Mardia Samyoung Capillary Tubes Company Ltd Directors Report

To

The Members,

MARDIA SAMYOUNG CAPILLARY TUBES COMPANY LIMITED

Your Directors have pleasure in presenting the 33rd Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March 2025.

1. FINANCIAL RESULTS

	CURRENT YEAR	PREVIOUS YEAR
	(2024-25)	(2023-24)
OPERATING PROFIT/ (LOSS) (PBIDT)	1,19,94,609.00	(48,19,206.00)
Less:Interest & Financial Charges	-	0.00
PROFIT/ (LOSS) BEFORE DEPRECIATION & TAXATION	1,19,94,609.00	(48,19,206.00)
Less:Depreciation	-	2,79,288.00
PROFIT/ (LOSS) BEFORE TAXATION	1,19,94,609.00	(50,98,494.00)
Less:Provision for Taxation	-	00.00
NET PROFIT/ (LOSS) AFTER TAX	1,19,94,609.00	(50,98,494.00)

2. PERFORMANCE

During the year under review, the operating profit was Rs 1,19,94,609/- There were no interest and financial charges. The tax liability is nil. The depreciation was also Nil. The net profit accordingly is Rs. 1,19,94,609/-.

3. SHARE CAPITAL

During the year under review, there is no change in the capital structure of the Company and accordingly, the issued, subscribed and paid-up capital of the company stands at Rs. 6,96,14,100 as on 31st March, 2025.

A) Issue of equity shares with differential rights

During the year under review, the Company has not issued any shares with differential voting rights.

B) Issue of sweat equity shares

During the year under review, the Company has not issued any sweat equity shares.

C) Issue of employee stock options

During the year under review, the Company has not issued any sweat equity shares.

D) Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees

The Company has no scheme of provision of money for purchase of its own shares by employees or by trustees for the benefit of employees. Hence the details under rule 16 (4) of Companies (Share Capital and Debentures) Rules, 2014 are not required to be disclosed.

4. DIVIDEND

In view of the Companys present financial conditions, your directors do not recommend any dividend for the year ended 31st March, 2025. There was no amount of unpaid dividend and shares liable to be transferred to IEPF during financial year 2024-25.

5. CHANGES IN NATURE OF BUSINESS AND REVISION IN THE BOARDS REPORT

There is no change in the nature of the business of the Company during the year. There is no revision made in the Boards Report and whatever submitted herewith is the final report.

6. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE FINANCIAL YEAR END OF THE COMPANY TO WHICH FINANCIAL RESULTS RELATE

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

7. DIRECTORS AND KEY MANGERIAL PERSONNEL

As of 31st March, 2025, your Companys Board had 10 members comprising of two Managing Directors one Whole time Director, two Non- Executive and Non-Independent Directors and five Independent Directors including three Woman Director. During the Financial Year, total of 8 (Eight) meetings of the Board of Directors were held

Name	Designation
Mr. Ravindra Mardia	Managing Director
Mr. Dhaval Joshi	Managing Director
Mr. Gaurav Mardia	Whole Time Director
Ms. Preeti Rawat	Non- Executive Non-Independent Director
Mr. Bharat J. Chouhan	Independent Director
Ms. Stuti Rajeshbhai Kotecha	Independent Director
Mr. Lav Kumar	Independent Director
Ms. Pushpa Joshi	Independent Director
Mr. Gurdeep Saluja	Independent Director
Mr. Keyur Saxsena	Non-Executive Non-Independent Director

I. APPOINTMENT / CESSATION OF DIRECTORS

Name of the Person	Designation	Appointment (w.e.f)	Cessation (w.e.f)
Mr. Ravindra Milapchand Mardia	Managing Director	-	26.06.2025
Mr. Gaurav Mardia	Whole Time Director	-	26.06.2025
Mr. Bharat Jayraj Chouhan	Independent Director	-	26.06.2025
Ms. Stuti Kotecha	Independent Director	-	26.06.2025
Ms. Lav Kumar	Independent Director	-	26.06.2025
Ms. Preeti Rawat	Non-Executive Non-	-	26.06.2025
	Independent Director
Ms. Pushpa Joshi	Independent Director	-	25.08.2025
Mr. Gurdeep Saluja	Independent Director	-	25.08.2025
Mr. Anand Kondiba Shinde	Chief Financial Officer	-	26.06.2025
Ms. Poonam Kanade	Company Secretary	-	26.06.2025
Ms. Preeti Garg	Company Secretary	-	25.08.2025
Mr. Dhaval Joshi	Managing Director & CFO	27.02.2025	-
Mr. Keyur Saxsena	Non-Executive Non-	27.02.2025	-
	Independent Director
Mr. Jaykumar Bhaveshkumar Patel	Independent Director	08.08.2025	-
Ms. Bulbul Nebhrajani	Independent Director	-	25.08.2025
Ms. Sonal Vaghela	Independent Director	29.08.2025

The directors of the company resigned due to open offer and change in management and there were no other material reasons for the change. Brief profile of the Directors who are being appointed or re-appointed as required under Regulations 36(3) of Listing Regulations, 2015 and Secretarial Standard on General Meetings is provided in the notice for the forthcoming AGM of the Company. Your directors have informed your Company that they are not debarred for reappointment/continuation as directors under applicable provisions of the Company Act, 2013. The Board recommends their appointment.

II. KEY MANAGERIAL PERSONNEL

As on the date of this report, the following are Key Managerial Personnel ("KMPs") of your Company as per Sections 2(51) and 203 of the Act

Name of the Person	Designation
Mr. Dhaval Dharmendrabhai Joshi	Managing Director
Mr. Dhaval Dharmendrabhai Joshi	CFO
Mr. Keyur Kirtikumar Saxsena	Non-Executive Director
Mr. Jaykumar Patel	Independent Director
Ms. Sonal Vaghela	Independent Director

III. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received necessary declarations from all the Independent Directors pursuant to Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as prescribed pursuant to Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

8. DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 134 of the Companies Act, 2013, we, the Directors of MARDIA SAMYOUNG CAPILLARY TUBES CO. LIMITED, state in respect of Financial Year 2024-25 that: a) In the preparation of annual accounts for the year ended 31st March, 2025, the applicable Accounting Standards have been followed along with proper explanation relating to material discrepancies, if any. b) 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 at the end of the financial year and of the loss of the Company for that period. c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) The Annual Accounts have been prepared on a ‘Going Concern basis. e) The directors, have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively. f) The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

9. ANNUAL RETURN

Pursuant to the provisions of Section 134(3)(a) of the Act, the draft annual return as on 31st March, 2025 prepared in accordance with Section 92(3) of the Act is made available on the website of your Company and can be accessed using www.mardiasamyoung.com.

10. BOARD POLICIES

The details of various policies approved and adopted by the Board as required under the Act and SEBI Listing Regulations.

11. INDEPENDENT DIRECTORS MEETING

The Independent Directors met once in the financial year, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of Non-Independent Directors, the Committees and the Board as a whole along with the performance of the Chairman of your Company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

12. BOARD FAMILIARISATION AND TRAINING PROGRAMME

The Board is regularly updated on the changes in the statutory provisions, as applicable to your Company. The Board is also updated on the operations, key trends and risk universe applicable to your Companys business. These updates help the Directors in keeping abreast of key changes and their impact on your Company. The details of such programs are available on the website of your Company at - www.mardiasamyoung.com.

13. BOARD EVALUATION

The Board carried out an annual performance evaluation of its own performance, the individual Directors as well as the working of the Committees of the Board. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by Independent Directors.

14. DISCLOSURE UNDER SECTION 197(2) OF THE COMPANIES ACT, 2013 AND OTHER

DISCLOSURES AS PER RULE 5(2) OF COMPANIES (APPOINTMENT & REMUNERATION) RULES, 2014

The Company has no employees in respect of whom the information as per Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment & Remuneration) Rules, 2014.

15. AUDIT COMMITTEE

Pursuant to Section 177 of the Companies Act, the Board has formed an Audit Committee. The details of which is disclosed herewith.

The Audit Committee of your Company was formed with the purpose of ensuring Transparency, Efficiency & Accountability in the transactions of the Company. Further to recommend Appointment & Remuneration of the Statutory Auditors of the Company, examining the Financial Statements, approving Related Party transactions, carrying out valuation of various Undertakings/Assets of the Company etc. The Board agrees that the recommendations of the Audit Committee on any matter relating to financial and managerial including the audit report would be binding on the Board.

Based on the above and the Internal Audit System, the Audit Committee, the Board opines that the Company has adequate internal control system commensurate with the size of the Company and the nature of its business.

During the year under review, the 4 Audit Committee was held during Financial Year 2024-25.

During the year, the Audit Committee Constituted of the following persons:

Name of the Committee Member	Designation	Category
Bharat J. Chouhan	Non-Executive - Independent Director	Chairman
Stuti Rajeshbhai Kotecha	Non-Executive - Independent Director	Member
Ravindra Mardia	Executive Director	Member

The Audit Committee was reconstituted with effect from 30th August, 2025 with the following composition:

Name of the Committee Member	Designation	Category
Mr. Jaykumar Patel	Non-Executive - Independent Director	Chairman
Ms. Sonal Vaghela	Non-Executive - Independent Director	Member
Mr. Dhaval Joshi	Managing Director	Member

16. NOMINATION AND REMUNERATION COMMITTEE

The Company pursuant to Section 178(1) of the Companies Act, 2013 has formed the Nomination and Remuneration Committee. The details of which is disclosed herewith.

The Committee is, inter-alia has been formed to identify persons who are qualified to become Directors of the Company and who may be appointed in the Senior Management along with the evaluation of Directors performance, formulating criteria for determining positive attributes and independence of a Director and recommending policy relating to the remuneration of the Directors, Key Managerial Personnel and other employees and granting of Employee Stock Options to eligible employees.

During the year under review, the 3(Three) Nomination and Remuneration Committee meetings was held during Financial Year 2024-25.

During the year, the Committee Constituted of the following persons:

Name of the Committee Member	Designation	Category
Mr. Bharat J. Chouhan	Non-Executive - Independent Director	Chairman
Ms. Preeti Rawat	Non-Executive Non Independent Director	Member
Mr. Lav Kumar	Non-Executive - Independent Director	Member

The Nomination Remuneration Committee was reconstituted with effect from 30th August, 2025 with the following composition:

Name of the Committee Member	Designation	Category
Mr. Jaykumar Patel	Non-Executive - Independent Director	Chairman
Ms. Sonal Vaghela	Non-Executive - Independent Director	Member
Mr. Keyur Saxsena	Non-Executive Non- Independent Director	Member

17. VIGIL MECHANISM/WHISTLE BLOWER POLICY

In compliance with provisions of Section 177(9) of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Company has framed a Whistle Blower Policy/Vigil Mechanism to report concerns about the Companys working or any violation of its policies. No person has been denied access to the Chairman of the Audit Committee. The said policy is uploaded on the website of your Company at www.mardiasamyoung.com

18. STAKEHOLDERS RELATIONSHIP COMMITTEE

The Board has in accordance with the provisions of Section 178(5) of the Companies Act, 2013 constituted Stakeholder Relationship Committee. The details of which is disclosed herewith.

The Stakeholders Relationship Committee has been formed to resolve the grievances of various stakeholders of the Company. Its scope of work includes overseeing the performance of the RTA and take note of the complaints received, issuing of duplicate share certificates in case of loss/ theft or torn certificate, redressal of issues related to non-receipt of dividend/Annual report, etc

The Committee, inter alia, started overseeing and reviewing all matters connected with the shares and looks into shareholders complaints. During the year under review, the 1(One) Stakeholders Committee meeting was held during Financial Year 2024-25

Complaints were received by the Company from the shareholders / investors during the Financial Year 2024-25 and it was resolved expeditiously and no investor complaints were outstanding as on 31st March 2025.

Name of the Committee Member	Designation	Category
Mr. Bharat J. Chouhan	Non-Executive - Independent Director	Chairman
Ms. Preeti Rawat	Non-Executive Non Independent Director	Member
Mr. Lav Kumar	Non-Executive - Independent Director	Member

The Stakeholders Relationship Committee was reconstituted with effect from 30th August, 2025 with the following composition:

Name of the Committee Member	Designation	Category
Mr. Jaykumar Patel	Non-Executive - Independent Director	Chairman
Ms. Sonal Vaghela	Non-Executive - Independent Director	Member
Mr. Keyur Saxsena	Non-Executive Non- Independent Director	Member

19. CORPORATE SOCIAL RESPONSIBILITY (CSR):

As per the Companies Act 2013, companies having net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore or more or net profit of Rs. 5 crore or more during any financial year are required to constitute a Corporate Social Responsibility (CSR) Committee of the Board of Directors and such company shall spend at least 2% of the average net profits of the companys three immediately preceding financial years. As our Company is not covered under the said provisions, the Company has not developed and implemented any Corporate Social Responsibility initiatives.

20. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI Listing Regulations, is presented in separate section annexed herewith as "Annexure - A" and forms an integral part of this Report

21. SECRETARIAL AUDIT

Pursuant to the provisions of Section 204(1) of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Mr. Abhishek Chhajed, partner of M/s SCS AND CO. LLP, Company Secretaries, (COP No. 15131), to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as "Annexure - B" and forms an integral part of this Report.

Regarding qualifications and remarks in the Secretarial Audit Report, your Board offers the following explanation:

Secretarial Auditor Observations	Management Comments
During the secretarial audit, the company has made non-compliances with regard to provisions of, Regulation 7(3), Regulation 13 delayed filing of SCORES and Integrated filing), Regulation 23(9), Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Regulations 55A of SEBI (Depositories and Participants) Regulations, 1996.	The Company will ensure that the compliances to be made in timely manner in the near future.
During the secretarial audit, it was observed that the company is also non-compliant with the Trading Window Closure required under SEBI (PIT) Regulations, 2015 i.e. for quarter ended March 2024, June 2024, September 2024 and December 2024.	The Company will comply the provisions soon.
During the secretarial audit, it was observed that the company is non-compliant with the Regulation 74(5) of SEBI (Depository and Participants) Regulations, 2018 i.e. it has not submitted for the quarter ended March 2024, September 2024 and June 2024	The Company will comply the provisions soon.
During the secretarial audit, it was observed that the company is also non-compliant with the provisions of Regulation 3(5) and/or Regulation 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015 i.e. Structural Digital Database (SDD) for the year ended March 2025	The Company will comply the provisions soon.
The company has not complied with the Annual Disclosure to be made by an entity identified as a Large Corporate	The Company will comply the provisions soon.
During the secretarial audit, it was observed that the company has received various communications from the exchange and replies are not filed with the exchange for the same	The Company will respond with the communications soon.
During the secretarial audit, it was observed that the company has not complied with the disclosures required under Regulation 30(1) and 30(2) SEBI (SAST) Regulations, 2011	The Company will comply the provisions soon.
During the secretarial audit, the Company has not maintained a website during the year under review.	The Company will maintain the proper & functional website as soon as possible.
During the secretarial audit, the company has appointed the auditor AGRAWAL & AGRAWAL ASSOCIATES, the respective firm does not hold the Peer Reviewed Certificate, however the Statutory Audit of Listed Companies shall be done by only those auditors who have subjected themselves to the Peer Review process of the Institute, and hold a valid certificate issued by the Peer Review Board of the ICAI.	The Company will ensure compliance as soon as possible.
During the secretarial audit, it was observed that the company has not done requisite ROC Compliances with respect to Takeover of the Company happened in December 2024.	The Company will comply the provisions soon.

22. AUDITORS

Pursuant to the provisions of Section 139 of the Act read with rules made thereunder, as amended, M/s Agrawal & Agrawal Associates have been appointed as the Statutory Auditors of your Company, for a term of five years till the conclusion of 35th Annual General Meeting (AGM) of your Company to be held in the year 2027. In accordance with the provisions of the Act, the appointment of Statutory Auditors is not required to be ratified at every AGM.

The Statutory Auditors are not peer reviewed firm and are not eligible to hold office as Statutory Auditors of your Company.

Representatives of the Statutory Auditors of your Company attended the previous AGM of your Company held on 30th September 2024. The Notes to the financial statements referred to in the

Auditors Report are self-explanatory. The Auditors Report is enclosed with the financial statements in this Annual Report.

CLARIFICATION TO AUDITORS REPORT

Notes on Accounts referred to by the Auditors in their report are self-explanatory and therefore do not require any further clarification.

23. COST RECORDS AND COST AUDITORS

The provision of Cost audit as per section 148 doesnt applicable on the Company

24. CORPORATE GOVERNANCE

Since the paid-up capital of the company is less than Rupees Ten crores (10 crores) and its net worth is less than Rupees Twenty-five crores (25 crores), the compliance with Para C of Schedule V and other regulations as specified under Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Rules, 2015 are not applicable to the Company and therefore the Annual Report on Corporate Governance is not enclosed. The Company has intimated to BSE accordingly.

25. DEPOSITS

The Company did not hold any public deposits at the beginning of the year nor has it accepted any public deposits during the year under review.

26. PARTICULARS OF LOANS, GUARANTEES, INVESTMENT AND SECURITIES

The details of Loans and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Note no. 12 to Financial Statements.

27. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions entered with Related Parties for the year under review were at arms length basis and in the ordinary course of business. Hence, the provisions of Section 188 of the Companies Act, 2013 are not attracted. Thus, disclosure in form AOC-2 is not required. The Policy on Related Party Transactions is available on your Companys website and can be accessed using the link www.mardiasamyoung.com

28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND

OUTGO

I. Personnel specially trained for this task.

II. Research on use of such component in the equipments and final product which will maximize energy conservation.

III. Proper maintenance of all machinery & other equipment and timely replacement of worn-out components. IV. Maximum utilization of available resources.

In accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 the required information relating to conservation of energy, technology absorption and Foreign Exchange Earning and outgoing is NIL.

A. Conservation of Energy i. The steps taken or impact on conservation of energy: None ii. The steps taken by the Company for utilizing alternate sources of energy: None iii. The capital investment on energy conservation equipment: None

B. Technology Absorption i.) The effort made towards technology absorption: None ii.) The benefit derived like product improvement, cost reduction, product development or import substitution: None iii.) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) a. The details of technology imported: None b. The year of import: None c. Whether the technology has been fully absorbed: None d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof: None iv.) The expenditure incurred on Research and Development: None

C. Foreign Exchange Earnings & Expenditure: i.) Details of Foreign Exchange Earnings: Nil

ii.) Details of Foreign Exchange Expenditure: Nil

29. RISK MANAGEMENT POLICY

The Company manages risk through a detailed Risk Management Policy framework which lays down guidelines in identifying, assessing and managing risks that the businesses are exposed to. Risk is managed by the Board through appropriate structures that are in place at the Company.

30. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE

(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The Company has not received any complaints of workplace complaints, including complaints on sexual harassment during the year under review. OR The following is a summary of complaints received and resolved during the reporting period:

Sr. No.	Nature of Complaints	Received	Disposed off	Pending
1.	Sexual Harassment	NIL	NA	NA
2.	Workplace Discrimination	NIL	NA	NA
3.	Child Labour	NIL	NA	NA
4.	Forced Labour	NIL	NA	NA
5.	Wages and Salary	NIL	NA	NA
6.	Other HR Issues	NIL	NA	NA

31. 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.

32. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND

BANKRUPTACY CODE 2016

During the financial year under review, there were NO application/s made or proceeding were pending in the name of the company under the Insolvency and Bankruptcy Code, 2016.

33. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND

VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS

During the Financial year under review, there were NO one time settlement of Loans taken from Banks and Financial institutions.

34. CODE FOR PREVENTION OF INSIDER TRADING

Your Company has adopted a Code of Conduct ("Code") to regulate, monitor and report trading in the Companys shares by the Companys designated persons and their immediate relatives as per the requirements under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The Code, inter alia, lays down the procedures to be followed by the designated persons while trading/ dealing in the Companys shares and sharing Unpublished Price Sensitive

Information ("UPSI"). The Code covers the Companys obligation to maintain a digital database, mechanism for prevention of insider trading and handling of UPSI, and the process to familiarize with the sensitivity of UPSI. Further, it also includes code for practices and procedures for fair disclosure of

UPSI which has been made available on your Companys website i. e. www.mardiasamyoung.com.

35. SIGNIFICANT ORDERS PASSED BY REGULATORS, COURTS OR TRIBUNALS IMPACTING GOING

CONCERN AND COMPANYS OPERATIONS

No orders have been passed by any Regulator or Court or Tribunal which can have an impact on the going concern status and the company Companys operations in the future.

36. LISTING WITH STOCK EXCHANGES:

Companies Shares are Listed on BSE Limited.

37. ACKNOWLEDGEMENT

Your Directors are pleased to place on record their appreciation of the value, contribution, devotion and sense of commitment extended by the employees of the Company, which inspires confidence to plan for greater accomplishments in the current financial year. Your Directors would also like to place on record its sincere appreciation for the whole hearted support and contributions made by the various Banks, Central, State Government and Local bodies, Customers, Suppliers and other business associates towards conduct of efficient operations of your company.

Registered Office:	For and on behalf of the Board of Directors
J 55, M. I. D. C, Industrial
Area, Tarapur. Boisar 401
506 Maharashtra.
	Sd/-	Sd/-
	DHAVAL
		KEYUR KIRTIKUMAR
Place: Mumbai	DHARMENDRABHAI JOSHI	SAXSENA Director
Dated: 30.08.2025	Managing Director DIN: 10778731	DIN: 10777134