The Board of Directors are pleased to present the 41^st Annual Report of the Company accompanied by the Audited Financial
Statements (Standalone and Consolidated) for the Financial Year (‘FY’) ended 31^st March, 2025.

FINANCIAL AND OPERATIONAL RESULTS

A. FINANCIAL RESULTS

B. OPERATIONS

During FY 2024-25, the Company achieved a production volume of 74,681 TPA against installed capacity of 75,000 TPA. Sales
volume for the year stood at 74,381 TPA as compared to 75,143 in FY 2023-24.

FINANCIAL HIGHLIGHTS

The key highlights of the Company’s performance based on the Standalone Balance Sheet as on 31^st March, 2025 are reflected
as under:

? Net Worth: During the FY under review, the Net Worth of the Company stood at ' 1,00,047.01 lakhs as compared to
' 92,137.97 lakhs for the previous FY

? Book Value of Shares: The Book value per Equity share stood at ' 40.20 as against ' 37.02 for FY 2023-24.

? Current Ratio: As on 31^st March, 2025 the current ratio was 11.25 as compared to 7.13 as of 31^st March, 2024.

? TOL/TON: The ratio of total liability to total net worth for FY 2024-25 was 0.10 as compared to 0.14 for FY 2023-24.

? Sales Credit Control: The debtor’s percentage to sales decreased from 18.82 in FY 2023-24 to 18.28 in FY 2024-25.

? Trade Receivable Ratio: During the FY under review, the Trade Receivable Ratio was 5.76 as compared to 5.22 in the
previous fiscal.

? Inventory Turnover Ratio: During the FY under review, the Inventory Turnover Ratio was 7.79 as compared to 5.43 in FY
2023-24.

? Profit before Tax (%): The Profit before Tax for FY 2024-25 stood at 17.43 % as compared to 19.87 % for FY 2023-24.

? Net Profit Margin (%): The Net Profit Margin for FY 2024-25 stood at 12.86 % as compared to 14.71 % for FY 2023-24.

? Zero Debt: The Company continues to enjoy the status of a “Zero Debt Company”.

? Financing Pattern: There was no change in financing pattern and the Company would be able to sustain its business
operations through internal accruals.

Further, there has been no change in the nature of business of the Company.

RESEARCH AND DEVELOPMENT FACILITIES

The Company’s state-of-the-art Research and Development Center (‘R&D Centre’) at Abu Road, Rajasthan has received recognition
from the Department of Science and Industrial Research (DSIR), Government of India.

Nippon A&L Inc. Company’s Joint Venture Partner are continuously extending their support and co-operation in terms of development
of new recipe for application development.

During FY 2024-25, the R & D Centre successfully developed 17 new grades and improved properties of 12 grades, of which 1 new
grade and 1 improved grade have been commercialized. The R & D Centre has also successfully developed 112 new colour grades,
of which 18 colour grades have been commercialized. The R&D Centre, as a continuous process, also focuses on improvements in
the properties of existing material and other colour developments. The Company has kept gaining the benefits of its in-house R&D
Center by way of new and improved products, leading to customer loyalty and satisfaction and better margins.

During the year under review, following new R&D facilities and measuring technology were implemented:

1) Established technology to measure Volatile Organic Compounds in products;

2) Installed new low temperature chamber by which impact data under low temperature can be measured, which is mainly
required to develop new grades in auto-market;

3) Installed new temperature and humidity controlled chamber by which material can be tested under higher humidity condition

UPDATE ON CAPACITY

With regard to proposed expansion of ABS capacity from 75000 TPA to 200000 TPA at existing locations at Abu Road (Rajasthan)
and Satnoor (Madhya Pradesh), the detailed Front End Engineering Design (FEED) Package with CAPEX cost estimation was
prepared by Toyo Engineering India Private Limited (TOYO) and total cost estimation works out to approx. Rs.1700 crores.

Considering the firm policy of the Company to maintain its “Zero Debt Status” and fund the cost for expansion through own funds
and aspects of logistics and safety standards vis a vis proposed expanded capacities at both locations, the expansion proposal
was not considered worth implementation.

Alternatively, after study of detailed proposal and internal analysis of productions processes it was observed that there are bottlenecks
in some areas limiting the overall ABS production capacity to 75000 TPA. The working on these aspects has given a clear possibility
of enhancement of production capacity up to 1,00,000 TPA by taking appropriate actions to eliminate the identified bottlenecks
coupled with improvements in certain processes. A feasibility was worked out and the plan of expansion was put at place for
implementation capacity expansion from existing 75000 TPA to 1,00,000 TPA. The estimated cost for this expansion as approved is
' 200 crores, to be met out of own funds and same will be completed by September, 2026.

SHARE CAPITAL

There has been no change in the share capital of the Company during the year under review. As on 31^st March, 2025, the paid-up
share capital of the Company stood at ' 24,88,58,460/- comprising of 24,88,58,460 Equity shares of ' 1/- each fully paid.

The Company has, during the year under review, neither issued any Equity shares with differential voting rights nor any shares
(including sweat equity shares) to its employees under any scheme.

TRANSFER TO RESERVES

For the FY ended 31^st March, 2025, the Directors do not propose to transfer any amount to the General Reserve.

DIVIDEND AND DIVIDEND DISTRIBUTION POLICY

The Board of Directors had approved the Dividend Distribution Policy in accordance with Regulation 43A of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”).

The policy consists of various parameters, inter-alia, Company’s dividend track record, usage of retained earnings, internal and
external factors, financial conditions, etc. based on which the Board may recommend or declare Dividend.

The Policy may be accessed under the ‘Policies and Procedures’ section on the website of the Company at link: https://bhansaliabs.
com/assets/policies_and_procedures/1593593067.Dividend_Distribution_Policv.pdf

Considering the Company’s performance for FY 2024-25 and to appropriately reward the shareholders, the Directors have declared
3 (three) Interim Dividends of ' 1/- (300%) per Equity Share of face value of ' 1/- which were paid on 31^st July 2024, 08^th November
2024 and 29^th January 2025 respectively. The Directors have recommended a Final Dividend of ' 1/- (100 %) per Equity Share (of
face value of ' 1/-) for the financial year ended 31^st March, 2025 which is subject to approval by the shareholders of the Company
in the ensuing 41^st Annual General Meeting.

Considering the above, the total dividend declared/recommended by the Company for FY 2024-25 amounts to ' 4/- (400 %) per
equity share of face value of ' 1/- each fully paid-up. This dividend is consistent with the dividend declared/recommended in FY
2023-24, reflecting the Company’s steadfast commitment to providing consistent and reliable returns to its valued shareholders.

DEPOSITS

The Company has not invited any deposits from the public during the FY under review and as such, no amount of principal or interest
related thereto was outstanding as on 31^st March, 2025.

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR SECURITY
PROVIDED UNDER SECTION 186 OF THE COMPANIES ACT, 2013 (“the Act”)

The Company has, during the FY under review, not given any loans, guarantees or provided security and has not made any
investments in any body corporate in excess of limits specified under Section 186 of the Act.

TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124 and 125 of the Act, read with Investor Education and Protection Fund Authority (Accounting
Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’), as amended from time to time, the unpaid and unclaimed dividend pertaining
to FY 2016-17, amounting to ' 9,50,061 (Rupees Nine lakh Fifty Thousand Sixty One only) lying in the Company’s unpaid / unclaimed
dividend account which remained unclaimed for a period of seven years, was transferred to the Investor Education and Protection
Fund (‘IEPF’).

Further, pursuant to the provision of Section 124(6) of the Act, read with Rule 6 of IEPF Rules, 84,695 Equity shares belonging to 101
Shareholders, on which dividend had not been claimed for seven consecutive years have been transferred to the DEMAT account of
the IEPF authority as provided in Circular no. 11/06/2017-IEPF dated 16^th October, 2017 (General Circular No. 12/2017).

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANY

During the FY under review, the Company did not have any Subsidiary Company. It has a Joint Venture (JV) Company, namely
Bhansali Nippon A&L Private Limited, wherein it holds 50% of the paid-up equity share capital. The Registered Office of the JV
Company is at 301 & 302, 3^rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058.

The Report on the performance and statement containing salient features of Financial Statements of the aforesaid Joint Venture
Company in terms of Section 129 of the Act is separately attached in Form No. AOC-1 with the Consolidated Financials, which forms
part of this Annual Report.

In accordance with Section 136 of the Act, the Consolidated Financial Statements of the Company including Financial Statements
pertaining to its aforesaid Joint Venture Company are available on the Company’s website (www.bhansaliabs.com).

The Company has framed a policy on Material Subsidiaries in terms of Regulation 16(1)(c) of Listing Regulations. The policy may
be accessed under the ‘Policies and Procedures’ section on the website of the Company at link: https://bhansaliabs.com/assets/
policies_and_procedures/1593593282.Policy_on_Material_Subsidiaries.pdf

CONSOLIDATED FINANCIAL STATEMENTS

The Company has, in accordance with Section 129(3) of the Act, prepared Consolidated Financial Statements, consolidating its
financials with its JV Company, Bhansali Nippon A&L Private Limited. The Audited Consolidated Financial Statements have been
prepared in accordance with the requirements of Ind AS prescribed under Section 133 of the Act, read with relevant rules issued
thereunder, as applicable and other accounting principles generally accepted in India and forms part of this Annual Report.

MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT

Management’s Discussion and Analysis Report, as stipulated under the Listing Regulations, forms part of this Annual Report and
is attached as Annexure 1.

COMMITMENT TO QUALITY

The Company is committed to quality. It aims to develop, produce and deliver products which consistently conform to the customer
requirements, and to pursue the goal of error-free performance through product, process and quality management. The Company
continues to monitor and maintain its effective and well-crafted Quality Control (QC) measures. QC is aligned to the business
objectives and ensures that the Company is focused on maintaining Quality Centric approach towards its customers/ clients. Over
the years, the Company has established robust processes and strives to improve them continuously.

Ministry of Chemicals and Fertilizers (Dept of Chemicals & Petrochemicals) has promulgated Acrylonitrile-Butadiene Styrene (ABS)
(Quality Control) Order, 2021. We are pleased to inform that the Company has obtained the accreditation under the BIS Certification
for ABS Grades as per IS 17077 (Part 1): 2022 and applied all relevant standards and norms in compliance thereof.

CORPORATE SOCIAL RESPONSIBILITY AND OTHER CHARITABLE ACTIVITIES

The Company believes in making lasting impact towards creating a just, equitable, humane and sustainable society. It considers
that, ‘it does not exist only for doing good business, but equally for the betterment of society.’ It is always at the forefront while
extending helping hand to the public at large.

CSR provides an opportunity to the Company to effectively align its values and strategy for the benefits of the society, by contributing
to the social, economic and environmental development of the society at large.

In compliance with the requirements of Section 135 of the Act read with the applicable rules made thereunder the Company has
a duly constituted CSR Committee which steers the CSR activities. The CSR Policy, formulated in accordance with the Act (as
amended from time to time), guides the Company to serve the society.

The CSR policy may be accessed under the ‘Policies and Procedures’ section on the website of the Company at link https://
bhansaliabs.com/assets/policies_and_procedures/1593593022.Corporate_Social_Responsibilitv_Policv.pdf

The Company inter alia undertakes projects/activities pertaining to (a) Education / Skill Development Programme, (b) Protection and
Promotion of National Heritage, Art & Culture, and (c) Health & Safety etc.

The details of amount to be spent on CSR activities/amount to be set off in FY 2024-25 are mentioned in the Annual Report on CSR
activities forming part of this Report and attached as Annexure 2.

ANNUAL RETURN

Pursuant to the provisions of Section 134(3) (a) of the Act, an extract of Annual Return for the FY ended 31^st March, 2025 in
accordance with the provisions of Section 92(3) of the Act is available on the Company’s website and can be accessed through the
link: https://bhansaliabs.com/assets/financial_docs/yearly/1755852282.Draft_Annual_Return_2024-25.pdf

CORPORATE GOVERNANCE

The Company believes in adopting the best corporate governance practices. The report on Corporate Governance as stipulated
under Regulation 34(3) read with Schedule V of the Listing Regulations and the certificate from a Practicing Company Secretary
regarding compliance with Corporate Governance norms, forms part of this Annual Report and is attached as Annexure 3 and
Annexure 3A.

CERTIFICATIONS AND DECLARATIONS

The declaration by Managing Director of the Company relating to compliance of Code of Conduct by all Board Members and Senior
Management Personnel of the Company, in accordance with the provisions of Regulation 17(5) of Listing Regulations is attached as
Annexure 3B and forms part of this Annual Report.

Declaration of Independence

The Company has received necessary declarations from the Independent Directors stating that they meet the prescribed criteria
for independence and complied with the code for Independent Directors prescribed in Schedule IV of the Companies Act, 2013.

MEETINGS OF THE BOARD

During the FY 2024-25, 4 (Four) meetings of the Board of Directors were held. The details of the said meetings are mentioned in the
report on Corporate Governance forming part of this Annual Report.

WHISTLE BLOWER / VIGIL MECHANISM POLICY

The Company believes in conducting its business activities in a fair and transparent manner by adopting highest standards of
professionalism, honesty, integrity and ethical behaviour. Pursuant to Section 177(9) of the Act read with Rule 7 of the Companies
(Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the Listing Regulations, the Board of Directors have implemented
a vigil mechanism through the adoption of Whistle Blower/Vigil Mechanism Policy. The details of the same are mentioned in the
Corporate Governance Report forming part of this Annual Report.

RISK MANAGEMENT

Pursuant to Section 134(3) (n) of the Act read with Regulation 17(9) (b) of the Listing Regulations, the Company has in place a
robust risk management framework which identifies and evaluates business risks and opportunities. The Company recognizes that
these risks need to be managed and mitigated to protect the interest of the shareholders and stakeholders, to achieve business
objectives and enable sustainable growth. The risk management framework is aimed at effectively mitigating the Company’s
various business and operational risks, through strategic actions. Risk management is embedded in our critical business activities,
functions and processes. It also provides control measures for risk and future action plans. The policy may be accessed under the
‘Policies and Procedures’ section on the website of the Company at the web link https://bhansaliabs.com/ assets/policies_and_
procedures/1593593348.Risk_Management_Policy.PDF

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTY

In terms of Section 188 of the Act, read with rules framed thereunder and as per Regulation 23 of the Listing Regulations, the
Company has formulated the policy for Related Party Transactions. The policy may be accessed under the ‘Policies and Procedures’
section on the website of the Company at the web link https://bhansaliabs.com/assets/policies_and_ procedures/1593593208.
Policv_for_Related_Partv_Transactions.pdf

During the FY under review, there were no transactions entered into by the Company with any related party falling within the purview
of Section 188 of the Act.

All Related Party Transactions as required under Ind AS 24 - Related Party Disclosures are reported in Note 41 of Notes to Accounts
of the Standalone financial statements of the Company.

DIRECTORS

Retiring by Rotation / Change in Directorship:

In accordance with the provisions of Section 152 of the Act and in terms of the Articles of Association of the Company, Mr. Jayesh B.
Bhansali (DIN: 01062853) Joint Managing Director cum CFO retires by rotation at the ensuing 41^st AGM of the Company and being
eligible, has offered himself for re-appointment.

Following are the changes in composition of the Board of Directors and Key Managerial Personnel of the Company during FY 2024-25:

- Mr. Rohinton Bomanshaw Anklesaria (DIN: 10571057) was appointed as an Independent Director of the Company
w.e.f 1^st April, 2024.

- Mr. Firdaus Nariman Pavri (DIN: 10549118) was appointed as Independent Director of the Company w.e.f 1^st April, 2024.

- Mrs. Taruna Niraj Kumbhar (DIN: 08384526) was appointed as Independent Director of the Company w.e.f 1^st April, 2024.

- Mr. B. M. Bhansali (DIN: 00102930) was re-designated & re-appointed as Chairman & Managing Director of the Company w.e.f
1^st April, 2024.

Members of the Company at its 40^th AGM held on 29^th June, 2024 approved the above mentioned appointments.

Performance evaluation of the Board:

In accordance with the provisions of the Act and Listing Regulations, the Company has formulated the criteria for performance
evaluation of all the Directors including Independent Directors, the Chairman, the Board and its Committees, details of which are
mentioned in the Corporate Governance Report forming part of this Annual Report.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on the date of this Report are:
Mr. B. M. Bhansali, Chairman & Managing Director;

Mr. Jayesh B. Bhansali, Joint Managing Director cum CFO;

Mr. Dilip K. Shendre, Whole Time Director and

Mr. Ashwin M. Patel, Company Secretary & GM (Legal)

COMMITTEES OF THE BOARD OF DIRECTORS

The details pertaining to the Committees of Board of Directors of the Company viz. Audit Committee, Nomination and Remuneration
Committee, Stakeholders’ Relationship Committee, Corporate Social Responsibility Committee and Risk Management Committee
have been stated in the Corporate Governance Report forming part of this Annual Report

AUDITORS
Statutory Auditors:

M/s. Azad Jain & Co., Chartered Accountants, Mumbai (FRN-006251C), were appointed as Statutory Auditors of the Company at
the 38^th AGM held on 29^th June, 2022 to hold office up to the conclusion of 43^rd AGM on the remuneration to be determined by the
Board of Directors.

The Report given by the Statutory Auditors on the financial statements of the Company forms part of this Annual Report. There is no
qualification, reservation or adverse remark made by the Auditors in their report.

Secretarial Auditors:

M/s Rathi & Associates, Practicing Company Secretaries, (FRN-P1988MH011900), were appointed as the Secretarial Auditors by
the Board to conduct the secretarial audit of the Company for FY 2024-25.

In accordance with Section 204(1) of the Act, the Secretarial Audit Report for the FY ended 31^st March, 2025 is annexed as
Annexure 4 to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Cost Auditors:

The Board of Directors, on recommendation of the Audit Committee, had appointed M/s. Joshi Apte and Associates, Cost
Accountants, Pune (FRN-000240), as Cost Auditors of the Company, for the FY 2025-26, for conducting the audit of the cost
records maintained by the Company for the products, as mandated by the Central Government, at a remuneration as mentioned in
the Notice convening the 41^st AGM of the Company.

The Company has received a certificate from M/s. Joshi Apte and Associates, Cost Accountants certifying that they are eligible to
be appointed as Cost Auditors under Section 141 of the Act and Rules framed thereunder.

A resolution seeking members’ ratification for the remuneration payable to the Cost Auditors for the FY 2025-26 forms part of the
Notice of the 41^st AGM of the Company.

As per Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to maintain
cost records and accordingly, such accounts and records are maintained.

INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY

Adequate Internal Financial Control systems, commensurate with the nature of the Company’s business, size and complexity of its
operations, are in place and have been operating satisfactorily and effectively. During the FY under review, no material weaknesses
in the design or operation of Internal Financial Control system was reported.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant material order(s) were passed by the regulators/courts which would impact the going concern status of the Company
and its future operation during the FY under review. No application was made and no proceedings was pending against the
Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.

REPORTING OF FRAUDS

There have been no instances of fraud reported by the Statutory Auditors under Section 143 (12) of the Act and Rules framed
thereunder, either to the Company or to the Central Government.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FY TILL THE DATE OF THE REPORT

There have been no material changes, which have occurred between the end of FY till the date of this report, affecting the financial
position of the Company.

COMPLIANCE OF SECRETARIAL STANDARDS

During the FY under review, the Company has complied with all the applicable provisions of Secretarial Standards issued by the
Institute of Company Secretaries of India.

HUMAN RESOURCE DEVELOPMENT

The Company believes in strategic alignment of Human Resources to its business priorities and corporate objectives. The Company
undertakes various staff welfare measures/activities to strengthen unity, breaking the monotony and bringing the peer groups
together for collaborative decision-making.

Pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made
thereunder, the Company has in place a Policy on Prevention of Sexual Harassment (PoSH) of women at workplace. Further, the
Company has also formed an Internal Complaints Committee to redress the complaints regarding sexual harassment.

The status of complaints received by the Company during the year under review is as under:

It is also confirmed that the Company is complying with the provisions relating to the Maternity Benefit Act, 1961.

PARTICULARS OF EMPLOYEES

The Company has adopted a well-defined Nomination and Remuneration Policy for Directors, Key Managerial Personnel and other
employees. The policy may be accessed under the ‘Policies and Procedures’ section on the website of the Company at the web link
https://www.bhansaliabs.com/assets/policies_and_procedures/1593593096.Nomination_&_Remuneration_Policv.pdf

Disclosure with respect to the remuneration of Directors and Employees as required under Section 197 of the Act and Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is annexed as Annexure 5 which
forms part of this Report.

Statement containing Particulars of Employees pursuant to Section 197 of the Act and Rule 5(2) and Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of the Annual Report. As per the
provisions of Section 136 of the Act, the reports and Financial Statements are being sent to shareholders of the Company and other
stakeholders entitled thereto, excluding the Statement containing Particulars of Employees. Any shareholder interested in obtaining
such details may write to the Company Secretary of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/
OUTGO

The particulars as required pursuant to the provisions of Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts)
Rules, 2014, with respect to conservation of energy, technology absorption, foreign exchange earnings and outgo etc. forms part
of this Annual Report as Annexure-6.

BUSINESS RESPONSIBILITY AND SUSTAINABLITY REPORT

As per Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Business Responsibility
and Sustainability Report for F.Y 2024-25 forms part of this Annual Report as Annexure 7. Further, the Company has evolved a
Business Responsibility Policy, encompassing the broad scope of initiatives undertaken, to best sub serve the interest of all the
Stakeholders. The policy may be accessed under the ‘Policies and Procedures’ section on the website of the Company at the web
link https://bhansaliabs.com/assets/policies_and_procedures/1593593437.Business_Responsibility_Policvpdf

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134 of the Act, the Directors of the Company confirm that:

i. in the preparation of the annual accounts for the FY ended 31^st March, 2025, the applicable accounting standards have been
followed and there are no material departures from the same;

ii. they have 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 of the Company for the year ended on that date;

iii. they have 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;

iv. they have prepared the annual accounts on a ‘going concern’ basis;

v. they have laid down internal financial controls to be followed by the Company and that such internal financial controls are
adequate and are operating effectively; and

vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are
adequate and operating effectively.

ACKNOWLEDGEMENT AND APPRECIATION

The Board takes this opportunity to thank the Company’s Members, Customers, Vendors and all other Stakeholders for their
continued support throughout the FY The Directors also thank the Stock Exchanges, Banks, Ministry of Corporate Affairs, State
Governments, Government of India, and all other Government agencies and Regulatory authorities for the support extended by
them and look forward to their continued support in future.

The Board would also like to take this opportunity to express their appreciation for the dedicated efforts of the employees of the
Company.

For and on behalf of the Board of Directors
B.M. Bhansali

Chairman & Managing Director
(DIN: 00102930)

Place : Mumbai
Date : 13^th August, 2025