Jumbo Bag Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS REPORT</dhhead>

World Economic Conditions

The baseline forecast is for the world economy to Lower inflation and monetary easing offer relief, but trade tensions, high debt burdens, and geopolitical risks cloud the outlook Despite falling inflation,improving labour market conditions, and monetary easing, global growth is projected to remain below the pace seen before the pandemic, and the world economy continues to face significant uncertainties. This continues to gravely impact progress towards the Sustainable Development Goals (SDGs), especially for many developing countries that are still suffering from the accumulated impacts of successive crises.

However, the global economy appears to be settling at a low growth rate that will be insufficient to foster sustained economic development. Emerging market and developing economies are set to enter the second quarter of the 21st century with per capita incomes on a trajectory that implies feeble catch-up toward those of advanced economies. Most low-income countries are not on course to graduate to middle-income status by 2050. Policy action at the global and national levels is needed to foster a more favorable external environment, enhance macroeconomic stability, reduce structural constraints, address the effects of climate change, and thus accelerate long-term growth and development.

Risks to the global outlook are now broadly balanced. On the downside, new price spikes stemming from geopolitical tensions, including those from the war in Ukraine and the conflict in Gaza and Israel, could, along with persistent core inflation where labour markets are still tight, raise interest rate expectations and reduce asset prices. A divergence in disinflation speeds among major economies could also cause currency movements that put financial sectors under pressure.

A greater-than-expected rise in the labour force amid robust employment growth supported activity and disinflation in advanced economies and several large emerging market and

Middle-income economies.

World Trade Outlook: Stable, in Line with Output

Global Growth: Divergent and Uncertain

Global growth is projected at 3.3 percent both in 2025 and 2026, broadly unchanged from the October 2024 World Economic Outlook (WEO) forecast with an upward revision in the United States offsetting downward revisions elsewhere. The near-term outlook is characterized by divergent paths, while medium-term risks to growth are tilted to the downside. Renewed inflationary pressures could interrupt the monetary policy pivot, with implications for fiscal sustainability and financial stability. The policy mix should balance trade-offs and rebuild buffers.

Risks to the Outlook: Broadly Balanced:

There is scope for further favourable surprises, but numerous adverse risks pull the distribution of outcomes in the opposite direction. Prominent risks and uncertainties surrounding the outlook

Downside Risks Dominate

• Trade Policy Uncertainty and Protectionism:

 Heightened trade policy uncertainty and protectionist measures could hinder both short-term and long-term growth prospects.

• Geopolitical Instability:

 Escalating geopolitical tensions and conflicts, including state-based armed con flict, are major concerns.

• Inflation:

 While inflation is expected to ease, it remains a concern, especially in emerging economies.

• Debt and Fiscal Fragility:

 Many countries, particularly developing ones, face high debt levels and reduced official development aid, leading to potential debt distress.

• Climate Change:

 More extreme weather events are a significant risk, impacting economies and infrastructure.

• Cybersecurity Risks:

 Cyberattacks and IT outages could disrupt global markets and economies.

• Impact of AI:

 While AI offers potential for economic growth, it also introduces risks to financial and social stability.

• Economic Volatility:

 Increased economic volatility, including fluctuations in commodity prices, is a concern.

• Supply Chain Disruptions:

 Trade tensions and other factors could disrupt global supply chains.

• Recessionary Risks:

 Some forecasts suggest a significant probability of the US and global economies entering a recession by the end of 2025.

Indian Economic Conditions

Besides, the apparent “slowdown” in fiscal 2024 to 2025 has partly been a consequence of election-driven uncertainty (with both India and the United States going to the polls), disruptions driven by more-than-anticipated rainfall till the third quarter, and volatility in global trade networks in the last two quarters. Not to mention, the growth over the year is being compared against a significantly elevated economic base driven by revised figures for the past year. This optimism is carried forward, as we see a good jump in high-frequency indicators such as goods and services tax, auto sales, and sales of fast-moving consumer goods in recent months.

Two opposing forces are set to define India’s economic trajectory in fiscal 2025 to 2026:

• The potential positive impact of tax incentives: The Union Budget’s tax stimulus could raise GDP at least by 0.6% to 0.7% this fiscalBesides, lower in flation, range-bound global oil prices, lower borrowing rates, and more liquidity (due to the easier monetary policy), and a more certain global environment by the end of the year will help boost sentiment.

• The potential negative impact of uncertainty in global trade networks:

 India faces an ad valorem baseline tariff rate of 10% on its goods exports to the

 United States.

Considering the net impact of these two factors on growth (discussed at length in this edition), Deloitte remains cautiously optimistic about growth in the current fiscal (with likely growth between 6.3% and 6.5%), and forecasts growth between 6.5% and 6.7% in the next (2025 to 2026).

Packaging and FIBC Industrial Trend

• The FIBC market is anticipated to be valued at USD 7.4 billion in 2025, and USD 11.5 billion by 2035. Sales are predicted to expand at a 4.5% CAGR from 2025 to 2035. The revenue generated by FIBCs in 2024 was USD 7.2 billion.

• Major applications of FIBCs are in the agriculture industry compared to others in the end-use segment in the forecast period, capturing more than 26% of the market share. FIBCs are used widely in agriculture because they are efficient in storing and transporting large volumes of bulk materials such as grains, seeds, and fertilizers. Their flexibility, cost-effectiveness, and ease of handling make them ideal for this industry, reducing packaging costs, improving logistics, and ensuring safe, secure transportation over long distances.

• As India’s exports continue to grow, especially in the areas of food processing, pharmaceuticals, and chemicals, custom bulk packaging solutions are becoming increasingly important for Indian manufacturers. According to the India Brand Equity Foundation, the value of Indian pharmaceutical exports from India increased from USD 19.1 billion in 2019 to USD 25.4 Billion in 2023. This rising export trend is expected to have created a bolstered demand for bulk FIBC across the market.

• Governments are encouraging the use of recyclable materials for packaging in India, which is something that FIBCs can help with. There is an increasing demand for customized storage and transportation solutions for various industries, and the lack of skilled labor means that more and more FIBCs are being used due to their ease of handling and cost-effectiveness.

• According to the President of the Indian Flexible Intermediate Bulk Container Association (IFIBCA), since the inception of FIBCA, the country produced around 10,000 tons of FIBCs per year. At present, it produces 400,000 tons per year. India is one of the largest exporters of FIBCs in the world, including Europe, and the United States is one of the largest importers. The growth in production is expected to increase between 2024 and 2029 with the rising demand across the globalmarket.

Risks and concerns.

Operating margin remains susceptible to fluctuations in the prices of key input i.e. polymer, which move in tandem with crude oil prices. Also, we are subjected to foreign currency exchange rate fluctuations which could have impact on results of operations. However, this is hedged passing the increase and decrease in the polymer price to Customers.

The FIBC industry is fragmented because of low entry barrier as capital and technology requirements are limited, gestation period is small, and raw materials are easily available. This restricts substantial scale up in operations and exerts pricing pressure. Also, this industry being highly labour intensive the retention of workers has been high priority for the Company. Attrition of workers may affect the production in inducting and training of new appointees. Several other global as well as Indian economic and political factors that are beyond our control may affect the business of the Company.

Segment Wise Performance:

Your Company is into the manufacturing of Flexible Intermediate Bulk Bags (FIBC bags) generally used for industrial purposes and also a Del – Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited (IOCL) for polymer trading for a decade now. The following table gives an overview of the financial results of the Company.

Particulars	Results 2025	Results 2024	Growth %
Sales and other income	12,672.49	10,542.50	20.20%
Profit before interest, Depreciation,	1024.19	800.28	21.86%
taxes & exceptional items
Profit before tax & exceptionalitems	496.34	316.46	36.24%
Profit/ (Loss) before tax	496.34	137.75
Profit/ (Loss) after tax	323.71	118.88	172.3%

The revenue of the Company for the financial year 2024-25 has by 20.20% compared to the previous year ended 2023-24.

The profit before tax & exceptional items has increased by 36.24% due to increase in operational efficiency and reduction in wastage on the material cost and increase in after tax of 172.3%.

In the upcoming financial year 2025-26 your company will be looking to strengthen its overseas customer base around the globe and look to replicate its growth though main challenges like recession and global economy continues to be bigger challenges.

Your Company is working on various cost cutting measures and also reaching out to other stakeholders including its customers to deal with challenges together.

Your company is a Del – Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited for Tamil Nadu, Pondicherry and Kerala since 2009. We are able to achieve constant level of sales throughout the year

The Financial and Operational performance of the Company are on growing trend and details of the same are mentioned in the Financial Statements as well as Board report.

Internal Control System

Your Company has an efficient inbuilt system to monitor the compliance of standards at each stage of the production process. The system enables the management to quickly identify any deviations from the required standards and to take appropriate action for correction. The compliance to the standards is also reviewed by the management at the monthly meetings.

The above system is further audited by the internal auditor appointed by the Board of Directors who gives quarterly reports to the Audit Committee on the level of compliance.

The deviations if any are also reported further to which the committee recommends necessary course of action.

The system helps the company to identify the risks at an early stage so that required action is taken for control.

Material developments in Human Resources / Industrial Relations front, including number of people employed.

The company believes that its human resources are one of the most crucial assets and critical enablers of the Group’s growth. To that extent, the Group engages with its employees to hone their skill sets and equip them with knowledge and know-how. It is also deeply invested in establishing its brand name to attract and retain the best talent in the market. During the period under review, employee relations continued to be healthy, cordial and harmonious at all levels, and the Group aims to maintain such relations with the employees going forward as well. As of 31st March, 2025 the Company has 235 permanent employees.

Risks and Concerns

The Company has in place a Risk Management Policy duly approved by the board which is periodically reviewed by the management. The main objective of the company’s risk management policy is to ensure theeffective identification and reporting of risk exposures, involvement of all departments and employees in risk management, to ensure continuous growth of business and protect all the stakeholders of the Company.

Key Financial Ratios

In accordance with the SEBI (Listing Obligations and Disclosure Requirements 2018)

(Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector specific financial ratios.

Key financial ratio as per the above mentioned regulation

Financial ratio	FY 2024-25	FY 2023-24
Net profit ratio	2.55%	1.13%
Trade payables turnover ratio	8.72	6.94
Inventory turnover ratio	3.36	2.42
Return on Equity Ratio	9.13%	3.58%
Debt Service Coverage Ratio	2.42	1.51

The decrease in above ratio is due to writing off Insurance claims last year to the extent of Rs.178 lakhs

Future Outlook:

Your Company decided to automate few processes of production during the year in order to tackle the deficiency in available workers. This automation was done not to reduce the number of workers but to improve the production capacity, quality of bags that were produced and it also helped in the reduction of production cycle time.

The Company ensures getting new models and designs of its product with the best and unbeatable quality at reasonable prices to cater to the requirements and preferences of its customers. The Company continued its focus on marketing activities by participating in many new markets. Your company has introspected with its customer base and greatly recognizes the need for innovations and new product developments to drive growth and better margins. There is ample scope and opportunity for companies having business in these sectors not to mention the potential of your company and its large presence in these sectors for many years.

Substitutions of Traditional packaging and retail chains are the most important drivers for the market growth. The real opportunity lies in developing nations or emerging economies. The company being a fully integrated end-to-end packaging materials solution company, the window of opportunity is promisingly big. Innovation to create value added differentiation; ability to execute any quantum of order; ensuring an enviable speed to market reach puts the company in a good stead to double up its top-line in the coming years.

Cautionary Statement:

Statements contain in this report describing the Company’s objectives, expectations or predictions may be forward looking within the meaning of applicable laws and regulations.

The actual results may differ materially from those expressed in this statement because of many factors like economic condition, availability of labour, price conditions, domestic and international market, etc.

	For and on behalf of the Board
	RENUKA MOHAN RAO
	S/D
Place: Chennai	Chairman
Date : 31.07.2025	DIN: 07542045

ANNEXURE - II

INFORMATION UNDER SECTION 134(3) (m) OF THE COMPANIES ACT, 2013, READ WITH THE COMPANIES (MANAGEMENT AND ADMINISTRATION) RULES, 2014

A. CONSERVATION OF ENERGY

Company continues to put all the efforts in conserving and optimizing the use of energy. The effort has benefited in savings to the Company and in protecting the environment around its units. The followings measures are in place to optimize the energy consumption.

1. Use of energy efficient LED lights.

2. Re-use of treated water.

3. Rain water harvesting.

4. Optimization of the operations etc…

All efforts made to conserve and optimize use of energy are continuously monitored and maintained to ensure maximum energy savings.

The Company is making an effort to install Solar project

The Total energy consumption per unit of production is as follows:-

S.No Particulars	2024-25	2023-24
A Power and Fuel Consumption
1 Electricity (includes from TNEB,
Wind and Coal)
(a) Purchased
Unit	53,65,750	49,62,955
Total amount	4,54,10,717	4,17,5,765
Rate/unit	8.46	8.41
(d) Through diesel generator
Unit	87,870	49,148
Unit per liter of Diesel oil	2.87	2.81
Cost/unit	30.69	29.46
Diesel (in liters)	30,670	17,466

B. RESEARCH AND DEVELOPMENT (R&D)

 (Rupees in lakhs)

S.No Particulars	2024-25	2023-24
A Expenditure on R & D:
B Capital Expenditure	-	-
C Revenue	23.20	18.14
Total	23.20	18.14
D Total R&D expenditure as a per-	0.183%	0.185%
centage of total turnover

Expenditures in Foreign Currency

 (Rupees in lakhs)

Expenditures in Foreign Currency	2024-25	2023-24
i) CIF value of Imports	2573.45	2207.56
ii) Travel	20.76	21.44
iii) Commission for export sales	-	-
iv) Others (Testing Charges)	1.65	6.64
Foreign Exchange Earnings
Earnings in Foreign Currency	2024-25	2023-24
FOB Value of Exports – INR Lacs	3851.78	2438.32
FOB Value of Exports – USD	49,28,549	29,78,888

 

	For and on behalf of the Board
	RENUKA MOHAN RAO
	S/D
Place: Chennai	Chairman
Date : 31.07.2025	DIN: 07542045

Annexure III Secretarial Audit Report

(For the financial year ended on 31st March 2025)

[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members,

Jumbo Bag Limited

S.K. Enclave, New No. 4 (Old Number 47), Nowroji Road, Chetpet Chennai - 600031

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Jumbo Bag Limited having its registered office at S.K. Enclave, New No. 4 (Old Number 47), Nowroji Road, Chetpet, Chennai -

600031 having CIN: L36991TN1990PLC019944 (hereinafter called “the Company”) during the financial year from 01st April, 2024 to 31st March 2025 (the year/audit period/period under review). We have conducted the Secretarial Audit in a manner that provided us a reasonable basis for evaluating the Company’s corporate conducts/statutory compliances and expressing our opinion thereon.

We are issuing this report based on our verification of the Company’s books, papers, minutes books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, the explanations and clarification given to us and the representations made by the Management. We hereby report that in our opinion, the Company has during the audit period covering the financial year ended on 31st March 2025, generally complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: The members are requested to read this report along with our letter of even date which is annexed to this report as an Annexure – I and forms an integral part of this report.

1. Compliance with specific statutory provisions:

1.1 We have examined the books, papers, minute books, forms and returns filed and other records made available to us and maintained by the Company for the financial year ended on 31st March 2025 according to the applicable provisions of: (i) The Companies Act, 2013 (‘the Act’) and the rules made there under;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder; (iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (iv) The Foreign Exchange Management Act, 1999 and the Rules and Regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’): -a. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”); b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (‘’SEBI ICDR’’); c. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI SAST”); d. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; e. The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018; f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 to the extent of Listed Entity engaging the RTA; g. The Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (vi) The following are generally applicable law to the Company based on the nature of its business: 1) The Tamil Nadu Lifts Act, 1997 2) The Electricity Act, 2003 3) Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003

4) The Legal Metrology Act 2009, Tamil Nadu Legal Metrology Enforcement Rules, 2011

5) Food Safety and Standards Rules, 2011 and Food Safety and Standards (Licensing and Registration of Food Businesses) Regulations, 2011

6) Tamil Nadu Fire Service Act, 1985 and Tamil Nadu Fire Service Rules, 1990

7) The Motor Vehicles Act, 1988

8) The Environmental Protection Act and Rules, 1986

9) The Air (Prevention and Control of Pollution) Act, 1981 10) The Water (Prevention and Control of Pollution) Act, 1974

11) The Hazardous Wastes (Management, Handling and Transboundary Movement) Rules, 2016 12) The Plastic Waste Management Rules, 2016 13) The Solid Waste Management Rules 2016 14) E-waste Management Rules, 2022 15) Battery Waste Management Rules, 2022 16) The Tamil Nadu Groundwater (Development and Management) Act, 2003 17) ISO Standards (vii) We have also examined compliance with the applicable clauses of the following:

• Secretarial Standards (SS-1) on “Meetings of the Board of Directors” and Secretarial Standards (SS-2) on “General Meetings” issued by the Institute of Company Secretaries of India (ICSI);

• The Listing Agreements entered into by the Company with the Stock Exchanges, where the Securities of the Company are listed and the uniform listing agreement with the said stock exchange. 1.2 In relation to the period under review, the Company has, to the best of our knowledge and belief and based on the records, information, explanations and representations furnished to us, complied with the laws mentioned in clause (i) to (v) of paragraph 1.1. Further the Company in general has complied with the laws specifically applicable to the Company mentioned in sub-paragraph (vi) of paragraph 1.1.

1.3 We are informed that, during/in respect of the year no events have occurred which required the Company to comply with the following laws/rules/regulations and consequently was not required to maintain any books, papers, minutes books, or other records or file any forms/returns under: a. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulation, 2021; c. The Securities and Exchange Board of India (Buyback of Securities) Regulation,

2018; d. The Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 and circulars/guidelines issued thereunder; e. The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; f. The Securities and Exchange of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021. g. The Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009

1. 4 During the period under review the Company has complied with the provi sions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above subject to the following observations:

2. Board Processes

We further report that:-

1. The Board of Directors of the Company is duly constituted with a proper balance of Directors including Executive Directors, Non-Executive Directors, Independent Directors, Women Director in accordance with the provisions of the Act.

2. The changes in the composition of the Board of Directors that took place during the audit period were carried out in compliance with the provisions of the Act.

3. Adequate notice is given to all directors to schedule the Board Meetings at least seven days in advance except where the meeting is called at a shorter notice and the agenda and detailed notes on agenda were also circulated to the Board members prior to the meetings.

4. A system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

5. All decisions at the Board Meetings were out carried unanimously as recorded in the minutes of the Meetings of the Board of Directors.

3. Compliance Mechanism:

We further report that a) As represented by the Company and relied upon by us, there are adequate systems and processes in the Company commensurate with its size and operations of the Company to monitor and ensure compliance with all applicable laws, rules, regulations, and guidelines including labour laws, competition law, environmental laws, and other laws as may be specifically applicable to the

Company. b) The compliance by the Company of applicable financial laws such as Direct and Indirect Tax laws and maintenance of financial records and books of accounts have not been reviewed in this audit since the same have been subject to review by the statutory financial auditors, tax auditors and other designated professionals.

4. Specific Events/Actions:

We further report that during the audit period, the following specific events/actions having pursuance of the above-referred laws, rules, amajorbearingontheCompany’s affairs regulations, guidelines, standards, etc. took place: i) The Board of Directors, at its meeting held on 29th April 2024, approved the appointment of Mr. G.A. Darshan as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company, with effect from the same date. ii) Mr. G.S. Anil Kumar (DIN:00080712), Managing Director and CFO of the Company, resigned from the position of CFO with effect from 29th April 2024. He continued to serve as the Managing Director. iii) The shareholders of the Company, at the 34th Annual General Meeting (AGM) held on 24th July 2024, approved the following matters by way of Special Resolutions: a) Re-appointment of Mr. G.S. Anil Kumar as the Managing Director of the Company for a term of five years, commencing from 1st April 2025 to 31st March 2030. b) Re-appointment of Mr. Rajendra Kumar Prasan as an Independent Director of the Company for a second term of five years, with effect from 1st May 2024. iv) M/s. Venkatesh & Co., Chartered Accountants (ICAI Firm Registration No.: 004636S), tendered their resignation as Statutory Auditors of the Company with effect from 21st December 2024. v) The shareholders of the Company, at the Extra-Ordinary General Meeting (EGM) held on 22nd January 2025, approved and ratified

& Associates, Chartered Accountants (ICAI Firm Registration No.: 011688S), as the Statutory Auditors of the Company to fill the casual vacancy arising from the resignation of the previous auditors. vi) Mrs. Bharathi J, Company Secretary and Compliance Officer(KMP), from her position with effect from the close of business hours on 25th January

2025. vii) Mr. G.S. Rajasekar (DIN: 00086002), Non-Executive Director of the Company, resigned from the Board with effect from the close of business hours on 24th

March 2025. viii) The Board of Directors, at its meeting held on 25th March 2025, approved the following matters: a) Issuance of up to 6,00,000 (Six Lakhs) convertible equity warrants, each convertible into one fully paid-up equity share of the Company having a face value of 10/- (Rupees Ten only) at a price of 61/- per warrant

(including warrant subscription and exercise price), aggregating up to

 3,66,00,000/- (Rupees Three Crores Sixty-Six Lakhs only), on a preferential basis to promoters and identified non-promoter persons/entities, to be exercised within a maximum period of 18 months. b) Appointment of Mr. G.S. Srinivas (DIN:01922225) as an Additional Non-Executive Director of the Company witheffectfrom 25th March

2025. c) Appointment of Mr. Sunil Kumar Alluri (ICSI Membership No.: A69903) as the Company SecretaryandComplianceOfficer of the Company with effect from 25th March 2025.

We further report that the following material event have occurred during the period after the end of the financial year and before the signing of this report.

(i) The shareholders of the Company, at the Extra-Ordinary General Meeting (EGM) held on 24th April 2025, approved the issuance of 6,00,000 (Six Lakhs) fully convertible equity warrants on a preferential basis to the promoter/promoter group and certain identified non-promoter entities of the Company.

Place	: Chennai	For Lakshmmi Subramanian & Associates
Date	: 31.07.2025	Practicing Company Secretaries
		S/D
		S. Vasudevan
		Partner
		FCS No. : 9495
		CP No. : 27636
		Peer Review Certificate No. 6608/2025
		UDIN : F009495G000905192

‘Annexure A’

(To the Secretarial Audit Report of Jumbo Bag Limited for the financial year ended 31st March 2025)

To, The Members,

Jumbo Bag Limited

S.K. Enclave, New No. 4 (Old Number 47), Nowroji Road, Chetpet Chennai - 600031

Our Secretarial Audit Report (Form No. MR-3) of even date for the financial year ended 31st

March, 2025 is to be read along with this Annexure.

1. Maintenance of secretarial records and ensuring compliance with all the applicable laws is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records.

The verification was done on test basis to ensure that correct facts are reflected in

Secretarial records. We believe that the processes and practices, we have followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and records and Books of Accounts of the Company as they are subject to audit by the Auditors of the Company appointed under Section 139 and 148 of the Act.

4. Wherever required, we have obtained the Management representation about the financial information, compliance of laws, rules and regulations and happening of certain events, etc.

5. The compliance of the provisions of other applicable laws, rules, regulations, standards specifically applicable to the Company is the responsibility of the management. Our examination was limited to the verification of system implemented by the Company on a test basis.

6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacyor effectiveness conducted the affairs of the Company.

Place	: Chennai	For Lakshmmi Subramanian & Associates
Date	: 31.07.2025	Practicing Company Secretaries
		S/D
		S. Vasudevan
		Partner
		FCS No. : 9495
		CP No. : 27636
		Peer Review Certificate No. 6608/2025
		UDIN : F009495G000905192