Commercial Syn Bags Ltd Management Discussions

(a) Global Economy: Tenuous Resilience amid Persistent Uncertainty

Global economic growth has been showing a steady decline since 2022 and this continued through 2024-25, driven by a mix of geopolitical uncertainty around evolving trade policies and continued supply chain disruptions due to conflicts that have affected the global energy markets since the start of the Russia Ukraine war in 2022. Despite these headwinds, global GDP grew 2.8% in 2024, similar to 2023, and is expected to moderate further to 2.3% in 2025, owing to trade disruptions due to the impositions of high tariffs on trade partners by the United States (US) government. The Russia-Ukraine war, now in its third year, continues to disrupt energy flows and commodity markets in Europe. The Israel-Hamas conflict has escalated tensions in the Middle East, raising concerns over supply chains, oil prices, and regional stability. Renewed tariff measures, particularly from the US, have escalated trade tensions. Retaliatory actions have deepened the divide, further weakening global trade.

In the US, growth for 2025 is projected at 1.4%, as higher tariff-related input costs take a toll on consumption and manufacturing activity. The Federal Reserve reduced the interest rates in three rate cuts aggregating 100 bps from 5.25%-5.50% level in September 2024 to 4.25%-4.50% level in December 2024, as inflation broadly remained below the 3% mark. The Fed has indicated it may pursue further rate cuts through 2025, if the labour market softens. In the Euro Area, economic performance remains fragile with growth revised downward to 0.7% for 2025, due to weak demand and continued uncertainty around energy supply and pricing.

Growth in emerging markets and developing economies (EMDEs) is also showing signs of slowing momentum. In countries like China, the growth is expected to moderate at 4.5% in 2025, reflecting internal structural adjustments, weak global demand, and risks of deflation.

(Sources: World Economic Outlook Update by IMF, July 2025; Global Economic Prospects, World Bank, June 2025)

(b) Indian Economy Overview

Indias economy continues to grow at a steady and confident pace, standing out as the fastest growing major economy in the world. Gross Domestic Product (GDP) is a measure of size and health of the economy. It is the total value of all the goods and services produced within a country. In 2024 25, real GDP growth was estimated at 6.5 per cent. The Reserve Bank of India expects the same rate to continue in 2025 26. This performance comes at a time when the global economy faces uncertainty, making Indias steady momentum all the more significant.

Supported by strong domestic demand, easing inflation, robust capital markets and rising exports, the broader economic picture is one of resilience and balance. Key indicators such as record foreign exchange reserves, a manageable current account deficit, and increasing foreign investment reflect growing global trust in Indias long-term prospects. Together, these trends show an economy that is not only expanding but doing so with strength across sectors. However, the recent US imposition of significant tariffs on several countries has impacted critical Indian industries such as steel, aluminium, and automobiles, adding pressure to the growth outlook.

Global conditions, by contrast, remain fragile. The United Nations has described the world economy as being in a "precarious moment," citing trade tensions, policy uncertainties, and declining cross-border investments. Amid this, India continues to stand out as a bright spot, with global institutions and industry bodies expressing confidence in its growth prospects.

Over the past decade, Indias economic size has expanded sharply. In 2014 15, the GDP at current prices was Rs.106.57 lakh crore. This figure is expected to rise to Rs. 331.03 lakh crore in 2024 25, nearly tripling in ten years. In the past year alone, nominal GDP increased by 9.9 per cent, while real GDP rose by 6.5 per cent, underscoring the economys continued resilience and vigour.

Inflation in India has eased sharply, offering relief to both households and businesses. In May 2025, the year-on-year inflation

rate based on the Consumer Price Index (CPI) stood at 2.82 per cent. This marks the lowest level since February 2019. Food prices, which often have a big impact on overall inflation, have also cooled. The Consumer Food Price Index (CFPI) recorded an inflation rate of just 0.99 per cent in May 2025. This is the lowest food inflation seen since October 2021. Rural and urban food inflation were almost identical, at 0.95 per cent and 0.96 per cent, respectively.

Indias foreign exchange reserves stood at USD 697.9 billion as of 20 June 2025. These reserves are enough to cover more than 11 months of goods imports, providing a safety net in times of global shocks. This means that even if exports slow down, India has enough foreign currency to pay for essential imports. At the same time, external debt remains at a moderate level, accounting for 19.1 per cent of the GDP as of March 2025. These numbers show that Indias financial position with the rest of the world is healthy and stable.

Indias total exports touched a new high of USD 824.9 billion in 2024 25, growing by 6.01 per cent from USD 778.1 billion in

2023 24. This marks a sharp rise from USD 466.22 billion in 2013 14, underlining a decade of sustained export momentum.

Services exports remain a key contributor. In 2024 25, India exported USD 387.5 billion worth of services, a 13.6 per cent increase over the previous years USD 341.1 billion. A decade ago, in 2013 14, services exports stood at USD 152 billion. This strong and consistent growth highlights Indias ability to deliver high-quality services to global clients, particularly in IT, consulting, finance, and digital technologies.

Merchandise exports, excluding petroleum products, also achieved a record. In 2024 25, these exports reached USD 374.1 billion, growing by 6.0 per cent from USD 352.9 billion in the previous year. This is the highest non-petroleum merchandise export figure ever recorded. It also reflects a significant improvement from USD 314 billion in 2013 14. Much of this growth has come from sectors such as machinery, chemicals, electronics, and defence equipment, which are gaining traction in global markets.

Underlying this export growth is the steady rise in manufacturing. As per the Ministry of Statistics and Programme Implementation, the Gross Value Added (GVA) of manufacturing at constant prices rose from Rs.15.6 lakh crore in 2013 14 to Rs. 27.5 lakh crore in 2023 24. The sectors share in the economy remained stable at around 17.3 per cent, but the nearly twofold increase in output shows its expanding base.

(Source Government of India, Press Information Bureau, July 2025)

From a monetary policy standpoint, the Reserve Bank of India (RBI) adopted an accommodative stance as inflationary pressures eased. RBI has brought the repo rate down to 5.5% by June 2025, creating a supportive environment that aided credit growth and improved business sentiment across industries.

Further, the Governments thrust on capital expenditure, allocating 11.11 lakh crore, or 3.4% of GDP, to infrastructure spending remained a strong pillar of growth, with continued investments in transport, digital infrastructure, and energy transition. The Production Linked Incentive (PLI) schemes across key sectors further bolstered the manufacturing ecosystem, while initiatives like PM Gati Shakti, ONDC, and the National Logistics Policy are reshaping Indias competitiveness.

(c) Industry Overview

Global Plastic & Plastic Packaging Market

The global plastic market size was estimated at USD 624.8 billion in 2023 and is projected to reach USD 645.1 billion by 2030, growing at a CAGR of 4.2% from 2024 to 2030. The increasing substitution of glass, metals, wood, natural rubber, and other materials, by plastics is expected to drive the global plastics market in the coming years.

Source https://www.grandviewresearch.com/industry-analysis/global-plastics-market

The plastic packaging market size reached USD 493.42 billion in 2025 and is projected to attain USD 579.95 billion by 2030, expanding at a 3.28% CAGR over the forecast period. Robust e-commerce activity, rising convenience-food consumption, and cost-competitive advantages over alternate substrates underpin sustained demand even as regulatory scrutiny intensifies. Incumbents able to fund chemical-recycling lines, redesign packs for tethered-cap rules, and meet high recycled-content thresholds secure competitive insulation while smaller converters confront escalating compliance costs. Concurrently, logistics inflation elevates the value proposition of lightweight flexible formats that trim freight bills, strengthening supplier contracts in e-commerce, food, and healthcare channels. Consolidation accelerates as scale becomes prerequisite for funding advanced R&D and closed-loop supply agreements.

Source: https://www.mordorintelligence.com/industry-reports/plastic-packaging-market

Indian Plastic & Plastic Packaging Market

The India plastic industry market is currently valued at USD 26.61 billion in 2025 and is forecast to reach USD 44.59 billion by 2030, translating to a 10.88% CAGR. Strong public-sector incentives such as the Production-Linked Incentive scheme, large-scale infrastructure programs and accelerating consumer demand across packaging, construction and mobility are sustaining this double-digit trajectory. Western India remains the consumption epicenter, powered by Gujarats and Maharashtras dense petrochemical clusters, while specialty grades are gaining share as brands look for lightweighting and recyclability. Supply-side additions in polyolefins and PVC, amplified by recent brownfield and greenfield investments, are easing the countrys long-standing dependence on imports. Meanwhile, rising waste-management regulations, volatile feedstock costs and rapid adoption of digital production controls are shaping a sharper focus on operational efficiency and circularity.

Source: https://www.mordorintelligence.com/industry-reports/analysis-of-plastic-industry-in-india

The India Plastic Packaging Market size is estimated at USD 22.44 billion in 2025, and is expected to reach USD 26.13 billion

by 2030, at a CAGR of 3.09% during the forecast period (2025-2030).

Plastic is one of the most prominent packaging materials. The materials lightweight and low-cost nature instantly

distinguished it among all the end-users.

Plastic packaging is at the center of a new era in the Indian packaging industry. Its versatile usage is becoming the foundation for many industries for product packaging. Compared to other packaging types, plastic packaging containers provide unique benefits, such as high impact strength, stiffness, and barrier properties, which have expanded the market for plastic packaging in recent years.

Polyethylene is primarily used for packaging plastic bags, plastic films, geomembranes, etc. It is a lightweight, partially crystalline, thermoplastic resin with high resistance, low moisture absorption, and sound-insulating properties. Low-density polyethylene (LDPE) is mainly used to manufacture plastic bags. LDPE polyethylene bags are soft and flexible and are available in natural colors. The demand for these bags is due to their known features, such as flexibility, transparency, high impact strength, and weak barrier, except for water and alcohol vapor. These bags have weak temperature resistance but outstanding electrical properties and excellent chemical resistance. They show a tendency for environmental stress cracking.

Pouch packaging is gaining popularity as it is a highly convenient and portable solution. Many shoppers prefer flexible, stand-up pouches over traditional, rigid packaging. Consumers drove the demand for stand-up pouches (for snacks, beverages, baby food, or industrial oils and lubricants) exponentially over the past decade. Specific innovations in the packaging type further drive the markets sustainability.

The market for beverage packaging has grown significantly over the last few years in India. Rapid changes in beverage packaging trends across the country are critical for the markets growth. The new trends in the packaging of beverages focus on structural changes, as well as the development of recycled materials like post-consumer recycling, customer acceptance, safety, and new filling technologies. The development of heat-resistant PET bottles improved the preservation of several drinks.

However, the plastic packaging market in India is expected to be significantly challenged due to dynamic changes in regulatory standards, primarily due to increasing environmental concerns. The government is responding to public concerns regarding plastic packaging waste and implementing regulations to minimize environmental waste and

improve waste management processes.

Source: https://www.mordorintelligence.com/industry-reports/india-plastic-packaging-market

Global FIBC Market Outlook

The global Flexible Intermediate Bulk Container (FIBC) market is poised for robust growth, projected to reach a valuation of USD 12.6 billion by 2033, growing at a CAGR of 5.4% from USD 7.5 billion in 2023. FIBCs currently account for nearly one-third of the global Intermediate Bulk Container market. The growth is being driven by rising demand from the food, pharmaceutical, and chemical industries, supported by the increasing need to reduce bulk packaging weight while ensuring safety, hygiene, and durability. The most preferred FIBCs are those capable of carrying over 750 kg, with manufacturers increasingly focusing on lightweight and eco-friendly solutions. Features such as dust-proof seams, laminated fabrics, high load capacity, and reusability have made FIBCs an ideal choice for global logistics. Innovations like polyethylene or foil linings offer enhanced protection against spillage and harsh environments, while custom printing capabilities help businesses with branding and product differentiation. The market is also benefiting from the rising preference for FDA-approved food-safe packaging, with manufacturers aligning offerings to evolving global safety standards.

Source - FIBC Market Outlook (2023 to 2033)

Indian FIBC Market Dynamics

India continues to consolidate its position as a global leader in FIBC manufacturing and exports. According to the Indian Flexible Intermediate Bulk Container Association (IFIBCA), Indias FIBC production grew by nearly 38% in the last decade, reaching ~400,000 MT in 2023, up from 306,996 MT in 2021. Export sales tripled over the same period, with India capturing 75% of the European market and 72% of the US market. The food-grade FIBC segment alone accounted for 28% of total production, highlighting growing demand from international food and pharma industries. Indias export presence has expanded into markets like the UAE and Australia, following favourable trade agreements, and is now targeting highpotential regions such as Japan and South Korea for the next phase of growth.

Source - Packaging South Asia - the magazine for modern packaging FIBC Market Outlook (2023 to 2033) IFIBCA - Indian

FIBC Association

Indias Competitive Advantages in the FIBC Industry

Skilled Workforce

Technical Superiority

Integrated Manufacturing Scale

Efficient Logistics Infrastructure

Supportive Government Policies

Strong Value Proposition

Source - IFIBCA - Indian FIBC Association

(d) Company Overview

Your Company is an ISO Certified and AA+ level of BRCGS Packaging Accreditation Company engaged in the

manufacturing and supply of FIBC, HDPE/PP Bags, HDPE/PP Fabric, Tarpaulin (under the brand name TIGER

TARPAULIN), Ground Cover, Pond Liners, Mulch Films, Laminates, Vermi Beds, Flexible Pipes (under the brand name COMSYN SWAJAL), Geotextiles, Ground Cover, Nets and other technical textiles products for export and domestic markets. Other range of products are sold under the brand name COMSYN.

Companys customer base is spread across the globe with major presence in European Union, United Kingdom, United States and Latin America. The majority of sales are through exports which continue to contribute about 70% of sales from manufacturing segment. The Company has also been recognised by Government of India as an Export House.

The Company is continuously doing Research and Development activities to produce best of its products as per the need of customers. The Company offers various packaging solutions for wide range of end users such as Construction, Agriculture, Asbestos Waste Removal, Bulk Packaging, Household Waste Removal, Human Safety, Gardens, Green Houses, Shelter, Grain, Pulses, Animal Food, Seeds, Fertilizers, Chemicals, and Food Products etc.

The Company has been operating as DCA cum CS of ONGC Petro additions Limited (OPaL). During this year this business not only delivered a steady performance but also continued to add value to the Company, in terms of profitability. This segment helps the Company as a source of Raw Material and helps to increase its presence in the national market. Further it also helps the Company to decide its raw material procurement policy and reduction of cost.

The Company has installed the solar power generation plant and also a rooftop solar power plant for generation of electricity for captive consumption. The Company is also using all its wastage generated during the operation and thereby contributing towards the environment.

The manufacturing operation of the Company is being carried out at five manufacturing plants located at Pithampur with the total installed capacity of 27630 MTPA on consolidated basis (including the capacity of wholly owned subsidiary). The Companys Techtex Unit is now able to achieve its optimum capacity and we anticipate that it will give a good contribution to overall profits in the next financial year.

The members of the Company at its 01/2024-25 Extra Ordinary General Meeting held on 10 January, 2025 has approved the increase in the authorised capital of the Company from existing Rs. 40.00 Crores to Rs. 42.50 Crores and consequent alteration of the Memorandum of Association of the Company. The Company has issued 20,00,000 warrants convertible into equity share of Rs. 10 each on preferential basis to the promoters and promoters group and received 25% upfront money i.e. Rs. 360.00 Lakhs and utilized the same as per the object of the preferential issue.

The Company has further acquired 1% i.e. 10 shares in Smartlift Bulk Packaging Limited, U.K. by payment of agreed consideration of GBP 43,500 to Mr. Trevor William Bland. With this acquisition the Company now holds 50% of the paid up share capital of Smartlift Bulk Packaging Limited.

The Companys wholly owned subsidiary Comsyn India Private Limited has acquired 100% equity shares of Erawat Vegcap Private Limited through a Share Purchase Agreement (SPA) dated 12th April, 2025, for a total consideration of Rs. 551.00 Lakhs. As a result, Erawat Vegcap Private Limited has become a wholly owned subsidiary of Comsyn India Private Limited and Commercial Syn Bags Limited is the ultimate holding company of Erawat Vegcap Private Limited.

Building on the learnings from a subdued FY24, FY25 marks a pivotal year for us focused on strategic consolidation, cost optimisation, and expansion into high-potential markets and product lines. We enter this year with a sharper focus on improving profitability, reducing cost volatility, and enhancing operational efficiency. Several key initiatives have been rolled out across procurement, manufacturing, and logistics to mitigate the impact of raw material fluctuations and geopolitical uncertainties. On the demand side, we are cautiously optimistic. Early signs of recovery in European and other global industrial markets suggest an improving demand outlook for our core offerings. We are also accelerating efforts to diversify our customer base across geographies, while deepening engagement with existing high-volume clients.

(e) Strength, Weakness, Opportunities and Threats

The Company has wide range of products in its basket which caters to the customers across the globe. The product portfolio comprises of about 15 different products like FIBC, HDPE/PP Bags, HDPE/PP Fabric, Tarpaulin, Ground Cover, Pond Liners, Mulch Films, Laminates, Vermi Beds, Flexible Pipes, Geotextiles, Ground Cover, Nets and other technical textiles products. Product diversification helps in catering to different markets as per their demands. Your Company is having BIS

Certification for separate clean room facilities and the Companys fully integrated food grade manufacturing facility for FIBC is one of the best in India. The Company supplies to various industries like agriculture, construction, food, bulk packaging, chemical, cement and food grade bags. The strong Industry relation is a core strength of the Company. The Company focuses on quality and customer satisfaction to maintain long term relationship and to procure repeat orders. There is increased competition due to industry wise capacity addition. The Companys total installed capacity is 27630 MTPA (on consolidated basis including the capacity of wholly owned subsidiary) and your company has adequate production capacity to meet the increased demand of the Customers.

Raw material price volatility, particularly in polypropylene, influenced by crude oil trends and global supply dynamics. Foreign exchange fluctuations and currency instability may impact export margins and pricing consistency. Geopolitical uncertainties which also lead to freight cost volatility and container availability and may impact global shipping and delivery timelines. Evolving global regulations around plastic usage, recyclability, and environmental compliance require continuous adaptation and investment.

Being a labour oriented industry with high requirement of skilled labour, shortage of labour is a major risk associated with the sector, however the Company has put in place adequate system to monitor labour requirement and have already implemented skilled development training program. Competition from new players within and outside the country is also posing the threat for the company and with the experience of more than three decades in this industry and strong customer relationship your company is able to meet this threat.

Unforeseen geopolitical uncertainties may impact commodity prices and the supply chain in the short-term. As the Company has acquired stake in overseas entity based at United Kingdom, the economy at macro level and per se performance of the acquired entity at micro level may also affect our results.

Despite of all the challenges and threats we are optimistically looking into this opportunities

- Growing global demand for flexible and sustainable industrial packaging, especially in food, agri, and chemicals.

- Benefiting from the global "China+1" strategy, shifting sourcing preference toward Indian manufacturers.

- Potential to enter distribution and downstream models, moving closer to end-use markets.

The Company follows a risk management policy wherein the management keeps an eagles eye view on the markets, both domestic and foreign, related to the products the Company manufactures and the raw materials required. The management also monitors the socio-economic changes worldwide and the changes in the currency fluctuation to minimize the risks. There are no risks which in the opinion of the Board are of the nature that can threaten the existence of the Company. However, the risks inter-se that are generally dealt in regular course of business and have to be taken care of are -economic risk, technology risk, fluctuations in foreign exchange rates and raw material prices which the Company regularly monitors with a proactive approach adopted by the management to evaluate and mitigate these potential risks.

(f) Segment-wise or product-wise performance

The Company operates in three segments i.e.

(a) Manufacture and sale of Flexible Intermediate Bulk Container (FIBC), HDPE/PP Bags, HDPE/PP Fabric, Tarpaulin, Ground Cover, Pond Liners, Mulch Films, Laminates, Vermi Beds, Flexible Pipes, Geotextiles, Ground Cover, Nets and other technical textiles products and

(b) Trading of Granules

(c) Solar Power generation.

The segment for Manufacture and sale of Flexible Intermediate Bulk Container FIBC, HDPE/PP Bags, HDPE/PP Fabric,

Tarpaulin, Ground Cover, Pond Liners, Mulch Films, Laminates, Vermi Beds, Flexible Pipes, Geotextiles, Ground Cover,

Nets and other technical textiles products and meets the quantitative thresholds and is considered as reportable segment.

Financial information of all other segments have been shown in ‘All other Segments.

(g) Future Outlook

Driven by lightweight, customized product features, user-friendly, sustainability advantages and enhanced packaging options the product base of the Company has the potential to maintain positive growth through demand emanating from international as well as domestic industries. In the domestic market, the industry is also envisaged to receive a boost from agriculture, mineral, petrochemical industries and various industrial markets who are opting for FIBC as packaging option. Internationally, the FIBC industry is estimated to demonstrate firm growth driven by demand from new markets like Latin & Central America, Eastern Europe & some parts of Africa. Also, acceptability and increase in usage by the pharmaceutical and food industry across the globe will have positive impact.

(h) Risk and concerns, internal control systems and their adequacy

The Company is engaged in the business of manufacturing and export of containers and packaging materials, which is associated with normal business risk as well as the imbalance of demand-supply of products in the domestic as well as international market. We are subject to foreign currency exchange rate fluctuations which could have a material impact on our results of operations and financial conditions. There are no risks which in the opinion of the Board are of the nature that can threaten the existence of the Company. However, the risks inter-se that are generally dealt in regular course of business and have to be taken care of are -economic risk, technology risk, fluctuations in foreign exchange rates and raw material prices which the Company regularly monitors with a proactive approach adopted by the management to evaluate and mitigate these potential risks. The Company has a well-defined Policy for Risk Mitigation on foreign exchange by adopting hedging strategies. Global as well as Indian economic and political factors that are beyond our control, influence forecasts and may directly affect our business operations.

The Company has a Risk Management Policy and adequate Internal Control System in place. The main objective of this Policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the Companys business. In order to achieve the key objective, this Policy establishes a structured and disciplined approach to Risk Management; in order to guide decisions on risk related issues. Internal Control System is commensurate with the size, scale and complexity of its operations. The Company continuously reviews its various types of regulatory, financial, operational, environmental and other business risks. There are adequate systems to ensure compliance of all various statutory and regulatory requirements and review the same from time to time and to take appropriate actions from time to time. There is a greater demand for Indian products as an alternative to Chinese ones. Further, due to its cost-effectiveness compared to alternative packaging options, plastic bulk packaging is becoming more prevalent.

(i) Discussion on financial performance with respect to operational performance.

The Boards Report has specifically dealt with the subject under the headings ‘Summarized Profit & loss Account and State of

Companys Affairs & Review of operations

(j) Material developments in Human Resources / Industrial Relations front, including number of people employed.

We believe that our employees are key contributors to our business success. We focus on attracting and retaining the best possible talent. Our Company looks for specific skill-sets, interests and background that would be an asset for our business. Many initiatives were taken to support business through organizational efficiency, process change support and various employee engagement programs which has helped the organization to achieve higher productivity level. A significant effort has also been undertaken to develop leadership as well as technical/ functional capabilities in order to meet future talent requirement.

As on March 31, 2025 we have 2,459 employees on payroll. Company is committed to provide necessary training / conducts

development programmes to imbibe necessary skills required within the employees. The management of the Company enjoys cordial relations with its employees at all levels.

(k) Details of Significant Changes in Key Financial Ratios

Ratios	Numerator	Denominator	FY 24-25	FY 23-24	Deviation by >25%	Reasons
Current Ratio	Current Assets	Current Liabilities	1.51	1.42	6.65
Debt-Equity Ratio	Total Debt Earnings	Shareholders Equity Debt service =	0.65	0.77	-14.99
Debt Service Coverage Ratio	available for debt service	Interest & Lease Payments + Principal Repayments	1.48	1.25	18.74
Return on Equity Ratio	Net Pro ts after taxes Preference Dividend	Average Shareholders Equity	0.10	0.06	73.88	Signi cant improvement in net pro ts resulted in better ratio.
Inventory Turnover ratio	Sales	Average Inventory	4.66	4.65	0.14
Trade Receivables turnover ratio	Total Sales	Avg. Accounts Receivable	8.09	8.29	-2.34
Trade payables turnover ratio	Net Credit Purchases	Average Trade Payables	15.25	15.47	-1.43
Net capital turnover ratio	Net Sales	Average Working Capital	7.41	6.34	16.76
Net pro t ratio	Net Pro ts after taxes	Sales	4.07	2.54	60.32	Signi cant improvement in net pro ts resulted in better ratio.
Return on Capital employed	Earnings before interest and taxes	Capital Employed	0.11	0.07	45.05	Signi cant improvement in net pro ts resulted in better ratio.
Return on investment	Return on Investment	Average Investment	0.11	0.09	19.13

(l) Compliance with Indian Accounting Standards

In the preparation of the financial statements, the Company has followed the Indian Accounting Standards as notified. The

significant accounting policies which are consistently applied have been set out in the Notes to the Financial Statements.

(m) Cautionary Statement

Statements in this report describing the Companys objectives, expectations or predictions may be forward looking within the meaning of applicable laws and regulations. The actual results may differ materially from those expressed in this statement because of many factors like economic condition, availability of labour, price conditions, domestic and international market, changes in Government policies, tax regime, etc. The Company assumes no responsibility to publicly amend, modify or revise any statement on basis of any development, information and event.

	For and on behalf of the Board
	Anil Choudhary
Place : Indore
	Chairman & Managing Director
Date : 4th September, 2025	DIN : 00017913