Your Directors' have pleasure in presenting the 97th Annual Report on the business and operations of IVP Limited,
along with the Audited Financial Statements, for the financial year ended March 31, 2026.

SUMMARY OF FINANCIAL PERFORMANCE:

The summary of the Companys' financial performance for the financial year ended on March 31, 2026 is furnished
below:

FINANCIAL PERFORMANCE:

The Company achieved revenue from operations of g 59,455 Lakhs during the current year as against g 53,885
Lakhs during the previous year. Profit after tax for the current year was g1,868 Lakhs as compared to Profit after
tax of g 1,131 Lakhs in the previous year.

The Companys' performance has been discussed in detail in the "Management Discussion and Analysis Report"
which forms a part of this report.

DIVIDEND:

The Directors have recommended a Dividend of
g 1.5 per Equity Share of g 10 each, out of the current
years' profit, on 1,03,26,263 Equity Shares of g 10 each
amounting to g 155 Lakhs. The final dividend on Equity
Shares, if approved by the Members, would involve a
cash outflow of g 155 Lakhs.

SHARE CAPITAL:

The paid-up Share Capital of the Company as on
March 31, 2026 stood at g 10,32,62,630 comprising of
1,03,26,263 equity shares of g 10/-each. During the year
under review, the Company has not issued any equity
shares with or without differential rights, granted stock
options or issued sweat equity shares.

LISTING:

Equity shares of the Company are listed on BSE Limited
('BSE') and on The National Stock Exchange of India
Limited ('NSE'). The Company has paid requisite listing
fees to the Stock Exchanges up to the financial year
2026-27.

TRANSFER TO RESERVES:

The Directors have decided to retain the entire amount
of g 11,575 Lakhs in the retained earnings.

CAPITAL EXPENDITURE:

During the year, the Company incurred total capital
expenditure of g 256 Lakhs, comprising g 146 Lakhs
towards Factory Buildings, Plant & Machineries and
Information Technology, and g 110 Lakhs towards
Capital Work-in-Progress (CWIP) (Net) in respect of
ongoing projects.

STATE OF COMPANYS' AFFAIRS:

During the financial year 2025-26, the Company
focused on capacity utilisation and sales growth.
Technological improvements have been undertaken
at plants to reduce manual efforts and improve
safety standards. The Company remained focused
on its long term vision throughout the year and
achieved better capacity utilisation. The Company
uses operational excellence tools to standardize its
processes and activities and ensure efficient systems.

MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:

As required under Regulation 34(2)(e) read with
Para B of Schedule V of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), the Management Discussion and
Analysis Report is enclosed as a part of this report.

A review of the performance and future outlook of the
Company and its businesses, as well as the state of
the affairs of the business, along with financial and
operational developments has been discussed in
detail in the Management Discussion and Analysis
Report, which forms part of the Annual Report.

CORPORATE GOVERNANCE REPORT:

The Company has taken adequate steps to adhere to
all the stipulations laid down in the Listing Regulations.

In compliance with the provisions of Regulation 34
of SEBI ("Listing Regulations") read with Schedule V
to SEBI Listing Regulations, a report on Corporate
Governance along with a Certificate from
M/s. Amit Jaste & Associates, Practicing Company
Secretaries, confirming compliance with the
conditions of Corporate Governance as stipulated
under Listing Regulations are included as a part of
this Annual Report.

DIRECTORS' AND KEY MANAGERIAL
PERSONNEL:Appointment/Re-Appointment:

As informed in the previous years' Directors Report,
the Board of Directors of the Company, based
on the recommendation of the Nomination and
Remuneration Committee ('NRC') and subject to
approval of Members of the Company, approved the
appointment of Mr. Rajkumar Lekhwani (DIN: 10652214)
as an Additional Director (Non-Executive & Non¬
Independent) effective from June 6, 2025.

On July 31, 2025, Members of the Company, by
way of passing Ordinary Resolution, approved the
appointment of Mr. Rajkumar Lekhwani as a Non¬
Executive & Non-Independent Director.

Mr. Rajkumar Lekhwani was also appointed as
Chairman of the Board and the Company w.e.f.
August 1, 2025 in the Board meeting held in July 31, 2025.

The Tenure of Mr. Ranjeev Lodha (DIN: 07478890)
and Ms. Mala Todarwal (DIN: 06933515) is due
and will expire on July 27, 2026 and June 10, 2026
respectively. Based on recommendation of the
Nomination & Remuneration Committee ('NRC'), the
Board of Directors at its Meeting held on May 21,
2026, approved the re-appointment of Mr. Ranjeev
Lodha and Ms. Mala Todarwal as Director(s) to hold
office as Independent Directors for further period of
5 years, subject to the approval of the shareholders
by Special Resolution at the ensuing 97th Annual
General Meeting of the Company. A resolution
seeking Members approval for their re-appointment
forms part of the Notice of 97th Annual General
Meeting.

Retire by Rotation:

In accordance with the provisions of Section
152 of the Companies Act, 2013 ("the Act") read
with rules made thereunder, Mr. Anwar Chauhan
(DIN: 00322114), Non-Executive, Non-Independent
Director, retires by rotation at the ensuing 97th
Annual General Meeting and being eligible, has
offered himself for re-appointment. The Board
has recommended for approval of the Members,
re-appointment of Mr. Anwar Chauhan as a Non¬
Executive, Non-Independent Director at the ensuing
97th Annual General Meeting. A brief profile of

Mr. Anwar Chauhan and other requisite information
are provided as part of the Notice of 97th Annual
General Meeting.

Additional information, pursuant to Regulations 36(3)
of the Listing Regulations, in respect of the Directors
seeking appointment/re-appointment in Annual
General Meeting, forms a part of the Notice.

None of the Directors of the Company are disqualified
for being appointed as Directors as specified in Section
164(2) of the Act and Rule 14(1) of the Companies
(Appointment and Qualification of Directors) Rules,
2014.

Resignation:

Mr. T.K. Gowrishankar, Non-Executive, Non¬
Independent Director resigned as the Director and
Chairman of the Board and the Company w.e.f. close
of business hours of August 1, 2025. The Board places
on record its appreciation for contribution made by
Mr. T.K. Gowrishankar as the Director and Chairman
of the Board and the Company.

Key Managerial Personnels:

During the year under review, there was no change in
the Key Managerial Personnels of the Company.

Pursuant to the provisions of Section 203 of the Act,
the Key Managerial Personnels of the Company as on
March 31, 2026 are:

Mr. Mandar P. Joshi- Whole-Time Director and Chief
Executive Officer, Mr. Rakesh Joshi-Chief Financial
Officer and Mr. Jay R Mehta-Company Secretary and
Compliance Officer.

DECLARATIONS BY INDEPENDENT
DIRECTORS:

The Company has received declarations from all the
Independent Directors of the Company confirming
that they meet the criteria of independence as
prescribed under Section 149(6) of the Act and
Regulation 16(1)(b) of the Listing Regulations. There
has been no change in the circumstances affecting
their status as Independent Directors of the Company.
In the opinion of the Board, the Independent Directors
possess requisite integrity, experience, expertise and
proficiency required under all the applicable laws and
policies of the Company.

As required under Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules,
2014, all the Independent Directors are registered
under the Independent Directors Databank.

DIRECTORS' RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Act, in relation to the
Audited Financial Statements of the Company for
the year ended March 31, 2026, the Board of Directors
hereby confirms that:

a) in preparation of the annual accounts for the year
ended March 31, 2026, the applicable accounting
standards have been followed and there are no
material departures;

b) 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 at the end of the financial
year March 31, 2026 and of the profit of the
Company for the same period;

c) 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;

d) they have prepared the annual accounts on a
going concern basis;

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

f) they have devised proper systems to ensure
compliance with the provisions of all applicable
laws and these are adequate and are operating
effectively.

INTERNAL CONTROL SYSTEMS AND THEIR
ADEQUACY:

The Company has in place adequate internal financial
control procedures which commensurate with its size
and the nature of business.

The Company has appointed M/s. Aneja Associates,
Chartered Accountants, as Internal Auditors, who
periodically conduct an independent audit of the
adequacy and effectiveness of the internal controls
laid down by the management and suggest
improvements, if any. The Audit Committee meets
every quarter to review and discuss the Internal
Audit reports and follows up on action plans of past
significant audit issues and compliance with the audit
plan. Structured follow-up mechanisms ensure the
timely implementation of identified actions. Regular
reviews of the internal controls are conducted
in line with the Audit Plan approved by the Audit
Committee. The Internal and Statutory Auditors of the
Company discuss their audit findings and updates
the Committee and submit their views directly to the
Committee. Separate discussions are held with the
Internal Auditors to focus on compliance issues and
to conduct detailed reviews of the processes and
internal controls in the Company.

During the year under review, no material or serious
observation has been received from the Auditors of
the Company for the inefficiency or inadequacy of
such controls.

The Audit Committee of the Board of Directors
approves the annual internal audit plan and
periodically reviews the progress of audits as per
approved audit plans.

NUMBER OF MEETINGS OF THE BOARD:

The Board met 5 (Five) times during the Financial Year
2025-26, details of which are given in the Corporate
Governance Report which forms part of this Annual
Report.

BOARD EVALUATION:

The Board of Directors have carried out an annual
evaluation of its own performance, Board Committees
and individual Directors pursuant to applicable
provisions of the Act and in accordance with the
requirements prescribed under the Listing Regulations.

The performance of the Board was evaluated by
the Board Members after seeking inputs from all the
Directors on the basis of criteria such as the Board
composition and structure, effectiveness of Board
processes, contribution at the meetings, etc.

The performance of the Committees was
evaluated by the Board after seeking inputs from
Committee Members on the basis of criteria such
as the composition of Committees, effectiveness of
Committee meetings, etc.

The Board reviewed the performance of the individual
Directors on the basis of the criteria such as the
contribution of the individual Director to the Board
and Committee Meetings like preparedness on the
issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc. In addition,
the Chairman was also evaluated on the key aspects
of his role.

The above criteria are based on the Guidance Note
on Board Evaluation issued by the Securities and
Exchange Board of India on January 5, 2017.

In a separate meeting of Independent Directors:

i) Performance of Non-Independent Directors and
the Board as a whole was evaluated;

ii) Performance of the Chairman of the Company,
taking into account the views of Executive Director
and Non-Executive Director was evaluated;

iii) The quality, quantity and timeliness of flow of
information between the Company Management
and the Board that was necessary for the Board
to effectively and reasonably perform their duties
was evaluated.

The same was discussed in the Board Meeting held
subsequently to the meeting of the Independent
Directors. The performance of the Board, its
Committees and of individual Directors was also
reviewed by the Board. The performance evaluation of
Independent Directors was done by the entire Board,
excluding the Independent Director being evaluated.

COMPANYS' POLICY ON NOMINATION,
REMUNERATION, BOARD DIVERSITY AND
EVALUATION:

In terms of the applicable provisions of the Act, read
with the Rules made thereunder and the Listing
Regulations, the Company has formulated a Policy
on Nomination and Remuneration of Directors, Key
Managerial Personnel and other Employees, Board
Diversity and Evaluation of Directors which includes
the criteria for determining qualifications, positive
attributes, independence of Directors and other
matters. The salient features/terms of reference of the
aforesaid policy as provided in Section 178(3) of the
Act has been disclosed in the Corporate Governance
Report, which forms part of this report. The Nomination
and Remuneration Policy can be accessed on the
website of the Company athttps://www.ivpindia.
com/policies.

COMMITTEES OF THE BOARD:

• Audit Committee:

Details pertaining to composition and constitution
of the Audit Committee are included in the Report
on Corporate Governance. During the year under
review, all the recommendations made by the
Audit Committee were accepted by the Board.

• Nomination and Remuneration Committee:

Details pertaining to composition of the
Nomination and Remuneration Committee
('NRC') are included in the Report on Corporate
Governance. During the year under review, all
the recommendations made by the NRC were
accepted by the Board.

• Corporate Social Responsibility Committee:

The Board has constituted a Corporate Social
Responsibility ('CSR') Committee to monitor the
implementation of CSR activities of the Company
and also has in place a Corporate Social
Responsibility Policy, which is available on the
Companys' website athttps://www.ivpindia.com/
policies. During the year under review, all the
recommendations made by the CSR Committee
were accepted by the Board.

• Stakeholders Relationship Committee:

Details pertaining to composition of the
Stakeholders Relationship Committee ('SRC')

are included in the Report on Corporate
Governance. During the year under review, all the
recommendations made by the Stakeholders
Relationship Committee were accepted by the
Board.

AUDITORS:i) Statutory Auditors:

M/s. Rajendra & Co., Chartered Accountants (Firm
Registration No.: 108355W), were appointed as
Statutory Auditors of the Company for a period of five
consecutive years at the 92nd Annual General Meeting
of the Company to hold office till the conclusion of the
97th Annual General Meeting.

The first term of M/s. Rajendra & Co. will end at
conclusion of ensuing 97th Annual General Meeting
and based on recommendation received from the
Audit Committee it is proposed to re-appoint them
as statutory auditors of the Company for the second
term of 5 years from the conclusion of the 97th Annual
General Meeting till the conclusion of the 102nd Annual
General Meeting.

M/s. Rajendra & Co. have confirmed that they
meet the eligibility criteria and are free from any
disqualifications as specified under Section 141 of the
Act and have affirmed their independent status.

The report of the Statutory Auditors along with notes
to schedules is a part of the Annual Report. There has
been no qualification, reservation, adverse remark or
disclaimer given by the Auditors in their Report.

ii) Cost Auditors:

The Company is required to maintain the cost records
as specified by the Central Government in terms
of Section 148(1) of the Act and accordingly such
accounts and records are prepared and maintained
by the Company.

M/s. Kishore Bhatia & Associates, Cost Accountants,
were appointed as Cost Auditors for auditing the Cost
Accounts of the Company for the financial year ended
March 31, 2026 and on recommendation of the Audit
Committee they have been reappointed by the Board
of Directors as Cost Auditor for the financial year
ended March 31, 2027. M/s. Kishore Bhatia & Associates
have confirmed that they meet the eligibility criteria
and are free from any disqualifications as specified
under Section 141(3) and the proviso to Section 148(3)
of the Act. They have also affirmed their independent
status.

The remuneration as fixed by the Board of Directors is
required to be ratified by the Members at the ensuing
97th Annual General Meeting of the Company.

Pursuant to the provisions of Section 148 of the Act
read with the Companies (Audit and Auditors) Rules

2014, a resolution seeking Members' approval for
the ratification of remuneration payable to the Cost
Auditors for the Financial Year 2027 forms part of
the notice of the 97th Annual General Meeting of the
Company and the same is recommended for your
consideration and approval.

The Cost Audit Report for the financial year 2024¬
25 did not contain any qualification, reservation or
adverse remark and was filed within due time.

iii) Secretarial Auditors:

Pursuant to the amended provisions of Regulation
24A of the Listing Regulations and Section 204 of
the Act read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014, Company had appointed Mr. Aqueel A. Mulla,
proprietor of M/s. A. A. Mulla & Associates, Practicing
Company Secretaries (FCS NO. 2973, CP. NO. 3237),
as Secretarial Auditor of the Company for a term of
five (5) years, to hold office from the conclusion of the
96th Annual General meeting until the conclusion of
101st Annual General Meeting.

The Secretarial Audit Report is enclosed as
"Annexure A" to this report. The Secretarial
Audit Report does not contain any qualification,
reservation or adverse remark.

FRAUD REPORTING:

During the year under review, the Company identified
an instance of fraud involving misrepresentation and
falsification of customer records by a sales employee.

Pursuant to a detailed investigation, the total
financial impact of the incident has been assessed at
g613 lakhs. The Company has appropriately
recognized and fully provided for this amount in its
books of account in accordance with the requirements
of Ind AS 109 - Financial Instruments including
g254 lakhs provided during the financial year
2025-26.

The Company has initiated steps for recovery.

Further, in response to the incident, the Company has
undertaken a comprehensive review of its internal
control systems and has further strengthened
control measures, including enhanced monitoring
and verification processes, to mitigate the risk of
recurrence of similar incidents.

The Board affirms that the Company remains
committed to maintaining robust internal controls,
ethical conduct, and transparency in all its operations.

During the year under review, there was no fraud
reported by the Auditors of the Company under
Section 143(12) of the Act to the Board of Directors
pertaining to the financial year 2025-26.

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

Information required under Section 134(3)(m) of the
Act read with Rule 8 of the Companies (Accounts)
Rules, 2014, relating to conservation of energy,
technology absorption, foreign exchange earnings
and outgo is given in "Annexure B" to this report.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Members are requested to take note that as per
provisions of Section 135 of the Act and Rules made
thereunder, the Company spent g 37,50,100/-(Rupees
Thirty Seven lakhs Fifty Thousand and One hundred
only) at the P. L. Shroff College situated in Chinchani,
Tarapur, Boisar, during financial year 2025-26 by
constructing of Two new Multi-Disciplinary classrooms
equipped with benches and required accessories,
provided scholarships to 10 meritorious students
from economically disadvantaged backgrounds and
funded teacher enrichment and skill development
initiatives aimed at strengthening the capabilities
of teaching staff at nearby colleges in the Palghar
district.

The salient features/terms of reference along with
details of the composition of the Corporate Social
Responsibility Committee, the brief outline of the
Corporate Social Responsibility (CSR) policy of the
Company and the initiatives undertaken by the
Company on CSR activities during the year are set out
in Corporate Governance Report which forms part of
this Annual Report.

The content of the CSR Policy of the Company as
approved by the Board on the recommendation of
the CSR Committee is available on the website of the
Company at https://www.ivpindia.com/policies.

The Companys' CSR Policy statement and annual
report on the CSR activities undertaken during the
financial year ended March 31, 2026, in accordance
with Section 135 of the Act and Companies (Corporate
Social Responsibility Policy) Rules, 2014 is set out in
"Annexure C" to this report.

VIGIL MECHANISM AND WHISTLE BLOWER
POLICY:

Pursuant to the provisions of Section 177(9) & (10) of
the Act and Regulation 22 of the Listing Regulations, a
Vigil Mechanism for Directors and Employees to report
genuine concerns/grievances has been established.
During the year under review, no employee was denied
access to the Audit Committee. The Vigil Mechanism
and Whistle Blower Policy as approved by the Board of
Directors is available on the website of the Company
at https://www.ivpindia.com/policies.

RELATED PARTY TRANSACTIONS:

All transactions with related parties entered into
during the financial year 2025-26 were at arms' length
basis and in the ordinary course of business and in
accordance with the provisions of the Act and the

Rules made thereunder. There were no transactions
which were material (considering the materiality
thresholds prescribed under the Act and Regulation
23 of the Listing Regulations).

Accordingly, no disclosure is made in respect of the
Related Party Transactions in the prescribed Form
AOC-2 in terms of Section 134 of the Act and Rules
made thereunder.

There are no materially significant related party
transactions that may have potential conflict with
interest of the Company at large.

The details of the related party transactions are set
out in notes to the Financial Statements.

All transactions with related parties are placed before
the Audit Committee for approval. Prior omnibus
approval of the Audit Committee is obtained for all
the Related Party Transactions which are repetitive
in nature. The Audit Committee, on a quarterly basis,
reviews all transactions entered into pursuant to
the omnibus approvals granted. A statement giving
details of all Related Party Transactions is placed
before the Audit Committee and the Board for review
and approval on a quarterly basis.

The Policy on Related Party Transactions as approved
by the Board of Directors is available on the website
of the Company at https://www.ivpindia.com/policies.

HOLDING, SUBSIDIARIES, ASSOCIATES AND
JOINT VENTURE COMPANIES:

The Company continues to be the Subsidiary
Company of Allana Exports Private Limited together
with other subsidiary companies. The Company does
not have any Subsidiaries, Associates or Joint Venture
Companies.

EXTRACT OF ANNUAL RETURN:

Pursuant to the provisions of Section 92(3) read with
Section 134(3)(a) of the Act and the Rules framed
thereunder, the Annual Return for the Financial Year
ended March 31, 2026 is available on the website of
the Company at https://www.ivpindia.com/financials.

REMUNERATION OF THE DIRECTORS/

KEY MANAGERIAL PERSONNEL (KMP)/
EMPLOYEES:

The information required pursuant to Section 197
of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the
Company and Directors is given in the "Annexure D"
to this report.

Details of employees remuneration as required
under Section 197 of the Act and Rule 5(2) and 5(3)
of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules 2014 are available at
the Registered Office of the Company during working
hours and shall be made available to any Member on
their request.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS:

The information on Loans, Guarantees and
Investments covered under the provisions of Section
186 of the Act is not applicable as no such Loans,
Guarantees have been given or Investments have
been made by the Company.

RISK MANAGEMENT:

The Company has framed a formal Risk Management
Framework for risk assessment and its minimization
which is periodically reviewed to ensure smooth
operation and effective management control.

The Audit Committee reviews the adequacy of the risk
management framework and reviews are conducted
on an ongoing basis based on a comprehensive risk-
based audit plan prepared by the internal auditor.
The Internal Audit team reviews and reports to the
management and the Audit Committee about
compliance with internal controls, and the efficiency
and effectiveness of operations as well as the key
process risks which is reviewed by audit committee
on quarterly basis. The Board undertakes periodic
review of various matters including risk management,
forex, internal audit reports, etc.

The risk management process is designed to
safeguard the organization from various risks
through adequate and timely action. It is designed
to anticipate, evaluate and mitigate risks in order
to minimize its impact on the business. The risk
management framework of the Company is
appropriate compared to the size of the Company
and the environment under which the Company
operates. The Audit Committee oversees the risk
management system and its adequacy.

INSURANCE:

All assets of the Company are adequately insured.

EMPLOYEES' RELATIONS:

Employees relations continued to remain cordial
and satisfactory during the financial year. The total
number of permanent employees as on March 31,
2026 was 202.

SEXUAL HARASSMENT AT WORKPLACE:

The Company adopts Zero tolerance approach
towards sexual harassment at workplace. The
Company has formulated a Policy on prevention of
Sexual Harassment in accordance with the provisions
of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
and the Rules made thereunder which is aimed at
providing every woman at the workplace a safe,
secure and dignified work environment.

An Internal Committee has been set up to redress
complaints received regarding sexual harassment.
All employees (permanent, contractual, temporary,
trainees) are covered under this Policy.

The Company has complied with the applicable
provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
Act, 2013 and the Rules made thereunder, including
constitution of the Sexual Harassment Committee i.e.
Internal Complaints Committee.

No. of complaints at the beginning of the financial
year 2025-26: NIL

No. of complaints received during the financial year
2025-26: NIL

No. of complaints disposed off during the financial
year 2025-26: NIL

No. of Complaints pending for more than 90 days: NIL

No. of complaints pending as on March 31, 2026: NIL

Continuous awareness in this area has been created
to provide a safe workplace to all its employees.
During the year, the Company organized training
and awareness sessions on the Prevention of Sexual
Harassment.

SECRETARIAL STANDARDS:

The Company has complied with all the applicable
provisions of Secretarial Standards as issued by the
Institute of Company Secretaries of India (ICSI) and
notified by the Ministry of Corporate Affairs (MCA),
Government of India.

GREEN INITIATIVES:

Pursuant to the relevant circulars issued by Ministry
of Corporate Affairs (MCA), Government of India and
Securities & Exchange Board of India (SEBI), Notice of
the AGM and the Annual Report of the Company for
the year 2024-25, the said documents have been sent
only by email to the Members who have registered
their email address with the Company/Depository
Participant(s).

During the financial year 2025-26, all notices and
agenda for the Board Meetings and Committee
Meetings were circulated to the Directors
electronically.

OTHER DISCLOSURES:

Your Directors state that no disclosure or reporting is
required in respect of the following matters as there
were no transactions on these matters during the
financial year under review:

• There are no material changes and commitments
affecting the financial position of the Company
which have occurred between the end of the
financial year 2025-26 and the date of this report;

• The Company did not invite or accept deposits
covered under Chapter V of the Act and there
are no deposits outstanding as at Balance Sheet
date;

• There are no significant material orders passed by the Regulators or Courts or Tribunals impacting the
going concern status of the Company and its operations in future;

• There has been no change in the nature of business of Company;

• The Company has not issued any sweat equity shares to its directors or employees;

• Neither any application has been made nor any proceeding is pending in respect of the Company under
the provisions of Insolvency and Bankruptcy Code 2016;

• There was no instance of one-time settlement with any Bank or Financial Institution.

• The Company is in compliance with the provisions relating to the Maternity Benefits Act, 1961.

• During the financial year, there were no material cyber security incidents, data breaches, or loss of
information.

ACKNOWLEDGEMENTS:

On behalf of the Directors of the Company, I would like to place on record our deep appreciation to our
shareholders, customers, business partners, vendors, bankers, financial institutions and our employees for all
the support rendered during the year.

By Order of the Board of Directors
Rajkumar Lekhwani

Place: Mumbai Chairman

Date: May 21, 2026 DIN: 10652214

Registered Office:

Shashikant N. Redij Marg,

Ghorupdeo, Mumbai-400 033.

CIN: L74999MH1929PLC001503
Tel: 022-35075360

E-mail ID: ivpsecretarial@ivpindia.com
Website: www.ivpindia.com