Acme Universal Safezone 9 Ltd Directors Report

To, The Members,

Acme Universal Safezone 9 Limited

(Formerly known as Acme Universal Safezone 9 Private Limited)

The Directors are pleased to present to you the 10th Annual Report of Acme Universal Safezone 9 Limited (Formerly known as Acme Universal Safezone 9 Private Limited) ( The Company or Your Company ) along with the Audited Financial Statements of Accounts for the Financial Year ended March 31, 2026.

1. COMPANY OVERVIEW:

Acme Universal Safezone 9 Limited is a premier manufacturer and supplier of industrial safety footwear, dedicated to ensuring worker protection across a broad spectrum of hazardous work environments. Established with the vision of combining protection, performance, and comfort, we specialize in developing high-quality safety shoes that meet stringent national and international standards.

2. FINANCIAL HIGHLIGHTS:

The table below gives the financial highlights of the Company for the year ended 31 st March, 2025, as compared to the previous year:

(Amt in lakhs)

Particulars	2025-26	2024-25
Total Income	20914.01	19533.00
Total Expenses	20143.65	18528.63
Profit before extraordinary items and tax	(351.07)	1004.37
Extraordinary Items	-	-
Profit before tax	(351.07)	1004.37
Tax expense
1. Current Tax	244.28	251.06
2. Deferred Tax	(48.38)	(0.08)
3. Excess/(Short) Provision of Tax for earlier years	-	-
Profit /(loss) after tax for the year	(546.96)	753.19

3. PERFORMANCE OVERVIEW:

During the financial year 2025-26, the Company recorded total income of 20,914.01 lakhs as compared to 19,533.00 lakhs in the previous financial year, reflecting an increase in income during the year.

The total expenses of the Company stood at 20,143.65 lakhs during the financial year 2025-26 as against 18,528.63 lakhs in the previous financial year. The Company incurred a loss before tax of 351.07 lakhs during the year under review as compared to a profit before tax of 1,004.37 lakhs in the previous year.

After considering the tax expense comprising current tax of 244.28 lakhs and deferred tax credit of 48.38 lakhs, the Company reported a net loss after tax of 546.96 lakhs for the financial year 2025-26 as compared to a net profit after tax of 753.19 lakhs in the previous financial year.

4. TRANSFER TO RESERVES:

During the year under review, no amount was transferred to any of the reserves by the Company

5. STATE OF COMPANY S AFFAIRS AND OPERATIONS:

The Company is engaged in the manufacturing and supply of safety footwear designed to provide protection, comfort and durability for workers operating across various industrial sectors. The Company continues to focus on product quality, innovation, operational efficiency and adherence to applicable safety standards and customer requirements.

6. SHARE CAPITAL STRUCTURE: AUTHORISED SHARE CAPITAL

The Authorised Equity Share Capital as on 31st March, 2026 stood at Rs. 20,00,00,000/- (Rupees Twenty Crore) comprising of 2,00,00,000 (Two Crore) Equity Shares of the face value of Rs. 10/- (Rupees Ten) each.

ISSUED, SUBSCRIBED AND PAID-UP CAPITAL:

However, the paid-up Share Capital of the Company stood at 14,03,26,200/- (Rupees Fourteen Crore Three Lakh Twenty-Six Thousand Two Hundred Only) comprising of 1,40,32,620 (One Crore Forty Lakh Thirty-two Thousand Six Hundred Twenty) Equity Shares of the face value of Rs.10/- (Rupees Ten) each. During the year under review, the Paid-up Share Capital of the Company was increased from 4,67,75,400/- to 14,03,26,200/- pursuant to the issue and allotment of Bonus Equity Shares to the existing members of the Company in accordance with the applicable provisions of the Companies Act, 2013.

7. DIVIDEND:

In order to preserve funds for future business endeavours and to standalone the financial position of the Company, no dividend is declared for the current financial year due to conservation of profit and continued investment in the business.

8. SUBSIDIARIES AND ASSOCIATE COMPANIES:

The Company does not have any subsidiary companies and associate companies as on 31 st March, 2026.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

During the year under review, the following mentioned were the Directors of the Company as on March 31, 2026:

Sr. No Name of Directors	DIN/PAN	Designation
1. Mr. Nitin Tiwari	00852402	Managing Director
2. Ms. Ruchi Tiwari	00852457	Director
3. Mr. Gofran Ahmad Khan	11404914	Independent Director
4. Mr. Alok Tripathi	11212906	Independent Director
5. Mr. Mohammed Imran	11214183	Whole Time Director
6. Ms. Priya Darshil Mody	AZZPJ0594J	Company Secretary and Compliance Officer

APPOINTMENT DURING THE YEAR

Mr. Alok Tripathi (DIN: 11212906) was appointed as an Additional Independent Director of the Company with effect from 13 th August 2025 and was subsequently regularised as a Non-Executive Independent Director of the Company at the 9 th Annual General Meeting of the Company held on 25 th September, 2025.

Mr. Mohammed Imran (DIN: 11214183) was appointed as an Additional Independent Director of the Company with effect from 13 th August 2025 and was subsequently regularised as a Non-Executive Independent Director of the Company at the 9 th Annual General Meeting of the Company held on 25 th September, 2025.

Mr. Vishal Saxena (DIN: 11218513) was appointed as an Additional Independent Director of the Company with effect from 13 th August 2025 and was subsequently regularised as aNon-Executive Independent Director of the Company at the 9 th Annual General Meeting of the Company held on 25 th September, 2025.

Mr. Gofran Ahmad Khan (DIN: 11404914) was appointed as an Additional Independent Director of the Company with effect from 19 th January 2026 and was subsequently regularised as a Non-Executive Independent Director of the Company at the 4 th Extra Ordinary General Meeting of the Company held on 24 th January, 2026.

Mr. Satyam Gehlot was appointed as Chief Financial Officer as on 19 th January 2026 .

Ms. Priya Darshil Mody was appointed as Company Secetary and Compliance Officer as on 19 th January, 2026.

RESGNATION DURING THE YEAR

Mr. Vishal Saxena (DIN: 11218513) resigned from the position of Non-Executive Independent Director as on 19 th January 2026.

Mr. Satyam Gehlot (DIN: 10657623) resigned form position of Director as on 19 th January 2026.

10. CODE OF CONDUCT FOR DIRECTOR S & SENIOR MANAGEMENT:

The Board has adopted a Code of Conduct for Directors & Senior Management in accordance with the provisions of the Companies Act, 2013. The Code also incorporates the duties of Independent Directors. All the Board Members and Senior Management Personnel have confirmed compliance with the Code. A copy of the Code has been put on the Company s website.

11. FAMILIARIZATION PROGRAMME FOR DIRECTORS:

At the time of appointment of the Director, a formal letter of appointment is given to the Director. The Director is also explained in detail the roles, functions, duties and responsibilities expected from him/her and also compliance required from him/her under the Companies Act, 2013, and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015. Further the Managing Director also holds one to one discussion with the newly appointed Director to familiarize him/her with the Company s operations. The Board of Directors has complete access to the information within the Company. Presentations are regularly made to the Board of Directors and various Committees of the Board. The details of the Company s familiarization programme for Independent Directors can be accessed at company.

12. ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

The Nomination, Remuneration and Compensation Committee of the Company has laid down the criteria for performance evaluation of the Board and individual directors including the Independent Directors and Chairperson 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. It includes circulation of evaluation forms separately for evaluation of the Board, its Committees, Independent Directors / Non-Executive Directors / Executive Directors and the Chairman of your Company. The Board and the Nomination, Remuneration and Compensation Committee reviewed the performance of individual Directors including the Chairman and the Managing Director on their personal performance, participation, contribution and offering guidance and understanding of the areas which were relevant to them in their capacity. The Directors were also assessed on selected parameters related to roles, responsibilities and obligations of the Board and functioning of the Committees including assessing the quality, quantity and timeliness of flow of information between the Companys Management and the Board which is necessary for the Board to effectively and reasonably perform their duties. The Board expressed its satisfaction with the evaluation results, which reflects the high degree of engagement of the Board and its Committees with the Company and its Management.

13. MEETINGS OF THE BOARD:

The Board met 14 (Fourteen) times during the financial year. The gap between these meetings was within the prescribed period under the Act.

Sr. No. Date of the Meeting	Number of Directors Present in the Meeting	Name of the Directors present in the Meeting
1. 17.06.2025	3	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
2. 28.06.2025	3	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
3. 16.07.2025	3	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
4. 13.08.2025	3	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
5. 28.10.2025	5	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5. Mr. Imran Mohammed
6. 15.12.2025	5	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
7. 20.12.2025	5	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
8. 19.01.2026	5	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
9. 31.01.2026	6	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
		6. Mr. Gofran Ahmad Khan
10. 07.02.2026	6	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
		6. Mr. Gofran Ahmad Khan
11. 12.02.2026	6	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
		6. Mr. Gofran Ahmad Khan
12. 20.02.2026	6	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
		6. Mr. Gofran Ahmad Khan
13. 29.03.2026	6	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
		6. Mr. Gofran Ahmad Khan
14. 31.03.2026	6	1. Mr. Nitin Tiwari
		2. Ms. Ruchi Tiwari
		3.Mr. Satyam Gehlot
		4.Mr. Alok Tripathi
		5.Mr. Imran Mohammed
		6. Mr. Gofran Ahmad Khan

14. DECLARATION BY INDEPENDENT DIRECTORS:

The Independent Directors of the Company have furnished necessary declarations to the Company under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as prescribed for independent directors under Section 149(6) of the Act. In the opinion of the Board, all the Independent Directors possess the requisite qualifications, expertise and experience including the proficiency required to be Independent Directors of the Company, fulfil the conditions of independence as specified in the Act.

15. DIRECTORS RESPONSIBILITY STATEMENT:

In terms of Section 134 (5) of the Companies Act, 2013, your Directors state that:

1. In preparation of annual accounts for the year ended 31st March, 2026, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

2. They have selected 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 as at 31st March, 2026 and profit of the Company for the year ended on that date;

3. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. They have prepared the annual accounts on a going concern basis;

5. They have laid down proper internal financial controls to be followed by the Company and they were adequate and operating effectively and They have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.

16. FILING OF DRHP:

During the financial year ended 31st March, 2026, the Company filed its Draft Red Herring Prospectus (DRHP) with BSE Limited for listing on the BSE SME Platform, in connection with the proposed issue of securities, in accordance with the applicable provisions of the Companies Act, 2013, SEBI Regulations and the requirements of the Stock Exchange. The DRHP was filed with the Stock Exchange on 31 st March 2026. The Company has complied with the applicable regulatory and procedural requirements in relation to the said filing.

17. BOARD COMMITTEES:

The Board of Directors of the Company has constituted various Committees in compliance with the provisions of the Companies Act, 2013 and SEBI Listing Regulations, such as Audit Committee, Nomination, Remuneration and Compensation Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee and POSH Committee.

All decisions pertaining to the constitution of the Committees, appointment of members and fixing of terms of reference/role of the Committees are taken by the Board of Directors.

AUDIT COMMITTEE

The Composition of Audit Committee as on 31 st March, 2026 is :-

Sr. No. Name	Designation	Status
1. Mr. Alok Tripathi	Independent & Non- Executive Director.	Chairman
2. Mr. Imran Mohammad	Independent & Non- Executive Director.	Member
3. Mr. Gofran Ahmad Khan	Independent & Non- Executive Director.	Member

NOMINATION REMUNERATION AND COMPENSATION COMMITTEE

The Composition of Nomination, Remuneration and Compensation Committee as on 31 st March, 2026 is:-

Sr. No. Name	Designation	Status
1. Mr. Imran Mohammad	Independent & Non- Executive Director.	Chairperson
2. Mr. Alok Tripathi	Independent & Non- Executive Director.	Member
3. Mr. Gofran Ahmad Khan	Independent & Non- Executive Director.	Member

STAKEHOLDER RELATIONSHIP COMMITTEE

The Composition of Stakeholder Relationship Committee as on 31 st March, 2026 is:-

Sr. No. Name	Designation	Status
1. Mr. Gofran Ahmad Khan	Independent & Non- Executive Director.	Chairperson
2. Mr. Imran Mohammad	Independent & Non- Executive Director.	Member
3. Mr. Alok Tripathi	Independent & Non- Executive Director.	Member

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The composition of Corporate Social Responsibility Committee as on 31 st March, 2026 is

Sr. No. Name	Designation	Status
1. Mr. Nitin Tiwari	Managing Director.	Chairman
2. Ms. Ruchi Tiwari	Executive Director	Member
3. Mr. Alok Tripathi	Independent & Non- Executive Director	Member

INTERNAL COMPLAINTS COMMITTEE UNDER POSH

The Composition of Internal Complaints Committee as on 31 st March, 2026 is :-

Sr. No. Name	Designation	Status
1. Ms. Kirti Patel	Global Brand Strategy & Corporate Communications/Talent Acquisition	Presiding Officer/Chairman
2. Ms. Ankita Tiwari	Manager-Planning & Outbound Operations	Member
3. Mr. Varsha Jain	MIS Co-ordinator	Member
4. Ms. Vaishali Naik		External Member

18. RISK MANAGEMENT

The Company has Risk Management Systems in place including identification of elements of risk, if any, which in the opinion of the Board may threaten the existence of the Company. After identifying the risk and assessing the level of impact, controls are put in place to mitigate the risk by the concerned executives/the Board to control the exposure of the risk and balance the impact of risk on a continuous basis.

19. WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company is committed to upholding the highest standards of professionalism, transparency, and ethical conduct in all our operations. The updated Whistle Blower Policy reflects Industry best practices and ensures full compliance with relevant regulations. The Whistle Blower Policy of the Company, establishes a clear and structured process for reporting any unethical or improper activity, no matter how minor or perceived. It offers a safe platform for all stakeholders to voice concerns or grievances regarding unethical, unlawful, or inappropriate behaviour, without fear of retaliation, discrimination, or harassment. Further, it provides clear guidelines for reporting any suspected Violations of Laws, Company Values, Code of Conduct, or Insider Trading norms. The Company also facilitates written disclosures as per the adopted policy.

The policy is reflection of the Company s dedication to robust governance and ethical business practices. The Company encourages all employees and stakeholders to make use of defined channels to report any concerns as per the procedure outlined in the policy. Protected Disclosures can be submitted either online or offline, directly to the relevant Committee, with full assurance that all matters will be handled with strict confidentiality. The policy is available on the website of the company at https://www.acmeuniversal9.com/investor-relations/

20. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS

The Board of Directors affirms that 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. The Company has complied with the applicable Secretarial Standards.

21. STATUTORY AUDITORS

M/s. Ramanand & Associates, Chartered Accountants (Firm Registration No. 117776W) were appointed as the Statutory Auditors of the Company for a term of 5 (five) consecutive years, to hold office from the conclusion of the 9th Annual General Meeting until the conclusion of the 14th Annual General Meeting, subject to the provisions of the Companies Act, 2013 and the rules made thereunder.

The Auditors have confirmed that they are eligible for appointment and have given their consent to act as Statutory Auditors of the Company and that their appointment is in accordance with the applicable provisions of the Companies Act, 2013.

22. INTERNAL AUDITORS

The Company is not required to appoint Internal Auditor as it does not fall within purview of section 138(1) of Companies Act, 2013 and Rule 13 of Companies (Accounts) Rules, 2014 and it is not applicable to your Company.

23. REPORTING OF FRAUD BY AUDITORS

During the year under review, neither the Statutory Auditors nor Secretarial Auditors have reported to the Audit Committee under Section 143(12) of the Act, any instances of fraud committed against your Company by its officers and employees, details of which would need to be mentioned in the Directors Report.

24. ANNUAL RETURN

Pursuant to the provisions of Section 134(3) (a) and Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, a copy of the Annual Return of the Company for the financial year ended 31st March, 2025 is uploaded on the website of the Company and can be accessed at https://www.acmeuniversal9.com

25. PUBLIC DEPOSITS

As on April 01, 2025, the Company was not having any outstanding deposit falling under the scope of Chapter V of the Companies Act, 2013 and it has not accepted any deposit covered under said Chapter during the financial year 2025-26. As on March 31, 2026, the Company was not having any outstanding deposit falling under the scope of the said Chapter.

26. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

In accordance with the provisions of Sections 134(3)(g) and 186(4) of the Act, full particulars of loans given, investments made, guarantees given and securities provided, if any, along with the purpose for which the loan or guarantee or security was proposed to be utilized by the recipient have been disclosed in the standalone financial statements.

27. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the year were on arm s length basis and in the ordinary course of business. The Audit Committee has approved the related party transactions and subsequently the same were approved by the Board of Directors from time to time and the same are disclosed in the Financial Statements of the Company for the year under review. Further, pursuant to the provisions of the Act and the SEBI Listing Regulations, the Board of Directors has, on recommendation of its Audit Committee, adopted a Policy on Related Party Transactions and the said policy is available on the website of the Company https://www.acmeuniversal9.com/investor-relations/.

28. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION

The Company ensures optimized and efficient consumption of energy in all the offices/branches of the Company. With the implementation of its digital initiatives the Company has also substantially reduced its paper consumption. The Company has always leveraged technological innovations to improve its operational efficiency and satisfy and retain our customer base.

Foreign Exchange Earnings & Outgo

Earnings: 1602.69 Lakhs

Outgo 1465.05 Lakhs

29. INTERNAL CONTROL SYSTEM

The Company s internal control systems are adequate and commensurate with the nature and size of the Company and it ensures:

Timely and accurate financial reporting in accordance with applicable accounting standards.

Optimum utilization, efficient monitoring, timely maintenance and safety of its assets.

Compliance with applicable laws, regulations and management policies.

30. SIGNIFICANT AND MATERIAL ORDERS IMPACTING GOING CONCERN STATUS

No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company s operations in future.

31. MAINTENANCE OF COST RECORDS

The provisions of Section 148 of the Act are not applicable to the Company. Accordingly, there is no requirement of maintenance of cost records as specified under Section 148(1) of the Act.

32. HUMAN RESOURCES

As on 31st March 2026, the total strength of the Company s permanent employees stood at 1073 excluding casual & contract staff. Your Company takes significant effort in training all employees at various levels.

33. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURE

There are no employees drawing a monthly or yearly remuneration in excess of the limits specified under Section 197 of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 including any amendments thereof. The information containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

34. CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE

Pursuant to the provisions of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has undertaken CSR activities during the financial year 2025-26. The Company has spent an amount of 18,30,000/- (Rupees Eighteen Lakhs only) towards its CSR obligations, which has been contributed to Sayali Charitable Trust for carrying out social as well as Institutional activities with the core objective of rendering selfless dedicated services to higher education in the fields of Pharmacy & Homeopathy. The CSR expenditure is in line with the activities specified in Schedule VII of the Companies Act, 2013 and the CSR Policy of the Company.

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

The Company is committed to provide a healthy environment to all its employees and has zero tolerance for sexual harassment at workplace. In order to prohibit, prevent and redress complaints of sexual harassment at workplace, it has complied with the provisions relating to the constitution of the Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. To build awareness in this area, the Company has been conducting induction/ training programmes in the organisation on a periodical basis. The Company has not received any complaint of sexual harassment during the financial year 2025-26.

36. MATERNITY POLICY

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

37. ANY POLITICAL CONTRIBUTION:

The Company has neither made any political contributions during the year nor disclosed the absence of such contributions as required under Section 182 of the Companies Act, 2013.

38. INSOLVENCY AND BANKRUPTCY CODE

During the financial year under review, no applications was made or proceeding initiated against the Company under the Insolvency and Bankruptcy Code, 2016 nor any such proceeding was pending at the end of the financial year 2025-26.

39. MATERIAL CHANGES AND COMMITMENTS

There has been no change in the nature of business during the year. 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 this Report.

40. RBI GUIDELINES

The Company continues to be in compliance with the RBI Directions.

41. ACKNOWLEDGEMENT

Your Directors wish to express their grateful appreciation for the co-operation and continued support received from customers, shareholders, investors, parent company, collaborators, vendors, financial institutions, banks, regulatory authorities and the society at large during the year. Your Directors recognize and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to its progress.

	For and on behalf of Board of Directors
	Nitin Tiwari
Date: 22.08.2026	Chairman and Managing Director
Place: Mumbai	(DIN: 00852402)