Bansal Multiflex Ltd Management Discussions

i) Industry Structure and Development

M/s. Bansal Mul ex Limited (hereina er referred to as “Company”) was engaged in trading of cloth, di erent type of semi furnished fabrics, varie es of nished fabrics and di erent type of chemicals primarily used in making detergent and soaps. The Company was also engaged in services of third-party job workers for processing of Grey cloth which includes dying, bleaching, prin ng, drying etc. The Company has been acquired as going concern under CIRP through a Resolu on Plan submi ed by Mr. Malay Bhow as “Resolu on Applicant” which was approved by Honble Na onal Company Law Tribunal (NCLT), Ahmedabad vide its order dated 31.05.2022 (Ref: IA/736(AHM)2021 in CP(IB) 339 of 2019). Accordingly in view of above, the Company presently looking for opportuni es to restart and build the business of the Company. ii) Opportuni es and Threats

The future for the Indian tex le industry looks promising, buoyed by both strong domes c consump on as well as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several interna onal players like Marks & Spencer, Guess and Next into the Indian market. The organised apparel segment is expected to grow at a Compound Annual Growth Rate (CAGR) of more than 13 per cent over a 10 years period. As per the recent industries norms and pursuant Government strategy the Company is not expec ng any major threats in upcoming me. iii) Segment wise Performance or Product-wise Performance:

As the Company was acquired under CIRP as a going concern through a resolu on plan which was approved by COC Commi ee, NCLT has also given approval of the same vide its Order dated 31-05-2022 and accordingly Company is in process of ini a ng Re-commencement through Resolu on Plan. Therefore, no business ac vi es were carried out during the Financial Year 2025-26. Accordingly, the Companys revenue for opera ons for the nancial year ended on 31.03.2026 was NIL. iv) Internal Control system and their adequacy

During the year under review, your Company‘s internal controls systems are commensurate with the nature and size of its business opera ons. Adequate internal controls, systems and checks are in place and the management exercises nancial controls on the opera ons through a well de ned processes. v) Financial performance with respect to opera onal performance

As the Company was acquired under CIRP as a going concern through a resolu on plan which was approved by COC Commi ee, NCLT has also given approval of the same vide its Order dated 31-05-2022 and accordingly Company is in process of ini a ng Re-commencement through Resolu on Plan. Therefore, this clause is not applicable to the Company. vi) Details of Signi cant Changes in the Key Financial Ra os & Return on Net Worth

As the Company was admi ed into CIRP Process on 18.12.2020, Mr. Malay Bhow (Resolu on Applicant) has acquired Company under CIRP as a going concern through a resolu on plan which was approved by COC Commi ee, NCLT has also given approval of the same vide its Order dated 31-05-2022 and accordingly Company is in process of ini a ng Recommencement through Resolu on Plan. Therefore, this clause is not applicable to the Company. vii) Recent Trend and Future Outlook:

The sector in which the Company has been opera ng is developing faster and provides ample growth opportuni es. viii) Risk and Concerns

Our business is subjected to various risks and uncertain es; our results of opera ons and nancial condi ons are a ected by numerous factors including the following: Diversi ed products and customer base Range of products and Distribu on Channel Quality of Products Timely Execu on of orders Leveraging the experience of our Promoters Cordial rela ons with our Clients and Suppliers ix) Material developments in Human Resources/Industrial Rela ons front, including the number of people employed.

During the year under review, no such ini a ves and/or developments in Human Resources/Industrial Rela ons front has been taken by the Company. x) Cau onary Statement:-

The management believes the above to be true to the best of its knowledge at the me of prepara on of this report. However, these statements are subject to certain future events and uncertain es, which could cause actual results to di er materially from those, which may be indicated in such statements.