Pulz Electronics Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

Rights, Preferences and restriction attached to shares

The Company has one class of equity shares having a par value of ? 10 each. Each shareholder is eligible for one vote per share held and carry a right to dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company had given an advance of ? 1,200 thousands to an agency for providing consultancy and guidance services in relation to the establishment of an Export Unit in a Special Economic Zone (SEZ). Subsequently, due to the unfortunate demise of the working partner of the said agency, the assignment could not be completed and the process was discontinued. The Company has initiated legal proceedings for the recovery of the said amount.

Dividend, aggregating to ? 138 thousands, on 1% Unlisted, Unrated Fully paid-up, Non-Convertible, Perpetual Non- | Cumulative Preference Shares of ? 10/- each of Unity Small Finance Bank Limited, received during the financial years 2022-23 and 2023-24, which hitherto was credited to the Investment account in respective years is now being reversed and correspondingly the said dividend is recognised under Other Income, considered as being Prior Period Income. I I

Upon reconciling Input Tax Credit (ITC) as per Electronic Credit Ledger (ECL) and ITC recorded as per books of account, | an accumulated excess ITC amounting to ? 862 thousands was identified due to wrong availment of credit both in current and previous periods. Due to lack of availability of details so as to accurately allocate the excess ITC to the respective expenses, the reversal is considered as GST expense.

Exceptional items represent the write down of inventories to its net realisable value. The write down is due to material items identified on physical verification of inventories as at March 31,2025 as no longer usable or saleable in ordinary course of business.

Contingent Liabilities
Contingent Liabilities not provided for:
Demand raised for VAT liability (Refer Notes 29.1 and 29.2)	158	158
Demand raised for CST liability (Refer Notes 29.1 and 29.3) Claims against the Company not acknowledged as debts - Employee	364	364
related (Refer Note 29.1)	683	683
Total	1,205	1,205

In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the ground that there are fair chances of successful outcome of appeals.

Amount deposited with department of Goods and Service Tax with respect to VAT liability is ? 9 thousands.

Amount deposited with department of Goods and Service Tax with respect to VAT liability is ? 198 thousands.

The Company has entered in to cancellable leasing arrangement for its factory / office premises and warehouse. The following amounts are recognised in the Statement of Profit and Loss :

Disclosure Pursuant To AS 15 on "Employee Benefits”

i. Defined Benefit Plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is unfunded. The following tables summaries the components of net benefit expense recognised in the Statement of Profit and Loss and amounts recognised in the Balance Sheet for the gratuity plan.

ii. Defined Contribution Plan:

Provident Fund and pension

In accordance with the Employee’s Provident Fund and Miscellaneous ProvisionsAct, 1952 eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees’ salary. The contributions, as specified under the law, are made to the provident fund set up as an irrevocable trust by the Company, post contribution of amount specified under the law to Employee Provident Fund Organisation on account of employee pension scheme.

Segment ReportingAs PerAS 17

Identification of Segments

I. Primary Segment - Business Segment

The Company is engaged in the business of developing and manufacturing high quality Audio Systems,which is the only operating segment asperAS-17

ii. Secondary Segment - Geographical Segment

The analysis of geographical information is based on the geographical location of the customers. The geographical information considered for disclosure are as follows:

Sales within India include sales to customers located within India

Sales outside India include sales to customers outside India as per the following geographical segments:

Property, Plantand Equipment by Geographical Locations

The Company has common Property, Plant and Equipment for producing goods for domestic as well as overseas market.There are no Property, Plant and Equipment situated outside India. Hence, additional Isegment-wise information for Property, Plant and Equipment or addition to Property, Plant and Equipment has not been furnished.

35 The Company came with an Initial Public Offer of equity shares on November 14, 2017 and closed on November 16, 2017. The Initial Public Offer was for 7,26,000 equity shares of face value of ? 10 each. The shares were offered to the public through the book building process at a price band of ? 51 to ? 54. The price of ? 54 was discovered under the book building process and the issue proceeds aggregated to ? 39,204 thousands. The shares of the Company were listed on the National Stock Exchange of India Limited, EMERGE Platform on November 24, 2017. Out of the issue proceeds an amount of ? 5,889 thousands, is unutilized.

These unutilized amounts were held as fixed deposits with Punjab Maharashtra Bank. On 23 September 2019, the RBI imposed operational restrictions on PMC Bank for six months. Due to this, the bank account holders were not allowed to withdraw funds from their accounts. The Central Government has sanctioned the scheme of amalgamation ofPunjaband Maharashtra Bank With Unity Small Finance Bank Limited (‘UNITY BANK’) with effect from January 25, 2022 and the entire undertaking of PMC Bank,all its business, assets and liabilities including deposits were transferred to and vested in Unity Bank in terms of the scheme.

In pursuant to the scheme the balance amount of deposits was be settled as follows:

i. 80 % of the uninsured deposits outstanding (aggregate in various accounts) to the credit of each institutional depositor, are converted into Perpetual Non-Cumulative Preference Shares (‘PNCPS”) of Unity Bank. The PNCPS shall have dividend of One Percent (1%) per annum payable annually, on and from the appointed date. The PNCPS shall not be redeemed or convertible into equity shares of Unity Bank. After 10 years from the appointed date, Unity Bank may at its sole discretion, consider additional benefits of such PNCPS at face value on a pro-rata basis, subject to receipt of approval from the RBI.

ii. The remaining 20% amount of the uninsured deposits outstanding to the credit of each institution depositor are converted into equity warrants of Unity Bank at a price of INR 1 per warrant. These equity warrants will be converted into equity shares of Unity Bank at the time of Initial Public Offers (IPO) of Unity Bank. The price of such conversion will be determined at the lower band of the IPO price.

36 During the financial year ended March 31,2025, the Company has paid remuneration to its Managing Director as also to Whole Time Director which is in excess to the extent of ? 4,349 thousands of the limits prescribed under Section 197 of the Act, and is considered as an item of expense under “Employee Benefits Expense” for the year. The Company shall obtain approval from the shareholders by way of a special resolution at the ensuing annual general meeting.

37 During the previous financial year ended March 31, 2024, the Company had paid remuneration to its Whole Time Director which was in excess to the extent of ? 1,629 thousands of the limits prescribed under Section 197 of the Act, for which the Company has neither obtained any approval from the shareholders nor made any recovery of the said excess remuneration till the date of the Balance Sheet. The Company has recovered such excess remuneration paid since the date of the Balance Sheet.

38 In accordance with Section 177(2) of the Act, those companies which are required to have an audit committee, are to have an audit committee consist of a minimum of three directors with independent directors forming a majority. The Audit Committee of the Company was reconstituted on May 30, 2024, and as at the Balance Sheet date, the Committee comprised of four directors, including two independent directors. Such composition of the Audit Committee was not in compliance with requirements under Section 177(2) of theActfor the majority of the members of theAudit Committee to be independent directors. Since the date of the Balance Sheet, the Board of Directors, at their meeting held onApril 28,2025, have re-constituted theAudit Committee in compliance with the above requirement.

The Company has undertaken the following activities as part of its Corporate Social Responsibility (CSR) initiatives during the financial year ended March 31,2025, in accordance with Section 135 of the CompaniesAct, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014:

Nature of CSRActivities

a. Environmental Conservation:

Support for the Save Soil movement aimed at enhancing soil health and sustainable agriculture. Participation in Cauvery Calling, an initiative focused on planting trees to revitalize the Cauvery river basin and promote ecological sustainability.

b. Education:

Initiatives to provide access to quality education for underprivileged children, including scholarships, distribution of learning materials, and support for educational infrastructure.

c. Mental Health and Wellbeing:

Programs|to create awareness and provide support for mental|health care, counseling services, and|stress management.

d. Child Welfare/Senior Citizen Welfare

Support for projects focused on the nutrition, health, protection, and overall welfare of children in vulnerable communities. Assistance for programs that promote the dignity, health care, and social engagement of senior citizens.

e. Animal Welfare:

Contributions to organizations engaged in the rescue, care, and rehabilitation of animals, and promotion of animal welfare awareness.

f. Educational, Spiritual, and Cultural Activities:

Support for initiatives that foster educational advancement, cultural heritage, and spiritual well-being in society.

g. Sanitation and Public Health:

Donation to the Swachh Bharat Kosh, established by the Government of India to support activities for improving sanitation facilities and achieving the objectives of the Swachh BharatAbhiyan (Clean India Mission).

42. Additional Regulatory Information

i. The Company does not have any Immovable Property whose title deeds are not held in the name of the Company.

ii. The Company has not revalued its Property, Plant and Equipment during the year.

iii. The Compamydoes not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami Property.

iv. The Company has borrowed from banks on the basis of security of current assets. The Company has filed Stock and Debtors statement with banks for working capital which are in agreement with the books of account.

v. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter at any time during the financial year or after the end of reporting period but before the date when financial statements are approved.

vi. To the best of knowledge and information available with the Company, the Company has no transaction with any of the Companies whose name is struck off under section 248 of the Companies Act, 2013 or Section 560 of the CompaniesAct, 1956.

vii. There are no charges pending either requiring registration or for the satisfaction thereof with the Registrar of Companies beyond the statutory period prescribed under the relevant provisions of the CompaniesAct, 2013.

viii. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the CompaniesAct, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

ix. No scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the CompaniesAct, 2013during the reporting period.

x. Utilisation of Borrowed funds and share premium and otherfunds:

a. The management represents that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or any other sources or kind of funds) by the Company to or in

: any other persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b. The management represents that, to the best of its knowledge and belief, no funds have been received by the

| | Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, |

whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

xi. Additional Regulatory Information pursuant to clause 5(ix) and 5(xi) of General Instruction for preparation of Statement of Profit and Loss as given in Part I of Division I of Schedule III to the CompaniesAct, 2013 :

a. The Company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or anyother relevant provisions of the IncomeTaxAct, 1961).

b. The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

44 Figures for the previous year have been regrouped/reclassified/rearranged,wherever necessary to conform to the current period''s presentation and classification.

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Mar 31, 2024

10. PROVISONS.CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The Company recognizes as provisions, the liabilities being present obligation arising out of past events, the settlement of which is expected to result in an outflow of resources which can be measure only by using a substantial degree of estimation.

Contingent liabilities are disclosed by way of notes to the financial statements after careful evaluation by the management of the facts and the legal aspects of the matter involved.

Contingent assets are neither recognized nor disclosed.

As per the Actuarial Valuation Report of Gratuity Liability, based on the above assumptions, gratuity liability as on March 31,2024 works out to INR 5,812.63.The same has been provided in the books of accounts.

The company does not allow accumulation of leaves and the employees are allowed to encash maximum 12 days of the balance leave on December 31 every year. However during the current year the employees were allowed to encash all accumulated leaves over and above 7 days available on March 31,2024.

By considering the materiality level of accumulation of leave balance, the company has not obtained the actuarial valuation as on March 31,2024 and has provided for the liability of the accumulated leave of INR 456.44 /-.

32. Sundry Debtor and Creditors Balances are subject to confirmation, adjustments if any, will be made in the accounts on receipt of such confirmation.

33. The Company is listed on the SME platform of the National Stock Exchange of India Limited and the provisions of the IND AS as per rule 4 of the Companies (Indian Accounting Standards) Rules, 2015, Reconciliation of Profit and Loss and Reconciliation of Equity does not apply to the company and hence not reported.

34. a) Primary segment reporting (by business segments)

The company is in the business of developing and manufacturing high quality Audio Systems and the company''s business falls within a single business segment of Audio Systems. Therefore disclosures under Accounting Standard 17- Segment Reporting are not reported separately.

b) Secondary segment reporting (by geographical segments)

Secondary segmental reporting is identified on the basis of the geographical location of the customers. The Company has identified India, South East Asian Countries and rest of the world.as the geographical segments for secondary segmental reporting.

Geographical sales are segregated based on the location. All assets other than trade receivables and advances to suppliers are located in India. Similarly all capital expenditure is incurred towards fixed assets located in India.

a) Current Ratio : The current ratio is a liquidity ratio that measures a company''s ability to pay short-term obligations or those due within one year. It is calculated by computed by dividing its total current assets by its total current liabilities.

There is variance in this ratio as the Current Assets have increased in the current year.

b) Return on Equity Ratio : Return on Equity (ROE) is a measure of profitability of a Company expressed in percentage. It is calculated by dividing total income by average shareholder''s equity.

There is variance in this ratio due to increase in shareholder''s equity in the current year as compared to in preceding year.

c) Inventory Turnover Ratio: measures the efficiency with which a Company utilizes or manages its inventory. It establishes the relationship between sales and average inventory held during the period. It is calculated by dividing turnover by average inventory.

There is variance in this ratio is primarily on account of increase in Inventory.

d) Trade Receivable Turnover Ratio: Trade Receivable Turnover Ratio measures the efficiency at which the Company is managing the receivables. The ratio shows how well a Company uses and manages the credit it extends to customers and how quickly that short-term debt is collected or is paid. It is calculated by dividing turnover by average trade receivables.

There is variance in this ratio primarily on account of decrease in Trade Receivable.

I e) Trade Payable Turnover Ratio: Trade Payable Turnover Ratio measures the efficiency at which the Company |

is managing the payables. The ratio shows how well a Company uses and manages the credit extended to it by I 1 its vendors. It is calculated by dividing turnover by average trade payables. II I II

There is variance in this ratio primarily on account of decrease in Trade Payables.

f) Net Capital Turnover Ratio: Net Capital Turnover Ratio indicates a company''s effectiveness in using its working capital.

| | There is variance in this ratio is primarily on account of increased working capital.

g) Net Profit Ratio: The Net Profit Margin is equal to how much Net Profit is generated as a percentage of revenue. It is calculated by dividing net profit by turnover.

¦ ¦ There is variance in Net profit ratio as there is higher profit in the current yearto in preceding year. ¦

h) Return on Capital Employed (ROCE) indicates the ability of a Company''s management to generate returns for ¦ i « both the debt holders and the equity holders. It measures a Company''s profitability and the efficiency with which •

its capital is used. It is calculated by dividing profit before exceptional items, interest and tax by capital employed. Capital Employed = tangible net worth total debt deferred tax liability.

There is variance in Capital Employed ratio as the capital employed is higher in the current year compared to in preceding year.

42. The Company came with an Initial Public Offer of equity shares on November 14, 2017 and closed on November 16, 2017. The Initial Public Offer was for 7,26,000 equity shares of face value of Rs. 10 each. The shares were offered to the public through the book building process at a price band of INR 51 to INR 54. The price of INR 54 was discovered under the book building process and the issue proceeds aggregated to INR 39,204.00. The shares of the company were listed on the National Stock Exchange of India Limited, EMERGE Platform on November 24,

2017.Out of the issue proceeds an amount of INR 5.889.00/- ,is unutilized.

These unutilized amounts are held as fixed deposits with Punjab Maharashtra Bank.

On 23 September 2019, the RBI imposed operational restrictions on PMC Bank for six months. Due to this, the bank account holders are not allowed to withdraw funds from their accounts.

The Central Government has sanctioned the scheme of amalgamation of Punjab and Maharashtra Bank With Unity Small Finance Bank Limited (''UNITY BANK'') with effect from January 25, 2022 and the entire undertaking of PmC Bank, all its business, assets and liabilities including deposits shall stand transferred to and vested in Unity Bank in terms of the scheme.

I n pursuant to the scheme the balance amount of deposits shall be settled as follows:

i. 80 percent of the uninsured deposits outstanding (aggregate in various accounts) to the credit of each institutional depositor, shall be converted into Perpetual Non-Cumulative Preference Shares (''PNCPS”) of Unity Bank. The PNCPS shall have dividend of One Percent (1%) per annum payable annually, on and from the appointed date. The PNCPS shall not be redeemed or convertible into equity shares of Unity Bank. After Ten years (10 years) from the appointed date, Unity Bank may at its sole discretion, consider additional benefits of such PNCPS at face value on a pro-rata basis, subject to receipt of approval from the RBI.

ii. The remaining 20 percent amount of the uninsured deposits outstanding to the credit of each institution depositor will be converted into equity warrants of Unity Bank at a price of INR 1 per warrant .These equity warrants will be converted into equity shares of Unity Bank at the time of INITIAL Public Offers (IPO) of Unity Bank. The price of such conversion will be determined at the lower band of the IPO price.

43. Company has given an advance of INR 12,00.00 to an agency in relation to setting up an Export Unit in SEZ.The scope of the agency was to provide consultancy and guidance in this relation. However due to the unfortunate demise of the working partner of the agency, the process has since then been discontinued. The company has initiated recovery of the said amount through legal process.

44. Previous Year''s figures have been regrouped/reclassified to conform to the current year''s presentation, wherever necessary

As per our report of even date attached For and on behalf of the Board of Directors

| For KUMBHAT & CO. | | | | | |

Chartered Accountants ^{Ramakrishnan M}.^K. ^Anirvan G^h°s^e

Fi_rm R_eg. No. : 001609S Chairman & Director Managing Director

DIN: 00194891 DIN: 00188496

Gaurang C. Unadkat

P_art_ner Mihir Doshi Sneha Mundra

Membership No. 131708 Chief Financial Officer Company Secretary

& Compliance Officer

Place: Mumbai ^{Place: Mumbai}

Dated: May 30, 2024 ^{Dated: May 30}, ²⁰²⁴

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Mar 31, 2023

10. PROVISONS,CONTINGENT LIABILITIES AND CONTINGENTASSETS

The Company recognizes as provisions, the liabilities being present obligation arising out of past • events, the settlement of which is expected to result in an outflow of resources which can be * j measure only by using a substantial degree of estimation.

Contingent liabilities are disclosed by way of notes to the financial statements after careful evaluation by the management of the facts and the legal aspects of the matter involved.

Contingent assets are neither recognized nor disclosed.

As per the Actuarial Valuation Report of Gratuity Liability, based on the above assumptions, gratuity liability as on March 31,2023 works out to INR 5,014.10/-.The same has been provided in the books of accounts.

The company does not allow accumulation of leaves and the employees are allowed to encash maximum 12 days of the balance leave on December 31 every year. However during the current year the employees were allowed to encash all accumulated available on March 31,2023.

By considering the materiality level of accumulation of leave balance, the company has not obtained the actuarial valuation as on March 31,2023 and has provided for the liability of the accumulated leave of INR 464.99/-.

32. Sundry Debtor and Creditors Balances are subject to confirmation, adjustments if any, will be made in the accounts on receipt of such confirmation.

33. The Company is listed on the SME platform of the National Stock Exchange of India Limited and the provisions of the IND AS as per rule 4 of the Companies (Indian Accounting Standards) Rules, 2015, Reconciliation of Profit and Loss and Reconciliation of Equity does not apply to the company and hence not reported.

34. a) Primary segment reporting (by business segments)

The company is in the business of developing and manufacturing high quality Audio Systems and the company''s business falls within a single business segment ofAudio Systems. Therefore disclosures underAccounting Standard 17- Segment Reporting are not reported separately.

b) Secondary segment reporting (by geographical segments)

Secondary segmental reporting is identified on the basis of the geographical location of the customers. The Company has identified India, South East Asian Countries and rest of the world.as the geographical segments for secondary segmental reporting.

Geographical sales are segregated based on the location. All assets other than trade receivables and advances to suppliers are located in India. Similarly all capital expenditure is incurred towards fixed assets located in India.

a) Return on Equity Ratio : Return on Equity (ROE) is a measure of profitability of a Company expressed in

: percentage. It is calculated by dividing total income by average shareholder''s equity.i

There is variance in this ratio as there is profit in current year is higher compared to in preceding year.

b) Inventory Turnover Ratio: measures the efficiency with which a Company utilizes or manages its inventory. It establishes the relationship between sales and average inventory held during the period. It is calculated by dividing turnover by average inventory.

There is variance in this ratio is primarily on account of increase in Sales.

c) Trade Receivable Turnover Ratio: Trade Receivable Turnover Ratio measures the efficiency at which the Company is managing the receivables. The ratio shows how well a Company uses and manages the credit it extends to customers and how quickly that short-term debt is collected or is paid. It is calculated by dividing turnover by average trade receivables.

There is variance in this ratio primarily on account of increase in Trade Receivable.

d) Trade Payable Turnover Ratio: Trade Payable Turnover Ratio measures the efficiency at which the ¦ Company is managing the payables. The ratio shows how well a Company uses and manages the credit extended to it by its vendors. It is calculated by dividing turnover by average trade payables.

- - There is variance in this ratio primarily on account of increase in Trade Payables.

^_ e) Net Capital Turnover Ratio: Net Capital Turnover Ratio indicates a company''s effectiveness in using its

¦ working capital.

There is variance in this ratio is primarily on account of increased working capital.

f) Net Profit Ratio: The Net Profit Margin is equal to how much Net Profit is generated as a percentage of revenue. It is calculated by dividing net profit by turnover.

There is variance in Net profit ratio as there is higher profit in the current yearto in preceding year.

g) Return on Capital Employed (ROCE) indicates the ability of a Company''s management to generate returns for both the debt holders and the equity holders. It measures a Company''s profitability and the efficiency with which its capital is used. It is calculated by dividing profit before exceptional items, interest and tax by capital employed. Capital Employed = tangible net worth total debt deferred tax liability.

There is variance in Capital Employed ratio as there is higher profit in the current year compared to in preceding year.

42. The Company came with an Initial Public Offer of equity shares on November 14,2017 and closed on November 16,2017. The Initial Public Offer was for 7,26,000 equity shares of face value of Rs. 10 each. The shares were offered to the public through the book building process at a price band of INR 51 to INR 54. The price of INR 54 was discovered underthe bookbuilding process and the issue proceeds aggregated to INR39,204.00. The shares of the company were listed on the National Stock Exchange of India Limited, EMERGE Platform on November 24, 2017.Outof the issue proceeds an amount of INR 5,889.00/-, is unutilized.

These unutilized amounts are held as fixed deposits with Punjab Maharashtra Bank.

On 23 September 2019, the RBI imposed operational restrictions on PMC Bank for six months. Due to this, the bank account holders are not allowed to withdraw funds from their accounts.

The Central Government has sanctioned the scheme of amalgamation of Punjab and Maharashtra Bank With Unity Small Finance Bank Limited (''UNITY BANK'') with effect from January 25, 2022 and the entire undertaking of PmC Bank, all its business, assets and liabilities including deposits shall stand transferred to and vested in Unity Bank in terms of the scheme.

In pursuant to the scheme the balance amount of deposits shall be settled as follows:

i. 80 percent of the uninsured deposits outstanding (aggregate in various accounts) to the credit of each institutional depositor, shall be converted into Perpetual Non-Cumulative Preference Shares (''PNCPS”) of Unity Bank. The PNCPS shall have dividend of One Percent (1%) per annum payable annually, on and from the appointed date. The PNCPS shall not be redeemed or convertible into equity shares of Unity Bank. After Ten years (10 years) from the appointed date, Unity Bank may at its sole discretion, consider additional benefits of such PNCPS at face value on a pro-rata basis, subject to receipt of approval from the RBI.

II. The remaining 20 percent amount of the uninsured deposits outstanding to the credit of each institution depositor will be converted into equity warrants of Unity Bank at a price of INR 1 per warrant .These equity warrants will be converted into equity shares of Unity Bank at the time of INITIAL Public Offers (IPO) of Unity Bank. The price of such conversion will be determined at the lower band of the IPO price.

43. Company has given an advance of INR 12,00.00 to an agency in relation to setting up an Export Unit in SEZ. The scope of the agency was to provide consultancy and guidance in this relation. However due to the unfortunate demise of the working partner of the agency, the process has since then been discontinued. The company has initiated recovery of the said amount through legal process.

44. Previous Year''s figures have been regrouped/reclassified to conform to the current year''s presentation, wherever necessary

For KUMBHAT & CO. ¦ I For Pulz Electronics Limited

^{Chartered Accountants} Ramakrishnan M.K. Anirvan Ghose

^{Firm R}e^g. ^N°. ^{: 001609S} Chairman & Director Managing Director

DIN: 00194891 DIN: 00188496

Gaurang C. Unadkat

^Part^ner Mihir Doshi Sneha Mundra

^{Membership N}°. ¹³¹⁷⁰⁸ Chief Financial Officer Company Secretary

& Compliance Officer

^Place: Mumbai Place: Mumbai

I I ^Dated: May 24, ²⁰²³ Dated: May 24, 2023