Kanpur Plastipack Ltd Directors Report

Boards Report

DEAR MEMBERS,

Your Directors take pleasure to present this 54^th Annual Report of Kanpur Plastipack Limited together with Standalone and Consolidated Audited Financial Statements for the financial year ended 31^st March, 2025.

FINANCIAL HIGHLIGHTS

				(Rs. in Lacs)
Particulars	Standalone		Consolidated
	2024-25	2023-24	2024-25	2023-24
Sale of products	62,861.03	49,272.57	62,861.03	49,741.24
Other Income	1,410.44	1,138.11	1,450.53	1,145.38
Total Income	64,271.47	50,410.68	64,311.56	50,886.62
Profit Before Tax	2,389.12	102.65	2,434.65	152.32
Less: Exceptional Items (Loss on sale of CPP Machines)	1,161.93	-	1,161.93	-
Less: Current Tax	219.77	-	224.62	4.65
Less: Earlier year Tax Adjustment	(0.63)	82.42	(0.63)	82.42
Less: Deferred Tax	(61.80)	(15.45)	(61.80)	(15.45)
Net Profit After Tax	1,069.85	35.68	1,110.53	80.70
Balance profit from Last Years	14,742.31	14,787.37	14,732.52	14,732.56
Less: Appropriations:
Other Comprehensive Incomes	(12.78)	(26.59)	(8.64)	(23.04)
Foreign Currency Translation Reserve	-	-	(3.40)	(3.55)
Transfer to General Reserve	-	-	-	-
Dividend paid during the year	-	107.33	-	107.33
Tax on Dividend	-	-	-	-
Balance carried to Balance Sheet	15,824.94	14,742.31	15,855.09	14,732.52

REVIEW OF OPERATIONS AND OUTLOOK:

FY 2024-25 emerged as a landmark year for your Company, registering the highest-ever sales revenue in its history. Despite facing global headwinds and market volatility, your Company exhibited strong resilience and delivered a remarkable turnaround. It achieved a record turnover of Rs. 642.71 Cr., marking a significant milestone in its growth journey.

The year under review your company faced three significant challenges:

• The closure of its subsidiary in Brasil which led to an impairment loss of Rs.39.07 Lacs. The management decided to shut down this business as the cost of logistics and warehousing was not generating the profits that were envisaged.

• Significant cash losses in the CPP division in the early part of the year.

• The decision to exit the CPP business which led to a one time impairment loss of Rs.11.62 Cr.

We are proud that the company was able to achieve such an exceptional performance amid a challenging global environment. It is nothing but a testament to our well-defined strategy and disciplined execution.

A sustained focus on strategic marketing initiatives, customer acquisition, and deeper market penetration contributed significantly to the enhanced operational and financial performance, as outlined below:

Operational Performance:	Financial Performance:
Production increased by 17%	Turnover increased by 27%
Sales volumes increased by 16%	PBIDT increased by 123%
Export volumes increased by 9%	Net Profit after Tax increased by 2872%

DIVESTMENT OF CAST POLYPROPYLENE FILM (CPP) DIVISION:

Your Company ventured into the Cast Polypropylene Film (CPP) division in the previous financial year as part of its diversification strategy. However, it was soon observed that the CPP industry as a whole was facing significant headwinds, characterized by subdued demand, lower price realizations, and considerable overcapacity. This resulted in underutilization of installed capacity and unremunerative prices leading to enormous losses. This was beginning to impact our core business of FIBCs and Fabrics. Recognizing the long-term implications of this trend, the Company undertook a comprehensive strategic review of the CPP divisions future prospects in the new scenarios that evolved. Based on this assessment, and in line with its commitment to operational efficiency and value creation, the Company decided to exit from the segment and focus its resources on the core business verticals with higher growth potential.

Accordingly, the Company entered into an Asset Purchase Agreement with M/s SRF Ltd. and since then has executed the sale of the CPP divisions plant, machinery and related assets on an as-is-where-is basis. This strategic divestment enabled the Company to strengthen its financial position and channel capital and management bandwidth toward its more profitable and sustainable business segments.

THE YEAR GONE BY

FY 2024-25 was a remarkable year- your Company demonstrated significant progress on all strategically significant parameters. While improving production efficiency and adopting a go-to-market strategy the Company also strengthened its focus on increasing the share of value added products in its portfolio. We continued to invest in technologies to reduce carbon emissions and to drive resources efficiency.

These integrated efforts resulted in improved operational performance across all business segments. The sales volumes recorded during FY 2024-25 reflect this strong performance and are summarized below:

		(In MT)
Product	2024-25	2023-24
FIBC	13,913	13,546
Small Bags	690	884
Fabric/Liner	11,404	10,213
MFY	3,864	3,777
CPP	4,909	1,601
Others	4,343	1,660
Total	39,123	31,681

Your Company continues to place strong emphasis on the export of value-added products and on expanding its global presence. During the year under review, the Company successfully entered two new international markets, thereby opening up fresh avenues for its product portfolio. Additionally, your Company actively participated in prominent global trade exhibitions such as Tokyopack in Japan and Plastico in Brazil.

The encouraging response and engagement received at these events are expected to significantly contribute to the Companys efforts in deepening its global footprint. We are glad to report that your company continues to enjoy a strong loyalty from its customers where almost 80% of our export sales are from repeated customers.

Solar Power:

Sustainability remains a cornerstone of your Companys operational philosophy and long-term strategy. Your Company has been a front runner in the adoption of renewable energy sources. Demonstrating a firm commitment to clean energy, your Company met approximately 47% of its total power requirements through solar energy during the year—resulting in meaningful cost savings and a significant reduction in carbon emissions.

Building on this momentum, the Company further entered into a long-term open access Group Captive Solar Power Purchase Agreement for a capacity of 3,000 kWp. Additionally, a 1,000 kWp rooftop solar installation was implemented at Unit 3 under the OPEX model. With the commissioning of these two solar power projects, the Company now expects to meet nearly 60% of its total energy requirements through renewable solar sources—marking a substantial step forward in its journey toward sustainable, efficient, and environmentally responsible operations.

Trading Activities:

The performance of Dealer Operated Polymer Warehouse activity of Indian Oil Corporation Limited was adversely impacted during the year under review. The Company recorded a decline of approximately 11% in this segment compared to the previous financial year. This decline was primarily due to intensifying market competition, with emerging players entry into the polymer space, thereby reshaping competitive dynamics.

In response, the Company has initiated corrective measures by strengthening its customer outreach and opening the new warehouse in Bareily will also improve service efficiency. These steps are expected to help stabilize and revive the performance of this business vertical in the coming year.

OUTLOOK:

During FY 2024-25, the Company undertook several decisive actions to further improve its operational focus and strengthen its financial position. Key amongst these was the strategic divestment of the under performing CPP division, which has enabled a sharper focus on core, margin-accretive businesses and a more disciplined approach to capital allocation.

The vacated land and building from the CPP division will be effectively repurposed for the expansion of the Companys core business in due course, thereby ensuring optimal asset utilization and capacity enhancement aligned with long-term strategic objectives.

In parallel, the Company is streamlining its operations, targeting efficiency improvements across its operations. The Raffia division will be scaled-up to bridge the volume gap left by the divestment, with a concerted focus on improving productivity and driving higher throughput. These measures are expected to strengthen the operating leverage and margin profile of the Company going forward.

Further, with a strengthened balance sheet and the number of activities undertaken, the Company will be better positioned to pursue sustainable growth, respond proactively to market dynamics, and invest in strategic opportunities with greater agility and confidence.

Despite continued global disruptions and market volatility, positive signs are already emerging across key business segments. Sales realizations in the FIBC division have shown an upward trend. The Companys foray into the Japanese markets—the worlds third-largest importer of FIBCs—has started attaining traction, with regular shipments now underway. This market had remained largely untapped by Indian manufacturers, and our early entry positions us favorably for long-term engagement.

Looking ahead, your Company remains committed to its strategy of innovation, operational excellence, and responsible growth. By staying agile, focused, and forward-thinking, we aim to deliver enhanced stakeholder value and solidify our leadership in the global industrial bulk packaging solutions space.

CREDIT RATING:

We have Credit Rating from Acuite Rating & Research Limited which has provided following credit ratings to the various credit facilities of the Company:

Long Term Rating	ACUITE BBB/Stable
Short Term Rating	ACUITE A2

Recently, the company has got its credit rating upgraded from CRISIL Ratings Limited which has accorded BBB+ rating with Stable outlook for the Companys outstanding longterm facilities.

The dual rating affirms the Companys financial stability, operational resilience, and commitment to maintaining transparency with lenders and stakeholders.

SHARE CAPITAL:

The Company had allotted 17,60,000 warrants on 17^th October, 2024 out of which 10,08,000 warrants were converted into equity shares on 24^th December, 2024. As on 31^st March, 2025 your Company has total shares capital of 22,47,47,580.00 divided into 2,24,74,758 equity shares of 10/- each, which is listed with both stock exchanges viz. BSE Limited and National Stock Exchange.

The Company had on 02 May, 2025 further converted remaining 7,52,000 warrants into equity shares consequently the paid-up capital has been increased to 23,22,67,580.00 divided into 2,32,26,758 equity shares of 10/- each. The entire shares of the Company are listed with both stock exchanges viz. BSE Limited and National Stock Exchange.

The Company is under process to issue further 10,12,000 warrants convertible into equity shares on preferential basis.

SUBSIDIARY COMPANIES

As on 31^st March, 2025, your Company has two subsidiary Companies. During the year, there has been no material change in the nature of the business of the subsidiaries.

As required under Section 129(3) of the Act, the report on the performance and financial position of each subsidiary company and salient features of their Financial Statements are attached in the prescribed form AOC-1 with the financial statements which forms part of this Annual Report.

In accordance with the provisions of Section 136 of the Act and the amendments thereto, read with the SEBI Listing Regulations, the audited financial statements, including the consolidated financial statements and related information of the Company and financial statements of the subsidiary companies are available on our website at www.kanplas.com.

During the year, M/s Kanplas Do Brasil, Brasil, wholly owned foreign subsidiary of the Company was closed. Except this there is no Company which became or ceased to be subsidiary, joint venture and associate during the year under review. There is no material subsidiary Company in terms of regulation nos. 16(1)(c) and 24 of the SEBI ( Listing Obligation and Disclosure Requirements) Regulations, 2015.

Your Company funds its subsidiaries, from time to time, in the ordinary course of business and as per the funding requirements, through capital, loan and/or other means to meet working capital requirements.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (The Listing Regulations) and Section 129(3) of the Act, the consolidated financial statements have been prepared by the Company, as per the Indian Accounting Standards (Ind AS), and form part of this Annual Report. The Consolidated Financial Statements shall also be laid at the ensuing Annual General Meeting of the Company.

DIVIDEND:

The Dividend Distribution Policy of the Company has been duly uploaded on the website of the Company at www.kanplas.com.

Your Directors have recommended a final dividend for the year 2024-25 @ 9% i.e. 0.90 per Equity Share. Payment of dividend is subject to the approval of shareholders at the ensuing Annual General Meeting.

DIRECTORS:

Shri Shashank Agarwal is retiring by rotation at the ensuing Annual General Meeting and is eligible for re-appointment. In view of the valuable services, guidance and support received from him, your Directors recommend his re-appointment.

The Board of Directors of the Company is having optimum combination of Independent and Promoter Directors as required under Section 149(4) read with Regulation 17 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, as amended.

MEETINGS OF THE BOARD OF DIRECTORS:

During the year your Company has conducted 6 meetings of the Board of Directors. The details of the meeting of the Board & Committees thereof including attendance therein are given under Corporate Governance Report.

Your company has digitalized the Board Process and adopted paper less Board meetings platform.

KEY MANAGERIAL PERSONNEL:

Following are the Key Managerial Personnel of your Company:

Sl No.	Name of KMP	Designation
1	Shri Manoj Agarwal	Chairman Cum Managing Director
2	Shri Ankur Srivastava	Company Secretary & Compliance Officer
3	Shri Shobhit Agarwal	Chief Financial Officer

DECLARATION OF INDEPENDENT DIRECTORS:

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

DEPOSITS:

In view of Section 73 to 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014 your Company did not accept any deposit during the year under review.

CORPORATE GOVERNANCE:

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India (SEBI). The report on Corporate Governance as stipulated under the Listing Regulations is annexed to the Annual Report as Annexure A and Management Discussion and Analysis Report also forms part of this Report.

The Certificates certifying that

(i) the Company has complied with the requirements of Corporate Governance in terms of SEBI (LODR) Regulations, 2015;and

(ii) none of the Directors on the Board of the company have been debarred or disqualified from being appointed or continuing as Directors of Companies by the SEBI/ MCA or any such authority are attached and forms the part of this Report.

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

Information as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 relating to conservation of energy, technology absorption and foreign exchange earnings and outgo for the financial year 2024-25 are annexed as Annexure B which forms part of this Report.

PARTICULARS OF EMPLOYEES:

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) & 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as Annexure C which forms part of this Report.

AUDITORS:

I. STATUTORY AUDITORS AND THEIR REPORT

M/s Rajiv Mehrotra & Associates (FRN: 002253C), Chartered Accountants, were appointed as Statutory Auditors of your Company for a period of 5 years in the Annual General Meeting held on 02/09/2022 till the conclusion of 56^th Annual General Meeting to be held in the year 2027.

The Audit Report from the Statutory Auditors forms part of this Annual Report. The said report does not contain any qualification, reservation or adverse remark.

II. COST AUDITORS

As per Section 148 of the Act read with Companies (Audit and Auditors) Rules, 2014, the Company, is required to maintain and audit its cost records conducted by a Cost Accountant. The Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of M/s Rakesh Misra & Company, Cost Accountants as the Cost Auditors of the Company to conduct cost audits for relevant products prescribed under the Companies (Cost Records and Audit) Rules, 2014 for the year ending 31^st March, 2026. Under Section 139(1) of the Act and the Rules framed thereunder, M/s Rakesh Misra & Company have furnished a certificate of their eligibility and consent for appointment.

The Board on recommendations of the Audit Committee have approved the remuneration payable to the Cost Auditor, subject to ratification of their remuneration by the Members at the ensuing AGM. The resolution, accordingly, placed in the notice of Annual General Meeting for consideration and approval of the Members at the ensuing Annual General Meeting.

The cost audit report for the financial year 2024-25 will be filed within the stipulated time.

III. SECRETARIAL AUDITORS

In terms of the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, M/s Adesh Tandon & Associates, Practicing Company Secretaries was appointed as the Secretarial Auditors of the Company for the year 2024-25. The Secretarial Audit Report for the financial year 2024-25, as placed by the Auditor, is annexed with this Report as Annexure D. There was no qualification, reservation or adverse remark made by the Auditor in their respective report.

Pursuant to the provisions of Regulation 24A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and provisions of Section 204 of the Act and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 ("Rules"), the Audit Committee and the Board of Directors at their respective meetings held on 15^th May, 2025, have recommended the appointment of M/s Adesh Tandon & Associates, Practicing Company Secretaries (CP. No. 1121, Peer Review Certificate no.: 6778/2025), a Practicing Company Secretary for a term of five consecutive years commencing from Financial Year 01^st April, 2025 to 31^st March, 2030. The appointment of Secretarial Auditors is subject to approval of the members at ensuing Annual General Meeting and accordingly suitable resolution is placed in the notice for consideration and approval of the shareholders at the ensuring Annual General Meeting.

IV. INTERNAL AUDITORS

During the year under review M/s S N Saraogi & Associates, Chartered Accountants were the Internal Auditors of the Company. Their reports were placed before the Audit Committee of the Company from time to time.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has adequate system of internal control with reference to the financial statements. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The internal auditor of the company checks and verifies the internal control and monitors them in accordance with policy adopted by the company. Company ensures proper and adequate systems and procedures commensurate with its size and nature of its business.

ANNUAL RETURN:

As per the requirement of Section 134(3)(a) read with Section 92(3) of the Companies Act, 2013, the Annual Return for the year 2024-25 has been placed on the website of the Company. The weblink of the same is https://www.kanplas . com/en/corporate-governance .

LISTING:

The Equity Shares of the Company are listed with National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). We confirm that the Annual Listing Fees for the financial year 2025-26 have been paid within the stipulated time to both the Stock Exchanges.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:

During the financial year 2024-25, the Company has transferred a sum of 14,77,703 which represent the unclaimed dividend for the financial year 2016-17 and 26,155 Equity Shares to the Investor Education and Protection Fund in compliance with provisions of the Companies Act, 2013 and rules made thereunder

POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

The Company has zero tolerance towards sexual harassment at the workplace and towards this, has adopted a policy in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. All employees (permanent contractual, temporary, trainees) are covered under the said policy. During the financial year 2024-25, the Company has not received any complaint of sexual harassment and the details in this regard are given hereunder:

(a) number of complaints of sexual harassment received in the year: NIL

(b) number of complaints disposed off during the year: NIL

(c) number of cases pending for more than ninety days: NIL

MATERNITY BENEFIT COMPLIANCE:

During the year under review, the Company has ensured full compliance with the provisions of the Maternity Benefit Act, 1961. The Company remains committed to upholding the rights and welfare of its female employees by providing all statutory maternity benefits and other entitlements as mandated under the Act.

CORPORATE SOCIAL RESPONSIBILITY:

During 2023-24, the provisions of Section 135 and Schedule VII of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility) Rules, 2014 were not applicable on the Company. However, the Board of Directors of your Company constituted to comply with the provisions on voluntary basis.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year, your Company has not given any Loan or Guarantees to any parties covered under section 185 except its Subsidiary Companies which have been converted into Capital and the details of investments are given under note 4 and 8 of the Financial Statements. However, the investments made does not exceed the limits as prescribed under Section 186 of the Companies Act, 2013.

VIGIL MECHANISM (WHISTLE BLOWER POLICY):

In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 read with Rule 7 of the Companies (Meeting of Board and its Powers) Rules, 2014 and Regulations 34 (3) and 53 (f) of SEBI (LODR) Regulations, 2015, a Vigil Mechanism for directors and employees to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Companys code of conduct or ethics policy has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company.

During the year under review no complaint was received by the Audit Committee under the Whistle Blower Policy.

RISK MANAGEMENT:

The Company has a well-defined Risk Management Policy in place, under which the management maintains close and continuous oversight of both domestic and international markets relevant to the Companys products and raw material requirements. This includes monitoring socio-economic developments, global trade dynamics, and currency fluctuations to proactively identify and mitigate potential risks.

The Board of Directors is regularly apprised of key risk exposures, along with the corresponding assessment and mitigation strategies. The Board, in turn, provides guidance and approves appropriate plans for risk minimization and ensures that necessary steps are taken for effective implementation and monitoring of these plans.

At present, there are no risks identified by the Board that are deemed to threaten the Companys existence. However, the Company, in its normal course of business, continues to manage operational risks such as fluctuations in foreign exchange rates and raw material prices, which are monitored and addressed on an ongoing basis.

MATERIAL CHANGES AND COMMITMENTS:

No material changes or commitments which may affect the financial position of the Company have been occurred between the end of the financial year of the Company and the date of this report.

INDIAN ACCOUNTING STANDARDS:

Your Company has adopted Indian Accounting Standards (Ind- AS) with effect from 1^st April, 2017 pursuant to Ministry of Corporate Affairs notification dated 16^th February, 2015 notifying the Companies (Indian Accounting Standards) Rules, 2015.

BOARD EVALUATION:

In line with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors conducts an annual evaluation of its own performance, that of its Committees, and of individual Directors.

The performance of the Board as a whole, the Chairman of the Company and the Whole Time Directors are evaluated linking it with the periodical performances of the Company, role of the Board towards achievement of the said performances, the future plans as set out from time to time and their devotion towards implementation and management of the growth parameters of the Company.

The performance of Non-Executive and Independent Directors is evaluated on parameters such as their contribution to corporate governance practices, commitment to transparency, quality of deliberations, and the value they bring in supporting the Companys strategic direction.

The Committees of the Board are assessed based on the extent to which they have achieved their defined roles and responsibilities, as set out in their respective charters, and their effectiveness in adding value to the Boards overall functioning.

RELATED PARTY TRANSACTIONS:

During the year no contracts / arrangements were entered / renewed by the Company with related parties in terms of the provisions of Section 188(1) of the Companies Act, 2013.

All the transactions with the related parties entered during the year 2024-25 were in the ordinary course of business, on arms length basis and as per the approval of the Audit Committee. Further, no material related party transaction was entered during the year under review.

Disclosure as required under section 134(3)(h) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, in form AOC-2, is not applicable as all the contracts entered by the Company during the year are on arms length basis and there was no material contract or arrangement.

The policy to deal with the related party transactions is uploaded on the companys website. The weblink of the same is https://www.kanplas.com/en/policies

COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Company follows a well-balanced governance framework, ensuring an appropriate mix of Executive and Independent Directors to uphold the independence of the Board and to clearly demarcate the roles of governance and management.

In compliance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has duly constituted a Nomination and Remuneration Committee. This Committee plays a pivotal role in shaping the structure and composition of the Board and leadership team. Its key responsibilities include:

1. Evaluating the need for changes in the composition and size of the Board based on the evolving requirements of the business;

2. Recommending and reviewing the remuneration of the Managing Director and Whole-time Directors, taking into consideration their individual performance and the overall performance of the Company;

3. Framing and reviewing the remuneration policy for Directors, Key Managerial Personnel (KMPs), and senior management personnel, aligned with the performance of the Company, industry benchmarks, and good governance practices.

The Remuneration Policy, which outlines the criteria for selection, appointment, and compensation of Directors, KMPs, and senior-level employees, is annexed to this Report as Annexure E.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE.

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

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to clause (c) of sub-section 3 of Section 134 of the Companies Act, 2013, the Board of Directors of the Company hereby state and confirm that: -

i) in the preparation of the Annual Accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

ii) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period;

iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors had prepared the Annual Accounts of the Company on a going concern basis.

v) The directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

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

ACKNOWLEDGEMENT:

Your Directors express their sincere gratitude to the Companys bankers, government authorities, esteemed customers, business associates, and all other stakeholders for their continued support, trust, and encouragement during the year.

The Board also places on record its deep appreciation for the dedicated efforts, commitment, and hard work of all employees—officers, staff, and workmen—whose contributions have been instrumental in driving the consistent growth and success of the Company.

Lastly, the Board extend their heartfelt thanks to the shareholders for their continued confidence, trust, and unwavering support in the Companys vision and journey.

	For and on behalf of the Board of Directors
		Kanpur Plastipack Limited
	(Shashank Agarwal)	(Manoj Agarwal)
	Deputy Managing Director	Chairman Cum Managing Director
	DIN: 02790029	DIN:00474146
Place: Kanpur
Date: 13th August, 2025