Fraser and Company Ltd Directors Report

Dear Members,

Fraser And Company Ltd

Your Directors take pleasure in presenting the Annual Report on the business and operations of the company for the financial year ended on 31st March, 2026.

Extract of Annual Return

Pursuant to Section 92(3) and Section 134 of the Companies Act, 2013 and rule 12 (1) of the Companies (Management and Administration) Rules, 2014, an extract of Annual Return is required to published on Companys Website.

Number of Meeting

A. Board of Directors

During the Financial Year 2025-26, the Company held 6 board meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 were adhered to while considering the time gap between two meetings.

Table 1

S. No.	Date of Board Meeting	Boards Strength	No. of Directors present
1.	15/04/2025	7	5
2.	30/05/2025	7	5
3.	13/08/2025	7	5
4.	16/09/2025	6	5
5.	14/11/2025	6	5
6.	13/02/2026	7	5

Table-2

S. No.	Name of the Director	DIN	No. of board meetings During the year 2025-26		% of Attendance	Attendance at the last AGM held
			Held	Attended
1	Omkar Rajkumar Shivhare	08374673	6	6	100	Yes
2	Yogeeta Rajkumar Shivhare	08436055	6	6	100	Yes
3	Raj Kumar Rajpurohit	09838042	6	6	100	Yes
4	Vijay Ramesh Solanki	10683186	6	5	83.33	Yes
5	Vinod Gopaldas Gulrajani	03447191	6	6	100	Yes
6	Durgaprasad Dattaram Prabhu	09838212	3	1	33.33	No
7	Rekha Rani Naraniwal	08467886	1	0	0	No

B. Members Meeting:

S. No	Type of meeting	Date of meeting	Total Number of Members entitled to attend meeting	Number of members attended	% of total shareholding of members attended
1.	Annual General Meeting	26/09/2025	8728	68	2.62

C. Committee Meetings Audit Committee

In accordance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, the Company has constituted the Audit Committee as follows:

S. No.	Name of Director	Designation
1	Vinod Gopaldas Gulrajani	I nd e pen d en t D i re cto r
2	Omkar Rajkumar Shivhare	Ma n a g i ng Dire cto r
3	Vijay Ramesh Solanki	Exe c u tive Di recto r

The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board. There is no such incidence where Board has not accepted the recommendation of the Audit Committee during the year under review.

During the year under review, (4) four Audit Committee meetings were held on:

S. No.	Date of Meeting	Strength	No. of Directors present
1.	06/08/2025	3	3
2.	10/11/2025	3	3
3.	06/02/2026	3	3
4	20/03/2026	3	3

Nomination and Remuneration Committee

In accordance with the provisions of Section 178(1) of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted the Nomination and Remuneration Committee as follows:

S. No.	Name of Director	Designation
1	Vinod Gopaldas Gulrajani	I n de p e nd e nt Di rector
2	Raj Kumar Rajpurohit	I nd e pen d e nt Director
3	Yogeeta Rajkumar Shivhare	Exe c ut i ve D i re cto r

The Nomination and Remuneration Committee acts in accordance with the terms of reference specified from time to time by the Board.

During the year under review, 2 (Two) Nomination and Remuneration Committee Meetings were held on:

S. No.	Date of Meeting	Strength	No. of Directors present
1.	13/11/2025	3	3
2.	11/02/2026	3	3

Stakeholder Relationship Committee

In accordance with the provisions of Section 178(5) of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted Stakeholders Relationship Committee as follows:

S. No.	Name of Director	Designation
1	Vinod Gopaldas Gulrajani	I n dep e nd e nt D i rector
2	Omkar Rajkumar Shivhare	M a na g i n g D i rector
3	Yogeeta Rajkumar Shivhare	Exe c ut ive D i rector

Stakeholders Relationship Committee acts in accordance with the terms of reference specified from time to time by the Board.

During the year under review, 1 (One) SRC meeting was held on:

S. No.	Date of Meeting	Strength	No. of Directors present
1.	14/11/2025	3	3

Significant Disclosures Director Responsibility Statement

The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on accrual basis. The Ind AS are prescribed under section 133 of the Companies Act, 2013(the Act) read with rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 and companies (Indian Accounting Standard) Amendment rules 2016. The Company has adopted all the Ind AS standards and the adoption was carried out in accordance with applicable transition guidance; accounting policies have been consistently applied.

The directors confirm that:

i. In the preparation of the Annual Accounts for the financial year ended March 31, 2026, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

ii. The Directors have 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 as at 31st March 2026 and of the Profit of the company for that period;

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts on a going concern basis.

v. The directors have laid down internal financial controls which are adequate and are operating effectively.

vi. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Details in respect of fraud reported by Auditors u/s 143(12)

No fraud has been reported by the Auditors under Sub- Section (12) of Section 143 of the Act.

Disclosure of Statement on declaration given by Independent Director under Section 149 (6)

The necessary declaration with respect to the independence of the Independent Directors of the Company has been received from all the Independent Directors. The said Directors are in compliance with the code of Independent Directors prescribed in Schedule IV to the Companies Act, 2013.

The Independent Directors have all registered themselves with the IICA but all the three Independent Directors are yet to clear their proficiency test as prescribed by the IICA.

The Code of Conduct for Directors and Senior Management Personnel as prescribed, is available on the website of the Company the link to which is http://www.fraserindia.co.in/policies.php.

Disclosure for Companies covered under Section 178(1) on Directors appointment and remuneration including other matters provided under section 178(3)

In accordance with the provisions of Section 178(1) of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted the Nomination and Remuneration Committee as follows:

Sr. No.	Name of the Director	Designation
1	Vinod Gopaldas Gulrajani	I nde p en d e nt Director
2	Raj Kumar Rajpurohit	1 nd e pen dent Director
3	Yogeeta Rajkumar Shivhare	D i rector

The Nomination and Remuneration Committee acts in accordance with the terms of reference specified from time to time by the Board.

During the year under review, 2 (One) Nomination and Remuneration Committee Meetings were held one on 13 November, 2025 and second on 11 February, 2026.

Disclosures in relation to Investment or Guarantees or other Financial Disclosures Particulars of Loans, Guarantees and Investments

During the period under review, the Company has invested within the limit as per the provision under Section 186 of the Companies Act, 2013.

State of Company affairs

During the financial year ended March 31, 2026, the Company continued its operations in alignment with its strategic objectives and regulatory obligations. The business environment remained stable, and the Company undertook several initiatives to enhance operational efficiency, strengthen client relationships, and ensure compliance with applicable laws.

Disclosure relating to amount recommended to be paid as Dividend

The Board of directors of the company has not recommended any dividend during the financial year.

Details of material changes and commitment occurred during the period between the end of FY and the date of report, affecting financial position of Company

There have been no material changes and commitments affecting the financial position of the Company that have occurred between the end of the financial year (March 31, 2026) and the date of this report.

The Company has continued its operations in the ordinary course of business, and no significant events such as mergers, acquisitions, divestments, restructuring, or contingent liabilities have arisen during this intervening period that would materially impact the financial health or strategic direction of the Company.

Disclosure of statement on development and implementation of Risk Management Policy

The Company has developed the said policy covering the possible risk that may be faced by the company.

Disclosure under Rule 8/8A of Companies Accounts Rules 2014

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

A. Conservation of Energy [Rule 8(3) (A)]

The Companys activities involve low energy consumption. However efforts are continuously made to conserve energy and improve energy efficiency and generate/use renewable energy at the Companys workplaces and properties.

B. Technology Absorption [Rule 8(3) (B)]

The Company constantly endeavors to upgrade its manufacturing and designing processes by adopting modern tools and techniques. Skilled artisans are provided with training to effectively use new technologies. These measures have helped the Company improve efficiency, innovate in design, and maintain competitiveness.

C. Foreign Exchange Earnings and Outgo [Rule 8(3) (C)1

During the financial year ended March 31, 2026, the Company did not engage in any import or export activities. Accordingly, there were no foreign exchange earnings or outgo during the year under review.

Disclosure as per Rule 8(5) of Companies Accounts Rules 2014

Statement regarding opinion of the Board with regard to Integrity, Expertise and Experience (including the proficiency) of the Independent Directors appointed during the year.

During the financial year ended March 31, 2026, the provisions relating to the appointment of Independent Directors under Section 149 of the Companies Act, 2013 are not applicable to the Company. Accordingly, no Independent Directors were appointed during the year, and the requirement to provide a statement on the integrity, expertise, experience, and proficiency of Independent Directors does not arise.

Familiarization Programme for Independent Directors:

Independent Directors are familiarized with their Roles, Rights and Responsibilities in the Company as well as with the nature of industry and business model of the company through various Internal Programmer and through presentations on economy & industry overview, key regulatory developments, strategy and performance which are made to the Directors from time to time.

Details in respect of adequacy of internal financial controls with reference to financial statements

The Company has in place adequate internal financial controls commensurate with the size and nature of its operations. These controls are designed to provide reasonable assurance regarding the reliability of financial reporting, the safeguarding of assets, the prevention and detection of frauds and errors, and the timely preparation of accurate financial statements in accordance with applicable laws and regulations.

During the year under review, the internal financial control systems were reviewed and tested for operating effectiveness. No material weaknesses were observed. The controls include:

• Clearly defined roles and responsibilities across financial and operational functions

• Segregation of duties and multi-level approval mechanisms

• Periodic reconciliation of accounts and audit trails

• Robust IT systems with access controls and data integrity safeguards

• Regular internal audits and management reviews

The Board of Directors confirms that the internal financial controls are adequate and operating effectively. The statutory auditors have also provided an unqualified opinion on the adequacy and operating effectiveness of these controls in their audit report.

Disclosure as per Section 148(1) of Companies Act, 2013

The provisions relating to the maintenance of cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 are not applicable to the Company for the financial year ended March 31, 2026. Accordingly, the Company is not required to maintain cost records under the said provisions.

Disclosure in relation to Insolvency and Bankruptcy Code, 2016

There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016 commenced during the year. The Company has maintained a stable financial position and continues to meet its obligations in the ordinary course of business as on the end of the financial year.

Disclosure in relation to Valuation

During the year no valuation was carried out in connection with any loan sanction or restructuring. Accordingly, the requirement to disclose differences in valuation does not apply to the company for the year under review.

Financial Highlights

For the Financial Year ended March 31, 2026

The financial performance of the Company for the year under review reflects consistent growth and operational stability. Key financial indicators are summarized below

(Rs. In Million)

Particulars	FY 2025-26 (^)	FY 2024-25 (^)
Revenue from operation	13.64	2.19
Profit before Tax	(6.15)	(15.79)
Less: Tax, Expenses- Current Tax	-	-
Less: Deferred Tax	-	-
Less: Earlier Year Taxation	-	(0.02)
Profit for the year	(6.15)	(15.77)

During the Financial Year 2025-26, the Company has achieved a revenue from operations of Rs.in million 13.64 as against Rs. In million 2.19 in the previous year, reflecting a growth in the business operations.

The Company continued to maintain stability and strengthen its revenue base. The management remains committed to sustaining growth and enhancing shareholder value through operational efficiencies and prudent financial management.

In accordance with the provisions contained in Section 136 of the Companies Act, 2013 ("the Act"), the Annual Report of the Company, containing Notice of the Annual General Meeting, Standalone Financial Statements, Report of the Auditors and Board of Directors thereon are available on the website of the Company at https://www.fraserindia.co.in. Further, a detailed analysis of Companys performance is included in the Management Discussion and Analysis Report ("MDAR"), which forms part of this Annual Report.

Indian Accounting Standards

The Ministry of Corporate Affairs (MCA) notified its phase-wise roadmap for the adoption of Indian Accounting Standards (Ind AS), converged with the International Financial Reporting Standards (IFRS) vide its notification dated February 16th, 2015, announcing the Companies (Indian Accounting Standards) Rules, 2015, for the application of Ind AS.

Accordingly, your Company has adopted Ind AS with effect from April 01st, 2018.

Your Company believes in highest standards of Corporate Governance and recognizes that Financial Statements are an important source of information to the Shareholders and other Stakeholders.

MSME Registration

Your Company has obtained MSME Registration with Micro category under Major Activity Services with UAM No (Udyog Aadhaar Memorandum) with effect from May 26th, 2020.

Disclosure of change in Nature of Business

There is no change in the nature of business of the Company.

Directors and Key Managerial Personnel

Your Companys Board comprises of mix of Executive and Non-Executive Directors with considerable experience and expertise in various fields and business strategy.

The list of Directors and Key Managerial Person of the Company as on March 31st, 2026 are as follows:

Sr No.	Name	Designation	DIN/ PAN No.
1	Omkar Rajkumar Shivhare	Managing Director	08374673
2	Yogeeta Rajkumar Shivhare	Executive Director	08436055
3	Vijay Ramesh Solanki	Executive Director	10683186
4	Raj Kumar Rajpurohit	Independent Director	09838042
5	Vinod Gopaldas Gulrajani	Independent Director	03447191
6	Rekha Rani Naraniwal	Additional Independent Director	08467886
7	Anjana Jagger	Company Secretary and Compliance Officer	AHPPJ3854M
8	Vijay Ramesh Solanki	Chief Financial Officer	10683186

Change in Management

During the year under review, there were changes in the composition of the Board of Directors of the Company. Mr. Durgaprasad Dattaram Prabhu resigned from the office of Independent Director with effect from 30 August 2025. The Board placed on record its appreciation for the valuable guidance and contributions made by him during his tenure with the Company. Further, Ms. Rekha Rani Naraniwal was appointed as an Additional Independent Director of the Company with effect from 15 November 2025, in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable.

Deposits

During the reporting period the Company has not accepted any Deposit falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014. Company has not accepted any deposit in earlier years, as such question of unpaid or unclaimed deposits and default in repayment does not arise.

Deposits accepted during year	0
Deposits remained unpaid or unclaimed at the end of the year	0
Amount of default in repayment of deposits or payment of interest thereon beginning of year	0
Maximum amount of default in repayment of deposits or payment of interest thereon beginning of year	0
Maximum number of cases of default in repayment of deposits or payment of interest thereon during year	0
Number of cases of default in repayment of deposits or payment of interest thereon end of year	0
Details of deposits which are not in compliance with requirements of Chapter V of Act	0

Details of significant and material orders passed by Regulators or Courts or Tribunals impacting the going concern status and Companys operation in future: -

There are no significant and material orders passed by the Regulators/Courts that would impact the going concern status of the Company and its future operations.

Annual Evaluation

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as:

• Board dynamics and relationships

• Information flows

• Decision-making

• Relationship with stakeholders

• Company performance and strategy

• Tracking Board and committees effectiveness

• Peer evaluation

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of Independent Directors shall be done by the entire Board of Directors, excluding the Directors being evaluated.

The review concluded by affirming that the Board as a whole as well as all of its Members, individually and the Committees of the Board continued to display commitment to good governance, ensuring a constant improvement of processes and procedures.

Disclosure for compliance with other Statutory Laws

Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

As per the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (hereinafter referred to as "Prevention of Sexual Harassment Act"), the Company has formulated a Policy on Prevention of Sexual Harassment at Workplace for prevention, prohibition and redressal of sexual harassment at workplace and an Internal Complaints Committees has also been set up to redress any such complaints received. The Company is committed to providing a safe and conducive work environment to all of its employees and associates. No complaints of sexual harassment were received during the Financial Year 2025-26 by the Company.

Other Reporting:

Auditors:

A. Statutory Auditors

Pursuant to Section 139(1) of Companies Act, 2013 and Rule 6 of the Companies (Audit and Auditors) Rules, 2014, the members of the Company have appointed M/s A M S & Co, Chartered Accountants (FRN: 130878W) as Statutory Auditor of the Company at a remuneration including out of pocket expenses and other expenses as may be mutually agreed by and between the Board of Directors and the Auditor.

The Independent Auditors Report of M/s. AMS & Co., on the Financial Statements of the Company for the Financial Year 2025-26 is a part of the Annual Report. There are such qualifications, reservations or adverse remarks or disclaimers made by M/s. AMS & Co., in their Report

They have confirmed their eligibility to the effect that their reappointment if made would be within the prescribed limits under the Act and that they are not disqualified for reappointment.

B. Cost Auditor

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the provisions related appointment of cost auditor does not applicable upon the Company.

C. Secretarial audit

As per the provisions of Section 204 of the Companies Act, 2013, the Board of Directors of the Company has appointed M/s. AAS & Associates, Practicing Company Secretaries as Secretarial Auditor of the Company to conduct Secretarial audit for the financial year ended on March 31st, 2026.

The Secretarial Audit Report issued by M/s. AAS & Associates, Practicing Company Secretaries in Form MR-3 is enclosed as Annexure - II to this Report.

Compliance with Secretarial Standard

The Company had complied with the applicable Secretarial Standards (as amended from time to time) on meetings of the Board of Directors and Meeting of Shareholders (EGM/AGM) i.e. SS1 and SS2 issued by The Institute of Company Secretaries of India and approved by Central Government under section 118(10) of the Companies Act, 2013

Related Party Transactions

During the Financial Year 2025-26, your Company has entered into transactions with Related Parties as defined under Section 2(76) of the Companies Act, 2013 read with Companies (Specification of Definitions Details) Rules, 2014, which were in the Ordinary Course of Business and on Arms Length basis and in accordance with the provisions section 188 of the Companies Act, 2013, and Rules made thereunder read with Regulation 23 of the SEBI Listing Regulations, 2015.

During the Financial Year ended March 31st, 2026, the Company has entered into contracts or arrangements with Related Parties referred to in sub-Section (1) of Section 188 of the Companies Act, 2013. The Company has adopted a Policy on Related Party transactions as approved by the Board, which is uploaded on the Companys website i.e. www.fraserindia.co.in.

The particulars of contracts or arrangements with Related Parties referred to in Section 188(1) and applicable rules of the Companies Act, 2013 has been provided in Form AOC-2 as Annexure-I to this Report.

Details of transaction(s) of your Company with entity(ies) belonging to the promoter/promoter group which hold(s) more than 10% shareholding in the Company as required under para A of Schedule V of the Listing Regulations are provided as part of the financial statements.

Share Capital

During the Period under review, there were no changes in the share capital of the Company. The Authorized Share capital of the company is Rs. 12,00,00,000/- and paid up share capital of the Company is Rs. 8,12,03,000/-

Consolidated Financial Statements

The Company has no Subsidiary, Joint venture or Associate Company and therefore question of consolidated financial statements do not arise.

Tax Provisions

The Company has made adequate provisions as required under the provisions of Income Tax Act, 1961 as well as other relevant laws governing taxation on the company.

Annual Return

A copy of the Annual Return shall be placed on the website of the company ie. www.fraserindia.co.in

Corporate Social Responsibilities (CSR)

During the Financial year ended March 31st, 2026, no Contribution towards the Corporate Social Responsibility under Section 135 of the Companies Act, 2013 was made by the Company.

Corporate Governance Report

During the year under review, the Paid-Up Capital and Net Worth of the Company were less than Rs.10,00,00,000/- (Rupees Ten Crores Only) and Rs. 25,00,00,000 (Rupees Twenty-Five Crores Only) respectively as on March 31st, 2026, therefore Corporate Governance provisions as specified in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26 27, and clause (b) to (i) of subregulation (2) of regulation 46 and para C, D and E of the Schedule V of SEBI (Listing Obligations and Disclosure Requirement), Regulation 2015 is not applicable to the Company.

Whenever this regulation becomes applicable to the Company at a later date, we will comply with requirements those regulations within six months from the date on which the provisions became applicable to our Company.

Vigil Mechanism/ Whistle Blower Policy

The Company has established a vigil mechanism and overseas through the committee, the genuine concerns expressed by the Employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the chairman of the Audit Committee on reporting issues concerning the interests of co-employees and the Company. All Protected Disclosures reported under the Policy are to be thoroughly investigated by the Committee concerned or by a person designated by such committee. As per the requirement of Listing Regulations, details of Vigil Mechanism is provided on the Website of the Company i.e www.fraserindia.co.in.

Prevention of Insider Trading

Your Company has adopted the:

a) Code of conduct for prohibition of insider trading the web link to which is http://www.fraserindia.co.in/policies.php.

b) Code of practices and procedures for fair disclosure of unpublished price sensitive information.

c) Policies and procedures for inquiry in case of leak of or suspected leak of unpublished price sensitive information for regulating the dissemination of Unpublished Price Sensitive Information and trading in securities by Insiders.

Particulars of Employees

The information required pursuant to Section 197 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

Information about Subsidiary/ JV/ Associate Company

The Company does not have any Subsidiary/Joint Venture or Associate Company further during the reporting period no Company has become or ceased to be a Subsidiary/Joint Venture or Associate. Therefore, disclosure in Form AOC-1 is not applicable to the Company.

Investor Education and Protection Fund

During the period under review the Company was not required to transfer any amount in the Investor Education and Protection Fund account. Further the company also does not have any amount which is required to transfer to the IEPF account.

General Disclosures:

Your Directors state that no disclosure or reporting is required in respect of the following matters as there is no transaction on these items during the year under review:

a) The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable.

b) No fraud has been reported by the Auditors to the Audit Committee or the Board.

Acknowledgement

The Directors thank the Companys employees, customers, vendors, investors and academic institutions for their continuous support. The directors also thank the various departments/ agencies of Central and State Government of India for their Co-operation.

The directors appreciate and value the contributions made by every member of the Company.

Cautionary Statement to the Future

The statements contained in the Boards Report contain statement relating to the future and therefore are forward looking within the meaning of applicable laws and regulations.

Various factors such as economic conditions, change in government regulations, tax regime, other statues, market forces and other associated and incidental factors may however led to variation in actual result.

For and on Behalf of Board of Directors
Fraser And Company Limited
Sd/-	Sd/-
Omkar Rajkumar Shivhare	Yogeeta Rajkumar Shivhare
Managing Director	Director
DIN:08374673	DIN:08436055
Place: Mumbai
Date: 29th May, 2026