Eastern Treads Ltd Directors Report

Dear Members,

Your Directors have pleasure in presenting the 33^rd Annual Report on the business operations of the Company together with audited Ind AS Financial Statements for the financial year ended March 31, 2026 along with comparatives.

Financial Summary and Highlights

The following table shows the operational results of the Company for the year 2025-26 as compared to that of the previous year.

	Year ended
	31/03/26	31/03/25
Revenue from Operations	6241.11	6023.29
Other Income	34.84	39.27
Total Revenue	6275.95	6062.56
Expenditure	6162.65	6111
Profit / (Loss) before Interest, Depreciation and Tax	113.3	(48.44)
Depreciation/Amortization/ Impairment	74.29	83.93
Profit / (Loss) before Finance Costs and Tax	39.01	(132.37)
Finance Cost	238.22	246.04
Profit / (Loss) before exceptional item and tax	(199.21)	(378.41)
Exceptional item	205.03	Nil
Profit / (Loss) before tax	5.82	(378.41)
Tax Expense	(2.74)	(75.29)
Profit / (Loss) for the year	8.56	(303.12)
Other comprehensive income / (loss)	7.81	9.45
Total comprehensive profit / (loss) for the year	16.37	(312.57)

Performance

During the financial year ended March 31,2026, your company recorded a total income of Rs. 6275.95 lakhs compared to Rs. 6062.56 lakhs in the preceding year reflecting modest growth in operations and your company marked a significant turnaround in profitability. The company reported a profit before tax of Rs. 5.82 lakhs, in contrast to a loss of Rs. 378.41 lakhs in the previous year. Further, the total comprehensive income for the year stood at Rs. 16.37 lakhs, as compared to loss of Rs. 313.12 lakhs in the previous year. The positive performance was driven by the Company through enhanced market share across both domestic and export segments. The company successfully expanded their exports to new markets such as United States and Mexico.

Reserves

In view of the accumulated losses brought forward from previous years, the Board of Directors has not recommended any transfer of profits to the reserves for the year under review. The profit earned during the year has been adjusted against the accumulated losses in accordance with applicable accounting principles.

Dividend

The Board has decided not to recommend any dividend for the financial year 2025-26.

Material changes and Commitments

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year to which the financial statements relate and the date of this Report.

Information on State of Companys Affairs

Information on operational and financial performance etc., is provided in the Management Discussion and Analysis Report, which is annexed to the Directors Report as Annexure 5.

Change in the nature of business, if any;

There has been no change in the nature of business of the Company during the year under review.

Capital and Debt Structure

As at the end of the financial year the authorized Equity Share Capital of the Company stands at Rs.1600 lakhs and the paid-up Share Capital stands at Rs. 523.29 Lakhs, net of Rs. 17.935 Lakhs in the forfeiture account.

The Promoter and Promoter Group hold 65.48% of the paid up equity share capital while 34.52% of the paid up equity share capital are held by public shareholders.

The company allotted 900 equity shares to Mrs. Wahida Begum G, whose shares were earlier forfeited by the company due to non-payment of allotment money. Mrs. Wahida Begum G made a request to the company to allot the shares earlier applied by her for which the application money was already paid and the allotment money was due. The board at its meeting held on February 14, 2025 considered her request and allotted 900 fully paid up equity shares upon payment of the balance amount, subject to approval from the BSE Limited. The BSE Limited has considered the application and issued the trading approval for the aforesaid shares on May 29, 2025.The corporate action of the 900 shares was processed by CDSL pursuant to the final trading approval received from BSE dated January 19, 2026. Hence the paid up capital was increased by Rs. 9,000/-, divided into 900 shares of Rs. 10 each.

Your Company neither issued any shares with differential voting rights nor granted any stock options or sweat equity and instruments convertible into equity shares. Your Company has not made any provision of money for purchase of its own shares by employees or by trustees for the benefit of employees during the year under review.

The company has issued 10 lakh Zero Coupon Redeemable Preference Shares having face value of Rs. 10 each in the year 2009. The terms of redemption was altered in the year 2016 proposing a redemption by not more than 10 (ten) annual installments of 100 lakh out of profit per year. The first tranche of redemption of 100 lakh was made in FY 2016-17, no redemption was made subsequently. The outstanding 9 lakh Zero Coupon Redeemable Preference Shares was due for redemption in the financial year 2025-26. Considering the inadequacy of profit and the financial position of the company, the Board of Directors, with the approval of concerned preference shareholders, extended the redemption tenure to the maximum limit of 20 years from the date of allotment till 2029, in line with the provisions of Companies Act 2013.

Number and date of Board Meetings

Five Board meetings were held during the year. The Board meets at least once in a quarter with a gap of not more than 120 days between any two meetings. The details of the Board meetings are as under;

Date	Board Strength	Directors present
1 April 30, 2025	6	6
2 May 29, 2025	6	6
3 August 14, 2025*	8	7
4 November 10, 2025	8	8
5 February 12, 2026	8	7

*The board strength and directors present includes the newly appointed directors Mr.Devarajan Krishnan and Dr.Siby Varghese

Directors and Key Managerial Personnel

The composition of the Board of Directors of the Company is duly constituted as per provisions of Companies Act 2013. It is further to be noted that Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, relating to Board composition is not applicable to the company during the year under review. The Directors and Key Managerial Personnel ("KMPs") of the Company as on March 31,2026 are as below:

Name of the Director/KMP	DIN/PAN	Designation
1 Navas Meeran	00128692	Chairman & Managing Director (KMP)
2 Shereen Navas	00328770	Director
3 Naiju Joseph	00419362	Director
4 Devarajan Krishnan	11240487	Whole Time Director & Chief Financial Officer (KMP)
5 Natarajan Jeyaseelan	02281278	Independent Director
6 Rani Joseph	07423144	Independent Director
7 Siby Varghese	11240695	Independent Director
8 Abil Anil	CPKPA5304J	Company Secretary & Compliance Officer (KMP)

The Board of Directors appointed Mr. Siby Varghese (DIN: 11240695) as an Additional Director in the category of Non- Executive Independent Director (for a period of 5 years) effective from August 14, 2025 and Mr. Devarajan Krishnan (DIN: 11240487), who was serving as Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the Company, as Whole Time Director (WTD) of the company for a period of 3 years effective from August 14, 2025 subject to the approval of shareholders. Accordingly, he was re-designated as WTD and CFO of the company.

The Members of the Company have regularized the appointments of Dr. Siby Varghese ( DIN: 11240695) and Mr.Devarajan Krishnan (DIN: 11240487) as Non- Executive Independent Director and Whole Time Director respectively, by passing special resolutions at the Annual General Meeting held on September 25, 2025.

Mr. M. E. Mohamed (DIN: 00129005) retired as Managing Director of the company due to expiry of his tenure and he ceased to be part of the board effective from the close of business hours on February 14, 2026.

During the year under review, following changes occurred in the composition of Director/KMP:

Name of the Director/KMP	DIN	Designation	Effective Date	Nature of Change
1 Devarajan Krishnan	11240487	Chief Executive Officer	August 14, 2025	Cessation
2 Devarajan Krishnan	11240487	Whole Time Director & Chief Financial Officer	August 14, 2025	Appointment
3 Siby Varghese	11240695	Independent Director	August 14,2025	Appointment
4 M.E Mohamed	00129005	Managing Director	February 14, 2026	Cessation
5 Navas Meeran	00128692	Managing Director	February 14,2026	Appointment

The members re-appointed Mr. Navas Meeran (DIN 00128692) who retired by rotation at the Annual General Meeting held on September 25,2025.

Mr. Naiju Joseph , having (DIN: 00419362), Director retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Board at its meeting held on August 14, 2026 recommends his re-appointment at the ensuing Annual General Meeting.

On May 20, 2026, the Board considered the appointment of Mr. Karandeep Singh (DIN: 02203076) as an Additional Director in the category of Non-Executive Independent Director effective from May 20, 2026. His appointment is proposed for a period of 5 years effective from, May 20, 2026 till May 19, 2031(both days inclusive) subject to the approval of the shareholders of the Company at the ensuing Annual General Meeting.

The Board has considered the declarations given by independent directors under Section 149(7) with respect to meeting the criteria of independence and compliance with the Code for Independent Directors.

Independent directors further declared that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence and are independent of the management.

Meeting of the Independent Directors was held on March 27,2026 without the attendance of Non-Independent Directors and members of Management. All Independent Directors were present at the meeting. The Independent Directors reviewed the performance of non-independent directors, the Board and the Chairman as well as the information flow structure of the Company.

The Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses, if any, incurred by them for the purpose of attending meetings of the Company. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise (including the proficiency) and they hold highest standards of integrity. The Directors are compliant with the applicable provisions of Companies (Appointment and Qualification of Directors) Rules, 2014.

Committees of the Board

Pursuant to the requirements under the Companies Act, 2013 the Board of Directors have duly constituted various committees such as Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.

The Board has constituted a Finance Committee, operating within the framework approved by the Board, to oversee matters relating to financial planning, borrowings, investments, treasury management, and other significant financial decisions. The Committee provides strategic guidance and oversight to ensure effective financial management and alignment with the Companys objectives and governance framework.

Details of all the committees along with their main terms, composition and meetings held during the year under review are shown below. The Board has accepted all recommendations of the Audit Committee during the year under review.

Audit Committee

The Audit Committee is duly constituted in accordance with the Section 177 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014. It adheres to the framework prepared in compliance with Section 177 of the Companies Act, 2013. The Members of the Committee as on March 31,2026 are as below:

Name	Category	Position
Mr. N. Jeyaseelan	Non-Executive Independent Director	Chairman
Mrs. Rani Joseph	Non-Executive Independent Director	Member
Dr. Siby Varghese	Non-Executive Independent Director	Member
Mr. Devarajan Krishnan	Whole Time Director & Chief Financial Officer	Member

Two third of the members are Independent Directors and all the members are financially literate. The composition, role, functions and powers of the Audit Committee are in line with the requirements of applicable laws. The Audit Committee shall oversee financial reporting process and disclosures, review financial statements, internal audit reports, related party transactions, financial and risk management policies, auditors qualifications, compliance with Accounting Standards etc. and oversee compliance with Stock Exchanges and legal requirements concerning financial statements and fixing audit fee as well as payment for other services etc.

Four Audit Committee meetings held during the year 2025-26 at the Registered Office of the Company on May 29, 2025, August 14, 2025, November 10, 2025 and February 12, 2026. All the members of the committee along with representatives of Internal and Statutory Auditors and Chief Financial Officer attended all the audit committee meetings except, N. Jeyaseelan, Chairman of the committee for the meeting held on August 14, 2025. The Company Secretary acts as Secretary to the Audit Committee.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee is constituted in compliance with Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014. The Committee Members as on March 31,2026 are as below:

Name	Category	Position
Mr. N. Jeyaseelan	Non-Executive Independent Director	Chairman
Mrs. Rani Joseph	Non-Executive Independent Director	Member
Mr. Naiju Joseph	Non-Executive Director	Member

The Company Secretary acts as the Secretary to the Committee. The Committee formulates criteria for determining qualifications, positive attributes and independence of a director and recommends to the Board the policy relating to the remuneration for the Directors, Key Managerial Personnel and other employees and evaluation of Independent Directors and the Board. It identifies persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the Board their appointment and removal and carry out evaluation of every directors performance.

The Nomination and Remuneration Committee held meeting on August 04, 2025, August 12, 2025, and February 12, 2026. All members attended the meeting.

Finance Committee

The Board has constituted a Finance Committee, and has delegated its power to borrow money, to invest the funds of the company and to grant loans or give guarantee or provide security in respect of loans to the committee. The finance committee is operating within the framework approved by the board and is subject to regular oversight and review by the board.

The members of the committee as on March 31,2026 are as below :

Name	Category	Position
Mr. Navas Meeran	Managing Director	Chairman
Mrs. Shereen Navas	Director	Member
Mr. Devarajan Krishnan	Whole time Director & Chief Financial Officer	Member

Stakeholders Relationship Committee

The Stakeholders Relationship Committee constituted in compliance with section 178 of the Companies Act 2013. The Company Secretary acts as the secretary to the committee. The members of the committee as on March 31,2026 are as below :

Name	Category	Position
Mr. Navas Meeran	Managing Director	Chairman
Mrs. Rani Joseph	Independent Director	Member
Mr. Devarajan Krishnan	Whole Time Director & Chief Financial Officer	Member

The Stakeholders Relationship Committee looks into shareholders complaints relates to transfer of shares, nonreceipts of balance sheet besides complaints from SEBI, Stock Exchanges, Court and various Investor Forums. It oversees the performance of the Registrars and Transfer Agent, and recommends measures for overall improvement in the quality of investor services.

The Company complied with the requirements of SCORES and Smart ODR platform, initiated by SEBI for processing the investor complaints in a centralized web based redress system and online redressal of all the shareholders complaints. No complaints from the shareholders received during the financial year and there were no outstanding complaints as on March 31,2026.

Board Evaluation

Your Company believes that the process of performance evaluation at the Board level is pivotal to its Board engagement and effectiveness. The Nomination and Remuneration Policy of the Company empowers the Board to formulate a process for effective evaluation of the performance of individual directors, Committees of the Board and the Board as a whole pursuant to the provisions of the Act. The Board has carried out the annual performance evaluation of its own performance, of Committees of the Board and of the Directors individually. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specified duties, obligations and governance. A separate exercise was carried out to evaluate the performance of Independent Directors, who were evaluated on parameters such as level of engagement and contribution, independence of judgement, safeguarding the interest of the Company.

The Independent Directors of the Company met on March 27,2026 without the presence of Non-Independent Directors and members of the management to review the performance of Non-Independent Directors and the

Board of Directors as a whole; review the performance of the Managing Director of the Company and to assess the quality, quantity and timeliness of flow of information between the management and the Board of Directors. The performance evaluation of the Independent Directors was carried out by the entire Board. The Directors expressed their satisfaction with the evaluation process.

Remuneration of Directors and Employees

The Board has considered the Companys policy on Directors, Employees and KMPs appointment and remuneration including criteria for determining qualifications, positive attributes and independence of a director and the same is available in the website of the company at https://easterntreads.com/policies-downloads/1770122447.pdf . The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as Annexure -1 and forms part of this Report.

In accordance with the provisions of Section 197(12) of the Act and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and particulars of remuneration of top ten employees in terms of remuneration is available on the website of the Company at https://easterntreads.com/ invester-zone/annual-reports. There were no employees in receipt of remuneration exceeding the limits as specified in the aforesaid rule and hence, no disclosure is made for the same.

Internal Financial Controls with reference to the Financial Statements

Internal financial control and their adequacy are included in the Management Discussion and Analysis, forming part of this report as Annexure - 5.

Frauds reported by the Auditor, if any.

The Auditors of the Company have not reported any fraud as specified under the second proviso to Section 143(12) of the Act.

Subsidiaries, associates and joint ventures

The company has no Subsidiaries, associates and joint ventures. During the financial year under review, no company became or ceased to be a subsidiary, joint venture, or associate company of the Company.

Deposits

The Company has not accepted any deposits during the year to which the provisions of Chapter V of the Companies Act, 2013 are applicable.

Corporate Social Responsibility

The company does not fall within the ambit of the provisions of Section 135 of the Companies Act 2013 regarding Corporate Social Responsibility and hence there are no disclosures to be made as per the provisions of Section 135 and Schedule VII of the Companies Act, 2013.

Loans, Guarantees or Investments

Details regarding loans, guarantees, or investments as per Section 186 of the Companies Act, 2013 are provided in the notes to the Financial Statements. The company is holding 1441550 equity shares representing a 9.69% stake in Shipnext Solutions Private Limited. The Company has invested an amount of Rupees 4,00,000 through a Systematic Investment Plan (SIP) during the financial year 2025-2026. As of March 31,2026 the balance value of the said investment stood at Rupees 3,60,644 resulting in the market value reduction of rupees 39356.

Contracts or Arrangements with Related Parties

There were no materially significant related party transactions which could have a potential conflict with the interests of the Company. Transactions with related parties are in the ordinary course of business at arms length and are periodically placed before the Audit Committee and Board for its approvals and the particulars of contracts entered during the year, in Form AOC-2 is enclosed as Annexure - 2.

Disclosures of transactions of the Company with person or entity belonging to the promoter or promoter group which hold(s) 10% or more shareholding in the listed entity, in the format prescribed in the relevant accounting standards for annual results as per para 2A of schedule V SEBI LODR regulations 2015 is as below :

1) The outstanding loan, including accrued interest, payable by the Company to Mr. Navas Meeran amounting to Rs. 253.5 lakhs.

2) The Company paid Rs. 30 lakhs to Mr. Feroz Meeran towards consultancy fees during the financial year.

3) The Company paid Rs. 12.08 lakhs to Mr. M.E Mohammed as Managerial remuneration.

Further details of the above related party transactions and outstanding balances are disclosed in Note No.31 to the Annual Financial Statements for the year ended March 31,2026.

The Board of Directors, as recommended by the Audit Committee, adopted a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act 2013, the Rules thereunder and the Listing Agreement. The policy on Related Party Transactions is available on the website of the Company at https://www.easterntreads.com/invester-zone/policies-downloads .

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Your Company continues its efforts to improve energy conservation and utilization most efficiently to nurture and preserve the environment and to exploit all its avenues to adopt latest technology in its operations. The information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, regarding Conservation of Energy, Technology Absorption, Foreign Exchange Inflow and Outflow are given in Annexure - 3 to this report.

Risk Management

The Company has developed and implemented a risk management policy, and a report on risk management is provided in this Annual Report in Management Discussion and Analysis. The Company has not identified any elements of risk which in their opinion may threaten the existence of your Company.

Vigil Mechanism

A Vigil Mechanism for directors and employees to report genuine concerns has been established as required under the provisions of Section 177 of the Companies Act, 2013. The Vigil Mechanism Policy has been uploaded on the website of the Company at https://www.easterntreads.com/invester-zone/policies-downloads.

Material Orders of Judicial Bodies / Regulators

No significant and material orders were passed by Courts, Tribunals and other Regulatory Authorities affecting the going concern status of the Company and its operations in the future.

Statutory Auditors and Auditors Report

In accordance with Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, M/s. G Joseph & Associates, Chartered Accountants, Kochi were appointed as the Statutory Auditors of the Company at the 29^th Annual General Meeting for a tenure of five years, from the conclusion the 29^th Annual General Meeting till conclusion of 34^th Annual General Meeting. Necessary certificate has been obtained from the Auditors as per Section 139(1) of the Companies Act, 2013. The Auditors have confirmed that they hold a valid certificate issued by the Peer Review Board of the ICAI. There were no qualifications, reservation or adverse remarks given in the Statutory Auditors Report. No offence of fraud was reported by the Statutory Auditor of the Company.

Secretarial Audit Report

The Company has appointed M/s. BVR & Associates Company Secretaries LLP as the Secretarial Auditors of the Company for the financial year 2025-26 and the secretarial audit report on the compliance of the applicable Acts, Laws, Rules, Regulations, Guidelines, Listing Agreement, Standards etc. as stipulated by Section 204 of the Companies Act 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of this report as Annexure - 4. There were no qualifications, reservation or adverse remarks given in the Secretarial Audit Report. No offence of fraud was reported by the Secretarial Auditor of the Company. Further, Regulation 24 and 24A of SEBI (LODR) Regulations, 2015 is not applicable to the Company.

Cost Records and Cost Audit

The Cost accounts and records as required to be maintained under Section 148 (1) of Act are duly made and maintained by the Company.

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 the Cost Audit Report is not mandatorily applicable to our Company for the financial year, hence, no such audit has been carried out during the year.

Secretarial Standards

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board meetings and Annual General Meetings.

Corporate Insolvency Resolution Process

No application filed for corporate insolvency resolution process, by financial or operational creditor or by the Company under The Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal during the year under review.

Annual Return

In compliance with Section 92 and Section 134 of the Companies Act, 2013 the Annual Return in the prescribed format is available at https://www.easterntreads.com/reports/Annual+Reports.

Listing and Dematerialization

The equity shares of the Company are listed on the BSE Limited. The equity shares of the Company were not suspended from trading during the year. Shareholders holding shares of the company in physical mode are requested to convert their holdings to dematerialized form to derive its benefits by availing the demat facility provided by NSDL and CDSL.

Corporate Governance Report

Your Company has been complying with the principles of good Corporate Governance over the years and is committed to the highest standards of compliance. Pursuant to Regulation 15(2) of the SEBI (LODR) Regulations 2015, the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clauses

(b) to (i) of Regulation 46(2) and para C, D and E of Schedule V shall not apply to the Company. Hence the company has claimed exemptions with respect to the aforesaid regulations including the Corporate Governance provisions and the report is not included in the annual report.

Management Discussion and Analysis Report

As required under SEBI (LODR) Regulations 2015 the Management Discussion and Analysis Report is annexed as Annexure - 5 and forms part of this Report.

Employee Wellbeing and Safety

Your Company has implemented policies and procedures with the objective of ensuring employee safety, security and wellbeing at the workplace. As stated in our Code of Conduct, we are committed to provide a gender friendly workplace, equal opportunities for men and women, prevent/redress sexual harassment and institute good employment practices. The Company has adopted policy on prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at the work place (Prevention, Prohibition and Redressal) Act, 2013. The employees including their dependent family members are covered under group Mediclaim policies, which gives them access to cashless claims across wide network of hospitals.

Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The following is a summary of sexual harassment complaints received and disposed of during the year:

a) Number of complaints pending at the beginning of the year :	Nil
b) Number of complaints received during the year :	Nil
c) Number of complaints disposed off during the year :	Nil
d) Number of cases pending for more than 90 days :	Nil
e) Number of cases pending at the end of the year :	Nil

During the year ended we had complied with provisions of Maternity Benefit Act, 1961 and the disclosures with respect to the same is disclosed under:

a) Paid maternity leave	: Nil
b) Medical bonuses	: Nil
c) Nursing breaks	: Nil
d) Creche facilities (where applicable)	: Nil

During the financial year ended March 31,2026 there were 14 female employees and 165 male employees in the company.

Directors Responsibility Statement

Pursuant to the requirement of Section 134 (3) and (5) of the Companies Act, 2013, your Directors confirm that:

(a) In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and that there are no material departures.

(b) 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 your Company at the end of the financial year and of the profit of the Company for that period.

(c) Taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities.

(d) Prepared the Annual Accounts on a going concern basis.

(e) Devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

(f) Had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

Other Disclosures

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: NIL.

Acknowledgement

Your Directors wish to place on record their gratitude to Bankers, Share Transfer Agents, Auditors, Customers, Suppliers and Regulatory Authorities for their timely and valuable assistance and support. The Board values and appreciates the professionalism, commitment and dedication displayed by employees at all levels. Your Directors are thankful to the shareholders for their continued support and confidence.