Raconteur Global Resources Ltd Management Discussions

This report is an integral part of the Boards Report and covers management perspective on economic environment, industrial scenario, business performance, opportunities, threats, risks & concern, internal control etc. during the Financial Year 2024-2025.

This section should be read in conjunction with the Companys Financial Statements, including the accompanying schedules, notes, and other relevant information provided elsewhere in this Annual Report. Further, in the preparation of financial statements no separate Accounting Treatment has been followed other than that of prescribed in the Accounting Standards.

- Global Economy

The global economy in FY 2024-25 continued to navigate through uncertain terrain marked by ongoing geopolitical conflicts, inflationary trends, and regional economic disruptions. While headline inflation showed signs of cooling, core inflation remained persistent, influencing monetary policy decisions worldwide. Despite these headwinds, the overall global economic outlook indicates a gradual recovery, with cautious optimism for improved growth in 2025.

- Indian Economy and Outlook

The Indian economy remained resilient amidst global challenges, supported by robust domestic consumption, continued infrastructure investments, and proactive policy measures. Although growth was marginally below earlier forecasts due to external disruptions, India maintained a commendable trajectory, reaffirming its position as one of the fastest-growing major economies. Market analysts expect this momentum to build further in the coming years, aided by strong fundamentals and demographic advantages.

India is richly endowed with mineral resources, producing an impressive array of 95 different minerals that serve as critical inputs for various industries and significantly contribute to the nations economic growth. The countrys abundant reserves of metallic minerals such as bauxite, chromite, and iron ore, along with energy minerals like coal and lignite, position India as a key player in the global mining landscape.

The mining sector presents substantial opportunities to support GDP growth, strengthen foreign exchange reserves, and ensure the steady supply of essential raw materials across a wide spectrum of end-use industries. Among the leading contributors to this sector is the state of Odisha, which accounts for over 40% of Indias total mineral output, reinforcing its role as a pivotal hub in the nations mineral economy.

Industry Structure and Development:

The stone and granite industry remains closely tied to the construction and real estate sectors. The real estate sector in India sustained a steady recovery in 2024-25, driven by urban demand and infrastructure spending. Despite moderate growth compared to initial expectations—owing to macroeconomic uncertainties and supply chain fluctuations—the long-term outlook remains robust. The trend of aesthetic interiors and premium construction materials continues to bolster demand for quality marble and granite products.

Business Overview:

Raconteur Global Resources Limited is still trying to find its roots in the market, as the industry is highly cost intensive thus the Company is engaged in raising funds for making investment in business ventures. While FY 2024-25 remained stable in terms of financial and operational performance—mirroring the trends of the previous year—the Company witnessed encouraging signs of future growth.

OPPORTUNITIES:

The Management is looking for opportunities in various upcoming sectors :

1. Information Technology Sector: i.e. to explore business opportunities in buying, selling, trading import, export, designing, developing, assembling, testing, customization, implementation, maintenance, servicing, providing consultancy of/for Computer Hardware (including spare parts of all kind) / Software/ Web based Applications/ Solutions/ Network Management. and provide for related services.

2. Real Estate Sector i.e. to explore business opportunities in development of real estate and infrastructural facilities and in that respect to conceive, identify, design, supervise, promote, invest, construct, build, manage, set up, develop and maintain, either by itself, under any arrangement with regard to real estate projects including real estate and infra related tech services along with all kinds of research and development in the infrastructure sector and built-up infrastructure and construction development and facilities / amenities, urban, semi-urban and rural infrastructure of all types including roads, drainage, sewerage, transport infrastructure of all types including roads and bridges, mass rapid transit systems, ports,

airports and other conveniences, and other fixtures on lands and buildings and also to provide advisory and consultancy services in all the matters relating thereto.

3. Securities and surveillance Sector i.e. to explore business opportunities in manufacturing, assembling, marketing, trading, export, import of Securities and surveillance products and equipment to be used in defense sector/ residential or commercial sector including but not limited CCTV cameras, access control systems, and AI-driven security solutions, video surveillance, intrusion detection, drones, and access control systems. Also, to provide the services for the same.

4. Renewable Energy/ Green Energy Sector i.e. to explore business opportunities as manufacturer, designer, developer, improver and inventor of renewable energy modules, cells, and accessories, to act as principals, agents, contractors, lessors, and consultants, providing technical, administrative, and financial services related to all kinds of renewable energy modules and systems. This includes conducting research, trading, buying, selling, wholesaling, retailing, distributing, importing, exporting, assembling, fabricating, repairing, maintaining, altering, and operating solar power projects, thermal power projects and hybrid systems that combine solar photovoltaic technology with other forms of renewable energy. Also to manufacture, trade, service related articles, products, by-products, and technologies applicable to solar power for various uses, including lighting, heating, communication (including telecommunications), industrial applications, agriculture, government, and defence. Further to explore business opportunities in relation to power generation using various green energy sources (other than fossil fuels) i.e. Solar Power, Hydro power, Wind Power for Domestic and Commercial purposes. To erect, construct or provide consultancy for setting up Hydro Power Plant/ Wind Power Plant/ Solar Power Plant/ Biomass Power Plant/ Biofuel Plant and to provide the maintenance services for the same. Also, to manufacture, trade, import export, provide the service for Solar power panels, Solar Water Heaters, Solar Chargers, Solar Batteries, Wind Turbines, Geothermal Heat Pumps, Electric Vehicles (EVs), Energy-Efficient Appliances, Smart Grids and other green energy products. The future outlook for the stone and granite industry remains promising. Government-led infrastructure development, increased disposable incomes, and shifting consumer preferences toward premium housing continue to present significant opportunities. Demand for these stone and granite is set to continue given strong growth expectations for the residential and commercial building industry.

THREATS:

The global interest rate cycle may continue to hamper demand across economies, this in turn may lead to a sluggish demand for the Companys value added products. However, challenges persist in the form of increasing competition and rising input costs. The Company is actively enhancing its product mix, supply chain resilience, and customer engagement strategies to address these threats.

FINANCIAL PERFORMANCE:

The Financial Statements for the year ended 31^st March, 2025, have been prepared in accordance with the Companies (Accounting Standards) Rule, 2015 (AS) prescribed under section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. For the financial year ended 31st March, 2025, revenue at as level stood at Rs. 50.00 lakhs with a post -tax profit of Rs. 26.96 lakhs.

OUTLOOK:

Our goal is to enhance our presence in both global and domestic markets by consistently introducing innovative and value-added products, investing in extensive marketing efforts, and aligning with the evolving demands and aspirations of our customers.

Further, after the closure of financial year 2024-25, the company incorporated three wholly-owned subsidiary companies i.e. Trustfield Project and Infra Limited, Rockbase Real Estate Projects Limited and Skycrest Project Limited for expansion of its business. This will result enhance the business capabilities and vertical integration of Raconteur Global Resources Limited.

RISK & CONCERNS:

The mining and metals companies need to surmount various challenges, including meeting rising Economic, Social and Governance expectations, transitioning towards low-carbon value chains, among others, to fully leverage the potential of the sector.

The mining industry remains fraught with several challenges such as commodity cycles, environmental risks, regulatory & compliance risks.

INTERNAL CONTROL SYSTEM AND ITS ADEQUACY:

Your Company prioritizes maintaining robust internal control systems to ensure operational efficiency and integrity. To that end, your Company emphasizes the principles of integrity, accountability, and ethical behavior, with the Management setting the tone for this approach.

The Companys regular risk assessments help identify and address potential risks to its overall operations. Clear communication, training programs, and continuous monitoring ensure the effectiveness of internal controls.

The Companys internal control system is designed to ensure management efficiency, measurability and verifiability, reliability of accounting and management information, compliance with all applicable laws and regulations, and the protection of the Companys assets. This is to timely identify and manage the Companys operational, compliance-related, economic and financial risks.

RESEARCH & DEVELOPMENT:

Companys Research and Development (R&D) capabilities are playing an important role towards furthering your companys vision and goals. During the year, the R&D Centre has done extensive work on advanced refractory materials and on certain B2C value-added products.

HUMAN RESOURCES DEVELOPMENT:

Your Company recognizes its people as its most valuable asset and is committed to fostering an inclusive and engaging work environment, attracting, and retaining top talent through innovative recruitment strategies.

The organizational excellence depends on the quality of people employed. Therefore, your Company focus on the culture of recognition, innovation in technology, engagement of right people for the right job and process improvements. Your companys ethics, principles and ideals have fostered a positive work culture among the employees across all its plants and offices.

Your Company prioritizes employee well-being and satisfaction through wellness initiatives, employee assistance programs, and open communication channels. It follows a policy of regular feedback, coaching, and performance evaluation procedures to ensure its employees effective contribution towards the organizational mission. The employees are treated with respect and dignity at all times and senior management is easily accessible for counseling and redressal of grievances.

KEY FINANCIAL RATIOS:

The Key Financial Ratios for FY 2024-2025 and FY 2023-2024, along with explanation for significant changes (change of 25% or more) are as follows:

Particulars	FY 2024-25	FY 2023-24	% Change
Debtors Turnover	2.90	0.00	-
Inventory Turnover	0.00	0.00	-
Interest Coverage Ratio	0.00	0.35	-
Current Ratio	0.87	0.00	148.57
Debt Equity Ratio	0.29	0.00	-
Operating Profit Margin	0.32	0.16	99.16
Net Profit Margi n	0.33	0.00	-
Return on Net Worth	0.01	0.10	-91.35

1) Current Ratio improved significantly from 0.35 in FY 2023-24 to 0.87 in FY 2024-25, reflecting a growth of 148.57%, indicating enhanced short-term liquidity, due to increase in the Current Assets.

2) Operating Profit Margin increased from 0.16 in FY 2023-24 to 0.32 in FY 2024-25, registering a growth of 99.16%, demonstrating improved operational profitability, due to decrease in profits as well as Sales as compared to Last Year.

3) Return on Net Worth dropped from 0.10 in FY 2023-24 to 0.01 in FY 2024-25, resulting in a decline of 91.35%, indicating a significant decrease in returns attributable to equity holders, due to decrease in profit as compared to last year.

CAUTIONARY STATEMENT:

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, among others, downtrend in the industry, economic conditions affecting demand/supply and price conditions in the domestic market in which the Company operates, changes in political and economic environment in India, changes in the Government regulations, tax laws and other statutes, litigations and incidental factors.

For and on Behalf of the Board of Directors For Raconteur Global Resources Limited (Formerly Known as Ganesh Films India Limited

	Sd/-	Sd/-
	Surinder Kalra	Hina
	Whole Time Director	Whole Time Director
	DIN:10779178	DIN: 09534689

Raconteur Global Resources Limited (Formerly known as Ganesh Films India Limited)

Regd. Off.: 503, Floor-5, Plot-461D, A Wing Parshvanath Gardens, Bhaudaji Rd, Kings Circle, Matunga Mumbai City-400019 CIN: L07100MH2018PLC307613 Email ID: compliance.rgrl@gmail.com

Date:30^th June, 2025 Place: Mohali