Your Directors have pleasure in presenting the 38^th (Thirty Eighth) Annual Report on the affairs of the Company together
with the Statement of Accounts for the F.Y. 2024-25. The summarized financial highlights for the financial year vis-a-vis
the previous year are as follows :

1. FINANCIAL HIGHLIGHTS

2. PERFORMANCE, RESULT OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS

The current F.Y. was turbulent ride and the domestic economy suffered as a fallout of the global trade war. The
negative trend in steel demand which started from second quarter of 2022 due to war related disruptions along
with unprecedented rise in energy prices and production costs has continued until the third quarter of 2024 and
your Company got swept away in the tide. F.Y. 2024-25 witnessed a decline in the Company's financial performance
as compared to the previous year. Key indicators such as revenue, profitability, and comprehensive income showed
significant contraction, largely influenced by macroeconomic challenges, operational pressures, and elevated costs.
Revenue from operations decreased by 16.17%, falling from ? 85,418.42 lakhs in F.Y. 2023-24 to ?71,723.22 lakhs in
F.Y. 2024-25. This decline may be attributed to lower sales volume and pricing pressures.

With steel prices decreasing in Q3, raw material cost rising and shut down of MBF at Durgapur plant from 06th
February, 2025 to 19th April, 2025 for rectification work on the MBF and its accessories, both production and sales
of hot metal dropped and the profit margin (spreads) in H2 faced pressure. Even improved debt servicing was
subdued by the shrinking EBITDA and the Company posted a net loss of ' 609.36 lakhs in F.Y. 2024-25 compared to
a net profit of ' 228.48 lakhs in the previous year.

As per the steel industry trends the ongoing economic uncertainty is set to continue affecting growth over the
upcoming quarters but with your company prioritizing strengthening its operational efficiency, cost rationalization
and exploring new revenue streams to restore profitability, is committed to steering the business back to a stable
growth trajectory.

The Indian government's proactive policy interventions provided much-needed relief to the steel sector. The
imposition of import duties on steel in Q1 F.Y. 26 began to restore balance, curbing the impact of cheap imports and
supporting domestic producers. Continued emphasis on infrastructure investment, "Make in India', and mandatory
use of domestic steel in public procurement furter bolsered the industry's prospects.

3. DIVIDEND

Considering accumulated losses the Directors regret their inability to declare any dividend on Equity Shares.

4. TRANSFER TO RESERVE

In view of the losses incurred, your Company has not transferred any amount to its reserves.

5. SHARE CAPITAL

There was no issue of fresh Equity Shares during the year. No Bonus Shares were issued. The Company has not issued
any Sweat Equity Shares and not provided any Employee Stock Option Scheme. The Company has not bought back
any of its securities during the year under review.

6. CHANGE IN NATURE OF BUSINESS

During the year under review, there was no change in the nature of business of the Company.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL

7.1. Retirement by Rotation

Pursuant to the provisions of the Companies Act, 2013, Mr. Kanhaiyalal Didwania (DIN: 07746160) (Non Executive
Non Independent Director) of the Company, retires by rotation at the ensuing Annual General Meeting and being
eligible, offers himself for re-appointment. The information as required to be disclosed under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, "Listing Regulations" in case of re-appointment of
Directors is provided in the Notice of the ensuing Annual General Meeting.

7.2. Appointment

During the F.Y. 2024-25 Mr. Rajarshi Ghosh (DIN : 05270177) was appointed as an Independent Director of the
Company w.e.f. May 24^th, 2024.

7.3. Resignation

Mr. Laxmi Naryan Sharma, (DIN : 00356855), Director designated as Non Executive Independent Director of the
Company resigned from the Directorship of the Company w.e.f May 24^th, 2024. Your Board places on record its
appreciation for valuable services rendered by him during his tenure as a Director of the Company.

7.4. Declaration of Independent Directors

All the Independent Directors have given declarations that they meet the criteria of independence as laid down
under Section 149(6) of the Companies Act, 2013 "Act" and Regulation 25 of Listing Regulations.

7.5. Key Managerial Personnel

Following officials are appointed as the Key Managerial Personnel 'KMP' of the Company :

• Mr. Radhey Shyam Jalan, (DIN : 00578800) Chairman and Managing Director ;

• Mr. Mukesh Bengani, (DIN : 08892916) Director (Finance) and Chief Financial Officer ;

• Mrs. Ruchika Fogla, Company Secretary and Compliance Officer.

7.6. Meetings of the Board

As required under Section 173 of the Act the Board of Directors met 4 (four) times during the F.Y. 2024-25, the details
of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap
between any two meetings was within the period prescribed by the Act and Listing Regulations.

7.7. Board Evaluation

Pursuant to the provisions of the Act and the Listing Regulations the Board of Directors has carried out the annual
performance evaluation of its own performance, the Directors individually as well as the evaluation of the working
of its Committees. A structured questionnaire was prepared after taking into consideration the inputs received from

the Directors, covering various aspects of the Board's functioning such as adequacy of the composition of the Board
and its Committees, Board culture, execution and performance of specific duties, obligations and governance, etc.

The performance evaluation of the Chairman and the Non Independent Directors was carried out by the
Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed
their satisfaction with the evaluation process.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information on conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant
to Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as
'Annexure -A' and forms part of this Report.

9. CORPORATE GOVERNANCE

Your Company believes in transparent and ethical corporate governance practices. The Company's approach to
Corporate Governance cascades across its business operations and its stakeholders at large to create long-term
sustainable value.

Pursuant to Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on Corporate
Governance and a Certificate regarding compliance of conditions of Corporate Governance from a Practicing
Company Secretary form part of this report as 'Annexure - B'. The declaration by the Managing Director stating
that all the Board members and Senior Management Personnel have affirmed their compliance with the Company's
Code of Conduct for the year ended March 31, 2025 is given in the Corporate Governance Report.

10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report, in compliance with Regulation 34(3) read with Schedule V of
Listing Regulations, is annexed herewith as 'Annexure - C' and forms an integral part of this report.

11. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with section 134(3)(a) of the Act, copies of the Annual Returns of the Company
prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and
Administration) Rules, 2014 is hosted on the website of the Company i.e http://kicmetaliks.com/investors/
investors information/annual return.

12. AUDITORS AND AUDITORS' REPORT
12.1.Statutory Auditors

M/s. Agarwal Maheswari & Co., Chartered Accountants (Firm Registration No. 314030E) were appointed as Statutory
Auditors of your Company for a term of 2 years from the conclusion of the 36^th Annual General Meeting until the
conclusion of the 38^th Annual General Meeting to be held in the year 2025.

The Statutory Auditor's Report for the F.Y. 2024-25 does not contain any qualifications, reservations, adverse remarks
or disclaimer and no frauds were reported by the Auditors to the Company under sub-section (12) of Section 143 of
the Act.

As per Section 139(2) of the Act, no listed Company can appoint or re-appoint an audit firm as auditor for more than
two terms of five consecutive years. In view of the same, M/s. Agarwal Maheswari & Co., Chartered Accountants are
eligible to be re-appointed as statutory auditors of the Company, for a second term of 3 (three) years. Accordingly,
it is proposed to re-appoint M/s. Agarwal Maheswari & Co., Chartered Accountants, as the Statutory Auditors of the
Company for the second term of three (3) years to hold the office from the conclusion of the ensuing AGM of the
Company till the conclusion of 41^st AGM to be held in the year 2028.

12.2.Cost Auditors

The Board of Directors had appointed M/s. Patangi & Co. (Firm Registration No. 101919, Membership No. 30818) as
Cost Auditors of the Company. Their remuneration is subject to ratification by shareholders at the ensuing Annual
General Meeting. Cost Audit Report for the F.Y. 2023-24 was filed within due date.

12.3. Secretarial Auditors

Pursuant to Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s. B G Lahoti & Associates, Company Secretary in Practice
(Membership No. F11924) as Secretarial Auditors of the Company for the term of five (5) years from 1st April, 2025
to 31st March, 2030.

The Secretarial Audit Report in Form MR-3 is annexed herewith as 'Annexure - D' and forms part of this Report. The
Report does not contain any qualification, reservation or adverse remark.

13. REPORTING OF FRAUD

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Act.

14. COMPLIANCE CERTIFICATE

The Board has received the Compliance Certificate as required to be given by the Chief Executive Officer and the
Chief Financial Officer under Regulation 17(8) of Listing Regulations is annexed herewith as 'Annexure- E' and
forms an integral part of this Report.

15. VIGIL MECHANISM/WHISTLE BLOWER POLICY

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 Listing Regulations, the Board of Directors had approved the Policy on Vigil Mechanism/
Whistle Blower and the same has been hosted on the website of the Company at the web link http://kicmetaliks.
com/corporate/policies/vigil-mechanism.pdf.

16. NOMINATION AND REMUNERATION POLICY

The Company follows a policy on remuneration of Directors and Senior Management Personnel. The policy is
approved by the Nomination and Remuneration Committee and the Board of Directors had approved the policy
and the same has been hosted on the website of the Company at the web link http://kicmetaliks.com/ corporate/
policies/nomination-and-remuneration-policy.pdf.

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

The Company has in place a Policy for Prohibition and Redressal of Sexual Harassment at work place which is in line
with the requirements of the Sexual Harassment of women at the Workplace (Prevention, Prohibition & Redressal)
Act, 2013 and Rules made thereunder. All employees (permanent, contractual, temporary and trainees) are covered
under this policy. The Company has constituted an Internal Complaint Committee for its Registered Office and Plant
under Section 4 of the captioned Act. No complaint has been filed before the said committee till date. The Company
has filed an Annual Report with the concerned Authority.

18. AUDIT COMMITTEE

Your Company has an Audit Committee in terms of Section 177 of the Act and Regulation 18 of the Listing
Regulations. Further details of Audit Committee are given in the Corporate Governance Report annexed as a part of
the Directors' Report.

19. FINANCE

19.1. Public Deposits

During the year under the review your Company has not accepted any deposits nor does the Company have any
outstanding deposits under Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules, 2014 as
on the date of the Balance Sheet.

19.2. Particulars of loans, guarantees or investments under Section 186 of the Act

During the year under the review your Company has not given any loan or guarantee covered under Section 186 of
the Act.

19.3. Contracts and arrangements with related parties

There were no materially significant related party transactions entered by the Company which may have a potential
conflict with the interest of Company. All related party transaction(s) are first placed before Audit Committee for
approval and thereafter such transactions are also placed before the Board for seeking their approval. The details
of Related Party Transactions, as required pursuant to respective Indian Accounting Standards, have been stated in
Note No. 35 to the Audited Financial Statements of Company forming part of this Annual Report.

The Policy on Materiality of Related Party Transactions and dealing with related party transactions, as approved
by the Board of Directors may be accessed on the Company's website at the web link http://kicmetaliks.com/
corporate/policies/related-party-transaction-policY.pdf

19.4. Internal Financial Control

The Company has in place adequate internal financial control with reference to financial statements. During the
year, such controls were tested and no reportable material weakness in the design or operations of the same were
observed.

20. RISK MANAGEMENT

Risk management is an integral part of the strategic management of your Company. The process involves periodic
identification of risk likely to affect the business from operating smoothly and adoption of appropriate measures
to address the concerns. In this regard, your Company has identified inherent risks in its operations and record
residual risk after taking specific risk mitigation steps. The Policy on Risk Management, as approved by the Board of
Directors may be accessed on the Company's website at the web link http://kicmetaliks.com/corporate/policies/
risk-management-policy.pdf.

Further details regarding the same are given in the Management and Discussion Analysis Report.

21. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has constituted CSR Committee in compliance with the provisions of Section 135 of the Companies
Act 2013 'Act' read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 'CSR Rules'. The CSR
Policy of the Company has been prepared pursuant to Section 135 of the Act and the CSR Rules. The CSR policy
serves as the referral document for all CSR related activities at the Company. CSR Policy relates to the activities to be
undertaken by the Company as specified in Schedule VII and other amendments / circulars thereon to the Act.

Salient features of the CSR Policy and details of activities as required under CSR Rules is provided in 'Annexure
- F' forming part of this Report. The Company's CSR Policy may be accessed at the link: http://kicmetaliks.com/
corporate/policies/CSR-Policy-1.pdf.

22. DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors would like to inform the shareholders that the Audited Accounts containing the Financial Statements
for the F.Y. 2024-25 are in conformity with the requirements of the provisions of Section 134(3)(c) read with
Section 134(5) and all other applicable provisions of the Companies Act, 2013 and they believe that, the Financial
Statements reflect fairly the form and substance of transactions carried out during the year and reasonably present
the Company's financial condition and results of operations.

Based on the same, your Directors further confirm, according to the best of their knowledge and belief that :

a) in the preparation of the Annual Accounts for the F.Y. ended March 31, 2025, the applicable Accounting
Standards have been followed and there are no material departures from the same ;

b) the Directors 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 F.Y. 2024-25 and of the profit and loss of the Company for that period ;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities ;

d) the Directors have prepared the Annual Accounts on a going concern basis ;

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

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

23. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The Company had no employee during the F.Y. ended March 31, 2025, who was drawing remuneration in excess
of limits set out under Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014. Hence, no disclosure is required for the same.

A. Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read
with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
provided here below :

i) The ratio of remuneration of each Director/KMP to the median remuneration of the employees of the
Company for the F.Y. 2024-25 :

ii) The median remuneration of employees of the Company during the F.Y. 2024-25 was ' 2.12 lakhs.

iii) In the F.Y. 2024-25, there was a increase of 12.35 % in the median remuneration of employees.

iv) There were 358 permanent employees on the rolls of Company as on March 31, 2025.

v) Average percentage increase made in the salaries of employees other than the Managerial Personnel in
the F.Y. under review i.e. 2024-25 was 13.47% whereas the increase in the managerial remuneration for the
same period was 2.51 %.

vi) It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, KMP's and
other employees.

B. Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read
with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
are provided as 'Annexure - G' to this Report.

24. MATERIAL ORDERS

There have been no significant and material orders passed by the court or regulators or tribunals impacting the going
concern status and Company's operations. Your attention is drawn to the Contingent Liabilities and commitments
shown in the Notes to Financial Statements forming part of this Annual Report.

25. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY

No material changes and commitments have occurred after the close of the F.Y. till the date of this Report, which
affect the financial position of the Company.

26. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDERTHE INSOLVENCY AND BANKRUPTCY
CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL
YEAR

During the year under the review no applications were made by the Company and neither any proceedings were
pending against the Company under the Insolvency and Bankruptcy Code, 2016.

27. OTHER DISCLOSURES

The Company has proper and adequate systems and processes in place to ensure compliance with all applicable
Secretarial Standards issued by The Institute of Company Secretaries of India.

No disclosure or reporting is made in respect of the following items as there were no transactions or change during
the year under review :

• Details relating to deposits covered under Chapter V of the Act;

• Issue of Equity Shares with differential rights as to dividend, voting or otherwise;

• Issue of shares to the employees of the Company under any scheme (Sweat Equity or Stock Options);

• The Company does not have any scheme or provision of money for the purchase of its own shares by employees
or by trustees for the benefit of employees;

• There was no revision in the Financial Statements other than as required to be done as per Ind AS.

28. ACKNOWLEGEMENT

The Board wishes to place on record their sincere appreciation for the continued support which the Company has
received from its customers, suppliers, shareholders, promoters, bankers and above all, its employees.

ANNEXURES TO THIS REPORT

A brief summary of the annexures accompanying this Report are given as below :

For and on behalf of the Board of Directors
Radhey Shyam Jalan

Place : Kolkata DIN : 00578800

Dated : The 21st day of May, 2025 Chairman and Managing Director