The Directors have pleasure in presenting herewith their Annual Report together with the audited Accounts of the
Company for the year ended 31st March, 2026.

STATE OF COMPANY'S AFFAIRS

The Company was previously engaged in two business verticals, namely trading in chemicals and sale of electricity
generated from renewable sources. During the year under review, the Company divested its electricity generation
business and accordingly, continues to operate in a single business vertical, i.e., trading in chemicals.

During the year under review, the Company reported revenue from operations of Rs 2091.07 Lakhs as against Rs. 1619.27
Lakhs in the previous year and the net Profit from the operations stood at Rs. 30.93 Lakhs as against net loss of Rs. 26.62
Lakhs in the previous year.

STATEMENT CONTAINING SALIENT FEATURES OF FINANCIAL STATEMENTS OF THE SUBSIDIARY

The Company does not have any subsidiary, associate, or joint venture company during the year under review. Accordingly,
the requirement of providing a statement containing salient features of the financial statements of subsidiaries in Form
AOC-1 is not applicable.

CAPITAL / FINANCE

As on 31st March, 2026, the issued, subscribed and paid up share capital of your Company stood at Rs.29,32,64,570/-,
comprising of 2,93,26,457 Equity shares of Rs.10/- each.

Details required pursuant to Section 134(3) of Companies Act, 2013

a) Web-link of Annual Return

The Annual Return of the Company as required under Section 92(3) of the Companies Act, 2013 is available on the
website of the Company at www.iavshreechemicals.com/anualreturn.html

b) Details of Board Meetings

During the year 2025-26, 4 (Four) Board Meetings were held, details of which are given below:

A detailed note on the Board and its Committees is provided under Corporate Governance Report Section.

c) Directors' Responsibility Statement\

Pursuant to the requirements of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your
Directors confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards had been followed along with
proper explanation relating to material departures;

ii. the Directors had selected such accounting policies and applied them consistently and made judgements
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 and of the profits earned by the Company for that period;

iii. the Directors had taken proper and sufficient care for 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 Directors had prepared the annual accounts on a going concern basis;

v. the Directors, had laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and were operating effectively; and

vi. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.

d) Declaration by Independent Directors

In the opinion of the Board and as confirmed by Independent Directors, they fulfil the conditions specified in Section
149(6) of the Companies Act, 2013 and the Rules made thereunder about their status as Independent Directors of
the Company.

e) Committees of The Board

During the financial year ended on March 31, 2026, the Company has three committees as mentioned below:

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

Audit Committee

The composition, terms of reference, and other details of the Committee are included in the Corporate Governance
Report, which forms part of this Annual Report. All recommendations made by the Audit Committee during the
year were accepted by the Board.

Stakeholders Relationship Committee

The Composition, terms of reference and other details of the Committee, are included in the Corporate Governance
Report, which forms part of this Annual Report

Nomination and Remuneration Committee

The Composition, terms of reference and other details of the Committee are included in the Corporate Governance
Report, which forms part of this Annual Report.

The Nomination and Remuneration Policy of the Company

1. The Nomination and Remuneration Policy of the Company is based on the provisions contained in the
Companies Act, 2013, the Rules made thereunder and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

2. Remuneration of Directors, Key Managerial Personnel and other employees is based on the recommendation
of the Nomination and Remuneration Committee on the basis of experience and exposure in the prescribed
fields.

The said Nomination and Remuneration policy is available on the website of the Company at www.iayshreechemicals.
com/JCL Nomination Remuneration Policy.pdf.

f) Explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer
made:-

i) By the Auditors in their report: No qualification or reservation has been

observed by the Auditors in their Report.

ii) By the Company Secretary in Practice No qualification or reservation has been

in his Secretarial Audit Report : observed by the Secretarial Auditor in his Report

g) Particulars of loans, guarantees or investments under Section 186.

Particulars of such loans and investments are duly disclosed in the Accounts.

No guarantee was given by the Company.

h) Particulars of contracts or arrangements with related parties referred to in Sub-section (1) of Section 188.

Particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 is annexed
herewith [in Form AOC-2] as Annexure-1.

i) Satisfaction and modification of Charges

The Company has satisfied all the charges on the assets of the Company. However, despite the Company having
paid the entire amount of Rs.3,88,500/- to the Charge Holder in respect of a Charge and obtaining the"No Objection
Certificate" from the Charge Holder, still a charge of Rs. 3,88,500/- is being shown on the MCA site. Several request
letters have been sent overtime to the Charge Holder in this regard and the same is still under process as the issue
has not been resolved by the Charge Holder till now.

j) Transfer to Reserves.

During the year under review, no amount was transferred to Reserves. However, net profit of Rs. 30.93 lakhs is
carried to the Balance Sheet.

k) Recommendation of Dividend

The Board has not recommended any dividend for the financial year ended 31st March, 2026.

l) Material changes and commitments, affecting the financial position of the Company:

No material changes affecting the financial position of the Company have occurred between the end of the financial
year to which these financial statements relate and the date of this report.

m) Details of conservation of energy, technology absorption, foreign exchange earnings and outgo:

During the year under review, the Company had not carried out any manufacturing activity accordingly, disclosures
relating to conservation of energy and technology absorption are not applicable.

Further, there were no foreign exchange earnings or outgo during the year.

n) Development and implementation of risk management policy

As per the requirements of the Act, the Company has developed and implemented the Risk Management Policy and
the Audit Committee of the Board reviews the same periodically.

o) Applicability of Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility were not
applicable to the Company during the period under review, as the Company did not meet the prescribed thresholds
under Section 135(1) of the Act. Accordingly, no CSR activities were undertaken during the year and the disclosure
requirements under Section 135 of the Act, including the Report on CSR Activities, are not applicable.

p) Formal annual evaluation by the Board of its own performance and that of its committees and individual
directors

Pursuant to the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has carried out an annual evaluation of its own performance, the
performance of its Committees and that of the individual Directors.

q) Ratio of Directors Remuneration to Median Employees' Remuneration & other as per Rule 5(1) to the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

(i) The ratio of the remuneration of each director to the median remuneration of the employees of the Company
for the financial year:

Ratio of remuneration of Shri Rajesh Kumar Singhi, Executive Director & CFO to the median remuneration of
the employees: 2.99:1

None of the other Directors received any remuneration other than the sitting fees for attending meetings of
the Board or any Committee of the Board.

(ii) The percentage increase/(decrease) in remuneration of each director, Chief Financial Officer, Chief Executive
Officer, Company Secretary or Manager, if any, in the financial year;

Percentage increase (decrease) in remuneration of Shri Rajesh Kumar Singhi, Executive Director & CFO: 11 %
Percentage increase (decrease) in remuneration of Smt. Puja Guin, Company Secretary: Nil

(iii) The percentage increase in the median remuneration of employees in the financial year:

During the F.Y. 2025-26, the percentage increase (decrease) in the median remuneration of employees was 0.15
%.

(iv) The number of permanent employees on the rolls of Company:

8 permanent employees were on the rolls of the Company at the close of the financial year.

(v) The explanation on the relationship between average increase in remuneration and company Performance:

In view of the Company's performance, only minimum increases were given to its employees.

(vi) Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company:
Total remuneration paid to the Key Managerial Personnel of the Company during the year: Rs.36.43 Lacs /-

(vii) Variations in the market capitalisation of the Company, price earnings ratio as at the closing date of the current
financial year and previous financial year and percentage increase over decrease in the market quotations of
the shares of the Company in comparison to the rate at which the Company came out with the last public offer.

Market Capitalisation as on 31/03/2026 Rs. 5.18 * 29326457 = Rs. 15,19,11,047.26

Market Capitalisation as on 31/03/2025 Rs. 7.15 * 29326457 = Rs. 20,96,84,168

Price Earning ratio as on 31/03/2026 : 5.18/ 0.11 = 47.09

Price Earning ratio as on 31/03/2025 : 7.15/ (0.09) = - 79.44

% increase or decrease in the market quotations of the shares of the Company in comparison to the rate at
which the Company came out with the last public offer = Rs. (15-5.18)/15 * 100 = 65.46% (decrease)

(viii) Average percentile increase already made in the salaries of employees other than the Managerial personnel
in the last financial year and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the managerial
remuneration:

In view of the performance of the Company during the year under review, only minimal increments were
provided to employees. The increase in managerial remuneration is commensurate with the overall
remuneration increase for employees. No exceptional circumstances exist for any significant increase in
managerial remuneration.

(ix) Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company;

In view of the performance of the Company during the year under review, only minimal increases were made
in the remuneration of the Key Managerial Personnel. The remuneration is commensurate with the Company's
performance.

(x) The key parameters for any variable component of remuneration availed by the directors:

The remuneration availed by the directors during the year did not consist of any variable component.

(xi) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but
receive remuneration in excess of the highest paid director during the year:

No employee received remuneration in excess of the remuneration paid to the Executive Director & CFO during
the year.

(xii) Affirmation that the remuneration is as per the remuneration policy of the Company.

The Company follows its remuneration policy in fixing the remuneration of its employees or directors.
GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following items as either there were no
transactions on these items or the items were not applicable during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights, sweat equity shares or ESOP.

3. Remuneration or Commission received by Executive Director of the Company from the Company's subsidiary.

4. Fraud reporting by the Auditors.

5. Maintenance of Cost Records as specified by the Central Government under sub-section (1) of section 148 of the
Companies Act, 2013.

6. Capital or debt restructuring activities including but not limited to issuance or redemption of shares, one time
settlements (OTS) etc.

7. Cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. The Directors further states that no complaints were disposed off during the year under review and no
complaint of any sexual harassment stands pending for a period of 90 days or more.

8. The company has paid all the statutory dues that were accrued during the reporting period.

PENDING LITIGATIONS OF SUBSTANTIAL NATURE

The Arbitral Tribunal at Cuttack Odisha vide its Order dated 12th April, 2024 had directed the Company to pay reimburse¬
ment of cost of Rs. 2.11 Crore with interest @ 9% per annum w.e.f. date of filing of claim petition till the date of actual
payment along with Rs. 28.7 Crore towards remediation costs and reimbursement of arbitration costs of Rs. 25 Lakh. The
Company has challenged the said order and the same is Sub-Judice. Apart from the said Order, no other material orders
were passed by the Regulators, Courts and Tribunals against the Company.

APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the previous year, M/s. Bangur Exim Private Limited (now merged into the Company), had initiated Insolvency
Proceedings against its defaulting debtor namely M/s. Plumbers Choice Plastics Private Limited vide Company Petition
- C. P. (IBC)-04-KOB-2024 for recovery of dues which remains pending as on 31st March, 2024. However, the defaulting
debtor went into liquidation and M/s Jayshree Chemicals Limited (Merged entity of M/s Bangur Exim Private Limited)
has submitted its pending claims as on 31st March 2024 vide its application dated 22nd March, 2025 and the same is
under process.

INTERNAL FINANCIAL CONTROLS

The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of
business of the Company. All transactions are authorised, recorded and reported correctly. Internal Audits and checks
are carried out regularly.

VIGIL MECHANISM

Pursuant to the requirements of the Section 177 (9) of the Companies Act 2013, the Company has established Vigil
(Whistle Blower) Mechanism which aims to provide a channel to the Directors and employees to report genuine concerns
about unethical behaviour, actual or suspected fraud or violation of the Codes of Conduct or policy.

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations
and in order to maintain these standards, the Company encourages its employees who have genuine concerns about
suspected misconduct, to come forward and express these concerns without fear of punishment or unfair treatment.

The Company's vigil mechanism provides adequate safeguards against victimization of directors and employees who
avail of the mechanism and enables direct access to the Chairman of the Audit Committee in exceptional cases.

This neither releases employees from their duty of confidentiality in the course of their work nor can it be used as a route
for raising malicious or unfounded allegations about a personal situation.

STATUTORY AUDITORS, THEIR REPORT AND NOTES TO FINANCIAL STATEMENTS

In the Annual General Meeting held on 22nd September, 2022, M/s. AMK & Associates, Chartered Accountants having
Firm Registration No. 327817E, were appointed as Statutory Auditors, for the Company's financial years 2022-2023 to
2026-2027.

SECRETARIAL AUDIT

In the Annual General Meeting held on 10th June, 2025, Shri Arun Kumar Jaiswal, Practicing Company Secretary having
Certificate of Practice No. 12281 was appointed as the Secretarial Auditor, for the Company's financial years 2025-2026 to
2029-2030. The Report of the Secretarial Auditor is enclosed as Annexure-2 to this Report. The Report is self-explanatory
and do not call for any further comments.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

a) Details of Directors retiring by rotation

Shri Virendraa Bangur, holding DIN 00237043, Non-Executive Director & Chairman of the Company, retires by rotation at
the ensuing Annual General Meeting of the Company and being eligible, offers himself for reappointment.

b) Appointment/Cessation/Change in Designation of Directors

i) Shri Rishi Bajoria, Independent Director, (DIN: 00501157) resigned on 16th July, 2026 from the Board due to
personal reason. He also ceases to be Member of Audit Committee, and of Nomination and remuneration
Committee of the Company with immediate effect. The Directors place on record their appreciation for the
valuable services rendered by Shri Rishi Bajoria during his tenure of office as an Independent Director of the
Company.

ii) On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the
Company at their meeting held on 16th July, 2026, have appointed Shri. Satish Kapur, (DIN: 00051163) as an
Independent Director for the first term of five years subject to the approval of the members of the Company at
the ensuing Annual General Meeting.

iii) On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company
at their meeting held on 16th July, 2026 have re-appointed Shri Rajesh Kumar Singhi (DIN:01210804) as a Whole¬
time Director of the Company for a third consecutive term of two years w.e.f.11th February, 2027 subject to the
approval of the members of the Company at the ensuing Annual General Meeting.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

All unclaimed dividends and all shares relating thereto have already been transferred to the Investor Education and Pro¬
tection Fund established by the Central Government in the Year 2018-19.

FIXED DEPOSITS

Your Company has not accepted any deposit from public in terms of Section 73 of the Companies Act, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis comprising an overview of the financial results, operations / performance and
future prospects of the Company is annexed and forms part of this Report.

HUMAN RESOURCES

Your Company treats its human resources as one of its most important assets. It is committed to attracting, developing,
and retaining talented individuals by fostering a supportive, inclusive, and performance-driven work environment. The
Company believes that employee growth and organizational success go hand in hand, and therefore invests in continu¬
ous learning, fair compensation, and employee well-being.

Applicability of Maternity Benefit Act

In accordance with the provisions of the Maternity Benefit Act, 1961, the Company has ensured compliance with all
applicable requirements. During the year under review, no employee was eligible to avail benefits under the said Act.

PARTICULARS OF EMPLOYEES

The Company had no employee drawing remuneration specified under the Companies (Appointment and Remunera¬
tion of Managerial Personnel) Rules, 2014, during the year under review. Accordingly, the particulars required under the
above Rule have not been given.

CORPORATE GOVERNANCE

As per the Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regula¬
tions, 2015, a separate section on Corporate Governance practices followed by the Company together with a Certificate
from the Company's Auditors confirming compliance forms an integral part of this Report.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation for employees at all levels, who contributed to the growth and perfor¬
mance of your Company.

Your Directors also thank the clients, vendors, bankers, shareholders and advisor's of the Company for their continued
support.

On behalf of the Board
For Jayshree Chemicals Limited

Regd. Office :

14, N. S. Road Virendraa Bangur Rajesh Kumar Singhi

Kolkata - 700 001 (Director) Executive Director & CFO

Date: 16.07.2026 (DIN: 00237043) (DIN: 01210804)