Your Directors are pleased to present the 61st Annual Report and the audited accounts for the financial
year ended 31st March 2025.

FINANCIAL HIGHLIGHTS

Dividend

Your directors have recommended and paid an
interim dividend of 300% (Rs.30.00 per share of
Rs. 10 each) after declaration of unaudited financial
results for the quarter ended 31st December'2024.
In addition to the interim dividend paid during the
current financial year, your directors recommend
a final dividend of 500% (Rs.50 per share of Rs. 10
each) for the year ended 31st March, 2025 that will
be paid out of the profits of the Company for the
year ended 31st March, 2025, absorbing a total
amount of Rs.16.0 crores for final dividend. This

totals the dividend for the fiscal year 2024-25 to Rs.
80.00 per share (800%) to be paid out of the current
year's profit of Rs. 91.11 crores. The total dividend
payout including both interim and final dividends will
absorb an amount of Rs.25.60 crores, representing a
payout ratio of 28.10% of profit after tax for the year.
The dividend income will be taxable in the hands
of shareholders and income-tax at source will be
deducted by the Company from the dividend being
paid to the shareholders at the prescribed rates.

The final dividend of Rs.50 per equity share of
Rs. 10 each as recommended by the Board of

Directors of the Company at their meeting held on
27th May, 2025, if approved at the ensuing annual
general meeting, will be paid to those shareholders,
whose names appear in the Company's register of
members as on 20th September, 2025. In respect
of equity shares held in dematerialised form, the
dividend will be paid to those beneficial owners of
the equity shares as at the end of business hours on
13th September, 2025 as per the details furnished
by the depositories for this purpose.”

The Dividend Distribution Policy of the Company is
available at https://www.kselimited.com/investors/
policies. The dividend payout for the year 2024¬
2025 has been decided in accordance with the
Company's policy to pay sustainable dividend linked
to long term growth objectives of the Company to
be met out of internal cash accruals.

Unpaid Dividend

Pursuant to Section 124 and 125 of the Companies
Act, 2013, the Company has transferred the unpaid
or unclaimed dividend up to and including for the
financial year 2016-2017 on respective due dates
to the Investor Education and Protection Fund
administered by the Central Government.

As per the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016, the Company has uploaded the details
of the Unclaimed Dividends as on 31st March, 2025
relating to the financial years from 2016-2017, on the
website of the IEPF (www.iepf.gov.in) and on the
website of the Company at www.kselimited.com.

The dates of declaration of Dividend since final dividend for 2017-2018 and the corresponding dates when
unclaimed dividends are due to be transferred to the Central Government are given in the following table:

Transfer to Reserves

During the year under review, the Company has not
transferred any amount to the General Reserve.
The entire profit for the year has been retained in
the Statement of Profit and Loss under Retained
Earnings.

Operating Results and Business Operations

The Company has reported a profit of Rs.91.11
crores after tax for the year 2024-25, compared
to a profit of Rs.17.19 crores in the previous year,
2023-24. During the year ended 31st March 2025,
Revenue from Operations registered a decline of
2.0%, amounting to Rs.1,649.53 crores as against

Rs.1,683.49 crores in the previous year.

The profit before tax for 2024-25 stands at
Rs.122.72 crores, after accounting for an exceptional
item of Rs.2.51 crores, representing an insurance
claim received for raw material damage caused
by floods in Tamil Nadu during FY 2023-24. The
corresponding profit before tax for FY 2023-24
was Rs.24.24 crores, net of an exceptional loss
of Rs.4.14 crores related to flood damage in Tamil
Nadu. The Earnings Per Share (EPS) for FY 2024-25
is Rs.285.34, compared to Rs.55.03 in the previous
year.

In FY 2024-25, the average raw material cost of
feed decreased by 8.37% over the previous year.
The average selling price of feed also declined by
around 2.8% compared to FY 2023-24. Revenue
from the feed segment decreased by 7.76%, mainly
due to a reduction in the cattle population in Kerala.
However, the Company undertook various measures
to contain material cost increases, resulting in a
segment profit of Rs.68.99 crores in FY 2024-25,
compared to Rs.40.40 crores in FY 2023-24.

In the Cake Processing Division, the scarcity of
locally available copra cake persisted during the
year, necessitating continued reliance on imported
copra cake. However, the price trend was favourable
throughout FY 2024-25 compared to the previous
year. The average consumption rate of copra cake
during the year was Rs.26,295 per ton, as against
Rs.30,366 per ton in FY 2023-24. Simultaneously,
the average realisation for coconut oil rose to Rs.1.57
lakhs per ton in FY 2024-25, compared to Rs.1.13
lakhs per ton in FY 2023-24. The price of Refined
Coconut Oil reached an all-time high of Rs.2.57
lakhs per ton in FY 2024-25, against the lowest
selling price of Rs.1.03 lakhs per ton in FY 2023-24.
Owing to the increased demand and higher selling
price of refined coconut oil, turnover from the Cake
Processing Division grew by 51%, resulting in a
segment profit of Rs.51.48 crores, compared to a
loss of Rs.6.31 crores in FY 2023-24.

During the year under review, the Milk Division
posted a marginal profit, attributable to lower milk
procurement prices in Tamil Nadu and increased

selling prices in Kerala. As a result, the dairy
segment recorded a profit of Rs.26.40 lakhs in FY
2024-25, compared to a loss of Rs.50.70 lakhs in
FY 2023-24.

The Ice Cream Division continues its efforts to
establish a strong presence in the Kerala market.
While growth remains steady, the Company is
actively investing in brand visibility, distribution
network expansion, and consumer engagement
initiatives. The relaunch of the Vesta ice cream brand
has significantly enhanced brand equity, supported
by a substantial advertising budget post-COVID to
reclaim and expand market share across Kerala. The
Company has introduced premium offerings and
innovative new variants, such as Coconut Milk and
Palm Jaggery-based vegan ice creams, to capture
greater market share. A price revision in the ice
cream segment has led to improved contribution
margins. Additionally, a well-known celebrity was
appointed as brand ambassador during FY 2023¬
24, which significantly boosted brand recognition
across Kerala.

To further strengthen market reach, the Company is
appointing new dealers in untapped regions. As part
of this dealer onboarding process, freezer subsidies
are offered, which are accounted for as part of the
ice cream segment costs. The Ice Cream Division
reported a loss of Rs.3.16 crores in FY 2024-25, as
compared to a loss of Rs.2.92 crores in FY 2023-24.
More information relating to the operations of the
Company has been furnished in the Management
Discussion and Analysis Report attached to and
forming part of this Report as provided by SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015.

Awards and Recognitions

The Company has won the SEA Award constituted
by Solvent Extractors' Association of India for
highest processor of coconut oil cake for the year
2024-2025. This Award is being received by the
Company for the past 34 years consecutively since
the inception of the award.

Number of meetings of the Board

Nine meetings of the board were held during the
year. For details of the meetings of the board, please
refer to the corporate governance report, which
forms part of this report.

Directors and Key Managerial Personnel

Dr. Jose Paul Thaliyath (DIN 01773031), Mrs.
Nina Paul (DIN: 08576074), Mr. Jose John (DIN:
01797056), Mr. K. Hari Kumar (DIN: 00388466) and
Mr. Paul Jose (DIN: 01616504) are the Independent
Directors of the Company. The Independent
Directors of the Company are not liable for
retirement by rotation, as provided in Section 149
of the Companies Act, 2013. In accordance with
Section 149 (7) of the Companies Act, 2013, the
Company has received declarations from all the
independent directors of the Company confirming
that they meet the criteria of independence as
prescribed under the Companies Act, 2013 and
as per SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

All the above five independent directors of the
Company had enrolled with Indian Institute of
Corporate Affairs' (IICA) within the prescribed
period and had cleared the online proficiency
self-assessment test as provided by Companies
(Appointment and Qualification) Rules, 2019. In the
opinion of the Board of Directors, the independent
directors have relevant proficiency, expertise, and
experience.

In accordance with the provisions of the Companies
Act, 2013 read with the Rules issued thereunder, the
Listing Regulations and the Articles of Association
of the Company, the Independent Directors, the
Managing Director and Executive Director of the
Company are not liable to retire by rotation.

During the year under review, Mr. P. D. Anto (DIN:
00106965) ceased to be a Director of the Company
as he did not get re-elected at the Annual General
Meeting (AGM) held on September 3, 2024. On
the same date, Ms. Simi Davis (DIN: 09752318)
retired by rotation. Subsequently, Mr. Cheeran

MARDEC BERHAD, Malaysia, where he managed
large-scale domestic and international operations
in the rubber and edible oil sectors. He currently
serves as General Manager at Joseph Rubbers
Private Limited and also provides consultancy
services to UNPA Rubbers and Beroe Inc., USA,
contributing valuable market intelligence and
commercial expertise.

With over three decades of extensive experience
in marketing, sales, procurement, and strategic
business development across multiple sectors
and geographies, Mr. Dony Akkarakaran George
brings a wealth of industry knowledge and
leadership acumen. His induction into the executive
management is expected to significantly strengthen
the Company's operational effectiveness and
contribute to its long-term growth and market
expansion initiatives.

Mr. M.P. Jackson (DIN 01889504), Managing
Director, Mr. Paul Francis (DIN 00382797), Executive
Director, Mr. Senthil Kumar Nallamuthu, Chief
Financial Officer, and Ms. Srividya Damodaran,
Company Secretary are the Key Managerial
Personnel of your Company in accordance with
the provisions of Sections 2(51) and 203 of the
Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

Policy on directors' appointment and remuneration
and other details

Remuneration policy in the Company is designed
to create a high-performance culture. It enables
the Company to attract, retain and motivate
employees to achieve results. The Company pays
remuneration by way of salary, benefits, perquisites
and allowances to its Managing Director and the
Executive Director. Currently, the sitting fees
payable to the non-executive directors is Rs.60,000
per meeting of the Board and Rs. 25,000 per
meeting of committees of the Board attended by
them. The Nomination and Remuneration Policy for
the Members of Board and Executive Management
can be accessed on the Company's website at the
link: https://www.kselimited.com/investors/policies.

Evaluation of Board, Committees and Individual
Directors

The Company has devised a Policy for performance
evaluation of Independent and other directors,
Board as a whole and Committees thereof which
include criteria for performance evaluation of
the executive and non-executive directors. The
Policy for evaluation of performance of the Board
of Directors can be accessed on the Company's
website at the link: https://www.kselimited.com/
investors/policies.

In terms of provisions of the Companies Act, 2013
read with Rules issued thereunder and as per SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board of Directors have
evaluated the effectiveness of the Board during
the financial year ended 31st March, 2025. The
evaluation was based on questionnaire and feedback
from all the Directors on the Board as a whole,
Committees and self-evaluation. Directors, who
were designated, held separate discussions with
each of the Directors of the Company and obtained
their feedback on overall Board effectiveness as
well as each of the other Directors. The evaluation of
the Directors was based on various aspects which,
inter alia, included the level of participation in the
Board Meetings, understanding of their roles and
responsibilities, business of the Company along
with the environment and effectiveness of their
contribution.

A separate meeting of the independent directors
was convened, which reviewed the performance
of the Board (as a whole), the non-independent
directors and the Chairman.

Internal financial control systems and their adequacy
Adequate internal financial controls are in place
with reference to the financial statements. Internal
financial control systems of the Company have
been designed to provide reasonable assurance
with regard to recording and providing reliable
financial and operational information, complying
with applicable Accounting Standards. Such
controls were tested annually and during the year
no reportable material weakness in the design or

operation were observed. The details in respect
of internal financial control and their adequacy
are included in the Management Discussion and
Analysis, which forms part of this report.

Risk Management

Your Company recognizes that risk is an integral
part of business and is committed to managing
the risks in a proactive and efficient manner. Your
Company periodically assesses risks in the internal
and external environment, along with the cost of
treating risks and incorporates risk treatment plans
in its strategy, business and operational plans.
The Board members are informed about the risk
assessment and minimization procedures. The
Board is responsible for framing, implementing
and monitoring the risk management plan for the
company. The Company manages, monitors and
reports on the principal risks and uncertainties
that can impact its ability to achieve its strategic
objectives. The Company's management systems,
organizational structures, processes, standards,
code of conduct and behaviours together govern the
business of the Company and manage associated
risks.

There are no risks which in the opinion of the Board
threaten the existence of your Company. However,
some of the risks which may pose challenges are
set out in the Management Discussion and Analysis
which forms part of this Report.

Vigil Mechanism

Your Company believes in the conduct of the affairs
of its constituents in a fair and transparent manner
by adopting highest standards of professionalism,
honesty, integrity and ethical behaviour. The
Company is committed to develop a culture where
it is safe for all employees to raise concerns about
any poor or unacceptable practice and any event
of misconduct. Accordingly, the Board of Directors
have formulated a Whistle Blower Policy which
is in compliance with the provisions of Section
177 (10) of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015. The policy provides for a

framework and process whereby concerns can
be raised by its employees against any kind of
discrimination, harassment, victimization or any
other unfair practice being adopted against them.
More details on the vigil mechanism and the Whistle
Blower Policy of your Company have been outlined
in the Corporate Governance Report which forms
part of this report. The "KSEL Whistle Blower
Policy and Vigil Mechanism” can be accessed on
the Company's website at the link : https://www.
kselimited.com/investors/policies.

During the year under review, the Company received
a whistleblower complaint under its Vigil Mechanism
framework. The Audit Committee reviewed the
complaint in accordance with the established
procedures and has undertaken appropriate action,
including the initiation of an internal investigation.
The matter is being dealt with as per Company
policy and applicable regulatory guidelines. No
material impact on the financials or operations of
the Company has been noted as of the date of this
report.

Directors' Responsibility Statement

Pursuant to Section 134(3)(c) of the Companies Act,
2013, the Directors confirm that:

a. in the preparation of the annual accounts
for the financial year ended 31st March,
2025, the applicable accounting standards
and Schedule III of the Companies Act,
2013, 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 your
Company as at 31st March, 2025 and of the
profit of the Company for the financial year
ended 31st March, 2025;

c. proper and sufficient care has been
taken 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 annual accounts have been prepared on
a 'going concern' basis;

e. proper internal financial controls laid down
by the Directors were followed by the
Company and that such internal financial
controls are adequate and were operating
effectively; and

f. proper systems to ensure compliance with
the provisions of all applicable laws were in
place and that such systems were adequate
and operating effectively.

Corporate Governance

Corporate Governance Report, Management
Discussion and Analysis Report and Certificate
from Auditors on Corporate Governance have been
furnished separately and form part of this report.
The disclosures made in these reports may be
considered as compliance of various disclosures
prescribed under the Companies Act, 2013 and
Rules made thereunder.

Corporate Social Responsibility

The Corporate Social Responsibility (CSR)
Committee has been formed in conformity with
Section 135 of the Companies Act, 2013 read with
the Companies (Corporate Social Responsibility
Policy) Rules, 2014. The composition, terms of
reference and attendance details of the CSR
Committee are incorporated in the Corporate
Governance Report. The Annual Report on CSR
activities for the year ended 31st March, 2025 is
given separately as "Annexure A”, forming part of
this Report.

Public Deposits

Your Company is accepting deposits as per the
provisions of Sections 73 and 76 of the Companies
Act, 2013 read together with the Companies
(Acceptance of Deposits) Rules, 2014. The details

relating to such deposits as provided under Rule 8 of
the Companies (Accounts) Rules, 2014 are provided
in "Annexure B”.

The Company is not accepting any other deposits
which are not in compliance with the requirements
of Chapter V of the Companies Act, 2013.

Particulars of loans, guarantees and Investments

The particulars of loans, guarantees and
investments have been disclosed in the financial
statements.

Transactions with related parties

All contracts/arrangements/transactions entered by
the Company during the financial year with related
parties were in the ordinary course of business
and on an arm's length basis. During the year,
the Company had not entered into any contract/
arrangement/ transaction with related parties which
could be considered material in accordance with
the policy of the Company on materiality of related
party transactions. None of the transactions with
related parties falls under the scope of Section
188(1) of the Companies Act, 2013 (the "Act”).
Full disclosure of related party transactions as
per Accounting Standard Ind AS 24 issued by the
Ministry of Corporate Affairs is given under Note No.
34.24 of Notes to the Annual Accounts.

The policy and procedures on related party
transaction as approved by the Board may be
accessed on the Company's website at the link:
https://www.kselimited.com/investors/policies.
Information on transactions with related parties
pursuant to Section 134(3)(h) of the Act read with
Rule 8(2) of the Companies (Accounts) Rules, 2014
are given in "Annexure C” in Form AOC-2 and the
same forms part of this report.

Annual return

Pursuant to Section 92(3) read with Section 134(3)
(a) of the Act, the Annual Return as on 31st March,
2025 is available on the website of the Company at
https://www.kselimited.com/investors.

Statutory Auditors

M/s. Sridhar & Co. (ICAI Firm Registration No.
003978S) were appointed as the Statutory Auditors
of the Company at the 56th Annual General Meeting,
for a term of five years from the conclusion of the
56th AGM until the conclusion of the 61st AGM,
covering audits for the financial years 2020-21
to 2024-25. Their current term concludes at the
upcoming 61st Annual General Meeting to be held
in 2025.

Based on the recommendation of the Audit
Committee, the Board of Directors has proposed
the re-appointment of M/s. Sridhar & Co. as the
Statutory Auditors of the Company for a second
term of five consecutive years, from the conclusion
of the 61st AGM until the conclusion of the 66th
AGM, for the audit of financial statements for the
financial years 2025-26 to 2029-30.

M/s. Sridhar & Co. have consented to their
re-appointment and confirmed that their
re-appointment, if made, would be in accordance
with the provisions of Section 139 and other
applicable provisions of the Companies Act,
2013, and rules made thereunder. They have also
confirmed that they continue to satisfy the criteria
provided under Section 141 of the Act.

The Board recommends the passing of the Ordinary
Resolution for their appointment.

Cost Auditors

With the prior approval of Central Government, M/s.
BBS & Associates, Cost Accountants, Ernakulam
(Firm registration number 000273) have been
appointed as Cost Auditors for the financial year
2024-25 and they will be submitting their Cost Audit
Report within the time limit stipulated. The Board of
Directors of the Company, on the recommendations
made by the Audit Committee, has reappointed, M/s.
BBS & Associates, Cost Accountants, Ernakulam
(Firm registration number 000273) as the Cost
Auditor of the Company to conduct the audit of
cost records for the financial year 2025- 2026.
The Remuneration proposed to be paid to the Cost
Auditor, subject to ratification by shareholders of

the Company at the ensuing 61st Annual General
Meeting, has been fixed at Rs. 2,25,000 plus GST
and out of pocket expenses. The Company has
received consent from M/s. BBS & Associates, Cost
Accountants, Ernakulam, Cost Accountants, to act
as the Cost Auditor for conducting audit of the cost
records for the financial year 2025-26, along with
certificate confirming their independence and arm's
length relationship.

Secretarial Audit

Pursuant to the provisions of Section 204 of the
Companies Act, 2013, read with the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, and in accordance with
Regulation 24A of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015,
your Company appointed M/s. BVR & Associates
Company Secretaries LLP (Firm Registration No.
AAE-7079), Practicing Company Secretaries, to
conduct the Secretarial Audit of the Company for
the financial year ended 31st March 2025. The
Secretarial Audit Report is annexed to this Report
as Annexure D. The Report does not contain any
qualification, reservation, or adverse remark.

Further, in compliance with the SEBI (LODR) (Second
Amendment) Regulations, 2023, the Company has
appointed M/s. CaesarPintoJohn & Associates LLP,
Company Secretaries as Secretarial Auditors of the
Company for a continuous period of five financial
years, commencing from 1st April 2025 to 31st
March 2030.

Cost Records

The Company is required to maintain cost records
as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act,
2013, for certain areas of its operations (Edible Oil
and Power Generation) and accordingly accounts
and records required to get true and fair view of
the cost of production of products, cost of sales,
margin and other information relating to products
under reference, are made and maintained by the
Company.

Disclosure as per Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
Act, 2013

The Company has zero tolerance for sexual
harassment at workplace. The company has
complied with the provisions relating to the
constitution of Internal Complaints Committee
under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
Act, 2013. During the financial year 2024-25, the
Company has not received any complaint on sexual
harassment and no complaint remains pending as of
31st March, 2025. The details relating to the number
of complaints received and disposed of during the
financial year 2024-2025 are as under:

g. Number of complaints filed during the
financial year: Nil

h. Number of complaints disposed of during
the financial year: Nil

i. Number of complaints pending as on end of
the financial year: Nil

Disclosure relating to Remuneration of Directors,
Key Managerial Personnel and particulars of
employees

The information required under Section 197 of the
Companies Act, 2013 and rules made there-under, in
respect of employees of the Company, is provided in
"Annexure E" forming part of this report. None of the
employees are in receipt of remuneration in excess
of the limits specified under clause (2) of Rule 5 of
the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.

Energy Conservation, Technology Absorption and
Foreign Exchange Earnings and Outgo

The particulars as prescribed under Rule 8(3) of the
Companies (Accounts) Rules, 2014, are set out in
"Annexure F" to this Report.

Capital Expenditure

The construction of warehouses on 6.38 acres of

land allotted by VOC Port, Tuticorin, Tamil Nadu,
with a capital outlay of ?1,039.00 lakhs, has
been completed and capitalized during the year.
During the year, Kerala Industrial Infrastructure
Development Corporation (KINFRA) issued an
allotment confirmation for the Ice Cream Facility
located at their Infra Park in Kakkachery, Calicut.
Accordingly, the purchase of the facility for
?395.00 lakhs has been capitalized. Additionally,
the Company has commissioned a 120 KVA Solar
Power Grid at its Dairy Facility in Konikkara, Kerala,
at a cost of ?47.30 lakhs. Further, Blast Freezers
have been installed at the Ice Cream facilities in
Vedagiri and Konikkara, Kerala, at a total cost of
?125.14 lakhs.

The Company has also commenced construction of
a 30,000 sq. ft. warehouse at its Cattle Feed Facility
in Irinjalakuda, Kerala, with an estimated capital
outlay of ?200.00 lakhs.

Details of application made or any proceeding
pending under the insolvency and bankruptcy
code, 2016 during the year along with their status
as at the end of the financial year:

During the year under review and till date of this
Report, the Company has neither made any
application against anyone nor any proceedings
were pending against the Company under the
Insolvency and Bankruptcy Code, 2016.

Details of difference between the amount of the
valuation done at the time of one time settlement
and the valuation done while taking loan from
the banks or financial institutions along with the
reasons thereof:

The Company has credit facility with bankers and
neither principle or interest has been defaulted in
any time during the financial year 2024-25 and
hence there is no application being ever made
for One Time Settlement (OTS) with any banks or
financial institution.

Compliance with the maternity benefit act, 1961

The Company has complied with the provisions

of the Maternity Benefit Act, 1961, including
all applicable amendments and rules framed
thereunder. The Company is committed to ensuring
a safe, inclusive, and supportive workplace for
women employees. All eligible women employees
are provided with maternity benefits as prescribed
under the Maternity Benefit Act, 1961, including paid
maternity leave, nursing breaks, and protection from
dismissal during maternity leave.

The Company also ensures that no discrimination
is made in recruitment or service conditions on the
grounds of maternity. Necessary internal systems
and HR policies are in place to uphold the spirit and
letter of the legislation.

Other Disclosures

No disclosure is made in respect of the following
items as there were no events during the year calling
for reporting on these items:

1. There was no issue of equity shares with
differential rights as to dividend, voting or
otherwise.

2. There was no issue of shares (including sweat
equity shares and ESOP) to employees of the
Company under any scheme.

3. Your Company does not have any subsidiary,
associate, joint venture company or holding

company and disclosures required in that
respect were not dealt with.

4. No significant or material orders were
passed by the Regulators or Courts or
Tribunals which impact the going concern.
status and Company's operations in future.

5. No frauds have been reported by auditors to the
Audit Committee or Board under Sub-section
(12) of Section 143 of the Companies Act, 2013.

6. There are no material changes or commitments
affecting the financial position of the Company
which have occurred between the end of the
financial year under report and the date of this
report.

Acknowledgement

The Board of Directors places on record its
sincere appreciation for the continued support
and co-operation received from all stakeholders,
including the shareholders, bankers—especially
ICICI Bank, Registrars and Share Transfer Agents,
customers, distributors, and suppliers. The Board
also expresses its deep appreciation for the
dedicated and committed services rendered by
the executives, staff, and workers of the Company,
whose contributions have been instrumental in the
Company's performance and progress during the
year.

By Order of the
Board For KSE Limited

Sd/-

Mr. Tom Jose

Place: Irinjalakuda (DIN : 01971467)

Date: 27^th May, 2025 Chairman