Sabar Flex India Ltd Directors Report

To, The Members,

Sabar Flex India Limited

Your directors have pleasure in presenting the 8^th Annual Report of the Company together with the Audited Statements of Accounts for the year ended March 31, 2026.

1. FINANCIAL RESULTS:

The Companys financial performance for the year under review along with previous years figures is given hereunder:

(Rounded off in Lakhs.)

PARTICULARS	For The Year Ended On 31.03.2026	For The Year Ended On 31.03.2025	For The Year Ended On 31.03.2026	For The Year Ended On 31.03.2025
	(Standalone)	(Standalone)	(Consolidated)	(Consolidated)
Net Income from Business Operations	10,434.74	14,771.82	10,434.4	14,771.82
Other Income	31.12	0.29	31.12	0.29
Total Income	10,465.85	14,772.11	10,465.85	14,772.11
Total Expenses	10,438.99	14,669.73	10,438.99	14,669.73
Profit / (loss) before tax	26.86	102.38	26.86	102.38
Prior Period Items Profit before Tax	26.86	102.38	26.86	102.38
Less Tax Expenses:	0.97	31.87	0.97	31.87
Net Profit after Tax	25.89	70.51	25.89	70.51

2. STATE OF AFFAIRS:

The Company is engaged in the business of manufacturing and marketing plastic packaging products catering to the packaging requirements of various industries. Pursuant to the approval of the shareholders at the Annual General Meeting held during the financial year 2024-25, the Company has also commenced business activities relating to contract farming, cultivation, procurement, trading, import and export of agricultural and horticultural produce, provision of agricultural inputs and advisory services, and establishment and operation of storage, warehousing, processing, packaging, cold storage and logistics facilities for agricultural products. During the financial year ended March 31, 2026, the Company continued to carry on its business operations in accordance with its revised Main Objects Clause as approved by the shareholders.

The highlights of the Companys performance are as under:

i. Revenue from operations for the year ended on March 31, 2026 and March 31, 2025 is Rs. 10,434.74 Lakhs and Rs. 14771.82 Lakhs respectively.

ii. Other incomes for the year ended on March 31, 2026 and March 31, 2025 is Rs. 31.12

Lakhs and Rs. 0.29 Lakhs. iii. Net profit for the year ended for the year ended on March 31, 2026 and March 31, 2025 is Rs. 25.89 Lakhs and Rs. 70.51 Lakhs respectively.

3. SHARE CAPITAL:

Authorised Share Capital

As on March 31, 2026, the Authorised Share Capital of the Company is Rs. 24,92,00,000/- (Rupees twenty-four crore ninety-two lakh Only) divided into 2,49,20,000 Equity Shares of Rs. 10/- each.

Paid up Share Capital

As on March 31, 2026, the paid-up equity share capital of the company is Rs 19,21,93,640/- (Rupees nineteen crore twenty one lakh ninety-three thousand six hundred forty only) divided into 1,92,19,364 (one crore ninety-two lakhs nineteen thousand three hundred and sixty-four) equity shares each having face value of Rs. 10/- (ten).

4. DIVIDEND:

The Board of Directors do not recommend any dividend and the entire amount of profits is transferred to the Reserves of the company.

5. RESERVES:

The Company transfers the entire profits of Rs. 25.89/- Lakhs to the Reserves of the Company.

6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND:

The provision of Section 125 of Companies Act, 2013 is not applicable to the company as the company has not declared any dividend to its shareholder.

7. DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES:

As on March 31, 2026, the Company has two wholly owned subsidiaries. The details of the subsidiaries of the Company are as follows:

Name of the Subsidiary Company	Status
1. Abod Food and Beverages Private Limited	Wholly Owned Subsidiary
2. Pionex Agricom Private Limited	Wholly Owned Subsidiary

8. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATED AND THE DATE OF THE REPORT:

No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which these financial statements relate on the date of this report .

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

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are annexed as Annexure "A".

10. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK

MANAGEMENT POLICY OF THE COMPANY:

The Company has developed and implemented a risk management policy which identifies major risks which may threaten the existence of the Company. The same has also been adopted by your Board and is also subject to its review from time to time. Risk mitigation process and measures have been also formulated and clearly spelled out in the said policy. The Risk Management Policy has been uploaded on the website of the Company at https://www.sabarflex.com/.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of section 135 of the Companies act, 2013 are not applicable to the company considering the net worth, turnover and net profit of the company.

12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF

THE COMPANIES ACT, 2013:

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review.

13. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has adequate system of internal control to safeguard and protect itself from loss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The Company follows all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements.

The internal auditor of the company, Mr. Amit Parmar, checks and verifies the internal control and monitors them in accordance with policy adopted by the company. The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

14. STATUTORY AUDITORS:

M/s. Patel Jain & Associates, Chartered Accountants (Firm Registration No. 129797W), were appointed as the Statutory Auditors of the Company at the 7th Annual General Meeting held during the Financial Year 2024 25 for a term of five consecutive years. Subsequently, the name of the firm was changed to M/s. Bhatt Shah Mekhia and Co., Chartered Accountants, and the said firm continued to act as the Statutory Auditors of the Company for the balance tenure of their appointment.

M/s. Bhatt Shah Mekhia and Co., Chartered Accountants, resigned from the office of Statutory Auditors of the Company with effect from July 07, 2026. Consequently, M/s. Sarang Shivajirao Chavan and Associates, Chartered Accountants, were appointed as the Statutory Auditors of the Company with effect from July 08, 2026, to fill the casual vacancy arising due to the resignation of the previous Statutory Auditors, in accordance with the provisions of the Companies Act, 2013.

Since M/s. Bhatt Shah Mekhia and Co., Chartered Accountants, were the Statutory Auditors of the Company during the Financial Year 2025 26, the Independent Auditors Report for the Financial

Year 2025 26 has been issued by them and forms part of the Annual Report.

M/s. Sarang Shivajirao Chavan and Associates, Chartered Accountants, have confirmed that they are eligible for appointment and satisfy the applicable criteria of independence and other requirements prescribed under the Companies Act, 2013 and the Rules made thereunder.

Further, the Statutory Auditors have not reported any fraud pursuant to Section 143(12) of the Companies Act, 2013, other than those which are reportable to the Central Government.

15. ANNUAL RETURN:

The Annual Return pursuant to the provisions of Section 92 has been placed at website of the Company at https://www.sabarflex.com/

16. 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 Company has appointed M/s. SCS & Co. LLP, Practicing Company Secretaries, Ahmedabad to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report of Secretarial Auditor is annexed herewith as Annexure "B".

The Shareholders/members are requested to consider and approve the appointment of the Secretarial Auditors of the Company.

17. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW:

9 (Nine) Board Meetings were held during the financial year ended March 31, 2026 on the following dates:

Date of meeting	Total Directors	Directors Present
April 10, 2025	5	5
May 28, 2025	5	5
August 13, 2025	5	5
November 10, 2025	4	4
November 13, 2025	4	4
November 17, 2025	4	4
December 03, 2025	4	4
January 19, 2026	5	5
February 10, 2026	4	4

18. DIRECTOR RESPOSNSIBILITY STATEMENT:

Your directors wish to inform that the Audited Accounts containing financial statements for the financial year 2025-26 are in full conformity with the requirements of the Companies Act, 2013. They believe that the financial statement reflects fairly, the form and substance of transactions carried out during the year and reasonably present the Companys financial condition and results of operations.

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its responsibility statement:

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 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 profit and 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 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.

19. DEPOSITS:

The company has not invited, accepted or renewed any deposit within the meaning of Chapter V other than exempted deposit as prescribed under the provisions of the Company Act, 2013 and the rules framed thereunder, as amended from time to time. Hence there are no particulars to report about the deposit falling under Rule 8(5)(v) and (vi) of the Companies (Accounts) Rules, 2014.

20. DIRECTORS / KEY MANAGERIAL PERSONNEL:

a. RETIREMENT BY ROTATION:

In accordance with the provisions of the Companies Act, 2013 and in terms of the Memorandum and Articles of Association of the Company, Mr. Becharsinh Harisinh Chauhan (DIN: 09269744), and Mr. Manishbhai Govindbhai Chaudhary (DIN: 09829282) shall retire by rotation in the ensuing Annual General Meeting is seeking re-appointment.

b. CHANGES IN BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

There has been a change in the constitution of the Board during the year under review. During the year, three Directors resigned from the Board and three new Directors were appointed. Accordingly, the structure of the Board as on the date of this Report is as follows:

1. Mr. Hikmatbahadur Krishabahadur Kunwar	Managing Director
2. Ms. Nidhi Jayantibhai Thakar	Independent Director
3. Ms. Deepika Chauhan	Independent Director
4. Mr. Becharsinh Harisinh Chauhan	Executive Director
5. Mr. Manishbhai Govindbhai Chaudhary	Non-Executive Director

Ms. Priya Khandelwal (Membership Number: A40933) resigned from the position of Company secretary and compliance officer of company with effect from April 10, 2025.

Ms. Bhavna Basantbhai Shah (DIN: 09494548) resigned from the position of Independent Director of the company with effect from November 05, 2025.

Mr. Hinil Patel (Membership No. A69426) was appointed as Company Secretary and Compliance Officer with effect from November 10, 2025, resigned on January 16, 2026, rejoined on February 10, 2026, and resigned again with effect from March 16, 2026. The Company is in the process of identifying and appointing a suitable and experienced professional for the said position.

Ms. Priyanka K Gola (DIN: 09384530) resigned from the position of Independent Director of the company with effect from January 31, 2026.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, had adopted a formal mechanism for evaluating its own performance and as well as that of its committee and individual Directors, including the chairperson of the Board. The Exercise was carried out through a structured evaluation process covering the various aspects of the Boards functioning such as composition of board & committees, experience & competencies, performance of specific duties & obligations, governance issues etc.

The evaluation of the independent Directors was carried out by Board, except the independent Director being evaluated and the chairperson and the non-independent Directors were carried out by the independent Directors.

c. REMUNERATION POLICY:

The Board has on the recommendation of the Nomination & Remuneration Committee, formulated criteria for determining, qualifications, positive attributes and independence of a director and also a policy for remuneration of directors, key managerial personnel and senior management. The policy is available at the website of company at https://www.sabarflex.com/ .

d. DECLARATION BY INDEPENDENT DIRECTORS:

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

21. COMMITTEES OF THE BOARD:

In terms of Companies Act, 2013, our Company has already constituted the following Committees of the Board: 1) Audit Committee. 2) Nomination and Remuneration Committee. 3) Stakeholders Relationship Committee.

Constitution of Committees are as under:

1) Audit Committee:

The Audit Committee generally meets for the purpose of reviewing and recommending the financial results of the Company, and the gap between any two consecutive meetings does not exceed one hundred and twenty days. Additional meetings are convened, as and when required, to consider and review specific matters falling within the terms of reference of the Committee. During the year under review, the Audit Committee met 4 (Four) times.

Ms. Nidhi Jayantibhai Thakar	Non-Executive and Independent Director	Chairperson
Ms. Deepika Chauhan	Non-Executive and Independent Director	Member
Mr. Manishbhai govindbhai chaudhary	Non- Executive Director	Member

The term of reference:

i. Recommendation for appointment, remuneration and terms of appointment of auditors of the company.

ii. Review and monitor the auditors independence and performance, and effectiveness of audit process.

iii. Examination of the financial statement and auditors report thereon.

iv. Approval or any subsequent modification of transactions of the company with related parties.

v. Scrutiny of inter-corporate loans and investments.

vi. Valuation of undertakings or assets of the company, wherever it is necessary.

vii. Evaluation of internal financial controls and risk management systems.

viii. Monitoring the end use of funds raised through public offers and related matters.

ix. The Audit Committee may call for the comments of the auditors about internal control system, the scope of audit, including the observations of the auditors and review of the financial statement before their submission to the Board and may also discuss any related issue with the internal and statutory auditors and the management of the company.

x. The Audit Committee shall have authority to investigate into any matter in relation to the items specified above in (i) to (iv) or referred to it by the Board and for this purpose shall gave power to obtain professional advice from external sources and have full access to information contained the records of the company.

xi. The auditors of a company and the key managerial personnel shall have a right to be heard in the meetings of the Audit Committee when it considers the auditors report but shall not have the right to vote. xii. The Boards report under sub-section (3) of section 134 shall disclose the composition of Audit Committee and where the Board had not accepted any recommendation of the Audit Committee, the same shall be disclosed in such report along with the reasons thereof. xiii. The victims/persons who use vigil mechanism can direct access to the chairperson of the Audit Committee in appropriate or exceptional cases.

2) Nomination and Remuneration Committee.

The Nomination and Remuneration Committee generally meets at least once in a year. Additional meetings are convened, as and when required, for considering and recommending matters relating to the appointment, re-appointment and remuneration of Directors and Key Managerial Personnel ("KMP"). During the year under review, the

Nomination and Remuneration Committee met 3 (Three) times.

Ms. Nidhi Jayantibhai Thakar	Non-Executive and Independent Director	Chairperson
Ms. Deepika Chauhan	Non-Executive and Independent Director	Member
Mr. Manishbhai govindbhai chaudhary	Non- Executive Director	Member

The term of reference:

i. To identify persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal and shall carry out evaluation of every Directors performance.

ii. 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.

iii. The Nomination and Remuneration Committee shall, while formulating the policy ensure that:

1. The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully.

2. Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and

3. Remuneration to Directors, Key Managerial Personnel and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals:

iv. Regularly review the Human Resource function of the Company.

v. Discharge such other function(s) or exercise such power(s) as may be delegated to the Committee by the Board from time to time.

vi. Make reports to the Board as appropriate.

vii. Review and reassess the adequacy of his charter periodically and recommend any proposed changes to the Board for approval from time to time.

viii. Any other work and policy related and incidental to the objectives of the committee as per provisions of the Act and rules made thereunder.

3) Stakeholders Relationship Committee.

During the year under review, Stakeholders Relationship Committee met 1 (One) time viz November 08, 2025.

Mr. Manishbhai Govindbhai Chaudhary	Non- Executive Director	Chairperson
Ms. Nidhi Jayantibhai Thakar	Non-Executive and Independent Director	Member
Ms. Deepika Chauhan	Non-Executive and Independent Director	Member

22. PARTICULARS OF CONTRACTS WITH RELATED PARTIES:

All related party transactions entered into by the Company during the financial year ended 31st March, 2026 were undertaken in the ordinary course of business and on an arms length basis.

During the year under review, there were no materially significant related party transactions entered into by the Company with its Promoters, Directors, Key Managerial Personnel or other related parties that could have a potential conflict with the interests of the Company at large.

Accordingly, pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, the requisite disclosures of related party transactions in Form AOC-2 are attached to this Report as Annexure-D.

23. CORPORATE GOVERNANCE:

Provisions relating to corporate governance report under schedule v of SEBI (listing obligations and disclosure requirements) regulations, 2015 are not applicable to SME listed company pursuant to regulation 15 under chapter iv of SEBI (LODR) regulations, 2015 hence the same has not been annexed to the boards report.

24. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report is appended as Annexure "C" to this Report.

25. PARTICULARS OF EMPLOYEES:

Disclosure under the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year.

1. Mr. Hikmatbahadur Krishabahadur Kunwar	12.03: 1
2. Ms. Nidhi Jayantibhai Thakar	-
3. Ms. Deepika Chauhan	-
4. Mr. Becharsinh Harisinh Chauhan	-
5. Mr. Manishbhai Govindbhai Chaudhary	0.20: 1

b. The percentage increase in the remuneration of each director if any in the financial year.

Name	Designation	% Increase
1. Mr. Hikmatbahadur Krishabahadur Kunwar	Managing Director	-
2. Ms. Nidhi Jayantibhai Thakar	Independent Director	-
3. Ms. Deepika Chauhan	Independent Director	-
4. Mr. Becharsinh Harisinh Chauhan	Executive Director	-
5. Mr. Manishbhai Govindbhai Chaudhary	Non-Executive Director	-

c) The median remuneration of employees of the Company during the financial year 2025-26 was Rs. 2,99,203.5/-.

d) The number of permanent employees on the rolls of the Company as on 31.03.2026. - 35

e) Average percentiles increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.

f) Affirmation that the remuneration is as per the remuneration policy of the company.

- The Companys remuneration policy is driven by the success of the Company during the year under review. The Company affirms that the remuneration is as per remuneration policy of the Company.

g) The names of the top ten employees in terms of remuneration drawn:

Name of Employee	Designation	Remuneration received	Nature of Employment (Contractual Or otherwise)	Qualifications and experience of the employee;	Date of commencement of employment;	The age of such employee	The percentage of equity shares held by the employee in the company
Hafizurraham an	Production Manager	7,83,493	Permanent	M.SC	04/02/2017	35	NIL
Kalaji Chauhan	Maintenance Head	5,35,763	Permanent	10 PASS	01/06/2011	50	NIL
Anand Singh	Ink In charge	4,84,709	Permanent	B A	16/07/2020	32	NIL
Hiteshsinh N Parmar	Supervisor	3,14,052	Permanent	10 PASS	01/06/2004	48	NIL
Ravindra Punjabhai Parmar	Operator	2,93,251	Permanent	10 PASS	14/11/2018	47	NIL
Ankit Singh	Operator	2,92,346	Permanent	12 PASS	01/04/2021	28	NIL
Niranjankum ar J Kujur	Operator	2,78,925	Permanent	12 PASS	20/05/2017	47	NIL
Merajuddin Raja Ansari	Dispatch & Billing	2,78,077	Permanent	PGDCA	01/04/2014	39	NIL
Nareshkumar Lakhabhai Vankar	HR	2,76,347	Permanent	B A, B.ED	26/12/2016	38	NIL
Chauhan Devendrasinh Vijaysinh	Assistant Operator	2,63,100	Permanent	12 PASS	01/04/2016	30	NIL
Imtyaz Ansari	QC	15,000	Permanent	DIPLOMA MIC	17/10/2024	40	NIL
Makar Kunwar	Supervisor	20,800	Permanent	12 PASS	17/11/2021	35	NIL

h) The name of every employee, who:

1.) Employed throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, was not less than One Crore and Two Lakh Rupees: 0

2.) Employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than Eight Lakh and Fifty Thousand Rupees per month: 0

3.) Employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company: 0

26. COST AUDITORS:

The section 148 read with Companies (Audit & Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013 are not applicable to the Company Hence, the Board of Directors of your company had not appointed Cost Auditor for obtaining Cost Compliance Report of the company for the financial year 2025-26.

27. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:

The Company has complied with the provisions of Secretarial Standards (I & II) issued by the Institute of Company Secretaries of India and approved by the Central Government under section 118(10) of the Companies Act, 2013.

28. PREVENTION OF INSIDER TRADING:

Your company has adopted the "Code of Conduct on Prohibition of insider trading "and "Code of Conduct for Directors and Senior Management Personnel" for regulating the dissemination of

Unpublished Price Sensitive Information and trading in security by insiders.

29. INDUSTRIAL RELATIONS (HUMAN RESOURCES):

During the period under review, the personal and industrial relations with the employees remained cordial in all respects. The management has always carried out systematic appraisal of performance and imparted training at periodic intervals. The Company recognizes talent and has judiciously followed the principle of rewarding performance.

30. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

The Company is committed to provide a safe and conducive work environment to its employees during the year under review. The company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. During the year under review, the Company did not receive any complaint as under:

a. Number of complaints received during the year	Nil
b. Number of complaints disposed off during the year	Nil
c. Number of cases pending for more than 90 days	Nil

31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

There have been no significant and material orders passed by any regulators or courts or tribunals, impacting the going concern status of the Company and its future operations.

32. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE

INSOLVENCY AND BANKRUPTCY CODE, 2016:

There were no applications which are made by or against the company under The Insolvency and Bankruptcy Code, 2016 during the year.

33. DISCLOSURE UNDER MATERNITY BENEFIT ACT, 1961:

The Company is in compliance of the provision of Maternity Benefit Act, 1961 to the extent applicable.

34. ACKNOWLEDGEMENTS

Your directors place on records their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your directors also acknowledge gratefully the shareholders for their support and confidence reposed on your Company.

	FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
	Sd/-	Sd/-
	HIKMATBAHADUR	MANISHBHAI GOVINDBHAI
	KRISHABAHADUR	CHAUDHARY
	KUNWAR
Date: September 08, 2026	Managing Director	Director
Place: Ahmedabad	DIN: 00024010	DIN: 09829282