Ganga Forging Ltd Directors Report

To,

The Members of Ganga Forging Limited,

Your Board of Directors are pleased to present their 38^th Annual Report for the financial year ended on 31st March, 2026.

FINANCIAL RESULTS:

The financial performance of the company on a standalone basis for the Financial Year ended on 31^st March, 2026, as compared with the previous year is summarized as below:

(Amt. in Thousand)

Sr. No Particulars	2025-26	2024-25
1 Revenue from Operation	356163.87	432194.39
2 Other Income	1714.16	2292.48
3 Total Revenue (1+2)	357878.03	434486.88
4 Cost of Materials consumed	265942.69	330156.25
5 (Increase)/decrease in inventory	(4212.26)	(41235.55)
6 Employees Benefits Expense	21881.73	18225.70
7 Depreciation & Amortization Exp.	11859.33	10736.84
8 Finance Cost	9312.27	9756.23
9 Other Expenses	93637.12	102348.33
10 Profit/(Loss) Before Exceptional items and Tax	(40542.84)	4499.07
11 Exceptional items	(3706.16)	(4155.43)
12 Profit Before Tax	(36836.68)	8654.51
13 Current Tax	0	1633.00
14 Deferred Tax	(298.24)	890.91
15 Profit / (Loss) After Tax (PAT)	(36538.45)	6130.59
16 Other Comprehensive income
Items that will not be reclassified to statement of Profit and Loss	(318.12)	455.83
17 Total Comprehensive income for the year, net of tax	(36856.57)	6586.42

PERFORMANCE AND STATE OF COMPANYS AFFAIRS:

During the reporting year, the company has recorded Revenue of Rs. 356163.87 (In thousand) as compared to Rs. 432194.39 (in thousand) during the previous financial year 2024-25. The business of the company witnessed a challenging operating environment during the year due to ongoing global conflicts. The revenue of the company has been decreased by more than 15 percent as compared to previous financial year. Further, during the reporting year the company has recorded total loss of Rs. 36538.45 (in thousand) as compared to profit of Rs. 6130.59 (in thousand) in the previous year. Due to major reduction in revenue, high finance cost and increase in employee benefit expense, the last year profit converted into loss during the reporting period.

The Company remains focused on operational efficiency, market diversification, product innovation, and strengthening its global presence. With continued investments in advanced technologies and value-added products, the management is confident of sustainable long-term growth and creating value for stakeholders.

Further, detailed description on Future Outlook, Opportunities, threats, etc. has been provided in Management Discussion and Analysis (MDA) report. Pursuant to Regulation 34 of the SEBI Listing Regulations, Management Discussion and Analysis report for the year under review forming part of this Annual Report.

DECLARATION OF DIVIDEND AND DIVIDEND DISTRIBUTION POLICY:

With a view to plough back profits and in order to conserve resources for operational purposes, Directors do not recommend any dividend.

As the company not falls in the top 1000 listed entities based on market capitalization, Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to Dividend Distribution Policy is not applicable to the company. However, for better governance the company has voluntarily adopted a dividend distribution policy and also uploaded on the website of the company at https://www.gangaforging.com/InvestorsRelation/PoliciesCodeConduct

TRANSFER OF AMOUNT TO RESERVES:

No amount is transferred to general reserves in the financial year 2025-26.

CHANGE IN NATURE OF BUSINESS:

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

Details of significant changes in the nature of business carried on by its Subsidiaries - Not Applicable

SHARE CAPITAL:

The paid-up share capital of the company as on 31^st March, 2026 was Rs. 13,48,02,230 (Rupees Thirteen Crore Forty-Eight Lacs Two Thousand Two Hundred and Thirty Only) divided into 13,48,02,230 (Thirteen Crore Forty-Eight Lacs Two Thousand Two Hundred and Thirty) Equity Share of Re. 1/- (Rupee One Only) each.

After the end of financial year but before the date of this report, the Paid-up capital of the company had been increased from Rs. 13,48,02,230 to Rs. 33,70,05,575 (Rupees Thirty-Three Crore Seventy Lacs Five Thousand Five Hundred Seventy-Five) divided into 33,70,05,575 (Thirty-Three Crore Seventy Lacs Five Thousand Five Hundred Seventy-Five) shares of Re. 1/-.

During the year, authorized share capital of the company had been increased from Rs. 18,00,00,000/- to Rs. 35,00,00,000/- by passing of an Ordinary Resolution in the Extra Ordinary General Meeting of shareholders of the company held on 12^th February, 2026. Hence, the authorized share capital of the company as on 31^st March, 2026 was Rs. 35,00,00,000 divided into 35,00,00,000 equity shares of Re. 1/- each.

Further, during the year under report the Company has not issued any share with differential voting rights nor granted stock options or sweat equity.

RIGHTS ISSUE:

In the Meeting held on 06^th January, 2026, Board of Directors of the company had approved issue of equity shares on right basis to the existing shareholders of the company subject to receipt required approval, permission from the Stock Exchange and any other concerned statutory or regulatory authorities. For this issue, the company had also received In-principal from the National Stock Exchange of India Limited vide letter NSE/LIST/52920 dated 16^th February, 2026 for issue of shares up to Rs. 33 Cr.

After the end of financial year but before signing this report, on 25^th June, 2026 Board of Directors had approved Letter of Offer and also resolved to issue 202203345 equity shares at a price of Rs. 1.63/- (including premium of Rs. 0.63) in the ratio of 3 (Three) equity shares for every 2 (Two) equity shares held on record date i.e. 02^nd July, 2026. At the end, on 21^st July, 2026 the Board of Directors had allotted 202203345 equity shares. Further, the company had also received trading approval from the stock exchange on 22^nd July, 2026.

LISTING OF EQUITY SHARES:

The Companys Equity Shares are listed on National Stock Exchange of India Limited (NSE).

Scrip Symbol: GANGAFORGE

The Company has paid the Annual Listing Fees to the Stock Exchange for the FY 2025-26.

EXTRACT OF ANNUAL RETURN:

In terms of Section 134(3)(a) read with Section 92(3) of the Companies Act, 2013, the copy of Annual Return for the Financial Year 2025-26 is placed on the website of the Company at the link https://www.gangaforging.com/ investorsrelation/ annualreports

BOARD MEETINGS AND INDEPENDENT DIRECTORS MEETING:

During the reporting period, 8 (Eight) number of Board meetings were held on 16/05/2025, 30/05/2025, 14/08/2025, 29/08/2025, 05/11/2025, 06/01/2026, 15/01/2026 and 13/02/2026 and requisite quorum were present at the said meetings. Detailed information about attendance of Board Meeting by each director is provided in the Corporate Governance report forming part of this annual report.

Further, pursuant to the provision of Schedule IV of the Companies Act, 2013 and Reg. 25 of the SEBI Listing Regulations, meeting of the Independent Directors of the company was held on 13^th February, 2026.

DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS:

The Company has received declaration from all Independent Directors, in accordance with Section 149 (7) of the Companies Act, 2013 and regulation 25 of the SEBI Listing Regulations, that they meet the criteria of independence as laid down in Section 149 (6) of the Act. All independent directors have also confirmed that they are registered in the independent directors databank maintained by

Indian Institute of Corporate Affairs as per Section 150 of the Act and rule 6 of Companies (Appointment and Qualifications of Directors) Rules, 2014.

BOARDS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, with respect to the Directors Responsibility Statement, the Board of Directors, to the best of their knowledge and belief confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards had been followed and there are no material departures from the same;

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 loss of the company for that year;

c) the directors had taken proper and sufficient care to the best of their knowledge and ability 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 annual accounts on a going concern basis;

e) Directors have 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, rules, regulations and such systems were adequate and operating effectively;

The Board is of the opinion that the Companys internal financial controls were adequate and effective during the FY 2025-26. The Statutory and internal Auditors of the company also provided the same opinion on internal financial controls over financial reporting of the Company.

RELATED PARTY TRANSACTIONS:

There were no such transactions with related parties during the period under review that could have led to a potential conflict of interest for the Company. The policy on Related Party Transactions, approved by the Board of Directors, is available on the Companys website.

During the reporting period, the Company has entered into transactions with related parties for the purchase of materials, sale of goods and for job work. The said transactions were carried on at arms length price and in the ordinary course of business. The information on transactions with related parties pursuant to section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and attached to this report as "Annexure IFurther, for details of related party transactions, please refer to Note No.32 of the Standalone Financial Statements.

STATUTORY AUDITOR AND AUDITORS REPORT:

In the Annual General Meeting (AGM) of the company held on 30^th September, 2024, Shareholders had approved appointment of M. N. Manvar & Co. Chartered Accountants [FRN: 106047W], Rajkot as the statutory auditor of the company for a term of 5 years, to hold office from the conclusion of that AGM till the conclusion of AGM to be held in the year 2029 (for the financial year 2028-29).

The Auditors Report along with financial statements and all its annexures forming part thereof for the financial year ended March 31, 2026 forms part of this Annual Report and same does not contain any qualification, reservation or adverse remark. Some observations made by the auditor in the Audit Report and reply of the said observations by the board is as given below:

Audit Observations & reply of the Board:

a) The company has not maintained Fixed Asset Register and Payroll in the software, which has a feature of recording audit trail, as required under Rule 3(1) of the Companies (Accounts) Rules, 2014.

Reply: The Board shall look into the same and take due care for maintaining the Fixed Assets Register and payroll in the software having the feature of recording audit trail.

b) Outstanding payment of undisputed Tax Dedusted at Source (TDS) of Rs. 13,15,428/- as on 31^st March, 2026 for a period of more than six months from the date it becomes payable.

Reply: Out of the total TDS outstanding, Rs. 8,86,740 is due to inoperative PAN of the many deductees as per higher rate of TDS calculated and showing on TRACES portal. Further, out of remaining outstanding TDS of Rs. 4,28,688 as on the date of report only Rs. 1,56,753. Due to financial deficit during the reporting period, the company failed to pay TDS on time.

Further, there were no instances of fraud reported by the Auditors under Section 143(12) of the Companies Act, 2013 and rules made thereunder.

SECRETARIAL AUDITORS:

Members are already aware that in the Annual General Meeting of the company held on 27^th September, 2025 they had approved appointment of MJP Associates, Practicing Company Secretaries [Firm Registration No. 2001GJ007900], Rajkot, as Secretarial Auditor of the Company to hold office for a term of five consecutive years commencing from financial year 2025-26 till financial year 2029-30.

Secretarial Audit Report in Form MR-3 issued by the Secretarial Auditor of the Company for the Financial Year ended on March 31, 2026 is attached to the Directors Report as "Annexure II". In Secretarial Audit Report no any qualification or observation made by the auditor.

DISCLOSURES UNDER RULE 8/8A OF COMPANIES ACCOUNTS RULES 2014:

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

Your company is increasingly using information technology in its operations and promotes conservation of energy and resources.

Further, the Companys solar power generation project is already in progress for generation of electricity for its factory usage. It is one of the most significant steps towards conservation of energy and use of renewable energy. Total capital expenditure done by the company till 31^st march, 2026 for this project is Rs. 2,87,04,800/-.

Company has purchased all its machineries installed at factory of latest technology for highei quality and better performance in view of technology absorption in the Company. Further, there is also a system to update and change outdated machineries at regular interval for smooth working.

Moreover, the Company has reported Foreign Exchange Earnings and Expenses made as under:

Particulars	2025-26	2024-25
Foreign Exchange Earnings	Nil	1,24,75,560
Foreign Exchange Outgo	Nil	Nil

PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS MADE:

During the year under report, the Company has not granted any loan or provided any guarantee or made any investment under the provisions of Section 186 of the Companies Act, 2013.

DEPOSITS:

During the year under review, the Company has not accepted or renewed any amount falling within the purview of the provisions of Section 73 of the Companies Act, 2013 (the Act) read with the Companies (Acceptance of Deposits) Rules, 2014. Hence, the requirement for furnishing details of deposits that are not in compliance with Chapter V of the Act is not applicable.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

Ganga Forging Limited does not fall in any of the criteria mentioned in terms of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, and hence, it is not required mandatorily to carry out any CSR activities or constitute any Committees under provisions of Section 135 of the Act.

However, Ganga Forging Limited is committed to operate and grow its business in a socially responsible way.

VIGIL MECHANISM / WHISTLEBLOWER POLICY:

Pursuant to Section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report their genuine concerns has been established, in order to ensure that the activities of the company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty and integrity and ethical behavior.

The Company has established a vigil mechanism through which Directors, employees and business associates may report unethical behavior, malpractices, wrongful conduct, fraud, violation of Companys code of conduct without fear of reprisal. The Company has set up a Direct Touch initiative, under which all Directors, employees, business associates have direct access to the Chairman of the Audit committee, and also to a member of the committee for this purpose.

The Company ensures that genuine Whistle Blowers are provided complete protection from any kind of unfair treatment or victimization. The Whistle Blower Policy has also been uploaded on the website of the company at http:/ / www.gangaforging.com/investorsrelation/policiesandcodeofconduct

RISK MANAGEMENT:

The Company is not under the purview for constituting Risk management committee under the provisions of Regulation 21 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. However, the Board periodically reviews the operations of the Company and identifies the risk / potential risk, if any to the Company and implement the necessary course of action(s) to mitigate the predicted risk, which the Board deems fit in the best interest of the Company. In the opinion of the board, there are no such risks that threaten the existence of the Company.

CORPORATE GOVERNANCE:

During the reporting period, the Company complied with the provisions relating to corporate governance as outlined under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"). As per Regulation 15(2) read with regulation 34 (3) and Schedule V of the Listing Regulations, a detailed report on Corporate Governance is provided as "Annexure-III" and forms part of the Annual Report.

The certificate on compliance with the conditions of corporate governance of the Listing Regulations is given in the "Annexure-III A" to this Report.

DETAILS OF BOARD OF DIRECTORS:

The company is managed by a Board comprising an optimum combination of Executive and Nonexecutive Directors. As on 31st March, 2026 the Board of Directors consists of eight directors, including Chairman & Managing Director, Managing Director, two Whole-time Director and Four Non-executive & Independent Director. The composition of the Board is in conformity with Regulation 17 of Listing regulations and the relevant provisions of the Companies Act, 2013.

Sr. No. Name	Designation	Director Identification Number (DIN)	Date of Appointment	Date of Cessation
1. Hiralal Mahidas Tilva	Managing Director	00022539	02/04/2018	-
2. Rakesh Chhaganlal Patel	Managing Director	00510990	10/03/2016	-
3. Sheetal Sanjivkumar Chaniara	Whole time Director	07528297	01/09/2017	-
4. Parulben Rakeshbhai Patel	Whole time Director	07528313	01/09/2017	-
5. Jasubhai Khimjibhai Patel	Independent Director	01006449	21/04/2018	-
6. Rameshbhai Gordhanbhai Dhingani	Independent Director	07946841	01/03/2018
7. Sagar Ramniklal Govani	Independent Director	09185913	04/06/2021	-
8. Nayankumar Karshanbhai Virparia	Independent Director	03297965	12/03/2022	-

During the reporting period, Mr. Nishith Trivedi [DIN: 10332082] had resigned as non-executive & independent director of the company w.e.f 26^th April, 2025. Further, Board of Directors had taken noting of his resignation in the Board Meeting held on 16^th May, 2025.

Mr. Sagar Govani, Independent Director [DIN: 09185913] had been re-appointed as an Independent Director of the company for a second term of five consecutive year w.e.f 04^th June, 2026, in the Annual General Meeting of the Company held on 27^th September, 2025.

Pursuant to Section 152 and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, Mr. Rakesh C. Patel, Managing Director [DIN: 00510990] of the company, will retire by rotation at this AGM, and being eligible, offer himself for re-appointment in accordance with provisions of the Companies Act, 2013. The Board of Directors recommend their reappointment for approval of members at the ensuing AGM and resolution seeking approval for his re-appointment is provided in the Notice.

Except as stated above, there were no other changes in the Board of Directors of the Company during the year under review.

The Company does not pay any remuneration to its Non-Executive Directors. Further, the Company had made payment of remuneration to its Executive Directors in terms of Section 196 & 197 of the Companies Act, 2013, read with Schedule V to the Act. No commission was paid to any of the Directors during the year under Report.

COMMITTEES OF BOARD OF DIRECTORS:

As per provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Company has established and constituted three committees viz. Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee as a part of better corporate governance practice. Details regarding the composition, terms of reference, and meetings held during the financial year 2025-26 for each committee are provided in the Corporate Governance Report, which forms an integral part of this Annual Report. Composition of such committees also available on the website of the company at https:// www.gangaforging.com/investorrelation/composition committee

CORPORATE POLICIES:

We always believe to promote and pursue the high level of ethical standards in all our business transactions guided by our value system. Pursuant to the provisions of Companies Act, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Insider Trading Regulations, requires the formulation of certain policies for all listed companies. All applicable policies have been formulated, adopted and also uploaded on the website of the company - www.gangaforging.com

Further, Corporate Social Responsibility Policy, Dividend Distribution Policy and Policy on Material Subsidiaries and Governance of Subsidiaries is not applicable to the Company but it has been adopted voluntarily.

The Company has formulated a Nomination and Remuneration Policy in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said Policy outlines the criteria for appointment of Directors, key managerial personnel, and senior management, as well as their remuneration framework including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of section 178. The Policy is available on the Companys website and can be accessed at: https://www.gangaforging.com/InvestorsRelation/PoliciesCodeConduct

KEY MANAGERIAL PERSONNEL:

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows:

1. Shri. Hiralal M. Tilva, Chairman and Managing Director

2. Mr. Rakesh Patel, Managing Director

3. Mrs. Sheetal S. Chaniara, Whole time Director

4. Mrs. Parulben R. Patel, Whole time Director

5. Ms. Drashti Vaghasiya, Company Secretary and Compliance Officer

6. Mrs. Avni Dadhaniya, Chief Financial Officer (CFO)

PARTICULARS OF EMPLOYEES:

There are no employees in the Company drawing remuneration of more than Rs. 8.5 Lacs per month or 1.02 crore per annum, as prescribed in Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The disclosure required pursuant to provision of Section 197(12) read with rule 5(1)(i) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of ratio of the remuneration of each director to the median remuneration of the employee of the company for the F.Y. 2025-26 forms part of this report as “Annexure - V".

PERFORMANCE EVALUATION OF THE BOARD OF DIRECTORS:

Pursuant to the provisions of Section 134(3)(p) of the Companies Act, 2013 and Rules made thereunder and Listing Regulations, performance evaluation of executive directors was carried out by Independent Directors and in the same manner performance evaluation of Independent Directors was carried out by the executive directors of the company. The evaluation process mainly includes evaluation of experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

The performance of each of the non-independent directors (including Chairman) was evaluated by the independent directors at the separate meeting of the Independent Directors of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In Terms of the Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015, Management Discussion and Analysis report has been separately furnished in the Annual Report and forms part of the Board of Directors Report as “Annexure- IV".

COST RECORDS AND AUDIT:

As per Section 148(1) of the Companies Act, 2013, the company is required to maintain Cost Records in respect of its product for the F.Y. 2025-26. Therefore, for the preparation of that cost records the company had appointed Tadhani & Co. Cost Accountants, Rajkot in the Board meeting held on 29^th August, 2025. The prescribed Accounts and records have been maintained by the company. However, requirement of cost audit is not applicable to the company.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has complied with all the applicable Secretarial Standards including amendments thereof in the Financial Year 2025-26 as issued by the Institute of Company Secretaries of India (ICSI).

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE:

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition, and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and the Rules made thereunder. There are very few women employed in the company and all that are covered under this Policy.

The Company also has in place a policy on "Prevention of Sexual Harassment at work place" and the same is also available on the website of the company at https:// www.gangaforging.com/investorrelation/policiesandcodeofconduct.

To redress the complaints received regarding sexual harassment, internal complaints committee is in place. During the year under review, no complaints were reported to the Committee.

DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The company has in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting is operating effectively. The Company is well equipped with internal financial control system. The Company has continuous monitoring mechanism which enables the organization to maintain the same standards of the control systems and help them in managing defaults, if any, on timely basis because of strong reporting mechanisms followed by the Company. Our statutory auditor as well as Internal Auditor of the company have also provided their opinion on adequacy of internal financial control system in their audit report.

TRANSFER OF AMOUNT TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

During the year under review, pursuant to the provisions of section 125(2) of the Companies Act, 2013, the company was not required to transfer any amount to the Investor Education and Protection Fund (IEPF) established by Central Government of India.

During the reporting period, pursuant to Clause 12 to Schedule B of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 read with SEBI Circular vide reference no. SEBI/HO/ISD/ISD/CIR/P/2020/135 dated 23^rd July, 2020 the Company was not required to transfer any amount to the IPEF.

COMPLIANCE WITH SECRETARIAL STANDARD:

During the financial year 2025-26, your Company has adhered to the relevant provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India pertaining to Board Meetings and General Meetings.

SUBSIDIARIES, TOINT VENTURE OR ASSOCIATE COMPANIES:

As at 31st March, 2026, the Company doesnt have any Subsidiary, Joint Venture or Associate Companies.

OTHER DISCLOSURES AS REQUIRED UNDER THE PROVISIONS OF THE COMPANIES ACT, 2013 AND RULES MADE THEREUNDER:

1. There have been no material changes/commitments affecting the financial position of the company which have occurred between the end of the financial year to which the financial statements relate and the date on report;

2. No significant or material orders were passed by the Regulators or courts or tribunals which impact the going concern status and companys operations in future.

3. The Company has filed an application in the 09^th LD. Additional Chief Judicial Magistrate at Bandra Mumbai against the State of Maharashtra in the matter of freezing of Bank Account of the Company vide F.I.R. bearing no. 842 of 2024. As on date of this report, the said matter is pending for passing of order the Court.

4. As the Company does not have any woman employee except in the Board of Directors, the disclosures to be made under the Maternity Benefit Act 1961, are not applicable during the reporting period.

5. The Company has not issued any shares to any employee, under any specific scheme, and hence, disclosures under Section 67(3) are not required to be made.

6. There have been no instances of any revision in the Boards Report or the financial statement; hence disclosure under Section 131(1) of the Act is not required.

7. The Company has not paid any commission to any of its Directors and hence, provision of disclosure of commission paid to any Director as mentioned in Section 197(14) is not required to disclose.

8. The Company has not issued (a) any shares with differential voting rights (b) Sweat Equity shares (c) shares under any Employee stock option scheme; hence no disclosures are required to be made as per the Companies (Share Capital and Debentures) Rules, 2014.

9. There are no application made under the Insolvency and Bankruptcy Code, 2016, during the year under Report, and therefore no such details are required to be given.

10. There are no instances of any One Time Settlement with any Bank, and therefore, details of difference between the 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, are not required to be given.

ACKNOWLEDGEMENT:

Your Board of Directors express their appreciation and whole hearted gratitude to bankers, employees of the Company and other stakeholders for their sincere co-operation and efforts towards the Company.

Date: 29th August, 2026	By Order of the Board of Directors
	For, Ganga Forging Limited
Place: Sadak Pipaliya	Sd/-
	(Hiralal M. Tilva)
	Chairman & Managing Director
	[DIN: 00022539]