ECE Industries Ltd Directors Report

Dear Members,

Your directors have pleasure in presenting the 79th (Seventy Nineth) Annual Report on the business and operations of the Company with audited financial statements for the financial year ended March 31, 2025.

FINANCIAL PERFORMENCE

(Amount Rs in Lakh)

Particulars	31.03.2025	31.03.2024
Revenue from Operations	87,093.75	71,409.86
Other Income	3,178.69	2,260.88
Total Income	90,272.44	73,670.74
Less: Total Expenses before Depreciation, Tax and Other Amortization	82,157.69	68,990.75
Profit before Depreciation and Tax	8,114.75	4,679.99
Less: Depreciation and Amortization Expenses	523.35	469.52
Profits before Tax	7,591.40	4,210.47
Tax Expenses
i) Current Income Tax	1,793.24	926.34
ii) Current tax for earlier years	29.42	-
iii) Deferred Tax Charge/(Credit)	(137.17)	1,058.59
Profit for the year	5,905.91	2,225.54
Other Comprehensive Income for the year (Net of Tax)	1,757.70	745.55
Total Comprehensive Income for the year	7,663.61	2,971.09
Earning per equity share	156.16	53.17

IND AS - IFRS CONVERGED STANDARDS

The Company has adopted the Indian Accounting Standards (IND-AS), as prescribed by the Institute of Chartered Accountants of India (ICAI), with effect from 1st April 2017. Accordingly, the financial statements for the year ended 31st March 2025 have been prepared in compliance with IND-AS, along with comparative figures for the year ended 31st March 2024.

HIGHLIGHTS AND STATE OF COMPANYS AFFAIRS AND OPERATIONS

The turnover for the current financial year is INR 87,093.75 lakh, as compared to INR 71,409.86 lakh in the previous year. The total Other Comprehensive Income for the current financial year is INR 7,663.59 lakh, as compared to INR 2,971.10 lakh in the previous year.

During the financial year 2024-25, your Company has managed the affairs in a fair and transparent manner and there was no change in the business of the Company.

THE AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES

During the year under review, the Company has decided not to transfer any amount to any specific Reserve.

PARTICULARS OF HOLDING/SUBSIDIARY/ASSOCIATE/JOINT VENTURES COMPANIES

The Company have three wholly owned subsidiary viz. Birla Elevators Limited, ECE Transformers Limited and Universal Invesco Limited incorporated on 23rd February, 2022, 26th February, 2022 and 29th August 2024 respectively, The details are attached as statement in the prescribed Form AOC-1 annexed herewith at Annexure-I.

During the year under review, the company has incorporated Universal Invesco Limited as its wholly owned subsidiary on 29th August 2024. There has been no material change in the nature of the business of existing subsidiaries.

• SUBSIDIARY COMPANY

1. Birla Elevators Limited

The Company incorporated to deal in the business of manufacturing of Elevators, Elevator Components, Escalators, Travelators and moving Walkways including its maintenance and installations.

In the year under review, the Company has not generated any revenue from its main business activity.

2. ECE Transformers Limited

The Company was incorporated to deal in the business of manufacturing of of iron and steel founders and manufacturers; mechanical, electrical and general engineers and contractors; manufacturers of and dealers in electric, magnetic, galvanic, and other apparatus; iron and street converters, tool-makers, brass founders, plate-makers, metal workers, boiler-makers, manufacturers of steel-casting and manufacturers including maintenance of all kinds of electrical and electronic goods such as transformers & its equipments, refrigerators, motors, fans, measuring instruments, insulations, switchgears, power plants, domestic, and industrial equipments.

In the year under review, the Company has not generated any revenue from its main business activity.

3. Universal Invesco Limited

The Company deals in business of providing financial consultancy services, financial planning and to invest in, acquire and sell or otherwise deal in different securities & funds of any Company or authority.

In the year under review, the Company has not generated any revenue from its main business activity.

CONSOLIDATED FINANCIAL STATEMENTS

The statement as required under Section 129 of the Companies Act, 2013, in respect of the subsidiaries of the Company viz. Birla Elevators Limited, ECE Transformers Limited and Universal Invesco Limited are annexed and forms an integral part of this Report. Consolidated Financial Statements prepared in accordance with Indian Accounting Standards (“IND-AS”) prescribed by the Institute of Chartered Accountants of India (ICAI), form part of the Annual Report and Accounts.

DIVIDEND

The Board of Directors of your Company has recommended a final dividend of INR 15/- per share (i.e., @ 150%) on 37,81,845 Equity Shares of INR 10/- each. The dividend proposal is subject to the approval of members at the ensuing Annual General Meeting.

SHARE CAPITAL

a) The Authorized Share Capital of the Company as on 31st March, 2025 is INR 15,00,00,000/- (Rupees Fifteen Crore only) divided into 1,43,00,000 Equity Shares of INR 10/- each and 7,00,000 Preference Shares of INR 10/- each.

b) The Issued Capital of the Company as on 31st March, 2025 is INR 3,78,18,450/- (Rupees Three Crore Seventy Eight Lakhs Eighteen Thousand Four Hundred Fifty only) divided into 37,81,845 Equity Shares of INR 10/- each {excluding 45,230 forfeited Shares}

c) The Subscribed and Paid-up Capital of the Company as on 31st March, 2025 is INR 3,78,18,450/- (Rupees Three Crore Seventy Eight Lakhs Eighteen Thousand Four Hundred Fifty only) divided into 37,81,845 Equity Shares of INR 10/- each.

During the financial year under review under review, no changes were made in the capital structure of the Company.

A. Change in authorized, Issued, Subscribed and Paid-up share capital:

During the financial year under review under review, no changes have been made in the authorized, Issued, Subscribed and Paid-up share capital of the Company.

B. Equity shares with differential rights:

During the financial year under review under review, the Company has not issued any equity share with differential rights.

C. Buy Back of Securities:

During the financial year under review under review, the Company has not bought back its securities.

D. Sweat Equity:

During the financial year under review under review, the Company has not issued any Sweat Equity Shares.

E. Bonus Shares:

During the financial year under review under review, the Company has not issued any Bonus Shares.

F. Stock Option Plan:

During the financial year under review under review, the Company has not given any Stock Options. CHANGE IN REGISTERED OFFICE OF THE COMPANY

During the financial year under review, the Company shifted its registered office from ECE House, 28A, Kasturba Gandhi Marg, New Delhi - 110001 to A-20, Industrial Area, Meerut Road, Ghaziabad, Uttar Pradesh - 201001, pursuant to the order dated 10th March 2025 issued by the Regional Director, Northern Region. Consequently, the jurisdiction of the Company has changed from the Registrar of Companies, Delhi to the Registrar of Companies, Kanpur.

CHANGE IN CORPORATE ADDRESS OF THE COMPANY

In accordance with Section 128 of the Companies Act, 2013, the Board of Directors hereby states that the books of account, along with all relevant books, papers, and financial statements of the Company, are being maintained at the Companys Corporate Office located at: ECE House, 28A, Kasturba Gandhi Marg, New Delhi - 110001, with effect from 21st March 2025, pursuant to the resolution passed by the Board of Directors.

SCHEME OF ARRANGEMENT

During the financial year under review, the company has not entered into Scheme of Arrangement.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are set out in a separate statement attached hereto and forming part of the report as Annexure-II.

TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to applicable provisions of the Companies Act, 2013 (“the Act”) read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“The Rules”), all unpaid or unclaimed dividends are required to be transferred by the Company to the Investor Education and Protection Fund (IEPF) established by the Central Government, after completion of seven years. Therefore, the Company is required to transfer the unpaid or unclaimed dividends pertaining to Financial Year 2017-18 to the IEPF authority

Further, according to the Rules, the shares in respect of which dividend has not been paid or claimed by the Members for seven consecutive years or more shall also be transferred to the demat account created by the IEPF Authority. However, all the shares on which dividend remained unpaid or unclaimed of the F.Y. 2017-18 are not in existence on the date of this report, as the same was redeemed by the Company after converting them into the Preference Shares as per Honble National Company Law Tribunal (“NCLT”) order dated 12th January, 2022, in the matter of Scheme of Arrangement entered between Kumar Metals Pvt Ltd (“transferor Company”) and ECE Industries Ltd (“transferee Company”) for (a) Amalgamation of Transferor and Transferee Company; and (b) Re-organization of Capital of Transferee Company.

Therefore, the Company is not required to comply with requirements pertaining to the transfer of Shares to the IEPF authority in accordance with the provisions of Rule 6(5) and 6(8) of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

The details of the nodal officer appointed by the Company under the provisions of IEPF Rules are available on the website of the Company at www.eceindustriesltd.com.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

Pursuant to the provisions of Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the policy of the Company on Directors appointment and remuneration, including the criteria for determining qualification, positive attributes, independence of directors and other matters like Board Diversity are given on the website of the Company at www.eceindustriesltd.com.

Salient features of the policy:

• Policy on Directors Appointment

Policy on Directors appointment is to follow the criteria as laid down under the Companies Act, 2013 and good corporate practices. Emphasis is given to persons from diverse fields and professions.

• Policy on Remuneration

Guiding Policy on remuneration of Directors, Key Managerial Personnel and employees of the Company is that -

? Remuneration to Senior Executives, Managers, Staff and Workmen is industry driven in which it is operating taking into account the performance leverage and factors such as to attract and retain quality talent.

? For Key Managerial Personnel and Directors, it is based on the shareholders resolutions, provisions of the Companies Act, 2013 and Rules framed therein, circulars and guidelines issued by Central Government and other authorities from time to time.

ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The Board of Directors of the Company has initiated and put in place evaluation of its own performance, its committees and individual directors. The result of the evaluation is satisfactory and adequate and meets the requirement of the Company.

DECLARATION OF INDEPENDENCE BY THE INDEPENDENT DIRECTORS

All Independent Directors have given declarations to the effect that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013. In the opinion of the Board, Independent Directors fulfil the conditions specified in the Act, Rules made there under.

STATEMENT ON OPINION OF BOARD OF DIRECTORS WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE OF INDEPENDENT DIRECTORS APPOINTED DURING THE FINANCIAL YEAR 2024-25

During the year under review, No Independent Director was appointed on the Board of the Company. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) of the Companies Act, 2013, the Board of Directors of your company state that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had 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 the company at the end of the financial year and of the profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

NATURE OF BUSINESS

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

DIRECTORS / KEY MANAGERIAL PERSONNEL- APPOINTMENT, RE-APPOINTMENT & RESIGNATION

In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Ms. Maulashree Gani (DIN: 02496033), Non-Executive Director of the Company retires by rotation and being eligible, offers herself for re-appointment.

The Company appointed Ms. Jayshree Jhanwar (PAN: AGUPJ5119M) as Company Secretary of the Company w.e.f. 01st May 2025.

NUMBER OF MEETINGS OF BOARD OF DIRECTORS

During the financial year under review, the Board of Directors of the Company duly met 5 (Five) times viz., on 19.06.2024, 05.09.2024, 08.10.2024, 05.02.2025 and 21.03.2025 and 1 (One) meeting of the Independent Directors held on 18.03.2025 during the year ended on 31st March, 2025.

DETAILS OF COMMITTEE OF DIRECTORS

The Company has duly constituted the Audit Committee, Nomination and Remuneration Committee and CSR Committee of Directors in terms of the provisions of Companies Act, 2013. During the financial year under review 2024-25, the desired number of meeting of the Committee(s) were held and attended by each member of the Committee as required under the Companies Act, 2013 and rules made thereunder.

The recommendation by the Audit Committee and Nomination and Remuneration Committee and CSR Committee when made to Board has been accepted by it.

The Composition of Audit Committee is set out below:

Name of the Member	Category
Mr. Mahendra Kumar Jajoo- Chairman of the Committee	Independent Director
Mr. Yogesh D. Korani- Member	Independent Director
Mr. Prakash Kumar Mohta	Managing Director

The Composition of Nomination & Remuneration Committee is set out below:

Name of the Member	Category
Mr. Mahendra Kumar Jajoo- Chairman of the Committee	Independent Director
Mr. Yogesh D. Korani- Member	Independent Director
Mr. Sakate Khaitan	Director

The Composition of CSR Committee is set out below:

Name of the Member	Category
Mr. Prakash Kumar Mohta	Managing Director
Mr. Sakate Khaitan	Director
Mr. Yogesh Dahyalal Korani	Independent Director

KEY MANAGERIAL PERSONNEL

Your Company has designated Mr. Prakash Kumar Mohta (DIN: 00191299), as the Managing Director and Mr. Rajat Sharma, CFO as the Key Managerial Personnel of the Company.

PARTICULARS OF CONTRACT OR ARRANGEMENT WITH RELATED PARTY

During the financial year under review, the Company did not enter into any Related Party Transactions as specified under Section 188 of the Companies Act, 2013. Accordingly, the disclosure of particulars in e- form AOC-2, as required under Section 134(3)(h) of the Act, is not applicable to the Company.

However, for other related party disclosures during the year, please refer to Note No. 42 of the Notes to the Financial Statements.

LOANS, INVESTMENT AND GUARANTEES BY THE COMPANY

There is no loan given, guarantee given or security provided by the Company to any entity during the year ended 31st March, 2025. Further, the investments made by the Company are within the limits and in conformity with the provisions as specified under Section 186 of the Companies Act, 2013. The details of the investments are provided in schedules/ notes to the financial statements under Note No. 2 forming part of the Annual Report.

DEPOSITS

Your Company has not accepted any deposits from the public as well as employees During the financial year under review ended 31st March, 2025.

RISK MANAGEMENT

Your Directors periodically discuss and monitors the risk management plans as well as evaluated various risks and that there is no element of risk identified that may threaten the existence of the Company. There is an adequate risk management infrastructure in place capable of addressing those risks. The risk management policy is available on the website of the Company i.e., www.eceindustriesltd.com.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

Your Company is committed to the highest standards of ethical, moral and legal business conduct. Accordingly, Vigil Mechanism/Whistle Blower Policy was formulated which provides a robust framework for dealing with genuine concerns & grievances. The Policy provides for adequate safeguard against victimization of employees who avail the mechanism and also provides direct access to the Chairperson of the Audit Committee. Specifically, employees can raise concerns regarding any discrimination, harassment, victimization, any other unfair practice being adopted against them or any instances of fraud by or against your Company. Further, the company also place its Vigil Mechanism Policy on its website www.eceindustriesltd.com.

DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION BY MD/WTD FROM A COMPANY AND ALSO RECEIVING COMMISSION/RENUMERATION FROM ITS SUBSIDIARY AS PER SECTION 197(14) OF COMPANIES ACT, 2013: Nil

ENVIRONMENT AND SAFETY

The company is conscious of clean environment and safe operations. It ensures safety of all concerned, compliance with environmental regulations and preservation of natural resources.

As required by the Sexual Harassment of women at Workplace (Prevention, Prohibition & Redressal) Act, 2013, the company has an internal policy on prevention of sexual harassment at workplace with a mechanism of lodging complaints. During the year under review, no complaints were reported to the Board.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your Company has the policy of giving back to the society and in line with the requirement of Section 135 of the Companies Act, 2013, has carried a host of CSR activities this year. The CSR Policy of the Company is available on its website www.eceindustriesltd.com. For implementation of CSR activities, a robust system of reporting and monitoring has been put in place to ensure effective implementation of planned CSR initiatives. During the year, the Company has obligation to spent INR 61.06 Lakh on CSR activities. The annual report of CSR annexed herewith at Annexure-III to this report.

During the financial year under review, the Company fulfilled its entire CSR obligation. The total CSR amount required to be spent for the financial year 2024-25, amounting to INR 61.06 lakh, has been fully spent by the Company in accordance with the provisions of Section 135 of the Companies Act, 2013 and the applicable CSR Rules.

PARTICULARS OF EMPLOYEES

During the financial year under review under review, none of the Companys employees was in receipt of remuneration as prescribed under Section 197 of the Companies Act, 2013 read with the Rule 5(2) Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended and hence no particulars are required to be disclosed in this report.

STATUTORY AUDITORS AND REPORT

The Company had appointed M/s. Kumar Bhagwad & Co, Chartered Accountants having Firm Registration Number 0014509N, as the Statutory Auditors of the Company for a period of 5 (Five) consecutive years commencing from the conclusion of the 78 th Annual General Meeting (AGM) of the Company till the conclusion of the 83rd Annual General Meeting (AGM) of the Company.

Audit Reports on Standalone and Consolidated Financial Statements are self- explanatory and do not call for any further comments under Section 134 of the Companies Act, 2013. The Auditors Report to the shareholders for the year under review does not contain any adverse qualification.

COST AUDITORS AND REPORT

The Board of Directors has appointed M/s K.L. Jaisingh & Co., Cost Accountants as the Cost Auditors for conducting the audit of cost account records made and maintained by the Company for the financial year 2025-26 pursuant to Section 148 of the Companies Act, 2013.

In accordance with the provisions of section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, since the remuneration payable to the Cost Auditor for FY 2025-26 is required to be ratified by the members; the Board recommends the same for approval by members at the ensuing AGM.

Cost Audit Report of the Company are self-explanatory and do not call for any further comments from the management of the Company.

SECRETARIAL AND AUDIT REPORT

The Board of Directors has appointed M/s NJ & Associates, as the Secretarial Auditor of the Company for conducting the audit of Secretarial records made and maintained by the Company for the financial year 2025-26 pursuant to Section 204 of the Companies Act, 2013.

The secretarial Audit Report for the year ended 31st March, 2025 in prescribed form duly audited by the Practicing Company Secretary, M/s. NJ & Associates is annexed herewith as Annexure-IV and forming part of the Directors report. The Secretarial Audit Report in Form MR-3 to the shareholders for the year under review does not contain any adverse qualification. No frauds have been reported by the Secretarial Auditors under Section 204 of the Companies Act, 2013 requiring disclosure in the Boards Report.

INTERNAL AUDIT AND REPORT

The Company continued to engage M/s K.N. Gutgutia & Co., Chartered Accountants as its Internal auditors at its units. Their scope of work and plan for audit is discussed and reviewed by the Audit Committee. The report submitted by them is regularly reviewed and suitable corrective action taken on an ongoing basis to improve efficiency in operations.

REPORTING OF FRAUDS BY AUDITORS

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Board under Section143(12) of Act and Rules framed thereunder.

SECRETARIAL STANDARDS

During the year under review, the Company has complied with the provisions of the applicable Secretarial Standards issued by the Institute of Companies Secretaries of India. The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and such systems are adequate and operating effectively.

INTERNAL FINANCIAL CONTROL

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

INSURANCE

Adequate insurance cover has been taken for properties of the company including buildings, plant and machineries and stocks against fire, earthquake and other risks as considered necessary.

ANNUAL RETURN

Pursuant to Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules 2014, the extract of annual return has been placed on the website of the Company i.e., www.eceindustriesltd.com.

THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016, DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

No application is made nor any proceeding is pending under the Insolvency and Bankruptcy Code, 2016 during the year.

THE 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: Not Applicable

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED AFTER THE DATE OF BALANCE SHEET

The major events occurred after the date of balance sheet of the Company for the year ended on March 31, 2025, are as follows:

• The Board of Directors has approved a Composite Scheme of Arrangement involving ECE Industries Limited (the “Demerged Company”), Birla Elevators Limited, and Universal Invesco Limited (the “Resulting Companies”), and their respective shareholders and creditors, under Sections 230 and 232 read with Section 66 and other applicable provisions of the Companies Act, 2013.

Key Highlights of the Scheme:

The Scheme broadly provides for the following:

1. Capital Reduction of ECE Industries Limited by way of cancellation of equity shares held by Non-Promoter/Public Shareholders, and payment of a capital reduction consideration to such shareholders.

2. Demerger of the following business undertakings of ECE Industries Limited on a going-concern basis:

o The Elevator Business into Birla Elevators Limited (Resulting Company No. 1). o The Securities Investment Business and other ancillary activities into Universal Invesco Limited (Resulting Company No. 2).

3. Other matters incidental or consequential to the above, forming an integral part of the Composite Scheme.

• The Company appointed Ms. Jayshree Jhanwar (PAN: AGUPJ5119M) as Company Secretary of the Company w.e.f. 01st May 2025.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

During the financial year under review, no significant and material orders were passed by any Regulators or Court or Tribunals against the Company impacting the going concern status and Companys operations in future. However, there are certain pending cases.

STATEMENT ON COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

The Company affirms that, wherever applicable, it has complied with all provisions of the Maternity Benefit Act, 1961, and the rules made thereunder during the financial year 2024-25. All eligible women employees have been provided maternity benefits as mandated by the Act, including paid leave, medical bonus, nursing breaks, and protection from dismissal during maternity leave. The Company has also ensured the maintenance of all prescribed registers and records, displayed required notices, and informed employees of their entitlements as required under the Act. No eligible employee has been denied any right or benefit under the said legislation.

ACKNOWLEDGEMENT

Your Directors place on record their thanks for the dedicated services rendered by all the employees of the company in its factories and offices and also acknowledge the co-operation, assistance and support extended by the Companys bankers and stakeholders.

	For and on Behalf of the Board of Directors
Place : New Delhi	Sd/-	Sd/-
Date : 03/09/2025	(Prakash Kumar Mohta)	(Sakate Khaitan)
	Managing Director	Director
	DIN:00191299	DIN:01248200