Monind Ltd Management Discussions

Annexure- 2

1. Global Economy

The global economy has demonstrated resilience while facing numerous challenges during 2024. The International Monetary Fund (IMF) estimated a 3.3% growth in global economy for 2024, but projects a slower growth of 2.8% in 2025, followed by a slight recovery to 3.0% in 2026. The IMF has expressed concerns regarding recent trade and protectionist policies by major economies, which are anticipated to affect global growth. The volatile geopolitical environment and the uncertainty around the tariffs imposed by the US are fuelling risk to inflation and growth trajectory.

Advanced economies witnessed a modest growth of 1.8% during 2024. The growth rate in 2025 is expected to decrease to 1.4% in 2025 on account of tariff measures and countermeasures. Emerging markets are also expected to be impacted by the global economic uncertainties. Then IMF projected a slight slowdown in emerging markets economies, with growth expectations softening from 4.3% in 2024 to 3.7% in 2025 and 3.9% in 2026. However, amongst the major economies, Indias growth prospects are expected to be better. The IMF has forecasted Indias growth rate in 2025 and 2026 of more than 6%. This sustained expansion underscores Indias resilience and its pivotal role in driving global economic growth.

2. Indian Economy & Outlook

Currently the 4th largest economy in the world, India is one of the fastest growing economies. It is expected to be among the top three economic powers in the world by 2035, supported by its demographics and strong fundamentals. In FY25, economic activity faced certain hurdles due to general elections, unpredictable rainfalls and volatility in global trade in the last two quarters. Despite these hurdles, the Indian economy recorded a robust growth of 6.5% in FY25. It is remarkably ahead of the GDP growth rates recorded by other major economies. The Economic Survey forecasts Indias growth rate between 6.3% to 6.8% for FY26. The Reserve Bank of India also estimates a growth rate of 6.5% for the Indian economy during FY26.

Key economic indicators reported an encouraging trend about the Indian economy. Retail inflation fell to 4.6% during FY25. In FY26, two critical factors, the recently announced income tax cuts and uncertainty in global trade, are expected to be key monitorables that could have a meaningful impact on our economy.

3. Industry Structure & Developments

The business/object of the Company is the production of various Ferro alloys, such as Silico Mangenese, Ferro Mangenese and Ferro Chrome that are used in the production of different grades of steel. Steel producers use Ferro manganese, Silico Manganese and Ferro

Silicon, while stainless steel units use Ferro alloys and Ferro chrome. Ferro alloys are one of the important inputs in the manufacture of alloys and steel. They are used as deoxidizers and alloy additives in the steel manufacturing process.

As informed in the previous report, the Company owned a plant for production of various Ferro alloys situated at Plot No. 216, Plot No. 217 (part) and Plot No. 218 (part) Sector-C, Urla Industrial Complex, Raipur - 493221, Chhattisgarh situated at leasehold land from Chhattisgarh State Industrial Development Corporation ("CSIDC") - a Govt. of Chhattisgarh Undertaking. Due to non-renewal of the lease of the land by the CSIDC, the company gave its consent to the CSIDC for the disposal of the same at a price being determined by CSIDC. Consequently, the company has received sale consideration of Rs. 1,27,48,861/- (One Crore Twenty Seven Lakhs Forty Eight Thousand Eight Hundred and Sixty One Rupees Only) from CSIDC. Your Company is looking for the various opportunities available and will inform the members at the appropriate time.

4. Opportunities and Threats/Risks

The business/object of the Company is the production of various Ferro alloys that are used in the production of different grades of steel. However as informed at the point no. 3, the company has sold its plant.

Although, risk/threat is associated with the every business but such risks are mitigated by:

A. Risk Identification (source, event & cause of risk)

B. Risk Assessment (analyzing risk and its implications)

C. Monitoring (developing, implementing and regular following up on risk management)

Following types of risks are involved in the manufacturing/production industries:

A. External/Industry volatility/Competition Risk

B. Pandemic Risk

C. Quality Risk

D. Logistic Risk

E. Regulatory Risk

F. Financial Risk

Risk Management is followed across all the management levels, functions and project areas of the company.

5. Segment-wise or product-wise performance

In view of the aforesaid discussion on “Industry Structure & Developments" at point no. 3 to provide and report segment-wise or product-wise performance is not applicable on the company during the Financial Year 2024-2025.

6. Internal Control System and their adequacy

The Company has in place systems and procedures of internal control and checks in operation commensurate with the size and the nature of its business for optimum utilization of available resources. The mechanism of internal control and checks are reviewed by the management, internal and statutory auditors from time to time and suitable changes/modifications are implemented so as to ensure that an effective scheme of checks and balances exists at all times. The Audit Committee of Board of Directors also reviews these matters from time to time in their meetings.

7. Review of Financial Performance

Total revenue of the company for the Financial Year 2024-25 is nil. Further, the company has recorded a net Loss after tax of Rs. 253.75 Lakhs for Financial year 2024-2025 as compared to net Loss of Rs. 197.14 Lakhs for the Financial Year 2023-2024.

8. Disclosure of Accounting Treatment

The Financial Statements of the company are prepared as per the Indian Accounting Standards (Ind AS) and reflects true and fair view of the business transactions and there is no deviation in following the accounting treatment prescribed in the Indian Accounting Standards (Ind AS) for the preparation of Financial Statements of the Company.

9. Details of Significant Changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key Financial Ratios, along with detailed explanations therefore

During the year under review the Inventory turnover ratio and Debtor turnover ratio have not been computed due to NIL turnover of the Company in the financial year 2024-25 and 2023-24. The Operating Profit Margin has not been computed as there is no revenue from operations in the Company and the net Profit Margin and Interest Coverage Ratio cannot be computed due to losses in the financial year 2024-25 and 2023-24.

S.No.	Key Ratios	FY 2024-25	FY 2023-24	% Change	Reason of Change
1	Current Ratio	0.10%	0.03%	206.26%	Due to increase in Current Assets
2	Debt-Equity Ratio	-1.48%	-1.50%	-1.53%	Preference Shares has been issued by conversion of borrowings

10. Details of any change in Return on Net Worth as compared to the immediately previous Financial Year along with a detailed explanation thereof 2024-25

S.No.	Key Ratios	FY 2024-25	FY 2023-24	% Change	Reason of Change
1	Return on Equity	3.77%	2.15%	75.20%	There is no business during the year

11. Human Resources

The Company considers its employees as its most valuable asset and key driver in making our brand prominent and promising. The Company is professionally managed with senior management personnel having decades of experience assisted by a team of highly skilled and dedicated professionals. The Company is committed to provide its employees an enabling workplace, ensuring their welfare and offering opportunities to develop and grow. We inspire our employees with meaningful work and passionate teams and enable them to find purpose and make an indelible impact. We focus on promoting a collaborative, transparent and participative organization culture, and have developed strong performance management practices wherein innovation and meritocracy is recognized and rewarded. The Company has been running a successful engagement calendar including various wellness initiatives to help employees in their physical and mental well-being. All these efforts help the Company perform its function in a smooth and efficient manner and focus on achieving greater peaks of success.

BY ORDER OF THE BOARD
FOR MONIND LIMITED
Date: 13.08.2025
Place: New Delhi	Sd/-	Sd/-
	(Keshav Sharma)	(Mahesh Kumar Sharma)
	Director	Whole Time Director & CFO
	DIN:08275228	DIN:07504637