Kilburn Engineering Ltd Directors Report

For The Financial Year Ended 31st March, 2024

The Directors of your Company are pleased to present the 36th Annual Report together with Audited Financial Statements for the financial year ended 31st March, 2024.

FINANCIAL HIGHLIGHTS

Rs in lakhS

Financial Results	Year ended 31st March, 2024 (Standalone)	Year ended 31st March, 2023 (Standalone)
Revenue from Operations	29,321	22,153
Total Expenses (excluding finance cost & depreciation)	22,835	18,686
Profit from Operations before Depreciation, Finance cost and Tax	6,487	3,468
Other Income	338	1,466
Finance Costs	944	792
Depreciation & Amortization Expenses	331	265
Profit Before Tax	5,548	3,877
Tax Expenses	1,581	863
Profit/(Loss) for the Year	3,967	3,014

STATE OF COMPANYS AFFAIRS

Revenue from Operations for the year under review increased to Rs 29,321 Lakhs as against Rs 22,153 Lakhs for the previous year registering an increase of 32.36%. Profit from Operations before Depreciation, Interest and taxation excluding other income was higher by Rs 3,019 Lakhs. Profit after taxation stood at Rs 3,967 Lakhs against Rs 3,014 Lakhs in the previous year.

TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to general reserves for the financial year ended March 31, 2024.

DIVIDEND

The Board is pleased to recommend a final dividend of Rs 2/- per share for the Financial Year 2023-24. The dividend payout is subject to approval of members at the ensuing Annual General Meeting.

The Register of Members and Share Transfer Books will remain closed from 14-09-2024 to 20-09-2024 (both days inclusive) for the purpose of payment of dividend for the financial year ended March 31, 2024.

SHARE CAPITAL

The issued, subscribed and paid-up equity share capital as on March 31, 2024 was Rs 41,82,03,580/-

The Company on April 21, 2023, issued and allotted by way of Preferential Issue, 34,50,000 warrants convertible into equivalent number of Equity Shares of the Company at an issue Price of Rs 80/- (including premium of Rs 70/- each) to the persons belonging to Public and promoter Category. The Company

has received 6,90,00,000/- towards 25% of issue price as application money.

Further, the Company on April 21,2023 also issued and allotted by way of Preferential Issue 5,50,000 equity shares of 10/- each at a premium of 70/- per share to the persons belonging to Public Category amounting to 4,40,00,000/-.

Your Company has issued and allotted 12,11,764 equity shares of face value of 10/- each, at a premium of 24/- per share, pursuant to the exercise and conversion of 12,11,764 convertible warrants on June 19, 2023 out of total 12,11,764 outstanding warrants issued in the year FY 2021-22.

During the year 2023 - 24, Company had allotted by way of preferential issue, 28,50,000 equity shares at an issue price of Rs 166/- (including premium of Rs 156/- each) to allottees belonging to public category for cash consideration and 14,00,000 equity shares at same issue price to Mr. Kalathil Vijaysanker Kartha for non-cash consideration. Company also issued 39,50,000 convertible warrants at an issue price of 166/- (including premium of 156/- each) to allottees belonging to public category for cash consideration on receipt of 25% of issue price as application money.

As on March 31, 2024, 74,00,000 warrants are outstanding.

MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND DATE OF THE BOARD REPORT

a) The Company has signed a binding term sheet on July 12, 2024, for the acquisition of a prime Factory

Unit located at Plot No. B/78/1, M.I.D.C, Anand Nagar, Additional Ambernath Industrial Area, Ambernath (East) - 421 506, Thane, Maharashtra. The strategic move marks a significant milestone in Kilburns growth trajectory, reinforcing its commitment to expanding manufacturing capabilities and enhancing operational efficiencies. The proximity of the acquired unit to Kilburns existing operations is expected to yield synergistic benefits and optimise production processes.

b) Subsequently, your Company has also issued and allotted 14,00,000 equity shares of face value of 10/- each, at a premium of 70/- per share, pursuant to the exercise and conversion of 14,00,000 convertible warrants on July 19, 2024.

c) The Company has signed binding term sheet on 21^st August, 2024, for proposed acquisition of 100% paid up capital of Monga Strayfield Private Limited. The proposed acquisition of Monga Strayfield will significantly augment Kilburns drying solutions portfolio, adding new capabilities in radio frequency drying and heating, while expanding its reach into industries such as textiles and packaged foods. Additionally, Monga Strayfields expertise in sheet metal fabrication offers a separate vertical that strengthens Kilburns position in international markets.

OPERATIONAL REVIEW & STATE OF THE COMPANYS AFFAIRS

As you are aware your company is primarily engaged in Designing, Manufacturing & Commissioning Customized / Critical Equipment/Systems for critical applications across a wide range of industries.

Process Equipment (PE): An improved economic environment led to a substantially higher inflow of orders as compared to the previous year.

Some of the orders which have been received and which were and are being executed during the year under review are :

• Rotary Kiln for Hydrogen Fluoride

• Super Heater for steel industry

• Fluid Bed Dryers for CPVC (Chlorinated Polyvinyl Chloride) and HDPE (High Density Polyethylene) .

• Paddle Dryer for Palm Oil Sludge

• Metal Extraction Plant Food Processing Equipment

During the year under review we have bagged a total of 67 orders in the domestic market and 5 from overseas Market for tea dryers and 2 overseas orders for Continuous Withering Machine.

Order Booking

The total order booking during the year was Rs 275 Crores (previous year Rs 354 Crores) and total unexecuted orders as on 31^st March, 2024 stood at Rs 227 Crores (previous year Rs 246 Crores)

ACQUISITION OF M. E ENERGY PRIVATE LIMITED

During the year Kilburn acquired 100% stake in M. E Energy Private Limited, a distinguished leader in waste heat recovery (WHR) and waste heat reutilization systems . The acquisition was completed on February 20, 2024 and accordingly M.E Energy Private Limited became a wholly owned subsidiary of the Company with effect from the above date. This acquisition is a decisive step for Kilburn to emerge as a comprehensive solution provider in the field of thermal engineering and heat recovery systems. By integrating M.E Energys expertise, Kilburn aims to enhance its product offering for its existing diverse client base while gaining access to new industries and clients.

HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Your Company has no Holding Company / Associate Company. As on 31^st March, 2024, Firstview Trading Private Limited holds 1,32,28,553 (31.63 %) shares of your company and therefore your company can be termed as an associate Company of Firstview Trading Private Limited within section 2(6) of the Companies Act, 2013. Pursuant to acquisition, M.E Energy Private Limited has become a wholly owned subsidiary of the Company w.e.f. 20^th February, 2024.

M.E Energy Private Limited is a material subsidiary of the Company as per the thresholds laid down under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), as amended from time to time.

Pursuant to SEBI Listing Regulations, the Companys Policy on determining material subsidiaries is uploaded on the Companys website and can be accessed at https://www.kilburnengg.com/ wp-content/themes/kilburn/pdf/policy/policy-on-determining- subsidiary.pdf.

CONSOLIDATED FINANCIAL STATEMENT

The consolidated financial statement include a revenue of 36 crores and profit before tax of 11 crores, attributable to the subsidiary for the period from 21^st February, 2024 to 31^st March, 2024.

A statement in Form AOC-1 containing the salient features of the subsidiary company is attached to the Financial Statements in Annexure IX and forms part of this report. The separate audited accounts of the said company is available on the website of the Company. The Annual Report includes the audited Consolidated Financial statements prepared in compliance with Companies Act, 2013 and the applicable Indian Accounting Standards of the subsidiary. The Consolidated Financial Statements shall

Kilburn Engineering Limited / Annual Report 2023-24 be laid before the ensuing 36^th Annual General Meeting of the Company along with the laying of the Standalone Financial Statements of the Company.

FUTURE OUTLOOK

Your Company operates primarily in two divisions viz. Process Equipment and Tea Drying Equipment. The company remains optimistic about the future , buoyed by a healthy order book and inflowing inquiries .

A detailed review of the outlook of each division is incorporated in the Management Discussion and Analysis Report in Annexure I which forms part of this Report.

CHANGE IN THE NATURE OF BUSINESS

During the year there was no change in nature of business.

COMMITTEES OF THE BOARD

The Board of Directors has the following Committees:

a) Audit Committee

b) Nomination and Remuneration Committee

c) Stakeholders Relationship Committee

d) Corporate Social Responsibility Committee

The details of the requisite Committees of the Board along with their composition, number of meetings and attendance at the meetings are provided in the Report on Corporate Governance

AUDITORS & AUDIT REPORT

a) Statutory Auditors: M/s V. Singhi & Associates, Chartered Accountants (FRN :311017E) were appointed as Statutory Auditors for a tenure of five years, at the AGM held on 13.08.2019 upto AGM to be held in 2024. The Board on the recommendation of Audit Committee have approved the re-appointment of M/s V. Singhi & Associates, Chartered Accountants for a further term of five years from the conclusion of this AGM upto AGM to be held in 2029.

Further, on the recommendation of the Audit Committee, the Board of Directors have re-appointed M/s. Bhide & Bhide, Chartered Accountants, as an Internal Auditor of the Company for Financial Year 2024-25.

c) Cost Auditors : Your Company appointed M/s. D. Sabyasachi & Co. (FRN : 00369) Cost Accountants as Cost Auditors of the Company for the Financial Year 2023-24 and their re-appointment is proposed for 2024-25 at the remuneration set out in the notice of AGM and explanatory statement thereto.

The Provisions of Section 148(1) of the Act continue to apply to the Company and accordingly the Company has maintained cost accounts and records in respect of the applicable products for the year ended March 31, 2024.

d) Secretarial Auditors : M/s. Nitin Sharma & Associates, Practising Company Secretaries, Thane were appointed as secretarial auditor of the Company for the Financial Year 2023-24, as required under section 204 of the Companies Act, 2013 read with the applicable rules. The Secretarial Audit Report for 2023-24 forms part of the Annual Report as Annexure - VI.

As per regulation 24A(1) of SEBI Listing Regulations, a listed company is required to annex a secretarial audit report of its material unlisted subsidiary to its Annual Report. The secretarial audit report of M. E Energy Private Limited, a material subsidiary for FY2024 is annexed as Annexure - VII and forms part of this Annual Report. Further, on the recommendation of the Audit Committee, the Board of Directors have re-appointed M/s. Nitin Sharma & Associates, Practising Company Secretaries, as Secretarial Auditor for the Financial Year 2024-25.

Explanations or comments by the Board on every qualification, reservation or observations made by the Secretarial Auditor

The observations of Secretarial Auditor as per audit report in Form MR-3 attached herewith are self explanatory, and Company has established necessary systems to ensure timely compliance with the applicable statutory provisions in future.

DECLARATION AS PER SECTION 134(3)(CA) OF THE COMPANIES ACT, 2013

During the year, the statutory auditors and secretarial auditor have not reported any instances of frauds committed by or against the Company by its Directors/ Officers/ Employees to the Audit Committee or Board under section 143(12) of the Companies Act, 2013 and rules made thereof. Therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Act.

Your Company has received a letter from M/s V. Singhi & Associates, Chartered Accountants communicating their eligibility and consent to accept the office, if re-appointed, to act as a Statutory Auditor of the Company with a confirmation that, their appointment, if made, would be within the limits prescribed under the Companies Act, 2013.

Statutory Audit Report for FY 2023-24, has an unmodified opinion.

b) Internal Auditors : M/s. Bhide & Bhide, Chartered Accountants were appointed as Internal Auditors by the Board of Directors for 2023-24 and they have conducted internal audits periodically and submitted their reports to the Audit Committee. Their reports have been reviewed by the Statutory Auditors and the Audit Committee.

SECRETARIAL STANDARDS

Your Company is in compliance with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India, for the financial year ended March 31, 2024.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provision of Section 134 (5) of the Companies Act, 2013, the Board of Directors of your Company hereby confirms for the financial year 2023-24:

a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

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

c) that the Directors 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;

d) that the Directors have prepared the annual accounts on a going concern basis.

e) that 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.

f) that 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.

MANAGEMENT DISCUSSION & ANALYSIS

A separate report on Management Discussion & Analysis is appended to the Annual Report as Annexure “I” and forms part of this Directors Report;

CORPORATE GOVERNANCE

Report on Corporate Governance has been attached herewith as Annexure - II pursuant to the provisions of Regulation 34(3) and 53(f) read with schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

EMPLOYEE RELATIONS

Employee relations remained cordial throughout the year.

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

The information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as required to be disclosed pursuant to Section 134 (3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, as amended, is appended to this Annual Report as Annexure VIII and forms part of this Directors Report.

ADEQUACY OF INTERNAL CONTROL SYSTEM WITH RESPECT TO THE FINANCIAL STATEMENTS

The Company has a comprehensive system of internal control which is being strengthened. The internal control system is also subject to review by auditors. The Company has appointed a firm of auditors for conducting internal audit periodically and the report is considered by the Audit Committee of the Board headed by a Non-executive Independent Director.

The Companys internal control systems are commensurate with the nature of its business, and the size and complexity of its operations and such internal financial controls concerning the Financial Statements are adequate. Further, Statutory Auditors in its report expressed an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls.

DIRECTORS

Pursuant to the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014, Mr. Amritanshu Khaitan (DIN : 00213413) and Mr. Aditya Khaitan ( DIN : 00023788) retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment.

Your Board recommends the re-appointment of the above Directors. Additional Information on director recommended for re-appointment as required under Regulation 36 (3) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 is given in the Notice convening Annual General Meeting.

The office of Mr. Vasumitra Sharma (DIN : 09177255), Non - Executive Director has been vacated due to his death on 10^th August, 2023.

Appointment of Mr. Kalathil Vijaysanker Kartha (DIN : 00176616) as a Non-executive, Non-Independent Director w.e.f. 1^st June, 2024 and Re-appointment of Mr. Amitav Roy Choudhury (DIN: 08501895) as an Independent Director for his second term of five years w.e.f. 29^th May, 2024 is

proposed for the approval of Members of the Company by way of postal ballot, the results of which will be declared on or before 30^th August, 2024.

Mr. Mahesh Shah (DIN: 00405556) was re-appointed as an Independent Director for a second term of three years w.e.f. 13^th August, 2024, subject to the approval of members at the ensuing Annual General Meeting.

DECLARATIONS BY INDEPENDENT DIRECTORS

Necessary declarations from all the Independent Directors of the Company, confirming that they meet the criteria of independence as prescribed, have been received.

The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise in the fields of science and technology, digitalization, human resources, strategy, auditing, tax and risk advisory services, financial services, corporate governance, etc. and that they hold highest standards of integrity.

KEY MANAGERIAL PERSONNEL

During the year 2023-24, following officials continued as Key Managerial Personnel, pursuant to section 203 of The Companies Act, 2013 :

i. Mr. Ranjit Pamo Lala, Managing Director

ii. Mr. Anil S. Karnad, Wholetime Director (operations)

iii. Mr. Sachin J. Vijayakar, Chief Financial Officer

iv. Mr. Arvind Bajoria, Company Secretary

BOARD EVALUATION

Securities Exchange Board of India (SEBI) vide its circular no. SEBI /HO /CFD /CMD /CIR /P /2017/004 dated 5^th January, 2017 had issued a guidance note on Board Evaluation which inter alia contains indicative criterion for evaluation of the Board of Directors, its Committees and the individual members of the Board.

The Nomination and Remuneration Committee of the Board of the Company has devised a policy for performance evaluation of the Directors, Board and its Committees, which includes criteria for performance evaluation.

Pursuant to the new Evaluation Framework adopted by the Board, the Board evaluated the performance of the Board, its Committees and the Individual Directors for the financial year 2023-24. After the evaluation process was complete, the Board was of the view that

the performance of the Board as a whole was adequate and fulfilled the parameters stipulated in the evaluation framework. The Board also ensured that the Committees functioned adequately and independently in terms of the requirements of the Companies Act, 2013 and the Listing Regulations and at the same time supported as well as coordinated with the Board to help in its decision making. The individual Directors performance was also evaluated and the Board was of the view that the Directors fulfilled their applicable responsibilities and duties as laid down by the Listing Regulations and the Companies Act, 2013 and at the same time contributed with their valuable knowledge, experience and expertise to grab the opportunity and counter the adverse challenges faced by the Company during the year.

A separate meeting of the Independent Directors was also held for the evaluation of the performance of NonIndependent Directors and the performance of the Board as a whole.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has complied with the applicable provisions of Section 186 of the Act during the year.

Pursuant to Section 186 of the Act, details of the Investments & loans made by the Company are provided in Note no. 5a & 5b of the Standalone Financial Statement.

RELATED PARTY TRANSACTIONS

Your Board has developed and approved a Related Party Transactions Policy for purposes of identification and monitoring of related party transactions and the same has been displayed on the Companys website at https://www.kilburnengg.com/wp-content/themes/ kilburn/pdf/policy/related-party-transaction-policy.pdf.

The Statement in Form AOC - 2 containing the details of the Related Party Transactions pertaining to contracts with Related Parties forms a part of this Report as Annexure - X .

MANAGERIAL REMUNERATION

Details of the ratio of the remuneration of each director to the median employees remuneration and other details as required pursuant to Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as per Annexure - XI. Mr. Ranjit Pamo Lala, Managing Director and Mr. Anil S. Karnad, Whole Time Director (operations) are the only Executive Directors in receipt of remuneration during 2023- 24, and remuneration details are available in the corporate governance details attached to this Directors Report. The details of employee remuneration as required under provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available on the website of the Company and can be accessed at: https://www.kilburnengg.com/wp-content/themes/ kilburn/pdf/policy/remuneration-policy.pdf

VIGIL MECHANISM

The Company has formulated a vigil mechanism for Directors and employees of the Company to report concerns about unethical behaviour, actual or suspected fraud or violation of the companys code of conduct or ethics policy. The Vigil Mechanism Policy is available on the website of Company and can be accessed at http:// www. kilburnengg.com/company-policy- main.

REMUNERATION POLICY

The Company has formulated a Remuneration Policy for Directors, Key Managerial Personnel and employees of the Company to ensure that adequate remuneration paid to attract, retain and motivate the senior management employees to run the company successfully. The Policy is available on the website of the Company at http:// www.kilburnengg. com/company-policy-main/ and also annexed herewith as Annexure - V.

RISK MANAGEMENT

Directors have adopted risk management policy to identify the risks involved in all activities of the Company. The main objective of this policy is to ensure sustainable business growth and to promote a pro-active approach in identifying, reporting, evaluating and mitigating risks associated with the business. The policy guides the board in identification of various business risks and to take appropriate steps to mitigate the same.

CORPORATE SOCIAL RESPONSIBILITY

The Company has constituted Corporate Social Responsibility (CSR) Committee in compliance with provisions of Section 135 of the Companies Act 2013 and SEBI Listing Regulations, with Mr. Amritanshu Khaitan (Chairman), Mr. Shourya Sengupta (Member) and Mr. Amitav Roy Choudhury (Member). The CSR Committee laid down the CSR policy of the Company which can be accessed at https://www.kilburnengg.com/wp-content/ themes/kilburn/pdf/policy/csr-policy.pdf. The Company made a total CSR expenditure amounting to . 28.00 Lakhs during the FY 2023-24. The details of said expenditure are given in Annual Report on CSR Activities, attached herewith as Annexure - IV in the form prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014.

EXTRACT OF THE ANNUAL RETURN

As per the provisions of Section 92 (3) and Section 134(3) of the Companies Act, 2013 and Rule 12 of Companies (Management and Administration) Rules, 2014 as amended from time, the Annual return of the Company for the year 2023 - 24 has been uploaded on the website of the Company at http://www.kilburnengg.com/

CREDIT RATING

The credit ratings awarded for credit facilities availed by the Company have been upgraded from ACUITE BBB - / A3 to ACUITE BBB / A3+ on May 22, 2024 by Acuite Ratings & Research Limited

MEETINGS OF THE BOARD

During the financial year ended March 31, 2024, Five Board Meetings were held. The details of which are given in the Corporate Governance Report forming part of the Annual Report. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

TRANSFER OF UNCLAIMED DIVIDEND AMOUNT AND SHARES TO INVESTOR EDUCATION AND PROTECTION FUND, WHERE NECESSARY

In accordance with the provisions of Sections 124, 125 and other applicable provisions, if any, of the Act, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as “IEPF Rules”) (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), the amount of dividend remaining unclaimed or unpaid for a period of seven years from the date of transfer to the Unpaid Dividend Account is required to be transferred to the Investor Education and Protection Fund (“IEPF”) maintained by the Central Government. Further, according to the IEPF Rules, the shares in respect of which dividend has not been paid or claimed by the Shareholders for 7 (Seven) consecutive years or more are also required to be transferred to the demat account created by the IEPF Authority.

The details of the past unclaimed dividends are available on the Companys website at www.kilburnengg.com

The details of proposed transfer of unclaimed amount and corresponding shares to Investor Education and Protection Fund are given in the Corporate Governance Report forming part of this Annual Report.

The Company has appointed Mr. Arvind Bajoria, Company Secretary as the Nodal Officer for the purpose of coordination with Investor Education and Protection Fund Authority. Details of the Nodal Officer are available on the website of the Company at www.kilburnengg.com

OTHER DISCLOSURES During the year under review:

a. Your Company has constituted an Internal Committee (IC) to consider and resolve all sexual harassment complaints reported by women employees. The constitution of IC is as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There were no complaints reported or cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

b. Your Company has not accepted any deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

c. There were no significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

d. Except as disclosed elsewhere in the Report, there have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report.

e. Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

• There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

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

• There was no revision in the previous financial statements of the Company.

COLLABORATORS

The Directors place on record its sincere appreciation to all its Collaborators for extending their valuable support and co-operation.

ACKNOWLEDGEMENT

The Directors wish to convey their appreciation to their Customers, Bankers, Dealers, Suppliers, Stock Exchanges, Government and all other Stakeholders for the excellent assistance and cooperation. The Directors also thank all the employees of the Company for their valuable service and support during the year.

For and on behalf of the Board

	Manmohan Singh
Place : Kolkata	Chairman
Date : 27th August, 2024	(DIN : 00699314)