Premier Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2023

1. The Company is undergoing Corporate Insolvency Resolution Process (“CIRP”) vide order no. C.P. (IB) 1224 / MB/2020 pronounced on 29th January,2021 by The Hon’ble National Company Law Tribunal (“NCLT”), Mumbai Bench under the provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to theorder, the management of affairs of the Company and powers of the Board of Directors of the Company arenow vested with the Resolution Professional (“RP”) who is appointed by the Hon'ble National Company Law Tribunal and reconfirmed by COC in first COC meeting. As the powers of the Board of Directors are suspendedsince CIRP initiation, and erstwhile Management has resigned, these financial results have been prepared by thecompany and have been signed by the Resolution Professional Ms. Kanak Jani [IP Registration no. IBBI/IPA-001/IP-P-01757/2019-2020/12685]. These unaudited standalone financial results for the quarter ended 31st December 2023 have been prepared in accordance with the Indian Accounting Standards ("Ind-AS") as specified under Section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and the provisions of the Companies Act, 2013.

2. The Committee of Creditors (COC), in its 17th meeting held on 22nd January 2022, discussed the Resolution plans submitted by the seven prospective resolution applicants (PRA) and had approved the resolution plan submitted by Fab Metals Pvt. Ltd. with 92.47% assent through e-voting. The same has already been disclosed to the Stock Exchanges on 26th January 2022. Accordingly, the further approval from the Hon’ble NCLT, Mumbai Bench is in progress currently.

3. The Company is being managed as a going concern during the CIRP. As mentioned in note no. 2 above the CIRP period shall continue till the Resolution Plan accepted by the CoC is approved by Hon’ble NCLT, Mumbai Bench. The future prospects of the Company would be determined on the completion of CIRP. Therefore, the financial results have been prepared on a going concern basis.

4. The manufacturing activities at Company's plant at Chakan remain suspended since 3rd March 2020 due to lack of working capital as reported during the previous quarters/year end. Further, the operations remain affected due to the inability of the Company to function normally and continuing suspension of production post mid-March 2020.

5. There has been a delay in transferring unclaimed matured fixed deposits & interest thereon amounting to Rs. 31.82 lakhs to the Investor Education & Protection Fund (“IEPF”) in compliance with the provisions of section 125 of the Companies Act, 2013, which was due for transfer as at 30th September 2023. However, the entire amount is already funded by the Company and maintained in designated bank accounts. We are in the process of transferring the said amount to the IEPF as per Section 125 of the Companies Act, 2013.

6. Previous period/year figures have been regrouped / restated and / or rearranged wherever necessary.