Panasonic Energy India Company Ltd Directors Report

*The amount excludes the impact of other comprehensive income of Rs. 673.07 lakhs as at March 31, 2026 ( Rs. 566.98 Lakhs as at March 31, 2025) which is not available for appropriation.

2. Transfer to Reserve

The Company does not propose to transfer any amount to the general reserve out of the amount available for appropriation.

3. Dividend

Keeping in view the current profitability of the Company, your Directors are pleased to recommend payment of dividend of INR 1.95/- per equity share (@ 19.50% at par value of INR 10.00 each) (Previous Year- INR 9.42 per equity share (@ 94.20% at par value of INR 10.00 each), subject to the approval of shareholders at the forthcoming Annual General Meeting. The dividend, when approved, will entail payment to shareholders of INR 146.25 lakhs. It will be tax free income in the hands of recipients till the amount of dividend does not exceed INR 5,000.00.

4. Operational Review & State of Companys Affairs

During financial year 2025-26, the company focused on strengthening operational efficiency, expanding contribution of high-profit products, improving market penetration and enhancing execution excellence to drive sustainable long-term growth.

The global geopolitical disturbances impacted raw-material prices during H2, leading to cost pressures across the key input materials.

The company continued to focus on procurement planning, cost optimization and operational efficiency initiatives to minimize the impact.

The company strengthened its distribution network and expanded retail reach across the priority markets. Resulting in improve product availability and enhanced market responsiveness.

During the year, the company introduced new product in entry alkaline segment to strengthen its presence in the premium category and improve portfolio competitiveness.

Higher manpower turnover in the field operations remained one of the key operational challenges during the year. The company-initiated capability-building, appointment and retention-focused measures to strengthen workforce stability.

During the financial year, the company recorded stable business growth supported by strong distribution channels, consistent demand across core battery categories, and improved contribution from key focused markets.

Company Continued to expand its footprint across all digital platforms, with increasing customer interaction and encouraging consumer review contributing positive brand perception and market viability.

Dry Batteries:

The dry battery usage pattern in India remained largely consistent reflecting stable consumer behavior and evolving lifestyle trends.

Demand for D size batteries continued to decline due to improved power supply stability, though usage persists in appliances like gas geysers.

AA size batteries showed consistent growth and remained the dominant segment, driven by their versatility across household electronics.

The AAA segment experienced rising demand, reflecting increased use of devices such as air conditioners and TVs. Notably, the alkaline battery segment grew in urban areas, driven by consumer preference for longer lasting and efficient batteries for high-end gadgets.

Overall, the market remains stable with incremental growth in key segments aligned with changing consumer needs.

Prospects

The zinc carbon dry battery market in India appears promising in the coming years, driven by the growing use of remote-controlled household appliances, the introduction of new-edge gadgets, increasing demand for health monitoring devices and steady consumption of wall clocks, flashlights and toys.

Environmental Commitment

The Company is an environmentally responsible organization with a global commitment towards carbon footprint reduction and circular economy under the global Panasonic Green Impact Vision. At our company, we are fully aligned with these sustainability goals.

The continued efforts for building an environmentally friendly ecosystem and processes towards:

- Battery Waste Management

The Company also remains committed to the intent of the "Battery Waste Management Rule", ensuring to develop an ecosystem for safe and scientific disposal and recycling of the waste Batteries which become "End of Life". With a strong environmental focus, PECIN, has been working on projects to enhance the collection mechanism for the end-of-life dry cell batteries under "Battery waste Management Rules 2022", through PILOTs, collection drives, building collaborative models with multiple stakeholders.

Given the consumer behaviour, the unique characteristic of dry cell batteries (very small size, no residual value & complex chemistry), the efforts will need time to convert into a viable solution.

The objective of concerted efforts being conducted, along with consumers (schools, RWA ), retail partners, recyclers and other stakeholders is to develop the ecosystem with collaborative model and support of government policies.

- Environment friendly plastic packaging norms and waste management

The Company is practicing environmentally friendly packaging and also manages the plastic packaging waste and its recycling in a environment friendly manner

5. Change in Nature of Business

As reported last year, there is no material change in the business.

During the year, the company expanded its product portfolio through introduction of entry-level alkaline products. However, there was no changes in core nature of business of the company.

6. Product Profile

This year, the Company continues its commitment to providing a comprehensive range of high-performance batteries to meet Indias portable energy needs. Zinc carbon batteries remain the key contributor due to their compatibility with a wide array of Indian appliances.

In response to urbanization and the increasing adoption of modern devices, alkaline and lithium coin batteries have shown promising growth. Building on this momentum, the Company has introduced entry-level alkaline batteries into its portfolio, aiming to cater to cost-conscious urban consumers while expanding its market reach in the alkaline segment.

7. Management Discussion and Analysis

Business Overview

For FY 2025–26, Indias demand for dry cell batteries remains robust, supported by a large youth population and expanding consumer base. The growing adoption of remote-controlled household appliances, toys, health monitoring devices and other portable electronics continues to drive steady consumption.

Additionally, increasing penetration of air conditioners due to changing climate conditions, rising purchasing power of Indian consumers and greater adoption of high-end gadgets are set to further boost demand. Continued technological advancements and supportive government policies are anticipated to enhance the market outlook for dry cell batteries in the year ahead.

Zinc Carbon batteries

The Indian battery market continues to be dominated by the zinc carbon category. During the financial year 2025-26, Companys growth in the zinc carbon category again outperformed the overall industry. However, there was no significant gain in market share due to our strategic decision to avoid trade-downs.

Alkaline batteries

Alkaline batteries have seen a steady increase in contribution over the past several years, with demand primarily driven by low-grade alkaline products. This year, we expanded our portfolio by introducing "EVOLTA YUVA" entry-level alkaline batteries to cater to a broader consumer base.

Rechargeable batteries

The rechargeable battery segment largely dominated by low-priced imported products. Your Company has successfully maintained its presence in the marketing and sales of the high-quality "eneloop" brand of rechargeable batteries and chargers.

Both dealers and consumers continue to recognize and appreciate the quality and superiority of our rechargeable offerings. Your Company has maintained its dominance brand-power during financial year 2025-26.

Lithium coin batteries

The demand for lithium coin batteries in India has continued to grow strongly in financial year 2025-26, driven by increasing awareness of health monitoring devices and the widespread use of car key fobs.

Your Company offers the widest product range in this segment to effectively meet diverse customer needs, achieving significant growth year over year.

Panasonic lithium coin batteries remain highly regarded for their superior performance, particularly in car key fobs.

Given the ongoing trends, this segment is expected to sustain robust growth in the foreseeable future.

Industry Structure and Development

The Indian dry battery industry remains resilient, supported by widespread household and commercial usage.

Rising penetration of air conditioners and remote-controlled devices is expected to drive higher growth in AAA-sized batteries. The coin cell and alkaline battery segments are anticipated to gain momentum in the coming years.

The market structure favors organized players with strong brands and distribution reach. Rechargeable batteries presently constitute a small share and do not significantly affect the dry battery segment.

Marketing, Distribution and Brand building

During FY2025-26, the Company significantly advanced its sales and distribution capabilities through the establishment of a Sales Force Automation (SFA) system. The implementation has strengthened distributor management, improved planning accuracy, and enhanced salesforce effectiveness. Alongside expanding distribution reach, the initiative is expected to drive higher individual productivity and execution consistency.

As a battery expert, Panasonic continues to educate Indian consumers on their evolving battery needs while offering a comprehensive range of high performance, safe, and environmentally responsible battery solutions.

During FY2025-26, the Company undertook multiple brand building initiatives aimed at strengthening brand awareness, improving consumer recall, and reinforcing its core positioning around reliability and safety.

54th Annual Report 2025-26

Key campaigns included the launch of EVOLTA YUVA through the "Power Jo De Peace of Mind" initiative across digital and traditional media, an influencer led digital campaign titled "Protect What Matters" highlighting everyday protection and dependability, and the "Power Zyada, Safety Ka Vaada" campaign for the EVOLTA range emphasizing superior power backed by assured safety.

These initiatives supported enhanced consumer engagement, stronger brand visibility, and continued reinforcement of the Companys trusted brand credentials in the market

Opportunities and threats

Opportunities

Rising penetration of air conditioners, remote controlled devices, and portable electronics is expected to drive growth in AAA sized batteries, along with increasing demand for alkaline and coin cells.

Increasing consumer preference for reliable, high performance, and environmentally responsible products favors established and trusted brands.

Threats

Low cost imported alkaline batteries are gaining market share in India through aggressive pricing and extensive promotions, intensifying competitive pressure.

Panasonic Energy India Co. Ltd.

The industry is witnessing a trade-down trend across alkaline and zinc-carbon segments, which may adversely impact value realization and margins.

Over the long term, increased use of smartphones as control interfaces for connected appliances could pose a substitution risk, although traditional remote controls remain widely used.

Risks and Concerns

In Financial Year 2025-26, the company faced higher raw material and purchase costs due to global factors, especially in the second half when zinc LME prices and dollar rates increased. Changes in dollar exchange rate increased import cost.

Due to tight profit margins and rising raw material costs, we are optimizing the use of existing systems instead of making large software investments.

We remain committed to gradually improving efficiency, data security and accuracy over time.

Outlook

The industry has a promising business outlook and great potential for growth, considering the increasing use of battery powered devices. With the support of government policy, India becoming the hotspot for the manufacturing of toys, electronic devices and medical equipment are the key factors for the rapid growth of the market.

Further, alkaline batteries are expected to strengthen enhance their dominance in the primary battery market and continue to witness the fastest growth, primarily due to the increasing per capita income of Indian consumer.

Indias purchasing parity per capita income has more than doubled in the last decade and declining cost of consumer electronics and growing population have led to growth of the consumer electronics market in the country, which in turn, is driving the battery industry. Also rising income levels, increasing urbanization, changing lifestyle and enhanced need for convenience is expected to boost battery-run gadgets demand.

The battery industry has a promising future but it needs to adapt to changing market trends and environment regulation.

Internal Financial Controls

The Company has an internal financial control system commensurate with the size and scale of its operations. These controls are adequate and operating effectively so as to ensure orderly and efficient conduct of business operations.

The internal staff monitors and evaluates the adequacy of internal control system in the Company, its compliances with operating systems, accounting procedures and policies at all locations of the Company. Based on the reports, the Company undertakes corrective actions, thereby strengthening the controls. Significant observations and corrective actions thereon are presented to the Audit Committee for its review.

Development in the Human Resource and Industrial Relation

The Board wish to place on record its appreciation to all its employees for their sustained efforts and valuable contribution. Your Company is very much concerned for the employees so as to provide them with safe and accidentfree environment with a motto "Safety First" at the work place. The total employee strength of the Company as on March 31, 2026 stood at 688.

Details of significant changes in key financial ratios

Research & Development

We at, Panasonic Energy India Company Ltd., aim for better quality of human life and preservation of our planet. Recognizing that our Company is a member of society, we are contributing to a healthier and more prosperous community by way of Manufacturing and selling complete range of eco-friendly batteries through elimination of hazardous substances i.e. Lead (Pb), Mercury (Hg) and Cadmium (Cd) etc. A way forward, the Company is complying to EU directives and controlling the RoHS substance in the Battery Components.

Our factory in Pithampur (Madhya Pradesh) is a Carbon Neutral Factory in Dry Battery industries in India and has received a Certificate of Verification Carbon Unit (VCU) Retirement Since 2023, additionally, it has been certified by the International REC Standard. The wastewater treatment at the factory results in zero discharge of wastewater and furthermore, 50% of factory land has a forest cultivated by the Company. The wastewater treatment facility has been renovated to enhance its operational efficiency.

Contributing in reduction of CO2 emission through energy conservation means. Implementing 3R concept "Reduce, Re-use and Re-cycle". Our main business objective is Customer First & we always strive to deliver best quality & environmental friendly batteries that offer consistent performance by putting our best efforts through Research & Development and Empowered with Japanese technology.

8. Material changes and Commitments

There is no such material change and commitment, affecting the financial position of the Company which have occurred between the end of the financial year ended on March 31, 2026 and the date of the report.

9. Corporate Governance

As per requirement of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as "Listing Regulations") a separate section on corporate governance practices followed by the Company, together with a certificate from the Company Secretary in Practice confirming compliances, forms an integral part of this Report.

10. Annual Return

A copy of Annual Return as required under the Companies Act, 2013 has been placed on the Companys website viz. https://www.panasonicenergyindia.in

11. Board Meetings

Schedules of Board and Committee meetings are prepared and circulated in advance to the Directors. During the year, five Board Meetings and five Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

12. Directors Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

Panasonic Energy India Co. Ltd.

(a) that in the preparation of the annual accounts 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) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2026 and of the profit and loss of the Company for the year ended on March 31, 2026;

(c) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) that the Directors had prepared the annual accounts on a going concern basis;

(e) that the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

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

13. Contracts and Arrangements with Related Parties

All transactions entered with related parties for the year under review were in the ordinary course of business and on arms length basis. Further, there are no material related party transactions during the year and thus a disclosure in Form AOC-2 in terms of Section 134 of the Act is not required.

All related party transactions are placed before the Audit Committee for approval. Omnibus approval was obtained on a yearly basis for transactions which are of repetitive nature. The policy on related party transactions as approved by the Board of Directors has been uploaded on the website of the Company viz. https://www.panasonicenergyindia.in

14. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are annexed herewith. (Ref. "Annexure-A")

15. Risk Management

The Company has framed a risk management policy containing the elements of various risks and implementation strategy to mitigate those risks. The risk management framework is reviewed periodically by the Board.

16. Corporate Social Responsibility

During the year under review, as part of its Corporate Social Responsibility (CSR) initiatives, the Company undertook the renovation and beautification of a Government School located in Jalway, District Dhar, Madhya Pradesh. This included the construction of classrooms, renovation of existing classrooms, provision of separate washrooms for girls and boys and other amenities such as benches, chairs, clean drinking water facilities and painting of the school building.

These projects are in accordance with Schedule VII of the Companies Act, 2013.

During the year, under review Companys obligation towards CSR for the financial year 2025-26 was Rs. 12,55,962.00 and Company spent Rs. 14,75,000.00 on CSR.

The Annual Report containing details on CSR activities is annexed herewith. (Ref. "Annexure B").

17. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has in place a policy on prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

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 Management of the Company and female employees, gives training for awareness of the female employees on all applicable provisions of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the FY 2025-26, two meetings of ICC were held on November 06, 2025 and March 17, 2026.

During the year, no complaint was received by the Company and hence, no complaints are outstanding as on March 31, 2026 for redressal. Annual report of nil complaints for the calendar year 2025 was submitted to the respective District Officer at Vadodara.

18. Annual Evaluation by the Board

The Board has carried out an annual evaluation of its own performance, Committees of the Board and individual Directors pursuant to the provisions of the Companies Act, 2013 and Listing Regulations on February 09, 2026. The Board of Directors expressed their satisfaction with the evaluation process.

19. Vigil Mechanism / Whistle Blower Policy

The Company has established a vigil mechanism for Directors and employees and the same has been communicated to the Directors and employees of the Company. The vigil mechanism policy / whistle blower policy is also posted on the website of the Company.

20. Directors and Key Managerial Personnel

The Company had received declarations from all Independent Directors that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and requirements of Listing Regulations.

Based on the declarations received from the Independent Directors, your Board of Directors confirm the independence, integrity, expertise and experience (including the proficiency) of the Independent Directors of the Company. Independent Directors comply with the Code of Conduct for Directors, Senior Management & Employees of the Company.

Mr. Tadasuke Hosoya will retire by rotation and being eligible, offers himself for re-appointment.

As required by Regulation 36(3) of Listing Regulations, the relevant details in respect of the Directors proposed to be appointed / re-appointed are set out in the Corporate Governance Report forming part of the Boards Report. The Board recommends all the resolutions placed before the members relating to appointment/ re-appointment of Directors for their approval.

However, during the year under review:

Mr. Akinori Isomura has resigned from the position of Chairman and Managing Director of the Company with effect from June 30, 2026. Further, the appointment of Mr. Akio Fujita (DIN: 11130669) as Chairman and Managing Director for a period of two years, with effect from July 1, 2025 up to June 30, 2027, has been approved and regularized by the shareholders at the 53rd Annual General Meeting of the Company held on September 24, 2025.

21. Committees of the Board

The Board of Directors have the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

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

22. Statutory Auditors

In accordance with the provisions of the Companies Act, 2013, the shareholders at their 50th AGM held on July 28, 2022 re-appointed M/s. BSR and Co., Chartered Accountants (a member entity of BSR & Affiliates) having ICAI Firm Registration No. 128510W for a further period of five consecutive years (2nd Term) as Statutory Auditors of the Company from the conclusion of the 50th AGM till the conclusion of the 55th AGM to be held for the Financial Year 2026-27.

M/s. B S R & Co., Chartered Accountants, having ICAI Firm Registration No. 128510W, as the Statutory Auditors of the Company, have issued a modified opinion on the financial statements for the Financial Year 2025-26. The modified opinion highlights the complex compliance regulations with no proper guidelines resulting lack of clarity to comply with the provisions of the Battery Waste Management Rules, 2022 ("BWMR" or "the Rules").

The Company, along with the other battery manufacturer industry participants has submitted representations to the Ministry of Environment, Forest and Climate Change, Government of India ("MoEFCC"), outlining the challenges faced by the industry, including high compliance costs, in adhering to the said Rules, and has sought revisions to the prescribed targets and timelines.

The Central Pollution Control Board (CPCB) has notified the environmental compensation rates for non-fulfilment of targets under the BWMR, pending clarification from the Government, the Company has not estimated or recognised any provision for such obligations in the financial results of 2025-26.

The managements explanation in respect of the qualified opinion is as follows:

The Company, along with other industry participants, has faced challenges in complying with the provisions of the BWMR, particularly in achieving the prescribed recycling and/or refurbishment targets within the stipulated timelines, as well as due to significant associated compliance costs. The compliance cost prescribed in the notification varies based on different battery compositions.

Accordingly, through the Resource Efficiency and Circular Economy Industry Coalition ("RECEIC"), representations have been submitted to the MoEFCC seeking a review of the prescribed targets, associated compliance costs, and extension of implementation timelines. The response from the MoEFCC is awaited.

Additionally, the Indian Battery Manufacturers Association ("IBMA"), along with certain electronic manufacturers, has also filed a writ petition before the Honble Delhi High Court challenging the E-Waste (Management) Rules, 2022 and the Battery Waste Management (Amendment) Rules, 2024, particularly with respect to the regulated pricing mechanism for Extended Producer Responsibility (EPR) certificates. As at the date of these financial statements, the matter is under consideration by the Honble Delhi High Court.

23. Cost Auditor and Cost Audit Report

As per Section 148 of the Companies Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to prepare, maintain as well as have the audit of its cost records conducted by a Cost Accountant and accordingly, it has made and maintained such cost accounts and records. On the recommendation of the Audit Committee, M/s. Diwanji & Co., Cost and Management Accountants (Firm Registration No.: 000339), have been re-appointed as the Cost Auditor for the financial year 2026-27.

In terms of the provisions of Section 148(3) of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the Members of the Company. Accordingly, the Board seeks ratification at the ensuing Annual General Meeting for the remuneration payable to the Cost Auditors for the financial year 2025-26.

24. Secretarial Auditor

In terms of Section 204 of the Act and Regulation 24A of the SEBI Listing Regulations, the Board of Directors has, on the recommendation of the Audit Committee, approved the appointment of M/s. J. J. Gandhi & Co., as the Secretarial Auditors of the Company, to hold office for a term of five (5) consecutive years with effect from financial year 2025-26 to financial year 2029-30 and the same has been approved of the Members of the Company at its 53rd annual general meeting held on September 24, 2025.

54th Annual Report 2025-26

The report of the Secretarial Auditors for FY 2025-26 is enclosed as Annexure C forming part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Secretarial Auditors in their Report.

25. Reporting of Fraud

During the year under review, Auditors have not reported any instances of fraud under section 143(12) of the Companies Act, 2013.

26. Subsidiaries, Joint Ventures and Associates

Your Company does not have any subsidiary / subsidiaries, joint ventures and associates within the meaning of the Companies Act, 2013. Your Company is subsidiary of Panasonic Holdings Corporation.

27. Deposits

The Company has not accepted any fixed deposits and accordingly no amount was outstanding as on the date of the Balance Sheet.

28. Particulars of Loans, Guarantees or Investments made under Section 186 of the Companies Act, 2013

There are no loans, guarantees or investments covered under the provisions of Section 186 of the Companies Act, 2013.

29. Transfer to Investor Education and Protection Fund (IEPF)

As per Section 124(6) of the Act read with the IEPF Rules as amended, all the shares in respect of which dividend has remained unpaid / unclaimed for seven consecutive years or more excluding those having Court case, if any, have been transferred to an IEPF Account.

During the year, the Company has transferred 5,689 number of shares to the IEPF Authority Account.

30. Disclosure under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Disclosures required under Section 197 of the Companies Act, 2013 read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have been annexed herewith. (Ref. "Annexure-D")

Details of employee remuneration as required under the provisions of section 197 of the Act and Rule 5(2) and (3) of the Rule are available to any shareholders for inspection on request. If any shareholder is interested in obtaining copy thereof, such shareholder may write to the Company Secretary, where upon a copy would be sent through email only.

31. Nomination & Remuneration Policy

The remuneration paid to the Directors, Key Managerial Personnel and Senior Management Personnel are in accordance with the Nomination and Remuneration policy. As per the said Policy, the Nomination & Remuneration Committee (NRC) has formulated criteria for determining qualifications, positive attributes and independence of directors and other matters in terms of provisions of section 178(3) of the Act. The above policy has been posted on the website of the Company viz. https://www.panasonicenergyindia.in

32. Compliance with all the applicable laws of Secretarial Standards

During the year, the Company has complied with all the applicable Secretarial Standards.

33. Significant and Material Orders passed by the Regulators or Courts

No significant and material order has been passed by the regulator, court, tribunal, statutory and quasi-judicial body impacting the going concern status of the Company and its future operations.

Panasonic Energy India Co. Ltd.

34. Application Made or Proceeding Pending Under The Insolvency And Bankruptcy Code, 2016

During the financial period under review, no application was made under the Insolvency and Bankruptcy Code, 2016 (IBC 2016) by the Company. No proceedings are pending under IBC 2016 against the Company.

35. Particulars of Valuation done at the time of One-Time Settlement And Valuation Done While Taking Loan From The Banks Or Financial Institutions

During the financial period under review, there were no instances of any one-time settlement against loan taken from Banks or Financial Institutions.

36. Disclosure related to Maternity Benefits Act, 1961

During the year under review, the Company has complied with the provisions of the Maternity Benefit Act, 1961.

37. Acknowledgment

Your Directors wish to place on record their appreciation of the contribution made by employees at all levels to the continued growth and prosperity of your Company. Your Directors also wish to place on record their appreciation to the shareholders, dealers, distributors, consumers and banks for their continued support.