JBF Industries Ltd Directors Report

DEAR SHAREHOLDERS,

Your Resolution Professional (RP) has pleasure to present the 43rd Annual Report and the Companys Audited Financial Statement for the year ended 31st March, 2025.

The Companys financial performance for the year ended on 31st March, 2025 is summarized below:

FINANCIAL RESULTS

( in Crore)

PARTICULARS	Year ended on 31st March, 2025	Year ended on 31st March, 2024
Revenue from Operations	--	1.94
Other Income	0.08	0.01
Profit/(Loss)from the year before Finance
cost, Depreciation and exceptional items	(2.66)	(4.74)
Less : Finance Cost	0.00	0.09
Less : Depreciation and Amortisation
Expenses	--	0.00
Less : Exceptional Item	2.60	2.37
Profit / (Loss) Before Tax	(5.27)	(7.20)
Current Tax	--	--
MAT Credit Entitlement	--	--
Short/(Excess) Provision of Tax of Earlier Years
(Net)	--	3.43
Deferred Tax	--	0.00
Profit / (Loss) for the year	(5.27)	(10.64)
Other Comprehensive Income	0.00	0.00
Total Comprehensive Income for the year	(5.27)	(10.64)

CORPORATE INSOLVENCY RESOLUTION PROCESS

Vide an order dated 25th January, 2024, passed by the Honble NCLT, Ahmedabad Bench, the Company was admitted to Corporate Insolvency Resolution Process (CIRP) and Mr. Dhaval C. Khamar, Registration No. IBBI/IPA-001/IP-P02574/2021- 2022/13944 was appointed as Interim Resolution Professional of the Company. Further, during the year under review, Mr. Mukesh Verma was appointed as the Resolution Professional of the Company w.e.f. 15th April, 2024. Pursuant to Section 17 of the Insolvency and Bankruptcy Code, 2016, the powers of Board of Directors of the Company stand suspended with effective from the CIRP commencement date i.e. 25th January, 2024 and such powers along with the management of affairs of the company are vested with the Resolution Professional.

Accordingly, Company has prepared Resolution Professionals Report instead of Boards report and the said report has been signed by Resolution Professional only instead of Chairman or any director on behalf of Board of Directors as required u/s 134 of the Companies Act, 2013.

PHYSICAL HANDOVER OF SECURED ASSETS & RELINQUISHMENT OF MANAGEMENT CONTROL TO CFM ASSET RECONSTRUCTION PRIVATE LIMITED (ASSET RECONSTRUCTION COMPANY)

As you are aware, on 13th August, 2021, all the lenders (except Tamilnad Mercantile Bank Ltd) (TMB) have assigned the debts along with all the rights and interests on the secured assets to CFM Asset Reconstruction Private Limited (CFM) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) by executing two Assignment Agreements both dated 13th August, 2021. A total of 14 fourteen lenders aggregating approximately 99% of the total debt of the Company have assigned their debt to an Asset Reconstruction Company called CFM Asset Reconstruction Private Limited as on 31st March, 2022.

CFM Asset Reconstruction Private Limited has sold all secured assets by way of private treaty under the SARFAESI Act, 2002 to Madelin Enterprises Private Limited (MEPL) & CFM has sent intimation for sale of all the assets of the company to Madelin Enterprises Private Limited (MEPL). Accordingly, manufacturing operations from all locations have been discontinued.

DIVIDEND

With the handover of the secured assets of the Company to Madelin Enterprises Pvt. Ltd (MEPL) there is no revenue or profit for the company and due to the fact that the Company was under CIRP during the year under review, no dividend is recommended on equity shares of the Company for the year 2024-25. However, the dividend on the preference shares will be carried forward for payment in the next financial year.

SHARE CAPITAL

The paid up Equity Share Capital as on 31st March, 2025 was 81.87 crores and Preference Share Capital as on 31st March, 2025 was 14.91 crores.

RESERVES & SURPLUS

You are well aware that, the balance standing in the Equity Share Capital account along with Other Equity account (Reserves and Surplus) has completely been eroded due repossession of assets by the Lender. The net worth of the Company is negative as on the Balance Sheet date.

PERFORMANCE OF THE COMPANY

The Companys revenue for financial year 2024-25 was Nil against 1.94 crores for the previous year. This was primarily due to discontinuation of manufacturing operations of the Company and initiation of CIRP of the Company.

DIRECTORS

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

As your Company is under CIRP, no change is proposed in the Board of Directors. Power of Board of Directors have been suspended pursuant to section 17 of the IBC 2016 on the commencement of the CIRP. Mr. Seetharam N. Shetty (DIN: 07962778) ceased to be a Director of the Company w.e.f. April 20, 2025 due to his sad demise. Accordingly, Mr. Seetharam N Shetty ceases to be a Director of the Company w.e.f. April 20, 2025.

Further, Mrs. Ujjwala Apte (DIN: 00403378) have ceased to be a Director of the Company w.e.f. June 01, 2025 on account of completion of her tenure of appointment as approved by the shareholders.

BOARD EVALUATION

As the Company was under CIRP during the year under review, no formal annual evaluation has been done for the directors performance and that of the committees and individual directors as required under the provisions of Section 134 read with Rule 8(4) of the Companies (Accounts) Rules, 2014 during the Financial Year 2024-25.

BOARD COMMITTEES

As per the requirements of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, the Board of Directors of the Company has five Committees namely Audit Committee, Stakeholders Relationship Committee, Risk Management Committee, Nomination and Remuneration Committee and Corporate Social Responsibility Committee.

However, due to the Company being under CIRP during the year under review, the powers of the Board and the committees thereof stand suspended. Accordingly, no meetings of any committee of the Board of Directors were held during the year under review.

KEY MANAGERIAL PERSONNEL

During the year under review, Mrs. Ujjwala Apte was relieved from her position as the Company Secretary of the Company w.e.f. June 10, 2024. Accordingly, there was no Key Managerial Personnel in the Company as on March 31, 2025.

NUMBER OF MEETINGS OF THE BOARD & AUDIT COMMITTEE

Due to the Company being under CIRP during the year under review, the powers of the Board and the committees thereof stand suspended. Accordingly, no meetings of the Board of Directors or any committee thereof were held during the year under review.

SUBSIDIARIES

Company has an overseas subsidiary under the name and style of JBF Global Pte Ltd based out at Singapore, which has subsidiaries, namely JBF Petrochemicals Limited at Mangalore, India, JBF Trade Invest Pte Ltd at Singapore and JBF RAK LLC at UAE with its own subsidiaries, JBF Bahrain WLL and JBF Global Europe BVBA at Belgium.

Resolution Professional would like to bring to the attention of all stakeholders that the step down subsidiary namely JBF Petrochemicals Limited (JPL) had defaulted in payment of interest and repayment of principal to its lenders in FY17-18. The consortium of lenders with IDBI Bank as the lead banker had made an application under the Insolvency Bankruptcy Code, 2016 (IBC) to recover their dues before the National Company Law Tribunal, Ahmadabad in May 2018. This subsidiary has been taken over by GAIL through the CIRP.

JBF Trade Invest Pvt Ltd was strike off and Restructuring process is going on for JBF RAK LLC at UAE.

The Company had issued a corporate guarantee of USD 463.96 Million (equivalent of 3,775.87 Crore) to the lenders of JBF Petrochemicals limited (JPL), a step down subsidiary. One of the lenders of JPL vide its letter dated 24th April, 2018 invoked corporate guarantee to the extent of USD252.00 Million (equivalent of 2,069.24 Crore) as JPL has defaulted in servicing its borrowings towards principal and interest thereon. Company has denied above invocation and is of the view that above corporate guarantee was valid only up to one year from the Commercial operation date i.e. 31st March, 2017 and all obligation of the Company towards above lenders stand rescinded, have fallen away and ceased to exist as on 1st April, 2018. In view of the above, invocation of corporate guarantee on 24th April, 2018 is not legally tenable and hence no provision is required towards the guarantee so invoked. Company has discontinued recognition of guarantee commission w.e.f. 1st April, 2018. However, IDBI bank filed an IA with NCLT Ahmedabad against rejection of their claim in CIRP process, which stands allowed & in compliance of orders of Honorable NCLT, RP has admitted the claim of IDBI. CFM and RP had filed an appeal in NCLAT against the NCLT order and the same has been referred by the Auditors in their reports on the Financial Statements & results for the earlier years/ quarters. Voting on the Resolution plan has been stayed by the Honble NCLAT. CFM has withdrawn the appeal and on the directions of COC, RP has also withdrawn the appeal. The same has been referred by the Auditors in their report on the results.

As on 31st March 2023, M/s. Madelin Enterprises Pvt. Ltd., has acquired the holding of our Company in the Subsidiary Company JBF Global Pte Limited situated at Singapore under the SARFAESI Act but pending transfer in the name of Madelin Enterprises Pvt. Ltd., the shares are still in the company as on date. One of the operational creditors of JBF RAK LLC, situated at UAE (JBF RAK), had made an application with National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code, 2016 against the Company. for supply of raw materials to JBF RAK and claimed for a debt of 12,848 lakh (USS19,899,091.53) as per notice dated 17th February, 2020. This application stand dismissed as infructuous. The operational creditor of JBF RAK LLC has filed its claim with IRP which was admitted but later shifted to not admitted category by the RP, and matter is sub-judice, as rejection is contested by the Operational Creditor.

EXPLANATION/COMMENTS ON AUDIT QUALIFICATIONS

1. Interest @ 9% on Borrowings

As the Company was admitted by the Honble NCLT vide its order dated 25th January 2024, therefore, the Company has provided interest @ Nil% p.a. w.e.f. 1st April 2023 on term loan, Cash Credit limits and Cumulative Redeemable Preference Shares (CRPS) on its borrowings aggregating to 2,47,379 lakhs (Term Loan 64,121 lakhs and Cash Credit 1,71,862 lakhs and CRPS 11,396 lakhs) as against the documented rate as required as per IND AS -23 Borrowing Costs read with IND AS-109 on Financial Instruments since Company unable to service interest liability. Aggregate amount of interest not provided for as at 31st March, 2025 is 1,56,150 lakhs. The same has been qualified by the Auditors in their report on the results and was also qualified by the Auditors in their reports on the Financial Statements & results for the earlier year/ quarters.

2. CLAIM FILED BY AN OPERATIONAL CREDITOR OF JBF RAK LLC,

(step-down subsidiary of the company)

In respect of Audit Qualification as referred in (Il) (a) (ii) above -application filed by one of the operational creditors of JBF RAK LLC, a subsidiary of the Company, against the Company - This application stand dismissed as infructuous. hence no provision is required for above claim. Further, the operational creditor of JBF RAK LLC has filed its claim with RP, which also has been rejected by him and matter is subjudice. The company has shown this as Contingent Liability.

CORPORATE GOVERNANCE

As per Regulations 34 (3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, a separate section on corporate governance practices followed by the Company (including disclosures prescribed under Section II of Part II of Schedule V of the Companies Act, 2013), together with a certificate from the Companys Auditors on compliance forms an integral part of this report.

CORPORATE SOCIAL RESPONSIBILITY

The disclosures required under section 135 of the Companies Act, 2013, read with the rule 8(1) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 are annexed to Directors/ RP Report. The CSR Policy adopted by the Company is uploaded on the website of the Company at www.jbfindustries.co.in

DISCLOSURE UNDER RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION) RULES, 2014

Disclosure pertaining to the remuneration and other details as required under section 197(12) of the act read with Rule 5(2) of the Companies (Appointment And Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure and forms part of this report. However, as per the provisions of section 136(1) of the Act, this report is sent to the shareholders excluding the said information. Any shareholder interested in obtaining such particulars may write to the Company at the Registered Office of the Company.

COMPANY POLICIES

The Company has formulated various policies which are available on our website: www.jbfindustries.co.in

ANNUAL RETURN

As required under Section 134(3)(a) and Section 92(3) of the Act, the data on Annual Return has been uploaded on the Companys website viz: www.jbfindustries.co.in

MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE COMPANY, WHICH HAVE OCCURRED AFTER THE END OF THE FINANCIAL YEAR

There were no material changes and commitments that may affect the financial position of the Company, which may have occurred between the end of the financial year and the date of this report.

MATERIAL ORDERS PASSED BY THE TRIBUNAL

During the year under review, Mr. Mukesh Verma was appointed as the Resolution Professional of the Company w.e.f. 15th April, 2024 by the Honble NCLT, Ahmedabad bench.

MAINTENANCE OF COST RECORDS

The provisions of Section 148(1) of the Act were not applicable to the Company during the year under review.

NOMINATION & REMUNERATION POLICY

The Company has formed Nomination and Remuneration Committee and framed the Remuneration Policy. The Committee has been given responsibility of appointment and re-appointment of Whole-time Director, Directors, Key Managerial Persons and the specified employees /executives of the Company and approving their remuneration based on their qualification experience and responsibility in the Company. This Committee had no say in the appointment of the above mentioned employees/executives post 13th August, 2021.

The salient features of Remuneration policy are included in Corporate Governance Report forming part of this annual report.

RISK MANAGEMENT POLICY

As a good governance practice, the Company has constituted Risk Management Committee. The Company has a Risk Management Policy and a team to evaluate business risks. However, post 13th August, 2021 with CFM reigning control over the business operations of the Company, the said Committee had a very limited role to play into the business affairs of the Company. Prior to 13th August, 2021, the Board of Directors used to regularly review risk and threats in the business and takes suitable steps to safeguard Companys interest.

RELATED PARTY TRANSACTIONS POLICY

As per the information available with us, the Company had adopted a Policy for Related Party Transactions as per the erstwhile Listing Agreement entered into with Stock Exchanges. However, the Company does not have a Board approved Policy for Related Party Transactions as per the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

There are no material related party transactions during the period under review with the Promoters, Directors or Key Managerial Personnel. The Company has not formulated a policy on materiality as regards to Related Party Transactions.

WHISTLE BLOWER POLICY

As per the information available with us, the Company had adopted a Whistle Blower Policy as per Section 177 of the Companies Act, 2013 and the erstwhile Listing Agreement entered into with Stock Exchanges. However, the Company does not have a Board approved Whistle Blower Policy as per the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE POLICY AND PRESERVATION OF DOCUMENTS POLICY

Separate Management Teams are normally appointed to review periodically at different locations of the Company. As at present the company has only one male employee on its rolls.

FIXED DEPOSITS

During the year Company has not accepted any Fixed Deposits from the general public.

STATEMENT OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

No new directors have been appointed during the period.

CHANGE IN NATURE OF BUSINESS

There was no change in the nature of business of the Company during the year under review.

INTERNAL FINANCIAL CONTROLS

Your Companys internal controls systems commensurate with the nature and size of its business operations. Adequate internal controls, systems and checks are in place and the management exercises financial controls on the operations through a well-defined budget monitoring process and other standard operating procedures.

PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS BY COMPANY

On 13th August, 2021, all the lenders (except Tamilnad Mercantile Bank Ltd) had assigned the debts along with all the rights and interests on the secured assets to CFM Asset Reconstruction Private Limited (CFM) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) by executing two Assignment Agreements both dated 13th August, 2021. A total of 14 fourteen lenders aggregating approximately 99 % of the total debt of the Company had assigned their debt to an Asset Reconstruction Company called CFM as on 13th August, 2021. The Board of Directors are no longer in the helm of affairs of the Company w.e.f - 13th August, 2021. CFM was closely monitoring and managing the day to day plant and corporate office operations through Deloitte Touche Tohmatsu India LLP, Mumbai who had been appointed as the nodal agency by CFM. Further, to the intimation of the said assignment, CFM had also issued a demand notice under Section 13(2) of the SARFAESI Act, 2002 and the rules framed there under to recover the entire dues including principal and interest. In response to the said notice, the Company had given an In principle consent to handover the secured assets which includes land, building, movable assets, inventory, sundry debtors, investments in subsidiaries & step-down subsidiary, intangible assets (including the SAP accounting software) and other current and non-current assets of the Company to CFM. On 11th November 2021, CFM took physical possession of the secured assets of JBF. Further the Company was in receipt of Intimation for sale of secured assets by way of private treaty under the SARFAESI Act, 2002 on 11th May, 2022 and thereafter, proceeded to sell the same by way of private treaty under the SARFAESI Act to Madelin Enterprises Private Limited (MEPL).

The Company was admitted by the Honble NCLT into Corporate Insolvency Resolution Process (CIRP) vide its order dated 25th January 2024 & CIRP is in progress.

INSURANCE

All the properties of the Company including buildings, plant and machinery and stock have been repossessed by CFM. There are no fixed assets or stock in the books of the company.

RESOLUTION PROFESSIONALS RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanations obtained by them, your Resolution Professional makes the following statement in terms of Section 134(3) (c) of the Companies Act, 2013: i. that in the preparation of the annual accounts for the year ended 31st March, 2025, the applicable Indian Accounting Standards (IND-AS) have been followed along with proper explanation relating to material departures, if any; ii. the Directors/RP 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 as at 31st March, 2025 and of the profit/ loss of the Company for the year ended on that date; iii. that the Directors/RP have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. the annual accounts have been prepared on a going concern basis; v. that the Directors/RP had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

MANAGEMENT DISCUSSION AND ANALYSIS

As there were no manufacturing operations in the Company during the year under review, the information relating to segment-wise/product wise performance, Opportunities and threats, industry developments etc. were not applicable to the Company and hence not provided.

FUTURE OUTLOOK

At present, your Company is under CIRP. Any decision of the Honble NCLT will have binding effect on all stakeholders. Further, at present there are no manufacturing operations in the Company.

CONCERNS

At present, your Company is under CIRP. Any decision of the Honble NCLT will have binding effect on all stakeholders.

Details of significant changes in key financial ratios, along with detailed explanations thereof:

There were significant changes in the following ratios:

Ratio	% Variance	Reason for Variance
Trade Receivables Turnover Ratio	N.A	Not Comparable, Due to repossession of all the assets by the Lendor
Net Profit Ratio	N.A	Due to Provision of Exceptional Items
Return on Capital Employed	N.A	Due to Provision of Exceptional Items

DETAILS OF CHANGE IN RETURN ON NET WORTH:

The Entire Net Worth has been eroded and hence Return on Net Worth is not applicable.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Board/RP has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made hereunder, M/s. Harsh Kothari & Associates, a firm of Company Secretaries in Practice has been appointed to undertake the Secretarial Audit of the Company for the year 2024-2025. The Secretarial Audit Report is included as and forms an integral part of this Report.

Secretarial Audit observation and Management Response on the same

Sr. No.	Auditor Observations	Management Response
1	All the e-forms were filed with the Registrar of Companies within the stip- ulated time period except the following e-forms which were filed with a delay and payment of additional fee:	Delay was inadvertent and without any malafide intent. There was delay in filing the requisite forms due to limitation of re- sources in the Company caused by ongoing CIRP of the Company.
	Form DIR-12 for cessation of Mr. Yash Gupta as a Director Form MGT-14 for filing resolutions passed at the meeting held on 30.05.2024
2	The Company has not fully complied with the provisions of SS-1 issued by the Institute of Company Secretaries India (ICSI), as notified by the Central Government under section 118(10) of the Companies Act, 2013 and mandatorily applicable.	During the year under review, the Company was under CIRP. Secretarial Standards have been complied with by the Company, to the extent practically possible.
3	The Company has not paid Annual List- ing Fee for FY 2024-25 to BSE Limited.	No invoice received from BSE Limited.
4	The Company has not submitted the Related Party Transactions details for the half year ended 30.09.2024 to the Stock Exchanges as per Regulation 23(9) of the Listing Regulations.	Non-submission was inadvertent and with- out any malafide intent. The Company is in the process of complying with the filing of the same.
5	There was delay observed in submis- sion of certain intimations to the stock exchanges in terms of Regulation 30 of the Listing Regulations.	Delay was inadvertent and without any malafide intent. There was delay in filing the requisite forms due to limitation of re- sources in the Company caused by ongoing CIRP of the Company.

6	There was delay observed in submis- sion of Annual Report to the stock exchanges as per Regulation 34 of the Listing Regulations.	Delay was inadvertent and without any malafide intent. There was delay in filing the requisite forms due to limitation of re- sources in the Company caused by ongoing CIRP of the Company.
7	There was delay observed in submis- sion of Integrated Governance Report and the Integrated Financial Reporting for the quarter ended 31.12.2024 to the stock exchanges.	Delay was inadvertent and without any malafide intent. There was delay in filing the requisite forms due to limitation of re- sources in the Company caused by ongoing CIRP of the Company.
8	The newspaper clipping of the Unau- dited Financial Results of the Company for the quarter ended 30.06.2024 were not submitted to the stock exchanges in terms of Regulation 47(3) of the Listing Regulations.	Non-submission was inadvertent and without any malafide intent. There was non-submission in filing the requisite dis- closure due to limitation of resources in the Company caused by ongoing CIRP of the Company.
9	The Website of the Company is not updated as per Regulation 46 of the Listing Regulations and all the require- ments under the said regulation are not uploaded.	Company is in the process of updating the website.
		Delay was inadvertent and without any malafide intent. There was delay in filing the requisite forms due to limitation of re- sources in the Company caused by ongoing CIRP of the Company.
10	Policies are partially adopted by the Company and not timely updated as per SEBI Regulations.	As the Company is under CIRP, no new Pol- icy is being adopted.
11	The Company is yet to submit the SDD Compliance certificate as per Regula- tion 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015.	Company is in the process of complying with necessary compliance requirements.
	Further the Company does not have a proper system and software for main- taining the UPSI.
12	The Company has not received Annual Disclosure of Designated Persons as per SEBI (Prohibition of Insider Trading) Regulations, 2015.	No action pending on Company\u2019s side.

STATUTORY AUDITOR

The Members of the Company had at the Annual General Meeting held on 13th December, 2023, approved the appointment of M/s. S. C. Ajmera & Co., Chartered Accountants, Udaipur (Registration No. 002908C) as the Statutory Auditors of the Company for Five years w.e.f. from 1st April, 2023.

M/s. S. C. Ajmera & Co., Chartered Accountants, Udaipur (Registration No. 002908C) have confirmed that they continue to be eligible to act as the Statutory Auditors of the Company in compliance with Section 139 and 141 of the Act read with rules made there under and the Listing Regulations, to the extent applicable, for the FY 2025-26.

Further, there are no frauds, details of which as required to be reported under Section 143(12) of the Act.

INTERNAL AUDITOR

Company has not appointed internal Auditor for the Financial year 2024-2025.

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

As the Company does not have any manufacturing operations, it does not account for substantial energy consumption. However, the Company adopts all possible measures to conserve energy.

The provisions relating to technology absorption were not applicable to the Company during the year under review.

There were no foreign exchange earnings and outgo during the year under review.

ACKNOWLEDGEMENT

The Resolution Professional would like to express their grateful appreciation for the assistance, support and co-operation received from the Lenders, Government Authorities and Shareholders during the year under review.

The employees of the Company contributed significantly in achieving the results in spite of the on-going turmoil within the Company. The Resolution Professional takes this opportunity of thanking them and hope that they will maintain their commitment to excellence in the years to come.

	For JBF Industries Limited
	Mr. Mukesh Verma
	Resolution Professional (RP)
	Registration No: IBBI/IPA-001/IP-
Place : Mumbai	P01665/2019-2020/12522
Date :13th August, 2025