C K K Retail Mart Ltd Management Discussions

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

You should read the following discussion of our financial position and results of operations together with our Restated Financial Statement which have been included in this Draft Red Herring Prospectus. The following discussion and analysis of our financial position and results of operations is based on our Restated Financial Statement for the financial years ended March 31, 2025, 2024 and 2023 including the related notes and reports, included in this Draft Red Herring Prospectus prepared in accordance with requirements of the Companies Act and restated in accordance with the SEBI Regulations, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as restated have been derived from our audited financial statements for the respective years. Accordingly, the degree to which our Restated Financial Statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level offamiliarity with Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those described under "Risk Factors" and "Forward Looking Statements " beginning on page 35 and 21 respectively, and elsewhere in this Draft Red Herring Prospectus. Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial Year are to the 12 months ended March 31 of that year.

Our Company is engaged in the distribution of packaged products catering to both retail and wholesale businesses. The Company commenced its business operations in the Financial Year 2020-21 and since year 2023, the Company has focused on the distribution and trading of packaged agro-commodities such as sugar, pulses and ghee across regions including Maharashtra, Bihar, West Bengal, and the north-eastern states. In April 2025, our Company expanded the product portfolio with the launch of "FruitzzzUp", a fruit pulp-based juice brand, reinforcing our commitment to offering a diverse and evolving product range that caters to changing consumer preferences. At present, our business primarily involves the distribution of packaged agro-commodities such as sugar, rice, and pulses along with packaged products such as milk powder and soft drinks (carbonated as well as fruit based). In addition to our core business operation, we also occasionally undertakes consultancy assignments.

For further details, see "Our Business" on page 148 of this Draft Red Herring Prospectus.

The following table sets forth a breakdown of our revenue from operations, as well as other key performance indicators, for the Financial years indicated:

(Rs. in Lakhs except percentages)

Key Financial Performance	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	For the financial year ended March 31, 2023
Revenue from operations (1)	30,118.67	23,302.48	10,327.13
EBITDA (2)	2,260.12	1,745.50	611.54
EBITDA Margin (3)	7.50%	7.49%	5.92%
PAT(4)	1,636.10	1,267.31	451.03
PAT Margin (5)	5.43%	5.44%	4.37%
EBIT	2,194.23	1,700.15	606.28
RoE(%)(6)	47.63%	63.89%	60.06%
RoCE (%)(7)	51.59%	64.96%	44.84%
Capital Employed(7)	4,253.22	2,617.12	1,352.12
Debt (8)	Nil	Nil	2.31

KPI disclosed above is certified by SSRV & Associates, Chartered Accountants the statutory auditors of our Company pursuant to their certificate dated September 18, 2025, UDIN No: 25129593BMIKOI3909

Notes:

(1) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements

(2) EBITDA (Inclusive of other income) is calculated as Profit before tax + Depreciation + Amortization + Interest Expenses

(3) ‘EBITDA Margin is calculated as EBITDA divided by Revenue from operations

(4) ‘PAT is calculated as Profit after tax for the year.

(5) ‘PAT Margin is calculated as PAT for the year divided by Revenue from operations.

(6) Return on Equity is Calculated as Profit after Tax divided by Average Shareholder Equity.

(7) Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus total debts plus deferred tax liabilities.

(8) Debt includes long term borrowings and short-term borrowings.

Explanation for KPI metrics:

Key Financial Performance	Explanations
Revenue from Operations	Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps to assess the overall financial performance of our Company and volume of our business
EBITDA	EBITDA provides information regarding the operational efficiency of the business
EBITDA Margin (%)	EBITDA Margin (%) is an indicator of the operational profitability and financial performance of our business
PAT	Profit after tax provides information regarding the overall profitability of the business
PAT Margin (%)	PAT Margin (%) is an indicator of the overall profitability and financial performance of our business
RoE(%)	RoE provides how efficiently our Company generates profits from shareholders funds.
RoCE (%)	RoCE provides how efficiently our Company generates earnings from the capital employed in the business.

For details in respect of Statement of Significant Accounting Policies, please refer to "Restated Financial Statements" beginning on page 217 of this Draft Red Herring Prospectus.

Factors Affecting our Results of Operations

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 35 of this Draft Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

1. General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

2. Our ability to respond to technological changes;

3. Adverse natural calamities having significant impact on regions where we have our business operations;

4. Our ability to attract and retain qualified personnel;

5. Inability to promptly identify and respond to changing customer preferences or evolving trends;

6. Any change in government policies resulting in increases in taxes payable by us;

7. Changes in laws and regulations that apply to the industries in which we operate.

8. Our ability to grow our business;

9. General economic, political and other risks that are out of our control;

10. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

11. Companys ability to successfully implement its growth strategy and expansion plans;

12. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;

13. Inability to successfully obtain registrations in a timely manner or at all;

14. Occurrence of Environmental Problems & Uninsured Losses;

15. Conflicts of interest with affiliated companies, the promoter group and other related parties;

16. Any adverse outcome in the legal proceedings in which we are involved; and

17. Concentration of ownership among our Promoters.

Our Result of Operations

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023.

					(Rs. in lakhs)
Sr. No. Particulars	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income
A. Revenue:
Revenue from operations	30,118.67	99.78	23,302.48	99.86	10,327.13	93.95
Other income	65.92	0.22	32.53	0.14	665.49	6.05
Total Income (A)	30,184.59	100.00	23,335.01	100.00	10,992.62	100.00
B. Expenses:
Purchase of stock- in-trade	29,835.25	98.84	21,916.57	93.92	9,650.11	87.79
Changes in inventories of stock-in-trade	(2,399.82)	(7.95)	(708.00)	(3.03)	(111.59)	(1.02)
Employee benefits expense	171.01	0.57	183.57	0.79	169.11	1.54
Finance costs	0.90	0.00	2.52	0.01	1.71	0.02
Depreciation and amortization expense	65.89	0.22	45.35	0.19	5.26	0.05
Other expenses	317.77	1.05	196.13	0.84	671.87	6.11
Total Expenditure (B)	27,991.00	92.73	21,636.14	92.72	10,386.47	94.49
C Profit before tax (A-B)	2,193.59	7.27	1,698.87	7.28	606.15	5.51
D Tax Expense :-
(i) Current tax	565.75	1.87	433.72	1.86	156.33	1.42
(ii) Deferred tax expenses/(credit)	(8.26)	(0.03)	(2.16)	(0.01)	(1.21)	(0.01)
Total Tax Expenses (D)	557.49	1.85	431.56	1.85	155.12	1.41
E Profit for the year (C-D)	1,636.10	5.42	1,267.31	5.43	451.03	4.10

INCOME:

Revenue from operations:

Revenue from operations mainly consists of revenue from sale of goods (Export & Domestic), sales of services (Export & Domestic) and other operating income (Sales of ROADTEP Script & Duty drawback).

Other Income:

Our other income primarily comprises of Gain on Sale of Mutual Funds, Interest on Loan, Interest on Fixed Deposit, Interest on I Rs.Refund, Sundry Balance Written Back, Unrealized Foreign Exchange Gain and Consulting Income.

EXPENSES:

Companys expenses consist of Purchase of stock-in-trade, Changes in inventories of stock-in-trade, employee benefits expense, finance costs, depreciation and amortization expense and other expenses.

Purchase of stock-in-trade

This represents purchases of sugar, rice, pulses, and carbonated beverages for trade.

Changes in inventories of stock-in-trade

This represents changes in inventories of stock-in-trade.

Employee benefits expense

Our employee benefits expense primarily comprises of Salaries to Staff, Directors Remuneration, Contribution to Provident Fund, Employee State Insurance Corporation & Labour Welfare Fund, Gratuity Expense and Staff Welfare Expenses.

Finance costs

Our finance cost includes Bank Charges and Commission, Interest on late payment of statutory dues and Interest on late payment to MSME Creditors.

Depreciation and amortization expense

Depreciation and amortization on tangible and intangible assets.

Other expenses

Our other expenses include Advertisement, Payment to Auditor, Brokerage, CSR Expense, Electricity Expenses, Insurance Expenses, Professional & Legal Fees, Professional Tax, Rent, Rates & Taxes, Stamp Duty, Transport Expenses, Travelling and Conveyance, Communication Expenses, Miscellaneous expenses, Sundry Balance written-off, Difference in Foreign Currency (net), Repairs and Maintenance and Business Promotion Expense.

Comparison of Financial Year 2025 with Financial Year 2024

Revenue from Operations:

During the financial year ended March 31, 2025, Revenue from Operations was t30,118.67 Lakhs, compared to t23,302.48 Lakhs in the previous year, reflecting an increase of 29.25%. This growth was primarily driven by the continued expansion of our domestic sugar business. The Company strengthened its distribution network, deepened penetration across multiple regions, and enhanced relationships with suppliers, which collectively contributed to higher sales volumes. Improved fund liquidity arising from an enhanced net worth also supported this expansion, enabling us to meet growing domestic demand more effectively.

Other Income:

During the financial year ending March 31, 2025, other income was Rs.65.92 Lakhs. For the financial year ending March 31, 2024, it was Rs.32.53 Lakhs representing an increase of 102.64%. The increase was primarily driven by gains from the sale of mutual funds, higher interest earned on fixed deposit and sundry balance written back. These factor collectively contributed to the substantial improvement in the other income during the year.

Total Expenses:

The Total Expenses for the financial year ending March 31,2025 stood at Rs.27,991.00 Lakhs. The total expenses represented an increase of 29.37 % as compared to previous year which is Rs.21,636.14 Lakhs due to the factors described below: -

Purchase of stock-in-trade -:

Our purchase of stock in trade for the financial year ending March 31,2025 is Rs.29,835.25 Lakhs as compared to Rs.21,916.57 Lakhs for the financial year ending March 31,2024 reflecting an increase of 36.13%. This rise is mainly due to higher procurement aligned with increased sales volumes.

Changes in Inventories

Our changes in inventories for the financial year ended March 31, 2025 amounted to Rs.(2,399.82) Lakhs, as compared to Rs.(708.00) Lakhs in the previous year, primarily on account of year-end stock adjustments. The shift towards a distributor-led network has also resulted in higher inventory requirements to support timely and consistent deliveries across the market.

Employee benefits expense:

Our Company has incurred Rs.171.01 Lakhs as Employee benefits expense for the financial year ending March 31, 2025 compared to Rs.183.57 Lakhs for the financial year ending March 31, 2024, representing decrease of 6.84%. The decrease is primarily due to rationalization of staff costs, lower director remuneration and reduced gratuity outflow.

Finance costs:

Finance costs for the financial year ending March 31, 2025 amounted to Rs.0.90 Lakhs, compared to Rs.2.52 Lakhs for financial year ending March 31, 2024, reflecting decrease of 64.29%. The reduction was mainly attributable

to timely settlement of MSME creditor payments, which eliminated interest charges, along with lower bank charges.

Depreciation and Amortization Expenses:

Depreciation and amortization expense for the financial year ending March 31,2025 amounted to Rs. 65.89 Lakhs, compared to Rs. 45.35 Lakhs for the financial year ending March 31,2024, representing an increase of 45.29 %. The rise was primarily due to a full years depreciation charge on the motor car in FY 2024-25, compared to only a partial charge in FY 2023-24.

Other Expenses:

Other Expenses for the financial year ending March 31,2025 amounted to Rs. 317.77 Lakhs, compared to Rs. 196.13 Lakhs for financial year ending March 31,2024, reflecting an increase of 62.02%. The increase is mainly due to increase in advertisement expenses, Payment to Auditor, CSR Expense, Electricity Expenses, Insurance Expenses, Professional & Legal Fees, Rent, Rates & Taxes, Transport Expenses, Communication Expenses, Miscellaneous expenses, Difference in Foreign Currency (net) and Repairs and Maintenance expenses.

Restated Profit/ (Loss) after tax:

The Companys Restated Profit After Tax increased to Rs.1,636.10 Lakhs in the financial year ending March 31, 2025 from Rs.1,267.31 Lakhs in the financial year ending March 31, 2024, registering a growth of 29.10%. The improvement was mainly attributable to higher operating revenues supported by higher sales volumes and better utilization of available liquidity.

Comparison of Financial Year 2024 with Financial Year 2023 Revenue from Operations:

Revenue from Operations for the year ended March 31, 2024 was Rs.23,302.48 Lakhs, compared to Rs.10,327.13 Lakhs in the previous year, reflecting significant increase of 125.64%. In FY 2023, export was a notable contributor to the revenues. However, in FY 2024, the Company strategically shifted its focus towards the domestic market. By expanding its distribution network to appointment of super-stockists and distributors across various states, the Company achieved deeper market penetration and wider consumer reach. This shift in strategy significantly enhance domestic sales, which became the key driver of the revenue growth during FY 2024.

Other Income:

During the financial year ending March 31, 2024, other income was Rs. 32.53 Lakhs. For financial year ending March 31, 2023, it was Rs. 665.49 Lakhs representing decrease of 95.11 %. This was mainly due to lower consultancy income, sundry balance written back and lower earnings from interest on loan and mutual fund gains.

Total Expenses:

The Total Expenses for the financial year ending March 31,2024 stood at Rs. 21,636.14 Lakhs. The total expenses represented an increase of 108.31 % as compared to previous year which is Rs. 10,386.47 Lakhs due to the factors described below: -

Purchase of stock-in-trade -:

Our purchase of stock in trade for the financial year ending March 31,2024 is Rs.21,916.57 Lakhs as compared to Rs.9,650.11 Lakhs for the financial year ending March 31,2023 reflecting an increase of 127.11%. The increase was mainly on account of higher procurement to support expanded operational volumes.

Changes in Inventories

Our changes in inventories for the year ended March 31, 2024 amounted to Rs.(708.00) Lakhs, as compared to Rs.(111.59) Lakhs in the previous year. The increase was primarily driven by Companys strategic shift from an export-focused business in FY 2023 to a domestic distribution-led model in FY 2024. In the domestic market, maintaining adequate stocks with super-stockists and distributors is essential to ensure timely and consistent supply to retailers and end customers. As a result, higher levels of inventory were required to support deeper market penetration, stable product availability, and continuity of sales, leading to the reported change in inventories.

Employee benefits expense:

Our Company has incurred Rs.183.57 Lakhs as Employee benefits expense for the financial year ending March 31, 2024 compared to Rs.169.11 Lakhs for the financial year ending March 31, 2023, representing an increase of 8.55%. The increase was primarily due to rise from salary increments, directors remuneration, Contribution to Provident Fund, Employee State Insurance Corporation & Labour Welfare Fund and staff welfare expenses.

Finance costs:

Finance costs for the financial year ending March 31, 2024 amounted to Rs.2.52 Lakhs, compared to Rs.1.71 Lakhs for financial year ending March 31, 2023, reflecting an increase of 47.37%. The increase was primarily on account of delayed MSME Creditors payment leading to interest charged and higher Bank Charges .

Depreciation and Amortization Expenses:

Depreciation and amortization expense for the financial year ending March 31,2024 amounted to Rs.45.35 Lakhs, compared to Rs.5.26 Lakhs for the financial year ending March 31,2023, representing an increase of 762.17%. The increase in depreciation expenses is primarily due to additions to fixed assets.

Other Expenses:

Other Expenses for the financial year ending March 31,2024 amounted to Rs.196.13 Lakhs, compared to Rs.671.87 Lakhs for financial year ending March 31,2023, reflecting decrease of 70.81%. The decrease is mainly due to reduction in expenses including Advertisement, Brokerage, Insurance Expenses, Stamp Duty, Transport Expenses, Communication Expenses, Difference in Foreign Currency (net) , Repairs and Maintenance and Business Promotion Expense.

Restated Profit/ (Loss) after tax:

The Company reported Restated profit after tax for the financial year ending March 31, 2024 stood at Rs.1,267.31 Lakhs in comparison to profit after tax of Rs.451.03 Lakhs in the financial year ending March 31, 2023. The significant improvement in profitability was primarily driven by improved gross margins arising from higher domestic sales volumes.

The table below summaries cash flows from our Restated financial statement for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023:

			in lakhs)
Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Net Cash Flow from/ (used in) Operating Activities (A)	189.58	819.85	(208.47)
Net Cash Flow from/ (used in) Investing Activities (B)	183.08	(344.94)	38.24
Net Cash Flow from/ (used in) Financing Activities (C)	(0.64)	(3.59)	746.87
Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C)	372.02	471.32	576.64
Cash & Cash Equivalents as at Beginning of the Year	1,065.41	594.09	17.45
Cash & Cash Equivalents as at End of the Year	1,437.43	1,065.41	594.09

Operating Activities

For the year ended March 31, 2025

Our net cash generated from operating activities was Rs189.58 lakhs for the financial year ended March 31, 2025. Our operating profit before Working Capital Changes was Rs. 2,194.44 lakhs which was primarily adjusted against an increase in inventories by Rs 2,399.82 lakhs, short term loans and advances by Rs 172.73 lakhs, other bank balances by Rs 3.30 lakhs, other current liabilities & provisions by Rs 497.02 lakhs and decrease in trade receivable by Rs. 1,295.99 lakhs, trade payable by Rs 863.02 lakhs respectively which was adjusted by Rs 359.86 lakhs income tax paid during the financial year ended March 31, 2025.

For the year ended March 31, 2024

Our net cash generated from operating activities was Rs 819.85 lakhs for the financial year ended March 31, 2024. Our operating profit before Working Capital Changes was Rs. 1,715.17 lakhs which was primarily adjusted against an increase in inventories by Rs 708.00 lakhs, trade receivable by Rs. 2,122.60 lakhs, other bank balance by Rs 100.92 lakhs, other non -current asset by Rs 2.90 lakhs, trade payable by Rs 2,296.70 lakhs and decrease in short term loans and advances by Rs 153.14 lakhs, other current assets by Rs 8.19 lakhs, other current liabilities and provisions by Rs 170.76 lakhs respectively which was adjusted by Rs 258.17 lakhs income tax paid during the financial year ended March 31, 2024.

For the year ended March 31, 2023

Our net cash used in operating activities was Rs 208.47 lakhs for the financial year ended March 31, 2023. Our operating profit before Working Capital Changes was Rs. 229.06 lakhs which was primarily adjusted against an increase in inventories by Rs 111.59 lakhs, short term loans and advances by Rs 345.27 lakhs, trade payable by Rs 212.68 lakhs and decrease in trade receivable by Rs. 1,730.12 lakhs, other current asset by Rs 213.00 lakhs, other current liabilities and provisions by Rs 2,086.38 lakhs respectively which was adjusted by Rs 50.09 lakhs income tax paid during the financial year ended March 31, 2023.

Investing Activities

For the year ended March 31, 2025

Our net cash generated from investing activities was Rs 183.08 lakhs for the financial year ended March 31, 2025. It was on account of purchase of property, plant & equipment and intangible assets of Rs 1.39 lakhs, purchase of mutual funds of Rs 3,203.44 lakhs, Proceeds from Sale of Mutual Funds of Rs 3,366.28 lakhs and interest income received of Rs 21.63 lakhs.

For the year ended March 31, 2024

Our net cash used in investing activities was Rs 344.94 lakhs for the financial year ended March 31, 2024. It was on account of purchase of property, plant & equipment and intangible assets of Rs 242.02 lakhs, purchase of mutual funds of Rs 1,293.81 lakhs, Proceeds from Sale of Mutual Funds of Rs 1,170.01 lakhs and interest income received of Rs 20.90 lakhs.

For the year ended March 31, 2023

Our net cash generated from investing activities was Rs 38.24 lakhs for the financial year ended March 31, 2023. It was on account of purchase of property, plant & equipment and intangible assets of Rs 16.21 lakhs, purchase of mutual funds of Rs 1,220.00 lakhs, Proceeds from Sale of Mutual Funds of Rs 1,228.96 lakhs and interest income received of Rs 45.49 lakhs.

Financing Activities

For the year ended March 31, 2025

Our net cash used in financing activities was Rs 0.64 lakhs for the financial year ended March 31, 2025. It was on account of interest cost of Rs 0.64 lakhs.

For the year ended March 31, 2024

Our net cash used in financing activities was Rs 3.59 lakhs for the financial year ended March 31, 2024. It was on account of interest cost of Rs 1.28 lakhs and repayment of borrowing of Rs 2.31 lakhs.

For the year ended March 31, 2023

Our net cash generated from financing activities was Rs 746.87 lakhs for the financial year ended March 31, 2023. It was on account of Proceeds from rights issue of Equity Shares of Rs 747.00 lakhs and interest cost of Rs 0.13 lakhs.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

There has not been any unusual trend on account of our business activity except as disclosed in this Draft Red Herring Prospectus.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Other than as described in the Section titled "Financial Information " and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations", beginning on page 217 and 260, respectively of this Draft Red Herring Prospectus, to our knowledge there are no significant economic changes that may materially affect or likely to affect income from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Other than as described in the chapter titled "Risk Factors" and "Managements Discussion and Analysis of Financial Conditions and Result of Operations", beginning on page 35 and 260, respectively of this Draft Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by demand/supply situation, government policies.

5. Total turnover of each major industry segment in which our Company operates

We are engaged in the business of distribution and trading of packaged agro-commodities and carbonated beverages. Please refer in the chapter titled "Our Business" beginning on page 148 of this Draft Red Herring Prospectus. Therefore, there are no separate reportable segments.

6. Status of any publicly announced New Products or Business Segment

Except as disclosed in the Chapter "Our Business", our Company has not announced any new product or business segment.

7. Seasonality of business

Our business is not seasonal in nature. For further information, see "Our Business" beginning on page 148.

8. The extent to which material increases in revenue or income from operations are due to increased volume, introduction of new products or services or increased prices

Changes in revenue are as explained in the part "Comparison of Financial Year 2025 with Financial Year 2024 and Comparison of Financial Year 2024 with Financial Year 2023" above.

9. Dependence on single or few customers

Our business is dependent upon few customers. For further details, refer "Risk Factor" on page 35 of this Draft Red Herring Prospectus.

10. Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on pages 130 and 148 respectively of this Draft Red Herring Prospectus.

11. Details of material developments after the date of last balance sheet i.e. March 31, 2025.

Except as mentioned in this Draft Red Herring Prospectus, no circumstances have arisen since the date of last financial statement until the date of filing the Draft Red Herring Prospectus, which materially and adversely affect or are likely to affect the operations or profitability of our Company, or value of its assets, or its ability to pay its liability within next twelve months. Our Company has approved the Draft Red Herring Prospectus vide resolution in the Board Meeting dated September 27, 2025.