Dhunseri Ventures Ltd Management Discussions

Pursuant to Schedule V of the Listing Regulations, the Management Discussion and Analysis Report is given below:

Industry Structure and Developments

The Company is carrying on the business of treasury operations in shares and securities of other bodies corporate and commodity trading including trading of PET Resins.

The business strategy is largely dependent on the economic environment of the Country. The Management continues to review the business strategy from time to time depending on changes in Government policies.ee and Board of Directors of the CompanyCommitt The Company is also engaged in F&B sector through its foreign subsidiary, in the name of Twelve Cupcakes Pte Ltd. in Singapore. Twelve Cupcakes Pte Ltd. is engaged in the business of manufacture and retail of confectionery in Singapore.

The management believes that Government of Indias efforts to improve economic growth in the Country by providing opportunities for startup and infrastructure development is giving hopes to entrepreneurs for exploring new opportunities. The Company is looking to tap such opportunity at the right moment.

The Company operates under the segment "Treasury Operations" and "Trading activities"

The Management has to regularly monitor the changing market the trends. Further, any slowdown of the conditions economic growthorvolatilityin the financial market could also adversely affect the Companys performance.

The Company has institutedasystemofchecksandbalancesto al situation, however, now thepolitic ensure that all assets are safeguarded and adequately protected against the chances of occurrences of any loss or damage whether foreseen or unforeseen. Internal Control Systems in the Company continues to be reviewed through Internal Audit.

The internal control system is commensurate with the size and nature of the organisation. The Company regularly carries out checks to ensure that the internal controls are working satisfactorily. The internal control systems are monitored and reviewed on a regular basis by the Senior Officials Executive Chairman, Managing Director and Chief Financial Officer. A seamless system has been put in place any major discrepancies or lapse in controls are reported to the Audit action is taken to control any breach.

Discussion on financial performance with respect to operational performance ofThis section is covered in the Boards Report under the section financial results and performance.

The total employee strength as on March 31, 2025 stood at 20 .

BOPET Manufacturing Plant of your Companys Wholly-Owned Subsidiary, Dhunseri Poly Films Pvt. Ltd. (DPFPL) at Panagarh, West Bengal is operating successfully catering to the demand of the product in India with special focus on Eastern India. DPFPL has started exporting its product successfully, in many parts of the world including its neighbouring countries. DPFPL focuses to continue to grow its exports in the future.

DPFPLs project in Jammu is progressing as per the plan, although there was some temporary disruption of activities project activities have restarted. Management is targeting to start its operation of first line of BOPP productiontentatively from the quarter of April-June 2026, while second line is expected to start its operation from the first

In accordance with SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the significant changes are detailed below:

Note 1: All numbers are based on standalone financials Note 2: There were no changes in Debt Equity Ratio

Note 3: Inventory Turnover Ratio for Financial Year 2024-25 does not reflect a change of 25% or more compared to Financial Year 2023-24.

e given in Note 41 of the Standalone Financial Statements. ar Further,theKeyAnalyticalratiosandtheir definitions

The return on Net worth for the FY 2024-25 is 3.22 % and for FY 2023-24 is 9.43% resulting in reduction 65.87% due to reduced operating surplus, higher tax rates and increased expenses as compared to the previous year.

Statements in this Management Discussion and Analysis describing the Companys objectives, projections,estimates and expectations may be forward looking statements within the meaning of applicable laws and regulations. Actual results may differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include a downtrend in the industry- global or domestic or both, significant changes in political and economic environment in India, applicable statues, litigations etc.