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PCS Technology Limited

41st Annual Report 2021-22

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PCS TECHNOLOGY LIMITED CIN - L74200MH1981PLC024279

BOARD OF DIRECTORS

Mr. G. K. Patni (DIN - 00014163) Mr. A. K. Patni (DIN - 00014194) Mr. H. C. Tandon (DIN - 00037611) Mr. Satish Ajmera (DIN - 00208919) Mr. K. K. Barjatya (DIN - 00107064) Mrs. Mona Bhide (DIN - 05203026)

Chairman Vice Chairman Director Director Director Women Director

Mr. M.P Jain

Chief Financial Officer

Mr. Bhaskar Patel

Chief Executive Officer

Mr. Mehul Monani

Company Secretary

AUDITORS

Vinod K Mehta & Co.

Chartered Accountants, Mumbai

REGISTERED OFFICE

82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi- Pune- 411015

REGISTRAR & SHARE TRANSFER AGENT

Bigshare Services Pvt. Ltd Office No S6-2, 6th floor Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093, Tel.- 022-62638295

CONTENTS Notice to Members ...............................................................1-6 Directors’ Report ................................................................7-25 Independent Auditors’ Report ..........................................26-31 Standalone Balance Sheet ...................................................32 Standalone Statement of Profit & Loss .................................33 Standalone Statement of Changes in Equity ...................34-35 Standalone Cash Flow Statement ...................................36-37 Notes to Standalone Financial Statements ......................38-55 Consolidated Independent Auditors Report .....................56-59 Consolidated Balance Sheet ................................................60 Statement of Consolidated Profit & Loss Account ................61 Consolidated Statement of Changes in Equity ................62-63 Consolidated Cash Flow Statement ................................64-65 Notes to Consolidated Financial Statements ...................66-83

41[st] ANNUAL GENERAL MEETING

Day, Date & Time : Wednesday, 21st September, 2022 at 12:30 p.m.

Through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”).

FORTY FIRST ANNUAL REPORT 2021-2022

NOTICE TO MEMBERS

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NOTICE is hereby given that the 41st ANNUAL GENERAL MEETING of PCS TECHNOLOGY LIMITED will be held on Wednesday, 21st September,2022 at 12:30 p.m through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”), to transact the following business:

ORDINARY BUSINESS:

1. TO RECEIVE, CONSIDER AND ADOPT THE AUDITED STANDALONE AND CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED 31[ST] MARCH,2022 TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND AUDITORS THEREON.

2. TO APPOINT A DIRECTOR IN PLACE OF MR. GAJENDRA KUMAR PATNI (DIN - 00014163) WHO RETIRES BY ROTATION AND BEING ELIGIBLE, OFFERS HIMSELF FOR RE-APPOINTMENT.

3. TO RE-APPOINT M/S. VINOD .K. MEHTA & CO., CHARTERED ACCOUNTANT (FIRM REGISTRATION NO. 111508W) AS STATUTORY AUDITORS OF THE COMPANY AND TO FIX THEIR REMUNERATION.

To consider and, if thought fit, to pass with or without modification(s), the following Resolution as an Ordinary Resolution:

“ RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013, and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof, for the time being in force), M/s.Vinod K Mehta & Co, Chartered Accountants (Firm Registration No. 111508W) be and are hereby re-appointed as the Statutory Auditors of the Company, for a further term of five years to hold office from the conclusion of 41st Annual General Meeting till the conclusion of 46th Annual General Meeting at such remuneration plus applicable taxes and out of pocket expenses as may be decided by the Board of Directors of the Company on the recommendation of Audit Committee.

Registered Office By Order of the Board 82/6/1, Solar Park, Shop no.6 , For PCS Technology Ltd . Pune-Alandi Road, Dattanagar, Dighi- Pune- 411015 Mehul Monani CIN - L74200MH1981PLC024279 Company Secretary & Compliance Officer

Mumbai Date: 24[th] May, 2022

NOTES :

In view of the continuing Covid-19 pandemic, the Annual General Meeting (“AGM”) of the Company will be held through VC / OAVM, without the physical presence of the Members at a common venue. In compliance with the provisions of the Companies Act, 2013 (“Act”), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and MCA Circulars, the AGM of the Company is being held through VC / OAVM.
As the AGM shall be conducted through VC / OAVM, the facility for appointment of Proxy by the Members is not available for this AGM and hence the Proxy Form and Attendance Slip are not annexed to this Notice.
Institutional / Corporate Members are requested to send a scanned copy (PDF / JPEG format) of the Board Resolution authorising its representatives to attend and vote at the AGM, pursuant to Section 113 of the Act, at [email protected].
The Register of Members and Share Transfer Books of the Company will remain closed from Wednesday,14th September, 2022 till Wednesday, 21st September, 2022.

Information on Directors recommended for appointment/ re-appointment at the Annual General Meeting as required under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirement) Regulation, 2015.

Re-appointment of Mr. Gajendra Kumar Patni (DIN : 00014163) (Item no. 2)

Gajendra kumar Patni

Mr. Gajendra Kumar Patni serves as Non-Executive Chairman of PCS Technology Limited and has been its Director since April 22, 1981. He is a Chemical Engineer and has over 35 years of experience in finance, banking, legal and personnel functions and has contributed significantly in the past to the growth of the computer rental business / hardware, which led to the formation of PCS Data Products (PCSDP) in 1981 and PCS Data General (PCSDG) in 1987. Mr. Gajendra Kumar Patni was a Co-founder of Patni Computer Systems Ltd. from which he exited and resigned as Director as well as Promoter in year 2011.

Listed Companies (other than PCS Technology Limited) in which Mr. Gajendra Kumar Patni holds the directorship and Committees membership:

Directorship in Companies: Nil

Chairperson of Board Committees: Nil

Member of Board Committee: Nil

Shareholding in the Company: 5,79,685 shares

Disclosure of relationships between directors inter-se- - Brother of Mr. Ashok Kumar Patni, Promoter Director of the Company.

PCS TECHNOLOGY LIMITED

3. Voting through electronic means

Pursuant to the provisions of section 108 of the Companies Act, 2013 and amended Rule 20 of Companies (Management and Administration) Rules, 2014, and also pursuant to Regulation 44(1) of SEBI (LODR) Regulation, 2015, the Company is pleased to provide members facility to exercise their right to vote at the Annual General Meeting (AGM) by electronic means and the business may be transacted through e-voting services provided by Central Depository Services (India) Limited (CDSL). It is hereby clarified that it is not mandatory for a member to vote using the e-voting facility, and a member may avail this facility at his/her/ it discretion, subject to compliance with the instructions prescribed below:

The Members who have cast their vote by remote e-voting prior to the AGM may also attend/participate in the AGM through VC/ OAVM but shall not be entitled to cast their vote again.

The instructions for members for voting electronically are as under:-

The remote e-voting period begins on Sunday, 18th September, 2022 at 10:00 a.m and ends on Tuesday, 20th September, 2022 at 5:00 p.m. during this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date 14[th] September,2022 , may cast their vote electronically. The remote e-voting module shall be disabled by CDSL for voting thereafter.

CDSL e-Voting System – For Remote e-voting and e-voting during AGM/EGM

As you are aware, in view of the situation arising due to COVID-19 global pandemic, the general meetings of the companies shall be conducted as per the guidelines issued by the Ministry of Corporate Affairs (MCA) vide Circular No. 14/2020 dated April 8, 2020, Circular No.17/2020 dated April 13, 2020 and Circular No. 20/2020 dated May 05, 2020. The forthcoming AGM/EGM will thus be held through through video conferencing (VC) or other audio visual means (OAVM). Hence, Members can attend and participate in the ensuing AGM/EGM through VC/OAVM.
Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and MCA Circulars dated April 08, 2020, April 13, 2020 and May 05, 2020 the Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the AGM/EGM. For this purpose, the Company has entered into an agreement with Central Depository Services (India) Limited (CDSL) for facilitating voting through electronic means, as the authorized e-Voting’s agency. The facility of casting votes by a member using remote e-voting as well as the e-voting system on the date of the EGM/AGM will be provided by CDSL.
The Members can join the EGM/AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the EGM/AGM through VC/OAVM will be made available to atleast 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the EGM/AGM without restriction on account of first come first served basis.
The attendance of the Members attending the AGM/EGM through VC/OAVM will be counted for the purpose of ascertaining the quorum under Section 103 of the Companies Act, 2013.
Pursuant to MCA Circular No. 14/2020 dated April 08, 2020, , the facility to appoint proxy to attend and cast vote for the members is not available for this AGM/EGM. However, in pursuance of Section 112 and Section 113 of the Companies Act, 2013, representatives of the members such as the President of India or the Governor of a State or body corporate can attend the AGM/EGM through VC/OAVM and cast their votes through e-voting.
In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice calling the AGM/EGM has been uploaded on the website of the Company at www.pcstech.com. The Notice can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. The AGM/EGM Notice is also disseminated on the website of CDSL (agency for providing the Remote e-Voting facility and e-voting system during the AGM/EGM) i.e. www.evotingindia.com.
The AGM/EGM has been convened through VC/OAVM in compliance with applicable provisions of the Companies Act, 2013 read with MCA Circular No. 14/2020 dated April 8, 2020 and MCA Circular No. 17/2020 dated April 13, 2020 and MCA Circular No. 20/2020 dated May 05, 2020.
In continuation of this Ministry’s General Circular No. 20/2020, dated 05th May, 2020 and after due examination, it has been decided to allow companies whose AGMs were due to be held in the year 2020, or become due in the year 2021, to conduct their AGMs on or before 31.12.2021, in accordance with the requirements provided in paragraphs 3 and 4 of the General Circular No. 20/2020 as per MCA circular no. 02/2021 dated January 13,2021.
With reference to Ministry’s General Circular No. 2/2022 dated 05.05.2022, it has been decided to allow the companies whose AGMs are due in the Year 2022, to conduct their AGMs on or before 31st December, 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020.

FORTY FIRST ANNUAL REPORT 2021-2022

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THE INTRUCTIONS OF SHAREHOLDERS FOR REMOTE E-VOTING AND E-VOTING DURING AGM/EGM AND JOINING MEETING THROUGH VC/ OAVM ARE AS UNDER:

I) The remote e-voting period begins on Sunday, 18th September, 2022 at 10:00 a.m and ends on Tuesday, 20th September, 2022 at 5:00 p.m. during this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date 14th September,2022, may cast their vote electronically. The remote e-voting module shall be disabled by CDSL for voting thereafter.
(i) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the meeting venue.
(ii) Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 09.12.2020, under Regulation 44 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, listed entities are required to provide remote e-voting facility to its shareholders, in respect of all shareholders’ resolutions. However, it has been observed that the participation by the public non-institutional shareholders/retail shareholders is at a negligible level.
Currently, there are multiple e-voting service providers (ESPs) providing e-voting facility to listed entities in India. This necessitates registration on various ESPs and maintenance of multiple user IDs and passwords by the shareholders.
In order to increase the efficiency of the voting process, pursuant to a public consultation, it has been decided to enable e-voting to all the demat account holders , by way of a single login credential, through their demat accounts/ websites of Depositories/ Depository Participants .
Demat account holders would be able to cast their vote without having to register again with the ESPs, thereby, not only facilitating seamless authentication but also enhancing ease and convenience of participating in e-voting process.
(iii) In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Pursuant to abovesaid SEBI Circular , Login method for e-Voting and joining virtual meetings for Individual shareholders holding securities in Demat mode is given below:

modeis given below:
Type of shareholders	Login Method
Individual Shareholders holding securities in Demat mode withCDSL	Users who have opted for CDSL Easi / Easiest facility, can login through their existing user id and password. Option will be made available to reach e-Voting page without any further authentication. The URL for users to login to Easi / Easiest arehttps:// web.cdslindia.com/myeasi/home/loginor visitwww.cdslindia.comand click on Login icon and select New System Myeasi. 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 i.e. CDSL/ NSDL/KARVY/LINKINTIME, so that the user can visit the e-Voting service providers’ website directly. If the user is not registered for Easi/Easiest, option to register is available athttps://web.cdslindia.com/myeasi/Registration/ EasiRegistration Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from a e-Voting link available onwww.cdslindia.comhome page or click onhttps://evoting.cdslindia.com/Evoting/EvotingLoginThe 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-VotingService Providers.
Individual Shareholders holding securities in demat mode withNSDL	If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL. Open web browser by typing the following URL:https://eservices.nsdl.comeither on a Personal Computer or on a mobile. Once the home page of e-Services is launched, click on the “Benefcial Owner” icon under “Login” which is available under ‘IDeAS’ section. A new screen will open. You will have to enter your User ID and Password. After successful authentication, you will be able to see e-Voting 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 name and you will be re-directed to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. If the user is not registered for IDeAS e-Services, option to register is available athttps://eservices.nsdl.com.Select “Register Online for IDeAS “Portal or click athttps://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp 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 Verifcation 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 name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period orjoiningvirtual meeting& votingduringthe meeting
Individual Shareholders (holding securities in demat mode) login through their Depository Participants	You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/ CDSL for e-Voting facility. After Successful login, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote duringthe remote e-Voting period orjoiningvirtual meeting& votingduringthe meeting.

PCS TECHNOLOGY LIMITED

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. Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. CDSL and NSDL	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. Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. CDSL and NSDL	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. Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. CDSL and NSDL
Login type	Helpdesk details
Individual Shareholders holding securities in Demat mode withCDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request at cdslindia.comor contact at 022- 23058738 and 22-23058542-43.	helpdesk.evoting@
Individual Shareholders holding securities in Demat mode withNSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request a or call at toll free no.: 1800 1020 990 and 1800 22 44 30.	t [email protected]
Step 2: Access through CDSL e-Voting system in case of shareholders holding shares in physical mode and non-individual shareholders in demat mode. (i) Login method for e-Voting and joining virtual meetings forPhysical shareholders and shareholders other than individual holding in Demat form. 1) The shareholders should log on to the e-voting websitewww.evotingindia.com. 2) Click on “Shareholders” module. 3) Now enter your User ID a. For CDSL: 16 digits benefciary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Shareholders holding shares in Physical Form should enter Folio Number registered with the Company. 4) Next enter the Image Verifcation as displayed and Click on Login. 5) If you are holding shares in demat form and had logged on towww.evotingindia.comand voted on an earlier e-voting of any company, then your existing password is to be used. 6) If you are a frst-time user follow the steps given below: For Physical shareholders and other than individual shareholders holding shares in Demat. PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders) • Shareholders who have not updated their PAN with the Company/Depository Participant are requested to use the sequence number sent byCompany/RTA or contact Company/RTA. Dividend Bank Details OR*Date of Birth (DOB) Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the company records in order to login. • If both the details are not recorded with the depository or company, please enter the member id / folio number in the Dividend Bank details feld. After entering these details appropriately, click on “SUBMIT” tab. Shareholders holding shares in physical form will then directly reach the Company selection screen. However, shareholders holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily enter their login password in the new password feld. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confdential.

(vii) For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.
(viii) Click on the EVSN for the relevant on which you choose to vote.
(ix) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.
(x) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
(xi) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify your vote.
(xii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xiii) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
(xiv) If a demat account holder has forgotten the login password then Enter the User ID and the image verification code and click on Forgot Password & enter the details as prompted by the system.

FORTY FIRST ANNUAL REPORT 2021-2022

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(xv) Facility for Non – Individual Shareholders and Custodians –Remote Voting

Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on to www.evotingindia.com and register themselves in the “Corporates” module.
A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to [email protected].
After receiving the login details a Compliance User should be created using the admin login and password. The Compliance User would be able to link the account(s) for which they wish to vote on.
The list of accounts linked in the login should be mailed to [email protected] and on approval of the accounts they would be able to cast their vote.
A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
Alternatively Non Individual shareholders are required to send the relevant Board Resolution/ Authority letter etc. together with attested specimen signature of the duly authorized signatory who are authorized to vote, to the Scrutinizer and to the Company at the email address viz; investorsgrievances@ pcstech.com , if they have voted from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify the same.

INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM/EGM THROUGH VC/OAVM & E-VOTING DURING MEETING ARE AS UNDER:

The procedure for attending meeting & e-Voting on the day of the AGM/ EGM is same as the instructions mentioned above for Remote e-voting.
The link for VC/OAVM to attend meeting will be available where the EVSN of Company will be displayed after successful login as per the instructions mentioned above for Remote e-voting.
Shareholders who have voted through Remote e-Voting will be eligible to attend the meeting. However, they will not be eligible to vote at the AGM/EGM.
Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.
Further shareholders will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Videoloss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
Shareholders who would like to express their views/ask questions during the meeting may register themselves as a speaker by sending their request from 15th September, 2022 (9.00 a.m. IST) to 17th September, 2022 (5.00 p.m IST) mentioning their name, demat account number/folio number, email id, mobile number at (company email id). The shareholders who do not wish to speak during the AGM but have queries may send their queries in advance 10 days prior to meeting mentioning their name, demat account number/folio number, email id, mobile number at (company email id). These queries will be replied to by the company suitably by email.
Those shareholders who have registered themselves as a speaker will only be allowed to express their views/ask questions during the meeting.
Only those shareholders, who are present in the AGM/EGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system available during the EGM/AGM.
If any Votes are cast by the shareholders through the e-voting available during the EGM/AGM and if the same shareholders have not participated in the meeting through VC/OAVM facility, then the votes cast by such shareholders shall be considered invalid as the facility of e-voting during the meeting is available only to the shareholders attending the meeting.

PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE COMPANY/DEPOSITORIES.

For Physical shareholders- please provide necessary details like Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) by email to Company/RTA email id .
For Demat shareholders -, Please update your email id & mobile no. with your respective Depository Participant (DP)
For Individual Demat shareholders – Please update your email id & mobile no. with your respective Depository Participant (DP) which is mandatory while e-Voting & joining virtual meetings through Depository.

General:

a. Members holding shares in Physical or dematerialized form, as on the cut-off date of 14th September, 2022, shall only be entitled to avail the facility of Remote E-voting or voting through polling paper at the AGM. .
b. The voting rights of the shareholders shall be in proportion to their shares of the paid-up equity share capital of the Company as on the cut-off date of 14th September, 2022.

PCS TECHNOLOGY LIMITED

c. M/s A. M. Sheth & Associates failing her M/s. M. M. Sheth & Co. , Practicing Company Secretary, Mumbai, has been appointed as Scrutinizer to scrutinize the remote e-voting process in a fair and transparent manner.
d. The scrutinizer shall within a period of not exceeding three working days from the conclusion of the e-voting period unblock the votes in the presence of at least two witnesses not in employment of the Company and make a scrutinizer’s report of the votes cast in favor or against, if any,Forth with to the Chairman of the Company.
e The result declared along with the Scrutinizer’s Report shall be placed on the Company’s website www.pcstech.com and on the website of CDSL www. evotingindia.com immediately. The Company shall simultaneously forward the results to BSE Limited.
f. All correspondence regarding shares of the Company should be addressed to the Company’s Registrar and Transfer Agent, Bigshare Services Pvt. Ltd Office No S6-2, 6th floor Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093, Tel.- 022-62638295.
g. All the documents referred to in the accompanying Notice shall be available for inspection through electronic mode, on the website of the Company at www.pcstech.com.
h. During the AGM, the Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act, shall be available for inspection upon login at CDSL e-voting system at www.evotingindia.com. The same would also be available on the website of the Company at www.pcstech.com.
i. The Securities and Exchange Board of India (SEBI) vide its circular dated 20th April, 2018 has mandated registration of Permanent Account Number (PAN) and Bank Account Details for all securities holders. Members holding shares in physical form are therefore, requested to submit their PAN and Bank Account Details and Contact Details to Bigshare services Pvt Ltd by sending a duly signed letter along with self-attested copy of PAN Card and original cancelled cheque. The original cancelled cheque should bear the name of the Member. In the alternative Members are requested to submit a copy of bank passbook / statement attested by the bank. Members holding shares in demat form are requested to submit the aforesaid information to their respective Depository Participant.
j. The Members are requested to register their e-mail ID or new e-mail ID (if there is any change in email ID which has already been registered) with the Depository Participant, for shares held in demat form or for shares held in physical form.
k. SEBI vide its Notification dated June 8, 2018 and further amendment vide its Notification dated November 30, 2018, prescribed that the requests for effecting transfer of securities (except in case of transmission or transposition of securities) shall not be processed from April 1, 2019 unless the securities are held in the dematerialised form with the depositories. Therefore, the Members holding shares in physical form are requested to take action to dematerialise the equity shares of the Company promptly

Mumbai Date: 24[th] May, 2022

FORTY FIRST ANNUAL REPORT 2021-2022

DIRECTOR’S REPORT

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The Members,

PCS TECHNOLOGY LIMITED

Your Directors of the Company are pleased to present you the 41st Annual Report of the Company along with the statement of Standalone Audited Financial Statements for the financial year ended 31st March 2022.

FINANCIAL RESULTS

Key highlights of standalone Audited Financial Results of the Company for the financial year 2021-22 are tabulated below:

FINANCIAL RESULTS Key highlights of standalone Audited Financial Results of the Company for the fnancial year 2021-22 are tabulated below:	FINANCIAL RESULTS Key highlights of standalone Audited Financial Results of the Company for the fnancial year 2021-22 are tabulated below:	FINANCIAL RESULTS Key highlights of standalone Audited Financial Results of the Company for the fnancial year 2021-22 are tabulated below:
(Rs. In lakhs)
Particulars	Financial Year ended 31.03.2022	Financial Year ended 31.03.2021
Revenue from operations	28.22	25.99
Other income(net)	238.00	252.70
TOTAL INCOME	266.21	278.69
Employee beneft expenses	78.30	77.79
Finance costs	39.81	38.81
Impairement /(Gain)on fnancial instruments and Exceptional Items	-55.66	-14.01
Depreciation and amortisation expenses	23.84	24.80
Other expenses	77.72	70.71
TOTAL EXPENSES	164.01	198.10
PROFIT BEFORE TAX	102.20	80.59
Tax Expense	18.58	37.89
PROFIT OF THE YEAR	83.63	42.70

OPERATIONS

Looking at the prevailing scenario, the company did not enter in its existing line of business. The Company however preferred to preserve its financials and with this view, had parked funds with the Banks in Term Deposits to derive income. The Company, in the current year earned overall revenue amounting to Rs 266.21 Lacs (Previous year Rs 278.69 Lacs) and Profit before Exceptional Items amounting to Rs 102.20 Lacs (Previous year Rs 80.59 Lacs). The reduction in Bank Deposits rates has impacted interest income. The Company has maintained positive level of profitability by cutting down various costs and proper utilization of funds Adequacy of Internal Financial Control : The Company has in place adequate internal control procedures commensurate with the size of the Company and the nature of its business.

EXTRACTS OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2022 is available on the Company’s website at www.pcstech.com.

DIVIDEND

In order to conserve the resources of the Company, your Directors express their inability to recommend any dividend for Equity Shares for the financial year ended 31st March, 2022.

During the year under review, the Company at its meeting held on 14th March, 2022 has approved payment of gross Dividend of Rs. 35,77,500 on 3975000- 9% Redeemable, Non-Convertible, Non-Cumulative Preference Shares (Preference Shares) of Rs. 10/- each fully paid up and net amount of dividend was distributed after deducting the TDS.

RESERVES

Since the Company do not recommend any dividend, it is not required to transfer any amount to the General Reserve of the Company for the year under review.

MATERIAL CHANGES & COMMITMENTS AFFECTING THE FINANCIAL POSITIONS OF THE COMPANY

There have been no material changes and commitments, affecting the financial position of the Company which occurred during the financial year to which the financial statements relate.

ANNUAL PERFORMANCE EVALUATIONS

The Board evaluated the effectiveness of its functioning and that of the Committees and of the individual Directors by seeking their inputs on various aspects of Board/Committee Governance.

Further, the Independent Directors at their meeting, reviewed the performance of Board as a whole and performance of Chairman of the Company and also of Non-Executive Directors.

The criteria for performance evaluation as laid down by the Nomination Committee are mentioned in Corporate Governance attached to the Directors’ Report of the Company.

Appointment

Mr. Harish Chandra Tandon was appointed as Non- Executive Independent Director at the Board Meeting held on 14[th] March, 2022 and members of the Company approved his appointment as Non- Executive Independent Director on 29[th] April, 2022 by passing a resolution through postal ballot conducted by Company and;

Mrs. Mona Bhide was appointed as Additional Non- Executive Women Director at the Board Meeting held on 14[th] March, 2022 and her appointment was regularized as Non- Executive Women Director on 29[th] April, 2022 by passing a ordinary resolution through postal ballot conducted by Company.

PCS TECHNOLOGY LIMITED

Cessation

Mrs. Vandana Gupta has retired as Non- Executive Independent Women Director as on 14.03.2022

Mr. Girish Dave, Independent Non- Executive Director of the Company passed away on 16[th] August, 2021.

The Company takes on records the invaluable contributions made by them during their tenure as the Directors towards the progress of the Company.

Retirement by Rotation

As per Article 135, of the Articles of Association of the Company, Mr. Gajendra Kumar Patni (Din- 00014163), Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment on the Board of your company.

Declaration given by Independent Director

The Company has received necessary declaration from each independent director under Section 149 (7) of the Companies Act, 2013, that he/she meets criteria of independence laid down in Section 149 (6) of the Companies Act, 2013 and Regulation 25 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015.

Board and Audit Meetings

During the year under review, 5 (Five) Board Meetings and 5 (Five) Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy on Directors’ Appointment and Key Managerial personnel and Remuneration including criteria for determining qualifications, positive attributes including independence of a directors of the Company. Extract of the Remuneration Policy is stated in the Corporate Governance Report.

COMMITTEES OF THE BOARD

Currently, the Board has four Committees namely: Audit Committee, Stakeholders’ Relationship Committee (SRC), Nomination and Remuneration Committee (NRC) and Corporate Social Responsibility Committee (CSR Committee).

The Composition of each of the committee is mentioned in the Annexure 1 of the Boards’ Report.

STATUTORY AUDITOR

M/s. Vinod K Mehta & Co., Chartered Accountant (Firm Registration No.111508W) was appointed as Statutory Auditors of the Company at the AGM held on 20th September, 2017 to hold office till the conclusion of the 41st AGM of the Company and since his First term of appointment of 5 years as Statutory Auditors of the Company gets expired in forthcoming AGM, the Company at its Board Meeting held in 24[th] May, 2022 on recommendation of Audit Committee and the Company subject to members approval has re-appointed them for the second consecutive term of 5 years to hold office from 41[st] AGM of the Company till 46[th] AGM.

SECRETARIAL AUDITOR

Mr. Kaushal Doshi of M/s. Kaushal Doshi & Associates, Practicing Company Secretary, having Membership No. F 10609 and C.P. No. 13143 was appointed to conduct the secretarial audit of the Company for the financial year 2021-22 as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit report for FY 2021-22 forms part of the Annual report as Annexure 2 to the Board’s Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There have been no significant and material orders passed by the regulators or courts or tribunals impacting the ongoing concern status and Company’s operations.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to sub-section (3C) of Section 134 of the Companies Act, 2013, the Board of Directors of the Company hereby confirms that:

In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;
Appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2022 and of the profit of the Company for the said year;
Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
Annual Accounts have been prepared on a going concern basis.
Internal Financial controls are followed by the Company in adequate manner and are operating effectively.
The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In view of the provisions relating to CSR contained in Companies Act, 2013, the Board of Directors of your Company has set up a CSR Committee comprising four Directors of the Company namely :

Mr. Gajendra Kumar Patni - Non – Executive Director;

Mr. Ashok kumar Patni - Non – Executive Director;

Mrs. Mona Bhide - Non- Executive Women Director; and

Mr. Harish Chandra Tandon - Non- Executive Independent Director

The Committee will oversee and monitor its CSR activities in line with the CSR policy of the Company in compliance with the provisions of the Companies Act, 2013. CSR has been integral part of the Company. The CSR policy on the Company is displayed on Company‘s website www.pcstech.com.

During the year under review, the Company has not made any provision for the CSR expenditure as it is not covered under the conditions as prescribed under Section 135 (1) of the Companies Act, 2013.

FORTY FIRST ANNUAL REPORT 2021-2022

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CORPORATE GOVERNANCE

A report on Corporate Governance and Management Discussion Analysis is included as a part of the Annual Report along with a Certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under the provisions of SEBI (LODR) Regulation, 2015. Corporate Governance report annexed herewith and marked as Annexure 3

SUBSIDIARY COMPANY

In accordance with Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of the subsidiary companies for the financial year ended 31st March 2022 namely, PCS Positioning Systems (India) Limited and PCS Infotech Limited are attached in Form AOC-1 and is annexed and marked as Annexure-4(A) of the Annual Report. In accordance with fifth proviso to Section 136(1) of the Companies Act, 2013, the Annual Report of your Company, containing therein its audited financial statements together with related information and other reports of each of the subsidiary companies, have also been placed on the website of the Company at www.pcstech.com.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188 IN THE PRESCRIBED FORM

The particulars of arrangements with related parties referred to in Section 188(1) of Companies Act, 2013 as prescribed in Form AOC-2 of the rules prescribed under Chapter IX relating to Accounts of Companies under the Companies Act, 2013 is annexed and marked as Annexure-4(B) .

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has put in place a Policy on Prevention of Sexual Harassment in line with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder.

Internal Complaints Committee (ICC) has been set up to redress complaints, if any, received regarding sexual harassment. All employees whether permanent, contractual, temporary, etc have been covered under this Policy.

The Policy is gender neutral. During the year under review, no complaints alleging sexual harassment were received by the Company.

RELATED PARTY TRANSACTIONS

The Company on 29[th] April, 2022 has passed a resolution through postal ballot conducted by the Company by approving the Related Party Transactions between the Company and Kalpavruksh Systems Private limited for period of 2 (two) years and pursuant to Regulation 23 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 during the financial year the transaction with Related Party Transactions were in compliance to the provisions of Section 188 of the Companies Act, 2013. Suitable disclosure as required by the Accounting Standards (AS18) has been made in the notes to the Financial Statements.

DEPOSITS

Your Company has neither invited nor accepted any deposits from the public so far.

CODE OF CONDUCT

The Board of Directors has approved a Code of Business Conduct which is applicable to the Members of the Board and all employees. The Code has been posted on the Company’s website www.pcstech.com. The Code lays down the standard of conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behavior from an employee in a given situation and the reporting structure. All the Board Members and the Senior Management personnel have confirmed compliance with the Code.

CONSOLIDATED FINANCIAL STATEMENT

The consolidated Financial Statements have been prepared in accordance with the provisions of Section 129 of the Companies Act, 2013, applicable Accounting Standards and the provisions of the regulations of SEBI (LODR), Regulation 2015 and forms part of this Annual Report.

PARTICULARS OF EMPLOYEES

The table containing the names and other particulars of employees in accordance with the provisions of Section 197 (12) of the Companies Act, 2013 read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure 5 to the Board’s Report. During the financial year, there were no employees drawing remuneration in excess of the monetary ceiling prescribed under Section 197 read with Rule 5 (2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO

The Information required under the above heads in accordance with the provision of section 134(3) (m) of the Companies Act, 2013 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, are given in Annexure 6 to this report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of loans, guarantees given and Investments made during the year under review under Section 186 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed to this report and marked as Annexure 7 .

ACKNOWLEDGEMENTS

Your Directors express their warm appreciation to all the employees at various units for their diligence and contribution made towards the growth of the Company. The Board of Directors place on record their appreciation for the un-stinted support by the Bankers and Financial Institutions and confidence given by the Customers, Suppliers and Shareholders at all levels towards the growth and development of the Company.

			On behalf of the Board of Directors
			Ashok Kumar Patni
			Vice-Chairman
Mumbai,	24th May,	2022	(Din:00014194)

PCS TECHNOLOGY LIMITED

Annexure 1

COMPOSITION OF THE COMMITTEE

Audit Committee

COMPOSITION OF THE COMMITTEE Audit Committee	Annexure 1
Name of the Members	Status
Mr. Satish Ajmera	Non-executive- Independent Director- Chairman
Mr. Kamal kumar Barjatya	Non-executive- Independent Director
Mr. Harish Chandra Tandon	Non-executive - Independent Director

Stakeholders Relationship Committee

Stakeholders Relationship Committee
Name of the Members	Status
Mr. Gajendra kumar Patni	Non-Executive-Promoter Director
Mr. Ashok Kumar Patni	Non-Executive - Promoter Director
Mr. Satish Ajmera	Non-executive- Independent Director-Chairman
Mr. Kamal Kumar Barjatya	Non-executive- Independent Director

Nomination and Remuneration Committee

Nomination and Remuneration Committee
Name of the Members	Status
Mr. Kamal kumar Barjatya	Non-executive- Independent Director- Chairman
Mr. Satish Ajmera	Non-executive- Independent Director
Mr. Ashok kumar Patni	Non-Executive -Promoter Director
Mr. Harish Chandra Tandon	Non-Executive - Independent Director

Corporate Social Responsibility Committee (CSR Committee)

Corporate Social Responsibility Committee (CSR Committee)
Name of the Members	Status
Mr. Gajendra kumar Patni	Non-Executive-Promoter Director-Chairman
Mr. Ashok Kumar Patni	Non-Executive- Promoter Director
Mrs. Mona Bhide	Non-Executive –Women Director
Mr. Harish Chandra Tandon	Non-Executive- Independent Director

FORTY FIRST ANNUAL REPORT 2021-2022

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Annexure-2

FORM NO. MR-3 SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022

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

To, The Members, PCS TECHNOLOGY LIMITED, 82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi, Pune - 411015, Maharashtra, India

I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by PCS Technology Limited (CIN: L74200MH1981PLC024279) (hereinafter called the “Company”). The Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on March 31, 2022 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company as given in ‘ Annexure-I’ for the financial year ended on March 31, 2022 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992/ SEBI (Prohibition of Insider Trading) Regulations, 2015;
c. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (Not applicable to the Company during the Review Period)
d. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. Now known as SEBI (Share based Employees Benefits) Regulation, 2014; (The Company has not introduced any such scheme);
e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (The Company has not issued any Debt Securities during the financial year under review);
f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (The Company has not delisted/propose to delist its Equity Shares from any Stock Exchange during the financial year under review) ;
h. The Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998; (The Company has not bought back / propose to buy-back any of its securities during the financial year under review) ;
i. Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014; (Not applicable to the Company during the Review Period);
j. Securities and Exchange Board of India (Issue and Listing of Non-Convertible and Redeemable Preference Shares) Regulations,2013; (Not applicable to the Company during the Review Period);
k. The Securities and Exchange Board of India (Listing Obligation and Disclosure requirement) Regulations, 2015;
(vi) Other Laws specifically applicable to the Company during the relevant period ended March 31, 2022:
The Income Tax Act & Rules;
Laws relating to Professional Tax, Wealth Tax, Service Tax, Central and State Sales Tax & Rules;
Bombay Shops & Establishment Act;
Sale of Goods Act, 1930;
The Payment of Bonus Act;
The Payment of Gratuity Act;
The Employees State Insurance Act, 1948;
The Trade Marks Act, 1999;

PCS TECHNOLOGY LIMITED

Copyright Act, 1957;
Information Technology Act, 2000;
I have also examined compliance with the applicable clauses of the following:
a) Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI).
b) The Listing Agreement entered into by the Company with Bombay Stock Exchange Limited (BSE) read with the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above except to the extent as mentioned below:
The Company has delay filing of form DIR-12 as required to be submitted with the Registrar of Companies;

The Company has fled with delay following forms/returns required to be submitted with the Stock Exchanges;	The Company has fled with delay following forms/returns required to be submitted with the Stock Exchanges;	The Company has fled with delay following forms/returns required to be submitted with the Stock Exchanges;	The Company has fled with delay following forms/returns required to be submitted with the Stock Exchanges;	The Company has fled with delay following forms/returns required to be submitted with the Stock Exchanges;	The Company has fled with delay following forms/returns required to be submitted with the Stock Exchanges;
Compliance Requirement (Regulations/ circulars / guidelines including specifc clause)	Submission of disclosure of outcome of Board meeting within 30 minutes of the closure of meeting to Stock Exchange as per Regulation 30 of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
Date of Board Meeting	May31, 2021	August 05, 2021	November 13, 2021	February04, 2022	March 14, 2022
Time of Conclusion of meeting	12.30p.m.	12.10p.m.	12.01p.m.	12.44p.m.	12.40p.m.
Time of submission of Outcome	1.49p.m.	1.22p.m.	03.09p.m.	1.37p.m.	05.52p.m.
Deviation	Delayof 49 Minutes	Delayof 42 Minutes	Delayof 2.38 Hrs	Delayof 23 Minutes	Delayof 4.42 Hrs
Observation/remarks of Practicing Company Secretary	The Management of the Company explained that the delay in submission was inadvertent.

I further report that–

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes.

I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations, standards and guidelines. All the notices and orders received by the Company pursuant to the abovementioned laws have been adequately dealt with/ duly replied/ complied with.

I have relied on the representation made by the Company and its officers and for systems and mechanism framed by the Company for Compliances under other Acts, Laws and Regulations applicable to the Company as Listed above in point (vi).

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

Thanking you.

Yours faithfully,

For Kaushal Doshi & Associates, Practising Company Secretaries

Kaushal Doshi

Proprietor Membership No:- F10609 COP No: 13143 UDIN: F010609D000336077

Date: 17[th] May, 2022 Place: Mumbai

FORTY FIRST ANNUAL REPORT 2021-2022

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ANNEXURE – I List of documents verified

Memorandum & Articles of Association of the Company.
Annual Report for the financial year ended 31[st] March, 2021.
Minutes of the Meetings of the Board of Directors, Independant Directors, Audit Committee and Nomination & Remuneration Committee, Stakeholder Relationship Committee Committee, Corporate Social Responsibility committee along with Attendance Register held during the Financial Year under Report.
Minutes of General Body Meetings held during the Financial Year under Report.
All Statutory Registers.
Agenda papers submitted to all the Directors / Members for the Board Meetings and Committee Meetings.
Declarations received from the Directors of the Company pursuant to the provisions of Section 184 of the Companies Act, 2013 and attachments thereto during the financial year under report.
E- forms filed by the Company, from time to time, under applicable provisions of the Companies Act, 2013 and attachments thereof during the financial year under report.

ANNEXURE – II

To,

The Members,

PCS TECHNOLOGY LIMITED,

82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi, Pune - 411015, Maharashtra, India

Our report of even date is to be read along with this letter ;

Maintenance of Secretarial records is the responsibility of the management of the company. Our responsibility is to express an opinion on these secretarial records based on our audit.
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we follow provide a reasonable basis for our opinion.
We have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
Wherever required, we have obtained the management representation about the compliance of laws, rules and regulations and happening of events etc.
The compliance of the provision of corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to verification of procedures on test basis.
The Secretarial Audit Report is neither an assurance as to the future viability of the company nor the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Kaushal Doshi & Associates,

Practising Company Secretaries

Kaushal Doshi

Proprietor Membership No: F10609 COP No: 13143 UDIN: F010609D000336077

Date: 17[th] May, 2022 Place: Mumbai

PCS TECHNOLOGY LIMITED

Annexure-3

REPORT ON CORPORATE GOVERNANCE

Pursuant to Regulation 27 of SEBI (Listing Obligation Disclosure Regulation), Regulation, 2015

The following is a report on the ongoing implementation of the Code by your Company.

1. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE

The Company firmly believes in good Corporate Governance and has endeavored to practice and improve its focus on it by increasing transparency and accountability to its shareholders in particular and other stakeholders in general.

2. BOARD OF DIRECTOR (BOARD)

The Board of Directors has 6 (Six) members on Board having 3 (Three) Non- Executive Directors, 3 (three) Non – Executive Independent Directors on the Board, which is in conformity with the Regulation 17 (1) (b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015.

The Non-Executive Directors bring independent judgment in the Board’s deliberations and decisions. Independent Directors are Directors, who apart from receiving Director’s Sitting Fees, do not have any other material pecuniary relationship or transactions with the Company, its promoters, its management or its subsidiaries, which may affect the independence of the judgment of the Director.

Board Meetings held, through video conference, during the Financial Year 2021-2022

5 (Five) Board meeting were held, through video conferencing, in financial year 2021- 2022 on the following dates:

31.05.2021, 05.08.2021, 13.11.2021, 04.02.2022, 14.03.2022

Details of attendance at the Board meetings, Annual General meeting and shareholding of each Director are as follows:

Name of the Director	Category	No. of board meetings attended	Attendance at last AGM held on 22.09.2021	No. of Equity shares held in the Company #
Mr. Gajendra Kumar Patni - Chairman	Promoter - Non-Executive	3	No	579685
Mr. Ashok Kumar Patni Vice Chairman	Promoter - Non-Executive	5	Yes	575995
Mr. Satish Ajmera	Non – Executive & Independent	5	Yes	Nil
Mr. Girish. M. Dave*	Non – Executive & Independent	1	NA	Nil
Mr. Kamal Kumar Barjatya	Non – Executive & Independent	5	Yes	316
Mrs. Vandana Gupta	Non – Executive & Independent	5	Yes	Nil
Mr. Harish Chandra Tandon	Non – Executive & Independent	4	Yes	432
Mrs. Mona Bhide**	Non- Executive Women Director	1	NA	Nil

Mr. Girish Dave - Non- Executive Independent Director expired on 16.08.2021

** Mrs. Mona Bhide was appointed as Non- Executive Women Director as on 14.03.2022

The above shareholding as at 31st March, 2022 is in respect of shares which are held by Directors as first holder and in which shares they have beneficial interest.

Number of other Companies or Committees of which the Director is a Director/Member/Chairman (excluding the Company):

Name of Directors	No. of public Companies in which he/she is a Director*	No. of Board Committees in which he/she is**	No. of Board Committees in which he/she is**
		Member	Chairman
Mr. Gajendra Kumar Patni - Chairman	1	1	0
Mr. Ashok Kumar Patni - Vice Chairman	2	2	0
Mr. Harish Chandra Tandon	0	0	0
Mr. Satish Ajmera	2	2	2
Mr. Kamal Kumar Barjatya	0	0	0
Mrs. Mona Bhide	3	2	0

Exclude Directorships in Indian Private Limited Companies, membership of Managing Committees of various bodies.
** Board Committees include Chairmanship/Membership of Audit Committees and Stakeholder Relationship Committee of public limited Companies whether listed or not.
Code of Conduct

In compliance with the Regulation 17 (5) (a) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has adopted the Code of Conduct and Ethics (‘the Code’). The Code is applicable to the Members of the Board and senior Management. The code is available on the Company’s website www.pcstech.com.

All the members of the Board, and senior management have affirmed compliance to the code as on March 31, 2022. A declaration to this effect, signed by CEO and CFO is annexed to the Director’s Report.

AUDIT COMMITTEE

The Audit Committee comprises of

Mr. Satish Ajmera, Non- Executive Independent Director -Chairman,

FORTY FIRST ANNUAL REPORT 2021-2022

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Mr. Kamal Kumar Barjatya, Non- Executive Independent Director and

Mr. Harish Chandra Tandon, Non- Executive Independent Director

Mr. Girish Dave - Non- Executive Independent Director expired on 16.08.2021

Terms of Reference

The Terms of Reference of this Committee covers the matters specified for Audit Committee under Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as well as the applicable provisions of Section 177 of the Companies Act, 2013.

Meetings and attendance, through video conference, during the Financial Year ended 31st March, 2022

During the financial year 5 (Five) Audit Committee Meetings were held, through video conference, on 31.05.2021, 05.08.2021, 13.11.2021, 04.02.2022 and

14.03.2022. respectively. The attendance of the Members at these Meetings during the Financial Year 2021-22 is as follows:

Name of Director	Status	No. of Meetings attended
Mr. Satish Ajmera	Non-executive/ Independent Director	5
Mr. Kamal Kumar Barjatya	Non-executive/ Independent Director	5
Mr. Girish. M. Dave*	Non-executive/ Independent Director	1
Mr. Harish Chandra Tandon	Non-executive/ Independent Director	4

*Mr. Girish Dave - Non- Executive Independent Director expired on 16.08.2021

4. NOMINATION AND REMUNERATION COMMITTEE

The Committee comprises of the following Directors namely:

Mr. Satish Ajmera – Non- Executive Independent Director
Mr. Kamal Kumar Barjatya - Non-Executive Independent Director
Mr. Harish Chandra Tandon- Non-Executive Independent Director
Mr. Ashok kumar Patni – Non-Executive Non-Independent Director

During the year under review, the Company has held 2 (Two) meeting of Nomination and Remuneration Committee through video conference on 04.02.2022 and 14.03.2022.

Objectives of the Nomination & Remuneration Committee:

The Committee is empowered -

To guide the Board in relation to appointment and removal of Directors, Key Managerial Personnel and Senior Management.
To evaluate the performance of the members of the Board and provide necessary report to the Board for further evaluation of the Board.
To recommend to the Board on Remuneration payable to the Directors, Key Managerial Personnel and Senior Management.
To provide to Key Managerial Personnel and Senior Management reward linked directly to their effort, performance, dedication and achievement relating to the Company’s operations.
To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage.
To devise a policy on Board diversity
To develop a succession plan for the Board and to regularly review the plan

REMUNERATION POLICY

The Company follows a policy on remuneration of Directors and Senior Management Employees.
Remuneration to Whole-time / Executive / KMP and Senior Management Personnel:
a) Fixed pay: KMP and Senior Management Personnel shall be eligible for a monthly remuneration as may be approved by the Board on the recommendation of the Committee. The breakup of the pay scale and quantum of perquisites including, employer’s contribution to P.F pension scheme, medical expenses, etc. shall be decided and approved by the Board.

Remuneration to Non- Executive / Independent Director:

a) Non-Executive Independent Directors are only paid sitting fees for attending the Board and Committee meetings, under the relevant provision of the Companies Act, 2013.
Details of payments made to Non-Executive Independent Directors for the financial year 2021-2022 are as under:

Name of the Director	Sitting fees Paid(Rs)	Commissionpaid(Rs)
Mr. Satish Ajmera	1,40,000/-	Nil
Mr. Girish .M. Dave*	30,000/-	Nil
Mr. Kamal Kumar Barjatya	1,40,000/-	Nil
Mrs. Vandana Gupta**	60,000/-	Nil
Mrs. Mona Bhide***	10,000/-	Nil

Mr. Girish Dave - Non- Executive Independent Director expired on 16.08.2021
**Mrs. Vandana gupta has retired as Non- Executive Independent Women Director as on 14.03.2022

*** Mrs. Mona Bhide was appointed as Non- Executive Women Director as on 14.03.2022

PCS TECHNOLOGY LIMITED

5. Stakeholders Relationship Committee

This committee comprising of 4 (four) members, 2 (Two) Non Executive (Director) and 2 (Two) Non-Executive- Independent Directors. Mr. Satish Ajmera, Non-Executive and Independent Director is the Chairman of this Committee. The names of the members of the Committee are as under: Mr. Satish Ajmera, Non- Executive Independent Director - Chairman
Mr. K.K. Barjatya, Non- Executive Independent Director
Mr. G. K. Patni – Non-Executive Director,
Mr. A. K. Patni - Non-Executive Director
Mr. Mehul Monani, Company Secretary is the Compliance Officer of the Company.
During the year under review, the Company has held 1 (one) Stakeholder Relationship Committee Meeting, through video conference, on 04.02.2022, to update the status of the committee and review the compliances by the company.
During the year, 52 (Fifty Two) investor complaints/queries were received. There were NIL complaints/queries pending as on March 31, 2022. There were no share transfers pending for more than 30 days as on the said date.

6. Independent Directors

The Independent Directors of the Company fully meet the requirement laid down under Regulation 25 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Apart from receiving sitting fees, the Independent Directors of the Company do not have any material pecuniary relationships with the Company, its holding or associate company, or their Promoters, or Directors, during the two immediately preceding financial years or during the current financial year; None of the relatives of the Independent Directors has or has had pecuniary relationship or transactions with the Company, its holding or associate company, or their Promoters, or Directors, amounting to two per cent. or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year
Neither the Independent Directors themselves nor any of their relatives -
(i) holds or have held the position of a key managerial personnel or have been employee of the company or its holding or associate company in any of the three financial years immediately preceding the financial year in which they are proposed to be appointed;
(ii) is or have been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which they are proposed to be appointed, of -
- (A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding or associate company; or
- (B) any legal or a consulting firm that has or had any transaction with the company, its holding or associate company amounting to ten per cent or more of the gross turnover of such firm;
(iii) holds together with their relatives two per cent or more of the total voting power of the company; or
(iv) is a Chief Executive or director, by whatever name called, of any non-profit organization that receives twenty-five per cent or more of its receipts from the Company, any of its Promoters, Directors or its holding or associate company or that holds two per cent or more of the total voting power of the Company;
(v) is a material supplier, service provider or customer or a lessor or lessee of the Company;
(vi) the Independent Directors of the Company are not less than 21 years of age.

Separate meetings of the Independent Directors

The Independent Directors held a Meeting, through video conference, on 4th February, 2022, to review the following matters:

At the Meeting, they –

i. reviewed the performance of non-independent directors and the Board as a whole;
ii. reviewed the performance of the Chairperson of the Company, taking into account the views of other Non-Executive Directors;
iii. assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties

7. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration and Compliance Committees. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board’s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed their satisfaction with the evaluation process.

8. VIGIL MECHANISM / WHISTLE BLOWER POLICY

In line with the best Corporate Governance practices, PCS Technology Limited, has put in place a system through which the Directors, employees and business associates may report concerns about unethical behavior, actual or suspected fraud or violation of the Company’s Code of Conduct & Ethics without fear of reprisal. The Company has put in place a process by which employees and business associates have direct access to the Audit Committee Chairman, Chairman of the Board and Compliance Officer.

FORTY FIRST ANNUAL REPORT 2021-2022

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The Whistle-blower Policy is placed on its website www.pcstech.com/corporate-governance.htm under Code of Business Conduct & Ethics (Whistle Blower Policy) For Board Members And Senior Management. Moreover, it is also carried in this Annual Report.

9. RELATED PARTY TRANSACTIONS

Pursuant to section 188 of the Companies Act, 2013, There were no materially significant related party transactions with the Company’s Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company.

Transactions with related parties entered into by the Company in the normal course of business are periodically placed before the Audit Committee for review.

Members may refer to the notes to the accounts for details of related party transactions. The Board of Directors of the Company has, on the recommendation of the Audit Committee, adopted a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act 2013, the Rules thereunder and the Listing Agreement.

The policy has also been uploaded on the website of the Company at www.pcstech.com.

Transactions between the Company and Related Parties shall be entered into in the manner that is compliant with the applicable provisions of the Companies Act, 2013 and of Regulation 23 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

A transaction with the Related Party shall be treated as “material” if the transaction / transactions to be entered into individually or taken together with previous transaction(s) during a financial year with such Related Party exceed 10% of the annual consolidated turnover of the Company as per the last audited financial statements of the Company.

10. MATERIAL SUBSIDIARY POLICY

Material Subsidiary Policy of the Company has been uploaded on the website of the Company at www. pcstech.com and it contains following details for considering a subsidiary to be material if The investment of the Company, whether current or prospective, in the subsidiary exceeds 20 per cent of it consolidated net worth as per the audited balance sheet of the previous financial year or,

a. if the subsidiary has generated 20 per cent of the consolidated income of the company during the previous financial year.
b. Material non-listed Indian subsidiary shall mean an unlisted subsidiary, incorporated in India, whose income or net worth (i.e. paid up capital and free reserves) exceeds 20 per cent of the consolidated income or net worth respectively, of the listed holding company and its subsidiaries in the immediately preceding financial year.

11. MANAGEMENT OF BUSINESS ETHICS

PCS Technology Limited has adopted the PCS Code of Conduct. The Code of Conduct upholds the highest standards of corporate and personal conduct and is the guiding force on the ethical conduct behind the Company.
Whistle Blower Policy has been established to provide a mechanism for employees of the Company.

12. GENERAL BODY MEETINGS

A. The details of Annual General Meetings held in the last three years are as under:

AGM for the F.Y. ended	Date & time of AGM	Place of AGM	Special Resolutions Passed
31-03-2019	25.09.2019 12:30p.m.	Hotel Celebration, Banquet Hall, Opp. New S.T. Road, Alandi Road, Pune 412 105	• Shifting of the Registered ofce of the Company. • Alteration of the Main Object Clause (Clause III (A)) of the Memorandum of Association of the Company. • Sale of the Commercial Property situated at Mahape, Navi Mumbai. • Investments/Loans/ Guarantees of the Company • Related PartyTransactions
31-03-2020	23.09.2020 12:30p.m.	This AGM was held through video conferencing/other audio visual means on a digitalplatformprovided byCDSL.	- No special resolution was passed.
31-03-2021	22.09.2021 12:30p.m.	This AGM was held through video conferencing/other audio visual means on a digitalplatformprovided byCDSL.	- To alter the Articles of Association of the Company by adopting new set of Articles of Association in alignment with the Companies Act, 2013.

All the resolutions including special resolutions set out in the respective notices calling the AGM were passed by the shareholders.

However the Company had conducted postal ballot from 29[th] March, 2022 till 27[th] April, 2022 for the following resolutions by way of e-voting:

(1) Re-designation of Mr. Harish Chandra Tandon from Non- Executive Non- Independent Director to Non- Executive Independent Director of the Company.

(2) Appointment of Mrs. Mona Bhide (din: 05203026) as Non- Executive Woman Director on the Board of the Company .
(3) Related Party Transactions

The result of the said postal ballot was declared on 29[th] April, 2022 and all the above resolution were passed with requisite majority.

13. Disclosures

♦ Disclosure on materially significant related party transactions that may have potential conflict with the interest of the Company at large. None, Transactions with the related parties are disclosed in the notes to the accounts forming part of the Annual Report.
♦ Details of non-compliance by the Company, penalties and strictures imposed on the Company by SEBI, ROC, Stock Exchanges or any other statutory authorities on any matter related to capital market during the last 3 financial years.- None
♦ The CEO/CFO certification forms part of this Annual Report.

PCS TECHNOLOGY LIMITED

14. Means of Communication

♦ The quarterly and annual results are forth with communicated to the Stock Exchange with whom the Company has listing arrangements as soon as they are approved and taken on record by the Board of Directors of the Company. Further the results are published in the leading newspapers in compliance with the SEBI (LODR), Regulation,2015.
♦ Management discussion and Analysis forms part of the Annual Report.
The Company also issues financial results about the Company would be available on its website www.pcstech.com and contact address: Email Id: [email protected].

15. GENERAL SHAREHOLDER INFORMATION

GENERAL SHAREHOLDER INFORMATION	GENERAL SHAREHOLDER INFORMATION
Financial Calendar 2022 – 23
I	Financial Year	:	April to March
Ii	First QuarterlyResults	:	On or before 14thAugust 2022
Iii	Half YearlyResults	:	On or before 14thNovember 2022
iv	Third Quarter Results	:	On or before 14th February2022
v	Audited results	:	On or before 30th May, 2023
Dividend Payment Date		:	Not Applicable
Listing at Stock Exchanges(Stock Code)		:	The BombayStock Exchange Limited, Mumbai(517119) (BSE Ltd.)
ISIN Number for CDSL		:	INE 834B01012

Annual Listing Fees have been paid to Bombay stock Exchange for the financial year 2022-2023.

Market Price Data:

High/Low of Market price of the Company’s shares traded on Bombay Stock Exchange (BSE) during the financial Year 2021-22 furnished below:

Year	Month	Highest(Rs.)	Lowest(Rs.)
2021	April	5.96	4.43
	May	8.24	4.82
	June	12.50	8.02
	July	10.69	8.40
	August	12.85	7.60
	September	15.80	10.92
	October	17.65	11.62
	November	17.12	12.40
	December	24.48	13.10
2022	January	35.95	23.70
	February	27.45	14.10
	March	25.00	15.50

Graph of Share Price/ BSE Sensex : Annexure A

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REGISTRARS AND TRANSFER AGENT FOR Bigshare Services Pvt. Ltd SHARES HELD IN DEMAT AS WELL AS Office No S6-2, 6th floor Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri PHYSICAL FORM (East) Mumbai – 400093, Tel.- 022-62638295 Share Transfer system All share transfers, subject to correctness and completion of all documents would normally be registered and returned within 2 weeks from the date of receipt.

FORTY FIRST ANNUAL REPORT 2021-2022

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The distribution of shareholding as on March 31, 2022 is as follows :	The distribution of shareholding as on March 31, 2022 is as follows :	The distribution of shareholding as on March 31, 2022 is as follows :	The distribution of shareholding as on March 31, 2022 is as follows :	The distribution of shareholding as on March 31, 2022 is as follows :	The distribution of shareholding as on March 31, 2022 is as follows :	The distribution of shareholding as on March 31, 2022 is as follows :
No. of equity shares held			No. of shareholders	%	No. of Shares	%
1	to	5000	25952	96.52	20740810	9.90
5001	to	10000	464	1.73	3688980	1.76
10001	to	20000	202	0.75	3079140	1.47
20001	to	30000	66	0.25	1696730	0.81
30001	to	40000	48	0.18	1714910	0.82
40001	to	50000	39	0.15	1815530	0.87
50001	to	100000	56	0.21	4164510	1.99
100001	to	9999999999	62	0.23	172606160	82.39
Grand Total			26889	100.00	20950677	100.00
No. of shareholders in Physical Mode			-	-	1313926	06.27
No. of shareholders in Electronic Mode			-	-	19636751	93.73

Grand Total 26889 100.00 20950677 100.00 No. of shareholders in Physical Mode - - 1313926 06.27 No. of shareholders in Electronic Mode - - 19636751 93.73	Grand Total 26889 100.00 20950677 100.00 No. of shareholders in Physical Mode - - 1313926 06.27 No. of shareholders in Electronic Mode - - 19636751 93.73	Grand Total 26889 100.00 20950677 100.00 No. of shareholders in Physical Mode - - 1313926 06.27 No. of shareholders in Electronic Mode - - 19636751 93.73	Grand Total 26889 100.00 20950677 100.00 No. of shareholders in Physical Mode - - 1313926 06.27 No. of shareholders in Electronic Mode - - 19636751 93.73
Shareholding pattern as on March 31, 2022 is as follows :
Category	No. of shareholders	No. of shares	% holding
Indian Promoters	23	14699939	70.17
Banks, FIs and Insurance Companies	11	191065	00.91
UTI and Mutual Funds	7	131583	00.63
FIIs, NRIs and OBC & NBFC, IEPF and HUF	209	439978	02.10
Bodies Corporate	114	82753	00.40
Resident Individuals	26082	5378407	25.67
ClearingMember	16	26204	0.13
Directors/ Director Relatives	3	748	0.00
Total	26465	20950677	100.00

Dematerialization of shares and liquidity:

As on 31st March, 2022, 93.73% of the paid-up share capital was held in dematerialized form. Outstanding GDRs/ADRs/warrants/ convertible instruments etc: Not applicable since none of the said instruments are ever issued.

Address for Correspondence:

Shareholders may correspond on all matters relating to transfer/dematerialization of shares and any other query relating to shares of the Company at the below mentioned address:

Bigshare Services Pvt. Ltd

Office No S6-2, 6th floor Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093, Tel.- 022-62638295

GREEN INITIATIVE IN CORPORATE GOVERNANCE- SERVICE OF DOCUMENTS IN ELECTRONIC FORM

As you are aware, Ministry of Corporate Affairs (MCA), Government of India vide its Circular Nos.17 and 18 dated 21st April, 2011 and 29th April, 2011 respectively, has now allowed the companies henceforth to send Notices of General Meetings/ other Notices, Audited Financial Statements, Directors’ Report, Auditors’ Report etc., to their shareholders electronically as a part of its Green Initiative in Corporate Governance

Keeping in view the aforesaid green initiative of MCA, your Company shall send the Annual Report and other documents to its shareholders in electronic form at the email-address provided by them and made available to us by the Depository.

PCS TECHNOLOGY LIMITED

DECLARATION BY THE CHIEF EXECUTIVE OFFICER (CEO) UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

To, The Members of,

PCS Technology limited, Pune

I, Bhaskar Patel, Chief Executive Officer of PCS Technology Limited confirmed that as provided in Regulation 26(3) Securities and Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, the Board members and the Senior Management personnel of the Company have affirmed compliance with the Code of Conduct of the Company for the financial year ended on 31st March, 2022

For PCS Technology Limited

Place :Mumbai Date : 24th May, 2022

Bhaskar Patel Chief Executive Officer

AUDITOR’S CERTIFICATE ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE AS STIPULATED IN SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

To the Members of

PCS TECHNOLOGY LIMITED

Pune

We have examined the compliance of conditions of Corporate Governance by PCS Technology Limited (‘the Company’) for the year ended on March 31, 2022, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2) read with Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 of the said Company with stock exchanges in India (as applicable).

The compliance of conditions of Corporate Governance is the responsibility of the Management of the Company. Our examination was carried out in accordance with the Guidance Note on Certification of Corporate Governance and Guidance Note on Audit Report and Certificates for Special Purpose (as applicable), issued by the Institute of Chartered Accountants of India and 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 our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Regulations/Listing Agreements (as applicable).

We 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 Vinod K Mehta & Co ., Chartered Accountants (Firm Registration No. : 111508W)

Mumbai, 24th May, 2022

Divyesh V Mehta Partner Membership No.:044293

FORTY FIRST ANNUAL REPORT 2021-2022

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CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) ON THE FINANCIAL STATEMENTS OF THE COMPANY

We, Bhaskar Patel, Chief Executive officer and Mir Prakash Jain, Chief Financial Officer, of PCS Technology Limited, certify that:
a) We have reviewed financial statements and the cash flow statement for the financial year ended on 31st March, 2022 and that to the best of our knowledge these financial statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; i. 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 transaction is entered into by the company during the year which is fraudulent, illegal or violative of the Company’s code of conduct.
c) We are responsible for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
d) We have indicated to the Auditors and the Audit Committee : significant changes in internal control during the year;
i. significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and ii. instances of significant fraud of which we have become 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.

Mumbai, 24th May, 2022

For PCS Technology Limited Bhaskar Patel Mir Prakash Jain CEO CFO

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Members of

PCS TECHNOLOGY LIMITED,

82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi, Pune - 411015, Maharashtra, India

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of PCS Technology Limited having CIN L74200MH1981PLC024279 and having registered office at 82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi, Pune - 411015, Maharashtra, India (hereinafter referred to as ‘the Company’), produced before me/us 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 our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31[st] March, 2022 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, any such other Statutory Authority.

Sr. No.	Name of Director	DIN	Date of appointment in Company
1	Mr. Gajendrakumar Sobhagmal Patni	00014163	22/04/1981
2	Mr. Ashokkumar Sobhagmal Patni	00014194	22/04/1981
3	Mr. Satish Ajmera	00208919	25/06/1990
4	Mr. Kamal Kumar Barjatya	00107064	30/10/1995
5	Mr. Harish Chandra Tandon	00037611	25/11/1992
6	Mrs. Mona Mukund Bhide	05203026	14/03/2022

Practising Company Secretaries

Kaushal Doshi

Proprietor Membership No: F10609 COP No: 13143 UDIN: F010609D000346626 Date: 19[th] May, 2022 Place: Mumbai

PCS TECHNOLOGY LIMITED

MANAGEMENT DISCUSSIONS AND ANALYSIS

Business Background

PCS Technology Ltd has earlier operated in the domestic IT sector by providing maintenance of desk top computers and peripherals like printers, networking equipment, etc. and to some extent has provided facility management services in the IT segment.

Due to original equipment suppliers enhancing after sales warranty period higher than in the past and due to rapid technological changes in the IT equipment have resulted in reduced opportunities in the company’s line of computer hardware maintenance business.

Performance & Review of existing business

IT and FMS Services

Looking at the prevailing scenario , the company did not enter in its existing line of business. The Company however, preferred to preserve its financials and with this view, had parked funds with the Banks in Term Deposits to derive income. The Company, in the current year earned overall revenue amounting to Rs 266.22 lacs (Previous year Rs 278.69 Lacs) and Profit before Exceptional Items amounting to Rs 102.20 Lacs (Previous year Rs 80.59 Lacs). The reduction in Bank Deposits rates has impacted interest income. The Company has maintained positive level of profitability by cutting down various costs and proper utilization of funds.

Opportunities, Threats & Risks

The Company at an opportune time will look into new plans, till then the present scenario may not see changes.

Future Outlook

The Management will put in efforts to look for new opportunities which can add into its

Financials. Till the Management arrives at a conclusion, the Company proposes to continue to generate income by investing its surplus funds in safer manner to serve its stake holders. Your Company is taking all measures to remain financially stable and cost efficient.

Indian Subsidiary

PCS Positioning Systems (India) Limited

The subsidiary did not involve in business.

PCS Infotech Limited

The subsidiary did not involve in business.

The management is evaluating various options to restructure the base in the best interest of the Company.

Internal Control and Adequacy

The Company has an appropriate internal control system commensurate to the size of business process and operations, financial reporting and compliance with applicable regulations and laws and to ensure that all the assets are safeguarded, protected against loss from unauthorised use or disposition and those transactions are authorised, recorded and reported correctly.

The internal audit & financial reports are reviewed for corrective actions wherever required. The views of statutory auditors are also considered to ascertain the adequacy of the internal control system in the Company.

Human Resources

The Company has retained requisite resources to safeguard company’s assets and to adhere legal compliances as per requirement. Your Directors acknowledge and thank employees for their continued contribution.

Cautionary Statement: In this Management Discussions and Analysis describing company’s objective and predictions may be “forward looking statement” within the meaning of applicable laws and regulations. Actual results may differ from those expressed herein. Important factors that could make difference to the operations include Government regulations, tax structures, and country’s economic development, availability of input and their prices and other incidental factors.

FORTY FIRST ANNUAL REPORT 2021-2022

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Annexure -4(A)

Form AOC-I

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014) Statement containing salient features of the financial statement of subsidiaries as on 31st March, 2022

Part “A”: Subsidiaries

(Information with respect to each subsidiary are mentioned as follows)

		Name of the Subsidiaries companies	Name of the Subsidiaries companies
Sr. No.	Particulars	PCS Positioning Systems (India) Ltd.	PCS Infotech Limited
1	Reporting period for the subsidiary concerned, if diferent from the holdingcompany’s reporting period	Same as holding company’s reporting period	Same as holding company’s reporting period
2	Reporting currency and Exchange rate as on the last date of the relevant Financialyear in the case of foreign subsidiaries.	Rupees	Rupees
3	Share capital	1,76,00,000	50,00,000
4	Reserves & surplus	-5,33,43,935	43,27,235
5	Total assets	10,45,165	93,83,285
6	Total Liabilities	10,45,165	93,83,285
7	Investments	-	-
8	Turnover	-	-
9	Proft before taxation	-50845	3,37,156
10	Provision for taxation	-	87,060
11	Proft after taxation	-50845	250,096
12	Proposed Dividend	0	0
13	% of shareholding	100%	100%
Notes:

Names of subsidiaries which are yet to commence operations: Not Applicable
Names of subsidiaries which have been liquidated or sold during the year: Not Applicable

Annexure – 4(B)

Form AOC-2

Particulars of contracts/arrangements made with related parties

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.

This Form pertains to disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013

188 of the Companies Act, 2013
Name of related party	Nature of Relationship	Duration of arrangement	Salient terms (1)	Amount (Rupees)
Kalpavruksh Systems Pvt Limited Rendering sales and services like Facility Management Services etc.	Group Company	April 2019 – Ongoing	1. Arrangement is for manpower supply and other IT support services. Total value of the contract not exceeding Rs. 30 lakh for a year. 2. No advance amount is being paid. 3. Amount is paid after the invoice is raised by the Party	Rs. 25,43,400/-

(1) Appropriate approvals have been taken for related party transactions.

PCS TECHNOLOGY LIMITED

Annexure 5

Particulars of employees

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF CHAPTER XIII THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

i. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the financial year 2021-22, ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2021-22 and the comparison of remuneration

Sr. No.	Name of Director/KMP and Designation	Remuneration of Director/ KMP for fnancial year 2021-22 (Rs. in Lacs)	% increase in Remuneration in the Financial Year 2021-22	Ratio of remuneration of each Director/ to median remuneration of employees
1	Gajendrakumar Patni Chairman & Non-Executive Director	-	-	-
2	Ashokkumar Patni Vice-Chairman & Non-Executive Director	-	-	-
3	Harish Chandra Tandon Non-Executive Independent Director	-	-	-
4	Mr. G. M. Dave Non-Executive Independent Director	-	-	-
5	Mr. K. K. Barjatya Non-Executive Independent Director	-	-	-
6	Mr. Satish Ajmera Non-Executive Independent Director	-	-	-
7	Mrs. Vandana Gupta Non-Executive Independent Director	-	-	-
8	Mrs. Mona Bhide Non-Executive Women Director	-	-	-
9	Mr. M. P. Jain CFO	13.23	-	N. A
10	Mr. Bhaskar Patel CEO	13.13	-	N. A.
11	Mr. Mehul Monani CompanySecretary	5.54	-	N. A.

Independent Directors are paid only sitting fees and not considered as part of remuneration.

Non-Executive Directors are neither paid any remuneration or sitting fees

i. The median remuneration of employees of the Company during the financial year was Rs. 12,18,463 at compare to previous year of Rs. 12,10,279
ii. There were 15 permanent employees on the rolls of the Company as on March 31, 2022.
iii. No Average percentage increase was made in the salaries of employees other than the managerial personnel in the financial year i.e. 2021-22.
iv. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

FORTY FIRST ANNUAL REPORT 2021-2022

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ANNEXURE 6
Particulars required under the Companies (Accounts) Rules, 2014.
(A) Conservation of Energy
Your Company consumes electricity only for in-house operations of Computers. Though the consumption of electricity is negligible as compared to the total
turnover of the Company, your Company has taken effective steps at every stage to reduce consumption of electricity.
(B) Technology Absorption
Not applicable
(C) Foreign Exchange Earnings/Outgo
Your Company has not earned any foreign exchange and has not spent any foreign exchange under the following heads.
Particulars: ( Rs. in Lacs)
(i) Stores & Spares -
(ii) Capital Goods -
(iii) Other Expenses -
Total -
On behalf of the Board of Directors
Ashok Kumar Patni
Vice-Chairman
Mumbai, 24th May, 2022 (Din:00014194)
Annexure 7
Particulars of Loans, Guarantee or Investments pursuant to Section 134(g) of the Companies Act, 2013
A. Amount outstanding as on March 31, 2022:
Particulars Amount
(Rs.)
Loans given Nil
Guarantee given Nil
Investments Made 3,74,49,209
C. Loans, Guarantee and Investments made during financial year 2022:
Name of entity Relation Amount (in Rs.) Particulars of Loans, Purpose for which
guarantees given or loans, guarantees and
Investments made Investments are proposed
to be utilized
- - - - -
- - - - -
On behalf of the Board of Directors
Ashok Kumar Patni
Vice-Chairman
Mumbai, 24th May, 2022 (Din:00014194)
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PCS TECHNOLOGY LIMITED

INDEPENDENT AUDITORS’ REPORT

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PCS TECHNOLOGY LIMITED

Report on the Audit of the Standalone Financial Statements of PCS Technology Ltd (“the Company”) for the year ended as on March 31, 2022 Opinion:

We have audited the accompanying Standalone financial statements of PCS TECHNOLOGY LIMITED (“the Company”) which comprise the standalone Balance Sheet as at March 31, 2022, the Standalone Statement of Profit and Loss (Including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Cash Flow Statement for the year then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended, (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2022, and profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion:

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters:

Key audit matters (‘KAM’) are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be thekey audit matters to be communicated in our report

SR NO KEY AUDIT MATTER

1 IND AS 115- REVENUE FROM CONTRACTS WITH CUSTOMERS The application of the new revenue accounting standard involves certain key judgements relating to identification of distinct performance obligations, determination of transaction price of the identified performance obligations, the appropriateness of the basis used to measure revenue recognised over a period. Additionally, new revenue accounting standard contains disclosures which involve collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. Refer Note 2.(D) to the Standalone Financial Statements

AUDIT PROCEDURE

We assessed the Company’s process to identify the impact of adoption of the revenue accounting standard. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:

Evaluated the design of internal controls relating to implementation of the new revenue accounting standard.
Tested the operating effectiveness of the internal control, relating to identification of the distinct performance obligations and determination of transaction price.
Tested the relevant information technology systems’ access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.
On selected samples of contracts, we tested that the revenue recognized is in accordance with the accounting standard by – a) Evaluating the identification of performance obligation;
b) Testing management’s calculation of the estimation of contract cost and onerous obligation, if any
We: • Observed that the estimates of cost to complete were reviewed and approved by appropriate levels of management;
• Performed a retrospective review of costs incurred with estimated costs to identify significant variations and verify whether those variations have been considered in estimating the remaining costs to complete the contract;
• Assessed the appropriateness of work in progress (contract assets) , if any, on balance sheet by evaluating the underlying documentation to identify possible delays in achieving milestones which may require change in estimated costs to complete the remaining performance obligations; and
• Performed test of details including analytics to determine reasonableness of contract costs
• The operations for IT and IT enabled Services is much lower as compared to previous years due to the management decisions.
• The operational income from these IT and ITeS is not exceeding the Interest Income that is generated from Investment in Bonds and Other Securities.
IND AS 109- FINANCIAL INSTRUMENTS The application of this Accounting Standard involves identification, Our audit procedures included: valuation and reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements

FORTY FIRST ANNUAL REPORT 2021-2022

INDEPENDENT AUDITORS’ REPORT

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SR NO	KEY AUDIT MATTER	AUDIT PROCEDURE
	The most signifcant areas are:	1. Evaluation of the appropriateness of procedure of the identifcation and classifcation bythe Company
	1. Preference Share Capital	2. Assessed the measurement and valuation done by the company of the above identifed assets and liability
	2. Impairment of Bonds	3. Evaluated the appropriateness of the impairment principles and its reversal based on the requirements of Ind AS 109
		4. We obtained an understanding of the management’s processes, systems and controls implemented in relation to impairment allowanceprocess.
		5. Assessed the design and implementation of key internal fnancial controls over loan impairmentprocess used to determine the impairment charge.
		6. We used our internal specialist to test the model methodology and reasonableness of assumptions used.
		7. We tested the management review controls over measurement of impairment allowances and disclosures in fnancial statements.
Information Other than the FinancialStatements and Auditors’ Report Thereon: As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the standalone financial statements and our auditors’ report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in audit or otherwise appears to be materially misstated.

If, based on work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Standalone Financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user taken on the basis of these standalone financial statements.

Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Standalone IND AS financial statements, including the disclosures, and whether the Standalone IND AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore key audit matters .We describe these matters in our auditors’ report unless law or regulation precludes

PCS TECHNOLOGY LIMITED

INDEPENDENT AUDITORS’ REPORT

public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2) (A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by Company so far as it appears from our examination of those books.
c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of written representations received from the directors as on 31st March, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2022, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
(B) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March 2022 on its financial position in its standalone financial statements - Refer Note 26 to the standalone financial statements.
ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, and
(C) With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

For Vinod K Mehta & Co., Chartered Accountants (Firm Registration No. : 111508W)

Divyesh V Mehta Partner Membership No.:044293

Mumbai Date: 24[th ] May, 2022

UDIN: 220444293AJMLZY8324

FORTY FIRST ANNUAL REPORT 2021-2022

INDEPENDENT AUDITORS’ REPORT

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Annexure A to the Independent Auditors’ Report

With reference to the Annexure A referred to in the Independent Auditors’ Report to the members of the Company on the standalone financial statements for the year ended 31 March 2022, to the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that

i. In respect of the Company’s Property, Plant and Equipment and Intangible Assets:
(a) i. The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and relevant details of right-ofuse assets
- ii. The Company has maintained proper records showing full particulars of intangible assets (if any).
(b) The Company has a regular programme of physical verification of its Property, Plant and Equipment and right-of-use assets, by which all assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain Property, Plant and Equipment and right-of-use assetswere physically verified during the year and no material discrepancies were noticed on such verification
(c) Based on our examination of the property tax receipts and lease agreement for land on which building is constructed, registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self-constructed buildings and title deeds of all other immovable properties (if any) (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), if disclosed in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.
(d) The company has not revalued its Property, Plant and Equipment(including right of use asset or intangible asset or both , if any during the year.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2022 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder
ii. (a) The Company does not have any inventory and hence reporting under clause 3(ii)(a) of the Order is not applicable
(b) The Company has not been sanctioned working capital limits in excess of Rs 5 crore, in aggregate, at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable
iii. (a) The company, during the year, has not made any investments in, given any guarantee or security or granted any loans or advances which are characterised as loans, unsecured or secured, to LLPs, firms or companies or any other person. Hence reporting under clause 3 (iii)(a), (b), (c), (d), (e) and (f) of the order is not applicable
iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securities provided, if any.
v. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.
vi. The maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause (vi) of the Order is not applicable to the Company
vii. In respect of Statutory dues :
(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dueswere in arrears as at 31 March 2022, for a period of more than six months from the date they became payable.

(b)	According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dueswere in arrears as at 31 March 2022, for a period of more than six months from the date they became payable.	According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dueswere in arrears as at 31 March 2022, for a period of more than six months from the date they became payable.	According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dueswere in arrears as at 31 March 2022, for a period of more than six months from the date they became payable.	According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dueswere in arrears as at 31 March 2022, for a period of more than six months from the date they became payable.	According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dueswere in arrears as at 31 March 2022, for a period of more than six months from the date they became payable.
(c)	According to the information and explanations given to us, there are no statutory dues as referred to in sub-clause (a) which have not been deposited by the Company on account of disputes, except for the following
	Nature of Statue	Nature of Dues	Forum where Dispute is pending	Period to which the amount relates	Amount
	Custom Act, 1962	Custom Duty	Commissioner of Central Excise, Chennai	F.Y. 2006-07	2,15,40,551

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Accordingly, reporting as per clause 3(viii) of the Order is not applicable to the Company
ix. (a) To the best of knowledge and according to information and explanations given to us, The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, if any.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.
(d) On an overall examination of the financial statements of the Company, the Company has not raised any funds on short term basis and hence, reporting under clause 3(ix)(d) of the Order is not applicable.
(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.
(f) The Company has not raised any loans on the pledge of securities held in its subsidiaries, joint ventures or associate companies during the year and hence reporting on clause 3(ix)(f) of the Order is not applicable
x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.
(a) To the best of knowledge and according to information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

xi.

(b) To the best of knowledge and according to information and explanations given to us, No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report
(c) To the best of knowledge and according to information and explanations given to us, there were no whistle-blower complaints reported to the company and hence reporting under clause 3(xi)(c) of the Order is not applicable

xii The Company is not a Nidhi Company as prescribed under Section 406 of the Act. Accordingly, reporting under clause 3(xii) of the Order is not applicable to the Company.

xiii According to the information and explanations given to us and based on our examination of the records of the Company, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

PCS TECHNOLOGY LIMITED

INDEPENDENT AUDITORS’ REPORT

xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.
(b) We have considered the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures
xv. In our opinion during the year the Company has not entered into any noncash transactions with its Directors or persons connected with its directors. and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company
xvi. (a) To the best of our knowledge and as explained, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934
(b) The company has not conducted any Non-Banking Financial or housing-Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per The Reserve Bank of India Act, 1934
(c) The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India and hence, reporting under clause 3(xvi)(c) of the Order is not applicable to the Company
(d) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable
xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year
xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. The provisions of section 135 of the Companies Act, 2013 is not applicable to the company. Hence, reporting under clause 3(xx)(a)and (b) of the Order are not applicable
xxi. There have been no qualifications or adverse remarks by the respective auditors in the Companies (Auditor’s Report) Order (CARO) reports of the companies included in the Consolidated Financial Statements.

For Vinod K Mehta & Co., Chartered Accountants (Firm Registration No. : 111508W) Divyesh V Mehta Partner Membership No.:044293

Place : Mumbai Date: 24[th] May, 2022

UDIN: 220444293AJMLZY8324

FORTY FIRST ANNUAL REPORT 2021-2022

INDEPENDENT AUDITORS’ REPORT

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statements of PCS TECHNOLOGY LIMITED

Report on the Internal Financial Controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013

(Referred to in paragraph 1(A)(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

We have audited the Internal Financial Controls over financial reporting of PCS TECHNOLOGY LIMITED (“the Company”) as of 31st March, 2022 in conjunction with our audit of the Standalone financial statements of the Company for the year ended as at on that date.

Management Responsibility for the Internal Financial Controls

The Company’s management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to as “the Act”).

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements were established and maintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of such Financial Controls, assessing the risk that material weakness exits, and the testing and evaluating the design and operating effectiveness of internal control based on assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of risks of material misstatement of standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting

Meaning of Internal Financial Controls with Reference to Standalone Financial Statements

A company’s internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to standalone financial statements include those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the standalone financial statements

Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that internal financial controls with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion:

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls were operating effectively as at 31 March 2022, based on the internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).

For Vinod K Mehta & Co., Chartered Accountants (Firm Registration No. : 111508W)

Divyesh V Mehta Partner Membership No.:044293

Mumbai Date: May 24, 2022

UDIN:22044293AJMLZY8324

PCS TECHNOLOGY LIMITED

STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2022

				(Amount in Rs.)
Particulars		Note	As at 31-Mar-2022	As at 31-Mar-2021
I. 1	ASSETS Non-Current Assets (a) Property, plant and equipment	3	88,207,609	90,591,326
	(b) Financial assets
	(i) Investments	4	5,010,000	5,020,000
	(c) Other assets	5	11,086,195	12,612,790
2	Total non-current assets Current assets		104,303,804	108,224,116
	(a) Financial assets
	(i) Investments	6	32,439,209	33,005,410
	(ii) Trade receivables	7	-	-
	(iii) Cash and cash equivalents	8	324,271,414	312,172,312
	(b) Current income tax assets (net)	9	51,659	-
	(c) Other assets	10	3,416,999	2,251,533
	Total current assets		360,179,281	347,429,255
	TOTAL ASSETS		464,483,085	455,653,371
II.	EQUITY AND LIABILITIES
1	Equity
	(a) Share capital	11	209,506,770	209,506,770
	(b) Other equity	12	212,723,667	203,924,761
	Total Equity		422,230,437	413,431,531
2	Liabilities
	Non-current liabilities (a) Financial liabilities
	Long-term borrowings	13	38,058,612	37,672,920
	(b) Provisions	14	314,611	374,674
	Total non- current liabilities		38,373,223	38,047,594
3	Current Liabilities (a) Financial liabilities
	(i) Trade and other payables
	(A) Total oustanding dues of micro enterprises and small enterprises; and	15
	(B) Total oustanding dues of creditors other than micro enterprises and small enterprises	15	572,132	489,216
	(b) Current income tax liabilities (net) (c) Provisions	16 17	- 522,956	499,017 442,798
	(d) Other liabilities	18	2,784,337	2,743,215
	Total current liabilities		3,879,425	4,174,246
	TOTAL EQUITY AND LIABILITIES		464,483,085	455,653,371

Notes forming part of the Financial Statements

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293 Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman)

Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

FORTY FIRST ANNUAL REPORT 2021-2022

STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2022

==> picture [69 x 35] intentionally omitted <==

			(Amount in Rs.)	(Amount in Rs.)
Particulars		Note No.	Period ended 31-Mar-2022	Period ended 31-Mar-2021
I. II. III.	Revenue from operations Other income (net)	19 20	2,821,777 23,799,572	2,598,727 25,270,331
	TOTAL INCOME		26,621,349	27,869,058
IV.	Expenses:			7,779,172 3,880,571 (1,400,910) 2,479,902 7,071,015
	Employee beneft expenses	21	7,830,056
	Finance costs Impairment / (Gain) on fnancial instruments and Exceptional Items	22 23	3,981,164 (5,566,136)
	Depreciation and amortization expenses	24	2,383,717
	Other expenses	25	7,772,150
	TOTAL EXPENSES		16,400,951	19,809,750 8,059,308 2,227,000 - 1,561,928
V.	PROFIT BEFORE TAX (III-IV)		10,220,398
VI.	Tax expense: (a) Current tax		1,765,544
	(b) Deferred tax		-
	(c) Taxation pertaining to earlier years		92,319
	TOTAL TAX EXPENSE		1,857,863	3,788,928
VII.	PROFIT FOR THE YEAR (V-VI)		8,362,535	4,270,380
VIII.	OTHER COMPREHENSIVE INCOME / (LOSSES)			- - (332,300) 83,075
(A)	(i) Items that will be reclassifed subsequently to the statement of proft and loss:		-
	(ii) Income tax on items that will be reclassifed subsequently to statement of proft and loss		-
(B)	(i) Items that will not be reclassifed subsequently to the statement of proft and loss:
IX. X.	(a) Net changes in fair values of fnancial liabilities carried at fair value through OCI (ii) Income tax on items that will not be reclassifed subsequently to statement of proft and loss TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) (Bi-Bii) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (VII+VIII) Earning per equity share of face value of Rs.10 each I) For Continuing operation Basic (in Rs.) Diluted (in Rs.) II) For Discontinued Operations Basic (in Rs.) Diluted (in Rs.) III) For Discontinued & Continuing Operations Basic (in Rs.) Diluted(in Rs.)		581,828 (145,457)
			436,371 8,798,906 0.40 0.40 - - 0.40 0.40	(249,225) 4,021,155 0.20 0.20 - - 0.20 0.20

Notes forming part of the Financial Statements

As per my report of even date attached

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W) Divyesh V Mehta (Partner) Membership No. 044293 Place: Mumbai Date : 24th May, 2022

For and on behalf of the Board of Directors

A. K. Patni (Vice Chairman) Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

PCS TECHNOLOGY LIMITED

STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH, 2022

Equity Share Capital	Equity Share Capital	Equity Share Capital	Equity Share Capital	Equity Share Capital
Particulars					(Amount in Rs.)
As at April 01, 2020 Changes in Equity share capital during the year Changes in Equity Share Capital due to prior period errors Restated balance at the beginning of the current reporting period Changes in equity share capital during the current year As at March 31, 2021 Changes in Equity share capital during the year Changes in Equity Share Capital due to prior period errors Restated balance at the beginning of the current reporting period Changes in equity share capital during the current year As at March 31, 2022					209,506,770 -
					209,506,770
					-
					209,506,770


Name of the Promoter	31.03.2022		31.03.2021			Percentage change during the year
	Number of shares held	% of Total Shares	Number of shares held	% of Total Shares
The Executor of Kanchanbai S Patni Deceased	61,286	0.29%	61,286	0.29%		-
Gajendrakumar S Patni	579,685	2.77%	579,685	2.77%		-
Ashokkumar S Patni	575,995	2.75%	575,995	2.75%		-
Apoorva Ashokkumar Patni	500,745	2.39%	500,745	2.39%		-
Ashoka Computer Systems Private Limited	1,901,560	9.08%	1,901,560	9.08%		-
PCS Cullinet Private Limited	1,901,559	9.08%	1,901,559	9.08%		-
PCS Finance Private Limited	1,901,560	9.08%	1,901,560	9.08%		-
Rajkumar Barjatya	760	0.00%	760	0.00%		-
Pankaj Patni	86	0.00%	86	0.00%		-
Ruchi Amit Kumar Patni	152,540	0.73%	152,540	0.73%		-
Anirudh Narendrakumar Patni	559,270	2.67%	559,270	2.67%		-
Poonam Narendrakumar Patni	695,626	3.32%	695,626	3.32%		-
Rajnikanta G Patni	2,456,549	11.73%	2,456,549	11.73%		-
Sadhana A Patni	1,760,404	8.40%	1,760,404	8.40%		-
Amit Kumar Patni	261,899	1.25%	261,899	1.25%		-
Munish Kumar Gangwal	56	0.00%	56	0.00%		-
Rajrani Gangwal	184	0.00%	184	0.00%		-
Sooraj Barjatya	145	0.00%	145	0.00%		-
Vasundhara Apoorva Patni	1,000,000	4.71%	1,000,000	4.71%		-
Arihant Gajendrakumar Patni	384,186	1.83%	384,186	1.83%		-
Meeta Devi Gangwal	184	0.00%	184	0.00%		-
Aakriti Amitkumar Patni	2,830	0.01%	2,830	0.01%		-
Ayushi Amitkumar Patni	2,830	0.01%	2,830	0.01%		-
TOTAL	14,699,939	70.16%	14,699,939	70.16%		-

FORTY FIRST ANNUAL REPORT 2021-2022

STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH, 2022

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Other Equity						(Amount in Rs.)	(Amount in Rs.)
Particulars			Reserves and Surplus				Total Other Equity
	Securities Premium Reserve	General Reserve	Capital reserve	Capital redemption reserve	Retained Earnings	Revaluation Reserve
As at April 01, 2020 Proft for the year Other Comprehensive Income Total comprehensive income for the year Dividend paid (including dividend distribution tax) As at March 31, 2021 Proft for the year Other Comprehensive Income Total comprehensive income for the year Dividend paid (including dividend distribution tax) As at March 31, 2022	-	-	-	-	199,986,681	-	199,986,681
	- -	- -	- -	- -	4,270,380 (332,300)	- -	4,270,380 (332,300)
	- -	- -	- -	- -	3,938,080 -	- -	3,938,080 -
	-	-	-	-	203,924,761	-	203,924,761
	- -	- -	- -	- -	8,362,535 436,371	- -	8,362,535 436,371
	- -	- -	- -	- -	8,798,906 -	- -	8,798,906 -
	-	-	-	-	212,723,667	-	212,723,667

The accompanying notes form an integral part of the Financial Statements

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman)

Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

PCS TECHNOLOGY LIMITED

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2022

			(Amount in Rs.)
Particulars		Year ended 31-Mar-22	Year ended 31-Mar-21
A. B. C.	Cash fow from operating activities Net proft after tax and extra ordinary items Adjustments for: Tax Provision OCI Depreciation Finance cost Gain / Loss / Impairment on investments and sundry balances Fixed assets written of / Proft or Loss of Sale of Fixed Assets Interest received Operating proft before working capital changes Decrease/ (increase) in trade and others receivables Decrease/ (increase) in inventories (Decrease)/ increase in trade and other payables Cash generated from operations Income tax paid (net of refunds) Net cash fow from/ (used in) operating activities Cash fow from investing activities Purchase of fxed assets (Purchase)/ sale of non-current investments Bank Fixed Deposits Proceeds from sale of fxed assets Interest received Net cash from/ (used in) investing activities Cash from fnancing activities Repayment of borrowings (net) Finance cost Net cash from/ (used in) fnancing activities Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year	8,362,535 1,857,863 436,371 2,383,717 3,981,164 (5,566,136) - (18,206,997)	4,270,380 3,788,928 (332,300) 2,479,902 3,880,571 (1,400,910) - (19,517,095)
		(6,751,483) 26,816 - 30,808	(6,830,524) 305,427 - 220,974
		(6,693,859) (495,673)	(6,304,123) (2,507,326)
		(7,189,532)	(8,811,449)
		- 6,142,337 - - 17,127,461	(213,830) - - - 20,353,030
		23,269,798	20,139,200
		(385,692) (3,595,472)	(195,492) (3,685,079)
		(3,981,164)	(3,880,571)
		12,099,102 312,172,312	7,447,180 304,725,132
		324,271,414	312,172,312
		-	-

Particulars		Year ended 31-Mar-22	Year ended 31-Mar-21
COMPONENTS OF CASH AND CASH EQUIVALENTS AS AT Cash on hand Balance with banks Cheques on hand Fixed deposits with banks, havingremainingmaturityfor less than twelve months		20,476 6,668,669 - 317,582,269	57,987 6,756,332 - 305,357,993
Cash and cash equivalents at the end of theyear		324,271,414	312,172,312

FORTY FIRST ANNUAL REPORT 2021-2022

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2022

==> picture [69 x 35] intentionally omitted <==

RECONCILIATION STATEMENT OF CASH AND BANK BALANCE (Amount in Rs.)	RECONCILIATION STATEMENT OF CASH AND BANK BALANCE (Amount in Rs.)	RECONCILIATION STATEMENT OF CASH AND BANK BALANCE (Amount in Rs.)	RECONCILIATION STATEMENT OF CASH AND BANK BALANCE (Amount in Rs.)	RECONCILIATION STATEMENT OF CASH AND BANK BALANCE (Amount in Rs.)
Particulars			Year ended 31-Mar-22	Year ended 31-Mar-21
Cash and cash equivalents at the end of the year as per above Add: Balance with bank in dividend / unclaimed dividend accounts Add: Fixed deposits with banks, having remaining maturity for less than twelve months Add: Fixed deposits with banks (lien marked) Less: Fixed deposit with banks, havingremainingmaturityfor more than twelve months			6,689,145 - 317,582,269 - -	6,814,319 - 305,357,993 - -
Cash and bank balance asper balance sheet(refer note no. 8)			324,271,414	312,172,312
DISCLOSURE AS REQUIRED BY IND AS 7 Reconciliation of liabilities arising from fnancing activities (Amount in Rs.)
31 March 2022	Opening balance	Cash fows	Non cash changes	Closing balance
Short term secured borrowings Longterm secured borrowings	- 37,672,920	- -	385,692	- 38,058,612
Total liabilities from fnancing activities	37,672,920	-	385,692	38,058,612

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman)

Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

1. CORPORATE INFORMATION

The Company is incorporated as at 22nd April 1981. The Company is engaged mainly in IT and related FMS services. The Company is a public limited company incorporated and domiciled in India. The address of the office is 82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi- Pune- 411015. The financial statements of the Company for the year ended 31st March 2022 are approved by the Board of Directors in Board Meeting.

2. SIGNIFICANT ACCOUNTING POLICIES

(A) Statement of Compliance
(i) In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as “IndAS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from 1 April, 2017. Previous periods have been restated to IndAS. The standalone financial statements as at and for the year ended 31 March 2022 are approved and authorized for issue by the Board of Directors on 24th May 2022. The standalone financial statements of the Company are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis except for certain financial assets and financial liabilities that have been measured at fair value. These standalone financial statements are presented in lakhs of Indian rupees which is also the Company’s functional currency, except per share data and as otherwise stated. Figures for the previous years have been regrouped/rearranged wherever considered necessary to conform to the figures presented in the current year.

These financial statements have been prepared in accordance with IndAS as notified under the Companies (Indian Accounting Standards) Rule, 2015 read with Section 133 of the Companies Act, 2013.

(B) Basis of preparation
These financial statements have been prepared on the historical cost basis, except for
(i) certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below.
(ii) Defined benefit plans - plan assets measured at fair value.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

(C) Use of estimates and judgments

The preparation of these financial statements in conformity with the recognition and measurement principles of IndAS requires the management of the Company to make estimates and assumptions that affect the reported amounts of income and expense for the periods presented.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and future periods are affected.

Key sources of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of impairment of investments, useful lives of property, plant and equipment, valuation of deferred tax assets, provisions and contingent liabilities.

Dividend Declaration

Dividend on Preference Shares has been declared by the company on the basis of sec 123 of the companies act 2013.

Impairment of investments

The Company reviews its carrying value of investments carried at amortized cost annually, or more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for.

The company in total has invested aggregating to Rs.529.20 lacs in bonds in the earlier years However, due to external factors arrising subsequent to this period there is variation in the market price / realisable value of some of its investments. On the grounds of such external factors , the excess/ reduction of carrying value over recoverable amount for the year ended 31st March 2022 is accounted as “Impairement / (Gain) on financial instruments and Exceptional Items “.

Useful lives of property, plant and equipment

The Company reviews the useful life of property, plant and equipment at the end fo each reporting period. This reassessment may result in change in depreciation expense in future periods.

Valuation of deferred tax assets

The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. A deferred tax asset shall be recognized for all deductible temporary differences and unused losses to the extent that it is probable that taxable profit will be available against which the deductible temporary difference and unused losses can be utilized.

Provisions and contingent liabilities

A provision is required when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent liabilities are not recognized in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements.

The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

CSR Provisions

The company is not required to make CSR provision for the year ended 31st March 2022 as per the provisions of the sec 135(5) of the companies act 2013.

The COVID -19 pandemic is rapidly spreading throughout the world. The operations of the Company were impacted, due to shutdown of offices following nationwide lockdown by the Government of India. The Company shall resume operations in a phased manner as per directives from the Government of India. The Company has evaluated impact of this pandemic on its business operations and financial position and based on its review of current indicators of future economic conditions, there is no significant impact on its financial results as at 31st March 2022. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration and accordingly the impact may be

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

==> picture [69 x 35] intentionally omitted <==

different from that estimated as at the date of approval of these financial results. The Company will continue to monitor any material changes to future economic conditions.

(D) Revenue recognition

The Company earns revenue primarily from providing information technology and consultancy services, including services under contracts for software development, implementation and other related services, licensing and sale of its own software, business process services and maintenance of equipment. The Company also sales the products ancillary to supply of above services.

The Company recognizes revenue as follows:

Revenue from sale of services is recognized for the work completed in terms of the contract. Income from maintenance contracts is recognized on a time proportionate basis.

Revenue from sale of products is recognized when risk and reward are passed on to the customer which is generally on dispatch of goods.

Revenues is reported net of discounts, indirect and service taxes.

(E) Dividend income is recorded when the right to receive payment is established. Interest income is recognized using the effective interest method.
(F) Leases

No assets are taken on lease by the Company.

(G) Cost recognition

Costs and expenses are recognized when incurred and have been classified according to their nature.

The costs of the Company are broadly categorized in employee benefit expenses, depreciation and amortization and other operating expenses. Employee benefit expenses include employee compensation, allowances paid, contribution to various funds and staff welfare expenses. Other operating expenses mainly include fees to external consultants, cost of running its facilities, travel expenses, cost of equipment and software licenses, communication costs, allowances for delinquent receivables and advances and other expenses. Other expenses is an aggregation of costs which are individually not material such commission and brokerage, recruitment and training, entertainment etc.

(H) Foreign currency

The functional currency of the Company is Indian Rupee (INR).

Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of transaction. Foreign currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the Balance Sheet date and exchange gains and losses arising on settlement and restatement are recognized in the Statement of Profit & Loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.

(I) Income taxes

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and Deferred taxes are recognized in Statement of Profit & Loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.

(J)

Current income taxes

The current income tax expense includes income taxes payable by the Company and its branches in India and overseas. The current tax payable by the Company in India is Indian income tax payable on worldwide income.

Advance taxes and provisions for current income taxes are presented in the Balance Sheet after off-setting advance tax paid and income tax provision arising in the same jurisdiction and where the relevant tax paying units intends to settle the asset and liability on a net basis.

Deferred income taxes

Deferred income tax is recognized using the Balance Sheet approach. Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

Deferred income tax asset are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis.

Financial instruments

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability.

Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

Financial assets at amortized cost

Financial assets are subsequently measured at amortized cost if these financial assets are held within a business whose objective is to hold these assets to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

Financial assets at fair value through other comprehensive income

Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding and selling financial assets.

Financial liabilities

Financial liabilities are measured at amortized cost using the effective interest method.

Equity instruments

An equity instrument is a contract that evidences residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments recognized by the Company are recognized at the proceeds received net off direct issue cost.

(K) Investment in subsidiaries

Investment in subsidiaries are measured at cost less impairment.

(L) Property, plant and equipment

Pursuant to Para D5 of Ind AS 101, the company has exercised option to consider fair value on the date of transition as deemed cost for buildings. Rest all other assets are accounted as per Ind AS.

Depreciation is provided for property, plant and equipment so as to expense the cost over their estimated useful lives based on a technical evaluation. The estimated useful lives and residual value are reviewed at the end of each reporting period, with the effect of any change in estimate accounted for on a prospective basis.

SN	Type of asset	Method	Useful lives
1 2 3 4 5 6 7 8	Buildings Leasehold improvements Plant and equipment Computer equipment Vehicles Ofce equipments Electrical installations Furniture and fxtures	Straight line Straight line Straight line Straight line Straight line Straight line Straight line Straight line	60 years 38 years 15 years 03 years 08 years 05 years 10 years 10years

Assets held under finance lease are depreciated over the shorter of the lease term and their useful lives.

(M) Intangible assets

Intangible assets purchased are measured at cost as of the date of acquisition, as applicable, less accumulated amortization and accumulated impairment, if any.

(N) Impairment

Financial assets (other than at fair value)

The Company assesses at each date of Balance Sheet whether a financial asset or a group of financial assets is impaired. IndAS 109 requires expected credit losses to be measured through a loss allowance. The Company recognizes lifetime expected losses for all contract assets and/ or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

Financial assets (other than at fair value)

Tangible and intangible assets

Property, plant and equipment and intangible assets with finite life are evaluated for recoverability whenever there is any indication that their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash generating unit (CGU) to which the asset belongs.

If the recoverable amount of an asset (of CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (of CGU) is reduced to its recoverable amount. An impairment loss is recognized in the statement of profit and loss.

(O) Employee benefits

Defined benefit plans

For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognized in full in the Statement of Profit & Loss for the period in which they occur. Past service cost both vested and unvested is recognized as an expense at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognizes related restructuring costs or termination benefits.

The retirement benefit obligations recognized in the Balance Sheet represents the present value of the defined obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the scheme.

Defined contribution plans

Contributions to defined contribution plans are recognized as expense when employees have rendered services entitling them to such benefits.

Compensated absences

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as an actuarially determined liability at the present value of the defined benefit obligation at the Balance Sheet date.

(P)

Inventories

In view of nature of business of the company, it does not have any inventory of stock & spares as on year ended 31st March 2022

(R) Borrowing costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of cost of such asset till such time as the asset is ready for its intended use or sale. All other borrowing costs are recognized as an expense in the period in which they are incurred.

(S) Foreign currency transactions:

Functional and presentation currency: The standalone financial statements are presented in Indian Rupees, which is also the functional currency of the Company. Foreign currency transactions and balances: Foreign currency transactions are translated into the functional currency of the Company, using the exchange rates prevailing at the dates of the transactions, duly approximated. Foreign exchange gains and losses resulting from the settlement of such transactions and from the

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

==> picture [69 x 35] intentionally omitted <==

measurement of monetary items denominated in foreign currency at yearend exchange rates are recognized as other income in statement of profit and loss. Non-monetary items are not re-translated at yearend and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined

(T) Earnings per share

Basic earnings per share are computed by dividing profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year. The Company did not have any potentially dilutive securities in any of the years’ presented.

Diluted earnings per share are computed by dividing net profit net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares unless the results would be anti - dilutive. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

Contributed equity:

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds

(U) Exceptional Items

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the company is such that its disclosure improves the understanding of the performance of the company, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the financial statements.

(V) Additional Regulatory Charges

As per the website of the Ministry of Corporate affairs, certain charges aggregating on properties of the Company are pending for satisfaction due to some procedural issues, although related loan amounts have already been paid in full details are shown as below :

Sr No.	Asset under charges	Charge Amount	Date of Creation	Date of Modifcation
1	Immovable property or any interest therein	100,000,000	11-10-1999	12-03-2004
2	Immovable property or any interest therein	30,000,000	01-03-1999	12-10-2000

(VI) Additional Regulatory Requirement

FY 2021-22

FY 2021-22	FY 2021-22
Ratios
Sr. No.	Particulars			Standalone
		Numerator	Denominator	Financial Year Ended		Variation in (%)	Reason for variance
				31.03.2022	31.03.2021
1	Current Ratio (in times)	Current Assets	Current Liabilities	92.84	83.23	11.5%	Not Applicable
2	Debt Equity Ratio (in times)	Total Debt	Shareholder's Equity	0.09	0.09	-1.1%	Not Applicable
3	Debt Service Coverage Ratio (in times)	Earnings available for Debt Service	Interest/ Dividend & Repayments made	2.77	3.35	-17.5%	Not Applicable
4	Return on equity (%)	Net Proft after tax	Average Shareholder's Equity	2.00%	1.04%	92.9%	Increase in ratio as the company has earned proft for the year as compared to net loss for previous year.
5	Net capital turnover ratio (in times)	Net Sales	Average Working Capital	0.0081	0.0076	5.9%	Not Applicable
6	Net proft margin (% )	Net Proft after tax	Net Sales	296.35%	164.29%	80.4%	Increase in ratio is due to increase in proftability of the company
7	Return on capital employed (%)	Earnings before Interest and Tax	Capital Employed (Total Debt + Total equity)	3.06%	2.62%	16.7%	Not Applicable
8	Return on investment(%)	Income generated from investments	Average Investments	5.29%	5.85%	-9.5%	Decrease in ratio as during the year on the account of mark to market loss in Company Bonds and Investments.

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

3 PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS

PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS	PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS	PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS						(Amount in Rs.)	(Amount in Rs.)
Description				Tangible Assets				Intangible Assets	Total
	Buildings	Leasehold improvements	Plant and equipment	Computer equipment	Vehicles	Ofce equipments	Furiture and fxtures	Software
Cost as at 1-Apr-2020 Additions Disposals Acquisitions through business combinations Revalutaion and other adjustment Cost as at 31-Mar-2021 Additions Disposals Acquisitions through business combinations Revalutaion and other adjustment Cost as at 31-Mar-2022 Accumulated depreciation as at 31-Mar-2020 Depreciation for the year Disposals Accumulated depreciation as at 31-Mar-2021 Depreciation for the year Disposals Accumulated depreciation as at 31-Mar-2022 Net carrying amount as at 31-Mar-2020 Net carrying amount as at 31-Mar-2021 Net carrying amount as at 31-Mar-2022	94,743,461	-	-	383,272	4,049,394	16,389,094	5,127,875	-	120,693,096
		-		213,830					213,830 -
	94,743,461	-	-	597,102	4,049,394	16,389,094	5,127,875	-	120,906,926
		-							- -
	94,743,461	-	-	597,102	4,049,394	16,389,094	5,127,875	-	120,906,926
	4,468,101	-	-	315,215	3,752,767	15,569,883	3,729,731	-	27,835,697
	1,817,750			48,507	94,158		519,488		2,479,903 -
	6,285,851	-	-	363,722	3,846,925	15,569,883	4,249,219	-	30,315,600
	1,817,751			62,627			503,339		2,383,717 -
	8,103,602	-	-	426,349	3,846,925	15,569,883	4,752,558	-	32,699,317
	90,275,360 88,457,610 86,639,859	- - -	- - -	68,057 233,380 170,753	296,627 202,469 202,469	819,211 819,211 819,211	1,398,144 878,656 375,317	- - -	92,857,399 90,591,326 88,207,609

Pursuant to Para D5 of Ind AS 101, the company has exercised option to consider fair value on the date of transition as deemed cost for buildings.

Rest all other assets are accounted as per Ind AS.

Only if change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment/ intangible assets

ii. As per the website of the Ministry of Corporate affairs, certain charges aggregating on properties of the Company are pending for satisfaction due to some procedural issues, although related loan amounts have already been paid.

some procedural issues, although related loan amounts have already been paid.	some procedural issues, although related loan amounts have already been paid.
		(Amount in Rs.)
Particulars		As at 31-Mar-22	As at 31-Mar-21
4	NON-CURRENT INVESTMENTS I) Investment carried at cost Number Face Value p.u. a) Investments in equity instruments In subsidiary companies (Unquoted) PCS Infotech Limited 500,000 INR 10 PCS Positioning Systems (India) Limited 1,760,000 INR 10 Less: Provision for diminution in value of investments Net investment in subsidiaries II) Investment carried at fair value through proft or loss a) In Other Companies (Quoted) b) In Others (Unquoted) Saraswat Coop Bank Limited 1,000 10 Total of investments in equity instruments c) Investment in Share Certifcates Membership of Technocity Co-operative Society Net investments Aggregate amount of quoted Investments (Market value Rs.Nil previous year Rs.Nil) Aggregate amount of Unquoted Investments Aggregateprovision for diminution in value of investments	5,000,000 17,510,000	5,000,000 17,510,000
		22,510,000 17,510,000	22,510,000 17,510,000
		5,000,000 - -	5,000,000 - 10,000
		-	10,000
		5,000,000	5,010,000
		10,000	10,000
		10,000	10,000
		5,010,000	5,020,000
		- 22,520,000 17,510,000	- 22,530,000 17,510,000

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

==> picture [69 x 35] intentionally omitted <==

			(Amount in Rs.
Particulars		As at 31-Mar-2022	As at 31-Mar-2021
5 6 7 8 9 10	OTHER ASSETS a) Unsecured, Considered good Deposits (under Protest ) with Excise & Customs Authorities & Others Advances recoverable in cash or in kind Income tax paid (Net of provisions) Non Current Bank Balances Other Non Current Assets b) Unsecured, Considered doubtful Advances (refer note no.40.5 ) Related Parties Amount Outstanding % of Total Outstanding^ - 100% (Previous Year 100%) Less: Provision for doubtful loans and advances CURRENT INVESTMENTS Corporate Bonds & Debentures Less : Provision for dimulation in value of investments TRADE RECEIVABLES a) Undisputed Trade receivables – considered good b) Undisputed Trade Receivables – credit impaired (Doubtful) Due for more than 3 years Total Outstanding Less: Provision for doubtful trade receivables CASH AND CASH EQUIVALENTS Cash & Cash Equivalents Cash in hand Balances with Banks In Current account Deposits with Original maturity of more than 3 months but less than 12 months Total Cash & Bank Balances CURRENT INCOME TAX ASSETS - NET Income tax paid (Net of provisions) OTHER CURRENT ASSETS* Prepaid Expenses Interest Accrued	5,148,110 167,500 402,347 344,430 5,023,808	6,098,184 280,000 1,816,196 344,430 4,073,980
		11,086,195 25,000,000	12,612,790 25,000,000
		36,086,195 25,000,000	37,612,790 25,000,000
		11,086,195	12,612,790
		52,920,398 20,481,189	74,561,858 41,556,448
		32,439,209	33,005,410
		- 11,733,050	- 11,733,050
		11,733,050 11,733,050	11,733,050 11,733,050
		-	-
		20,476 6,668,669 317,582,269	57,987 6,756,332 305,357,993
		324,271,414	312,172,312
		51,659	-
		51,659	-
		183,097 3,233,902	97,167 2,154,366
		3,416,999	2,251,533

Considering the current market valuations, the Company has made provision for impairment and/or reversal of impairment of investments during the current year and previous financial year.

^ represents loan to related party as a % of total loans

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

						(Amount in Rs.)	(Amount in Rs.)
Particulars				As at 31-Mar-2022		As at 31-Mar-2021
11	SHARE CAPITAL Authorised: 2,10,25,000 Equity share of Rs.10 each 39,75,000 Preference Shares of Rs.10 each (Redeemable, Non-Convertible & Non-Cumulative) Issued, Subscribed and paid up: 2,09,50,677 (Previous Year - 2,09,50,677) Equity Share of Rs.10 each			210,250,000 39,750,000		210,250,000 39,750,000
				250,000,000		250,000,000
				209,506,770		209,506,770
				209,506,770		209,506,770

a) b) c)	Terms/ Rights attached to Equity Shares: The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. 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. Reconciliation of the shares outstanding at the beginning and end of the year 31-03-2021 & 31-03-2022: (Amount in Rs.)
	Particulars				Equity Shares
					Number	Amount
	Shares outstanding at the beginning of the year Shares outstandingat the end of theyear				20,950,677 20,950,677	209,506,770 209,506,770
	Details of shareholding more than 5% Equity Shares of total Equity Shares in the company:
	Name of Shareholder	As at 31/03/2022			As at 31/03/2021
		No.of shares	% holding		No.of shares	% holding
	Mrs. Rajnikanta Patni PCS Finance Private Limited Ashoka Computer Systems Pvt. Ltd. PCS Cullinet Private Limited Mrs. Sadhana A. Patni	2,456,549 1,901,560 1,901,560 1,901,559 1,760,404	11.73 9.08 9.08 9.08 8.40		2,456,549 1,901,560 1,901,560 1,901,559 1,760,404	11.73 9.08 9.08 9.08 8.40
					(Amount in Rs.)
Particulars					As at 31-Mar-2022	As at 31-Mar-2021
12	OTHER EQUITY Retained Earnings Opening balance Add: OCI Reserves Add: Proft for the year Add: Remeasurement gain	(loss) on defned beneft plans Add: Tax on Other Comprehensive Income Closing balance				203,924,761 - 8,362,535 581,828 (145,457)	199,986,681 - 4,270,380 (332,300)
					212,723,667	203,924,761
					(Amount in Rs.)
Particulars					As at 31-Mar-2022		As at 31-Mar-2021
13	LONG TERM BORROWINGS (carried at amortised value) Unsecured Loan from Related Parties/Financial Liablities a) Preference Shares				38,058,612		37,672,920
	Total fnancial liabilities				38,058,612		37,672,920

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

==> picture [69 x 35] intentionally omitted <==

The above Long term borrowings include:

a) 39,75,000 (Previous Year - 39,75,000) 9% Preference Share of Rs.10 each (Redeemable, Non-Convertible & Non-Cumulative) carried at amortised cost

b) Terms/ Rights attached to Preference Shares:

The Company has only one class of preference shares having a par value of Rs.10 per share, alloted on 31st January 2013 and redeemable in the 12th and 13th year from the date of allotment or earlier, shall be redeemable at such redemption price including premium not exceeding Rs. 125/- per share (i.e total repayment of max of Rs 49,68,75,000) having regard to the financial conditions of the Company, at the time of redemption , as the Board of Directors may decide. Each holder of preference share is entitled to one vote per share. In the event of liquidation of the company, before any entitlement of assets to holders of equity shares, the holders of preference shares will be entitled to receive remaining assets of the company, after distribution of all other preferential amounts. The distribution will be in proportion to the number of preferencial shares held by the shareholders.

c) Details of shareholding more than 5% Preference Shares of total Preference Shares in the company:

Name of Shareholder Ashok Patni Family Trust Mr. Gajendra Kumar Patni	As at 31/03/2022	As at 31/03/2022	As at 31/03/2021	As at 31/03/2021
	No.of shares	% holding	No.of shares	% holding
	1,965,000 1,480,000	49.43 37.23	1,965,000 1,480,000	49.43 37.23

d) Board of Directors of the Company vide a resolution dated 14-March-2022 has approved the payment of 9 % dividend aggregating to the value of Rs.35,77,500 on 3975000- 9% Redeemable, Non-Convertible, Non-Cumulative Preference Shares (Preference Shares) of Rupees 10/- each fully paid up to the Preference Shareholders of the Company. The dividend on preference shares amounting to Rs.35,77,500 (dividend distribution tax is not applicable) has been paid on 14-March-2022 as per sec 123 of the Companies Act ,2013.

				(Amount in Rs.)
Particulars			As at 31-Mar-2022	As at 31-Mar-2021
14 15 16 17 18	PROVISIONS Long-term provision for leave benefts TRADE AND OTHER PAYABLES Due to Micro , Small and Medium Enterprises Others Less than 1 year 2-3 years (Refer note 28 for details of dues to MSME) CURRENT INCOME TAX LIABILITIES - NET Income tax paid (Net of provisions) PROVISIONS Short-term provision for leave benefts OTHER CURRENT LIABILITIES Deferred Rental Deposits Deposits received on rented premises Statutory dues and taxes payable Trade advances	527,132 45,000 572,132	314,611	374,674
			314,611	374,674
			- 572,132	- 489,216
			572,132	489,216
			-	499,017
			-	499,017
			522,956	442,798
			522,956	442,798
			- 2,400,000 204,366 179,971	- 2,400,000 163,244 179,971
			2,784,337	2,743,215

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

			(Amount in Rs.)
Particulars		Year ended 31-Mar-2022	Year ended 31-Mar-2021
19 20 21 22 23 24 25	REVENUE FROM OPERATIONS Sales / Services: IT & related FMS services Net Sales OTHER INCOME i) Interest income from Financial Assets measured at amortized cost : Interest income from NCD & Bonds ii) Interest on Bank Deposits iii) Rent income iv) Other non-operating income EMPLOYEE BENEFIT EXPENSES Salaries & Wages Contribution to Provident fund etc Staf Welfare expenses FINANCE COST Interest expense Dividend on Preference Shares Interest on fnancial liabilities carried at amortized cost IMPAIREMENT / (GAIN) ON FINANCIAL INSTRUMENTS AND EXCEPTIONAL ITEMS Net (Gain)/ loss on impairment on Investments Interest Receivable Written-Of Settlement Expenses (Service Tax) DEPRECIATION AND AMORTISATION EXPENSES Depreciation and amortization expenses OTHER EXPENSES Power & fuel Rent Rates & taxes Insurance Advertisement & sales promotion Travelling and conveyance expenses Consumable, stores and spares Ofce maintenance Printing & stationery Communication expenses Auditor's remuneration as Auditors for Tax audit Legal, professional & consultancy charges Freight & forwarding Directors sitting fees Bad debts and remissions Sales & Work contract tax paid Loss on Sale of Fixed Assets Net Loss disposal of Investments Contribution to CSR Miscellaneous expenses	2,821,777	2,598,727
		2,821,777	2,598,727
		3,067,635 15,139,362 5,585,272 7,303	2,649,457 16,833,138 5,715,710 72,026
		23,799,572	25,270,331
		7,315,207 514,514 335	7,273,219 505,953 -
		7,830,056	7,779,172
		17,972 3,577,500 385,692	35,417 3,577,500 267,654
		3,981,164	3,880,571
		(5,566,136) - -	(1,400,910) - -
		(5,566,136)	(1,400,910)
		2,383,717	2,479,902
		2,383,717	2,479,902
		137,204 1,152,925 329,624 170,570 245,700 81,482 60,037 322,722 103,505 113,995 500,000 - 1,721,347 920 370,000 1,018,514 - - - - 1,443,605	158,735 1,110,647 281,676 229,774 332,400 210,654 4,730 450,726 93,868 109,067 500,000 - 1,736,354 560 330,000 - 79,192 - - - 1,442,632
		7,772,150	7,071,015

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

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26. (a) Contingent Liability (in the current year as well as in previous year)

On Account of Custom Duty:

The Company has received a Show Cause Notice from Director of Revenue Intelligence demanding Rs. 2,15,40,551 u/s 28 of Custom Act 1962 on account of Custom Duty on import of OPK from Microsoft during the period of Apr2006 - Mar2007.

Status:

The proceedings are pending before Commissioner of Customs, Delhi. On the basis of the legal opinion obtained, the matter has merits in favor of the Company. The Company has deposited Rs. 50 lakhs as pre-deposit under protest.

On Account of Redemption of Preference Shares:

With reference to note no 13(b) wherein a liability on account of payment of premium on redemption of 39,75,000 Redeemable Non-cumulative Preference shares has been stated. In terms of Letter of Offer for the preference shares ,the premium on redemption would not exceed Rs.125 per preference shares totalling to maximum Liability on account of redemption not exceeding Rs.49,68,75,000 . The Board of Directors may decide at the time of redemption having regards to the Financial resources of the company.. The Company’s management is of the opinion that liability in respect of these premium on preferernce shares (if any payable) shall be provided in books of account at the time of redemption , as the same will be dependent upon Financial ability of the company at the time of redemption.

(b) In respect of R&T activities undertaken by the Company in earlier years, the Company has been advised that the Company has good, valid and substantial defence in Suit No.1494 of 1997 filed by State Bank of India in the City Civil Court in Ahmedabad against the Company and IDBI (issuer of Incentive warrants) for the recovery of Rs.5,03,38,289/- with interest @21.50% p.a. This case was dismissed in the year 2009 by the said Court. SBI has filed condonation of delay application in the year 2010 which has been granted by the court and is being perused in the said Court at Ahmedabad. In view of the this the Company has not made any provision in respect of this litigation against the Company.

27. i. Pursuant to Para D5 of Ind AS 101, the company has exercised option to consider fair value on the date of transition as deemed cost for buildings. Rest all other assets are accounted as per Ind AS.

28. Particulars of dues to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

Particulars	As at 31-Mar-22	As at 31-Mar-21
Principle amount due to suppliers under MSMED Act at theyear end	-	-
Interest accrued & due to suppliers under MSMED Act on the above amount, unpaid at theyear end	-	-

Payment made to suppliers(other than interest)beyond the appointed dayduringtheyear	-	-

Interestpaid to suppliers under MSMED Act duringtheyear	-	-
Interest due &payable to suppliers under MSMED Act forpayments alreadymade	-	-
Interest accrued & remainingunpaid at the end of theyear to supplier under MSMED Act.	-	-

Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management, if any.

29. (A) Value of imported and indigenous Computer and Peripherals Accessories consumed and percentage there of:

Particulars	31-Mar-22	31-Mar-22	31-Mar-21	31-Mar-21
	Value	%	Value	%
Imported	-	0.00%	-	0.00%
Indigenous	-	0.00%	-	0.00%
	-	0.00%	-	0.00%
Value of imports on CIF basis in respect of:
Particulars			31-Mar-22	31-Mar-21
Raw Material, Store & spares and Computer Peripherals			-	-
Expenditure in foreign currency:
Particulars			31-Mar-22	31-Mar-21
Traveling			-	-
Earning in foreign currency:
Particulars			31-Mar-22	31-Mar-21
Export sales and services			-	-

(B) Value of imports on CIF basis in respect of:

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

Particulars of Earnings per Shares:	Particulars of Earnings per Shares:	Particulars of Earnings per Shares:	Particulars of Earnings per Shares:
Particulars		31-Mar-22	31-Mar-21
a)	Net Proft for theyear	8,362,535	4,270,380
b)	Number of equityshares outstandingat the beginningand at the end of theyear	20,950,677	20,950,677
c)	Nominal Value of the shares(Rs.)	10.00	10.00
d)	Basic and diluted Earning per share(Rs.) (a/b)	0.40	0.20
CURRENT AND DEFERRED TAX The major components of income tax expense for the years ended March 31, 2022 and March 31, 2021 are: a) Income tax expense (Amount in Rs.) Particulars 2021-22 2020-21 i) Current tax Current tax on profts for the year 1,765,544 2,227,000 Adjustments for current tax ofpriorperiod - - Total current tax expense 1,765,544 2,227,000 ii) Deferred tax (Decrease)	Increase in deferred tax liabilities - - Decrease	(Increase) in deferred tax assets - - Trfd to OCI on actuarialgain or loss - - **Total deferred tax expense	(beneft) - - Income tax expense 1,765,544 2,227,000 b) The reconciliation between the Statutory income tax rate applicable to the Company and the efective income tax rate of the Company is as follows Particulars 2021-22 2020-21 a) Statutory income tax rate (old regime) 26.00% 26.00% b) Diferences due to: i) Expenses not deductible for tax purposes 11.28% 114.79% ii) Income exempt from income tax 0.00% 0.00% iii) Income tax incentives 0.00% 0.00% iv)Others -18.93% -113.16% Efective income tax rate 18.35% 27.63% c) No aggregate amounts of current and deferred tax have arisen in the reporting periods which have been recognized in equity and not in Statement of Proft and Loss or other comprehensive income. d) Current tax assets (net) (Amount in Rs.) Particulars 2021-22 2020-21 Add: Tax paid in advance, net of provisions during the year (1,962,660) 1,727,983 Less: Current taxpayable for theyear 1,911,001 (2,227,000) Closing balance (51,659) (499,017) e) Unrecognized temporary diferences The Company has not recognized deferred tax liability associated with fair value gains on equity share measured at OCI as based on Management projection of future taxable income and existing plan it is not probable that such diference will reverse in the foreseeable future. EMPLOYEE BENEFIT OBLIGATIONS**

Funded Scheme

a) Defined Benefit Plans:

Gratuity

The Company operates a gratuity plan through the ‘PCS TECHNOLOGY LIMITED Employees Gratuity Trust’. Every Employee is entitled to a benefit equivalent to fifteen days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972 or Company scheme whichever is beneficial. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous service.

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

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Balance sheet amount (Gratuity Liability)	Balance sheet amount (Gratuity Liability)
Particulars	Amount in Rs.
April 1, 2020	3,399,924
Current service cost Interest expense	(income)
Total amount recognised inproft and loss	329,339
Remeasurements Return on plan assets, excluding amount included in interest expense	(income) (Gain )
Total amount recognised in other comprehensive income	(83,304)
Employer contributions Beneftpayments	- (234,808)
March 31, 2021	3,411,151
Current service cost Interest expense	(income)
Total amount recognised inproft and loss	328,310
Remeasurements Return on plan assets, excluding amount included in interest expense	(income) (Gain )
Total amount recognised in other comprehensive income	(56,977)
Employer contributions Beneftpayments	- -
March 31, 2022	3,682,484
Balance sheet amount(Gratuity Asset)
Particulars	Amount in Rs.
April 1, 2020	7,607,390
Interest income/ (Expense) Contribution byEmployer	444,849 -
Total amount recognised inproft and loss	444,849
Remeasurements Benefts paid Return on plan assets, excluding amount included in interest expense	(income) Experience(gains)
Total amount recognised in other comprehensive income	(567,108)
Employer contributions Beneftpayments	- -
March 31, 2021	7,485,131
Interest income/ (Expense) Contribution byEmployer	428,457 -
Total amount recognised inproft and loss	428,457
Remeasurements Benefts paid Return on plan assets, excluding amount included in interest expense	(income) Experience(gains)
Total amount recognised in other comprehensive income	792,704
Employer contributions Beneftpayments	- -
March 31, 2022	8,706,292

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

The net liability disclosed above relates to funded and unfunded plans are as follows: (Amount in Rs.)	The net liability disclosed above relates to funded and unfunded plans are as follows: (Amount in Rs.)	The net liability disclosed above relates to funded and unfunded plans are as follows: (Amount in Rs.)
Particulars	As at 31-03-2022	As at 31-03-2021
Present value of funded obligations Fair value ofplan assets	3,682,484 8,706,292	3,411,151 7,485,131
Defcit of Gratuity plan	(5,023,808)	(4,073,980)
Signifcant estimates: Actuarial assumptions and sensitivity The signifcant actuarial assumptions were as follows: (Amount in Rs.)
Particulars	As at 31-03-2022	As at 31-03-2021
Discount rate Attrition rate Rate of return on plan assets Salaryescalation rate	6.57% 1.00% 12.00% 5.00%	6.33% 1.00% 12.00% 5.00%

Discount rate Attrition rate Rate of return on plan assets Salaryescalation rate	31-03-2022 31-03-2021 6.57% 6.33% 1.00% 1.00% 12.00% 12.00% 5.00% 5.00%	31-03-2022 31-03-2021 6.57% 6.33% 1.00% 1.00% 12.00% 12.00% 5.00% 5.00%	31-03-2022 31-03-2021 6.57% 6.33% 1.00% 1.00% 12.00% 12.00% 5.00% 5.00%	31-03-2022 31-03-2021 6.57% 6.33% 1.00% 1.00% 12.00% 12.00% 5.00% 5.00%
Major category of plan assets are as follows:
Particulars	31-Mar-22
	Quoted	Unquoted	Total	in %
Government of India assets Debt instruments Corporate bonds Investment funds Fixed Deposit Others Special deposit scheme	- - -	- 8,706,292 -	- 8,706,292 -	- 100% -
	-	8,706,292	8,706,292	100%

Major category ofplan assets are as follows:
Particulars	31-Mar-21
	Quoted	Unquoted	Total	in %
Government of India assets Debt instruments Corporate bonds Investment funds Fixed Deposit Others Special deposit scheme	- - -	- 7,485,131 -	- 7,485,131 -	- 100% -
	-	7,485,131	7,485,131	100%

Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

i) Asset volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk. The Company has a risk management strategy where the aggregate amount of risk exposure on a portfolio level is maintained at a fixed range. Any deviations from the range are corrected by rebalancing the portfolio. The Company intends to maintain the above investment mix in the continuing years.

Expected contributions to post-employment benefit plans for the year ending March 31, 2022 is NIL

The weighted average duration of the defined benefit obligation is 5 years (2015-16: 5 years). The expected maturity analysis of gratuity is as follows:

(Amount in Rs.)	(Amount in Rs.)
Particulars	Total
Defned beneft obligation (gratuity) As at March 31, 2022 As at March 31, 2021	3,682,484.00 3,411,151.00

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

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b) Defined contribution plans:

Amount of Rs.1,00,147 (March 31, 2021: Rs.1,01,439) is recognized as expense and included in the Note 21 ‘Salary and Wages’.

c) Provident fund:

The Company makes monthly contribution to Government approved Provident Fund.

d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognized as expense and included in the Note 21 “Salaries & Wages”

33 a) Fair Value Measurement

Fair Value Measurement	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)
Particulars	31-Mar-22			31-Mar-21
	FVPL	FVOCI	Amortised cost	FVPL	FVOCI	Amortised cost
Financial assets Investments: Equity instruments Trade receivables Cash and bank balances Other receivables	10,000		- - 324,271,414 -	20,000		- - 312,172,312 -
Total Financial assets	10,000	-	324,271,414	20,000	-	312,172,312
Financial liabilities Trade payables Security deposits Preference Shares			572,132 2,400,000 38,058,612			489,216 2,400,000 37,672,920
Total fnancial liabilities	-	-	41,030,744	-	-	40,562,136

Fair Value Heirarchy

This section explains the judgement and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the Financial Statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

i) Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022

Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022
(Amount in Rs.)
Particulars	Notes	Level 1	Level 2	Level 3	Total
Financial liabilities Preference Shares Securitydeposits	-	-	-	38,058,612.00 2,400,000.00	38,058,612.00 2,400,000.00
Total fnancial liabilities	-	-	-	40,458,612.00	40,458,612.00

ii) Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2021

(Amount in Rs.)

					(Amount in Rs.)
Particulars	Notes	Level 1	Level 2	Level 3	Total
Financial liabilities Preference Shares Securitydeposits	-	-	-	37,672,920.00 2,400,000.00	37,672,920.00 2,400,000.00
Total fnancial liabilities	-	-	-	40,072,920.00	40,072,920.00

There were no transfers between any levels during the year:

Level 1:

Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual funds that have a quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing net assets value (NAV).

Level 2:

The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3:

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

b) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:
i) the use of quoted market prices or dealer quotes for similar instruments
ii) the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.
iii) the fair value of forward foreign exchange contracts are determined using forward exchange rates at the Balance Sheet date
iv) the fair value of foreign currency option contracts is determined using the Black Scholes valuation model.
v) the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

All of the resulting fair value estimates are included in level 1 and 2.

c) Valuation processes

The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the Chief Financial Officer (CFO).

d) Fair value of financial assets and liabilities measured at amortized cost

purposes, including level 3 fair values. This team reports directly to the Chief Financial Ofcer (CFO).	purposes, including level 3 fair values. This team reports directly to the Chief Financial Ofcer (CFO).	purposes, including level 3 fair values. This team reports directly to the Chief Financial Ofcer (CFO).	purposes, including level 3 fair values. This team reports directly to the Chief Financial Ofcer (CFO).	purposes, including level 3 fair values. This team reports directly to the Chief Financial Ofcer (CFO).
Fair value of fnancial assets and liabilities measured at amortized cost (Amount in Rs.)
Particulars	As at March 31, 2022		As at March 31, 2021
	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets: Loans to subsidiary companies Loans to Employees	- -	- -	-	-
Total fnancial assets	-	-	-	-
Financial liabilities Security deposits Preference Shares	2,400,000 39,750,000	2,400,000 38,058,612	2,400,000 39,750,000	2,400,000 37,672,920
Total fnancial liabilities	39,750,000	38,058,612	39,750,000	37,672,920

The carrying amounts of trade receivables, trade payables, other receivables, short-term security deposits, bank deposits with more than 12 months maturity, capital creditors and cash and cash equivalents including bank balances other than cash and cash equivalents are considered to be the same as their fair values due to the current and short-term nature of such balances.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

34 CAPITAL MANAGEMENT

Risk management

The primary objective of the Company’s Capital Management is to maximise shareholder value. The Company monitors capital using Debt-Equity ratio, which is total debt divided by total capital plus total debt.

For the purposes of the Company’s capital management, the Company considers the following components of its Balance Sheet to be managed capital:

Total equity as shown in the Balance Sheet includes General reserve, Retained earnings, Share capital, Security premium. Total debt includes current debt plus non-current debt.

(Amount in Rs.)

Particulars	31-Mar-22	31-Mar-21
Total Debt Total Equity Debt-Equityratio	38,058,612.00 422,230,437.00 0.09	37,672,920.00 413,431,531.00 0.09

35 EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

a) Gross amount spent by the Company for the period from FY 2014-15 to FY 2018-19 is Rs.63.10 lacs. The provisions of CSR are not applicable in FY 2020-21 and FY 2021-22.
36 Transaction with Companies Stuck off by ROC u/s 248 of the Companies Act during the year - NIL
37 REGROUPED | RECAST | RECLASSIFIED
Figures of the earlier year have been reclassified to conform to Ind AS presentation requirements.
38 ROUNDING OFF

All figures are rounded off to the nearest Rupee.

39. Segment Reporting:

The Company is engaged mainly in IT & related FMS services, as such it is the only reportable business segment. The export sales of the company are NIL and hence there is single reportable geographical segment.

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

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40.1 Related parties disclosures:
A Names of the related parties (where control exists) - Subsidiary Companies
1. PCS Positioning Systems (India) Limited
2. PCS Infotech Limited, India
B Other Related parties with whom there are transactions during the year.
a) Key Management Personnel
1. Mr. G.K.Patni (Chairman)
2. Mr. A.K.Patni (Vice Chairman)
b) Relatives of key management personnel
1. Mrs. Rajnikanta Patni
(Wife of Mr. G.K. Patni)
2. Mrs. Sadhna Patni
(Wife of Mr. A.K. Patni)
3. Mr. Apoorva Patni
(Son of Mr. A.K.Patni)
4. Mr. Arihant Patni
(Son of Mr. G.K. Patni)
5. Mrs. Ruchi Patni
(Daughter-in-law of Mr. G.K. Patni)
6. Sobhagmal M. Patni HUF
(Mr.G.K.Patni & Mr.A.K.Patni are members of HUF)
c) Afliates (Enterprises over which Key Management personnel or their relatives have signifcant infuence)
1. Kalpavruksh Systems Private Limited
(Formerly known as Kalpavruksh Systems Limited)
2. Patni Healthcare Private Limited (Formerly known as Patni Healthcare Limited)
3. Ashok Patni Family Trust
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40.2 Transactions carried out with related parties referred above, in ordinay course of business:

Description	Description	Subsidiaries Companies	Key Management Personnel	Relative of key Management Personnel	Afliates	Total
1	Sales of goods and services	- (-)	- (-)	- (-)	2,543,400 (2,326,788)	2,543,400 (2,326,788)
2	Rent paid	- (-)	- (-)	- (-)	- (-)	- (-)
3	Reimbursement of expenses paid	- (-)	- (-)	- (-)	- (-)	- (-)
4	Recovery of expenses received	- (-)	- (-)	- (-)	- (-)	- (-)
5	Loan Taken	- (-)	- (-)	- (-)	- (-)	- (-)
6	Loan Refunded	- (-)	- (-)	- (-)	- (-)	- (-)
7	Security Deposit (Rent) received back	- (-)	- (-)	- (-)	- (-)	- (-)
8	Payment returned for receivables	- (-)	- (-)	- (-)	- (-)	- (-)
9	Remuneration to Directors	- (-)	- (-)	- (-)	- (-)	- (-)
10	Dividend Paid	- (-)	1,332,000 (1,332,000)	- (-)	2,245,500 (2,245,500)	3,577,500 (3,577,500)

PCS TECHNOLOGY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with related parties referred above, in ordinary course of business: (Amount in Rs.)
	Description		Subsidiaries Companies		Key Management Personnel		Relative of key Management Personnel		Afliates
1	Sales of goods and services Kalpavruksh Systems Private Limited		- (-)		- (-)		- (-)		2,543,400 (2,326,788)
2	Rent paid		- (-)		- (-)		- (-)		- (-)
3	Reimbursement of expensespaid
			- (-)		- (-)		- (-)		- (-)
4	Recovery of expenses received		- (-)		- (-)		- (-)		- (-)
5	Loan Taken		- (-)		- (-)		- (-)		- (-)
6	Loan Refunded		- (-)		- (-)		- (-)		- (-)
7	Security Deposit (Rent) received back		- (-)		- (-)		- (-)		- (-)
8	Payment returned for receivables		- (-)		- (-)		- (-)		- (-)
9	Remuneration to Directors		- (-)		- (-)		- (-)		- (-)
10	Dividend Paid Ashok Patni Family Trust G K Patni Ashoka Computer Systems Pvt Ltd PCS Cullinet Pvt Ltd PCS Finance Pvt Ltd		- (-)		- (-)		- (-)		1,768,500 (1,768,500)
			- (-)		1,332,000 (1,332,000)		- (-)		- (-)
			- (-)		- (-)		- (-)		162,000 (162,000)
			- (-)		- (-)		- (-)		162,000 (162,000)
			- (-)		- (-)		- (-)		153,000 (153,000)
Balance outstanding as at year end:
	Description	Subsidiaries Companies		Key Management Personnel		Relative of key Management Personnel		Afliates	Total
1	Receivable	- (-)		- (-)		- (-)		- (-)	- -
2	Loan taken	- (-)		- (-)		- (-)		- (-)	- -
3	Property deposits	- (-)		- (-)		- (-)		- (-)	- -
4	Value of Investments made in Subsidiary	- (-)		- (-)		- (-)		- (-)	- -
5	Value of Trade Receivables	- (-)		- (-)		- (-)		- (-)	- -
6	Value of Advances given to Susbidiary	- (-)		- (-)		- (-)		- (-)	- -

FORTY FIRST ANNUAL REPORT 2021-2022

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Signifcance closing balances outstanding as at year end:	Signifcance closing balances outstanding as at year end:
	Description	Subsidiaries Companies	Key Management Personnel	Relative of key Management Personnel	Afliates
1	Receivable	- (-)	- (-)	- (-)	- (-)
2	Loan Taken	- (-)	- (-)	- (-)	- (-)
3	Property Deposits	- (-)	- (-)	- (-)	- (-)
4	Value of investments in Subsidiary A. PCS Positioning Systems (India) Limited Less: Provision for dimunition in value of investment B. PCS Infotech Limited, India Less: Provision for dimunition in value of investment	17,510,000 (17,510,000) 5,000,000 (5,000,000)	- - - - - (-)	- - - - - (-)	- - - - - (-)
		- (-)
5	Trade Receivables from Subsidiary PCS Positioning Systems (India) Limited Less: Provision for dimunition in value of receivable	11,733,050 (11,733,050)	- - - (-)	- - - (-)	- - - (-)
		- (-)
6	Advances given to Subsidiary PCS Positioning Systems (India) Limited Less: Provision for dimunition in value of advances	25,000,000 (25,000,000)	- - - (-)	- - - (-)	- - - (-)
		- (-)
SEBI (LODR), Regulations 2015 Amount of loans and advances in nature of loans outstandingfrom subsidiaries(net ofprovisions): (Amount in Rs.)
PCS PositioningSystems(India)Limited					-
					(-)

Note: Previous year figures are shown in brackets

41.2 Details of Investment by the Loanee in the shares of the company:

None of the Loanee have made investments in the shares of the company.

42. Figures for the previous year have been regrouped/ rearranged wherever necessary.

As per my report of even date attached

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

For and on behalf of the Board of Directors A. K. Patni (Vice Chairman) Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

PCS TECHNOLOGY LIMITED

INDEPENDENT AUDITOR’S REPORT (CONSOLIDATED ACCOUNTS)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PCS TECHNOLOGY LIMITED (GROUP)

Report on the Audit of the Consolidated Financial Statements Of PCS Technology Limited (‘the Group”)for the year ended as on March 31,2022 Opinion:

We have audited the accompanying Consolidated financial statements of PCS TECHNOLOGY LIMITED (hereinafter referred to as “the Holding Company”) and its subsidiary companies (the Holding Company and its subsidiary companies together referred to as ‘the Group’), which comprise the Consolidated Balance Sheet as at March 31, 2022, the Consolidated Statement of Profit and Loss (Including Other Comprehensive Income) , the Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement for the year then ended, and notes to the consolidated financial statements, including summary of the significant accounting policies and other explanatory information(‘the Consolidated financial statements).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements of the subsidiary companies referred to in the ‘Information other than the Consolidated Financial Statements and Auditor’s Report Thereon’ below, the aforesaid Consolidated financial statements give the information required by the Companies Act,2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India , of the Consolidated State of Affairs of the Group as at 31st

March 2022, and its Consolidated Profit, Consolidated Total Comprehensive Income, Consolidated changes in equity and consolidated cash flows for the year ended.

Basis for Opinion:

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’), and we have fulfilled our other ethical responsibilities in accordance with the provisions of the Act. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters:

Key audit matters (‘KAM’) are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. 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 these matters.

We have determined the below matters as most significance to our audit for the year ended.

SR NO KEY AUDIT MATTER 1 IND AS 115- REVENUE FROM CONTRACTS WITH CUSTOMERS The application of the new revenue accounting standard involves certain key judgements relating to identification of distinct performance obligations, determination of transaction price of the identified performance obligations, the appropriateness of the basis used to measure revenue recognised over a period. Additionally, new revenue accounting standard contains disclosures which involves collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. Refer Note 2.(D) to the Consolidated Financial Statements

AUDIT PROCEDURE

	We assessed the Company’s process to identify the impact of adoption of the new revenue accounting standard. Our audit approach consisted testing of the design and operating efectiveness of the internal controls and substantive testing as follows:	We assessed the Company’s process to identify the impact of adoption of the new revenue accounting standard. Our audit approach consisted testing of the design and operating efectiveness of the internal controls and substantive testing as follows:
	1.	Evaluated the design of internal controls relating to implementation of
	2.	the new revenue accounting standard. Tested the operating efectiveness of the internal control, relating to identifcation of the distinct performance obligations and determination
		of transaction price.
	3.	Tested the relevant information technology systems’ access and change
		management controls relating to contracts and related information
		used in recording and disclosing revenue in accordance with the new
		revenue accounting standard.
	4.	On selected samples of contracts, we tested that the revenue
		recognized is in accordance with the accounting standard by –
	a)	Evaluating the identifcation of performance obligation;
	b)	Testing management’s calculation of the estimation of contract cost and
		onerous obligation, if any
	We:
	•	Observed that the estimates of cost to complete were reviewed and
		approved by appropriate levels of management;
	•	Performed a retrospective review of costs incurred with estimated costs to identify signifcant variations and verify whether those variations
		have been considered in estimating the remaining costs to complete
		the contract;
	•	Assessed the appropriateness of work in progress (contract assets),
		if any, on balance sheet by evaluating the underlying documentation
		to identify possible delays in achieving milestones which may require
		change in estimated costs to complete the remaining performance
		obligations; and
	•	Performed test of details including analytics to determine reasonableness
		of contract costs
	•	The operations for IT and IT enabled Services is much lower as
		compared to previous years due to the management decisions.
	•	The operational income from these IT and ITeS is not exceeding the
		Interest Income that is generated from Investment in Bonds and Other
		Securities.

FORTY FIRST ANNUAL REPORT 2021-2022

INDEPENDENT AUDITOR’S REPORT (CONSOLIDATED ACCOUNTS)

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SR NO	KEY AUDIT MATTER	AUDIT PROCEDURE
2	IND AS 109- FINANCIAL INSTRUMENTS
	The application of this Accounting Standard involves identifcation, valuation and reporting of fnancial assets and fnancial liabilities that will present relevant and useful information to users of fnancial statements The most signifcant areas are: 1. Preference Share Capital 2. Impairment of Bonds	Our audit procedures included: 1. Evaluation of the appropriateness of procedure of the identifcation and classifcation by the Company 2. Assessed the measurement and valuation done by the company of the above identifed assets and liability 3. Evaluated the appropriateness of the impairment and its reversal principles based on the requirements of Ind AS 109 4. We obtained an understanding of the management’s processes, systems and controls implemented in relation to impairment allowance process. 5. Assessed the design and implementation of key internal fnancial controls over loan impairment process used to determine the impairment charge. 6. We used our internal specialist to test the model methodology and reasonableness of assumptions used. 7. We tested the management review controls over measurement of impairment allowances and disclosures in fnancial statements.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Holding Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Holding Company’s Annual Report, but does not include the financial statements and our auditor’s report thereon.

information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in audit or otherwise appears to be materially misstated. If, based on work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

We did not audit the financial statements of 2 subsidiaries, whose financial statements reflect total assets of 54.28 Lakhs as at 31st March, 2022, total revenues of Rs 4.13 lakhs and net cash flows amounting to Rs 103.34 lakhs for the year ended on that date, as considered in the Consolidated Ind AS financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated Ind AS financial statements in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sec 143 (3) of the Act, insofar as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.

If, based on work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Holding Company’s management and Board of Directors are responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated state of affairs, consolidated profit/loss and other comprehensive income, consolidated statement of changes in equity and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective management and Board of Directors of the entities included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of each entity and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies ; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls

that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the management and Board of Directors of the Holding Company, as aforesaid.

and Board of Directors of the entities included in the Group are responsible for assessing the ability of each entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective management and Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial

Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user taken on the basis of these

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the entity has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

PCS TECHNOLOGY LIMITED

Conclude on the appropriateness of management’s and Board of Directors of the Holding Company use of the going concern basis of accounting in preparation of consolidated financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group (Holding company and subsidiaries) to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the entities within the Group and its subsidiary companies to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled “Information other than the Consolidated Financial Statements and Auditor’s Report Thereon” in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore key audit matters .We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication

b. In our opinion, proper books of account as required by law have been kept by Company so far as it appears from our examination of those books.
c. and loss (including other comprehensive income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt with by this Report are in agreement with the relevant books maintained for the purpose of preparation of the consolidated
d. In our opinion, the consolidated financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors of the Holding Company as on 31st March ,2022 taken on the record by the Board of Directors of the Holding Company and on the basis of written representations received by the management from directors of its subsidiaries which are incorporated in India, as on 31 March 2022, none of the directors of the Group’s companies incorporated in India is disqualified as on 31 March 2022 from being appointed as a director in terms of Section 164(2)of the Act.
f. reference to consolidated financial statements of the Holding Company and its subsidiary companies incorporated in India and the operating effectiveness of such controls, refer to our separate report in ‘Annexure A’.
(B) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. litigations as at 31 March 2022 on the consolidated financial position of the Group. Refer Note 27 to the to the consolidated financial statements.
ii. The Group did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended 31 March 2022.
iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Holding Company and its subsidiary companies incorporated in India during the year ended 31 March 2022
(C) With respect to the matter to be included in the Auditors’ report under Section 197(16) of the Act:

In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, the managerial remuneration for the year ended March 31, 2022 has been paid / provided by the Holding Company, its subsidiaries, associates and joint ventures incorporated in India to their directors in accordance with the provisions of Section 197 read with Schedule V to the Act;

For Vinod K Mehta & Co.,

Chartered Accountants (Firm Registration No. : 111508W)

Report on Other Legal and Regulatory Requirements

(A) As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries, we report, to the extent applicable, that:

Divyesh V Mehta

Partner Membership No.:044293

Mumbai

a. We have sought and obtained all the information and explanations which to the best our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.

Date: May 24, 2022 UDIN:22044293AJMMGT8980

FORTY FIRST ANNUAL REPORT 2021-2022

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Annexure A to the Independent Auditors’ Report on the consolidated financial statements of PCS TECHNOLOGY LIMITED

Report on the Internal Financial Controls with reference to the aforesaid consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

(Referred to in paragraph A(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date).

In conjunction with our audit of the consolidated financial statements of PCS TECHNOLOGY LIMITED (“the Holding Company”) as of 31 March 2022, we have audited the internal financial controls with reference to the consolidated financial statements of the Holding Company and such companies incorporated in India under the Companies Act, 2013 which are its subsidiary companies, as of that date.

Management’s Responsibility for Internal Financial Controls

The respective company’s management and the Board of Directors are responsible for establishing and maintaining internal financial controls with reference to consolidated financial statements based on the criteria established by the respective company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to as “the Act”).

Auditor’s Responsibility

Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to consolidated financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists , and testing and evaluating the design and operating effectiveness of the internal controls based on procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.

Meaning of Internal Financial Controls with reference to Consolidated Financial Statements

A company’s internal financial controls with reference to consolidated financial statements are a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to consolidated financial statements includes those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements.

Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Holding Company and such companies incorporated in India which are its subsidiary companies, have, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls were operating effectively as at 31 March 2022, based on the internal financial controls with reference to consolidated financial statements criteria established by such companies considering the essential components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).

For Vinod K Mehta & Co.,

Chartered Accountants (Firm Registration No. : 111508W)

Divyesh V Mehta

Partner Membership No.:044293

Mumbai Date: May 24, 2022 UDIN:22044293AJMMGT8980

PCS TECHNOLOGY LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2022

				(Amount in Rs.)
Particulars		Note	As at 31-Mar-2022	As at 31-Mar-2021
I. 1 2 II. 1 2 3	ASSETS Non-Current Assets (a) Property, plant and equipment (b) Financial assets (i) Investments (c) Other assets Total non-current assets Current assets (a) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (b) Current income tax assets (net) (c) Other assets Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity (a) Share capital (b) Other equity Total Equity Liabilities Non-current liabilities (a) Financial liabilities (i) Long-term borrowings (ii) Other fnancial liabilities (b) Provisions Total non- current liabilities Current Liabilities (a) Financial liabilities (i) Trade and other payables (b) Current income tax liabilities (net) (c) Provisions (d) Other liabilities Total current liabilities TOTAL EQUITY AND LIABILITIES	3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18	88,207,609 10,000 11,086,195	90,591,326 20,000 12,612,790
			99,303,804 32,439,209 - 334,606,856 82,878 3,478,788	103,224,116 33,005,410 - 322,359,674 - 2,322,288
			370,607,731	357,687,372
			469,911,535	460,911,488
			209,506,770 218,040,017	209,506,770 209,041,860
			427,546,787 38,058,612 - 314,611	418,548,630 37,672,920 - 374,674
			38,373,223 684,232 - 522,956 2,784,337	38,047,594 554,116 575,135 442,798 2,743,215
			3,991,525	4,315,264
			469,911,535	460,911,488

Notes forming part of the financial statements

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman) Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

FORTY FIRST ANNUAL REPORT 2021-2022

STATEMENT OF CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2022

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			(Amount in Rs.)	(Amount in Rs.)
Particulars		Note No.	Year ended 31-Mar-2022	Year ended 31-Mar-2021
I. II. III. IV. V. VI. VII. VIII. (A) (B) IX. X.	Revenue from operations Other income (net) TOTAL INCOME Expenses: Employee beneft expenses Finance costs Impairement / (Gain) on fair value changes and Exceptional Items Depreciation and amortisation expenses Other expenses TOTAL EXPENSES PROFIT BEFORE TAX (III-IV) Tax expense: (a) Current tax (b) Deferred tax (c) Taxation pertaining to earlier years TOTAL TAX EXPENSE PROFIT FOR THE YEAR (V-VI) OTHER COMPREHENSIVE INCOME / (LOSSES) (i) Items that will be reclassifed subsequently to the statement of proft and loss: (ii) Income tax on items that will be reclassifed subsequently to statement of proft and loss (i) Items that will not be reclassifed subsequently to the statement of proft and loss: (a) Net changes in fair values of fnancial liabilities carried at fair value through OCI (ii) Income tax on items that will not be reclassifed subsequently to statement of proft and loss TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) (Bi-Bii) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (VII+VIII) Earning per equity share of face value of Rs.10 each I) For Contuining operation Basic (in Rs.) Diluted (in Rs.) II) For Discontuined Operations Basic (in Rs.) Diluted (in Rs.) III) For Discontuined & Continuing Operations Basic (in Rs.) Diluted(in Rs.)	19 20 21 22 23 24 25	2,821,777 24,211,991	2,598,727 25,695,851
			27,033,768	28,294,578
			7,830,056 3,985,278 (5,566,136) 2,383,717 7,894,144	7,779,172 3,880,571 (1,400,910) 2,479,902 7,175,413
			16,527,059 10,506,709 1,855,544 - 89,379	19,914,148 8,380,430 2,327,000 - 1,561,286
			1,944,923	3,888,286
			8,561,786	4,492,144
			- - 581,828 (145,457)	- - (332,300) 83,075
			436,371 8,998,157 0.41 0.41 - - 0.41 0.41	(249,225) 4,242,919 0.21 0.21 - - 0.21 0.21

Notes forming part of the Financial Statements

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman)

Bhaskar Patel Mehul Monani (CEO) (CS) M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

PCS TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH, 2022

Equity Share Capital	Equity Share Capital	Equity Share Capital	Equity Share Capital	Equity Share Capital
Particulars					(Amount in Rs.)
As at April 01, 2020 Changes in Equity share capital during the year Changes in Equity Share Capital due to prior period errors Restated balance at the beginning of the current reporting period Changes in equity share capital during the current year As at March 31, 2021 Changes in Equity share capital during the year Changes in Equity Share Capital due to prior period errors Restated balance at the beginning of the current reporting period Changes in equity share capital during the current year As at March 31, 2022					209,506,770 -
					209,506,770
					-
					209,506,770


Name of the Promoter	31.03.2022		31.03.2021			Percentage change during the year
	Number of shares held	% of Total Shares	Number of shares held	% of Total Shares
The Executor of Kanchanbai S Patni Deceased	61,286	0.29%	61,286	0.29%		-
Gajendrakumar S Patni	579,685	2.77%	579,685	2.77%		-
Ashokkumar S Patni	575,995	2.75%	575,995	2.75%		-
Apoorva Ashokkumar Patni	500,745	2.39%	500,745	2.39%		-
Ashoka Computer Systems Private Limited	1,901,560	9.08%	1,901,560	9.08%		-
PCS Cullinet Private Limited	1,901,559	9.08%	1,901,559	9.08%		-
PCS Finance Private Limited	1,901,560	9.08%	1,901,560	9.08%		-
Rajkumar Barjatya	760	0.00%	760	0.00%		-
Pankaj Patni	86	0.00%	86	0.00%		-
Ruchi Amit Kumar Patni	152,540	0.73%	152,540	0.73%		-
Anirudh Narendrakumar Patni	559,270	2.67%	559,270	2.67%		-
Poonam Narendrakumar Patni	695,626	3.32%	695,626	3.32%		-
Rajnikanta G Patni	2,456,549	11.73%	2,456,549	11.73%		-
Sadhana A Patni	1,760,404	8.40%	1,760,404	8.40%		-
Amit Kumar Patni	261,899	1.25%	261,899	1.25%		-
Munish Kumar Gangwal	56	0.00%	56	0.00%		-
Rajrani Gangwal	184	0.00%	184	0.00%		-
Sooraj Barjatya	145	0.00%	145	0.00%		-
Vasundhara Apoorva Patni	1,000,000	4.71%	1,000,000	4.71%		-
Arihant Gajendrakumar Patni	384,186	1.83%	384,186	1.83%		-
Meeta Devi Gangwal	184	0.00%	184	0.00%		-
Aakriti Amitkumar Patni	2,830	0.01%	2,830	0.01%		-
Ayushi Amitkumar Patni	2,830	0.01%	2,830	0.01%		-
TOTAL	14,699,939	70.16%	14,699,939	70.16%		-

FORTY FIRST ANNUAL REPORT 2021-2022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH, 2022

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	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)	(Amount in Rs.)
Other Equity	Reserves and Surplus						Total Other Equity
Particulars	Securities Premium Reserve	General Reserve	Capital reserve	Capital redemption reserve	Retained Earnings	Revaluation Reserve
As at April 01, 2020 Proft for the year Currency Fluctuation Reserve Other Comprehensive Income Resreve Other Comprehensive Income Total comprehensive income for the year Tax Dividend paid (including dividend distribution tax) Reserve Withdrawn As at March 31, 2021 Proft for the year Currency Fluctuation Reserve Other Comprehensive Income Resreve Other Comprehensive Income Total comprehensive income for the year Tax Dividend paid (including dividend distribution tax) Reserve Withdrawn As at March 31, 2022	- - - -	- - - -	- - - -	- - - -	204,882,016 4,492,144 - - (332,300)	- -	204,882,016 4,492,144 - - (332,300)
	- - -	- - -	- - -	- - -	4,159,844 -	- -	4,159,844 - - -
	- - - -	- - - -	- - - -	- - - -	209,041,860 8,561,786 - - 581,828	- - -	209,041,860 8,561,786 - - 581,828
	- - -	- - -	- - -	- - -	9,143,614 - -	- - -	9,143,614 - - -
	-	-	-	-	218,185,474	-	218,185,474

The accompanying notes form an integral part of the Financial Statements Significant Accounting Policies and Notes to Financial Statements

PCS TECHNOLOGY LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022

		(Amount in Rs.)	(Amount in Rs.)
Particulars		Year ended 31-Mar-22	Year ended 31-Mar-21
A. B. C.	Cash fow from operating activities Net proft after tax Adjustments for: Tax Provision OCI CSR Provision CSR Paid Depreciation Finance cost Gain / Loss / Impairment on investments and sundry balances Fixed assets written of / Proft or Loss of Sale of Fixed Assets Interest received Operating proft before working capital changes Decrease/ (increase) in trade and others receivables Decrease/ (increase) in inventories (Decrease)/ increase in trade and other payables Cash generated from operations Income tax paid (net of refunds) Net cash fow from/ (used in) operating activities Cash fow from investing activities Purchase of fxed assets Purchase of non-current investments Bank Fixed Deposits Proceeds from sale of fxed assets Interest received Net cash from/ (used in) investing activities Cash from fnancing activities Repayment of borrowings (net) Finance cost Net cash from/ (used in) fnancing activities Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year	8,561,786 1,944,923 436,371 - - 2,383,717 3,985,278 (5,566,136) - (18,619,416)	4,492,144 3,888,286 (332,300) - - 2,479,902 3,880,571 (1,400,910) - (19,942,615)
		(6,873,477) 26,816 - 1,890	(6,934,922) 305,427 - 297,092
		(6,844,771) (613,952)	(6,332,403) (2,601,121)
		(7,458,723)	(8,933,524)
		- 6,142,337 - - 17,548,846	(213,830) - - - 20,805,193
		23,691,183	20,591,363
		(385,692) (3,599,586)	(195,492) (3,685,079)
		(3,985,278)	(3,880,571)
		12,247,182 322,359,674	7,777,268 314,582,406
		334,606,856	322,359,674

Particulars		Year ended 31-Mar-22	Year ended 31-Mar-21
COMPONENTS OF CASH AND CASH EQUIVALENTS AS AT Cash on hand Balance with banks Cheques on hand Fixed deposits with banks, having remaining maturity for less than twelve months		20,476 9,004,111 - 325,582,269	57,987 8,943,694 - 313,357,993
Cash and cash equivalents at the end of the year		334,606,856	322,359,674

FORTY FIRST ANNUAL REPORT 2021-2022

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022

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RECONCILIATION STATEMENT OF CASH AND BANK BALANCE

RECONCILIATION STATEMENT OF CASH AND BANK BALANCE	RECONCILIATION STATEMENT OF CASH AND BANK BALANCE	RECONCILIATION STATEMENT OF CASH AND BANK BALANCE
Particulars			Year ended 31-Mar-22	Year ended 31-Mar-21
Cash and cash equivalents at the end of the year as per above Add: Balance with bank in dividend / unclaimed dividend accounts Add: Fixed deposits with banks, having remaining maturity for less than twelve months Add: Fixed deposits with banks (lien marked) Less: Fixed deposit with banks, having remaining maturity for more than twelve months			9,024,587 - 325,582,269 - -	9,001,681 - 313,357,993 - -
Cash and bank balance asper balance sheet(refer note no 7)			334,606,856	322,359,674
DISCLOSURE AS REQUIRED BY IND AS 7 Reconciliation of liabilities arising from fnancing activities
March 31, 2021	Opening balance	Cash fows	Non cash changes	Closing balance
Short term secured borrowings Longterm secured borrowings	- 37,672,920	- -	- 385,692	- 38,058,612
Total liabilities from fnancing activities	37,672,920	-	385,692	38,058,612

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman)

Bhaskar Patel (CEO)

Mehul Monani (CS)

M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1. CORPORATE INFORMATION

The Company along with its subsidiaries, cummulatively known as “The Group”. The Group is engaged mainly in IT and related FMS services. The parent Company is a public listed company incorporated and domiciled in India and the subsidiaries are public unlisted companies incorporated and domiciled in respective countries. The financial statements of the Group for the year ended 31st March 2022 are approved by the Board of Directors in Board Meeting.

2. SIGNIFICANT ACCOUNTING POLICIES

(A) Statement of Compliance
(i) In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as “IndAS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from 1 April, 2017. Previous periods have been restated to IndAS. The standalone financial statements as at and for the year ended 31 March 2022 are approved and authorized for issue by the Board of Directors on 24th May 2022. The standalone financial statements of the Company are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis except for certain financial assets and financial liabilities that have been measured at fair value. These standalone financial statements are presented in lakhs of Indian rupees which is also the Company’s functional currency, except per share data and as otherwise stated. Figures for the previous years have been regrouped/rearranged wherever considered necessary to conform to the figures presented in the current year.
These financial statements have been prepared in accordance with IndAS as notified under the Companies (Indian Accounting Standards) Rule, 2015 read with Section 133 of the Companies Act, 2013.
(B) Basis of preparation
These financial statements have been prepared on the historical cost basis, except for
(i) certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below.
(ii) Defined benefit plans - plan assets measured at fair value.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
(C) Use of estimates and judegements The preparation of these financial statements in conformity with the recognition and measurement principles of IndAS requires the management of The Group to make estimates and assumptions that affect the reported amounts of income and expense for the periods presented.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and future periods are affected.
Key sources of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of impairment of investments, useful lives of property, plant and equipment, valuation of deferred tax assets, provisions and contigent liabilities.

Dividend Declaration

Dividend on Preference Shares has been declared by the company on the basis of sec 123 of the companies act 2013.

Impairment of investments

The Group reviews its carrying value of investments carried at amortised cost annually, or more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for.

Useful lives of property, plant and equipment

The Group reviews the useful life of property, plant and equipment at the end fo each reporting period. This reassessment may result in change in depreciation expense in future periods.

Valuation of deferred tax assets

The Group reviews the carrying amount of deferred tax assets at the end of each reporting period. A deferred tax asset shall be recognised for all deductable temporary differences and unused losses to the extent that it is probable that taxable profit will be available against which the deductable temporary difference and unused losses can be utilised.

Provisions and contigent liabilities

A provision is required when The Group has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of The Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contigent liabilities are not recognised in the financial statements. A contigent asset is neither recognised nor disclosed in the financial statements.

CSR Provisions

The company is not required to make CSR provision for the year ended 31st Macrh 2022 as per the provisions of the sec 135(5) of the companies act 2013.

(D)

Revenue recognition

The Group earns revenue primarily from providing information tehchnology and consultancy services, including services under contracts for software development, implementation and other related services, licensing and sale of its own software, business process services and maintenance of equipment. The Group also sales the products ancillary to supply of above services.
The Group recognises revenue as follows:
Revenue from sale of services is recognized for the work completed in terms of the contract. Income from maintenance contracts is recognized on a time proportionate basis.
Revenue from sale of products is recognized when risk and reward are passed on to the customer which is generally on dispatch of goods.
Revenues is reported net of discounts, indirect and service taxes.
(E) Dividend income is recorded when the right to receive payment is established. Interest income is recognised using the effective interest method.

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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(F) Leases
No assets are taken on lease by The Group.
(G) Cost recognition Costs and expenses are recognised when incurred and have been classified according to their nature.

The costs of The Group are broadly categorised in employee benefit expenses, depreciation and amortisation and other operating expenses. Employee benefit expeses include employee compensation, allowances paid, contribution to various funds and staff welfare expenses. Other operating expenses mainly include fees to external consutants, cost of running its facilities, travel expenses, cost of equipment and software licenses, communication costs, allowances for delinquent receivables and advances and other expenses. Other expenses is an aggregation of costs which are individually not material such commission and brokerage, recruitment and training, entertainment etc.

(H) Foreign currency
The functional currency of the parent company and its Indian subsidiaries is Indian Rupee (INR) and functional currency of overseas subsidiaries is the local currency of the country where the same is incorporated .
Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of transaction. Foreign currency denominated monetary assets and liabilities are translated at the echange rate prevailing on the Balance Sheet date and exchange gains and losses arising on settlement and restatement are recognised in the Statement of Profit & Loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.

(I) Income taxes
Income tax expense comprises current tax expense and the net change in the deferred tax asset or liabilitiy during the year. Current and Deferred taxes are recognised in Statement of Profit & Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively.

Current income taxes

The current income tax expense includes income taxes payable by the parent company and its all subsidiaries. The current tax payable by the Company in India is Indian income tax paybale on worldwide income.

Deferred income taxes

Deferred income tax is recognised using the Balance Sheet approach. Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

Deferred income tax asset are recognised to the extent that it is probable that taxable profit will be available against which the dedutible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.

(J) Financial instruments

Financial assets and liabilities are recognised when The Group becomes a party to the contractual provisions of the instrument. Financial assets

and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability.

Cash and cash equivalents

The Group considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held within a business whose objective is to hold these assets to collect contractual cash flows and the contractual terms of the financial asets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at fair value through other comprehensive income

Financial liabilities

Financial liabilities are measured at amortised cost using the effective interest method.

Equity instruments

An equity instrument is a contract that evidences residual interest in the assets of The Group after deducting all of its liabilities. Equity instruments recognised by The Group are recognised at the proceeds received net off direct issue cost.

(K) Investment in subsidiaries

Investment in subsidiaries are measured at cost less impairment.

(L) Property, plant and equipment Property is stated at fair value less accumulated depreciation (other than freehold land) and impairment loss, if any.

Plant and equipment are stated at cost, less accumulated depreciation (other than freehold land) and impairment loss, if any.

for on	a prospective basis.
SN	Type of asset	Method	Useful lives
1 2 3 4 5 6 7 8	Buildings Leasehold improvements Plant and equipment Computer equipment Vehicles Ofce equipments Electrical installations Furniture and fxtures	Straight line Straight line Straight line Straight line Straight line Straight line Straight line Straight line	60 years 38 years 15 years 03 years 08 years 05 years 10 years 10years

Assets held under finance lease are depreciated over the shorter of the lease term and their useful lives.

On 28th December 2011, The Group has revalued its office premises located in Technocity, Navi Mumbai, on the basis of a Government approved valuer. Consequently increase in value of Rs.87,705,187 is transferred to Revaluation Reserve Account.

Depreciation is provided on the revalued amount at the rates calculated as per straight line method over the residual life of revalued assets, as certified by the Government approved valuer. At the rates and in the manner as specified in Schedule II of the Companies Act, 2013. Individual items of Fixed Assets added during the year costing upto Rs.5,000 each are fully depreciated in the first year.

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(M) Intangible assets

Intangible assets purchased are measured at cost as of the date of acquisition, as applicable, less accumulated amortisation and accumulated impairment, if any.

(N) Impairment

Financial assets (other than at fair value)

The Group assesses at each date of Balance Sheet whether a financial asset or a group of financial assets is impaired. IndAS 109 requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime expected losses for all contract assets and/or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

Financial assets (other than at fair value)

Tangible and intangible assets

If the recoverable amount of an asset (of CGU) is estimated to be less than its carrying amount, the carrying ammount of the asset (of CGU) is reduced to its recoverable amount. An impairment loss is recognised in the statement of profit and loss.

(O) Employee benefits

Defined benefit plans

For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in full in the Statement of Profit & Loss for the period in which they occur. Past service cost both vested and unvested is recognised as an expense at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognises related restructuing costs or termination benefits.

The retirement benefit obligations recognised in the Balance Sheet represents the present value of the defined obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the scheme.

Defined contribution plans

Contributions to defined contribution plans are recognised as expense when employees have rendered services entitling them to such benefits.

Compensated absences

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognised as an actuarially determined liability at the present value of the defined benefit obligation at the Balance Sheet date.

(P) Inventories

In view of nature of business of the company, it does not have any inventory of stock & spares as on year ended 31st March 2022 hence provision of clause 3(II) of the order are not applicable.

(R) Borrowing costs:

(S) Foreign currency transactions:

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of the transaction. Foreign currency monetary assets and liabilities are translated at year end exchange rates. Exchange difference arising on settlement of transactions and translation of monetary items are recognized as income or expenses in the year in which they arise. Transition to Ind AS

The Group has opted to continue the Accounting Policy availed under para 46 A of Accounting Standard - 11 ‘The effects of changes in foreign currency rates’ of IGAAP inserted vide notification dated December 29, 2011 issued by Ministry of Corporate Affairs, Government of India. Paragraph D13AA of Ind AS 101 allows an entity to continue this Accounting Policy availed under IGAAP for all outstanding long-term foreign currency monetary items as on March 31, 2016. Consequently, foreign exchange difference on account of long - term foreign currency borrowings utilised to acquire a depreciable asset is adjusted in the cost of the depreciable asset, which will be depreciated over the balance life of the asset.

The Group has opted the exemption vide para D12 of ind AS 101, accordingly the cumulative translation difference for all foreign operation are deemed to be zero at date of transition to Ind AS.

(T) Earnings per share

Basic earnings per share are computed by dividing profit or loss attributable to equity shareholders of The Group by the weighted average number of equity shares outstanding during the year. The Group did not have any potentially dilutive securities in any of the years’ presented.

Diluted earnings per share are computed by dividing net profit net profit attributable to the equity holders of The Group by the weighted average number of equity sharesconsidered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares unless the results would be anti - dilutive. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

Contributed equity:

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds

(U) Exceptional Items

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of The Group is such that its disclosure improves the understanding of the performance of The Group, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the financial statements.

(V) Additional Regulatory Charges

Sr No.	Asset under charges	Charge Amount	Date of Creation	Date of Modifcation
1	Immovable property or anyinterest therein	100,000,000	11-10-1999	12-03-2004
2	Immovable property or anyinterest therein	30,000,000	01-03-1999	12-10-2000

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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3 PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS

														(Amount in Rs.)
	Description											Intangible Assets		Total
		Buildings	Leasehold improvements	Plant and equipment	Computer equipment	Vehicles		Ofce equipments		Furiture and fxtures		Software
	Cost as at 1-Apr-2020 Additions Disposals Acquisitions through business combinations Revalutaion and other adjustment Cost as at 31-Mar-2021 Additions Disposals Acquisitions through business combinations Revalutaion and other adjustment Cost as at 31-Mar-2022 Accumulated depreciation as at 31-Mar-2020 Depreciation for the year Disposals Accumulated depreciation as at 31-Mar-2021 Depreciation for the year Disposals Accumulated depreciation as at 31-Mar-2022 Net carrying amount as at 31- Mar-2020 Net carrying amount as at 31- Mar-2021 Net carrying amount as at 31- Mar-2022	94,743,461	-	-	383,272	4,049,394		16,389,094		5,127,875		-		120,693,096
		- - - -	- - - -	- - - -	213,830 - - -	- - - -		- - - -		- - - -		- - - -		213,830 - - -
		94,743,461	-	-	597,102	4,049,394		16,389,094		5,127,875		-		120,906,926
		- - - -	- - - -	- - - -	- - - -	- - - -		- - - -		- - - -		- - - -		- - - -
		94,743,461	-	-	597,102	4,049,394		16,389,094		5,127,875		-		120,906,926
		4,468,101	-	-	315,215	3,752,767		15,569,883		3,729,731		-		27,835,697
		1,817,750			48,507	94,158				519,488				2,479,903 -
		6,285,851	-	-	363,722	3,846,925		15,569,883		4,249,219		-		30,315,600
		1,817,751	-	-	62,627	-		-		503,339		-		2,383,717 -
		8,103,602	-	-	426,349	3,846,925		15,569,883		4,752,558		-		32,699,317
		90,275,360 88,457,610 86,639,859	- - -	- - -	68,057 233,380 170,753	296,627 202,469 202,469		819,211 819,211 819,211		1,398,144 878,656 375,317		- - -		92,857,399 90,591,326 88,207,609
	i. Pursuant to Para D5 of Ind AS 101, the company has exercised option to consider fair value on the date of transition as deemed cost for buildings Rest all other assets are accounted as per Ind AS. Only if change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment/ intangible assets ii. As per the website of the Ministry of Corporate afairs, certain charges aggregating on properties of the Company are pending for satisfaction due to some procedural issues, although related loan amounts have already been paid.* (Amount in Rs.)
Particulars							Shares		S. F.		As at 31-Mar-22		As at 31-Mar-21
4	NON-CURRENT INVESTMENTS I) Investment carried at amortised cost II) Investment carried at fair value through proft or loss a) In Others (Unquoted) Saraswat Coop Bank Limited Total of investments in equity instruments b)Investment in Share Certifcates Membership of Technocity Co-operative Society Net investments Aggregate amount of quoted Investments (Market value Rs.Nil previous year Rs.Nil) Aggregate amount of Unquoted Investments Aggregateprovision for dimunition in value of investments						1,000		10		-		10,000
											-		10,000
											10,000		10,000
											10,000		10,000
											10,000 - 10,000 -		20,000 - 20,000 -

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

			(Amount in Rs.)
Particulars		As at 31-Mar-2022	As at 31-Mar-2021
5 6 7 8 9	OTHER ASSETS Deposits (under Protest ) with Excise & Customs Authorities & Others Advances recoverable in cash or in kind Income tax paid (Net of provisions) Non Current Bank Balances Other Non Current Assets CURRENT INVESTMENTS Corporate Bonds & Debentures Less : Provision for dimulation in value of investments * CASH AND CASH EQUIVALENTS Cash & Cash Equivalents Cash in hand Balances with Banks In Current account Deposits with Original maturity of more than 3 months but less than 12 months Total Cash & Bank Balances CURRENT INCOME TAX ASSETS - NET Income tax paid (Net of provisions) OTHER CURRENT ASSETS** Prepaid Expenses Interest Accrued	5,148,110 167,500 402,347 344,430 5,023,808	6,098,184 280,000 1,816,196 344,430 4,073,980
		11,086,195	12,612,790
		52,920,398 (20,481,189)	33,005,410 -
		32,439,209	33,005,410
		20,476 - 9,004,111 325,582,269	57,987 - 8,943,694 313,357,993
		334,606,856	322,359,674
		82,878	-
		82,878	-
		183,097 3,295,691	97,167 2,225,121
		3,478,788	2,322,288

Considering the current market valuations, the Company has made provision for impairement of investments during the current year and previous financial year. Reversal of the above provision as and where necessary has also been considered

** The amount includes unrealised credit of TDS relating to past assessment year.

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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			(Amount in Rs.)
Particulars		As at 31-Mar-2022	As at 31-Mar-2021
10	SHARE CAPITAL Authorised: 2,10,25,000 Equity share of Rs.10 each 39,75,000 Preference Shares of Rs.10 each (Redeemable, Non-Convertible & Non-Cumulative) Issued, Subscribed and paid up: 2,09,50,677 (Previous Year - 2,09,50,677) Equity Share of Rs.10 each	210,250,000 39,750,000	210,250,000 39,750,000
		250,000,000	250,000,000
		209,506,770	209,506,770
		209,506,770	209,506,770

a) Terms/ Rights attached to Equity Shares:

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. 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.

b) Reconciliation of the shares outstanding at the beginning and end of the year 31-03-2021, 31-03-2022:

Particulars	Particulars	Particulars	EquityShares	EquityShares
			Number	Amount in Rs.
Shares outstanding at the beginning of the year Shares outstandingat the end of theyear			20,950,677 20,950,677	209,506,770 209,506,770
Details of shareholding more than 5% Equity Shares of total Equity Shares in the company:
Name of Shareholder	As at 31/03/2022		As at 31/03/2021
	No. of shares	% holding	No. of shares	% holding
Mrs. Rajnikanta Patni PCS Finance Private Limited Ashoka Computer Systems Pvt. Ltd. PCS Cullinet Private Limited Mrs. Sadhana A. Patni	2,456,549 1,901,560 1,901,560 1,901,559 1,760,404	11.73 9.08 9.08 9.08 8.40	2,456,549 1,901,560 1,901,560 1,901,559 1,760,404	11.73 9.08 9.08 9.08 8.40

c) Details of shareholding more than 5% Equity Shares of total Equity Shares in the company:

			(Amount in Rs.)
	Particulars	As at 31-Mar-2022	As at 31-Mar-2021
11	OTHER EQUITY Retained Earnings Opening balance Add: OCI Reserves Add: Proft for the year Add: Remeasurement gain	(loss) on defned beneft plans Add: Tax on Other Comprehensive Income Closing balance	209,041,860 - 8,561,786 581,828 (145,457)
		218,040,017	209,041,860
			(Amount in Rs.)
	Particulars	As at 31-Mar-2022	As at 31-Mar-2021
12	LONG TERM BORROWINGS (carried at amortised value) Unsecured Loan from Related Parties/ Financial Liablities a) Preference Shares Total fnancial liabilities	38,058,612	37,672,920
		38,058,612	37,672,920

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

The above Long term borrowings include:

a) 39,75,000 (Previous Year - 39,75,000) 9% Preference Share of Rs.10 each (Redeemable, Non-Convertible & Non-Cumulative) carried at amortised cost
b) Terms/ Rights attached to Preference Shares:

c) Reconciliation of the shares outstanding at the beginning and end of the year 31-03-2021, 31-03-2022:

Reconciliation of the shares outstanding at the beginning and end of the year 31-03-2021, 31-03-2022:	Reconciliation of the shares outstanding at the beginning and end of the year 31-03-2021, 31-03-2022:	Reconciliation of the shares outstanding at the beginning and end of the year 31-03-2021, 31-03-2022:
Particulars			Preference Shares
			Number	Amount in Rs.
Shares outstanding at the beginning of the year Shares outstandingat the end of theyear			3,975,000 3,975,000	39,750,000 39,750,000
Details of shareholding more than 5% Preference Shares of total Preference Shares in the company:
Name of Shareholder	As at 31/03/2022		As at 31/03/2021
	No.of shares	% holding	No.of shares	% holding
Mr. Ashok Kumar Patni Mr. Gajendra Kumar Patni	1,965,000 1,480,000	49.43 37.23	1,965,000 1,480,000	49.43 37.23

d) Details of shareholding more than 5% Preference Shares of total Preference Shares in the company:

e) Board of Directors of the Company vide a resolution dated 14-March-2022 has approved the payment of 9 % dividend aggregating to the value of Rs.35,77,500

on 3975000- 9% Redeemable, Non-Convertible, Non-Cumulative Preference Shares (Preference Shares) of Rupees 10/- each fully paid up to the Preference Shareholders of the Company. The dividend on preference shares amounting to Rs.35,77,500 (dividend distribution tax is not applicable) has been paid on 14-March-2022 as per sec 123 of the Companies Act ,2013.

				(Amount in Rs.)
Particulars			As at 31-Mar-2022	As at 31-Mar-2021
13 14 15 16 17 18	OTHER FINANCIAL LIABILITIES Deposits received on rental premises PROVISIONS Long-term provision for leave benefts TRADE AND OTHER PAYABLES Due to Micro , Small and Medium Enterprises Others Less than 1 year 1-2 years 2-3 years More Than 3 years (Refer note 28 for details of dues to MSME) CURRENT INCOME TAX LIABILITIES - NET Income tax paid (Net of provisions) PROVISIONS Short-term provision for leave benefts OTHER CURRENT LIABILITIES Deferred Rental Deposits Deposits received on rental premises Statutory dues and taxes payable Trade advances	574,332 11,800 62,700 35,400	-	-
			-	-
			314,611	374,674
			314,611	374,674
			- 684,232	- 554,116
		684,232
			684,232	554,116
			-	575,135
			-	575,135
			522,956	442,798
			522,956	442,798
			- 2,400,000 204,366 179,971	- 2,400,000 163,244 179,971
			2,784,337	2,743,215

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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			(Amount in Rs.)
Particulars		Year ended 31-Mar-2022	Year ended 31-Mar-2021
19 20 21 22 23 24 25	REVENUE FROM OPERATIONS Sales of Services: IT and related FMS services Net Sales OTHER INCOME i) Interest income from Financial Assets measured at amortised cost Interest income from NCD & Bonds ii) Interest on Bank Deposits iiI) Rent income iv) Other non-operating income EMPLOYEE BENEFIT EXPENSES Salaries & Wages Contribution to Provident fund etc Staf Welfare expenses FINANCE COST Interest expense Dividend on Preference Shares Interest on fnancial liabilities carried at amortised cost IMPAIREMENT / (GAIN) ON FAIR VALUE CHANGES AND EXCEPTIONAL ITEMS Net (Gain)/ loss on impairment on Investments Interest Receivable Written-Of Settlement Expenses DEPRECIATION AND AMORTISATION EXPENSES Depreciation and amortisation expenses OTHER EXPENSES Power & fuel Rent Rates & taxes Insurance Advertisement & sales promotion Travelling and conveyance expenses Consumable, stores and spares Ofce maintainence Printing & stationery Communication expenses Auditor's remuneration as Auditors for Tax audit Legal, professional & consultancy charges Freight & forwarding Directors sitting fees Sales & Work contract tax paid Net Loss disposal of Investments carried at amortised cost Contribution to CSR Miscellaneous expenses	2,821,777	2,598,727
		2,821,777	2,598,727
		3,067,635 15,529,281 5,585,272 29,803	2,649,457 17,258,658 5,715,710 72,026
		24,211,991	25,695,851
		7,315,207 514,514 335	7,273,219 505,953 -
		7,830,056	7,779,172
		22,086 3,577,500 385,692	35,417 3,577,500 267,654
		3,985,278	3,880,571
		(5,566,136) - -	(1,400,910) - -
		(5,566,136)	(1,400,910)
		2,383,717	2,479,902
		2,383,717	2,479,902
		137,204 1,152,925 345,824 170,570 245,700 81,482 60,037 322,722 103,505 113,995 547,200 - 1,779,167 920 370,000 - - - 1,444,379	158,735 1,110,647 282,276 229,774 332,400 213,654 4,730 450,726 93,868 109,067 547,200 - 1,786,504 560 330,000 79,192 - - 1,446,080
		7,894,144	7,175,413

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

26. (a) Contingent Liability (in the current Period)

On Account of Custom Duty:

The Company has received a Show Cause Notice from Director of Revenue Intelligence demanding Rs. 2,15,40,551 u/s 28 of Custom Act 1962 on account of Custom Duty on import of OPK from Microsoft during the period of Apr2006 - Mar2007.

Status:

On Account of Redemption of Preference Shares:

With reference to note no 14(b) wherein a liability on account of payment of premium on redemption of 39,75,000 Redeemable Non-cumulative Nonconvertible Preference shares has been stated. In terms of Letter of Offer for the preference shares ,the premium on redemption would not exceed Rs.125 per preference shares totalling to maximum Liability on account of redemption not exceeding Rs.49,68,75,000 . The Board of Directors may decide at the time of redemption having regards to the Financial resources of the company. The Company’s management is of the opinion that liability in respect of these premium on preferernce shares (if any payable) shall be provided in books of account at the time of redemption , as the same will be dependent upon Financial ability of the company at the time of redemption.

26. (b) In respect of R&T activities undertaken by the Company in earlier years, the Company has been advised that the Company has good, valid and substantial defence in Suit No.1494 of 1997 filed by State Bank of India in the City Civil Court in Ahmedabad against the Company and IDBI (issuer of Incentive warrants) for the recovery of Rs.5,03,38,289/- with interest @21.50% p.a. This case was dismissed in the year 2009 by the said Court. SBI has filed condonation of delay application in the year 2010 which has been granted by the court and is being perused in the said Court at Ahmedabad. In view of the this the Company has not made any provision in respect of this litigation against the Company.

Particulars of dues to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):	Particulars of dues to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):	Particulars of dues to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):
Particulars	As at 31-Mar-22	As at 31-Mar-21
Principle amount due to suppliers under MSMED Act at theyear end	-	-
Interest accrued & due to suppliers under MSMED Act on the above amount, unpaid at theyear end	-	-
Payment made to suppliers(other than interest)beyond the appointed dayduringtheyear	-	-
Interestpaid to suppliers under MSMED Act duringtheyear	-	-
Interest due &payable to suppliers under MSMED Act forpayments alreadymade	-	-
Interest accrued & remainingunpaid at the end of theyear to supplier under MSMED Act.	-	-

Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management

29. (A) Value of imported and indigenous Computer and Peripherals Accessories consumed and percentage there of:

Particulars Imported Indigenous (B) Value of imports on CIF basis in respect of: Particulars Raw Material, Store & spares and Computer Peripherals (C) Expenditure in foreign currency: Particulars Traveling (D) Earning in foreign currency: Particulars Export sales and services Particulars of Earnings per Shares:	Particulars	31-Mar-22	31-Mar-22	31-Mar-21	31-Mar-21
		Value	%	Value	%
	Imported	-	0.00%	-	0.00%
	Indigenous	-	0.00%	-	0.00%
		-	0.00%	-	0.00%
	Value of imports on CIF basis in respect of:
	Particulars			31-Mar-22	31-Mar-21
	Raw Material, Store & spares and Computer Peripherals			-	-
	Expenditure in foreign currency:
	Particulars			31-Mar-22	31-Mar-21
	Traveling			-	-
	Earning in foreign currency:
	Particulars			31-Mar-22	31-Mar-21
	Export sales and services			-	-

Particulars				31-Mar-22	31-Mar-21
a)	Net Proft for theyear			8,561,786	4,492,144
b)	Number of equityshares outstandingat the beginningand at t	he end of theyear		20,950,677	20,950,677
c)	Nominal Value of the shares(Rs.)			10.00	10.00
d)	Basic and diluted Earning per share(Rs.) (a/b)			0.41	0.21

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

==> picture [70 x 35] intentionally omitted <==

31 CURRENT AND DEFERRED TAX

|The major components of income tax expense for the years ended March 31, 2022 and March 31, 2021 are:
a)
Income tax expense
(Amount in Rs.)
Particulars
2021-22
2020-21
i)
Current tax
Current tax on profts for the year
1,855,544
2,327,000
Adjustments for current tax ofpriorperiod
-
-
Total current tax expense
1,855,544
2,327,000
ii)
Deferred tax
(Decrease) | Increase in deferred tax liabilities
-
-
Decrease | (Increase) in deferred tax assets
-
-
Trfd to OCI on actuarialgain or loss
-
-
Total deferred tax expense|(beneft)
-
-
Income tax expense
1,855,544
2,327,000
b)
The reconciliation between the Statutory income tax rate applicable to the Company and the efective income tax rate of the Company is as follows
Particulars
2021-22
2020-21
a) Statutory income tax rate
26.00%
26.00%
b) Diferences due to:
i) Expenses not deductible for tax purposes
8.73%
114.79%
ii) Income exempt from income tax
0.00%
0.00%
iii) Income tax incentives
0.00%
0.00%
iv)Others
-15.21%
-113.16%
Efective income tax rate
19.52%
27.63%
c)
No aggregate amounts of current and deferred tax have arisen in the reporting periods which have been recognised in equity and not in Statement
of Proft and Loss or other comprehensive income.
d)
Current tax assets (net)
(Amount in Rs.)
Particulars
2021-22
2020-21
Add: Tax paid in advance, net of provisions during the year
2,083,879
1,751,865
Less: Current taxpayable for theyear
(2,001,001)
(2,327,000)
Closing balance
82,878
(575,135)|The major components of income tax expense for the years ended March 31, 2022 and March 31, 2021 are:
a)
Income tax expense
(Amount in Rs.)
Particulars
2021-22
2020-21
i)
Current tax
Current tax on profts for the year
1,855,544
2,327,000
Adjustments for current tax ofpriorperiod
-
-
Total current tax expense
1,855,544
2,327,000
ii)
Deferred tax
(Decrease) | Increase in deferred tax liabilities
-
-
Decrease | (Increase) in deferred tax assets
-
-
Trfd to OCI on actuarialgain or loss
-
-
Total deferred tax expense|(beneft)
-
-
Income tax expense
1,855,544
2,327,000
b)
The reconciliation between the Statutory income tax rate applicable to the Company and the efective income tax rate of the Company is as follows
Particulars
2021-22
2020-21
a) Statutory income tax rate
26.00%
26.00%
b) Diferences due to:
i) Expenses not deductible for tax purposes
8.73%
114.79%
ii) Income exempt from income tax
0.00%
0.00%
iii) Income tax incentives
0.00%
0.00%
iv)Others
-15.21%
-113.16%
Efective income tax rate
19.52%
27.63%
c)
No aggregate amounts of current and deferred tax have arisen in the reporting periods which have been recognised in equity and not in Statement
of Proft and Loss or other comprehensive income.
d)
Current tax assets (net)
(Amount in Rs.)
Particulars
2021-22
2020-21
Add: Tax paid in advance, net of provisions during the year
2,083,879
1,751,865
Less: Current taxpayable for theyear
(2,001,001)
(2,327,000)
Closing balance
82,878
(575,135)|The major components of income tax expense for the years ended March 31, 2022 and March 31, 2021 are:
a)
Income tax expense
(Amount in Rs.)
Particulars
2021-22
2020-21
i)
Current tax
Current tax on profts for the year
1,855,544
2,327,000
Adjustments for current tax ofpriorperiod
-
-
Total current tax expense
1,855,544
2,327,000
ii)
Deferred tax
(Decrease) | Increase in deferred tax liabilities
-
-
Decrease | (Increase) in deferred tax assets
-
-
Trfd to OCI on actuarialgain or loss
-
-
Total deferred tax expense|(beneft)
-
-
Income tax expense
1,855,544
2,327,000
b)
The reconciliation between the Statutory income tax rate applicable to the Company and the efective income tax rate of the Company is as follows
Particulars
2021-22
2020-21
a) Statutory income tax rate
26.00%
26.00%
b) Diferences due to:
i) Expenses not deductible for tax purposes
8.73%
114.79%
ii) Income exempt from income tax
0.00%
0.00%
iii) Income tax incentives
0.00%
0.00%
iv)Others
-15.21%
-113.16%
Efective income tax rate
19.52%
27.63%
c)
No aggregate amounts of current and deferred tax have arisen in the reporting periods which have been recognised in equity and not in Statement
of Proft and Loss or other comprehensive income.
d)
Current tax assets (net)
(Amount in Rs.)
Particulars
2021-22
2020-21
Add: Tax paid in advance, net of provisions during the year
2,083,879
1,751,865
Less: Current taxpayable for theyear
(2,001,001)
(2,327,000)
Closing balance
82,878
(575,135)|The major components of income tax expense for the years ended March 31, 2022 and March 31, 2021 are:
a)
Income tax expense
(Amount in Rs.)
Particulars
2021-22
2020-21
i)
Current tax
Current tax on profts for the year
1,855,544
2,327,000
Adjustments for current tax ofpriorperiod
-
-
Total current tax expense
1,855,544
2,327,000
ii)
Deferred tax
(Decrease) | Increase in deferred tax liabilities
-
-
Decrease | (Increase) in deferred tax assets
-
-
Trfd to OCI on actuarialgain or loss
-
-
Total deferred tax expense|(beneft)
-
-
Income tax expense
1,855,544
2,327,000
b)
The reconciliation between the Statutory income tax rate applicable to the Company and the efective income tax rate of the Company is as follows
Particulars
2021-22
2020-21
a) Statutory income tax rate
26.00%
26.00%
b) Diferences due to:
i) Expenses not deductible for tax purposes
8.73%
114.79%
ii) Income exempt from income tax
0.00%
0.00%
iii) Income tax incentives
0.00%
0.00%
iv)Others
-15.21%
-113.16%
Efective income tax rate
19.52%
27.63%
c)
No aggregate amounts of current and deferred tax have arisen in the reporting periods which have been recognised in equity and not in Statement
of Proft and Loss or other comprehensive income.
d)
Current tax assets (net)
(Amount in Rs.)
Particulars
2021-22
2020-21
Add: Tax paid in advance, net of provisions during the year
2,083,879
1,751,865
Less: Current taxpayable for theyear
(2,001,001)
(2,327,000)
Closing balance
82,878
(575,135)|
|---|---|---|---|
||Particulars|2021-22|2020-21|
||i)
Current tax
Current tax on profts for the year
Adjustments for current tax ofpriorperiod|1,855,544
-|2,327,000
-|
||Total current tax expense|1,855,544|2,327,000|
||ii)
Deferred tax
(Decrease) | Increase in deferred tax liabilities
Decrease | (Increase) in deferred tax assets
Trfd to OCI on actuarialgain or loss|-
-
-|-
-
-|
||Total deferred tax expense|(beneft)|-|-|
||Income tax expense|1,855,544|2,327,000|
||The reconciliation between the Statutory income tax rate applicable to the Company and the efective income tax rate of the Company is as follows|||
||Particulars|2021-22|2020-21|
||a) Statutory income tax rate
b) Diferences due to:
i) Expenses not deductible for tax purposes
ii) Income exempt from income tax
iii) Income tax incentives
iv)Others|26.00%
8.73%
0.00%
0.00%
-15.21%|26.00%
114.79%
0.00%
0.00%
-113.16%|
||Efective income tax rate|19.52%|27.63%|
||No aggregate amounts of current and deferred tax have arisen in the reporting periods which have been recognised in equity and not in Statement
of Proft and Loss or other comprehensive income.
Current tax assets (net)
(Amount in Rs.)|||
||Particulars|2021-22|2020-21|
||Add: Tax paid in advance, net of provisions during the year
Less: Current taxpayable for theyear|2,083,879
(2,001,001)|1,751,865
(2,327,000)|
||Closing balance|82,878|(575,135)|

e) Unrecognsied temporary differences

The Company has not recognised deferred tax liability associated with fair value gains on equity share measured at OCI as based on Management projection of future taxable income and existing plan it is not probable that such difference will reverse in the foreseeable future.

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

32 EMPLOYEE BENEFIT OBLIGATIONS

Funded Scheme

a) Defined Benefit Plans: Gratuity The Company operates a gratuity plan through the ‘PCS TECHNOLOGY LIMITED Employees Gratuity Trust’. Every Employee is entitled to a benefit equivalent to fifteen days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972 or Company scheme whichever is beneficial. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous service.

Balance sheet amount (Gratuity Liability)

Particulars	Amount in Rs.
April 1, 2020
Present Value of obligations at beginning of theyear	3,177,281
Current service cost Interest expense	(income)
Total amount recognised inproft and loss	327,511
Remeasurements Return on plan assets, excluding amount included in interest expense	(income) (Gain )
Total amount recognised in other comprehensive income	25,932
Employer contributions Beneftpayments	- (130,800)
March 31, 2020	3,399,924
Current service cost Interest expense	(income)
Total amount recognised inproft and loss	329,339
Remeasurements Return on plan assets, excluding amount included in interest expense	(income) (Gain )
Total amount recognised in other comprehensive income	(83,304)
Employer contributions Beneftpayments	- (234,808)
March 31, 2021	3,411,151
Current service cost	179,087
Interest expense	(income)
Total amount recognised inproft and loss	328,310
Remeasurements Return on plan assets, excluding amount included in interest expense	(income) (Gain )
Total amount recognised in other comprehensive income	(56,977)
Employer contributions Beneftpayments	- -
March 31, 2022	3,682,484

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

==> picture [70 x 35] intentionally omitted <==

Balance sheet amount(Gratuity Asset)	Balance sheet amount(Gratuity Asset)
Particulars	Amount in Rs.
April 1, 2017 Fair Value of Plan Assets at the beginning of the year Interest income/ (Expense) Contribution byEmployer	14,154,755 685,621 1,500,000
Total amount recognised inproft and loss	16,340,376
Remeasurements Benefts paid Return on plan assets, excluding amount included in interest expense	(income) Experience(gains)
Total amount recognised in other comprehensive income	(8,623,093)
Employer contributions Beneftpayments	- -
March 31, 2018	7,717,283
Interest income/ (Expense) Contribution byEmployer	452,740 -
Total amount recognised inproft and loss	452,740
Remeasurements Benefts paid Return on plan assets, excluding amount included in interest expense	(income) Experience(gains)
Total amount recognised in other comprehensive income	(727,086)
Employer contributions Beneftpayments	- -
March 31, 2019	7,442,937
Interest income/ (Expense) Contribution byEmployer	653,669 -
Total amount recognised inproft and loss	653,669
Remeasurements Benefts paid Return on plan assets, excluding amount included in interest expense	(income) Experience(gains)
Total amount recognised in other comprehensive income	(489,216)
Employer contributions Beneftpayments	- -
March 31, 2020	7,607,390
Interest income/ (Expense) Contribution byEmployer	444,849 -
Total amount recognised inproft and loss	444,849
Remeasurements Benefts paid Return on plan assets, excluding amount included in interest expense	(income) Experience(gains)
Total amount recognised in other comprehensive income	(567,108)
Employer contributions Beneftpayments	- -
March 31, 2021	7,485,131
Interest income/ (Expense) Contribution byEmployer	428,457 -
Total amount recognised inproft and loss	428,457

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

|Remeasurements
Benefts paid
Return on plan assets, excluding amount included in interest expense|(income)
Experience(gains)|losses|Remeasurements
Benefts paid
Return on plan assets, excluding amount included in interest expense|(income)
Experience(gains)|losses|Remeasurements
Benefts paid
Return on plan assets, excluding amount included in interest expense|(income)
Experience(gains)|losses|Remeasurements
Benefts paid
Return on plan assets, excluding amount included in interest expense|(income)
Experience(gains)|losses|-
-
792,704
-|
|---|---|---|---|---|
|Total amount recognised in other comprehensive income||||792,704|
|Employer contributions
Beneftpayments||||-
-|
|March 31, 2022||||8,706,292|
|The net liability disclosed above relates to funded and unfunded plans are as follows:
(Amount in Rs.)|||||
|Particulars|||As at
31-03-2022|As at
31-03-2021|
|Present value of funded obligations
Fair value ofplan assets|||3,682,484
8,706,292|3,411,151
7,485,131|
|Defcit of Gratuity plan|||(5,023,808)|(4,073,980)|
|Signifcant estimates: Actuarial assumptions and sensitivity
The signifcant actuarial assumptions were as follows:|||||
|Particulars|||As at
31-03-2022|As at
31-03-2021|
|Discount rate
Attrition rate
Rate of return on plan assets
Salaryescalation rate|||6.57%
1.00%
12.00%
5.00%|6.33%
1.00%
12.00%
5.00%|
|Major category of plan assets are as follows:|||||
|Particulars|31-Mar-22||||
||Quoted|Unquoted|Total|in %|
|Government of India assets
Debt instruments
Corporate bonds
Investment funds
Fixed Deposit
Others
Special deposit scheme|-
-
-|-
8,706,292
-|-
8,706,292
-|-
100%
-|
||-|8,706,292|8,706,292|100%|
|Major category of plan assets are as follows:|||||
|Particulars|31-Mar-21||||
||Quoted|Unquoted|Total|in %|
|Government of India assets
Debt instruments
Corporate bonds
Investment funds
Fixed Deposit
Others
Special deposit scheme|-
-
-|-
7,485,131
-|-
7,485,131
-|-
100%
-|
||-|7,485,131|7,485,131|100%|

Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

i) Asset volatility

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

==> picture [70 x 35] intentionally omitted <==

Expected contributions to post-employment benefit plans for the year ending March 31, 2022 is NIL

The weighted average duration of the defined benefit obligation is 5 years (2015-16: 5 years). The expected maturity analysis of gratuity is as follows:

The weighted average duration of the defned beneft obligation is 5 years (2015-16: 5 years). The expected maturity analysis of gratuity is as follows:	The weighted average duration of the defned beneft obligation is 5 years (2015-16: 5 years). The expected maturity analysis of gratuity is as follows:
(Amount in Rs.)
Particulars	Total
Defned beneft obligation (gratuity) As at March 31, 2022 As at March 31, 2021	3,682,484.00 3,411,151.00

b) Defined contribution plans:

Amount of Rs.1,00,147 (March 31, 2021: Rs.1,01,439) is recognised as expense and included in the Note 21 ‘Salary and Wages’.

c) Provident fund:

The Company makes monthly contribution to Government approved Provident Fund.

d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”

d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”	d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”	d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”	d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”	d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”	d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”	d) Compensated absences amount of Rs.50,895 (March 31, 2021: Rs.24,633) is recognised as expense and included in the Note 21 “Salaries & Wages”
Fair Value Measurement (Amount in Rs.)
Particulars	31-Mar-22			31-Mar-21
	FVPL	FVOCI	Amortised cost	FVPL	FVOCI	Amortised cost
Financial assets Investments: Equity instruments Trade receivables Cash and bank balances Other receivables	10,000 - -	- - -	- - 334,606,856 -	20,000 - -	- - -	- - 322,359,674 -
Total Financial assets	10,000	-	334,606,856	20,000	-	322,359,674
Financial liabilities Trade payables Security deposits Preference Shares	- -	- -	684,232 2,400,000 38,058,612	- -	- -	554,116 2,400,000 37,672,920
Total fnancial liabilities	-	-	41,142,844	-	-	40,627,036

33 Fair Value Measurement

Fair Value Heirarchy

Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022 (Amount in Rs.)	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022 (Amount in Rs.)	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022 (Amount in Rs.)	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022 (Amount in Rs.)	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022 (Amount in Rs.)	Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2022 (Amount in Rs.)
Particulars	Notes	Level 1	Level 2	Level 3	Total
Financial liabilities Preference Shares Securitydeposits		-	-	38,058,612.00 2,400,000.00	38,058,612.00 2,400,000.00
Total fnancial liabilities		-	-	40,458,612.00	40,458,612.00
Financial assets and liabilties which are measured at amortised cost for which fair values are disclosed at March 31, 2021 (Amount in Rs.)
Particulars	Notes	Level 1	Level 2	Level 3	Total
Financial liabilities Preference Shares Securitydeposits		-	-	37,672,920.00 2,400,000.00	37,672,920.00 2,400,000.00
Total fnancial liabilities		-	-	40,072,920.00	40,072,920.00

There were no transfers between any levels during the year:

Level 1:

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

Level 2:

Level 3:

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

b) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

i) the use of quoted market prices or dealer quotes for similar instruments
ii) the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.

iii) the fair value of forward foreign exchange contracts are determined using forward exchange rates at the Balance Sheet date

iv) the fair value of foreign currency option contracts is determined using the Black Scholes valuation model.
v) the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

All of the resulting fair value estimates are included in level 1 and 2.

c) Valuation processes

Fair value of fnancial assets and liabilities measured a	t amortised cost (Amount in Rs.)	t amortised cost (Amount in Rs.)	t amortised cost (Amount in Rs.)	t amortised cost (Amount in Rs.)
Particulars	As at March 31, 2022		As at March 31, 2021
	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets: Loans to subsidiary companies Loans to Employees	- -	- -	-	-
Total fnancial assets	-	-	-	-
Financial liabilities Security deposits Preference Shares	2,400,000 39,750,000	2,400,000 38,058,612	2,400,000 39,750,000	2,400,000 37,672,920
Total fnancial liabilities	42,150,000	40,458,612	42,150,000	40,072,920

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

34 CAPITAL MANAGEMENT

Risk management

For the purposes of the Company’s capital management, the Company considers the following components of its Balance Sheet to be managed capital:

Total equity as shown in the Balance Sheet includes General reserve, Retained earnings, Share capital, Security premium. Total debt includes current debt plus non-current debt.

(Amount in Rs.)

Particulars	31-Mar-22	31-Mar-21
Total Debt Total Equity Debt-Equityratio	38,058,612.00 427,546,787.00 0.09	37,672,920.00 418,548,630.00 0.08

35 EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

a) Gross amount spent by the Company for the period from FY 2014-15 to FY 2018-19 is Rs.63.10 lacs. The provisions of CSR are not applicable in FY 2020-21 and FY 2021-22.

36 REGROUPED | RECAST | RECLASSIFIED

Figures of the earlier year have been reclassified to conform to Ind AS presentation requirements.

FORTY FIRST ANNUAL REPORT 2021-2022

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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37 ROUNDING OFF

All figures are rounded off to the nearest Rupee.

38. Segment Reporting: The Company is engaged mainly in IT & related FMS services, as such it is the only reportable business segment. The export sales of the company are NIL and hence there is single reportable geographical segment. 39.1 Related parties disclosures:

A Names of the related parties (where control exists) - Subsidiary Companies 1. PCS Positioning Systems (India) Limited 2. PCS Infotech Limited, India
B Other Related parties with whom there are transactions during the year. a) Key Management Personnel 1. Mr. G.K.Patni (Chairman) 2. Mr. A.K.Patni (Vice Chairman)
b) Relatives of key management personnel 1. Mrs. Rajnikanta Patni (Wife of Mr. G.K. Patni)
1. Mrs. Sadhna Patni (Wife of Mr. A.K. Patni)
1. Mr. Apoorva Patni (Son of Mr. A.K.Patni)
1. Mr. Arihant Patni (Son of Mr. G.K. Patni)
1. Mrs. Ruchi Patni (Daughter-in-law of Mr. G.K. Patni)
1. Sobhagmal M. Patni HUF (Mr.G.K.Patni & Mr.A.K.Patni are members of HUF)
c) Afliates (Enterprises over which Key Management personnel or their relatives have signifcant infuence) 1. Kalpavruksh Systems Private Limited
- (Formerly known as Kalpavruksh Systems Limited)
Patni Healthcare Private Limited (Formerly known as Patni Healthcare Limited)
Ashok Patni Family Trust

Transactions carried out with relatedparties referred above, in ordinay course of business: (Amount in Rs.)	Transactions carried out with relatedparties referred above, in ordinay course of business: (Amount in Rs.)	Transactions carried out with relatedparties referred above, in ordinay course of business: (Amount in Rs.)	Transactions carried out with relatedparties referred above, in ordinay course of business: (Amount in Rs.)	Transactions carried out with relatedparties referred above, in ordinay course of business: (Amount in Rs.)	Transactions carried out with relatedparties referred above, in ordinay course of business: (Amount in Rs.)
	Description	Key Management Personnel	Relative of key Management Personnel	Afliates	Total
1	Sales of goods and services			2,543,400 (2,326,788)	2,543,400 (2,326,788)
2	Rent paid	- (-)	- (-)	- (-)	- -
3	Reimbursement of expenses paid	- (-)	- (-)	- (-)	- -
4	Recovery of expenses received	- (-)	- (-)	- (-)	- -
5	Loan Taken	- (-)	- (-)	- -	- -
6	Loan Refunded	- (-)	- (-)	- (-)	- -
7	Security Deposit (Rent) received back	- (-)	- (-)	- (-)	- -
8	Payment returned for receivables	- (-)	- (-)	- (-)	- -
9	Remuneration to Directors	- (-)	- (-)	- (-)	- -
10	Dividend Paid	1,332,000 (1,332,000)	- (-)	2,245,500 (2,245,500)	3,577,500 (3,577,500)

PCS TECHNOLOGY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)	Signifcant transactions carried out with relatedparties referred above, in ordinary course of business: (Amount in Rs.)
	Description		Key Management Personnel		Relative of key Management Personnel		Afliates
1	Sales of goods and services Kalpavruksh Systems Private Limited		- -		- -		2,543,400 (2,326,788)
2	Rent paid		- -		- -		- -
3	Reimbursement of expenses paid		- (-)		- (-)		- (-)
4	Recovery of expenses received		- -		- -		- -
5	Loan Taken		- -		- -		- -
6	Loan Refunded		- (-)		- (-)		- (-)
7	Security Deposit (Rent) received back		- (-)		- -		- -
8	Payment returned for receivables		- (-)		- (-)		- (-)
9	Remuneration to Directors		- (-)		- (-)		- (-)
10	Dividend Paid Ashok Patni Family Trust G K Patni Ashoka Computer Systems Pvt Ltd PCS Cullinet Pvt Ltd PCS Finance Pvt Ltd		- (-)		- (-) - (-)		1,768,500 (1,768,500) - (-)
			1,332,000 (1,332,000)
			- (-)		- (-)		162,000 (162,000)
			- (-)		- (-)		162,000 (162,000)
			- (-)		- (-)		153,000 (153,000)
Balance outstanding as atyear end:			(Amount in Rs.)
	Description	Key Management Personnel		Relative of key Management Personnel		Afliates		Total
1	Receivable	- (-)		- (-)		- (-)		- -
2	Loan taken	- (-)		- (-)		- (-)		- -
3	Property deposits	- (-)		- (-)		- (-)		- -

FORTY FIRST ANNUAL REPORT 2021-2022

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Signifcance closing balances outstanding as atyear end: (Amount in Rs.)	Signifcance closing balances outstanding as atyear end: (Amount in Rs.)	Signifcance closing balances outstanding as atyear end: (Amount in Rs.)	Signifcance closing balances outstanding as atyear end: (Amount in Rs.)	Signifcance closing balances outstanding as atyear end: (Amount in Rs.)
	Description	Key Management Personnel	Relative of key Management Personnel	Afliates
1	Receivable	- -	- -	- (-)
2	Loan Taken	- -	- -	- -
3	Property Deposits	- -	- -	- -

40.1 Disclosure required by SEBI (LODR) Reg, 2016:

Amount of loans and advances in nature of loans outstanding from subsidiaries:(net of provisions) (Amount in Rs.) PCS Positioning Systems (India) Limited - -

Note: Previous year figures are shown in brackets

40.2 Details of Investment by the Loanee in the shares of the company:

None of the Loanee have made investments in the shares of the company.

41. Figures for the previous year have been regrouped/ rearranged wherever necessary.

As per my report of even date attached

For and on behalf of the Board of Directors

For Vinod K Mehta & Co Chartered Accountants (FRN-111508W)

Divyesh V Mehta (Partner) Membership No. 044293

Place: Mumbai Date : 24th May, 2022

A. K. Patni (Vice Chairman)

Bhaskar Patel Mehul Monani (CEO) (CS)

M P Jain (CFO) Place: Mumbai Date : 24th May, 2022

Notes

BY SPEED POST / REGISTERED POST / COURIER

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To
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If undelivered please return to :

Bigshare Services Pvt. Ltd

Office No S6-2, 6th floor Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093, Tel.- 022-62638295

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PCS TECHNOLOGY LIMITED Registered Office :82/6/1, Solar Park, Shop no.6, Pune-Alandi Road, Dattanagar, Dighi- Pune- 411015

AI assistant

PCS Technology Ltd. — Annual Report 2022

64029_rns_2022-08-29_53f9c1a5-08ce-401e-9e53-f15cd7198cba.pdf

PCS Technology Limited

PCS TECHNOLOGY LIMITED CIN - L74200MH1981PLC024279

BOARD OF DIRECTORS

Mr. M.P Jain

Mr. Bhaskar Patel

Mr. Mehul Monani

AUDITORS

REGISTERED OFFICE

REGISTRAR & SHARE TRANSFER AGENT

41[st] ANNUAL GENERAL MEETING

FORTY FIRST ANNUAL REPORT 2021-2022

NOTICE TO MEMBERS

ORDINARY BUSINESS:

NOTES :

Re-appointment of Mr. Gajendra Kumar Patni (DIN : 00014163) (Item no. 2)

Gajendra kumar Patni

Listed Companies (other than PCS Technology Limited) in which Mr. Gajendra Kumar Patni holds the directorship and Committees membership:

PCS TECHNOLOGY LIMITED

3. Voting through electronic means

The instructions for members for voting electronically are as under:-

CDSL e-Voting System – For Remote e-voting and e-voting during AGM/EGM

FORTY FIRST ANNUAL REPORT 2021-2022

PCS TECHNOLOGY LIMITED

FORTY FIRST ANNUAL REPORT 2021-2022

(xv) Facility for Non – Individual Shareholders and Custodians –Remote Voting

INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM/EGM THROUGH VC/OAVM & E-VOTING DURING MEETING ARE AS UNDER:

PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE COMPANY/DEPOSITORIES.

General:

PCS TECHNOLOGY LIMITED

FORTY FIRST ANNUAL REPORT 2021-2022

DIRECTOR’S REPORT

The Members,

PCS TECHNOLOGY LIMITED

FINANCIAL RESULTS

OPERATIONS

EXTRACTS OF ANNUAL RETURN

DIVIDEND

RESERVES

MATERIAL CHANGES & COMMITMENTS AFFECTING THE FINANCIAL POSITIONS OF THE COMPANY

ANNUAL PERFORMANCE EVALUATIONS

Appointment

PCS TECHNOLOGY LIMITED

Cessation

Retirement by Rotation

Declaration given by Independent Director

Board and Audit Meetings

Remuneration Policy

COMMITTEES OF THE BOARD

STATUTORY AUDITOR

SECRETARIAL AUDITOR

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

DIRECTORS’ RESPONSIBILITY STATEMENT

CORPORATE SOCIAL RESPONSIBILITY (CSR)

CORPORATE GOVERNANCE

SUBSIDIARY COMPANY

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188 IN THE PRESCRIBED FORM

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

RELATED PARTY TRANSACTIONS

DEPOSITS

CODE OF CONDUCT

CONSOLIDATED FINANCIAL STATEMENT

PARTICULARS OF EMPLOYEES

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

ACKNOWLEDGEMENTS

PCS TECHNOLOGY LIMITED

COMPOSITION OF THE COMMITTEE

Audit Committee

Stakeholders Relationship Committee

Nomination and Remuneration Committee

Corporate Social Responsibility Committee (CSR Committee)

FORTY FIRST ANNUAL REPORT 2021-2022

FORM NO. MR-3 SECRETARIAL AUDIT REPORT

PCS TECHNOLOGY LIMITED

I further report that–

Kaushal Doshi

FORTY FIRST ANNUAL REPORT 2021-2022

PCS Technology Ltd. Annual Report 2022