Swasti Vinayaka Art & Heritage Corporation Ltd Directors Report

To,

The Members of SWASTI VINAYAKA ART AND HERITAGE LIMITED Your Directors have pleasure in presenting their 39th Annual Report together with the Audited Financial Statements of your Company for the year ended on 31st March, 2025.

1. FINANCIAL HIGHLIGHTS:

The Boards Report is prepared based on the standalone financial statements of the Company.

(Rs. in Lakhs)

Sr. No. Particulars	Year ended 31.03.2025	Year ended 31.03.2024
1. Revenue from operations	1,890.19	1,238.30
2. Other Income	94.86	56.40
3. Total revenue	1,985.05	1,294.70
4. Total Expenditure
i) Cost of material consumed	5.03	6.20
ii) Purchase of stock	693.29	58.76
iii) Manufacturing and operating cost	65.68	41.67
iv) Changes in inventories	(146.65)	(26.82)
v) Employee benefit Expenses	302.23	257.96
vi) Financial cost	181.22	138.96
vii) Depreciation	10.28	11.02
viii)Other Expenditure	586.60	533.23
Total	1,697.68	1,020.98
5. Profit Before Tax (3-4)	287.37	273.72
6. Provision for taxation
i) Current Tax	71.64	67.44
ii) Deferred Tax	(0.20)	1.72
iii) Earlier years Tax	(15.64)	-
7. Profit After Tax	231.57	204.56
8. Balance carried from previous year	395.13	190.57
9. Amount Available for Appropriation	626.7	395.13
10. Appropriations:
Transferred to General Reserve	100	-
11. Balance carried to Balance Sheet	526.7	395.13
12. Basic and Diluted EPS	0.26	0.23

2. REVENUE FROM OPERATIONS:

The Revenue from operations of the company for the financial under review stands at Rs. 1,890.19 Lakhs as compared to Rs. 1,238.30 Lakhs in the previous financial year 2023-24 During the period under review, the profit after tax (PAT) has increased to Rs. 231.57 Lakhs, as compared to Rs. 204.56 Lakhs in last financial year 2023-24. In the coming years your directors are confident about higher amount of profits.

3. RESERVES:

During the year under review, the company has transferred Rs. 100 Lakhs from profits/ earnings to General Reserve

4. DIVIDEND:

In order to conserve the resources of the Company and to plough back the profits for growth, the Board of Directors of the Company have decided not to recommend any dividend on the equity shares of the Company for the financial year ended March 31, 2025

5. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, to the best of their knowledge and ability, hereby States 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 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; e. The Directors had laid down internal financial followed by the Company and that such internal financial controls are adequate and were operating effectively; and 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. DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTMENTS/ RESIGNATIONS DURING THE YEAR:

The changes during the financial year 2024-2025 are as follows:

Name of Director	DIN	Date	Designation	Nature of Change
Mr. Sanjiv Vishwanath Rungta	00381643	July 25, 2024 year	Independent Director	Cessation due to tenure Completion
Mr. Harsh Agarwal	07771998	July 26, 2024	Additional Independent Director	Appointment
Mr. Harsh Agarwal	07771998	September 30, 2024	Independent Director	Regularization
Mr. Rahul Gupta	00354436	March 20, 2025	Additional Independent Director	Appointment
Mr. Rakesh Kumar Garodia	00143438	March 19, 2025	Independent Director	Cessation due to tenure Completion

In accordance with the provisions of Section 152 of the Act and the Articles of Association of the Company, Mr. Prabhat Poddar (DIN: 09637477), Director, is retiring by rotation at the forthcoming AGM and, being eligible, offers himself for re-appointment. The Board recommends his re-appointment for the consideration and approval of the Members at the AGM. Further, Mr. Rahul Gupta (DIN: 00354436) and Mr. Yash Rungta (DIN: 07334695) were appointed to the Board at the meeting held on March 12, 2025 and August 14, 2025, respectively, based on the recommendation of the Nomination and Remuneration Committee. The

Board recommends their appointment for the approval of the Members at the forthcoming Annual General Meeting (AGM), and the same has been included in the Notice convening the AGM.

Mr. Madhusudhan Lohia (DIN: 00175621), Independent Director of the Company, was re-appointed for a second term of five (5) years as an Independent Director at the Board meeting held on July 25, 2025, effective from July 29, 2025. Mr. Madhusudhan Lohia has shown strong integrity, independence, and active engagement in Board and

Committee meetings. His expertise in financial services, compliance and risk management has enhanced Board effectiveness. Based on performance evaluation and the Nomination and Remuneration

Committees recommendation, the Board recommends his reappointment for members approval.

Additionally, Mr. Aryan Poddar(DIN: 08882779) and Mrs. Shilpa Poddar (DIN: 00164141) have resigned from their positions as Directors w.e.f. August 14, 2025 and June 01, 2025, respectively.

The brief profiles of the Directors proposed to be appointed or reappointed have been provided in the AGM Notice.

7. ANNUAL RETURN:

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Company has placed a copy of the Annual Return as on March 31, 2025 on its website at www.swastivinayakaart.co.in. By virtue of amendment to Section 92(3) of the Companies Act, 2013 read with rule 12 of the Companies (Management and Administration) Rules, 2014, the Company is not required to provide extract of Annual Return(Form MGT-9) as part of the Boards report.

8. SHARE CAPITAL AND ANY CHANGES THEREOF:

As on 31st March, 2025, the Issued, Subscribed and Paid up Share Capital of your Company stood at Rs. 9,00,00,000 (Nine Crores) comprising of 9,00,00,000 (Nine Crores) equity shares of face value of Re. 1/- (One) each.

The Company has neither issued shares with differential voting rights nor granted any stock options or issued any sweat equity or issued any bonus shares. Further, the Company has not bought back any of its securities during the year under review and hence no details / information invited in this respect.

9. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The particulars of every contract or arrangement entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including arms length transactions under third proviso thereto is disclosed in Form No. AOC-2 which is enclosed as Annexure I.

All Related Party transactions were placed before the Audit Committee and the Board for approval.

The Policy of Related party transactions/Disclosures are approved by the Board is posted on the Companys website www.swastivinayakaart. co.in.

10. DISCLOSURE OF ACCOUNTING TREATMENT:

In the preparation of financial statements, a treatment different from that prescribed in an Accounting Standard has not been followed, thus managements explanation is not required.

11. PARTICULARS OF EMPLOYEES:

The Disclosure required under Section 197(12) of the Companies Act, 2013, read with the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as

Annexure II and forms an integral part of this report.

Particulars of employees drawing remuneration in excess of limits prescribed under Section 197(12) of the Companies Act, 2013 read with

Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: There are no employees drawing remuneration exceeding Rupees One Crore and Two Lakhs per annum if employed throughout the financial year or Rupees Eight Lakh Fifty Thousand per month if employed for part of the financial year or draws remuneration in excess of 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.

Further, the disclosures pertaining to remuneration of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have been provided in the appendix forming part of this report. Having regard to the provisions of Section 136(1) read with relevant provisions of the Companies Act,

2013, the Annual Report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection at the Registered Office of the Company during working hours and any member interested in obtaining such information may write to the Company Secretary and the same will be furnished to the members.

12. NUMBER OF MEETINGS OF BOARD AND COMMITTEE HELD DURING THE YEAR:

Sr. No. Particulars	No. of meetings held
1. Board Meetings	Ten
2. Audit Committee	Four
3. Nomination and Remuneration Committee	Three
4. Stakeholders Relationship Committee	One
5. Independent Directors Meeting	One

13. FORMAL ANNUAL EVALUATION:

Pursuant to the applicable provisions of the Companies Act, 2013 and the Listing Regulations, the Board has carried out an annual evaluation of its own performance and working of its committees. The Boards functioning was evaluated on various aspects, including

Inter alia degree of fulfilment of key responsibilities, its structure and composition, establishment and delegation of responsibilities to various Committees. Directors were evaluated on aspects such as attendance and contribution at Board/ Committee Meetings and guidance/ support to the management of the Company. Areas on which the Committees of the Board were assessed included degree of fulfilment of key responsibilities, adequacy of Committee composition and effectiveness of meetings.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specified duties, obligations and governance 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, independence of judgement safeguarding the interest of the Company and its minority shareholders etc. 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 Directors expressed their satisfaction with the evaluation process.

14. SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:

During the year under review, the Company had no Subsidiaries, Associates or Joint Ventures. There are no companies which have become or ceased to be its Subsidiaries, Joint Venture or Associate Companies during the financial year 2024-25

15. DECLARATION BY AN INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that they meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and of the Listing Agreement and applicable regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, they have confirmed that there has been no change in the circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact the ability of Independent Directors to discharge their duties with an objective independent judgment and without any external influence. The Independent Directors hold high standards of integrity, expertise and experience.

16. NOMINATION AND REMUNERATION POLICY:

The Board of Director has framed a nomination and remuneration policy that lays down a framework in relation to the remuneration of directors, key managerial personnel and senior management of the company. The said policy is also uploaded on the website of the Company; i.e., www.swastivinayakaart.co.in.

The policy provides the criteria for determining qualifications, positive attributes and Independence of Director and criteria for appointment and removal of Directors, Key Managerial Personnel / Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors.

The Policy sets out a framework that assures fair and optimum remuneration to the Directors, Key Managerial Personnel, Senior Management Personnel and other employees such that the Companys business strategies, values, key priorities and goals are in harmony with their aspirations. The policy lays emphasis on the importance of diversity within the Board, encourages diversity of thought, experience, background, knowledge, ethnicity, perspective, age and gender. The

Nomination and Remuneration Policy is directed towards rewarding performance, based on review of achievements. It is aimed at attracting and retaining high caliber talent.

17. OPINION OF THE BOARD WITH REGARD TO INTERGRITY, EXPERTISE AND EXPERIENCE OF INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR:

The Board is of the opinion that all the Independent Directors of the Company are persons of integrity and possess relevant expertise and experience (including the proficiency) to act as Independent Directors of the Company. The Independent Directors of the Company have confirmed that they have been registered with the Indian Institute of Corporate Affairs and have included their name in the databank of Independent Directors within the statutory timeline and have also qualified/exempted from -assessment proficiencyself passing online test as required under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

18. STATUTORY AUDITORS:

At the 37th Annual General Meeting held on September 26, 2023, M/s. Sanjay Raja Jain & Co., Chartered Accountants, (FRN: 120132W),Mumbai, were appointed as Statutory Auditors of the Company to hold office for a term of 5 consecutive years, till the conclusion of the 42nd Annual General Meeting to be held in the year 2028.

19. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATION OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS IN THEIR REPORT:

The report given by the auditors on the Financial Statements of the Company is part of the Annual Report. There has been no qualification, reservation, adverse remarks or disclaimer given by the auditors in their report.

20. SECRETARIAL AUDIT REPORT:

In terms of Section 204 of the Companies Act, 2013 and Rules made thereunder, Sandeep Dar and Co., Practicing Company Secretary have been appointed as Secretarial Auditor of the Company. The report of the Secretarial Auditors is enclosed as Annexure IV (MR-3) to this report.

The report is self-explanatory however the Company has initiated necessary steps to comply with various non-compliances as per the provisions of various statute mentioned under the secretarial audit report.

Further, in terms of the Regulation 24A of SEBI Listing Regulations, the Board has recommended appointment of Sandeep Dar and Co, Practising Company Secretary (COP: 1571, Membership No. 3159), Navi Mumbai as the Secretarial Auditor of the Company for a term of five consecutive financial years commencing from 2025-26. The appointment will be subject to shareholders approval at the ensuing AGM.

21. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to the Directors and employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the Companys Code of Conduct. The Policy provides for adequate safeguards against victimization of employees who avail of the mechanism and provides for direct access to the Chairman of the Audit Committee. It is affirmed that no person of the Company has been denied access to the Audit Committee.

Whistle Blower Policy has been posted on the website of the Company at www.swastivinayakaart.co.in

22. COMPOSITION OF AUDIT COMMITTEE:

Composition of Audit Committee is required under section 177 (8) of the Companies Act, 2013.

The Composition of Audit Committee is as follows:

1 *Mr. Harsh Agarwal	- Chairman
2 Mr. Madhusudan Lohia	- Member
3 **Mr. Rajesh Ramprasad Poddar	- Member

*Mr. Harsh Agarwal was appointed as Chairman of the Audit Committee effective from July 26, 2024 following the cessation of Mr. Sanjiv Rungta as an Independent Director.

** Mr. Rajesh Ramprasad Poddar ceased to be a member of the Audit Committee w.e.f. August 14, 2025.

***Mr. Yash Rungta was appointed as a member and designated as chairman of the Audit Committee on August 14, 2025.

23. SIGNIFICANT MATERIAL CHANGES:

There were no material changes and commitments, which adversely affects the financial position of the Company, which has occurred between the end of the financial year of the Company to which the financial statements relate the date of the report.

24. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its operations.

The Company has policies and procedures in place for ensuring proper and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information. The Company has adopted accounting policies, which are in line with the Accounting Standards and the Act.

25. RISK MANAGEMENT:

Business Risk Evaluation and Management is an ongoing process within the Organization. The Company has a robust risk management framework to identify; monitor and minimize risks and also identify business opportunities. The Audit Committee and the Board periodically review the risks and suggest steps to be taken to manage/ mitigate the risk through a properly defined framework. During the year, no major risks were noticed, which may threaten the existence of the Company.

26. PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014 and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet.

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

The Company has complied with the provisions of section 186 of the Companies Act, 2013 during the financial year. The details of Loans and guarantees given, investments made during the year are provided in Notes to financial statements and are self-explanatory.

28. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion & Analysis Report, which forms an integral part of this Report, is enclosed as Annexure III to this report.

29. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

Company has adopted a policy for prevention of Sexual Harassment of Women at workplace as required under the Act.

The following is a summary of sexual harassment complaint received or dispose of during the year 2024-25.

y No. of Complaint received	: NIL
y No. of Complaint disposed-off	: NIL

Further the Company has constituted the Internal Complaints Committee under the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013 the composition of Committee is as follows:

Sr. No. Name of Member	Position held in IC Committee
1. Riddhi N. Vaity	Presiding Officer
2. Nagabhushan T. Hegde	Member
3. Shantaram S. Shinde	Member
4. Sangeeta Shyam Jaiswal	External Member

30. MATERNITY BENEFITS:

The company has maternity benefits policy for eligible female employees. Total number of female employees in the company is 12.

No maternity benefits were availed by the female employee during the financial year 2024-25.

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

A) CONSERVATION OF ENERGY:

i. The steps taken or impact on conservation of energy - Energy conservation continues to receive priority attention at all levels by regular monitoring of all equipments and devices which consume electricity.

ii. The steps taken by the company for utilizing alternate sources of energy - Company ensures that the manufacturing operations are conducted in the manner whereby optimum utilization and maximum possible savings of energy is achieved.

iii. The capital investment on energy conservation equipments Since Company is having adequate equipment, no capital investment on energy conservation equipments is made during the year.

B) TECHNOLOGY ABSORPTION: i. The efforts made towards technology absorption - Not Applicable ii. The benefits derived like product improvement, cost reduction, product development or import substitution - Not Applicable iii. In the case of imported technology (imported during the last three years reckoned from the beginning of the financial year) - Not Applicable. a. The details of technology imported - Not Applicable b. The year of import - Not Applicable c. Whether the technology been fully absorbed - Not Applicable d. If not fully absorbed, areas where absorption has not taken place and the reasons thereof - Not Applicable iv. The expenditure incurred on Research and Development

At present the Company does not have separate division for carrying out research and development work. No expenditure has therefore been earmarked for this activity.

C) FOREIGN EXCHANGE EARNINGS AND OUTGO:

Sr. No. Particulars	2024-25 (Rs. In Lakhs)	2023-24 (Rs. In Lakhs)
1. Foreign Exchange Earned	16.66	12.79
2. Foreign Exchange Used	13.15	--

32. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

No significant or material orders were passed by the regulators or courts or Tribunals which impact the going concern status and Companys operations in future.

33. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

During the year under review, there was no valuation which was required to be done nor did the Company have done one time settlement with any bank and hence the said clause is not applicable to the Company.

34. SECRETARIAL STANDARDS:

The Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards viz. the Secretarial Standard -1 on Board Meetings (SS-1) and Secretarial Standard -2 on General Meetings (SS-2) issued by the Institute of Company Secretaries of India and approved by the Central Government, and that such systems are adequate and operating effectively.

35. DETAILS WITH RESPECT UNPAID DIVIDEND & INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF; established by the Government of India, after completion of seven years. Further, according to the IEPF Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the Demat Account of the IEPF

Authority. a. Following are the details of the transfer to the IEPF made during the year as mentioned below:

i. During the year, your Company has transferred the unpaid and unclaimed dividend amounting to Rs. 1,28,606.40/- and 193776 shares pertaining to the financial year 2016 17 to the IEPF Authority.

During the F.Y. 2024-25, Company has transferred the amount of unpaid or unclaimed dividend and unclaimed shares as per the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules") to the IEPF, details of which is available on the website of the Company www.swastivinayakaart.co.in. Amount of unpaid/unclaimed dividend lying in the unpaid account and the corresponding shares as on March 31, 2025:

Year	No. of Shares	Amount of Unclaimed Dividend	Date of Declaration of Dividend	Due date for transfer to IEPF
2017-18	502598	1,00,519.60	28-09-2018	03-11-2025
2018-19	533573	1,06,714,60	28-09-2019	03-11-2026

36. CORPORATE SOCIAL RESPONSIBILITY(CSR):

Your Company does not have the requisite Net Worth nor has it achieved the requisite turnover nor it has the requisite net profit for the year for triggering the implementation of "Corporate Social Responsibility" (CSR), therefore, the Company has neither formed any CSR committee nor any policy thereof.

37. COMPLIANCE OF REGULATION 34(3) AND PARA F OF SCHEDULE V OF THE LISTING REGULATIONS:

Pursuant to regulation 34(3) and Para F of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, no shares are lying in demat suspense account/ unclaimed suspense account of the Company as at March 31, 2025.

38. OTHER DISCLOSURES:

a) During the year under review, there has been no change in the nature of business of the company.

b) As per Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, your Company is not required to maintain cost records.

c) There were no incidences of reporting of frauds by Statutory Auditors of the Company under Section 143(12) of the Act read with Companies (Accounts) Rules, 2014 during the year under review.

d) Company has not issued Equity Shares with differential rights as to dividend, voting or otherwise during the year under review.

e) During the year under review Company has not issued any sweat equity shares and shares under ESOP Scheme.

f) There is no application made nor any proceeding is pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.

39. LISTING AGREEMENT WITH THE STOCK EXCHANGE:

The Company confirms that it has paid the Annual Listing Fees for the year FY 2024-2025 to the Bombay Stock Exchange where the Companys equity shares are listed.

40. RELATED PARTY TRANSACTIONS AND ITS DISCLOSURE:

The Related Party Transaction Policy has been adopted by the Board of Directors for determining the materiality of transactions with related parties and dealings with them. The said policy may be referred to, at the Companys website i.e. www.swastivinayakaart.co.in.

All related party transactions are mentioned in the Note 32 to financial statements forming part of the Annual Report. All related party transactions were placed before the Audit Committee for approval. Omnibus approval was obtained on a yearly basis for transactions which were repetitive in nature.

41. ACKNOWLEDGEMENT:

We record our gratitude to the Banks and others for their assistance and co-operation during the year. We also wish to place on record our appreciation for the dedicated services of the employees of the Company. We are equally thankful to our esteemed investors for their co-operation extended and confidence reposed in the management

Registered Office:	By Order of the Board of Directors
303, Tantia Jogani Industrial Estate,	Swasti Vinayaka Art And Heritage
J. R. Boricha Marg, Lower Parel,	Corporation Limited
Mumbai - 400011.
	Sd/-
	Dinesh Ramprasad Poddar
Date: August 25, 2025	Chairman and Managing Director
Place: Mumbai	DIN: 00164182