluding
outstanding warrants and conversions) of the Company at the
time of grant.
Issued Capital (excluding outstanding warrants and conversions of NA NA NA
the Company at the time of grant. (Only in case of Listed Companies)
Diluted EPS calculated in accordance with International Accounting NA NA NA
Standard (IAS) 33
65
isclosure under SEBI (Shared Based Employee

D 36.
DISCLOSURES UNDER SEXUAL HARASSMENT
Benefits) Regulation 2014 is available on the website of OF WOMEN AT WORKPLACE (PREVENTION,
the Company at ESOP Disclosure 2023-24. PROHIBITION AND REDRESSAL) ACT, 2013
he certificate from J. B. Bhave & Co., Practicing Company

T The Company has in place a policy for Prevention of
Secretary, Pune, Secretarial Auditors of the Company, Sexual Harassment (PoSH) at workplace. This inter alia
confirming that the scheme has been implemented provides a mechanism for the resolution, settlement or
in accordance with the aforesaid regulations and in prosecution of acts or instances of Sexual Harassment
accordance with the resolution passed by the Members at work and ensures that all employees are treated with
of the Company would be placed before the Members at respect and dignity. The Company has also complied
the ensuing Annual General Meeting. with the provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment
34. VIGIL MECHANISM / WHISTLE BLOWER POLICY of Women at Workplace (Prevention, Prohibition and
he Company believes in the conduct of the affairs of
T Redressal) Act, 2013.
its constituents in a fair and transparent manner by No complaint was reported to the Committee during the
adopting the highest standards of professionalism, year ended on 31st March 2024 in connection with the
honesty, integrity and ethical behaviour. The Company Sexual Harassment of Women at Workplace (Prevention,
has adopted a Whistle Blower Policy (Vigil mechanism) Prohibition and Redressal) Act, 2013.
to provide a formal mechanism to the Directors and
ICC Committee details are provided in Posh Policy
employees to report their concerns about unethical
which is available on website of the Company at PCL -
behaviour, actual or suspected fraud, irregularities or
Policy on Prevention of Sexual Harassment of Women at
violation of the Company’s Code of Conduct. The Policy
Workplace.
provides for adequate safeguards against victimisation of
employees who avail of the mechanism and also provides
37.
DETAILS IN RESPECT OF FRAUDS REPORTED
for direct access to the Chairman of the Audit Committee.
BY AUDITORS UNDER SECTION 143(12) OF THE
The detailed policy on Vigil mechanism is disclosed on the COMPANIES ACT, 2013 OTHER THAN THOSE WHICH
website of the Company at PCL - Vigil Mechanism Policy. ARE REPORTABLE TO THE CENTRAL GOVERNMENT
uring the Financial Year ended 31st March 2024, there
D
35. CORPORATE GOVERNANCE REPORT
were no instances of fraud which were reported by the
Report on Corporate Governance is about maximising Statutory Auditors to the Audit Committee/ Board.
shareholder value legally, ethically and sustainably.
Corporate Governance Report is set out in this Annual 38. AUDITORS
Report as Annexure E. (a) STATUTORY AUDITOR
A certificate from M/s J. B. Bhave & Co., Company The members at the 27th AGM of the Company
Secretaries regarding compliance with conditions of appointed M/s MSKA & Associates, Chartered
corporate governance as required under SEBI LODR Accountants (Firm Reg. No. 105047W) as the
also forms part of this Annual Report as Annexure F. Statutory Auditors of the Company for a period of 5
certificate from M/s J. B. Bhave & Co. Company
A (Five) years to conduct the Statutory Audit from the
Secretaries regarding compliance with Schedule V of Financial Year 2019- 20 to Financial Year 2023-24
SEBI LODR also forms part of this Annual Report as and to hold office from the conclusion of 27th AGM
Annexure G. till the conclusion of AGM held for Financial Year
66
Corporate Overview
Statutory Reports
2023-24. The Company has decided to appoint M/s 39.

REPORT ON MANAGEMENT DISCUSSION AND
MSKA & Associates, Chartered Accountants (Firm ANALYSIS
Reg. No. 105047W) as the Statutory Auditors of The Management Discussion and Analysis Report as
the Company for a further period of 5 (Five) years, required under SEBI LODR forms part of this Annual
subject to the approval of members in the ensuing Report.
AGM, to conduct the Statutory Audit from Financial
year 2023-24 and to hold office till the conclusion 40. DIRECTORS RESPONSIBILITY STATEMENT
of 37th AGM held for the Financial Year 2028-29. Pursuant to Section 134(5) of the Act, the Board of
(b) COST AUDITORS Directors of your Company to the best of their knowledge
and ability hereby state and confirm that:
The Board of Directors, on the recommendation
of Audit Committee, had appointed M/s. S. V. 1.
in the preparation of the annual accounts, the
Vhatte and Associates, Cost Accountants [Firm applicable accounting standards had been followed
Registration No.: 100280] as Cost Auditors to audit along with proper explanation relating to material
the cost accounts of the Company for the Financial departures;
Year ended 31st March 2024. The Cost Audit report 2.
the Directors had selected such accounting
for the Financial Year 2024-25 will be filed with policies and applied them consistently and made
the Ministry of Corporate Affairs on or before the judgments and estimates that are reasonable and
due date. prudent so as to give a true and fair view of the
The Board on recommendations of the Audit state of affairs of the Company at the end of the
Committee have appointed M/s. S. V. Vhatte and Financial Year and of the profit of the Company for
Associates, Cost Accountants [Firm Registration that period;
No.: 100280] as Cost Auditors to audit the cost 3. t he Directors had taken proper and sufficient
accounts of the Company for the Financial Year care for the maintenance of adequate accounting
ended 31st March 2025, subject to ratification of records in accordance with the provisions of this
remuneration by the members at the ensuing AGM. Act for safeguarding the assets of the Company
The cost accounts and records of the Company are and for preventing and detecting fraud and other
duly prepared and maintained as required under irregularities;
Section 148(1) of Act.
4. the Directors had prepared the annual accounts on
(c) INTERNAL AUDITORS a going concern basis; and
he Company appointed M/s Unicus Risk Advisors
T 5. t he Directors had laid down internal financial
LLP as Internal Auditors of the Company for the controls to be followed by the Company and such
Financial Year ended 31st March 2025. The scope internal controls are adequate and were operating
and authority of the Internal Auditor is as per effectively; and
the terms of reference approved by the Audit
Committee. The Internal Auditors monitor and 6. t he Directors had devised proper systems to ensure
evaluate the efficiency and adequacy of internal compliance with the provisions of all applicable
control systems in the Company, its compliance laws and that such systems were adequate and
with operating systems, accounting procedures operating effectively.
and policies of the Company. Significant audit
41.
CODE OF CONDUCT FOR BOARD AND SENIOR
observations and recommendations along with
MANAGEMENT
corrective actions thereon are presented to the
Audit Committee of the Company. The Company has adopted the Code of Conduct for
the Directors and Senior Management and the same is
67
available on the website of the Company at PCL - Code General Meeting or notice regarding deduction of tax at
of conduct for Board and Senior Management. source (TDS) for dividend payment etc.

All Directors and Senior Management members
45.
CONTRIBUTION OF INDEPENDENT DIRECTORS TO
have affirmed their compliance with the said Code. THE GROWTH OF THE COMPANY
A declaration pursuant to the Regulation 26 (3) read
The Board of Directors of the Company strategically
with Part D of the Schedule V of the SEBI LODR, 2015
comprises of Independent Directors from different
signed by Managing Director to this effect forms part of
domains which adds value to the Company. Every
Corporate Governance Report of this Annual Report.
Independent Director with his expertise and integrity
has earned a vast experience and reputation in the
42. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
industry. Our Independent Directors are experts in
REPORT
Finance, Company Laws, Forensic Audits, Corporate
A detailed Business Responsibility and Sustainability Restructuring, Commercial Laws and Audit. These
Report in terms of the provisions of Regulation 34 of domains are integral part of every business and therefore
the SEBI LODR is available as a separate section in the the collective expertise of these board members ensure
Annual Report. that we are up to the mark with the global leaders in
terms of ethics, corporate governance, best industry
43.
COMPLIANCE OF APPLICABLE SECRETARIAL practices, transparency and technology.
STANDARDS
The Company is in compliance of applicable secretarial 46.
DETAILS OF APPLICATION MADE OR ANY
standards issued by the Institute of Company PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016 DURING THE YEAR.
Secretaries of India from time to time.
During the year, the Company has not made any
44. INVESTOR EDUCATION AND PROTECTION FUND application nor there is any proceeding pending under
In accordance with the provisions of sections 124 and the Insolvency and Bankruptcy Code, 2016 as at the
125 of the Act and Investor Education and Protection end of the Financial Year.
Fund (Accounting, Audit, Transfer and Refund) Rules,
47.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT
2016 (“IEPF Rules”) dividends which remain unpaid or
OF THE VALUATION DONE AT THE TIME OF ONE TIME
unclaimed for a period of seven years from the date of
SETTLEMENT AND THE VALUATION DONE WHILE
transfer to the Unpaid Dividend Account are required to
TAKING LOAN FROM THE BANKS OR FINANCIAL
be transferred by the Company to the Investor Education INSTITUTIONS ALONG WITH THE REASONS THEREOF.
and Protection Fund (“IEPF”). The Members whose
During the Financial year, the Company has not initiated
dividend/ shares are transferred to the IEPF Authority
One Time Settlement with the Banks or Financial
can claim their shares/dividend from the IEPF Authority
Institutions and therefore no details are required to be
following the procedure prescribed in the Rules.
furnished.
I n accordance with the said IEPF Rules and its
amendments, the Company had sent notices to all 48. CAUTIONARY STATEMENTS
the Shareholders whose shares were due for transfer Statements in this report, particularly those which relate
to the IEPF Authority and simultaneously published to Management Discussion and Analysis, describing the
newspaper advertisements. The Company had Company’s objectives, estimates and expectations may
frequently sent communication to these shareholders constitute ‘forward looking statements’ within the meaning
by email whose email address are available with R&T / of applicable laws and regulations. Actual results may
DP and also through various other modes viz. notice of differ materially from those either expressed or implied.
68
Corporate Overview
Statutory Reports
49. ACKNOWLEDGEMENTS
he Directors would like to place on record their deep appreciation to employees/ workers at all levels for their hard work,
T
dedication and commitment. The Board places on record its appreciation for the support and co-operation your Company has
been receiving from its Shareholders, Customers, Business Associates, Bankers, Suppliers and all other stakeholders for their
continued support and their confidence in its management.
For and on behalf of the Board of Directors of

Yatin S. Shah Ravindra R. Joshi

DIN: 00318140 DIN: 03338134
Chairman and Managing Director Whole-time Director and CFO
Date: 23rd May 2024 Date: 23rd May 2024
Place: Solapur Place: Solapur
69
ANNEXURE A
Statement containing the salient features of the Financial Statements of

Subsidiaries / Associate Companies / Joint Ventures
Pursuant to Section 129(3) of the Companies Act 2013, read with Rules of the Companies (Accounts) Rules 2014
FORM NO. AOC-1
Part A – Subsidiary Companies of Precision Camshafts Limited

(Amt. in ` Lakhs)
Particulars Name of Subsidiaries
PCL (International) Holding B.V., MEMCO Engineering
(Consolidated Basis) Private Limited
The date since when subsidiary was acquired Not applicable 10th October 2017
Reporting period for the subsidiary concerned, if
1st April 2023 to 31st March 2024 1st April 2023 to 31st March 2024
Different from the holding company’s reporting period
Reporting currency and Exchange rate as on the Euro ` Exchange Rate -Not applicable
last date of the relevant Financial year in the case of Closing Rate 1 Euro = ` 89.04/-
foreign subsidiaries i.e. 31st March, 2024 Average Rate 1 Euro = ` 89.78/-
Share Capital 11,785.49 720.00
Reserves and Surplus (16,083.87) 1,866.38
Total Assets 17,960.51 3,778.51
Total Liabilities (excluding share capital, reserves and 20,376.82 1,192.13
surplus)
Investments NIL 683.45
Turnover 30,719.92 4,931.97
Profit/(Loss) before Tax (3,937.20) 36.40
Provision for tax (180.84) 59.38
Profit after Tax (3,756.35) (22.98)
Proposed Dividend - -
% of Shareholding 100 100
Part B – Associates and Joint Venture Companies of Precision Camshafts Limited

This section is not applicable to the Company as there are no associate or joint venture Companies of the Company.


DIN: 00318140 DIN: 03338134
Date: 23 May 2024

rd
Date: 23 May 2024
rd
70
Corporate Overview
Statutory Reports
ANNEXURE B
A. CONSERVATION OF ENERGY: as well as comfortable working conditions for

PCL has induced environmental sustainability as an workers. Ambient temperature reduction by 2 to 3
integral part of its business operations and continues to degrees Centigrade at knockout.
find and apply measures that can optimise utilisation of 7. The Company has installed a 15 MWp Solar Power
available resources. Plant for Captive Consumption at Mangalvedha,
PCL at across all its manufacturing locations and Solapur which is helping the Company to save
business operations is relentlessly working on energy cost. The said solar power plant will be
improving productivity, energy efficiency and capable of generating 1,80,00,000 units per annum
maximising sustainability at our manufacturing facilities on an average. Cost saving ` 1300 Lakhs per year.
through usage of state-of-the-art technologies and
processes. The Company is committed to bringing about B.
TECHNOLOGY ABSORPTION AND RESEARCH &
continuous improvement in processes and products DEVELOPMENT:
using energy efficiency interventions and renewable 1.
Efforts made in technology absorption and
energy technologies. development of products.
The steps taken for energy conservation and its impact: 1. Car track modification in Foundry to place 2
moulds on one pallet instead of 1 mould has
1.
Installation of power factor improvement with
helped reduce pouring time resulting in saving
Harmonic filters to improve power quality
of power consumption.
(Thyristor controlled automatic harmonic filter
bank). The power factor is maintained at unity 2. he benefits derived like product improvement,
T
(0.995) at all plants. This will help the Company to cost reduction, product development or import
save approximately ` 30 Lakhs every year. substitution:
2. The Company has converted electrical air heater 1.

Tooling life improvement around 40 % by
ovens into Liquid Petroleum Gas (LPG) ovens doing induction Harding. (Cost saving ` 120
for 4 shell moulding machines which will help Lakhs per year).
in conservation of energy and product quality
2. Single man Moulding on Susha machine for
improvement. The Company has replaced
S. G. Iron camshaft by doing modifications in
Kelson machine with Susha machine with LPG
machine cycle time (Cost saving 33.6 lakh per
consumption and four station machines replace
year).
with Susha with LPG consumption to save power.
3. The Company has started to using 40% local
3.
The Company has converted 9 air compressors
grade sand along with 60% imported sand for
with special purpose motors used in the foundries
producing cores (Cost saving ` 21.12 lakh per
into regular induction motors which will help the
year)
Company to save energy approximately worth
` 18 Lakhs. The Company is in the process of such 4.
Cost reduction in certain camshafts by
conversion for 8 more motors used in Machine Shop. reducing RCS consumption, Alloys reduction,
and reduction in manpower (Cost saving
4. The Company provided electrical Forklift use instead
` 174.28 lakh per year).
of Diesel forklift – to prevent carbon emission.
3. New technology absorbed in machine shop
5.
To improve lumens & reduce power cost in
for development of Assembled camshafts of
manufacturing sheds & external areas of the
marquee clients. Serial production of these
Company, all lightings have been changed to LED
parts to start soon.
lamps with improved Lux from 100 lux to 350
lux which will help the Company to save energy
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
approximately ` 25 Lakhs annually.
Particulars (` in Lakhs)
6.
The Company has installed a natural cool air Earnings 32,766.61
ventilation system (Eco air cooling) on Shell Outgo 1,962.50
moulding. This has helped in energy conservation
71
ANNEXURE C
THE ANNUAL REPORT ON CSR ACTIVITIES FOR FY 2023-24

[Pursuant to section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014]
1. Brief outline on CSR Policy of the Company
PCL is proud to be a socially responsible Corporate Citizen. The Company would like to scale up the CSR activities through
initiatives aimed at value creation in the society and in the community in which it operates through their services, conduct
and initiatives by protecting environment, improving health, hygiene and helping in education and skill development on a
sustained basis for the society as a whole.
2. Composition of CSR Committee.
Sr. Name of Director Designation/ Nature of Number of meetings of Number of meetings of

No Directorship CSR Committee held CSR Committee attended
during the year during the year
1. Mr. Yatin S. Shah Chairman and Managing Director 3
2. Dr. Suhasini Y. Shah Non-executive Director 3
3. Dr. Ameet N. Dravid Independent Director 3 2
4. Ms. Apurva P. Joshi Independent Director 3
5. Mr. Suhas J. Ahirrao Independent Director 3
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the Board are
disclosed on the website of the Company.
Sr. Display on Website Links

No.
1. Composition of the CSR Committee Composition of CSR Committee
2. CSR Policy Corporate Social Responsibility Policy
3. Projects Approved PCL CSR activities
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report). Not applicable
5. Details of CSR expenditure
Sr. Particulars Amount

No (` in Lakhs)
a. Average net profit of the Company as per sub-section (5) of section 135 7623.48
b. Two percent of average net profit of the Company as per sub-section (5) of section 135. 152.46
c. Surplus arising out of the CSR Projects or programmes or activities of the previous -
financial years.
d. Amount required to be set-off for the financial year, if any. 3.83
e. Total CSR obligation for the financial year [(b)+(c)-(d)]. 148.63
72
Corporate Overview
Statutory Reports
Annexure C (Contd.)
4. Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project).

No (` in Lakhs)
a. Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project). 154.53
b. Amount spent in Administrative Overheads. -
c. Amount spent on Impact Assessment, if applicable. -
d. Total amount spent for the Financial Year [(a)+(b)+(c)]. 154.53
e CSR amount spent or unspent for the financial year:
Total Amount unspent
Amount Total Amount transferred to Unspent Amount transferred to any fund specified under
Spent for CSR Account as per section 135(6) Schedule VII as per second proviso to section 135(5)
the Financial
Year Amount Date of transfer Name of the Fund Amount Date of transfer
154.53 Nil NA NA Nil NA
f. Excess amount of set-off, if any:
Sr. Particulars Amount (` in Lakhs)

No
(i) Two percent of average net profit of the Company as per section 135(5) 148.63
(ii) Total amount spent for the Financial Year 154.53
(iii) Excess amount spent for the financial year [(ii)-(i)] 5.90
(iv) Surplus arising out of the CSR projects or programmes or activities of the -
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 5.90
5. Details of Unspent CSR amount for the preceding three financial years: NA
(` in Lakhs)
Sr. Preceding Amount Amount spent Amount transferred to any fund Amount remaining
No. Financial Year transferred to in the reporting specified under Schedule VII as per to be spent in
Unspent CSR Financial Year section 135(6), if any succeeding
Account under Name of Amount Date of financial years
section 135 (6) the Fund transfer
TOTAL
73
Annexure C (Contd.)
6. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in
Financial Year:
If Yes, enter the number of Capital asset created/acquired
Sr. Short particulars Pincode of the Date of creation Amount of CSR Details of entity/Authority/
No. of the property or property or asset amount spent beneficiary of the registered
asset(s) (s) (in Lakhs) owner
[including
complete address
and location of the
property]
-1 -2 -3 -4 -5 -6
1. Installation of Solar 413003 15-06-2023 14.11 38 Maharashtra Battalian NCC, MW
Plant for water 28 98 G, Raksha Vihar, Gurunanak
supply system Chowk, Solapur
2. Installation of Roof 413222 03-08-2023 14.82 Adhar Care Centre, Vyankatesh
Top Solar Plant Nagar, Bhogav Tq. North Solapur
3. Installation of Roof 413001 16-02-2024 8.37 13 ZPPS schools from the villages
Top Solar Plant of Solapur District – (Valuj, Ekurge,
Ankoli, Nimbargi, Chungi, Akkalkot,
Yamgarwadi, Masale Choudhari,
Mangoli, Bairagwadi, Solankar
wadi, Solapur City)
7. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per section 135(5):
NA

Yatin S. Shah
Date: 23rd May 2024 Chairman & Managing Director
Place: Solapur DIN: 00318140
74
Corporate Overview
Statutory Reports
ANNEXURE D
Disclosures as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
The remuneration in this Annexure is calculated on the basis of gross salary excluding bonus and variable pay.
1)
The ratio of the remuneration of each Director to the median remuneration of the employees of the Company and the
percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary for the Financial
Year 2023-24:
Sr. Name of the Director Designation Ratio of the % increase in the

No. Remuneration remuneration of
of each Director each Director/ ,
/to Median Chief Financial
Remuneration of Officer/
Employees Company
Secretary
1. Mr. Yatin S. Shah Chairman & Managing Director 117.37 0.00
2. Mr. Ravindra R. Joshi Whole-time Director & Chief Financial Officer 107.62 (18.37)
3. Mr. Karan Y. Shah Whole-time Director– Business Development 25.91 0.00
4. Dr. Suhasini Y. Shah Non-Executive Director 1.93 0.00
5. Mrs. Savani A. Laddha Independent Director 1.93 0.00
6. Dr. Ameet N. Dravid Independent Director 1.93 16.00
7. Mr. Suhas J. Ahirrao Independent Director 1.93 100.00
8. Mr. Apurva P. Joshi Independent Director 1.93 100.00
9. Mr. Anagha S. Anasingaraju Independent Director 1.93 100.00
10. *Mr. Sarvesh N. Joshi Independent Director Not Comparable Not Comparable
as figures of as figures of
FY 2023-24 are FY 2023-24 are
part of the year. part of the year.
11. **Mr. Tanmay M. Pethkar Company Secretary & Compliance Officer Not Comparable Not Comparable
as figures of as figures of
FY 2023-24 are FY 2023-24 are
part of the year. part of the year.
*Mr. Sarvesh N. Joshi retired at the 31st Annual General Meeting held on 26th July 2023.
**Mr. Tanmay M. Pethkar was appointed as Company Secretary and Compliance Officer on 10th August 2023.
2) Percentage increase in the median remuneration of employees in the FY 2023-24:
During the Financial Year under review, there has been a decrease of approximately -14.34 % in the median remuneration
paid to the employees.
3) The number of permanent employees on the rolls of the Company as on 31st March 2024: 904
4)
Average percentile increase already made in the salaries of employees other than the managerial personnel in the
last financial year and its comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
The average percentage increase in salaries of employees other than Managerial Personnel is 19.83 %. Average increase in
the remuneration of Directors and other Key Managerial Personnel is -5.92 %
75
Annexure D (Contd.)
5) Affirmation that the remuneration is as per the remuneration policy of the company:
It is affirmed that the remuneration paid to the Directors, Key Managerial Personnel and other employees is as per the
Remuneration Policy of the Company.

Yatin S. Shah
Information as per Rule 5(2) of Chapter XIII, Companies (Appointment and Remuneration of Key Managerial Personnel)
Rules 2014
Name Designation Gross Nature of Qualification Date of Age Last % of Relative of

of the Remunera- employ- and experience commence- employ- equity Director/
employee tion ment ment of ment shares Manager
employment held and held in the
Designation Company
Yatin S. Chairman & 304.40 Whole-time B.com, MBA 08/06/1992 60 Chetan 39.78 Spouse of
Shah Managing employee 35 years of Foundries, Dr. Suhasini
Director on roll of the experience CEO Y. Shah and
Company in business Father of
expansion and Mr. Karan Y.
administration Shah
Ravindra Whole-time 279.13 Whole-time B.com, DBM 11/05/2000 57 Chetan 0.02 NA
R. Joshi Director & employee 34 years of Foundries,
CFO on roll experience Manager
of the in the field of Finance
Company finance and
accounting
*The remuneration is calculated on the basis of gross salary.

Yatin S. Shah
Place: Pune DIN: 00318140
76
Corporate Overview
Statutory Reports
ANNEXURE E
REPORT ON CORPORATE GOVERNANCE
Company’s Philosophy on Code of Governance A report on compliance with the principles of Corporate
The fundamental principle of Corporate Governance is Governance as prescribed by the SEBI in Chapter IV read
achieving sustained growth ethically and in the best interest with Schedule V of SEBI (Listing Obligation and Disclosure
of all stakeholders. The governance philosophy embraces the Requirements) Regulations, 2015 is given below:
tenets of transparency, independence, accountability, fair
Board of Directors
and timely disclosures, and ethical corporate citizenship as
a) Composition and category of Directors
means for implementing its corporate governance framework
in letter and spirit. A wide range of perspectives is critical to effective
corporate governance. The Management believes that
Corporate governance framework
the Company’s Board should comprise of an appropriate
Our corporate governance framework ensures that we make mix of Executive, Non-Executive and Independent
timely disclosures and share accurate information regarding Directors, to maintain its independence and diversity of
our financials and performance, as well as disclosures perspectives, and lead to good management dynamics
related to the leadership and governance of the Company. We and better governance. The Board Diversity Policy
believe that an active, well-informed and Independent Board adopted by the Board sets out its approach to diversity.
is necessary to ensure the highest standard of Corporate The policy is available on our website at Policy on Board
Governance practice. At PCL, the Board is at core Corporate Diversity. The detailed profile of all Directors of the
Governance practice. The Board oversees the management’s Company is available on website of the Company www.
functions and protects the long-term interests of our pclindia.in.
stakeholders.
During the year under review, the Nomination and
Corporate governance guidelines Remuneration Committee and the Board of Directors
The Company is in compliance with the requirements reviewed and are satisfied with Succession Planning
stipulated under Regulations 17 to 27 read with Schedule V for the Board of Directors and Senior Management
and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of Personnel of the Company.
Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“SEBI
Board Gender Diversity
LODR”), as applicable, with regard to Corporate Governance.
Company’s Corporate Governance framework is based

on an effective Independent Board, separation of our
Board’s supervisory role from the executive management
team and constitution of the committees of our Board,
as required under law. The Board of Directors, along with
its Committees, provides leadership and guidance to the
management and directs and supervises the performance Women,
40%
of the Company, thereby enhancing stakeholders’ value. Our Men,
Board is constituted in compliance with the provisions of 60%
the Companies Act and the SEBI LODR, as applicable. The
Management presents before the Board of Directors and its
corresponding committees all the Reports/Intimations filed
to Stock Exchange from time to time. Our Board functions
either directly, or through various committees constituted to
oversee specific operational areas. Our Company also urges
its Board Members and top management to abide by the Women Men
Code of Corporate Governance.
77
Annexure E (Contd.)
As on 31st March 2024 our Board is comprised of 9 (nine) Directors. The composition of the Board is as follows with Mr. Yatin
S. Shah as the Chairman:
Sr Category of Directors No. of Directors Name of Director

No.
1. Executive Director Promoter 2 Mr. Yatin S. Shah
Mr. Karan Y. Shah
2. Non-Executive Director Promoter 1 Dr. Suhasini Y. Shah
3. Executive Director 1 Mr. Ravindra R. Joshi
4. Independent Non-Executive Director 5 Mrs. Savani A. Laddha
Dr. Ameet N. Dravid
Ms. Apurva P. Joshi
Mr. Suhas J. Ahirrao
Mrs. Anagha S. Anasingaraju
Total 9
Notes: - ll the Directors have made necessary disclosures

A
regarding their directorships and other interests as
• Mr. Sarvesh N. Joshi ceased to be Independent
required under Section 184 of the Companies Act,
Director of the Company pursuant to his retirement
2013 and the Committee positions held by them in
at the 31st Annual General Meeting held on
other companies. The Company is in compliance with
26th July 2023 after serving two consecutive terms.
the provisions of Section 165 (1) of the Companies Act,
• The members of the Company have approved the 2013 and Regulation 17A of SEBI (Listing Obligations
appointment of Ms. Apurva P. Joshi, Mrs. Anagha and Disclosures Requirements) Regulations 2015 (SEBI
S. Anasingaraju and Mr. Suhas J. Ahirrao as LODR), i.e. None of the Directors on the Company’s
Independent Director for the period 30th September Board:
2024 vide postal ballot dated 12th April 2023.
 hold the office of Director in more than 20 (Twenty)
Composition of Board as on 31 March 2024
st Companies or
holds directorships in more than ten public


companies,
 serves as Director or as Independent Directors (ID)

in more than seven listed entities;
20%
All the Independent Directors have confirmed that they
meet the ‘Independence’ criteria as mentioned under
Regulation 16 (1) (b) of the SEBI LODR and Section 149
10% (6) of the Companies Act, 2013 (“Act”) and the Rules
60%
framed thereunder. In terms of Regulation 25(8) of the
10% SEBI LODR, the Independent Directors have confirmed
that they are not aware of any circumstance or situation,
which exists or may be reasonably anticipated, that
could impair or impact their ability to discharge their
duties with an objective independent judgement
and without any external influence. Based on the
declarations received from the Independent Directors,
the Board of Directors has confirmed that they meet
the criteria of independence as mentioned under
Regulation 16(1)(b) of the SEBI Listing Regulations and
78
Corporate Overview
Statutory Reports
Annexure E (Contd.)
that they are independent of the management. Further, b) Board Procedures

the Independent Directors have included their names
The agenda is circulated well in advance to the Board
in the data bank of Independent Directors maintained
members. The items on the agenda are backed by
with the Indian Institute of Corporate Affairs in terms of
comprehensive background information to facilitate
Section 150 of the Act read with Rule 6 of the Companies
meaningful discussions and enable the Board to take
(Appointment & Qualification of Directors) Rules, 2014.
appropriate decisions. As part of the process of good
Pursuant to Clause VII of the Schedule IV (Code for governance, the agenda also includes the progress
Independent Directors) of the Companies Act 2013 and on the decisions taken by the Board in its previous
Regulation 25(3) of SEBI LODR, separate meeting of meeting(s).
Independent Directors was held on Monday 25th March
The Board also, inter-alia, reviews quarterly / half yearly
2024 without the attendance of Non-Independent
Directors and members of management. All the / annual results, the strategy of business including
Independent Directors were present at the meeting. corporate restructuring plans if any, Annual Operating
Plan (AOP), capital expenditure budgets, update on new
The Company is in compliance of Regulation 26 of the business, market share of businesses, reports for all laws
SEBI LODR, i.e. none of the Directors are members in applicable to the Company, review of major legal cases,
more than 10 (Ten) Committees or act as a Chairperson minutes of Meetings of Committee of the Board and
of more than 5 (Five) committees, the committees
of Board Meeting of Subsidiary Companies, financials
being, Audit Committee and Stakeholders’ Relationship
of subsidiary companies, review of internal control
Committee across all public limited companies, whether
framework and risk management etc. The Directors
listed or not in which he/she is a Director. All the
receive regular updates on changes in the relevant laws
Directors except Independent Directors and Managing
and regulations which are relevant to PCL at the Board
Director are liable to retire by rotation.
meetings. The required information as enumerated in
The required information, including information as Part A of Schedule II of SEBI Listing Regulations, 2015 is
enumerated in Regulation 17(7) read together with Part made available to the Board of Directors for discussions
A of Schedule II of the SEBI LODR is made available to and consideration at Board Meetings. Draft Minutes of
the Board of Directors, for discussions and consideration the Board and Committee meetings of the Company are
at Board Meetings. The Board reviews compliance of all circulated to all the Directors for their comments within
the applicable laws on a quarterly basis, as also steps 15 days of the meeting.
taken to remediate instances of non-compliance, if any.
The Board is also kept informed of major events /
Pursuant to Regulation 27(2) of the SEBI LODR, the items and approvals are taken wherever necessary. As
Company submits a quarterly Compliance Report on a part of corporate governance, the Board Charter has
Corporate Governance to the Bombay Stock Exchange been drawn up setting out roles / terms of references
(BSE) and National Stock Exchange (NSE) within 21 and processes of functioning of the Board including
days of the close of every quarter. Committees of the Board.
The Managing Director and Chief Financial Officer have
The Company has put in place relevant systems and
certified to the Board on inter alia, the accuracy of the
processes to ensure compliance with the provisions
financial statements and adequacy of internal controls
of applicable laws. In accordance with the compliance
for financial reporting, in accordance with Regulation
procedures of the Company, relevant Heads of the
17(8) read together with Part B of Schedule II of the
Departments confirm compliances with applicable
SEBI LODR for the Financial Year ended 31st March
regulations and a presentation detailing list of applicable
2024. The said certificate form’s part of this Annual
laws/rules/regulations.
Report as Annexure J.
79
Annexure E (Contd.)
c) Attendance of each Directors at the meeting of the Board of Directors, the last Annual General Meeting, is set out
below.
Sr. Director Meetings held during the year Number 31st

No. 10 th
26 th
10 th
18 th
9 th
8 th of Annual
April May August October November February Meetings General
2023 2023 2023 2023 2023 2024 attended Meeting
during
the year
1. Mr. Yatin S. Shah √ √ √ √ √ √ 6 Yes
2. Dr. Suhasini Y. Shah √ √ √ √ √ √ 6 Yes
3. Mr. Ravindra R. Joshi √ √ √ LOA √ √ 5 Yes
4. Mr. Karan Y. Shah √ √ √ √ √ √ 6 Yes
5. Mr. Sarvesh N. Joshi LOA LOA NA NA NA NA NA Yes
6. Mr. Savani A. Laddha √ √ LOA √ √ √ 5 Yes
7. Dr. Ameet N. Dravid √ LOA √ √ √ √ 5 Yes
8. Ms. Apurva P. Joshi √ √ √ LOA √ √ 5 Yes
9. Mr. Suhas J. Ahirrao √ √ √ √ √ √ 6 Yes
10. Mrs. Anagha S. Anasingaraju √ √ √ √ LOA √ 5 Yes
(√- Attended, LOA-Leave of Absence, NA-Not Applicable)
Note: Refer notes given under Composition and Category of Directors for details of change in composition of Directors.
The gap between two meetings did not exceed 120 days and the Meetings were conducted in compliance with all applicable
laws.
d) Details of membership of Directors in other Companies Boards and their Committees as on 31st March 2024
SR. Name of the Director No of Directorship No of Committee Positions No shares held

No in other Public held in other Public by Non-Executive
Companies Companies Director
Chairman Member
1. Mr. Yatin S. Shah 2 Nil Nil NA
2. Dr. Suhasini Y. Shah 4 2 3 1,07,78,461
3. Mr. Ravindra R. Joshi 2 Nil Nil NIL
4. Mr. Karan Y. Shah 1 Nil Nil NIL
5. Mr. Savani A. Laddha Nil Nil Nil NIL
6. Dr. Ameet N. Dravid Nil Nil Nil NIL
7. Ms. Apurva P. Joshi 6 2 8 NIL
8. Mr. Suhas J. Ahirrao Nil Nil Nil NIL
9. Mrs. Anagha S. Anasingaraju Nil Nil Nil NIL
Pursuant to Regulation 26 (1) (b) of SEBI LODR, Membership/Chairmanship of only Audit Committees and Stakeholder
Relationship Committee of all Public Limited companies whether listed or not have been considered.
Notes:
1. The Companies mentioned herein are Public Limited Companies and Deemed Public Companies, whether listed or
not, and does not include other companies including Private Limited Companies, Foreign Companies, high valued debt
listed and Companies under section 8 of the Companies Act, 2013.
80
Corporate Overview
Statutory Reports
Annexure E (Contd.)
e) Other listed entities in which the Directors hold directorship and category thereof as of 31st March 2024
Sr. Name of Director as on 31st March 2024 Name of the other Listed Category of Directorship
No entities in which Director
holds Directorship
1. Mr. Yatin S. Shah NA NA
2. Dr. Suhasini Y. Shah Balaji Armines Limited Non-Executive Independent Director
3. Mr. Ravindra R. Joshi NA NA
4. Mr. Karan Y. Shah NA NA
5. Mr. Savani A. Laddha NA NA
6. Dr. Ameet N. Dravid NA NA
7. Ms. Apurva P. Joshi 1. Quick Heal Non-Executive Independent Director
Technologies Limited.
2. Fidel Softech Limited.
3. Associate Alcohols &
Breweries Limited.
8. Mr. Suhas J. Ahirrao NA NA
9. Mrs. Anagha S. Anasingaraju NA NA
f) Number of Board Meetings
During the Financial Year under review, the 6 Board Meetings were held 10th April 2023, 26th May 2023, 10th August 2023,
18th October 2023, 9th November 2023 and 8th February 2024.
g) Disclosure of relationships between Directors inter-se as on 31st March 2024
Sr. Name of Director Relationship

No.
1. Mr. Yatin S. Shah Spouse of Dr. Suhasini Y. Shah, Father of Mr. Karan Y. Shah
2. Dr. Suhasini Y. Shah Spouse of Mr. Yatin S. Shah, Mother of Mr. Karan Y. Shah
3. Mr. Karan Y. Shah Son of Mr. Yatin S. Shah and Dr. Suhasini Y. Shah
4. Mr. Ravindra R. Joshi No relationship with other Directors of the Company
5. Mrs. Savani A. Laddha No relationship with other Directors of the Company
6. Dr. Ameet N. Dravid No relationship with other Directors of the Company
7. Ms. Apurva P. Joshi No relationship with other Directors of the Company
8. Mr. Suhas J. Ahirrao No relationship with other Directors of the Company
9. Mrs. Anagha A. Anasingaraju No relationship with other Directors of the Company
h) Web link where details of familiarisation programme imparted to Independent Directors is disclosed. Familiarisation
Programme FY 2023-24.
i) Skills/ Expertise / Competencies of the Board required in the context of the business.
The Company aims to cultivate a broad spectrum of demographic attributes and characteristics in the boardroom that
elevates the Board’s effectiveness to provide foresight and add value to the decision-making process. The Board of the
Company comprises leaders and experts in their respective fields for achieving the objectives of the Company while
operating effectively, responsibly and sustainably. The Members bring in the required skills, competence and expertise to
the Board. The Directors are appointed based on well-defined selection criteria. The NRC considers, inter alia, key skills,
qualifications, expertise and competencies, whilst recommending to the Board the candidature for appointment of Director.
The Board of Directors, based on the recommendations of the NRC, identified the following core key skills/expertise/
competencies of Directors as required in the context of business of the Company for its effective functioning which are
currently possessed by the Board Members of the Company and mapped against each of the Directors:
81
Annexure E (Contd.)
Sr. List of Core skills Mr. Yatin Dr. Mr. Karan Mr. Mrs. Dr. Ms. Mr. Suhas Mrs.
No / expertise / S. Shah Suhasini Y. Shah Ravindra Savani A. Ameet N. Apurva P. J. Ahirrao Anagha A.
Competencies Y. Shah R. Joshi Laddha Dravid Joshi Anasingaraju
A Technical
1. Finance √ √ √ √ √ √
2. Law √ √ √ √ √ √ √
3. Management √ √ √ √ √ √ √ √ √
4. Sales & √ √ √
Marketing
5. Manufacturing & √ √ √
Operations
6. Research & √ √ √ √
Development
7. Human Resource √ √ √
8. Information √ √ √
Technology
B Industry
1. Knowledge about √ √ √ √ √ √ √ √ √
Economy
2. Industry √ √ √ √ √
experience
3. Knowledge of √ √ √ √ √ √ √ √ √
business sector
C Governance
1. Compliance √ √ √ √ √ √
Management
2. Knowledge √ √ √ √ √ √ √ √
about statutory /
regulatory laws
3. Experience in √ √ √ √ √ √
developing and
implementing
Risk Management
4. Strategic √ √ √ √ √ √
Planning
D Others
1. Communication √ √ √ √ √ √ √ √ √
and
Interpersonal
Skills
2. Public Relations √ √ √ √
3. Corporate √ √ √ √ √ √ √ √
Restructuring
4. Environment and √ √ √ √ √
sustainability
5. Corporate Social √ √ √ √ √ √ √ √
Responsibility
82
Corporate Overview
Statutory Reports
Annexure E (Contd.)
j) Board Independence: (ii)

changes, if any, in accounting policies
and practices and reasons for the same
Every Independent Director, at the first meeting of the
Board in which he / she participates as a Director and (iii)
major accounting entries involving
thereafter at the first meeting of the Board in every estimates based on the exercise of
financial year, gives a declaration that he / she meets judgement by management
the criteria of independence as provided under the law
(iv) significant adjustments made in the
and that he / she is not aware of any circumstance or
financial statements arising out of audit
situation, which exist or may be reasonably anticipated,
findings
that could impair or impact his / her ability to discharge
his / her duties with an objective independent judgement (v) compliance with listing and other legal
and without any external influence. In the opinion of the requirements relating to financial
Board, the Independent Directors fulfil the conditions statements
specified in SEBI LODR and are independent of the
(vi)
disclosures of any related party
management.
transactions and
1. AUDIT COMMITTEE (vii) modified opinion(s) in the draft audit
(a) Brief description of terms of reference: report (if any).
The Audit Committee functions according to its 5.

Reviewing, with the management, the
Charter that defines its composition, authority, quarterly financial statements before
responsibility and reporting functions in submission to the Board for approval.
accordance with Section 177 of the Act, Regulation
6.
Reviewing with the management, the
18(3) read with Part C of Schedule II of the SEBI
statement of uses/application of funds raised
LODR as mentioned below: -
through an issue (public issue) the statement
1. Oversight of the Company’s financial of funds utilised for purposes other than
reporting process and the disclosure of those stated in offer document/prospectus/
its financial information to ensure that the notice (if any) and the report submitted
financial statements are correct, sufficient by the monitoring agency the utilisation of
and credible. proceeds of a public and making appropriate
2.
Recommendation for appointment, recommendations to the Board to take up
remuneration and terms of appointment of steps in this matter.
auditors of the Company. 7.
Reviewing and monitoring auditor’s
3. Approval of payment to Statutory Auditors for independence and performance and
any other services rendered by the statutory effectiveness of audit process.
auditors.
8. Approval of any subsequent modification of
4.
Reviewing with the management, annual transactions of the Company with related
financial statements and auditors report parties.
thereon before submission to the Board for
9.
Scrutiny of inter-corporate loans and
approval, with particular reference to:
investments.
(i) matters required to be included in the
10.
Valuation of undertakings or assets of the
Directors Responsibility Statement to be
Company, wherever it is necessary.
included in the Board’s report in terms of
clause (c) of sub-section 3 of Section 134 11. Evaluation of internal financial controls and
of the Companies, Act, 2013 risk management systems.
83
Annexure E (Contd.)
12.
Reviewing the management performance 19.
Approval of appointment of CFO after
of statutory auditors, internal auditors and accessing the qualifications, experience and
adequacy of internal control systems. background etc., of the candidate.
13.
Reviewing the adequacy of internal audit 20.
Reviewing the utilisation of loans and/ or
function, if any, including the structure of advances from/investment by the holding
internal audit department, staffing, seniority company in the subsidiary exceeding rupees
of the official heading the department, 100 Crores or 10% of the asset size of the
reporting structure coverage and frequency of subsidiary, whichever is lower including existing
internal audit. loans / advances / investments existing.
14. Discussion with the internal auditors of any 21. Review of Management Discussion and analysis
significant findings and follow-up thereon. of financial condition and results of operations.
15. Reviewing the findings of any internal 22. Review of Statement of significant related
investigation by the internal auditors into party transactions (as defined by the audit
matters where there is suspected fraud or Committee) submitted by the Management.
irregularity or a failure of internal control
23.
Review of Management letter/letters of
systems of a material nature and reporting the
internal control weaknesses issued by the
matter to the Board.
statutory auditors.
16.
Discussion with statutory auditors before
24. Review of Internal Audit reports relating to
the audit commences, about the nature and
internal control weaknesses.
scope of audit as well as post audit discussion
to ascertain any area of concern. 25. Review of appointment, removal and terms of
remuneration of the Chief Internal Auditor.
17. Looking into the reasons for substantial defaults
in the payment of depositors (if any), debenture 26.
Consider and comment on rationale, cost-
holders (if any), shareholders (in case of benefits and impact of schemes involving
payment of declared dividends) and creditors. merger, demerger, amalgamation etc., on the
listed entity and its shareholders.
18. Reviewing the functioning of the whistleblower
mechanism. 27. Carrying out any other function as is mentioned
in terms of reference of the Audit Committee.
(b) Composition, Name of members and Chairperson:
The Audit Committee of the Company is constituted in compliance with the provisions of Regulation 18 of the SEBI
LODR and the provisions of Section 177 of the Companies Act, 2013 and rules made thereunder. All members of the
Committee are financially literate, having the relevant accounting and financial management expertise.
The composition of Audit Committee as on 31st March 2024 is as under:
Sr. Name of Member Designation Position held in

No. the Committee
1. Mrs. Savani A. Laddha Independent Director Chairperson
2. Mr. Ravindra R. Joshi Whole-time Director & CFO Member
3. Dr. Ameet N. Dravid Independent Director Member
4. Ms. Apurva P. Joshi Independent Director Member
5. Mr. Suhas J. Ahirrao Independent Director Member
6. Mrs. Anagha A. Anasingaraju Independent Director Member
84
Corporate Overview
Statutory Reports
Annexure E (Contd.)
(c) Meetings and attendance during the year:
The Committee met 5 (Five) times during the year. The meetings were held on 26th May 2023, 10th August 2023,
18th October 2023, 9th November 2023 and 8th February 2024.
The details of the Audit Committee meetings and its attendance during the Financial Year ended 31st March 2024 are
as under: -
Sr Name of Member Meetings held during the year

No. 26 th
10th 18th 9th 8th
May August October November February
2023 2023 2023 2023 2024
1. Mr. Ravindra R. Joshi √ √ LOA √ √
2. Mr. Sarvesh N. Joshi √ NA NA NA NA
3. Mrs. Savani A. Laddha √ LOA √ √ √
4. Dr. Ameet N. Dravid LOA √ √ √ √
5. Ms. Apurva P. Joshi √ √ LOA √ √
6. Mr. Suhas J. Ahirrao √ √ √ √ √
7. Mrs. Anagha A. Anasingaraju √ √ √ LOA √
(√- Attended, LOA – Leave of Absence, NA-Not Applicable)
2. NOMINATION AND REMUNERATION COMMITTEE b. relationship of to performance is clear

a. Brief description of terms of reference: and meets appropriate performance
benchmarks; and
The Nomination and Remuneration Committee
functions according to its Charter that defines c. to Directors, key managerial
its composition, authority, responsibility and personnel and senior management
reporting functions in accordance with Section 178 involves a balance between fixed and
of the Act, Regulation 19(4) read with Part D Para incentive pay reflecting short and long-
A of Schedule II of the SEBI LODR as mentioned term performance objectives appropriate
below: - to the working of the company and its
goals:
1.
Formulation of criteria for determining
qualifications, positive attributes and Provided that such policy shall be placed on
independence of a director and recommend to the website of the Company, if any, and the
the Board of Director a policy relating to, the salient features of the policy and changes
remuneration of the directors, key managerial therein, if any, along with the web address
personnel and other employees. The of the policy, if any, shall be disclosed in the
Nomination and Remuneration Committee Board’s report.
shall, while formulating the policy ensure
2.
For every appointment of an independent
that-
director, the Nomination and Remuneration
a. the level and composition of is reasonable Committee shall evaluate the balance of
and sufficient to attract, retain and skills, knowledge and experience on the
motivate Directors of the quality required Board and on the basis of such evaluation,
to run the company successfully; prepare a description of the role and
85
Annexure E (Contd.)
capabilities required of an independent in senior management in accordance with

director. The person recommended to the the criteria laid down, and recommend to the
Board for appointment as an independent Board their appointment and removal;
director shall have the capabilities identified
8. Decide whether to extend or continue the term
in such description. For identifying suitable
of appointment of the Independent Director,
candidates, the Committee may:
on the basis of the report of performance
a. use the services of an external agencies, evaluation of Independent Director;
if required;
9. Recommend to the Board, all remuneration,
b. consider candidates from a wide range in whatever form, payable to Senior
of backgrounds, having due regard to Management;
diversity; and
10.
Framing suitable policies and systems to
c. consider the time commitments of the ensure that there is no violation, by an
candidates. employee of any applicable laws in India or
Overseas, including:
3.
Formulate criteria for determining Board
composition, Board effectiveness, Board a.
The Securities and Exchange Board of
succession, and independent functioning of India (Prohibition of Insider Trading)
the Board; Regulation 1992 or
4. Recommend the appointment and removal of b.

The Securities and Exchange Board of
directors for approval at the AGM; India (Prohibition of Fraudulent and
Unfair Trade Practices relating to the
5.
Formulation of criteria for evaluation of
Securities Market) Regulations, 2013.
performance of Independent Directors on the
Board and of the Board of Directors; 11.
Performing any other activities as may be
delegated by the Board of Directors and/
6. Devising a policy on Board diversity;
or any statutorily prescribed under any law
7. Identifying persons who are qualified to to be attended to by the Nomination and
become directors and who may be appointed Remuneration Committee.
b. Composition, Name of members and Chairperson:
The Nomination and Remuneration Committee (NRC) has been constituted by the Board in compliance with the
requirements of Regulation 19 and Section 178 of the Companies Act, 2013 and rules made thereunder of SEBI LODR.
The composition of the NRC as on 31st March 2024 is as under:

No. the Committee
1. Mrs. Savani A. Laddha Independent Director Chairperson
4. Mrs. Anagha A. Anasingaraju Independent Director Member
c. Meeting and attendance during the year:
The Committee met Three times during the year. The meetings were held on 26th May 2023, 10th August 2023 and 18th
October 2023.
86
Corporate Overview
Statutory Reports
Annexure E (Contd.)
The details of the NRC meetings and its attendance during the Financial Year ended 31st March 2024 are as under: -

No. 26th 10th 18th
May 2023 August 2023 October 2023
1. Mrs. Savani A. Laddha √ LOA √
2. Mr. Sarvesh N. Joshi √ NA NA
3. Dr. Ameet N. Dravid LOA √ √
4. Ms. Apurva P. Joshi √ √ LOA
5. Mrs. Anagha A. Anasingaraju √ √ √
(√- Attended, NA-Not Applicable)
All the recommendations of the Nomination and Remuneration Committee have been accepted by the Board of
Directors.
d. Performance evaluation criteria for independent directors:
Pursuant to the provisions of the Companies Act, 2013 and the applicable provisions of the SEBI LODR, the Annual
Performance Evaluation was carried out for the Financial Year 2023-24.
The Company has devised the criteria for evaluation of the performance of the Independent Directors. The said
criteria specify certain parameters like strategic decisions, diligence, ethical behaviour, values, management skills,
stakeholder relationship, communication inter se between board members, effective participation, domain knowledge,
compliance with code of conduct.
3. STAKEHOLDERS’ RELATIONSHIP COMMITTEE 1.

Resolving the grievances of the security
(a) Name of the Non- Executive Director heading the holders of the Company including complaints
committee: Dr. Suhasini Y. Shah related to transfer/transmission of shares,
non-receipt of annual report, non-receipt of
(b) N
ame and designation of the Compliance Officer declared dividends, issue of new/duplicate
as on 31st March 2024: certificates, general meetings etc.
Mr. Tanmay M. Pethkar, Company Secretary and
2.
Review of measures taken for effective
Compliance Officer exercise of voting rights by shareholders.
3rd Floor, “Kohinoor B Zone Baner”, Mumbai – 3. Review of adherence to the service standards
Bangalore Highway, Baner, Pune – 411045 adopted by the Company in respect of various
services being rendered by the Registrar &
(c) Brief description of terms of reference:
Share Transfer Agent.

The Stakeholders’ Relationship Committee
4. Review of the various measures and initiatives
functions in accordance with Section 178 of the
taken by the Company for reducing the
Act and Regulation 20 read with, Part D, Para B
quantum of unclaimed dividends and ensuring
of Schedule II of the SEBI LODR. The suitably
timely receipt of dividend warrants/annual
revised terms of reference enumerated in the reports/statutory notices by the shareholders
Committee Charter, after incorporating therein of the Company.
the regulatory changes mandated under the SEBI
5.
Carry out any other function contained in
(Listing Obligations and Disclosure Requirements)
the equity listing agreement as and when
(Amendment) Regulations, 2018, are as follows:-
amended from time to time.
87
Annexure E (Contd.)
(d) Composition, Name of members and Chairperson
The Stakeholders’ Relationship Committee (SRC) has been constituted by Board in compliance of Section 178 of the
Companies Act, 2013 and Regulation 20 of the SEBI LODR.
The composition of the SRC as on 31st March 2024 is as under:

No. the Committee
1. Dr. Suhasini Y. Shah Non-Executive, Non-Independent Director Chairperson
2. Mr. Karan Y. Shah Whole-time Director Member
4. Mrs. Anagha S. Anasignhraju Independent Director Member
(e) Meetings and attendance during the year:
The Committee met 1 (One) times during the year. The meeting was held on 26th May 2023.
The details of the SRC meetings and its attendance during the Financial Year ended 31st March 2024 are as under: -
Sr Name of Member Meetings held during

No. the year
26th May 2023
1. Dr. Suhasini Y. Shah √
2. Mr. Karan Y. Shah √
3. Dr. Ameet N. Dravid LOA
4. Mrs. Anagha S. Anasingaraju √
Note : Refer notes given under Composition and Category of Directors for details of change in composition of Directors.
(f) Details of complaints received and attended to during the Financial Year 2023-24 are given below:
Opening Balance as Received during Resolved during Not Resolved during Closing Balance as
on 1st April 2023 the year the year the year on 31st March 2024
0 0 0 0 0
4. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

(a) Terms of Reference:
1. Formulate and recommend to the Board, a Corporate Social Responsibility Policy which will indicate the activities
to be undertaken by the Company in accordance with Schedule VII of the Companies Act, 2013 amended from
time to time.
2. Recommending the amount of expenditure to be incurred on CSR activities.
3. Monitor implementation and adherence to the CSR Policy of the Company from time to time.
4. Such other activities as the Board of Directors determine as they may deem fit in line with CSR PolicyThe Board
has adopted the CSR Policy as formulated and recommended by the Committee. The CSR Policy is available on
the website of the Company at PCL - CSR Policy. The Annual Report on CSR activities Annexure C for the Financial
Year 2023-24 forms part of the Board’s Report.
88
Corporate Overview
Statutory Reports
Annexure E (Contd.)
(b) Composition:
The Corporate Social Responsibility (CSR) Committee has been constituted by the Board in compliance with the
requirements of Section 135 of the Companies Act, 2013.
The composition of the CSR Committee as on 31st March 2024 is as under:

No. the Committee
1. Mr. Yatin S. Shah Chairman and Managing Director Chairman
2. Dr. Suhasini Y. Shah Non-Executive, Non-Independent Director Member
(c) Meetings and attendance during the year after meetings:
The Committee met 3 (Three) times during the year. The meetings were on 26th May 2023, 9th August 2023 and
8th February 2024. Requisite quorum was present at the above Meetings.
The details of the CSR Committee meetings and its attendance during the Financial Year ended 31st March 2024 are
as under:
No. 26th 9th 8th
May 2023 August 2023 February 2024
1. Mr. Yatin S. Shah √ √ √
2. Dr. Suhasini Y. Shah √ √ √
3. Dr. Ameet N. Dravid LOA √ √
4. Ms. Apurva P. Joshi √ √ √
5. Mr. Suhas J. Ahirrao √ √ √

5. RISK MANAGEMENT COMMITTEE operational, sectoral, sustainability

Regulation 21 of the SEBI LODR mandates top 1000 (particularly, ESG related risks),
listed entities, determined on the basis of market information, cyber security risks or any
capitalisation as at the end of the immediate previous other risk as may be determined by the
financial year, to constitute a Risk Management Committee.
Committee (‘RMC’). The primary role of the RMC is that
b.
Measures for risk mitigation including
of assisting the Board of Directors in overseeing the
systems and processes for internal
Company’s risk management processes and controls.
control of identified risks.
The RMC, through Enterprise Risk Management in the
Company, seeks to minimise adverse impact on the c. Business continuity plan.
business objectives and enhance stakeholder value.
2.
To ensure that appropriate methodology,
(a) Terms of Reference: processes and systems are in place to
monitor and evaluate risks associated with
1.
To formulate a detailed risk management
the business of the Company;
policy which shall include:
3. To monitor and oversee implementation of the
a. A framework for identification of internal
and external risks specifically faced risk management policy, including evaluating
by the listed entity, including financial, the adequacy of risk management systems;
89
Annexure E (Contd.)
4. To periodically review the risk management 8.

To seek information from any employee of
policy, at least once in two years, including by the Company, obtain outside legal or other
considering the changing industry dynamics professional advice and secure attendance
and evolving complexity; of outsiders with relevant expertise, if it
considers necessary.
5. To keep the Board of Directors informed about
the nature and content of its discussions, 9. Balance risks and opportunities.
recommendations and actions to be taken.
10.
Nurture a healthy and independent risk
6.
The appointment, removal and terms of management function in the Company.
remuneration of the Chief Risk Officer
11. Carry out any other function as is referred by
(if any) shall be subject to review by the Risk
the Board from time to time.
Management Committee.
12. And terms as mentioned in Risk Management
7.
To coordinate its activities with other
Policy of the Company.
committees, in instances where there is any
overlap with activities of such committees, as The Risk Management Policy is available on the
per the framework laid down by the Board of website of the Company at PCL- Risk Management
Directors. Policy
(b) Composition:
The composition of RMC as on 31st March 2024 is as under:

No. the Committee
1. Mr. Yatin S. Shah Chairman and Managing Director Chairman
2. Mr. Ravindra R. Joshi Whole-time Director and Finance Member
3. Mr. Karan Y. Shah Whole-time Director Member
4. Mr. Anit Pal Singh Chief Operating Officer Member
5. Mr. Rajkumar K. Kashid General Manager – Human Resources Member
6. Mrs. Savani A. Laddha Independent Director Member
8. Mr. Deepak P. Kulkarni DGM Project Member
(c) Meetings and attendance during the year after meetings:
The Committee met 2 (Two) times during the year. The meetings were on 21st July 2023 and 12th January 2024.
The details of the RMC meetings and its attendance during the Financial Year ended 31st March 2024 are as under:
Sr. Name of Member Risk Management Committee (RMC)
No. Meetings held during the year
21st July 2023 12th January 2024
1. Mr. Yatin S. Shah LOA LOA
2. Mr. Ravindra R. Joshi LOA LOA
3. Mr. Karan Y. Shah √ √
4. Mr. Rajkumar K. Kashid √ √
5. Mr. Narayana Chittavarjula √ NA
6. Mr. Anit Pal Singh NA √
7. Mrs. Savani A. Laddha √ √
8. Mr. Suhas J. Ahirrao √ √
9. Mr. Deepak P. Kulkarni NA √
(√- Attended, LOA- Leave of Absence, NA-Not Applicable)
90
Corporate Overview
Statutory Reports
Annexure E (Contd.)
6. REMUNERATION OF DIRECTORS
Remuneration policy of the Company is formulated to create best performance culture. It helps the Company to retain,
motivate and attract talent and contribute towards the growth of the Company. The policy is uploaded on the website of the
Company at www.pclindia.in.
The Company does not pay sitting fees to the Directors for attending the meetings. The commission on profits is payable
to Non-Executive Directors based on time and contribution. The shareholders of the Company had approved payment of
commission on profits to Non-Executive Directors for a sum not exceeding 1% of the annual net profits of the Company
for period of 3 Years (1st April 2023 to 31st March 2027) in accordance with the provisions the Companies Act, 2013 at the
31st Annual General Meeting. The Board of Directors is authorised to decide the quantum within the limits.
(a) All pecuniary relationship or transactions of the Non-Executive Directors:
Sr. Name of Director Commission relating Relationship

No to FY 2023-24 (` in Lakhs)
1. Dr. Suhasini Y. Shah 5.00 Spouse of Mr. Yatin S. Shah and Mother
of Mr. Karan Y. Shah.
2. Mrs. Savani A Laddha 5.00 There is no pecuniary relationship with
3. Dr. Ameet N. Dravid 5.00 the Company and have not entered any
4. Ms. Apurva P. Joshi 5.00 transaction with the Company except
5. Mr. Suhas J. Ahirrao 5.00 payment of Commission for the Financial
6. Mrs. Anagha S. Anasingaraju 5.00 year and reimbursement of expenses.
The policy on Criteria for making payment to non- executive directors is disseminated on the website of the Company
at www.pclindia.in.
(b) All pecuniary relationship or transactions of the Executive Directors:
Given below are details pertaining to certain terms of appointment and payment of Managerial Remuneration to the
Managing Director, Whole-time Directors and Chief Financial Officer for FY 2023-24:
Sr. Name of Director Basic Salary Benefits, Retirement Total

No (`) Perquisites and benefits (`)
Allowances (`)
(`)
1. Mr. Yatin S. Shah 304.40 39.86 0 344.25
Chairman and Managing Director
2. Mr. Ravindra R. Joshi 279.13 34.06 0 313.19
Whole-time Director and Chief
Financial Officer
3 Mr. Karan Y. Shah 67.19 30.47 0 97.66
Whole-time Director – Business
Development
Note:
The Company does not have any service contracts with its Directors, nor any severance fees is payable to the Directors.
Stock Options are not given to the Directors during the year.
91
Annexure E (Contd.)
7. GENERAL BODY MEETINGS:

(a) Details of last 3 (three) Annual General Meeting of the Company and the Special Resolutions passed thereat are
as under:
Sr. Financial Year Date Time Venue Special Resolutions passed at

No. the AGM
1 2022-23 26th 03.00 PM Conducted via Video Conferencing NA.
31st Annual July 2023 (VC)/ Other Audio Visual Means
General Meeting (OAVM) hosted from
Office No. 501/502, Kanchanban

“B” Sunit Capital, Senapati Bapat
Road, Pune 411016
2 2021-22 21st 03.00 PM Conducted via Video Conferencing To consider appointment of
30th Annual September (VC)/ Other Audio Visual Means Dr. Ameet N. Dravid (DIN:
General Meeting 2022 (OAVM) hosted from 06806783) as an Independent
Director of the Company.
E 10/103, M.I.D.C., Akkalkot Road,
Solapur – 413006, Maharashtra,
India
3 2020-21 27th 03:00 PM Conducted via Video Conferencing To consider re-appointment
29th Annual July 2021 (VC)/ Other Audio Visual Means of Mrs. Savani Arvind Laddha
General Meeting (OAVM) hosted from 51 Sarvodaya (Din: 03258295) as Director
Housing Society, Hotgi Road, designated as Independent
Solapur – 413003,India Woman Director of the
Company.
Special Resolution passed through Postal Ballot
1. During the Financial Year 2023-24, based on the recommendation of Nomination and Remuneration Committee the
members of the Company approved the appointment of Ms. Apurva P. Joshi, Anagha S. Anasingaraju and Mr. Suhas J.
Ahir Rao vide postal ballot dated 12th May 2023.
2. The members of the Company have on the recommendation of Nomination and Remuneration Committee and Audit
Committee approved the re-appointment of Mr. Ravindra R. Joshi as Whole Time Director and CFO for the period of
3 years form 1st April 2024 to 31st March 2027 vide postal ballot dated 19th November 2023.
3. The members of the Company have also approved the alteration of object clause of Memorandum of association of the
Company vide postal ballot dated 19th November 2023.
Mr. Jayavant B, Bhave, Proprietor of M/s J. B. Bhave & Co., Company Secretaries was appointed as the Scrutiniser for
conducting the postal ballot and e-voting exercise. The details of voting results are as follows:
A. Results of postal ballot dated 12th May 2023:

1. To consider appointment of Ms. Apurva P. Joshi (DIN: 06608172) as an Independent Director of the
Company:
Particulars % of total votes Result

Votes in favour of the resolution 99.985 Passed with requisite majority
Votes against the resolution 0.0144
92
Corporate Overview
Statutory Reports
Annexure E (Contd.)
2. To consider appointment of Mr. Suhas J. Ahirrao (DIN: 10090429) as an Independent Director of the
Company:

3. To consider appointment of Mrs. Anagha S. Anasingaraju (DIN: 02513563) as an Independent Director
of the Company:

B. Results of postal ballot dated 19th November 2023:

1. To consider alterations in the Memorandum of Association of the Company.

2. To consider re-appointment of Mr. Ravindra R. Joshi (DIN: 03338134) as Whole-Time Director And Chief
Financial Officer (CFO) of the Company and to fix his remuneration.

8. MEANS OF COMMUNICATION:
The Company recognises communication as a key element to the overall Corporate Governance framework, and therefore
emphasises prompt, continuous, efficient and relevant communication to all external constituencies.
Financial Results: The Quarterly, Half Yearly and Annual Results are regularly submitted to the Stock Exchanges, in
accordance with the SEBI LODR. The Results are generally published in Business Standard (English) Newspaper having
nationwide circulation and Tarun Bharat (Marathi) Newspaper having circulation in Solapur.
Investors/ Analyst Meets: The Company hosts earnings call after the declaration of financial results for the Investors/
Analysts calls. The representatives of the Company address the concerns of the attendees in a precise manner.
Website: The Company’s website (www.pclindia.in) is a comprehensive reference on its leadership, management,
vision & Mission, Product, Group Companies, and Investor Relations. The Stakeholders can access the details of the
Board, its Committees, Financials, Presentations, Transcripts, Shareholding Pattern, Notices, Annual Report, Company
Announcements, Corporate Governance, Policies, Terms of Appointment of Independent, Familiarisation Programme. In
addition, various downloadable forms required to be executed by the shareholders have also been provided on the website
of the Company.
Electronic Communication: The Company had during FY 2023-24 sent Annual Reports, by email to those shareholders
whose email addresses were registered with the Depositories. In support of the ‘Green Initiative’ the Company
encourages Members to register their email address with their Depository Participant, to receive soft copies of the Annual
Report, Notices and other information disseminated by the Company, on a real-time basis without any delay.
93
Annexure E (Contd.)
9. GENERAL SHAREHOLDER INFORMATION:

(a) Information:
I. Annual General Meeting – Friday, 26th July 2024 Via Video Conferencing and other audio
Date, Time and Venue visual means
II. Video Conference, Yes
If Yes, Link Link is provided in Notes to the AGM Notice
III. Financial Year 1st April 2023 to 31st March 2024
IV. Cut off for E - Voting and Dividend (if any) Friday, 19th July 2024
V. Date of Dividend Payment The Dividend, if declared at AGM will be paid on or before,
24th August 2024
VI. Dates of Book Closure Saturday, 20th July 2024 to Friday, 26th July 2024
VII. E Voting Lines open Wednesday,23rd July 2024 from 9.00 AM (IST) to Thursday,
25th July 2024 till 5.00 PM (IST)
VIII. The name and address of each stock BSE Ltd. National Stock Exchange of
exchange(s) at which the listed entity’s Phiroze Jeejeebhoy Towers India Ltd.,
securities are listed Dalal Street, Exchange Plaza,
Mumbai- 400001, 5th Floor, Plot no.C-1, G Block,
Maharashtra, India Bandra-Kurla Complex,
Tel No: : (022) 22721233/4, Bandra(E), Mumbai-400051
91-22-66545695 Maharashtra, India
Fax : (022) 22721919 Tel No: (022) 26598100 - 8114
Fax No: (022) 26598120
IX. Stock Code 539636 PRECAM
X. ISIN INE484I01029
XI. Confirmation about payment of annual The Company has paid Listing Fees for the Financial Year 2023-24
listing fee to each of such stock exchange(s); to each of the Stock Exchanges, where the equity shares of the
Company are listed.
(b) Market price data- high, low during each month in last financial year:
Month BSE NSE

High Price Low Price High Price Low Price
Apr-23 149.00 95.85 149.20 95.30
May-23 182.20 134.00 182.45 134.00
Jun-23 201.95 152.75 201.95 150.30
Jul-23 264.90 172.20 264.95 171.55
Aug-23 273.80 226.20 273.70 225.00
Sep-23 319.00 256.10 319.00 254.10
Oct-23 292.05 231.65 292.60 228.80
Nov-23 262.50 228.75 263.00 228.95
Dec-23 273.10 229.00 273.30 229.00
Jan-24 282.00 224.40 282.10 223.75
Feb-24 249.00 208.05 249.40 208.30
Mar-24 229.00 178.30 229.95 177.95
94
Corporate Overview
Statutory Reports
Annexure E (Contd.)
(c) Performance in comparison to broad-based indices such as BSE Sensex and NSE Nifty
BSE Sensex Vs. Precision Camshafts Share Price
320.00 80,000.00
70,000.00
270.00
60,000.00
220.00
50,000.00
170.00 40,000.00
30,000.00
120.00
20,000.00
70.00
10,000.00
20.00 0.00
3
23
23
3
23
24
4
3
3
23
24
23
l-2
-2
-2
-2
2
v-
c-
n-
b-
r-
g-
n-
p-
ay
ar
ct
Ju
Ap
No
De
Ju
Au
Fe
Ja
Se
M
M
Precision Camshafts BSE Senex
NSE Nifty Vs. Precision Camshafts Share Price

320 25000
270
20000
220
15000
170
10000
120
5000
70
20 0
3
23
3
23
4
3
23
24
3
l-2
2
-2
-2
-2
-2
-2
-2
v-
c-
n-
r-
n-
ay
ar
ct
b
g
p
Ju
Ap
No
De
Ju
Au
Fe
Ja
Se
M
M
Precision Camshafts NSE Nifty
95
Annexure E (Contd.)
(d) In case the securities are suspended from trading, the Directors’ report shall explain there as on thereof: NA
(e) Registrar to an issue and share transfer agents
Link Intime India Private Limited
Block No 202, 2nd floor, Akshay Complex,
Near Ganesh Temple, Off Dhole Patil Road,
Pune 411 001, Maharashtra, India.
Tel: - +91 20 2616 0084, 2616 1629
Fax: - +91 20 2616 3503
SEBI Registration: INR000004058
Contact Person:
Mr. Ashok Gupta, pune@linkintime.co.in
website: www.linkintime.co.in
(f) Share transfer system:
According to the SEBI LODR no shares can be transferred unless they are held in dematerialised mode. Share
transfers, dividend payments and all other investor related activities are attended to and processed at the Office of the
Company’s Registrar and Share Transfer Agent. For lodgment of transfer deeds and any other documents or for any
grievances/complaints, kindly contact M/s Link Intime India Private Limited at the above-mentioned address which
are open from 10:00 AM to 5:00 PM between Monday to Friday (except on bank holidays).
(g) Distribution of shareholding.
No. of Shares Shareholders Equity shares held

No. of shareholders % to Total No. of shares % to Total
1-500 46,960 91.6293 44,74,966 4.7112

501-1000 2,215 4.322 17,81,467 1.8755
1001-2000 1,021 1.9922 15,50,067 1.6319
2001-3000 364 0.7102 9,39,398 0.989
3001-4000 153 0.2985 5,47,921 0.5768
4001-5000 154 0.3005 7,36,798 0.7757
5001-10000 207 0.4039 15,39,681 1.621
10001- above 176 0.3434 8,34,15,537 87.8189
Total 51250 100.0000 9,49,85,835 100.0000
(h) Shareholding Summary as on 31 March 2024:
st
Category Total Shares % to equity

Physical 0 0.0000
NSDL 8,50,28,168 89.5167
CDSL 99,57,665 10.4833
(i) utstanding global depository receipts or American depository receipts or warrants or any convertible instruments,
O
conversion date and likely impact on equity: NA
(j) Foreign exchange risk and hedging activities: Appropriate disclosure is given in Note of the Notes to the Standalone
96
Corporate Overview
Statutory Reports
Annexure E (Contd.)
(k) Plant locations and Address for correspondence:
1) E 102/103, M. I. D. C., Akkalkot Road, Address for correspondence

Solapur - 413 006, Maharashtra, India Precision Camshafts Limited
2) D-5, MIDC Chincholi, Solapur - 413255, Registered Office: E 102/103 MIDC, Akkalkot Road,
Maharashtra, India Solapur- 413006, Maharashtra, India
3) D-6, D-7, D-7/1 MIDC, Chincholi, Solapur - 413255, Corporate Office: 3rd Floor, “Kohinoor B Zone Baner”,
Maharashtra, India Mumbai – Bangalore Highway, Baner, Pune – 411045
Tel. No. 020 – 25673050
(l) List of all credit ratings obtained by the Company during the financial year and revisions thereto, if any
Credit Rating on 3rd October 2023
Facilities/instruments Amount (` Crores) Rating1 Rating action

Long-term bank facilities 2.05 CARE A; Stable Reaffirmed
Long-term / short-term bank 10.00 CARE A; Stable / Reaffirmed
facilities CARE A1
Short-term bank facilities 74.95 CARE A1 Reaffirmed
Total bank facilities 87.00
10. OTHER DISCLOSURES:

(a) There have been no materially significant related party transactions that may have potential conflict with the interests
of the Company at large.
(b) During the last three years, there were no instances of non-compliance by the Company and no penalty or strictures
were imposed on the Company by the Stock Exchanges or SEBI or any statutory authority, on any matter related to the
capital markets, except as given below:
Regulation Quarter Date of Days of Fine Amount per day Date of payment
Submission Non- NSE BSE NSE BSE
with NSE Compliance
and BSE
23(9) – The listed Q-4 25th June 1 5000 5000 14th 14th
entity shall submit FY 2020-21 2021 +GST +GST September September
within 30 days - 31st March 2021 2021
from the date of 2021
publication of its
standalone and
consolidated financial
results for the half
year, disclosures
of related party
transactions on a
consolidated basis, in
the format specified
in the relevant
accounting standards
for annual results to
the stock exchanges
and publish the same
on its website.
97
Annexure E (Contd.)
(c)
The Company has laid down a Whistle Blower (k) Brief details of the fees for all services paid by the
Policy, which includes Vigil Mechanism with Company and its subsidiaries, on a consolidated
detailed process for raising concerns by any of basis, to the statutory auditor and all entities in the
the employees, customers, vendors & investors, network firm/ network entity of which the statutory
addressing the concerns and reporting to the Audit auditor is a part, are given below:
Committee/ Board. The Company affirms that no
personnel had been denied access to the audit
No. (` in Lakhs)
committee under Whistle Blower Policy.
1. Fees for audit for FY 2023-24 35
(d) The Company has complied with all the mandatory 2. Out of pocket expenses 0
requirements under SEBI LODR. The following non- Total 35
mandatory requirement under Part E of Schedule II
(l)
The Company has implemented policy for
of the SEBI Listing Regulations, 2015 to the extent
Prevention of Sexual Harassment of Women at
they have been adopted are mentioned below:
Workplace.
Reporting of Internal Auditor: The Internal Auditor
a. Number of complaints filed during the year.
reports to the Audit Committee and participates in
NIL
the meetings of the Audit Committee and presents
Internal Audit observations to the Audit Committee. b. Number of complaints disposed of during the
year. NIL
(e) The policy for determining Material Subsidiaries
formulated by the Board of Directors is disclosed c. Number of complaints pending as on end of
on the Company’s website at PCL - Policy for financial year. NIL
determining Material Subsidiaries. 11.
Non-compliance of any requirement of corporate
(f)
The policy for transactions with related party governance report with reasons thereof: NA
formulated by the Board of Directors is disclosed 12. The Company has complied with corporate governance
on the Company’s website at PCL - Policy on requirements specified in regulation 17 to 27 and
Related Party Transactions. clauses (b) to (i) of sub-regulation (2) of regulation 46.
(g) Disclosure of commodity price risks and commodity 13.
The Company is in compliance with the disclosures
hedging activities: NA required to be made under this report in accordance
(h)
The Company has not raised funds through with Regulation 34(3) read together with Schedule V(C)
preferential allotment or qualified institutions to the SEBI LODR.
placement as specified under Regulation 32(7A). 14. Securities and Exchange Board of India (SEBI) vide its
(i) The Company has obtained a certificate from Circular dated 31st July 2023 (Updated as on 4th August
Mr. Jayavant B. Bhave of M/s J B Bhave & Co., 2023), has announced the introduction of a common
Practicing Company Secretary that none of the Online Dispute Resolution Portal (“ODR Portal”),
Directors on the Board of the Company have been whereby the existing dispute resolution mechanism
debarred or disqualified from being appointed or in the Indian securities market is being streamlined
continuing as Directors of companies by the Board/ under the aegis of Stock Exchanges and Depositories
Ministry of Corporate Affairs or any such statutory (collectively referred to as Market Infrastructure
authority. Institutions (MIIs)), by expanding their scope and by
establishing a common ODR Portal which harnesses
(j)
T he Board of Directors has accepted all
online conciliation and online arbitration for resolution
recommendations of all committees of the Board,
of disputes arising in the Indian Securities Market. The
which is mandatorily required, in the Financial Year
ODR Portal named “SMART ODR” can be accessed
2023-24.
through the URL: https://smartodr.in/login.
98
Corporate Overview
Statutory Reports
Annexure E (Contd.)
15. INFORMATION OF SENIOR MANAGEMENT

Details of Senior Management Personnel as on 31st March 2024 as defined under Regulation 16(1)(d) of SEBI (LODR)
Regulations are as follows:
Sr. No Name Designation
1. Anit Pal Singh Chief Operating Officer
2. Rajkumar Kashid General Manager (Human Resources)
3. Viplav Roy Deputy General Manager – Project & Machine Shop
4. Deepak Kulkarni Deputy General Manager
5. Jitendra Singh Deputy General Manager - Projects
6. Pradeep Mahindrakar Assistant General Manager
7. Aarohi Deosthali Assistant General Manager – Accounts
8. Salil Parulekar Assistant General Manager - Supply Chain & Strategic Sourcing
9. Chandra Shekhar Singh Assistant General Manager - Manufacturing Machine shop
10. Tanmay Pethkar Company Secretary and Compliance Officer
DECLARATION REGARDING COMPLIANCE WITH THE COMPANY’S CODE OF CONDUCT

Pursuant to the regulation 26 (3) read with part D of the Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, I, Yatin S. Shah, Chairman and Managing Director, hereby declare that the members of Board of Directors and
Senior Management Personnel have affirmed compliance with the code of conduct of board of directors and senior management
for the Financial Year ended 31st March 2024.
DISCLOSURE OF CERTAIN TYPES OF AGREEMENTS BINDING LISTED ENTITIES.

NA

Yatin S. Shah
99
ANNEXURE F
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE

BY COMPANY SECRETARY IN WHOLE-TIME PRACTICE
To,
The Members of
E 102/103 MIDC Akkalkot Road
Solapur – 413006
Maharashtra
I have examined the compliance of conditions of Corporate Governance by Precision Camshafts Limited, for the year ended
on 31st March 2024, as stipulated in Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The compliance of conditions of Corporate Governance is the responsibility of the management.
My examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance
of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of
the Company.
In my opinion and to the best of my information and according to the explanations given to me, I certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the provisions as specified in chapter IV of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to Listing Agreement of
the said Company with stock exchanges. I further state that such compliance is neither an assurance as to the future viability of
the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.
For J B Bhave & Co.

Company Secretaries
Jayavant Bhave
Proprietor
FCS: 4266 CP: 3068
UIN: S1999MH025400
Place : Pune UDIN: F004266E000356301
Date : 23rd May, 2024 PR.NO: 1238/2021
100
Corporate Overview
Statutory Reports
ANNEXURE G
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V, Para C, Clause (10)(i) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
To,
The Members,
E 102/103, MIDC Akkalkot Road,
Solapur - 413006, Maharashtra, India
I have examined the relevant registers, record, forms, returns and disclosures received from the Directors of Precision Camshafts
Limited having CIN: L24231PN1992PLC067126 and having Registered Office at E 102/103, MIDC Akkalkot Road, Solapur -
413006, Maharashtra, India (hereinafter referred to as ‘the Company’), produced before me by the Company for the purpose
of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V, Para-C, Sub-clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications {including Directors Identification Number
(DIN) status at the portal www.mca.gov.in} as considered necessary and explanations furnished to me by the Company & its
Officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending
on 31st March 2024 have been debarred or disqualified from being appointed or continuing as Directors of Companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Name Designation DIN Date of Appointment
No. in the Company
1. Mr. Yatin Subhash Shah Managing Director 00318140 8th June 1992
2. Mr. Ravindra Rangnath Joshi Whole-Time Director 03338134 30th September 2010
3. Dr. Suhasini Yatin Shah Non-Executive - Non-Independent Director 02168705 19th May 2012
4. Mr. Karan Yatin Shah Whole-Time Director 07985441 13th August 2018
5. Mrs. Savani Arvind Laddha Non-Executive - Independent Director 03258295 10th February 2020
6. Dr. Ameet Nandkumar Dravid Non-Executive -Independent Director 06806783 10th August 2022
7. Ms. Apurva Pradeep Joshi Non-Executive - Independent Director 06608172 29th March 2023
8. Mr. Suhas Jagannath Ahirrao Non-Executive - Independent Director 10090429 29th March 2023
9. Mrs. Anagha Srinivas Rao Anasingaraju Non-Executive - Independent Director 02513563 29th March 2023
Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the Management of
the Company. My responsibility is to express an opinion on the same based on my verification. This Certificate is specifically being
issued in accordance with Regulation 34(3) read with Schedule V, Para-C, Sub-clause 10(i) of the Securities Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is neither an assurance as to the future viability of
the Company nor of the efficiency or effectiveness with which the Management has conducted the affairs of the Company.
For J B Bhave & Co.

Company Secretaries
Jayavant Bhave
Proprietor
FCS: 4266 CP: 3068
UIN: S1999MH025400
Place : Pune UDIN: F004266E000356301
Date : 23rd May, 2024 PR.NO: 1238/2021
101
ANNEXURE H
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE YEAR ENDED 31st MARCH 2024
[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, (v) The following Regulations and Guidelines prescribed

The Members, under the Securities and Exchange Board of India Act,
PRECISION CAMSHAFTS LIMITED 1992 (‘SEBI Act’): -
I have conducted the secretarial audit of the compliance of a)

The Securities and Exchange Board of India
applicable statutory provisions and the adherence to good (Prohibition of Insider Trading) Regulations, 2015;
corporate practices by PRECISION CAMSHAFTS LIMITED.
b) The Securities and Exchange Board of India (Issue of
(Hereinafter called “the Company”). Capital and Disclosure Requirements) Regulations,
Secretarial Audit was conducted for the period 1st April 2018; [Not applicable as the Company has not
2023 to 31st March 2024 in a manner that provided me a issued any further share capital during the
reasonable basis for evaluating the corporate conducts/ period under review]
statutory compliances of the Company and expressing my c)
Securities and Exchange Board of India (Share
opinion thereon. Based Employee Benefits and Sweat Equity)
Based on my verification of the Company’s books, papers, Regulations, 2021[Not applicable as the Company
minute books, forms and returns filed and other records has not issued any further share capital during
maintained by the Company and also the information the period under review]
provided by the Company, its officers, agents and authorised d) Securities and Exchange Board of India (Delisting of
representatives, the explanations and clarifications given to Equity Shares) Regulations, 2021; [Not applicable
us and representations made by the Management. I hereby as there was no reportable event during the
report that in my opinion, the Company has, for the year ended period under review]
31st March 2024 during the audit period (“Audit Period”),
e) Securities and Exchange Board of India (Issue and
complied with the statutory provisions listed hereunder and
Listing of Non-Convertible Securities) Regulations,
also that the Company has proper Board-processes and legal
2021 [Not applicable as the Company has not
compliance mechanism in place to the extent, in the manner
issued any further share capital during the
and subject to the reporting made hereinafter:
period under review]
I have examined the books, papers, minute books, forms
f)
and returns filed and other records maintained by the
(Registrars to an Issue and Share Transfer Agents)
Company for the year ended 31st March 2024 according to
Regulations, 1993 regarding the Companies Act
the provisions of the following list of laws and regulations:
and dealing with client;
(i) The Companies Act, 2013 (‘the Act’) and the rules made
g)
there under;
(Buyback of Securities) Regulations, 2018; [Not
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) applicable as there was no reportable event
and the rules made there under; during the period under review]
(iii) The Depositories Act, 1996 and the Regulations and I have also examined compliance with the applicable clauses
Bye-laws framed there under; of the following:
(iv) Foreign Exchange Management Act, 1999 and rules and (i)
Secretarial Standards issued by The Institute of
Regulations made there under to the extent of Foreign Company Secretaries of India
Direct Investment, Overseas Direct Investment and (ii) SEBI (Listing Obligation and Disclosure Requirements)
External Commercial Borrowings Regulations, 2015
102
Corporate Overview
Statutory Reports
Annexure H (Contd.)
During the period under review the Company has complied 4)

Re-appointment and Fixation of remuneration of
with the provisions of the Act, Rules, Regulations, Guidelines, Mr. Karan Shah (DIN- 00318140) as Whole-Time
Standards, etc. mentioned above. Director from 13th August 2023 to 31st March 2027
was confirmed in the Annual General Meeting of the
The Board of Directors of the Company is duly constituted
Company held on 26th July 2023.
with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. Adequate notice is 5) Corporate Office of the Company was shifted from
given to all directors to schedule the Board Meetings, agenda 501/502, Kanchanban ”B” Sumit Capital, Senapati
and detailed notes on agenda are sent at least seven days Bapat Rd., Pune India 411016 To 3rd Floor “Kohinoor B
in advance, and a system exists for seeking and obtaining Zone Baner” Mumbai- Bangalore Highway Baner Pune
further information and clarifications on the agenda items 411045 w.e.f. 28th August 2023.
before the meeting and for meaningful participation at
6)
The company has passed the following resolutions
the meeting. Majority decision is carried through while the
through postal ballot on 19th November 2023:
dissenting members’ views are captured and recorded as
part of the minutes. a. Alteration of the object clause of the Memorandum
of Association (MOA) (Special Resolution)
I further report that there are adequate systems and
processes in the Company commensurate with the size and b.
Re-appointment of Mr. Ravindra R. Joshi
operations of the Company to monitor and ensure compliance (DIN:03338134) as Whole-time Director and Chief
with applicable laws, rules, regulations and guidelines. Financial Officer (CFO) of the company and fixing of
his remuneration (Ordinary Resolution)
I further report that during the audit period the Company had
following events which had bearing the Company’s affair in 7) Ministry of Corporate Affairs (MCA), through the office
pursuance of the above referred Laws, rules, regulations, of the Registrar of Companies (ROC), Pune has initiated
guidelines, etc. an investigation into the affairs of the company under
section 210 of Companies Act, 2013. The management
1) Mr. Gautam V. Wakankar has resigned from the post
of the company has provided all the information,
of Company Secretary and Compliance Officer of the
documents and data as sought by the Investigating
company w.e.f. 30th April 2023.
Officers (IO). The IOs have recorded the statements of
2) The company had passed following resolutions through the directors and officers of the company. As on the date
postal ballot on 12th May 2023 during the period under of this report the company is yet to receive interim/ final
review- orders from MCA and as such the impact of the same
could not be ascertained at this point of time.
a.
Appointment of Ms. Apurva P. Joshi (DIN:
06608172) as an Independent Director of the
Company (Special Resolution)
For J B Bhave & Co.
b.
Appointment of Mr. Suhas J. Ahirrao (DIN: Company Secretaries
10090429) as an independent Director of the
company (Special Resolution)
Jayavant Bhave
c. Appointment of Mrs. Anagha S. Anasingaraju (DIN: Proprietor
02513563) as an Independent Director of the FCS No. 4266
company (Special Resolution) CP No. 3068
3) Mr. Tanmay Pethkar had been appointed on the post Place : Pune UIN: S1999MH025400
of Company Secretary and Compliance Officer of the Date : 23rd May 2024 UDIN: F004266F000419549
company w.e.f. 10th August 2023.
103
Annexure H (Contd.)
ANNEXURE TO THE SECRETARIAL AUDIT REPORT OF PRECISION CAMSHAFTS LIMITED (FY 2023-24)
AUDITORS’ RESPONSIBILITY
My Report of even date is to be read along with this letter.
In accordance with the ICSI Auditing Standards (CSAS1 to CSAS4) I wish to state as under-
• Maintenance of secretarial record is the responsibility of the Management of the Company. My responsibility as the Auditor
is to express the opinion on the compliance with the applicable laws and maintenance of Records based on Secretarial
Audit conducted by me.
• The Secretarial Audit needs to be conducted in accordance with applicable Auditing Standards. These Standards require
that the Auditor should comply with statutory and regulatory requirements and plan and perform the audit to obtain
reasonable assurance about compliance with applicable laws and maintenance of Records.
• I am also responsible to perform procedures to identify, assess and respond to the risks of material misstatement or non-
compliance arising from the Company’s failure appropriately to account for or disclose an event or transaction. However,
due to the inherent limitations of an audit including internal, financial and operating controls, there is an unavoidable risk
that some Misstatements or material non-compliances may not be detected, even though the audit was properly planned
and performed in accordance with the Standards.
Accordingly, I wish to state as under-
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. Wherever 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 are the responsibility
of management. My 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.
For J B Bhave & Co.

Company Secretaries
Jayavant Bhave
Proprietor
FCS No. 4266
CP No. 3068
Place : Pune
Date : 23rd May 2024
104
Corporate Overview
Statutory Reports
ANNEXURE I
SECRETARIAL COMPLIANCE REPORT

for the financial year ended 31st March 2024
[Pursuant to Regulation 24A of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
I Jayavant B. Bhave, Proprietor of M/s. J B Bhave & Co, Company Secretaries, a company secretary in whole-time practice, have
examined:
(a) all the documents and records made available to us and explanation provided by Precision Camshafts Limited (“the listed
entity”),
(b) the filings/ submissions made by the listed entity to the stock exchanges,
(c) website of the listed entity,
(d) any other document/ filing, as may be relevant, which has been relied upon to make this certification, for the year ended
31st March 2024 (“Review Period”) in respect of compliance with the provisions of:
I. the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) and the Regulations, circulars, guidelines issued
thereunder; and
II. the Securities Contracts (Regulation) Act, 1956 (“SCRA”), rules made thereunder and the Regulations, circulars,
guidelines issued thereunder by the Securities and Exchange Board of India (“SEBI”);
The specific Regulations, whose provisions and the circulars/ guidelines issued thereunder, have been examined,
Include the following, to the extent applicable:
i. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015;
ii. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
iii. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
iv. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018
v. The Securities and Exchange Board of India SEBI (Share Based Employee Benefits and Sweat Equity) Regulations 2021;
vi. Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations,
vii. 2021;
viii. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
ix. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993;
x. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021
xi. The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 and circulars/ guidelines
issued thereunder; and based on the verification above, I hereby report that, during the Review Period,
105
Annexure I (Contd.)
(a) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued thereunder,
except in respect of matters specified below:
Sr. Compliance Regulation/ Deviations Action Type of Details of Fine Observations/ Management Re-
No. Requirement Circular No. Taken by Action Violation Amount Remarks of Response marks
(Regulations/ the Practicing
circulars/ Company
guidelines Secretary
including (PCS)
specific
clause)
NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL
(b) The listed entity has taken the following actions to comply with the observations made in previous reports:
Sr. Observations/ Observations made Compliance Details of Violation/ Remedial Comments of the
No. Remarks of in the Secretarial Requirement deviations and actions Actions, if any, PCS on the actions
the PCS in the Compliance Report (Regulations/ Circulars/ taken/ penalty taken by the taken by the listed
previous reports for the previous Guidelines including imposed, if any, on the listed entity entity
year(s) specific clause) listed entity
NIL NIL NIL NIL NIL NIL
I hereby report that, during the Review Period the compliance status of the listed entity is appended as below:
Sr. Particulars Compliance Status Observations

No. (Yes/No/NA) /Remarks by PCS
1. Secretarial Standards: Yes -
The compliances of the listed entity are in accordance with the applicable
Secretarial Standards (SS) issued by the Institute of Company Secretaries
India (ICSI)
2. Adoption and timely updation of the Policies: Yes -
• All applicable policies under SEBI Regulations are adopted with the
approval of board of directors of the listed entities
• All the policies are in conformity with SEBI Regulations and have
been reviewed & updated on time, as per the regulations/circulars/
guidelines issued by SEBI
3. Maintenance and disclosures on Website: Yes -
• The Listed entity is maintaining a functional website
• Timely dissemination of the documents/ informationunder a separate
section on the website
• Web-links provided in annual corporate governance reports under
Regulation 27(2) are accurate and specific which re- directs to the
relevant document(s)/section of the website
4. Disqualification of Director: Yes -
None of the Director(s) of the Company is/ are disqualified under Section
164 of Companies Act, 2013as confirmed by the listed entity.
5. Details related to Subsidiaries of listed entities have Yes -
been examined w.r.t.:
(a) Identification of material subsidiary companies
(b) Disclosure requirement of material as well as other subsidiaries
106
Corporate Overview
Statutory Reports
Annexure I (Contd.)
Sr. Particulars Compliance Status Observations

No. (Yes/No/NA) /Remarks by PCS
6. Preservation of Documents: Yes -
The listed entity is preserving and maintaining records as prescribed under
SEBI Regulations and disposal of records as per Policy of Preservation of
Documents and Archival policy prescribed under SEBI LODR Regulations,
2015.
7. Performance Evaluation: Yes -
The listed entity has conducted performance evaluation of the Board,
Independent Directors and the Committees at the start of every financial
year/during the financial year as prescribed in SEBI Regulations.
8. Related Party Transactions:
(a) The listed entity has obtained prior approval of Audit Committee for all Yes -
related party transactions; or
(b) In case of no prior approval obtained, the listed entity has provided Yes
detailed reasons along with confirmation whether the transactions
were subsequently approved/ratified/rejected by the Audit
Committee, in case no prior approval has been obtained.
9. Disclosure of events or information: Yes -
The listed entity has provided all the required disclosure(s) under
Regulation 30 along with Schedule III of SEBI LODR Regulations, 2015
within the time limits prescribed thereunder.
10. Prohibition of Insider Trading: Yes -
The listed entity is in compliance with Regulation 3(5) & 3(6) SEBI
(Prohibition of Insider Trading) Regulations, 2015.
11. Actions taken by SEBI or Stock Exchange(s), if any: NA No actions were
No action(s) has been taken against the listed entity/ its promoters/ taken by SEBI or
directors/ subsidiaries either by SEBI or by Stock Exchanges (including Stock Exchanges
under the Standard Operating Procedures issued by SEBI through various
circulars) under SEBI Regulations and circulars/ guidelines issued
thereunder except as provided underseparate paragraph herein.
12. Resignation of the Statutory Auditors from the listed entity or its No No such instances
material subsidiaries during the period
In case of resignation of statutory auditor from the listed entity or any of under review.
its material subsidiaries during the financial year, the listed entity and / or
its material subsidiary(ies) has / have complied with paragraph 6.1 and 6.2
of section V-D of chapter V of the Master Circular on compliance with the
provisions of the LODR Regulations by listed entities.
13. Additional Non-compliances, if any: No No non-compliance
No additional non-compliance observed for any SEBIregulation/circular/ was observed
guidance note etc.
107
Annexure I (Contd.)
Assumptions & limitation of scope and review:
Compliance of the applicable laws and ensuring the authenticity of documents and information furnished, are the responsibilities
of the management of the listed entity.
Our responsibility is to report based upon our examination of relevant documents and information. This is neither an audit nor
an expression of opinion.
We have not verified the correctness and appropriateness of financial records and books of account of the listed entity.
This report is solely for the intended purpose of compliance in terms of Regulation 24A (2) of the SEBI (LODR) Regulations,
2015 and is neither an assurance as to the future viability of the listed entity nor of the efficacy or effectiveness with which the
management has conducted the affairs of the listed entity.
For J B Bhave & Co.

Company Secretaries
Jayavant Bhave
Proprietor
FCS No. 4266
CP No. 3068
UIN: S1999MH025400
Place : Pune UDIN: F004266F000419549
Date : 23rd May 2024 PR No.: 1238/2021
108
Corporate Overview
Statutory Reports
ANNEXURE J
COMPLIANCE CERTIFICATE PURSUANT TO REGULATION 17(8) OF

SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
Board of Directors,
E-102/103, MIDC, Akkalkot road,
Solapur – 413006.
We, the undersigned in our respective capacity as Chairman & Managing Director and Chief Financial Officer of Precision
Camshafts Limited (“Company”), to the best of our knowledge and belief certify that: -
(a)
We have reviewed the financial statements and the cash flow statements for the Financial Year ended 31st March 2024 and
to the best of our knowledge and belief:
1.
these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading
2.
these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations
(b)
there are, to the best of our knowledge and belief, no transactions entered into by the Company during the Financial Year
ended 31st March 2024 which are fraudulent, illegal or violative of the Company’s code of conduct.
(c)
We accept the responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the
auditors and audit committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware
and the steps we have taken or propose to take to rectify these deficiencies.
(d) We have indicated to the auditors and Audit Committee –
1.
There are no significant changes in internal controls over financial reporting during the Financial Year ended 31st March
2024
2.
There are no significant changes in accounting policies during the Financial Year ended 31st March 2024, hence, the
same is not disclosed in the notes to the financial statements and
3.
There are no instances of significant fraud of which we are aware and the involvement therein, if any, of the management
or an employee having a significant role in the Company’s internal control system over financial reporting.


DIN: 00318140 DIN: 03338134
109
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
 SECTION A GENERAL DISCLOSURES
 SECTION B MANAGEMENT AND PROCESS DISCLOSURES
 SECTION C PRINCIPLE-WISE PERFORMANCE DISCLOSURE
Principle 1 Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent,
and accountable
Principle 2 Businesses should provide goods and services in a manner that is sustainable and safe
Principle 3 Businesses should respect and promote the well-being of all employees, including those in their value chains
Principle 4 Businesses should respect the interests of and be responsive to all its stakeholders
Principle 5 Businesses should respect and promote human rights
Principle 6 Businesses should respect and make efforts to protect and restore the environment
Principle 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent
Principle 8 Businesses should promote inclusive growth and equitable development
Principle 9 Businesses should engage with and provide value to their consumers in a responsible manner
110
Corporate Overview
Statutory Reports
Business Responsibility and Sustainability Report (Contd.)
SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity
1. Corporate Identity Number (CIN) of the Company L24231PN1992PLC067126

2. Name of the Company Precision Camshafts Limited
3. Year of Incorporation 1992
4. Registered office address E 102/103 MIDC Akkalkot Road, Solapur, Maharashtra,
India, 413006
5. Corporate office address 3rd Floor, “Kohinoor B Zone Baner”, Mumbai – Bangalore
Highway, Baner, Pune – 411045
6. E-mail cs@pclindia.in
7. Telephone 020-25673050
8. Website www.pclindia.in
9. Financial year for which reporting is being done 1st April 2023 to 31st March 2024
10. Name of the Stock Exchange(s) where shares are listed BSE Limited (BSE) and National Stock Exchange of
India Limited (NSE)
11. Paid-up Capital ` 94,98,58,350
12. Name and contact details (telephone, email address) CS Tanmay M Pethkar Phone No.- 020-25673050
of the person for BRSR Reporting Email id- cs@pclindia.in
13. Reporting boundary Standalone
14. Name of assurance provider TÜV SÜD South Asia Private Limited
15. Type of assurance obtained Limited
II. Product/Services
16. Details of business activities (accounting for 90% of the turnover):
S. No. Description of Main Activity Description of Business Activity % of Turnover of the entity
1. Manufacturing Metal and Metal Products 100
17. Products/Services sold by the entity (accounting for 90% of the turnover):
S. No. Product/Services NIC Code % of total turnover contributed

1. Manufacturing of Parts and 2930 100
Accessories for Motor Vehicles
III. Operations
18. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total

National 12 2 14
International 3 1 4
19. Markets served by the entity
a. Number of locations served
S. No. Number of Locations served Number

1. National (Number of states) 1
2. International (Number of countries) 2
111
b. What is the contribution of exports as a percentage of the total turnover of the entity?
48 % of total turnover contributes to exports.
c. Briefly explain the types of customers

Precision Camshafts Limited is one of the world’s leading manufacturers and supplier of camshafts, a critical
engine component in the passenger vehicle segment. The Company supplies over 150 varieties of camshafts for
passenger vehicles, tractors, light commercial vehicles and locomotive engine applicants from its manufacturing
facilities in Solapur, Maharashtra. The Company mainly caters to the passenger vehicle segment. Precision
Camshafts is a complete solution provider for camshafts manufactured by different technologies earning a major
portion of its revenue from the export of camshafts to various OEMs directly and indirectly. It is a niche player in
the camshafts segment with a global market share of of 8 % to 9% It is also the largest supplier in the domestic
market with a market share of 70% and the preferred supplier of casting camshafts to some of the global and
domestic original equipment manufacturers (OEM).
IV. Employees
20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
S. Particulars Total Male Female

No. (A) No. (B) % (B/A) No. (C) % (C/A)
Employees
1. Permanent (D) 884 835 94.46 49 5.54
2. Other than permanent (E) 20 20 100 0 0
3. Total employees (D+E) 904 855 94.58 49 5.42
Workers
4. Permanent (F) 421 421 100 0 0
5. Other than permanent (G) 1076 1076 100 0 0
6. Total workers (F+G) 1497 1497 100 0 0
b. Differently abled Employees and workers:
S. Particulars Total Male Female

No. (A) No. (B) % (B/A) No. (C) % (C/A)
Differently abled Employees
1. Permanent (D) 0 0 0 0 0
2. Other than permanent (E) 0 0 0 0 0
3. Total Differently abled 0 0 0 0 0
employees (D+E)
Differently abled Workers
4. Permanent (F) 0 0 0 0 0
5. Other than permanent (G) 0 0 0 0 0
6. Total Differently abled 0 0 0 0 0
workers (F+G)
112
Corporate Overview
Statutory Reports
21. Participation/Inclusion/Representation of women
Total No. and percentage of Females

No. (A) No. (B) % (B/A)
Board of Directors 9 4 44
Key Management Personnel 4 0 0
22. Turnover rate for permanent employees and workers
Category FY 2024 FY 2023 FY 2022

Male Female Total Male Female Total Male Female Total
(%) (%) (%) (%) (%) (%) (%) (%) (%)
Permanent employees 2 0 100 2 0 100 1 0 100
Permanent workers 0 0 0 0 0 0 0 0 0
V. Holding, Subsidiary and Associate Companies (including Joint ventures)
23. Names of holding / subsidiary / associate companies / joint ventures
S. No. Name of the holding / Is it a holding/ % of shares held by Does the entity
subsidiary / associate Subsidiary/ Associate/ listed entity participate in the
companies / joint Joint Venture Business Responsibility
ventures initiatives of the listed
entity? (Yes/No)
1. PCL (International) Subsidiary 100 NO
Holding B.V.
2. MEMCO Engineering Subsidiary 100 NO
Private Limited
VI. CSR Details
24. i. Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
ii. If yes, Turnover - 62634.38
iii. Net worth - 82051.17
VII. Transparency and disclosure compliances
25. Complaints/grievances on any of the principles (principles 1 to 9) under the National Guidelines on Responsible
Business Conduct (NGBRC) –
Stakeholder Grievance Redressal FY 2024 FY 2023

group from Mechanism in No. of No. of Remarks No. of No. of Remarks
whom Place (Yes/No) complaints complaints complaints complaints
complaint is (If Yes, then provide filed during pending filed during pending
received web-link for grievance the year resolution the year resolution
redress policy) at close of at close of
the year the year
Communities CSR Policy NIL NIL NA NIL NA NA
Investors Dividend Policy NIL NIL NA NIL NA NA
Shareholders https://pclindia.in/
index.php/corporate- NIL NIL NA NIL NIL NA
governance/
113
Stakeholder Grievance Redressal FY 2024 FY 2023

group from Mechanism in No. of No. of Remarks No. of No. of Remarks
whom Place (Yes/No) complaints complaints complaints complaints
complaint is (If Yes, then provide filed during pending filed during pending
received web-link for grievance the year resolution the year resolution
redress policy) at close of at close of
the year the year
Employees and https://pclindia.in/
workers index.php/corporate- NIL NIL NA NIL NIL NA
governance/
Customers https://pclindia.in/
index.php/corporate- 22 4 NA 8 0 NA
governance/
Value Chain https://pclindia.in/
Partners index.php/corporate- 23 0 NA 26 0 NA
governance/
Other (please https://pclindia.in/
specify) index.php/corporate- NIL NIL NA NIL NIL NA
governance/
26. Overview of the entity’s material responsible business conduct issues

S. Material Is it risk or Rationale for In case of risk, approach to Financial
No. issue opportunity identifying the risk / adapt or mitigate implications of the
identified (R/O) opportunity risk or opportunity
(Indicate positive
or negative
implications)
1. Ethical Risk Running our daily i. Development of Code of Implication-
Business activities in an ethical Conduct Negative
Practices way (e.g., ethical
ii. Development of policies,
marketing,
programs and mechanisms
lobbying, anti-bribery
for avoiding unethical
measures etc.)
practices
2. Employee Risk Providing a safe & i. Ensuring periodic internal Implication-
health, safety, healthy (both physical and external audits Negative
wellbeing and mental) work
ii. Training all employees and
and working environment
workers on safe working
condition for all employees
practices
and ensuring fair
employment practices iii. Investigation of each
(e.g., upholding labour reported case and taking
rights, freedom of corrective actions to avoid
association) reoccurrence
114
Corporate Overview
Statutory Reports
S. Material Is it risk or Rationale for In case of risk, approach to Financial

No. issue opportunity identifying the risk / adapt or mitigate implications of the
identified (R/O) opportunity risk or opportunity
(Indicate positive
or negative
implications)
3. Responsible Opportunity Governing our business Top management of the Implication-
governance in a responsible way by Company has given top priority Positive
practices considering ESG factors to corporate governance issues
in our operational and and displayed signed copies of
strategic business the Code of Conduct on
decisions (e.g., their website and regularly
remuneration, reviewed by the Committee
providing transparency
to stakeholders, capital
allocation etc.)
4. Compliance Risk The risk of non- The Company has mapped all Implication-
compliance is taken applicable regulations and the Negative
care of with a proactive team is managing the desired
management approach compliance level & aspiring path
toward excellence journey by
adopting international standards
5. Product Risk Being an OEM Product, The Company has created an Implication-
Stewardship/ stewardship is not in environmentally and socially Negative
Supply Chain direct control of the sustainable supply chain using
Sustainability Company however a an innovative approach to its
critical role is played in manufacturing processes. This
achieving supply chain has reduced risk and helped
sustainability in building confidence in car
manufacturers.
6. Waste Opportunity Every manufacturing The Company has always Implication-
Management process generates maintained a higher level than Positive
some waste and the desired level of compliance
zero waste is a long- for waste management both
term target. Being hazardous and nonhazardous.
proactive Company has
continuously improved
and reduced its waste
significantly
7. Corporate Opportunity We at PCL are The Company has a separate Implication-
Social cognizant of the CSR Policy & CSR Committee Positive
Responsibility importance of CSR which makes an annual
activities in improving action plan of activities to be
the livelihoods of covered under Corporate Social
our communities. Responsibility. CSR policy
Giving back to the empowers the CSR budget of at
communities is a least 2% of PAT and programs
crucial part of our are planned and CSR team
business development prepares an annual calendar for
strategy. CSR event
115
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies, and processes put in place towards
adopting the NGRBC principles and core elements. These are briefly as under:
P1 Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent, and
accountable
P2 Businesses should provide goods and services in a manner that is sustainable and safe
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains
P4 Businesses should respect the interests of and be responsive to all its stakeholders
P5 Businesses should respect and promote human rights
P6 Businesses should respect and make efforts to protect and restore the environment
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and
transparent
P8 Businesses should promote inclusive growth and equitable development
P9 Businesses should engage with and provide value to their consumers in a responsible manner
1. Policy and Management processes
Points P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Whether your entity’s policy/policies cover each principle Yes Yes Yes Yes Yes Yes Yes Yes Yes
and its core elements of the NGRBCs. (Yes/No)
(a)
(b) Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes
(c) Web Link of the Policies, if available www.pclindia.in
2. Whether the entity has translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes
procedures. (Yes / No)
3. Do the enlisted policies extend to your value chain No No No No No No No No No
partners? (Yes/No)
4. Name of the national and international codes/ The Company’s operations adhere to and are certified for
certifications/labels/ standards (e.g., Forest Stewardship ISO 9001. All manufacturing units are certified for adherence
Council, Fairtrade, Rainforest Alliance, Trustee) to ISO 14001 & ISO 45001. PCL is an IAFT 16949 certified
standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by Company. The Company’s CSR policy follows the provisions of
your entity and mapped to each principle. Section 135 of Companies Act, 2013
5. Specific commitments, goals and targets set by the entity PCL is working to minimalise the impact of its activities on the
with defined timelines, if any. environment by committing:
1. We have 7% reduction in scope 1 & 2 by 2030 from our
reporting year calculations.
2.
PCL has installed 15 MWT solar power plant at
Mangalweda, Dist: Solapur.
6. Performance of the entity against the specific
commitments, goals and targets along-with reasons in NA
case the same are not met.
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Corporate Overview
Statutory Reports
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets
and achievements (listed entity has flexibility regarding the placement of this disclosure)
t Precision Camshafts Limited, sustainability forms the core of all activities. We endeavor to become the driving force
A
in crafting a bright and confident future for the nation, serving our stakeholders responsibly, underpinned by resilience
and future-readiness. Communities are a top priority and the Company’s CSR activities in the areas of Education, Health
and Hygiene, Environment and Rural Development are aimed at addressing concerns and challenges that affect the
surrounding communities including underprivileged groups within the community. PCL takes efforts towards enhancement
of communities around its operations. Therefore, specific efforts are taken to partner with small and local producers. PCL
also invests in supplier development through measures to educate them on best practices that can lead to an improvement
in operational and logistical efficiency. In the reporting year, we have created awareness with all our major suppliers about
ESG and its relevance to our business. We are in the process of finalising ESG concepts for our supplier assessment. We
have targeted 15% of our suppliers to go for ESG assessment and rate them as per their performance.
At PCL we are cognizant of the importance of developing a diverse and inclusive work force. Diversity is one of the core
components of our people philosophy. We have institutionalised diversity and inclusion into our employment processes-
meritocracy, fairness and ethics being the pillars of our people management strategy. We believe that workplace diversity
is a vital component in building an enabling and empowering workplace Keeping this in mind, we do not discriminate our
current or prospective employees based on nationality, race, caste, gender, gender identity/expression, physical ability,
religion, colour, sexual orientation, disability, age or marital status. In our agenda to foster an inspiring workplace, we
provide equal opportunities to all team members. We continually put in place several initiatives to further strengthen our
diversity and inclusion framework.
At PCL, we recognise the importance of emission management in the industry, making it a key material aspect of our
business. Over the past five years, we have better understood the difficulty in achieving year-on- year energy reductions and
Scope 1 and 2 CO2 emissions savings. Our best opportunities for further improvements are through increased efficiency
and fuel use changes, and we will focus on these areas in the coming years. We will also install new technology to identify
potential savings and explore new technologies to achieve our goals.
Our sustainability vision and our continual efforts have helped us reduce a considerable number of emissions. To manage our
carbon impact and achieve our emission reduction goals, we have strategised a variety of measures including interventions
such as replacing fossil fuel with Renewable Solar energy. We will have a 7% reduction in scope 1 & 2 by 2030 from our
reporting year calculations. We are planning for renewable energy at our sites in the coming years.
As a part of PCL long-term goal to build a cleaner and greener planet, we have invested in environmental sustainability,
making it a key aspect in our manufacturing processes. We focus relentlessly on improving productivity, energy efficiency
and maximising sustainability at our manufacturing facility through usage of state-of-the-art technologies and processes.
Our technologies and processes help us continually monitor and analyze our environmental footprints in various locations.
Resource efficiency and environmental impact reduction are at the core of our sustainability strategy, all our green targets
being focussed on these two aspects. ESG performance in the upcoming decade is a key focus area for PCL. Through its
community development initiatives, deep vendor relationships, skilled team, and leading technologies PCL will continue to
deliver on its ESG agenda while driving true stakeholder value.
117
8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy
(ies).
Karan Y. Shah
Whole Time Director
DIN. 07985441
9. Does the entity have a specified Committee of the Board/ Director responsible for decision making on sustainability
related issues? (Yes / No). If yes, provide details.

Yes. The Company has a well-defined ESG department who seeks the decision from the Whole-time Directors of the
Company on various aspects of the environmental and social issues of the Company.
10. Details of Review of NGRBCs by the Company
Subject for Review a.

Indicate whether review was b. Frequency (Annually/ Half yearly/
undertaken by Director / Committee Quarterly/ Any other – please
of the Board/ Any other Committee specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Performance against Company policies are established by the Board or Committees of Boar and undergo regular
above policies and follow or as-needed reviews by the Board or appropriate committee. These reviews assess the
up action policies’ efficacy, leading to the implementation of any necessary modifications to ensure
the policies remain effective and aligned with the Company’s objectives.
2. Compliance with statutory The Company actively ensures adherence to all relevant statutory requirements.
requirements of relevance Compliance with governing rules and regulations is systematically monitored, and any
to the principles, and deviations are promptly addressed, reinforcing our commitment to operating within the
rectification of any non- established legal and ethical frameworks.
compliances
11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency?
(Yes/No). If yes, provide name of the agency.

The majority of our policies are internal. Our Company adheres to these policies and conducts regular internal reviews,
excluding external partners from the review process.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to its NA NA NA NA NA NA NA NA NA
business (Yes/No)
The entity is not at a stage where it is in a position to formulate NA NA NA NA NA NA NA NA NA
and implement the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical NA NA NA NA NA NA NA NA NA
resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No) NA NA NA NA NA NA NA NA NA
Any other reason (please specify) NA NA NA NA NA NA NA NA NA
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SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE
PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent
and Accountable.
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year
S. Segment Total number Topics / principles covered under the training % age of persons
No. of training & in respective
awareness category covered
programmes by the awareness
held programmes
1. Board of 6 During Board/Committee Meetings, directors receive regular 100
Directors presentations covering a range of topics essential to the
2. Key Managerial Company’s operations. These include the Company’s strategy,
Personnel business operations, market performance, organisational
structure, product brands, finance, risk management
framework, quarterly and annual financial results, human
resources, technology, health safety & environment, regulatory
updates, whistleblower complaints and future outlook.
Furthermore, updates are provided on:
1. Internal Controls and Compliance
2. HR Policies, Compensation & Benefits, Talent
Management, and Succession Planning program
3.
Cybersecurity and Internal Controls related to
Cybersecurity
4. Risk Management Strategy and Framework.
3. Employees 26 Through training, we offer instruction in various areas 100
other than including career management, leadership, human rights, the
BOD and KMPs Code of Conduct, code of conduct for insider training, POSH,
4. Workers safety, creating an inclusive workplace, and environmental
awareness.
2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings (by the
entity or by its directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions in the financial year
in the following format
Monetary
NGRBC Name of the regulatory/ enforcement Amount Brief of Has an appeal been
Principle agencies/ judicial institutions (In `) the Case preferred? (Yes/No)
Penalty/ Fine
Settlement NIL
Compounding fee
Non- Monetary
NGRBC Name of the regulatory/ enforcement Brief of the Case Has an appeal been
Principle agencies/ judicial institutions preferred? (Yes/No)
Imprisonment
NIL
Punishment
119
3. Of the instances disclosed in Question 2 above, details of the Appeal / Revision preferred in cases where monetary or
nonmonetary action has been appealed
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions

Not Any
4. Does the entity have an anti-corruption policy or antibribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.

Yes, the anti-bribery policy within the Company’s Code of Conduct articulates the dedication to conducting business
with integrity, adhering to relevant anti-bribery laws and standards. These policies aim to provide clear guidance, ensure
compliance with anti-corruption laws, foster an ethical culture, and protect its employees’ reputations while minimising the
risk of fines and penalties. As an integral part of the Global Code of Conduct, the Anti-bribery policy applies universally to all
employees. The Company also expects adherence to these principles from its business partners, which include suppliers,
service providers, agents, and channel partners (such as dealers and distributors). PCL Code of Conduct is accessible
globally which can be accessed in the link - https://www.pclindia.in
5. Number of Directors / KMPs / Employees against whom disciplinary action was taken by any law enforcement agency
for the charges of bribery / corruption
Segment FY 2024 FY 2023

1. Directors
2. Key Managerial Personnel
NIL NIL
3. Employee
4. Workers
6. Details of complaints with regard to conflict of interest
Segment FY 2024 FY 2023

Number Remarks Number Remarks
1. Number of complaints received in relation to issues
NIL NIL
of Conflict of Interest of the Directors
2. Number of complaints received in relation to issues
NIL NIL
of Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators / law enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest.
NA
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following
format:
FY 2024 FY 2023
Number of days of accounts payables 66.62 64.34
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Corporate Overview
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9. Open-ness of business
rovide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans
P
and advances & investments, with related parties, in the following format:

(` In Lakhs)
Parameter Metrics FY 2024 FY 2023
Concentration of a. Purchases from trading houses as % of total NIL NIL
Purchases purchases
b. Number of trading houses where purchases are NIL NIL
made from
c. Purchases from top 10 trading houses as % of NIL NIL
total purchases from trading houses.
Concentration of Sales a. Sales to dealers/ distributors as % of total sales NIL NIL
b. Number of dealers/distributors to whom sales NIL NIL
are made
c. Sales to top 10 dealers / distributors as % of NIL NIL
total sales to dealers / distributors
Share of RPTs in a.
Purchases (Purchases with related parties / 73.84 84.62
Total Purchases)
b. Sales (Sales to related parties / Total Sales) Nil Nil
c. Loans & advances (Loans & advances given to Nil (For the Nil (For the
related parties / Total loans & advances) Current Year) Current Year)
d. Investments (Investments in related parties / Nil (For the Nil (For the
Total Investments made) Current year) Current year)
LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
Total number of awareness Topics / principles covered under % age of value chain partners
programmes held the training covered (by value of business done
with such partners) under the
awareness programmes
NIL
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/
No) If Yes, provide details of the same.
es. To address conflict of interests involving members of the Board, the Company follows a practice of obtaining annual
Y
disclosures from each Director at the commencement of the financial year. Additionally, Directors are required to promptly
disclose any changes in their interests throughout the year.
As part of this process, any director with a conflict of interest is restricted from participating in discussions or voting on
matters where their personal interests are involved and they are present.
The Company has a Code of Conduct (‘CoC’) for Directors and Senior Management which inter alia provides that Directors
and Senior Management shall observe the highest standards of ethical conduct and integrity and work to the best of their
ability and judgement to avoid any conflict of interest.
The policy on Code of Conduct is available at: https://www.pclindia.in.
121
PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
S. No. Segment FY 2024 FY 2023 Details of improvements in environmental

and social impacts
1. R&D 0 0 NA
2. Capex 0 0 NA
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)

Yes. We create partnership opportunities for suppliers and subcontractors, to contribute to, and share in our success.
The Company has a supply chain policy in place that provides guidance on sustainable sourcing. At an all-India level,
preference is always given to sourcing from local suppliers. The Company has a, supply chain function solely responsible
for sourcing from responsible suppliers and it ensures sources have ISO and IATF certifications. At present, these are
considered sustainable sources and the Company is in the process of increasing the robustness of the process.
b. If yes, what percentage of inputs were sourced sustainably?

Not calculated this year.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life,
for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste
Process defined and operation Work Instructions is in place for handling all hazardous and other wastes.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the
waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control
Boards? If not, provide steps taken to address the same.

We have applied to CPCB through their online Portal and paid Fees of ` 10,000/-, but still Registration number not allotted
to us.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
NIC Code Name of % of total Boundary for which Whether Results

Product/ Turnover the Life Cycle conducted by communicated
Service contributed Perspective / independent in public domain
Assessment external agency (Yes/No) If yes, provide
was conducted (Yes/No) the web-link.
NIL NIL NIL NIL NIL NIL
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your
products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means,
briefly describe the same along-with action taken to mitigate the same.
Description of the risk / Description of the risk /

Name of Product/Service
concern Action Taken concern Action Taken
NIL NIL NIL
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3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material

FY 2024 FY 2023
NIL NIL NIL
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and
safely disposed, as per the following format:
FY 2024 FY 2023
Re-Used Recycled Safely Re-Used Recycled Safely
Disposed Disposed
Plastics (including
0 0 0 0 0 0
packaging)
E-waste (MT) 0 0.475 0 0 0.92 0
Hazardous waste (MT)
0 0 13.53 0 0 5.9
Shot blast dust
Oil soaked C waste 0 0 0.115 0 0 0.08
Waste Oil (KL) 0 0 15 0 0 14.60
Other waste 0 0 0 0 0 0
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category
Reclaimed products and their packaging materials as % of total products

Indicate product category
sold in respective category
None Not Application
PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value
chains
1. a. Details of measures for the well-being of employees:
Category % of employees covered by

Total Health Accident Maternity Paternity Day Care
(A) Insurance Insurance Benefits Benefits facilities
Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent Employees
Male 835 835 100 835 100 0 0 0 0 0 0
Female 49 49 100 49 100 49 100 0 0 0 0
Total 884 884 100 884 100 49 5.5 0 0 0 0
Other than Permanent Employees
Male 20 20 100 20 100 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Total 20 20 100 20 100 0 0 0 0 0 0
123
b. Details of measures for the well-being of workers:

Category % of workers covered by
Total Health Accident Maternity Paternity Day Care
(A) Insurance Insurance Benefits Benefits facilities
Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent Workers
Male 421 421 100 421 100 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Total 421 421 100 421 100 0 0 0 0 0 0
Other than permanent workers
Male 1,056 1,056 100 1,056 100 0 0 0 0 0 0
Female 20 20 100 20 100 20 100 0 0 0 0
Total 1,076 1,076 100 1,076 100 20 2 0 0 0 0
c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent)
in the following format –
FY 2024 FY 2023
Cost incurred on well-being measures as a % of total revenue of the company Nil 0.001
2. Details of retirement benefits for Current and Previous FY

Benefits FY 2024 FY 2023
No. of No. of Deducted No. of No. of Deducted
employees workers and employees workers and
covered as covered as deposited covered as covered as deposited
a % of total a % of total with the a % of total a % of total with the
employees workers authority employees workers authority
1. PF 100 100 YES 100 100 YES
2. Gratuity 100 100 YES 100 100 YES
3. ESI 100 100 YES 100 100 YES
4. Superannuation 100 100 YES 100 100 YES
5. After Retirement Medi-Claim 100 100 YES 100 100 YES
3. Accessibility of workplaces - Are the premises / offices of the entity accessible to differently abled employees, as per
the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the
entity in this regard.

Though the Company does not have any differently abled emploees the registered office, corporate office, and all plants are
equipped for easy movement of differently-abled employees and workers, as per the requirements of the Rights of Persons
with Disabilities Act, 2016.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
a web-link to the policy.

Yes. We cover aspects of equal opportunity in our Employee Equal Opportunity policy. We provide equal opportunities to all
our employees and to all eligible applicants for employment in our Company. The policy can be view at www.pclindia.in.
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5. Return to work and Retention rates of permanent employees that took parental leave
Gender Permanent Employees Permanent Workers
Return to work Retention Rate Return to work Retention Rate
Rate (%) (%) Rate (%) (%)
Male
Female
Total
*No paternal leave
6. Is there a mechanism available to receive and redress grievances for the following categories of employees? If yes,
give details of the mechanism in brief.
1. Permanent workers L 1- Day to day grievance are handled at shop floor level by Shop Supervisor
2. Other than Permanent Workers / Plant Head.
3. Permanent Employees L2 - If not settled at shop floor level employee can approach HR dept-
4. Other than Permanent Employees Manager HR / HR Team to redress grievance.
L3 - If not settled in L2 further escalated to GM HR/ Management for further

discussion & redressal on the grievance.
7. Membership of employees in association(s) or Unions recognised by the listed entity
Category FY 2024 FY 2023

Total No. of % Total No. of %
employees / employees / (B / A) employees employees / (D / C)
workers workers in / workers workers in
in respective respective in respective respective
category category, category category,
(A) who are (C) who are
part of part of
association(s) association(s)
or Union (B) or Union (D)
Total Permanent Employees 884 68 7.69 1,070 0 0
Male 835 68 8.14 1,019 0 0
Female 49 0 0.00 51 0 0
Total Permanent Workers 421 421 100.00 250 0 0
Male 421 421 100.00 250 0 0
Female 0 0 0.00 0 0 0
8. Details of training given to employees

Total On Health and On Skill Total On Health and On Skill
(A) safety measures upgradation (D) safety measures upgradation
No (B) % (B/A) No (C) % (C/A) No (E) % (E/D) No (F) % (F/D)
Employees
Male 855 130 15 703 82 1019 0 0 0 0
Female 49 9 18 40 82 51 0 0 0 0
Total 904 139 15 743 82 1070 0 0 0 0
125

Total On Health and On Skill Total On Health and On Skill
(A) safety measures upgradation (D) safety measures upgradation
Workers
Male 1477 45 3 1350 91 250 0 0 0 0
Female 20 5 25 20 100 0 0 0 0 0
Total 1497 50 3 1370 92 250 0 0 0 0
9. Details of performance and career development reviews of employees and workers*:

Total (A) No (B) % (B/A) Total (C) No (D) % (D/C)
Employees
Male 855 855 100 1019 1019 100
Female 49 49 100 51 51 100
Total 904 904 100 1070 1070 100
Workers
Male 421 421 100 250 250 100
Female 20 0 0 0 0 0
Total 441 421 95 250 250 100
10. Health and Safety Management System
a. Whether an occupational health and safety management system has been implemented by the entity? (Yes / No).
If yes, the coverage such system?

Yes, the Company has successfully implemented an Occupational Health and Safety Management system, attaining
certification in accordance with the ISO: 45001:2018 Standard. This comprehensive system has been seamlessly
integrated across all facets of the organisation, reflecting our commitment to ensuring the health, safety, and well-
being of our employees. By adhering to rigorous standards and protocols, we strive to create a work environment
where occupational health & safety is paramount and risks are minimised, thereby fostering a culture of diligence,
accountability, and continuous improvement.
b. What are the processes used to identify work related hazards and assess risks on a routine and non-routine basis
by the entity?

Yes, we have established processes for employees to report work-related hazards and to remove themselves from such
risks. Our approach includes utilising various tools such as HIRA (Hazard Identification and Risk Assessment), Safety
Audit, Safety Committee Meetings, Safety Suggestion Scheme, and conducting Daily Plant Rounds. These mechanisms
ensure that employees are actively engaged in identifying and reporting hazards, and they have the means to remove
themselves from risky situations to maintain a safe work environment.
c. Whether you have processes for employees to report the work-related hazards and to remove themselves from
such risks. (Y/N)

Yes, we have implemented a well-defined procedure. Employees receive through training throughout every phase,
beginning with recognising hazardous tasks and progressing to comprehending the potential risks and consequences
involved. Moreover, we guarantee that employees have access to effective communication channels via multiple
avenues, such as daily gatherings and weekly safety committee sessions headed by departmental leaders and
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Corporate Overview
Statutory Reports
project management teams. Additionally, monthly safety committee meetings are convened to assess performance
and address any emerging concerns that could affect Environment, Health, and Safety (EHS) standards. All members
of our workforce are empowered to identify and report work-related hazards directly to the Project Manager or the
designated EHS Officer.
d. Do the employees of the entity have access to non-occupational medical and healthcare services? (Yes / No)
Yes, we provide non –occupational medical and healthcare services to our employees.
11. Details of safety related incidents, in the following format
S. No. Safety Incident/Number Category FY 2024 FY 2023

1. Lost Time Injury Frequency Rate (LTIFR) (per one Employees 0 0
million-person hours worked) Workers 3.044 3.48
2. Total recordable work-related injuries Employees 0 0
Workers 17 10
3. No. of fatalities Employees 0 0
Workers 0 0
4. High consequence work-related injury or ill-health Employees 0 0
(excluding fatalities) Workers 0 0
12. Describe the measures taken by the entity to ensure a safe and healthy workplace
I ts our motto and we follow safe work practice, procedure and work instruction to work safely. We focuses on engineering
controls, elimination of hazards and for that we carried out HIRA-Hazard identification and Risk Analysis of all processes.
We introduced “Safety Suggestion Scheme” for their best suggestions for improvements. Taken care of safe all guards. We
are following Safety work permits for critical work activity. In factory premises we take care of road safety like Pedestrian
ways, Zebra crossings, etc. We provide occupational health centre and ambulance cab for easy and quick first aid and
medical help. We have displayed EHS policy on the shop floor, displayed safety booklet to all employees for education and
effective communication. We have issued all type of Personal Protective Equipment’s (PPE) to employees.
13. Number of Complaints on the following made by employees and workers:

Filed during Pending Remarks Filed during Pending Remarks
the year resolution the year resolution
at the end at the end
of year of year
Working Conditions NIL NIL NA NIL NIL NA
Health & Safety NIL NIL NA NIL NIL NA
14. Assessments for the year
% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Health and safety practices 100
Working Conditions 100
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
Not Applicable
127
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N)
(B) Workers (Y/N).
(A) Employees: Yes

(B) Workers: Yes
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by
the value chain partners.
NA
3. Provide the number of employees / workers having suffered high consequence work related injury / ill-health /
fatalities (as reported in Q11 of Essential Indicators above),who have been are rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:
Total no. of affected employees/ workers No. of employees/workers that are rehabilitated
and placed in suitable employment or whose
family members have been placed in suitable
employment
FY 2024 FY 2023 FY 2024 FY 2023
Employees 0 0 0 0
Workers 0 0 0 0
4. Does the entity provide transition assistance programs to facilitate continued employability and the management of
career endings resulting from retirement or termination of employment? (Yes/ No)
No
5. Details on assessment of value chain partners: NA
% of value chain partners

(by value of business done with such partners) that were assessed
Health and safety practices 0
Working Conditions 0
6. rovide details of any corrective actions taken or underway to address significant risks / concerns arising from
P
assessments of health and safety practices and working conditions of value chain partners.
NA
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
he Company identifies individuals or groups of individuals or institutions that play an important role in the business as its
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key stakeholders and ensures that it engages with them regularly to understand their needs.
The Company identifies employees including workers, shareholders and investors, customers, dealers and distributors,
technical collaborators, banks, suppliers and vendors, society and local communities around the Company’s manufacturing
sites, professional bodies and regulators as its key stakeholders. Through regular interactions with our stakeholders across
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various channels, we have been able to strengthen our relationships and enhance our organisational strategy. We have
identified key stakeholders group and each stakeholder continues to contribute in their own way in creating a shared value.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group
Stakeholder Whether Channels of communication Frequency of Purpose and scope of

group identified as (Email, SMS, Newspaper, engagement engagement including key
Vulnerable & Pamphlets, Advertisement, (Annually/ Half topics and concerns raised
Marginalised Community Meetings, Notice yearly/ Quarterly during such engagement
Group (Yes/No) Board, Website), Other / others – please
specify)
Employees No • Annual report > Yearly • To stay in touch with the
• Press releases employees, listen to their
• Investor presentations needs and to address their
• Corporate Website concerns.
• Quarterly and Annual Results • Learning Opportunities.
• Annual General Meetings • Career Management and
Growth Prospectus.
• To stay in touch with the
employees, listen to their
needs and to address their
concerns.
• Learning Opportunities.
• Career Management and
Growth Prospectus
Customers/ No • Conferences > Half Yearly • To stay abreast of
Clients • Training developments in the
• Press releases Company;
• Investor presentations • To apprise of quarterly and
• Corporate Website annual results
• Quarterly and Annual Results • Understanding
Stakeholders expectations
Shareholders/ No (except • Training > Periodically Timely business updates on
Investors a few small • Press releases > Quarterly material events, enhancing
enterprises) • Investor presentations > Yearly level of disclosures,
• Corporate Website compliances
• Quarterly and Annual Results
Department No (except • one to one interactions/ > Annually • Understanding client,
Managers a few small meets industry and business
enterprises) • Conferences challenges
• Policies • Deciding on investment
• Mass media & digital and capabilities required
communications to fulfil demand
• Social media • Ethical Behaviour
• Governance
Partners & No • Official communication > Periodically To discussions various
Collaborators channels regulations and amendments,
• Regulatory audits/ inspections, approvals.
inspections Environmental
compliance Policy
intervention
• Good governance
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1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social
topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
onsultation with all stakeholders on economic, environmental and social topics is carried out on periodical basis through
C
direct interaction, surveys and other platforms as presented in Principle 4 Question 2. The feedback obtained from such
consultations is analyzed by the respective business heads and responsible committees such as the Stakeholder Relationship
Committee, Corporate Social Responsibility Committee and Risk Management Committee etc. The recommendations
from these Committees after review and analysis are updated to the Board during board meetings for further proceedings
and decision-making aligning with the sustainability and business strategy of the Company. The decisions taken by the
Board and measures taken by the Company addressing the concerns which are raised through the feedback mechanism is
communicated to the stakeholders.
3. Whether stakeholder consultation is used to support the identification and management of environmental, and social
topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics
were incorporated into policies and activities of the entity.
No
4.
Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalised stakeholder groups.
he PCL has always been in forefront in helping and upliftment of underserved and underprivileged groups of society. The
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Company has taken initiatives in specific areas of social development in Solapur, Latur and Osmanabad (Dharashiv) Districts
that include primary and secondary education, skill development, vocational training, health and hygiene, sustainability,
environment and ecological protection, charter building by opportunities in Sports and Cultural activities. The Company
continuously strives to achieve total inclusiveness by encouraging people from all sections of the community irrespective
of caste, creed or religion to benefit from our CSR initiatives which are also focussed on communities that reside in the
proximity of our Company’s various manufacturing locations in the country.
PRINCIPLE 5: Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format

Total (A) No. of % (B/A) Total (C) No. of % (D/C)
employees / employees /
workers workers
covered (B) covered (D)
Employees
Permanent 884 0 0 1070 582 54
Other than permanent 20 0 0 12 12 100
Total employees 904 0 0 1082 594 55
Workers
Permanent 421 0 0 250 120 48
Other than permanent 1076 0 0 1075 771 72
Total workers 1497 0 0 1325 891 67.24
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2. Details of minimum wages paid to employees and workers.
Category FY 2023-24 FY 2022-23

Total Equal to More than Total Equal to More than
(A) minimum wage minimum wage (D) minimum wage minimum wage
Employees
Permanent 884 884 100 0 0 1070 1070 100 0 0
Male 835 835 100 0 0 1019 1019 100 0 0
Female 49 49 100 0 0 51 51 100 0 0
Other than 20 0 0 20 1 12 0 0 12 100
permanent
Male 20 0 0 20 1 12 0 0 12 100
Female 0 0 0 0 0 0 0 0 0 0
Workers
Permanent 421 0 0 421 100 250 0 0 250 100
Male 421 0 0 421 100 250 0 0 250 100
Female 0 0 0 0 0 0 0 0 0 0
Other than 1076 1076 100 0 0 1075 1075 100 0 0
permanent
Male 1056 1056 100 0 0 1056 1056 100 0 0
Female 20 20 100 0 0 19 19 100 0 0
3. Details of remuneration/salary/wages, in the following format:
a. Median Renumeration/wages:
Male Female
Number Median Number Median
remuneration/ remuneration/
salary/ wages of salary/ wages of
respective category respective category
Board of Directors (BoD) 5 6,60,71,359 4 20,00,000
Key Managerial Personnel 4 6,57,73,952 0 0
Employees other than BoD and KMP 1228 31,98,52,143 63 16,139,471
Workers 385 10,61,24,271 0 0
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2024 FY 2023
Gross wages paid to females as % of total wages 0.83 1.88
4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues caused
or contributed to by the business? (Yes/No)

The Company has formulated a Grievance Redressal in Employee Induction Manual and as per the policy of Vigil mechanism
which states that the employees can address their complaints or grievances to the Human Resources department or to the
Senior Management. There shall be no retaliation or reprisal taken against any employee or associate who raises concerns
in accordance with the policy.
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5. Describe the internal mechanisms in place to redress grievances related to human rights issue
he Company regards respect for human rights as one of its fundamental and core values and strives to support, protect
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and promote human rights to ensure that fair and ethical business and employment practices are followed. The Company
is committed to maintaining a safe and harmonious business environment and workplace for everyone, irrespective of
ethnicity, region, sexual orientation, race, caste, gender, religion, disability, work, designation, and other parameters.
Employees are encouraged to share their concerns with their superiors, the HR department, legal & compliance, or the
members of the senior management. Employees can also send their concerns to the designated officer who will take the
required action well in time.
In addition, Vigil Mechanism (VM) provides a formal platform to share grievances on various matters. .
New recruits are also sensitised to the VM mechanism forms part of the employee induction programme providing a
guarantee of confidentiality.
6. Number of Complaints on the following made by employees and workers:

Filed during Pending resolution Filed during Pending resolution
the year at the end of year the year at the end of year
Sexual Harassment Nil Nil Nil Nil
Discrimination at workplace Nil Nil Nil Nil
Child Labour Nil Nil Nil Nil
Forced Labour/ Involuntary Labour Nil Nil Nil Nil
Wages Nil Nil Nil Nil
Other human rights related issues Nil Nil Nil Nil
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013, in the following format:
FY 2024 FY 2023
Total Complaints reported under Sexual Harassment on of Women at Workplace NIL NIL
(Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees/ workers NIL NIL
Complaints on POSH upheld NIL NIL
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
CL is committed to providing equal opportunities to all individuals and is intolerant of discrimination and/or harassment
P
based on race, sex, nationality, religion, age, gender identification, expression, etc. In addition to this, the Company has
a Policy against Sexual Harassment at the workplace in adherence to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition, and Redressal) Act, 2013. Employees are given training about POSH during their induction.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
es, PCL takes measures to respect human rights at its workplace but also promotes fair employment practices among
Y
other stakeholders. It is also part of the contract with suppliers to abide by the laws on child labour, sexual harassment,
safe and secure work environment, etc.
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10. Assessments for the year

% of your plants and offices that were assessed
Section
(by entity or statutory authorities or third parties)
Sexual Harassment 100
Discrimination at workplace 100
Child Labour 100
Forced Labour/ Involuntary Labour 100
Wages 100
Others- please specify
11. P
rovide details of any corrective actions taken or underway to address significant risks / concerns arising from the
assessments at Question 10 above

During the FY 2024, no significant risks or concerns were found throughout the assessment, thus prompting no need for
corrective actions.
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
o complaints/grievances have been received addressing human rights. The Company is of the belief that it has upheld the
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basic principles of human rights in all its dealings. The Company regularly sensitises its employees on the Code of Conduct
through various training programs as well. We get certification from vendors stating that they follow the applicable labour
laws and do not practice child labour.
2. Details of the scope and coverage of any Human rights due-diligence conducted. NA
3. I s the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?
Yes.
4. Details on assessment of value chain partners:
% of value chain partners

(by value of business done with such partners) that were assessed
Sexual Harassment -
Discrimination at workplace -
Child Labour -
Forced Labour/Involuntary Labour -
Wages -
Others -
Note: Value chain partners such as material suppliers, contractors are evaluated periodically. However, major material
suppliers including raw material, capital machineries and high value suppliers are assessed based on PCL Code of Conduct
and parameters such as child labour, forced labour, sexual harassment, and discrimination.
5. rovide details of any corrective actions taken or underway to address significant risks / concerns arising from the
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assessments at Question 4 above.
uring the FY 2024, no significant risks or concerns were found throughout the assessment, thus prompting no need for
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corrective actions.
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PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in GJ) and energy intensity, in the following format
Parameter FY 2024 FY 2023

From renewable sources
Total electricity consumption (A) 48,996.80 0
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 48,996.80 0
From non-renewable sources
Total electricity consumption (D) 2,43,685.65 2,70,644.62
Total fuel consumption (E) 97,969.52 93,197.42
Energy consumption through other sources (F) 0 0
Total energy consumed from non-renewable sources (D+E+F) 3,41,655.17 3,63,842.05
Total energy consumed (A+B+C+D+E+F) 3,90,651.97 3,63,842.05
Energy Intensity per rupee of turnover (Total energy consumed/ Revenue 5.79 5.80
from operations)
Energy intensity per rupee of turnover adjusted for Purchasing Power Parity NIL NIL
(PPP) (Total energy consumed / Revenue from operations adjusted for PPP)
Energy intensity in terms of physical output NA NA
Energy intensity (optional)- the relevant metric may be selected by the entity NA NA
ote: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
N
If yes, name of the external agency.
Yes, assurance has been undertaken by M/s TÜV SÜD South Asia Private Limited.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve
and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme
have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
3. Provide details of the following disclosures related to water, in the following format

Water withdrawal by source (in kiloliters)
(i) Surface water 0 0
(ii) Groundwater 0 0
(iii) Third party water 67,362 63,336
(iv) Seawater / desalinated water 0 0
(v) Others 0 0
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 67,362 63,336
Total volume of water consumption (in kilolitres) 50,570 44,217
Water intensity per rupee of turnover (Water consumed / turnover in Crores) 0.74 0.70
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Water intensity per rupee of turnover adjusted for Purchasing Power Parity NIL NIL
(PPP) (Total water consumption / Revenue from operations adjusted for PPP)
Water intensity in terms of physical output NIL NIL
Water intensity (optional) – the relevant metric may be selected by the entity NA NA
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If
yes, name of the external agency
4. Provide the following details related to water discharged:

Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water 0 0
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(ii) To Groundwater
- No treatment 0 0
(iii) To Seawater
- No treatment 0 0
(iv) Sent to third-parties
- No treatment 0 0
(v) Others
- No treatment (Used for gardening purposes) 0 0
- With treatment – please specify level of treatment 16,792 19,119
Total water discharged (in kilolitres) 16,792 19,119
ote: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If
N
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
We have well equipped Sewage Treatment plant and there is no any water discharge on outside area
6. Provide details of air emissions (other than GHG emissions) by the entity, in the following format.
Parameter Please specify unit FY 2024 FY 2023
NOx Tonnes 1,796.45 972
SOx Tonnes 1,791.61 3,078.51
Particulate matter (PM) Tonnes 7,902.22 4,065.66
Persistent organic pollutants (POP) NA 0 0
Volatile organic compounds (VOC) NA 0 0
Hazardous air pollutants (HAP) NA 0 0
Others- please specify NA 0 0

Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
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7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format
Parameter Please specify unit FY 2024 FY 2023

Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of 6,131.76 5,834.70
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of 48,466.37 53,828.31
Total Scope 1 and Scope 2 emissions intensity rupee 0.95 0.95
of turnover (Total Scope 1 and Scope 2 GHG emissions/
Revenue from operations)
Total Scope 1 and Scope 2 Emission intensity per rupee NIL NIL
of turnover adjusted for Purchasing Power Parity (PPP)
(Total Scope 1 and Scope 2 GHG emissions/Revenue from
operations adjusted for PPP)
Total Scope 1 and Scope 2 emission intensity in terms NIL NIL
of physical output
Total Scope 1 and Scope 2 emission intensity (optional) NIL NIL
– the relevant metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency
8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details
Yes, The Company has installed 15 MW of Solar Power Plant at Managalwedha, Solapur for captive consumption.
9. Provide details related to waste management by the entity, in the following format:

Total Waste generated (in MT)
Plastic waste (A) 0.0208 0.0258
E-waste (B) 0.475 0.92
Bio-medical waste (C) 0.02592 0.02345
Construction and demolition waste (D) 0 0
Battery waste (E) 0 0
Radioactive waste (F) 0 0
Other Hazardous waste. Please specify, if any. (G) - Shot Blasting Dust 13.53 5.9
Oil-soaked cotton waste 0.115 0.08
Waste oil 15 14.6
Other Non-hazardous waste generated (H). Please specify, if any.
Total (A+B + C + D + E + F + G + H) 29.16672 21.54925
Waste intensity per rupee of turnover (Total waste generated / Revenue from 0.0004 0.0003
operations)
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity 0 0
(PPP) (Total waste generated/Revenue from operations adjusted for PPP)
Waste intensity in terms of physical output 0 0
Waste intensity (optional) – the relevant metric may be selected by the entity 0 0
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For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(in metric tonnes)
Category of waste FY 2024 FY 2023
(i) Recycled 0.02592 0.02345
(ii) Re-used 0 0
(iii) Other recovery operations 0 0
Total 0.02592 0.02345
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
(i) Incineration 0.115 0.08
(ii) Landfilling 13.53 5.9
(iii) Other recovery operations 15 14.6
ote: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
N
If yes, name of the external agency
10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your Company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes
ecessary approval is taken from legal authorities for the generation, storage, and disposal of waste depending on the type
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of waste. All Hazardous/Non-hazardous waste generated is segregated at the source, collected, and stored separately at
defined locations in the scrap yard with appropriate identification and labeling. All the hazardous waste is stored as per the
requirement so that it can’t have an adverse impact on the environment. Inventory of hazardous waste is maintained as per
rules. Necessary training and Personal Protective Equipment are provided to all operators engaged in the handling of waste.

All the waste is disposed of through authorised agencies only and necessary records are maintained and return submitted
to authorised agencies as per legal requirements. Continual Improvement projects are derived across all the units to reduce
the generation of waste from processes/plants.
11. I f the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental
approvals / clearances are required, specify details in the following format:
S No. Location of operations/ Type of operations Whether the conditions of environmental approval /
offices clearance are being complied with? (Y/N) If no, the
reasons thereof and corrective action taken, if any.
NA
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:
Name and brief EIA Date Whether conducted Results Relevant Web link
details of the project Notification by independent communicated in
No. external agency public domain
(Yes / No) (Yes / No)
NA
137
13. Is the entity compliant with the applicable environmental law / regulations / guidelines in India, such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment Protection Act
and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:
S.No. Specify the law / regulation Provide details Any fines / penalties / action taken Corrective action
/ guidelines which was not of the by regulatory agencies such as taken, if any
complied with non-compliance pollution control boards or by courts
No fines or penalties for non-compliance.
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area:
(ii) Nature of operations:
(iii) Water withdrawal, consumption and discharge in the following format:

Water withdrawal by source (in kilolitres)
(i) To Surface water 0 0
(ii) Groundwater 0 0
(iii) Third party water 0 0
(iv) Seawater / desalinated water 0 0
(v) Others -From MIDC storage Supply to Industry 0 0
Total volume of water withdrawal (in kilolitres) 0 0
Total volume of water consumption (in kilolitres) 0 0
Water intensity per rupee of turnover (Water consumed / turnover) 0 0
Water intensity (optional) – the relevant metric may be selected by the entity 0 0
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment 0 0
(ii) To Groundwater
- No treatment 0 0
(iii) To Seawater
- No treatment 0 0
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(iv) Sent to third-parties
- No treatment 0 0
(v) Others
- No treatment 0 0
Total water discharged (in kilolitres) 0 0
2. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Parameter Unit FY 2024 FY 2023

Total Scope 3 emissions (Break-up of the GHG into CO2, Metric tonnes of 0 0
Total Scope 3 emissions per rupee of turnover 0 0
Total Scope 3 emission intensity (optional) – the 0 0
relevant metric may be selected by the entity
ote: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If
N
3. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details
of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation
activities.
Not applicable
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the
same as well as outcome of such initiatives, as per the following format:
Sr. No Initiative undertaken Details of the initiative (Web-link, if any, Outcome of the
may be provided along-with summary) initiative
Renewable energy use for its operations NA
5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.

Yes, we have an emergency preparedness plan covering all manufacturing sites and business operations with detailed
guidelines, procedures and action plans for mitigating the risks and impacts in a timely manner. In the event of any
major disruption such as process hazard, natural calamities; we have an appropriate action plan for the identified risks
to respond to, mitigate the effects of, and restore the operations. We have conducted training and awareness programs
to all employees and workers by providing the details of signaling mechanisms, roles & responsibilities, assembly points,
medical arrangements to be followed in case of any business disruption.
We have an appropriate system, procedures and mechanisms to address various risks through implementation of emergency
preparedness plan and guidelines on appropriate practices to be followed during the occurrence of any disaster.
139
6. Disclose any significant adverse impact to the environment, arising from the value chain o the entity. What mitigation
or adaptation measures have been taken by the entity in this regard.
No significant adverse impact identified
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental
impacts

The Company ensures compliance with our internal policies across our value chain. All principal material suppliers
are required to certify adherence to the PCL Supplier Code of Conduct, which includes commitments to environmental
regulations. We are actively improving our evaluation and auditing processes to be more aligned with specific sustainability
criteria and other critical material concerns. This initiative is part of our ongoing effort to enhance environmental stewardship
among our value chain partners.
PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent
1.
a. Number of affiliations with trade and industry chambers / associations: 4 (Four)
b. List the top 10 trade and industry chambers / associations (determined based on the total members of such a body)
the entity is a member of / affiliated to.
S. Reach of trade and industry chambers/

Name of the trade and industry chambers/ associations
No. associations (State/National)
1. Mahratta Chamber of Commerce industries & Agriculture (MCCIA) Maharashtra
2. Automotive Component Manufacturers Associations of India (ACMA) India
3. Confederation of Indian Industry (CII) India
4. Indo-German Member of Commerce India
2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the entity,
based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken

NIL NIL NIL
1. Details of public policy positions advocated by the entity:
S. No. Public Policy Method resorted for Whether information Frequency of Review by Board Relevant
Advocated such advocacy available in public (Annually/Half yearly/Quarterly/ Web link
domain (Yes / No) Others- please specify
NA

PCL refrains from involvement in lobbying activities. Senior executives of PCL hold memberships in industry bodies engaged
in shaping public policy related to industry & business. PCL’s advocacy efforts are primarily directed towards areas of
governance, economic reform, and energy security, with a steadfast commitment to advocating for the broader public good.
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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.
Name and brief SIA Notification Date of Whether conducted Results Relevant
details of the project No. notification by independent communicated in Web link
external agency public domain
(Yes / No) (Yes / No)
Not Applicable
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by
your entity in the following format:
S.No. Name of Project State District No. of Project % of PAFs covered by Amounts paid
for which R&R Affected Families R&R to PAFs in the
is ongoing (PAFs) FY (In `)
Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community

The Stakeholder Relationship Committee (SRC) looks into the grievances of the Shareholders related to transfer of shares,
payment of dividend and non-receipt of annual report and recommends measure for expeditious and effective investor
service etc. The Vigil Mechanism Policy provides for establishment of Vigil Mechanism for directors and employees to report
genuine concerns or grievances. Web link of Policies of Company: https://pclindia.in/index.php/corporate-governance/
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers

Directly sourced from MSMEs/ small producers 50 45
Directly from within India 10 10
5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed
on a permanent or non-permanent / on contract basis)in the following locations, as % of total wage cost: NIL
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken
Not Applicable
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as
identified by government bodies:
S. No. State Aspirational District Amount Spent (In `)

1. Maharashtra Dharashiv (Osmanabad) 1,28,804.00
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3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalised /vulnerable groups? (Yes/No)
No, We don’t have any preferential policy. We are giving business based on the Capability and competency of suppliers.
(b) From which marginalised /vulnerable groups do you procure?

Not Applicable
(c) What percentage of total procurement (by value) does it constitute?

Not Applicable
4. etails of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the
D
current financial year), based on traditional knowledge: NA
S. No. Intellectual Property Owned/ Acquired (Yes/ Benefit shared (Yes / No) Basis of calculating
based on traditional No) benefit share
knowledge
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes
wherein usage of traditional knowledge is involved. NA
Name of authority Brief of the Case Corrective action taken
6. Details of beneficiaries of CSR Projects:
S. No. CSR Project No. of persons benefitted % of beneficiaries from vulnerable

from CSR Projects and marginalised groups
1 Solar Panel for E Learning Kit 755 100
(Digital Classroom)
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback
he Company has procedures in place for handling customer/consumer complaints. Customer satisfaction survey
T
measurement is also conducted and action plan guides for continuous improvement.
2. Turnover of products and / services as a percentage of turnover from all products/ service that carry information
about
State As a percentage to total turnover

Environmental and social parameters relevant to the product Not applicable. The Company is B2B (Business to
Safe and responsible usage Business) and products are manufactured as per the
requirement of Customers.
Recycling and/or safe disposal
142
Corporate Overview
Statutory Reports
3. Number of consumer complaints in respect of the following:

Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy
Advertising
Cyber-security
Delivery of essential services NIL
Restrictive Trade Practices
Unfair Trade Practices
Other
4. Details of instances of product recalls on accounts of safety issues
Number Reasons for recall

Voluntary recalls NIL NIL
Forced recalls NIL NIL
5. Does the entity have a framework / policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy
es, the Company has a Risk Management Policy that has been approved by the Board. As technology and digital
Y
advancements continue to progress, cyber risks are becoming more prevalent. To address this, the Company has
established a robust Cyber Risk Management framework, which is overseen by the Risk Management Committee. The
framework ensures that cyber risks are identified and mitigated effectively. The web link for Risk Management Policy is as
follows: www.pclindia.in.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action
taken by regulatory authorities on safety of products / services
Not applicable
7. Provide the following information relating to data breaches: NIL
a. Number of instances of data breaches
b. Percentage of data breaches involving personally identifiable information of customers
c. Impact, if any, of the data breaches
143
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link,
if available).
he information on various products of the entity can be accessed on Company’s website https://www.pclindia.
T
in.businesses/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
ur Company manufactures products tailored to our B2B clients’ needs. We prioritise upholding legal principles and have
O
conducted thorough awareness programs to educate and involve our B2B customers. These initiatives aim to inform our
clients about various product specifications, the safe and responsible use of our products, and potential applications.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
NA
4. Does the entity display product information on the product over and above what is mandated as per local laws?
(Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer
satisfaction relating to the major products / services of the entity, significant locations of operation of the hole?
(Yes/No)
We manufacture products for B2B clients, hence the above is not applicable to PCL.
144
Corporate Overview
Statutory Reports
ASSURANCE STATEMENT ON THIRD-PARTY VERIFICATION OF SUSTAINABILITY INFORMATION
Unique identification number: 4153930812
TÜV SÜD South Asia Pvt Ltd. (hereinafter TÜV SÜD) has been engaged by Precision Camshaft Limited to perform a limited
assurance and verification of sustainability information in the SUSTAINABILITY REPORT “BUSINESS RESPONSIBILITY &
SUSTAINABILITY REPORT”, of Precision Camshaft Limited hereinafter “Company”) for the period from 1st April 2023 to
31st March 2024. The verification was carried out according to the steps and methods described below.
Scope of the verification

The third-party verification was conducted to obtain limited assurance about whether the sustainability information is prepared
in accordance with the reporting criteria of the Standard on International Standard on Assurance Engagements (ISAE) 3000
(hereinafter “Reporting Criteria”).
The following selected disclosures (“parts of the report”) are included in the scope of the assurance engagement for reporting
year 1st April 2023 – 31st March 2024 along with comparative previous year information.
The following selective disclosures in the Report “BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT”, published at
Integrated Report FY 2023-24.
S.No. BRSR indicator reference Description of indicator

1. Section A – 20-a Employees and workers (including differently abled).
2. Section A – 20-b Differently abled Employees and workers.
3. Section A – 21 Participation/Inclusion/Representation of women.
Complaints/Grievances on any of the principles (Principles 1 to 9) under the
4. Section A – 23
National Guidelines on Responsible Business Conduct.
Section C – Principle 1 – E-1 Percentage coverage by training and awareness programmes on any of the
5.
(Essential Indicator) Principles during the Financial Year.
Section C – Principle 2 – E-2-a
6. Procedures in place for sustainable sourcing.
(Essential Indicator)
Section C – Principle 2 – E-2-b
7. Percentage of inputs were sourced sustainably.
Section C – Principle 3 – E-1
8. Details of measures for the well-being of employees and workers.
9. Details of retirement benefits, for Current Financial Year.
Section C – Principle 3 – E-3 Accessibility to differently abled employees and workers, as per the
10.
(Essential Indicator) requirements of the Rights of Persons with Disabilities Act, 2016.
11. Details of training given to employees and workers.
Section C – Principle 3 – E-9 Details of performance and career development reviews of employees and
12.
(Essential Indicator) worker.
13. Details of safety related incidents.
Section C – Principle 3 – E-13 Number of Complaints on working conditions & Health safety made by
14.
(Essential Indicator) employees and workers.
15. Assessments for the year (Health and safety practices, Working Conditions).
Section C – Principle 5 – E-1 Employees and workers who have been provided training on human rights
16.
(Essential Indicator) issues and policies of the entity.
145
Assurance statement on third-party verification of sustainability information (Contd.)
S.No. BRSR indicator reference Description of indicator

17. Number of Complaints made by employees and workers
Section C – Principle 5 –E-7 Complaints filed under the Sexual Harassment of Women at Workplace
18.
(Essential Indicator) (Prevention, Prohibition and Redressal) Act, 2013.
19. Details of total energy consumption and energy intensity.
20. Details of total water consumption and water intensity.
21. Details related to water discharged
22. Details of air emissions (other than GHG emissions) by the entity.
23. Details of greenhouse gas emissions (Scope 1 and Scope 2 emissions).
24. Details of total waste generated.
Section C – Principle 8 – E-3 Describe the mechanisms to receive and redress grievances of the
25.
(Essential Indicator) community.
Section C – Principle 8 –E-3
26. Details of beneficiaries of CSR projects.
(Leadership Indicator)
27. Number of consumer complaints.
28. Information related to data breach
Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance
procedures on the remaining information included in the sustainability reporting, and accordingly, we do not express a conclusion
on this information. It was not part of our engagement to review product- or service-related information, references to external
information sources, expert opinions and future-related statements in the Report.
Responsibility of the Company

The legal representatives of the Company are responsible for the preparation of the sustainability information in accordance with
the Reporting Criteria. This responsibility includes in particular the selection and use of appropriate methods for sustainability
reporting, the collection and compilation of information and the making of appropriate assumptions or, where appropriate,
the making of appropriate estimates. Furthermore, the legal representatives are responsible for necessary internal controls to
enable the preparation of a sustainability report that is free of material - intentional or unintentional - erroneous information.
Verification methodology and procedures performed

The verification engagement has been planned and performed in accordance with the verification methodology developed by
the TÜV SÜD Group which is based upon the ISO 17029 and ISAE 3000.
The applied level of assurance was “limited assurance”. Because the level of assurance obtained in a limited assurance, the
engagement is lower than in a reasonable assurance engagement, the procedures the verification team performs in a limited
assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.
The verification was based on a systematic and evidence-based assurance process limited as stated above. The selection of
assurance procedures is subject to the auditor’s own judgment.
146
Corporate Overview
Statutory Reports
Assurance statement on third-party verification of sustainability information (Contd.)
The procedures included amongst others:
- Inquiries of personnel who are responsible for the stakeholder engagement and materiality analysis to understand the
reporting boundaries
- Evaluation of the design and implementation of the systems and processes for compiling, analysing, and aggregating
sustainability information as well as for internal controls
- Inquiries of company’s representatives responsible for collecting, preparing and consolidating sustainability information
and performing internal controls
- Analytical procedures and inspection of sustainability information as reported at group level by all locations
- Assessment of local data collection and management procedures and control mechanisms through a sample survey at
plant located in Solapur (Maharashtra) and corporate office at Pune
Conclusion
On the basis of the assessment procedures carried out from 1st April 2024 to 20th May 2024, Nothing has come to our attention
to suggest that the Report does not meet the completeness with respect the Reporting Criteria.
Limitations
The assurance process was subject to the following limitations:
- The subject matter information covered by the engagement are described in the “scope of the engagement”. Assurance
of further information included in the sustainability reporting was not performed. Accordingly, TÜV SÜD do not express a
conclusion on this information.
- Financial data were only considered to the extent to check the compliance with the economic indicators provided by the
GRI Standards and were drawn directly from independently audited financial accounts. TÜV SÜD did not perform any
further assurance procedures on data, which were subject of the annual financial audit.
- The assurance scope excluded forward-looking statements, product- or service-related information, external information
sources and expert opinions.
Use of this Statement

The Company must reproduce the TÜV SÜD statement and possible attachments in full and without omissions, changes, or
additions.
This statement is by the scope of the engagement solely intended to inform the Company as to the results of the mandated
assessment. TÜV SÜD has not considered the interest of any other party in the selected sustainability information, this assurance
report or the conclusions TÜV SÜD has reached. Therefore, nothing in the engagement or this statement provides third parties
with any rights or claims whatsoever.
Independence and competence of the verifier

TÜV SÜD South Asia Pvt Ltd. is an independent certification and testing organization and member of the international TÜV SÜD
Group, with accreditations also in the areas of social responsibility and environmental protection. The assurance team was
assembled based on the knowledge, experience and qualification of the auditors. TÜV SÜD South Asia Pvt Ltd hereby declares
that there is no conflict of interest with the Company.
Place, Date
22nd May 2024
Gurugram (Haryana)
147
INDEPENDENT AUDITOR’S REPORT
To Act read with Companies (Indian Accounting Standards)

the Members of Rules, 2015, as amended (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2024, and profit and other
Report on the Audit of the Standalone Financial Statements comprehensive income, changes in equity and its cash flows
for the year ended on that date.
OPINION
We have audited the accompanying standalone financial BASIS FOR OPINION
statements of Precision Camshafts Limited (“the Company”), We conducted our audit of the standalone financial statements
which comprise the Balance Sheet as at March 31, 2024, in accordance with the Standards on Auditing (SAs) specified
and the Statement of Profit and Loss, including Other under section 143(10) of the Act. Our responsibilities under
Comprehensive Income, Statement of Changes in Equity those Standards are further described in the ‘Auditor’s
and Statement of Cash Flows for the year then ended, and Responsibilities for the Audit of the Standalone Financial
notes to the standalone financial statements, including Statements’ section of our report. We are independent of the
material accounting policy information and other explanatory Company in accordance with the Code of Ethics issued by the
information (hereinafter referred to as the “standalone Institute of Chartered Accountants of India (“ICAI”) together
financial statements”). with the ethical requirements that are relevant to our audit
In our opinion and to the best of our information and according of the standalone financial statements under the provisions
to the explanations given to us, the aforesaid standalone of the Act and the Rules thereunder, and we have fulfilled
financial statements give the information required by the our other ethical responsibilities in accordance with these
Companies Act, 2013 (“the Act’) in the manner so required requirements and the Code of Ethics. We believe that the
and give a true and fair view in conformity with the Indian audit evidence obtained by us is sufficient and appropriate to
Accounting Standards prescribed under section 133 of the provide a basis for our opinion.
KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements for the year ended March 31, 2024. These matters were addressed in the context of our audit of the standalone
financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.
Sr. Key Audit Matter How the Key Audit Matter was addressed in our audit
No
1 Provision for Impairment of Investment in subsidiaries Our audit procedures in respect of this area include but are not
limited to:
Refer Note 5A of financial statement with respect to
the disclosures of Investment in subsidiaries. On March 1. Obtained an understanding of the Company’s accounting
31, 2024, Investment in subsidiaries amounts to INR. policy on assessment of impairment of investments in
16,270.84 lakhs against which provision of INR. Nil lakhs subsidiaries and application of assumption used by the
was made towards impairment in the books of account. management, including design and implementation of
controls over the same.
In accordance with Ind AS 36-”Impairment of Assets”,
2. Tested the operating effectiveness of the internal
at each reporting period end, management assesses
controls over the process of valuation and impairment of
the existence of impairment indicators of investments
investments in subsidiaries.
in subsidiaries. The processes and methodologies for
assessing and determining the recoverable amount of 3. Obtained and reviewed the valuation report issued by the
each investments are based on complex assumptions, Company’s independent valuation experts, and assessed
that by their nature imply the use of the management’s the expert’s competence, capability and objectivity.
judgments & estimation uncertainty, in particular with 4. Assessed the appropriateness of the valuation
reference to identification of impairment indicators, methodology applied and reasonableness of the
forecast of future cash flows relating to the period assumptions used i.e. the discount rate and long-term
growth rates used in the forecast.
148
Corporate Overview
Statutory Reports
Independent Auditors’ Report (Contd.)
No
covered by the Company’s strategic business plan, 5. Verified completeness, arithmetical accuracy and validity
normalized cash flows assumed as a basis for terminal of the data used in the calculations.
value, as well as the long-term growth rates and discount
6. Assessed reasonableness of the future revenue and
rates applied to such forecasted cash flows.
margin projections, by reviewing the historical accuracy of
Since the amount of provision for impairment is material the Group’s estimates and its ability to produce accurate
and involves significant management judgement and long-term forecasts.
estimation uncertainty, we have identified provision for
7. Assessed the Company’s sensitivity analysis and
impairment of investment in subsidiaries as a key audit
evaluated whether any reasonably foreseeable change in
matter.
assumptions could lead to impairment or material change
in carrying value of Investment in Subsidiaries.
8. Assessed the completeness and accuracy of the

disclosures in accordance with the requirements of the
relevant Ind AS, which are included in Note 5A of the
standalone financial statements.
INFORMATION OTHER THAN THE STANDALONE that give a true and fair view of the financial position,
FINANCIAL STATEMENTS AND AUDITOR’S REPORT financial performance, changes in equity and cash flows of
THEREON the Company in accordance with the accounting principles
The Company’s Board of Directors is responsible for the other generally accepted in India, including the Accounting
information. The other information comprises the Director’s Standards specified under section 133 of the Act. This
report including annexures to the Directors report but does responsibility also includes maintenance of adequate
not include the standalone financial statements and our accounting records in accordance with the provisions of
auditor’s report thereon. the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities;
Our opinion on the standalone financial statements does not selection and application of appropriate accounting policies;
cover the other information and we do not express any form making judgments and estimates that are reasonable and
of assurance conclusion thereon. prudent; and design, implementation and maintenance of
In connection with our audit of the standalone financial adequate internal financial controls, that were operating
statements, our responsibility is to read the other effectively for ensuring the accuracy and completeness of
information and, in doing so, consider whether the other the accounting records, relevant to the preparation and
information is materially inconsistent with the standalone presentation of the standalone financial statement that give
financial statements or our knowledge obtained in the audit a true and fair view and are free from material misstatement,
or otherwise appears to be materially misstated. If, based whether due to fraud or error.
on the work we have performed, we conclude that there is In preparing the standalone financial statements, the
a material misstatement of this other information, we are Management and Board of Directors are responsible for
required to report that fact. We have nothing to report in this assessing the Company’s ability to continue as a going
regard. concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
RESPONSIBILITIES OF MANAGEMENT AND THOSE
unless the Board of Directors either intends to liquidate
CHARGED WITH GOVERNANCE FOR THE STANDALONE
the Company or to cease operations, or has no realistic
FINANCIAL STATEMENTS
alternative but to do so.
The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to The Board of Directors are also responsible for overseeing
the preparation of these standalone financial statements the Company’s financial reporting process.
149
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE (e) On the basis of the written representations
STANDALONE FINANCIAL STATEMENTS received from the directors as on March 31, 2024
Our objectives are to obtain reasonable assurance about taken on record by the Board of Directors, none
whether the standalone financial statements as a whole of the directors are disqualified as on March 31,
are free from material misstatement, whether due to fraud 2024 from being appointed as a director in terms
or error, and to issue an auditor’s report that includes our of Section 164 (2) of the Act.
opinion. Reasonable assurance is a high level of assurance, (f)
The reservation relating to the maintenance of
but is not a guarantee that an audit conducted in accordance accounts and other matters connected therewith
with SAs will always detect a material misstatement when it are as stated in paragraph (b) above on reporting
exists. Misstatements can arise from fraud or error and are under Section 143(3)(b) and paragraph h(vi) below
considered material if, individually or in the aggregate, they on reporting under Rule 11(g).
could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone (g)
With respect to the adequacy of the internal
financial statements. financial controls with reference to standalone
financial statements of the Company and the
We give in “Annexure A” a detailed description of Auditor’s operating effectiveness of such controls, refer to
responsibilities for Audit of the Standalone Financial our separate Report in “Annexure C”.
Statements.
(h) With respect to the other matters to be included in
REPORT ON OTHER LEGAL AND REGULATORY the Auditor’s Report in accordance with Rule 11 of
REQUIREMENTS the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
1. As required by the Companies (Auditor’s Report) Order,
according to the explanations given to us:
2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of i. The Company has disclosed the impact of
the Act, we give in “Annexure B” a statement on the pending litigations on its financial position
matters specified in paragraphs 3 and 4 of the Order, to in its standalone financial statements –
the extent applicable. Refer Note 32(b) to the standalone financial
statements;
2. As required by Section 143(3) of the Act, we report that:
ii. The Company did not have any long-term
(a) We have sought and obtained all the information
contracts including derivative contracts for
and explanations which to the best of our knowledge
which there were any material foreseeable
and belief were necessary for the purposes of our
losses.
audit.
iii. There has been no delay in transferring
(b) In our opinion, proper books of account as required
amounts, required to be transferred, to the
by law have been kept by the Company so far as
Investor Education and Protection Fund by
it appears from our examination of those books
the Company.
except for the matter stated in the paragraph h(vi)
below on reporting under Rule 11(g). iv. (1) The Management has represented that,
to the best of its knowledge and belief,
(c) The Balance Sheet, the Statement of Profit and
no funds have been advanced or loaned
Loss including other comprehensive income, the
or invested (either from borrowed funds
Statement of Changes in Equity and the Statement
or share premium or any other sources or
of Cash Flow dealt with by this Report are in
kind of funds) by the Company to or in any
agreement with the books of account.
other person(s) or entity(ies), including
(d) In our opinion, the aforesaid standalone financial foreign entities (“Intermediaries”), with
statements comply with the Accounting Standards the understanding, whether recorded
specified under Section 133 of the Act. in writing or otherwise, that the
150
Corporate Overview
Statutory Reports
Intermediary shall, directly or indirectly ensuing Annual General Meeting. The dividend
lend or invest in other persons or entities declared is in accordance with section 123 of
identified in any manner whatsoever by the Act to the extent it applies to declaration
or on behalf of the Company (“Ultimate of dividend. (Refer Note 31 to the Standalone
Beneficiaries”) or provide any guarantee, financial statements)
security or the like on behalf of the
vi. Based on our examination, the Company has
Ultimate Beneficiaries.
used two accounting software for maintaining
(2)
The Management has represented, its books of account, which pertains to SAP
that, to the best of its knowledge and 800 and Payroll Ascent, for the year ended
belief, no funds have been received March 31, 2024, which has the feature
by the Company from any person(s) or of recording audit trail (edit log) facility,
entity(ies), including foreign entities however no audit trail feature was enabled
(Funding Parties), with the understanding, at the database level to log any direct data
whether recorded in writing or otherwise, changes. Further, the audit trail facility has
as on the date of this audit report, that been operated throughout the year for all
the Company shall, directly or indirectly, the relevant transactions recorded in the
lend or invest in other persons or entities accounting software, except for the software
identified in any manner whatsoever at the database level as stated above, in
by or on behalf of the Funding Party respect of which the audit trail facility has not
(“Ultimate Beneficiaries”) or provide any operated throughout the year for all relevant
guarantee, security or the like on behalf transactions recorded in this accounting
of the Ultimate Beneficiaries. software during the year ended March 31,
2024. Further, during the course of our
(3) Based on the audit procedures performed
examination, we did not come across any
that have been considered reasonable
instance of audit trail feature being tampered
and appropriate in the circumstances,
with.
and according to the information and
explanations provided to us by the 3. In our opinion, according to information, explanations
Management in this regard nothing has given to us, the remuneration paid by the Company to
come to our notice that has caused us to its directors is within the limits laid prescribed under
believe that the representations under Section 197 read with Schedule V of the Act and the
sub-clause (i) and (ii) of Rule 11(e) as rules thereunder.
provided under (1) and (2) above, contain
any material mis-statement.
V. The final dividend paid by the Company during

the year in respect of the same declared for For M S K A & Associates
the previous year is in accordance with section Chartered Accountants
123 of the Companies Act 2013 to the extent ICAI Firm Registration No. 105047W
it applies to payment of dividend.
Nitin Manohar Jumani
The Board of Directors of the Company have Partner
proposed final dividend for the year which is Place: Pune Membership No. 111700
subject to the approval of the members at the Date: May 23, 2024 UDIN: 24111700BKAIKV3761
151
ANNEXURE A
TO THE INDEPENDENT AUDITOR’S REPORT ON EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS
OF PRECISION CAMSHAFTS LIMITED FOR THE YEAR ENDED MARCH 31, 2024
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE are required to draw attention in our auditor’s report
STANDALONE FINANCIAL STATEMENTS to the related disclosures in the standalone financial
As part of an audit in accordance with SAs, we exercise statements or, if such disclosures are inadequate, to
professional judgment and maintain professional skepticism modify our opinion. Our conclusions are based on the
throughout the audit. We also: audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause
• Identify and assess the risks of material misstatement the Company to cease to continue as a going concern.
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures • Evaluate the overall presentation, structure and content
responsive to those risks, and obtain audit evidence of the standalone financial statements, including the
that is sufficient and appropriate to provide a basis disclosures, and whether the standalone financial
for our opinion. The risk of not detecting a material statements represent the underlying transactions and
misstatement resulting from fraud is higher than for events in a manner that achieves fair presentation.
one resulting from error, as fraud may involve collusion, We communicate with those charged with governance
forgery, intentional omissions, misrepresentations, or regarding, among other matters, the planned scope and
the override of internal control. timing of the audit and significant audit findings, including
• Obtain an understanding of internal control relevant to any significant deficiencies in internal control that we identify
the audit in order to design audit procedures that are during our audit.
appropriate in the circumstances. Under section 143(3) We also provide those charged with governance with a
(i) of the Act, we are also responsible for expressing our statement that we have complied with relevant ethical
opinion on whether the company has adequate internal requirements regarding independence, and to communicate
financial controls with reference to standalone financial with them all relationships and other matters that may
statements in place and the operating effectiveness of reasonably be thought to bear on our independence, and
such controls. where applicable, related safeguards.
• Evaluate the appropriateness of accounting policies From the matters communicated with those charged with
used and the reasonableness of accounting estimates governance, we determine those matters that were of most
and related disclosures made by management and significance in the audit of the standalone financial statements
Board of Directors. for the year ended March 31, 2024 and are therefore, the key
• Conclude on the appropriateness of management and audit matters. We describe these matters in our auditor’s
Board of Director’s use of the going concern basis of report unless law or regulation precludes public disclosure
accounting and, based on the audit evidence obtained, about the matter or when, in extremely rare circumstances,
whether a material uncertainty exists related to events we determine that a matter should not be communicated
or conditions that may cast significant doubt on the in our report because the adverse consequences of doing
Company’s ability to continue as a going concern. If so would reasonably be expected to outweigh the public
we conclude that a material uncertainty exists, we interest benefits of such communication.
For M S K A & Associates

Chartered Accountants
ICAI Firm Registration No. 105047W

Partner
Place: Pune Membership No. 111700
Date: May 23, 2024 UDIN: 24111700BKAIKV3761
152
Corporate Overview
Statutory Reports
ANNEXURE B
TO INDEPENDENT AUDITORS’ REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF
PRECISION CAMSHAFTS LIMITED FOR THE YEAR ENDED MARCH 31, 2024
[Referred to in paragraph 1 under ‘Report on Other Legal (e) According to the information and explanations given
and Regulatory Requirements’ in the Independent Auditors’ to us, no proceeding has been initiated or pending
Report] against the Company for holding benami property
under the Benami Transactions (Prohibition) Act,
i. (a) A. The Company has maintained proper records
1988, as amended and rules made thereunder.
showing full particulars including quantitative
Accordingly, the provisions stated in paragraph 3(i)
details and situation of Property, Plant and
(e) of the Order are not applicable to the Company.
Equipment.
ii. (a) The inventory (excluding stocks with third parties
B. The Company has maintained proper records
and stock in transit) has been physically verified
showing full particulars of intangible assets.
by the management during the year. In respect
(b) All the Property, Plant and Equipment have not of inventory lying with third parties, these have
been physically verified by the management substantially been confirmed by them and in respect
during the year but there is a regular programme of goods in transit, the goods have been received
of verification, which, in our opinion, is reasonable subsequent to the year end. No discrepancies were
having regard to the size of the Company and the noticed in respect of such confirmations. In our
nature of its assets. No material discrepancies opinion, the frequency, coverage and procedure
were noticed on such verification. of such verification is reasonable and appropriate,
(c)
According to the information and explanations having regard to the size of the Company and the
given to us and on the basis of our examination nature of its operations. The discrepancies noticed
of the records of the Company, the title deeds on physical verification of inventory as compared to
of immovable properties as disclosed in the book records were not 10% or more in aggregate
standalone financial statements, are held in the for each class of inventory.
name of the Company. (b) The Company has been sanctioned working capital
(d)
According to the information and explanations limits in excess of Rs. 5 crores in aggregate from
given to us, the Company has not revalued its Banks on the basis of security of current assets. Based
property, plant and Equipment and intangible on the records examined by us in the normal course
assets during the year. Accordingly, the provisions of audit of the standalone financial statements,
stated under clause 3(i)(d) of the Order are not quarterly statements are filed with such Banks are
applicable to the Company. not in agreement with the books of accounts of the
Company. Details of the same are as below.
(Amount in INR lakhs)

Quarter Name of the Bank Particulars of Amount as Amount as Difference Reason for
Ended Security Provided per books of per quarterly discrepancies
accounts statement
June 2023 Bank of India and Trade Receivables 15,315.78 20,277.20 (4,961.42) The difference is
Bank of Baroda Inventory 6,185.95 2,737.28 3,448.67 due to the fact
Trade Payables * 7,599.57 8,064.80 (465.23) that submissions
September Bank of India and Trade Receivables 14,854.63 19,741.95 (4,887.32) were made
2023 Bank of Baroda to the banks
Inventory 6,749.81 3,457.44 3,292.37
before financial
Trade Payables * 7,002.53 6,849.46 153.07 reporting closure
December Bank of India and Trade Receivables 13,500.48 19,585.84 (6,085.36) process
2023 Bank of Baroda Inventory 7,846.69 3,320.35 4,526.34
Trade Payables * 7,220.64 7,077.33 143.31
March 2024 Bank of India and Trade Receivables 13,603.51 19,447.80 (5,844.29)
Bank of Baroda Inventory 7,801.89 3,749.25 4,052.64
Trade Payables * 7,770.93 7,618.76 152.17
*(excluding provision for expenses and including capital payables)
153
Annexure B (Contd.)
iii. (a) According to the information explanation provided to us, the Company has provided loans to any other entity.
(A) The details of such loans to subsidiaries are as follows:
Loans (Amount in INR lakhs)

Aggregate amount granted/provided during the year
- Subsidiaries Nil
Balance Outstanding as at balance sheet date in respect of above cases
- Subsidiaries 9531.91
(B) No loans, advances in nature of loans, guarantee or security given to any other entity, other than subsidiary.
(b) According to the information and explanations given to us and based on the audit procedures performed by us, we
are of the opinion that the terms and conditions in relation to grant of all loans are not prejudicial to the interest of the
Company.
(c) In case of the loans, schedule of repayment of principal and payment of interest have been stipulated. The repayment
of principal has not fallen due in the current year however, the borrower has not been regular in the payment of interest
to the Company.
The details of the same are follows:
Name of the entity Interest amount Due Date Date of Extent of Remarks,
(Amount in INR lakhs) Payment delay (in days) if any
PCL International 13.07 January 31, 2023 May 29, 2023 119
Holdings B.V. 3.01 January 31, 2024 March 6, 2024 36
(d)
According to the information and explanations to be deposits, within the meaning of Sections 73, 74,
given to us and on the basis of our examination of 75 and 76 of the Companies Act, 2013 and the rules
the records of the Company, there are no amounts framed there under. Accordingly, the provisions stated
overdue for more than ninety days in respect of the under clause 3(v) of the Order is not applicable to the
loans granted by the Company. Company. Also, there are no amounts outstanding as on
March 31, 2024, which are in the nature of deposits.
(e) According to the information explanation provided
to us, the loan granted has not fallen due during vi. Pursuant to the rules made by the Central Government
the year. Accordingly, the provisions stated under of India, the Company is required to maintain cost
clause 3(iii)(e) of the Order are not applicable to records as specified under Section 148(1) of the
the Company. Companies Act, 2013 in respect of its products. We
have broadly reviewed the same, and are of the opinion
(f) According to the information explanation provided
that, prima facie, the prescribed accounts and records
to us, the Company has not granted any loans which
have been made and maintained. We have not, however,
are either repayable on demand or without specifying
made a detailed examination of the records with a view
any terms or period of repayment during the year.
to determine whether they are accurate or complete.
Accordingly, the provisions stated under clause 3(iii)
(f) of the Order are not applicable to the Company. vii. (a) According to the information and explanations given
to us and the records of the Company examined
iv. According to the information and explanations given to
by us, in our opinion, undisputed statutory dues
us, the Company has complied with the provisions of
including Goods and Services tax, provident
Section 185 and 186 of the Companies Act, 2013, in
fund, employees’ state insurance, income-tax,
respect of loans given and investment made.
duty of customs, cess, and other statutory dues
v. According to the information and explanations given have generally been regularly deposited with the
to us, the Company has neither accepted any deposits appropriate authorities during the year, though
from the public nor any amounts which are deemed there has been a slight delay in a few cases.
154
Corporate Overview
Statutory Reports
Annexure B (Contd.)
There are no undisputed amounts payable in respect of Goods and Services tax, provident fund, employees’ state
insurance, income-tax, duty of customs, cess, and other statutory dues in arrears as at March 31, 2024, outstanding
for a period of more than six months from the date they became payable.
(b) According to the information and explanation given to us and examination of records of the Company, details of
statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2024, on account
of any dispute, are as follows :
Name of the Nature of dues Amount Period to Amount Paid Forum where Remarks, if any
statute Demanded which the (INR Lakhs) dispute is
in (INR amount pending
Lakhs ) relates
Central Excise Act, Excise Duty 20.76 2002-05 - Commissioner of
1994 Central Excise
Collector of Stamps Stamp duty 31.79 2007-08 - Controlling
Solapur Revenue
Authority, Pune
Employee Provident Fund 24.23 2003-06 12.12 Hon’ble High The Company
Provident Funds (excluding Court of has deposited
and Miscellaneous interest) Judicature INR 12.12 lakhs
Provision Act, 1952 Bombay under protest
Income-tax Act, Income tax on 1,701.16 2013-14 335.41 CIT (Appeals) The Company
1961 ESOP expense has paid INR
and other 335.41 lakhs
disallowance under protest.
Income-tax Act, Penalty for 3.47 2017-18 0.70 CIT (Appeals) The Company
1961 under reporting has paid INR
of income for 0.70 lakhs
incremental under protest.
disallowance
The Maharashtra Compensation 49.96 2014 - Hon’ble High
Recognized Trade on employee Court of
Union and Unfair dispute Judicature at
Labor Practices Bombay – Civil
Act, 1971 Appellate
Jurisdiction
GST Act, 2017 GST on Tooling 200.62 2017-18 - Hon’ble High
income & Court of
Mismatch in ITC Judicature
Bombay
Income Tax Act, International 19.47 2019-20 - Dispute This is on the
1961 Transaction 5.40 2020-21 - Resolution basis of Draft
on corporate Panel(DRP) Order.
Guarantee &
Disallowance
u/s 14A
viii. According to the information and explanations given to us, there are no transactions which are not accounted in the books
of account which have been surrendered or disclosed as income during the year in Income-tax Assessment of the Company.
Accordingly, the provision stated under clause 3(viii) of the Order is not applicable to the Company.
ix. (a) In our opinion and according to the information and explanations given to us and the records of the Company examined
by us, the Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any
lender.
155
Annexure B (Contd.)
(b)
According to the information and explanations xi. (a) Based on our examination of the books and records
given to us and on the basis of our audit procedures, of the Company, carried out in accordance with
we report that the Company has not been declared the generally accepted auditing practices in India,
willful defaulter by any bank or financial institution and according to the information and explanations
or government or any government authority. given to us, we report that no material fraud by the
Company nor on the Company has been noticed or
(c) In our opinion and according to the information
reported during the course of our audit.
explanation provided to us, no money was raised
by way of term loans. Accordingly, the provision (b) Based on our examination of the books and records
stated in paragraph 3(ix)(c) of the Order is not of the Company, carried out in accordance with
applicable to the Company. the generally accepted auditing practices in India,
and according to the information and explanations
(d)
According to the information and explanations
given to us, a report under Section 143(12) of the
given to us, and the procedures performed by us,
Act, in Form ADT-4, as prescribed under rule 13 of
and on an overall examination of the standalone
Companies (Audit and Auditors) Rules, 2014 was
financial statements of the Company, we report
not required to be filed with the Central Government.
that no funds raised on short-term basis have been
Accordingly, the provisions stated under clause 3(xi)
used for long-term purposes by the Company.
(b) of the Order is not applicable to the Company.
(e) According to the information explanation given to
(c) As represented to us by the Management, there
us and on an overall examination of the standalone
are no whistle-blower complaints received by the
financial statements of the Company, we report
Company during the year.
that the Company has not taken any funds from
any entity or person on account of or to meet the xii. The Company is not a Nidhi Company. Accordingly, the
obligations of its subsidiaries. provisions stated under clause 3(xii)(a) to (c) of the
Order are not applicable to the Company.
(f)
given to us and procedures performed by us, we xiii. According to the information and explanations given
report that the Company has not raised loans to us and based on our examination of the records of
during the year on the pledge of securities held the Company, transactions with the related parties
in its subsidiaries. Further, the company do not are in compliance with Sections 177 and 188 of the
have any associate or joint ventures. Accordingly, Companies Act 2013, where applicable and details of
reporting under Clause 3(ix)(f) of the order is not such transactions have been disclosed in the standalone
applicable to the Company. financial statements as required by the applicable
accounting standards.
x. (a) In our opinion and according to the information
explanation given to us, the Company did not raise xiv. (a) In our opinion and based on our examination,
any money by way of initial public offer or further the Company has an internal audit system
public offer (including debt instruments) during commensurate with the size and nature of its
the year. Accordingly, the provisions stated under business.
clause 3(x)(a) of the Order are not applicable to the
(b) We have considered internal audit reports of the
Company.
Company issued till date, for the period under audit.
(b)
xv. According to the information and explanations given to
given to us and based on our examination of the
us, in our opinion, during the year, the Company has not
records of the Company, the Company has not made
entered into non-cash transactions with directors or
any preferential allotment or private placement
persons connected with its directors and accordingly,
of shares or fully, partly, or optionally convertible
the reporting on compliance with the provisions of
debentures during the year. Accordingly, the
Section 192 of the the Act in clause 3(xv) of the Order is
provisions stated in paragraph 3 (x)(b) of the Order
not applicable to the Company.
are not applicable to the Company.
156
Corporate Overview
Statutory Reports
Annexure B (Contd.)
xvi. (a) The Company is not required to be registered xix. According to the information and explanations given to
under Section 45 IA of the Reserve Bank of India us and on the basis of the financial ratios (as disclosed in
Act, 1934 and accordingly, the provisions stated in note 56 to the standalone financial statements), ageing
paragraph 3 (xvi)(a) of the Order are not applicable and expected dates of realization of financial assets
to the Company. and payment of financial liabilities, other information
accompanying the standalone financial statements, our
(b) The Company is not engaged in any Non-Banking
knowledge of the Board of Directors and management
Financial or Housing Finance activities during the
plans and based on our examination of the evidence
year and accordingly, the provisions stated under
supporting the assumptions, nothing has come to our
clause 3 (xvi)(b) of the Order are not applicable to
attention, which causes us to believe that any material
the Company.
uncertainty exists as on the date of the audit report that
(c) The Company is not a Core investment Company Company is not capable of meeting its liabilities existing
(CIC) as defined in the regulations made by at the date of balance sheet as and when they fall due
Reserve Bank of India. Hence, the reporting under within a period of one year from the balance sheet date.
paragraph 3 (xvi)(c) of the Order are not applicable We, however, state that this is not an assurance as to
to the Company. the future viability of the Company. We further state
(d)
According to the information and explanations that our reporting is based on the facts up to the date
provided to us, the Group (as defined in the of the audit report and we neither give any guarantee
Core Investment Companies (Reserve Bank) nor any assurance that all liabilities falling due within a
Directions, 2016) does not have more than one period of one year from the balance sheet date, will get
Core Investment Company as a part of its group. discharged by the Company as and when they fall due.
Accordingly, the provisions stated under clause xx. According to the information and explanations given
3(xvi)(d) of the Order are not applicable to the to us and based on our verification, the provisions of
Company. Section 135 of the Companies Act, 2013 are applicable
xvii. Based on the overall review of standalone financial to the Company. The Company has made the required
statements, the Company has not incurred cash losses contributions during the year and there are no unspent
in the current financial year and in the immediately amounts which are required to be transferred either to
preceding financial year. Accordingly, the provisions a Fund specified in schedule VII of the Companies Act,
stated under clause 3(xvii) of the Order are not 2013 or to a Special Account as per the provisions of
applicable to the Company. Section 135 of the Act read with schedule VII to the
companies Act, 2013. Accordingly, reporting under
xviii. There has been no resignation of the statutory auditors Clause 3(xx)(a) and Clause 3(xx)(b) of the Order is not
during the year. Hence, the provisions stated in applicable to the Company.
paragraph 3 (xviii) of the Order are not applicable to the
Company. xxi. The reporting under Clause 3(xxi) of the Order is not
applicable in respect of audit of standalone financial
statements. Accordingly, no comment in respect of the
said Clause has been included in the report.


Partner
157
ANNEXURE C
TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF PRECISION
CAMSHAFTS LIMITED
[Referred to in paragraph 2(g) under ‘Report on Other Legal financial statements based on our audit. We conducted
and Regulatory Requirements’ in the Independent Auditors’ our audit in accordance with the Guidance Note and the
Report of even date to the Members of Precision Camshafts Standards on Auditing, issued by ICAI and deemed to be
Limited on the Financial Statements for the year ended March prescribed under section 143(10) of the Act, to the extent
31, 2024] applicable to an audit of internal financial controls. Those
Standards and the Guidance Note require that we comply
REPORT ON THE INTERNAL FINANCIAL CONTROLS with ethical requirements and plan and perform the audit
UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 to obtain reasonable assurance about whether adequate
OF THE COMPANIES ACT, 2013 (“THE ACT”) internal financial controls with reference to standalone
We have audited the internal financial controls with reference financial statements was established and maintained and if
to standalone financial statements of Precision Camshafts such controls operated effectively in all material respects.
Limited (“the Company”) as of March 31, 2024 in conjunction Our audit involves performing procedures to obtain audit
with our audit of the standalone financial statements of the evidence about the adequacy of the internal financial controls
Company for the year ended on that date. with reference to standalone financial statements and
their operating effectiveness. Our audit of internal financial
OPINION
controls with reference to standalone financial statements
In our opinion, the Company has, in all material respects, included obtaining an understanding of internal financial
an adequate internal financial controls with reference to controls with reference to standalone financial statements,
standalone financial statements and such internal financial assessing the risk that a material weakness exists, and testing
controls with reference to standalone financial statements and evaluating the design and operating effectiveness of
were operating effectively as at March 31, 2024, based on internal control based on the assessed risk. The procedures
the internal control with reference to standalone financial selected depend on the auditor’s judgement, including the
statements criteria established by the Company considering assessment of the risks of material misstatement of the
the essential components of internal control stated in the standalone financial statements, whether due to fraud or
Guidance Note on Audit of Internal Financial Controls Over error.
Financial Reporting issued by the Institute of Chartered
Accountants of India (ICAI) (the “Guidance Note”). We believe that the audit evidence we have obtained, is
sufficient and appropriate to provide a basis for our audit
Management’s and Board of Director’s Responsibility for opinion on the Company’s internal financial controls with
Internal Financial Controls
reference to standalone financial statements.
The Company’s Management and the Board of Directors Meaning of Internal Financial Controls With reference to
are responsible for establishing and maintaining internal Standalone Financial Statements
financial controls based on the internal control with reference
to standalone financial statements criteria established by the A company’s internal financial control with reference to
Company considering the essential components of internal standalone financial statements is a process designed
control stated in the Guidance Note. These responsibilities to provide reasonable assurance regarding the reliability
include the design, implementation and maintenance of of financial reporting and the preparation of standalone
adequate internal financial controls that were operating financial statements for external purposes in accordance
effectively for ensuring the orderly and efficient conduct of with generally accepted accounting principles. A company’s
its business, including adherence to Company’s policies, internal financial control with reference to standalone
the safeguarding of its assets, the prevention and detection financial statements includes those policies and procedures
of frauds and errors, the accuracy and completeness of the that (1) pertain to the maintenance of records that,
accounting records, and the timely preparation of reliable in reasonable detail, accurately and fairly reflect the
financial information, as required under the Act. transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are
Auditors’ Responsibility recorded as necessary to permit preparation of standalone
Our responsibility is to express an opinion on the Company’s financial statements in accordance with generally accepted
internal financial controls with reference to standalone accounting principles, and that receipts and expenditures
158
Corporate Overview
Statutory Reports
Annexure C (Contd.)
of the company are being made only in accordance with including the possibility of collusion or improper
authorizations of management and directors of the company; management override of controls, material misstatements
and (3) provide reasonable assurance regarding prevention due to error or fraud may occur and not be detected.
or timely detection of unauthorized acquisition, use, or Also, projections of any evaluation of the internal financial
disposition of the company’s assets that could have a controls with reference to standalone financial statements
material effect on the standalone financial statements. to future periods are subject to the risk that the internal
financial control with reference to standalone financial
Inherent Limitations of Internal Financial Controls With
reference to Standalone financial statements statements may become inadequate because of changes
in conditions, or that the degree of compliance with the
Because of the inherent limitations of internal financial policies or procedures may deteriorate.
controls with reference to standalone financial statements,


Partner
159
STANDALONE BALANCE SHEET

As at 31st March 2024
(All amounts are in ` Lakhs, unless otherwise stated)
Particulars Notes As at As at
31st March 2024 31st March 2023
ASSETS
Non-current assets
(a) Property, plant and equipment 3 24,828.49 18,180.29
(b) Capital work-in-progress 3A 2,671.39 8,020.86
(c) Intangible assets 4 67.13 11.28
(d) Intangible assets under development 4 - 45.00
(e) Financial assets
(i) Investments 5A 16,272.14 16,272.14
(ii) Loans 5B 9,531.91 9,499.79
(iii) Other financial assets 5C 465.64 332.84
(f) Other non-current assets 6 562.87 891.74
Total non-current assets 54,399.57 53,253.94
Current assets
(a) Inventories 7 7,801.89 6,810.99
(b) Financial assets
(i) Investments 5A 21,825.42 17,113.94
(ii) Trade receivables 8 13,603.51 14,455.83
(iii) Cash and cash equivalents 9 1,079.33 544.19
(iv) Bank balance other than (iii) above 9 4,385.65 4,186.69
(v) Others financial assets 5C 86.02 103.23
(c) Other current assets 6 2,353.26 1,927.21
Total current assets 51,135.08 45,142.08
Assets classified as held for sale 18 925.47 -
Total Assets 1,06,460.12 98,396.02
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 10 9,498.58 9,498.58
(b) Other equity 11 79,484.84 72,552.59
Total equity 88,983.42 82,051.17
LIABILITIES
Non-current liabilities
(a) Deferred tax liabilities (net) 27 458.51 264.75
(b) Provisions 16 566.03 468.99
Total non-current liabilities 1,024.54 733.74
Current liabilities
(a) Financial liabilities
(i) Borrowings 12 5,915.25 4,157.01
(ii) Lease liabilities 13A - 5.56
(iii) Trade and other payables 14
- total outstanding dues of micro enterprises and small enterprises 1,190.82 1,438.13
- total outstanding dues of creditors other than micro enterprises 6,987.34 7,703.11
and small enterprises
(iv) Other financial liabilities 13 1,687.42 1,801.20
(b) Other current liabilities 15 239.97 256.39
(c) Provisions 16 206.32 185.09
(d) Current tax liabilities (net) 17 163.93 64.62
Total current liabilities 16,391.05 15,611.11
Liabilities related to assets classified as held for sale 18A 61.11 -
Total liabilities 17,476.70 16,344.85
Total Equity and Liabilities 1,06,460.12 98,396.02
Summary of material accounting policies 2
The accompanying notes are an integral part of the financial statements
As per our report attached of even date
For MSKA & Associates For and on behalf of the Board of Directors of
Chartered Accountants Precision Camshafts Limited
Firm Regn. Number: 105047W CIN : L24231PN1992PLC067126
Nitin Manohar Jumani Yatin S. Shah Ravindra R. Joshi Karan Y. Shah Tanmay M. Pethkar
Partner Managing Director Whole-time Director & CFO Whole-time Director Company Secretary
Membership Number: 111700 DIN: 00318140 DIN: 03338134 DIN. 07985441 Membership Number :
A53618
Place: Pune Place: Solapur Place: Solapur Place: Solapur Place: Pune
Date: 23rd May 2024 Date: 23rd May 2024 Date: 23rd May 2024 Date: 23rd May 2024 Date: 23rd May 2024
160
Corporate Overview
Statutory Reports
STANDALONE STATEMENT OF PROFIT AND LOSS

for the year ended 31st March 2024
Particulars Notes Year ended Year ended

Income
Revenue from operations 19 67,461.81 62,634.38
Other income 20 2,564.90 2,798.03
Total income (I) 70,026.71 65,432.41
Expenses
Cost of raw materials and components consumed 21 21,620.30 22,200.58
(Increase) / decrease in inventories of finished goods, work-in-progress 22 (751.95) (67.89)
Employee benefits expense 23 9,405.81 8,000.65
Other expenses 24 25,789.29 23,501.82
Total expenses (II) 56,063.45 53,635.16
Earnings before interest, tax, depreciation and amortisation (EBITDA) 13,963.26 11,797.25
(I) - (II)
Finance costs 25 460.52 372.12
Finance income 26 (471.56) (550.48)
Depreciation and amortisation expense 27 4,023.31 3,634.55
Profit before tax 9,950.99 8,341.06
Tax expense
Current tax 28 1,930.55 2,444.24
(Excess) / short provision of tax relating to earlier years 28 - 134.52
Deferred tax 28 179.45 (332.52)
Total tax expense 2,110.00 2,246.24
Profit for the year (A) 7,840.99 6,094.82
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in
subsequent periods:
Re-measurement gains on defined benefit plans 55.41 18.15
Income tax effect (13.94) (4.57)
Total other comprehensive income for the year, net of tax [B] 41.47 13.58
Total comprehensive income for the year, net of tax ( A+B) 7,882.46 6,108.40
Earning per share [nominal value per share ` 10/- (31st March 2023: ` 10/-) 29
Basic, computed on the basis of profit attributable to equity share holders 8.25 6.42
of the Company
Diluted, computed on the basis of profit attributable to equity share 8.25 6.42
holders of the Company
The accompanying notes are an integral part of the financial statements
A53618
161
STATEMENT OF STANDALONE CASH FLOWS

for the Year ended 31st March 2024
Particulars Year ended Year ended

A. CASH FLOW FROM OPERATING ACTIVITIES
ADJUSTMENTS TO RECONCILE PROFIT BEFORE TAX TO NET CASH FLOWS:
Depreciation and impairment of property, plant and equipment 4,013.26 3,620.82
Amortisation and impairment of intangible assets 10.05 13.73
Net foreign exchange loss/(gain) differences (unrealised) (106.06) (725.12)
Net loss on disposal of property, plant and equipment/ Assets written off 83.39 2.36
Gain on mutual fund (realised and unrealised) (1,711.41) (735.54)
Finance income (including fair value change in financial instruments) (471.56) (550.48)
Finance costs (including fair value change in financial instruments) 460.52 372.12
Liabilities written back (142.80) -
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 12,086.38 10,338.95
WORKING CAPITAL ADJUSTMENTS:
Increase/(decrease) in provisions 173.68 (180.17)
(Increase) / decrease in other assets (435.35) (140.68)
(Increase)/ decrease in other financial assets (87.64) (27.82)
Increase/ (decrease) in other current liabilities 76.32 (38.76)
Increase/ (decrease) in other financial liabilities 183.65 175.58
(Increase)/ decrease in trade and other receivables and prepayments 754.46 (2,108.62)
(Increase)/ decrease in inventories (990.90) (527.30)
Increase/ (decrease) in trade and other payables (915.62) 1,684.17
CASH GENERATED FROM OPERATIONS 10,844.98 9,175.35
Income tax paid (1,967.04) (2,432.51)
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) 8,877.94 6,742.84
B. CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 56.72 -
Purchase of property, plant and equipment (6,086.22) (4,924.61)
Investment in mutual fund (3,000.00) (2,211.63)
Advance received against sale of land 61.11 -
Proceeds from sale of mutual fund - 3,974.57
Investment in subsidiaries (equity and debt) - (2,615.20)
Investment in relation to term deposits (243.03) (205.85)
Interest received (finance income) 537.20 862.03
NET CASH FLOWS USED IN INVESTING ACTIVITIES (B) (8,674.22) (5,120.69)
162
Corporate Overview
Statutory Reports
STATEMENT OF STANDALONE CASH FLOWS

for the Year ended 31st March 2024 (Contd.)

C. CASH FLOW FROM FINANCING ACTIVITIES
Interest paid (460.52) (372.12)
(Repayment)/proceeds of short term borrowings (net) 1,758.23 (297.13)
Final dividend paid on shares (960.73) (1,034.16)
Payment of lease obligation (5.56) (13.49)
NET CASH FLOWS FROM / (USED) IN FINANCING ACTIVITIES (C) 331.42 (1,716.90)
Net increase / (decrease) in cash and cash equivalents (A+B+C) 535.14 (94.75)
Cash and cash equivalents at the beginning of the year 544.19 638.94
Cash and cash equivalents as at year end 1,079.33 544.19
Components of cash and cash equivalents: (Refer Note 9)
Balances with banks:
On current accounts 1,026.11 491.33
Deposit with original maturity of less than 3 months 50.47 50.46
Cash in hand 2.75 2.40
Cash and cash equivalents at year end 1,079.33 544.19
The accompanying notes are an integral part of the financial statements.

A53618
163
STANDALONE STATEMENT OF CHANGES IN EQUITY

A EQUITY SHARE CAPITAL
Equity shares of 10 each issued, subscribed and fully paid (refer note 10) Number Amount
At 1 April 2022
st
9,49,85,835 9,498.58
Issued during the year - -
At 31st March 2023 9,49,85,835 9,498.58
At 31 March 2024
st
9,49,85,835 9,498.58
B OTHER EQUITY
Particulars Reserve and surplus Total equity

Securities General Retained Other items
premium reserve earnings of other
comprehensive
income - Re-
mesurement gains
/(losses) on defined
benefit plans
At 1st April 2022 21,744.23 472.21 45,197.39 79.84 67,493.67
Profit for the year - - 6,094.82 - 6,094.82
other comprehensive income for the year - - - 13.58 13.58
TOTAL COMPREHENSIVE INCOME FOR THE YEAR - - 6,094.82 13.58 6,108.40
Deferred tax charge on share issue expenses (4.64) - - - (4.64)
Final dividend for the year ended 31 March 2022
st
- - (1,044.84) - (1,044.84)
At 31 March 2023
st
21,739.59 472.21 50,247.37 93.42 72,552.59
At 1st April 2023 21,739.59 472.21 50,247.37 93.42 72,552.59
Profit for the year - - 7,840.99 - 7,840.99
other comprehensive income for the year - - - 41.47 41.47
Total comprehensive income for the year - - 7,840.99 41.47 7,882.46
Deferred tax charge on share issue expenses (0.35) - - - (0.35)
Final dividend for the year ended 31 March 2023
st
- - (949.86) - (949.86)
At 31 March 2024
st
21,739.24 472.21 57,138.50 134.89 79,484.84

A53618
164
Corporate Overview
Statutory Reports
NOTES TO THE STANDALONE FINANCIAL STATEMENTS

1. REPORTING ENTITY (iv) Basis of measurement

recision Camshafts Limited (“the Company”) is a public
P he Financial Statements have been prepared on a
T
company domiciled in India and was incorporated in 1993. historical cost convention on accrual basis except for
The company is primarily engaged in the manufacture and the following items:
sale of castings camshaft and machined camshafts to the auto
Items Measurement basis
industry business. The Company has its office registered at E
102/103 MIDC, Akkalkot road Solapur, Maharashtra, 413006. Certain financial Fair value
The equity shares of the Company are listed on the Bombay assets and liabilities
Stock Exchange (BSE) and the National Stock Exchange (NSE). Net defined benefit Present value of defined benefit
liability obligation less fair value of plan
he Board of Directors approved the financial statements for
T
assets
the year ended 31st March 2024 and authorized for issue on
23rd May 2024. (v) Going Concern Assumption
2.(a) Basis of preparation of Financial Statements These Financial Statements have been prepared on a
going concern basis. The management has, assessed
(i) Statement of compliance and basis of Preparation the cash flow projections and available liquidity for
The financial statements (“the Financial Statements”) a period of at least twelve months from the date of
have been prepared in accordance with Indian these Financial Statements. Based this evaluation,
Accounting Standards (Ind AS) notified under Section Management believes that the Company will be able to
133 of the Companies Act, 2013 (the "Act") read with continue as a 'going concern' in the foreseeable future
the Companies (Indian Accounting Standards) Rules, and for a period of at least twelve months from the date
2015 and Companies (Indian Accounting Standards) of these Financial Statements based on the following:
Amendment Rules, 2016. i) Expected future operating cash flows based on
Accounting policies have been consistently applied to business projections, and
all the years presented except where a newly issued ii) Available credit facilities with its bankers.
Accounting Standard is initially adopted or a revision
to an existing Indian Accounting Standard requires a Based on the above factors, Management has concluded
change in the accounting policy hitherto in use. that the “going concern” assumption is appropriate.
Accordingly, the Financial Statements do not include
Details of the Company’s material accounting policies any adjustments regarding the recoverability and
are included in Note 2(c). classification of the carrying amount of assets and
classification of liabilities that might result, should the
(ii) EBITDA Measurement Policy:
Company be unable to continue as a going concern.
The company has elected to present earnings before
interest, tax, depreciation and amortization (EBITDA) (vi) Critical accounting judgements and key sources of
as a separate line item on the face of the statement of estimation uncertainty
profit and loss to provide a clear view of operational In preparing these Financial Statements, management
performance. In its measurement the company does has made judgements, estimates and assumptions
not include depreciation and amortization expense, that affect the application of accounting policies and
finance income, finance costs and tax expense to reflect the reported amounts of assets, liabilities, income, and
core business performance accurately. expenses. Actual results may differ from these estimates.
(iii) Functional and presentation currency Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
These Financial Statements are presented in Indian
recognised prospectively.
Rupees (₹), which is also the Company’s functional
currency. All amounts have been rounded-off to the In particular, information about significant areas of
nearest lakh to two decimal points, unless otherwise estimation uncertainty and critical judgments in applying
indicated. accounting policies that have the most significant effect
165

on the amounts recognised in the Financial Statements annually. This involves evaluating the
are included in the following notes: subsidiary’s financial health, cash flow
projections, and market conditions. The
a) Critical Accounting Estimates
estimation process involves significant
- Note 31 – The cost of the defined benefit plans, judgment, including assumptions about the
compensated absences and the present value subsidiary's future cash flows, repayment
of the defined benefit obligation are based on ability, and economic conditions. All
actuarial valuation using the projected unit assumptions are reviewed at each reporting
credit method. An actuarial valuation involves date. The policy for the same has been
making various assumptions that may differ explained under Note 2(c).
from actual developments in the future. These
include the determination of the discount - Note 5A-The Company assesses the carrying
rate; future salary increases and mortality value of investments in subsidiaries for
rates. Due to the complexities involved in the impairment. This involves evaluating the
valuation and its long-term nature, a defined subsidiary's financial performance, market
benefit obligation is highly sensitive to changes conditions, and future cash flow projections.
in these assumptions. All assumptions are This process requires significant judgment,
reviewed at each reporting date. The policy for including assumptions about future cash
the same has been explained under Note 2(c). flows, growth rates, and discount rates,
reflecting management's best estimates under
-
Note 3 - Property, plant and equipment
current market conditions. All assumptions are
represent a significant proportion of the
reviewed at each reporting date. The policy for
asset base of the Company. The charge in
the same has been explained under Note 2(c).
respect of periodic depreciation is derived
after determining an estimate of an asset’s -
Note 7-The Company assesses inventory
expected useful life and the expected residual at the lower of cost and net realizable value
value at the end of its life. The useful lives (NRV). NRV is the estimated selling price in the
and residual values of company's assets are ordinary course of business, less estimated
determined by management at the time the costs of completion and selling expenses.
asset is acquired and reviewed periodically, The provision for NRV is based on Current
including at each financial year end. The lives and forecasted market trends, Obsolescence
are based on historical experience with similar & sales projections. This estimate involves
assets as well as anticipation of future events, significant judgment and is reviewed at each
which may impact their life. The policy for the reporting date. The policy for the same has
same has been explained under Note 2(c). been explained under Note 2(c).
- Note 8 - The impairment provisions of - Note 18-The Company classifies assets as
financial assets are based on assumptions held for sale when their carrying amount
about risk of default and expected timing of will be recovered principally through a sale
collection. The Company uses judgment in transaction rather than through continuing
making these assumptions and selecting the use. Management assesses whether the sale
inputs to the impairment calculation, based is highly probable and the asset is available
on the Company’s past history, customer’s for immediate sale in its present condition.
creditworthiness, existing market conditions The estimation involves significant judgment,
as well as forward looking estimates at the including assumptions about the selling price,
end of each reporting period. The policy for costs to sell, and the timeframe for the sale,
the same has been explained under Note 2(c). based on current market conditions. The
-
Note 5B-The Company assesses the policy for the same has been explained under
recoverability of loans given to subsidiary Note 2(c).
166
Corporate Overview
Statutory Reports

2(b) Changes in accounting policies and disclosures 2(c) Material accounting policies
The Ministry of Corporate Affairs has notified Companies (i) Foreign currency
(Indian Accounting Standards) Amendment Rules,
Foreign currency transactions and translation
2023 dated March 31, 2023 to amend the following
Ind AS which are effective for annual periods beginning Transactions in foreign currencies are translated into
on or after April 01, 2023. The Company has applied the functional currency of the Company at the exchange
these amendments for the first-time in these financial rates on the date of the transactions. Monetary assets
statements. and liabilities denominated in foreign currencies are
translated into the functional currency at the exchange
(i) Amendments to Ind AS 1 - disclosure of accounting rate at the reporting date. Non-monetary assets and
policies liabilities that are measured at fair value in a foreign
The amendments aim to help entities provide accounting currency are translated into the functional currency at the
policy disclosures that are more useful by replacing the exchange rate when the fair value was determined. Non-
requirement for entities to disclose their ‘significant’ monetary assets and liabilities that are measured based
accounting policies with a requirement to disclose their on historical cost in a foreign currency are translated at
‘material’ accounting policies and adding guidance on the exchange rate at the date of the transaction. Exchange
how entities apply the concept of materiality in making differences are recognized in profit or loss.
decisions about accounting policy disclosures. Foreign exchange gains and losses are presented in the
The amendments have had an impact on the disclosures statement of Profit and loss on net basis.
of accounting policies, but not on the measurement, (ii) Financial Instruments
recognition or presentation of any items in the financial
• financial assets, which include cash and cash
statements.
equivalents, Loans given, trade receivables,
(ii)
Amendments to Ind AS 12 - deferred tax related to investments in equity & Mutual funds and eligible
assets and liabilities arising from a single transaction current and noncurrent assets; and
The amendments narrow the scope of the initial • financial liabilities, which include borrowings,
recognition exception under Ind AS 12, so that it no trade payables and eligible current and noncurrent
longer applies to transactions that give rise to equal liabilities.
taxable and deductible temporary differences such as
(a) Non derivative financial instruments consist of:
leases. The Company has no Right of use asset & Lease
liability as on March 31, 2024 hence amendment has no Non-derivative financial instruments are
impact on the Standalone financial statements. recognised initially at fair value. Subsequent
to initial recognition, non-derivative financial
(iii) Definition of Accounting Estimates – Amendments to instruments are measured as described below:
Ind AS 8 Accounting policies, changes in accounting
Cash and cash equivalents.
estimates and errors

The amendments clarify the distinction between The Company’s cash and cash equivalents consist
changes in accounting estimates and changes in of cash on hand and in banks and demand deposits
accounting policies and the correction of errors. It with banks, which can be withdrawn at any time,
has also been clarified how entities use measurement without prior notice or penalty on the principal.
For the purposes of the statement of cash flows,
techniques and inputs to develop accounting estimates.
cash and cash equivalents include cash on hand,
The amendments had no impact on these Standalone in banks and demand deposits with banks and
financial statements. are considered part of the Company’s cash
management system.
(iv)
New standards and amendments issued but not
effective Investments
There are no such standards which are notified but not Financial instruments measured at fair value
yet effective. through profit or loss (“FVTPL”):
167

Instruments that do not meet the amortised cost or (b) Derecognition of financial instruments
FVTOCI criteria are measured at FVTPL. Financial
The Company derecognises a financial asset
assets at FVTPL are measured at fair value at the
when the contractual rights to the cash flows
end of each reporting period, with any gains or
from the financial asset expire or it transfers
losses arising on re-measurement recognised in
the financial asset and the transfer qualifies for
the statement of profit and loss. The gain or loss
derecognition under Ind AS 109. If the Company
on disposal is recognised in the statement of profit
retains substantially all the risks and rewards
and loss.
of a transferred financial asset, the Company
Investments in subsidiaries: continues to recognise the financial asset and
recognises a borrowing for the proceeds received.
Investment in equity instruments of subsidiaries
A financial liability (or a part of a financial liability)
are measured at cost less impairment(if any). Cost
is derecognised from the Company’s balance sheet
represents amount paid for acquisition of the said
when the obligation specified in the contract is
investments.
discharged or cancelled or expires.
The Company assesses at the end of each reporting
(c) Offsetting
period, if there are any indications that the said
investments may be impaired. If so, the Company Financial assets and financial liabilities are offset,
estimates the recoverable value/amount of the and the net amount presented in the Balance Sheet
investment and provides for impairment, if any i.e. when, and only when, the Company currently has
the deficit in the recoverable value over cost. a legally enforceable right to set off the amounts
and it intends either to settle them on a net basis
Other financial assets
or to realize the asset and settle the liability
Other financial assets are non-derivative financial simultaneously.
assets with fixed or determinable payments that
are not quoted in an active market. These comprise (iii) Property, plant and equipment
trade receivables loans given, lease receivables, i. Recognition and measurement
and eligible current and noncurrent assets. They
Items of property, plant and equipment are
are presented as current assets, except for those
measured at cost (cash price equivalent), which
expected to be realised later than twelve months
includes capitalized borrowing costs, less
after the reporting date which are presented as
accumulated depreciation, and accumulated
non-current assets. All financial assets are initially
impairment losses, if any.
recognised at fair value and subsequently measured
at amortised cost using the effective interest If significant parts of an item of property, plant
method, less any impairment losses. However, trade and equipment have different useful lives, then
receivables that do not contain a significant financing they are accounted for as separate items (major
component are measured at the Transaction Price. components) of property, plant and equipment.
Trade payables and other liabilities Any gain or loss on disposal of an item of property,
plant and equipment is recognized in profit or loss.

Trade payables are initially recognised at
transaction price, and subsequently carried at Capital work in progress is stated at cost and
transaction price. includes the cost of the assets that are not ready
for their intended use at the Balance Sheet date.
Other liabilities are initially recognised at
transaction price, and subsequently carried at PPE is derecognized upon disposal or when no
amortised cost using the effective interest method. future economic benefits are expected from its use
For these financial instruments, the carrying or disposal. Any gain or loss arising on derecognition
amounts approximate fair value due to the short- is recognised in the Statement of Profit and Loss in
term maturity of these instruments. the same period.
168
Corporate Overview
Statutory Reports

ii. Subsequent expenditure

The estimated useful lives of the amortizable
intangible assets are considered as 3 to 5 years.
Subsequent expenditure is capitalized only if it
is probable that the future economic benefits (v) Asset classified as held for sale.
associated with the expenditure will flow to the The Company classifies non-current assets as held
Company. for sale if their carrying amounts will be recovered
iii. Depreciation principally through a sale rather than through
continuing use.
Depreciation is calculated on cost of items of
property, plant and equipment less their estimated Non-current assets held for sale are measured
at the lower of their carrying amount and the
residual values over their estimated useful lives
fair value less costs to sell. Assets and liabilities
using the straight-line method and is generally
classified as held for sale are presented separately
recognized in the statement of profit and loss.
in the balance sheet.
Freehold land is not depreciated.
Following their classification as held for sale, non
Depreciation on property, plant and equipment is
current assets are not depreciated.
provided over the useful life of assets as assessed
by the management are in line with useful lives (vi) Impairment
prescribed in Schedule II to the Companies Act i. Impairment of Financial assets
2013, as follows –
The Company applies the expected credit
Particulars Useful lives (years) loss model for recognizing impairment loss
Buildings 30 on financial assets measured at amortized
Roads 5-10 cost, trade receivables, loans given, Lease
Plant & Machinery 3-7.5 receivables and other financial assets.
Computer 3 Expected credit loss is the difference between
the contractual cash flows and the cash flows
Furniture and fixtures 5
that the entity expects to receive discounted
Vehicles 8
using the effective interest rate.
Cost of leasehold land is amortised over the period
Loss allowances for trade receivables, loans
of lease i.e, 80 years to 99 years
given Lease receivables are measured at an
Depreciation method, useful lives and residual amount equal to lifetime expected credit
values are reviewed at each financial year-end and loss. Lifetime expected credit losses are the
adjusted if appropriate. expected credit losses that result from all
possible default events over the expected
Depreciation on additions (disposals) is provided
life of a financial instrument. Lifetime
on a pro-rata basis i.e. from (up to) the date on expected credit loss is computed based on a
which the asset is ready for use (disposed of). provision matrix which takes in to account risk
(iv) Intangible assets profiling of customers and historical credit
loss experience adjusted for forward looking

Intangible assets acquired separately are information.
measured at cost of acquisition. Following initial
recognition, intangible assets are carried at cost ii. Impairment of non-financial assets
less accumulated amortization and impairment The Company’s non-financial assets such as
losses, if any. The amortization of an intangible property, plant and equipment, inventories
asset with a finite useful life reflects the manner and deferred tax assets, are reviewed at each
in which the economic benefit is expected to be reporting date to determine whether there
generated. The estimated useful life of amortizable is any indication of impairment. If any such
intangibles is reviewed and where appropriate is indication exists, then the asset’s recoverable
adjusted, annually. amount is estimated.
169


For impairment testing, assets that do not
Finished goods and work in progress are valued at
generate independent cash inflows are lower of cost and net realisable value. Cost includes
grouped together into cash-generating units all direct costs including applicable manufacturing
(CGUs). Each CGU represents the smallest overheads incurred in bringing them to their
group of assets that generates cash inflows present location and condition.
that are largely independent of the cash
(viii) Employee benefits
inflows of other assets or CGUs.
i. Short term employee benefits
The recoverable amount of a CGU (or an
individual asset) is the higher of its value in use Short-term employee benefit obligations are
and its fair value less costs to sell. Value in use measured on an undiscounted basis and are
is based on the estimated future cash flows, expensed as the related service is provided. A
discounted to their present value using a pre- liability is recognized for the amount expected
tax discount rate that reflects current market to be paid e.g. under short-term cash bonus,
assessments of the time value of money and if the Company has a present legal or
the risks specific to the CGU (or the asset). constructive obligation to pay this amount
An impairment loss is recognized if the as a result of past service provided by the
carrying amount of an asset or CGU exceeds its employee, and the amount of obligation can
estimated recoverable amount. Impairment be estimated reliably.
losses are recognized in the statement of ii. Post-employment benefits (defined benefit
profit and loss. plans)
In respect of assets for which impairment
The Company provides for retirement
loss has been recognized in prior periods,
benefits in the form of Gratuity. A defined
the Company reviews at each reporting date
benefit plan is a post-employment benefit
whether there is any indication that the
plan other than a defined contribution plan.
loss has decreased or no longer exists. An
The Company’s net obligation in respect of
impairment loss is reversed if there has been
defined benefit plans is calculated separately
a change in the estimates used to determine
for each plan by estimating the amount of
the recoverable amount. Such a reversal
future benefit that employees have earned
is made only to the extent that the asset’s
in the current and prior periods, discounting
carrying amount does not exceed the carrying
that amount and deducting the fair value of
amount that would have been determined,
any plan assets.
net of depreciation or amortization, if no
impairment loss had been recognized. The calculation of defined benefit obligation
is performed annually by a qualified actuary
(vii) Inventories:
using the projected unit credit method. When
Inventories are valued at lower of cost and net the calculation results in a potential asset for
realizable value including necessary provision for the Company, the recognized asset is limited
obsolescence. Net realisable value is the estimated to the present value of economic benefits
selling price in the ordinary course of business, available in the form of any future refunds from
less the estimated cost of completion and selling the plan or reductions in future contributions
expenses. The comparison of cost and net realisable to the plan (‘the asset ceiling’).
value is made on an item by item basis.
In order to calculate the present value of
The cost of raw materials, components, consumable
economic benefits, consideration is given to
stores and spare parts are determined using the
any minimum funding requirements.
weighted average method and includes freight,
taxes and duties, net of duty credits wherever Re-measurements of the net defined benefit
applicable. liability, which comprise actuarial gains and
170
Corporate Overview
Statutory Reports

losses, the return on plan assets (excluding (ix) Revenue Recognition

interest) and the effect of the asset ceiling
The Company derives revenue primarily from
(if any, excluding interest), are recognized
manufacture and sale of castings camshaft
in OCI. The Company determines the net
and machined camshafts. The Company also
interest expense (income) on the net defined
earns revenue from Tooling contract used in
benefit liability (asset) for the period by
manufacturing of camshafts.
applying the discount rate used to measure
the defined benefit obligation at the beginning Sale of Products:
of the annual period to the then-net defined
Revenue from sale of product is recognized at point
benefit liability (asset), taking into account
in time when control of the goods has transferred
any changes in the net defined benefit
to the customer. Control over a good refers to the
liability (asset) during the period as a result
ability to direct the use of, and obtain substantially
of contributions and benefit payments. Net
all of the remaining benefits from, those goods.
interest expense and other expenses related
Control is usually transferred upon shipment,
to defined benefit plans are recognized in
delivery to, upon receipt of goods by the customer,
profit or loss.
in accordance with the individual delivery and
When the benefits of a plan are changed acceptance terms agreed with the customers. The
or when a plan is curtailed, the resulting amount of revenue to be recognized (transaction
change in benefit that relates to past service price) is based on the consideration expected to be
(‘past service cost’ or ‘past service gain’) or received in exchange for goods, excluding amounts
the gain or loss on curtailment is recognized collected on behalf of third parties such as goods
immediately in profit or loss. The Company and services tax or other taxes directly linked to
recognizes gains and losses on the settlement sales. Revenue from product sales are recorded net
of a defined benefit plan when the settlement of allowances for estimated rebates and estimates
occurs. of product returns, all of which are established at
the time of sale.
iii. Defined contribution plans
Tooling contract:
The Company makes defined contribution
to Government Employee Provident Fund, The Company recognizes revenue from developed
and Superannuation Scheme, which are tools only when they are approved by the customer.
recognized in the Statement of Profit and Loss Accordingly, revenue from tooling is recognized at a
on accrual basis. point in time, post-approval by the customer, at the
A defined contribution plan is a post- transaction price agreed upon in the contract.
employment benefit plan under which an entity (x) Export Incentives:
pays fixed contributions into a separate entity
Government grants in the nature of export
and will have no legal or constructive obligation
incentives are accounted for in the period of export
to pay further amounts. The Company makes
of goods if the entitlements can be estimated with
specified monthly contributions towards
reasonable accuracy and conditions precedent to
Government administered provident fund
claim are reasonably expected to be fulfilled.
scheme. Obligations for contributions to
defined contribution plans are recognised (xi) Dividend:
as an employee benefit expense in profit or
Dividends are recognised when they become
loss in the periods during which the related
legally payable. In the case of interim dividends
services are rendered by employees.
to equity shareholders, this is when declared by
Prepaid contributions are recognised as an the directors. In the case of final dividends, this is
asset to the extent that a cash refund or a when approved by the shareholders at the annual
reduction in future payments is available. general meeting.
171

(xii) Income tax the asset is realized or the liability is settled,

based on the laws that have been enacted or
Income tax comprises current and deferred tax. It
substantively enacted by the reporting date.
is recognised in profit or loss except to the extent
that it relates to an item recognised directly in Deferred tax assets and liabilities are offset
equity or in other comprehensive income. if there is a legally enforceable right to offset
current tax liabilities and assets, and they
i. Current income tax
relate to income taxes levied by the same tax
Tax on income for the current period is authority.
determined on the basis of taxable income
(xiii) Provisions and Contingent Liabilities
and tax credits computed in accordance with
the provisions of the Income Tax Act,1961 The Company estimates the provisions that have
and using estimates and judgments based present obligations as a result of past events, and
on the expected outcome of assessments/ it is probable that an outflow of resources will be
appeals and the relevant rulings in the areas required to settle the obligations. These provisions
of allowances and disallowances. are reviewed at the end of each reporting date and
are adjusted to reflect the current best estimates.
Current tax assets and current tax liabilities
are offset only if there is a legally enforceable The Company uses significant judgement to
right to set off the recognized amounts, and it disclose contingent liabilities. Contingent liabilities
is intended to realize the asset and settle the are disclosed when there is a possible obligation
liability on a net basis or simultaneously. arising from past events, the existence of which
will be confirmed only by the occurrence or non-
ii. Deferred tax
occurrence of one or more uncertain future events
Deferred income tax is provided in full, using not wholly within the control of the Company or
the balance sheet approach, on temporary a present obligation that arises from past events
differences between the carrying amounts of where it is either not probable that an outflow of
assets and liabilities for financial reporting resources will be required to settle the obligation
purposes and the corresponding amounts or a reliable estimate of the amount cannot be
used for taxation purposes. Deferred tax is made. Contingent assets are neither recognized
also recognized in respect of carried forward nor disclosed in the financial statements.
tax losses and tax credits.
(xiv) Segment Reporting
Deferred tax liabilities are generally recognized
Segments are identified based on the manner
for all taxable temporary differences except
in which the Chief Operating Decision Maker
where the Company is able to control the
(‘CODM’) decides about resource allocation and
reversal of the temporary difference and it is
reviews performance. The company is engaged in
probable that the temporary difference will
manufacturing of auto-components (camshafts &
not reverse in the foreseeable future.
others) based on similarity of activities/products,

Deferred tax assets - unrecognized or risk and reward structure, organisation structure
recognized, are reviewed at each reporting and internal reporting systems, the Company has
date and are recognized/ reduced to the structured its operations into a single operating
extent that it is probable/ no longer probable segment ; however based on the geographic
respectively that the related tax benefit will be distribution of activities, the CODM has identified
realized. India and outside India as two reportable
Deferred tax is measured at the tax rates that geographical segments. Refer Note No 34 for
are expected to apply to the period when segment information presented.
172
Corporate Overview
Statutory Reports

NOTE 3: PROPERTY, PLANT AND EQUIPMENT

Particulars Leasehold Freehold Buildings Right of Plant and Office Furniture Vehicles Total
land land use asset machinery equipment and
(building) fixtures
At 1st April 2022 354.12 442.66 9,057.13 23.60 36,900.30 284.85 222.91 275.37 47,560.94
Additions - - 11.62 - 1,242.88 40.94 7.33 17.59 1,320.36
Disposals - - - - (98.06) - - - (98.06)
At 31st March 2023 354.12 442.66 9,068.75 23.60 38,045.12 325.79 230.24 292.96 48,783.24
Additions - 64.35 1,044.97 - 10,118.19 84.09 46.43 334.67 11,692.70
Disposals - - - - (1,523.16) - - (6.68) (1,529.84)
Asset classified as (18.05) - (1,207.71) - (18.36) (4.67) (36.82) - (1,285.61)
held for sale
At 31st March 2024 336.07 507.01 8,906.01 23.60 46,621.79 405.21 239.85 620.95 57,660.49
Depreciation
At 1st April 2022 27.64 - 2,312.69 6.88 24,157.27 263.67 207.58 102.10 27,077.83
Charge for the year 4.09 - 352.94 11.80 3,198.85 17.48 5.34 30.32 3,620.82
Disposals - - - - (95.70) - - - (95.70)
At 31st March 2023 31.73 - 2,665.63 18.68 27,260.42 281.15 212.92 132.42 30,602.95
Charge for the year 4.00 - 367.34 4.92 3,561.94 28.47 6.55 40.04 4,013.26
Disposals - - - - (1,419.87) - - (4.19) (1,424.06)
Asset classified as (5.57) - (295.82) - (18.00) (4.67) (36.09) - (360.15)
held for sale
At 31st March 2024 30.16 - 2,737.15 23.60 29,384.49 304.95 183.38 168.27 32,832.00
Net book value
At 31st March 2024 305.91 507.01 6,168.86 - 17,237.30 100.26 56.47 452.68 24,828.49
At 31st March 2023 322.39 442.66 6,403.12 4.92 10,784.70 44.64 17.32 160.54 18,180.29
Exchange differences on borrowing costs
Company has continued the policy of capitalising exchange differences arising from translation of long-term foreign currency
monetary items as per exemption available under Ind AS 101- First time Adoption of Indian Accounting Standards
Note 3A: Capital work in progress
Particulars Capital work in

progress
At 1st April 2022 3,272.75
Additions 6,004.31
Disposals -
Capitalised during year (1,256.20)
At 31st March 2023 8,020.86
Additions 5,944.91
Disposals -
At 31st March 2024 2,671.39
Net book value
At 31st March 2024 2,671.39
At 31st March 2023 8,020.86
Asset under construction

Capital work-in-progress (CWIP) comprises cost of assets that are not yet installed and ready for their intended use at the balance
sheet date. Capital work in progress as at 31st March 2024 comprises expenditure for the plant and machinery & building in the
course of construction. Balance of CWIP as at 31st March 2024 amounts to ` 2,671.39 Lakhs (31st March 2023: ` 8,020.26 Lakhs)
173

NOTE 4: INTANGIBLE ASSETS

Particulars Computer software & Intangible asset
technical know how under development
At 1st April 2022 138.74 45.00
Additions 15.30 -
Disposals - -
At 31st March 2023 154.04 45.00
Additions 65.90 -
Disposals/ Write off - (45.00)
At 31st March 2024 219.94 -
Amortisation
At 1st April 2022 129.03 -
Charge for the year 13.73 -
Disposals - -
At 31st March 2023 142.76 -
Charge for the year 10.05 -
Disposals - -
At 31st March 2024 152.81 -
Net book value
At 31st March 2024 67.13 -
At 31st March 2023 11.28 45.00
NOTE 5: FINANCIAL ASSETS

5A) Investments
Particulars As at As at
(i) At cost
Investments in equity instruments
Investment in subsidiaries
> PCL International Holding B V 11,785.49 11,785.49
1,40,19,800 equity shares of EUR 1 each fully paid-up (100%)
(31st March 2023 : 1,40,19,800 equity shares)
> Memco Engineering Private Limited 4,485.35 4,485.35
7,20,000 equity shares of ` 10 each fully paid-up (100%)
(31st March 2023 : 7,20,000 equity shares)
16,270.84 16,270.84
(ii) At fair value through profit or loss (FVTPL)
a) Investments in equity instruments
Other investments
> Shares of Laxmi Co-Op. Bank Limited 1.25 1.25
5000 equity shares of ` 25 each fully paid-up
(31st March 2023: 5,000 equity shares)
> Shares of Solapur Janata Sahakari Bank Limited 0.05 0.05
500 equity shares of ` 10 each fully paid-up
(31st March 2023: 500 equity shares)
174
Corporate Overview
Statutory Reports

b) Investments in mutual funds
Quoted mutual funds
HDFC corporate bond fund - growth 541.97 502.16
ICICI prudential saving fund-growth 2,545.32 2,359.48
ICICI prudential banking and PSU bebt fund - growth 493.03 457.97
ICICI prudential corporate bond fund - growth 844.47 782.60
ICICI prudential short term fund-growth 197.31 183.15
ICICI Prudential All Seasons Bond Fund - Growth 1,041.20 -
ICICI Prudential Money Market Fund - Growth 508.63 -
Nippon india short term fund - growth plan - growth option 118.55 110.39
Nippon India low duration fund - growth plan- growth option 239.01 223.30
Aditya Birla Sun Life Corporate Bond Fund -Growth- 960.19 890.73
Regular Plan (formerly known as Aditya Birla Sun Life Short Term Fund)
ABSL saving fund growth 255.03 237.40
Aditya Birla Sun Life Nifty SDL Plus PSU Bond Sep 446.49 417.00
2026 60:40 Index Fund Regular Growth
Axis Short Term Fund-Regular-Growth 790.27 736.83
Axis bluechip fund - growth 303.61 230.02
Axis banking & PSU debit fund - growth 471.88 441.36
Axis all seasons debt fund of funds regular growth 243.91 226.47
Axis treasury advantage fund - regular growth (TA-GP) 554.86 517.29
Axis Nifty AAA Bond Plus SDL Apr 2026 50:50 ETF FoF - Regular Growth 221.09 207.86
Axis Money Market Fund - Regular Growth 508.75 -
Bandhan Corporate Bond Fund Regular Plan-Growth (erstwhile IDFC Corporate 667.01 623.28
Bond Fund Regular Plan-Growth)
Bandhan Bond Fund-Short Term Plan-Growth-(Regular Plan) (erstwhile IDFC 595.52 555.92
Bond Fund-Short Term Plan-Growth-Regular Plan)
Bandhan Ultra Short Term Fund Regular Plan- Growth (erstwhile IDFC Ultra 3.61 3.37
Short Term Fund Regular Plan-Growth)
Bandhan Low Duration Fund-Growth-(ReguIar Plan) (erstwhile IDFC Low 694.50 648.56
Duration Fund-Growth- Regular Plan)
TATA banking & PSU debt fund regular plan 171.77 160.77
Kotak low duration fund std growth (regular Plan) 2,320.48 2,171.20
Kotak Nifty SDL APR 2027 top 12 Equal Weight Index Fund Regular 222.10 207.68
Kotak savings growth fund 13.78 12.88
Kotak banking and PSU debt fund 616.75 574.22
Kotak bond fund short term growth 474.43 442.99
Kotak corporate bond fund standard - growth 1,181.27 1,098.42
Kotak floating rate fund growth - regular plan 600.53 558.61
Kotak Dynamic Bond Reg Plan Growth 1,056.53 -
Baroda BNP paribas multi cap fund 585.69 401.42
SBI magnum ultra short duration fund regular growth 129.10 120.45
175

SBI short term debt fund regular Plan 191.53 178.85
Sundaram Large And Mid Cap Fund - Regular Growth 223.00 160.91
Canara Robeco Consumer Trends Fund - Regular Growth - FCRG 185.99 133.87
Canara Robeco Blue chip equity Fund 162.75 122.17
Edelweiss Mutual Fund 443.51 414.36
Total 21,826.72 17,115.24
Non-current 16,272.14 16,272.14
Current 21,825.42 17,113.94
38,097.56 33,386.08
Aggregate book value of quoted investments 21,825.42 17,113.94
Aggregate market value of quoted investments (refer note 35 fair value) 21,825.42 17,113.94
Aggregate book value of unquoted investments 16,272.14 16,272.14
5B) Loans
Loan to PCL International Holdings B V (wholly owned subsidiary) 9,531.91 9,499.79
Total 9,531.91 9,499.79
Non-current 9,531.91 9,499.79
Current - -
9,531.91 9,499.79
Break-up for loan details:
- Secured, considered good - -
- Unsecured, considered good 9,531.91 9,499.79
- Doubtful - -
- Which have significant increase in credit risk - -
- Credit impaired - -
Total 9,531.91 9,499.79
Loan given to PCL International Holdings B V (wholly owned subsidiary); which carrying interest at the rate of 1.5% to 2% for
the company.
The loan is due for repayment in December 2026, hence the same is classified as Non Current.
5C) Other financial assets
(i) Derivative instruments
Foreign-exchange forward contracts * 39.46 -
(ii) Others
(a) Bank deposits with more than 12 months maturity 164.82 120.74
(b) Interest accrued on fixed deposits 11.45 7.27
(c) Interest accrued on others 22.22 92.05
176
Corporate Overview
Statutory Reports

(d) Security deposits # 232.82 216.01
(e) Lease Receivable (Refer Note 43) 80.89 -
Total 551.66 436.07
Non-current 465.64 332.84
Current 86.02 103.23
551.66 436.07
* The Company entered into foreign exchange forward contracts with the intention to reduce the risk in foreign exchange
exposure of trade receivables and trade payables.
#
Security deposit is with electricity department; which generate interest at the rate of 4% to 7% for the Company.
NOTE 6: OTHER ASSETS

Capital advances 172.43 651.53
Prepaid expense 295.52 228.31
Advance for purchase of materials 108.04 102.92
Income tax deposited with tax authorities (under protest) 335.42 199.61
Other advances with provident fund authorities (under protest) 12.12 12.12
Balances with statutory/government authorities 1,695.77 1,421.16
Income accrued on export incentives 296.83 203.30
Total 2,916.13 2,818.95
Current 2,353.26 1,927.21
2,916.13 2,818.95
NOTE 7: INVENTORIES
Raw materials and components (at cost) 393.95 485.60
Stores, spares and packing materials (at cost) 1,258.26 927.66
Semi-finished goods (at cost) 1,165.01 1,198.74
Finished goods (at lower of cost and net realisable value) * 4,984.67 4,198.99
Total 7,801.89 6,810.99
During the year ended 31st March 2024 ` 87.40 Lakhs (31st March 2023 ` 51.42 Lakhs) was written down as provision towards
slow / non moving of inventories.
*Finished goods includes goods in transit ` 4,096.71 Lakhs (31st March 2023 ` 3,689.74 Lakhs)
177

NOTE 8: TRADE RECEIVABLES

Trade receivables 13,603.51 14,455.83
Total 13,603.51 14,455.83
Break-up for security details:
- Doubtful - -
- Credit impaired - -
Total 13,603.51 14,455.83
The net carring value of trade receivables is considered a reasonable approximation of fair value
Trade receivables are non-interest bearing and are generally on terms of 30 to 150 days.
Ageing of trade receivables as on 31st March 2024
Particulars Current
Unbilled Not due Outstanding for following periods from due date of receipts
dues
Less than 6 months 1-2 years 2-3 More than Total
6 months - 1 year years 3 years
(i) Undisputed trade receivables – - 5,646.31 7,950.56 6.55 0.09 - - 13,603.51

considered good
(ii) Undisputed trade receivables – - - - - - - - -
which have significant increase
in credit risk
(iii) Undisputed trade receivables – - - - - - - - -
credit impaired
(iv) Disputed trade receivables – - - - - - - - -
considered good
(v) Disputed trade receivables – - - - - - - - -
in credit risk
(vi) Disputed trade receivables – - - - - - - - -
credit impaired
Less: Allowance for bad and doubtful - - - - - - - -
debts (disputed + undisputed)
- 5,646.31 7,950.56 6.55 0.09 - - 13,603.51
178
Corporate Overview
Statutory Reports

Particulars Current
dues Less than 6 months 1-2 2-3 More than Total
6 months - 1 year years years 3 years
considered good
which have significant increase in
credit risk
(iii) Undisputed trade receivables – - - - - - - - -
credit impaired
(iv) Disputed trade receivables– - - - - - - - -
considered good
which have significant increase in
credit risk
credit impaired
Less: Allowance for bad and doubtful - - - - - - - -
- 5,058.58 9,346.40 48.30 2.55 - - 14,455.83
NOTE 9: CASH AND BANK BALANCES

Cash and cash equivalents
Balance with banks
Current accounts 1,026.11 491.33
Deposits with original maturity of less than three months 50.47 50.46
Cash on hand 2.75 2.40
Total cash and cash equivalents 1,079.33 544.19
Bank balances other than cash and cash equivalent
Deposits with maturity for more than 3 months but less than 12 months from the 4,380.28 4,170.45
balance sheet date *
Unclaimed dividend accounts 5.37 16.24
Total other bank balances 4,385.65 4,186.69
Total 5,464.98 4,730.88
Cash at banks earns interest at fixed rates based on fixed deposit receipts made by the Company. Fixed deposits are made for
varying periods of between 1 month to 48 months, depending on the immediate cash requirements of the Company, and earn
interest at the respective short term / long term deposit rates.
* Deposits with bank of ` 186.96 Lakhs (31st March, 2023 : ` 140.30 Lakhs) held as lien by banks against bank guarantees.
179

For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:
Balance with banks
Current accounts 1,026.11 491.33
Total cash and cash equivalents 1,079.33 544.19
NOTE 10: SHARE CAPITAL

Authorised share capital
Particulars Equity shares

Number In `
At 1 April 2022
st
10,00,00,000 10,000.00
Increase/ (decrease) during the year - -
At 31st March 2023 10,00,00,000 10,000.00
At 31 March 2024
st
10,00,00,000 10,000.00
Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of ` 10 per share (31st March 2023: ` 10 per share).
Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian `.
The Board of Directors, in their meeting on 26th May 2023, proposed a final dividend of ` 1.00 per equity share and the same was
approved by the shareholders at the Annual General Meeting held on 26th July 2023. The amount was recognised as distributions
to equity shareholders during the year ended 31st March 2024 and the total appropriation was ` 949.86 Lakhs.
The Board of Directors, in their meeting on 23rd May 2024, proposed a final dividend of ` 1.00 per equity share for the year ended
31st March 2024. The payment of dividend is subject to approval of shareholders at the ensuing Annual General Meeting of the
Company.
In the event of liquidation of the Company, the 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 the shareholders.
Issued, subscribed and fully paid-up
Equity shares of ` 10 each at par value
Particulars Number In `
At 1 April 2022
st
9,49,85,835 9,498.58
At 31 March 2023
st
9,49,85,835 9,498.58
At 31st March 2024 9,49,85,835 9,498.58
180
Corporate Overview
Statutory Reports

Details of shareholders holding more than 5% shares in the Company
Particulars As at 31st March 2024 As at 31st March 2023

No. of % holding No. of % holding
shares in the class shares in the class
Equity shares of ` 10 each fully paid
Yatin S. Shah 3,77,88,717 39.78% 3,77,88,717 39.78%
Cams Technology Limited 1,35,07,685 14.22% 1,35,07,685 14.22%
Suhasini Y. Shah 1,07,78,461 11.35% 1,07,78,461 11.35%
Jayant V. Aradhye 81,76,826 8.61% 82,02,000 8.63%
7,02,51,689 73.96% 7,02,76,863 73.98%
As per records of the Company, including its register of shareholders/ members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Details of shares held by promoters at the end of the year
S. Promoter name 31st March 2024 31st March 2023

No No. Of % of total % Change No. Of % of total % Change
Shares shares during the Shares shares during the
year year
1 Yatin S. Shah 3,77,88,717 39.78% - 3,77,88,717 39.78% -
2 Cams Technology Limited 1,35,07,685 14.22% - 1,35,07,685 14.22% -
3 Suhasini Y. Shah 1,07,78,461 11.35% - 1,07,78,461 11.35% -
4 Karan Y. Shah 14,500 0.02% - 14,500 0.02% -
5 Tanvi Y. Shah 2,000 0.00% - 2,000 0.00% -
6 Mayura K. Shah 1,000 0.00% - 1,000 0.00% -
Total 6,20,92,363 65.37% - 6,20,92,363 65.37% -
181

NOTE 11: OTHER EQUITY

Particulars In `
a) Securities premium
At 1st April 2022 21,744.23
Less:
Reversal of tax benefit (deferred tax) (4.64)
At 31st March 2023 21,739.59
Less:
Reversal of tax benefit (deferred tax) (0.35)
At 31st March 2024 21,739.24
b) General reserve
At 1st April 2022 472.21
Increase/ (decrease) during the year -
At 31st March 2023 472.21
At 31st March 2024 472.21
c) Retained earnings
At 1st April 2022 45,197.39
Add: Profit for the year 6,094.82
Less: Final equity dividend at ` 1.10 per share paid (1,044.84)
At 31st March 2023 50,247.37
Less: Final equity dividend at ` 1.00 per share paid (949.86)
At 31st March 2024 57,138.50
d) Other items of other comprehensive income / (loss) - Re-mesurement gains /(losses) on defined
benefit plans
At 1st April 2022 79.84
Add: Other comprehensive income for the year 13.58
At 31st March 2023 93.42
At 31st March 2024 134.89
Other Equity 79,484.84
Nature and purpose of reserves:
Securities premium account
The amount received in excess of face value of the equity shares is recognised in securities premium. In case of equity settled
share based payment transactions, the difference between fair value on grant date , exercise price and nominal value of share
is accounted as securities premium.
General reserve
The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to
the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required under the Companies Act 2013.
Retained earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other
distributions paid to shareholders and any other adjustments.
182
Corporate Overview
Statutory Reports

NOTE 12: SHORT TERM BORROWINGS

Particulars Rate of interest As at As at
From bank
Cash credit from banks (secured) 9.50% - 71.14
Packing credit in ` (secured) -BOI 6.40% to 8.75% 3,778.50 1,925.37
Packing credit in ` (secured)- BOB 3.75% to 6.05% 2,136.75 2,160.50
Total 5,915.25 4,157.01
Aggregate Secured loans 5,915.25 4,157.01
The Company does not have any defaults in repayment of loans and interest during the year and as at the reporting date.
Cash credit and packing credit are secured by first pari passu charge by way of hypothecation of current assets including
inventories and trade receivables. Further, the facilities are collaterally secured by extension of pari passu charge by way of
hypothecation of plant and machinery and equitable mortgage of factory land and building situated at Plot No D5 to D7, MIDC
Chincholi, Solapur, Unit I situated at Plot No. E-102, 103, Akkalkot Road, MIDC, Solapur. The loan has been secured by the
personal guarantee of directors Mr. Yatin S. Shah and Dr. Suhasini Y. Shah.
NOTE 13: OTHER FINANCIAL LIABILITIES
Financial liability at FVTPL
Foreign-exchange forward contracts * - 41.54
Other financial liabilities at amortised cost
Unpaid matured deposits and interest accrued thereon 137.30 137.30
Employee benefit liabilities 1,104.00 1,007.34
Sundry payables for capital goods purchased 440.75 598.28
Unclaimed dividend 5.37 16.24
Deposits received from others - 0.50
Total 1,687.42 1,801.20
Non - current - -
Current 1,687.42 1,801.20
1,687.42 1,801.20
* The Company entered into foreign exchange forward contracts with the intention to reduce the risk in foreign exchange
Note 13 (A): Lease liabilities
Lease liability - 5.56
Total - 5.56
Current - 5.56
- 5.56
183

NOTE 14: TRADE AND OTHER PAYABLES
Trade payables
- total outstanding dues of creditors other than micro enterprises and small 6,987.34 7,703.11
enterprises
Total trade payables 8,178.16 9,141.24
Non-current - -
Current 8,178.16 9,141.24
8,178.16 9,141.24
Trade payables are non-interest bearing and are normally settled on 90 day terms
Trade payables include dues to related parties, refer to note 33
For explanations on the Company’s credit risk management processes, refer note 38.
Trade payable ageing as on 31st March 2024
Particulars Current
Unbilled Payables Outstanding for following periods from due date of payment
dues not due
Less than 1-2 years 2-3 years More than Total
1 year 3 years
(i) MSME - 1,169.09 21.73 - - - 1,190.82
(ii) Disputed dues - MSME - - - - - - -
(iii) Others 853.86 3,766.22 2,344.60 22.66 - - 6,987.34
(iv) Disputed dues - others - - - - - - -
853.86 4,935.31 2,366.33 22.66 - - 8,178.16
Particulars Current
dues not due Less than 1-2 years 2-3 years More than Total
1 year 3 years
(i) MSME - 1,393.67 44.46 - - - 1,438.13
(iii) Others 1,335.10 3,831.32 2,536.38 0.31 - 7,703.11
1,335.10 5,224.99 2,580.84 0.31 - - 9,141.24
184
Corporate Overview
Statutory Reports

Disclosure relating to suppliers registered under MSMED Act based on the information available with the Company
i) The principal amount and the interest due thereon remaining unpaid to any
supplier as at the end of each accounting year
Principal amount due to micro and small enterprises 1,190.82 1,438.13
Interest due on above 0.01 0.01
ii) The amount of interest paid by the buyer in terms of section 16, of the MSMED
Act, 2006.
The amounts of the payment made to the supplier beyond the appointed day 10,806.33 9,599.89
during each accounting year
iii) The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under MSMED Act, 2006
iv) The amount of interest accrued and remaining unpaid at the end of each - -
accounting year.
v) The amount of further interest remaining due and payable even in the 0.01 0.01
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise for the purpose of disallowance as a deductible
expenditure under section 23 of the MSMED Act, 2006
NOTE 15: OTHER CURRENT LIABILITIES
Advances from customers - 93.51
Statutory dues payable 239.97 162.88
Provision for duties & taxes - -
Total 239.97 256.39
NOTE 16: PROVISIONS
Provision for employee benefits:
Provision for gratuity 196.01 128.11
Provision for compensated absences (unfunded) 576.34 525.97
Total 772.35 654.08
Current 206.32 185.09
772.35 654.08
Also refer note 31 for detailed disclosure.
185

NOTE 17: CURRENT TAX LIABILITIES (NET)
Provision for income tax (net of advance taxes) 163.93 64.62
Total 163.93 64.62
NOTE 18: ASSETS CLASSIFIED AS HELD FOR SALE
Asset classified as held for sale * 925.47 -
Total 925.47 -
* During FY 2023-24, Company has taken approval for sale of certain assets - i.e. Land - W39 & E90, flats at Vaishnavi Buildcon
and Vaishnavi Heights and E102/103 located in Solapur and the Corporate Office loacted at Senapati Bapat Road Pune. The
Company is currently using E102 / 103 Hence, not classified as asset held for sale and all the other properties are available for
immediate sale and accounted as held for sale by the Company.
Note 18A: Liabilities related to assets classified as held for sale
Advance received against asset classified as held for sale * 61.11 -
Total 61.11 -
*The Company has received advance against sale of Land - W39 in the month of March 2024.
NOTE 19: REVENUE FROM OPERATIONS

Revenue from contracts with customers
Sale of products 66,124.56 61,615.31
Sale of services 12.73 0.35
Total sale of products and services 66,137.29 61,615.66
Other operating income
Tooling income 383.68 129.52
Scrap sales 126.44 132.27
Export incentives 814.40 756.93
Total other operating income 1,324.52 1,018.72
Total revenue from operations 67,461.81 62,634.38
186
Corporate Overview
Statutory Reports

NOTE 20: OTHER INCOME

Trade payable no longer required written back 5.94 -
Foreign exchange differences (net) 685.10 1,984.22
Fair value gain on mutual funds at fair value through profit or loss 1,711.41 650.16
Realised gain on sale of mutual funds - 85.38
Miscellaneous income 162.45 78.27
Total other income 2,564.90 2,798.03
NOTE 21: COST OF RAW MATERIAL AND COMPONENTS CONSUMED

Inventory at the beginning of the year 485.60 334.89
Add: Purchases 21,528.65 22,351.29
22,014.25 22,686.18
Less: Inventory at the end of the year 393.95 485.60
Cost of raw material and components consumed 21,620.30 22,200.58
NOTE 22: (INCREASE) / DECREASE IN INVENTORIES OF FINISHED GOODS AND WORK IN PROGRESS

Opening stock:
Finished goods 4,198.99 4,628.03
Semi-finished goods 1,198.74 701.81
5,397.73 5,329.84
Closing stock:
Semi-finished goods 1,165.01 1,198.74
6,149.68 5,397.73
(Increase) / Decrease in inventories (751.95) (67.89)
NOTE 23: EMPLOYEE BENEFIT EXPENSES

Salaries, wages, bonus and commission 8,564.42 7,243.73
Contribution to provident fund and other funds 653.05 617.99
Staff welfare expenses 188.34 138.93
Total employee benefit expenses 9,405.81 8,000.65
187

NOTE 24: OTHER EXPENSES

Consumption of components and spares 8,638.21 6,526.90
Packing materials consumed 864.69 804.78
Power and fuel expenses 8,266.96 8,572.67
Job work expenses 1,591.48 1,057.78
Freight outward charges 2,004.98 2,374.75
Rent 48.55 48.15
Rates and taxes 189.98 557.95
Insurance 94.15 64.66
Repairs and maintenance
Plant and machinery 1,142.33 1,189.65
Building 195.77 70.90
Others 738.37 597.52
Advertisement and sales promotion 15.44 13.05
CSR expenditure (refer note 40) 152.47 155.69
Donation 35.00 36.90
Sales commission 142.00 175.14
Travelling and conveyance 557.01 586.83
Communication costs 10.21 10.08
Legal and professional fees 495.88 271.35
Audit fees (refer note below) 35.00 30.00
Out of pocket expenses 0.23 3.24
Intangible assets under development written off 45.00 -
Loss on fixed assets sold /discarded 38.33 2.36
Miscellaneous expenses 487.25 351.47
Total other expenses 25,789.29 23,501.82
Payment to auditors

As auditor
Audit fees (Including limited reviews) 35.00 30.00
188
Corporate Overview
Statutory Reports

NOTE 25: FINANCE COSTS

Interest on borrowings 342.74 232.24
Interest on delay in payment of taxes 47.15 37.47
Bank charges 70.63 101.64
Other finance cost - 0.77
Total finance costs 460.52 372.12
NOTE 26: FINANCE INCOME

Interest income on
Bank deposits 279.03 223.90
Loan given to foreign subsidiary 178.32 295.17
Others 14.21 31.41
Total Finance income 471.56 550.48
NOTE 27: DEPRECIATION AND AMORTISATION EXPENSE

Depreciation on property, plant & equipments (refer note 3) 4,013.26 3,620.82
Amortisation of intangible assets (refer note 4) 10.05 13.73
Total Depreciation and amortisation expense 4,023.31 3,634.55
NOTE 28: INCOME TAX

The major components of income tax expense for the years ended 31 March 2024 and 31 March 2023 are:

Current income tax:
Current income tax charge 1,930.55 2,444.24
(Excess) / short provision of tax relating to earlier years - 134.52
Deferred tax:
Relating to origination and reversal of temporary differences 179.45 (332.52)
Income tax expense reported in the statement of profit or loss 2,110.00 2,246.24
189

OCI section

Tax effect on:
Net loss/(gain) on remeasurements of defined benefit plans (13.94) (4.57)
Deferred tax (expense)/ credit charged to OCI (13.94) (4.57)
Reconciliation of closing balance of deferred tax liability
Deferred tax liability
Fixed assets: impact of difference between tax depreciation and depreciation / 514.39 235.72
amortisation for the financial reporting
Current Investment (Investment in mutual fund) 405.59 410.25
Forward contracts 9.93 -
Gross deferred tax liability 929.91 645.97
Deferred tax assets
Employee related costs allowed for tax purposes on payment basis 204.34 305.28
Msme Payments allowed for tax purposes on payment basis 209.30 -
Share issue expenses adjusted to securities premium account - 0.47
Asset held for sale [capital loss] 56.53 56.53
Deduction U/s 80JJAA - 7.24
Forward contracts - 10.47
Others 1.23 1.23
Gross deferred tax assets 471.40 381.22
Net deferred tax liability 458.51 264.75
Deferred tax (credit) / charge for the year
Closing deferred tax liability (net) 458.51 264.75
Less: opening deferred tax liability (net) 264.75 434.06
Deferred tax movement for the year 193.76 (169.31)
Deferred tax charge recorded in securities premium account (refer note 11) 0.37 4.64
Deferred tax (credit) / charge recorded in statement of profit and loss 193.39 (173.95)
Deferred tax charge recorded in OCI (13.94) (4.57)
Adjustments in respect of deferred tax for earlier years - (154.00)
Deferred tax (credit) / charge for the year 179.45 (332.52)
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31 March 2024 and
st
31st March 2023

Accounting profit before tax 9,950.99 8,341.06
Accounting profit before income tax 9,950.99 8,341.06
Tax at India's statutory tax rate 25.168% (31 March 2023 25.168%) 2,504.47 2,099.28
On mutual fund gain due to indexation benefit (435.39) (52.59)
190
Corporate Overview
Statutory Reports


On permanent disallowance 47.18 48.60
Adjustments in respect of taxation for earlier year(includes deferred tax adjustment - 134.52
of ` 154 Lakhs for earlier year)
Other items (6.26) 16.43
Income tax reported in the statement of profit and loss 2,110.00 2,246.24
Reconciliation of deferred tax liabilities (net):
Opening balance as of 1st April 264.75 434.06
Tax (income)/ expense during the period recognised in profit or loss 179.45 (332.52)
Tax (income)/ expense during the period recognised in equity 0.37 4.64
Tax (income)/ expense during the period recognised in OCI 13.94 4.57
Adjustments in respect of deferred tax for earlier years - 154.00
Closing Balance as at 31st March 458.51 264.75
The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets & current
tax liabilties and the deferred tax assets & liabilities relate to income taxes levied by the same tax authority.
Deferred tax
Deferred tax relates to the following
Particulars Balance Sheet Profit & Loss

Accelerated depreciation for tax purposes 514.39 235.72 278.67 (245.04)
Fair valuation for the purpose of financial reporting 405.59 410.25 (4.66) 72.98
MSME payments allowed on payment basis U/s (209.30) - (209.30) -
43BH
Voluntary retirement scheme allowed as - - - 6.62
deduction over period of 5 years
Preliminary expenses incurred on initial public - (0.47) - -
offering, allowed as dedctuion over period of
5 Years
Employee benefit expenses allowed on payment (204.34) (305.28) 100.94 30.68
basis U/s 43B
Forward contracts & others 9.93 (10.47) 20.40 (30.16)
On assets held for sale (56.53) (56.53) - (9.02)
Deduction U/s 80JJAA - (7.24) 7.24 -
Unrealised forex loss - to be adjsuted from WDV (1.23) (1.23) - (0.01)
U/s 43A
Amount to be (charged)/credit in Statement of OCI - - (13.94) (4.57)
Adjustments in respect of deferred tax for earlier - - - (154.00)
years
458.51 264.75 179.45 (332.52)
191

NOTE 29: EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profits for the year attributable to equity share holders of the company by
weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity share holders of the Company by the weighted
average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be
issued on conversion of all the dilutive potential equity shares into equity shares.
The following reflects the profit and share data used in the basic and diluted EPS computation

Profit attributable to equity shareholders of the Company 7,840.99 6,094.82
Weighted average number of equity shares in calculating basic EPS 9,49,85,835 9,49,85,835
Effect of dilution: - -
Weighted average number of equity shares in calculating diluted EPS 9,49,85,835 9,49,85,835
Earnings per share (basic) (`/share) 8.25 6.42
Earnings per share (diluted) (`/share) 8.25 6.42
NOTE 30: DIVIDEND DISTRIBUTION MADE AND PROPOSED

Particulars 31st March 2024 31st March 2023
Final dividend for the year ended on 31st March 2023 (` 1.00 per share) 949.86 -
Final dividend for the year ended on 31st March 2022 (` 1.10 per share) - 1,044.84
949.86 1,044.84
The Board of Directors, in their meeting on 10th August 2022, proposed a final dividend of ` 1.10 per equity share and the same
was approved by the shareholders at the Annual General Meeting held on 21st September, 2022. Subsequently, the dividend has
been paid by the Company in FY 2022-23.
The Board of Directors, in their meeting on 26th May 2023, proposed a final dividend of ` 1.00 per equity share and the same was
approved by the shareholders at the Annual General Meeting held on 26th July 2023. Subsequently, the dividend has been paid
by the Company in current year.
The Board of Directors, in their meeting on 23rd May 2024, proposed a final dividend of ` 1.00 per equity share for the year ended
31st March 2024. The payment of dividend is subject to approval of shareholders at the ensuing Annual General Meeting of the
Company.
192
Corporate Overview
Statutory Reports

NOTE 31: DISCLOSURE PURSUANT TO EMPLOYEE BENEFITS

A. Defined contribution plans:
Amount of ` 504.05 Lakhs (31st March 2023: ` 478.69 Lakhs) is recognised as expenses and included in note no. 23
“Employee benefit expense”
B. Defined benefit plans:
The Company has following post employment benefits which are in the nature of defined benefit plans:
Gratuity
The Company has a defined benefit gratuity plan in India (funded). The Company’s defined benefit gratuity plan which
requires contributions to be made to a separately administered fund.
The gratuity plan is governed by the payment of gratuity Act, 1972. Under the act, employee who has completed five years
of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service and
salary at retirement age.
Plan assets - gratuity fund ` 1,310.73 Lakhs
Net benefit expense (recognised in statement of profit or loss) 31st March 2024 31st March 2023
Current service cost 143.70 128.11
Interest cost on benefit 3.54 11.07
147.24 139.18
193
194
31st March 2024 : changes in defined benefit obligation and plan assets
Particulars 1st April Gratuity cost charged to statement Benefit Remeasurement gains/(losses) in other Contributions 31st March
2023 of profit and loss paid comprehensive income by employer 2024
Service Net Sub-total Return on Actuarial Actuarial Experience Sub-total
cost interest included in plan assets changes changes adjustments included
(expense) statement (excluding arising from arising from in OCI
/ income of profit amounts changes in changes in
and loss included in demographic financial
( refer note net interest assumptions assumptions

23) expense)
Gratuity
Defined benefit obligation (1,314.69) (143.70) (92.96) (236.66) 40.18 - - (42.97) 107.40 64.43 - (1,446.74)
Fair value of plan assets 1,246.58 - 89.42 89.42 (40.18) (9.02) - - - (9.02) 23.93 1,310.73
Benefit liability (68.11) (143.70) (3.54) (147.24) - (9.02) - (42.97) 107.40 55.41 23.93 (136.01)
31st March 2023 : changes in defined benefit obligation and plan assets
Particulars Gratuity cost charged to statement Benefit Remeasurement gains/(losses) in other Contributions 31st March
of profit and loss paid comprehensive income by employer 2023
1st April Service Net Sub-total Return on Actuarial Actuarial Experience Sub-total
2022 cost interest included in plan assets changes changes adjustments included
/ income of profit and amounts changes in changes in
loss (refer included in demographic financial
note 23) net interest assumptions assumptions
expense)
Gratuity
Fair value of plan assets 848.76 - 74.58 74.58 (59.76) (8.71) - - - (8.71) 391.71 1,246.58
Benefit liability (338.79) (128.11) (11.07) (139.18) - (8.71) - (20.94) 47.80 18.15 391.71 (68.11)
As at 31st March 2024 & 31st March 2023 the amount of gratuity provision also includes gratuity provision of ` 60 Lakhs & 60 Lakhs respectively provided for director whose
gratuity payment is not considered for acturial valuations.
Corporate Overview
Statutory Reports

The major categories of plan assets of the fair value of the total plan assets of gratuity are as follows:

Type of asset: group gratuity scheme of LIC of India
Fair Value of total plan assets 1,310.73 1,246.58
(%) of total plan assets 100% 100%
The principal assumptions used in determining above defined benefit obligations for the Company’s plans are shown below:

Discount rate # 6.97% 7.22%
Future salary increase * 8.00% 8.00%
Expected rate of return on plan assets 6.77% 6.76%
Expected average remaining working lives (in years) 15.33 15.66
A quantitative sensitivity analysis for significant assumption is as shown below:

Gratuity
Particulars Sensitivity level Effect on defined benefit

obligation (impact)
Year ended Year ended
In ` In `
Discount rate # 1% increase 1,285.48 1,165.33
1% decrease 1,639.05 1,493.22
Future salary increase * 1% increase 1,631.45 1,486.51
1% decrease 1,288.65 1,167.95
The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit
obligations as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
#
The discount rate is based on the prevailing market yields of Government securities as at the Balance Sheet date for the
estimated term of the obligations.
* The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other
relevant factors.
Pension, Post retirement medical scheme and Long-term award scheme
The followings are the expected future benefit payments for the defined benefit plan :

In ` In `
Within the next 12 months (next annual reporting period) 61.34 54.38
Between 2 and 5 years 242.33 225.84
Beyond 5 years 501.60 441.93
195

Weighted average duration of defined plan obligation (based on discounted cash flows)

Gratuity 12.27 12.64
The followings are the expected contributions to planned assets for the next year:

Gratuity 90.00 100.00
Risk Exposure
Asset volatility
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets under perform this yield,
this will create a deficit. All plan assets are maintained in a trust fund managed by Life Insurance Corporation of India (LIC)
and Birla Sun Life Insurance Company Limited who have been providing consistent and competitive returns over the years. The
Company has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The Company has
no control over the management of funds but this option provides a high level of safety for the total corpus. A single account is
maintained for both the investment and claim settlement and hence, 100% liquidity is ensured. Also, interest rate and inflation
risk are taken care of.
Changes in bond yields

A decrease in bond yields will increase plan liabilities, although this will be partially offset by an yields increase in the value of
the plans’ bond holdings.
Future salary escalation and inflation risk

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes. Rising salaries will
often result in higher future defined benefit payments resulting in higher present value of liabilities. Further, unexpected salary
increases provided at the discretion of the management may lead to uncertainties in estimating this increasing risk.
Asset-Liability mismatch risk

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration with the
defined benefit liabilities, the Company is successfully able to neutralise valuation swings caused by interest rate movements.
Hence, companies are encouraged to adopt asset-liability management.
196
Corporate Overview
Statutory Reports

NOTE 32: COMMITMENTS AND CONTINGENCIES

a. Commitments
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances):
at 31st March 2024, the Company had commitments of ` 3,111.27 Lakhs ( 31st March 2023 : ` 1,875.75 Lakhs)
b. Contingent liabilities
(i) Claims against the Company not acknowledged as debts (legal claims)
a. The Collector of stamps, Solapur has demanded payment of stamp duty of ` 31.79 Lakhs (31st March 2023:
` 31.79 Lakhs) for cancellation and issue of equity shares after amalgamation of Precision Valvetrain Components
Limited (PVPL) with the Company in FY 2007-08. The Company has filed an appeal against demand made by the
Collector of Stamps, Solapur with controlling revenue authority, Pune.
b. The Company had received an order from the Commisioner of Provident fund for the year May 2003 to May 2006
demanding PF liability amounting to ` 24.23 Lakhs (31st March 2023: ` 24.23 Lakhs) excluding interest. The
Company had filed writ petition with the Hon'ble High court Mumbai against the said order and had paid ` 12.12
Lakhs under protest.
c. The Company had received an order from the Commissioner of Central Excise Pune for the year 2002-03, 2003-
04 and 2004-05 demanding excise duty amounting to ` 20.76 Lakhs (31st March 2023: ` 20.76 Lakhs) on sales
tax retained under sales tax deferral scheme. The Company had filed apperial against the order with CESTAT and
CESTAT via its order transfer the said case to the jurisdiction commissionrate
d. The Company had received order from Assessing Officer for the assessment year 2014-15 for demand of
income tax amounting to ` 1,701.16 Lakhs (31st March 2023 ` 1,701.16 Lakhs) towards disallowance of ESOP
expenditures and other disallowances. The Company had filed appeal against the above order with commissioner
of income tax (Appeals) and has paid `335.41 Lakhs (31st March 2023: 200.00 Lakhs) under protest.
e The Company had received an order from Assessing Officer for the assessment year 18-19 for demand of income
tax amounting to ` 7.08 Lakhs towards disallownce u/s 14A of the Act. The Company has paid the said demand
within due date specified by the department. Further assessing officer had passed an order u/s 270A imposing a
penalty for ` 3.47 Lakhs (31st March 2023 ` 3.47 Lakhs) for under reporting of income for incremental disallowance
made u/s 14A of the act. The Company had filed appeal against the penalty order with Commissioner of Income
Tax (Appeals) and has paid ` 0.70 Lakhs under protest.
f The Company had received an order from Industrial Court, Solapur towards employees dispute and allowed 4
workers reinstatement with full back wages from 2014 for demand of ` 49.96 Lakhs (31st March 2023 ` 42
Lakhs). The Company had filed writ petition with the Hon'ble High court Mumbai against the said order.
g During the current year company has received order from the commissoner of State Tax(GST) for the year 2017-
18 demanding GST amounting to ` 200.62 Lakhs(including interest and penalty) on tooling income & Mismatch in
Input tax credit .The Company had filed writ petition with the Hon'ble High court Mumbai against the said order.
h. During the current year, the Company has received a draft order under section 144C(1) of the Income Tax Act,
1961, for the assessment year 2020-21. The draft order pertains to adjustments on account of international
transactions related to corporate guarantees and disallowance under section 14A of the Act, amounting to
` 19.47 Lakhs. The Company has filed its objections with the Dispute Resolution Panel (DRP) regarding the
aforementioned adjustments and disallowance.
i. During the current year, the Company has received a draft order under section 144C(1) of the Income Tax Act,
1961, for the assessment year 2021-22. The draft order pertains to adjustments on account of international
transactions related to corporate guarantees amounting to ` 5.41 Lakhs. The Company has filed its objections
with the Dispute Resolution Panel (DRP) regarding the aforementioned adjustments and disallowance.
In all the cases mentioned above outflow is not probable, and hence not provided by the Company.
(ii) Corporate guarantees
The Company has also given corporate gurantee for it's wholly owned subsidiary Memco Engineering Pvt. Ltd. to the
lender bank. The outstanding amount of corporate guranteee is `409.43 Lakhs (31st March 2023 ` 468.37 Lakhs).
197

NOTE 33: RELATED PARTY TRANSACTIONS

A Names of the related party and related party relationship:
a) Related party where control exists
i) Subsidiary
PCL (International) Holdings B.V. (Netherlands)
Memco Engineering Pvt. Ltd. (Nashik)
ii) Step down Subsidiary ( Subsidiary of PCL (International) Holdings B.V. (Netherlands) )
MFT Motoren Und Fahrzeughecnik GMBH ( Germany)
Emoss Mobile Systems B.V., Netherlands
b) Key management personnel (KMP)
Mr. Yatin S. Shah, Managing Director
Mr. Ravindra R. Joshi, Director
Mr. Karan Y. Shah, Director
Mr. Sarvesh N. Joshi, Independent Director (upto 26th July 2023)
Mr. Vaibhav S. Mahajani, Independent Director (upto 21st September 2022)
Dr. Suhasini Y. Shah, Non executive Director
Mrs. Savani A. Laddha Independent Director
Mr. Gautam V. Wakankar, Company Secretary (up to 30th April 2023)
Mr. Madan M. Godse, Independent Director (up to 1st February 2023)
Dr. Ameet N Dravid, Independent Director (w.e.f. 10 August 2022)
Mr. Suhas J. Ahirrao, Independent Director (w.e.f. 29th March 2023)
Ms. Apurva P. Joshi, Independent Director (w.e.f. 29th March 2023)
Mrs. Anagha S. Anasingaraju, Independent Director (w.e.f. 29th March 2023)
Mr. Tanmay M. Pethkar, Company Secretary (w.e.f. 10th August 2023)
c) Relatives of key management personnel (RKMP)
Ms. Tanvi Y. Shah, daughter of Mr. Yatin S. Shah
Mrs. Mayura K. Shah, Wife of Mr. Karan Y. Shah
d) Enterprises owned or significantly influenced by key management personnel or their relatives with whom
transactions have taken place during the period:
Chitale Clinic Private Limited
Precision Foundation & Medical Research Trust
Yatin S. Shah (HUF)
Cams Technology Limited
198
B The transactions with related parties during the year and their outstanding balances are as follows:
Sr. Particulars Key management Relatives of key Entities where KMP / Subsidiary
No. personnel management personnel RKMP have significant
influence
st
Transactions 31st March 31st March 31st March 31st March 31 March 31st March 31st March 31st March
2024 2023 2024 2023 2024 2023 2024 2023
1 Remuneration 792.94 811.40 - - - - - -
2 Final dividend paid on equity shares 486.00 534.60 0.03 0.03 135.08 148.58 - -
3 Donation paid - - - - 35.00 36.90 - -
4 Purchases of goods, material or services - - - - 71.29 63.08 2.55 21.55
5 Investment in equity shares - - - - - - - 8,314.15
6 Loan given to subsidiaries - - - - - - - 652.08
7 Interest on loan given to subsidiaries - - - - - - 178.32 295.17
Balances outstanding
1 Remuneration payable 76.61 112.57 - - - - - -
2 Trade and other payables - - - - 18.70 23.18 25.26 25.01
3 Investment in equity shares - - - - - - 16,270.84 16,270.84
4 Interest on loan given to subsidiaries - - - - - - 12.38 84.76
5 Loan given to subsidiaries - - - - - - 9,531.91 9,499.79
The Company had given corporate gurantee of it’s wholly owned subsidiary Memco Engineering Pvt. Ltd. to the lender bank. The outstanding amount of corporate
guranteee is ` 409.43 Lakhs (31st March 2023 ` 468.37 Lakhs)
Statutory Reports
Corporate Overview
199

C. Disclosure in respect of related party transaction during the year:
Sr. Particulars Relationship 31st March 2024 31st March 2023

No.
1 Remuneration
Mr.Yatin S. Shah Key management personnel 344.25 343.53
Mr. Ravindra R. Joshi Key management personnel 313.19 353.99
Mr. Karan Y. Shah Key management personnel 97.66 77.66
Mr. Sarvesh N. Joshi (upto 26th July, 2023) Key management personnel 1.60 5.00
Mr. Vaibhav S. Mahajani Key management personnel - 2.50
(upto 21st September 2022)
Dr. Suhasini Y. Shah Key management personnel 5.00 5.00
Mrs. Savani A. Laddha Key management personnel 5.00 5.00
Mr. Madan M. Godse (up to 1st February 2023) Key management personnel - 4.20
Dr. Ameet N Dravid (w.e.f. 10th August 2022) Key management personnel 5.00 3.20
Mr. Gautam V. Wakankar Key management personnel 0.94 11.32
(w.e.f. 19th March 2022 up to 30th April 2023)
Mr. Suhas J. Ahirrao (w.e.f. 29th March 2023) Key management personnel 5.00 -
Ms. Apurva P. Joshi (w.e.f. 29th March 2023) Key management personnel 5.00 -
Mrs. Anagha S. Anasingaraju Key management personnel 5.00 -
(w.e.f. 29th March 2023)
Mr. Tanmay M. Pethkar (w.e.f 10th August 2023) Key management personnel 5.30 -
2 Final dividend paid on equity shares
Cams Technology Limited Entities where KMP / RKMP 135.08 148.58
have significant influence
Mr. Yatin S. Shah Key management personnel 377.89 415.68
Ms. Tanvi Y. Shah Relative of key management 0.02 0.02
personnel
Ms. Mayura K. Shah Relative of key management 0.01 0.01
personnel
Mr. Vaibhav S. Mahajani Key management personnel 0.01 0.01
3 Donation paid
Precision Foundation & Medical Research Trust Entities where KMP / RKMP 35.00 36.90
4 Purchases of goods, material or services
(exclusive of taxes)
Chitale Clinic Pvt Ltd Entities where KMP / RKMP - 0.34
Emoss Mobile Systems B.V. Step down Subsidiary 2.55 21.55
5 Investment in equity shares
PCL (International) Holdings B.V. (Netherlands) Subsidiary - 8,314.15
6 Loan given to subsidiaries
PCL (International) Holdings B.V. (Netherlands) Subsidiary - 652.08
200
Corporate Overview
Statutory Reports


No.
7 Interest on loan given to subsidiaries
PCL (International) Holdings B.V. (Netherlands) Subsidiary 178.32 295.17
1 Remuneration payable (exclusive of taxes)
Mr. Sarvesh N. Joshi (upto 26th July 2023) Key management personnel 1.44 4.50
Mr. Vaibhav S. Mahajani Key management personnel - 2.25
Dr.Suhasini Y. Shah Key management personnel 4.50 4.50
Mr. Madan M. Godse (up to 1st February 2023) Key management personnel - 3.78
Dr. Ameet N Dravid (w.e.f. 10th August 2022) Key management personnel 4.50 2.88
Mr. Gautam V. Wakankar Key management personnel - 0.70
(w.e.f. 19th March 2022 up to 30th April 2023)
Mr. Suhas J. Ahirrao (w.e.f. 29th March 2023) Key management personnel 4.50 -
Ms. Apurva P. Joshi (w.e.f. 29th March 2023) Key management personnel 4.50 -
(w.e.f. 29th March 2023)
Mr. Tanmay M. Pethkar Key management personnel 0.57 -
(w.e.f. 10th August 2023)
2 Trade and other payables
Emoss Mobile Systems B.V. Step down Subsidiary 25.26 25.01
3 Investment in equity shares
PCL (International) Holdings B.V. (Netherlands) Subsidiary 11,785.49 11,785.49
Memco Engineering Pvt Ltd (Nashik) Subsidiary 4,485.35 4,485.35
4 Interest on loan given to subsidiaries
PCL (International) Holdings B.V. (Netherlands) Subsidiary 12.38 84.76
5 Loan given to subsidiaries
PCL (International) Holdings B.V. (Netherlands) Subsidiary 9,531.91 9,499.79
Compensation of key managerial personnel of the Company

Short term employee benefits (gross salary) 709.85 747.20
Post employment benefits (PF + superannuation) 83.09 64.20
Total compensation paid to key management personnel 792.94 811.40
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period.
201

NOTE 34: SEGMENT INFORMATION

The Company is engaged in manufacturing of camshafts. Based on similarity of activities/products, risk and reward structure,
organisation structure and internal reporting systems, the Company has structured its operations into a single operating segment;
however based on the geographic distribution of activities, the chief operating decision make identified India and outside India
as two reportable geographical segments.
Revenue from customers 31st March 2024 31st March 2023

Within India 34,948.89 29,242.43
Outside India
Asia 7,075.32 7,469.45
Europe 11,866.23 12,484.33
Others 13,571.37 13,438.17
32,512.92 33,391.95
Total revenue 67,461.81 62,634.38
The revenue information above is based on the locations of the customers.
Company’s significant revenues are derived from four customer (31st March 2023: three customer) contributing 10% of more to
to the Company revenue represented approximately `: 31,914.76 Lakhs (31st March 2023 : ` 21,992.40 Lakhs) of the Company’s
total revenue from operations.
Non-current operating assets*
The Company’s non current operating assets are within India as on 31st March 2024 and 31st March 2023.
* As defined in paragraph 33 (b) of Ind AS 108 “Operating segments” non current assets excludes financial instruments, deferred
tax assets and post-employment benefit assets.
NOTE 35 : FAIR VALUES

Particulars of financial insturments by category of classification
Financial assets 31st March 2024 31st March 2023

Carried at FVTPL Carried at Carried at FVTPL Carried at
ammortised cost ammortised cost
Loans & advances - 9,531.91 - 9,499.79
Investment in mutual fund & other 21,826.72 - 17,115.24 -
financial instruments
Forward contracts receivable 39.46 - - -
Term deposits with banks [short term + - 4,550.47 - 4,307.43
long term] & unclaimed dividend
Other financial assets - 347.38 - 315.33
Trade receivable - 13,603.51 - 14,455.83
Cash & cash equivalents - 1,079.33 - 544.19
Total 21,866.18 29,112.60 17,115.24 29,122.57
202
Corporate Overview
Statutory Reports

Financial liabilites 31st March 2024 31st March 2023

Carried at FVTPL Carried at Carried at FVTPL Carried at
ammortised cost ammortised cost
Borrowings - 5,915.25 - 4,157.01
Trade payable - 8,178.16 - 9,141.24
Other financial liabilities - 1,687.42 41.54 1,759.67
Lease liability - - 5.56
Total - 15,780.83 41.54 15,063.48
NOTE 36 : FAIR VALUE HIERARCHY

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
A) The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
Quantitative disclosures fair value measurement hierarchy for assets as at 31st March 2024:
Fair value measurement using

Date of valuation Total Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
Assets measured at fair value:
Investments 31st March 2024 21,826.72 21,825.42 - 1.30
Foreign exchange forward contracts 31 March 2024
st
39.46 - 39.46 -

Quantitative disclosures fair value measurement hierarchy for liabilities as at 31 March 2023:
st

liabilities measured at fair value:
Foreign exchange forward contracts 31st March 2023 41.54 - 41.54 -
203

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
> The fair values of the quoted mutual funds are based on price (i.e. the NAV of the mutual funds) quotations at the
reporting date.
> The fair values of derivative forward contracts is determined using the marked-to-market valuation done by the banks.
> The Fair value of Level 3 is determined on the basis of best estimate & information available.
B Fair value of financial assets and liabilities measured at amortised cost
The management assessed that cash and cash equivalents (including term deposits), trade receivables, lease receivables,
trade payables, borrowings, lease liability and other financial liabilities approximate their carrying amounts because of the
short term nature of these financial instruments.
The amortised cost using effective interest rate (EIR) of non-current financial assets consisting of security deposit, lease
receivables, loans to subsidiary and term deposit with more than 12 months are not significantly different from the carrying
amount.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
NOTE 37 : CAPITAL MANAGEMENT

For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders. The primary objective of the Company’s capital management is to maximise
the shareholder value and to ensure the Company’s ability to continue as a going concern.The Company manages its capital
structure and makes adjustments for compliance with the requirements of the financial covenants. To maintain or adjust the
capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders. The Company
monitors gearing ratio i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises
of short term borrowing which represents packing credit and cash credit taken from bank. The Company manages the capital
structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying
assets.

Borrowings (refer note 12) 5,915.25 4,157.01
Less: cash and cash equivalent (refer note 9) 1,079.33 544.19
Net debt (i) 4,835.92 3,612.82
Equity 88,983.42 82,051.17
Total Equity (ii) 88,983.42 82,051.17
Overall financing (iii) = (i) + (ii) 93,819.34 85,663.99
Gearing ratio = (i) / (iii) 5.15% 4.22%
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March 2024 and
31st March 2023.
204
Corporate Overview
Statutory Reports

NOTE 38 : FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s principal financial liabilities, other than derivatives, comprise of short term borrowings; and trade and other
payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal
financial assets include loans, trade and other receivables, investments in mutual funds and cash and cash equivalents that
derive directly from its operations and loan given to subsidiary.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. All derivative activities for risk management purposes are carried out by specialist teams that
have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives for speculative
purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price
risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, and derivative financial
instruments.
The sensitivity analysis in the following sections relate to the position as at 31st March 2024 and 31st March 2023.
The analysis exclude the impact of movements in market variables on the carrying values of gratuity and other post retirement
obligations and provisions.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
short-term debt obligations with floating interest rates.
Sensitivity
Year Increase/ Effect on profit

(decrease) in before tax
basis points In `
31st March 2024 50.00 (23.40)
(50.00) 23.40
31st March 2023 50.00 (15.77)
(50.00) 15.77
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market
environment, showing a significantly higher volatility than in prior years.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s
operating activities (when revenue or expense is denominated in a foreign currency) and loan given to subsidiary.
When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to
match the terms of the hedged exposure.
For hedges of forecast transactions the derivatives cover the period of exposure from the point the cash flows of the transactions
are forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency.
205

Foreign currency exposure
Nature of exposure Currency 31st March 2024 31st March 2023

Amount in F.C. Amount in ` Amount in F.C. Amount in `
Trade receivables USD 90.87 7,536.66 115.58 9,442.54
EUR 3.21 286.17 9.50 843.21
Trade payables USD 1.81 151.71 1.17 96.43
EUR 0.50 45.47 0.25 22.14
JPY 137.82 76.63 35.98 22.45
GBP - - 0.02 2.46
Loan given to subsidiaries EUR 107.05 9,531.91 107.05 9,499.79
Interest on loan given to subsidiaries EUR 0.14 12.38 0.96 84.76
Forward contract USD 80.30 6,729.49 85.00 7,051.00
EUR 2.46 222.33 1.60 146.74
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in USD, EUR ,GBP and JPY exchange rates, with
all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary
assets and liabilities including non-designated foreign currency derivatives and embedded derivatives.
Sensitivity
Year Change in USD Effect on profit

rate before tax
In `
31st March 2024 5% 705.72
(5%) (705.72)
31 March 2023
st
5% 819.86
(5%) (819.86)
Year Change in EUR Effect on profit

rate before tax
In `
31st March 2024 5% 500.09
(5%) (500.09)
31 March 2023
st
5% 527.39
(5%) (527.39)
Year Change in EUR Effect on profit

rate before tax
In `
31st March 2024 5% -
(5%) -
31 March 2023
st
5% (0.12)
(5%) 0.12
206
Corporate Overview
Statutory Reports

Year Change in JPY rate Effect on profit

before tax
In `
31st March 2024 5% (3.83)
(5%) 3.83
31st March 2023 5% (1.12)
(5%) 1.12
Commodity risk
The Company is affected by the price volatility of certain commodities. Its operating activities require the ongoing manufacture
of camshafts and therefore require a continuous supply majorly of pig iron, MS scrap and resin coated sand.
The Company’s exposure to the risk of exchange in key raw material prices are mitigated by the fact that the price increases/
decreases from the vendors are passed on to the customers based on understanding with the customers. Hence the fluctuation
of prices of key raw materials do not materially affect the statement of profit and loss. Also as at 31st March 2024, there were
no open purchase commitments/ pending material purchase order in respect of key raw materials. Accordingly, no sensitivity
analysis have been performed by the management.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial
instruments.
Trade receivables
Customer credit risk is managed subject to the Company’s established policy, procedures and control relating to customer
credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this
assessment. Outstanding customer receivables are regularly monitored.
An impairment analysis is performed at each reporting date on an individual basis for major clients. The maximum exposure
to credit risk at the reporting date is the carrying value of trade receivables disclosed in note 8. The Company does not hold
collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers
are located in several jurisdictions and industries and operate in largely independent markets.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance
with the Company’s policy.
The investment of surplus funds is made in mutual funds and fixed deposits which are approved by the Director.
The Company’s maximum exposure to credit risk for the components of the balance sheet at 31st March 2024 and 31st March
2023 is the carrying amounts as illustrated in note 9.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liability when due.
207

The table below summarises the maturity profile of the Company’s financial liabilities:
Particulars Less than 1 year 1 to 5 years > 5 years Total

Year ended 31 March 2024
st
Current borrowings 5,915.25 - - 5,915.25

Other financial liabilities 1,687.42 - - 1,687.42
Trade payables 8,178.16 - - 8,178.16
Lease liabilities - - - -
15,780.83 - - 15,780.83

st

Trade payables 9,141.24 - - 9,141.24
Lease liabilities 5.56 - - 5.56
15,105.01 - - 15,105.01
NOTE 39 :
Disclosure pursuant to Schedule V read with regulations 34(3) and 53(f) of the SEBI (Listing Obligations And Disclosure
Requirements) Regulations, 2015
A) Amount of loans / advances in nature of loans outstanding from subsidiaries as at 31st March 2024:
Name of the Company Balance as at Maximum outstanding

31 March 2024
st
31 March 2023
st
31 March 2024
st
31st March 2023
To Subsidiary Companies
PCL (International) Holding B.V. 9,531.91 9,499.79 9,531.91 14,970.07
B) Loans and advances in the nature of loans to firms/companies in which directors are interested by name and amount:
Nil (other than subsidiaries as mention above)
C) Investments by the loanee in the shares of parent company and subsidiary company, when the Company has made a
loan or advance in the nature of loan as at 31st March 2024:

31 March 2024
st
31 March 2023
st
31 March 2024
st
31st March 2023
To step-down subsidiary companies
MFT Motoren und Fahrzeugtechnik 2,364.01 2,356.05 2,364.01 2,356.05
GmbH (MFT)- Germany
EUR 26,55,000 & EUR 26,55,000
For March 2024 & March 2023
respectively
(Converted into ` using 89.04 `/
Euro & ` 88.74 `/Euro for March
2024 & March 2023 respectively)
208
Corporate Overview
Statutory Reports


31 March 2024
st
31 March 2023
st
31 March 2024
st
31st March 2023
Emoss Mobile Systems B.V., 7,167.90 7,143.74 7,167.90 7,143.74
Netherlands
EUR 80,50,197 & EUR 80,50,197
For March 2024 & March 2023
respectively
(Converted into ` using 89.04 `/
Euro & ` 88.74 `/Euro for March
2024 & March 2023 respectively)
NOTE 40 : CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2%
of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
The areas for CSR activities are health care, education, sustainability, social issues. A CSR committee has been formed by the
Company as per the Act. The funds are utilized through the year on these activities which are specified in Schedule VII of the
Companies Act, 2013.

A Gross amount required to be spent as per Section 135 of the Act 152.47 155.48
Add: amount unspent from previous years - -
Total gross amount required to be spent during the year 152.47 155.48
B Amount approved by the board to be spent during the year 152.47 155.48
C Amount spent during the year on
(i) Construction/acquisition of an asset - -
(ii) On purposes other than (i) above * 154.54 155.69
* The expense considered for FY 2023-24 and FY 2022-23 is ` 152.47 Lakhs and 155.48 Lakhs respectively and balance has
been transferred to prepaid expense.
D Details related to amount spent
Contribution to PM CARES Fund - -
Spent on CSR activities(healthcare, education, sustainability, social issues) 154.54 155.69
Total 154.54 155.69
E Details of excess CSR expenditure
Nature of activity Balance excess as Amount required to be Amount spent Balance excess as
at 1st April 2023 spent during the year during the year at 31st March 2024
Spent on CSR activities (healthcare, (3.83) 152.47 154.54 (5.90)
education, sustainability,social issues)
Nature of activity Balance excess as Amount required to be Amount spent Balance excess as
at 1st April 2022 spent during the year during the year at 31st March 2023
Spent on CSR activities (healthcare, (3.62) 155.48 155.69 (3.83)
education, sustainability,social issues)
209

NOTE 41 : TITLE DEEDS OF IMMOVABLE PROPERTIES NOT HELD IN NAME OF THE COMPANY
There are no title deeds of immovable property which are not held within the name of the Company.
NOTE 42 : LEASES WHERE COMPANY IS A LESSEE

During FY 2021-22, company has obtained office premises on lease from Redbrick Offices Limited for a period of 3 years.
Payment of lease rentals has been made in accordance with the rentals specified in Schedule. Lease liabiliy has been recognised
in the books of accounts by company at present value of lease payments and Right of use asset at cost in accordance with the
requirements of IND AS 116.
(ia) Changes in the carrying value of Right-of-use Assets
Particulars Category of
ROU Asset
Land and Building
Balance as at 1st April 2022 16.72
Additions -
Deletion -
Depreciation 11.80
Balance as at 31 March 2023
st
4.92
Additions -
Deletion -
Depreciation 4.92
Balance as at 31st March 2024 -
(ib) Changes in the Lease liabilities
ROU Asset
Land and Building
Balance as at 1st April 2022 18.28
Additions -
Interest on lease liability 0.77
Lease Payments 13.49
Balance as at 31 March 2023
st
5.56
Additions -
Interest on lease liability -
Lease Payments 5.56
Balance as at 31st March 2024 -
(ii) Break-up of current and non-current lease liabilities

Current Lease Liabilities - 5.56
Non-current Lease Liabilities - -
210
Corporate Overview
Statutory Reports

(iii) Maturity analysis of lease liabilities

Less than one year - 5.56
One to five years - -
More than five years - -
Total - 5.56
(iv) Amounts recognised in statement of Profit and Loss account

Interest on Lease Liabilities - 0.77
Depreciation on ROU asset 4.92 11.80
Total 4.92 12.57
(v) Amounts recognised in statement of Cash Flows

Total Cash outflow for leases 5.56 13.49
NOTE 43 : LEASES WHERE COMPANY IS A LESSOR

During current year, the Company has given 5 Electric Vehicles on finance lease to “Log9 Mobility Private Limited” for a period
of 7 years. Lease Rentals will be received in accordance with the rentals specified in the Schedule. Lease Receivable has been
recognised in the books of accounts by the Company at Net investment in Lease* by derecognising the asset shown in the books
of accounts in accordance with the requirements of IND AS 116.
*Net investment in Lease= Present value of Lease payments using Lessor’s Internal rate of return
(i) Amounts recognised for Finance Lease

-Selling profit or loss 10.06 -
-Finance income on the net investment in the lease 1.38 -
-Income from variable lease payments - -
(ii) Maturity analysis on lease payments receivable

Less than one year 12.88 -
One to five years 44.35 -
More than five years 23.66 -
211

NOTE 44 : Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties
(as defined under Companies Act, 2013), either severally or jointly with any other person, that are:
Type of Borrower Loans/ Repayable Terms/ 31st March 2024 31st March 2023
Advances on demand Period of Amount % of Total Amount % of Total
granted (Yes / No) repayment outstanding outstanding
Individually is specified as at the as at the
or Jointly (Yes / No) balance balance
with other. sheet date sheet date
Promoter - - - - - - -
Directors - - - - - - -
KMPs - - - - - - -
Related Parties
i) PCL (International) Individually No Yes 9,531.91 100% 9,499.79 100%
Holdings B.V.
(Netherlands) (wholly
owned subsidiary)
Total of Loan and Advances 9,531.91 100% 9,499.79 100%
in the nature of Loan (Refer
Note 5B and 34)
NOTE 45 : AGEING OF CWIP

(a) For Capital-work-in progress ageing schedule
31st March 2024
CWIP Amount in CWIP for a period of Total

Less than 1-2 years 2-3 More than
1 year years 3 years
Projects in progress 2,671.39 - - - 2,671.39
Projects temporarily suspended - - - - -
31st March 2023

Projects in progress 4,920.86 3,100.00 - - 8,020.86
(b) i) 31st March 2024
There are no projects as Capital Work in Progess as at 31st March 2024, whose completion is overdue or cost of which
has exceeds in comparison to its original plan.
212
Corporate Overview
Statutory Reports

ii) 31st March 2023
In case of the following projects (CWIP), where completion is overdue or has exceeded its cost compared to its original
plan:
CWIP To be completed in Remarks

Projects in 5,886.17 - - - Approval has been obtained
progress (here with respect to additional
the completion cost in the Audit Committee
is overdue Meeting held on 15th March,
and the cost 2023.
is exceeded
Also, certain approvals
compared to its
have been pending from
original plan)
authorities resulting in delay
in capitalisation. The same
has been capitased by the
Company in FY 2023-24.
NOTE 46 : AGEING OF INTANGIBLE ASSET UNDER DEVELOPMENT

(a) Intangible assets under development ageing schedule
31st March 2024
Intangible assets under development Amount in Intangible under Total

development for a period of
Projects in progress - - - - -
31st March 2023
Intangible assets under development Amount in Intangible Assets under Total

Projects in progress - 45.00 - - 45.00
213

(b) In case of the following projects (IAUD), where completion is overdue or has exceeded its cost compared to its original
plan:
31st March 2023
Intangible To be completed in Remarks

Assets under Less than 1-2 years 2-3 More than
development 1 year years 3 years
Projects in 45.00 - - - There are certain technical issues
progress (here relating to implementation of SAP,
the completion resulting in delay in capitalisation.
is overdue) This has been written off by the
Company in FY 23-24.
NOTE 47 : DETAILS OF BENAMI PROPERTY HELD

The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for
holding any benami property.
NOTE 48 : RECONCILIATION OF QUARTERLY RETURNS OR STATEMENTS OF CURRENT ASSETS FILED WITH BANKS:
31st March 2024
Quarter Name of bank Particulars of Amount as Amount as Amount of Reason for material
Securities Provided per books of reported in difference discrepancies
account the quarterly
return/
statement
Jun-23 Bank of India and Trade Receivables 15,315.78 20,277.20 (4,961.42) The difference is due
Bank of Baroda Trade Payables * 7,599.57 8,064.80 (465.23) to the submission
Inventories 6,185.95 2,737.28 3,448.67 to the Banks were
Sep-23 Bank of India and Trade Receivables 14,854.63 19,741.95 (4,887.32) made before
Bank of Baroda financial reporting
Trade Payables * 7,002.53 6,849.46 153.07
closure process
Inventories 6,749.81 3,457.44 3,292.37
Dec-23 Bank of India and Trade Receivables 13,500.48 19,585.84 (6,085.36)
Bank of Baroda Trade Payables * 7,220.64 7,077.33 143.31
Inventories 7,846.69 3,320.35 4,526.34
Mar-24 Bank of India and Trade Receivables 13,603.51 19,477.80 (5,874.29)
Inventories 7,801.89 3,749.25 4,052.64
214
Corporate Overview
Statutory Reports

31st March 2023
return/
statement
Bank of Baroda Trade Payables * 7,689.94 7,570.25 119.69 to the submission
Trade Payables * 6,798.50 6,708.54 89.96
closure process
Inventories 6,815.68 2,783.59 4,032.09
Inventories 7,082.63 2,858.85 4,223.78
Inventories 6,810.99 2,837.19 3,973.80
* Excluding provision for expenses and including capital payables
NOTE 49 : WILFUL DEFAULTER

The Company has not being declared as wilful defaluter by any bank or financials instiution or any government authority.
NOTE 50 : RELATIONSHIP WITH STRUCK OFF COMPANIES UNDER SECTION 248 OF THE COMPANIES ACT, 2013 OR
SECTION 560 OF COMPANIES ACT, 1956,
The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.
NOTE 51 : REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
NOTE 52 : COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.
NOTE 53 : UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM:

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(intermediaries) with the understanding that the
Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (ultimate beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
215

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
the funding party (ultimate beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries,
NOTE 54 : RATIOS
S. Ratio Particulars Ratio as on Ratio as on Variation Reason
no. Numerator Denominator 31st March 31st March (If variation is
2024 2023 more than 25%)
(a) Current ratio Current assets Current Liabilities 3.12 2.89 7.89%
(b) Debt-equity Debt= All Shareholder’s 0.07 0.05 31.21% The variance in
ratio borrowings equity ratio is mainly on
account of increase
in borrowings
due to increase
in business
operations.
has context menu
(c) Debt service Net Operating Debt Service 35.96 43.50 (17.33%)
coverage ratio Income= Net = Interest &
profit after Lease Payments
taxes + Non- + Principal
cash operating Repayments
expenses + (Excluding Working
finance cost capital borrowings)
(d) Return on Net income= net Average 9.17% 7.66% 19.63%
equity ratio profits after taxes shareholder’s
equity
(e) Inventory Cost of goods sold Average Inventory 2.86 3.38 (15.51%)
turnover ratio
(f) Trade Revenue from Average trade 4.75 4.63 2.71%
receivables sale of products receivables
turnover ratio and services =
total revenue
from operations
less export
incentives
(g) Trade payables Purchases for raw Average trade 4.94 4.93 0.27%
turnover ratio material, stores payables (trade
and conumables, payable relating
packing material to purchases and
consumables)
(h) Net capital Revenue from Average working 2.07 2.08 (0.29%)
turnover ratio sale of products capital
and services =
total revenue
from operations
less export
incentives
216
Corporate Overview
Statutory Reports

S. Ratio Particulars Ratio as on Ratio as on Variation Reason

no. Numerator Denominator 31 March
st
31 March
st (If variation is
2024 2023 more than 25%)
(i) Net profit ratio Net profit Revenue from 12% 10% 19.44%
operations
(j) Return EBIT= earnings Capital employed= 12% 11% 9.88%
on capital before interest Total asset-current
employed and taxes liability
(k) Return on Gain on Mutual (Opening 9% 4% 110.66% The variance
investment fund(including Investment in in ratio is due
unrealised gain) Mutual Fund + to market
Closing investment fluctuations.
in mutual fund)/2
NOTE 55 : UNDISCLOSED INCOME

The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or
disclosed as income during the year and previous year in the tax assessments under the Income Tax Act, 1961 (such as, search
or survey or any other relevant provisions of the Income Tax Act, 1961.)
NOTE 56 : DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY:

The Company has not traded or invested in crypto currency or virtual currency during the financial year.
NOTE 57 : SOCIAL SECURITY CODE

The Code on Social Security 2020 (‘the Code’) relating to employee benefits, during the employment and post-employment,
has received Presidential assent on 28th September 2020. The Code has been published in the Gazette of India. Further, the
Ministry of Labour and Employment has released draft rules for the Code on 13th November 2020. However, the effective date
from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued.
The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in
which, the Code becomes effective and the related rules to determine the financial impact are published. Based on a preliminary
assessment, the entity believes the impact of the change will not be significant.
NOTE 58 : PREVIOUS YEAR COMPARATIVES

Previous year’s figures have been regrouped/reclassified, where necessary, to correspond with the current year’s classification/
disclosure.
NOTE 59 : EVENTS AFTER THE REPORTING PERIOD

No Significant Subsequent events have been observed which may require an adjustments to the financial statements.

A53618
217
INDEPENDENT AUDITOR’S REPORT
To in the manner so required and give a true and fair view in

conformity with the Indian Accounting Standards prescribed
the Members of
under section 133 of the Act read with Companies (Indian
Precision Camshafts Limited Accounting Standards) Rules, 2015, as amended (“Ind AS”)
Report on the Audit of the Consolidated Financial and other accounting principles generally accepted in India,
Statements of their consolidated state of affairs of the Group as at March
31, 2024, of consolidated profit and other comprehensive
OPINION income, consolidated changes in equity and its consolidated
cash flows for the year then ended.
We have audited the accompanying consolidated financial
statements of Precision Camshafts Limited (hereinafter
BASIS FOR OPINION
referred to as the “Holding Company”) and its subsidiaries
(Holding Company, and its subsidiaries together referred to We conducted our audit of the consolidated financial
as “the Group”), which comprise the Consolidated Balance statements in accordance with the Standards on Auditing
Sheet as at March 31, 2024, and the Consolidated Statement (SAs), as specified under section 143(10) of the Act. Our
of Profit and Loss including Other Comprehensive Income, responsibilities under those SAs are further described
the Consolidated Statement of Changes in Equity and the in the Auditor’s Responsibilities for the Audit of the
Consolidated Statement of Cash Flows for the year then Consolidated Financial Statements section of our report.
ended, and notes to the Consolidated Financial Statements, We are independent of the Group, in accordance with the
including material accounting policy information and other ethical requirements that are relevant to our audit of the
explanatory information (hereinafter referred to as the consolidated financial statements in terms of the Code of
“consolidated financial statements”). Ethics issued by Institute of Chartered Accountant of India
(“ICAI”), and the relevant provisions of the Act and we have
In our opinion and to the best of our information and according fulfilled our other ethical responsibilities in accordance with
to the explanations given to us, and based on consideration these requirements. We believe that the audit evidence we
of reports of other auditor on separate financial statements have obtained and on consideration of audit reports of other
and on the other financial information of subsidiaries, auditor referred to in paragraph of the “Other Matter” section
the aforesaid consolidated financial statements give the below, is sufficient and appropriate to provide a basis for our
information required by the Companies Act, 2013 (“the Act”) opinion.
KEY AUDIT MATTER

Key audit matter are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements for the year ended March 31, 2024. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
this matter. We have determined the matter described below to be the key audit matter to be communicated in our report:
No
1 Impairment of Goodwill Our procedure included, but not limited to the following:
Refer Note 4A to the consolidated financial statements 1. Obtained an understanding of the Group’s policy on
assessment of impairment of Goodwill and the key
The Group has carrying value of Goodwill amounting
assumption used by the Management, including design
to INR. 1658.36 lakhs as on March 31, 2024 which
and implementation of controls over preparation of annual
represents 1.59% of the total asset of the Group. The
budgets and future forecasts for business units and the
group performed its annual impairment test of goodwill
approach followed for annual impairment and validation of
and has provided for impairment amount to INR. Nil
Management review controls.
lakhs.
218
Corporate Overview
Statutory Reports
No
The carrying value of Goodwill is tested annually for 2. Tested the operating effectiveness of the controls over
impairment provision by reference to value in use. process of preparation of annual budgets and future
In determining the value in use of the business unit, forecasts for business units and the approach followed for
the Group has applied judgment in estimating future annual impairment.
revenues, profitability cash flow, growth rate and
3. Obtained the and reviewed valuation report issued by
discount rates.
the Holding Company’s independent valuations experts,
Due to the significance of the carrying value of and assessed the expert’s competence, capability and
goodwill and impairment provision thereon, and objectivity.
high degree of management judgments & estimation
4. Assessed the appropriateness of the valuation methodology
uncertainty involved in performing impairment testing
applied and reasonableness of the assumptions used i.e.
& provisioning, we have identified provision for
the discount rate and long-term growth rates used in the
impairment of goodwill as a key audit matter.
forecast.
5. Verified completeness, arithmetical accuracy and validity

of the data used in the calculations
6. Assessed reasonableness of the future revenue and

margins projections, by reviewing the historical accuracy
of the Group’s estimates and its ability to produce accurate
long-term forecasts.
7. Assessed the Holding Company’s sensitivity analysis and

evaluated whether any reasonably foreseeable change in
assumptions could lead to impairment or material change
in carrying value of Goodwill.
8. Evaluated the appropriateness and adequacy of disclosures

given in the consolidated financial statements, including
disclosure of significant assumptions and judgements, in
accordance with applicable Indian Accounting Standards.
INFORMATION OTHER THAN THE CONSOLIDATED is materially inconsistent with the consolidated financial
FINANCIAL STATEMENTS AND AUDITOR’S REPORT statements or our knowledge obtained in the audit or
THEREON otherwise appears to be materially misstated. If, based on the
The Holding Company’s Board of Directors is responsible work we have performed, we conclude that there is a material
for the other information. The other information comprises misstatement of this other information, we are required to
the information included in the Director’s report including report that fact. We have nothing to report in this regard.
Annexures to the Director’s report but does not include the
consolidated financial statements and our auditor’s report RESPONSIBILITIES OF MANAGEMENT AND THOSE
thereon. CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED
FINANCIAL STATEMENTS
Our opinion on the consolidated financial statements does
The Holding Company’s Board of Directors is responsible
not cover the other information and we do not express any
for the preparation and presentation of these consolidated
form of assurance conclusion thereon.
financial statements in term of the requirements of the Act
In connection with our audit of the consolidated financial that give a true and fair view of the consolidated financial
statements, our responsibility is to read the other information position, consolidated financial performance, consolidated
and, in doing so, consider whether the other information changes in equity and consolidated cash flows of the Group
219
including in accordance with the accounting principles We give in “Annexure A” a detailed description of Auditor’s
generally accepted in India, including the Accounting responsibilities for Audit of the Consolidated Financial
Standards specified under section 133 of the Act. The Statements.
respective Management and Board of Directors of the
companies included in the Group are responsible for OTHER MATTER
maintenance of adequate accounting records in accordance We did not audit the financial statements of 4 (four)
with the provisions of the Act for safeguarding the assets subsidiaries, whose financial statements reflect total assets
of the Group for preventing and detecting frauds and other of INR 40,568.22 Lakhs as at March 31, 2024, total revenues
irregularities; the selection and application of appropriate of INR 36,044.06 Lakhs and net cash inflows amounting
accounting policies; making judgments and estimates that to INR 1930.32 Lakhs for the year ended on that date, as
are reasonable and prudent; and the design, implementation considered in the consolidated financial statements. These
and maintenance of adequate internal financial controls, financial statements have been audited by other auditors
that were operating effectively for ensuring accuracy and whose reports have been furnished to us by the Management
completeness of the accounting records, relevant to the and our opinion on the consolidated financial statements, in
preparation and presentation of the consolidated financial so far as it relates to the amounts and disclosures included in
statements that give a true and fair view and are free from respect of these subsidiaries, and our report in terms of sub-
material misstatement, whether due to fraud or error, section (3) of Section 143 of the Act, in so far as it relates to
which have been used for the purpose of preparation of the the aforesaid subsidiaries, is based solely on the reports of
consolidated financial statements by the Management and the other auditor.
Board of Directors of the Holding Company, as aforesaid.
Our opinion on the consolidated financial statements is not
In preparing the consolidated financial statements, the modified in respect of the above matter.
respective Management and Board of Directors of the
companies included in the Group are responsible for assessing REPORT ON OTHER LEGAL AND REGULATORY
the ability of the Group to continue as a going concern, REQUIREMENTS
disclosing, as applicable, matters related to going concern and 1. As required by Section 143(3) of the Act, based on our
using the going concern basis of accounting unless the Board audit and on the consideration of the reports of the
of Directors either intends to liquidate the Group or to cease other auditors on the Separate financial information of
operations, or has no realistic alternative but to do so. the subsidiaries referred to in the Other Matter section
The respective Board of Directors of the companies included above we report, to the extent applicable, that:
in the Group are responsible for overseeing the financial a. We have sought and obtained all the information
reporting process of each company. and explanations which to the best of our
knowledge and belief were necessary for the
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE purposes of our audit of the aforesaid consolidated
CONSOLIDATED FINANCIAL STATEMENTS financial statements.
Our objectives are to obtain reasonable assurance about
b. In our opinion, proper books of account as required
whether the consolidated financial statements as a whole
by law relating to preparation of the aforesaid
are free from material misstatement, whether due to fraud
consolidated financial statements have been kept
or error, and to issue an auditor’s report that includes our
so far as it appears from our examination of those
opinion. Reasonable assurance is a high level of assurance
books and the reports of the other auditor except
but is not a guarantee that an audit conducted in accordance
for the matters stated in the paragraph 1(h)(vi)
with Standards on Auditing (“SAs”) will always detect a
below on reporting under Rule 11(g).
material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, c. The Consolidated Balance Sheet, the Consolidated
individually or in the aggregate, they could reasonably be Statement of Profit and Loss including other
expected to influence the economic decisions of users taken comprehensive income, the Consolidated Statement
on the basis of these consolidated financial statements. of Changes in Equity and the Consolidated
220
Corporate Overview
Statutory Reports
Statement of Cash Flow dealt with by this Report iv. 1. The respective Managements of the
are in agreement with the relevant books of account Holding Company and its subsidiary,
maintained for the purpose of preparation of the which are companies incorporated
consolidated financial statements. in India whose financial statements
have been audited under the Act have
d. In our opinion, the aforesaid consolidated financial
represented to us and the other auditor
statements comply with the Accounting Standards
of such subsidiary respectively that, to
specified under Section 133 of the Act.
the best of their knowledge and belief,
e. On the basis of the written representations received no funds have been advanced or loaned
from the directors of the Holding Company as on or invested (either from borrowed funds
March 31, 2024 taken on record by the Board of or share premium or any other sources or
Directors of the Holding Company and the reports kind of funds) by the Holding Company or
of the statutory auditors of its subsidiary company any of such subsidiary to or in any other
incorporated in India, none of the directors of person(s) or entity(ies), including foreign
the Group companies incorporated in India are entities with the understanding, whether
disqualified as on March 31, 2024 from being recorded in writing or otherwise, as on the
appointed as a director in terms of Section 164 (2) date of this audit report, that such parties
of the Act. shall, directly or indirectly lend or invest
f. The reservation relating to the maintenance of in other persons or entities identified in
accounts and other matters connected therewith any manner whatsoever by or on behalf
are as stated in paragraph 1(b) above on reporting of the Holding Company or any of such
under Section 143(3)(b) and paragraph 1(h)(vi) subsidiary (“Ultimate Beneficiaries”) or
below on reporting under Rule 11(g). provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
g. With respect to the adequacy of internal financial
controls with reference to consolidated financial 2. The respective Managements of the
statements of the Group and the operating Holding Company and its subsidiary,
effectiveness of such controls, refer to our separate which are companies incorporated
report in “Annexure B”. in India whose financial statements
have been audited under the Act have
h. With respect to the other matters to be included in represented to us and the other auditor
the Auditor’s Report in accordance with Rule 11 of of such subsidiary respectively that, to
the Companies (Audit and Auditor’s) Rules, 2014, the best of their knowledge and belief, no
in our opinion and to the best of our information funds have been received by the Holding
and according to the explanations given to us: Company or any of such subsidiary from
i. The consolidated financial statements any person(s) or entity(ies), including
disclose the impact of pending litigations foreign entities with the understanding,
on the consolidated financial position of the whether recorded in writing or otherwise,
Group, – Refer Note 32(b) to the consolidated as on the date of this audit report, that
financial statements. the Holding Company or any of such
subsidiary shall, directly or indirectly,
ii. The Group did not have any material
lend or invest in other persons or entities
foreseeable losses on long-term contracts
identified in any manner whatsoever
including derivative contracts.
by or on behalf of the Funding Party
iii. There has been no delay in transferring (“Ultimate Beneficiaries”) or provide any
amounts, required to be transferred, to the guarantee, security or the like on behalf
Investor Education and Protection Fund by of the Ultimate Beneficiaries.
the Holding Company.
221
3. Based on the audit procedures that the year ended March 31, 2024, which has
have been considered reasonable a feature of recording audit trail (edit log)
and appropriate in the circumstances facility, however no audit trail feature was
performed by us and that performed by enabled at the database level to log any
the auditor of the subsidiary which is a direct data changes. Further, the audit trail
company incorporated in India whose facility has been operated throughout the
financial statements have been audited year for all the relevant transactions recorded
under the Act, and according to the in the accounting software, except for the
information and explanations provided software at the database level as stated
to us by the Management of the Holding above, in respect of which the audit trail
company in this regard nothing has facility has not operated throughout the year
come to our or other auditor notice that for all relevant transactions recorded in this
has caused us or the other auditor to accounting software during the year ended
believe that the representations under March 31, 2024. Further, during the course
sub-clause (i) and (ii) of Rule 11(e) as of our examination, we and the auditor of the
provided under (1) and (2) above, contain subsidiary, did not come across any instance
any material mis-statement of audit trail feature being tampered with.
v. On the basis of our verification and on 2. In our opinion, according to information, explanations
consideration of the reports of the statutory given to us, the remuneration paid by the Holding
auditors of the subsidiary that is an Indian Company, to its directors is within the limits laid
Company under the Act, we report that prescribed under Section 197 of the Act and the rules
thereunder except in case of 1 (one) subsidiary company
The final dividend paid by the Holding Company
incorporated in India, as the provisions of the aforesaid
during the year in respect of the same declared
section is not applicable to private company.
for the previous year is in accordance with
section 123 of the Companies Act 2013 to the 3. According to the information and explanations given to
extent it applies to payment of dividend. us and based on the CARO reports issued by us for the
Holding Company and on consideration of CARO reports
The Board of Directors of the Holding
issued by the statutory auditors of subsidiary included
Company have proposed final dividend for the
in the consolidated financial statements of the Group
year which is subject to the approval of their
to which reporting under CARO is applicable, we report
respective members at the ensuing Annual
that there are no Qualifications/adverse remarks.
General Meeting. The dividend declared is in
accordance with section 123 of the Act to the
extent it applies to declaration of dividend.
(Refer Note 40 to the consolidated financial
statements). For M S K A & Associates
vi. Based on our examination, and based on the Chartered Accountants
other auditor report of subsidiary company ICAI Firm Registration No. 105047W
incorporated in india whose financial
statements have been audited under the Nitin Manohar Jumani
Act, the holding Company and its subsidiary Partner
company have used accounting software’s Place: Pune Membership No. 111700
for maintaining its books of account, for Date: May 23, 2024 UDIN: 24111700BKAIKW5313
222
Corporate Overview
Statutory Reports
ANNEXURE A
TO THE INDEPENDENT AUDITOR’S REPORT ON EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF
PRECISION CAMSHAFTS LIMITED FOR THE YEAR ENDED 31st March 2024
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE • Obtain sufficient appropriate audit evidence regarding
CONSOLIDATED FINANCIAL STATEMENTS the financial information of the entities or business
As part of an audit in accordance with SAs, we exercise activities within the Group to express an opinion on the
professional judgment and maintain professional skepticism consolidated financial statements. We are responsible
throughout the audit. We also: for the direction, supervision and performance of the
audit of the financial statements of such entities included
• Identify and assess the risks of material misstatement
in the consolidated financial statements of which we are
of the consolidated financial statements, whether due
the independent auditors. For the other entities included
to fraud or error, design and perform audit procedures
in the consolidated financial statements, which have
responsive to those risks, and obtain audit evidence
been audited by other auditors, such other auditors
that is sufficient and appropriate to provide a basis
remain responsible for the direction, supervision and
for our opinion. The risk of not detecting a material
performance of the audits carried out by them. We remain
misstatement resulting from fraud is higher than for
solely responsible for our audit opinion.
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or We communicate with those charged with governance of
the override of internal control. the Holding Company and such other entities included in
• Obtain an understanding of internal control relevant to the consolidated financial statements of which we are the
the audit in order to design audit procedures that are independent auditors regarding, among other matters, the
appropriate in the circumstances. Under section 143(3) planned scope and timing of the audit and significant audit
(i) of the Act, we are also responsible for expressing findings, including any significant deficiencies in internal
our opinion on whether the Holding Company has control that we identify during our audit.
adequate internal financial controls with reference We also provide those charged with governance with a
to consolidated financial statements in place and the statement that we have complied with relevant ethical
operating effectiveness of such controls. requirements regarding independence, and to communicate
• Evaluate the appropriateness of accounting policies with them all relationships and other matters that may
used and the reasonableness of accounting estimates reasonably be thought to bear on our independence, and
and related disclosures made by the management and where applicable, related safeguards.
Board of Directors.
From the matters communicated with those charged with
• Conclude on the appropriateness of the management governance, we determine those matters that were of
and Board of Directors use of the going concern basis of most significance in the audit of the consolidated financial
accounting and, based on the audit evidence obtained, statements for the year ended 31st March 2024 and are
whether a material uncertainty exists related to events therefore the key audit matters. We describe these matters
or conditions that may cast significant doubt on the in our auditor’s report unless law or regulation precludes
ability of the Group and to continue as a going concern. public disclosure about the matter or when, in extremely
If we conclude that a material uncertainty exists, we rare circumstances, we determine that a matter should
are required to draw attention in our auditor’s report not be communicated in our report because the adverse
to the related disclosures in the consolidated financial consequences of doing so would reasonably be expected to
statements or, if such disclosures are inadequate, to outweigh the public interest benefits of such communication.
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s For M S K A & Associates
report. However, future events or conditions may cause Chartered Accountants
the Group to cease to continue as a going concern. ICAI Firm Registration No. 105047W
• Evaluate the overall presentation, structure and content

of the consolidated financial statements, including the Nitin Manohar Jumani
disclosures, and whether the consolidated financial Partner
statements represent the underlying transactions and Place: Pune Membership No. 111700
events in a manner that achieves fair presentation. Date: May 23, 2024 UDIN: 24111700BKAIKW5313
223
ANNEXURE B
TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL
STATEMENTS OF PRECISION CAMSHAFTS LIMITED
[Referred to in paragraph 1(g) under ‘Report on Other internal financial controls that were operating effectively for
Legal and Regulatory Requirements’ in the Independent ensuring the orderly and efficient conduct of its business,
Auditors’ Report of even date to the Members of Precision including adherence to the respective company’s policies,
Camshafts Limited on the consolidated Financial the safeguarding of its assets, the prevention and detection
Statements for the year ended 31st March 2024 of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable
Report on the Internal Financial Controls under Clause
financial information, as required under the Act.
(i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)
AUDITOR’S RESPONSIBILITY
OPINION Our responsibility is to express an opinion on the internal

financial controls with reference to consolidated financial
In conjunction with our audit of the consolidated financial
statements of the Holding Company and its subsidiary
statements of the Company as of and for the year ended 31st
company, which is incorporated in India, based on our audit.
March 2024, we have audited the internal financial controls
We conducted our audit in accordance with the Guidance
reference to consolidated financial statements of Precision
Note on Audit of Internal Financial Controls Over Financial
Camshafts Limited (hereinafter referred to as “the Holding
Reporting (the “Guidance Note”) issued by the ICAI and the
Company”) which includes the internal financial controls over
Standards on Auditing prescribed under section 143(10)
financial reporting of the Holding Company and its subsidiary
of the Act, to the extent applicable to an audit of internal
company (the Holding Company and its subsidiary together
financial controls. Those Standards and the Guidance Note
referred to as “the Group”), which is incorporated in India,
require that we comply with ethical requirements and plan
as of that date.
and perform the audit to obtain reasonable assurance about
In our opinion, and to the best of our information and according whether adequate internal financial controls with reference
to the explanations given to us, the Holding Company and its to consolidated financial statements was established and
subsidiary company, which is incorporated in India, have, in maintained and if such controls operated effectively in all
all material respects, an adequate internal financial controls material respects.
with reference to consolidated financial statements and such
Our audit involves performing procedures to obtain audit
internal financial controls with reference to consolidated
evidence about the adequacy of the internal financial controls
financial statements were operating effectively as at 31st
with reference to consolidated financial statements and
March 2024, based on the internal financial controls with
their operating effectiveness. Our audit of internal financial
reference to consolidated financial statements criteria
controls with reference to consolidated financial statements
established by the respective companies considering the
included obtaining an understanding of internal financial
essential components of internal control stated in the
controls with reference to consolidated financial statements,
Guidance Note on Audit of Internal Financial Controls Over
assessing the risk that a material weakness exists, and testing
Financial Reporting issued by the Institute of Chartered
and evaluating the design and operating effectiveness of
Accountants of India (“the ICAI”).
internal control based on the assessed risk. The procedures
MANAGEMENT AND BOARD OF DIRECTOR’S selected depend on the auditor’s judgement, including the
RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
The respective Management and the Board of Directors of
error.
the Holding Company and its subsidiary company, which
is incorporated in India, are responsible for establishing We believe that the audit evidence we have obtained and
and maintaining internal financial controls based on the the audit evidence obtained by the other auditor in terms of
internal control with reference to consolidated financial their report referred to in the Other Matter paragraph below,
statements criteria established by the respective companies is sufficient and appropriate to provide a basis for our audit
considering the essential components of internal control opinion on the internal financial controls with reference to
stated in the Guidance Note. These responsibilities include consolidated financial statements of the Holding Company,
the design, implementation and maintenance of adequate its subsidiary company, which is incorporated in India.
224
Corporate Overview
Statutory Reports
Annexure B (Contd.)
MEANING OF INTERNAL FINANCIAL CONTROLS including the possibility of collusion or improper management
WITH REFERENCE TO CONSOLIDATED FINANCIAL override of controls, material misstatements due to error or
STATEMENTS fraud may occur and not be detected. Also, projections of any
A company’s internal financial control with reference to evaluation of the internal financial controls with reference
consolidated financial statements is a process designed to consolidated financial statements to future periods are
to provide reasonable assurance regarding the reliability subject to the risk that the internal financial control with
of financial reporting and the preparation of consolidated reference
financial statements for external purposes in accordance to consolidated financial statements may become inadequate
with generally accepted accounting principles. A company’s because of changes in conditions, or that the degree of
internal financial control with reference to consolidated compliance with the policies or procedures may deteriorate.
financial statements includes those policies and procedures
that (1) pertain to the maintenance of records that, OTHER MATTER
in reasonable detail, accurately and fairly reflect the Our aforesaid report under Section 143(3)(i) of the Act on the
transactions and dispositions of the assets of the company; adequacy and operating effectiveness of the internal financial
(2) provide reasonable assurance that transactions are controls with reference to consolidated financial statements
recorded as necessary to permit preparation of consolidated in so far as it relates to 1 (one) subsidiary company, which is
financial statements in accordance with generally accepted incorporated in India, is based on the corresponding report
accounting principles, and that receipts and expenditures of the auditor of such company incorporated in India. Our
of the company are being made only in accordance with opinion is not modified in respect of this matter.
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 For M S K A & Associates
material effect on the consolidated financial statements. Chartered Accountants
INHERENT LIMITATIONS OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO CONSOLIDATED Nitin Manohar Jumani
FINANCIAL STATEMENTS Partner
Because of the inherent limitations of internal financial Place: Pune Membership No. 111700
controls with reference to consolidated financial statements, Date: May 23, 2024 UDIN: 24111700BKAIKW5313
225
CONSOLIDATED BALANCE SHEET

As at 31st March 2024
Particulars Notes As at As at
ASSETS
Non-current assets
(a) Property, plant and equipment 3 30,592.83 27,475.89
(b) Capital work-in-progress 3A 2,768.31 8,127.35
(c) Goodwill on consolidation 4A 1,658.36 1,657.35
(d) Other intangible assets 4 224.49 1,952.99
(e) Intangible assets under development 4A - 45.00
(f) Financial assets
(i) Investments 5A 7.46 7.46
(ii) Other financial assets 5B 563.35 449.70
(g) Deferred tax assets (net) 30 776.77 915.80
(h) Other non-current assets 6 562.87 891.74
Total non-current assets 37,154.44 41,523.28
Current assets
(a) Inventories 7 14,368.97 22,453.23
(b) Financial assets
(i) Investments 5A 22,502.72 17,736.90
(ii) Trade receivables 8 17,552.63 20,625.04
(iii) Cash and cash equivalents 9 4,330.00 1,864.55
(iv) Bank balances other than (iii) above 9 4,581.16 4,186.69
(v) Other financial assets 5B 148.10 317.64
(c) Other current assets 6 2,782.56 2,346.90
Total current assets 66,266.14 69,530.95
Assets classified as held for sale 19 925.47 -
Total Assets 1,04,346.05 1,11,054.23
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 10 9,498.58 9,498.58
(b) Other equity 11 65,336.39 62,153.84
Total Equity attributable to equity holders of Holding company 74,834.97 71,652.42
Non controlling interest - -
Total equity 74,834.97 71,652.42
Liabilities
Non-current liabilities
(i) Borrowings 12 663.12 1,796.92
(ii) Lease liabilities 14 380.31 750.69
(b) Provisions 17 681.58 579.75
(c) Deferred tax liabilities (net) 30 670.52 839.12
(d) Other non-current liabilities 16 409.19 -
Total non-current liabilities 2,804.72 3,966.48
Current liabilities
(i) Borrowings 12 9,583.86 7,491.11
(ii) Trade payables 15
- total outstanding dues of creditors other than micro enterprises 10,442.21 11,194.38
and small enterprises
(iii) Other financial liabilities 13 2,204.88 2,153.00
(iv) Lease liabilities 14 384.10 428.81
(b) Other current liabilities 16 2,302.02 12,334.30
(c) Provisions 17 211.06 206.89
(d) Current tax liabilities (net) 18 264.25 105.62
Total current liabilities 26,645.25 35,435.33
Liabilities related to assets classified as held for sale 19A 61.11 -
Total liabilities 29,511.08 39,401.81
Total Equity and Liabilities 1,04,346.05 1,11,054.23
The accompanying notes are an integral part of the Consolidated financial statements
A53618
226
Corporate Overview
Statutory Reports
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

for the year ended 31st March 2024
Particulars Notes Year ended Year ended

Income
Revenue from operations 20 1,03,113.70 1,08,014.49
Other income 21 2,862.60 2,964.91
Total income (I) 1,05,976.30 1,10,979.40
Expenses
Cost of raw materials and components consumed 22 37,641.84 49,955.10
(Increase) / decrease in inventories of finished goods and work-in-progress 23 2,796.87 (1,931.81)
Employee benefits expenses 24 19,149.05 17,904.40
Other expenses 25 33,506.61 31,025.48
Total expenses (II) 93,094.37 96,953.17
Earnings before interest, tax, depreciation and amortisation (EBITDA) 12,881.93 14,026.23
(III)= (I) - (II)
Finance costs 26 833.90 823.43
Finance Income 27 (297.67) (348.03)
Depreciation and amortisation expense 28 8,157.72 7,523.03
Profit before exceptional items and tax 4,187.98 6,027.80
Exceptional items 38 1,829.19 -
Tax expense
Current tax 30 2,031.77 2,617.05
Deferred tax 30 (49.91) (1,339.43)
Total tax expenses 1,981.86 1,399.21
Profit for the year 4,035.31 4,628.59
Other comprehensive income
A. Other comprehensive income not to be reclassified to profit or loss in
subsequent periods:
Re-measurement gains / (losses) on defined benefit plans 45.84 46.07
Income tax effect (11.54) (11.60)
34.30 34.47
B. Other comprehensive income to be reclassified to profit or loss in
subsequent periods:
Exchange differences on translation of foreign operations 63.15 (126.39)
63.15 (126.39)
Other comprehensive income for the year, net of tax [ A+B ] 97.45 (91.92)
Total comprehensive income for the year, net of tax 4,132.76 4,536.67
Profit for the year Attributable to:
Equity holders of the Holding Company 4,035.31 4,628.59
Non Controlling interests - -
4,035.31 4,628.59
Other comprehensive income for the year Attributable to:
Equity holders of the Holding Company 97.45 (91.92)
97.45 (91.92)
Total Comprehensive Income for the year Attributable to:
Equity holders of the Holding Company 4,132.76 4,536.67
4,132.76 4,536.67
Earning per share [nominal value per share ` 10 (31st March 2023: ` 10)] 29
a) Basic 4.25 4.87
b) Diluted 4.25 4.87
A53618
227
STATEMENT OF CONSOLIDATED CASH FLOWS


A. CASH FLOW FROM OPERATING ACTIVITIES
ADJUSTMENTS TO RECONCILE PROFIT BEFORE TAX TO NET CASH FLOWS:
Depreciation, amortisation and impairment of property, plant and equipment 9,704.85 7,523.03
and intangible assets
Net foreign exchange loss/(gain) differences (unrealised) (73.95) 155.63
Gain on mutual fund (realised and unrealised) (1,765.74) (788.62)
Inventory written down 3,650.04 -
Advances received from customers written back (7,024.24) -
Loss on sale of asset / asset written off (Net) 46.71 -
Liabilities written back (144.06) -
Finance income (including fair value change in financial instruments) (297.67) (348.03)
Finance costs (including fair value change in financial instruments) 833.90 823.43
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 10,947.01 13,393.24
WORKING CAPITAL ADJUSTMENTS:
Increase / (decrease) in provisions 151.84 (286.33)
(Increase) / decrease in other assets (433.28) (166.95)
(Increase) / decrease in other financial assets 157.69 302.72
Increase / (decrease) in other current liabilities (55.56) 296.83
Increase / (decrease) in other financial liabilities 349.33 (28.57)
(Increase) / decrease in trade and other receivables and prepayments 524.02 (1,420.95)
(Increase) / decrease in inventories 4,434.22 (3,177.94)
Increase / (decrease) in trade and other payables (966.19) 3,994.27
CASH GENERATED FROM OPERATIONS 15,109.08 12,906.32
Income tax paid (net of refunds) (2,015.95) (2,593.99)
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) 13,093.13 10,312.33
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (6,547.75) (6,201.97)
Proceeds from sale of PPE 195.75 -
Purchase of financial instruments (438.55) (182.69)
Advance received against sale of land 61.11 -
Proceeds from sale of financial instruments (3,000.08) 2,470.19
Interest received (finance income) 289.48 342.54
NET CASH FLOWS USED IN INVESTING ACTIVITIES (B) (9,440.04) (3,571.93)
228
Corporate Overview
Statutory Reports
STATEMENT OF CONSOLIDATED CASH FLOWS


C. CASH FLOW FROM FINANCING ACTIVITIES
Interest paid (833.90) (823.43)
(Repayment)/proceeds in relation to borrowings (net) 958.94 (3,961.83)
Final dividend paid on shares (960.73) (1,034.16)
Payment of lease obligation (415.10) (174.43)
NET CASH FLOWS USED IN FINANCING ACTIVITIES (C) (1,250.79) (5,993.85)
Net increase in cash and cash equivalents (A+B+C) 2,402.30 746.55
Effect of exchange differences on translation of foreign currency on cash and 63.15 (126.39)
cash equivalents
Cash and cash equivalents at the beginning of the year 1,864.55 1,244.39
Cash and cash equivalents as at year end 4,330.00 1,864.55
Components of cash and cash equivalents: (Refer Note 9)
Balances with banks:
On current accounts 4,275.35 1,811.19
Deposit with original maturity of less than 3 months 50.47 50.46
Cash in hand 4.18 2.90
Cash and cash equivalents at year end 4,330.00 1,864.55
Summary of material accounting policies

A53618
229
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

A EQUITY SHARE CAPITAL

Equity shares of ` 10 (refer note 10) each issued, subscribed and fully paid Number Rupees
At 1st April 2022 9,49,85,835 9,498.58
At 31 March 2023
st
9,49,85,835 9,498.58
At 31 March 2024
st
9,49,85,835 9,498.58
B OTHER EQUITY
Attributable to the equity holders of the Holding Company
Particulars Reserve and surplus Other comprehensive Total

income / (loss) equity
Securities General Retained Capital Remeasurement Foreign
premium Reserve Earnings Reserve gain on defined currency
account benefit plans translation
reserve
As at 1st April 2022 21,744.23 472.21 34,383.60 1,412.02 121.82 532.78 58,666.66
Profit for the year - - 4,628.59 - - - 4,628.59
Other comprehensive income for the - - - - 34.47 - 34.47
year, net of tax
Total comprehensive income for the - - 4,628.59 - 34.47 - 4,663.06
year
Reversal of tax benefit directly routed (4.64) - - - - - (4.64)
through equity (deferred tax)
Exchange differences on translation of - - - - - (126.39) (126.39)
foreign operation
Final dividend for year ended - - (1,044.84) - - - (1,044.84)
31st March 2022
As at 31st March 2023 21,739.59 472.21 37,967.35 1,412.02 156.29 406.39 62,153.84
Profit for the year - - 4,035.31 - - - 4,035.31
Other comprehensive income for the - - - - 34.30 - 34.30
year, net of tax
Total comprehensive income for the - - 4,035.31 - 34.30 - 4,069.61
year
Reversal of tax benefit directly routed (0.35) - - - - - (0.35)
through equity (deferred tax)
Exchange differences on translation of - - - - - 63.15 63.15
foreign operation
Final dividend for year ended - - (949.86) - - - (949.86)
31st March 2023
As at 31st March 2024 21,739.24 472.21 41,052.79 1,412.02 190.59 469.54 65,336.39

A53618
230
Corporate Overview
Statutory Reports
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. REPORTING ENTITY currency. All amounts have been rounded-off to the

Precision Camshafts Limited (“the Company” or “the nearest lakh to two decimal points, unless otherwise
parent) is a public company domiciled in India and was indicated.
incorporated in 1993 with its equity shares listed on National
(iv) Basis of measurement
Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The Company has its office registered at E 102/103 MIDC, These consolidated financial Statements have been
Akkalkot road Solapur, Maharashtra, 413006 prepared on a historical cost convention on accrual
basis except for the following items:
These consolidated financial statements comprise the
financial statements of the Company and its subsidiaries Items Measurement basis
(together referred to as the ‘Group’) for the year ended Certain financial Fair value
31st March 2024. The Group is primarily involved in assets and liabilities
Manufacturing of auto-components(Camshafts & others) & Net defined benefit Present value of defined benefit
Kit sets which are used for electrifying the fuel trucks. liability obligation less fair value of plan
These consolidated financial statements were approved assets
for issue in accordance with a resolution of the directors on (v) Going Concern Assumption
23rd May 2024.
The Group has prepared the consolidated financial
2.(a) Basis of preparation of Financial Statements statements on the basis that it will continue to operate
as a going concern.
(i) Statement of compliance and basis of Preparation
These consolidated financial statements of the (vi) Basis of Consolidation:
group have been prepared in accordance with Indian The consolidated financial statements incorporate
Accounting Standards (Ind AS) notified under Section the financial statements of the Company and all its
133 of the Companies Act, 2013 (the "Act") read with subsidiaries, being the entities that it controls. Control is
the Companies (Indian Accounting Standards) Rules, evidenced where the Group has power over the investee
2015 and Companies (Indian Accounting Standards) or is exposed, or has rights, to variable returns from
Amendment Rules, 2016. its involvement with the investee and has the ability to
Accounting policies have been consistently applied to affect those returns through its power over investee.
all the years presented except where a newly issued Power is demonstrated through existing rights that give
Accounting Standard is initially adopted or a revision the ability to direct relevant activities, which significantly
to an existing Indian Accounting Standard requires a affect the entity returns. The financial statements of
change in the accounting policy hitherto in use. subsidiaries are prepared for the same reporting year as
the parent company. Where necessary, adjustments are
Details of the Group material accounting policies are
made to the financial statements of subsidiaries to align
included in Note 2(c).
the accounting policies in line with accounting policies
(ii) EBITDA Measurement Policy: of the Group. Intragroup balances and transactions,
The Group has elected to present earnings before and any unrealised income and expenses arising from
interest, tax, depreciation and amortization (EBITDA) intragroup transactions, are eliminated in preparing the
as a separate line item on the face of the statement of consolidated financial statements.
profit and loss to provide a clear view of operational
(vii) Critical accounting judgements and key sources of
performance. In its measurement the Group does not
estimation uncertainty
include depreciation and amortization expense, finance
income, finance costs and tax expense to reflect core In preparing these consolidated Financial Statements,
business performance accurately. management has made judgements, estimates and
assumptions that affect the application of accounting
(iii) Functional and presentation currency policies and the reported amounts of assets, liabilities,
The consolidated financial Statements are presented in income, and expenses. Actual results may differ from
Indian Rupees (`), which is also the Group’s functional these estimates.
231

Estimates and underlying assumptions are reviewed on past history, customer’s creditworthiness,
an ongoing basis. Revisions to accounting estimates are existing market conditions as well as forward
recognised prospectively. looking estimates at the end of each reporting
period. The policy for the same has been
In particular, information about significant areas of
explained under Note 2(c).
estimation uncertainty and critical judgments in applying
accounting policies that have the most significant effect -
Note 4A-The Group assesses the carrying
on the amounts recognised in the consolidated Financial value of goodwill for impairment. This involves
Statements are included in the following notes: allocating goodwill to the relevant cash-
generating unit (CGUS) or group of CGUS that
a) Critical Accounting Estimates
are expected to benefit from the synergies
- Note 31 – The cost of the defined benefit plans, of the combination. This process requires
compensated absences and the present value significant judgment, including assumptions
of the defined benefit obligation are based on about future cash flows, growth rates, and
actuarial valuation using the projected unit discount rates, reflecting management's best
credit method. An actuarial valuation involves estimates under current market conditions.
making various assumptions that may differ All assumptions are reviewed at each
from actual developments in the future. These reporting date. The policy for the same has
include the determination of the discount been explained under Note 2(c).
rate; future salary increases and mortality - Note 7-The Group assesses inventory at the
rates. Due to the complexities involved in the lower of cost and net realizable value (NRV).
valuation and its long-term nature, a defined NRV is the estimated selling price in the
benefit obligation is highly sensitive to changes ordinary course of business, less estimated
in these assumptions. All assumptions are costs of completion and selling expenses.
reviewed at each reporting date. The policy for The provision for NRV is based on Current
the same has been explained under Note 2(c). and forecasted market trends, Obsolescence
& sales projections. This estimate involves
-
Note 3 - Property, plant and equipment
significant judgment and is reviewed at each
represent a significant proportion of the
reporting date. The policy for the same has
asset base of the Group. The charge in
been explained under Note 2(c).
respect of periodic depreciation is derived
after determining an estimate of an asset’s - Note 19-The Group classifies assets as held
expected useful life and the expected residual for sale when their carrying amount will be
value at the end of its life. The useful lives recovered principally through a sale transaction
and residual values of Group's assets are rather than through continuing use. Management
determined by management at the time the assesses whether the sale is highly probable
asset is acquired and reviewed periodically, and the asset is available for immediate sale in
including at each financial year end. The lives its present condition. The estimation involves
are based on historical experience with similar significant judgment, including assumptions
assets as well as anticipation of future events, about the selling price, costs to sell, and the
which may impact their life. The policy for the timeframe for the sale, based on current
same has been explained under Note 2(c). market conditions. The policy for the same has
been explained under Note 2(c).
- Note 8 - The impairment provisions of financial
assets are based on assumptions about risk 2.(b) Changes in accounting policies and disclosures
of default and expected timing of collection. The Ministry of Corporate Affairs has notified Companies
The Group uses judgment in making these (Indian Accounting Standards) Amendment Rules, 2023
assumptions and selecting the inputs to the dated 31st March 2023 to amend the following Ind AS
impairment calculation, based on the Group’s which are effective for annual periods beginning on or after
232
Corporate Overview
Statutory Reports

1st April 2023. The Group has applied these amendments environment in which the entity operates (‘the functional
for the first-time in these financial statements. currency’). The consolidated financial statements are
presented in Indian rupee (INR), which is the Company’s
(i) Amendments to Ind AS 1 - disclosure of accounting
functional and Group's presentation currency.
policies
On initial recognition, all foreign currency transactions
The amendments aim to help entities provide accounting
are recorded by applying to the foreign currency amount
policy disclosures that are more useful by replacing the
requirement for entities to disclose their ‘significant’ the exchange rate between the functional currency and
accounting policies with a requirement to disclose their the foreign currency at the date of the transaction. Gains/
‘material’ accounting policies and adding guidance on losses arising out of fluctuation in foreign exchange
how entities apply the concept of materiality in making rates between the transaction date and settlement date
decisions about accounting policy disclosures. are recognised in the profit and loss.
The amendments have had an impact on the disclosures Monetary assets and liabilities denominated in foreign
of accounting policies, but not on the measurement, currencies are translated at the functional currency spot
recognition or presentation of any items in the rates of exchange at the reporting date and the exchange
consolidated financial statements. differences are recognised in the profit and loss. Non-
monetary items that are measured in terms of historical
(ii) Definition of Accounting Estimates – Amendments to cost in a foreign currency are translated using the
Ind AS 8 Accounting policies, changes in accounting exchange rates at the dates of the initial transactions.
estimates and errors Non-monetary items measured at fair value in a foreign

The amendments clarify the distinction between currency are translated using the exchange rates at the
changes in accounting estimates and changes in date when the fair value is determined. The gain or loss
accounting policies and the correction of errors. It arising on translation of non-monetary items measured
has also been clarified how entities use measurement at fair value is treated in line with the recognition of
techniques and inputs to develop accounting estimates. the gain or loss on the change in fair value of the item
(i.e., translation differences on items whose fair value
The amendments had no impact on these Consolidated
gain or loss is recognised in OCI or profit or loss are also
financial statements.
recognised in OCI or profit or loss, respectively).
(iii)
Amendments to Ind AS 12 - deferred tax related to
Group companies
assets and liabilities arising from a single transaction
The amendments narrow the scope of the initial The results and financial position of foreign operations
recognition exception under Ind AS 12, so that it no that have a functional currency different from
longer applies to transactions that give rise to equal the presentation currency are translated into the
taxable and deductible temporary differences such presentation currency as follows:
as leases. The amendment has no impact on the • assets and liabilities are translated at the closing
consolidate financial statements. rate at the date of that balance sheet,
(iv)
New standards and amendments issued but not • income and expenses are translated at average
effective exchange rates (unless this is not a reasonable
There are no such standards which are notified but not approximation of the cumulative effect of the rates
yet effective prevailing on the transaction dates, in which case
income and expenses are translated at the dates of
2.(c) Material accounting policies
the transactions), and
(i) Foreign currency • All resulting exchange differences are recognised
Foreign currency transactions and translation in other comprehensive income.
Items included in the consolidated financial statements On consolidation, exchange differences arising
are measured using the currency of the primary economic from the translation of any net investment in
233

foreign entities, and of borrowings and other end of each reporting period, with any gains or
financial instruments designated as hedges losses arising on re-measurement recognised in
of such investments, are recognised in other the statement of profit and loss. The gain or loss
comprehensive income. When a foreign operation on disposal is recognised in the statement of profit
is sold, the associated exchange differences are and loss.
reclassified to profit or loss, as part of the gain or
Other financial assets
loss on sale.
Other financial assets are non-derivative financial
Goodwill and fair value adjustments arising on the
assets with fixed or determinable payments
acquisition of a foreign operation are treated as
that are not quoted in an active market. These
assets and liabilities of the foreign operation and
comprise trade receivables, lease receivables,
translated at the closing rate.
and eligible current and noncurrent assets. They
(ii) Financial Instruments are presented as current assets, except for those
expected to be realised later than twelve months
Non derivative financial instruments consist of:
after the reporting date which are presented
• financial assets, which include cash and cash as non-current assets. All financial assets are
equivalents, trade receivables, investments in initially recognised at fair value and subsequently
equity & Mutual funds and eligible current and non measured at amortised cost using the effective
current assets; and interest method, less any impairment losses.
• financial liabilities, which include borrowings, However, trade receivables that do not contain a
trade payables, lease liability and eligible current significant financing component are measured at
and noncurrent liabilities. the Transaction Price.
(a) Recognition of Non derivative financial Trade payables and other liabilities
instruments:
Trade payables are initially recognised at
Non-derivative financial instruments are transaction price, and subsequently carried at
recognised initially at fair value. Subsequent transaction price.
to initial recognition, non-derivative financial Other liabilities are initially recognised at
instruments are measured as described below: transaction price, and subsequently carried
Cash and cash equivalents. at amortised cost using the effective interest
method. For these financial instruments, the
The Group’s cash and cash equivalents consist of carrying amounts approximate fair value of these
cash on hand and in banks and demand deposits instruments.
with banks, which can be withdrawn at any time,
without prior notice or penalty on the principal. (b) Derecognition of financial instruments
For the purposes of the statement of cash flows, The Group derecognises a financial asset when
cash and cash equivalents include cash on hand, the contractual rights to the cash flows from the
in banks and demand deposits with banks and are financial asset expire or it transfers the financial
considered part of the Group’s cash management asset and the transfer qualifies for derecognition
system. under Ind AS 109. If the Group retains substantially
Investments all the risks and rewards of a transferred financial
asset, the Group continues to recognise the
Financial instruments measured at fair value financial asset and recognises a borrowing for the
through profit or loss (“FVTPL”): proceeds received. A financial liability (or a part of a
Instruments that do not meet the amortised cost or financial liability) is derecognised from the Group’s
FVTOCI criteria are measured at FVTPL. Financial balance sheet when the obligation specified in the
assets at FVTPL are measured at fair value at the contract is discharged or cancelled or expires.
234
Corporate Overview
Statutory Reports

(c) Offsetting statement of profit and loss. Freehold land is not

depreciated.
Financial assets and financial liabilities are offset,
and the net amount presented in the Balance Sheet Depreciation on property, plant and equipment is
when, and only when, the Group currently has a provided over the useful life of assets as assessed
legally enforceable right to set off the amounts by the Group is furnished below:
and it intends either to settle them on a net basis
Particulars Useful lives (years)
or to realize the asset and settle the liability
Buildings 30-60
simultaneously.
Roads 5-10
(iii) Property, plant and equipment Plant & Machinery 3-15
i. Recognition and measurement Computer 3-5
Office Equipment 5
Items of property, plant and equipment are
Furniture and fixtures 5-10
measured at cost (cash price equivalent), which
Vehicles 5-8
includes capitalized borrowing costs, less
Electrical installation 10
accumulated depreciation, and accumulated
impairment losses, if any. Cost of leasehold land is amortised over the period
of lease i.e, 80 years to 99 years
If significant parts of an item of property, plant
and equipment have different useful lives, then Depreciation method, useful lives and residual
they are accounted for as separate items (major values are reviewed at each financial year-end and
components) of property, plant and equipment. adjusted if appropriate.
Any gain or loss on disposal of an item of property, Depreciation on additions (disposals) is provided
plant and equipment is recognized in profit or loss. on a pro-rata basis i.e. from (up to) the date on
which the asset is ready for use (disposed of).
Capital work in progress is stated at cost and
includes the cost of the assets that are not ready (iv) Intangible assets
for their intended use at the Balance Sheet date. Intangible assets acquired separately are measured
PPE is derecognized upon disposal or when no at cost of acquisition. Following initial recognition,
future economic benefits are expected from its use intangible assets are carried at cost less accumulated
or disposal. Any gain or loss arising on derecognition amortization and impairment losses, if any. Intangible
is recognised in the Statement of Profit and Loss in assets are amortised over its useful life on straight
the same period. line basis. The estimated useful life of amortizable
intangibles is reviewed and where appropriate is
ii. Subsequent expenditure
adjusted, annually.
Subsequent expenditure is capitalized only if it
The estimated useful lives of the amortizable intangible
is probable that the future economic benefits
assets are as follows:
associated with the expenditure will flow to the
Group. Particulars Useful lives (years)
Computer Software 3-5
iii. Depreciation
Technical Knowhow 3-7
Depreciation is calculated on cost of items of
property, plant and equipment less their estimated (v) Asset classified as held for sale.
residual values over their estimated useful lives The Group classifies non-current assets as held for sale
using the straight-line method except in case if their carrying amounts will be recovered principally
of one subsidiary namely Memco engineering through a sale rather than through continuing use.
private limited where written down value method
Non-current assets held for sale are measured at the
is followed and is generally recognized in the
lower of their carrying amount and the fair value less
235

costs to sell. Assets and liabilities classified as held for The recoverable amount of a CGU (or an individual
sale are presented separately in the balance sheet. asset) is the higher of its value in use and its fair
value less costs to sell. Value in use is based on the
Following their classification as held for sale, non
estimated future cash flows, discounted to their
current assets are not depreciated.
present value using a pre-tax discount rate that
(vi) Impairment reflects current market assessments of the time
i. Impairment of Financial assets value of money and the risks specific to the CGU (or
the asset).
The Group applies the expected credit loss model
for recognizing impairment loss on financial assets An impairment loss is recognized if the carrying
measured at amortized cost, trade receivables, amount of an asset or CGU exceeds its estimated
Lease receivables and other financial assets. recoverable amount. Impairment losses are
Expected credit loss is the difference between recognized in the statement of profit and loss.
the contractual cash flows and the cash flows that In respect of assets for which impairment loss
the entity expects to receive discounted using the has been recognized in prior periods, the Group
effective interest rate. reviews at each reporting date whether there is
Loss allowances for trade receivables, Lease any indication that the loss has decreased or no
receivables are measured at an amount equal to longer exists. An impairment loss is reversed if
lifetime expected credit loss. Lifetime expected there has been a change in the estimates used to
credit losses are the expected credit losses that determine the recoverable amount. Such a reversal
result from all possible default events over the is made only to the extent that the asset’s carrying
expected life of a financial instrument. Lifetime amount does not exceed the carrying amount that
expected credit loss is computed based on would have been determined, net of depreciation
a provision matrix which takes in to account or amortization, if no impairment loss had been
risk profiling of customers and historical credit recognized. An impairment loss recognised for
loss experience adjusted for forward looking goodwill is not reversed.
information. (vii) Inventories:
ii. Impairment of non-financial assets Inventories are valued at lower of cost and net realizable
The Group’s non-financial assets such as property, value including necessary provision for obsolescence.
plant and equipment, Goodwill, inventories and Net realisable value is the estimated selling price in the
deferred tax assets, are reviewed at each reporting ordinary course of business, less the estimated cost of
date to determine whether there is any indication completion and selling expenses. The comparison of
of impairment. If any such indication exists, then cost and net realisable value is made on an item by item
the asset’s recoverable amount is estimated. basis.

For impairment testing, assets that do not The cost of raw materials, components, consumable
generate independent cash inflows are grouped stores and spare parts are determined using the
together into cash-generating units (CGUs). Each weighted average method and includes freight, taxes
CGU represents the smallest group of assets and duties, net of duty credits wherever applicable.
that generates cash inflows that are largely Finished goods and work in progress are valued at lower
independent of the cash inflows of other assets or of cost and net realisable value. Cost includes all direct
CGUs. Goodwill is allocated on initial recognition costs including applicable manufacturing overheads
to each of the Group's CGUs that are expected to incurred in bringing them to their present location and
benefit from a business combination that gives rise condition
to the goodwill.
236
Corporate Overview
Statutory Reports

(viii) Leases ii. Post-employment benefits (defined benefit plans)

The Group as a lessee The Group provides for retirement benefits in the
The Group recognises a right-of-use asset and a lease form of Gratuity. A defined benefit plan is a post-
liability at the lease commencement date. employment benefit plan other than a defined
contribution plan. The Group’s net obligation in
The right-of-use asset is initially measured at cost. The
respect of defined benefit plans is calculated
right-of-use assets are subsequently depreciated over
separately for each plan by estimating the amount
the shorter of the asset’s useful life and the lease term on
of future benefit that employees have earned in the
a straight-line basis. In addition, the right-of-use asset
current and prior periods, discounting that amount
is reduced by impairment losses, if any, and adjusted for
and deducting the fair value of any plan assets.
certain remeasurements of the lease liability.
The calculation of defined benefit obligation is
The lease liability is initially measured at amortised
performed annually by a qualified actuary using the
cost at the present value of the future lease payments,
projected unit credit method. When the calculation
discounted using the interest rate implicit in the lease
results in a potential asset for the Group, the
or, if that rate cannot be readily determined, using the
recognized asset is limited to the present value
incremental borrowing rate. It is remeasured when
of economic benefits available in the form of any
there is a change in future lease payments arising from
future refunds from the plan or reductions in future
a change in an index or rate, if there is a change in the
contributions to the plan (‘the asset ceiling’).
Group’s estimate of the amount expected to be payable
under a residual value guarantee, or if the Group changes In order to calculate the present value of economic
its assessment of whether it will exercise a purchase, benefits, consideration is given to any minimum
extension or termination option. When the lease liability funding requirements.
is remeasured in this way, a corresponding adjustment Re-measurements of the net defined benefit
is made to the carrying amount of the right-of-use asset, liability, which comprise actuarial gains and losses,
or is recorded in profit or loss if the carrying amount of the return on plan assets (excluding interest) and the
the right-of-use asset has been reduced to zero. effect of the asset ceiling (if any, excluding interest),
The Group has elected not to recognise right-of-use are recognized in OCI. The Group determines the
assets and lease liabilities for short-term leases that net interest expense (income) on the net defined
have a lease term of 12 months or less and leases of benefit liability (asset) for the period by applying
low-value assets. The Group recognises the lease the discount rate used to measure the defined
payments associated with these leases as an expense benefit obligation at the beginning of the annual
on a straight-line basis over the lease term period to the then-net defined benefit liability
(asset), taking into account any changes in the net
(ix) Employee benefits defined benefit liability (asset) during the period
i. Short term employee benefits as a result of contributions and benefit payments.
Net interest expense and other expenses related
Short-term employee benefit obligations are
to defined benefit plans are recognized in profit or
measured on an undiscounted basis and are
loss.
expensed as the related service is provided. A
liability is recognized for the amount expected to be When the benefits of a plan are changed or when a
paid e.g. under short-term cash bonus, if the Group plan is curtailed, the resulting change in benefit that
has a present legal or constructive obligation to pay relates to past service (‘past service cost’ or ‘past
this amount as a result of past service provided by service gain’) or the gain or loss on curtailment is
the employee, and the amount of obligation can be recognized immediately in profit or loss. The Group
estimated reliably. recognizes gains and losses on the settlement of a
defined benefit plan when the settlement occurs.
237

iii. Defined contribution plans Tooling contract:
The Group makes defined contribution to The Group recognizes revenue from developed tools only
Government Employee Provident Fund, and when they are approved by the customer. Accordingly,
Superannuation Scheme, which are recognized in revenue from tooling is recognized at a point in time,
the Statement of Profit and Loss on accrual basis. post-approval by the customer, at the transaction price
agreed upon in the contract.
A defined contribution plan is a post-employment
benefit plan under which an entity pays fixed (xi) Government Grant and Export Incentives:
contributions into a separate entity and will
Grants from the Government are recognised at their fair
have no legal or constructive obligation to pay
value where there is a reasonable assurance that the
further amounts. The Group makes specified
grant will be received, and the Group will comply with
monthly contributions towards Government
all attached conditions.
administered provident fund scheme. Obligations
for contributions to defined contribution plans Government grants relating to income are deferred and
are recognised as an employee benefit expense in recognised in the profit or loss over the period necessary
profit or loss in the periods during which the related to match them with the costs that they are intended
services are rendered by employees. to compensate and presented within other operating
revenue.
Prepaid contributions are recognised as an asset
to the extent that a cash refund or a reduction in Government grants in the nature of export incentives
future payments is available. are accounted for in the period of export of goods if the
entitlements can be estimated with reasonable accuracy
(x) Revenue Recognition and conditions precedent to claim are reasonably
The Group derives revenue primarily from sale of auto- expected to be fulfilled.
components(Camshafts & others) & Kit sets which are
used for electrifying the fuel trucks. The Group also earns (xii) Dividend:
revenue from Tooling contract used in manufacturing of Dividends are recognised when they become legally
camshafts. payable. In the case of interim dividends to equity
shareholders, this is when declared by the directors. In
Sale of Products & Kit sets:
the case of final dividends, this is when approved by the
Revenue from sale of product & Kit sets is recognized at shareholders at the annual general meeting.
point in time when control of the goods has transferred
to the customer. Control over a good refers to the ability (xiii) Income tax
to direct the use of, and obtain substantially all of the Income tax comprises current and deferred tax.
remaining benefits from, those goods. Control is usually i. Current income tax
transferred upon shipment, delivery to, upon receipt
of goods by the customer, in accordance with the Current income tax assets and liabilities are
individual delivery and acceptance terms agreed with measured at the amount expected to be recovered
the customers. The amount of revenue to be recognized from or paid to the taxation authorities. The tax
(transaction price) is based on the consideration rates and tax laws used to compute the amount are
expected to be received in exchange for goods, excluding those that are enacted or substantively enacted, at
amounts collected on behalf of third parties such as the reporting date in the countries where the Group
goods and services tax or other taxes directly linked operates and generates taxable income.
to sales. Revenue from product sales are recorded net Current income tax relating to items recognised
of allowances for estimated rebates and estimates of outside Statement of Profit and Loss is recognised
product returns, all of which are established at the time outside Statement of Profit and Loss (either in
of sale other comprehensive income or in equity). Current
238
Corporate Overview
Statutory Reports

tax items are recognised in correlation to the liabilities and assets, and they relate to income
underlying transaction either in OCI or directly taxes levied by the same tax authority.
in equity. Management periodically evaluates
positions taken in the tax returns with respect to (xiv) Provisions and Contingent Liabilities
situations in which applicable tax regulations are The Group estimates the provisions that have present
subject to interpretation and establishes provisions obligations as a result of past events, and it is probable
where appropriate. that an outflow of resources will be required to settle
the obligations. These provisions are reviewed at the
ii. Deferred tax
end of each reporting date and are adjusted to reflect
Deferred tax assets and liabilities are recognised the current best estimates.
where the carrying amount of an asset or liability in
The Group uses significant judgement to disclose
the consolidated balance sheet differs from its tax
contingent liabilities. Contingent liabilities are disclosed
base, except for differences arising on:
when there is a possible obligation arising from past
- The initial recognition of goodwill, events, the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
- The initial recognition of an asset or liability
uncertain future events not wholly within the control of
in a transaction which is not a business
the Group or a present obligation that arises from past
combination and at the time of the transaction
events where it is either not probable that an outflow
affects neither accounting or taxable profit,
of resources will be required to settle the obligation
and
or a reliable estimate of the amount cannot be made.
- Investments in subsidiaries and joint Contingent assets are neither recognized nor disclosed
arrangements where the Group is able to in the consolidated financial statements.
control the timing of the reversal of the
difference and it is probable that the difference (xv) Segment Reporting
will not reverse in the foreseeable future. Segments are identified based on the manner in which
the Chief Operating Decision Maker (‘CODM’) decides
Recognition of deferred tax assets is restricted to
about resource allocation and reviews performance.
those instances where it is probable that taxable
The Group is engaged in manufacturing of auto-
profit will be available against which the difference
components (camshafts & others) & Kit sets which are
can be utilised.
used for electrifying the fuel trucks. Based on similarity
The amount of the asset or liability is determined of activities/products, risk and reward structure,
using tax rates that have been enacted or organisation structure and internal reporting systems, the
substantively enacted by the reporting date and are Group has structured its operations into a single operating
expected to apply when the deferred tax liabilities/ segment; however based on the geographic distribution
(assets) are settled/(recovered). of activities, the CODM has identified India and outside
Deferred tax assets and liabilities are offset if there India as two reportable geographical segments. Refer
is a legally enforceable right to offset current tax Note No 34 for segment information presented.
239
240
NOTE 3: PROPERTY, PLANT AND EQUIPMENT

Particulars Leasehold Freehold Buildings Plants and Office Furniture Vehicles Electrical Computer- Right of Total
land land equipment equipment and installation hardware use Asset

fixtures
At cost
At 01st April 2022 941.37 724.44 13,355.61 63,528.72 3,131.17 236.29 409.19 22.41 268.95 1,828.40 84,446.55
Additions - - 11.62 1,596.77 121.38 7.33 84.38 16.54 50.96 180.91 2,069.89
Disposals - - - (196.69) - - (3.92) - - - (200.61)
Capitalised during year - - - - - - - - - - -

Other adjustment
- Foreign currency - - (129.76) 1,501.94 169.87 - 6.73 - 32.78 100.21 1,681.77
translation reserve
At 31st March 2023 941.37 724.44 13,237.47 66,430.74 3,422.42 243.62 496.38 38.95 352.69 2,109.52 87,997.60
Additions - 64.35 1,051.97 10,776.40 141.59 49.41 369.07 - 9.88 270.00 12,732.67
Disposals - - - (2,260.79) - - (109.04) - - (596.28) (2,966.11)
Assets classified as held (18.05) - (1,207.71) (18.36) (4.67) (36.82) - - - - (1,285.61)
for sale
Capitalised during year - - - - - - - - - - -
Other adjustment
- Foreign currency - 23.92 67.85 128.86 10.08 - 0.99 - (166.69) 9.30 74.31
translation reserve
At 31st March 2024 923.32 812.71 13,149.58 75,056.85 3,569.42 256.21 757.40 38.95 195.88 1,792.54 96,552.86
Depreciation and
impairment
At 01st April 2022 61.31 - 4,675.46 45,078.13 2,711.73 213.65 141.94 13.48 152.05 532.28 53,580.03
Charge for the year 11.64 - 500.68 4,563.96 164.24 6.48 52.88 2.91 63.55 429.07 5,795.41
Disposals - - - (116.82) - - (3.73) - - - (120.55)
Foreign currency - - 103.39 928.08 155.08 - 2.59 - 25.88 51.80 1,266.82
translation reserve
At 31st March 2023 72.95 - 5,279.53 50,453.35 3,031.05 220.13 193.68 16.39 241.48 1,013.15 60,521.71
Charge for the year 11.56 - 517.54 4,920.51 236.03 7.75 79.66 5.14 38.28 474.29 6,290.76
Disposals - - - (1,644.79) - - (52.13) - - (380.72) (2,077.64)
Assets classified as held (5.57) - (295.82) (18.00) (4.67) (36.09) - - - - (360.15)
for sale
Foreign currency - - 19.63 121.85 7.56 - 0.23 - (113.61) 2.56 38.22
translation reserve
Impairement - - - 1,547.13 - - - - - - 1,547.13
At 31st March 2024 78.94 - 5,520.88 55,380.05 3,269.97 191.79 221.44 21.53 166.15 1,109.28 65,960.03
Particulars Leasehold Freehold Buildings Plants and Office Furniture Vehicles Electrical Computer- Right of Total
land land equipment equipment and installation hardware use Asset
fixtures
Net Block
At 31st March 2024 844.38 812.71 7,628.70 19,676.80 299.45 64.42 535.96 17.42 29.73 683.26 30,592.83
At 31st March 2023 868.42 724.44 7,957.94 15,977.39 391.37 23.49 302.70 22.56 111.21 1,096.37 27,475.89
Note 3A: Capital work in progress
Particulars Capital work in

progress
At 1st April 2022 3,373.23
Additions 6,004.31
Disposals -
Other adjustment
- Foreign currency translation reserve 6.01
At 31st March 2023 8,127.35
Additions 5,944.91
Disposals -
Other adjustment
- Foreign currency translation reserve (9.57)
At 31st March 2024 2,768.31
Asset under construction
Capital work-in-progress (CWIP) comprises cost of assets that are not yet installed and ready for their intended use as at the balance sheet date. Capital work in
progress as at 31st March 2024 comprises expenditure for the plant and machinery in the course of construction.
Statutory Reports
Corporate Overview
241
242
NOTE 4: INTANGIBLE ASSETS

Particulars Computer Corporate Customer Research and Technical Development IP Total
software design & new relations development knowhow technology

homepage
At cost
At 01st April 2022 626.42 68.18 2,554.78 340.00 4,265.71 - 3,725.15 11,580.24
Additions 22.16 - - - - - - 22.16
Disposals - - - - - - - -
Foreign currency translation reserve 29.88 - - - - 38.10 - 67.98

At 31st March 2023 678.46 68.18 2,554.78 340.00 4,265.71 38.10 3,725.15 11,670.38
Additions 50.92 - - - 65.90 - - 116.82
Disposals - - - - - - - -
Foreign currency translation reserve 148.37 - 105.08 - 277.31 (38.10) 269.19 761.85
At 31st March 2024 877.75 68.18 2,659.86 340.00 4,608.92 - 3,994.34 12,549.05
Amortisation & impairment

At 01st April 2022 366.47 68.17 2,554.78 340.00 2,640.25 - 2,112.72 8,082.39
Charge for the year 107.66 - - - 815.06 - 804.90 1,727.62
Disposals - - - - - - - -
Foreign currency translation reserve 5.14 - - - (67.74) 38.10 (67.12) (91.62)
At 31st March 2023 479.27 68.17 2,554.78 340.00 3,387.57 38.10 2,850.50 9,718.39
Charge for the year 129.87 0.01 - - 873.07 - 864.01 1,866.96
Disposals - - - - - - - -
Foreign currency translation reserve 105.98 - 105.08 - 286.62 (38.10) 279.83 739.41
At 31st March 2024 715.12 68.18 2,659.86 340.00 4,547.26 - 3,994.34 12,324.76
Net Block
At 31st March 2024 162.63 - - - 61.66 - - 224.29
At 31st March 2023 199.19 0.01 - - 878.14 - 874.65 1,951.99
Corporate Overview
Statutory Reports

Note 4A: Intangible asset under development & Goodwill on consolidation
Particulars Intangible Goodwill on

asset under consolidation
development
At 1st April 2022 45.00 3,723.79
Additions - -
Other adjustment
- Foreign currency translation reserve - 16.84
At 31 March 2023
st
45.00 3,740.63
Additions - -
Write off (45.00) -
Other adjustment
- Foreign currency translation reserve - 1.01
At 31 March 2024
st
- 3,741.64
Impairment
At 1st April 2022 - 2,083.28
Charge for the year - -
Other adjustment
- Foreign currency translation reserve - -
At 31st March 2023 - 2,083.28
Charge for the year - -
Other adjustment
- Foreign currency translation reserve - -
At 31 March 2024
st
- 2,083.28
Net book value
At 31st March 2024 - 1,658.36
At 31st March 2023 45.00 1,657.35
243

NOTE 5: FINANCIAL ASSETS

5A) Investments
(i) At fair value through Profit or Loss (FVTPL)
a) Investments in equity instruments
Shares of Laxmi Co-op. Bank Limited 1.25 1.25
5000 Equity shares of ` 25 each fully paid-up
(31st March 2023: 5,000 equity shares)
Shares of Solapur Janata Sahakari Bank Limited 0.05 0.05
Shares of Thane Janata Bank 4.63 4.63
Shares of Janlaxmi Bank 1.30 1.30
Shares of Mahila Bank 0.21 0.21
Shares of Godavari Bank 0.01 0.01
Shares of NAMCO Bank 0.01 0.01
b) Investments in mutual funds
Quoted mutual funds
HDFC corporate bond fund - growth 541.97 502.16
ICICI prudential saving fund-growth 2,545.32 2,359.48
ICICI prudential banking and PSU debt fund - growth 493.03 457.97
ICICI prudential corporate bond fund - growth 844.47 782.60
ICICI prudential short term fund-growth 197.31 183.15
ICICI prudential all seasons bond fund - growth 1,041.20 -
ICICI prudential money market fund - growth 508.63 -
Nippon india short term fund - growth plan - growth option 118.55 110.39
Nippon india low duration fund - growth plan- growth option 239.01 223.30
ABSL corporate bond fund-growth 960.19 890.73
ABSL sun life low duration fund 121.89 114.04
ABSL saving fund growth 255.03 237.40
ABSL nifty SDL PSU bond sept 446.49 417.00
Axis short term fund-growth 790.27 736.83
Axis bluechip fund - growth 303.61 230.02
244
Corporate Overview
Statutory Reports

Axis money market fund - regular growth 508.75 -
Axis banking & PSU debit fund - growth 471.88 441.36
Axis all seasons debt fund of funds regular growth 243.91 226.47
Axis treasury advantage fund - regular growth (TA-GP) 554.86 517.29
Axis nifty AAA bond plus SDL apr 2026 50:50 ETF FoF - regular growth 221.09 207.86
Bandhan corporate bond fund regular plan-growth (erstwhile IDFC 667.01 623.28
corporate bond fund regular plan-growth)
IDFC ultra short term fund-growth(Reg Plan) 595.52 555.92
Bandhan ultra short term fund regular plan-growth (erstwhile IDFC ultra 3.61 3.37
short term fund regular plan-growth)
IDFC low duration fund - growth 694.50 648.56
TATA banking & PSU debt fund regular plan 171.77 160.77
Kotak low duration fund std growth (regular plan) 2,320.48 2,171.20
Kotak nifty SDL APR 2027 top 12 equal weight index fund regular 222.10 207.68
Kotak banking and PSU debt fund 616.75 574.22
Kotak savings growth fund 13.78 12.88
Kotak bond fund short term growth 474.43 442.99
Kotak corporate bond fund standard - growth 1,181.27 1,098.42
Kotak floating rate fund growth - regular plan 600.53 558.61
Kotak dynamic bond reg plan growth 1,056.58 -
Baroda BNP paribas multi cap fund 585.69 401.42
SBI magnum ultra short duration fund regular growth 129.10 120.45
SBI short term debt fund regular plan 191.53 178.85
Sundaram large and mid cap fund - regular growth 223.00 -
Principal emerging bluechip fund - regular plan growth - 160.91
Canara robeco force collection a/c 185.99 133.87
Canara robeco blue chip equity fund 162.75 122.17
ICICI prudential ultra short term fund 240.78 163.80
UTI floater fund - regular growth plan 17.05 111.75
ICICI prudential fund 5.07 63.10
HDFC banking and PSU debt fund 89.96 65.42
HDFC equity saving fund 100.00 63.00
HDFC credit risk debt fund - 41.85
Edelweiss mutual fund 443.48 414.36
UTI money market fund 102.53 -
Total investments at FVTPL 22,510.18 17,744.36
Current 22,502.72 17,736.90
22,510.18 17,744.36
Total investments 22,510.18 17,744.36
Aggregate book value of quoted investments 22,502.72 17,736.90
Aggregate book value of unquoted investments 7.46 7.46
245

5B) Other financial assets
(i) Derivative instruments
Foreign-exchange forward contracts* 39.46 -
(ii) Others
(a) Bank deposits with more than 12 months maturity 164.82 120.74
(b) Interest accrued on fixed deposits 11.45 8.26
(c) Lease receivable 80.89 -
(d) Income accrued on others 12.29 7.29
(e) Other receivable 119.20 373.21
(f) Security deposits #
283.34 257.84
Total 711.45 767.34
Current 148.10 317.64
711.45 767.34
* The holding company entered into foreign exchange forward contracts with the intention to reduce the foreign exchange
#
Security deposit is with electricity department; which carrying interest at the rate of 4% to 7% for the company.
NOTE 6: OTHER ASSETS
Capital advances 172.43 651.53
Prepaid expense 592.77 539.45
Advances for purchase of materials 110.18 110.66
Income tax deposited with tax authorities (under protest) 335.42 199.61
Other advances with Provident fund authorities (under protest) 12.12 12.12
Income accrued on export incentives 296.83 203.30
Balances with statutory/government authorities 1,695.77 1,421.15
Other receivables 90.71 78.89
Advance tax (net of provision for taxation) 39.20 21.93
Total 3,345.43 3,238.64
Current 2,782.56 2,346.90
3,345.43 3,238.64
246
Corporate Overview
Statutory Reports

NOTE 7: INVENTORIES
Raw materials and components (at cost) 1,564.06 6,768.40
Stores, spares and packing materials (at cost) 2,926.86 3,009.91
Semi-finished goods (at cost) 4,405.70 7,943.32
Finished goods (at lower of cost and net realisable value)* 5,472.35 4,731.60
Total 14,368.97 22,453.23
During the year ended 31st March 2024 ` 87.40 Lakhs (31st March 2023 ` 51.42 Lakhs) was written down as a provision towards
slow moving/ non moving of inventories.
*Includes Finished Goods in transit ` 4,096.71 Lakhs (31st March 2023: ` 3,689.74 Lakhs)
NOTE 8: TRADE RECEIVABLES
Trade receivables 17,552.63 20,625.04
Total 17,552.63 20,625.04
Break-up for security details:
- Credit impaired 275.35 223.50
Total 17,827.98 20,848.54
Impairment allowance (allowance for bad and doubtful debts)
- Doubtful (275.35) (223.50)
Total 17,552.63 20,625.04
The net carring value of trade receivables is considered a reasonable approximation of fair value.
Trade receivables are non-interest bearing and are generally on terms of 30 to 150 days.
247

Particulars Unbilled Not due Outstanding for following periods from due date of receipts
dues
Less than 6 months 1-2 years 2-3 More than Total
6 months - 1 year years 3 years
considered good
in credit risk
(iii) Undisputed trade receivables – - - - 155.34 116.47 3.54 - 275.35
credit impaired
considered good
in credit risk
credit impaired
Less: Allowance for bad and doubtful - - - (155.34) (116.47) (3.54) - (275.35)
Total - 7,250.20 10,193.29 109.05 0.09 - - 17,552.63
dues Less than 6 months 1-2 2-3 More than Total
6 months - 1 year years years 3 years
considered good
in credit risk
(iii) Undisputed trade receivables – - - - 220.22 3.28 - - 223.50
credit impaired
considered good
in credit risk
credit impaired
Less: Allowance for bad and doubtful - - - (220.22) (3.28) - - (223.50)
Total - 8,815.73 11,760.57 48.30 0.44 - - 20,625.04
248
Corporate Overview
Statutory Reports

NOTE 9: CASH AND BANK BALANCES

Balance with banks
Current accounts 4,275.35 1,811.19
Total cash and cash equivalents 4,330.00 1,864.55
Other bank balances
Deposits with maturity for more than 3 months but less than 12 months from the 4,575.79 4,170.45
balance sheet date *
Unclaimed dividend accounts 5.37 16.24
Total other bank balances 4,581.16 4,186.69
Total 8,911.16 6,051.24
Cash at banks earns interest at fixed rates based on fixed deposit receipts made by the Group. Fixed deposits are made for
varying periods of between 1 month to 48 months, depending on the immediate cash requirements of the Group, and earn
interest at the respective short term / long term deposit rates.
* Deposits with bank of ` 186.96 Lakhs (31st March, 2023 : ` 140.30 Lakhs) held as lien by banks against bank guarantees.
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following
Balance with banks
Current accounts 4,275.35 1,811.19
Total cash and cash equivalents 4,330.00 1,864.55
NOTE 10: SHARE CAPITAL

A) Authorised share capital
Particulars Equity shares

Number Amount
At 1st April 2022 10,00,00,000 10,000.00
At 31 March 2023
st
10,00,00,000 10,000.00
At 31 March 2024
st
10,00,00,000 10,000.00
249

Terms/rights attached to equity shares
The Holding Company has only one class of equity shares having a par value of ` 10 per share (31st March 2023: ` 10 per
share). Each holder of equity shares is entitled to one vote per share. The Holding Company declares and pays dividends
in Indian rupees.
The Board of Directors of the Holding Company, in their meeting on 26th May, 2023, proposed a final dividend of ` 1.00
per equity share and the same was approved by the shareholders at the Annual General Meeting held on 26th July 2023.
The amount was recognized as distributions to equity shareholders during the year ended 31st March 2024 and the total
appropriation was ` 949.86 Lakhs.
The Board of Directors, in their meeting on 23rd May 2024, proposed a final dividend of ` 1.00 per equity share for the year
ended 31st March 2024. The payment of dividend is subject to approval of shareholders at the ensuing Annual General
Meeting of the Holding Company.
In the event of liquidation of the Holding Company, the holders of equity shares will be entitled to receive remaining assets
of the Holding Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
B) Issued, subscribed and fully paid-up
Equity shares of ` 10 each at par value Number Amount

At 1 April 2022
st
9,49,85,835 9,498.58
Issued during the year
At 31st March 2023 9,49,85,835 9,498.58
Issued during the year
At 31st March 2024 9,49,85,835 9,498.58
Details of shareholders holding more than 5% shares in the Company
Particulars As at 31st March 2024 As at 31st March 2023

No. of % holding No. of % holding
shares in the class shares in the class
Equity shares of ` 10 each fully paid
Yatin S. Shah 3,77,88,717 39.78% 3,77,88,717 39.78%
Cams Technology Limited 1,35,07,685 14.22% 1,35,07,685 14.22%
Suhasini Y. Shah 1,07,78,461 11.35% 1,07,78,461 11.35%
Jayant V. Aradhye 81,76,826 8.61% 82,02,000 8.63%
7,02,51,689 73.96% 7,02,76,863 73.98%
As per records of the Holding Company, including its register of shareholders/ members and other declarations received
from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of
shares.
250
Corporate Overview
Statutory Reports

Details of shares held by promoters at the end of the year
Promoter name 31st March 2024 31st March 2023

No. Of % of total % Change No. Of % of total % Change
Shares shares during the Shares shares during the
year year
Yatin S. Shah 3,77,88,717 39.78% - 3,77,88,717 39.78% -
Cams Technology Limited 1,35,07,685 14.22% - 1,35,07,685 14.22% -
Suhasini Y. Shah 1,07,78,461 11.35% - 1,07,78,461 11.35% -
Karan Y. Shah 14,500 0.02% - 14,500 0.02% -
Tanvi Y. Shah 2,000 0.00% - 2,000 0.00% -
Mayura K. Shah 1,000 0.00% - 1,000 0.00% -
Total 6,20,92,363 65.37% - 6,20,92,363 65.37% -
NOTE 11: OTHER EQUITY
Particulars In `
A) Securities premium
At 1st April 2022 21,744.23
Less: Reversal of tax benefit (deferred tax) (4.64)
At 31 March 2023
st
21,739.59
Less: Reversal of tax benefit (deferred tax) (0.35)
At 31 March 2024
st
21,739.24
B) General reserve
At 1st April 2022 472.21
At 31 March 2023
st
472.21
At 31 March 2024
st
472.21
C) Retained earnings
At 1st April 2022 34,383.60
Less: Final equity dividend at ` 1 per share paid (1,044.84)
At 31 March 2023
st
37,967.35
Less: Final equity dividend at ` 1 per share paid (949.86)
At 31 March 2024
st
41,052.79
D) Other reserves
At 1st April 2022 121.82
At 31 March 2023
st
156.29
At 31st March 2024 190.59
251

Particulars In `
E) Capital reserves
At 1st April 2022 1,412.02
At 31 March 2023
st
1,412.02
At 31 March 2024
st
1,412.02
F) Other reserves
Foreign currency translation reserve
At 1st April 2022 532.78
Add: Exchange differences on translation of foreign operations (126.39)
At 31st March 2023 406.39
Add: Exchange differences on translation of foreign operations 63.15
At 31 March 2024
st
469.54
Nature and purpose of reserves:

Securities premium account
The amount received in excess of face value of the equity shares is recognised in Securities Premium. In case of equity-settled
share based payment transactions, the difference between fair value on grant date, exercise price and nominal value of share
is accounted as securities premium.
General reserve
The Group has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to
the earlier provisions of the Companies Act 1956. Mandatory transfer to general reserve is not required under the Companies
Act 2013.
Retained earnings
Retained earnings are the profits that the Group has earned till date, less any transfers to general reserve, dividends or other
distributions paid to shareholders and any other adjustments.
Capital reserve
The Group had recognized excess of the identifiable assets and liabilities acquired over the consideration paid for acquisition of
subsidiary referred to as bargain purchase on acquisition in capital reserve.
Foreign currency translation reserve
Exchange differences arising on translation of foreign operations are recognised in other comprehensive income and are
accumulated in separate reserve within equity. The cumulative amount is reclassified to profit and loss, when the investment is
disposed off.
252
Corporate Overview
Statutory Reports

NOTE 12: FINANCIAL LIABILITIES - BORROWINGS
Particulars Rate of interest Maturity As at As at

a) Non current borrowings
Term loan
i. From bank (secured)
Foreign currency loan 4 2 to 6% in Euro 642.55 1,703.52
Bank II
Term loan 4- 005 9.75% Sep-24 - 26.95
Term loan 5- 006 9.75% Sep-24 - 2.80
Term loan 6- 007 9.75% Sep-24 - 4.99

Citi Bank Loan A/C - Loan Initiation- 9.75% May-25 11.67 58.64
D06LCRR191920001
ii. From financial institution in foreign 2 to 6% in Euro 8.90 0.02
currency (secured)
Total non current borrowings 663.12 1,796.92
Current maturity of long term loans
Foreign currency loan 4 (secured) 2 to 6% in Euro 768.41 768.25
Bank II
Term loan 4- 005 9.75% Sep-24 24.66 41.17
Term loan 5- 006 9.75% Sep-24 2.54 4.58
Term loan 6- 007 9.75% Sep-24 4.52 8.10

Citi Bank Loan A/C - Loan Initiation- 9.75% May-25 46.98 46.98
D06LCRR191920001
847.11 869.08
b) Short term borrowings
Cash credit in foreign currency (secured) 1.5% to 3.5% On demand 2,502.43 2,190.86
Cash credit in INR (secured) 9.50% On demand 319.07 345.30
Packing credit in INR (Secured) 4.8% to 7.8% On demand 5,915.25 4,085.87
8,736.75 6,622.03
Short term borrowings 9,583.86 7,491.11
Aggregate value of secured loans 10,246.98 9,288.03
Aggregate unsecured loans - -
Foreign currency loan 4 (secured) carries the rate of interest rate from 2% to 6% in Euro p.a. The loan is secured by mortgage on
commercial property, equipments, machines & inventories, in Cunewalde, Germany. The loan matures in 5 to 10 years.
From Financials Institutions -carries the rate of interest rate from 2% to 6 % in Euro p.a. The loan is secured by mortgage on
commercial property, equipments, machines & inventories, in Cunewalde, Germany. The shareholders loan of Euro 26,55,000
is subordinated.
253

Term loan 4-005:
Term loan 4 of Bank II carries interest at the rate of 9.75% p.a. The tenure of the loan is 72 months. The loan is repayable in 72
monthly instalments commencing from October 2018. The loan is secured by existing and future moveable and immoveable
fixed assets of plot no F-5, MIDC, Satpur as collateral security. The loans has been secured by the corporate guarantee of holding
company Precision Camshafts Limited.
Term loan 5-006:
Term loan 6-007:
Citi Bank Loan A/C - Loan Initiation-D06LCRR191920001
Term loan from citi bank carries interest at the rate of 9.75% p.a. The tenure of the loan is 70 Months. The loan is repayble in 20
quarterly instalments commencing from September 2020. The loan is secured by existing and future moveable and immoveable
The Group does not have any continuing defaults in repayment of loans and interest during the year and as at the reporting date.
Cash credit from banks:
Packing credit ` 5,915.25 Lakhs in ` are secured by first pari passu charge by way of hypothecation of current assets including
inventories and trade receivables. Further, the facilities are collaterally secured by extension of pari passu charge by way of
hypothecation of plant and machinery and equitable mortgage of factory land and building situated at Plot No. D5 to D7, MIDC
Chincholi, Solapur, Unit I situated at Plot No. E-102, 103, Akkalkot Road, MIDC, Solapur.
Cash credit of ` 319.07 Lakhs is secured by hypothecation of current assets of the Company. Cash credit has also been secured
by collateral securities of existing and future moveable and immoveable fixed assets of plot no F-5, MIDC, Satpur. The cash
credit has been secured by corporate guarantee of Holding Company Precision Camshaft Limited. The cash credit has also been
secured by Demand promissory note and letter of continuity for ` 50 Million.
Cash credit of ` 2,502.43 Lakhs is secured by hypothecation of current assets of the Company. Cash credit has also been secured
by collateral securities of existing and future moveable and immoveable fixed assets of Köblitzer Str. 7, 02733 Cunewalde,
Germany.
The carrying amounts of property, plant and eqiupment pledged as security for non-current borrowings are disclosed in note
3. And carrying amount of inventories, trade receivables and fixed deposits are pledged as security for short term borrowings.
Term loan from banks contain certain covenants relating to debt service coverage ratio, total debt gearing ratio, interest Coverage
ratio, Fixed asset coverage ratio. All the ratios mentioned above are within the level stipulated by the banks in its prescribed
sanctions. The Company has also satisfied all other debt covenants prescribed in the terms of bank loan.
254
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Statutory Reports

NOTE 13: OTHER FINANCIAL LIABILITIES

Financial liability at FVTPL
Foreign-exchange forward contracts* - 41.54
Other financial liabilities at amortised cost
Unpaid matured deposits and interest accrued thereon 137.30 137.30
Employee benefit liabilities 1,432.76 1,359.15
Sundry payables for capital goods purchased 440.75 598.28
Unclaimed dividend 5.37 16.24
Other payables 188.70 0.49
Total 2,204.88 2,153.00
Non - current - -
Current 2,204.88 2,153.00
2,204.88 2,153.00
* The holding company entered into foreign exchange forward contracts with the intention to reduce the risk in foreign exchange
NOTE 14: LEASE LIABILITIES

Lease liabilities 764.41 1,179.50
Total 764.41 1,179.50
Non - current 380.31 750.69
Current 384.10 428.81
Total 764.41 1,179.50
NOTE 15: TRADE PAYABLES

Trade payables
- Total outstanding dues of micro enterprises and small enterprises 1,252.87 1,521.22
- Total outstanding dues of creditors other than micro enterprises and small 10,442.21 11,194.38
enterprises
Total 11,695.08 12,715.60
Non-current - -
Current 11,695.08 12,715.60
Total 11,695.08 12,715.60
Terms and conditions of the above financial liabilities:

Trade payables are non-interest bearing and are normally settled on 90 days term
255

Particulars Current
dues not due
Less than 1-2 years 2-3 years More than Total
1 year 3 years
(i) MSME - 1,169.09 83.78 - - - 1,252.87
(iii) Others 1,092.94 5,193.77 4,118.75 36.75 - - 10,442.21
Total 1,092.94 6,362.86 4,202.53 36.75 - - 11,695.08
Particulars Current
dues not due Less than 1-2 years 2-3 years More than Total
1 year 3 years
(i) MSME - 1,393.67 127.55 - - - 1,521.22
(iii) Others 1,335.10 3,942.63 5,843.81 72.84 - - 11,194.38
Total 1,335.10 5,336.30 5,971.36 72.84 - - 12,715.60
Disclosure relating to suppliers registered under MSMED Act based on the information available with the company
(i) The principal amount and the interest due thereon remaining unpaid to any - -
supplier as at the end of each accounting year
Principal amount due to micro and small enterprises 1,252.87 1,521.22
Interest due on above 0.01 0.01
(ii) The amount of interest paid by the buyer in terms of section 16, of the - -
MSMED Act, 2006.
The amounts of the payment made to the supplier beyond the appointed day 10,806.33 9,599.89
during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under MSMED Act, 2006.
(iv) The amount of interest accrued and remaining unpaid at the end of each - -
accounting year.
(v) The amount of further interest remaining due and payable even in the succeeding 0.01 0.01
years, until such date when the interest dues as above are actually paid to the
small enterprise for the purpose of disallowance as a deductible expenditure
under section 23 of the MSMED Act, 2006
256
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Statutory Reports

NOTE 16: OTHER LIABILITIES
Advances from customers 1,059.61 10,627.89
Statutory dues payable 488.68 370.64
Other payables 1,162.92 1,335.77
Total 2,711.21 12,334.30
Non current 409.19 -
Current 2,302.02 12,334.30
Total 2,711.21 12,334.30
NOTE 17: PROVISIONS
Provision for employee benefits:
Provision for gratuity 288.60 224.35
Provision for compensated absences (unfunded) 604.04 562.29
Total 892.64 786.64
Current 211.06 206.89
Total 892.64 786.64
Also refer note 31 for detailed disclosure.
NOTE 18: CURRENT TAX LIABILITIES (NET)
Provision for income tax (net of advance taxes) 264.25 105.62
Total 264.25 105.62
NOTE 19: ASSETS CLASSIFEID AS HELD FOR SALE
Asset classified as held for sale * 925.47 -
Total 925.47 -
* During current year, holding company has taken approval for sale of certain assets - i.e. Land - W39 & E90, flats at Vaishnavi
Buildcon and Vaishnavi Heights and E102/103 located in Solapur and the Corporate Office loacted at Senapati Bapat Road Pune.
The holding company is currently using E102 / 103 Hence, not classified as asset held for sale and all the other properties are
available for immediate sale and accounted as held for sale.
257

Note 19A: Liabilities related to assets classified as held for sale
Advance received against asset classified as held for sale * 61.11 -
Total 61.11 -
*The holding company has received advance against sale of Land - W39 in the month of March 2024.
NOTE 20: REVENUE FROM OPERATIONS

Revenue from contracts with customers
Sale of products 99,665.10 1,05,612.57
Sale of parts 1.45 -
Sale of services 1,571.25 911.67
Total sale of products and services 1,01,237.80 1,06,524.24
Other operating income
Tooling income 383.68 129.52
Scrap sales 384.75 426.40
Export incentives 814.40 756.93
Other operating income 293.07 177.40
Total other operating income 1,875.90 1,490.25
Total revenue from operations 1,03,113.70 1,08,014.49
NOTE 21: OTHER INCOME

Fair value gain on financial instruments at fair value through profit or loss 1,765.74 703.25
Realised gain on sale of mutual funds - 85.38
Foreign exchange differences (net) 685.10 1,984.22
Trade payable no longer required written back 5.94 -
Incomes from electricity and energy tax 41.46 34.82
Profit on fixed assets sold /discarded (net) 36.69 -
Miscellaneous income 327.67 157.24
Total other income 2,862.60 2,964.91
258
Corporate Overview
Statutory Reports

NOTE 22: COST OF RAW MATERIALS AND COMPONENTS CONSUMED

Inventory at the beginning of the year 6,768.40 6,073.65
Add: Purchases 32,437.50 50,649.85
39,205.90 56,723.50
Less: Inventory at the end of the year 1,564.06 6,768.40
Cost of raw material and components consumed 37,641.84 49,955.10
NOTE 23: (INCREASE) / DECREASE IN INVENTORIES OF FINISHED GOODS AND WORK IN PROGRESS

Opening stock:
12,674.92 10,743.11
Closing stock:
9,878.05 12,674.92
(Increase) / Decrease in inventories 2,796.87 (1,931.81)
NOTE 24: EMPLOYEE BENEFIT EXPENSES

Salaries, wages, bonus and commission 16,358.39 15,488.42
Contribution to provident fund and other funds 2,408.61 2,186.41
Staff welfare expenses 382.05 229.57
Total employee benefit expenses 19,149.05 17,904.40
259

NOTE 25: OTHER EXPENSES

Consumption of components and spares 10,558.16 8,029.21
Packing materials consumed 921.67 857.74
Power and fuel expenses 9,657.65 9,813.03
Job work expenses 2,295.58 1,843.39
Freight outward charges 2,062.86 2,428.23
Rent 280.06 271.28
Rates and taxes 212.00 572.15
Insurance 334.92 259.04
Repairs and maintenance
Plant and machinery 1,604.80 1,535.10
Building 313.30 141.29
Others 1,051.75 908.55
Advertisement and sales promotion 98.69 282.95
Donation 37.47 41.87
CSR expenditure (refer note below) 152.47 162.19
Sales commission 142.00 175.14
Travelling and conveyance 933.24 861.57
Communication costs 69.77 72.88
Legal and professional fees 1,175.05 806.86
Auditors' remuneration and expenses
Statutory audit 90.22 134.91
Bad debts written off - 2.60
Loss on fixed assets sold /discarded (net) 38.33 2.36
Testing charges 22.63 -
Management fees - 291.66
Write off of intangible asset under development 45.00 -
Research and development expenses 114.16 72.04
Warranty expenses 323.90 452.39
Miscellaneous expenses 970.71 1,003.81
Total other expenses 33,506.61 31,025.48
CSR expenditure

Amount required to be spent by the group during the year 152.47 161.98
Amount of expenditure incurred 154.54 162.19
Amount of shortfall for the year - -
Amount of excess expenditure for the year (2.07) (0.21)
Amount of cumulative excess expenditure at the end of the year (5.90) (3.83)
260
Corporate Overview
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NOTE 26: FINANCE COSTS

Interest on borrowings 708.19 609.15
Interest on delay in payment of taxes 47.15 37.47
Bank charges 74.63 170.21
Other finance costs 3.93 6.60
Total finance costs 833.90 823.43
NOTE 27: FINANCE INCOME

Interest income on
Bank deposits 279.03 225.14
Others 18.64 122.89
Total finance income 297.67 348.03
NOTE 28: DEPRECIATION AND AMORTISATION EXPENSE

Depreciation of property, plant and equipment (refer note 3) 6,290.76 5,795.41
Amortisation of intangible assets (refer note 4) 1,866.96 1,727.62
Total depreciation and amortisation expense 8,157.72 7,523.03
NOTE 29: EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profits for the year attributable to equity holders of the Holding Company by
weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Holding Company by the weighted
average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be
issued on conversion of all the dilutive potential equity shares into equity shares.
The following reflects the profit and share data used in the basic and diluted EPS computation:

Profit attributable to equity holders of Holding Company 4,035.31 4,628.59
Weighted average number of equity shares in calculating basic EPS 9,49,85,835 9,49,85,835
Effect of dilution: - -
Weighted average number of equity shares in calculating diluted EPS 9,49,85,835 9,49,85,835
Earnings per share (basic) (Rupees/share) 4.25 4.87
Earnings per share (diluted) (Rupees/share) 4.25 4.87
261

NOTE 30: INCOME TAX

The major components of income tax expense for the years ended 31st March 2024 & 31st March 2023 are:

Current income tax:
Current income tax charge 2,031.77 2,617.05
Deferred tax:
Relating to origination and reversal of temporary differences (49.91) (1,339.43)
Income tax expense reported in the statement of profit or loss 1,981.86 1,399.21
OCI section

Tax effect on:
Net loss/(gain) on remeasurements of defined benefit plans (11.54) (11.60)
Deferred tax (expense)/credit charged to OCI (11.54) (11.60)
Reconciliation of closing balance of Deferred tax liability/(asset)
PPE: impact of difference between tax depreciation and depreciation /
amortization for the financial reporting 607.34 691.80
Liability due to fair valuation of mutual fund 419.27 410.25
Others 10.33 10.96
Gross deferred tax liability 1,036.94 1,113.01
Deferred tax assets
Employee related costs allowed for tax purposes on payment basis 244.18 350.31
VRS compensation 141.57 189.85
Share issue expenses adjusted to securities premium account - 0.47
Asset Held for Sale [Capital Loss] 56.53 56.53
Deduction U/s 80JJAA - 7.24
Deferred tax on accumulated loss 488.83 570.89
Others 2.78 14.40
Msme Payments allowed for tax purposes on payment basis 209.3 -
Gross deferred tax assets 1,143.19 1,189.69
Net deferred tax liability/(asset) (106.25) (76.68)
Reconciliation of deferred tax assets
Deferred tax assets are not offset with above deferred tax liability since the Group offsets tax assets and liabilities if and only
if it has a legally enforceable right to set off current tax assets and current tax liabilities (deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority)
262
Corporate Overview
Statutory Reports

Deferred tax credit for the year

Closing deferred tax liability/(asset) (net) (106.25) (76.68)
Less: opening deferred tax liability/(asset) (net) (76.68) 1,095.56
Deferred tax movement for the year (a) (29.57) (1,172.24)
Deferred tax charge recorded in securities premium account (b) 0.37 4.64
Deferred tax (credit) / charge for the year (c = a-b) (29.94) (1,176.88)
Deferred tax charge considered in OCI (d) (11.54) (11.60)
Foreign Exchange gain/(loss) (e) (8.43) 3.05
Adjustments in respect of deferred tax for earlier years - (154.00)
Deferred tax credit for the year to be charged to statement of profit or loss (49.91) (1,339.43)
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31st March 2024 &
31st March 2023

Accounting profit before tax 6,017.17 6,027.80
Accounting profit before income tax 6,017.17 6,027.80
At India's statutory tax rate 25.17% (31 March 2023 - 25.17%)
st
1,514.40 1,517.08
Deduction claimed U/s 80JJAA in Current year& DTA Created on 80JJAA - -
DTA created on Assets held for sale - -
On Mutual fund Gain due to indexation benefit & different rate of taxation (435.39) (52.59)
On Permanent Disallowance 47.18 48.60
Effect of differential tax rate of subsidiary 205.42 116.32
Other items 3.03 10.78
Deferred tax asset not recognised on carried forward losses 647.22 208.32
Deferred tax asset recognised on carried forward lossess - (570.89)
Adjustments in respect of current income tax of previous year - 121.59
At the effective income tax rate of 32.94% (31 March 2023 - 23.21%)
st
1,981.86 1,399.21
Income tax reported in the consolidated statement of profit and loss 1,981.86 1,399.21
Reconciliation of deferred tax liabilities/(asset) (net):
Opening balance as of April, 01. (76.68) 1,095.56
Tax (income)/expense during the period recognized in profit or loss (49.91) (1,339.43)
Tax (income)/expense during the period recognized in Equity 0.37 4.64
Tax (income)/expense during the period recognized in OCI 11.54 11.60
Foreign Exchange (Gain)/loss 8.43 (3.05)
Adjustments in respect of deferred tax for earlier years - 154.00
Closing Balance as at March 31 (106.25) (76.68)
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current
tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
263

Deferred tax relates to the following
Particulars Balance Sheet Profit & Loss

31 March 2024
st
31 March 2023
st
31 March 2024
st
31st March 2023
Accelerated depreciation for tax purposes 607.34 691.80 (84.46) (523.10)
Fair value of mutual fund 419.27 410.25 9.02 72.98
Voluntary retirement scheme allowed as (141.57) (189.85) 48.28 (138.41)
deduction over a period of five years
Preliminary expenses incurred on initial public - (0.47) - -
offering, allowed as deduction over a period of
five years
Employee benefit expenses allowed on payment (244.18) (350.31) 106.13 67.01
basis under Sec 43B
Other 7.55 (3.44) 10.99 (75.45)
Amount to be charged in Statement of OCI - - (11.54) (11.60)
Loss on assets held for sale (56.53) (56.53) - (9.01)
Additional deduction U/s 80JJAA - (7.24) 7.24 -
On Accumulated losses (488.83) (570.89) 82.06 (570.89)
Foreign Exchange adjustment - - (8.43) 3.04
MSME payments allowed on payment basis U/s (209.30) - (209.30) -
43BH
Adjustments in respect of deferred tax for earlier - - - (154.00)
years
(106.25) (76.68) (49.91) (1,339.43)
NOTE 31: DISCLOSURE PURSUANT TO EMPLOYEE BENEFITS

A. Defined contribution plans:
Amount of ` 2,156.03 Lakhs (31st March 2023: ` 1,935.76 Lakhs ) is recognized as expenses and included in Note No. 24
“Employee benefit expense”.
B. Defined benefit plans:
The Group has following post employment benefits which are in the nature of defined benefit plans:
Gratuity
The Holding Company has a defined benefit gratuity plan in India (funded). The Holding Company’s defined benefit gratuity
plan is a final salary plan for India employees, which requires contributions to be made to a separately administered fund.
The gratuity plan governed by the Payment of Gratuity Act, 1972. As per the Payment of Gratuity Act, 1972, an employee
who has completed five years of service is entitled to specific benefits. The level of benefits provided depends on the
member’s length of service and salary at retirement age.
The Indian Subsidiary has a defined benefit gratuity plan in India and the same is unfunded.
Plan assets - gratuity fund of holding company is ` 1,310.73 Lakhs
Net benefit expense 31st March 2024 (recognized in profit or loss) 31st March 2024 31st March 2023
Current service cost 152.62 143.00
Interest cost on benefit 10.76 25.99
Total 163.38 168.99
264
31st March 2024: Changes in defined benefit obligation and plan assets
/ income of profit amounts changes in changes in
and loss included in demographic financial
(refer note net interest assumptions assumptions
24) expense)
Gratuity
Fair value of plan assets 1,246.58 - 89.42 89.42 (40.18) (9.02) - - - (9.02) 23.93 1,310.73
Benefit liability (164.35) (152.62) (10.76) (163.38) 29.36 (9.02) - (45.70) 100.56 45.84 23.93 (228.60)
31st March 2023: Changes in defined benefit obligation and plan assets
/ income of profit and amounts changes in changes in
loss (refer included in demographic financial
note 24) net interest assumptions assumptions
expense)
Gratuity
Defined benefit obligation (1,392.81) (143.00) (100.57) (243.57) 170.67 - 0.62 (19.01) 73.17 54.78 - (1,410.93)
Fair value of plan assets 848.76 - 74.58 74.58 (59.76) (8.71) - - - (8.71) 391.71 1,246.58
Benefit liability (544.05) (143.00) (25.99) (168.99) 110.91 (8.71) 0.62 (19.01) 73.17 46.07 391.71 (164.35)
As at 31st March 2024 & 31st March 2023 the amount of gratuity provision also includes gratuity provision of ` 60 Lakhs & 60 Lakhs respectively provided for director in the books
of holding company whose gratuity payment is not considered for acturial valuations.
Statutory Reports
Corporate Overview
265

The major categories of plan assets and the fair value of the total plan assets of gratuity are as follows:

Type of asset: Group gratuity scheme of LIC of India
Fair value of total plan assets 1,310.73 1,246.58
(%) of total plan assets 100% 100%
The principal assumptions used in determining above defined benefit obligations for the group’s plans are shown below:

Discount rate # 6.97% to 7.50% 7.22% to 7.50%
Future salary increase * 8.00% 8.00%
Expected rate of return on plan assets 6.77% 6.76%
Expected average remaining working lives (in years) 15 to 15.33 14 to 15.66
A quantitative sensitivity analysis for significant assumption is as shown below:

Gratuity
Particulars Sensitivity level Effect on defined benefit

obligation (impact)
Year ended Year ended
In ` In `
Discount rate # 1% increase 1,294.40 1,161.37
1% decrease 1,649.48 1,497.48
Future salary increase * 1% increase 1,641.69 1,490.73
1% decrease 1,297.58 1,163.99
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit
obligations as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
#
The discount rate is based on the prevailing market yields of Government securities as at the Balance Sheet date for the
estimated term of the obligations.
* The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other
relevant factors.
The followings are the expected future benefit payments for the defined benefit plan :

In ` In `
Within the next 12 months (next annual reporting period) 63.76 68.53
Between 2 and 5 years 261.58 241.98
Beyond 5 years 709.65 626.78
Total expected payments 1,034.99 937.29
266
Corporate Overview
Statutory Reports

Weighted average duration of defined plan obligation (based on discounted cash flows)

Gratuity 12 to 12.27 10 to 12.64
The followings are the expected contributions to planned assets for the next year:

Gratuity 90.00 100.00
Risk Exposure
Asset volatility
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets under perform this yield,
this will create a deficit. All plan assets are maintained in a trust fund managed by Life Insurance Corporation of India (LIC)
and Birla Sun Life Insurance Company Limited who have been providing consistent and competitive returns over the years. The
Company has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The Company has
no control over the management of funds but this option provides a high level of safety for the total corpus. A single account is
maintained for both the investment and claim settlement and hence, 100% liquidity is ensured. Also, interest rate and inflation
risk are taken care of.
Changes in bond yields

A decrease in bond yields will increase plan liabilities, although this will be partially offset by an yields increase in the value of
the plans’ bond holdings.
Future salary escalation and inflation risk

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes. Rising salaries will
often result in higher future defined benefit payments resulting in higher present value of liabilities. Further, unexpected salary
increases provided at the discretion of the management may lead to uncertainties in estimating this increasing risk.
Asset-Liability mismatch risk

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration with the
defined benefit liabilities, the Company is successfully able to neutralize valuation swings caused by interest rate movements.
Hence, companies are encouraged to adopt asset-liability management.
267

NOTE 32: COMMITMENTS AND CONTINGENCIES

a. Commitments
(i) Estimated amount of contracts remaining to be executed on capital account and material not provided for (net of
advances): At 31st March 2024, the Group had commitments of ` 3,111.27 Lakhs (31st March 2023: ` 1,875.75 Lakhs)
b. Contingent liabilities
(i) Claims against the company not acknowledged as debts (Legal claims)
a. The Collector of Stamps, Solapur has demanded payment of stamp duty of ` 31.79 Lakhs (31st March 2023:
` 31.79 Lakhs) for cancellation and issue of equity shares after amalgamation of Precision Valvetrain Components
Limited (PVPL) with the Holding Company in year 2007-2008. The Holding Company has filed an appeal against
demand made by the Collector of Stamps, Solapur with Controlling Revenue Authority, Pune.
b. The Holding Company had received an order from the Commisioner of Provident fund for the year May 2003
to May 2006 demanding PF liability amounting to ` 24.23 Lakhs (31st March 2023: ` 24.23 Lakhs) excluding
interest. The Holding Company had filed writ petition with the Hon'ble High court Mumbai against the said order
and had paid ` 12.12 Lakhs under protest.
c. The Holding Company had received an order from the Commissioner of Central Excise Pune for the year 2002-
03, 2003-04 and 2004-05 demanding excise duty amounting to ` 20.76 Lakhs (31st March 2023: ` 20.76 Lakhs)
on sales tax retained under sales tax deferral scheme. The Holding Company had filed apperial against the order
with CESTAT and CESTAT via its order transfer the said case to the jurisdiction commissionrate.
d. The Holding Company had received order from Assessing Officer for the assessment year 2014-15 for demand
of income tax amounting to ` 1,701.16 Lakhs (31st March 2023 ` 1,701.16 Lakhs) towards disallowance of ESOP
expenditures and other disallowances. The Holding Company has filed appeal against the above order with
commissioner of income tax (Appeals) and has paid ` 335.41 Lakhs (31st March 2023: 200.00 Lakhs) under protest.
e. The Holding Company had received an order from Assessing Officer for the assessment year 18-19 for demand
of income tax amounting to ` 7.08 Lakhs towards disallownce u/s 14A of the Act. The Holding Company has paid
the said demand within due date specified by the department. Further assessing officer has passed an order
u/s 270A imposing a penalty for ` 3.47 Lakhs (31st March 2023 `3.47 Lakhs) for under reporting of income for
incremental disallowance made u/s 14A of the act. The Holding Company had filed appeal agianst the penalty
order with Commissioner of Income Tax(Appeals) and has paid ` 0.70 Lakhs under protest.
f. The Holding Company had received an order from Industrial Court, Solapur towards employees dispute and
allowed 4 workers reinstatement with full back wages from 2014 for demand of ` 49.96 Lakhs (31st March 2023
` 42 Lakhs). The Holding Company had filed writ petition with the Hon'ble High court Mumbai against the said
order.
h. During the current year, the Holding Company has received a draft order under section 144C(1) of the Income Tax
Act, 1961, for the assessment year 2020-21. The draft order pertains to adjustments on account of international
transactions related to corporate guarantees and disallowance under section 14A of the Act, amounting to
` 19.47 Lakhs. The Holding Company has filed its objections with the Dispute Resolution Panel (DRP) regarding
the aforementioned adjustments and disallowance.
i. During the current year, the Holding Company has received a draft order under section 144C(1) of the Income Tax
Act, 1961, for the assessment year 2021-22. The draft order pertains to adjustments on account of international
transactions related to corporate guarantees amounting to ` 5.41 Lakhs. The Holding Company has filed its
objections with the Dispute Resolution Panel (DRP) regarding the aforementioned adjustments and disallowance.
In all the cases mentioned above, outflow is not probable, and hence not provided by the Group.
268
Corporate Overview
Statutory Reports

NOTE 33: RELATED PARTY TRANSACTIONS

A Names of the related party and related party relationship:
a) Related parties under 'Ind AS 24- Related Party Disclosures', with whom
transactions have taken place during the period
i) Key management personnel (KMP)
Mr. Yatin S. Shah , Managing Director
Mr. Ravindra R. Joshi, Director
Mr. Karan Y. Shah, Director
Dr. Suhasini Y. Shah, Non executive director & Director of subsidiary company
Mr. Sarvesh N. Joshi, Independent Director (upto 26.07.2023)
Mr. Vaibhav S. Mahajani, Independent Director (upto 21.09.2022)
Ms. Smita N. Mandem, Director of subsidiary
Ms. Romita Mehta, Director of subsidiary
Mrs. Savani A. Laddha, Independent Director
Mr. Thomas Koritke, Director of Subsidiary (upto 31.12.2022)
Mr. Heldt, Oliver, Director of subsidiary
Mr. Madan M. Godse, Independent Director (up to 01.02.2023)
Mr. Gautam V. Wakankar, Company Secretary (up to 30.04.2023)
Dr. Ameet N. Dravid, Independent Director (w.e.f. 10.08.2022)
Mr. Suhas J. Ahirrao, Independent Director (w.e.f. 29.03.2023)
Ms. Apurva P. Joshi, Independent Director (w.e.f. 29.03.2023)
Mrs. Anagha S. Anasingaraju, Independent Director (w.e.f. 29.03.2023)
Mr. Tanmay M. Pethkar, Company Secretary (w.e.f. 10.08.2023)
ii) Relatives of key management personnel (RKMP)
Ms. Tanvi Y. Shah, daughter of Mr. Yatin S. Shah
Mrs. Mayura K. Shah, Wife of Mr. Karan Y. Shah
iii) Enterprises owned or significantly influenced by key management
personnel or their relatives:
Chitale Clinic Private Limited
Precision Foundation & Medical Research Trust
Yatin S. Shah (HUF)
Cams Technology Limited
Hormiga Management B.V. (upto 31.12.2022)
M.A. Noordam Holding B.V. (upto 31.12.2022)
ENCONA GmbH (upto 31.12.2022)
Core Power (w.e.f. 01.10.2023)
269

B The transactions with related parties during the year and their outstanding balances are as follows:
Sr. Particulars Key management Relatives of key Entities where KMP /

No. personnel management personnel RKMP have significant
influence
Transactions 31st March 31st March 31st March 31st March 31st March 31st March
2024 2023 2024 2023 2024 2023
1 Remuneration* 1,054.68 1,040.08 - - - -
2 Final dividend paid on equity 486.00 534.60 0.03 0.03 135.08 148.58
shares
3 Management fees paid - - - - - 302.95
4 Donation paid - - - - 35.00 36.90
5 Purchases of goods, material - - - - 153.34 63.08
or services
1 Remuneration payable 94.64 130.43 - - - -
2 Trade payables - - - - 32.06 23.18
*The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to key
management personnel.
C Disclosure in respect of material related party transaction during the year:

No.
1 Remuneration*
Mr. Sarvesh N. Joshi (upto 26.07.2023) Key management personnel 1.60 5.00
Mr. Vaibhav S. Mahajani (upto 21.09.2022) Key management personnel - 2.50
Mrs.Savani A. Laddha Key management personnel 5.00 5.00
Mr. Madan M. Godse (up to 01.02.2023) Key management personnel - 4.20
Dr. Ameet N. Dravid (w.e.f. 10.08.2022) Key management personnel 5.00 3.20
Mr. Gautam V. Wakankar Key management personnel 0.94 11.32
(w.e.f. 19.03.2022 up to 30.04.2023)
Ms. Smita Mandem Key management personnel 27.83 16.57
Ms. Romita Mehta Key management personnel 5.34 4.42
Mr. Heldt, Oliver Key management personnel 168.56 145.51
Shriram N. Kulkarni (w.e.f. 10.02.2022) Key management personnel - 2.18
Mr. Suhas J. Ahirrao (w.e.f. 29.03.2023) Key management personnel 5.00 -
Ms. Apurva P. Joshi (w.e.f. 29.03.2023) Key management personnel 5.00 -
(w.e.f. 29.03.2023)
(w.e.f. 10.08.2023)
270
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No.
2 Final dividend paid on equity shares
having significant influence
Ms. Tanvi Y. Shah Relatives of Key management 0.02 0.02
personnel
Ms. Mayura K. Shah Relatives of Key management 0.01 0.01
personnel
Mr. Vaibhav S. Mahajani Key management personnel 0.01 0.01
(upto 21.09.2022)
3 Management fees paid
Hormiga Management B.V. Entities where KMP / RKMP - 150.71
M.A. Noordam Holding B.V. Entities where KMP / RKMP - 152.24
4 Donation paid
Precision Foundation and Medical Entities where KMP / RKMP 35.00 36.90
Research Trust have significant influence
5 Purchases of goods, material or services
Chitale Clinic Pvt. Ltd Entities where KMP / RKMP - 0.34
Core Power Entities where KMP / RKMP 82.05 -
271


No.
1 Remuneration payable
Mr. Sarvesh N. Joshi (upto 26.07.2023) Key management personnel 1.44 4.50
Mr. Vaibhav S. Mahajani (upto 21.09.2022) Key management personnel - 2.25
Dr. Ameet N. Dravid (w.e.f. 10.08.2022) Key management personnel 4.50 2.88
Mr. Heldt Oliver Key management personnel 13.03 12.86
Mr. Madan M. Godse (up to 01.02.2023) Key management personnel - 3.78
Mr. Gautam V. Wakankar Key management personnel - 0.70
(w.e.f. 19.03.2022 up to 30.04.2023)
Mr. Suhas J. Ahirrao (w.e.f. 29.03.2023) Key management personnel 4.50 -
Ms. Apurva P. Joshi (w.e.f. 29.03.2023) Key management personnel 4.50 -
(w.e.f. 29.03.2023)
(w.e.f. 10.08.2023)
2 Trade payables
Core Power 13.36 -
Compensation of key managerial personnel of the Company

Short term employee benefits (Gross salary) 971.59 975.88
Post employment benefits (PF+Superannuation) 83.09 64.20
Total compensation paid to key management personnel 1,054.68 1,040.08
The amounts disclosed in the table are the amounts recognized as an expense during the reporting period.
272
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Statutory Reports

NOTE 34: SEGMENT INFORMATION

The Group is engaged in manufacturing of Camshafts. Based on similarity of activities/products, risk and reward structure,
organisation structure and internal reporting systems, the Group has structured its operations into single operating segment;
however based on the geographic distribution of activities, the chief operating decision make identified India and outside India
as two reportable geographical segments.
Revenue from customers 31st March 2024 31st March 2023

Within India 39,880.86 34,521.75
Outside India
Asia 7,075.32 7,469.45
Europe 35,534.66 52,585.12
Others 20,622.86 13,438.17
63,232.84 73,492.74
Total revenue 1,03,113.70 1,08,014.49
The revenue information above is based on the locations of the customers.
There is no customer whose revenue constitutes 10% or more of the group’s total revenue. Further details regarding major
customers constitutre 10% or more of total revenue of each company within the group are disclosed in the respective financial
statements.
Non-current operating assets* 31st March 2024 31st March 2023

Within India 31,128.34 30,218.93
Outside India
Asia - -
Europe 4,678.52 9,931.39
Others - -
4,678.52 9,931.39
Total revenue 35,806.86 40,150.32
* As defined in paragraph 33 (b) of Ind AS 108 “Operating segments” non current assets excludes financial instruments, deferred
tax assets and post-employment benefit assets.
NOTE 35: FINANCIAL INSTRUMENTS - FAIR VALUES

Particulars of financial insturments by category of classification
Financial assets 31st March 2024 31st March 2023

Carried at Carried at Carried at Carried at
FVTPL amortised cost FVTPL amortised cost
Investments at FVTPL 22,510.18 - 17,744.36 -
Foreign exchange forward contracts 39.46 - - -
Other financial assets - 507.17 - 646.60
Cash and cash equivalents - 4,330.00 - 1,864.55
Term deposits with banks [short term + - 4,745.98 - 4,307.43
long term] & unclaimed dividend
Trade receivables - 17,552.63 - 20,625.04
Total 22,549.64 27,135.78 17,744.36 27,443.62
273

Financial liabilities 31st March 2024 31st March 2023

Carried at Carried at Carried at Carried at
FVTPL amortised cost FVTPL amortised cost
Borrowings (including current maturities - 10,246.98 - 9,288.03
of long term borrowings)
Other financial liabilities - 2,204.88 41.54 2,111.46
Lease liability - 764.41 - 1,179.50
Trade payables - 11,695.08 - 12,715.60
Total - 24,911.35 41.54 25,294.59
NOTE 36: FAIR VALUE HIERARCHY

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
A) The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

Date of Total Quoted prices Significant Significant
valuation in active observable unobservable
Foreign exchange forward 31 March 2024
st
39.46 - 39.46 -
contracts receivable

Quantitative disclosures fair value measurement hierarchy for liabilities as at 31 March 2023:
st

Liabilities measured at fair
value:
Foreign exchange forward 31st March 2023 41.54 - 41.54 -
contracts
274
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The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
The fair values of the quoted mutual funds are based on price (i.e. the NAV of the mutual funds) quotations at the
reporting date.
The fair values of derivative forward contracts is determined using the marked-to-market valuation done by the banks.
The fair value of Level 3 is determined on the basis of best estimate & information available.
B) Fair value of financial assets and liabilities measured at amortised cost
The management assessed that cash and cash equivalents (including term deposits), trade receivables, other receivables,
lease receivables, trade payables, Short term borrowings, lease liability and other financial liabilities approximate their
carrying amounts because of the short term nature of these financial instruments.
The amortized cost using effective interest rate (EIR) of non-current financial assets consisting of security deposit, and
term deposit with more than 12 months and in case of non current financial liabilities consisting of long term borrowings
and non current lease liability are not significantly different from the carrying amount.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
NOTE 37: GROUP INFORMATION

Information about subsidiary and step down subsidiaries
Name Country of Principal activities % equity interest

incorporation 31st March 2024 31st March 2023
PCL (International) Holding B.V. Netherlands Finance, marketing and sales 100% 100%
Memco Engineering Private Limited India Manufacturing of parts of 100% 100%
diesel engine, break parts
and parts of measuring
instruments
MFT Motoren und Fahrzeugtechnik Germany Manufacturing of camshafts as 100% 100%
GmbH (Through Wholly owned well as prismatic components
subsidiary PCL (International)
Holding B.V.)
Emoss Mobile Systems B.V., Netherlands Designing, developing, 100% 100%
Netherlands (Through Wholly owned producing and suppling
subsidiary PCL (International) complete electric powertrains
Holding B.V.) for trucks, busses, military
vehicles and heavy equipment
NOTE 38: EXCEPTIONAL ITEMS

Exceptional item for the year ended 31st March 2024 includes following:

Write Back of advances received from customer on order cancellation 7,024.24 -
Write down of inventory to net realisable value in relation to the cancelled order (3,650.04) -
Impairment of property, plant and equipment (1,545.01) -
Net amount 1,829.19 -
275

NOTE 39: CAPITAL MANAGEMENT

For the purpose of the group’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders. The primary objective of the group’s capital management is to maximise the
shareholder value and to ensure the group’s ability to continue as a going concern. The group’s manages its capital structure and
makes adjustments for compliance with the requirements of the financial covenants. To maintain or adjust the capital structure,
the group may adjust the dividend payment to shareholders, return capital to shareholders. The group’s monitors gearing ratio
i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of long term and short
term borrowing which represents term loans, packing credit and cash credit taken from banks and financial institution. The
group’s manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets.

Borrowings (refer note 12) 10,246.98 9,288.03
Less: cash and cash equivalents (refer note 9) (4,330.00) (1,864.55)
Net debt (i) 5,916.98 7,423.48
Equity 74,834.97 71,652.42
Total equity (ii) 74,834.97 71,652.42
Overall financing (iii) = (i) + (ii) 80,751.95 79,075.90
Gearing ratio (i) / (iii) 7.33% 9.39%
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March 2024 and
31st March 2023.
NOTE 40: DIVIDEND DISTRIBUTION MADE AND PROPOSED

Final dividend for the year ended on 31st March 2023 (` 1.00 per share) 949.86 -
Final dividend for the year ended on 31 March 2022 (` 1.10 per share)
st
- 1,044.84
949.86 1,044.84
The Board of Directors of Holding Company, in their meeting on August 10, 2022, proposed a final dividend of ` 1.10 per
equity share and the same was approved by the shareholders at the Annual General Meeting held on September 21, 2022.
Subsequently, the dividend has been paid by the company in FY 2022-23.
The Board of Directors of Holding Company, in their meeting on May 26, 2023, proposed a final dividend of ` 1.00 per equity
share and the same was approved by the shareholders at the Annual General Meeting held on July 26, 2023. Subsequently, the
dividend has been paid by the company in current year.
The Board of Directors of Holding Company, in their meeting on 23rd May 2024, proposed a final dividend of ` 1.00 per equity
share for the year ended 31st March 2024. The payment of dividend is subject to approval of shareholders at the ensuing Annual
General Meeting of the Company.
276
Corporate Overview
Statutory Reports

NOTE 41: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s principal financial liabilities, other than derivatives, comprise loans and borrowings; trade and other payables, lease
liability and other financial liabilities. The main purpose of these financial liabilities is to finance the Group’s operations. The
Group’s principal financial assets include loans, lease receivables trade and other receivables, investments in mutual funds and
cash and cash equivalents that derive directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of
these risks. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate
skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes may be
undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price
risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, and derivative financial
instruments.
The sensitivity analysis in the following sections relate to the position as at 31st March 2024 and 31st March 2023.
The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates
of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant.
The analyses exclude the impact of movements in market variables on: the carrying values of gratuity and other post retirement
obligations and provisions.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
long-term and short-term debt obligations with floating interest rates.
Sensitivity
Year Increase/decrease Effect on profit

in basis points before tax
31st March 2024 50.00 (45.76)
-50.00 45.76
31 March 2023
st
50.00 (46.44)
-50.00 46.44
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market
environment, showing a significantly higher volatility than in prior years.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating
activities (when revenue or expense is denominated in a foreign currency) and borrowings of the Group.
When a derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those derivatives to match
the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure from the
point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is
denominated in the foreign currency.
277

Foreign currency exposure
Nature of Exposure Currency 31st March 2024 31st March 2023

Amount in Amount Amount in Amount
Curr in ` Curr in `
Trade receivables USD 90.87 7,536.66 115.58 9,442.54
EUR 3.21 286.17 9.50 843.21
Trade payables USD 1.81 151.71 1.17 96.43
EUR 0.50 45.47 0.25 22.14
JPY 137.82 76.63 35.98 22.45
GBP - - 0.02 2.46
Forward contract USD 80.30 6,729.49 85.00 7,051.00
EUR 2.46 222.33 1.60 146.74
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in USD, EUR, GBP and JPY exchange rates,
with all other variables held constant. The impact on the Group’s profit before tax is due to changes in the fair value of monetary
assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. The impact on the Group’s
pre-tax equity is due to changes in the fair value of forward exchange contracts designated as cash flow hedges and net
investment hedges. The Group’s exposure to foreign currency changes for all other currencies is not material.
Sensitivity
Year Change in Effect on profit

USD rate before tax
31st March 2024 5% 705.72
-5% (705.72)
31 March 2023
st
5% 819.86
-5% (819.86)

EUR rate before tax
31st March 2024 5% 500.09
-5% (500.09)
31 March 2023
st
5% 527.39
-5% (527.39)

GBP rate before tax
31st March 2024 5% -
-5% -
31 March 2023
st
5% (0.12)
-5% 0.12
278
Corporate Overview
Statutory Reports


JPY rate before tax
31st March 2024 5% (3.83)
-5% 3.83
31 March 2023
st
5% (1.12)
-5% 1.12
Commodity risk
The Group is affected by the price volatility of certain commodities. Its operating activities require the ongoing manufacture of
Camshafts, parts of diesel engine, break parts and parts of measuring instruments and therefore require a continuous supply
majorly of Pig iron, MS Scrap, Resin coated sand and steel bars.
The Group’s exposure to the risk of exchange in key raw material prices are mitigated by the fact that the price increases/
decreases from the vendors are passed on to the customers based on understanding with the customers. Hence the fluctuation
of prices of key raw materials do not materially affect the consolidated statement of profit and loss. Also as at 31st March 2024,
there were no open purchase commitments/ pending material purchase order in respect of key raw materials.
Accordingly, no sensitivity analysis have been performed by the management.

Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial
instruments.
Trade receivables
Customer credit risk is managed subject to the Group’s established policy, procedures and control relating to customer credit
risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit
limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.
An impairment analysis is performed at each reporting date on an individual basis for major clients. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 8. The Group does not hold
collateral as security. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are
located in several jurisdictions and industries and operate in largely independent markets.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance
with the Group’s policy.
The investment of surplus funds is made in mutual funds and fixed deposits which are approved by the director.
The Group’s maximum exposure to credit risk for the components of the balance sheet at 31st March 2024 and 31st March 2023
is the carrying amounts as illustrated in note 9.
Liquidity risk
Liquidity risk is the risk that the group’s will not be able to meet its financial obligation as they become due. The group’s manages
its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liability when due.
The table below summarises the maturity profile of the company’s financial liabilities:
279


st
Non current borrowings - 663.12 - 663.12

Lease liability 384.10 380.31 - 764.41
Trade payables 11,695.08 - - 11,695.08
23,867.92 1,043.43 - 24,911.35

Year ended 31st March 2023
Non current borrowings - 1,796.92 - 1,796.92
Lease liability 428.81 750.69 - 1,179.50
Trade payables 12,715.60 - - 12,715.60
22,788.52 2,547.61 - 25,336.13
NOTE 42: ADDITIONAL INFORMATION REQUIRED BY SCHEDULE III OF THE COMPANIES ACT 2013.
Name of the entity Net assets i.e. total Share in Share in other Share in total
assets minus total profit or loss comprehensive comprehensive
liabilities income (OCI) income (TCI)
As % of Amount As % of Amount As % of Amount As % of Amount
conso. net conso. conso. TCI
assets P&L OCI
Parent
Precision Camshafts Limited 118.91% 88,983.42 194.31% 7,840.99 42.56% 41.47 190.73% 7,882.46
(including effect of consolidation
elimination and adjustment effects)
Subsidiaries
Indian:
1. Memco Engineering Private Limited 3.46% 2,586.38 -0.57% (22.98) -7.35% (7.16) -0.73% (30.14)
Foreign:
2. PCL (International) Holding B.V. -3.23% (2,415.77) -93.09% (3,756.35) 64.80% 63.15 -89.36% (3,693.20)
(Consolidated)
Consolidation elimination and -19.14% (14,319.06) -0.65% (26.35) -0.01% (0.01) -0.64% (26.36)
adjustment effects
Total 100.00% 74,834.97 100.00% 4,035.31 100.00% 97.45 100.00% 4,132.76
280
Corporate Overview
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NOTE 43 : LEASES WHERE COMPANY IS A LESSEE

Changes in the carrying value of right-of-use assets
Particulars Asset Class 1

(Land and Building)
Balance as at 1st April 2022 1,296.12
Additions 180.91
Deletion -
Depreciation (429.07)
Foreign Curreny translation reserve 48.41
Balance as at 31st March 2023 1,096.37
Additions 270.00
Deletion (215.56)
Depreciation (474.29)
Foreign Curreny translation reserve 6.73
Balance as at 31st March 2024 683.26
Changes in the Lease liabilities
ROU Asset
Land and Building
Balance as at 1 April 2022
st
1,353.94
Movement during the year (174.44)
Balance as at 31st March 2023 1,179.50
Movement during the year (415.10)
Balance as at 31st March 2024 764.40
Break-up of current and non-current lease liabilities

Current lease liabilities 384.10 428.81
Non-current lease liabilities 380.31 750.69
Maturity analysis of lease liabilities

Less than one year 384.10 428.81
One to five years 380.31 750.69
More than five years - -
Total 764.41 1,179.50
Amounts recognised in statement of profit and loss account

Interest on lease liabilities 42.77 49.05
Depreciation on ROU asset 474.29 429.07
Total 517.06 478.12
281

Amounts recognised in statement of cash flows

Total Cash outflow for leases 415.10 174.43
NOTE 44 : LEASES WHERE GROUP IS A LESSOR

During current year, the Holding Company has given 5 Electric Vehicles on finance lease to “Log9 Mobility Private Limited” for
a period of 7 years. Lease Rentals will be received in accordance with the rentals specified in the Schedule. Lease Receivable
has been recognised in the books of accounts by the Holding Company at Net investment in Lease* by derecognising the asset
shown in the books of accounts in accordance with the requirements of IND AS 116.
*Net investment in Lease= Present value of Lease payments using Lessor’s Internal rate of return
(i) Amounts recognised for Finance Lease

- Selling profit or loss 10.06 -
- Finance income on the net investment in the lease 1.38 -
- Income from variable lease payments - -
(ii) Maturity analysis on lease payments receivable

Less than one year 12.88 -
One to five years 44.35 -
More than five years 23.66 -
NOTE 45 : AGEING OF CWIP

(a) For Capital-work-in progress ageing schedule
31st March 2024

Projects in progress 2,671.39 - 96.92 - 2,768.31
31 March 2023
st

Projects in progress 4,920.86 3,206.49 - - 8,127.35
(b) i) 31st March 2024
There are no projects as Capital Work in Progess as at 31st March 2024, whose completion is overdue or cost of which
has exceeds in comparison to its original plan.
282
Corporate Overview
Statutory Reports

ii) 31st March 2023
In case of the following projects (CWIP), where completion is overdue or has exceeded its cost compared to its original
plan:

Projects in 5,886.17 - - - Approval has been obtained with respect
progress (here to additional cost in the Audit Committee
the completion Meeting held on March 15, 2023
is overdue
Also, certain approvals have been pending
and the cost
from authorities resulting in delay in
is exceeded
capitalisation. The same has been
compared to its
capitased by the Holding Company in
original plan)
FY 23-24.
NOTE 46 : AGEING OF INTANGIBLE ASSET UNDER DEVELOPMENT

(a) Intangible assets under development ageing schedule
31st March 2024
Intangible assets under development Amount in Intangible assets under Total

Projects in progress 2,671.39 - 96.92 - 2,768.31
31st March 2023
Intangible assets under development Amount in Intangible assets under Total

Projects in progress - 45.00 - - 45.00
(b) In case of the following projects (IAUD), where completion is overdue or has exceeded its cost compared to its original
plan:
31st March 2023

Projects in progress 45.00 - - - There are certain technical issues relating
(here the completion to implementation of SAP, resulting in
is overdue) delay in capitalisation. This has been
written off by the Holding Company in
FY 23-24.
283

NOTE 47 : RECONCILIATION OF QUARTERLY RETURNS OR STATEMENTS OF CURRENT ASSETS FILED BY THE HOLDING
COMPANY WITH BANKS :
31st March 2024
return/
statement
Jun-23 Bank of India and Trade Receivables 15,315.78 20,277.20 (4,961.42) The difference
Bank of Baroda Trade Payables * 7,599.57 8,064.80 (465.23) is due to the
Inventories 6,185.95 2,737.28 3,448.67 submission to the
Sep-23 Bank of India and Trade Receivables 14,854.63 19,741.95 (4,887.32) Banks were made
Bank of Baroda before financial
Trade Payables * 7,002.53 6,849.46 153.07
reporting closure
Inventories 6,749.81 3,457.44 3,292.37
process
Inventories 7,846.69 3,320.35 4,526.34
Inventories 7,801.89 3,749.25 4,052.64
31st March 2023
return/
statement
Bank of Baroda Trade Payables * 7,689.94 7,570.25 119.69 to the submission
Trade Payables * 6,798.50 6,708.54 89.96
closure process
Inventories 6,815.68 2,783.59 4,032.09
Inventories 7,082.63 2,858.85 4,223.78
Inventories 6,810.99 2,837.19 3,973.80
* Excluding provision for expenses and including capital payables
NOTE 48 : DETAILS OF BENAMI PROPERTY HELD

The group does not have any benami property, where any proceeding has been initiated or pending against the group for holding
any benami property.
284
Corporate Overview
Statutory Reports

NOTE 49 : WILFUL DEFAULTER

The group has not being declared as wilful defaluter by any bank or financials instiution or any government authority.
NOTE 50 : RELATIONSHIP WITH STRUCK OFF COMPANIES UNDER SECTION 248 OF THE COMPANIES ACT, 2013 OR
SECTION 560 OF COMPANIES ACT, 1956.
The group does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956.
NOTE 51 : REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES

The group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
NOTE 52 : COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES
The group has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.
NOTE 53 : UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM:

(i) The group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(intermediaries) with the understanding that the Intermediary shall:
the company (ultimate beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(ii) The group has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:
the funding party (ultimate beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries,
NOTE 54 : UNDISCLOSED INCOME

The group does not have any undisclosed income which is not recorded in the books of account that has been surrendered or
disclosed as income during the year and previous year in the tax assessments under the Income Tax Act, 1961 (such as, search
or survey or any other relevant provisions of the Income Tax Act, 1961).
NOTE 55 : DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY:

The group has not traded or invested in crypto currency or virtual currency during the financial year.
NOTE 56 : SOCIAL SECURITY CODE

The Code on Social Security 2020 (‘the Code’) relating to employee benefits, during the employment and post-employment,
has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the
Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date
from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued.
The Group will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which,
the Code becomes effective and the related rules to determine the financial impact are published. Based on a preliminary
assessment, the group believes the impact of the change will not be significant.
285

NOTE 57 : PREVIOUS YEAR COMPARATIVES

Previous year’s figures have been regrouped/reclassified, where necessary, to correspond with the current year’s classification/
disclosure.
NOTE 58 : EVENTS AFTER THE REPORTING PERIOD

No Significant Subsequent events have been observed which may require an adjustments to the financial statements.

For M S K A & Associates For and on behalf of the Board of Directors of
ICAI Firm Reg No: 105047W CIN : L24231PN1992PLC067126
Membership Number: 111700 DIN. 00318140 DIN. 03338134 DIN. 07985441 Membership Number:
A53618
286
Notice

CIN: L24231PN1992PLC067126
Regd. Office: E 102/103, M.I.D.C., Akkalkot Road, Solapur - 413006. Maharashtra, India.
Tel.: +91 -9168646536/37Fax: +91 (217) 2357645
Website: www.pclindia.in E-mail: info@pclindia.in;
Date: 23rd May 2024
Dear Members,
You are cordially invited to attend the 32nd Annual General Meeting (AGM) of Precision Camshafts Limited (‘the Company’) which
is scheduled to be held on Friday, 26th July 2024 at 3.00 PM (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means
(“OAVM”).
The Notice of the meeting, containing business to be transacted, along with Explanatory Statement thereon is enclosed herewith.
As per Section 108 of the Companies Act 2013, read with the relevant Rules and Regulation 44 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Company is pleased to provide its members the facility to cast their vote
by electronic means on all resolutions set forth in the Notice before and during the meeting. The instructions for e-voting are
enclosed herewith in AGM Notice.
Yours Sincerely,
Yatin S. Shah
DIN: 00318140
Enclosures-
- Notice of the 32nd AGM.
- Instructions for members for remote e-voting and joining Annual General Meeting.
- Instructions for members for e-voting on the day of the Annual General Meeting.
- Instructions for members for attending the Annual General Meeting through VC/OAVM.
- Explanatory Statement as per Section 102 of the Companies Act, 2013.
287
NOTICE
NOTICE is given that the 32nd Annual General Meeting (AGM) the conclusion of Annual General Meeting held for
of the members of Precision Camshafts Limited will be held FY 2028-2029, on such remuneration, as may be
on Friday, 26th July 2024 at 3.00 PM (IST) through Video mutually agreed between the Board/ Audit Committee
Conferencing (VC)/Other Audio-Visual Means (OAVM) to and the Auditors.
transact the following business:
RESOLVED FURTHER THAT any one of the Board of

ORDINARY BUSINESS Directors or the Company Secretary, be and is, hereby
empowered and authorised to take such steps, in relation
1. To receive, consider and adopt: -
to the above and to do all such acts, deeds, matters
(a) the Audited Standalone Financial Statements and things as may be necessary, proper, expedient or
of the Company for the Financial Year ended incidental for giving effect to this resolution and to file
31st March 2024 including Reports of the Board of necessary E-Forms with Registrar of Companies.”
Directors and Auditors thereon; and
SPECIAL BUSINESS
(b) the Audited Consolidated Financial Statements
5. TO RATIFY THE REMUNERATION OF COST AUDITORS
of the Company for the Financial Year ended
FOR THE FINANCIAL YEAR ENDING 31st MARCH
31st March 2024 including the Reports of the
2025.
Auditors thereon.
To consider and if thought fit, to pass with or without
2. To declare final dividend of ` 1 per equity share of ` 10/-
modification(s), the following resolution(s) as an
each for the Financial Year ended 31st March 2024.
Ordinary Resolution:
3. To appoint a director in place of Dr. Suhasini Y. Shah
“RESOLVED THAT pursuant to the provisions of Section

(02168705) who retires by rotation, and being eligible,
148 of the Companies Act, 2013, read with Rule 14
offers herself for re-appointment.
of the Companies (Audit and Auditors) Rules, 2014
4. To consider re-appointment of M/S MSKA & Associates, and other applicable provisions, if any, (including any
Chartered Accountants as Statutory Auditors of the statutory modification(s) or re-enactment(s) thereof for
Company. the time being in force), the members of the Company
To consider and if thought fit, to pass with or without hereby ratify the remuneration of ` 1,50,000/- (Rupees
modification(s), the following resolution(s) as an One Lakh Fifty Thousand Only) plus taxes thereon, and
Ordinary Resolution: out-of-pocket expenses incurred in connection with the
audit, if any, chargeable extra on actual basis, payable
“RESOLVED THAT pursuant to the provisions of Section
to M/s. S. V. Vhatte & Associates, Cost Accountants
139, 141, 142 and other applicable provisions, if any, (Membership No: 7501 Firm Registration No. 100280)
of the Companies Act, 2013 as amended from time who have been appointed as Cost Auditors by the Board
to time or any other law for the time being in force of Directors of the Company, to conduct cost audit of
(including any statutory modification or amendment the cost records of the Company for the Financial Year
thereto or re-enactments(s) thereof for the time being ending 31st March 2025.
in force) and pursuant to recommendations of Audit
Committee and Board of Directors of the Company, ESOLVED FURTHER THAT the Board of Directors
R
M/s MSKA & Associates, Chartered Accountants (Firm (including any committee thereof) be and is hereby
Reg No :105047W) be and are hereby re-appointed as authorised to do or to authorise any person to do all such
Statutory Auditors of the Company for a further term acts, deeds, matters and things as may be considered
of 5(Five) years to conduct the Statutory Audit From necessary, relevant, usual, customary, proper and/
FY 2024-25 to FY 2028-2029 and to hold office from or expedient for giving effect to this resolution and for
the conclusion of this Annual General Meeting till matters connected therewith or incidental thereto.”
288
Notice
6. RE-APPOINTMENT OF DR. AMEET N. DRAVID (DIN: RESOLVED FURTHER THAT any one of the Board of

06806783) AS AN INDEPENDENT DIRECTOR: Directors or the Company Secretary, be and is hereby
authorised to do or to authorise any person to do all such
To consider and pass, the following resolution as a
acts, deeds, matters and things as may be considered
Special Resolution:
necessary, relevant, usual, customary, proper and/ or
“RESOLVED THAT pursuant to the provisions of Sections expedient for giving effect to this resolution and for
149 and 152 read with Schedule IV and other applicable matters connected therewith or incidental thereto.”
provisions, if any, of the Companies Act, 2013 and the
8.
RE-APPOINTMENT OF MR. SUHAS J. AHIRRAO
Companies (Appointment and Qualification of Directors)
(DIN:10090429) AS AN INDEPENDENT DIRECTOR:
Rules, 2014 (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force and To consider and pass, the following resolution as a
pursuant to the recommendation of the Nomination & Special Resolution:
Remuneration Committee and the Board of Directors
“RESOLVED THAT pursuant to the provisions of Sections
Dr. Ameet N. Dravid (DIN 06806783), who was
149 and 152 read with Schedule IV and other applicable
appointed as an Independent Director and whose term
of office ends on 9th August 2024 and being eligible, be
and is hereby re-appointed as an Independent Director
of the Company, not liable to retire by rotation and to
re-enactment(s) thereof for the time being in force and
hold office for a second term of 3 (three) consecutive
pursuant to the recommendation of the Nomination &
years commencing from 10th August 2024 to 9th August
Remuneration Committee and the Board of Directors
2027.
Mr. Suhas J. Ahirrao (DIN 10090429), who was appointed
as an Independent Director and whose term of office
Directors or the Company Secretary, be and is hereby ends on 30th September 2024 and being eligible, be and
authorised to do or to authorise any person to do all such is hereby re-appointed as an Independent Director of
acts, deeds, matters and things as may be considered the Company, not liable to retire by rotation and to hold
necessary, relevant, usual, customary, proper and/ or office for a second term of 3 (three) consecutive years
expedient for giving effect to this resolution and for commencing from 1st October 2024 to 30th September
matters connected therewith or incidental thereto.” 2027.
7. RE-APPOINTMENT OF MS. APURVA P. JOSHI (DIN: RESOLVED FURTHER THAT any one of the Board of

06608172) AS AN INDEPENDENT DIRECTOR: Directors or the Company Secretary, be and is hereby
authorised to do or to authorise any person to do all such
To consider and pass, the following resolution as a
acts, deeds, matters and things as may be considered
Special Resolution:
necessary, relevant, usual, customary, proper and/ or
“RESOLVED THAT pursuant to the provisions of Sections expedient for giving effect to this resolution and for
149 and 152 read with Schedule IV and other applicable matters connected therewith or incidental thereto.”
9.
RE-APPOINTMENT OF MRS. ANAGHA S.
ANASINGARAJU (DIN: 02513563) AS AN
INDEPENDENT DIRECTOR:
pursuant to the recommendation of the Nomination & To consider and pass, the following resolution as a
Remuneration Committee and the Board of Directors Special Resolution:
Ms. Apurva P. Joshi (DIN 06608172), who was appointed
RESOLVED THAT pursuant to the provisions of Sections
“
as an Independent Director and whose term of office
149 and 152 read with Schedule IV and other applicable
ends on 30th September 2024 and being eligible, be and
is hereby re-appointed as an Independent Director of
the Company, not liable to retire by rotation and to hold
office for a second term of 3 (three) consecutive years
commencing from 1st October 2024 to 30th September
pursuant to the recommendation of the Nomination &
2027.
289
Remuneration Committee and the Board of Directors “RESOLVED THAT pursuant to the provisions of Section

Mrs. Anagha S. Anasingaraju (DIN 02513563), who was 12 and other applicable provisions, if any, of the
appointed as an Independent Director and whose term Companies Act, 2013 (including any statutory
of office ends on 30th September 2024 and being eligible, modification or re-enactment thereof for the time
be and is hereby re-appointed as an Independent being in force), consent of the members be and is
Director of the Company, not liable to retire by rotation hereby accorded for shifting the Registered Office of
and to hold office for a second term of 3 (three) the Company from E 102/103 MIDC Akkalkot Road,
consecutive years commencing from 1st October 2024 to Solapur, Maharashtra, India, 413006 to D5 M.I.D.C.
30th September 2027. Chincholi, Solapur, Maharashtra, India, 413255.


Directors or the Company Secretary, be and is hereby Directors or the Company Secretary, be and is hereby
authorised to do or to authorise any person to do all such authorised to do or to authorise any person to do all such
acts, deeds, matters and things as may be considered acts, deeds, matters and things as may be considered
necessary, relevant, usual, customary, proper and/ or necessary, relevant, usual, customary, proper and/ or
expedient for giving effect to this resolution and for expedient for giving effect to this resolution and for
matters connected therewith or incidental thereto.” matters connected therewith or incidental thereto.”
10. SHIFTING OF REGISTERED OFFICE OF THE COMPANY:
To consider and, if thought fit, to pass the following

resolution as a Special Resolution: -
By the Order of the Board of Directors

Yatin S. Shah
DIN: 00318140
Date: 23rd May 2024
Place: Solapur
CIN : L24231PN1992PLC067126
Website : www.pclindia.in
E-mail ID: cs@pclindia.in
Registered Office Corporate Office: Pune Office

E 102/103 MIDC D-5 Chincholi, MIDC, Solapur-413255, 3rd Floor “Kohinoor B Zone Baner”
Akkalkot road, Solapur-413006, Maharashtra, India Mumbai- Bangalore Highway Baner
Maharashtra, India Phone: +91 9168646531/32/33 Pune 411045
Phone: +91 9168646536/37
290
Notice
NOTES: TDS rate based on information available with the RTA

1. The Explanatory Statement pursuant to Section 102(1) (for shares held in physical form) and the Depository
of the Companies Act, 2013 (the “Act”), setting out Participants (“DPs”) (for shares held in dematerialised
the material facts for each item of special business form). Please note that the duly completed & signed
mentioned in items enumerated above of the Notice to documents should be uploaded on the portal of the
be transacted at the Annual General Meeting (“AGM”) is RTA on or before 18th July 2024 Ambiguous, incomplete
annexed and forms an integral part of the Notice. and/or unsigned forms and declarations will not be
considered by the Company. No communication on the
2. In terms of the MCA and SEBI Circulars, physical tax determination/deduction shall be considered after
attendance of the Members to the AGM venue is not the above-mentioned date & time. Members are also
required and general meeting be held through video requested to update changes in their Residential Status,
conferencing (VC) or other audio-visual means (OAVM). if any, with the RTA (for shares held in physical form)
Hence, Members can attend and participate in the & the DPs (for shares held in dematerialised form),
ensuing AGM through VC/OAVM. along with the supporting documents. If the Permanent
3. In terms of the MCA and SEBI Circulars, the Annual Account Number (“PAN”) is not as per the database of
General Meeting is conducted through VC/OAVM, and the Income-tax portal, it would be considered as an
since physical attendance of member is dispensed invalid PAN. Further, individual members are requested
with, there is no requirement of appointment of proxies. to link their Aadhaar number with the PAN. In case, TDS
Therefore, the facility for appointment of Proxy by the is deducted at a higher rate in the absence of receipt
Members is not available for this AGM and hence Proxy of the specified details/documents, you would still have
Form and Attendance Slip including Route Map are not the option of claiming refund of the excess tax paid at
annexed to this Notice. Members attending through VC/ the time of filing your income tax return, only in case
OAVM shall be counted for the purpose of reckoning the your valid PAN is registered with the RTA (for shares
quorum under Section 103 of the Act. held in physical form) and the DPs (for shares held in
dematerialised form). No claim shall lie against the
4. In accordance with the Secretarial Standard – 2 on
Company for such taxes deducted. Members should
General Meetings issued by the Institute of Company
note that any document/form not uploaded on the portal
Secretaries of India (“ICSI”), read with clarification/
will not be considered for the purpose of processing and
guidance note on applicability of Secretarial Standards
shall be rejected, therefore, it should be uploaded on
– 1 and 2, the proceedings of the AGM shall be deemed
the portal only. In case of any queries, please write to us
to be conducted at the Registered Office of the Company
at tds.dividend@pclindia.in or rnt.helpdesk@linkintime.
which shall be deemed to be the venue of the AGM.
co.in.
5. If the final dividend, as recommended by the Board
6. The Members can join the AGM in the VC/OAVM mode
of Directors, is approved at the AGM, payment of such
15 minutes before and after the scheduled time of
dividend subject to deduction of Tax at Source (TDS)
the commencement of the Meeting by following the
will be made within the statutory time limit. As it is
procedure mentioned in the Notice. The facility of
important for the Company to receive the relevant
participation at the AGM through VC/OAVM will be
information from members to determine the rate of
made available for 1000 members on first come first
tax deduction, the members are requested to furnish
served basis. This will not include large Shareholders
relevant documentation in the prescribed manner on
(Shareholders holding 2% or more shareholding),
the portal of Registrar and Transfer Agent (“RTA”) on
Promoters, Institutional Investors, Directors, Key
or before cut-off date i.e. Friday, 19th July 2024. The
Managerial Personnel, the Chairpersons of the Audit
applicable TDS rate for dividends and documents to be
Committee, Nomination and Remuneration Committee
furnished by each category of members is given in the
and Stakeholders Relationship Committee, Auditors etc.
Annexure II. The format of relevant documents can be
who are allowed to attend the AGM without restriction
downloaded at Forms for TDS. The relevant documents
on account of first come first served basis.
can be uploaded on the RTA’s portal at https://web.
linkintime.co.in. The information given in the Annexure 7. The attendance of the Members attending the AGM
may not be exhaustive and the members should through VC/OAVM will be counted for the purpose
evaluate on their own about the category for which of reckoning the quorum under Section 103 of the
they should furnish the documents. In absence of all Companies Act, 2013.
the relevant documents, the Company shall determine
291
8. Pursuant to the provisions of Section 108 of the (including Report of Board of Directors, Auditor’s report
Companies Act, 2013 read with Rule 20 of the or other documents required to be attached therewith),
Companies (Management and Administration) Rules, including the Notice of AGM are being sent only in
2014 and relevant MCA circulars and Regulation 44 of electronic mode to Members whose e-mail address is
SEBI (Listing Obligations & Disclosure Requirements) registered with the Company/Registrar and Transfer
Regulations 2015, the Company is providing facility Agent (“RTA”) or Depository Participant(s) (“DP”). The
of remote e-voting to its Members in respect of the Company will not be dispatching physical copies of such
business to be transacted at the AGM. For this purpose, statements and Notice of AGM to any member.
the Company has entered into an agreement with
14. Members are requested to register their email address,
National Securities Depository Limited (NSDL) for
in respect of their demat holding with their respective
facilitating voting through electronic means, as the
DP’s.
authorised agency.
15. A copy of the Notice of this AGM along with Annual
9. Members holding shares in dematerialised mode
Report for the FY 2023-24, is available on the website
are requested to intimate all changes pertaining to
of the Company at https://www.pclindia.in and on the
their bank details, ECS mandates, email addresses,
website of Stock Exchanges i.e. BSE Limited (BSE) and
nominations, power of attorney, change of address/
The National Stock Exchange of India Limited (NSE) at
name etc. to their Depository Participant (DP) only and
www.bseindia.com and www.nseindia.com respectively,
not to the Company or its Registrar and Transfer Agent.
and on the website of NSDL at www.evoting.nsdl.com.
Any such changes effected by the DPs will automatically
reflect in The Company’s subsequent records. THE INSTRUCTIONS FOR MEMBERS FOR REMOTE
10. The Company’s Registrar and Transfer Agent for its E-VOTING AND JOINING GENERAL MEETING ARE AS
Share Registry work (physical and electronic) is Link UNDER: -
Intime India Private Limited (Block No. 202, Akshay The remote e-voting period begins on Tuesday, 23rd July
Complex, 2nd floor, near Ganesh Temple, Off Dhole Patil 2024 at 9:00 A.M. (IST) and ends on Thursday, 25th July
Road, Pune - 411 001). 2024 at 05:00 P.M. (IST) The remote e-voting module shall
11. Members can avail of the nomination facility by filing be disabled by NSDL for voting thereafter. The Members,
Form SH-13, as prescribed under Section 72 of the whose names appear in the Register of Members / Beneficial
Companies Act, 2013 and Rule 19(1) of the Companies Owners as on the record date (cut-off date) i.e. Friday,
(Share Capital and Debentures) Rules, 2014, with the 19th July 2024 may cast their vote electronically. The voting
Company. right of shareholders shall be in proportion to their share in
the paid-up equity share capital of the Company as on the
12. AGM has been convened through VC/OAVM in cut-off date, being Friday, 19th July 2024.
compliance with applicable provisions of the Companies
How do I vote electronically using NSDL e-Voting system?
Act, 2013 and various circulars issued by the Company
from time to time. The way to vote electronically on NSDL e-Voting system
consists of “Two Steps” which are mentioned below:
ELECTRONIC DISPATCH OF NOTICE AND ANNUAL REPORT
Step 1: Access to NSDL e-Voting system
AND PROCESS FOR REGISTRATION OF EMAIL ID FOR
OBTAINING COPY OF ANNUAL REPORT: A) Login method for e-Voting and joining virtual meeting
for Individual shareholders holding securities in
13. In accordance with, the General Circular No. 20/2020
demat mode
dated 5th May, 2020, General Circular No. 02/2021 dated
13th January, 2021 and General Circular No. 10/2022 In terms of SEBI circular dated 9th December 2020
dated 28th December 2022 issued by MCA and Circular on e-Voting facility provided by Listed Companies,
No. SEBI /HO /CFD /CMD1/CIR/P/2020/79 dated Individual shareholders holding securities in demat
12th May, 2020, Circular No. SEBI/HO/CFD/CMD2/ CIR/P/ mode are allowed to vote through their demat
2021/11 dated 15th January, 2021 and Circular No. account maintained with Depositories and Depository
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated 13th May, Participants. Shareholders are advised to update their
2022 and SEBI/HO/CFD/PoD2/P/CIR/2023/4 dated mobile number and email Id in their demat accounts in
5th January 2023 issued by SEBI, the financial statements order to access e-Voting facility.
292
Notice
Login method for Individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method
Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.
holding securities in demat nsdl.com either on a Personal Computer or on a mobile. On the e-Services home page
mode with NSDL. click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’
section, this will prompt you to enter your existing User ID and Password. After
successful authentication, you will be able to see e-Voting services under Value added
services. Click on “Access to e-Voting” under e-Voting services and you will be able
to see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL
and you will be re-directed to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once
the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section. A new screen will open. You will have
to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the screen. After successful
authentication, you will be redirected to NSDL Depository site wherein you can see
e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and
you will be redirected to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”

facility by scanning the QR code mentioned below for seamless voting experience.
Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing
holding securities in demat user id and password. Option will be made available to reach e-Voting page without
mode with CDSL any further authentication. The users to login Easi /Easiest are requested to visit
CDSL website www.cdslindia.com and click on login icon & New System My easi Tab
and then user your existing my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the evoting is in progress as per the information provided
by company. On clicking the evoting option, the user will be able to see e-Voting page
of the e-Voting service provider for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting. Additionally, there is
also links provided to access the system of all e-Voting Service Providers, so that the
user can visit the e-Voting service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL
website www.cdslindia.com and click on login & New System My easi Tab and then
click on registration option.
293
Type of shareholders Login Method

4. Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home
page. The system will authenticate the user by sending OTP on registered Mobile &
Email as recorded in the Demat Account. After successful authentication, user will
be able to see the e-Voting option where the evoting is in progress and also able to
directly access the system of all e-Voting Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account through your
(holding securities in demat Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in,
mode) login through their you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to
depository participants NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting
feature. Click on company name or e-Voting service provider i.e. NSDL and you will be
redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at abovementioned website.
elpdesk for Individual Shareholders holding securities

H Once you log-in to NSDL eservices after using your
in demat mode for any technical issues related to login log-in credentials, click on e-Voting and you can
through Depository i.e. NSDL and CDSL. proceed to Step 2 i.e. Cast your vote electronically.
Login type Helpdesk details 4. Your User ID details are given below :
Individual Shareholders Members facing any technical
Manner of holding Your User ID is:
holding securities in issue in login can contact
shares i.e. Demat
demat mode with NSDL NSDL helpdesk by sending a
(NSDL or CDSL) or
request at evoting@nsdl.com
or call at 022 - 4886 7000 Physical
Individual Shareholders Members facing any technical a) For Members 8 Character DP ID followed
holding securities in issue in login can contact who hold by 8 Digit Client ID
demat mode with CDSL CDSL helpdesk by sending a shares in demat
For example if your DP ID
request at helpdesk.evoting@ account with
is IN300*** and Client ID is
cdslindia.com or contact at NSDL.
12****** then your user ID is
toll free no. 1800 22 55 33
IN300***12******.
B) Login Method for e-Voting and joining virtual meeting
b) For Members 16 Digit Beneficiary ID
for shareholders other than Individual shareholders
who hold
holding securities in demat mode and shareholders For example if your
shares in demat
holding securities in physical mode. Beneficiary ID is
account with
How to Log-in to NSDL e-Voting website? 12************** then your
CDSL.
user ID is 12**************
1. Visit the e-Voting website of NSDL. Open web
c) F
or Members EVEN Number followed by
browser by typing the following URL: https://www.
evoting.nsdl.com/ either on a Personal Computer holding shares Folio Number registered
or on a mobile. in Physical with the company
Form.
2.
Once the home page of e-Voting system is launched, For example if folio number
click on the icon “Login” which is available under is 001*** and EVEN is
‘Shareholder/Member’ section. 101456 then user ID is
101456001***
3. A new screen will open. You will have to enter your
User ID, your Password/OTP and a Verification 5. Password details for shareholders other than
Code as shown on the screen. Individual shareholders are given below:
Alternatively, if you are registered for NSDL

a) If you are already registered for e-Voting, then
eservices i.e. IDEAS, you can log-in at https://
you can user your existing password to login
eservices.nsdl.com/ with your existing IDEAS login.
and cast your vote.
294
Notice
b) If you are using NSDL e-Voting system for the 9. After you click on the “Login” button, Home page of
first time, you will need to retrieve the ‘initial e-Voting will open.
password’ which was communicated to you.
Step 2: Cast your vote electronically and join General
Once you retrieve your ‘initial password’, Meeting on NSDL e-Voting system.
you need to enter the ‘initial password’ and
the system will force you to change your How to cast your vote electronically and join General
password. Meeting on NSDL e-Voting system?
c) How to retrieve your ‘initial password’? 1. After successful login at Step 1, you will be able to see
all the companies “EVEN” in which you are holding
(i) If your email ID is registered in your demat shares and whose voting cycle and General Meeting is in
account or with the Company, your ‘initial active status.
password’ is communicated to you on your
email ID. Trace the email sent to you from 2. Select “EVEN” of Company for which you wish to cast
NSDL from your mailbox. Open the email and your vote during the remote e-Voting period and casting
open the attachment i.e. a .pdf file. Open the your vote during the General Meeting. For joining virtual
.pdf file. The password to open the .pdf file meeting, you need to click on “VC/OAVM” link placed
is your 8 digit client ID for NSDL account, under “Join Meeting”.
last 8 digits of client ID for CDSL account or 3. Now you are ready for e-Voting as the Voting page
folio number for shares held in physical form. opens.
The .pdf file contains your ‘User ID’ and your
4. Cast your vote by selecting appropriate options i.e.
‘initial password’.
assent or dissent, verify/modify the number of shares for
(ii) If your email ID is not registered, please which you wish to cast your vote and click on “Submit”
follow steps mentioned below in process for and also “Confirm” when prompted.
those shareholders whose email ids are not
5. Upon confirmation, the message “Vote cast successfully”
registered.
will be displayed.
6. If you are unable to retrieve or have not received
6. You can also take the printout of the votes cast by you by
the “Initial password” or have forgotten your
clicking on the print option on the confirmation page.
password:
7. Once you confirm your vote on the resolution, you will
a) lick on “Forgot User Details/Password?”
C
not be allowed to modify your vote.
(If you are holding shares in your demat
account with NSDL or CDSL) option available General Guidelines for shareholders
on www.evoting.nsdl.com.
1. Institutional shareholders (i.e. other than individuals,
b) Physical User Reset Password?” (If you HUF, NRI etc.) are required to send scanned copy (PDF/
are holding shares in physical mode) option JPG Format) of the relevant Board Resolution/ Authority
available on www.evoting.nsdl.com. letter etc. with attested specimen signature of the duly
authorised signatory(ies) who are authorised to vote,
c) If you are still unable to get the password by
to the Scrutiniser by e-mail to jbbhave@gmail.com
aforesaid two options, you can send a request
with a copy marked to evoting@nsdl.com. Institutional
at evoting@nsdl.com mentioning your demat
shareholders (i.e. other than individuals, HUF, NRI
account number/folio number, your PAN, your
etc.) can also upload their Board Resolution / Power of
name and your registered address etc.
Attorney / Authority Letter etc. by clicking on “Upload
d) Members can also use the OTP (One Time Board Resolution / Authority Letter” displayed
Password) based login for casting the votes under “e-Voting” tab in their login.
on the e-Voting system of NSDL.
2. It is strongly recommended not to share your password
7. After entering your password, tick on Agree to “Terms with any other person and take utmost care to keep your
and Conditions” by selecting on the check box. password confidential. Login to the e-voting website will
be disabled upon five unsuccessful attempts to key in
8. Now, you will have to click on “Login” button.
295
the correct password. In such an event, you will need 2. Only those Members/ shareholders, who will be present
to go through the “Forgot User Details/Password?” or in the EGM/AGM through VC/OAVM facility and have not
“Physical User Reset Password?” option available on casted their vote on the Resolutions through remote
www.evoting.nsdl.com to reset the password. e-Voting and are otherwise not barred from doing so,
shall be eligible to vote through e-Voting system in the
3. In case of any queries, you may refer the Frequently
EGM/AGM.
Asked Questions (FAQs) for Shareholders and e-voting
user manual for Shareholders available at the download 3. Members who have voted through Remote e-Voting will
section of www.evoting.nsdl.com or call on.: 022 - be eligible to attend the EGM/AGM. However, they will
4886 7000 or send a request to Ms. Pallavi Mhatre at not be eligible to vote at the EGM/AGM.
evoting@nsdl.com.
4. The details of the person who may be contacted for
Process for those shareholders whose email ids are not any grievances connected with the facility for e-Voting
registered with the depositories for procuring user id and on the day of the EGM/AGM shall be the same person
password and registration of e mail ids for e-voting for the mentioned for Remote e-voting.
resolutions set out in this notice:
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM
1. In case shares are held in physical mode please provide THROUGH VC/OAVM ARE AS UNDER:
Folio No., Name of shareholder, scanned copy of the share
1. Member will be provided with a facility to attend the
certificate (front and back), PAN (self attested scanned
EGM/AGM through VC/OAVM through the NSDL e-Voting
copy of PAN card), AADHAR (self-attested scanned copy
system. Members may access by following the steps
of Aadhar Card) by email to cs@pclindia.in.
mentioned above for Access to NSDL e-Voting system.
2. In case shares are held in demat mode, please provide After successful login, you can see link of “VC/OAVM”
DPID-CLID (16-digit DPID + CLID or 16 digit beneficiary placed under “Join meeting” menu against company
ID), Name, client master or copy of Consolidated name. You are requested to click on VC/OAVM link
Account statement, PAN (self-attested scanned copy placed under Join Meeting menu. The link for VC/OAVM
of PAN card), AADHAR (self-attested scanned copy of will be available in Shareholder/Member login where the
Aadhar Card) to cs@pclindia.in. If you are an Individual EVEN of Company will be displayed. Please note that the
shareholder holding securities in demat mode, you are members who do not have the User ID and Password
requested to refer to the login method explained at for e-Voting or have forgotten the User ID and Password
step 1 (A) i.e. Login method for e-Voting and joining may retrieve the same by following the remote e-Voting
virtual meeting for Individual shareholders holding instructions mentioned in the notice to avoid last
securities in demat mode. minute rush.
3. Alternatively, shareholder/members may send a request 2. Members are encouraged to join the Meeting through
to evoting@nsdl.com for procuring user id and password Laptops for better experience.
for e-voting by providing above mentioned documents.
3. Further Members will be required to allow Camera and
4.
In terms of SEBI circular dated 9th December 2023 use Internet with a good speed to avoid any disturbance
on e-Voting facility provided by Listed Companies, during the meeting.
Individual shareholders holding securities in demat
4. Please note that Participants Connecting from Mobile
mode are allowed to vote through their demat
Devices or Tablets or through Laptop connecting via
account maintained with Depositories and Depository
Mobile Hotspot may experience Audio/Video loss due to
Participants. Shareholders are required to update their
Fluctuation in their respective network. It is therefore
mobile number and email ID correctly in their demat
recommended to use Stable Wi-Fi or LAN Connection to
account in order to access e-Voting facility.
mitigate any kind of aforesaid glitches.
THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON
THE DAY OF THE AGM ARE AS UNDER: - 5. Shareholders who would like to express their views/
have questions may send their questions in advance
1. The procedure for e-Voting on the day of the EGM/AGM mentioning their name demat account number/folio
is same as the instructions mentioned above for remote number, email id, mobile number at cs@pclindia.in. The
e-voting. same will be replied by the Company suitably.
296
Notice
PROCEDURE FOR SPEAKER REGISTRATION, SUBMISSION as speaker will only be allowed to speak/express their
OF QUESTIONS / QUERIES: views/ask questions during the AGM.
1. As the AGM is being conducted through VC/OAVM, 3. The Company reserves the right to restrict the number
for the smooth conduct of proceedings of the AGM, of speakers depending on the availability of time for the
members are requested to express their views/send AGM.
their queries in advance mentioning their name, demat
account number / folio number, email id, mobile number,
their queries/views/questions at cs@pclindia.in.
2. Members holding shares as on the cut-off date i.e.
Friday, 19th July 2024 and who would like to speak or Yatin S. Shah
express their views or ask questions during the AGM may Chairman and Managing Director
register themselves as speakers by sending an email to DIN: 00318140
cs@pclindia.in during, Friday, 19rd July 2024 at 9:00
A.M. (IST) upto Sunday, 21st July 2024 at 05:00 P.M. Date: 23rd May 2024
(IST). Those members who have registered themselves Place: Solapur
297
EXPLANATORY STATEMENT AS PER SECTION 102 OF THE non-audit services will be reviewed and approved by the
COMPANIES ACT, 2013 Audit Committee.
Item No. 4 • The Audit Committee and the Board of Directors,
TO CONSIDER RE-APPOINTMENT OF M/S MSKA & while recommending the appointment of MSKA as
ASSOCIATES, CHARTERED ACCOUNTANTS AS STATUTORY the statutory auditor, have considered, among other
AUDITORS OF THE COMPANY things, the credential of the firm and eligibility criteria
prescribed under the act.
M/s MSKA & Associates, Chartered Accountants (Firm
Reg No :105047W) (hereinafter referred to as “MSKA”) Brief Profile of MSKA
were appointed as statutory auditors of the Company, for Established in 1978, MSKA & Associates, an Indian
a period of 5 years, to hold office from FY 2019-2020 to partnership firm registered with the Institute of Chartered
FY 2023-2024. In terms of the provisions of Section 139 of Accountants of India (ICAI) and the PCAOB (US Public
the Companies Act, 2013, the Companies (Audit and Auditors) Company Accountancy Oversight Board). MSKA & Associates
Rules, 2014, and other applicable provisions. The Company offers a wide range of services in Audit Assurance, Tax
can appoint or reappoint an audit firm as statutory auditors and Advisory domain led by industry experts with deep
for not more than 2 (two) terms of 5 (five) consecutive years. knowledge pockets and driven by a commitment, to deliver
MSKA is eligible for reappointment for a further period of – quality services to all clients.
five years.
None of the Directors or Key Managerial Personnel of the
Based on the recommendations of the Audit Committee, the Company and their relatives is concerned or interested,
Board of Directors at their meeting held on 23rd May 2024, financially or otherwise, in the Resolution set out at Item No.
approved the reappointment of MSKA as the Statutory 4 of the Notice.
Auditors of the Company to hold office for a second term
The Board recommends the Resolution set out in Item No. 4
of 5 (five) consecutive years from the conclusion of the
for approval of members as ordinary resolution.
32nd Annual General Meeting until the conclusion of the
37th Annual General Meeting of the Company to be held for Item No. 5
the FY 2028-29. The Board of Directors, in consultation RATIFICATION OF REMUNERATION TO M/S. S. V. VHATTE
with the Audit Committee, may alter and vary the terms and & ASSOCIATES, COST ACCOUNTANTS AS COST AUDITOR:
conditions of appointment, including remuneration, in such
manner and to such extent as may be mutually agreed with The Board of Directors of the Company in their meeting held on
the Statutory Auditors. 23rd May 2023, approved the appointment and remuneration
of M/s S. V. Vhatte & Associates, Cost Accountants [Firm
MSKA have consented to the aforesaid re-appointment Registration No.: 100280] as the Cost Auditors of the Company
and confirmed that their appointment, if made, will be to conduct the audit of the cost records of the Company for
accordance with the provisions of section 139, 141 and other the FY 2024-25 at a remuneration of ` 1,50,000/- (Rupees
relevant provisions of the Companies Act, 2013 and rules One Lakh Fifty Thousand only) plus taxes thereon and out-of-
made thereunder. pocket expenses to be incurred during the Audit, subject to
Details as required under regulation 36 (5) of SEBI (Listing the approval of members at General Meeting.
Obligations and Disclosure Requirements) Regulations, In terms of the provisions of Section 148 (3) of the Companies
2015 are as under: Act, 2013 read with Rule 14(a)(ii) of the Companies (Audit
• The fee proposed to be paid to MSKA towards the and Auditors) Rules, 2014, the remuneration payable to the
statutory audit for the FY 2024-25 shall not exceed Cost Auditor is to be ratified by the members of the Company.
35,00,000/-, plus out of pocket expenses, with the The Directors recommend that the remuneration payable to
authority of Board of Directors to make revision as the Cost Auditor in terms of the resolution set out at Item No.
it may deem fit for the balance term, based on the 5 of the Notice be ratified by the members.
recommendation of Audit Committee.
None of the Directors or Key Managerial Personnel of the
The fee for services in the nature of statutory Company and their relatives is concerned or interested,
certifications and other permissible non-audit services financially or otherwise, in the Resolution set out at Item No.
will be in addition to the statutory audit fee as above and 5 of the Notice.
will be decided by the management in consultation with
the Statutory Auditors. The provision of such permissible The Board recommends the Resolution set out in Item No. 5
for approval of members as an ordinary resolution.
298
Notice
Item No. 6 continues to possess the identified core skills, expertise and
competencies fundamental for effective functioning in his role
RE-APPOINTMENT OF DR. AMEET N. DRAVID (DIN:
06806783) AS AN INDEPENDENT DIRECTOR: as an Independent Director of the Company and his continued
association would be of immense benefit to the Company.
Dr. Ameet N. Dravid (DIN: 06806783) is currently an
Independent Director of the Company. Dr. Dravid was A notice has been received from a member under Section
appointed as an Independent Director of the Company by the 160 of the Companies Act, 2013 signifying his intention to
Members at the 30th Annual General Meeting of the Company propose Dr. Ameet N. Dravid as a candidate for the office
held on 21st September 2022 to hold office to hold office for a of Director. Company has received a declaration from
term up to 9th August 2024 and is eligible for re-appointment Dr. Dravid confirming that he continues to meet the criteria of
for a second term on the Board of the Company. independence as prescribed under Section 149(6) of the Act,
read with the rules framed thereunder and Regulation 16(1)
Based on the recommendation of the Nomination & (b) of the Securities and Exchange Board of India (Listing
Remuneration Committee (‘NRC’), the Board of Directors Obligations and Disclosure Requirements) Regulations, 2015
at its meeting held on 23rd May 2024, proposed the re- (‘SEBI Listing Regulations’). In terms of Regulation 25(8) of
appointment of Dr. Ameet N. Dravid as an Independent the SEBI Listing Regulations, Dr. Dravid has confirmed that he
Director of the Company for a second term of 3 (Three) Years is not aware of any circumstance or situation which exists or
commencing from 10th August 2024 to 9th August 2027 not may be reasonably anticipated that could impair or impact his
liable to retire by rotation, for the approval of the Members by ability to discharge his duties. Dr. Dravid has also confirmed
way of a Special Resolution. that he is not debarred from holding the office of Director by
Dr. Ameet N. Dravid is a doctor by profession. He is a M.D virtue of any SEBI Order or any such authority pursuant to
(Internal Medicine) and has more than 12 years of experience circulars dated 20th June 2018 issued by BSE Limited and
in clinical care and treatment of HIV infected individuals in 3 the National Stock Exchange of India Limited pertaining
private sector, tertiary level hospitals in Pune, Western India. to enforcement of SEBI Orders regarding appointment of
He has been involved in clinical care and laboratory research Directors by the listed companies.
related to HIV and the CNS; antiretroviral therapy related Further, Dr. Dravid has confirmed that he is not disqualified
long term co-morbidities; HIV associated Tuberculosis and from being appointed as Director in terms of Section 164
Tropical infectious diseases. He has also published research of the Act and has given his consent to act as Director in
manuscripts and posters highlighting these issues facing terms of Section 152 of the Act, subject to re-appointment
HIV infected patients in resource limited settings like India by the Members. Dr. Dravid has also confirmed that he is
in national and international fora. He is also a Director in in compliance with Rules 6(1) and 6(2) of the Companies
VMK Precision Pharma LLP and VMK Diagnostics Private (Appointment and Qualifications of Directors) Rules,
Limited which gave access to life saving antiretroviral 2014, with respect to his registration with the data bank of
drugs and critical laboratory blood investigations extremely Independent Directors maintained by the Indian Institute of
affordable to HIV infected patients in Pune, India. He is also Corporate Affairs (‘IICA’).
a director in two Section 8 Companies, registered under the
provisions of Companies Act, 2013, Sanvedana Medicine In the opinion of the Board, Dr. Dravid fulfils the conditions
Sans Discrimination Foundation (SMSDF) and Young Doctors’ specified in the Act, rules thereunder and the SEBI Listing
League Foundation (YDLF). SMSDF is providing medical Regulations for re-appointment as an Independent Director
aid to poor and needy patients at minimal cost and YDLF is and that he is independent of the Management.
organising various sports activities for young doctors in Pune In compliance with the provisions of Section 149 read with
and India. Schedule IV to the Act, Regulation 17 of the SEBI Listing
The NRC taking into consideration the skills, expertise and Regulations and other applicable provisions of the Act and
competencies required for the Board in the context of the SEBI Listing Regulations, the re-appointment of Dr. Dravid as
business and sectors of the Company and based on the an Independent Director is now placed for the approval of the
performance evaluation, concluded and recommended to Members by a Special Resolution.
the Board that Dr. Ameet N. Dravid’s qualifications and the The relevant details pursuant to Secretarial Standard on
rich experience in the abovementioned areas meets the skills General Meetings issued by the Institute of Companies
and capabilities required for the role of Independent Director Secretaries of India are provided in the “Annexure 1” to the
of the Company. The Board is of the opinion that Dr. Dravid Notice.
299
None of the Directors, Key Managerial Personnel and their continues to possess the identified core skills, expertise and
relatives other than Dr. Dravid and his relatives, are in any competencies fundamental for effective functioning in her
way, concerned or interested in the Item no. 6 of the notice. role as an Independent Director of the Company and her
continued association would be of immense benefit to the
Company.
for approval of shareholders as Special resolution.
A notice has been received from a member under Section
Item No. 7
160 of the Companies Act, 2013 signifying his intention
RE-APPOINTMENT OF MS. APURVA P. JOSHI (DIN: to propose Ms. Apurva as a candidate for the office
06608172) AS AN INDEPENDENT DIRECTOR
of Director. Company has received a declaration from
Ms. Apurva P. Joshi (DIN: 06608172) is currently an Ms. Apurva confirming that she continues to meet the criteria
Independent Director of the Company. Ms. Apurva was of independence as prescribed under Section 149(6) of the
appointed as an Independent Director of the Company by Act, read with the rules framed thereunder and Regulation
the Members vide postal ballot dated 12th May 2023 to hold 16(1)(b) of the Securities and Exchange Board of India (Listing
office to hold office for a term up to 30th September 2024 and Obligations and Disclosure Requirements) Regulations, 2015
is eligible for re-appointment for a second term on the Board (‘SEBI Listing Regulations’). In terms of Regulation 25(8)
of the Company. of the SEBI Listing Regulations, Ms. Apurva has confirmed
that she is not aware of any circumstance or situation which
Based on the recommendation of the Nomination &
exists or may be reasonably anticipated that could impair or
Remuneration Committee (‘NRC’), the Board of Directors
impact her ability to discharge her duties. Ms. Apurva has
at its meeting held on 23rd May 2024, proposed the
also confirmed that she is not debarred from holding the
re-appointment of Ms. Apurva as an Independent Director
office of Director by virtue of any SEBI Order or any such
of the Company for a second term of 3 (Three) Years
authority pursuant to circulars dated 20th June 2018 issued
commencing from 1st October 2024 to 30th September
by BSE Limited and the National Stock Exchange of India
2027 not liable to retire by rotation, for the approval of the
Limited pertaining to enforcement of SEBI Orders regarding
Members by way of a Special Resolution.
appointment of Directors by the listed companies.
Ms Apurva P. Joshi holds a bachelor’s degree in commerce
Further, Ms. Apurva has confirmed that she is not disqualified
from University of Pune. She has passed the executive
from being appointed as Director in terms of Section 164
programme of Institute of Company Secretaries of India
of the Act and has given her consent to act as Director in
(ICSI) and the profession competence exam conducted
terms of Section 152 of the Act, subject to re-appointment
by Institute of Chartered Accountant of India (ICAI). She
by the Members. Ms. Apurva has also confirmed that she is
has completed a certified bank forensic accounting course,
in compliance with Rules 6(1) and 6(2) of the Companies
certified forensic accounting professional course and anti-
(Appointment and Qualifications of Directors) Rules, 2014,
money laundering expert course conducted by India forensic.
with respect to her registration with the data bank of
She has participated in the programme of management
Independent Directors maintained by the Indian Institute of
consultancy for acquiring and retaining clients hosted by the
Corporate Affairs (‘IICA’).
Indian Institute of Management, Bangalore. She has authored
book ‘Students’ Handbook on ‘Forensic Accounting’. She In the opinion of the Board, Ms. Apurva fulfils the conditions
was also one of the 10 entrepreneurs who were featured in specified in the Act, rules thereunder and the SEBI Listing
book Arise Awake, written by Rashmi Bansal. Due to her vast Regulations for re-appointment as an Independent Director
experience and expertise in various fields she has also been and that she is independent of the Management.
awarded Honorary Doctor of Letters (D.Litt.) from University
In compliance with the provisions of Section 149 read with
of South America.
Schedule IV to the Act, Regulation 17 of the SEBI Listing
The NRC taking into consideration the skills, expertise and Regulations and other applicable provisions of the Act and
competencies required for the Board in the context of the SEBI Listing Regulations, the re-appointment of Ms. Apurva
business and sectors of the Company and based on the as an Independent Director is now placed for the approval of
performance evaluation, concluded and recommended the Members by a Special Resolution.
to the Board that Ms. Apurva’s qualifications and the rich
The relevant details pursuant to Secretarial Standard on
experience in the abovementioned areas meets the skills
General Meetings issued by the Institute of Companies
and capabilities required for the role of Independent Director
Secretaries of India are provided in the “Annexure 1” to the
of the Company. The Board is of the opinion that Ms. Apurva
Notice.
300
Notice
None of the Directors, Key Managerial Personnel and their propose Mr. Suhas J. Ahirrao as a candidate for the office
relatives other than Ms. Apurva and her relatives, are in any of Director. Company has received a declaration from
way, concerned or interested in the Item no. 7 of the notice. him confirming that he continues to meet the criteria of
independence as prescribed under Section 149(6) of the Act,
read with the rules framed thereunder and Regulation 16(1)
for approval of shareholders as Special resolution.
(b) of the Securities and Exchange Board of India (Listing
Item No. 8 Obligations and Disclosure Requirements) Regulations,
RE-APPOINTMENT OF MR. SUHAS J. AHIRRAO 2015 (‘SEBI Listing Regulations’). In terms of Regulation
(DIN:10090429) AS AN INDEPENDENT DIRECTOR: 25(8) of the SEBI Listing Regulations, Mr. Suhas J. Ahirrao
has confirmed that he is not aware of any circumstance or
Mr. Suhas J. Ahirrao (DIN: 10090429) is currently an
situation which exists or may be reasonably anticipated that
Independent Director of the Company. He was appointed as
could impair or impact her ability to discharge his duties.
an Independent Director of the Company by the Members
Mr. Suhas J. Ahirrao has also confirmed that he is not debarred
vide postal ballot dated 12th May 2023 to hold office to hold
from holding the office of Director by virtue of any SEBI Order
office for a term up to 30th September 2024 and is eligible
or any such authority pursuant to circulars dated 20th June
for re-appointment for a second term on the Board of the
2018 issued by BSE Limited and the National Stock Exchange
Company.
of India Limited pertaining to enforcement of SEBI Orders
Based on the recommendation of the Nomination & regarding appointment of Directors by the listed companies.
Remuneration Committee (‘NRC’), the Board of Directors
Further, Mr. Suhas J. Ahirrao has confirmed that he is not
at its meeting held on 23rd May 2024, proposed the re-
disqualified from being appointed as Director in terms of
appointment of Mr. Suhas J. Ahirrao as an Independent
Section 164 of the Act and has given his consent to act as
Director of the Company for a second term of 3 (Three)
Director in terms of Section 152 of the Act, subject to re-
Years commencing from 1st October 2024 to 30th September
appointment by the Members. Mr. Suhas J. Ahirrao has also
2027 not liable to retire by rotation, for the approval of the
confirmed that he is in compliance with Rules 6(1) and 6(2) of
Members by way of a Special Resolution.
the Companies (Appointment and Qualifications of Directors)
Mr. Suhas J. Ahirrao (DIN: 10090429) is a fellow member of Rules, 2014, with respect to his registration with the data
Institute of Chartered Accountant of India (ICAI) with 41 years bank of Independent Directors maintained by the Indian
of versatile experience as Statutory Auditor, Management Institute of Corporate Affairs (‘IICA’).
Auditor, Financial Advisor, Investment Consultant with
In the opinion of the Board, Mr. Suhas J. Ahirrao fulfils the
additional expertise in Direct and Indirect Taxation. He is also
conditions specified in the Act, rules thereunder and the SEBI
skilled in the areas of Management Auditing, Procurement
Listing Regulations for re-appointment as an Independent
and sourcing, General Management, Finance and Investment
Director and that he is independent of the Management.
Advisor, Liaison with Government Officials and Bankers.
Mr. Rao is also working as Financial Advisor of reputed In compliance with the provisions of Section 149 read with
Specialty Chemical Company in Pune. Schedule IV to the Act, Regulation 17 of the SEBI Listing
Regulations and other applicable provisions of the Act and
The NRC taking into consideration the skills, expertise and
SEBI Listing Regulations, the re-appointment of Mr. Suhas
competencies required for the Board in the context of the
J. Ahirrao as an Independent Director is now placed for the
business and sectors of the Company and based on the
approval of the Members by a Special Resolution.
performance evaluation, concluded and recommended to
the Board that Mr. Suhas J. Ahirrao’s qualifications and the The relevant details pursuant to Secretarial Standard on
rich experience in the abovementioned areas meets the General Meetings issued by the Institute of Companies
skills and capabilities required for the role of Independent Secretaries of India are provided in the “Annexure 1” to the
Director of the Company. The Board is of the opinion that Notice.
Mr. Suhas J. Ahirrao continues to possess the identified
None of the Directors, Key Managerial Personnel and their
core skills, expertise and competencies fundamental for
relatives other than Mr. Suhas J. Ahirrao and his relatives, are
effective functioning in his role as an Independent Director
in any way, concerned or interested in the Item no. 8 of the
of the Company and his continued association would be of
notice.
immense benefit to the Company.
A notice has been received from a member under Section
for approval of shareholders as a Special resolution.
160 of the Companies Act, 2013 signifying his intention to
301
Item No. 9 In terms of Regulation 25(8) of the SEBI Listing Regulations,

Mrs. Anagha S. Anasingaraju has confirmed that she is not
RE-APPOINTMENT OF MRS. ANAGHA S. ANASINGARAJU
(DIN: 02513563) AS AN INDEPENDENT DIRECTOR aware of any circumstance or situation which exists or may
be reasonably anticipated that could impair or impact her
Mrs. Anagha S. Anasingaraju (DIN: 02513563) is currently ability to discharge her duties. Mrs. Anagha S. Anasingaraju
an Independent Director of the Company. Mrs. Anagha S. has also confirmed that she is not debarred from holding
Anasingaraju was appointed as an Independent Director the office of Director by virtue of any SEBI Order or any such
of the Company by the Members vide postal ballot dated authority pursuant to circulars dated 20th June 2018 issued
12th May 2023 to hold office to hold office for a term up to by BSE Limited and the National Stock Exchange of India
30th September 2024 and is eligible for re-appointment for a Limited pertaining to enforcement of SEBI Orders regarding
second term on the Board of the Company. appointment of Directors by the listed companies.
Based on the recommendation of the Nomination & Further, Mrs. Anagha S. Anasingaraju has confirmed that she
Remuneration Committee (‘NRC’), the Board of Directors is not disqualified from being appointed as Director in terms
at its meeting held on 23rd May 2024, proposed the of Section 164 of the Act and has given her consent to act
re-appointment of Mrs. Anagha S. Anasingaraju as an as Director in terms of Section 152 of the Act, subject to re-
Independent Director of the Company for a second term of appointment by the Members. Mrs. Anagha S. Anasingaraju
3 (Three) Years commencing from 1st October 2024 to 30th has also confirmed that she is in compliance with Rules 6(1)
September 2027, not liable to retire by rotation, for the and 6(2) of the Companies (Appointment and Qualifications
approval of the Members by way of a Special Resolution. of Directors) Rules, 2014, with respect to her registration
Mrs. Anagha S. Anasingaraju (DIN: 02513563) is a fellow with the data bank of Independent Directors maintained by
member of Institute of Company Secretaries of India (ICSI) the Indian Institute of Corporate Affairs (‘IICA’).
and a Practicing Company Secretary by profession. She has In the opinion of the Board, Mrs. Anagha S. Anasingaraju
professional experience of 16 years. Her areas of practice fulfils the conditions specified in the Act, rules thereunder
are Company Law Procedures and IBC related advisory and the SEBI Listing Regulations for re-appointment as an
Services. She is also acting as a woman director in various of Independent Director and that she is independent of the
Companies. Management.
The NRC taking into consideration the skills, expertise and In compliance with the provisions of Section 149 read with
competencies required for the Board in the context of the Schedule IV to the Act, Regulation 17 of the SEBI Listing
business and sectors of the Company and based on the Regulations and other applicable provisions of the Act and
performance evaluation, concluded and recommended to SEBI Listing Regulations, the re-appointment of Mrs. Anagha
the Board that Mrs. Anagha S. Anasingaraju qualifications and S. Anasingaraju as an Independent Director is now placed for
the rich experience in the abovementioned areas meets the the approval of the Members by a Special Resolution.
skills and capabilities required for the role of Independent
Director of the Company. The Board is of the opinion that The relevant details pursuant to Secretarial Standard on
Mrs. Anagha S. Anasingaraju’s continues to possess General Meetings issued by the Institute of Companies
the identified core skills, expertise and competencies Secretaries of India are provided in the “Annexure 1” to the
fundamental for effective functioning in her role as an Notice.
Independent Director of the Company and her continued None of the Directors, Key Managerial Personnel and their
association would be of immense benefit to the Company. relatives other than Mrs. Anagha S. Anasingaraju and her
A notice has been received from a member under Section relatives, are in any way, concerned or interested in the Item
160 of the Companies Act, 2013 signifying his intention to no. 9 of the notice.
propose Mrs. Anagha S. Anasingaraju as a candidate for the The Board recommends the Resolution set out in Item No. 9
office of Director. Company has received a declaration from for approval of shareholders as Special resolution.
Mrs. Anagha S. Anasingaraju confirming that she continues
Item No. 10
to meet the criteria of independence as prescribed under
Section 149(6) of the Act, read with the rules framed SHIFTING OF REGISTERED OFFICE OF THE COMPANY
thereunder and Regulation 16(1)(b) of the Securities and Presently, the Company’s Registered Office is located at
Exchange Board of India (Listing Obligations and Disclosure E 102/103 MIDC Akkalkot Road, Solapur, Maharashtra,
Requirements) Regulations, 2015 (‘SEBI Listing Regulations’). India, 413006. The Board of Directors of your Company at
302
Notice
their meeting held on 23rd May 2024 has decided to shift the None of the Directors, Key Managerial Personnel and their
Registered Office of the Company from the ‘E 102/103 MIDC relatives, are in any way, concerned or interested in the Item
AKKALKOT ROAD, SOLAPUR, Maharashtra, India, 413006’ to no. 10 of the notice.
‘D5 M.I.D.C. Chincholi, Solapur, Maharashtra, India, 413255’
subject to the approval of the members by way of a special
for approval of shareholders as a Special resolution.
resolution, in order to carry on the business of the Company
more economically and efficiently and with better operational
convenience.
As per provisions of Section 12 and other applicable For Precision Camshafts Limited
provisions, if any, of the Companies Act, 2013 and rules made
thereunder, shifting of Registered Office of the Company Yatin S. Shah
outside the local limits but within the same State requires Chairman and Managing Director
approval of the Members by way of a Special Resolution. DIN: 00318140
Therefore, the Board recommends the Resolution as set
out in Item No. 10 for approval of the Members as a Special Date: 23rd May 2024
Resolution. Place: Solapur
303
ANNEXURE I TO ITEM NO. 06, 07,08 AND 09 OF THE NOTICE

Pursuant to Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard 2 issued by the Institute of Company Secretaries of India, following information is
furnished about the Director proposed to be re-appointed:
Name of Director Dr. Ameet N. Dravid Ms. Apurva P. Joshi Mr. Suhas J. Ahirrao Mrs. Anagha S.
Anasingaraju
DIN 06806783 06608172 10090429 02513563
Age 42 years 34 Years 66 Years 46 Years
Date of First Appointment 10th August 2022 29th March 2023 29th March 2023 29th March 2023
Qualifications M.D (Internal Medicine) Certified Management Chartered Accountant Company Secretary
Consultant
Relationship with Directors NIL NIL NIL NIL
Experience (including Dr. Ameet N. Dravid is a Ms. Apurva P. Joshi has Mr. Suhas J. Ahirrao has Mrs. Anagha S.
Expertise in Specific area/ doctor by profession. He is a more than 13 years 41 years of versatile Anasingaraju has
Brief Resume) M.D (Internal Medicine) and of experience in the experience as Statutory professional experience
has more than 12 years of field of bank forensic Auditor, Management of 16 years in the field
experience in clinical care accounting, forensic Auditor, Financial Advisor, of Company Law and
and treatment of HIV infected accounting and anti- Investment Consultant IBC related advisory
individuals in 3 private sector, money laundering. with additional expertise Services.
tertiary level hospitals in in Direct and Indirect
Pune, Western India Taxation.
Number of Board Meetings 5 5 6 5
attended during the year
Directorship of Other Board 4 Companies 7 Companies NIL 7 Companies
as on date of notice
Membership/Chairmanship of Membership of 3 Membership of 8 NIL Membership of 2
Committee of other Boards as Committees. Committees (Audit Committees.
on date of notice and Stakeholder
relationship committee)
and Chairpersonship of
2 Committees
(Audit and Stakeholder
relationship Committee)
Terms and Conditions of As per Company’s Policy on As per Company’s As per Company’s Policy As per Company’s
re-appointment appointment of Independent Policy on appointment on appointment of Policy on appointment
Director of Independent Director Independent Director of Independent
Director
Remuneration last drawn 5,00,000 5,00,000 5,00,000 5,00,000
(including sitting fees, if any)
Remuneration proposed to As may be decided by the As may be decided by As may be decided by the As may be decided by
be paid Board of Directors. the Board of Directors. Board of Directors. the Board of Directors.
Number of Shares held in the NA NA NA NA
Company as on the date of
notice.

Yatin S. Shah
DIN: 00318140
Date: 23rd May 2024

Place: Solapur
304
Notice
ANNEXURE II – TDS ON DIVIDEND 2. Resident non-individual member (Company, Firms,

Companies paying dividend are required to withhold tax at HUF, AOP, Trust)
the applicable tax rates (unless otherwise exempted, TDS a. Lower withholding tax certificate for the FY
rate is 10% for resident members with valid PAN, 20% for
2022-23, if any, obtained from the Income Tax
resident members without PAN or invalid PAN and rates
authorities; and
prescribed under the Act or Tax Treaty, read with Multilateral
Instruments, if applicable, for non-resident members). b. PAN.
No withholding of tax is applicable if the dividend payable
3. Resident mutual fund member
to resident individual members is less than ` 5,000/- p.a.
a. Copy of relevant registration documents;
Section 206AB has been introduced by the Finance Act,
2021, whereby TDS will be higher of the following: b. A declaration that the mutual fund is governed by
i. Twice the rate specified in the relevant provision of the the provisions of Section 10 (23D) of the Act; and
Act; or c. PAN.
ii. Twice the rate or rates in force; or 4. Resident insurance Company member
iii. the rate of 5%;
a. Copy of relevant registration documents;
in case a person has not filed his/her Return of Income for
b. A declaration that the insurance Company is
each of the two preceding financial years and the aggregate
beneficial owner of the shares held; and
of TDS including Tax Collected at Source (“TCS”) in his/her
case is ` 50,000/- or more in each of these two financial c. PAN.
years. The aggregate amount of TDS/TCS of ` 50,000/- in a
5. Alternative Investment Fund (“AIF”)
year is not limited to TDS only on dividend income received by
the member but will include all TDS/TCS transactions of the a. Copy of registration documents;
member during the relevant financial year. These provisions
are effective from 1st July 2022. The status of filing of Return b. A declaration that its income is exempt under
of Income by the members would be verified from the Section 10 (23FBA) of the Act and AIF is established
functionality provided by the Indian Income Tax authorities. as Category I or Category II AIF under the SEBI
The Company would solely rely on the information available Regulations; and
on the Income Tax portal in this regard.
c. PAN.
In order to provide exemption from TDS or apply lower
6. Non-resident member
rate of TDS or consider benefit of relevant Double Taxation
Avoidance Agreement (“DTAA”) with India as may be All the documents given below should be attested by
applicable, the documents prescribed for each category of self/authorised signatory:
member (as per the eligibility) must be uploaded on the portal
a. Copy of Tax Residency Certificate (“TRC”) for the
of RTA at https://web.linkintime.co.in. The format of relevant
documents are available Forms for TDS. If the documents are FY 2022-23 obtained from the revenue authorities
found in accordance with the provisions of the Act the same of the country of residence;
shall be considered while deducting the taxes. b. Form 10F for FY 2022-23;
If the dividend income is assessable to tax in the hands c. Self-declaration of Beneficial Ownership;
of a person other than the registered member as on the
Record Date, the registered member is required to furnish a d. Self-declaration for not having Permanent
declaration to the Company containing the name, address, Establishment in India in accordance with the
PAN, beneficiary account no. (16 digits), number of shares of applicable Tax Treaty;
the person to whom TDS credit is to be given and reasons for
e. PAN; and
giving credit to such person on or before 5th September 2022.
f. Any other documents as prescribed under the Act
1. Resident individual member
for lower withholding of taxes, if applicable.
a. Form 15G or Form 15H;
The Company is not obligated to apply the beneficial DTAA rates
b. Any other documents as prescribed under the Act at the time of tax deduction/withholding on dividend amounts.
for lower withholding of taxes; and Application of beneficial DTAA rate shall depend upon the
c. PAN or documentary evidence if you are exempt completeness and satisfactory review by the Company, of the
from obtaining PAN. documents submitted by non-resident members.
305
NOTES
NOTES
NOTES

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PCL/SEC/24-25/023 3rd July 2024

NSE Scrip Code - PRECAM BSE Scrip Code – 539636

For Precision Camshafts Limited

Pethkar Date: 2024.07.03

Statutory Reports 44-147

At Precision Camshafts Limited, our purpose is at the heart

NURTURING PROGRESS WITH STEADY

₹ 674.61 Crores 72%

₹ 139.63 Crores 91%

76,446.77 MT CO2e 5.42

81.300 million units 13,42,192

474.51 MT 154.53 Lakhs

ABOUT THE PRECISION GROUP

Global benchmark in One-stop solution

OUR STORY OF PURPOSE,

Our operational footprint spans meticulously designed plants

Our Mission Core Values Our DNA

We are a future-ready team with a

Volume Contribution (in %)

Volume Contribution (in %)

Consolidated Revenue Contribution for FY 2023-24

674.61 160.81 50.07 147.69

PCL MFT MEMCO EMOSS

OUR MILESTONES MAP

OUR RANGE OF EXCELLENCE

Camshafts Hybrid Camshafts

Chilled Cast Iron Camshafts

Ductile Iron Camshafts

MEMCO Engineering packages. Our solutions enable the seamless transformation

Fuel Injection components for conventional and DRDi

MFT vibration-free. In the process, we not only help enhance the

PROPELLING FORWARD WITH OUR

ADVANCING WITH A STELLAR MARQUEE

TRANSPORTATION (PRIVATE SECTOR)

ROAD SWEEPER (PUBLIC SECTOR) WASTE MANAGEMENT

FIRE TRUCK (OEM)

Dear Stakeholders, our future is the transition to EVs. With

In terms of corporate social

STRENGTHENING FOUNDATION WITH ROBUST

Revenue (` In Crores) EBITDA (` In Crores)

Profit After Tax (` In Crores) Debt-to-Equity Ratio (%)

EPS (In `) Return on Equity (in %)

ROCE (In %) Dividend Per Share (In `)

UNDERSTANDING OUR OPERATING

Economic Conditions Government Policies

Furthermore, the Automotive Mission Plan 2016-26

Trends & Opportunities Contributing to India’s

Powering Ahead with

R&D and Technological

ABOUT LAKSHYA 2030

The second leg of our journey took us to the

LEVERAGING OUR PROWESS TO

Our Progress Lakshya 2030 Targets

Electric vehicle (EV) transmission parts

Products developed through Joint Ventures (JVs)

Lakshya 2030 Targets

Customers from India

Enhancing marketing network with customers

FOSTERING PROGRESS WITH

2. COMPANY’S FINANCIAL PERFORMANCE AND OUTLOOK