Mangalam Alloys Ltd Directors Report

DEAR MEMBERS,

Your directors are pleased to present the 37^th Annual Report of the Company covering the operating and financial performance together with the Audited Standalone Financial Statements and the Auditors Report thereon for the Financial Year ended on March 31, 2025.

FINANCIAL RESULTS AND OPERATIONS REVIEW:

The financial highlights of the Company during the period ended March 31, 2025 are as below:

Particulars	Financial Year 2024-25	Financial Year 2023-24
Revenue from operations (Net)	4,31,47,12,639	3,04,55,21,598
Other income	2,04,56,594	57,19,586
Total Revenue	4,33,51,69,232	3,05,12,41,184
Profit/loss before depreciation, Finance, Costs, Exceptional items and Tax Expense	54,94,23,057	34,89,73,724
Less: Depreciation expense	7,55,61,013	7,17,69,075
Profit/loss before Finance, Costs, Exceptional items and Tax Expense	47,38,62,045	27,72,04,649
Less: Finance costs	26,34,73,710	19,69,19,231
Profit/Loss before Exceptional Items,	21,03,88,334	8,02,85,418
Extraordinary Items and Tax Expense
Less: Exceptional Items	(1,05,688)	0
Profit/Loss before Extraordinary Items	21,04,94,022	8,02,85,418
Less: Extraordinary Items	0	0
Profit/ (Loss) before tax	21,04,94,022	8,02,85,418
Less: Tax expense:
(a) Current tax expense	5,44,29,352	1,12,48,768
(b) Deferred tax	2,25,10,513	(4,56,64,396)
Profit / (Loss) for the year (1)	13,35,54,157	11,47,01,046

During the year under review on the basis of Financial Statement the Companys revenue from operations during the financial year ended 31^st March, 2025 were Rs.4,31,47,12,639./-as against Rs.3,04,55,21,598/-of the previous year representing Increase of approximately about 41.67% over the corresponding period of the previous year with total expenses of Rs. 4,12,47,80,898/-(previous year of Rs. 2,97,09,55,766/-). The company has made profit before Exceptional Items of Rs. 21,03,88,334/-as against profit of Rs. 8,02,85,418 in the previous year. The Company has made Net Profit of Rs.13,35,54,157/-as against Rs. 11,47,01,048/-of the previous year representing increase of approximately about 16.43% over the corresponding period of the previous year.

The EPS of the Company for the year 2024-25 is Rs. 5.41/-.

DIVIDEND

The Board of Directors of your company, after considering holistically the relevant circumstances and keeping in view the companys dividend distribution policy, has decided that it would be prudent, not to recommend any Dividend for the year ended on 31^st March, 2025 and the entire surplus be ploughed back to the business to meet the needs for additional finance for capital expenditure.

To bring transparency in the matter of declaration of dividend and protect the interests of investors, the company had adopted a Dividend Policy since listing of its shares. The policy has been displayed on the Companys website www.mangalamalloys.com.

TRANSFER TO RESERVES

During the year under review, Company has not transferred any amount to reserves.

SHARE CAPITAL

During the year under review the Company has not made changes in the paid up share capital as on 31^st March, 2025.The details of the same are mentioned below:

Authorised Share Capital:

The Authorized Share Capital of the Company as on 31^st March, 2025 stood at Rs. 25,00,00,000 /- (Rupees Twenty-Five Crore Only) divided into 2,50,00,000(Two Crore Fifty Lakh) Equity Shares of Rs.10/- (Rupees Ten Only) each. During the year under review the Company has not made any changes in its Authorised share capital.

Paid Up Share Capital:

The issued capital as on March 31, 2025 stood at Rs.24,68,59,270 (Rupees Twenty-Four Crore Sixty-Eight Lakhs Fifty-Nine Thousand Two Hundred Seventy Only) comprising of 2,46,85,927(Two Crore Forty-Six Lakhs Eighty-Five Thousand Nine Hundred Twenty- Seven) equity shares of Rs.10/- (Rupees Ten Only).

ALTERATION OF MEMORANDUM OF ASSOCIATION

During the year under review the Company has not made any changes in the Memorandum of Association of the company.

ALTERATION OF ARTICLES OF ASSOCIATION

During the year under review the Company has not made any changes in the Articles of Association of the company.

DETAILS OF UTILISATION OF FUNDS & STATEMENT OF DEVIATION(S) OR VARIATION(S)

Pursuant to Regulation 32 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations/LODR) read with SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, the company has made disclosure on NSE in statement of Deviation/variation in utilization of funds raised through Initial Public offer from the objects stated in the Prospectus for the year ended on March 31, 2025.

The utilization of funds raised through IPO have been mentioned hereunder:

Mode	Object	Amount Allocated	Amount Utilised as on March 31, 2025
IPO	Issue related expense	443.44	443.44
	Capital Expenditure for Business Expansion	532.68	40.13
	And Research and development
	Working Capital	2700.00	2700.00
	General Corporate Purpose	1225.00	548.50

There was no deviation/variation in the utilization of proceeds as mentioned in the objects stated in the Prospectus dated 14^th September, 2023, in respect of the Initial Public Offering of the Company.

STATE OF COMPANY AFFAIRS

During the year under review, company made Total Income of Rs. 4,33,51,69,232/- as against Rs. 3,05,12,41,184 in the previous year

The Company made net profit of ^13,35,54,157/- as against Rs.11,47,01,046/- in the previous year in the financial statement.

CHANGE IN THE NATURE OF BUSINESS

There is no change in the nature of the business of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this Directors Report.

LISTING WITH STOCK EXCHANGE

The Company has paid requisite annual listing fees to NSE Limited (NSE) where its securities are listed.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the Section 124 applicable provisions of the Companies Act, 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), all the unpaid or unclaimed dividends are required to be transferred to the IEPF established by the Central Government, upon completion of seven (7) years.

Further, according to the Investor Education & Protection Fund ("IEPF") Rules, the shares in respect of which dividend has not been paid or claimed by the Shareholders for seven (7) consecutive years or more shall also be transferred to the demat account created by the IEPF Authority.

Your Company does not have any unpaid or unclaimed dividend or shares relating thereto which is required to be transferred to the IEPF as on the date of this Report.

DEPOSITS

During the year under review, the Company has neither invited nor accepted any deposits from the public under Section 76 read with Chapter V of the Companies Act, 2013 and rules made thereunder.

SUBSIDIARY, JOINT VENTURE (JV) AND ASSOCIATES COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company in terms of Companies Act, 2013.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNELS

Appointment/ Re-Appointment

During the year under review, the company has not appointed any new director on its board.

However, the Company has appointed Mr. Madhusoodan Hariram Kalla (DIN: 06712349) as an Additional Non-Executive (Independent) Director of the Company with effect from 05^th April, 2025.

Mr. Madhusoodan Hariram Kalla (DIN: 06712349) has been regularized as an Independent Director vide Special Resolution passed at the Extra Ordinary General Meeting held on 24^th May, 2025.

Retire by Rotation

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Uttamchand Chandanmal Mehta (DIN: 00153639) is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Your directors recommended his re-appointment on recommendation made by the Nomination and Remuneration Committee.

Cessation

During the year under review, the Company witnessed changes in the composition of its Board of Directors due to the cessation of two Independent Directors:

Ms. Karuna Santoshkumar Khatri, Independent Director, resigned from the position of the Director of the Company with effect from 06^th August, 2024 due to personal reasons. The Board places on record its sincere appreciation for the valuable guidance and contributions made by Ms. Karuna Santoshkumar Khatri during her association with the Company.

Further, Mr. Ghanshyambhai Kishorbhai Patel, Independent Director, ceased to hold office with effect from 24^th March, 2025 due to completion of his tenure as Independent director. The Board expresses its gratitude for his dedicated service and insightful contribution to the deliberations of the Board and its Committees.

The Board acknowledges the contributions made by both Directors and extends its best wishes for their future endeavors.

Independent Directors

The following Directors are independent in terms of Section 149(6) of the Companies Act, 2013:

Mr. Sarat Chandra Pradhan Mr. Madhusoodan Hariram Kalla

*However, Mr. Madhusoodan Hariram Kalla was appointed as Non-Executive Independent Director of the Company with effect from 05^th April, 2025.

Company Secretary

In accordance with the provisions of Section 203 of the Companies Act, 2013 and the applicable rules made thereunder, the Board of Directors, at its meeting held on May 17^th, 2024, appointed Ms. Sonam Pandey as the Company Secretary and Compliance Officer of the Company with effect from the same date to fill the casual vacancy caused by the resignation of Ms. Manmeetkaur Harshdeepsingh Bhatia (Membership No: A49747). Ms. Manmeetkaur Harshdeepsingh Bhatia (Membership No: A49747) resigned from the position of the company secretary and compliance officer with effect from May 15, 2024.

Ms. Sonam Pandey is a qualified Company Secretary and brings with her valuable experience in corporate governance, secretarial compliance, and regulatory affairs. The Board welcomes her to the Company and is confident that her expertise will be instrumental in strengthening the Companys compliance and governance framework.

The Key Managerial Personnel as on 31^st March, 2025:

Mr. Tushar Uttamchand Mehta	- Chairman & Managing Director
Mr. Uttamchand Chandmal Mehta	- Whole Time Director
Ms. MeghaTushar Mehta	- Chief Financial Officer
Ms. Sonam Pandey Officer	- Company Secretary & Compliance

DECLARATIONS OF INDEPENDENT DIRECTORS

The Independent Directors have confirmed that they meet the criteria of independence laid down under Section 149(6) read with Schedule IV of the Act and Regulation 16(1) (b) of the Listing Regulations and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. The board of directors have taken on record the declaration and confirmation submitted by the independent directors after undertaking due assessment of the veracity of the same and is of the opinion that they fulfil the conditions specified in the Act and the Listing Regulations and that they are independent of the management.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, your Directors to the best of its knowledge and ability, confirm that:

(a) In the preparation of the annual accounts for the financial year ended on March 31, 2025, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year March 31, 2025 and of the profit of the Company for that period;

(c) They 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) They have prepared the annual accounts on a going concern basis;

(e) They have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

(f) They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

COMPOSITION OF BOARD AND VARIOUS COMMITTEES AND THEIR MEETINGS

The Board of Directors along with its committees provide leadership and guidance to the Management and directs and supervises the performance of the Company, thereby enhancing stakeholder value.

BOARD OF DIRECTORS:

The Board has a fiduciary relationship in ensuring that the rights of all stakeholders are protected. The Board of Mangalam Alloys Limited comprises of Executive and NonExecutive Directors. Independent Directors are eminent persons with proven record in diverse areas like business, accounting, marketing, technology, finance, economics, administration, etc. The composition of Board of Directors represents optimal mix of professionalism, qualification, knowledge, skill sets, track record, integrity, expertise and diversity. Detailed profile of our directors is available on our website at www.mangalamalloys.com

Composition of Board:

Sr. No. Name of Director	Category	Designation
1. Mr. Tushar Uttamchand Mehta	Executive Director	Managing Director
2. Mr. Uttamchand Chandanmal Mehta	Executive Director	Whole Time Director & Chairman
3. Mrs. Pushpa Uttamchand Mehta	Non-Executive Director	Director
4. Mr. Sarat Chandra Pradhan	Non-Executive Director	Independent Director
5. Mr. Madhusoodan Hariram Talla	Non-Executive Director	Independent Director

Bo a r d Meetings:

The Board of Directors duly met 22 times at regular intervals during the mentioned financial year and in respect of which proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The intervening gap between the two meetings was within the period prescribed under the Companies Act, 2013 and Listing Regulations. The dates on which meetings were held are as follows:

	Name of the Directors
Date of Meeting	Tushar Uttamchand Mehta	Uttamchan d Chandanm al Mehta	Pushpa Uttamchand Mehta	Ghanshyamb hai Kishorbhai Patel	Sarat Chandra Pradhan	Karuna Santoshkumar Khatri
22/04/2024	Yes	Yes	Yes	Yes	Yes	Yes
25/04/2024	Yes	Yes	Yes	Yes	Yes	Yes
03a05/2024	Yes	Yes	Yes	Yes	Yes	Yes
04/05/2024	Yes	Yes	Yes	Yes	Yes	Yes
17k05/2024	Yes	Yes	Yes	Yes	Yes	Yes
18/05/2024	Yes	Yes	Yes	Yes	Yes	Yes
30/05/2024	Yes	Yes	Yes	Yes	Yes	Yes
04a06/2024	Yes	Yes	Yes	Yes	Yes	Yes
24/06/2024	Yes	Yes	Yes	Yes	Yes	Yes
09AJ7/2024	Yes	Yes	Yes	Yes	Yes	Yes
30/07/2024	Yes	Yes	Yes	Yes	Yes	Yes
06/08/2024	Yes	Yes	Yes	Yes	Yes	Yes
13/08/2024	Yes	Yes	Yes	Yes	Yes	NA
26/09/2024	Yes	Yes	Yes	Yes	Yes	NA
04/10/2024	Yes	Yes	Yes	Yes	Yes	NA
29/10/2024	Yes	Yes	Yes	Yes	Yes	NA
09/11/2024	Yes	Yes	Yes	Yes	Yes	NA
14/11/2024	Yes	Yes	Yes	Yes	Yes	NA
25/11/2024	Yes	Yes	Yes	Yes	Yes	NA
18/12/2024	Yes	Yes	Yes	^ Yes	Yes	NA
07/03/2025	Yes	Yes	Yes	Yes	Yes	NA
11/03/2025	Yes	Yes	Yes	Yes	Yes	NA
No of Board Meeting attended	22/22	22/22	22/22	22/22	22/22	12/22

**During the year under review no Extra-Ordinary General Meeting was held. Independent Directors Meetings:

In terms of the provisions of the Schedule IV of the Companies Act, 2013 and Regulation 25 (3) of the Listing Regulations, the Independent Directors of the Company shall meet at least once in a year, without the presence of Executive Directors and members of Management. During the financial year, the Meetings of Independent Directors was held in following manner:

Date of Meeting	Name of Director
	Ghanshyambhai Kishorbhai Patel	Sarat Chandra Pradhan
03/03/2025	Yes	Yes
Number of Independent Directors attended during the year	01/01	01/01

AUDIT COMMITTEE:

The Audit Committee has been constituted by the Board in compliance with the requirements of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. The board of directors has entrusted the Audit Committee with the responsibility to supervise these processes and ensure accurate and timely disclosures that maintain the transparency, integrity and quality of financial control and reporting.

The Company Secretary acts as the Secretary to the Committee. The internal auditor reports functionally to the Audit Committee. The Chief Financial Officer of the Company also attends the meetings as invitee.

Composition of Audit Committee:

Sr. No. Name of Director	Designation	Nature of Directorship
1. Mr. Ghanshyambhai Kishorbhai Patel*	Chairman	Non-Executive Independent Director
2. Ms. KarunaSantoshkumar Khatri*	Member	Non-Executive Independent Director
3. Mr. Sarat Chandra Pradhan	Member	Non-Executive Independent Director
4. Mr. Uttamchand Chandanmal Mehta	Member	Whole-time Director
5. Mr. Madhusoodan Hariram Kalla *	Chairman	Non-Executive Independent Director

Ms. KarunaSantoshkumar Khatri ceased to be member of the committee during the year with effect from 06^th August, 2024. Further Mr. Ghanshyambhai Kishorbhai Patel ceased to be member of the Audit Committee with effect from 24^th March, 2025 and Mr. Madhusoodan Hariram Kalla was appointed in the Committee with effect from 05^th April, 2025.

Audit Committee Meeting:

In terms of the provisions of the Regulation 18(2) (a) of the Listing Regulations, the Audit Committee of the Company shall meet at least four times in a year and in respect of which proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. During the financial year, the Meetings of Audit committee was held in following manner:

	Name of Director
Date of Meeting	Ghanshyambhai Kishorbhai Patel	Sarat Pradhan Chandra	Karuna Santoshkumar Khatri	Uttamchand Chandanmal Mehta
30/05/2024	Yes	Yes	Yes	Yes
30/07/2024	Yes	Yes	Yes	Yes
06/08/2024	Yes	Yes	Yes	Yes
14/11/2024	Yes	Yes	NA	Yes
03/03/2025	Yes	Yes	NA	Yes
Number of Audit Committee Meetings attended during the year	05/05	05/05	02/05	05/05

Financial Reporting and Related Processes:

-Oversight of the Companys financial reporting process and financial information submitted to the Stock Exchanges, regulatory authorities or the public.

-Reviewing with the Management, Audited Annual Financial Statements and Auditors Report thereon before submission to the Board for approval. This would, inter alia, include reviewing changes in the accounting policies and reasons for the same, major accounting estimates based on exercise of judgment by the Management, significant adjustments made in the Financial Statements and / or recommendation, if any, made by the Statutory Auditors in this regard.

-Review the Management Discussion & Analysis of financial and operational performance.

-Discuss with the Statutory Auditors its judgment about the quality and appropriateness of the Company‘s accounting principles with reference to the Accounting Standard (AS).

All the Members of the Audit Committee have the requisite qualification for appointment on the Committee and possess sound knowledge of finance, accounting practices and internal controls.

NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee (NRC) consists of majority of Independent Directors. The Nomination and Remuneration Committee has been constituted by the Board in compliance with the requirements of Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations. The board of directors has entrusted the Nomination and Remuneration Committee with the responsibility to formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel .

Composition of Nomination and Remuneration Committee:

Sr. No Name of Director	Designation	Nature of Directorship
1. Mr. Ghanshyambhai Kishorbhai Patel*	Chairman	Non-Executive Independent Director
2. Mr. Sarat Pradhan Chandra	Member	Non-Executive Independent Director
3. Ms. KarunaSantoshkumar Khatri*	Member	Non-Executive Independent Director
4. Ms. Pushpa Uttamchand Mehta	Member	Non-Executive Director
5. Mr. Madhusoodan Hariram Kalla *	Chairman	Non-Executive Independent

*Ms. Karuna Santoshkumar Khatri ceased to be member of the committee during the year with effect from 06^th August, 2024. Further Mr. Ghanshyambhai Kishorbhai Patel ceased to be member of the Nomination and Remuneration Committee with effect from 24^th March,

2025 and Mr. Madhusoodan Hariram Kalla was appointed in the Committee with effect from 05^th April, 2025.

Nomination and Remuneration Committee Meeting:

In terms of the provisions of the Regulation 19 (3A) of the Listing Regulations, the Nomination and Remuneration Committee of the Company shall meet at least once in a year and in respect of which proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. During the financial year, the Meetings of Nomination and Remuneration Committee was held in following manner:

	Name of Director
Date of Meeting	Ghanshyambh ai Kishorbhai Patel	Sarat Pradhan Uttamchand Mehta Khatri	Pushpa Chandra	Karuna Santoshkumar
17/05/2024	Yes	Yes	Yes	Yes
30/05/2024	Yes	Yes	Yes	Yes
06/08/2024	Yes	Yes	Yes	Yes
14/11/2024	Yes	Yes	NA	Yes
13/03/2025	Yes	Yes	NA	Yes
Number of NRC Meetings attended during the year	05/05	05/05	02/05	05/05

The terms of reference of the Committee inter alia, include the following:

-Succession planning of the Board of Directors and Senior Management Employees;

-Identifying and selection of candidates for appointment as Directors / Independent Directors based on certain laid down criteria;

-Identifying potential individuals for appointment as Key Managerial Personnel and to other Senior Management positions;

-Formulate and review from time to time the policy for selection and appointment of Directors, Key Managerial Personnel and senior management employees and their remuneration;

-Review the performance of the Board of Directors and Senior Management Employees based on certain criteria as approved by the Board.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee ("SRC") considers and resolves the grievances of our shareholders, including complaints relating to non-receipt of annual report, transfer and transmission of securities, non-receipt of dividends/interests and such other grievances as may be raised by the security holders from time to time.

Composition of Stakeholders Relationship Committee:

No Name of Director	Designation	Nature of Directorship
1. Ms. Pushpa Uttamchand Mehta	Chairman	Non-Executive Director
2. Ms. KarunaSantoshkumar Khatri*	Member	Non- Executive Independent Director
3. Mr. Ghanshyambhai Kishorbhai Patel*	Member	Non- Executive Independent Director
4. Mr. Sarat Pradhan Chandra	Member	Non- Executive Independent Director
5. Mr. Madhusoodan Hariram Kalla*	Member	Non- Executive Independent Director

*Ms. Karuna Santoshkumar Khatri ceased to be member of the committee during the year with effect from 06^th August, 2024. Mr. Ghanshyambhai Kishorbhai Patel ceased to be member of the Stakeholders Relationship Committee with effect from 24^th March, 2025 and Mr. Madhusoodan Hariram Kalla was appointed in the Committee with effect from 05^th April, 2025.

Stakeholders Relationship Committee Meeting:

In terms of the provisions of the Regulation 20 (3A) of the Listing Regulations, the Stakeholders Relationship Committee of the Company shall meet at least once in a year and in respect of which proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. During the financial year, the Meetings of Stakeholders Relationship Committee was held in following manner:

Date of Meeting	Name of Director
	Ghanshyambh ai Kishorbhai Patel	Sarat Pradhan Chandra	Karuna Santoshkumar Khatri	Pushpa Uttamchand Mehta
17/05/2024	Yes	Yes	Yes	Yes
30/05/2024	Yes	Yes	Yes	Yes
06/08/2024	Yes	Yes	Yes	Yes
14/11/2024	Yes	Yes	NA	Yes
03/03/2025	Yes	Yes	NA	Yes
Number of SRC Meetings attended during the year	05/05	05/05	02/05	05/05

The terms of reference of the Committee are:

-Transfer/transmission of shares/debentures and such other securities as may be issued by the Company from time to time;

-Issue of duplicate share certificates for shares/debentures and other securities reported lost, defaced or destroyed, as per the laid down procedure;

-Issue new certificates against subdivision of shares, renewal, split or consolidation of share certificates / certificates relating to other securities;

-To approve and monitor dematerialization of shares / debentures / other securities and all matters incidental or related thereto;

-To authorize the Company Secretary and Head Compliance / other Officers of the Share Department to attend to matters relating to non-receipt of annual reports, notices, nonreceipt of declared dividend / interest, change of address for correspondence etc. and to monitor action taken;

-Monitoring expeditious redressal of investors / stakeholders grievances;

-All other matters incidental or related to shares, debenture.

During the year, the Company has given disclosure for Investor Complaints of last three quarters on Stock Exchange and no complaints were received from shareholders. There are no balance complaints. The Company had no share transfers pending as on March 31, 2025.

Ms. Sonam Pandey, Company Secretary of the Company is the Compliance Officer.

CORPORATE SOCIAL RESPONSIBILITY

The objective of the Companys Corporate Social Responsibility (CSR) initiatives is to improve the quality of life of communities through long-term value creation for all stakeholders. The Companys CSR policy provides guidelines to conduct CSR activities of the Company. The salient features of the Policy forms part of the Annual Report on CSR activities annexed to the Boards Report as Annexure V. The Directors of the Company have certified that CSR funds so disbursed for the projects have been utilized for the purposes and in the manner as recommended by the CSR Committee which approved by the Board.

The Company recognizes its obligations to act responsibly, ethically and with integrity in its dealings with employees, community, customers and the environment as a whole. At Mangalam, we know that corporate responsibility is essential to our current and future success as a business. The Company believes it has the greatest opportunity to drive values through CSR initiatives in areas pertaining to Health, Education, Environmental sustainability, Rural development and has committed to improving the quality of life in communities in many years. The CSR Committee confirms that the implementation and monitoring of the CSR Policy, is in compliance with CSR objectives and Policy of the Company.

The Terms of reference of Corporate Social Responsibility Committee shall, inter-alia, include the following:

-To formulate and recommend to the Board, a corporate social responsibility policy which will indicate the activities to be undertaken by the Company in accordance with Schedule VII of the Companies Act, 2013;

-To review and recommend the amount of expenditure to be incurred on the activities to be undertaken by the Company;

-To monitor the corporate social responsibility policy of the Company from time to time;

-Any other matter as the Corporate Social Responsibility Committee may deem appropriate after approval of the Board of Directors or as may be directed by the Board of Directors from time to time pursuant to the provisions of Section 135 of the Companies Act and rules in relation thereto, as amended from time to time.

The Company Secretary to the Company shall act as Secretary to the Corporate Social

Responsibility Committee.

Composition of CSR Committee

Sr. No. Name of Director	Designation	Nature of Directorship
1. Mr. Uttamchand Chandanmal Mehta	Chairman	Whole Time Director
2. Ms. Pushpa Uttamchand Mehta	Member	Non-Executive Director
3. Mr. Ghanshyambhai Kishorbhai Patel*	Member	Non-Executive Independent Director
4. Ms. Karuna Santoshkumar Khatri*	Member	Non-Executive Independent Director
5. Madhusoodan Hariram Kalla*	Member	Non-Executive Independent Director

*Ms. Karuna Santoshkumar Khatri ceased to be member of the committee during the year with effect from 06^th August, 2024. Mr. Ghanshyambhai Kishorbhai Patel ceased to be member of the Corporate Social Responsibility Committee with effect from 24^th March, 2025 and Mr. Madhusoodan Hariram Kalla was appointed in the Committee with effect from 05^th April, 2025.

CSR Committee Meeting

The CSR Committee of the Company shall meet at least once in a year and in respect of which proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. During the financial year, the Meetings of CSR Committee was held in following manner:

Date of Meeting	Name of Director
	Ganshyam bhai Kishorbhai Patel	Pushpa Uttamchand Mehta	Uttamchand Chandanmal Mehta
03/03/2025	Yes	Yes	Yes
Number of CSR Meetings attended during the year	01/01	01/01	01/01

DETAILS OF FRAUD REPORTING BY AUDITOR

During the year under review, there were no frauds reported by the auditors to the Board under section 143(12) of the Companies Act, 2013.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Company has formed Nomination and Remuneration Committee in terms of Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations which has framed Nomination and Remuneration Policy for Directors, Key Managerial Personnel and other Employees which sets out criteria for the remuneration of Directors, Key Managerial Personal (‘KMP) and other employees so as to attract, retain and reward talent who will contribute to our long-term success and thereby build value for the shareholders. The Committee reviews and recommend to the Board of Directors about remuneration for Directors and Key Managerial Personnel and other employee up to one level below of Key Managerial Personnel. The Company does not pay any remuneration to the Non-Executive Directors of the Company other than sitting fee for attending the Meetings of the Board of Directors and Committees of the Board. Remuneration to Executive Directors is governed under the relevant provisions of the Act and approvals.

The Company has devised the Nomination and Remuneration Policy for the appointment, reappointment and remuneration of Directors, Key Managerial. The Nomination and Remuneration Policy is also available on the website of the Company www.mangalamalloys.com in the head of Policies.

For Board of Directors and Senior Management Group, the Board of Directors of the Company has laid down a code of conduct for all the Board Members and Senior Management Group of the Company. The main object of the Code is to set a benchmark for the Companys commitment to values and ethical business conduct and practices. Its purpose is to conduct the business of the Company in accordance with its value systems, fair and ethical practices, applicable laws, rules and regulations. Further, the Code provides for the highest standard of professional integrity while discharging the duties and to promote and demonstrate professionalism in the Company.

All the Board Members and Senior Management Group of the Company have affirmed compliance with the code of conduct for the financial year ended on March 31, 2025 as required by Regulation 26(3) of the Listing Regulations. A declaration signed by the Chairman & Managing Director to this effect is attached as a part of this Annual Report. The code of conduct is also available on the website of the Company www.mangalamalloys.com.

FOR PREVENTION OF INSIDER TRADING

The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 came into effect from May 15, 2015 to put in place a framework for prohibition of insider trading in securities and to strengthen the legal framework thereof. Pursuant to Regulation 8 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the Company has formulated and adopted

-Code of Practices for Prevention of Insider Trading and

-Procedures for Fair Disclosure of Unpublished Price Sensitive Information ("Code of Fair Disclosure") of the Company.

The Code of Practices for Prevention of Insider Trading and Procedures for Fair Disclosure of Unpublished Price Sensitive Information is available on the website of the Company www.mangalamalloys.com.

Further, pursuant to Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the Company has formulated and adopted the Code of Conduct for Prevention of Insider Trading. The Code lays down guidelines and procedures to be followed and disclosures to be made while dealing with the shares of the Company and cautioning them on the consequence of non-compliances. The Company Secretary has been appointed as a Compliance Officer and is responsible for monitoring adherence to the Code. The code of conduct to regulate, monitor and report trading by insiders is also available on the website of the Company www.mangalamalloys.com.

VIGIL MECHANISM

The Company has established a Vigil Mechanism/ Whistle-blower policy in accordance with the provisions of the Companies Act, 2013 and the Listing Regulations. The Company is committed to principles of professional integrity and ethical behaviour in the conduct of its affairs. The Whistle-blower Policy provides for adequate safeguards against victimization of director(s) / employee(s) who avail of the mechanism and also provides for direct access to the Chairperson of the Audit Committee to report actual or suspected unethical behaviour, fraud or violation of the Companys Code of Conduct/ ethics/ principles and matters specified in the Policy.

The Company affirms that in compliance with the Whistle-Blower Policy/ Vigil Mechanism no personnel has been denied access to the Audit Committee. The Compliance officer and Audit Committee is mandated to receive the complaints under this policy. The Board on a yearly basis is presented an update on the whistle blower policy. Whistle Blower policy is available on the website of the Company at www.mangalamalloys.com.The Policy ensures complete protection to the whistle-blower and follows a zero tolerance approach to retaliation or unfair treatment against the whistle-blower and all others who report any concern under this Policy.

During the year under review, the Company did not receive any complaint of any fraud, misfeasance etc. The Companys Whistle Blower Policy (Vigil Mechanism) has also been amended to make employees aware of the existence of policies and procedures for inquiry in

case of leakage of Unpublished Price Sensitive Information to enable them to report on leakages, if any of such information.

BOARD EVALUATION

Pursuant to applicable provisions of the Companies Act, 2013 and the Listing Regulations, the Board, in consultation with its Nomination and Remuneration Committee, has formulated a framework containing, inter alia, the criteria for performance evaluation of the entire Board of the Company, its Committees and individual directors, including Independent Directors. The Board evaluated the effectiveness of its functioning, that of the Committees and of individual Directors.

The Board sought the feedback of Directors on various parameters including:

-Degree of fulfilment of key responsibilities towards stakeholders (by way of monitoring corporate governance practices, participation in the long-term strategic planning, etc.);

-Structure, composition, and role clarity of the Board and Committees;

-Extent of co-ordination and cohesiveness between the Board and its Committees;

-Effectiveness of the deliberations and process management;

-Board/Committee culture and dynamics; and

-Quality of relationship between Board Members and the Management.

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

The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole.

In the Board meeting that followed the meeting of the independent directors and the meeting of Nomination and Remuneration Committee, the performance of the Board, its committees, and individual directors was discussed.

The evaluation process endorsed the Board Members confidence in the ethical standards of the Company, the resilience of the Board and the Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management, and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities and fiduciary duties.

The Board carried out an annual performance evaluation of its own performance and that of its committees and individual directors as per the formal mechanism for such evaluation adopted by the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The exercise of performance evaluation was carried out through a structured evaluation process covering various aspects

of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board by way of individual feedback from directors.

The evaluation frameworks were the following key areas:

1. For Non-Executive & Independent Directors:

-Knowledge

-Professional Conduct

-Comply Secretarial Standard issued by ICSI Duties,

-Role and functions

2. For Executive Directors:

-Performance as leader

-Evaluating Business Opportunity and analysis of Risk Reward Scenarios

-Key set investment goal

-Professional conduct and integrity

-Sharing of information with Board.

-Adherence applicable government law

RISK MANAGEMENT POLICY

The Company is aware of the risks associated with the business. It regularly analyses and takes corrective actions for managing/mitigating the same.

The Company has framed a formal Risk Management Policy for risk assessment and risk minimization which is periodically reviewed to ensure smooth operation and effective management control which is also available on our website www.mangalamalloys.com. The Audit Committee also reviews the adequacy of the risk management framework of the Company, the key risks associated with the business and measure and steps in place to minimize the same.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

Your Company provides equal opportunities and is committed to creating a healthy working environment that enables our Minds to work with equality and without fear of discrimination, prejudice, gender bias or any form of harassment at work place. Your Company has in place Prevention of Sexual Harassment (POSH) policy in accordance with the requirements of the

Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013 which is also available on our website www.mangalamalloys.com.

Further, your company has setup an Internal Complaint Committee ("ICC") at the registered office. ICC has equal representation of men and women.

The composition of internal complaint committee is as follows:

Sr. Name of the Member No	Designation
1. Mr. Bhavesh Suthar	HR Executive
2. Mr. Tushar Uttamchand Mehta	Managing Director
3. Ms. Megha Tushar Mehta	Chief Financial Officer

MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT, 1961:

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks and flexible return-to-work options, as applicable.

The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

AUDITORS

STATUTORY AUDITORS:

M/s KPSJ & Associates LLP, Chartered Accountants (Firm Registration No. 124845W/W100209), were appointed as the Statutory Auditors of the Company at the 31^st Annual General Meeting (AGM) held on 30^th September, 2019 for a period of five years, which concluded in the year 2024. The shareholders, at the ensuing AGM held in 2024, reappointed M/s KPSJ & Associates LLP for a further term of five years commencing from the conclusion of the said AGM.

Subsequently, M/s KPSJ & Associates LLP tendered their resignation from the position of Statutory Auditors of the Company with effect from 10^th February, 2025, citing other professional commitments. Prior to their resignation, the firm duly issued:

• The Audit Report on the financial statements of the Company for the financial year ended 31st March, 2024, dated 30^th May, 2024; and

• The Limited Review Report for the quarter and half-year ended 30^th September, 2024, dated 14^th November, 2024.

To fill the resultant casual vacancy in the office of Statutory Auditor, the Board of Directors appointed M/s Bhupendra J. Shah and Associates, Chartered Accountants (Firm Registration No. 121812W), as the new Statutory Auditors of the Company with effect from 12^th April, 2025. They shall hold the office of the Statutory Auditors of the Company from the date of casual vacancy arise to the conclusion of ensuing Annual General Meeting.

Since the tenure of M/s Bhupendra J. Shah and Associates, Chartered Accountants (Firm Registration No. 121812W) shall going to end in the upcoming AGM, Board of Directors recommend to appoint them for further period of five year in the Annual General Meeting.

The Company has received letter from M/s Bhupendra J. Shah and Associates, Chartered Accountants (Firm Registration No. 121812W), to the effect that their appointments, if made would be within the prescribed limits of Section 139 of the Companies Act, 2013 and that they are not disqualified for such appointment within the meaning of Section 141 of the Companies Act, 2013. A resolution seeking shareholders approval for their appointment forms a part of the Notice.

M/s Bhupendra J. Shah and Associates has audited the financial statements of the Company for the financial year ended 31^st March, 2025 and issued the Audit Report thereon.

There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in the Audit Reports issued by them which call for any explanation/comment from the Board of Directors.

INTERNAL AUDITORS:

In terms of Section 138 of the Companies Act, 2013, M/s. Rathore & Associates (Firm Registration No 132995W) has been appointed on 12^th April, 2025 as the internal auditor of the company for the Financial Year 2024-25 and continues until resolved further. Internal Auditor is appointed by the Board of Directors of the Company on a yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor reports their findings on the Internal Audit of the Company, to the Audit Committee on a half yearly basis. The scope of internal audit is approved by the Audit Committee.

SECRETARIAL AUDITOR

Pursuant to Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has appointed M/s. G R Shah & Associates, Practicing Company Secretaries as Secretarial Auditor of the Company for the financial year ended on March 31, 2025. The Secretarial Audit Report in Form MR-3 for the financial year ended on March 31, 2025 is attached as Annexure -II to the Directors Report and forming part of this Annual Report.

The report of the Secretarial auditor have not made any adverse remarks in their Audit Report except:

a) The Company has not submitted the correct Cash Flow Statement in the Financial Statements as per the Regulation 33 of the SEBI (Regulations), 2015 for the half year ended on 30^th September, 2024.

Reply: The Cash Flow Statement submitted earlier for the half year ended 30^th September, 2024, was inadvertently incorrect due to a clerical error arising from the insertion of an incorrect formula in the Excel sheet. Consequently, an erroneous Cash Flow Statement was filed. The error has since been identified and rectified, and the revised and accurate Cash Flow Statement, prepared in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has now been submitted.

b) The outcome of the Board Meeting held on 06^th August, 2024, was not submitted to the Exchange within the prescribed timeline of thirty minutes.

Reply: The Board Meeting was held on 06^th August, 2024 for re-constitution of committees and resignation of Independent Director which was concluded at 02:30 p.m. but outcome for that was given at 03:47 p.m. due to technical challenges encountered by the secretarial team.

c) The Company did not submit the Financial Results to the Stock Exchange(s) within the prescribed time limit of thirty minutes from the conclusion of the Board Meeting, as mandated under Regulation 30 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reply: The Board Meeting was held on 14^th November, 2024 for approval of the Financial Statements for the half year ended on 30^th September, 2024 concluded on 06:00 p.m. but outcome for that was given on next day i.e. 15^th November, 2024 at 07:06 p.m. due to technical challenges encountered by the secretarial team.

d) The Company has not spent the requisite amount towards its Corporate Social Responsibility ("CSR") obligations for the financial years 2023-24 resulting in a shortfall against the mandated CSR expenditure. Further, the unspent amount has not been transferred to any of the specified funds within the stipulated time frame, as prescribed under Section 135 of the Companies Act, 2013 and the rules made thereunder.

Reply: The Company will spend the required amount as per Section 135 of the Companies Act, 2013 in the near future.

e) The Board of Directors did not appoint a Statutory Auditor within 30 days of the resignation of the previous auditor, as required under Section 139(8) of the Companies Act, 2013. Furthermore, the casual vacancy caused by such resignation was not filled by the members of the Company within 3 months from the date of recommendation by the Board, as mandated by the said provisions.

Reply: The Board was actively evaluating prospective audit firms during this period and was in negotiation with them to ensure the appointment of an auditor who could meet the Companys specific audit requirements. However, this process took longer than expected, resulting in a delay in both Board-level appointment within 30 days of resignation and subsequent approval by the shareholders within the stipulated period.

DIRECTORS RESPONSE ON AUDITORS QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMER MADE

There is a no qualification or Disclaimer of Opinion in the Auditors Report on the Financial Statements to the shareholders of the Company made by the Statutory Auditors in their Auditors Report.

SECRETARIAL STANDARDS

The Company has devised proper systems to ensure compliance with Secretarial standards and its provisions and is in compliance with the same.

ANNUAL RETURN

In accordance with Sections 134(3) (a) & 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the annual return in Form No. MGT-7 for the financial year 2024-25 will be available on the website of the Company (www.mangalamalloys.com). The due date for filing annual return for the financial year 2024-25 is within a period of sixty days from the date of annual general meeting. Accordingly, the Company shall file the same with the Ministry of Corporate Affairs within prescribed time and a copy of the same shall be made available on the website of the Company (www.mangalamalloys.com) as is required in terms of Section 92(3) of the Companies Act, 2013.

CORPORATE GOVERNANCE REPORT

The Equity Shares of the Company are listed on the SME platform (NSE-emerge) of NSE Limited.

Pursuant to Regulation 15(2) SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 the compliance with the Corporate Governance provision as specified in Regulation 17 to 27 and clause (b) to (i) of sub regulations (2) of regulation 46 and par as C,

D and E of Schedule V of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 shall not apply.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report as required under Regulation 34(2)(e) read with Schedule V Part B of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations, 2015") is annexed herewith as Annexure I.

PARTICULARS OF LOANS, GUARANTEE OR INVESTMENT

Details of the loans and investments covered under Section 186 of the Act are given in the notes to the financial statement of the Company forming part of this Annual Report. The Company has not given any guarantee and provided security under Section 186 of the Companies Act, 2013 during the year under review.

LOANS FROM DIRECTOR/ RELATIVE OF DIRECTOR

The balances of monies accepted by the Company from Directors/ relatives of Directors at the beginning of the year were Rs.1, 00, 19,110/- and at the close of year was Rs.5, 44, 48,209/-. The Funds has been given out of Directors own Funds and is not being given out of funds acquired by borrowing from others.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All Related Party Transactions that were entered during the financial year ended on 31^st March, 2025 were on an arms length basis and in the ordinary course of business and is in compliance with the applicable provisions of the Act. There were Related Party Transactions made by the Company during the year that required shareholders approval.

The Company has entered into related party transactions which fall under the scope of Section 188(1) of the Act. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act in Form AOC 2 are given in Annexure III of this Director Report for the F.Y 2024-25.

Details of other related party transactions have been included in Note-26 of Significant Account Policies to the standalone financial statements.

The Policy on the Related Party Transactions is available on the Companys website at www.mangalamalloys.com.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has laid down the set of standards, processes and structure which enables to implement internal financial control across the Organization and ensure that the same are adequate and operating effectively. To maintain the objectivity and independence of Internal Audit, the Internal Auditor reports to the Chairman of the Audit Committee of the Board.

The Internal Auditor monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with the operating systems, accounting procedures and policies of the Company. Based on the report of Internal Auditor, the Company undertake the corrective action in their respective areas and thereby strengthen the Control. Significant audit observation and corrective actions thereon are presented to the Audit Committee of the Board.

PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as follows:

1. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the financial year:

Name	Ratio to median remuneration	% increase in remuneration in the financial year
Mr. Uttamchand Chandanmal Mehta	8.64	-27.78%
Mr. Tushar Uttamchand Mehta	17.95	2.86
Ms. Megha Tushar Mehta	9.97	3.45
Ms. Sonam Pandey	0.69

1. The percentage increase in the median remuneration of employees in the financial year: 7.76%

2. The number of permanent employees on the rolls of Company: 279

3. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

4. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms that the remuneration is as per the remuneration policy of the Company.

The statement containing names of top five employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is not applicable to the Company.

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

As required by the provisions of Section 134(3) (m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 the relevant data pertaining to conservation of Energy, Technology Absorption, Foreign exchange earnings is attached with Annexure IV.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURTS/REGULATORS

During the year under review, there were no significant and/or material orders passed by any Court or Regulator or Tribunal, which may impact the going concern status or the Companys operations in future.

INDUSTRIAL RELATION

The Directors are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the Listing Regulations read with circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562dated May 10, 2021, the Business Responsibility and Sustainability Report is to be given only by top 1000 listed companies based on market capitalization, therefore the same is not applicable to the Company as on March 31, 2024.

MAINENTANCE OF COST RECORD

Pursuant to Section 148(3) of the Act, M/s. KVM & Co., Cost Accountants, Ahmedabad had been appointed as the Cost Auditors of the Company for FY 2025-2026 by the Board of Directors for conducting audit of cost records maintained in respect of our business. Their remuneration will be ratified by the Members in the ensuing Annual General Meeting.

DEMATERIALISATION

The Demat activation number allotted to the Company is INE00C401011. The company is holding its shares in dematerialized form only.

INSOLVENCY AND BANKRUPTCY CODE

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.

ACKNOWLEDGMENTS

The Board of Directors greatly appreciates the commitment and dedication of employees at all levels who have contributed to the growth and success of the Company. We also thank all our clients, vendors, investors, bankers and other business associates for their continued support and encouragement during the year.

We also thank the Government of India, Government of Gujarat, Ministry of Commerce and Industry, Ministry of Finance, Customs and Excise Departments, Income Tax Department and all other Government Agencies for their support during the year and look forward to their continued support in future.