Mukat Pipes Ltd Directors Report

Dear Members,

Your directors present their 39 Annual Report together with the Audited Statement of

Accounts of your Company for the Financial Year ended 31 March, 2026.

FINANCIAL RESULTS:

Particulars	Current year	Previous year
	(2025-26)	(2024-25)
	(Rs. in Lacs)	(Rs. in Lacs)
Sales (Including Excise)	528.74	385.26
Other Income from operations	63.57	48.23
Total	592.31	433.49
Profit/(Loss) before Interest, Depreciation & Tax	32.16	10.92
Less: Interest	14.05	14.25
Less: Depreciation	12.77	12.70
Profit/(Loss) before Tax	5.34	(16.03)
Taxation (Earlier Years) Prior period Adjustment	NIL	NIL
Income/(Expenses):
Extra-ordinary/Exceptional Items	NIL	NIL
Income/ (Expenditure)
Profit/(Loss) after Tax	5.34	(16.03)
Balance of Profit/(Loss) brought forward	(1634.86)	(1618.84)
Income Tax Refund recd. During the year	12.11	0.00
Balance of Profit/(Loss) carried to Balance Sheet	(1617.41)	(1634.86)

During the financial year under review, the Company witnessed improvement in its operational performance relating to various job works. The Company secured a job work order aggregating to 15,000 MT approximately to be executed in 18 months spread to financial year 2025-2026 & 2026-27, which has contributed and will increase production during the current financial year and next year.

The total production of the Company during the year stood at 4862.643 MT, as against 1,658.325 MT in the previous financial year. Out of the total production, 4,586.013 MT was executed on a job work basis, representing approximately 94.31% of the total production.

Consequent to the improved production levels, the Companys revenue from operations increased to Rs. 528.74 Lakhs during the financial year under review from Rs. 385.26 Lakhs in the previous financial year.

The execution of the aforesaid order had resulted in improved capacity utilization and operational performance during the year. The Company continues to focus on increasing production, enhancing operational efficiency, and securing additional business opportunities to improve its overall financial performance. The operations of the Company continued during the year, and the management believes that the Company will continue as a going concern.

DIVIDEND:

In view of Inadequacy of profit during the year and accumulated losses, the Board decided not to recommend any dividend for the year under review.

CAPITAL AND RESERVES:

During the year under review, your Company did not transfer any amount to the Reserves. The company has not issued any type of equity during the year.

OPERATION:

The total production of the Company during the financial year was 4,862.643 MT, of which 4,586.013 MT was executed on a job work basis. The Company reported a profit during the year.

FUTURE OUTLOOK:

The fiscal policies of the Government envisage large-scale infrastructure development. The Large Diameter M.S. Pipes sector is expected to benefit from such infrastructure development and has encouraging growth prospects.

ANNUAL RETURN:

The Company has placed a copy of annual return on its website at https://mukatpipes.com/index.php/information/annual-return.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors, along with its committees, provides leadership and guidance to the Companys Management and directs, supervises and controls the activities of the Company. The composition of the Board is commensurate with the size and nature of the Companys business operations. The Board comprises six Directors, consisting of two Executive Directors, one Non-Executive Director and three Independent Directors.

Composition of the Board of the Company:

Name of the Director(s)	Category
Mr. Roopinder Singh	Chairman (Executive Director)
Mrs. Sandeep Kaur Ahluwalia	Whole Time Director
Mrs. Mandeep Ahluwalia Pahwa	Non-Executive Director
Mr. Atul Rajkumar Bali	Independent Director
Mr. Atamjeet Singh	Independent Director
Mrs. Gunjan Jain Juneja	Independent Director

DETAILS ABOUT DIRECTORS AND KMPs WHO WERE APPOINTED/ RESIGNED DURING THE FINANCIAL YEAR:

There was no change in the Composition of Board and KMPs during the period under review. However, after 31 March 2026, following events occurred:

Considering his valuable contribution, experience and continued leadership in the affairs of the Company, and based on the recommendation of the Audit Committee and the

Nomination and Remuneration Committee and subject to the approval of the Members, the

Board of Directors, at its meeting held on 12 May, 2026, approved the re-appointment of Mr. Roopinder Singh (DIN: 01239483) as Whole-time Director, designated as Chairman &

Executive Director, for a period of three (3) consecutive years with effect from 1 July, 2026 to 30 June, 2029, together with the payment of remuneration. Accordingly, the approval of the Members is being sought by way of a Special Resolution at the ensuing Annual General Meeting.

Further, Mrs. Sandeep Kaur Ahluwalia (DIN: 01355454) who was re-appointed as the

Whole-time Director of the Company w.e.f 1 October 2023 for a period of 3 years and her term will end on 30 September, 2026. Based on the recommendation of the Audit Committee and the Nomination and Remuneration Committee and subject to the approval of the Members, the Board of Directors, at its meeting held on 12 August, 2026, approved her re-appointment as Whole-time Director of the Company for a further term of three (3) consecutive years with effect from 1 October, 2026 to 30 September, 2029, together with the payment of remuneration. Accordingly, the approval of the Members is being sought by way of a Special Resolution at the ensuing Annual General Meeting.

DIRECTOR RETIRING BY ROTATION:

Pursuant to the provisions of the Companies Act, 2013, Mrs. Sandeep Kaur Ahluwalia (DIN: 01355454) retires by rotation and, being eligible, offers herself for re-appointment.

NUMBER OF MEETINGS OF THE BOARD:

During the financial year under review, four (4) meetings of the Board of Directors were duly convened and held on 22 May, 2025, 13 August, 2025, 14 November, 2025, and 12 February, 2026. The gap between any two consecutive Board Meetings did not exceed the period prescribed under the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Names of the Directors	Number of Board Meetings Attended
Mr. Roopinder Singh	3
Mrs. Sandeep Kaur Ahluwalia	3
Mrs. Mandeep Ahluwalia Pahwa	3
Mr. Atul Rajkumar Bali	4
Mr. Atamjeet Singh	4
Mrs. Gunjan Jain Juneja	4

COMMITTEES

I) Audit Committee:

Being a listed company, the Company has constituted the Audit Committee in accordance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee comprises Mr. Atamjeet Singh (DIN: 10654746), Independent Director, as the Chairman of the Committee, Mrs. Gunjan Jain Juneja (DIN: 10710037), Independent Director, and Mr. Roopinder Singh (DIN: 01239483), Whole-time Director, as Members of the Committee.

During the year under review, four (4) meetings of the Audit Committee were duly held.

Names	Number of Audit Committee Meetings Attended
Mr. Atamjeet Singh	4
Mrs. Gunjan Jain Juneja	4
Mr. Roopinder Singh	3

II) Nomination and Remuneration Committee:

Being a listed company, the Company has constituted the Nomination and Remuneration Committee in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee comprises Mr. Atamjeet Singh (DIN: 10654746), Independent Director, as the Chairman of the Committee, Mrs. Gunjan Jain Juneja (DIN: 10710037), Independent Director, and Mr. Atul Raj Kumar Bali (DIN: 01619548), Independent Director, as Members of the Committee.

During the year under review, one (1) meeting of the Nomination and Remuneration Committee was duly held.

Names	Number of Nomination and	Remuneration
	Committee Meetings Attended
Mr. Atamjeet Singh	1
Mrs. Gunjan Jain Juneja	1
Mr. Atul RajKumar Bali	1

III) Stakeholders Relationship Committee:

Being a listed company, the Company has constituted the Stakeholders Relationship Committee in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee comprises Mr. Atamjeet Singh (DIN: 10654746), Independent Director, as the Chairman of the Committee, Mrs. Gunjan Jain Juneja (DIN: 10710037), Independent Director, and Mr. Roopinder Singh (DIN: 01239483), Whole-time Director, as Members of the Committee.

During the year under review, one (1) meeting of the Stakeholders Relationship Committee was duly held.

Names	Number of Stakeholder Relationship Committee
	Meetings Attended
Mr. Atamjeet Singh	1
Mr. Roopinder Singh	1
Mrs. Gunjan Jain Juneja	1

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134 (3)(c) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that:

(a) In the preparation of the annual financial statements for the year ended March 31, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, 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 profit/ loss of the company for that period;

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

(d) The directors have prepared the annual accounts 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 were operating effectively; and

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

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

All Independent Directors have given declarations that they meet the criteria of independence pursuant to Section 149(6) of the Companies Act, 2013 and Regulation 16(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

The familiarization program seeks to update the Directors on the roles, responsibilities, rights and duties under the Act and other statutes. The Company has framed a policy on familiarization program for Independent Directors.

COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors and Senior Management Personnel and their remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of section 178 relating to the remuneration for the Directors, key managerial personnel, and other employees. As required by Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the prescribed details are annexed as "Annexure-1"to this report.

INFORMATION IN TERMS OF RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:

During the year under review, no employee was employed who was in receipt of aggregate remuneration exceeding Rupees One Crore and Two Lakh for the year or exceeding Rupees Eight Lakhs and Fifty Thousand per month for any part of the year.

The ratio of the remuneration of each Director to the median remuneration of the employees of the Company and other details in terms of Sub-Section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this Report and is annexed as "Annexure-2" to this Report.

ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE:

Pursuant to the provisions of the Companies Act, 2013 the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration committee by filling a structured questionnaire.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

During the year, the Company has not given any loans or guarantees or has made any investments u/s 186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All the Transactions entered with Related Parties for the year under review are strictly done on arms length basis and in the ordinary course of business. The Company presents full details of transactions of all related party before the Audit Committee, specifying the nature, value and terms & conditions of the transactions. Transactions with related parties are conducted in a transparent manner with the interest of the Company and stakeholders at utmost priority.

The details of material transaction with related party in Form AOC-2 is annexed herewith as "Annexure-3" to this Report.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

The Company does not have any Subsidiary, Joint venture or Associate Company.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

In order to attain the corporate objectives, strict internal controls systems were implemented across the organization. The appointment of internal auditor is done as per norms of Company Act, 2013. The Audit Reports of the internal auditor on quarterly basis has been evaluated and assessed. The Audit Committee reviews adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations on regular basis. The audit function maintains its independence and objectivity while carrying out assignments. It evaluates on a continuous basis, the adequacy and effectiveness of internal control mechanism. The function also proactively recommends improvement in policies and processes, suggests streamlining of controls against various risks. Your Company has laid down set of standards, processes and structure, which enables it to implement internal financial control across the Company and ensure that the same are adequate and operating effectively.

CORPORATE GOVERNANCE:

Pursuant to Regulation 15(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Provisions of Regulation 17 to 27 and Clauses (b) to (i) of Regulation 46(2) and Para C, D and E of Schedule V are not applicable to the Company, as the Companys Paid up share capital & Net worth is below the limits specified.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

No material changes or commitments have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this Report.

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

Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules,2014, is annexed as "Annexure-4" to this report.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY:

The Board of Directors of the Company has not designed any Risk Management Policy. However, the Company has in place mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are low profitability, low scale production and sluggish demand for the products of the company. The company is continuously making efforts to address the said risk.

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:

The Company has not developed and implemented any Corporate Social Responsibility Policy pursuant to the Provisions of Section 135 of the Companies Act 2013 and relevant Rules framed thereunder as the said provisions were not applicable to the Company.

PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any deposit pursuant to Section 73 and Section 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

STATUTORY AUDITORS AND STATUTORY AUDIT REPORT:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s. Gurpreet Kaur & Associates, Chartered Accountants,

Patiala (FRN: 015358N) were appointed as Statutory Auditors of the Company for a 2 term

of 5 years i.e. from the conclusion of 35 AGM until the conclusion of 40 AGM.

RESERVATION AND QUALIFICATION ON AUDITOR REPORT:

The qualifications/remarks made by the Statutory Auditors in their Report under the head Key Audit Matters and the Managements response thereto have been duly clarified/explained in the Auditors Report and do not require any further explanation or clarification. Save and except as stated above, there are no qualifications or reservations pointed out by the Statutory Auditors.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS PURSUANT TO SECTION 143(12) OF THE COMPANIES ACT, 2013:

During the year under review there were no incidences of fraud reported by Auditors.

SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Yogita of M/s. Yogita & Associates, Company Secretaries, Rajpura Town, Patiala to undertake the Secretarial Audit of the Company. The Secretarial Audit Report in Form No. MR-3 is annexed as "Annexure-5" to this report.

In accordance with the amendments in provisions of Regulation 24A of the SEBI Listing Regulations, the appointment of Secretarial Auditor is required to be approved by the shareholders. Accordingly, the Board of Directors at its meeting held on August 13, 2025 based on the recommendation of the Audit Committee recommended the appointment of M/s. Yogita & Associates, Practicing Company Secretaries, Patiala, as the Secretarial Auditors for a period of 5 (five) consecutive years commencing from financial year 2025-26 till financial year 2029-30. The appointment of M/s. Yogita & Associates, Practicing Company Secretaries, Patiala, was subsequently approved by the members of the

Company at the 38 AGM held on September 29, 2025.

EXPLANATION ON REMARKS OR DISCLAIMER MADE BY SECRETARIAL AUDITOR IN HER REPORT:

Auditorsqualifications, reservations or adverse remarks in the Secretarial Audit Report

Directors comments on qualifications, reservations or adverse remarks of the Secretarial Auditor

The company has yet to transfer Rs. 11.41 Lacs on account of unpaid dividend to Investor Education and Protection Fund under section 124 of the Company Act, 2013.

Out of 11.41 Lacs an amount of Rs. 8.80 Lacs has already been transferred to deaf account of RBI by Punjab National Bank. An amount of Rs. 333450/- is outstanding in Dividend Account No. 111511001114 with Dena Bank Branch (DP-ID IN 300386), Capital Market Branch, 17, Horniman Circle, Mumbai- 23 (Now Bank of Baroda). Inspite of reminders Investor Education Protection Fund (IEPF) Authorities has not responded.

SECRETARIAL STANDARDS:

The Company has complied with the applicable Secretarial Standards, viz. SS-1 and SS-2, during the year.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has adopted the code of conduct for employees and directors for the highest degree of transparency, integrity, accountability and corporate social responsibility. Any actual or potential violation of the Code would be a matter of serious concern for the Company. The Company also has Whistle Blower Policy to deal with instance of fraud and mismanagement, if any.

Employees of the Company are encouraged to use guidance provided in the Policy for reporting all allegations of suspected improper activities.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report as required under Companies Act, 2013, Regulation 34 (2) (e) read with Schedule-V of Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) is given in this Annual Report for the year under review and is annexed as "Annexure 6" to this report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

The Company had filed two appeals in suit of M/s. Modern Construction Co. v/s Mukat Pipes

Limited against the Order passed by the Civil Court, Gujarat in the Honble Gujarat High

Court. The proceedings for adjudication are going on. The company has filed appeal against

order of Commissioner Excise before CSTAT and the same is pending for decision.

MAINTENANCE OF COST RECORDS:

The maintenance of cost records has been specified by the Central Government under section 148 (1) of the Companies Act, 2013 but since the Turnover of the company is below the specified limit and being a BIFR company, cost records have not been maintained in the prescribed format

COMPANYS POLICY FOR PREVENTION OF SEXUAL HARASSMENT:

The Company has zero tolerance for sexual harassment at workplace and accordingly due care is always taken in respect of prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder.

No complaints were received during the year and there is only one female employee.

The details of the Complaints are as under:

No. of complaints of sexual harassment received during the year	No. of complaints Disposed of during the year:	No. of cases pending for more than 90 days
NIL	NIL	NIL

Further, necessary steps are being taken by the Board for complying with provisions of the

said Act including constitution of Internal Complaints Committee as referred in the said Act.

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. 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.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE

INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review there was no application made or pending proceeding under

the Insolvency and Bankruptcy Code, 2016.

DETAILS OF THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR

FINANCIAL INSTITUTIONS (FI):

During the year under review the company has not taken any loan from the Bank or FI, hence there was no such valuation done.

APPRECIATION

Your directors place on records their appreciation for the co-operation of all the Staff and Officers, Shareholders of the Company, Bankers and look forward to their continued cooperation in future.

-sd-	-sd-
(ROOPINDER SINGH)	(MANDEEP AHLUWALIA PAHWA)
CHAIRMAN	DIRECTOR
(DIN: 01239483)	(DIN: 01355511)
Registered Office:
B-1106, Raj Classic CHS Ltd.,
Panch Marg, Yari Road,
Versova, Andheri (West),
Mumbai 400 061
CIN: L27200MH1987PLC044407
Place: Rajpura
Date: 12-08-2026