The Company was incorporated on July 13, 1950. The Company is engaged in Sale & Service of Lead Storage Batteries,
Power Back up System & Automotive Parts. The Company's registered office is located at Level-I, Block-A, Shiv Sagar
Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India. The company shares are listed in Bombay
Stock Exchange (BSE). Corporate office of the Company is located at A-1115 Titanium Business Park, Nr Makarba
Railway Crossing, Jivraj Park, Ahmedabad, , Gujarat-380051 , India.
PAE Limited (hereinafter called "The Company") went into CORPORATE INSOLVENCY RESOLUTION PROCESS
(CIRP) after one of the Financial Creditors ALP Acres and Landlines filed an application under section 7 of Insolvency
and Bankruptcy Code, 2016.
The said application was admitted by the National Company Law Tribunal vide order dated 22nd April, 2024.The
Resolution Plan submitted by Successful Resolution Applicant Mr. Jatinbhai Ramanbhai Patel, was unanimously
approved by the CoC (Committee of Creditors), by 100% of the voting share through e-voting.The approved resolution
1.01.Statement of Compliance:
The financial statements of the company have been prepared in accordance with Ind AS notified under the Companies
(Indian Accounting Standards) Rules, 2015 notifies under Section 133 of Companies Act, 2013 (the "Act") and the other
relevant provisions of the Act.
These standalone financial statements have been prepared for the Company as a going concern on the basis of relevant
Ind AS that is effective at the Company's annual report date, March 31, 2025. These standalone financial statements were
authorized for issuance by the Company's Board of Directors on May 29 2025.
1.02. Basis of preparation and presentation:
The financial statement have been prepared on the historical cost except for certain financial instruments that are
measured at fair values at the end of each reporting period, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange of goods and services. Fair
value is the price which that would be received or paid to transfer a liability in an orderly transaction between market
1.03. Use of Estimates:
The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS
requires the management of the Company to make estimates and assumptions that affect the reported balances of assets
and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported
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. The management believes that
the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due
to these estimates and differences between actual results and estimates are recognized in the periods in which the results
Key source 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 Fair valuation of financial
instruments, useful lives of property, plant and equipment, valuation of deferred tax Assets & liabilities and provisions
Useful lives of property, plant and equipment
Valuation of deferred tax assets & Liabilities
The Company reviews the carrying amount of deferred tax assets & Liabilities at the end of each reporting period.
Provisions and contingent liabilities
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is
probable that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditures expected to be required to settle the Obligation using a
pre-tax rate that reflects current market assessments of the time value of money (if the impact of discounting is
significant) and the risks specific to the obligation. The increase in the Provision due to unwinding of discount over
passage of time is recognized as finance cost. Provisions are reviewed at the each reporting date and adjusted to reflect
A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract
are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the
present value of the expected net cost of continuing with the contract. Before a provision is established, the company
A disclosure for a contingent liability is made where there is a possible obligation that arises from past events and 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 the 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
Fair value measurements and valuation processes
Some of the company's assets and liabilities are measured at fair value for financial reporting purposes. The company has
obtained independent fair valuation for financial instruments wherever necessary to determine the appropriate valuation
techniques and inputs for fair value measurements. In some cases the fair value of financial instruments is done internally
by the management of the Company using market-observable inputs. In estimating the fair value of an asset or a liability,
the company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the
company engages third party qualified valuers to perform the valuation. The qualified external valuers establish the
appropriate valuation techniques and inputs to the model. The external valuers report to the management of the
1.04. Property, Plant & Equipment
Pursuant to Hon'ble NCLT Order dated 27.11.2024, Property Plant & Equipment has been written off as per relevant
1.05. Depreciation on Property, plant and equipment:
Pursuant to Hon'ble NCLT Order dated 27.11.2024, Property Plant & Equipment has been written off so no Depreciation
1.06. Non - current assets held for sale
Pursuant to Hon'ble NCLT Order dated 27.11.2024, Non-current asset has been written off as per relevant Income Tax
No Intangible Assets recorded as at March 31, 2025.
1.08.Impairment of Assets
At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased
to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit)
1.09.Financial Instruments:
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the
instrument. Financial assets and financial 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 (FVTPL)] are added to or deducted from the fair value of the financial assets
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 in order to collect contractual cash flows and the contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount
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 and selling financial assets and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
Financial asset at fair value through profit or loss:
Financial assets are measured at fair value through profit or loss unless it is measured at amortized cost or at fair value
through other comprehensive income on initial recognition. Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the statement of
A Financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder
for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt
instruments.
Financial guarantee contracts issued by a holding company are initially measured at their fair values and, if not
• The amount of loss allowance determined in accordance with impairment requirements of IND AS 109: and
• The amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance
Impairment of financial assets
The company recognizes loss allowance using the expected credit loss (ECL) model for the financial assets which are not
fair valued through profit or loss. Loss allowance for all financial assets is measured at an amount equal to lifetime ECL.
The company has used practical expedient by computing expected credit loss allowance for trade receivable by taking
into consideration historical credit loss experience and adjusted for forward looking information. The amount of expected
credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required
De-recognition of financial assets
The company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire or when it
transfers the financial asset and substantially all the risk and rewards of ownership of the asset to another party. On
Derecognition of a financial assets in its entirety, the difference between the asset's carrying amount and the sum of the
consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive
income and accumulated in equity is recognized in the statement of Profit or Loss if such gain or loss would have
Gains or losses arising on re-measurements are recognized in the statement of Profit or Loss. The net gain or loss
recognized in the statement of Profit and Loss incorporates any dividend or interest earned on the financial assets and in
1.10.Financial Liabilities and Equity Instruments:
Classification as debt or equity
Debt and Equity instruments issued by a company are classified as either financial liabilities or as Equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the company are recognized at the proceeds received, net of direct issue costs.
Financial Liabilities
All financial liabilities are measured at amortized cost using the effective interest method.
De-recognition of financial liabilities
AUDITED NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2025
The company derecognizes financial liabilities when, and only when, the company's obligations are discharged, cancelled
or have expired. An exchange with a new lender of debt instruments with sub- stantially different terms is accounted for
as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a
substantially modification of the terms of an existing financial liability is accounted for as an extinguishment of the
original financial liability and the recognition of a new financial liability. The difference between the carrying amount of
1.11.Inventories:
No Inventories were recorded in the Financial Year 2024-25
1.12.Revenue Recognition:
i) Revenue from Operation:
The company was under CIRP Process untill the NCLT Order dated 27.11.2024, so Revenue from Operations is NIL for
ii. Other Income
Pursuant to NCLT Order dated 27.11.2024, All Liabilities of the company has been written off as per applicable provisions
1.13.Operating cycle
Assets and liabilities other than those relating to long term contracts are classified as current if it is expected to realize or
settle within 12 months after the balance sheet date.
1.14. 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 Cash in hand, balances with banks &
demand deposits with banks which are unrestricted for withdrawal and usage. The amount is Rs 1.89 Lacs for the FY
1.15. Cash Flow Statement
Cash flows are reported using indirect method, whereby profit/ (loss) before extraordinary items and tax is adjusted for
the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing activities of the company are segregated based on the available
1.16. Foreign Currency Transactions:
The functional currency of the Company is Indian rupee.Transactions in foreign currency are recorded at the exchange
rate 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.Exchange rate differences resulting from foreign currency
transactions settled during the period including year-end translation of assets & liabilities are recognized in the statement
of profit and loss.Non-monetary assets which are measured in terms of historical cost denominated in a foreign currency
1.17. Employee Benefits:
(a) Defined Contribution Plan
Payments to defined contribution retirement benefit scheme for eligible employees in the form of superannuation fund
and the Company's contribution towards provident fund are recognized as an expense when employees have rendered
(i) Gratuity:
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan
provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of
employment of an amount equivalent to 15/26 days salary payable for each completed year of service. Vesting occurs
upon completion of five years of service. The Company accounts for the liability for gratuity benefits payable in future
(ii) Compensated Absences:
The Company provides for the encashment of compensated absences with pay subject to certain rules. The employees are
entitled to accumulate compensated absences subject to certain limits, for future encashment. Accumulated leave, which
is expected to be utilized within the next twelve months, is treated as short-term employee benefit and the accumulated
leave expected to be carried forward beyond twelve month is treated as long-term employee benefit which are provided
1.18.Income Taxes:
Tax expenses comprises of current and deferred tax. Provision for current tax is made based on the liability computed in
accordance with the Indian Income Tax Act, 1961.The tax rates and tax laws used to compute the tax liability are those
that are enacted or substantively enacted at the reporting date. Deferred tax is recognized on the basis of timing
differences arising between the taxable incomes and accounting income computed using the tax rates and the laws that
have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only if there is
1.19.Earnings per share:
The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share. Basic
earnings per share are computed by dividing the net profit or loss for the period by the weighted average number of
equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of equity shares outstanding during the period as adjusted for the effects of
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