Uma Exports Ltd Management Discussions

FY2026 represents fiscal year 2025-26, from 1st April 2025 to 31st March 2026, and analogously for FY2025 and previously such labelled years.

PHILOSOPHY ON CODE OF GOVERNANCE

Uma Exports Limited (UEL), the Company firmly believes that good corporate governance practices ensure efficient conduct of the affairs of the Company while upholding the core values of transparency, integrity, honesty and accountability and help the Company to achieve its goal to maximize value for all its stakeholders. It is a system by which business corporations are directed and controlled.

Our Company is committed to the adoption of and adherence to Corporate Governance practices at all levels which are essentially aimed at ensuring transparency in all dealings and focused on the enhancement of long-term shareholder value. Our Company believes that sound Corporate Governance is critical for enhancing and retaining investors trust and the Company always seeks to ensure that its performance with integrity help to achieve its desired goals.

The companys corporate governance framework is based on the following main principles:

? Fair and transparent business practices;

? Effective management control by Board;

? An optimum combination of promoter, executive, independent and women directors on the Board;

? Accountability for performance;

? Monitoring of executive performance by the Board;

? Compliance of laws; and

? Transparent and timely disclosure of financial management information and performance;

Our Company considers that it is absolutely essential to abide by the laws and regulations of the land in letter and spirit and is committed to the highest standards of Corporate Governance and be considered as a good corporate citizen of the Country.

Our Company is in compliance with the corporate governance provisions as stipulated in Regulation 17 to 27 read with Schedule V and clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

This chapter of the annual report together with the information given under the chapters titled as Management Discussion and Analysis and Additional Shareholders Information constitute the compliance report of the Company on Corporate Governance for FY2026.

SHAREHOLDERS

The Companies Act, 2013 and the SEBI Listing Regulations stipulate the governance mechanism by shareholders in terms of passing of ordinary and special resolutions, voting rights, participation in corporate actions such as bonus, declaration of dividends, etc. Your Company has in place the process to ensure that the shareholders of the Company are well informed of both on financial and non-financial information as necessary from time to time, and adequate notice with detailed explanation is sent to the shareholders well in advance whenever required to obtain necessary approvals.

BOARD OF DIRECTORS

Composition of the Board

As on 31st March, 2026, the Board of Directors of UEL consists 6 (six) Directors, comprising (i) 2 (two) Executive Directors; (ii) 3 (three) Independent Directors, including a woman director; and (iii) 1 (one) Non-Executive Non-Independent Director; as defined under the Companies Act, 2013 (the Act) and SEBI Listing Regulations. Mr. Rakhesh Khemka is the Chairman of the Board. The Board is entrusted with the ultimate responsibility of the management with powers and duties and is headed by the Chairman and Managing Director. It comprises eminent persons with high credentials or considerable professional expertise and experience in diversified fields. Our Board has an appropriate mix of Executive, Non-Executive and Independent Director(s) to maintain its independence, and separate its functions of governance and management.

Skills/expertise/competence of the board of directors are as under:

Name of the Director	Business development and strategy	Accounts & Finance	Corporate Governance & Ethics	Functional and Managerial Experience	Human Resource	Information technology
Mr. Rakhesh Khemka	V	V	V	V	V	V
Mr. Manmohan Saraf	V	V	V	V	V	V
Mr. Vivek Parasramka	V	V	V	V	V	V
Mrs. Priti Saraf	V	V	V	V	V	V
Mrs. Suman Agarwal	V	V	V	V	V	V
Mr. Mrinmoy Kasyapi	V	V	V	V	V	V

All 3 (three) Independent Directors of the Company are free from any business or other relationship with the Company or its promoters that could materially influence their judgment. The Board is well diversified and consists of one Women Independent Directors.

Each Director informs the Company on an annual basis about the Board and Board Committee positions him/her in other companies including Chairmanships, and notifies the changes that occurred therein during the term of their directorship in the Company. Table 1 gives the composition of UELs Board, their positions, relationship with other Directors, dates of joining the Board, number of Directorships and memberships of the Boards Committee held by each of them

Table 1 : Board and committee positions held by the Directors

Name	Date of Joining	Number of Directorships1	Other Committee Positions2	Directorship in other listed companies and Category of Directorships
			As Chairman	As Member
Mr. Rakhesh Khemka Managing Director	01-08-1994	1	-	1	None
Mr. Manmohan Saraf Executive Director& CFO	07-07-2021	1	-	1	None
Mr. Vivek Parasramka Independent Director	07-07-2021	1	-	2	None
Mrs. Priti Saraf Independent Director	07-07-2021	1	2	-	None

Table 1 : Board and committee positions held by the Directors

Name	Date of Joining	Number of Directorships1	Other Committee Positions2	Directorship in other listed companies and Category of Directorships
			As Chairman	As Member
Mrs. Suman Agarwal Independent Director	07-07-2021	1	-	-	None
Mr. Mrinmoy Kasyapi Non Executive Non Independent Director	28-07-2025	1	-	-	None

Ms. Mansi Khemka resigned from the Board w.e.f February 24,2026

(1) Including directorship in UEL, and excluding directorships in Private Limited Companies, Foreign Companies and Section 8 Companies under the provision of the Companies Act, 2013. None of the Directors on the Board hold directorships in more than ten public companies. Further, none of them is a member of more than ten committees or chairman of more than five committees across all the public companies in which he or she is a director

(2) Membership/Chairmanship in Audit and Stakeholders Relationship Committee of all public limited companies, whether listed or not, including UELs are considered.

As per declarations received from the Directors, as on 31st March 2026, none of the Directors of the Company are related to each other in terms of Section 2(77) of the Act.

FLOW OF INFORMATION TO THE BOARD AND COMMITTEES

Information is provided to the Board Members on a continuous basis for their review, inputs, and approval from time to time. More specifically, we present our annual strategic plan and operating plan of our business to the Board for their review, inputs, and approval. Likewise, our quarterly financial statements and annual financial statements are first presented to the Audit Committee and subsequently to the Board for their approval. In addition, various matters such as appointment of Directors and Key Managerial Personnel, corporate actions, review of internal and statutory audits, details of investor grievances, important managerial decisions, material positive/negative developments, riskmanagement initiatives along with mitigation actions and legal/statutory matters are presented to the respective Committees of the Board and later with the recommendation of Committees to the Board of Directors for their approval as may be required.

Information to Directors is submitted along with the agenda papers well in advance of the Board and Committee meetings. Inputs and feedback of Board Members are taken and considered while preparing agenda and documents for the Board meeting. Sufficient time is allocated for discussions and deliberations at the meeting.

Documents containing Unpublished Price Sensitive Information are submitted to the Board and Committee Members, at a shorter notice, as per the general consent taken from the Board, from time to time.

DECLARATION OF INDEPENDENCE

In terms of Regulation 25(8) of SEBI Listing Regulations, the Company had received declarations on the criteria of Independence as prescribed in Section 149(6) of the Companies Act, 2013, Regulation 16(1)(b) and Regulation 25(8) of SEBI (LODR) Regulations, 2015, from all the Independent Directors of the Company as on 31st March, 2026. They have also registered themselves in the databank with the Institute of Corporate Affairs of India as an Independent Director as per Rule 6(1) of the Companies (Appointment and Qualifications of Directors) Rules, 2014.

Based on the declarations received from the Independent Directors, the Board confirms that the Independent Directors fulfill the conditions specified in Section 149 of the Companies Act, 2013 and as mentioned under Regulation 16(1)(b) of the SEBI Listing Regulations and that they are independent of the management.

TERM OF BOARD MEMBERSHIP

The Board, on the recommendations of the Nomination and Remuneration Committee, considers the appointment and reappointment of Directors.

Section 149 of the Companies Act, 2013, provides that an Independent Director can be appointed for a term of up to five consecutive years on the Board of a Company and shall be eligible for re-appointment on passing of special resolution by the shareholders of the Company. The Independent Directors shall not be liable to retire by rotation. Accordingly, all the Independent Directors of the Company were appointed under Section 149 of the Companies Act, 2013, for a term ranging up to 5 years.

As per the provisions of Section 152 of the Companies Act, 2013, one-third of the Board members other than Independent

Directors, who are subject to retire by rotation, retire every year; and approval of shareholders is sought for the re-appointment of such retiring members, if eligible.

Executive Directors are appointed by Board for a period not exceeding three years at a time and are eligible for re-appointment upon completion of the term. Their appointments are subsequently approved by the shareholders.

Mr. Mrinmoy Kasyapi, Director, (DIN - 03437254) retires by rotation at the forthcoming Annual General Meeting, and being eligible, seeks re-appointment.

SELECTION AND APPOINTMENT OF NEW DIRECTORS

Induction of any new member on the Board of Directors is the responsibility of the Nomination and Remuneration Committee. Taking into account the existing composition and organization of the Board, and the requirement of new skill sets, if any, the Nomination and Remuneration Committee reviews potential candidates in terms of their expertise, skills, attributes, personal and professional backgrounds, gender and their ability to attend meetings. The potential Board member for the office of Independent Director is also assessed on the basis of independence criteria defined in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of Listing Regulations. The Committee then places the details of such candidates that meet these criteria to the Board of Directors for their consideration. If the Board approves, the person is appointed as an Additional Director, subject to the approval of shareholders in the Companys Annual General Meeting.

BOARD EVALUATION

The Board has carried out an annual evaluation of its own performance, as well as the working of its committees. The Nomination and Remuneration Committee laid down the criteria for such performance evaluation. The evaluation process was carried out internally in FY2026. The contribution and impact of individual members were evaluated on parameters such as level of engagement, independence of judgment, conflicts resolution and their contribution in enhancing the Boards overall effectiveness.

The Performance of the Managing Director has been evaluated on key aspects of their role, which include, inter-alia, effective leadership to the Board and adequate guidance at each level of Management. Based on prescribed criteria as laid down, the performance of the Board, various Committees viz. Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee and Corporate Social Responsibility Committee, and Individual Director were evaluated and found satisfactory. During the year under review, the Independent Directors of your Company reviewed the performance of Non Independent Directors, taking into account the views of Executive Directors and Non-Executive Directors. The Board as a whole is a balanced unit where diverse views are expressed and dialogued when required. All the directors are participative, interactive and communicative. The Chairman of each committees had abundant knowledge, experience, skills and understanding required for functioning and processes. The information flow between your Companys Management and the Board is timely & sufficient.

LETTER OF APPOINTMENT

The Independent Directors on the Board of the Company, upon appointment, are given a formal appointment letter, inter-alia containing the term of appointment, roles, function, duties & responsibilities, code of conduct, disclosures, confidentiality, etc. The terms and conditions of the appointment of Independent Directors are available on the Companys website at www.umaexports. net

DIRECTORS PROFILE

A profile of each of the Directors and their expertise in specific functional areas are put up on the Companys website and can be accessed at http://www.umaexports.net/aboutus.html.

DIRECTORS SHAREHOLDING IN THE COMPANY

Table 2 gives details of shares held by the Directors as on 31st March 2026.

Table 2: Shares held by the Directors as on 31st March 2026

Name	No. of shares held
Mr. Rakhesh Khemka	79,87,500
Mr. Manmohan Saraf	-
Mr. Vivek Parasramka	-
Mrs. Priti Saraf	-
Mr. Suman Agarwal	-
Mr. Mrinmoy Kasyapi	-

Ms. Mansi Khemka resigned from the Board w.e.f February 24,2026

MEETINGS OF THE BOARD

The Company plans and prepares the schedule of the Board and Board Committee meetings in advance to assist the Directors in scheduling their program. The schedule of meetings and agenda for the meeting is finalized in consultation with the Directors. The agenda of the meeting is pre-circulated with detailed notes, supporting documents and an executive summary wherever required.

As per the provisions of the Companies Act, 2013 read with Regulation 17(2) of the Listing Regulations and Secretarial Standard 1, the Board of Directors must meet at least four times a year, with a maximum time gap of 120 (one hundred and twenty) days between two Board meetings.

The Board met 10 (Ten) times during the FY 2026 and the gap between two meetings did not exceed 120 days (one hundred and twenty days). The dates on which the Board Meetings were held are as follows:

29-05-2025; 05-07-2025; 28-07-2025; 06-08-2025; 13-08-2025; 03-09-2025; 14-11-2025; 06-01-2026; 14-02-2026; and 24-02-2026. Details of Directors and their attendance in Board Meetings and Annual General Meeting are given in Table 3.

Table 3: Directors attendance at Board meetings and AGM held during FY 2025-26

Name	Meetings held in Directors tenure	Number of Board Meetings Attended	Attendance in last AGM on September 30, 2025
Mr. Rakhesh Khemka	10	10	Present
Ms. Mansi Khemka*	10	10	Present
Mr. Manmohan Saraf	10	10	Present
Mr. Vivek Parasramka	10	10	Present
Mrs. Priti Saraf	10	10	Present
Mrs. Suman Agarwal	10	10	Present
Mr. Mrinmoy Kasyapi	7	7	Absent

Ms. Mansi Khemka resigned from the Board w.e.f February 24,2026

The Board and its Committee meetings at UELs typically comprise one-day session. In the course of these meetings, the business unit heads and key management personnel make presentations to the Board. The Board is updated on the discussions at the Committee meetings and their recommendations through the Chairman of the respective Committees.

INFORMATION GIVEN TO THE BOARD

The Company provides the following information, inter alia, to the Board and Board-level Committees, either as part of the agenda papers in advance of the meetings or by way of presentations and discussion material during the meetings:

> Annual operating plans and budgets and any updates.

> Capital budgets and any updates.

> Quarterly results for the listed entity and its operating divisions or business segments.

> Minutes of meetings of audit committee and other committees of the board of directors.

> The information on recruitment and remuneration of senior officers just below the level of board of directors, including the appointment or removal of the Chief Financial Officer and the Company Secretary.

> Show cause, demand, prosecution notices and penalty notices, which are materially important.

> Fatal or serious accidents, dangerous occurrences, any material effluent or pollution problems.

> Any material default in financial obligations to and by the listed entity, or substantial non-payment for goods sold by the listed entity.

> Any issue, which involves possible public or product liability claims of substantial nature, including any judgment or order which, may have passed structures on the conduct of the listed entity or taken adverse view regarding another enterprise that may have negative implications on the listed entity.

> Details of any joint venture or collaboration agreement.

> Transactions that involve substantial payment towards goodwill, brand equity, or intellectual property.

> Significant labour problems and their proposed solutions. Any significant development in Human Resources/ Industrial Relations front like signing of wage agreement, implementation of Voluntary Retirement Scheme etc.

> Sale of investments, subsidiaries, assets which are material in nature and not in the normal course of business.

> Quarterly details of foreign exchange exposures and the steps taken by management to limit the risks of adverse exchange rate movement, if material.

> Non-compliance of any regulatory, statutory or listing requirements and shareholders service such as nonpayment of dividend, delay in share transfer etc.

POST MEETING FOLLOW-UP MECHANISM

The decisions taken at the Board /Board Committees meetings are communicated to the concerned departments/divisions promptly. An action taken/status report on the decisions of the previous meeting(s) is placed at the next meeting of the Board/ Board Committees for information and further recommendation/ action(s) if any.

MEETINGS OF INDEPENDENT DIRECTORS

During FY2026, the Independent Directors met 1 (one) time on March 2, 2026 in executive sessions without the presence of management. During the meeting, the independent directors reviewed the performance of the company and its senior management, that of the chairman and the board, operational strategy, risks, succession planning for the board and senior management and the information given to the board. In addition to this meeting, the Company is ready to facilitate such sessions as and when required by the Independent Directors. An Independent Director, with or without other Independent Directors, takes the lead to provide structured feedback to the Board about the key elements that emerge out of these executive sessions.

DIRECTORS REMUNERATION

The Company has a policy for the remuneration of Directors, Key Managerial Personnel (KMPs), Senior Management Personnel (SMPs) and other employees. The remuneration of the Directors is based on the Companys size, presence, financial position, compensation paid by other companies, the qualification of the appointee(s), their experience, past performance and other relevant factors.

The Nomination and Remuneration policy is available on http://www.umaexports.net/images/pdf/policies/5.pdf.

The Executive Directors of the Company, Mr. Rakhesh Khemka, Managing Director and Mr. Manmohan Saraf, Whole-time Director and CFO, are subjected to be re-appointed subject to shareholder approval. No severance fees are payable to the Executive Directors. All components of remuneration to the Executive Directors are fixed and are in line with the Companys policies.

The Non-Executive Directors are not entitled to any remuneration other than a sitting fee for attending meetings of the Board and its Committees as approved by the Board. The sitting fee is payable only for Board meetings and meetings of the Audit Committee and Nomination and Remuneration Committee.

No sitting fee is paid to Executive Directors for attending meetings of the Board and its Committees. The remuneration paid or payable to the Directors for their services rendered during FY2026 is given in Table-4.

Table 4: Remuneration paid or payable to the Directors during FY2026	(Rs. In Lakhs)
Name of Directors	Sitting fees	Salaries	Perquisites	Total
Mr. Rakhesh Khemka	-	52.00	-	52.00
Ms. Mansi Khemka	1.20	-	-	1.20
Mr. Manmohan Saraf	-	15.00	-	15.00
Mr. Vivek Parasramka	1.20	-	-	120
Mrs. Priti Saraf	1.20	-	-	120
Mrs. Suman Agarwal	1.20	-	-	120
Mr. Mrinmoy Kasyapi	-	-	-	-

THE CRITERIA FOR MAKING PAYMENTS TO THE DIRECTORS ARE:

The Nomination and Remuneration Committee recommends the remuneration for the Managing Director, other Executive Directors, Senior Management and Key Managerial Personnel. The payment of remuneration to the Executive Directors is approved by the Board and Members. There has been no change in the remuneration policy during the financial year. The Directors are also entitled to reimbursement of expenses incurred by them for undertaking their duties as Directors of the Company.

In determining the remuneration of Managing Director, Executive Directors, Senior Management Employees and Key Managerial Personnel, the Nomination and Remuneration Committee and the Board considers the following:

• The balance between fixed salary, perquisites and retirement benefits reflecting short and long-term performance objectives, appropriate to the working of the Company and its goals.

• Alignment of remuneration of Directors and Key Managerial Personnel with long-term interests of the Company.

• Companys performance vis-a-vis the individuals achievement & experience, industry benchmark and current compensation trends in the market.

The Non-Executive Directors are not entitled to any remuneration

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTOR

To familiarize a new Independent Director with the Company, its policies and procedures, a familiarize kit containing informative documents about the Company like past five years Annual Reports, CSR Report, Memorandum and Articles of Association, Companys Code of Conduct, presentation on financial and operational highlights etc. are provided to him/her. The new Independent Director meets individually with each Board member, KMPs and senior management personnel. Visits to plant location(s) are also organized for the new Director to understand the Companys product and operations.

Periodic presentations are made by senior management on business and performance updates of the Company, business risk and its mitigation strategy. The Company has uploaded its Familiarization Programme for Independent Directors on the website of the Company at http://www.umaexports.net/images/pdf/policies/6.pdf

RISK MANAGEMENT

The Company has enterprise-wide risk management (ERM) system in place. An independent Risk Management Committee comprises of Senior Management Personals including Management Director and CFO of the Company. The Committee oversees and reviews the risk management framework, assessment of risks, and management and minimization procedures. The Committee reports its findings and observations to the Board. Risk management practices of the Company are covered in the chapter on "Management Discussion and Analysis Report" in this annual report.

COMPLIANCE REVIEWS

UELs has a dedicated team under an identified Compliance Officer for overseeing compliance activities, including monitoring, and a defined framework to review the compliances with all laws applicable to the Company. The compliance status is periodically updated to the senior management team including the Managing Director and the CFO through review meetings. Presentations are made in the quarterly Audit Committee meetings regarding the status on compliance and the reports are also shared with Board members. The CFO and the Company Secretary of Company furnishes a certificate at each Board meeting, held for approval of financial results, confirming the overall compliance by the Company with applicable statutes including financial and commercial laws.

CODE OF CONDUCT FOR BOARD MEMBERS AND SENIOR MANAGEMENT

As per the SEBI Listing Regulations and the Companies Act, 2013, the Company has adopted a The Code of Conduct for Board Members and Senior Management which applies to all its directors and employees, and affiliates. It is the responsibility of all Directors and employees to familiarize themselves with this Code and comply with its standards.

The Board and the Senior Management affirm compliance with the Code of Business Conduct and Ethics annually. A certificate of the Managing Director of the Company to this effect is enclosed as Annexure - A.

RELATED PARTY TRANSACTIONS

There are no material related party transactions during the year under review. Further, none of the related party transaction involves conflict with the interest of the Company. Transactions entered into with related parties during FY2026 were in the ordinary course of business and at arms length basis and were approved by the members of Audit Committee in the presence of Independent Directors.

The Boards approved policy for related party transactions is uploaded on the website of the Company.

The details of Related Party Transactions are discussed in detail in Notes to the Financial Statements.

SUBSIDIARY COMPANIES

The Company has following four subsidiary Companies and one associate company but no joint venture as on March 31,2026.

• Swastik Oil Refinery Pvt Ltd engaged in the business of processing of pulses.

• UEL International FZE, U.A.E. engaged in the business of trading in agriculture commodities.

• Graincomm Australia Pvt Ltd engaged in the business of Agri Business

• Pakhi Commercial Private Limited engaged in the business of manufacturing of readymade garments ASSOCIATE COMPANY

• Shivkrishna Vincom Private Limited engaged in the business of distribution of packaged rice DISCLOSURE ON ACCOUNTING TREATMENT

In the preparation of financial statements for FY2026, there is no treatment of any transaction different from that prescribed in the Accounting Standards notified by the Government of India under the Companies Act, 2013.

COMMITTEES OF THE BOARD

The Board Committees focus on specific areas and make informed decisions within the authority delegated. Each such Committee is guided by its Charter, which defines the composition, scope and powers in line with the statutory requirements. The Committees also make specific recommendations to the Board on various matters whenever required. All observations, recommendations and decisions of the Committees are placed before the Board for information, consideration, approval or action, as the case may be.

The Company has four Board-level Committees, namely:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholders Relationship Committee

• Corporate Social Responsibility Committee

Composition of the Board Committees as on March 31, 2026, is disclosed in Table 5.

Table 5 : Composition of the Board Committees

Name of the Director	Audit Committee	Nomination & Remuneration Committee	Corporate Social Responsibility Committee	Stakeholders Relationship Committee
Mr. Rakhesh Khemka		-
Ms. Mansi Khemka	-	-	-	-
Mr. Manmohan Saraf	-	-		-
Mr. Vivek Parasramka			-
Mrs. Priti Saraf
Mrs. Suman Agarwal	-		-	-

 

Signifies Chairman of the Committee

Signifies Member of the Committee

The date of the meetings of the Board Committees and attendance of the members thereat are disclosed in Table 6.

Table 6: Composition of the Board Committees

	Audit Committee	Nomination & Remuneration Committee	Corporate Social Responsibility Committee	Stakeholders Relationship Committee
Date of meetings	29-05-2025	29-05-2025	29-05-2025	29-05-2025
	05-07-2025	28-07-2025	14-02-2026	13-08-2025
	13-08-2025	13-08-2025		14-11-2025
	14-11-2025	14-11-2025		14-02-2026
	06-01-2026	14-02-2026
	14-02-2026	24-02-2026
No. of meetings held	6	6	2	4
No. of meetings attended
Name of the Director
Mr. Rakhesh Khemka	-	-	2	4
Mr. Manmohan Saraf	6	-	2	-
Mr. Vivek Parasramka	6	6	-	4
Mrs. Priti Saraf	6	6	2	4
Mrs. Suman Agarwal	-	6	-	-
Mr. Mrinmoy Kasyapi	-	-	-	-

Audit Committee

The management is responsible for the Companys internal controls and the financial reporting process while the statutory auditors are responsible for performing independent audits of the Companys financial statements in accordance with generally accepted auditing practices and for issuing reports based on such audits.

The Board of Directors has entrusted the Audit Committee with the responsibility to supervise these processes and thus ensure accurate and timely disclosures that maintain the transparency, integrity and quality of financial control and reporting.

A. The role of the audit committee shall include the following:

1. oversight of the Companys financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;

2. Recommendation for appointment, remuneration and terms of appointment of auditors of the Company.

3. approval of payment to statutory auditors for any other services rendered by the statutory auditors;

a. reviewing, with the management, the annual financial statements and auditors report thereon before submission to the board for approval, with particular reference to:

b. matters required to be included in the directors responsibility statement to be included in the boards report in terms of clause(c) of sub-section(3) of Section 134 of the Companies Act, 2013;

c. changes, if any, in accounting policies and practices and reasons for the same; major accounting entries involving estimates based on the exercise of judgment by management;

4. significant adjustments made in the financial statements arising out of audit findings;

5. compliance with listing and other legal requirements relating to financial statements;

6. disclosure of any related party transactions;

7. modified opinion(s) in the draft audit report;

8. reviewing, with the management, the quarterly financial statements before submission to the board for approval;

9. reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/ prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in this matter;

10. reviewing and monitoring the auditors independence and performance, and effectiveness of audit process;

11. approval or any subsequent modification of transactions of the Company with related parties;

12. scrutiny of inter-corporate loans and investments;

13. valuation of undertakings or assets of the Company, wherever it is necessary;

14. evaluation of internal financial controls and risk management systems;

15. reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;

16. reviewing the adequacy of the internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

17. discussion with internal auditors of any significant findings and follow up thereon;

18. reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of material nature and reporting the matter to the board;

19. discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

20. to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

21. to review the functioning of the whistle blower mechanism;

22. approval of the appointment of a chief financial officer after assessing the qualifications, experience and background, etc. of the candidate;

23. Carrying out any other function as in mentioned in the terms of reference of the audit committee.

B. The audit committee shall mandatorily review the following information:

1. Management discussion and analysis of financial condition and results of operations;

• statement of significant related party transactions (as defined by the audit committee), submitted by management;

• management letters/letters of internal control weaknesses issued by the statutory auditors;

• internal audit reports relating to internal control weaknesses; and

2. The appointment, removal and terms of remuneration of the internal auditor shall be subject to review by the audit committee.

3. Statement of deviations:

a. Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).

b. Annual statement of funds utilized for purposes other than those stated in the offer document/ prospectus/ notice in terms of Regulation 32(7).

All members of the Audit Committee are financially literate and bring in expertise in the fields of finance, economics, strategy and management.

The Audit Committee meets the key members of the finance team and internal audit team along with the Managing Director and the CFO to discuss matters relating to audit, compliance and accounting. During the year, the Committee also meets Statutory Auditors without the presence of the management on more than one occasion.

The Managing Director and the Internal Auditor are permanent invitees to all Audit Committee meetings. The Statutory Auditors of the Company was present in all the Audit Committee meetings held during the year. The Company Secretary officiates as the secretary of the Committee.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee is entirely comprised of Non- Executive Director. The primary functions of the Committee are to:

• Examine the structure, composition and functioning of the Board, and recommend changes, as necessary, to improve the Boards effectiveness.

• Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees;

• Formulation of criteria for evaluation of Independent Directors and the Board;

• Devising a policy on Board diversity;

• Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down and recommend to the Board for their appointment and removal.

• Whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.

• Regularly examine ways to strengthen the Companys organizational health, by improving the hiring, retention, motivation, development, deployment and behaviour of management and other employees.

In this context, the Committee also reviews the framework and processes for motivating and rewarding performance at all levels of the organization reviews the resulting compensation awards, and makes appropriate proposals for Board approval. In particular, it recommends all forms of compensation to be granted to Directors, executive officers and senior management employees of the Company.

The Managing Director and the CFO are special invitees to the Nomination and Remuneration Committee meetings. The Company Secretary officiates as the secretary of the Committee.

Stakeholders Relationship Committee

The Stakeholders Relationship Committee is empowered to perform the functions of the Board relating to the handling of shareholders queries and grievances. It primarily focuses on:

• Review the process and mechanism of Redressal of investor grievances and suggest measures for improving the system of redressal of investor grievances.

• Review and resolve the pending investors complaints, if any, relating to the transfer of shares, non-receipt of share certificate(s), non-receipt of dividend warrants, non-receipt of the annual report and any other grievance/ complaints with Company or any officer of the Company arising out in discharge of his duties.

• Oversee the performance of the Registrar &Share Transfer Agent and also review and take note of complaints directly received and resolve them.

• Review of corporate actions related to security holders.

The Chairman of the Committee is an Independent Director. The Company Secretary officiates as the secretary of the Committee. The Company has received and resolved all complaints within the stipulated time as received from the shareholders during FY 2025-26, and no complaints were pending at the end of FY 2025-26.

Corporate Social Responsibility Committee

The CSR Committee is empowered to perform the functions of the Board relating to handling the social initiatives. Its primary functions are to:

• Formulate, review and recommend to the Board, a CSR policy indicating the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013.

• Recommend the amount of expenditure to be incurred on the initiatives as per the CSR policy.

• Provide guidance on various CSR initiatives undertaken by the Company and monitoring their progress.

• Monitor implementation and adherence to the CSR Policy of the Company from time to time.

The CSR Committee reviewed and recommended the CSR policy to the Board, during the year. The Chairman of the Committee is an Executive Director. The Company Secretary officiates as the secretary of the Committee.

MANAGEMENT

The management of the Company develops and implements policies, procedures and practices that attempt to translate the Companys core purpose and mission into reality. The management also identifies, measures, monitors and minimizes risk factors in the business and ensures safe, sound and efficient operation. These are internally supervised and monitored through the Managing Director and the CFO.

Listed below are some of the key issues that were considered by the management during the year under review:

• Companys long-term strategy, growth initiatives and priorities.

• Overall Company performance, including those of various business units.

• Expansion plan

• Discussion and sign-off on annual plans, budgets, investments and other major initiatives.

• Discussion on business alliances proposals.

MANAGEMENT DISCUSSION AND ANALYSIS

A separate chapter on the Management Discussion and Analysis is included in this annual report, constitutes a part of this report.

MANAGEMENT DISCLOSURES

Senior Management of the Company (Senior Manager level and above, as well as certain identified key employees) make annual disclosures to the Board relating to all material financial and commercial transactions in which they may have a personal interest if any, and which may have a potential conflict with the interest of the Company. Transactions with key managerial personnel are listed in the financial section which forms part of this annual report under Related Party Transactions.

PROHIBITION OF INSIDER TRADING

The Company has a policy prohibiting Insider Trading in conformity with applicable SEBI regulations. Necessary procedures have been laid down for Directors, officers and designated employees for trading in the securities of the Company. The policy and procedures are periodically communicated to the employees who are considered as insiders of the Company. Trading window closure periods, when the Directors and employees are not permitted to trade in the securities of the Company, are intimated to all Directors and employees, in advance, whenever required.

INTERNAL CONTROL SYSTEMS

The Company has both external and internal audit systems in place. Auditors have access to all records and information of the Company. The Board recognizes the work of the auditors as an independent check on the information received from the management on the operations and performance of the Company. The Board and the management periodically review the findings and recommendations of the statutory and internal auditors and takes corrective actions whenever necessary.

INTERNAL CONTROLS

The Company maintains a system of internal controls designed to provide reasonable assurance regarding:

• Effectiveness and efficiency of operations.

• Adequacy of safeguards for assets.

• Reliability of financial controls.

• Compliance with applicable laws and regulations.

The integrity and reliability of the internal control systems are achieved through clear policies and procedures, process automation, careful selection, training and development of employees and an organizational structure that segregates responsibilities. Internal Audit at UEL is an independent and objective assurance function, responsible for evaluating and improving the effectiveness of risk management, control and governance processes.

The Audit Committee of the Board monitors the performance of internal audit department in a periodic basis through review of audit plans, audit findings and speed of issue resolution through follow-ups. Each year, there are at least four meetings held, where the Audit Committee reviews internal audit findings, in addition to special meetings and discussions.

CEO AND CFO CERTIFICATION

There is no CEO in the Company; hence, the said certificate is given by the Managing Director and CFO of the Company. The Managing Director is performing similar roles as generally performed by a CEO.

A certificate of the Managing Director and the Chief Financial Officer of the Company on financial statements and applicable internal controls as stipulated under Regulation 17(8) of the Listing Regulations is enclosed below as Annexure - B.

STATUTORY AND INDEPENDENTAUDITORS

For FY2026 M/s. Mamta Jain & Associates, Chartered Accountants, the statutory auditors, audited the financial statements prepared in accordance with the Ind AS.

The statutory and independent auditors render an opinion regarding the fair presentation in the financial statements of the Companys financial condition and operating results. Their audits are conducted in accordance with generally accepted auditing standards and include a review of the internal controls, to the extent necessary, to determine the audit procedures required to support their opinion.

The statutory and independent auditors provide a confirmation of their independence every financial year. They confirm that the engagement team, involved in the audit of the Company and its group have complied with relevant ethical requirements regarding independence.

AUDITORS FEES

During FY 2026, the Company paid Rs. 5.00 Lacs to M/s. Mamta Jain & Associates, the Statutory Auditors as fees for audit of financial statements.

MEANS OF COMMUNICATION

1. Quarterly and Annual results: Quarterly and annual results of the Company are published in widely circulated national newspapers and the local vernacular daily. These are also made available on corporate website: www.umaexports.net/ quarterly-results.html.

2. Website: The primary source of information regarding the operations of the Company is the corporate website: www. umaexports.net/index.html. All official news releases are posted on this website. It contains a separate dedicated section called Investors, where the relevant information for shareholders is available.

3. Annual Report: The Companys annual report containing, inter alia, the Directors Report, Corporate Governance Report, Managements Discussion and Analysis (MD&A) Report, Audited Annual Accounts, Auditors Report and other important information is circulated to members and others so entitled. The annual report is also available on the website in a user- friendly and downloadable form.

4. Register to receive Electronic Communications: The Company has provided an option to the shareholders to register their email id either by writing to the Company or to the Registrar and Share Transfer Agent to receive electronic communications.

5. Chairmans speech: The speech given at the AGM is made available on the Companys website: www.umaexports.net.

6. Compliances with Stock Exchanges: National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) maintain separate online portals for electronic submission of information by listed companies. All reporting and filing under the Rules and Regulations framed by the SEBI such as notices, quarterly, half-yearly and annual results, compliances and disclosures are filed electronically on these portals.

7. Designated e-mail id: We have designated an e-mail id exclusively for investor services- cs@umaexports.net.in; AGREEMENTS WITH MEDIA

The Company has not entered into any agreement with any media Company and/or its associates.

COMPLIANCE REPORT ON DISCRETIONARY REQUIREMENTS UNDER REGULATION 27(1) OF THE LISTING REGULATIONS

1. The Board: The Board does not have an appointed Chairman, and that at each of the Board meeting, Chairman is appointed by the Board members present amongst themselves.

2. Shareholders rights: We did not send half-yearly results to the household of each shareholder(s) in FY2026. However, the quarterly and half-yearly results are displayed on our website, www.umaexports.net and published in widely circulated newspapers.

3. Modified opinion(s) in audit report: The auditors have not given modified opinion on the financial statements of the Company.

4. Separate posts of Chairperson and the Managing Director or the Chief Executive Officer: Mr. Rakhesh Khemka is the Managing Director of the Company and there is no appointed chairman on the Board of the Company.

5. Reporting of internal audit: The Internal Auditor directly updates the Audit Committee on internal audit findings at the Committees meetings and periodical review.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

FY2026 represents the fiscal year 2025-26, from 1 April 2025 to 31 March 2026, and analogously for FY2025 and previously such labeled years.

GLOBAL ECONOMY

The global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Banks latest Global Economic Prospects report.Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast. The resilience reflects better-than-expected growth—especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026. Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes.

In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, the easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report. Global inflation is projected to edge down to 2.6% in 2026, reflecting softer labor markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

In 2026, growth in developing economies is expected to slow to 4% from 4.2% in 2025 before edging up to 4.1% in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen.Growth is projected to be higher in low-income countries, reaching an average of 5.6% over 2026-27, buoyed by firming domestic demand, recovering exports, and moderating inflation. However, this will not be sufficient to narrow the income gap between developing and advanced economies. Per capita income growth in developing economies is projected to be 3% in 2026—about a percentage point below its 2000-2019 average. At this pace, per capita income in developing economies is expected to be only 12% of the level in advanced economies.

More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection. Developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for.Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances.However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.

OVERVIEW OF THE INDIAN ECONOMY

Indias economic journey over the past few years has been marked by remarkable growth and a steady rise in its position on the global stage. After overtaking the United Kingdom (UK) to become the fifth largest economy in Q1 FY23, India has continued this upward trajectory to surpass Japan in June 2025 to become the fourth largest economy in the world. With a nominal Gross Domestic Product (GDP) of Rs. 3,31,03,000 crore (US$ 3.78 trillion), Indias growth reflects a combination of strong domestic demand and policy reforms positioning the country as a key destination for global capital.

Further, India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027 and is on course to surpass Germany by 2028. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

Market Overview

Indias Real Gross Domestic Product (GDP) or GDP at Constant Prices stood at Rs. 47.89 lakh crore (US$ 544.20 billion) in Q1 of FY26, up from Rs. 44.42 lakh crore (US$ 504.77 billion) in Q1 FY25, registering a growth rate of 7.8%. Nominal GDP or GDP at Current Prices for the same period was estimated at Rs. 86.05 lakh crore (US$ 977.84 billion), compared to Rs. 79.08 lakh crore (US$ 898.64 billion) in the corresponding quarter of the previous year, showing a growth rate of 8.8%.

As on October 14, 2025, India is home to 123 unicorns, with six new startups achieving unicorn status in 2025.

Indias current account recorded a deficit of Rs. 21,288 crore (US$ 2.37 billion) in Q1 FY26 (April-June), compared to Rs. 76,282 crore (US$ 8.6 billion) in the same period of FY25, according to the Reserve Bank of India (RBI). The improvement reflects a narrower merchandise trade gap and steady growth in service exports. Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP Going forward, the contribution of merchandise exports may waver as several of Indias trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.

Indias near-term outlook

In its latest World Economic Outlook report, the IMF said Indias economy is now expected to grow by 7.3% in FY26, up 0.7 percentage points from its earlier estimate. The upgrade reflects better-than-expected growth in the third quarter and continued strength in the fourth quarter of the current fiscal year.

The International Monetary Fund (IMF) has raised its growth forecast for Indias economy in fiscal year 2026 by 0.7 percentage points to 7.3%, pointing to strong economic momentum. However, it expects growth to moderate to around 6.4% over the following two financial years as temporary cyclical factors ease.

The IMFs revised outlook follows an update by Indias National Statistics Office (NSO), which earlier this month raised its estimate for growth in the year ending March 31 to 7.4%. This was higher than the governments initial projection of 6.3% to 6.8%, reinforcing the view that the economy has performed better than expected.

AGRICULTURE AND ALLIED INDUSTRIES INDUSTRY REPORT

The Agriculture and Allied Industries sector continued to play a pivotal role in Indias economic development during FY 2025-26, contributing to rural livelihoods, food security, employment generation, and overall economic stability. Despite global economic uncertainties arising from geopolitical tensions, trade disruptions, and inflationary pressures, the sector demonstrated resilience, supported by favourable agricultural conditions, government initiatives, technological adoption, and sustained rural demand.

According to assessments by the International Monetary Fund (IMF), Indias economy remained among the fastest-growing major economies during FY 2025-26, supported by strong domestic demand and resilient agricultural performance. The agriculture sector contributed significantly to economic stability, helping offset external challenges and supporting rural consumption.

During the year, agricultural activity benefited from improved crop production, increased mechanization, enhanced access to institutional credit, and continued investment in rural infrastructure. Allied activities such as dairy, livestock, fisheries, poultry, and horticulture continued to gain importance, providing diversified income opportunities for rural households and reducing dependence on traditional crop cultivation.

Government support remained focused on enhancing farm productivity, strengthening supply chains, promoting climate- resilient agriculture, encouraging digitalization, and improving market access. Policy initiatives aimed at increasing agricultural efficiency, expanding irrigation coverage, supporting Farmer Producer Organizations (FPOs), and facilitating access to agricultural finance continued to strengthen the sectors long-term growth prospects. Credit support and rural development programs further contributed to the growth of agriculture and allied activities.

However, the sector continued to face challenges arising from climate variability, changing weather patterns, input cost pressures, fluctuations in commodity prices, and evolving global trade conditions. Geopolitical developments and volatility in energy prices also posed potential risks through their impact on transportation, fertilizer costs, and overall agricultural input expenses.

Looking ahead, the long-term outlook for the Agriculture and Allied Industries sector remains positive. Increasing adoption of technology-driven farming practices, precision agriculture, digital platforms, value-added agri-processing, and sustainable farming methods is expected to enhance productivity and improve farmersincomes. Continued government focus on agricultural modernization, rural infrastructure development, food processing, and export promotion is expected to support the sectors growth trajectory.

The sector is expected to remain a key contributor to Indias economic growth, rural prosperity, and food security while providing significant opportunities for investment, innovation, and sustainable development in the years ahead.

Export Destinations

During FY 2025-26, the Company continued to strengthen its presence across key international markets while diversifying its export portfolio to mitigate geographic concentration risks and enhance resilience against global economic volatility.

Exports remained well distributed across developed and emerging markets, supported by stable demand in select regions and gradual recovery in global trade flows. Major export destinations included North America, Europe, the Middle East, and Southeast Asia, which collectively contributed a significant share of overall export revenue.

Developed markets such as the United States and European countries continued to demand high-quality and value-added products, reflecting a preference for compliance-driven and sustainable sourcing. Meanwhile, markets in the Middle East and Southeast Asia offered strong growth opportunities, supported by infrastructure development, population growth, and increasing consumption trends.

However, global trade conditions during the year remained influenced by geopolitical tensions, fluctuating freight costs, currency volatility, and evolving tariff structures. Despite these challenges, the Company maintained stable export performance through proactive market engagement, customer diversification, and supply chain optimization.

Going forward, the Company remains focused on expanding into high-growth international markets, strengthening longterm customer relationships, and enhancing product competitiveness through quality improvement, innovation, and compliance with global standards..

MARKET SIZE

? According to recent assessments by the International Monetary Fund (IMF), the global economy continues to expand at a moderate pace, with world output estimated at around 3.2% in 2025 and 3.1% in 2026, reflecting a gradual slowdown from previous years.

? The global market size, measured in terms of nominal GDP, is projected to remain above USD 110 trillion, with continued expansion driven primarily by emerging and developing economies.

? Emerging markets and developing economies are expected to account for a growing share of global economic activity, contributing more than 50% of incremental global growth, supported by strong domestic demand and structural reforms.

? Advanced economies continue to represent a significant share of global GDP; however, their growth contribution remains moderate at approximately 1.5%-1.7% annually, constrained by demographic pressures and tighter financial conditions.

? India remains a key growth engine within the global economy and is projected to maintain growth above 6% in real terms, reinforcing its position as one of the fastest-growing major economies.

? Global trade volumes are expected to grow at a slower pace of around 1.5%-2.0%, reflecting ongoing geopolitical tensions, tariff barriers, and supply chain realignments.

? Inflation globally is on a gradual downward path, though price levels remain above target in several advanced economies, influencing consumption and investment patterns.

? The services sector continues to dominate global economic activity, accounting for approximately 65%-70% of global GDP, followed by industry and agriculture.

? Structural shifts such as digital transformation, green transition, and supply chain diversification are reshaping global market size composition and creating new growth avenues.

? Overall, while the global market continues to expand in absolute terms, growth momentum remains uneven across regions, with emerging economies contributing disproportionately to future expansion.

Indias exports of agricultural and processed food products recorded strong growth during FY 2025-26, increasing by approximately 15% year-on-year, supported by robust demand for rice, meat, fruits, and other value-added food products.

o In April 2025, exports in this category stood at around 18,169 crore (US$ 2.13 billion), reflecting sustained momentum in agri-export performance at the beginning of the financial year.

o The growth was primarily driven by healthy shipments of basmati and non-basmati rice, processed meat products, and fresh and processed fruits, indicating strong global demand for Indian agri-commodities.

o The sector benefited from improved supply chain efficiency, government support measures, and expanding access to key international markets.

o Overall, agricultural and processed food exports are expected to remain a key contributor to Indias export basket during FY 2025-26, supported by diversification into high-value and processed segmentsThe exports for principal commodities in FY25 were the following:

Indias Agricultural and Processed Food Exports - FY 2025-26

• Marine Products: US$ 6.73 billion

• Basmati and Non-Basmati Rice: US$ 11.29 billion

• Spices: US$ 3.79 billion

• Sugar: US$ 1.86 billion

• Miscellaneous Processed Items: US$ 1.53 billion

• Oil Meal: US$ 1.22 billion

NEW POLICY INITIATIVES IN AGRICULTURE SECTOR

Agriculture being a State subject, Government of India supports the efforts of States through appropriate policy measures and budgetary allocation under various schemes/ programmes. The various schemes/ programmes of the Government of India are meant for the welfare of farmers by increasing production, remunerative returns and income support to farmers. For faster and wider development of agriculture in the country, in the new Government the Union Cabinet has approved following programmes:

> During FY 2025-26, Indias agriculture sector continued to evolve under a policy environment focused on productivity enhancement, market efficiency, climate resilience, and income diversification, broadly consistent with international macroeconomic priorities highlighted by institutions such as the IMF.

> Policy emphasis remained on strengthening agricultural supply chains, improving market integration, and reducing postharvest losses through investments in logistics, storage infrastructure, and digital marketplaces.

> Continued focus was placed on farmer income stabilization, with support mechanisms aimed at improving access to institutional credit, crop insurance coverage, and price realization for key commodities.

> Efforts to promote diversified and high-value agriculture, including horticulture, dairy, fisheries, and food processing, were further intensified to reduce dependency on traditional crop cycles and enhance rural income resilience.

> Digital agriculture initiatives gained momentum, with increased adoption of data-driven farming, satellite-based crop monitoring, and digital extension services to improve productivity and decision-making.

> Climate-resilient agriculture remained a key policy priority, with initiatives supporting efficient water use, sustainable input management, and adoption of climate-smart farming practices to mitigate risks from weather variability.

> Greater integration with global value chains was encouraged through quality standard improvements, export facilitation measures, and compliance with international food safety norms, supporting Indias agri-export competitiveness.

> In line with IMF observations on global structural shifts, policy focus also remained on enhancing private sector participation, investment in agri-infrastructure, and technological modernization to sustain long-term sectoral growth.

> Overall, the policy framework during FY 2025-26 continued to support a transformation of the agriculture sector from a subsistence-driven model to a more market-oriented, technology-enabled, and globally integrated ecosystem. Moreover, following significant programmes have also been initiated during 2024-25.

Government Schemes Supporting Agriculture & Agri-Export Industry (India)

i. PM-KISAN (Pradhan Mantri Kisan Samman Nidhi)

ii. PMFBY (Pradhan Mantri Fasal Bima Yojana)

iii. e-NAM (National Agriculture Market)

iv. APEDA (Agricultural and Processed Food Products Export Development Authority)

v. Agriculture Export Policy (India)

INDIAN AGRICULTURAL INDUSTRY

The Agriculture Industry in India Report is segmented by Commodity Type (Cereals and Grains, Pulses and Oilseed, and More). The Report Includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume),

Import Analysis (Value and Volume), and Price Trend Analysis. The Market Forecasts are Provided in Terms of Value (USD) and Volume (Metric Tons).

The India agriculture market size is expected to grow from USD 452 billion in 2025 to USD 471.03 billion in 2026 and is forecast to reach USD 578.89 billion by 2031 at 4.21% CAGR over 2026-2031. Strong government spending, broadened credit access, and rapidly growing digital infrastructure are combined to lift productivity and earnings across commodity segments[1]. Digital platforms that link 11 crore farmers to formal finance, subsidies, and advisory services are already cutting transaction costs and improving price discovery. Robust foodgrain output of 354 million tons in 2024-25 reflects favorable monsoon conditions, higher minimum support prices, and wider use of improved seed cultivars[2]. Trade reforms that streamline export certification and expand e-commerce hubs are widening access to premium overseas buyers, even as import substitution missions target edible oils and pulses deficits.

Key Report Takeaways

• By commodity type, cereals and grains held 49.10% of the India agriculture market share in 2025, and fruits and vegetables are projected to expand at a 7.42% CAGR from 2026-2031.

(Note: Market size and forecast figures in this report are generated using Mordor Intelligences proprietary estimation framework, updated with the latest available data and insights as of2026.)

Government Support Through Subsidies and Policies

The Union Budget 2025-26 increased the Kisan Credit Card limit to Rs 5 lakh, unlocking larger working capital lines for smallholders and easing input purchases at critical crop stages. Prime Minister Dhan-Dhaanya Krishi Yojana channels resources to 100 low- productivity districts, bundling irrigation, precision farming training, and risk-mitigation tools. Minimum support price adjustments for 2024-25 favor oilseeds such as nigerseed and sesamum, encouraging diversification into high-value crops. Input subsidies, which account for 73% of the agriculture budget, reduce fertilizer and energy costs, creating a positive cycle of investment, productivity, and rural consumption.

Rising Adoption of Agri-tech and Mechanization

A Rs 6,000 crore allocation for digital agriculture infrastructure is funding AI-based crop surveys, drone-enabled nutrient mapping, and app-based credit scoring, helping farmers access formal loans within 24 hours. National mechanization now stands at 47%; Punjab and Haryana exceed 40-45%, while northeastern states remain largely manual, revealing significant headroom for expansion. The farm machinery market is forecast to grow from USD 16.73 billion in 2024 to USD 25.15 billion by 2029, driven by labor scarcity and better cash flows. Precision tools can boost yields by 30% and cut water and fertilizer use by 15-20%, improving profitability and resource efficiency.

COMPANY OPERATIONS

Our Company is engaged into trading and marketing of agricultural produce and commodities such as sugar, spices like dry red chillies, turmeric, coriander, cumin seeds, food grains like rice, wheat, corn, sorghum and tea, pulses and agricultural feed like soyabean meal and rice bran de-oiled cake. We import lentils, faba beans, black urad dal and tur dal in India in bulk quantities. Our major imports are from Canada, Australia and Burma. We are B2B traders, highly specialized in sugar and Lentils. We maintain stocks and distribute them to different institutional parties like manufacturers, exporters, etc. We provide them in bulk quantities.

Our Company has developed business strategy to switch over exports/imports from one commodity to another with change in demand or inconsistency in pricing for any commodity during any season. This policy adopted by the management ensures that the Company does not pass through a lean period during the year.

COUNTRY WISE PRODUCT WISE EXPORT 2025-26

Product	Country
	Australia	China	Singapore	Tanzania	Thailand	United Arab Emirates	Grand Total
Chick Peas	-	-	-	-	-	1,279.65	1,279.65
Commission	13.51	-	0.80	3.81	-	1.13	19.25
Dry Chilli	-	-	-	-	57.21	-	57.21
Green Mung	-	221.72	-	-	-	-	221.72
Rice	-	-	913.62	-	-	602.04	1,515.66
Yellow Peas	-	129.50	2,511.22	-	-	-	2,642.55
Grand Total	13.51	351.22	3,425.64	3.81	57.21	1,882.82	5,734.22

COUNTRY WISE PRODUCT WISE IMPORT 2025-26

Items	Country
	Australia	Brazil	Canada	Russia	Sri Lanka	Tanzania	United Arab Emirates	Grand Total
Black Eye Beans	-	99.47	-	-	-	-	-	99.47
Black Matpe	-	1,821.08	-	-	-	-	-	1,821.08
Brown Eye Beans	530.34	1,543.08	-	-	-	-	-	2,073.42
Chick Peas	2,052.52	-	-	-	-	274.42	-	2,326.94
Imported Red Lentils	5,708.90	-	4,076.32	191.63	2,803.38	-	627.22	13,407.45
Yellow Peas	-	-	884.20	-	-	-	-	884.20
Grand Total	8,291.76	3,463.63	4,960.52	191.63	2,803.38	274.42	627.22	20,612.56

The details of revenue from Export and other than export for March 31, 2026 and previous four years on Standalone basis are as under:

Category	2026	2025	2024	2023	2022
	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Export	5734.21	3.75%	10,987.49	6.56%	16,479.83	11.86%	81,291.02	56.54%	38,356.64	30.30%
Domestic	146579.89	95.95%	1,55,850.82	93.01%	1,22,130.02	87.88%	62,142.50	43.22%	87,663.83	69.24%
Other Income	447.63	0.29%	723.39	0.43%	366.28	0.26%	336.33	0.23%	587.93	0.46%

The highlights of the financial results for the year ended March 31, 2026 and the corresponding figure for the previous year are as under:

PARTICULARS	Standalone	Consolidated
	2025-26	2024-25	2025-26	2024-25
Revenue from Operations	1,52,314.10	1,66,838.31	152991.31	1,72,404.40
Other Income	447.64	723.39	565.83	1,208.52
Total Income	1,52,761.74	1,67,561.70	1,53,557.14	1,73,612.92
Total Expenditure	1,52,618.13	1,67,465.73	1,53,381.75	1,73,237.90
Profit before share of profit/loss of Associates and Joint Ventures, Exceptional items and Tax	143.61	95.97	175.39	375.02
Share of Profit/Loss of Associates and Joint Ventures	-	-	(0.21)	0.47
Profit before Exceptional items and Tax	143.61	95.97	175.18	374.55
Exceptional Items	-	-	-	-
Profit Before Tax	143.61	95.97	175.18	374.55
Current Tax	54.61	36.71	69.39	37.28
Income Tax Adjustment	11.21	-	11.21	-
Deferred Tax Adjustment	10.34	(12.54)	10.34	(12.71)
Profit after Tax	67.45	71.80	84.24	349.98
Basic Earnings per share	0.20	0.21	0.25	1.04

Quality Assurance

Our Company strives to maintain quality of the products it provides to the end consumer. Our Company engages quality control agencies like SGS India, Geo Chem & Intertek India Private Limited to monitor the quantum and quality of the products procured through vessel or container. These agencies conduct detailed survey and analyse the quality of the agricultural produce or commodities on several parameters. Thereafter, a report is issued by them based on which our Company decides to accept the agricultural produce or commodities procured through the vessel or container.

Marketing Approach

The overall marketing of our products is supervised by our Managing Director. The efficiency of the marketing network is critical for success of our Company. Our success lies in the strength of our relationship with the customers who have been associated with our Company. Our team through their vast experience and good rapport with clients owing to timely and quality delivery of service plays an instrumental role in creating and expanding a work platform for our Company. Our relationship with the clients is strong and established. To retain our customers, our team regularly interacts with them and focuses on gaining an insight into the additional needs of customers. We intend to expand our existing customer base by expanding to other geographies.

Warehousing Facility

Our Company imports and exports the procured agricultural produce and commodities both directly and through other merchants and brokers. The logistics set up and the nature of commodities being dealt by the Company does not necessitate a need of permanent warehousing facilities. The Company presently exports its consignments from a number of Indian ports like Mundra, Jawaharlal Nehru Port Trust, Kandla, Chennai, Kakinaka and Visakhapatnam.

Opportunities:

¦ Growing and untapped market

¦ Growing spending by the government in agriculture sector

¦ Largely unorganized market of agriculture

¦ Growing requirement of food with regional imbalance distribution of crops

¦ Shortage of food grain post Russia-Ukraine war

¦ Increase in crop prices

Threats:

¦ Growing competition due no entry barrier in informal sector

¦ Changes in Government Policy

¦ Lesser rainfall effecting crop

¦ Rapidly changing climate

¦ More than 5 billion tonnes of soil are washed every year taking with it 6 million tonnes of nutrients.

¦ 41% of farmers want to leave agriculture if any other option was available (A survey by National Sample Survey Organization (2005))

Future Outlook

¦ Increasing demand for food grain

¦ Increase investment by government in agriculture sector

¦ Market expansion of UMA by entering new geography and adding new products in portfolio

¦ Increasing demand for Indian food grain across the world particularly in other Asian countries RISKS AND CONCERN

Risk and its Management: Risk accompanies prospects. As a responsible corporate, it is the endeavor of the management to minimize the risks inherent in the business with the view to maximize returns from business situations.

The architecture: At the heart of the Companys risk mitigation strategy is a comprehensive and integrated risk management framework that comprises prudential norms, structured reporting and control. This approach ensures that the risk management discipline is centrally initiated by the senior management but prudently decentralized across the organization, percolating to managers at various organizational levels helping them mitigate risks at the transactional level.

The discipline: The Company has clearly identified and segregated its risks into separate components, namely operational, financial, strategic and growth execution. All the identified risks are inter-linked with the Annual Business Plans of the Company, so as to facilitate Company-wide reviews.

The review: A Risk Management Committee of the Board of Directors, comprising Board Members, has been constituted to review periodically updates on identified risks, implementation of mitigation plans and adequacy thereof, identification of new risk areas etc.

The Board of Directors also reviews the Risk identification process and mitigation plans regularly. A senior executive has been entrusted at all the levels of business operation in the Company whose role is not only to identify the Risk but also to educate about the identified risk and to develop Risk Management culture within the business.

Key counter measures: The Company has institutionalized certain risk mitigation procedures outline as under:

• Roles and responsibilities of the various entities in relation to risk management have been clearly laid down. A range of responsibilities, from the strategic to the operational, is specified therein. These role definitions, inter alia, are aimed at ensuring formulation of appropriate risk management policies and procedures, their effective implementation, independent monitoring and reporting by internal audit.

• Appropriate structures are in place to proactively monitor and manage the inherent risks in businesses with proper risk profiling.

• Wherever possible and necessary, appropriate insurance cover is taken for financial risk mitigation. Confirmation of compliance with applicable statutory requirements are obtained from the respective unit/divisions and subjected to an elaborate verification process.

• Quarterly reports on statutory compliances, duly certified, are submitted to the Audit Committee as well as the Board of Directors for review.

• Status of Demand/Notices on the Company, under various Acts and Rules, as well as status of litigations are reported to the Board of Directors every quarter.

INTERNAL CONTROL SYSTEMS

The Company has both external and internal audit systems in place. Auditors have access to all records and information of the Company. The Board recognizes the work of the auditors as an independent check on the information received from the management on the operations and performance of the Company. The Board and the management periodically review the findings and recommendations of the statutory and internal auditors and takes corrective actions whenever necessary.

The Company maintains a system of internal controls designed to provide reasonable assurance regarding:

• Effectiveness and efficiency of operations.

• Adequacy of safeguards for assets.

• Reliability of financial controls.

• Compliance with applicable laws and regulations.

CORPORATE SOCIAL RESPONSIBILITY

Your Company is conscious of its Social Responsibility and the environment in which it operates. Over the years, the Company aimed towards improving the lives of the people.

The Companys CSR policy covers activities in the field of eradication of extreme hunger and poverty, promotion of education, promotion of gender equality, empowerment of women, improvement of mental health, slum area development and rural development projects, employment enhancing vocational skills, ensuring environmental sustainability, animal welfare, sanitation including contribution to fund set up by the Central Government, contribution to the Prime Ministers National Relief Fund or any other project set up by the Central Government.

During FY2025-26, as per Section 135 of the Act, an amount of Rs. 31.14 lakhs was required to be spent by the Company on CSR activities. The Company has contributed Rs. 34.01 lakhs towards the trust undertaking CSR activities as per section 135 of the Companies Act, 2013 read with schedule VII.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company spends large efforts on training. Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief "great people create great organization" has been at the core of the Companys approach to its people.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions 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 global and Indian demand supply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.

Additional Shareholders Information

FY2026 represents fiscal year 2025-26, from 1 April 2025 to 31 March 2026, and analogously for FY2025 and previously such labelled years.

1. General Board Meetings

Below table gives the details of date, time, location and business transacted through special resolution at last three Annual General Meetings:

Financial Year	Date & Time	Location	Special Resolution(s) Passed
2024-25	September 27, 2025 at 11.00 A.M.	AGM Conducted Through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)	None
2023-24	September 30, 2024 at 09.30 A.M.	AGM Conducted Through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)	None
2022-23	September 19, 2023 at 11.00 A.M	AGM Conducted Through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)	None

Resolution(s) passed through Postal Ballot

During the year, the Company did not pass any resolution through postal ballot.

Annual General Meeting (AGM):

As per the Circulars issued by the Ministry of Corporate Affairs and the SEBI, from time to time, the 38^th Annual General Meeting of the Company is scheduled to be held on September 26, 2026, at 11.30 A.M. through Video Conference /Other Audio-Visual Means ("VC/OAVM") facility. The venue of the AGM shall be deemed to be the registered office of the Company at Ganga Jamuna Appartment 28/1, Shakespeare Sarani, 1st Floor Kolkata - 700017. The detailed instruction for participation and voting at the meeting is available in the notice of the 38^th AGM.

Proposal to Conduct Postal Ballot for any Matter in the Ensuing Annual General Meeting

There is no proposal to conduct a postal ballot for any matter in the ensuing Annual General Meeting.

2. Book Closure Date:-

From September 20, 2026 to September 26, 2026 (both days inclusive)

3. Dividend

To strengthen the financial position of the Company and to augment working capital, your directors do not recommend any dividend for the FY 2026.

4. Financial Calendar

The financial year of the Company starts on 1^st April every year and ends on 31^st March subsequent year.

Indicative calendar of events for the financial year 2026-27 are as under

For the quarter ending 30 June 2026	First / Second week of August 2026
For the quarter and half-year ending 30 September 2026	First / Second week of November 2026
For the quarter and nine months ending 31 December 2026	First / Second week of February 2027
For the year ending 31 March 2027	Third / Fourth week of May 2027
AGM for the year ending 31 March 2027	First week of September 2027

5. Listing of Stock Exchange and Stock Codes

BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, C-1, Block G,
Dalal Street, Mumbai - 400 001	\Bandra-Kurla Complex, Bandra (East)\
Scrip Code - 543513	Mumbai - 400 051
	Trading Symbol- UMAEXPORTS

Annual Listing fees to the National Stock Exchange of India and BSE Limited have been paid for the FY 2025-26. The Custodian fee for NSDL & CDSL has also been paid for the FY 2025-26.

6. The International Security Identification Number (ISIN)

ISIN is a unique identification number of traded scrip. This number has to be quoted in each transaction relating to the dematerialized securities of the Company. The ISIN of the Companys equity shares is INE0GIU01018.

7. Market Price Data

Monthly High and Low Prices of the Equity Shares of the Company for the year ended 31st March, 2026: (Source: www. bseindia.com)

Month	NSE	BSE
	High	Low	High	Low
Apr-25	96.80	70.12	96.30	70.10
May-25	82.00	64.06	81.50	62.01
Jun-25	74.77	53.00	74.78	53.14
Jul-25	56.00	47.50	56.00	46.80
Aug-25	57.81	40.00	57.92	39.87
Sep-25	52.24	44.00	53.31	44.50
Oct-25	55.90	43.55	55.75	43.82
Nov-25	48.23	39.00	51.00	39.17
Dec-25	45.30	37.50	45.00	37.51
Jan-26	40.89	32.12	40.99	30.35
Feb-26	35.50	26.82	35.50	26.73
Mar-26	28.79	18.12	27.00	18.50

8. Performance in comparison to board based indices

Performance of Equity Shares of the company in comparison to BSE Sensex:

Performance of Equity Shares of the company in comparison to NIFTY:

9. Registrar and Share Transfer Agents

M/s. MAS Services Limited, T-34, 2nd Floor, Okhla Industrial Area, Phase - II, New Delhi -110020, is the Registrar and Share Transfer Agent of the Company, both for Physical & Demat Shareholders. Accordingly, all communications on matters relating to Share Transfers, Dividend etc. may be sent directly to them. Complaints, if any, on these matters may also be sent to the Compliance Officer of the Company.

10. Share Transfer System

In terms of Regulation 40(1) of SEBI Listing Regulations, as amended, Securities can be only in dematerialized form w.e.f. April 1,2019, except in case of request received for transmission or transposition of securities. Members holding shares in physical form are requested to convert their holdings to dematerialized form. Transfer of Equity shares in electronic form is affected through the depositories with no involvement of the Company.

The share transfers/transmission/splits and /or issue of duplicate share certificates are processed on behalf of the Company by the Registrar and Transfer Agents M/s. MAS Services Limited and is then placed before the Stakeholder Relationship Committee to approve transfers. The Company Secretary addressed all the requests weekly. All queries and requests relating to share /debenture transfers/ transmissions may be addressed to our Registrar and Transfer Agents. The Company periodically reviews the operations of its Registrar and Transfer Agent.

11. Description of Voting Rights

All shares issued by the Company carry equal voting rights, and one share confirms one vote.

12. Nomination Facility

Shareholders / Debenture Holders holding physical shares/debentures may, if they so desire, may send their nominations in Form SH13 to the Registrar & Transfer Agents of the Company. Those holding shares in dematerialized form may contact their respective Depository Participant (DP) to avail nomination facility.

13. Shareholding Pattern as on 31st March 2026:

Distribution of shareholdings on the basis of ownership

	As on 31 March 2025	As on 31 March 2026
	No. of shares	% of total	No. of shares	% of total	% change
Promoters Holding
- Individuals	2,01,86,300	59.71	2,01,86,300	59.71	-
- Companies	43,30,000	12.81	43,30,000	12.81	-
Sub-Total	2,45,16,300	72.52	2,45,16,300	72.52	-

Distribution of shareholdings on the basis of ownership

	As on 31 March 2025	As on 31 March 2026
	No. of shares	% of total	No. of shares	% of total	% change
Indian Financial Institutions
Banks	1,25,000	0.37	-	-	-0.37
Mutual Funds
Foreign holdings
-Foreign Institutional Investors	867	0.00	-	-	-0.00
-Non-Resident Indians	44,903	0.13	71,764	0.21	0.08
- ADRs / Foreign Nationals
Sub total	45,770	0.13	71,764	0.21	0.08
Indian Public and Corporate	91,22,760	26.98	92,21,766	27.27	0.29
Total	3,38,09,830	100.00	3,38,09,830	100.00	-

14. Distribution of shareholding as on March 31, 2026

Range (Rs)	No. of Shareholders	% of Total Shareholders	No. of Shares	% of Total Shares
1 - 5000	21,604	90.18	21,04,591	6.22
5001 - 10000	1,094	4.79	8,37,532	2.48
10001 - 20000	557	2.44	8,15,059	2.41
20001 - 30000	204	0.90	5,10,610	1.51
30001 - 40000	99	0.43	3,53,046	1.04
40001 - 50000	69	0.30	3,24,141	0.96
50001 - 100000	129	0.56	9,61,789	2.85
100001 & Above	92	0.40	2,79,03,062	82.53
Total	23,848	100.00	3,38,09,830	100.00

15. Outstanding ADRs & GDRs, Warrants or any other convertible instruments, conversion date and likely impact on equity shares

During the year under review, the Company has not issued any ADRs & GDRs, Warrants or any other convertible instruments. The Company has at present no outstanding ADRs/GDRs/Warrants to be converted that has an impact on the equity shares of the Company.

16. Commodity Price Risk or Foreign Exchange Risk

The Company is exposed to the risk of price fluctuation of raw materials as well as finished goods. The Company proactively manages these risks through forward booking Inventory management and proactive vendor development practices. The Companys reputation for quality, products differentiation and service, coupled with existence of powerful brand image with robust marketing network mitigates the impact of price risk on finished goods.

17. Credit Rating

The Company has availed the Credit Rating from Infomerics Valuation and Ratings ltd.

18. Dematerialization of Shares

The Companys scrip forms part of the compulsory dematerialization segment for all investors. To facilitate easy access of the dematerialized system to the investors, the Company has signed up with both the depositories namely National Securities Depository Limited ("NSDL") and the Central Depository Services (India) Limited ("CDSL") - and has established connectivity with the depositories through its Registrar and Transfer Agents, MAS Services Limited.

Dematerialization of shares is done through MAS Services Limited. and on an average the dematerialization process is completed within 10 days from the date of receipt of a valid dematerialization request along with the relevant documents. Chart 1 gives the breakup of dematerialized shares and shares in certificate form as on March 31,2026.

The breakup of dematerialized shares and shares in certificate form as on March 31,2026 as under:

Physical	NSDL	CDSL
50,000	2,83,68,616	53,91,214

19. Other Disclosures

Disclosures on materially significant related party transaction

The statements containing the transactions with related parties were submitted periodically to the Audit Committee. The details of Related Party Transaction are discussed in detail in Note No. 37 of Notes to the Financial Statements.

All the contracts/ arrangements/transactions entered by the Company during the financial year with related parties were in its ordinary course of business on an Arms Length Basis.

None of the transactions with any of related parties were in conflict with the Companys interest.

Details of non-compliance(s) by the company

There were no strictures or penalties imposed by either SEBI or the Stock Exchanges or any Statutory Authority for NonCompliance of any matter related to the Capital Markets.

Whistle Blower Policy/Vigil Mechanism

The Board of Directors of the company has adopted Whistle Blower Policy. The management of the Company, through the policy envisages encouraging the employees of the Company to report the higher authorities any unethical, improper, illegal, or questionable acts, deeds & things which the management or any superior may indulge in. This policy has been circulated to the employees of the Company. However, no employee has been denied access to the Audit Committee.

Details of Compliance with mandatory requirements and adoption of the non-mandatory requirements

The Company has complied with the mandatory requirements of Corporate Governance under listing Regulations and is in the process of implementation of non- mandatory requirements.

Disclosure of Accounting Treatments

The financial statements of the Company have been prepared in accordance with Indian Accounting Standard (IndAS) to comply in all material aspects under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act")/ Companies Act, 1956 ("the Act 1956"), as applicable. These financial statements have been prepared on an accrual basis and under the historical cost conventions.

20. Name, Designation & Address of Compliance Officer and RTA for Complaints & Correspondence

Mrs. Sriti Singh Roy

Company Secretary & Compliance Officer

Uma Exports Limited

Ganga Jamuna Appartment

28/1, Shakespeare Sarani,1st Floor

Kolkata 700017

Tel: +91 8777728561

Registered / Corporate Office Address for Correspondence

Uma Exports Limited

Ganga Jamuna Appartment 28/1, Shakespeare Sarani, 1st Floor Kolkata 700017 Tel: +91 33 22811396 / 7 Email Id: cs@umaexports.net.in CIN: L14109WB1988PLC043934 Registrar & Share Transfer Agents M/s. MAS Services Limited T-34, 2nd Floor, Okhla Industrial Area,

Phase - II, New Delhi -110020 Tel: 033 2280-6616/6617/6618, Fax: 033 2280-6619 Email: info@masserv.com URL: https://www.masserv.com/

21. Disclosure with respect to demat suspense account/unclaimed suspense account

Particulars	Applicability
1. Aggregate number of Shareholder and the outstanding shares in the suspense account lying in the beginning of the year	Nil
2. Number of Shareholder who approached the Company for transfer of shares from suspense account during the year	Nil
3. Number of Shareholders to whom shares were transferred from suspense account during the year	Nil
4. Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year	Nil
5. That the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares	Nil

22. Transfer of Unpaid / Unclaimed Amounts and Shares to Investor Education and Protection Fund

Your Company did not declared any dividend hence the above provisions is not applicable.

23. Reminder to Investors:

As there is no unpaid / unclaimed dividends, no reminders for such unclaimed shares and unpaid dividends to be sent to shareholders. The Company shall ensure compliance as and when applicable.