United Van Der Horst Ltd Directors Report

To,

The Members

United Van Der Horst Limited

Your Companys Board of Directors ("Board") are pleased to present the 38 th Annual Report of United Van Der Horst Limited (UVDHL) on the Business and operations along with the audited financial statements for the Financial Year ended on 31st March, 2025.

FINANCIAL SUMMARY / HIGHLIGHTS:

During the financial year, the performance of the Company is as under:

(Amounts in Lakhs)

Particulars	2024-2025	2023-2024
Total Income	3,066.27	2,335.04
Less : Expenses	2,479.82	2,081.64
Profit/(Loss)before exceptional items and tax	586.45	253.40
Exceptional items	-	-
Profit before tax	586.45	253.40
Less : Current Tax	118.75	6.22
Less : Deferred Tax	23.78	63.46
Less: (Excess) / Short Provision of earlier year	8.17	-
Net Profit (Loss) for the period before Comprehensive Income	435.75	183.72
Other Comprehensive Income	(0.75)	(2.76)
Total Profit/(Loss)	435.00	180.96

OVERVIEW OF COMPANYS FINANCIAL PERFORMANCE:

The Company views performance not as a once-a-year achievement but as a continuous process of growth and improvement. Each year, Company remains focused on strengthening its product portfolio, enhancing operational efficiencies, and improving product quality. Significant efforts are being directed towards research and development of new technologies, which are expected to contribute meaningfully to the Companys long-term growth and ensure optimal utilization of resources.

Companys proactive business strategy involves identifying emerging industry trends, formulating responsive strategies to maintain a competitive advantage, and effectively managing associated risks.

During the financial year under review, the Company recorded a total revenue (including other income) of Rs. 3,066.27 Lakhs, as against Rs. 2,335.04 Lakhs in the previous year?€”reflecting a notable year-on-year growth.

Profit before tax (PBT) shows an incremental profit of Rs. 586.45 Lakhs, compared to Rs. 253.40 Lakhs in the previous year, representing an impressive growth, translating from quality sales, strong pricing and cost productivity. After providing for taxes and other adjustments, the current year earned profit stands at Rs. 435.75 Lakhs as compared to Rs. 183.72 Lakhs in previous year.

This improved financial performance underscores Companys ongoing commitment to

sustainable growth, innovation, and value creation for all stakeholders.

TRANSFER TO RESERVES:

During the financial year under review 2024?€“2025, the Company has not proposed to transfer any amount from the profits during the year to the reserves.

FUNDS RAISED DURING THE FINANCIAL YEAR 2024-25 THROUGH ALLOTMENT OF EQUITY SHARES PURSUANT TO CONVERSION OF FULLY CONVERTIBLE WARRANTS:

During the Financial Year 2024-2025 the Company had allotted 14,20,000 (Fourteen Lakh Twenty Thousand) Equity Shares against the fully convertible warrants pursuant to the receipt of the request from the Warrant holder of the company w.r.t Conversion of their warrant into equivalent no. of equity shares.

On the Account of Issuance of Equity Shares, the paid-up Share Capital of the Company has been Increased from 6,18,43,500 (Six Crore Eighteen Lakhs Forty-Three Thousand Five Hundred Only) to INR 6,89,43,500 (Six Crore Eighty-Nine Lakhs Forty-Three Housand Five Hundred Only).

DIVIDEND:

Your Board has recommended Final Dividend of INR 0.50/- paisa per equity shares (i.e. 10%) on current face value of INR 5/- each. This dividend is subject to the approval of the shareholders at the ensuing 38 th Annual General Meeting (38th AGM) of the Company and will be paid to the Members whose names appear in the Register of Members on the Record date fixed for this purpose. The dividend payout will be done in compliance with applicable SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) & Companies Act, 2013 (the Act).

In view of the changes made under the Income-Tax Act, 1961, by the Finance Act, 2020, the dividend paid or distributed by the Company shall be taxable in the hands of the members. Accordingly, the Company shall make the payment of the Dividend after the deduction of tax at source to the members.

CHANGE IN THE NATURE OF BUSINESS:

During the year under operation ended on 31 st March, 2025, there has not been any change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments which affect the financial position of the Company, that have occurred between the end of the financial year to which the financial statements relate and the date of this report.

PUBLIC DEPOSITS :

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act 2013 ("the Act") read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review.

Hence, the requirement of furnishing details relating to Deposits covered under Chapter V of the Act or the details of Deposits that are not in compliance with the Chapter V of the Act is not applicable.

SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE COMPANIES:

As on March 31, 2025, in accordance with Companies Act, 2013 and rules made there under, the Company does not have any Subsidiary Company, Associate Company and Joint Venture Company. Accordingly, Form AOC ?€“ 1 is not applicable.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Board of Directors

Sr. No.	DIN	Name	Designation
1	00270607	Mr. Jagmeet Singh Sabharwal	Chairman & Managing Director
2	07826136	Mr. Akshay Ashokan Veliyil	Non-Executive Non-Independent Director
3	09570188	# Ms. Tripti Nishant Sawant	Non-Executive Independent Director
4	10877542	^ Mr. Adarsh Khandelwal	Non-Executive Independent Director
5	09453781	* Ms. Pooja Mahesh Tiwari	Non-Executive Independent Director

Following changes in the Directors during the financial year ended March 31, 2025, and post closure of financial year, till the date of this Report:

# The Board of Directors, basis the recommendations made by the Nomination and Remuneration Committee, approved the appointment of Ms. Tripti Nishant Sawant was appointed as Additional Non-Executive Independent Director of the Company w.e.f. April 01, 2024 and the same was approved by the Shareholders vide resolution passed at Annual General Meeting held on 27 th September, 2024.

^ The Board of Directors, basis the recommendations made by the Nomination and Remuneration Committee, approved the appointment of Mr. Adarsh Khandelwal as Additional Non-Executive Independent Director of the Company w.e.f. January 04, 2025.

* Ms. Pooja Mahesh Tiwari Ceased to hold the postion as Non-Executive Independent Director from of the Company w.e.f. December 31, 2024, upon completion of her term.

Key Managerial Personnel (KMPs):

In terms of Section 203 of the Act, the KMPs of the Company during the Financial Year 2024-25 are as follows:

Sr. No.	Name of KMP\u2019s	Designation
1	Mr. Jagmeet Singh Sabharwal	Chairman & Managing Director
2	Mr. Kalpesh Kantilal Shah	Chief Financial Officer
3	$ Mr. Ronak Parakh	Company Secretary & Compliance Officer
4	* Mr. Sameer Shinde	Company Secretary & Compliance Officer

$ Mr. Ronak Parakh was appointed as a Company Secretary & Compliance Officer w.e.f

December 02, 2024

* Mr. Sameer Shinde resigned from his post as Company Secretary & Compliance Officer

w.e.f. December 01, 2024

RETIRE BY ROTATION:

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Jagmeet Singh Sabharwal (DIN: 00270607), Managing Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment. The said Director is not disqualified from being re-appointed as a Director of a Company as per the disclosure received from him pursuant to Section 164 of the Companies Act, 2013.

INDEPENDENT DIRECTORS:

The Company appreciates the diverse knowledge and guidance of Independent directors on its board. Each Independent director has confirmed their Independence to the company pursuant to the provisions of Section 149(7) of the Companies Act 2013 that he/ she meets the criteria of independence laid down in Section 149 (6) of the Companies Act, 2013 along with declaration received pursuant to sub rule (3) of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Independent Directors have also confirmed that they have complied with the Companys code of conduct. The Independent Directors have individually confirmed that they are not aware of any circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.

In the opinion of the Board, there has been no change in the circumstances which may affect their status as independent directors of the Company and the Board is satisfied of the integrity, expertise, and experience (including proficiency in terms of Section 150(1) of the Companies Act, 2013 and applicable rules thereunder) of all Independent Directors on the Board. In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the Company have confirmed about their enrolment in the data bank of Independent Directors maintained with the Indian Institute of Corporate affairs.

Also, the separate meeting of the Independent Directors has been duly convened on February 07, 2025.

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

The Board hereby confirms that during the financial year 2024-2025 no such orders passed by regulators or courts or tribunals impacting the going concern status and companys operations in future.

ADEQUACY OF INTERNAL FINANCIAL CONTROL:

The Company has laid down a set of standards which enables implementation of internal financial controls across the organization and ensure that the same are adequate and operating effectively. The Board periodically reviews the findings and recommendations of the statutory auditors, internal & secretarial auditors and suggests corrective actions whenever necessary. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

During the year under review, no material or serious observation has been received from the

Internal Auditors of the Company for inefficiency or inadequacy of such controls.

Further, subject to the matters described by the Statutory Auditor in their report on the financial statements of the Company, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively.

COMMITTEES OF THE BOARD

SEBI (Listing Obligations and Disclosure Requirements) 2015, prescribed various committees with the aim of bringing basic framework governing the regime of listed entities in line with the Companies Act, 2013 and compiling all the mandates of SEBI regulations/circulars governing equity. Considering this, the Board has 3 (three) mandatory committees as required under Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) 2015 which are as follows:

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

Details of the said Committees along with their charters, compositions, meetings held during the financial year and attendance of the directors/ committee members at each meeting, are provided in the "Report on Corporate Governance" Annexure E as a part of this Annual Report. Recommendations of all Committees have been accepted and implemented by the Board in the organization.

BOARD MEETINGS HELD DURING THE YEAR:

During the financial year, 6 (Six) Board Meetings were held, the maximum gap between any two Board Meetings did not exceed one hundred and twenty days, the details of meetings such as dates, Numbers of Directors present etc. are furnished in the Corporate Governance Report forming part of the Annual Report as "Annexure E" .

ESTABLISHMENT OF VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Your Company believes in the conduct of its business affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior.

The Company has established and adopted robust Vigil Mechanism/Whistle Blower Policy for the benefit of all its directors and employees in conformation with Section 177(9) of the Companies Act, 2013 and applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) 2015, to report concerns about unethical behavior, actual or suspected fraud or violation of Code of Conduct.

It also provides for adequate safeguards against the victimization of employees and directors who avail the Mechanism pursuant to this policy and also allows direct access to the Chairperson of the Audit Committee in exceptional cases. We gladly inform you that No complaints were received during the Financial Year.

The policy is available on companys website at .

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

All related party transactions are placed before the meeting(s) of Audit Committee for its review and approval. Prior omnibus approval of the Audit Committee is obtained on an annual basis for the financial year, for the transactions which are of a foreseen and repetitive in nature. The statement giving details of all related party transactions entered into pursuant to the omnibus

approval together with relevant information are placed before the Audit Committee for review and updated on quarterly basis.

During the Financial Year 2024-2025, all Related Party Transactions entered with the related parties were at arms length and were in the ordinary course of the business in accordance with the provisions of the Companies Act, 2013 read with the rules made there under and Policy of the Company for Related Party Transactions. The particulars of contracts or arrangement with Related Parties which are material in nature are furnished in Form AOC-2 attached as "Annexure A" and forms part of this Report.

PARTICULARS OF REMUNERATION TO EMPLOYEES:

Pursuant to provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the particulars of remuneration to the Directors and employees of the Company and the details of the ratio of remuneration of each director to the median employees remuneration is annexed herewith as "Annexure B" to this Report

ANNUAL RETURN:

Pursuant to the provisions of Section 134(3) (a) of the Companies Act, 2013, Annual Return for the financial year ended 31 st March, 2025 in form MGT-7 is prepared as per the provisions of Section 92(3) of the Act, and Rule 12 of Companies (Management and Administration) Rules, 2014. The Company is required to host a copy of annual return on the website, if any of the Company and as web link of the same to be given in the Directors Report and same will be placed on the below mentioned web- address at .

AUDIT REPORTS AND AUDITORS:

Statutory Auditors:

In line with the provisions of Section 139 of Companies Act, 2013 and rules made thereunder the company continues the appointment of M/s. CKSP and Co. LLP (FRN: 131228W/ W100044) earlier known as M/s. Chokshi and Co. LLP Chartered Accountants for second term of consecutive 5 years to hold office from the conclusion of Annual General Meeting held for the financial year ended 31 st March, 2022 till the conclusion of Annual General Meeting to be held for the financial year ended 31st March,2027.

However, Pursuant to notification issued by the Ministry of Corporate Affairs on 07 th May, 2018 notified the amendment in Section 139 of the Companies Act, 2013, the mandatory requirement for ratification of appointment of Statutory Auditors by the Members at every Annual General Meeting ("AGM") has been omitted, and hence the Company is not proposing an item on ratification of appointment of Auditors at this AGM

Considering this, the auditors have confirmed their eligibility, limits as prescribed in the Companies Act, 2013 and that they are not disqualified from continuing as Auditors of the Company.

The Auditors Report for the financial year ended March 31, 2025, on the financial statements of the Company forms a part of this Annual Report. There is no qualification, reservation, adverse remark, disclaimer, or modified opinion in the Auditors Report, which calls for any further comments or explanations.

Secretarial Auditor:

Pursuant to provisions of Section 204 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Section 134(3) of the Companies Act, 2013, mandates to obtain Secretarial Audit Report from Practicing Company Secretary. At the Board Meeting held on February 07, 2025 Directors have appointed M/s. AVS & Associates, Company Secretaries, as a Secretarial Auditor of the Company for the financial year 2024-2025. Secretarial Audit Report issued by M/s. AVS & Associates, Company Secretaries in Form MR-3 for the financial year 2024-2025 forms part of this report as "Annexure C" . The said report does not contain any observation or qualification requiring explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

EMPLOYEES STOCK OPTION SCHEME (ESOS), SWEAT EQUITY & SHARES HAVING DIFFERENTIAL VOTING RIGHTS:

During the year, your Company has not issued any shares to the employees of the Company under the Employee Stock Option Scheme, Sweat Equity and with differential voting rights.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Managements Discussion and Analysis report for the year under review, as stipulated under Regulation 34(2)(e) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate section covering the performance and outlook of the Company is attached and forms part of this Report as "Annexure D"

CORPORATE GOVERNANCE REPORT:

Your Companys philosophy on Corporate Governance mirrors its belief that principles of transparency, fairness and accountability towards its stakeholders. Accordingly, your Company is committed to maintain the high standards of corporate governance and adhere to corporate governance requirements. As required by Regulation 34 (3) read with Chapter IV read with Schedule V, Part C of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a report on Corporate Governance form part of this Annual Report as "Annexure E"

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(3)(c) and Section 134(5) of the Companies Act 2013, the Directors of your Company, to the best of their knowledge and belief and according to the information and explanations obtained from them in normal course of their work, state that in all material respects:

in the preparation of the annual accounts for the financial year ended on 31 st March, 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures;

the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 st March, 2025 and of the Profit and loss of the Company for the year ended on that date;

the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

the Directors had prepared the annual accounts for the financial year ended on 31 st

March, 2025 on a going concern basis.

Directors had laid down adequate financial controls and that the financial controls were

adequate and were operating effectively.

Directors had devised proper systems to ensure compliance with the provisions of all applicable laws, all applicable secretarial standards were in place and were adequate and operating effectively.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Company has formulated and adopted the Nomination and Remuneration Policy in accordance with the provisions of section 178 of Companies Act, 2013 read with the rules made there under and applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

The said Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for appointment of Executive, Non-Executive and Independent Directors on the Board of Directors of the Company and persons in the Senior Management of the Company, their remuneration including determination of qualifications, positive attributes, independence of Directors and other matters as provided under subsection

(3) of Section 178 of the Companies Act, 2013 (any statutory modification(s) or reenactment(s) thereof for the time being in force).The said Policy also includes criteria for making payments to Non- Executive Directors.

Policy is available at

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Details of loans, guarantees and investments made, if any, under the provisions of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014, as on 31 st March, 2025, are set out in Notes to the Financial Statements of the Company.

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not falling in any criteria as mentioned in Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014. Hence, provision of CSR is not applicable to the Company.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION 143(12):

During the year, none of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143 (12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

At your company, all employees are of equal value. Your Company firmly believes in providing a safe, supportive and friendly workplace environment ?€“ a workplace where our values come to life through underlying behavior. Your Company believes in providing and a workplace free from harassment and gender-based discrimination.

The Company has set up Internal Complaints Committees in line with Section 177(9) of the Companies Act, 2013 and applicable SEBI (LODR) Regulations, 2015. The Sexual

Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 the Company has a Policy on Prevention of Sexual Harassment at Workplace and has constituted an Internal Complaints Committee.

During the financial year under review, no complaints were received or reported under the said

Act. The summary of cases is as follows:

Sr. No. Particulars	Comment
1. Number of complaints of sexual harassment received in the year;	NIL
2. Number of complaints disposed off during the year;	NIL
3. Number of cases pending for more than ninety days.	NIL

STATEMENT ON COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

The Company hereby confirms that it is in compliance with the provisions of the Maternity Benefit Act, 1961, and the rules made thereunder. All applicable benefits, including maternity leave, nursing breaks, and other entitlements, have been duly provided to eligible women employees in accordance with the law. The Company remains committed to ensuring a safe, supportive, and inclusive workplace for all employees.

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

The particulars as prescribed pursuant to provisions of Section 134(3)(m) of the Act read with Rule 8 (3) of the Companies (Accounts) Rules, 2014.

Conservation of Energy Technology Absorption:

Steps taken or impact on conservation of energy:

All the manufacturing/servicing/job work facilities continued their efforts to reduce at specific energy consumption. Specific and total energy consumption is tracked at individual block level and also at consolidated manufacturing or servicing level. Apart from regular practices and measures for energy conservation, many new initiatives were driven across the units . Some of them are mentioned below:

LED lights in office in place of CFL in offices.

Encouraging Go Green Initiatives

Use of Natural Ventilation

Switch off electrical appliances, whenever not required.

The Steps taken by the company for utilizing alternate sources of energy:

The servicing units continue to put efforts to reduce specific energy consumption. The Company is in process for evaluating other sources of energy like solar panel etc.

Capital investment on energy conservation equipments:

During the Financial Year, the company has not made any new investments in the energy conservation equipments which is capital in nature.

Technology Absorption:

Efforts made towards technology absorption :

The Company has ongoing basis absorbed the technology for servicing of products and major up gradation process was carried out to reduce the cost.

Benefits derived as a result of above efforts:

Product improvement, cost, reduction, product development etc. The Company is developing the ways for technology absorption, adaptation and innovation.

In case of imported technology (imported during the last 3 years reckoned

from the beginning of the financial year):

No new technology has been imported during the year.

Expenditure Incurred on Research and Development :

The Company has spent required amount for research and development ongoing basis.

Foreign exchange earnings and outgo:

The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows are as follows:

Foreign Exchange Earning - NIL

Foreign Exchange Outgo - NIL

RISK MANAGEMENT POLICY AND COMPLIANCE FRAMEWORK:

All companies face risk; without risk without which rewards are less likely. Effective risk management can add value to any organization. An effective risk management framework seeks to protect an organizations capital base and earnings without hindering growth.

The Board of directors of your company has approved Risk management policy wherein all the risk are identified and assessed and functions enterprise wide. The Audit Committee of the Board has additional oversight in the area of financial risks and controls. Major risk identified by the business and functions are systematically addressed through mitigating actions on a continuous basis. The board also reviews this policy on periodic basis.

SECRETARIAL STANDARDS COMPLIANCE:

Your Company has complied with applicable provisions of the Secretarial Standards issued by the Institute of Company secretaries of India and approved by the Government of India under section 118 (10) of the Companies Act, 2013. Thus, the Company hereby confirms Compliance with the applicable requirements of Secretarial Standards 1 and 2.

COST RECORDS:

During the financial year, the Company is not required to maintain cost records as specified by

the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.

BOARD EVALUATION:

Your Company recognizes the importance of a diverse board the company has optimum mix of directors having experience and expertise required for the efficient working. The provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, provides evaluation process with various aspects of functioning of

Board, Committees and Directors such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligation, governance, etc. Accordingly the Companys policy is in line with the provisions of the same.

The performance evaluation of the Independent Directors was also carried out by the entire Board, excluding the Director being evaluated. The performance evaluation of the Chairman, Board and the Non Independent Directors was carried out by the Independent Directors at their respective meeting held on February 07, 2025.

The Independent Directors expressed their satisfaction with overall functioning and implementations of their suggestions. The evaluation process endorsed the Board Members confidence in the ethical standards of the Company, the cohesiveness that exists amongst the Board Members, the two-way candid communication between the Board and the Management and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities.

The Policy for Evaluation of performance of Board of Directors of the Company is available at website of the Company

STATEMENT OF BOARD OF DIRECTORS:

The Board of Directors of the Company are of the opinion that all the Independent Directors of the Company possess the highest standard of integrity, relevant expertise and experience required to best serve the interest of the Company.

ACKNOWLEDGMENT:

Your directors would like to acknowledge all stakeholders of the Company viz. members, customers, dealers, vendors, Financial Institutions, banks and other business partners for the excellent support received from them during the year. Your directors place on records their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the company.