Your Directors have the pleasure in presenting this Fifty Fourth Directors’ Report together with the audited
Annual Accounts of the Company for the financial year ended March 31, 2026.

FINANCIAL PERFORMANCE

The highlights of the financial position for the year under review as compared to the corresponding period in
the previous year are given below:

DIVIDEND

In order to conserve resources, the Board of Directors has not recommended dividend on the equity shares of
the Company.

TRANSFER TO RESERVES

The Board does not recommend any amount to transfer to reserves.

OPERATIONS AND FINANCE

Your directors have analyzed Company’s operations and financials in detail in Management’s Discussion and
Analysis.

PRINTING INDUSTRY

The Indian newspaper offset printing machine industry is expected to see continued demand in 2025-26, driven
by the need for high-volume, cost-effective printing solutions, particularly for regional and localized
news. While digital printing is growing, offset printing remains relevant due to its efficiency in large print runs
and lower cost per unit The demand for localized print media, especially in South Asia (including India), is
expected to remain strong, driving the need for offset printing machines. Government institutions and
educational bodies rely on offset printing for public bulletins, examination papers, and other materials,
contributing to ongoing demand.

COMPANY

In India, Manugraph is the largest manufacturer of web offset presses. Excellent leadership, highly skilled
workforce and a well-focused approach has led Manugraph to achieving the goal of being the leader in the niche

4-page Newspaper Offset Printing Press market. Manugraph owes its strong position as a supplier of choice not
only to its technical competence, but also to its clear orientation towards the customer needs.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation
34(2) of SEBI LODR Regulations, is appended in this Annual Report.

DEPOSITS

There were no outstanding deposits within the meaning of Sections 73 and 74 of the Act read with the
Companies (Acceptance of Deposits) Rules, 2014, as amended, at the end of the financial year 2025-26 or the
previous financial year. Your Company did not accept any deposits during the financial year 2025-26.

SUBSIDIARY COMPANY

Your company do not have any subsidiary / associate / joint venture.

CHANGES IN SHARE CAPITAL

During the financial year 2025-26, there was no change in authorised, subscribed, issued and paid up capital of
the Company. Your Company has not issued any shares with differential rights as to dividend, voting or
otherwise or sweat equity shares to the employees or directors of the Company.

Events occurring after the Balance Sheet date:

There have been no other material changes and commitments affecting the financial position of the Company
which have occurred between March 31, 2026 and the date of this Report, other than those disclosed in this
Report.

Confirmation on Object / Business:

As required under the provisions of Companies Act, 2013 and the Listing Regulations, your Company confirms
that there is no change in the nature of object / business of the Company.

BOARD OF DIRECTORS

In accordance with the provisions of the Companies Act, 2013 and Company's Articles of Association, Mr.
Shailesh B. Shirguppi retires by rotation and is eligible for re-appointment. Further, the members of the
Company at its Annual General Meeting held on September 27, 2023 re-appointed Mr. Shailesh Shirguppi as
Whole Time Director (Works) of the Company for a period of three year i.e. upto June 30, 2026 at such
remuneration mentioned therein and subject to such increase as Nomination & Remuneration Committee of the
Board, may consider, from time to time. Considering Mr. Shailesh B. Shirguppi's experience and expertise, the
Board of Directors at their meeting held on June 24, 2026 re-appointed Mr. Shailesh Shirguppi as Whole Time
Director (Works) for a period of 3 years commencing from July 1, 2026, subject to approval of shareholders.

Mr. Shailesh Shirguppi has completed 38 years with the Company. Presently, factory head, he previously
handled various functions / departments like research & development (R&D) customer service department
(CSD), Technical Sales, Project Management, Machine Shop, Stores & Inventory, Costing and Engineering.

The Board, based on the recommendation of Nomination & Remuneration Committee, recommends his re¬
appointment. Brief profile of Mr. Shailesh B. Shirguppi proposed to be re-appointed as Director of the Company
is provided in the notice convening the ensuing AGM. None of the independent directors are due for retirement.

Section 149(10) of the Companies Act, 2013 provides that an Independent Director shall hold office for a term
of up to five consecutive years on the Board and shall be eligible for reappointment on passing a Special
Resolution by the Company and disclosure of such appointment in its Board’s report. In terms of the
explanation to Sections 149(10) and 149(11) of the Companies Act, 2013, the first term of Ms. Madhavi
Kilachand (DIN: 00296504), as an Independent Director of the Company will be expiring on June 28, 2026. The
Board of Directors at its meeting held on June 24, 2026, after considering the recommendations of the
Nomination and Remuneration Committee and on the basis of the report of performance evaluation of
Independent Director and her consent, recommended reappointment of Ms. Madhavi Kilachand (DIN:
00296504), as an Independent Director of the Company for a term of five years commencing from June 29,
2026.

The Company had received notice in writing from a member under Section 160 of the Act proposing the
candidature of Mr. Shailesh B Shirguppi for appointment as Whole Time Director (Works) and Ms. Madhavi
Kilachand for the office of Independent Director of the Company. In the opinion of the Board, the Whole Time
Director (Works) and Independent Director possess the requisite expertise and experience and are persons of
high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder.
The Independent Director is independent of the management.

The necessary resolutions for appointments / re-appointments as aforesaid have been included in the Notice of
the forthcoming AGM for the approval of the members.

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Act, Mr. Sanjay S. Shah, Chairman & Managing Director, Mr.
Pradeep S. Shah, Vice Chairman & Managing Director, and Mr. Mihir V. Mehta, Company Secretary and Chief
Financial Officer are the Key Managerial Personnel of the Company as on March 31, 2026.

Declaration of Independence

Pursuant to the provisions of Section 149 of the Act, the independent directors have submitted declarations
that each of them meet the criteria of independence as provided in Section 149(6) of the Act along with Rules
framed thereunder and Regulation 16(1) (b) of the SEBI Listing Regulations. There has been no change in the
circumstances affecting their status as independent directors of the Company.

The Board is also of the opinion that the Independent Directors of the Company possess requisite qualifications,
experience and expertise in the field of finance, strategy, auditing, tax, risk advisory and financial services and
they hold the highest standards of integrity.

Board Evaluation

The Company conducted a formal Board Effectiveness Review as part of its efforts to evaluate, identify
improvements and enhance the effectiveness of the Board, its Committees and individual directors. The
evaluation parameters and the process have been explained in the Corporate Governance Report. This was in
line with the requirements mentioned in the Companies Act and the SEBI LODR Regulations.

Appointment & Remuneration Policy for Directors, Key Managerial Personnel and Senior Management
Employees

The Chairman and Managing Director, Managing Director and Whole Time Directors (Works) are paid
remuneration by way of salary, benefits, perquisites and allowances. Annual compensation changes are decided
by the Nomination and Remuneration Committee after considering overall business performance within the
salary scale approved by the Board and Shareholders.

The Board of Directors had reviewed Policy for Appointment of Directors, Key Managerial Personnel and Senior
Management and Evaluation of their Performance, copy of which is placed on the website of the Company viz.
www.maugraph.com. The salient features of this Policy are outlined in the Corporate Governance Report.

Non-Executive Directors

The Non-Executive Directors (‘NED’) are paid remuneration by way of Sitting Fees. During the year, the
Company paid sitting fees of Rs. 15,000/- per meeting to the NEDs for attending meetings of the Board, Audit
Committee and Rs. 10,000/- per meeting for attending the meeting of Independent Directors and Rs. 9,000/-
per meeting to the NEDs for attending Nomination & Remuneration Committee meeting.

Executive Directors

Executive Directors are paid remuneration by way of salary, perquisites and allowances. Salary is paid within
the range fixed by the members of the Company. The Managing Directors / Whole-time Directors of your
Company have not received any remuneration or commission from the subsidiary.

Management Staff

Remuneration of employees largely consists of basic remuneration, perquisites, allowances and performance
incentives. The components of the total remuneration vary for different grades and are governed by industry
patterns, qualifications and experience of the employee, responsibilities handled by him, his annual
performance, etc.

DISCLOSURES
Meetings of the Board:

Four Board Meetings were held during the year, the details of which are given in the Corporate Governance
Report forming part of the Annual Report. The gap between any two Board Meetings was not more than one
hundred and twenty days, thereby complying with applicable statutory requirements.

BOARD COMMITTEES

With a view to have a more focused attention on business and for better governance and accountability, the
Board has three mandatory committees viz. Audit Committee, Stakeholders Relationship Committee and
Nomination & Remuneration Committee.

Audit Committee

The Audit Committee comprises of Mr. K N Padmanabhan (Chairman), Mr. Nimish Vakil, Mrs. Basheera J.
Indorewala and Ms. Madhavi Kilachand. During the year, all the recommendations made by the Audit
Committee were accepted by the Board. All the members of the Audit Committee are independent.

Nomination and Remuneration Committee

The Nomination & Remuneration Committee comprises of Mr. K N Padmanabhan (Chairman), Mr. Nimish Vakil
Mrs. Basheera J. Indorewala and Ms. Madhavi Kilachand.

Stakeholders Relationship Committee

The Stakeholders Relationship Committee comprises of Mr. K N Padmanabhan (Chairman), Mr. Sanjay S. Shah
and Mrs. Basheera J. Indorewala.

A detailed note on functions and roles of each of the Committees are provided separately under Corporate
Governance Report of this Annual Report.

RELATED PARTY TRANSACTIONS

All contracts or arrangements entered into by the Company with its related parties during the financial year
were in accordance with the provisions of the Companies Act, 2013 and the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015. All such contracts or arrangements
have been approved by the Audit Committee, as applicable.

The Company has not entered into any transaction of a material nature with the promoters, directors or the
management, their subsidiaries or relatives, etc. that may have potential conflict with the interests of the
Company at large. All transactions with related parties are in ordinary course of business and at arms’ length.

Attention of members is drawn to the disclosure of transactions with related parties set out in Note No. 33 of
Financial Statements, forming part of the Annual Report.

The policy on Related Party Transactions as approved by the Board is available on website of the Company viz.:
www.manugraph.com.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your Company has been involved in social welfare activities from time to time and firmly believes in making
lasting impact towards creating a just, equitable, humane and sustainable society. The Company lays special
emphasis on education and vocational training of youth including females in the local community for their
economic empowerment.

EXTRACTS OF ANNUAL RETURN

Pursuant to Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules,
2014, the Annual Return for the financial year ended March 31, 2026 is available on Company’s website at
https://manugraph.com/Files/MIL_Annual_Return_2025-26.pdf.

STATUTORY AUDITORS

Messrs. Desai Shah & Associates, Chartered Accountants (Firm Regn. No. 118174W) were appointed as the
Statutory Auditors of the Company for a period of 5 years at the Annual General Meeting held on September 27,
2022.

SECRETARIAL AUDITORS

M/s. Aashish K. Bhatt & Associates (COP No. 7023), a peer reviewed firm of Company Secretaries were
appointed as the Secretarial Auditors of the Company for a term of 5 consecutive years starting from 1st April,
2025 to 31st March, 2030 at the Annual General Meeting held on September 24, 2025.

The Board had appointed M/s. Aashish K. Bhatt & Associates, Company Secretary in Practice to act as
Secretarial Auditor of the Company for the financial year 2025-26. The Report of the Secretarial Audit is
annexed herewith as 'Annexure B'. The qualifications / observations / remarks in the Secretarial Audit Report
for the financial year 2025-26 are self-explanatory.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India
on Board Meetings and General Meetings.

COST AUDIT

As per Section 148 of the Companies Act, 2013 read with Notifications / Circulars issued by the Ministry of
Corporate Affairs from time to time, the Company is required to have the audit of its cost records conducted by
a Cost Accountant. The Board of Directors of the Company has on the recommendation of the Audit Committee,
approved the appointment of M/s. C.S. Adawadkar & Co., Cost Accountants, to conduct the audit of the cost
records of the Company for the financial year 2025-26.

The Cost Audit Report is required to be filed within 180 days from the end of the financial year. The Cost Audit
Report for the financial year ended March 31, 2026 will be filed within the due date. Pursuant to provisions of
Companies Act, 2013 and the Companies (Cost Records and Audit) Rules, 2014, the Company confirms that it
has prepared and maintained cost records for the financial year ended March 31, 2026.

FRAUD REPORTING

During the year under review, neither the Statutory Auditors nor the Secretarial Auditors or Cost Auditors has
reported to the Audit Committee any instances of fraud pursuant to section 143(12) of the Companies Act,
2013 committed against the Company by its officers or employees of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them,
your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

(i) that in the preparation of the annual financial statements for the year ended March 31, 2026, the
applicable accounting standards have been followed along with proper explanation relating to material
departures, if any.

(ii) that such accounting policies have been selected and applied consistently and judgment and estimates
have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2026 and of the profit of the Company for the year ended on that date;

(iii) that 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;

(iv) that the annual financial statements have been prepared on a going concern basis;

(v) that proper internal financial controls were in place and that the financial controls were adequate and
were operating effectively;

(vi) that systems to ensure compliance with the provisions of all applicable laws were in place and were
adequate and operating effectively.

BOARD CONFIRMATION

Your Board confirms that there is no proceeding pending under the Insolvency and Bankruptcy Code, 2016 and
that there is no instance of onetime settlement with any Bank or Financial Institution, during the year under
review.

CORPORATE GOVERNANCE

The Company is committed to maintaining the highest standards of Corporate Governance and adhering to the
Corporate Governance requirements as set out by Securities and Exchange Board of India. The Report on
Corporate Governance as stipulated under SEBI LODR Regulations forms part of the Annual Report.

As required under the provisions of Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a
separate report on Corporate Governance forms part of this Annual Report, together with a certificate from the
Auditors of the Company regarding compliance of conditions of Corporate Governance.

HUMAN RESOURCES

The relations with workers during the year were cordial. The Company is striving hard to negotiate with its
workers union for settlement. Your Company is committed to provide a healthy and safe work environment
free from accidents, injuries and occupational health hazards. The Company had a total of 190 permanent
employees as on March 31, 2026.

Particulars of Employees

Disclosures with respect to the remuneration of Directors and employees as required under Section 197 of the
Act and Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
(Rules) have been appended as Annexure A to this report Details of employee’s remuneration as required
under provisions of Section 197 of the Companies Act, 2013 and Rule 5(2) and 5(3) of the Rules are available at
the Registered Office of the Company during working hours, 21 days before the Annual General Meeting and
shall be made available to any shareholder on request. Such details are also available on your Company’s
website www.manugraph.com. None of the employees listed in the said Annexure are related to any Director of
the Company.

The Company states that there are no employees (other than Managing Directors) employed throughout the
financial year 2025-26 and drawing a salary of Rs. 1.02 crore per annum or more or employed for part of the
year and in receipt of remuneration of Rs. 8.50 Lakhs or more per month as required under Section 197 of the
Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. The details of salary paid to Managing Directors are part of Corporate Governance
Report, forming part of this Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of loans given, investments made, guarantees given and securities provided under Section 186 of
the Companies Act, have been provided in the notes to the standalone financial statements.

RISK MANAGEMENT

In a rapidly changing business environment, companies in printing industry face numerous risks that impact
their businesses. It is therefore, imperative to identify and address these risks and at the same time leverage
opportunities for achieving business objectives. To establish and maintain a system of risk management and
internal control, the Board periodically reviews the risk management system and maintenance of a risk profile
(both financial and non-financial risks). A brief report on risk evaluation and management is provided under
Management's Discussion and Analysis Report forming part of this Annual Report.

INTERNAL FINANCIAL CONTROLS

The Company has an internal financial control system commensurate with the size, scale and complexity of its
operations. The internal controls over financial reporting have been identified by the management and are
checked for effectiveness across all locations and functions by the management and tested by the Auditors on
sample basis. The controls are reviewed by the management periodically and deviations, if any, are reported to
the Audit Committee periodically.

The Internal Control Systems are being constantly updated with new / revised standard operating procedures.
Based on the information provided, nothing has come to the attention of the Directors to indicate that any
material breakdown in the function of these controls, procedures or systems occurred during the year under

review. There have been no significant changes in the Company’s internal financial controls during the year
that have materially affected, or are reasonably likely to materially affect its internal financial controls.

The Company has appointed Internal Auditors who report to Audit Committee of the Board. The Audit
Committee reviews internal audit reports periodically based on annual internal audit plan.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There have been no other material changes and commitments affecting the financial position of the Company
which have occurred between March 31, 2026 and the date of this Report, other than those disclosed in this
Report. There has been no change in the nature of business of your Company.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company’s vigil mechanism /Whistle blower Policy aims to provide the appropriate platform and
protection for Whistle blowers to report instances of any actual or suspected incidents of unethical practices,
violation of applicable laws and regulations including the Integrity Code, Code of Conduct for Prevention of
Insider Trading in Company’s securities, Code of Fair Practices and Disclosure. The Vigil Mechanism / Whistle
Blower Policy have been posted on the website of the Company viz. www.manugraph.com.

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

The Company has in place policy on Sexual Harassment at workplace. Internal Complaints Committees have
been constituted, in compliance with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee (ICC) has been set up to
redress complaints received, if any, regarding sexual harassment. All employees are covered under this policy.
The Company is in compliance of the provisions of the said Act. The details of complaints are as under:

(a) number of complaints filed during the financial year - Nil

(b) number of complaints disposed of during the financial year - Nil

(c) number of complaints pending as on end of the financial year - Nil

THE CODE ON SOCIAL SECURITY, 2020 - MATERNITY BENEFIT

The Company is in compliance with the applicable provisions relating to maternity benefits as prescribed under
the Maternity Benefit Act, 1961/ the Code on Social Security, 2020.

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

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo
stipulated under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules,
2014 is annexed as 'Annexure C'.

CAUTIONARY STATEMENT

Statements in the Directors' Report & Management Discussion and Analysis describing the Company's
objectives, projections, estimates, expectations or predictions may be forward looking statements. Actual
results could differ materially from those expressed or implied. Important factors that could make difference to
the Company's operations include cyclical demand, changes in government regulations, tax regimes, economic
development and other ancillary factors.

APPRECIATIONS

The Directors places on record its appreciation and acknowledge the support and assistance extended to us by
State Government, Statutory Authorities, Tribunals and local bodies, customers, bankers, stock exchanges,
business associates, financial institutions, and investors.

Place: Mumbai For and on behalf of the Board

Date: 24-06-2026 Sd/-

Sanjay S. Shah
Chairman & Managing Director
(DIN:00248592)