Phoenix Overseas Ltd Directors Report

Dear Members,

The Board of Directors present the Companys 23 rd Annual Report and the Companys Audited Financial Statements for the financial year ended 31st March, 2026.

1. FINANCIAL RESULTS

The Companys financial performance (standalone and consolidated) for the year ended March 31, 2026 is summarised below:

( Rs. in Lacs)

Particulars	Standalone		Consolidated
	2025-26	2024-25	2025-26	2024-25
Revenue from Operations	61048.77	48,795.38	61048.77	48,795.38
Other Income	265.17	230.75	265.17	230.75
Total Income	61,313.94	49,026.13	61,313.94	49,026.13
Total Expenditure	60,879.80	48,286.90	60,880.97	48,287.63
Profit before tax	434.14	739.23	432.97	738.50
Current Tax	117.83	191.60	117.83	191.60
Income tax Adjustment	-	-	-	-
Deferred Tax	(3.10)	(1.46)	(3.20)	(1.57)
Profit after Tax	319.42	549.09	318.35	548.47
Share of profit (loss) of Associates	-	-	25.12	(90.35)
Basic Earnings per share (in )	1.65	8.37	1.78	6.98

2. TRANSFER TO RESERVES

The company does not propose to transfer any amount to general reserve.

3. DIVIDEND

The Board of Directors has recommended a final dividend of Re. 0.60/- per share of face value of Rs. 10/- each for the year 2025-26. Dividend is subject to approval of members at the ensuing Annual General Meeting (AGM) and shall be subject to deduction of income tax at source.

4. STATE OF COMPANYS AFFAIRS

The financial performance achieved by the Company during the Financial Year under review:

> Revenue from operations increased to Rs. 61,048.77 lakhs in FY 2025-26 from Rs. 48,795.38 lakhs in FY 2024-25, registering a growth of 25.11% on a consolidated basis.

> Profit After Tax (PAT) decreased to Rs. 318.35 lakhs in FY 2025-26 from Rs. 548.47 lakhs in FY 2024-25, registering a decline of 41.96% on a consolidated basis.

> Profit After Tax (PAT) decreased to Rs. 319.42 lakhs in FY 2025-26 from Rs. 549.09 lakhs in FY 2024-25, registering a decline of 41.83% on a standalone basis.

5. CHANGE IN THE NATURE OF BUSINESS

There is No Change in the nature of the business & operation of the Company during the year under review.

6. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL

POSITION BETWEEN THE END OF FINANCIAL YEAR AND DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company occurred during the period from the end of the financial year to which the financial statement related till the date of this report.

7. MEETINGS OF THE BOARD OF DIRECTORS

The Meetings of the Board of Directors are pre-scheduled and intimated to all the Directors in advance, in order to enable them to plan their schedule. However, in case of special and urgent business needs, approval is taken either by convening Meetings at a shorter notice with consent of all the Directors or by passing a Resolution through Circulation. There were 5 (Five) Meetings of the Board of Directors held during the Financial Year 202526 which are as follows: 15th May, 2025, 29th May, 2025, 16th September, 2025, 13th November, 2025 and 12th March, 2026. The maximum gap between any two consecutive Board Meetings did not exceed 120 (One Hundred Twenty) days.

8. SHARE CAPITAL

The Authorised Share Capital of the Company as on March 31, 2026 stood at ^25,00,00,000/- divided into 2,50,00,000 Equity shares of Rs.10/- each. The Issued Share Capital of your Company is Rs.19,34,60,180/- divided into 1,93,46,018 equity shares of Rs.10/- each and the subscribed and paid-up capital is ^19,34,60,180/- divided into 1,93,46,018 equity shares of Rs.10/- each fully paid-up.

9. ALTERATION OF MEMORANDUM AND ARTICLES OF ASSOCIATION

During the year under review, there is no change in the Memorandum and Articles of Association of the Company.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of Directors of the Company comprised of the following Directors and KMP, as on March 31, 2026:

S. No	Name of the Directors	Nature of Directorship
1	Aparesh Nandi	Managing Director / Executive Director
2	Jayanta Kumar Ghosh	Non-Executive Director
3	Uday Narayan Singh	Non-Executive Director
4	Sudipta Kumar Mukherjee	Independent Director
5	Arpita Das	Independent - Women Director
6	Ranajit Kumar Mondal	Independent Director
7	Simran Kothari	Company Secretary & Compliance Officer
8	Kingshuk Basu	Chief Financial Officer

During the year under review, Mrs. Arpita Das (DIN-11100459) was appointed as Independent Director under section 149(6) of the Companies Act, 2013 with effect from 15.05.2025.

Further Ms. Simran Kothari was appointed as Company Secretary and Compliance Officer with effect from 05.03.2026.

During the year, Mrs. Sanghamitra Mukherjee (DIN-07203827) ceased to be an Independent Director due to expiry of the term with effect from 15.07.2025.

11. INDEPENDENCE & OTHER MATTERS PERTAINING TO INDEPENDENT DIRECTORS

Pursuant to the provisions of Section 134(3)(d) of the Companies Act, 2013, disclosure is hereby given that the Company has received declaration /confirmation of independence from all its Independent Directors, pursuant to Section 149(7) of the Companies Act, 2013 as amended from time to time, and the same have been noted and taken on record by the Board, after undertaking due assessment of the veracity of the same.

All the Independent Directors of the Company have complied with the Code for Independent Directors prescribed in Schedule IV to the Companies Act, 2013.

All the Independent Directors of the Company are registered with the Indian Institute of Corporate Affairs, Manesar (IICA) and have their name included in the Independent Directors Data Bank maintained by the IICA. The status of Proficiency Test of the Independent Directors conducted by IICA is as follows:

S. No	Name of the Independent Director	Status of clearing the Proficiency Test
1	Sudipta Kumar Mukherjee	Exempted
2	Ranajit Kumar Mondal	Will appear
3	Arpita Das	Exempted

12. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

The Program intends to provide insights into the Company so that the Independent Directors can understand the Companys business in depth and the roles, rights, responsibility that they are expected to perform / enjoy in the Company to keep them updated on the operations and business of the Company thereby facilitating their active participation in managing the affairs of the Company. In addition to the above, Directors are periodically advised about the changes effected in the Corporate Law, SEBI (LODR) Regulations, 2015 with regards to their roles, rights and responsibilities as Directors of the Company. To familiarize a new Independent Director with the Company, its policies and procedures, a familiarize kit containing informative documents about the Company like past five years Annual Reports, Memorandum and Articles of Association, Companys Code of Conduct, presentation on financial and operational highlights etc. are provided to him/her. The Company has uploaded its Familiarization Programme for Independent Directors on the website of the company: https://phxglobal.net/wp-

content/uploads/2025/04/Familiarization-Programme-2024-25.pdf.

13. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for the selection and appointment of Directors and Senior Management Personnel and their remuneration. The Remuneration the Companys policy relating to the Directors appointment, payment of remuneration and discharge of their duties is available on the website of the Company at https://phxglobal.net/wp- content/uploads/2024/08/Nomination-and-Remuneration-Policy.pdf.

14. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

There was no unpaid /unclaimed dividend hence the provisions of Section 125 of the Companies Act, 2013 do not apply.

15. MEETING OF THE INDEPENDENT DIRECTORS

During FY 2025-26, one meeting of Independent Directors was held without the presence of the Executive Directors or Management Personnel on March 25, 2026. At such meeting, the Independent Directors have discussed, among other matters, growth strategies, flow of information to the Board, strategy, leadership strengths, compliance, governance and performance of Executive Directors.

16. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate exercise was carried out to evaluate the performance of individual Directors, including the Chairman of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment there by safeguarding the interest of the Company. 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 the Independent Directors. The board also carried out an annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as stakeholder relationship committee. The Directors expressed their satisfaction with the evaluation process.

17. DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT

There are nil shares in suspense account.

18. DEPOSITS

The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 [(i.e., deposits within the meaning of Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014)], during the Financial Year 2025-26. Thus, the details of deposits required as per the provisions of the Companies (Accounts) Rules, 2013 are as follows:

(a)	Accepted during the Financial Year 2025-26	Nil
(b)	Remained unpaid or unclaimed during the Financial Year 2025-26	Nil
(c)	Whether there has been any default in repayment of deposits or payment of interest thereon during the Financial Year 2022-23 and if so, number of such cases and total amount involved -
	(i) At the beginning of the year	Nil
	(ii) Maximum during the year	Nil
	(iii) At the end of the year	Nil
(d)	Details of Deposits which are not in compliance with the requirements of Chapter V of the Companies Act, 2013	Nil

19. DEPOSITORY SYSTEM

The Companys Equity Shares are available for dematerialization through National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The International Securities Identification Number (ISIN) of the Company for both NSDL and CDSL is INE0FPO01018.

20. SCHEME OF AMALGAMATION / ARRANGEMENT

During the Financial Year 2025-26, the Company has not proposed or considered or approved any Scheme of Merger / Amalgamation / Takeover / Demerger or Arrangement with its Members and/or Creditors.

21. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016, DURING THE FINANCIAL YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the Financial Year 2025-26, there was no application made and proceeding initiated / pending by any Financial and/or Operational Creditors against the Company under the Insolvency and Bankruptcy Code, 2016. As on the date of this Report, there is no application or proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016.

22. ONE TIME SETTLEMENT WITH BANKS

The Company has not made any settlement with the banks or financial institutions.

23. LISTING WITH STOCK EXCHANGES

The Company is listed with National Stock Exchange of India Limited (NSE). The Company has paid the listing fees to the Exchanges.

24. COMMITTEES OF THE BOARD

A. AUDIT COMMITTEE

The Audit Committee (AC) of the Board comprises of:

Name of the Member	Designation in the Committee & Nature of Directorship
Sudipta Kumar Mukherjee	Chairperson / Independent Director
Arpita Das	Independent Women Director
Aparesh Nandi	Executive Director

During the year under review, there has been no instance where the recommendations of the Audit Committee have not been accepted by the Board. The details of the Audit Committee and its meetings are provided in the Report on Corporate Governance, which forms part of this Annual Report.

B. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee (NRC) of the Board comprises of:

Name of the Member	Designation in the Committee & Nature of Directorship
Arpita Das	Chairperson / Independent Women Director
Sudipta Kumar Mukherjee	Member / Independent Director
Jayanta Kumar Ghosh	Non-Executive Director

The details of the Nomination and Remuneration Committee and its meetings are provided in the Report on Corporate Governance, which forms part of this Annual Report.

C. STAKEHOLDERS RELATIONSHIP COMMITTEE & INVESTOR GRIEVANCE COMMITTEE

The Stakeholders Relationship Committee (SRC) of the Board comprises of:

Name of the Member	Designation in the Committee & Nature of Directorship
Ranajit Kumar Mondal	Chairperson / Independent Director
Sudipta Kumar Mukherjee	Member / Independent Director
Uday Narayan Singh	Member / Non- Executive Director

The details of the Nomination and Remuneration Committee and its meetings are provided in the Report on Corporate Governance, which forms part of this Annual Report.

D. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee of the Board comprises of:

Name of the Member	Designation in the Committee & Nature of Directorship
Ranajit Kumar Mondal	Chairperson / Independent Director
Arpita Das	Member / Independent Women Director
Jayanta Kumar Ghosh	Member / Non- Executive Director

The details of the Corporate Social responsibility Committee and its meetings are provided in the Report on Corporate Governance, which forms part of this Annual Report.

E. INTERNAL COMPLAINTS COMMITTEE

The Internal Complaints Committee (ICC) comprises of:

Name of the Member	Designation in the Committee & Nature of Directorship
Arpita Das	Independent Women Director
Saakshi Singh	External female member
Gour Gopal Jana	Sr. Employee of the Company

25. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of conservation of energy and technology absorption are not applicable to the Company as the Company is engaged in the trading activities. Further, the foreign exchange earnings and outgo for the financial year ended March 31, 2026 in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 in the prescribed format in Annexure - II forms part of this report.

26. STATUTORY AUDITORS

M/ s. Jain Seth & Co. Chartered Accountants (FRN No: 002069W) be entitled to hold office as statutory auditor of the company up to the conclusion of the 26th Annual General Meeting of the Company as approved by the shareholders at the AGM held on September 12, 2024. As required under Regulation 33 of SEBI (LODR) Regulations, 2015, M/s. Jain Seth & Co. Chartered Accountants confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. The Auditors Report for the financial year ended 31st March, 2026 on the financial statements of the Company is a part of this Annual Report. There is no qualification, reservation or adverse remark made by the Statutory Auditors in their report. The Auditors have not reported any incident of fraud in terms of Section 143 (12) of the Act. The Notes on Financial Statements referred to in the Auditors Report are self- explanatory and do not call for any further comments.

27. SECRETARIAL AUDIT REPORT

In accordance with provisions of Section 204(1) of the Companies Act, 2013, the Company had appointed M/s. TP & Associates, Practicing Company Secretaries to conduct the secretarial audit of the Company for the Financial Year 2025-26. The Secretarial Audit Report for the year under review is provided as Annexure - I of this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

28. COST RECORDS AND COST AUDITORS

The provision for conducting Cost Audit and or maintaining Cost Record as per the Act does not apply to your Company during the financial year under report.

29. RESPONSES TO QUALIFICATIONS, RESERVATIONS, ADVERSE REMARKS & DISCLAIMERS MADE BY THE STATUTORY AUDITOR AND THE SECRETARIAL AUDITOR OF THE COMPANY

There are no qualifications, reservations, adverse remarks and disclaimers of the Statutory Auditors in their Auditors Reports (Standalone and Consolidated) on the Financial Statements for the Financial Year 2025-26. Except as stated below, there are no qualifications, reservations, adverse remarks and disclaimers of the Secretarial Auditors in their Secretarial Audit Report for the Financial Year 2025-26.

30. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby stated that:

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) The Directors have selected such accounting policies and applied them consistently and made judgements 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 and 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 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.

31. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENT

The Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee of the Board. Internal Audit is conducted by an Independent Professional Firm of Chartered Accountants. The Internal Audit Reports are reviewed and discussed with the senior management team. The measures as suggested by the Audit Committee are implemented as per the direction of the Audit Committee.

The controls comprise of:

a) Officials of the Company have defined authority and responsibilities within which they perform their duty;

b) All the Banking transactions are under joint authority and no individual authorization is given;

c) Maker-checker system is in place;

d) Any deviations from the previously approved matter require fresh prior approval.

M/s. Nawalgaria Sandeep & Co, Chartered Accountants (FRN: 323660E), appointed to carry out Internal Audit of the Company for the FY 2025-26.

32. ANNUAL RETURN

The Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 of your Company for the financial year under review is available at https://www.phxglobal.net/.

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

The particulars of loans given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilized as per the provisions of Section 186 of the Companies Act, 2013 are disclosed in the notes to account to the financial statements for the financial year 202526.

34. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were on an arms length basis and in the ordinary course of business. All transactions with related parties are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the RPTs, which are foreseeable and repetitive. A statement giving details of all RPTs are placed before the Audit Committee and the Board of Directors. Further the members may note that your Company has not entered into Contracts/arrangement/transactions which are not at arms length basis or in the ordinary course of business. The particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 forms part of this report in Annexure - III B in Form AOC-2, as prescribed under the applicable provisions of the Act.

Further, pursuant to revised Regulation 23 of the SEBI Listing Regulations, none of the related party transactions are material related party transaction as defined in the said Regulation. The details of related party transactions are disclosed in the notes to the financial statements. The policy on Related Party Transactions as approved by the Board is uploaded on the Companys website https: //phxglobal.net/wp-content/uploads/2025/05/Related- Party-Policy.pdf.

35. SUBSIDIARY AND ASSOCIATE COMPANIES

During the Financial Year 2025-26, no company has ceased to be a Subsidiary of your Company. Your Company had two subsidiary company as defined under Section 2(87) of the Companies Act, 2013 during the Financial Year 2025-26 namely:

Name	CIN	% of holding
KBC Solvex Private Limited	CIN: U24100WB2009PTC135503	66.67%
Phoenix Biogen Private Limited	CIN: U21001WB2024PTC272212	100% (Wholly-owned Subsidiary)

Further the company has two associate companies as defined under section 2(6) of the Companies Act, 2013 during the Financial Year 2025-26 namely:

Name	CIN	% of holding
Resilient Strategic Advisors Private Limited	CIN: U70200WB1995PTC073780	33.83%
BCL Bio Energy Private Limited	CIN: U11200WB2021PTC244926	29%

Annexure - III A to this Report sets out the salient features of the financial statements of the Subsidiaries and Associate Companies in Form AOC-1, as prescribed under the applicable provisions of the Act.

36. VIGIL MECHANISM

To meets the requirement under Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of the Listing Regulations the Company has adopted a vigil mechanism named Whistle Blower Policy for directors and employees to report genuine concerns, which shall provide adequate safeguards against victimization of persons who use such mechanism. Under this policy, we encourage our employees to report any reporting of fraudulent financial or other information to the stakeholders, any conduct that results in violation of the Companys Code of Business Conduct, to management (on an anonymous basis, if employees so desire). Likewise, under this policy, we have prohibited discrimination, retaliation or harassment of any kind against any employee who, based on the employees reasonable belief that such conduct or practice have occurred or are occurring, reports that information or participates in the said investigation. The Whistle Blower Policy is displayed on the Companys website https: / /phxglobal.net/wp-content/uploads/2024/08/wistle-blower-policy.pdf.

37. REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES

Disclosures relating to remuneration and other details as required under section 197(12) of the Companies Act, 2013 read with rules 5(1), (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith and forms part of this Directors report Annexure - IV.

38. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading, in accordance with the requirements of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time. The Company Secretary is the Compliance Officer for monitoring adherence to the said Regulations. The Code is displayed on the Companys website at https://phxglobal.net/wp- content/uploads/2024/08/Code-of-Internal-Procedures-and-Policy-on-Prohibition-of-Insider-trading.pdf.

39. DISCLOSURES AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESS) ACT, 2013

The Company has no tolerance against any conduct amounting to sexual harassment of women at the workplace. The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at the workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and the rules framed thereunder. The Company has duly constituted an Internal Complaints Committee (ICC) to redress and resolve any complaints arising under the POSH Act.

During the financial year under review, the Company has complied with all the provisions of the POSH Act and the rules framed thereunder. Further details are as follow:

Number of complaints of Sexual Harassment received during the financial year	Nil
Number of Complaints disposed off during the year	Not applicable
Number of cases pending for more than ninety days	Not applicable

40. MATERNITY BENEFIT

The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act, 1961, and has extended all statutory benefits to eligible women employees during the year.

41. MANAGEMENT DISCUSSION & ANALYSIS REPORT

In terms of requirements of Regulation 34(2)(e) of SEBI (LODR) Regulation 2015, Management Discussion and Analysis Report is annexed to this Report (Annexure - IX).

42. CORPORATE GOVERNANCE

The Company has been practicing the principles of good corporate governance as it is committed to maintain the highest standards of Corporate Governance and believes in conducting its business with due compliance. The Company has duly implemented the system of Corporate Governance and a separate report on Corporate Governance practices followed by the Company, forms an integral part of this Report (Annexure - VI).

43. CORPORATE SOCIAL RESPONSIBILITY

The details about the initiatives taken by the Company on CSR during the year as per the Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 have been appended as Annexure - V attached to this report. The Company was required to spend as CSR obligation Rs. 13.07 Lakhs (Being 2% of the Average Net Profit of preceding three financial years) and consequently company has spent Rs. 13.07 Lakhs during the Financial Year 2025-26. The Company carries out CSR activities through trust i.e., BRIL Social Foundation (CIN: U85300WB2022NPL253511) registered with MCA. The Companys CSR Policy focuses on Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects. A separate report on Corporate Social Responsibility practices followed by the Company forms an integral part of this Report (Annexure - V ).

44. CREDIT RATING

During the year under review, Acuite Ratings & Research Limited has affirmed a credit rating of Acuite BBB- Stable on the Bank Loan facilities of the Company.

45. COMPANY RELATIONS

The company has maintained good industrial relations on all fronts. Your directors wish to place on record their appreciation for the honest and efficient services rendered by the employees of the company.

46. SECRETARIAL STANDARDS

The Board has ensured the compliances with the provisions of the applicable Secretarial Standards to the best of their knowledge.

47. ACKNOWLEDGEMENTS

The directors place on records their sincere appreciation for the assistance and co-operation extended by Bank, its employees, its investors and all other associates and look forward to continue fruitful association with all business partners of the company.

	For and on Behalf of Board of Directors
	of Phoenix Overseas Limited
Date: 20-05-2026 Place: Kolkata
	Sd/-	Sd/-
	Aparesh Nandi	Uday Narayan Singh
	Managing Director	Director
	DIN: 00722439	DIN: 00722449