IVP Ltd Directors Report

To

The Members,

Your Directors have pleasure in presenting the 97th Annual Report on the business and operations of IVP Limited, along with the Audited Financial Statements, for the financial year ended March 31, 2026.

SUMMARY OF FINANCIAL PERFORMANCE:

The summary of the Companys financial performance for the financialyear ended on March 31, 2026 is furnished below: ( in Lakhs)

Particulars	2025-26	2024-25
Incomes
Revenue from operations	59,455	53,885
Other income	428	358
Total income	59,883	54,243
Expenses
Operating expenditure	56,722	52,144
Depreciation and amortization expenses	601	573
Total Expenses	57,323	52,717
tax Profit before exceptionalitems and	2,560	1,526
Exceptional items	46	-
Profit before tax	2,514	1,526
Tax expenses/(credit)
Current tax	768	530
Tax in respect of earlier year	(7)	2
Deferred tax	(115)	(137)
Total tax expenses	646	395
Profit for the year	1,868	1,131
Opening balance of retained earnings	9,812	8,771
Other comprehensive income (Net of Tax)
Remeasurement loss on defined benefit plans	(2)	13
Amount available for appropriation	11,678	9,915
Appropriations
Dividend on equity shares	103	103
Closing balance of retained earnings	11,575	9,812

FINANCIAL PERFORMANCE:

The Company achieved revenue from operations of 59,455 Lakhs during the current year as against 53,885 Lakhs during the previous year. Profit after after tax for the current yearwas 1,868 Lakhs as compared to Profit tax of 1,131 Lakhs in the previous year.

The Companys performance has been discussed in detail in the Management Discussion and Analysis Report which forms a part of this report.

DIVIDEND:

The Directors have recommended a Dividend of

1.5 per Equity Share of 10 each, out of the current years profit, on 1,03,26,263 Equity Shares of 10 each amounting to 155 Lakhs. The final dividend on Equity Shares, if approved by the Members, would involve a cash outflow of 155 Lakhs.

SHARE CAPITAL:

The paid-up Share Capital of the Company as on March 31, 2026 stood at 10,32,62,630 comprising of 1,03,26,263 equity shares of 10/-each. During the year under review, the Company has not issued any equity shares with or without differential rights, granted stock options or issued sweat equity shares.

LISTING:

Equity shares of the Company are listed on BSE Limited (BSE) and on The National Stock Exchange of India Limited (NSE). The Company has paid requisite listing fees to the Stock Exchanges up to the financial year 2026-27.

TRANSFER TO RESERVES:

The Directors have decided to retain the entire amount of 11,575 Lakhs in the retained earnings.

CAPITAL EXPENDITURE:

During the year, the Company incurred total capital expenditure of 256 Lakhs, comprising 146 Lakhs towards Factory Buildings, Plant & Machineries and Information Technology, and 110 Lakhs towards Capital Work-in-Progress (CWIP) (Net) in respect of ongoing projects.

STATE OF COMPANYS AFFAIRS:

During the financial year 2025-26, the Company focused on capacity utilisation and sales growth.

Technological improvements have been undertaken at plants to reduce manual efforts and improve safety standards. The Company remained focused on its long term vision throughout the year and achieved better capacity utilisation. The Company uses operational excellence tools to standardize its processes and activities and ensure efficient systems.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required under Regulation 34(2)(e) read with Para B of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the Management Discussion and Analysis Report is enclosed as a part of this report.

A review of the performance and future outlook of the

Company and its businesses, as well as the state of the affairs of the business, along with financial and operational developments has been discussed in detail in the Management Discussion and Analysis Report, which forms part of the Annual Report.

CORPORATE GOVERNANCE REPORT:

The Company has taken adequate steps to adhere to all the stipulations laid down in the Listing Regulations.

In compliance with the provisions of Regulation 34 of SEBI (Listing Regulations) read with Schedule V to SEBI Listing Regulations, a report on Corporate Governance along with a Certificate from M/s. Amit Jaste & Associates, Practicing Company

Secretaries, confirming compliance with the conditions of Corporate Governance as stipulated under Listing Regulations are included as a part of this Annual Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL: Appointment/Re-Appointment:

As informed in the previous years Directors Report, the Board of Directors of the Company, based on the recommendation of the Nomination and

Remuneration Committee (NRC) and subject to approval of Members of the Company, approved the appointment of Mr. Rajkumar Lekhwani (DIN: 10652214) as an Additional Director (Non-Executive & Non-Independent) effective from June 6, 2025.

On July 31, 2025, Members of the Company, by way of passing Ordinary Resolution, approved the appointment of Mr. Rajkumar Lekhwani as a Non-Executive & Non-Independent Director.

Mr. Rajkumar Lekhwani was also appointed as Chairman of the Board and the Company w.e.f. August 1, 2025 in the Board meeting held in July 31, 2025.

The Tenure of Mr. Ranjeev Lodha (DIN: 07478890) and Ms. Mala Todarwal (DIN: 06933515) is due and will expire on July 27, 2026 and June 10, 2026 respectively. Based on recommendation of the Nomination & Remuneration Committee (NRC), the Board of Directors at its Meeting held on May 21, 2026, approved the re-appointment of Mr. Ranjeev Lodha and Ms. Mala Todarwal as Director(s) to hold office as Independent Directors for further period of 5 years, subject to the approval of the shareholders by Special Resolution at the ensuing 97th Annual General Meeting of the Company. A resolution seeking Members approval for their re-appointment forms part of the Notice of 97th Annual General

Meeting.

Retire by Rotation:

In accordance with the provisions of Section

152 of the Companies Act, 2013 (the Act) read with rules made thereunder, Mr. Anwar Chauhan (DIN: 00322114), Non-Executive, Non-Independent Director, retires by rotation at the ensuing 97th

Annual General Meeting and being eligible, has offered himself for re-appointment. The Board has recommended for approval of the Members, re-appointment of Mr. Anwar Chauhan as a Non-

Executive, Non-Independent Director at the ensuing

97th Annual General Meeting. A brief profile of

Mr. Anwar Chauhan and other requisite information are provided as part of the Notice of 97th Annual

General Meeting.

Additional information, pursuant to Regulations 36(3) of the Listing Regulations, in respect of the Directors seeking appointment/re-appointment in Annual General Meeting, forms a part of the Notice.

None of the Directors of the Company are disqualified for being appointed as Directors as specifiedin Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Resignation:

Mr. T.K. Gowrishankar, Non-Executive, Non-

Independent Director resigned as the Director and

Chairman of the Board and the Company w.e.f. close of business hours of August 1, 2025. The Board places on record its appreciation for contribution made by Mr. T.K. Gowrishankar as the Director and Chairman of the Board and the Company.

Key Managerial Personnels:

During the year under review, there was no change in the Key Managerial Personnels of the Company.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnels of the Company as on March 31, 2026 are:

Mr. Mandar P. Joshi- Whole-Time Director and Chief Executive Officer, Mr. Rakesh Joshi-Chief Financial Officer and Mr. Jay R Mehta-Company Secretary and Compliance Officer.

DECLARATIONS BY INDEPENDENT DIRECTORS:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company. In the opinion of the Board, the Independent Directors possess requisite integrity, experience, expertise and proficiency required under all the applicable laws policies of the Company.

As required under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, all the Independent Directors are registered under the Independent Directors Databank.

DIRECTORS RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Act, in relation to the Audited Financial Statements of the Company for the year ended March 31, 2026, the Board of Directors hereby confirms that: a) in preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards have been followed and there are no material departures;

b) they 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 at the end of the financial year March 31, 2026 and of the profit of the Company for the same period;

c) they have taken proper and sufficientcare 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;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has in place adequate internal financial control procedures which commensurate with its size and the nature of business.

The Company has appointed M/s. Aneja Associates, Chartered Accountants, as Internal Auditors, who periodically conduct an independent audit of the adequacy and effectiveness of the internal controls laid down by the management and suggest improvements, if any. The Audit Committee meets every quarter to review and discuss the Internal Audit reports and follows up on action plans of past significant audit issues and compliance with the audit plan. Structured follow-up mechanisms ensure the timely implementation of identified actions. Regular reviews of the internal controls are conducted in line with the Audit Plan approved by the Audit Committee. The Internal and Statutory Auditors of the Company discuss their audit findings and updates the Committee and submit their views directly to the Committee. Separate discussions are held with the

Internal Auditors to focus on compliance issues and to conduct detailed reviews of the processes and internal controls in the Company.

During the year under review, no material or serious observation has been received from the Auditors of the Company for the inefficiency or inadequacy of such controls.

The Audit Committee of the Board of Directors approves the annual internal audit plan and periodically reviews the progress of audits as per approved audit plans.

NUMBER OF MEETINGS OF THE BOARD:

The Board met 5 (Five) times during the Financial Year 2025-26, details of which are given in the Corporate

Governance Report which forms part of this Annual

Report.

BOARD EVALUATION:

The Board of Directors have carried out an annual evaluation of its own performance, Board Committees and individual Directors pursuant to applicable provisions of the Act and in accordance with the requirements prescribed under the Listing Regulations. positive The performance of the Board was evaluated by the Board Members after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, contribution at the meetings, etc.

The performance of the Committees was evaluated by the Board after seeking inputs from Committee Members on the basis of criteria such as the composition of Committees, effectiveness of Committee meetings, etc.

The Board reviewed the performance of the individual

Directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee Meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

The above criteria are based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

In a separate meeting of Independent Directors: i) Performance of Non-Independent Directors and the Board as a whole was evaluated;

ii) Performance of the Chairman of the Company, taking into account the views of Executive Director and Non-Executive Director was evaluated;

iii) The quality, quantity and timeliness of flow information between the Company Management and the Board that was necessary for the Board to effectively and reasonably perform their duties was evaluated.

The same was discussed in the Board Meeting held subsequently to the meeting of the Independent Directors. The performance of the Board, its Committees and of individual Directors was also reviewed by the Board. The performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

COMPANYS POLICY ON NOMINATION, REMUNERATION, BOARD DIVERSITY AND EVALUATION:

In terms of the applicable provisions of the Act, read with the Rules made thereunder and the Listing

Regulations, the Company has formulated a Policy on Nomination and Remuneration of Directors, Key Managerial Personnel and other Employees, Board Diversity and Evaluation of Directors which includes the criteria for determining qualifications, attributes, independence of Directors and other matters. The salient features/terms of reference of the aforesaid policy as provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of this report. The Nomination and Remuneration Policy can be accessed on the website of the Company at https://www.ivpindia. com/policies.

COMMITTEES OF THE BOARD:

- Audit Committee:

Details pertaining to composition and constitution of the Audit Committee are included in the Report on Corporate Governance. During the year under review, all the recommendations made by the Audit Committee were accepted by the Board.

- Nomination and Remuneration Committee:

Details pertaining to composition of the

Nomination and Remuneration Committee (NRC) are included in the Report on Corporate Governance. During the year under review, all the recommendations made by the NRC were accepted by the Board.

Corporate Social Responsibility Committee:

The Board has constituted a Corporate Social Responsibility (CSR) Committee to monitor the implementation of CSR activities of the Company and also has in place a Corporate Social Responsibility Policy, which is available on the Companys website at https://www.ivpindia.com/ policies. During the year under review, all the recommendations made by the CSR Committee were accepted by the Board.

Stakeholders Relationship Committee:

Details pertaining to composition of the

Stakeholders Relationship Committee (SRC) are included in the Report on Corporate Governance. During the year under review, all the recommendations made by the Stakeholders Relationship Committee were accepted by the Board.

AUDITORS: i) Statutory Auditors:

M/s. Rajendra & Co., Chartered Accountants (Firm Registration No.: 108355W), were appointed as Statutory Auditors of the Company for a period of five consecutive years at the 92nd Annual General Meeting of the Company to hold officetill the conclusion of the 97th Annual General Meeting.

The first term of M/s. Rajendra & Co. will end at conclusion of ensuing 97th Annual General Meeting and based on recommendation received from the

Audit Committee it is proposed to re-appoint them as statutory auditors of the Company for the second term of 5 years from the conclusion of the 97th Annual General Meeting till the conclusion of the 102nd Annual General Meeting.

M/s. Rajendra & Co. have confirmed that they meet the eligibility criteria and are free from any disqualifications as specified under Section 141 of the Act and have affirmed their independent status.

The report of the Statutory Auditors along with notes to schedules is a part of the Annual Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

ii) Cost Auditors:

The Company is required to maintain the cost records as specified by the Central Government in terms of Section 148(1) of the Act and accordingly such accounts and records are prepared and maintained by the Company.

M/s. Kishore Bhatia & Associates, Cost Accountants, were appointed as Cost Auditors for auditing the Cost Accounts of the Company for the financial year ended March 31, 2026 and on recommendation of the Audit Committee they have been reappointed by the Board of Directors as Cost Auditor for the financial year ended March 31, 2027. M/s. Kishore Bhatia & Associates have confirmed that they meet the eligibility criteria and are free from any disqualifications as specified under Section 141(3) and the proviso to Section 148(3) of the Act. They have also affirmed their independent status.

The remuneration as fixed by the Board of Directors is required to be ratified by the Members at the ensuing 97th Annual General Meeting of the Company.

Pursuant to the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules

2014, a resolution seeking Members approval for the ratification of remuneration payable to the Cost Auditors for the Financial Year 2027 forms part of the notice of the 97th Annual General Meeting of the

Company and the same is recommended for your consideration and approval.

The Cost Audit Report for the financial year 2024-25 did not contain any qualification, reservation or adverse remark and was filed within due time.

iii) Secretarial Auditors:

Pursuant to the amended provisions of Regulation

24A of the Listing Regulations and Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014, Company had appointed Mr. Aqueel A. Mulla, proprietor of M/s. A. A. Mulla & Associates, Practicing Company Secretaries (FCS NO. 2973, CP. NO. 3237), as Secretarial Auditor of the Company for a term of five (5) years, to hold office from the conclusion 96th Annual General meeting until the conclusion of 101st Annual General Meeting.

The Secretarial Audit Report is enclosed as

Annexure A to this report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

FRAUD REPORTING:

During the year under review, the Company identified an instance of fraud involving misrepresentation and falsification of customer records by a sales employee.

Pursuant to a detailed investigation, the total financial impact of the incident has been assessed at

613 lakhs . The Company has appropriately recognized and fully provided for this amount in its books of account in accordance with the requirements of Ind AS 109 - Financial Instruments including

254 lakhs provided during the financial year 2025-26.

The Company has initiated steps for recovery.

Further, in response to the incident, the Company has undertaken a comprehensive review of its internal control systems and has further strengthened control measures, including enhanced monitoring and verification processes, to mitigate the risk of recurrence of similar incidents.

The Board affirms that the Company remains committed to maintaining robust internal controls, ethical conduct, and transparency in all its operations.

During the year under review, there was no fraud reported by the Auditors of the Company under Section 143(12) of the Act to the Board of Directors pertaining to the financial year 2025-26.

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

Information required under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, relating to conservation of energy, technology absorption, foreign exchange earnings and outgo is given in Annexure B to this report.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Members are requested to take note that as per provisions of Section 135 of the Act and Rules made thereunder, the Company spent 37,50,100/-(Rupees Thirty Seven lakhs Fifty Thousand and One hundred only) at the P. L. Shroff College situated in Chinchani, Tarapur, Boisar, during financial year 2025-26 by constructing of Two new Multi-Disciplinary classrooms equipped with benches and required accessories, provided scholarships to 10 meritorious students from economically disadvantaged backgrounds and funded teacher enrichment and skill development initiatives aimed at strengthening the capabilities of teaching staff at nearby colleges in the Palghar district.

The salient features/terms of reference along with details of the composition of the Corporate Social Responsibility Committee, the brief outline of the Corporate Social Responsibility (CSR) policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Corporate Governance Report which forms part of this Annual Report.

The content of the CSR Policy of the Company as approved by the Board on the recommendation of the CSR Committee is available on the website of the Company at https://www.ivpindia.com/policies.

The Companys CSR Policy statement and annual report on the CSR activities undertaken during the financial year ended March 31, 2026, in accordance with Section 135 of the Act and Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out in Annexure C to this report.

VIGIL MECHANISM AND WHISTLE BLOWER POLICY:

Pursuant to the provisions of Section 177(9) & (10) of the Act and Regulation 22 of the Listing Regulations, a Vigil Mechanism for Directors and Employees to report genuine concerns/grievances has been established. During the year under review, no employee was denied access to the Audit Committee. The Vigil Mechanism and Whistle Blower Policy as approved by the Board of Directors is available on the website of the Company at https://www.ivpindia.com/policies.

RELATED PARTY TRANSACTIONS:

All transactions with related parties entered into during the financial year 2025-26 were at arms length basis and in the ordinary course of business and in accordance with the provisions of the Act and the

Rules made thereunder. There were no transactions which were material (considering the materiality thresholds prescribed under the Act and Regulation

23 of the Listing Regulations).

Accordingly, no disclosure is made in respect of the Related Party Transactions in the prescribed Form AOC-2 in terms of Section 134 of the Act and Rules made thereunder.

There are no materially significant related party transactions that may have potential conflict with interest of the Company at large.

The details of the related party transactions are set out in notes to the Financial Statements.

All transactions with related parties are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for all the Related Party Transactions which are repetitive in nature. The Audit Committee, on a quarterly basis, reviews all transactions entered into pursuant to the omnibus approvals granted. A statement giving details of all Related Party Transactions is placed before the Audit Committee and the Board for review and approval on a quarterly basis.

The Policy on Related Party Transactions as approved by the Board of Directors is available on the website of the Company at https://www.ivpindia.com/policies.

HOLDING, SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company continues to be the Subsidiary Company of Allana Exports Private Limited together with other subsidiary companies. The Company does not have any Subsidiaries, Associates or Joint Venture Companies.

EXTRACT OF ANNUAL RETURN:

Pursuant to the provisions of Section 92(3) read with Section 134(3)(a) of the Act and the Rules framed thereunder, the Annual Return for the Financial Year ended March 31, 2026 is available on the website of the Company at https://www.ivpindia.com/financials.

REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/ EMPLOYEES:

The information required pursuant to Section 197 of the Act read with Rule 5(1) of the Companies

(Appointment and Remuneration of Managerial

Personnel) Rules, 2014 in respect of employees of the Company and Directors is given in the Annexure D to this report.

Details of employees remuneration as required under Section 197 of the Act and Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are available at the Registered Office of the Company during working hours and shall be made available to any Member on their request.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The information on Loans, Guarantees and Investments covered under the provisions of Section

186 of the Act is not applicable as no such Loans,

Guarantees have been given or Investments have been made by the Company.

RISK MANAGEMENT:

The Company has framed a formal Risk Management

Framework for risk assessment and its minimization which is periodically reviewed to ensure smooth operation and effective management control.

The Audit Committee reviews the adequacy of the risk management framework and reviews are conducted on an ongoing basis based on a comprehensive risk-based audit plan prepared by the internal auditor.

The Internal Audit team reviews and reports to the management and the Audit Committee about compliance with internal controls, and the efficiency and effectiveness of operations as well as the key process risks which is reviewed by audit committee on quarterly basis. The Board undertakes periodic review of various matters including risk management, forex, internal audit reports, etc.

The risk management process is designed to safeguard the organization from various risks through adequate and timely action. It is designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the business. The risk management framework of the Company is appropriate compared to the size of the Company and the environment under which the Company operates. The Audit Committee oversees the risk management system and its adequacy.

INSURANCE:

All assets of the Company are adequately insured.

EMPLOYEES RELATIONS:

Employees relations continued to remain cordial and satisfactory during the financial year. The total number of permanent employees as on March 31, 2026 was 202.

SEXUAL HARASSMENT AT WORKPLACE:

The Company adopts Zero tolerance approach towards sexual harassment at workplace. The Company has formulated a Policy on prevention of

Sexual Harassment in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder which is aimed at providing every woman at the workplace a safe, secure and dignified work environment.

An Internal Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this Policy.

The Company has complied with the applicable provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder, including constitution of the Sexual Harassment Committee i.e. Internal Complaints Committee.

No. of complaints at the beginning of the financial year 2025-26: NIL

No. of complaints received during the financial year 2025-26: NIL

No. of complaints disposed off during the financial year 2025-26: NIL

No. of Complaints pending for more than 90 days: NIL

No. of complaints pending as on March 31, 2026: NIL

Continuous awareness in this area has been created to provide a safe workplace to all its employees. During the year, the Company organized training and awareness sessions on the Prevention of Sexual

Harassment.

SECRETARIAL STANDARDS:

The Company has complied with all the applicable provisions of Secretarial Standards as issued by the Institute of Company Secretaries of India (ICSI) and notified by the Ministry of Corporate Affairs (MCA), Government of India.

GREEN INITIATIVES:

Pursuant to the relevant circulars issued by Ministry of Corporate Affairs (MCA), Government of India and Securities & Exchange Board of India (SEBI), Notice of the AGM and the Annual Report of the Company for the year 2024-25, the said documents have been sent only by email to the Members who have registered their email address with the Company/Depository Participant(s).

During the financial year 2025 26, all notices and agenda for the Board Meetings and Committee

Meetings were circulated to the Directors electronically.

OTHER DISCLOSURES:

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

- There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year 2025-26 and the date of this report;

The Company did not invite or accept deposits covered under Chapter V of the Act and there are no deposits outstanding as at Balance Sheet date;

There are no significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its operations in future;

There has been no change in the nature of business of Company;

The Company has not issued any sweat equity shares to its directors or employees;

Neither any application has been made nor any proceeding is pending in respect of the Company under the provisions of Insolvency and Bankruptcy Code 2016;

There was no instance of one-time settlement with any Bank or Financial Institution.

The Company is in compliance with the provisions relating to the Maternity Benefits Act, 1961.

During the financial year, there were no material cyber security incidents, data breaches, or loss of information.

ACKNOWLEDGEMENTS:

On behalf of the Directors of the Company, I would like to place on record our deep appreciation to our shareholders, customers, business partners, vendors, bankers, financial institutions and our employees for all the support rendered during the year.

	By Order of the Board of Directors
	Rajkumar Lekhwani
Place: Mumbai	Chairman
Date: May 21, 2026	DIN: 10652214
Registered Office:
Shashikant N. Redij Marg,
Ghorupdeo, Mumbai-400 033.
CIN: L74999MH1929PLC001503
Tel: 022-35075360
E-mail ID: ivpsecretarial@ivpindia.com
Website: www.ivpindia.com