Raj Packaging Industries Ltd Directors Report

Dear Members,

Your Directors have immense pleasure in presenting the 38^th Annual Report on the business and operations of your company along with the Audited Financial Statements for the Financial Year ended 31st March, 2025.

1. COMPANY SPECIFIC INFORMATION

1.1. FINANCIAL SUMMARY:

The performance during the period ended 31^st March, 2025 has been as under:

Particulars	Financial Year ended March 31, 2025	Financial Year ended March 31, 2024
Revenue from Operations	3042.07	3006.40
Add: Other Income	6.60	15.36
Total Income	3048.67	3021.76
Less: Total Expenses	3143.57	3211.51
Profit /(Loss) Before Tax (PBT)	(94.90)	(189.75)
Less: Tax expenses	(23.40)	(48.00)
Profit /(Loss) after Tax (PAT)	(71.51)	(141.75)
Less: Other Comprehensive Income	6.37	1.35
Total Comprehensive Income	(65.14)	(140.40)
Earnings Per Share (in Rs.)	(1.56)	(3.10)

*The financial statements comply in all the material aspects with the Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Companies Act, 2013.

REVIEW OF OPERATIONS:

The total revenue of the Company for the Financial Year ended March 31, 2025 was Rs. 3049.47 lakhs as compared to the previous year total revenue Rs. 3021.76 Lakhs. During this financial year the Company has incurred a net loss of Rs. (71.51) Lakhs as against the previous years net loss of Rs. (141.75) Lakhs.

1.2. Amount, if any, which the Board proposes to carry to any reserves: NIL

1.3. Dividend: The Board of Directors of the Company has not declared dividend for the Financial Year 2024-25.

1.4. Major events occurred during the year:

1.4.1 During the Financial Year under purview no material event occurred having an impact on the affairs of the company.

1.4.2 Change in the nature of business: The Company has not commenced any new business or discontinued/sold or disposed off any of its existing businesses or hived off any segment or division during the year. There is no change in the nature of business of the Company.

1.4.3 Material changes and commitments, if any, affecting the financial position of the company, having occurred since the end of the Year and till the date of the Report:

Nil.

2. GENERAL INFORMATION:

The Indian packaging industry is a significant part of the economy and is experiencing rapid growth. The growth of the packaging market in India is largely driven by growing consumer market, e-commerce expansion, and industrial sector demand particularly in FMGC, pharmaceuticals, Automotives. The rise of the Indian middle class and increase in disposable income in rural India along with changing lifestyle, rapid expansion of organized retail, growth of exports, and Indias rising e-commerce sector are further facilitating growth of packaging industry. Rapid urbanization and industrialization are seeing speedy growth in end user industries like pharmaceuticals, automotives, infrastructure and foods and beverages. Huge investments in these end-user industries are creating scope for expansion of the packaging market. This opens possibilities for the new entrants in the field provided they are ready to meet fast changing customer needs and demands.

The packaging industry uses variety of materials where in, Plastic is the dominant material for its ease of handling due to being light-weight its remarkable versatility and cost-effectiveness. The Indian packaging industry is dominated by plastic flexible packaging; the main reason for this is that flexible packages are found extremely adaptable, aesthetically attractive, cost-effective, sturdy and convenient to use. This industry benefits from lower transportation and manufacturing cost that serves cost-sensitive Indian market.

However, the industry faces challenges related to environmental impact. As concern for the impact of plastic on the environment is on rise, we are witnessing strict regulatory norms and measures being implemented all around the world. A circular economy working on the principle of reuse, recycle and reduce is gaining importance and industries are working towards reducing the impact of plastic packaging on environment. Traditional packaging methods are evolving now with sustainability goals, and the packaging industry is trying to re-structure, rebalance their sustainability goals keeping in view the main factor i.e. cost. New entrants have opportunities to succeed by innovating and meeting evolving market and regulatory demands.

In summary, the Indian plastic processing and packaging industries are experiencing significant growth however, balancing this growth with environmental sustainability and regulatory compliance is crucial for long-term success.

3. CAPITAL STRUCTURE:

The authorized share capital of the Company stands at Rs. 6,00,00,000/- divided into 60,00,000 equity shares of Rs.10/- each.

The paid up share capital of the Company stands at Rs. 4,56,97,500 /- divided into 45,69,750 equity shares of Rs.10/- each. There are no changes in the capital structure of the company during the year.

4. CREDIT RATING OF SECURITIES: Not Applicable

5. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

The Company has transferred the amount and the shares to IEPF under sub-section (2) of section 125 of the Act and the IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016 which related to the Financial Year 2016-17 during the period under review. Due Notices were sent to Shareholders, also the Newspaper Advertisement pursuant to the IEPF Rules were made in English and Vernacular Language which was also placed in the website of the Company for the information of the shareholders.

Details of the Nodal Officer: Ms. Swarupa Rani K, Company Secretary of the Company is the Nodal Officer of the Company.

Further, details of the Nodal Officer is available on https://www.raipack.com/investor-contacts.html

IMPORTANT NOTE: The Company has to transfer amount and shares to IEPF under sub-section (2) of section 125 of the Act and the IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016 which related to the Financial Year 2017-18 during the financial year 2025-26. Due Notices are sent to Shareholders, also the Newspaper Advertisement pursuant to the IEPF Rules were made in English and Vernacular Language on July 30, 2025 which was also placed in the website of the Company for the information of the shareholders which can be viewed on:

https://www.raipack.com/pdf/shareholder-corner/news-pub/Shareholders-Notice-Transfer-of-

Shares-to-IEPF-2017-18.pdf

The Company has also placed the list of Shareholders whose shares are due to be transferred in the Financial Year 2025-26 on the website of the Company and can be viewed for the purpose of verification at https://raipack.com/pdf/uncliamed-dividend/list-of-uncliamed-shares-2017-18.pdf

Any Shareholder whose name appears in the mentioned lists can write a mail to secretary@raipack.com to impede such transfer of Shares to IEPF.

6. MANAGEMENT:

6.1 Change in Directors and Key Managerial Personnel:

A. Retirement of Directors by Rotation

In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. Pushapraj Singhvi (DIN: 00255738) retires by rotation at the 38^th Annual General Meeting and, being eligible, offers himself for re-appointment.

B. Change in Key Managerial Personnel and Board of Directors

During the year under review, the following changes took place in the composition of Board of Director and KMPs of the Company

Name of the Director/KMP	Particulars
1 Ms. Khushboo Joshi	Resigned as Company Secretary and Compliance officer of the Company w.e.f 14.02.2025
2 Ms. Swarupa Rani K	Appointed as Compliance Officer on 01.03.2025

In addition to the above, further changes occurred in the composition of the Board and the Key Managerial Personnel (KMPs) of the Company after the end of the financial year, as detailed below:

Name of the Director/KMP	Particulars
1 Mr. Prem Chand Kankaria (DIN: 00062584)	Reappointed as Managing Director for a period of 3 years from 01.04.2025 to 31.03.2028, and continuation in office beyond the age of 70 years, has been approved by the Board at its meeting held on February 14, 2025, subject to the approval of the shareholders.
2 Ms. Swarupa Rani K	Appointed as Company Secretary of the Company w.e.f 24.05.2025
2 Mr. Krishna Kumar Maheshwari (DIN: 00223241)	Re-appointment as Independent Director of the Company for a second term of 5 consecutive years from 30.07.2025 to 29.07.2030, subject to the approval of shareholders

6.2 Declaration by Independent Directors and statement on compliance of code of conduct:

All the Independent Directors on the Board have given a declaration of their independence to the Company as required under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI Listing Regulations. In the opinion of the Board, all the Independent Directors possess the integrity, expertise and experience including the proficiency required to be Independent Directors of the Company by virtue of the experience, fulfil the conditions of independence as specified in the Act and the SEBI Listing Regulations and are independent of the management and have also complied with the Code for Independent Directors as prescribed in Schedule IV of the Act.

I. The necessary declaration with respect to independence has been received from all the Independent Directors of the company under sub-section (6) of section 149,

II. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act.

III. I, Prem Chand Kankaria, Managing Director (DIN: 00062584) of the Company hereby affirm that the members of the Board of Directors of the company and the senior management of the Company are in compliance with the code of conduct laid down by the Company. Certificate for the same is forming the part of this Annual Report.

6.3 Board Meetings:

During the financial year 2024-25, the Board of Directors duly met 4 (four) times on 25.05.2024, 08.08.2024, 09.11.2024 and 14.02.2025 and in respect of these meetings, proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose.

Composition of the Board

Name	Designation
Mr. Prem Chand Kankaria (DIN: 00062584)	Managing Director
Ms. Neepa Kankaria (DIN: 06637083)	Whole Time Director
Mr. K K Maheshwari (DIN: 00223241)	Non- Executive Independent Director
Mr. Dayaniwas Sharma (DIN: 01761215)	Non- Executive Independent Director
Mr. Pushapraj Singhvi (DIN: 00255738)	Non-Executive Director

6.4 Committees:

I. Audit Committee: During the financial year 2024-25, (4) four meetings of the Audit Committee were held on 25.05.2024, 08.08.2024, 09.11.2024 and 14.02.2025.

Composition Of the Committee

Name	Designation	Category
Mr. Dayaniwas Sharma	Chairman	Non- Executive Independent Director
Mr. K K Maheshwari	Member	Non- Executive Independent Director
Mr. Prem Chand Kankaria	Member	Managing Director - Executive
Mr. Pushapraj Singhvi	Member	Non- Executive Director

The Vigil Mechanism Policy adopted by the Company is available on http://raipack.com/policies.html

II. Nomination And Remuneration Committee: During the financial year 2024-25, only one meeting held on 14.02.2025.

Composition Of the Committee:

Name	Designation	Category
Mr. K K Maheshwari	Chairman	Non- Executive Independent Director
Mr. Dayaniwas Sharma	Member	Non- Executive Independent Director
Mr. Pushapraj Singhvi	Member	Non- Executive Director

Brief Description of Terms of Reference

• To approve the fixation/revision of remuneration of Executive Directors of the Company and while approving:

• To take into account the financial position of the Company, trend in the industry, appointees qualification, experience, past performance, past remuneration etc.

• To bring out objectivity in determining the remuneration package while striking a balance between the interest of the Company and the Shareholders.

• To identify persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down and to recommend to the Board their appointment and /or removal.

• To carry out evaluation of every Directors performance.

• To formulate the criteria for determining qualifications, positive attributes and independence of a Director, and recommend to the Board a policy, relating to the remuneration for the Directors, key managerial personnel and other employees.

• To formulate the criteria for evaluation of Independent Directors and the Board.

• To recommend/review remuneration of the Managing Director and Whole-time Director(s) based on their performance and defined assessment criteria.

• Recommend to the board, all remuneration, in whatever form, payable to senior management.

The Nomination and Remuneration Policy adopted by the Company is available on http://raipack.com/policies.html

III. Stakeholders Relationship Committee: During the financial year 2024-25, Stakeholders Relationship Committee met once on 14.02.2025.

Composition Of the Committee

Name	Designation	Category
Mr. Pushapraj Singhvi	Chairman	Non- Executive Director
Mr. K K Maheshwari	Member	Non- Executive Independent Director
Ms. Neepa Kankaria	Member	Whole Time Director

The Company has designated an exclusive email ID-secretary@raipack.com for complaints/grievances.

IV. Independent Directors Committee: The independent Directors of the Company met once on 14.02.2025 during the financial year.

Details of policy for Familiarization Programme for Independent Directors: The Companys Policy on Directors appointment and remuneration can be viewed by the Stakeholders on the below website https://www.raipack.com/policies.html

Note: Ms. Khushboo Joshi, company secretary of the company was the secretary of all the committee meetings in FY 2024-25. She has resigned as Company Secretary w.e.f 14.02.2025.

6.5 Recommendations of Audit Committee:

There is no such instance to report where the Board has not accepted the recommendations made by the Audit Committee.

6.6 Remuneration received by Managing/Whole time Director from holding or subsidiary company:

The Company has no Holding or Subsidiary Company.

6.7 Directors Responsibility Statement:

In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm that:

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

(b) 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 at the end of the financial year and of the 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 had prepared the annual accounts on a going concern basis; and

(e) 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.

(f) 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.

6.8 Internal Financial Controls:

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. The Company maintains appropriate system of internal control, including monitoring procedures, to ensure that all assets are safeguarded against loss from unauthorized use or disposition. Company policies, guidelines and procedures provide for adequate checks and balances, and are meant to ensure that all transactions are authorized, recorded and reported correctly.

During the period under review, there is no material or serious observations have been noticed for inefficiency or inadequacy of such controls.

6.9 Details in respect of frauds reported by auditors under sub section (12) of section 143 other than those which are reportable to the central government:

Auditors have not come across any fraud and as such not reported u/s 143(12).

7. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:

7.1 Report on performance and financial position of the subsidiaries, associates and joint ventures:

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

7.2 Companies which have become or ceased to be subsidiaries, associates and joint ventures:

During the year neither any Company became its subsidiary nor ceased to be its subsidiary.

8. DETAILS OF DEPOSITS:

The Company has not accepted any deposits during the year.

9. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

During the year under review, the Company has not made any investments or given any loans and guarantees.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There were no materially significant related party transactions made by the Company with the promoters, directors, key managerial personnel or other designated persons under Section 188 of the Companies Act, 2013. Details of all related party transactions including that with the Promoters are disclosed in Note 33 to the financial statement which sets out related party disclosures to this report.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Since the Company does not have the net worth of Rs. 500 Crores or more, or turnover of Rs. 1000 Crores or more, or a net profit of Rs. 5 Crores or more during the financial year, section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not applicable and hence the Company need not adopt any Corporate Social Responsibility Policy.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Inflow and Outflow as required under Section 134 (3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are given in the Annexure -IV and forms part of this Report.

13. RISK MANAGEMENT:

The Company follows a comprehensive system of Risk Management. The Company has adopted a procedure for assessment and minimization of probable risks. It ensures that all the risks are timely defined and mitigated in accordance with the well-structured risk management process.

14. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING:

The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 The Insider Trading Policy of the Company lays down guidelines and procedures to be followed, and disclosures to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standards of dealing in Company securities.

The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on our website.

15. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM:

Vigil Mechanism Policy has been established by the Company for directors and employees to report genuine concerns pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 . The same has been placed on the website of the Company.

16. MATERIAL ORDERS OF JUDICIAL BODIES /REGULATORS:

There are no significant and material orders passed by the regulators / courts that would impact the going concern status of the Company and its future operations.

17. AUDITORS:

The following are the details of various auditors of the Company:

(i) Statutory Auditors

In terms of Section 139 of the Act, NAC and Associates, LLP, Chartered Accountants (FRN: 119375W/S200011) have been appointed as Statutory Auditor of the Company to hold office for a term of five (5) years from the conclusion of the 35 th Annual General Meeting until the conclusion of consecutive 40th Annual General Meeting of the Company. The Statutory Auditor have confirmed their eligibility and submitted the certificate in writing that they are not disqualified to hold the office of the Statutory Auditor.

The Statutory Auditor NAC and Associates, LLP, Chartered Accountants (FRN: 119375W/S200011) have issued their reports on Financial Statements for the year ended March 31, 2025. There are no adverse remarks or qualifications in the said report. The Report, Notes on Accounts and other disclosures are self-explanatory and do not call for any further comments.

(ii) Internal Auditors

Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts) Rules, 2014 and Section 179 read with Rule 8(4) of the Companies (Meetings of Board and its Powers) Rules, 2014; during the year under review the Internal Audit functions and activities of the Company was undertaken by the Internal Auditor of the Company on quarterly basis by M/s KSVB & Co. Chartered Accountants (FRN: 153041W),. Deviations, if any are reviewed periodically and due compliance is ensured.

Summary of Significant Audit Observations, if any along with recommendations and its implementations are reviewed by the Audit Committee and concerns, if any, are reported to Board. There were no adverse remarks or qualification from the Internal Auditors during the year under review.

The Board has appointed M/s KSVB & Co. Chartered Accountants (FRN: 153041W) as the Internal Auditors for the Financial Year 2025-26. Internal Audit Report is considered in every Board Meeting of the Company and compliance is ensured.

(iii) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of managerial personnel) Rules 2014, the Board had appointed M/s. Sayani& Associates, Practicing Company Secretaries to undertake the secretarial audit of the Company for the year 2024-25. The report of the Secretarial Auditor is enclosed as Annexure I and forms part of this report. There were no adverse remarks or qualifications in the Secretarial Audit Report issued for the period under review. The report is self-explanatory and does not require any further comments.

The Board has appointed M/s. Sayani & Associates, Practicing Company Secretaries as Secretarial Auditors for the Financial Year 2025-26.

(iv) COST AUDITOR

The Company is not required to appoint Cost Auditor as per the provisions of the Companies (Cost Records and Audit) Rules, 2014. The Company is required to maintain Cost Records as specified by the Central Government under sub-section (1) of Section 148 of the Act. Accordingly, the Company has made and maintained such accounts and records.

18. COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company is in compliance with the applicable secretarial standards.

19. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC):

There is no application filed for corporate insolvency resolution process, by a financial or operational creditor or by the company itself under the IBC before the NCLT.

20. FAILURE TO IMPLEMENT ANY CORPORATE ACTION:

No such instances to report.

20.1 OTHER DISCLOSURES: There are no other additional disclosures affecting the stakeholders of the Company which are required to disclose under this section.

21. ADDITIONAL DISCLOSURES UNDER LISTING REGULATIONS:

21.1 Statement of deviation or variation: During the Financial Year 2024-25, the Company has not made any public issue, rights issue, preferential issue for which it is required to issue Statement of deviation or variation.

21.2 Management Discussion and Analysis Report (MDAR): The Management Discussion and Analysis Report, pursuant to the SEBI (LODR) Regulation appended as Annexure V for information of the Members.

21.3 Certificate on Compliance of conditions of Corporate Governance:

Since the paid-up capital of the Company is less than Rs. 10 Crores and Net worth of the Company is less than Rs. 25 Crores, Corporate Governance certificate under Provisions of Chapter IV, Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable.

21.4 Suspension of Trading: No such instance to report.

22. EVENT BASED DISCLOSURES

During the year under review, the Company has not taken up any of the following activities:

1. Issue of sweat equity share: No

2. Issue of shares with differential rights: No

3. Issue of shares under employees stock option scheme: No

4. Disclosure on purchase by company or giving of loans by it for purchase of its shares: No

5. Buy back shares: No

6. Disclosure about revision: No

7. Preferential Allotment of Shares: No

8. The Company has not delisted its Shares in the given Financial Year

23. NON-EXECUTIVE DIRECTORS COMPENSATION AND DISCLOSURES

None of the Independent / Non-Executive Directors has any pecuniary relationship or transactions with the Company which in the Judgment of the Board may affect the independence of the Directors.

24. CEO/ CFO Certification:

In compliance with the applicable provisions of the Companies Act, 2013 and relevant regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the certification of the financial statements for the financial year 2024-25, duly signed by the Managing Director and the Chief Financial Officer, is provided elsewhere in this Annual Report.

25. INSURANCE:

The properties and assets of your Company are adequately insured.

26. EMPLOYEE RELATIONS:

Your Directors are pleased to record their sincere appreciation of the contribution by the staff at all levels of the Company. A table containing the particulars in accordance with the provisions of Section 197(12) of the Act, read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure II to this Report.

A statement showing the names of the top ten employees in terms of remuneration drawn and the name of every employee is annexed to this Annual report as Annexure III.

None of the employees is drawing a remuneration of Rs. 1,02,00,000/- and above per annum or Rs.8,50,000/- and above in aggregate per month, the limits prescribed under Section 197 of the Companies Act, 2013 read with rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

26.1 Human Resource Management and Related Disclosures

Prevention of Sexual Harassment of Women at the Workplace

Your Company adheres to a strict policy to ensure the safety of women employees at the workplace. The Company is fully compliant with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") and has constituted an Internal Complaints Committee to redress complaint regarding sexual harassment. The Companys policy in this regard, is available on the companys website.

Composition of the Committee:

The Details of composition of the Committee are given below:

Name	Designation
Ms. Neepa Kankaria	Presiding Officer
Mr. M. Narsimha	Internal Member
Ms. Swarupa Rani K	Internal Member
Mrs. Bhagwati Mahesh Baldwa	External Member

In accordance with POSH Act, following disclosures are made:

Particulars	Details
1 Number of complaints of sexual harassment received during the financial year 2024-25	Nil
2 Number of complaints disposed off during the financial year 2024-25	Nil
3 Number of cases pending for more than ninety days	Nil

26.2 Compliances of Maternity Benefit Act,1961

The Company confirms that it has complied with the provisions of the Maternity Benefit Act, 1961, including granting maternity leave, nursing breaks, and protection against dismissal during maternity leave, as applicable to eligible employees during the financial year.

27. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

During the year under review, there has been no one time settlement of loans taken from banks and financial institutions.

28. EVALUATION OF BOARD:

Pursuant to the provisions of the Act and provisions of SEBI Listing Regulations, a separate exercise was carried out to evaluate the performance of individual Directors who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby 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 annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as Stakeholders Relationship Committee. The Directors expressed their satisfaction with the evaluation process.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their appreciation of the contribution made by the employees at all levels, for the continued growth and prosperity of the Company. Your Directors also wish to place on record their appreciation of business constituents, Banks, statutory authorities and other financial institutions and shareholders of the Company for their continued support for the growth of the Company.

	For and on Behalf of The Board
	Raj Packaging Industries Limited
	Sd/-	Sd/-
	Prem Chand Kankaria	Neepa Kankaria
	Managing Director	Whole Time Director
	DIN: 00062584	DIN:06637083
Place: Hyderabad
Date: 12.08.2025