Essar Ports Ltd Directors Report

To the Members of Essar Ports Limited

Your Directors take pleasure in presenting the Forty Ninth Annual Report of your Company together with the Audited Financial Statements for the year ended March 31, 2025.

1. FINANCIAL RESULTS

The summary of consolidated and standalone financial results of your Company for the year ended March 31, 2025 are furnished below:

(Rs. in lakhs)

	Consolidated		Standalone
Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2025	For the year ended March 31, 2024
Total Revenue	2132.86	27,089.87	2132.86	5,520.60
Total Expenses	1554.82	2,251.91	1554.82	2,251.91
EBITDA	649.53	25,297.77	649.53	3,728.50
Profit /(Loss) for theyear	1629.77	13,756.48	578.82	3,570.41

2. DIVIDEND

Considering the funds requirement for meeting the operations, the Board has not recommended any dividend for the financial year ended March 31, 2025.

3. MANAGEMENT DISCUSSION & ANALYSIS

The discussion and analysis hereunder covers Companys financial performance of 2024-25 and business outlook the year 2025-26. This outlook is based on assessment of the current business environment and Government policies. The change in future economic and other developments are likely to cause variation in this outlook.

Economic Outlook:

In India, the economic outlook remains resilient and relatively robust compared to global peers. After recording a strong

GDP growth of 6.5% in FY 2024 25, the Indian economy is expected to sustain this momentum into FY 2025 26, supported by a combination of strong rural demand, sustained government capital expenditure, and an ongoing rebound in manufacturing and construction activity. Structural reforms and investment in infrastructure, particularly through government initiatives such as Sagarmala and the Gati Shakti

National Master Plan, are strengthening the foundation for long-term growth. Inflation has continued to moderate, with headline inflation averaging in the range of 4.5 5.0% and expected to align with the Reserve Bank of Indias 4% target range in the coming fiscal year. On the external front, both merchandise and services exports have shown positive momentum, buoyed by global demand in select sectors and improved logistics infrastructure. Foreign direct investment has remained stable, and Indias foreign exchange reserves have stayed at healthy levels, lending confidence to the macroeconomic environment. However, risks persist in the form of uneven urban consumption, elevated global energy prices, and geopolitical uncertainties that may affect trade and capital flows.

Industry Outlook:

Ports

Indian Scenario:

Indias maritime sector continued its upward trajectory in for FY 2024 25, with cargo throughput at major ports reaching approximately 855 million tonnes (MMT), a 4.3% increase over the previous fiscal year. This growth was supported by a revival in global and domestic trade activity, stable energy demand, and infrastructure-led industrial momentum. Coastal cargo volumes also registered a healthy increase, contributing to improved modal shift outcomes aligned with national logistics policy goals.

Container and POL (petroleum, oil, and lubricants) cargo were among the key contributors to growth, with containers comprising over one-fifth of the total cargo handled at major ports. Notably, the uptick in container volumes reflects both recovery in EXIM trade and growing domestic transhipment capability. Meanwhile, dry bulk, coal, and fertilizer volumes remained stable, although subject to seasonal and policy-linked variability.

Capacity across Indian ports continues to expand in line with demand. As of March 2025, major ports operated at approximately 52% capacity utilisation, with a combined capacity of 1,630 MMT. Non-major ports also reported consistent growth, with throughput expanding at a 5%

CAGR over the past four years and capacity rising to around

1,080 MMT, supported by new terminal developments and upgraded connectivity infrastructure.

The Government of Indias flagship Sagarmala Programme has been instrumental in shaping this growth trajectory. As of FY 2025, over 272 projects have been completed with a cumulative investment of ~ 1.41 lakh crore, forming part of a broader pipeline of 839 projects valued at 5.79 lakh crore. Coastal shipping has grown by 118% over the last decade, while inland waterways cargo movement has increased sevenfold, signalling a transformative shift in multimodal logistics and hinterland connectivity.

Policy reforms have played a critical role in enabling private sector participation and long-term investment. The introduction of the Indian Ports Bill, 2025, is expected to further streamline port governance, particularly at non-major ports, by bringing greater uniformity and regulatory clarity.

Additionally, 100% FDI in port infrastructure, simplified PPP mechanisms, and support for ship-leasing models through

GIFT City have created a more attractive environment for global and domestic investors alike.

On the external front, geopolitical disruptions such as those in the Red Sea have led to extended transit times and elevated freight costs, prompting shipping lines to explore alternative routes. These developments underscore the need for building resilience in supply chains and strengthening Indias role as a stable maritime trade hub. Initiatives such as the India Middle East Europe Economic Corridor (IMEC) and increased focus on green shipping corridors are likely to define the future direction of the Indian ports sector.

Overall, the Indian ports industry continues to demonstrate strong fundamentals, backed by growing cargo volumes, robust policy support, and long-term infrastructure investments. The sector remains well-positioned to capitalise on Indias evolving trade dynamics and regional connectivity ambitions.

Performance Overview:

The Company through its associate has successfully commissioned an all-weather terminal at Salaya Jetty, in Jamnagar, Gujarat, India in December 2017. The Salaya Port has a handling capacity of 20 MMTPA fully mechanized 380 meter berth with one ship loader of rated capacity of 1500 TPH and two ship unloaders of rated capacity of 2500 TPH. The berth is connected to stockyard via 12.8 Km long conveyor belt. Essars Salaya Port is the deepest draft port of 14 m in the Saurashtra region. The Company would continue to lead innovative practices, adoption of technology and setting examples in the regions. The Port has handled 4.43 MMT

Cargo in FY 2025.

Financial Highlights:

The Key Financials performance highlights for the year are as below: Total Revenue contribution on consolidated basis was 21.33 cr.

EBITDA for the year on 6.49 cr. Net Profit for the year 16.29 cr.

4. Risk, Opportunity and Threats:

Risks

Geopolitical volatility particularly in the Middle East continues to pose significant risks to maritime trade. Recent conflicts have led to cargo disruptions and longer transit times, directly impacting shipment schedules and cost structures.

Trade-policy uncertainty, including evolving tariff regimes and protectionist measures, also introduces unpredictability into global cargo flows. Additionally, ports are increasingly exposed to cybersecurity risks, with rising instances of digital threats such as GPS spoofing and ransomware attacks. Domestically, elevated maritime security alerts underscore the importance of maintaining robust risk management systems across port infrastructure.

Opportunities

Indias growing role in global manufacturing supply chains, driven by the "China+1" strategy, presents a significant opportunity for sustained cargo growth and value-added port services. A strong pipeline of investment in port infrastructure—estimated at over US$20 billion aimed at modernization, automation, green energy integration, and logistics connectivity is expected to unlock new capacity and operational efficiencies. The Indian ports infrastructure market is projected to grow at a healthy CAGR over the next five years, supported by government programmes such as Sagarmala, PM Gati Shakti, and the East Coast Economic Corridor. Additionally, the rise of digital port technologies (such as AI-enabled operations and port digital twins) and the push toward sustainability through green shipping corridors and emission-reduction initiatives are reshaping the competitive dynamics of the sector.

Threats

Global trade headwinds remain a persistent threat, with slowing demand, shifting liner alliances, and increasing protectionism weighing on overall cargo volumes. Rising bunker fuel prices, inland congestion, and inflationary cost pressures may further strain margins for port operators.

Domestically, delays in project execution, particularly in large-scale greenfield developments and hinterland infrastructure, could limit throughput scalability. Furthermore, competition from alternative logistics hubs and evolving trade corridors demands continuous agility and investment to maintain relevance and market share.

Internal Control systems and their adequacy:

The Company has put in place strong internal control systems and process to commensurate with its size and scale of operations. Some of the key features of the Companys internal control systems are:

Adequate documentation of Financials, Company Policies and Guidelines.

Preparation of Annual Budget plan through monthly review for all operating entities at Management level.

The Company has a management system which runs on a one-on-one monitoring activities with all entities whenever required.

The Company has a well-defined allocation of power with authority limits for approving revenue and Capex expenditure which is reviewed and suitably amended on an annual & monthly basis by the Senior Management.

5. HOLDING/ SUBSIDIARIES/ JOINT VENTURES/ ASSOCIATES

As on March 31, 2025, the following were the Holding, subsidiaries and associates of your Company:

Sl. No. Name of the Companies	Holding/ Subsidiary/ Associate	% of Equity Capital
1. Essar Ports & Terminals Limited	Holding	97.77%
2. Essar Bulk Terminal (Salaya) Limited	Associates	34.22%*

* Percentage of holding calculated on diluted basis.

A statement containing the salient features of the financial statements of the subsidiary/ associate companies, in Form

AOC-1, has been enclosed as an annexure to this report.

6. RELATED PARTY TRANSACTIONS

All Related Party Transactions entered during the year were in ordinary course of the business and on an arms length basis. Details of material related party transaction entered during the financial year 2024-25 are provided in the prescribed form AOC-2 as an annexure to this report.

7. MATERIAL CHANGES AND COMMITMENTS AFFECTING

THE FINANCIAL POSITION OF THE COMPANY

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

8. DEPOSITS

The Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, during the financial year.

9. DETAILS OF DIRECTORS AND KEY MANAGERIAL

PERSONNEL APPOINTED / RESIGNED DURING THE YEAR

Composition of Board of Directors as on March 31, 2025:

Sl. No.	DIN	Name of the Directors	Designation
1.	01822280	Mr. Ashish Vijay Rajgarhia	Additional Non Executive Director
2.	01256347	Dr. Jose Paul	Independent Director
3.	00284649	Capt. B. S. Kumar	Independent Director
4.	00202779	Mr. Nikhil Naik	Nominee Director
5.	07413365	Mr. Rakesh Kankanala	Additional Non Executive Director
6.	00601013	Mr. Srinivasan	Additional Non
		Vaidyanathan	Executive Director
7.	02393781	Mr. Anshumali Dwivedi	Whole-time Director

The following Directors and Key Managerial Personnel were appointed/ got resigned / Change in designation during the financial year:

Sl. No.	Name of the Directors	DIN	Designation	Date of Appointment/ Resignation/ Change in Designation	Remarks
1	Mr. Rajiv Agarwal	00903635	Managing Director	December 24, 2024	Resignation
2	Mr. Dilip J. Thakkar	00007339	Independent Director	September 18, 2024	Completion of Second term as ID
3	Dr. Jose Paul	01256347	Independent Director	July 24, 2024	Appointment
4	Mr. Amit Bapna	00008443	Whole Time Director	January 13, 2025	Resignation
5	Mr. Amit Bapna	AAYPB9659A	CFO	January 28, 2025	Resignation
6	Mr. Ashish Vijay Rajgarhia	01822280	Non- Executive Director	January 28, 2025	Appointment
7	Mr. Rakesh Kankanala	07413365	Non- Executive Director	January 28, 2025	Appointment
8	Mr. Srinivasan Vaidyanathan	00601013	Non- Executive Director	January 28, 2025	Appointment
9	Mr. Anshumali Dwivedi	02393781	Whole Time Director	January 28, 2025	Appointment
9	Mr. Anshumali Dwivedi	AJBPD4480B	CFO	January 28, 2025	Appointment
10	Ms. Ketki Belhe	AKFPD3794H	Company Secretary	10 June 2024	Appointment
11	Ms. Ketki Belhe	AKFPD3794H Company Secretary	21 March 2025	Resignation
12	Mr. Bhawani Shankar Thanvi	AHNPT1633Q Company Secretary	21 March 2025	Appointment

Your Board places on record its appreciation for the valuable contributions made by the Directors/ KMPs in the growth and progress of the Company during their tenure.

As on March 31, 2025, following are the Key Managerial

Personnel of your Company: l Mr. Anshumali Dwivedi -- Whole time Director & Chief Financial Officer l Mr. Bhawani Shankar Thanvi Company Secretary The following Directors and Key Managerial Personnel were appointed/ got resigned after closure of the financial year:

<td >Additional Non -Executive Director

Sl. No.	Name of the Directors	DIN	Designation	Date of Appointment/ Resignation	Remarks
1	Mr. Rakesh Kankanala	07413365	Additional Non -Executive Director	June 16, 2025	Resignation
2	Dr. Haseeb Drabu	00489888	Additional Non -Executive Director	June 19, 2025	Appointment
3	Mr. Srinivasan Vaidyanathan	00601013	July 08, 2025	Resignation

Approval of the members is being sought at the ensuing

Annual General Meeting of the Company for

1. To receive, consider and adopt: a. The Audited Standalone Profit and Loss Account for the year ended March 31, 2025 and the Audited Balance Sheet and Cash Flow Statement as on that date together with the schedules and notes thereto and the Reports of the Board of Directors and

Auditors thereon (Financial Statements). b. The Audited Consolidated Profit and Loss Account for the year ended March 31, 2025 and the Audited Balance Sheet and Cash Flow Statement as on that date together with the schedules and notes thereto and the Report of the Auditors thereon (Consolidated Financial Statements).

2. To appoint a Director in the place of Mr. Anshumali Dwivedi (DIN 02393781) who retires by rotation and being eligible, offers himself for re-appointment

3. Appointment of Mr. Ashish Vijay Rajgarhia (DIN 01822280) as a Director of the Company, liable to retire by rotation

4. Appointment of Dr. Haseeb Drabu (DIN 00489888) as a Director of the Company, liable to retire by rotation

10. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

AND ATTENDANCE OF THE DIRECTORS

The Board of Directors of the Company had met 5 times during the financial year on the below mentioned dates: - June 10, 2024; - July 24, 2024; - November 11, 2024; - January 28, 2025 and - March 21, 2025

Name of the	Category of Director	Number of Board Meetings held and attended during the year
Director		Held during the year	Attended
Mr. Rajiv Agarwal (upto December 24, 2024)\	Managing Director	5	3
Mr. Amit Bapna (upto January 13, 2025)	Whole-time Director & CFO	5	3
Mr. Dilip J. Thakkar (upto September 18, 2024)	Independent Director	5	2
Capt. B. S. Kumar	Independent Director	5	5
Mr. Nikhil Naik	Nominee Director	5	5
Dr. Jose Paul (w.e.f. July 24, 2024)	Independent Director	5	4
Mr. Ashish Vijay Rajgarhia (w.e.f. January 28, 2025)	Non- Executive Director	5	2
Mr. Rakesh Kankanala (w.e.f. January 28, 2025)	Non- Executive Director	5	1
Mr. Srinivasan Vaidyanathan (w.e.f. January 28, 2025)	Non- Executive Director	5	2
Mr. Anshumali Dwivedi (w.e.f. January 28, 2025)	Whole-time Director & CFO	5	2

The meetings of the Board have been held at regular intervals with a time gap of not more than 120 days between two consecutive meetings.

11. DECLARATION OF INDEPENDENCE

The Company has received Declarations of Independence as stipulated under Section 149(6) of the Companies Act, 2013 from Independent Directors.

12. COMPOSITION OF THE AUDIT COMMITTEE

As on March 31, 2025 and as on the date of this report, the Audit Committee comprised of Capt B.S. Kumar as the Chairman of the Committee, Dr. Jose Paul (Independent Director) and Mr. Nikhil Naik (Nominee Director).

All the recommendations of the Audit Committee have been accepted by the Board.

13. CORPORATE SOCIAL RESPONSIBILITY

As on March 31, 2025 and as on the date of this report, the

Corporate Social Responsibility Committee comprised of

Capt B.S. Kumar, Dr, Jose Paul (Independent Directors), Mr. Nikhil Naik (Nominee Director), Mr. Ashish Rajgarhia and Mr. Anshumali Dwivedi were the other members of the Committee.

The composition and terms of reference of the Corporate

Social Responsibility Committee had been fixed by the Board of Directors of your Company. The Company statutorily is not required to incur CSR spend, as the Company does not exceed the thresholds as prescribed under the Companies Act, 2013 and the rules made thereunder. The CSR policy along with the Annual report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules,

2014 has been appended as Annexure to this Report.

14. NOMINATION AND REMUNERATION COMMITTEE

As on March 31, 2025 and as on the date of this report the

Nomination and Remuneration Committee comprised of Capt

B.S. Kumar (Independent Director) as the Chairman of the Committee, Dr. Jose Paul (Independent Director) and Mr. Nikhil Naik (Nominee Director).

The Committee has formulated a policy on the Directors appointment and remuneration including recommendation of remuneration of the Key Managerial Personnel and other employees. The said policy has been enclosed as an Annexure to this Report.

15. STAKEHOLDERS RELATIONSHIP COMMITTEE

As on March 31, 2025 and as on the date of this Report, the Stakeholders Relationship Committee of the Board comprised of Capt B.S. Kumar, Dr, Jose Paul (Independent Directors), Mr. Nikhil Naik (Nominee Director), Mr. Ashish Rajgarhia and Mr. Anshumali Dwivedi.

16. PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND DIRECTORS

All Directors responded through a structured questionnaire giving feedback about the performance of the Board, its

Committees, individual Directors and the Chairman. The questionnaire included inputs on composition, functioning, information availability, effectiveness, etc. The questionnaire also covered, in the case of individual directors, qualitative assessment and in the case of Chairman additional criteria like leadership qualities and other key aspects of his role.

The inputs received were circulated to the members of the

Nomination and Remuneration Committee of the Board.

17. EXTRACT OF ANNUAL RETURN

The extract of annual return in Form MGT-9 as required under Section 92(3) and Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as an Annexure to this Report.

18. INTERNAL CONTROL FRAMEWORK

Your Company conducts its business with integrity and high standards of ethical behavior and in compliance with the laws and regulations that govern its business. Your Company has a well-established framework of internal controls in its operations, including suitable monitoring procedures. In addition to an external audit, the financial and operating controls of your Company at various locations are reviewed by Internal Auditors, who report their observations to the Audit Committee of the Board.

19. HUMAN RESOURCE

Human resources focuses on maximizing employee productivity. Your HR professionals manage the human capital of our organization and focus on implementing policies and processes. HR is specialised on recruiting, training, employee-relations or benefits, recruiting specialists and hire top talent. Your HR always ensures that employees are trained and have continuous development. This is done through training programs, performance evaluations and reward programs.

Employee relations deal with concerns of employees when policies are broken, such as in cases involving harassment or discrimination.

Human resources have always been the key to success of your Companys business. A balance of internal and external talent was maintained to ensure right skills are available to initiate project activities. Your Company is known for developing future leaders and having the best people practices. This coupled with the ability to attract the best talent, provides a competitive edge to the organization.

20. CONSOLIDATED FINANCIAL STATEMENTS

Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to Section 129(3) of the Companies Act, 2013 and prepared in accordance with the applicable Accounting Standards.

21. AUDITORS

Your Companys Auditors, Messrs. MSKA & Associates,

Chartered Accountants (ICAI Form Registration Number:

105047W), were appointed as the Statutory Auditors of the Company to hold office from the conclusion of 45 th Annual

General Meeting (AGM) till the conclusion of the 50th AGM of the Company to be held in the year 2026.

There are no audit qualifications/adverse remarks in the

Auditors Report to the shareholders on the Accounts of the

Company for the year ended March 31, 2025.

22. REPORTING OF FRAUD

There were no instances of fraud committed against the

Company by its officers or employees as specified Section 143(12) of the Companies Act, 2013 and accordingly no such reporting was done by the Auditors of the Company.

23. INFORMATION TECHNOLOGY

The field of information technology (IT) covers the design, administration and support of computer and telecommunications systems. Some of the positions in this field computer support specialists, computer scientists, software programmers and system analysts. The majority of career tracks in IT entail design and operational tasks related to computer hardware components, networks and software applications.

Professionals in the IT field work with businesses and organizations to set up and support viable computer networks that will keep systems efficient and reliable.

IT encompasses all hardware and software used in the storing, creation and accessing of information. Examples of technologies that professionals work with are firewalls, databases, media storage devices, networks and the

Internet.

Your Company successfully implemented SAP in its financial and related systems in FY 2010-11. For dry bulk, systems have been implemented to capture end-to-end workflow covering all activities from pre-arrival intimations to actual departure of vessels. Expected berth occupancy is being plotted, thereby optimising the berth utilisation and increasing berth efficiency. Various dashboard reports have been implemented in the system for berth performance and resource monitoring.

24. VIGIL MECHANISM

Your Company has adopted a Whistle Blower Policy, as part of the vigil mechanism to provide appropriate avenues to the

Directors and employees to report their genuine concerns which is perceived to be in violation of or in conflict with the fundamental business principles of the Company.

25. PROTECTION OF WOMEN AT WORKPLACE

The Company has formulated a policy on Prevention of

Sexual Harassment at workplace as per the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (‘Act) and Rules made thereunder. During the financial year no cases were reported under the above said Act. The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual

Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [Rule 8(5)(x) of Rules]

26. PARTICULARS OF LOANS, GUARANTEES AND

INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The particulars of loans, guarantees and investments have been disclosed in the notes to the financial statements of the Company for the financial year 2024-2025.

27. STATEMENT OF DIRECTORS RESPONSIBILITIES

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013 and based on the information provided by the management, your Directors state that: a) in the preparation of the Financial Statements, the applicable accounting standards had been followed includealongdatabasewith and propernetwork explanationadministrators, relating to material departures; b) accounting policies selected were applied consistently and judgments and estimates were made 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 or loss of the

Company for that period; c) proper and sufficient maintenance of adequate accounting records in accordance with the provisions of the Companies Act,

2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Financial Statements of the Company have been prepared on a going concern basis; e) the Company has laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and f) proper systems are in place to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

28. AMOUNTS, IF ANY, PROPOSED TO BE CARRIED TO ANY

RESERVES

Your Company has not transferred any amount to any reserves during the current financial year.

29. CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION, FOREIGN ExCHANGE EARNINGS AND OUTGO

In view of the nature of activities that are being carried on by your Company, the particulars required under Section

134 of the Companies Act, 2013 and rules made thereunder regarding conservation of energy and technology absorption are not applicable to your Company.

The details of foreign exchange earnings and outgo as required under Section 134 and Rule 8(3) of Companies (Accounts) Rules, 2014 are mentioned below:

Foreign Exchange Earnings & Outgo

( Lakhs)

Particulars	For the year ended 31st March, 2025
Foreign Exchange earnings	NIL
Foreign Exchange outgo	20.81

30. QUALITY, SAFETY AND ENVIRONMENT

Your Company, in order to ensure highest standard of safety, has implemented and initiated various measures with respect to Quality, Safety and Environment Management Systems./

31. CORPORATE GOVERNANCE

Your Company is not listed on any Stock Exchanges and hence not covered under the listing regulations of SEBI. However, as a good practice, your Company follows the

Corporate Governance practice in its business activities.

32. DISCLOSURES WITH RESPECT TO THE REMUNERATION UNDER SECTION 197 OF THE COMPANIES ACT, 2013

Since your Company is not a listed company, the statement of

Disclosure of Remuneration under section 197 of Companies Act, 2013 and Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable.

33. AFFIRMATION AND DISCLOSURE

Your Company is not listed on any Stock Exchanges and hence not covered under the listing regulations of SEBI.

Since the reporting under the Corporate Governance is not mandatory for your Company, the declaration in relation to the compliance with the Code of Conduct is not attached with the Annual Report.

34. MAINTENANCE OF COST RECORDS AS SPECIFIED BY THE CENTRAL GOVERNMENT UNDER SUB-SECTION (1)

OF SECTION 148 OF THE COMPANIES ACT, 2013

The provisions of Section 148(1) of the Companies Act, 2013 are not applicable to the Company as the Central Government of India has not specified the maintenance of cost records for any of the products of the Company.

35. THE DETAILS OF APPLICATION MADE OR ANY

PROCEEDING PENDING UNDER THE INSOLVENCY AND

BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE

YEAR ALONGWITH THEIR STATUS AS AT THE END OF

THE FINANCIAL YEAR

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.

36. 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.

There is no One Time Settlement and Valuation done during the year under review, therefore this clause is not applicable to your Company.

37. GENERAL DISCLOSURES

Your Directors hereby state and confirm that for the year ended March 31, 2025:

· The Executive Director(s) did not receive any remuneration from the holding and/or subsidiary companies.

· The Company has neither revised the financial statements nor the report of Board of Directors.

· The Company has not issued equity shares with differential rights as to dividend, voting, or otherwise or sweat equity shares.

· No significant or material orders were passed by the

Regulators or Courts or Tribunals, which impact the going concern status or Companys operations in future.

? There was no change in the nature of business of the Company.

38. APPRECIATION AND ACKNOWLEDGEMENTS

Your Directors express their sincere thanks and appreciation to all the employees for their commendable team work and contribution to the growth of the Company.

Your Directors also thank its bankers and other business associates for their continued support and co-operation during the year.

	For and on behalf of the Board
Ashish Vijay Rajgarhia	Anshumali Dwivedi
Director	Wholetime Director
DIN: 01822280	DIN: 02393781
Mumbai
August 05, 2025