Your Directors have pleasure in presenting the 6^th Annual Report of your Company together
with the Audited Standalone and Consolidated financial statements of the company for the
financial year ended, 31st March, 2025.

FINANCIAL SUMMARY AND HIGHLIGHTS (STANDALONE) (Rs. In 000')

FINANCIAL SUMMARY AND HIGHLIGHTS (CONSOLIDATED) (Rs. In 000)

BUSINESS OVERVIEW

The Company is a growing organization that aims at strengthening and establishing itself as the
foremost healthcare services provider. The Company strive to serve with its ultra-modern
medicinal practices and state of the art infrastructure for medical solutions. The Company aims
towards continuous improvement of its healthcare facilities. The Company has a team of
medical practitioners who ensures that patients get the quality healthcare services. The
dedicated team is trained to take care of the patients and handle health related emergencies.
The Company's healthcare staff members comprise of Unit Head, Consultant Doctors, Clinical
Pharmacist, X-Ray Technician, Medical Officers, Clinical Assistants, Medical Executives, OT
Assistant, Infection Control Nurse, Other Nursing Staff, Attendants, Maintenance Head,
Dietician/Nutritionist etc. Also, the Company is associated with several organizations' for
providing regular healthcare check-up facilities to their employees at affordable rates.

The Company is a part of Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, a flagship
scheme of Government of India which was launched and recommended by the National Health
Policy 2017, to achieve the vision of universal health coverage (UHC). The initiative has been
designed on the lines as to meet SDG and its underlining commitment. Ayushman Bharat is an
attempt to move from sectoral and segmented approach of health service delivery to a
comprehensive need-based health care service.

The Company's healthcare facilities consist of advanced technology and our doctors, nurses and
other healthcare professionals follow treatment protocols that match acceptable standards. As
on the date the Company provide inpatient and outpatient healthcare services through its
hospitals at Surat, Mumbai, Valsad and Nandurbar (Maharashtra), with an aggregate bed
capacity of 550 beds.

STATE OF THE COMPANIES AFFAIRS ("000")

STANDALONE

During the current period, your company has earned total revenue of Rs 448530.34 as against
Rs 467507.14 in the previous year. The company has earned a net profit of Rs. 18993.43 as
compared to Rs 31736.03 in the previous year.

CONSOLIDATED

During the current period, your company has shown a decrease in total revenue of Rs.
472342.00 as against Rs. 480352.00 in the previous year. The company has earned a
consolidated net profit of Rs. 29695.00 as compared to Rs. 18724.00 in the previous year.

TRANSFER TO GENERAL RESERVE

The Directors do not propose to transfer any amount to the Reserves. Total amount of net profit
is carried to the Reserves & Surplus as shown in the Balance Sheet of the Company.

DIVIDEND

With a view to conserve resources and expansion of business, your directors do not recommend
any dividend for the financial year under review.

STATE OF AFFAIRS OF THE SUBSIDIARY OF THE COMPANY

Maitreya Hospital Private Limited, a wholly-owned subsidiary of Maitreya Medicare Limited, has
obtained all necessary statutory approvals, licenses, and regulatory clearances from the relevant
authorities for the commencement of its operations at Valsad, Gujarat. As part of the group's
strategic expansion in the healthcare sector, the hospital has been developed as a state-of-the-
art facility equipped with modern infrastructure, advanced medical technology, and a team of
highly qualified healthcare professionals. Final preparations, including system integrations,
staffing, and clinical readiness protocols, are currently underway. Subject to the completion of
these final steps, the hospital is expected to commence its operations by the end of August
2025. As an extension of Maitreya Medicare's vision to provide high-quality and accessible
healthcare, the hospital will play a key role in strengthening the group's presence and service
offerings in the region.

Our initial plan involves commencing operations with 125 beds, aiming to achieve an Average
Revenue Per Occupied Bed comparable to that of our Surat unit. This unit will also have 3

modular operation theatres, 20 bed ICU and 6 bed Dialysis unit and a range of specialized
services, including Cardiology and Neurosurgery.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting the financial position of the
Company which have occurred between the end of the financial year of the Company to which
the financial statements relate and the date of this Report.

SHARE CAPITAL STRUCTURE OF THE COMPANY:

a) Authorized Capital:

The Authorized Share Capital of the Company is 13,50,00,000/- (Rupees Thirteen Crore
Fifty Lacs only) divided into 77,50,000 (Seventy-Seven Lacs Fifty Thousand only) Equity
shares of Rs. 10/- (Rupees Ten only) each and 57,50,000 (Fifty-Seven Lacs Fifty Thousand
Only) 6% Convertible Redeemable Preference Shares of Rs. 10/- (Rupees Ten only).

b) Issued, Subscribed and Paid-up Capital

The Issued, Subscribed and Paid-up share capital of the Company was reduced from Rs.
121723 thousand to 120923 thousand by redemption of 80,000 6% Non-Convertible
Cumulative Redeemable Preference Shares of Rs 10 each aggregating to Rs. 8,00,000/-
(Rupees Eight Lacs Only) at Board Meeting held on 09^th December, 2024.

The Issued, Subscribed and Paid-up share capital of the Company is 6776000 Equity
Shares of Rs. 10/- each aggregating to Rs. 6,77,60,000/- and 5316300 6% Non¬
Convertible Cumulative Redeemable Preference Shares of Rs 10 each aggregating to Rs.
5,31,63,000/-.

During the year under review, the Company has not issued shares with differential voting rights
nor has granted any stock options or sweat equity. As on March 31, 2025, none of the Directors
of the Company holds instruments convertible into equity shares of the Company.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Your Company's Board is duly constituted which is in compliance with the requirements of the
Act, the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 [hereinafter
referred to as "Listing Regulations"] Regulations, 2015 and provisions of the Articles of
Association of the Company. As on the date of this Report, the Board of Directors comprises of
five (5) directors which include three (3) Executive Directors and two (2) Independent Directors.

The overall composition of Board of Directors includes one-woman director. As on the date of
this report, the Board of the company constitutes of the following Directors:

The Board received a declaration from all the directors under Section 164 and other applicable
provisions, if any, of the Companies Act, 2013 that none of the directors of the company is
disqualified under the provisions of the Companies Act, 2013 ("Act") or under the SEBI (Listing
Obligation and Disclosure Requirements) Regulations 2015.

RE-APPOINTMENT

In accordance with the provisions of section 152 of the Companies Act 2013 and the Articles of
Association of the Company, Dr. Narendra Singh Tanwar (DIN: 08459007) Managing Director
who retires by rotation at the ensuing Annual General Meeting and is eligible, offers himself for
his re-appointment. The board recommends his re-appointment for the consideration of the
Members of the company at the ensuing Annual General Meeting. A brief resume and other
details of the above director seeking re-appointment are provided in the Notice of Annual
General meeting.

KEY MANAGERIAL PERSONNEL

Mr. Chandan Chetnani was appointed as the Company Secretary of the Company at the Board
Meeting held on 28th May, 2024.

MEETINGS OF THE BOARD OF DIRECTORS

During the Year under the review the Board of Directors met 5 (Five) times, Details of the
Meetings are as under:

In respect of said meetings proper notices were given and proceedings were properly recorded
and signed in the Minute Book maintained for the purpose.

PRESENCE/ATTENDANCE OF DIRECTORS IN THE MEETINGS

STATEMENT OF DECLARATION GIVEN BY INDEPENDENT DIRECTORS

The Company has received necessary declaration of independence from all Independent
Directors of the Company, under Section 149(7) of the Act, that he/she meets the criteria of
Independent Directors envisaged in Section 149(6) of the Act and rules made thereunder and
SEBI (LODR) Regulations, 2015 and is not disqualified from continuing as Independent Directors.

The Independent Directors have also confirmed that they have registered themselves with the
Independent Director's Database maintained by the Indian Institute of Corporate Affairs. Further
Company has also received statements from all the Independent Directors that they have
complied with Code of Conduct for Independent Directors prescribed in Schedule IV of the act
and also statement on compliance of code of conduct for Directors and Senior Management
Personnel formulated by Company

SEPARATE MEETING OF INDEPENDENT DIRECTORS OF THE COMPANY

The Independent Directors met on 07^th August 2024, without the attendance of Non¬
independent Directors and members of the Management. The Independent Directors reviewed
the performance of non-independent directors and the Board as a whole; the performance of
the Chairperson of the company, taking into account the views of Executive Directors and Non¬
Executive Directors and assessed the quality, quantity, and timeliness of the flow of information
between the Company Management and the Board that is necessary for the Board to effectively
and reasonably perform the duties.

COMMITTEES OF BOARD OF DIRECTORS

As on 31st March, 2025, the Board has 2 (Two) committees as per the provisions of the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015 read with rules, made thereunder, with
proper composition of its members which are focused on financial reporting, audit & internal
controls, compliance issues, appointment and remuneration of Directors and Senior
Management Employees and the risk management framework. The Board periodically evaluates
the performance of all the Committees as a whole. All observations, recommendations and
decisions of the Committees are placed before the Board for consideration and approval.

Corporate Social Responsibility (CSR) Committee had been duly constituted in accordance with
the provisions of Section 135 of the Companies Act, 2013. The Board, in its meeting held on
12th February, 2025, resolved to dissolve the CSR Committee with immediate effect due to non¬
applicability.

The Board has the following committees as under:

• Audit Committee;

• Nomination and Remuneration Committee;

I. AUDIT COMMITTEE

Constitution & Composition of Audit Committee:

The Board of Directors of your company has duly constituted Audit Committee in terms of the
provisions of Section 177 of the Companies Act, 2013 read with the Rules framed thereunder
and Regulation 18 of the SEBI (LODR), Regulations, 2015. The powers, role and terms of
reference of the Audit Committee covers the areas as contemplated under Regulation 18 of
SEBI (LODR), Regulations, 2015 and Section 177 of the Act and such other functions as may be
specifically delegated to the Committee by the Board from time to time. The Board has
accepted all recommendations made by the Audit Committee during the year.

During the financial year ended 31st March, 2025, Audit Committee meetings were held on the
following dates:

(1) 28^th May, 2024 (2) 07^th August, 2024 (3) 28^th October, 2024 and (4) 12^th February, 2025
Attendance of Committee members during 2024-25 is as follows:

II. Nomination and Remuneration Committee:

Constitution & Composition of Remuneration Committee:

The Nomination and Remuneration Committee is constituted in accordance with Section 178 of
the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its
Powers) Rules, 2014 as amended from time to time. The powers, role and terms of reference of
the Nomination and Remuneration Committee covers the areas as contemplated under
Regulation 19 of SEBI (LODR) Regulations, 2015 and Section 178 of the Act, besides other terms
as may be referred by the Board of Directors. The Board has accepted all recommendations
made by the Nomination and Remuneration Committee during the year.

During the financial year ended 31st March, 2025, Nomination and Remuneration Committee
meeting was held on the 28^th May, 2024.

Attendance of Committee members during 2024-25 is as follows:

The Policy of nomination and Remuneration committee has been placed on the website of the
Company. There has been no change in the policy since last financial year.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to the provisions of Section 135 of the Companies Act, 2013 and the rules made
thereunder, the Company is required to spend a certain percentage of its average net profits of
the preceding three financial years towards Corporate Social Responsibility activities. However,
CSR provisions are not applicable to the Company for the financial year 2024-2025 as the
company does not have a net worth of ^500 crore or more, a turnover of ^1000 crore or more,
or a net profit of ^5 crore or more in the preceding financial year.

WHISTLE BLOWER POLICY/ VIGIL MECHANISM

In line with the best corporate governance practices, Company has put in place a system
through which the Directors and employees may report concerns about unethical behavior,
actual or suspected fraud or violation of the Company's Code of Conduct & Ethics without fear
of reprisal. The employees and Directors may report to the Compliance Officer and have direct
access to the Chairman of the Audit Committee. The Whistle Blower Policy is also available on
the website of the Company at https://www.maitreyahospitals.com/.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate system of internal control to safeguard and protect from loss,
unauthorized use or disposition of its assets. All the transactions are properly authorized,
recorded and reported to the Management. The Company is following all the applicable
Accounting Standards for properly maintaining the books of accounts and reporting financial
statements. The Internal auditor of the company checks and verifies the internal control and
monitors then in accordance with policy adopted by the company. The company continues to
ensure proper and adequate systems and procedures commensurate with its size and nature of
its business.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company
confirms that-

(a) In the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

(b) The directors had 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 and of the profit
and loss of the company for that period;

(c) The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the assets
of the company and for preventing and detecting fraud and other irregularities;

(d) The directors had prepared the annual accounts on a going concern basis; and

(e) Company being an listed/unlisted company, the said para is applicable and complied
accordingly / not applicable.

(f) 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.

CORPORATE GOVERNANCE

The Company strives to incorporate the appropriate standards for corporate governance.
However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the Company is not required to mandatorily comply with the
provisions of certain regulations of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and therefore the Company has not provided a separate report on Corporate
Governance.

NON-APPLICABILITY OF THE INDIAN ACCOUNTING STANDARD (IND-AS) FOR YEAR 24¬
25

As per Provision to regulation Rule 4(1) of the companies (Indian Accounting Standards) Rules,
2015 notified vide Notification No. G.S.R 111 (E) on 16th Feb,2015, companies whose shares are
listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009, are exempted from the compulsory requirements of adoption
of IND-AS w.e.f 1st April, 2017. Accordingly, our company, during the year 2024-25 under the
review, is listed on SME Platform of NSE Limited is covered under the exempted category and is
not required to comply with IND-AS for preparation of financial statements beginning with
period on or after 1st April, 2017.

EVALUATION OF BOARD, ITS COMMITTEE, AND INDIVIDUAL DIRECTORS

The Board of Directors has carried out an annual evaluation of its own performance, board
committees, and individual directors pursuant to the provision of the Act and SEBI Listing
Regulations.

The Performance of the Board was evaluated by the Board after seeking inputs from all the

directors on the basis of criteria such as the board composition and structure, effectiveness of
board processes, information and functioning etc.

The performance of the committees was evaluated by the Board after seeking inputs from the
committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings etc.

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

In a separate meeting of independent directors, the performance of non-independent directors,
the Board as a whole, and the chairman of the company were evaluated, taking into account the
views of executive directors and non-executive directors.

The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of 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.

The Performance evaluation criteria for independent directors is determined by the Nomination
and Remuneration Committee. An indicative list of factors on which evaluation was carried out
include participation and contribution by a director, commitment, effective development of
knowledge and expertise, integrity and maintenance of confidentiality and independence of
behavior and judgment.

INFORMATION ABOUT SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANY

As on March 31, 2025 there were 3 (Three) subsidiaries of the Company out of 2 (Two) are
wholly owned. Namely:

1. Maitreya Hospital Private Limited (Wholly Owned Subsidiary)

2. Maitreya Lifescience Private Limited (Wholly Owned Subsidiary)

3. Tulip Agility Private Limited

Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient
features of financial statements of the Company's subsidiary in Form AOC- 1 forms part of this
report as Annexure - A. The financial statements of all the above-mentioned subsidiaries have
been considered in the annual audited consolidated financial results of the Company.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the
Company, consolidated financial statements along with relevant documents and separate
audited financial statements in respect of subsidiary, are available on the website of the
Company at https://www.maitrevahospitals.com/

There are no associate companies or joint venture companies within the meaning of Section
2(6) of the Companies Act, 2013 ("Act").

CONSOLIDATED FINANCIAL STATEMENTS

Your directors have pleasure in attaching the consolidated financial statements pursuant to
section 129(3) of the Act and SEBI Listing Regulations and prepared in accordance with the
Accounting Principles generally accepted in India including the Indian Accounting Standards
specified under Section 133 of the Act.

In accordance with Section 129(3) of the Act, the audited consolidated financial statements are
provided in this Annual Report.

DEPOSITS

During the year under review, the Company has not accepted any deposit within the meaning
of Section 73 and 74 of the Companies Act, 2013 read with the companies (Acceptance of
Deposits) Rules, 2014 and as such no amount on account of principal and interest was
outstanding as on the date of the balance sheet. As such no amount of deposit is unpaid or
unclaimed at the end of the year. Hence there is no non-compliance with any of the provisions
of chapter V of the Companies Act, 2013.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013

Loans, Investment, guarantees and securities in respect of which provisions of Section 185 and
186 of the Companies Act, 2013 are applicable have been compiled by the company and
provided in the notes to the standalone financial statements forming part of this annual report.

RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered into during the financial year 2024-25 were in
the ordinary course of business and on arm's length basis. The Company has not entered into
any contract/arrangement/transaction with related parties which could be considered material
in nature as per Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 and amendments thereto and as per Company's policy on Related Party
Transactions. All Related Party Transactions are placed before the Audit Committee and Board
for approval. The details of the related party transactions including material are provided in the
Annexure-B (AOC-2) pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the
Companies (Accounts) Rules, 2014. Your directors draw attention of the members to note to the
financial statements which sets out related party disclosures.

In Pursuant to the amendment made by SEBI in the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the new materiality policy has been adopted by the Board on
Material Related Party Transactions which is available on the website of the Company at
https://www.maitreyahospitals.com/.

However, there are no materially significant related party transactions made by the company
with Promoters, Key Managerial Personnel or other designated persons which may have
potential conflict with interest of the company at large.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
AND OUTGO

Since the Company does not own any manufacturing facility, the other particulars relating to
conservation of energy and technology absorption stipulated in the with Rule (8)(3) of the
Companies (Accounts) Rules, 2014 are not applicable to the Company

The Company has not made any foreign exchange outgo towards traveling, marketing and
import of Capital Goods.

STATUTORY AUDITOR & AUDITORS' REPORT

At the Annual General Meeting held on 14/09/2023, M/s. Saherwala & Co., Chartered
Accountants (FRN No. 108969W) was appointed as statutory auditors of the company to hold
office till the conclusion of the Annual General Meeting to be held in the calendar year 2028. In
terms of the first proviso to Section 139 of the Companies Act, 2013.

Company has received certificate from the Auditors to the effect they are not disqualified to
continue as statutory auditors under the provisions of applicable laws.

There are no observations (including any qualification, reservation, adverse remark or
disclaimer) of the Auditors in their Audit Report that may call for any explanation from the
Directors. Further, the notes to accounts referred to in the Auditor's Report are self-explanatory.

COST AUDITORS

The Company is not required to maintain cost records as specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, 2013. Accordingly, such accounts
and records are not made and maintained by the Company.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had
appointed M/s. Jaisal Mohatta & Associates, Company Secretaries, (ACS - 35017 & COP -
16090) to conduct the Secretarial Audit of the Company for the year ended March 31, 2025 and
is annexed to this Report as Annexure - C.

The Secretarial Auditor has made the following observations in their report:

Observation(s) by Secretarial Auditor:

1. There was an instance of delayed Submission of Standalone Balance Sheet pursuant
provisions of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 to Exchange for the Year ended on 31^st March 2024.

Board's Reply:

1. The Board of Directors clarifies that the delay in submission of the Standalone Balance
Sheet was purely unintentional and occurred while prioritising the timely dissemination
of the financial results. The Company had promptly submitted the financial results in
XBRL format within stipulated time; however, the PDF filing of the Standalone Balance
Sheet was inadvertently skipped. Upon noticing the omission, the necessary filing was
made without further delay. The Board has taken note of this and has advised the
concerned team to put in place additional checks to ensure strict compliance with all
regulatory timelines going forward.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the
Companies (Accounts) Rules, 2014, M/s. Bhavesh Saraiya & Co. Chartered Accountants, (Firm
Registration No. 117515W), Chartered Accountant was appointed as an Internal Auditor of the
company for the financial year 2024-25 to enhance the financial controls and practices within
the Company.

ANNUAL RETURN

The Annual Return of the Company will be placed on the website of the company pursuant to
the provisions of Section 92(3) read with Rule 12 of the Companies (Management and
Administration) Rules 2014, the web link of the same is https://www.maitreyahospitals.com/.

PARTICULARS OF EMPLOYEES & MANAGERIAL REMUNERATION:

Details Pertaining to Remuneration as Required under Section 197(12) Of the Companies Act,
2013 Read with Rule 5(1), 5(2) & (3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is attached as Annexure-E.

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

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and Rules made thereunder, your Company has
constituted an Internal Complaints Committee (ICC). During the year under review, no cases
were received/ filed pursuant to the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

RISK MANAGEMENT POLICY

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk
exposure, potential impact and risk mitigation process is in place. The objective of the
mechanism is to minimize the impact of risks identified and taking advance actions to mitigate
it. The mechanism works on the principles of probability of occurrence and impact, if triggered.
A detailed exercise is being carried out to identify, evaluate, monitor and manage both business
and non-business risks.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS. IF ANY

There were no significant and material orders passed by the Regulators /Courts that would
impact the going concern status of the Company and its future operations.

SECRETARIAL STANDARDS

Pursuant to Section 118(10) of the Companies Act, 2013 the Company has complied with
Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the
Board of Directors and General Meetings.

OTHER DISCLOSURE

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 year under review

• Neither the Managing Director nor the Whole-time Directors of the Company receive
any remuneration or commission from any of its subsidiaries

• There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

• There was no instance of onetime settlement with any Bank or Financial Institution.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulation, 2015, details on Management Discussion and Analysis
Report are annexed as "Annexure - D".

APPRECIATION AND ACKNOWLEDGEMENT

Your Directors place on record their deep appreciation to employees at all levels for their hard
work, dedication and commitment. The Board places on record its appreciation for the support
and co-operation, your company has been receiving from its Suppliers, Retailers, Dealers &
Distributors and others associated with the Company. The Directors also take this opportunity
to thank all Clients, Vendors, Banks, Government and Regulatory Authorities for their continued
support.

For & on behalf of the Board of Directors

Date: 08/07/2025
Place: Surat

Dr. Narendra Singh Tanwar
Chairman & Managing Director & CFO

DIN : 08459007