A and M Jumbo Bags Ltd Directors Report

In terms of Section 118(10) of the Act, the Company is in compliance with the Secretarial Standards issued
by the Institute of Company Secretaries of India (ICSI) with respect to Meetings of Board of Directors and
General Meetings and such systems were adequate and operating effectively.

During the financial year under review, the particulars of Investments and Loans covered under Section
186 of the Companies Act, 2013 ("the Act"] have been duly disclosed in the financial statements provided
in this Annual Report. It is affirmed that the Company has not issued or provided any guarantees or
securities to any party during the reporting period.

Except as disclosed elsewhere in this report, no material changes and commitments which could affect
the Companys financial position have occurred between the end of the financial year of the Company (i.e.,
March 31, 2025] and the date of this report (i.e. September 5, 2025].

The Board of Directors of the Company is characterized by a balanced composition, maintaining an
optimum mix of Executive and Non-Executive Directors. The Directors have demonstrated active
participation in all Board and Committee meetings, which significantly enhances the transparency of
decision-making processes and adds substantial value to the Companys strategic direction. The Board is
effectively led by the Chairman, who is instrumental in taking strategic decisions, formulating policy
guidelines, and providing unwavering support to the Executive Directors, business heads, and associates.
The Board of Directors of the Company as on March 31, 2025, are as follows:

The Board received a declaration from all the directors under Section 164 and other applicable provisions,
if any, of the Companies Act, 2013 that none of the directors of the company is disqualified under the
provisions of the Companies Act, 2013 ("Act"] or under the SEBI (Listing Obligation and Disclosure
Requirements] Regulations 2015.

During the financial year under review, no directors have been appointed on the Board of the Company.

During the financial year under review, the Board proposed to the shareholders to consider and approve
the change in designation of Mrs. Shwetaben A Saparia (DIN: 10083476] from Additional Non-Executive
Independent Director to Non-Executive Independent Director. The shareholders approved the same at the
13^th Annual General Meeting held on 30^th October, 2024.

During the financial year under review, there is no regularisation is proposed for the Directors.

During the financial year under review, no resignation was received from any of the Directors of the
Company.

In accordance with the provisions of the Act, none of the Independent Directors are liable to retire by
rotation.

During the period under review, Mr. Siddharth Jayantilal Patel was liable to retire by rotation and
accordingly he was reappointed by the shareholders at the 13^th Annual General Meeting held on 30^th
October, 2024.

In accordance with the provisions of Section 152 of the Companies Act 2013, Mr. Savankumar S Shingala,
Managing Director of the Company, retires by rotation at the ensuing 14^th Annual General Meeting and
being eligible, has offered himself for reappointment. The said Director is not disqualified from being re-
appointed as a Director of a Company as per the disclosure received from him pursuant to Section 164 (1)
and (2) of the Companies Act, 2013. Based on the recommendation of the Nomination and Remuneration
Committee, your Board proposes and recommends the re-appointment of Mr. Savankumar S Shingala.

As on March 31, 2025, the Key Managerial Personnel ("KMP") of the Company are as follows:

During the financial year under review, based on the recommendation of the Nomination and
Remuneration Committee, the Board had appointed Ms. Bhawna Rajawat as the Company Secretary and
Compliance w.e.f. 01st November, 2024 in their board meeting held on 29^th October, 2024.

During the financial year under review, Ms. Shilpy Jaiswal has tendered her resignation from the Company
as the Company Secretary and Compliance w.e.f. 30^th August, 2024.

In terms of Section 149 of the Act and other applicable regulations, if any (i) Mrs. Shwetaben Saparia and

(ii) Mr. Ankitkumar Agarwal are the Independent Directors of the Company as on March 31, 2025 and on
the date of this report (i.e. September 5, 2025).

As required under Section 149(7) of the Companies Act, 2013, read with SEBI (Listing Obligations and
Disclosure Requirements), (Amendment) Regulations, 2018, the Independent Directors have given the
necessary declaration that they meet the criteria of independence laid down under Section 149(6) of the
Companies Act, 2013 and do not suffer from any disqualifications specified under the Act. Such
declarations include the confirmation to the effect that the Independent Directors have included their
names in the Database maintained by the Indian Institute of Corporate Affairs and they have paid the
necessary fees for the said registration and shall renew the registration timely.

The Board of Directors of the Company meets at regular, predetermined intervals to oversee the
Companys affairs, provide strategic direction, and make decisions pertaining to business policy, strategy,
financial performance, compliance, and risk management.

An annual calendar of Board and Committee Meetings is prepared and provided to all Directors in advance.
This enables Directors to plan their schedules and participate in discussions. Notices for all Board and
Committee Meetings are issued in adherence to the timelines prescribed under the Companies Act, 2013,
and the Secretarial Standards (SS-1) issued by the Institute of Company Secretaries of India. The Directors
have devised proper systems to ensure compliance with the provisions of all applicable Secretarial
Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and
operating effectively.

During the financial year under review, the Board of Directors met 07 (Seven) times. Each meeting was
conducted in compliance with the provisions of the Companies Act, 2013, and the rules framed thereunder,
as well as the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intervening
gap between any two consecutive Board Meetings did not exceed the maximum period prescribed by the
Companies Act, 2013. The detailed attendance records and dates of these meetings are set forth below:

S: Present x: Absent "-" Not entitled / Not Applicable

The Audit Committee of the Board stands duly constituted in strict conformity with Section 177 of the
Companies Act, 2013, and Rule 6 of the Companies (Meetings of the Board and its Powers] Rules, 2014, as
amended.

The comprehensive scope and precise Terms of Reference for the Audit Committee have been meticulously
framed and are in strict alignment with the provisions stipulated under Section 177 of the Companies Act,
2013, and other applicable regulatory frameworks. The Committee operates within the ambit of these
meticulously defined Terms of Reference.

During the financial year under review, the Audit Committee convened 5 (five] times. The particulars
pertaining to the Committees constitution and the details of its meetings are enumerated below:

S: Present x: Absent Not entitled / Not Applicable

During the financial year under review, the Board of Directors of the Company unanimously accepted all
recommendations tendered by the Audit Committee, reflecting the Boards commitment to the
Committees oversight functions. Furthermore, no personnel were denied access to the Audit Committee,
underscoring its independent functioning and robust information-gathering capabilities.

The Nomination and Remuneration Committee is duly constituted in strict accordance with the provisions
of Section 178 of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of the Board and
its Powers) Rules, 2014. The Committees terms of reference are meticulously framed to ensure full
compliance with the aforementioned statutory requirements.

The comprehensive scope and precise Terms of Reference for the Nomination and Remuneration
Committee have been meticulously framed and are in strict alignment with the provisions stipulated under
Section 178 of the Companies Act, 2013, and other applicable regulatory frameworks. The Committee
operates within the ambit of these meticulously defined Terms of Reference.

During the financial year under review, the Nomination and Remuneration Committee convened two
times. As on March 31, 2025 the detailed composition of the Committee and details of its meetings are
provided below:

S: Present x: Absent "-" Not entitled / Not Applicable

Pursuant to any resignation or appointment of a Director/KMP within the Company, the Board diligently
reviews and, where necessary, promptly adjusts the constitution of its committees. This proactive
approach ensures continuous adherence to the stipulated requirements of the Companies Act, 2013, and
other pertinent statutory provisions governing board committees.

During the financial year under review, the Board of Directors of the Company unanimously accepted all
recommendations tendered by the Nomination and Recommendation Committee, reflecting the Boards
commitment to the Committees oversight functions. Furthermore, no personnel were denied access to the
Audit Committee, underscoring its independent functioning and robust information-gathering capabilities.

In compliance with the provisions of Section 178 of the Companies Act, 2013, the Board of Directors has
duly constituted the Stakeholders Relationship Committee. The terms of reference for the Committee are
framed to diligently oversee and address all matters concerning the interests and grievances of the
Companys security holders, including its shareholders, debenture holders, and other security holders.

Pursuant to the provisions of sub-section (5) of Section 178 of the Companies Act, 2013, the Board has
adopted a formal policy outlining the scope and functions of the Committee. This policy is specifically
designed to facilitate the prompt consideration and resolution of grievances raised by the security holders.

During the financial year under review, the Committee convened one (1) meeting. The Company has
systematically addressed and resolved all complaints received from its security holders. As of March 31,
2025, there were no complaints pending resolution and the composition of the Stakeholders Relationship
Committee and details of its meetings are provided below:

S: Present x: Absent "-" Not entitled / Not Applicable

The Board is committed to maintaining the appropriate composition of its committees. In the event of any
resignation or appointment of a Director, the Board proactively reviews and, where necessary, promptly
adjusts the constitution of its committees. This ensures continuous adherence to the stipulated
requirements of the Companies Act, 2013, and other pertinent statutory provisions governing board
committees.

In adherence to Clause VII of Schedule IV of the Companies Act, 2013, the independent directors of the
Company convened a separate meeting. During this meeting, they meticulously reviewed the performance
of the Non-Independent Directors and the Board as a whole. They also evaluated the performance of the
Chairman, considering the perspectives of both executive and non-executive directors. Furthermore, the
independent directors assessed the quality, quantity, and timeliness of information flow between the
management and the board.

The company has a robust orientation program for newly appointed independent directors. This program
familiarizes them with the companys business, operations, and their specific roles and responsibilities.
The orientation includes presentations and discussions led by the Chairman, Executive Directors, and
senior management.

As on March 31, 2025 the following are Independent Directors and during the financial year under review,
the Independent Director meet once the details are provided below:

In todays economic environment, risk management is a very important part of the business. The main aim
of risk management is to identify, monitor and take precautionary measures in respect of the events that
may pose risks for the business. Your companys risk management is embedded in the business processes.

Your company has identified certain risks like price risk, uncertain global economic environment, interest
rate, human resource, competition, compliance and industrial health and safety risk and also planned to
manage such risk by adopting best management practice.

Further, The Board of Directors of the Company has formulated Risk Management Policy and Guidelines to
avoid events, situations or circumstances which may lead to negative consequences on the Companys
businesses and defined a structured approach to manage uncertainty and to make use of these in their
decision-making pertaining to all business divisions and corporate functions. Key business risks and their
mitigation are considered in the annual/ strategic business plans and in periodic management reviews.

Your company is committed to providing a safe, healthy, and harassment-free work environment for all its
employees, ensuring that every individual is treated with dignity and respect.

In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal] Act, 2013, the company has constituted an Internal Complaints Committee (ICC). The companys
policy on the prevention of sexual harassment is comprehensive, prohibiting such behaviour by law and
the companys code of conduct. The policy aims to create and maintain an atmosphere where all employees
can work without fear of harassment or exploitation. During the financial year under review, no complaints
of sexual harassment were received by the Company.

The summary of sexual harassment complaints during the financial year is as follows:

Your Company is committed to upholding the rights and welfare of its employees, particularly in relation
to maternity benefits. In accordance with the Maternity Benefit Act, 1961, the Company has established a
comprehensive formal policy that outlines the provisions and entitlements available to our employees
during maternity leave. The policy aims to ensure that all eligible employees receive the benefits mandated
by the Act, including paid maternity leave, medical benefits, and job security upon their return to work. We
regularly review and update our policy to ensure compliance with any amendments to the Act and to reflect
best practices in supporting our employees.

The summary of maternity benefit-related records for the financial year is as follows:

There have been no material changes and commitments, affecting the financial position of the Company
which have occurred between the end of the financial year of the company to which the financial
statements relate and the date of the report.

During the financial year under review, the provisions related to Corporate Social responsibility under
Companies Act, 2013 is not applicable to the Company.

Your company has adopted the "Code of Conduct on Prohibition of insider trading "and "Code of Conduct
for Directors and Senior Management Personnel" for regulating the dissemination of Unpublished Price
Sensitive Information and trading in security by insiders.

During the period under review, the personal and industrial relations with the employees remained cordial
in all respects. The management has always carried out systematic appraisal of performance and imparted
training at periodic intervals. The Company recognizes talent and has judiciously followed the principle of
rewarding performance.

The investor complaints are processed in a centralized web-based complaints redress system. The salient
features of this system are centralized database of all complaints, online upload of Action Taken Reports
(ATRs) by the concerned companies and online viewing by investors of actions taken on the complaint and
its status. Your Company is registered on SCORES and makes every effort to resolve all investor complaints
received through SCORES or otherwise within the statutory time limit from the receipt of the complaint.
Your Company would like to inform you that it has not received any complaint on the SCORES during
financial year 2024-25.

The Company has been complied with all regulatory requirements of central government and state
government and there were no significant and material orders passed by the Regulators or Courts or
Tribunals during the year impacting the going concern status and the Companys operations in future.

The Company has not issued any shares with differential rights and hence no information as per provisions
of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture) Rules,
2014 is furnished.

The Company has not issued any sweat equity shares During the financial year under review and hence no
information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share
Capital and Debenture) Rules, 2014 is furnished.

The Company has not issued any ESOP During the financial year under review and hence no information
as per provisions of Section 62(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and
Debenture) Rules, 2014 is furnished.

During the financial year under review, there were no instances of non-exercising of voting rights in
respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Act
read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 is furnished.

No application was filed for corporate insolvency resolution process, by a financial or operational creditor
or by the Company itself under the IBC before the NCLT.

During the financial year under review, No orders have been received or passed by any Regulator or Court
or Tribunal which can have impact on the going concern status and the Companys operations in future.

During the financial year under review, there has been no one time settlement of loans taken from banks
and financial institutions.

During the financial year under review, National Stock Exchange of India Limited (NSE), has granted
approval for the revocation of suspension in trading of the Companys equity shares w.e.f 13th August,
2024.

Other than as mentioned above, there has been no material changes that occurred in the Company.

During the financial year under review, the Company has borrowed amount(s] from Directors and the
same is disclosed in the financial statement.

The disclosures as per Rule 5 of Companies (Appointment & Remuneration] Rules, 2014 have been marked
as "ANNEXURE __".

During the financial year under review, the Business Responsibility and Sustainability Report as stipulated
under Regulation 34 of the Listing Regulations is not applicable to the Company and hence it does not form
part of this Annual Report.

In terms of Section 134(3)(c) read with Section 134(5] of the Companies Act, 2013, in relation to audited
financial statements of the Company for the financial year ended on March 31, 2025, the Board of Directors
confirms that:

(i) In the preparation of Annual Accounts for the period ended March 31, 2025, the applicable accounting
standards had been followed along with proper explanation relating to material departures.

(ii) Such accounting policies and applied them consistently and 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 at the end
of the financial year and of the Profit/Loss of the Company for the year ended March 31, 2025.

(in] Proper and sufficient care 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;

(iv) The annual accounts for the financial year ended March 31, 2025 on a going concern basis.

(v) Internal financial controls to be followed by the company and that such internal financial controls are
adequate and were operating effectively.

(vi)Proper systems to ensure compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.

Your Directors take this opportunity to thank the customers, shareholders, suppliers, bankers, business
partners/associates, financial institutions, Central and State Government authorities, Regulatory
Authorities, Stock Exchanges and various other stakeholders for their consistent support and
encouragement to the Company.