The Board of Directors is pleased to present the report on the business and operations of your Company (“the
Company” or “Indokem”) along with the audited financial statements for the financial year ended March 31, 2025.

1. Results of our operations and state of affairs: (' in Lakhs)

2. Operational Performance:

(i) Consolidated Financial Performance:

Revenue from operations for FY 2024-25 stood at ?17,809 lakhs, registering an increase of 8.06% over
the previous year's ?16,480 lakhs. EBITDA increased to ?837 lakhs from ?(60) lakhs in FY 2023-24. The
Profit After Tax (PAT) improved significantly to ?314 lakhs as against a loss of ?623 lakhs in the previous
year.

(ii) Standalone Financial Performance:

Revenue from operations for FY 2024-25 increased by 10.14% to ?15,365 lakhs, compared to ?13,951
lakhs in the previous year. EBITDA rose to ?570 lakhs from ?10 lakhs and PAT improved to ?92 lakhs from
a loss of ?526 lakhs in FY 2023-24.

(iii) Outlook:

FY 2024-25 was marked by global economic uncertainty and instability. Volatile oil prices disrupted
supply chains, while the economic slowdown in China and the Far East, coupled with weak business
sentiment in the European Union, impacted both margins and customer demand. Geopolitical tensions
further exacerbated the situation across various commodity and user industries.

Despite these challenges, domestic demand remained robust. Though margins were under pressure,
healthy volumes enabled continued operations at high capacity utilization. The Company focused on
operational efficiency and cost control measures.

The Company took possession of a 5,000 sq. mtr. industrial plot at Additional MIDC, Pale, Ambernath,
District Thane, originally purchased from MIDC in 2015. The Company intends to construct a manufacturing
facility for sizing chemicals on this plot, entailing a substantial capital investment.

To further streamline operations and enhance efficiency, the Company also plans to consolidate the
warehouse at Village Dahisar Mori into the main unit at Chikhloli MIDC, Ambernath. This integration is
expected to improve manufacturing efficiency, supervision and quality control.

The Company continues to emphasize its export strategy, actively engaging with international markets to
explore profitable growth opportunities and demonstrate global competitiveness.

The amalgamation of Refnol Resins and Chemicals Limited has significantly contributed to product
diversification, economies of scale, operational rationalization, improved management efficiency and
increased shareholder value. The Company is confident that this integration will continue to support long¬
term growth.

3. Consolidated Financial Statements:

The consolidated financial statements of the Company and its subsidiaries for FY 2024-25 have been prepared
in compliance with the Companies Act, 2013 and Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”) and in accordance with Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited consolidated
financial statements, along with the Independent Auditor's Report, form part of this Annual Report.

4. Subsidiary, Associate and Joint Venture Companies:

There was no material change in the nature of the business of the subsidiaries during the year. As of March 31,
2025, the Company had the following subsidiaries:

Ihe Company has no associate companies or joint ventures.

As required under Section 129 of the Act and Rule 5 of the Companies (Accounts) Rules, 2014, a statement
containing the salient features of the financial statements of subsidiaries in Form AOC-1 is attached as
Annexure B to this report.

In accordance with Section 136 of the Act, the financial statements of the subsidiary companies will be available
to shareholders upon request and are open for inspection. Members may email their request to iklsecretarial@
gmail.com until the date of the AGM. These statements are also available on the Company's website at: https://
www.indokem.co.in/subsidiaries-financials.php.

Pursuant to Regulation 16(1)(c) of the Listing Regulations, the Company has adopted a Policy for determining
Material Subsidiaries, available at: https://www.indokem.co.in/Policies.php.

i. Share Capital:

The Authorised Share Capital of the Company is ?30,42,56,000/- (Rupees Thirty Crores Forty-Two Lakhs
Fifty-Six Thousand only) consisting 2,83,25,600 (Two Crores Eighty-Three Lakhs Twenty-Five Thousand
Six Hundred only) equity shares of ?10/- each (Rupees Ten) and 21,00,000 (Twenty-One Lakhs) 8% Non¬
Cumulative Redeemable Preference Shares of ?10/- each (Rupees Ten).

The paid-up share capital of the Company is ?29,95,92,300/- (Rupees Twenty-Nine Crores Ninety-Five Lakhs
Ninety-Two Thousands Three Hundred only) consisting of 2,78,88,255 of (Two Crores Seventy-Eight Lakhs
Eighty-Eight Thousands Two Hundred and Fifty-Five Only) equity shares of ?10/- each (Rupees Ten) amounting
to ?27,88,82,550/- (Rupees Twenty-Seven Crores Eighty-Eight Lakhs Eighty-Two Thousand Five Hundred Fifty
Only). The issued, subscribed and paid up 8% Non- Cumulative Redeemable Preference Shares is 20,70,975
of ?10/- each amounting to ?2,07,09,750/- as on March 31,2025.

There was no change in the Authorised or Paid-up Share Capital of the Company during FY 2024-25. Further,
the Company has not issued:

a. Any shares with differential voting rights;

b. Any sweat equity shares; or

c. Any new preference shares.
i. Transfer to Reserves:

In view of the accumulated losses, the Company has not transferred any amount to reserves during the financial
year, in accordance with Section 134(3)(j) of the Companies Act, 2013.

7. Dividend:

The Board of Directors does not recommend any dividend on equity shares for the financial year ended March
31,2025.

8. Investor Education and Protection Fund (IEPF) related information:

There was no unclaimed dividend due for transfer to the IEPF during FY 2024-25.

As per Sections 124 and 125 of the Act and the IEPF Rules, dividends remaining unpaid or unclaimed for seven
consecutive years are required to be transferred to the IEPF. The Company requests all members to claim their
unpaid dividends within the prescribed timeline.

Concerned shareholders or their legal heirs may claim the transferred dividend amounts and corresponding
shares from the IEPF Authority after following the prescribed procedure.

9. Change in the nature of business:

There was no change in the nature of the Company's business during FY 2024-25.

10. Material Changes and Commitments:

There have been no material changes or commitments affecting the financial position of the Company that have
occurred between the end of the financial year and the date of this report.

11. Directors and Key Managerial Personnel:

During the year under review, the following changes occurred in the composition of the Board of Directors and
Key Managerial Personnel of the Company:

(i) Inductions

• Mr. Sivarama G. was appointed as the Chief Financial Officer (CFO) and Key Managerial Personnel
(KMP) of the Company with effect from May 09, 2025.

(ii) Re-appointments

• Mr. Mahendra K. Khatau (DIN: 00062794) was re-appointed as the Managing Director of the Company at
the 58^th Annual General Meeting held on September 26, 2024, for a period of 3 (three) years with effect
from April 1, 2025.

(iii) Retirements and re-appointment at the Annual General Meeting (AGM)

• In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association
of the Company, Mrs. Asha Mahendra Khatau (DIN: 00063944) retires by rotation at the forthcoming Annual
General Meeting and, being eligible, has offered herself for re-appointment. A resolution seeking approval
of the Members for her re-appointment forms part of the Notice of the AGM. The Board recommends her
re-appointment.

(iv) Cessations

• Ms. Rupal B. Parikh resigned from the office of Chief Financial Officer (CFO) and Key Managerial
Personnel (KMP) of the Company with effect from May 09, 2025.

12. Certificates from Practicing Company Secretary:

M/s. Jay & Associates, Practicing Company Secretaries, have issued a certificate pursuant to the Listing
Regulations confirming that none of the Directors on the Board of the Company have been debarred or
disqualified from being appointed or continuing as Directors by SEBI, the Ministry of Corporate Affairs, or any
other statutory authority. The said certificate is annexed herewith as Annexure G.

13. Training and Familiarization Program for Directors:

In compliance with Regulation 25(7) of the Listing Regulations and provisions of the Companies Act, 2013, the
Company has conducted familiarization programs for its Independent Directors to keep them informed about
major developments in legal, regulatory and operational matters.

i ne rolicy on Familiarization rrogram ana the details ot me programs conducted are avanaDie on me
Company's website at: www.indokem.co.in

14. Annual Evaluation of Board Performance and Performance of its Committees and Individual Directors:

The Board has established a formal process to annually evaluate its performance and that of its Committees
and individual Directors, including the Chairman.

The evaluation was carried out in accordance with the criteria laid down by the Nomination and Remuneration
Committee and is broadly based on the Guidance Note on Board Evaluation issued by SEBI on January 5,
2017. Key evaluation parameters included:

• Fulfillment of key responsibilities towards stakeholders;

• Structure, composition and role clarity of the Board and its Committees;

• Coordination and cohesiveness between the Board and Committees;

• Effectiveness of deliberations and decision-making processes;

• Board/Committee dynamics and culture; and

• Quality of relationship between Board and Management.

A separate meeting of Independent Directors held on August 13, 2024, evaluated the performance of Non¬
Independent Directors, the Board as a whole and the Chairman. The Nomination and Remuneration Committee
also reviewed the performance criteria on the same date.

The Board, in its meeting following the above, discussed and noted the overall performance outcomes.
Outcome of Evaluation

The evaluation reflected a high level of satisfaction with the Board's functioning, ethical governance standards
and the professional relationship between the Board and Management. Directors appreciated the openness
and transparency in information sharing, especially in strategic matters.

15. Policy on Directors’ Appointment and Remuneration and other details:

The Company's policy on the appointment and remuneration of Directors, Key Managerial rersonnel and
other employees as provided under Section 178(3) of the Companies Act, 2013, is disclosed in the Corporate
Governance Report, which forms part of this Annual Report.

16. Remuneration of Directors and Key Managerial Personnel:

In accordance with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, details relating to the remuneration of Directors and KMP are disclosed in Annexure A to this
Report.

17. Particulars of Employees:

Disclosures pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as Annexure A.

No employee falls under the criteria specified in Rule 5(2) of the said Rules.

A statement of top ten employees in terms of remuneration drawn and particulars of employees under Rule
5(2) and Rule 5(3) is enclosed as Annexure I. In accordance with the proviso to Section 136(1) of the Act,
this annexure is not being sent to Members but is available for inspection and may be obtained by request at
iklsecretarial@gmail.com.

No employee of the Company is related to any Director or holds 2% or more of the equity share capital of the
Company as specified in Rule 5(2).

18. Directors’ Responsibility Statement:

Pursuant to Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, the Board of Directors
confirms that:

(i) In the preparation of the annual accounts, the applicable accounting standards have been followed and
there are no material departures;

(ii) Accounting policies have been selected and applied consistently and judgments and estimates made are
reasonable and prudent to give a true and fair view of the Company's state of affairs and profit for the year;

(iii) Proper and sufficient care has been taken 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) The annual accounts have been prepared on a going concern basis;

(v) Internal financial controls have been laid down and are adequate and operating effectively; and

(vi) Proper systems have been devised to ensure compliance with all applicable laws and such systems are
adequate and operating effectively.

19. Audit:

19.1 Statutory Audit

Pursuant to the provisions of Section 139 of the Act and the Companies (Audit and Auditors) Rules, 2014, at
the 56^th AGM held on September 29, 2022, the members approved the appointment of M/s. CNK & Associates
LLP, Chartered Accountants (ICAI Firm Registration Number: W100036) as Statutory Auditors of the Company
to hold office for a period of five years from the conclusion of that AGM till the conclusion of the 61^st AGM to be
held in 2027.

The financial statements of the Company have been prepared in accordance with Indian accounting standards
(Ind AS) notified under Section 133 of the Act. The Statutory Auditor's report does not contain any qualifications,
reservations, adverse remarks or disclaimers in their report for the financial year ended March 31,2025.

19.2 Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors appointed M/s. Jay & Associates,
a firm of Company Secretaries in Practice, to conduct the Secretarial Audit of the Company for the year ended
March 31,2025. The Secretarial Audit Report in Form MR-3 is annexed as Annexure H and does not contain
any qualifications or adverse remarks.

In line with the amended Regulation 24A of the Listing Regulations, the Board in it's meeting held on August
08, 2025 has approved the appointment of M/s. Mayur More & Associates as the Secretarial Auditors of the
Company for a term of 5 consecutive years with effect from FY 2025-26 to FY 2029-30, subject to approval of
the shareholders at the forthcoming AGM.

19.3 Cost Audit and Cost Report:

Pursuant to Section 148(1) of the Companies Act, 2013 the Company is required to maintain cost records as
specified by the Central Government and accordingly Company has maintained accounts and cost records as
required under the Act and the Companies (Cost Records and Audit) Rules, 2014. The members ratified the
appointment and remuneration of M/s. Y S. Gokhale & Associates (Firm Registration No. 101710) as the Cost
Auditors for FY 2024-25 on August 13, 2024.

The Board at its meeting held on August 08, 2025 has, on the recommendation of the Audit Committee, approved
the reappointment of M/s. Y S. Gokhale & Associates (Firm Registration No. 101710), as Cost Auditors of the
Company for FY 2025-26 on a remuneration of ?1,40,000/- plus taxes as applicable. The remuneration is
subject to the ratification of the Members in terms of Section 148 read with Rule 14 of the Companies (Audit and
Auditors) Rules, 2014 and will accordingly place before the Shareholders for ratification. The same is placed for
ratification of Members and forms part of the Notice of the AGM.

19.4 Internal Auditor:

Pursuant to the provisions of Section 138 of the Act, the Board at its meeting held on May 30, 2024 based
on the recommendation of the Audit Committee, had approved the appointment of Mr. Mukund Nagpurkar

to conduct the internal audit of your Company for the FY 2024-25. The Board was further informed that Mr.
Mukund R. Nagpurkar, the Internal Auditor of the Company for the Financial Year 2024-25, has expressed his
willingness to be reappointed.

The Board of Directors at their meeting held on May 09, 2025 has re-appointed Mr. Mukund Nagpurkar as the
Internal Auditors of your Company for the FY 2025-26.

20. Instances of fraud reported by the Auditors

During the year under review, neither the Statutory Auditors nor the Secretarial Auditor have reported any
instances of fraud committed against the Company by its officers or employees under Section 143(12) of the
Companies Act, 2013.

21. Secretarial Standards:

The Company has complied with all the applicable Secretarial Standards issued by the Institute of Company
Secretaries of India.

22. Corporate Governance:

The Company has duly complied with the requirements of Corporate Governance as stipulated under the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). The Corporate
Governance Report along with the certificate from M/s. Jay & Associates, Practicing Company Secretaries,
confirming compliance with the conditions of Corporate Governance, forms part of this Annual Report and is
annexed as Annexure F.

23. Management Discussion and Analysis:

The Management Discussion and Analysis Report, as required under Regulation 34(2) read with Schedule
V of Listing Regulations, 2015 is enclosed and forms part of this Annual Report as Annexure J.

24. Annual Return:

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return for the financial year 2024-25 has been uploaded on the
Company's website and is accessible at: https://www.indokem.co.in/Annual-Return.php.

25. Meetings of the Board of Directors:

During the year under review, four (4) meetings of the Board of Directors were held. The details of these
meetings are provided in the Corporate Governance Report. The gap between the meetings was within the
period prescribed under the Companies Act, 2013 and Regulation 17 of the Listing Regulations.

26. Board Committees

In compliance with the Companies Act, 2013 and Listing Regulations, the Company has constituted the
following statutory Committees of the Board:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholders' Relationship Committee

In addition, the Company has also constituted:

• Risk Management Committee

• Committee of Board of Directors

• Vigil Mechanism/Whistle Blower Committee

Details regarding the composition, terms of reference and meetings held by these Committees during the year
under review are disclosed in the Corporate Governance Report, which forms an integral part of this Annual
Report. There have been no instances where the Board did not accept the recommendations of any of its
Committees, including the Audit Committee.

27. internal rinanciai control Systems ana tneir Adequacy:

The Company has in place adequate internal financial control systems commensurate with the nature, size and
complexity of its operations. These internal controls are designed to ensure the reliability of financial reporting
and compliance with applicable laws and regulations. A detailed analysis of the internal control systems is
provided under the section ‘Internal Control Systems and their Adequacy' in the Management Discussion and
Analysis Report forming part of this Annual Report.

28. Vigil Mechanism / Whistle Blower:

In accordance with Section 177(9) of the Companies Act, 2013 and Regulation 22 of the Listing Regulations,
the Company has established a Whistle Blower Policy and Vigil Mechanism to report concerns about unethical
behavior, actual or suspected fraud, or violation of the Company's Code of Conduct.

The mechanism provides for adequate safeguards against victimization of employees who avail of the
mechanism. No person has been denied access to the Chairman of the Audit Committee.

The policy is available on the Company's website at: https://www.indokem.co.in/Policies.php

29. Code of Conduct:

The Company has adopted a Code of Conduct for its Board of Directors and Senior Management Personnel,
which sets out the principles of ethical conduct and integrity. All Directors and Senior Management Personnel
have affirmed compliance with this Code for the financial year 2024-25.

The Code is available on the Company's website at the following links:
https://www.indokem.co.in/pdf/newpdf/Code%20of%20Conduct%20for%20Directors.pdf
https://www.indokem.co.in/pdf/financial/senior employee code of conduct.pdf

In accordance with Regulation 34 of the Listing Regulations, a declaration signed by Mr. Mahendra K. Khatau,
Chairman and Managing Director, confirming compliance with the Code by all concerned is annexed as
Annexure E to this Report.

30. Insider Trading Policy:

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”), the Company has
adopted the following codes:

• Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons

• Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information

These Codes provide for formulation of trading plans, pre-clearance of trades and prohibition on trading in the
Company's securities by Designated Persons and their immediate relatives while in possession of Unpublished
Price Sensitive Information and during closure of the Trading Window.

A Structured Digital Database (SDD) is maintained internally containing details of Designated Persons and
Connected Persons in accordance with the PIT Regulations.

The Company Secretary has been designated as the Compliance Officer for the effective implementation of the
Insider Trading Code.

All Directors, Designated Persons and Connected Persons have affirmed compliance with the above Codes.
The Codes are available on the Company's website at:

https://www.indokem.co.in/pdf/newpdf/Code%20of%20Practices%20and%20Procedures%20for%20Fair%20

Disclosure%20of%20UPSI.pdf

31. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013:

The Company has in place a Policy on Prevention of Sexual Harassment at workplace aligned with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013. The policy covers all employees including permanent, contractual, temporary and trainees.

In compliance with the Act, the Company has constituted an Internal Complaints Committee (ICC) to address
complaints of sexual harassment at the workplace. No complaints were filed, disposed off or pending during the
financial year under review.

32. Declaration under the Maternity Benefit Act, 1961:

The Company has duly complied with the provisions of the Maternity Benefit Act, 1961 during the year under
review. All eligible female employees have been extended the benefits mandated under the Act, ensuring their
rights and welfare are upheld in accordance with the applicable statutory requirements.

33. Diversity, Equity and Inclusion

Indokem Limited is committed to promoting diversity, equity and inclusion (DEI) throughout its operations,
recognising that these values are key drivers of innovation, productivity and sustainable growth. The Company
ensures equality and respect for all individuals, irrespective of gender, ethnicity, age, caste, religion or
background. It fosters inclusive workplaces through practices like pay parity, skill development and demographic
diversity.

The composition of the workforce of the Company as on March 31,2025, is as follows:

The Company ensures that compensation is based on the skills, experience, and performance of its employees,
with no gender bias. The Company focuses on optimising the return on its human capital, making data-driven
decisions to guide talent acquisition, resource allocation and employee development strategies.

34. Particulars of Loans, Guarantees and Investments:

Details of loans, guarantees and investments covered 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 March 31,2025,
are disclosed in Note No. 5 to the standalone financial statements of the Company.

35. Deposits:

During the year under review, the Company has not accepted or renewed any deposits within the meaning
of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, as
amended. As on March 31,2025, there were no outstanding amounts of principal or interest. The Company had
no unpaid or unclaimed deposits. Accordingly, the provisions of Chapter V of the Act are not applicable.

36. Transactions with Related Parties:

All related party transactions entered into during the year were on an arm's length basis, in the ordinary course
of business and in compliance with the applicable provisions of the Companies Act, 2013 and the Listing
Regulations.

There were no transactions falling under the scope of Section 188(1) of the Act. All related party transactions
were placed before the Audit Committee and the Board for prior approval. Omnibus approval of the Audit
Committee was obtained for transactions of a repetitive nature. Member approval was also obtained for material
related party transactions as required under the Listing Regulations.

The Policy on Related Party Transactions is available on the Company's website. Disclosure of such transactions
in Form AOC-2 as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts)
Rules, 2014 is annexed as Annexure C. Further details are provided in the Notes to the Financial Statements.

37. Insurance:

All properties and insurable interests of the Company, including buildings, plant and machinery and inventories
have been adequately insured.

38. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

As per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014, relevant disclosures are as follows:

A. Conservation of Energy:

(a) Energy Conservation measures taken:

(i) Electrical Energy:

o Regular preventive and predictive maintenance of electrical systems to minimize energy loss.
o Upgradation of electrical infrastructure to reduce power consumption.

(ii) Furnace Oil / LDO Consumption:

There is no major consumption of Furnace Oil / Light Diesel Oil. However, there are some processing
activities carried out limiting the consumption of energy.

(b) Additional investments and proposals if any, being implemented for reduction of consumption of
energy:

The Company is in the process of upgrading and installing energy-efficient machinery, expected to
enhance operational efficiency.

(c) Impact of the measures at (a) and (b) for reduction of consumption of energy and consequent
impact on the cost of production:

No significant direct cost impact was observed during the year.

(d) Energy consumption and energy consumption per unit of production:

Details are provided in Form A of Annexure D to this Report.

B. Technology Absorption:

Key initiatives include:

• Modification of air conditioning systems to enhance process efficiency.

• Upgradation of existing machinery for development of high-value and innovative products.

• Focused R&D on process improvement, product development and troubleshooting.

Benefits Derived:

• Cost optimization

• Quality enhancement

• Operational efficiency

• New product development

39. Foreign Exchange Earnings and Outgo:

40. Safety, Health and Environment:

a) Safety: The Company promotes a strong safety culture through regular training and awareness programs
for employees.

b) Health: The Company prioritizes employee well-being through periodic health check-ups and consultations
with a visiting medical officer.

c) Environment: The Company is committed to environmental sustainability and complies with the
Maharashtra Pollution Control Board's regulations.

41. Risk Management:

The Company has an established risk management framework to identify, evaluate and mitigate risks in its
business operations. Risks are periodically reviewed and strategies are formulated to minimize their potential
impact.

The Company has adopted a Risk Management Policy and there are no risks identified by the Board that could
threaten its existence. Key risks and their mitigation strategies are discussed in the Management Discussion
and Analysis Report.

42. Research and Development:

The Company continues to invest significantly in R&D activities aimed at process improvement, product
innovation and development of future-ready textile chemicals. In-house R&D initiatives have led to the creation
of several value-added products widely used in the textile industry globally.

43. Corporate Social Responsibility (CSR):

The Company does not meet the thresholds prescribed under Section 135 of the Companies Act, 2013 for
mandatory CSR compliance and hence, CSR initiatives have not been undertaken during the year.

44. Cautionary Statement:

Statements in this Report and in the Management Discussion and Analysis Report describing the Company's
objectives, projections, estimates, or expectations may be forward-looking within the meaning of applicable
securities laws and regulations. Actual results could differ materially due to factors such as economic conditions,
availability of raw materials, changes in regulatory environment and other unforeseen events.

45. Appreciation:

The Board of Directors expresses its deep appreciation to the Company's employees, customers, vendors,
investors and stakeholders for their unwavering support and trust. The Board also extends its gratitude to the
Banks, Central and State Government departments and local authorities for their continued cooperation and
guidance.

For and on behalf of the Board
Sd/-

Mr. Mahendra K. Khatau

Place: Mumbai Chairman & Managing Director

Date: August 08, 2025 DIN: 00062794