Aimtron Electronics Ltd Directors Report

To,

The Members,

Your Directors have pleasure in presenting their 14th Annual Report on the business and operations of the Company and the accounts for the Financial Year ended 31st March, 2025.

1. Financial summary

The financial results for the year are as under:

Particulars	Year ended 31.03.2025	Year ended 31.03.2024
Sales and Other Income	16,123.01	9,372.96
Profit before depreciation, amortization and exceptional items	3,676.77	2,279.67
Less: Depreciation and amortization	463.80	410.77
Less: Exceptional items	0.00	0.00
Profit before tax	3,212.97	1,868.90
Less: Provision for tax	675.00	486.00
Provision for deferred tax	(36.75)	22.96
Prior period tax	0.95	0
Profit after taxation	2,573.77	1,359.94

2. Dividend

The Board of Directors does not recommend any dividend for financial year ended on 31st March, 2025.

3. Reserves Your Board does not propose to carry to any reserves for the financial year 2024-25.

4. Brief description of the Companys working during the year/State of Companys affair

Total turnover during the year 2024-25 was H 15,830.73 lacs compared to H 9,297.59 lacs of previous year 2023-24 which shows increase of H 6,533.14 (70.26%). There is profit of H 2,573.77 lacs (after tax) during the year 2024-25 compared to profit of 1,359.94 lacs (after tax) during the year 2023-24.

5. Change in the nature of business, if any

There is no change in the nature of business during the financial year 2024-25.

6. Material changes and commitments, if any, 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.

The Company entered into the capital market with its Initial Public Offering (IPO) and allotted in aggregate

54,04,800 equity shares of face value of H 10/- each, for the issue price of H 161/- each (including premium of H 151/- each) on June 6, 2024 on NSE Emerge Platform. The Company received approval on June 5, 2024 for listing.

During the year under review, the company incorporated Aimtron Electronics LLC, a Wholly owned subsidiary of the company in the State of Texas, United States of America and commenced operations from January, 2025. This milestone marks a significant step forward in establishing a strong presence in the North American market, enabling the company to better serve local customers, build strategic partnerships, and capitalize on growth opportunities in the region.

In alignment with its global expansion strategy, the Company has successfully established a remote sales office in Germany. This initiative sets the stage for entering the European market, providing a platform to engage with new customers, build a local network in the European market, and tailor offerings to meet regional demands while positioning the company for long-term growth.

The Company added a new SMT Line to enhance its manufacturing capacity. Additionally, the Company has entered new sectors by securing orders from the Telecommunication Sector, Artificial Intelligence (AI) Sector, and Automotive Electric Vehicle (EV) sector, which are expected to positively impact its future financial performance.

Apart from the above, there have been no other material changes and commitments, which affect the financial position of the company which have occurred between the end of the financial year to which the financial statements relate and the date of this Report.

7. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future

No significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future during the financial year and or subsequent to the close of the financial year of the Company to which the balance sheet relates and the date of the report.

8. Details in respect of adequacy of internal financial controls with reference to the Financial Statements

Internal controls consist of a set of rules, policies, and procedures designed to provide reasonable assurance for achieving the organizations objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations, and policies. Your companys internal control systems are aligned with the size and nature of its operations, which record transactions and activities; safeguard against misuse or loss of the companys assets; enhance the efficiency of plant operations; and promote transparency and accuracy in financial reporting.

The reports of the Internal Auditor are reviewed by the Audit Committee. The Audit Committee also reviews adequacy of internal controls, system and procedures, insurance coverage of assets from various risks and steps are taken by the Auditors of the Company for internal financial controls with reference to the Financial Statements.

9. Details of Subsidiary/Joint Ventures/ Associate Companies

During the year under review, Aimtron Electronics LLC, was incorporated in 2024 under the prevailing laws of Texas, United States of America, as the wholly owned subsidiary(WOS) of Aimtron Electronics Limited by subscribing 58,800 shares for USD 5,88,000. The WOS is engaged in business of electronics designing and manufacturing services.

Your Company has no Joint Ventures or Associate Companies during the year.

10. Performance and financial position of each of the subsidiaries, associates and joint venture companies included in the consolidated financial statement, if any.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 (Act), the Company has prepared consolidated financial statements of the Company and its subsidiary, which form part of this Annual Report.

The financial statements, including the consolidated financial statements and related information of the Company and financial statements of the subsidiary companies, are available on the website of the company at https://www.aimtron.in/fy-24-25/

Further, the report on the performance and financial position of the Subsidiary and salient features of its Financial Statements in the prescribed Form AOC-1 is annexed.

Your Company has no Joint Ventures or Associate Companies during the year.

11. Deposits

Your Company has not accepted any deposit during the year and there was no deposit at the beginning of the year. Therefore the details relating to deposits, covered under Chapter V of the Act is not applicable.

However, the Company has accepted unsecured loans from Directors of the Company and the opening balance was H 173.32 lacs and repaid during the year H 109.26 and the closing balance was H 64.06 lacs.

12. Statutory Auditors & Internal Auditors

Statutory Auditors:

M/s. SPVP & Co., Chartered Accountants has been appointed for a period five years pursuant to the provisions of section 139 of the Companies Act 2013 at the AGM held on 11th November, 2021.

Internal Auditors:

As per section 138 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 Board has appointed M/s. CNK & Associates LLP, Chartered Accountants as Internal Auditors of Company for F.Y. 2024-25 at the meeting of the board of directors held on 6th July, 2024.

13. Auditors Report

The observations of the Auditors are explained, wherever necessary, in an appropriate note to the Audited Statement of Accounts. No qualification, reservation or adverse remark or disclaimer has been made by the auditor in their auditors report for the year 2024-25 by

(i) by the Statutory auditor in his report; and

(ii) by the company secretary in practice in their secretarial audit report;

14. Share Capital

Authorized Capital:

During the year under review, there was no change in the authorized share capital of the Company, which was H 25,00,00,000/- (Rupees Twenty-Five Crore Only)

Comprising of 2,50,00,000 (Two Crore Fifty Lakh) Equity shares of H 10 each.

Issued, Subscribed & Paid-Up Capital:

At the beginning of the financial year the Issued subscribed and paid-up share capital of the Company was 15,00,90,25 shares of 10/- each, amounting to a capital of H 15,00,90,250/-

During the year under review, The Company launched its Initial Public Offer, issuing and allotting 54,04,800 equity shares at H 10 each, with a premium of H 151 per share. This action increased the Companys paid-up share capital to H 20,41,38,250. The Company was listed on the NSE EMERGE platform of the National Stock Exchange on June 6, 2024.

Particulars	Date of Allotment	No. of Equity Shares	Issue Price
Issue public offer	04th June, 2024	54,04,800	H 161/-

Further, during the period under review, your Company has not bought back any of its securities / has not issued any Sweat Equity Shares / has not issued shares with Differential Voting rights / has not issued any shares under Employee stock option plan. There has been change in the voting rights of the shareholders pursuant to Issue of shares to public in IPO.

15. Annual return

As per Section 92 and 134(3) of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return will be displayed on Companys web site i.e. https://www.aimtron.in/investors/ after filing annual return, on completion of ensuing annual general meeting, with the Registrar of Companies within the time stipulated in said Section 92 of Act.

16. Conservation of energy, technology absorption and foreign exchange earnings and outgo

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are attached herewith (Annexure-A)

17. Corporate Social Responsibility (CSR)

The Company is required to spend towards corporate social responsibility under Section 135 of the Companies Act, 2013. The Annual report on CSR Activities for the year under review as per Annexure II inserted vide

MCA notification dated 22nd January, 2021 in terms of section 135 of the Companies Act, 2013 is attached herewith (Annexure-D).

The details about the policy developed and implemented by the company on corporate social responsibility is available at our website at: https://www.aimtron. in/wp-content/uploads/2025/04/Corporate-Social-Responsibility-Policy.pdf

18. Directors & Key Managerial Personnel

A) Following changes incorporated during the financial year 2024-25:

Name of Directors/KMPs	DIN/PAN	Designation at the beginning/ during the financial year	Effective Date of appointment/ change in designation/ cessation	Nature of Changes
Dr. Ashwani Kumar Shrivastava	01869109	Whole- Time Director	01.12.2024	Resignation at Board Meeting held on

However, after closing of the year ended 31st March, 2025 as per the recommendation of Nomination & Remuneration Committee, Board considered and approved the Appointment of Mr. Sneh Shah, DIN: 11053426 as an Additional Whole time Director of the Company with effect from 23rd April, 2025.

B) Declaration by an Independent Director(s) and re- appointment, if any

Declarations

A declaration, by Independent Directors that they have met the criteria provided in sub-section (6) of Section 149 of the Companies Act, 2013, have been received.

The Independent Directors of the Company have also confirmed compliance of relevant provisions of Rule 6 of the Companies (Appointments and Qualifications of Directors) Rules, 2014.

Re-appointments:

Mr. Mukesh Jeram Vasani (DIN: 06542536), retires by rotation at the ensuing annual general meeting and being eligible offered himself for re-appointment as Director.

The Company has received consent and declaration under form DIR-8 pursuant to Section 164 (2) read with Rule 14 (1) of Companies (Appointment and Qualification of Directors) Rules, 2014 from Mr. Mukesh Jeram Vasani.

Details of Mr. Mukesh Jeram Vasani, Chairman and Non-Executive Director seeking re-appointment as per Regulation 36 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulation, 2015 with the National stock exchange is already annexed to the notice of the annual general meeting.

C) Formal Annual Evaluation

The Company has devised a policy for performance evaluation of Independent Directors, Board, Committees and individual Directors which includes criteria for performance evaluation of executive directors and non-executive directors.

In evaluating the suitability of individual Board members, the Committee may take into account factors, such as:

i. General understanding of the Companys business; ii. Educational back ground and experience:

iii. Personal and professional ethics, integrity and values;

iv. Willingness to devote sufficient time and energy in carrying out their duties and responsibilities effectively.

D) Opinion of the Board:

Your Board is of opinion that independent directors of the Company, possess requisite qualifications, experience and expertise and they hold good standard of integrity in various fields.

19. Number of meetings of the Board of Directors

During the year from 1st April, 2024 to 31st March, 2025 the Board of Directors met ten times on the following dates:

Sr. No.	Date of Meeting	Board Strength	No. of Directors Present
1	15.04.2024	6	3
2	22.05.2024	6	4
3	23.05.2024	6	4
4	29.05.2024	6	4
5	04.06.2024	6	4
6	22.06.2024	6	6
7	06.07.2024	6	5
8	13.08.2024	6	6
9	08.11.2024	6	6
10	02.01.2025	5	4

The intervening gap between the Meetings was within the period prescribed under Companies Act, 2013 and the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the erstwhile Listing Agreement.

20. Audit Committee

The Audit Committee is duly constituted in accordance with the Section 177 of the Companies Act, 2013 and Rule 6 of the Companies (Meeting of board and its power) Rules, 2014. It adheres to the terms of reference which is prepared in compliance with Section 177 of the Companies Act, 2013.

The members of the Audit Committee of the Company as on 31st March, 2025 are as under

Name of Director	Chairperson/Member	Designation
1 Mr. Nischal Arvindbhai Sanghavi	Chairperson	Non-Executive Independent Director
2 CS Prerana S Bokil	Member	Non-Executive Independent Director
3 Mrs. Sharmilaben Lakhanbhai Bambhaniya	Member	Executive Director

There was no occasion regarding non acceptance of any recommendation of the Audit Committee during the year.

The Audit Committee Meetings were duly convened during the year ended 31st March, 2025 detailed as follows:

Date of meeting	No. of Directors eligible to attend meeting	No. of Directors attended meeting
22.05.2024	3	3
04.06.2024	3	3
21.06.2024	3	3
08.11.2024	3	3

21. Details of establishment of vigil mechanism for directors and employees

Your Company has established a robust Vigil Mechanism for reporting of concerns through the Whistle Blower Policy of your Company, which is in compliance of the provisions of section 177 of the Companies Act, 2013, read with rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, and the Listing Regulations. The Policy provides for framework and process whereby concerns can be raised by its employees against any kind of discrimination, harassment, victimization or any other unfair practice being adopted against them. Adequate safeguards are provided against victimization to those who avail of the mechanism, and access to the Chairman of the Audit Committee, in exceptional cases, is provided to them.

The company or the Audit committee has not received any such concerns or whistleblower reporting during the year. The Company has a "VIGIL MECHANISM & WHISTLE BLOWER POLICY", the copy of which is available on the website of the Company at https://www.aimtron.in/wp-content/uploads/2024/10/Vigil-Mechanism-Whistle-Blower-Policy.pdf

22. Nomination and Remuneration Committee

The Nomination and Remuneration Committee is constituted in accordance with the Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meeting of board and its power) Rules, 2014.

The members of Nomination and Remuneration Committee of the Company as on 31st March, 2025 are as under:

Name of Director	Chairperson/Member	Designation
1 Mr. Nischal Arvindbhai Sanghavi	Chairperson	Non-Executive Independent Director
2 CS Prerana S Bokil	Member	Non-Executive Independent Director
3 Mr. Mukesh Jeram Vasani	Member	Non-Executive Director

The policy formulated by nomination and remuneration committee:

The terms of reference of the committee inter alia include succession planning for Board of Directors and Senior Management Employees, identifying and selection of candidates for appointment of Directors/Independent Directors based on certain laid down criteria, identifying potential individuals for appointment of Key Managerial personnel and other senior managerial position and review the performance of the Board of Directors and Senior Management personnel including Key managerial personnel based on certain criteria approved by the Board. While reviewing the performance, the committee ensures that the remuneration is reasonable and sufficient to attract, retain and motivate the best managerial talents, remuneration commensurate with the performance of individual and group and also maintains a balance between both short and long-term objectives of the company. The detailed policy can be referred on our website at: https://www.aimtron. in/wp-content/uploads/2024/10/Nomination-and-Remuneration-Policy.pdf

The Nomination and Remuneration Committee Meeting was duly convened during the year ended 31st March, 2025 as detailed below:

Date of meeting	No. of Directors eligible to attend meeting	No. of Directors attended meeting
13.08.2024	3	3

23. Stakeholders Relationship Committee:

The Stakeholders Relationship Committee is constituted in accordance with the Section 178(5) of the Companies Act, 2013.

The members of Stakeholders Committee of the Company as on 31st March, 2025 are as under:

Name of Director	Designation
1 Mr. Nischal	Non-Executive
Arvindbhai Sanghavi	Independent Director
2 CS Prerana S Bokil	Non-Executive
	Independent Director
3 Mrs. Sharmilaben	Executive Director
Lakhanbhai
Bambhaniya

The Stakeholders Relationship Committee Meeting was duly convened during the year ended 31st March, 2025

Date of meeting	No. of Directors eligible to attend meeting	No. of Directors attended meeting
29.03.2025	2	2

24. Particulars of loans, guarantees or investments under section 186:

The company has made an Investment of H 5,18,26,320

(USD 5,88,000) and Incorporated wholly owned subsidiary at Texas by acquiring 100% stake in form of 58,800 equity shares of 10 USD within limits as per consent accorded by the shareholders at the extra ordinary general meeting held on 2nd November, 2023.

The Company has not given any guarantees or made investments under section 186 to any person or body corporate except loans to employees of the Company as per Companys policy for employees during the year under review.

25. Particulars of contracts or arrangements with related parties:

During the year under review, pursuant to the 4th proviso of Section 188(1) of the Companies Act, 2013, the Company has entered into transactions with related parties that are in the ordinary course of business and on arms length basis mentioned below:

Name of related party	Relationship	Nature of transaction
1. Aimtron Electronics LLC	Wholly owned subsidiary	Purchase & Sales Services provided
2. Aimtron Corporation USA	Company under same management	Purchase & Sales Services provided
3. American Pinball USA	Company under same management	Sales Services provided
4. Aimtron Systems LLC USA	Company under same management	Purchase & Sales Services provided
5. Aimtron Technologies LLC	Company under same management	Sales Services provided
6 Aimtron Foundation	Company under same management	CSR Activities
7. Aimtron Technologies Private Limited	Company under same management	Services availed Renting of Premises

Therefore, the related party transactions executed do not require any approval of the Board of Directors or shareholders under the Section 188 of the Act. However, the Company has taken necessary omnibus approvals from the Audit Committee for executing related party transactions during the period under review.

As per recent amendments, Regulation 23 shall become applicable to the Company from 1st April, 2025 and therefore for any material related transactions as per the provisions of Regulation 23 of SEBI (LODR) Regulations, 2015, prior approval of shareholders shall be required. The Board of Directors of the Company at their meeting held on 23rd April, 2025 recommended to accord consent from shareholders of the Company at the ensuing annual general meeting of the Company.

Pursuant to related party transactions under Section 188(1)(f) of the Companies Act, 2013 i.e. for Renting of premises with Aimtron Technologies Private Limited, Form AOC 2 is attached herewith (Annexure-B).

26. Managerial Remuneration

Disclosures pursuant to section 197(12) of the Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are enclosed herewith (Annexure-C).

27. Secretarial Audit Report

During the year under review, M/s DRP & Associates, Practicing Company Secretaries has been appointed as the secretarial auditor of the company as per the provisions of Section 204 and other applicable provisions, if any of the Companies Act, 2013 for the F.Y.

2024-25 at the meeting of the Board of Directors held on 6th July, 2024.The Secretarial audit report for the period under review is attached here as (Annexure -E).

28. Corporate Governance Report

Being Company got listed on NSE Emerge platform on 6th June, 2024 as SME, and pursuant to the provisions of Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clause (b) to (i) of sub-regulation (2) of regulation 46 and Para C, D and E of schedule V are not applicable to the Company being SME Listed Company.

Hence Corporate Governance does not form part of this Boards Report.

29. Management Discussion and Analysis

A detailed review of the operations, performance and future outlooks of the Company and its businesses is given in the management discussion and analysis report as stipulated in Regulation 34 (2) (e) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 has been annexed to Directors report herewith.

30. Code of Conduct

The Company has adopted a code of conduct for its directors and senior designated management personnel. All the Board members and senior management personnel have affirmed their compliance of code of conduct.

ThedetailpolicyontheCodeofConductisavailableonthewebsiteathttps://www.aimtron.in/wp-content/uploads/2024/10/ POLICY-ON-CODE-OF-CONDUCT-FOR-BORD-OF-DIRECTORS-AND-SENIOR.pdf

31. Risk management policy

In todays economic environment, risk management is a very important part of 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 the following risks:

Key Risk	Impact to Aimtron Electronics Limited	Mitigation Plans
Commodity Price Risk	Risk of price fluctuation on basic raw materials like steel, components, power as well as finished goods used in the process of manufacturing.	The Company commands excellent business relationship with the buyers. In case of major fluctuation either upwards or downwards, the matter will be mutually discussed and compensated both ways. Also by focusing on new value added products helps in lowering the impact of price fluctuation in finished goods.
Interest Rate Risk	Any increase in interest rate can affect the finance cost.	Dependence on debt is very minimum and Company has enough funds to meet the need arises.
Foreign Exchange Risk	Any volatility in the currency market can impact the overall profitability.	The Company has potentiality in domestic market. In case of major fluctuation either upwards or downwards, the effect will be minimal.
Human Resources Risk	Your Companys ability to deliver value is dependent on its ability to attract, retain and nurture talent. Attrition and non-availability of the required talent resource can affect the overall performance of the Company	By continuously benchmarking of the best HR practices and carrying out necessary improvements to attract and retain the best talent. Company does not anticipate any major issue for the coming years.
Competition Risk	Every company is always exposed to competition risk. The increase in competition can create pressure on margins, market share etc.	By continuous efforts to enhance the brand image of the Company by focusing on quality, cost, timely delivery and customer service. By introducing new product range commensurate with demands, your company plans to mitigate the risks so involved.
Compliance Risk – Increasing regulatory Requirements.	Any default can attract penal provisions.	By regularly monitoring and review of changes in regulatory framework.
Industrial Safety, Employee Health and Safety Risk.	The engineering industry is exposed to accidents and injury risk due to human negligence.	By development and implementation of critical safety standards across the various departments of the factory, establishing training need identification at each level of employee.

32. Directors Responsibility Statement

Your Directors state that— a. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. the directors had 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 at the end of the financial year and of the profit and loss of the company for that period; c. the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d. the directors had prepared the annual accounts on a going concern basis;

e. the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; f. the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

33. Compliance with Secretarial Standards and SEBI (Listing Obligation and Disclosure Requirement) Regulations 2015:

The Company has complied with secretarial standards issued by the Institute of Company Secretaries of India and SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 from time to time.

34. Disclosure regarding maintenance of Cost Records:

Cost records as specified by the Central Government under sub-section 1 of section 148 of the Companies Act, 2013, are maintained by the Company for the financial year 2024-25.

35. Details of fraud reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government.

There was no fraud reported by auditors under subsection (12) of section 143 other than those which are reportable to the Central Government.

36. Details of proceedings under the Insolvency and Bankruptcy Code, 2016

There was no proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the year under review.

37. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has been employing about 42 women employees in various cadres within the organization. The Company has in place an anti-harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee is in place to redress complaints received regularly and are monitored by women line supervisors who directly report to the Executive Director. All employees (permanent, contractual, temporary, trainees) are covered under the policy. There was no complaint during the financial year 2024-25 and hence no complaint is outstanding as on 31.03.2025 for redressal.

(a) number of complaints of sexual harassment received in the year: 0

(b) numberofcomplaintsdisposedoffduringtheyear:0

(c) number of cases pending for more than ninety days:0

38. Insider Trading Code

As per SEBI (Prohibition of Insider Trading) Regulation, 2015, the Company has adopted a Code of Conduct for Prevention of Insider Trading. The Company has appointed Company Secretary as Compliance Officer who is responsible for setting forth procedures and implementing the code for trading in Companys securities.

The Insider trading code is layed down the policy of the company named as ‘Policy on Code of Practices and Procedures for Fair Disclosure of UPSI uploaded on the website of the company at https://www.aimtron.in/wp-content/uploads/2024/10/Policy-on-Code-of-Practices-and-Procedures-for-Fair-Disclosure-of-UPSI.pdf

During the year under review, there has been due compliance with the said code.

39. The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

The requirement relating to disclosure of the difference between the amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions is not applicable, as the Company has not entered into any one-time settlement with any Bank or Financial Institution during the financial year.

40. Compliance with the provisions relating to the Maternity Benefits Act, 1961

The Company hereby states that it is in compliance with the provisions of the Maternity Benefit Act, 1961. and provide necessary benefits and facilities, as mandated under the Act, as and when such requirements arise.

41. Disclosure of Certain Types of Agreements Binding Listed Entities

Pursuant to Clause 5A of Paragraph A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board confirms that no agreement, as specified under the said clause, was entered into by the Company during the financial year 2024–25.

42. Acknowledgements

The Board of Directors gratefully acknowledge the assistance and co-operation received from the auditors, ICICI Bank, HDFC Bank and all other statutory and non-statutory agencies for their co-operation. The Board of Directors also wish to place on record their gratitude and appreciation to the members for their trust and confidence shown in the Company. The Board of Directors would like to especially thank all the employees of the Company for their dedication and loyalty.

	By Order of the Board of Directors
Mukesh Jeram Vasani	Sharmilaben
Director & Chairman	Lakhanbhai Bambhaniya
DIN: 06542536	Whole-time Director
	DIN: 08540149
Date: 21.08.2025
Registered Office:
Plot No 1/A, G.I.D.C. Estate, Vadodara,
Waghodia, Gujarat, India, 391760