Your Directors presenting the Board's Report of your Company together with the Audited Financial Statements for the
financial year ended 31^st March, 2024.

Financial Statements

Performance Review

During the year the company has not generated income and as a result of that the Company has incurred loss of Rs.
1.95 Lakhs in 2023-24.

Dividend

No dividend recommended by the Board of directors for the Financial Year ended 31^st March, 2024.

Transfer to General Reserve

In view of accumulated losses, no transfer is proposed to be made to Reserves.

Material Changes and Commitments, if any, affecting the Financial Position of the Company

During the period under review, there were no material changes and commitments made by company which affect the
financial position of the company.

Subsidiary / Associates Companies

The Company does not have any Subsidiary, Joint venture or Associate Company. Hence, statement containing salient
features of the financial statement of subsidiaries/associate companies/joint ventures pursuant to first proviso to sub¬
section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014 under Form AOC-1, is not applicable to
the Company.

Adequacy of internal financial controls

The Company has in place adequate and effective Internal Financial Controls with reference to financial statements.
During the year, such controls were tested and upgraded and no reportable material weaknesses in the design or
operation were observed.

Particulars of Loans, Guarantees or Investments

During the year under review, your Company has not directly or indirectly -

• Given any loan to any person or other body corporate other than usual advances envisaged in a contract of
supply of materials, if any;

• Given any guarantee or provided security in connection with a loan to any other body corporate or person; and

• Acquired by way of subscription, purchase or otherwise, the securities of any other body corporate.

Particulars of Contracts or Arrangements with Related Parties

No related party transaction(s) entered into during the financial year. The Company has not entered into any contract,
arrangement or transaction with any related party which could be considered as material as defined under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts)
Rules, 2014 is furnished as Annexure -A to this report.

Directors and Key Managerial Personnel

Kiran Vishwakarma - Whole Time Director (w.e.f. 01/03/2024)

Meet Ratilal Khant - Non-Executive Independent Director (w.e.f. 01/03/2024)

Parth Mehta - Non-Executive Independent Director (w.e.f. 01/03/2024)

Pratik Parikh - Managing Director (Upto 08/12/2023)

Mahima Ahuja - Non - Executive Non Independent Woman Director

Hardik Vinodbhai Gajjar - Non-Executive Independent Director (Upto 05.03.2024)

Utkarsh Patel - Executive Director (w.e.f 06.09.2023 to Upto 26.12.2023)

Jayesh Patel - Whole Time Director (w.e.f. 08.12.2023 to 05.03.2024)

Declaration by Independent Directors

The Company has confirming that they meet the criteria and received necessary declarations from all Independent
Directors of the Company under in Section 149 of the Companies Act, 2013 as well as under Regulation 25 and 16(1) (b)
of SEBI (LODR) Regulations. There has been no change in the circumstances which may affect their status as independent
director during the year.

Board Evaluation

The Board of Directors has carried out an annual evaluation of its own performance, Board and the Corporate
Governance requirements as committees and Individual Directors pursuant to the provisions of the Act prescribed by
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI
Listing Regulations").

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the
criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning,
etc.

Familiarization Program for the Independent Directors

In compliance with the requirements of SEBI LODR Regulations, 2015, the Company has put in place a familiarization
program for the Independent Directors to familiarize them with their role, rights and responsibilities as Directors, the
working of the Company, nature of the industry in which the Company operates, business model, etc.

Policy on Directors' Appointment and Remuneration and other details

The Nomination and Remuneration Committee has laid down the criteria for Directors appointment and remuneration
including criteria for determining qualification, positive attributes and independence of a Director. The following
attributes/criteria for selection have been laid by the Board on the recommendation of the Committee:

1. the candidate should possess the positive attributes such as leadership, entrepreneurship, business advisor or
such other attributes which in the opinion of the Committee are in the interest of the Company;

2. the candidate should be free from any disqualification as provided under Sections 164 and 167 of the
Companies Act, 2013;

3. the candidate should meet the conditions of being independent as stipulated under the Companies Act, 2013
and Listing Agreement entered into with Stock Exchanges, in case of appointment as an independent director; and

4. the candidate should possess appropriate educational qualification, skills, experience and knowledge in one or
more fields of finance, law, management, sales, marketing, administration, corporate governance, technical
operations, infrastructure or such other areas or disciplines which are relevant for the Company's business.

Number of Meetings of the Board

During the year under review, 9 (Nine) board meetings were held on 30.05.2023, 11.08.2023, 06.09.2023, 04.10.2023,
09.11.2023, 08.12.2023, 27.02.2024, 01.03.2024 and 05.03.2024.

Extract of Annual Return

A copy of the Annual Return as required under Section 92(3) and Section 134(3) (a) of the Act has been placed on the
Company's website. The web-link as required under the Act is as under: http://www.muskanferro.com

Audit Committee

The Audit Committee of the Board of Directors meets the criteria laid down under Section 177 of the Companies Act,
2013, read with Regulation 18 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement)
Regulation, 2015 in the terms of reference to the Audit Committee.

The Audit Committee of the Company presently comprises of three members being Mr. Meet Khant, Mr. Parth Mehta
and Ms. Mahima Ahuja. Changes were made in accordance with rules and regulations.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee of the Board of Directors meets the criteria laid down under Section 178
of the Companies Act, 2013, read with Regulation 19 of Securities and Exchange Board of India (Listing Obligation and
Disclosure Requirement) Regulation, 2015 in the terms of reference to the Audit Committee.

The Audit Committee of the Company presently comprises of three members being Mr. Meet Khant, Mr. Parth Mehta
and Ms. Mahima Ahuja. Changes were made in accordance with rules and regulations.

Stakeholder Relation Committee

The Stakeholder Relation Committee of the Board of Directors meets the criteria laid down under Section 179 of the
Companies Act, 2013, read with Regulation 20 of Securities and Exchange Board of India (Listing Obligation and
Disclosure Requirement) Regulation, 2015 in the terms of reference to the Audit Committee.

The Audit Committee of the Company presently comprises of three members being Mr. Meet Khant, Mr. Parth Mehta
and Ms. Mahima Ahuja. Changes were made in accordance with rules and regulations.

Management Discussion and Analysis Report

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements) Regulation
2015, the Management Discussion and Analysis has been given hereunder;

Industry Structure and Developments

During the period, the Company somehow manages to find the investors which results in improvement in Company's
business.

Overall Review

The Company is taking all necessary measures in terms of mitigating the impact of the challenges being faced in the
business. The Company is working towards being resilient in order to sail through the current situation. It is focused on
controlling the fixed costs, maintaining liquidity and meticulously managing supply chain issues to ensure that the
manufacturing facilities operate smoothly.

Your Company is focused on achieving volume growth, reduction in costs and improving product portfolio. These
measures will continue to drive improvement in your Company's business.

Risk and Concerns

The Company's future development would depend upon the commencement of its operational activities.

Internal Controls Systems and their adequacy

The Company is following a proper and adequate system of internal controls, however during the period there were
necessary material transactions taken place. Also, in the Expenses part the company has taken adequate step for
internal control in respect of all its activities. Further all transaction entered into by the Company are fully authorized,
recorded and reported correctly.

Financial Performance with Respect to Operational Performance

During the year under review, the Company improvises its financial position because company somehow manages to

find new investors.

Cautionary Note

Certain statements in "Management Discussions and Analysis" section may be forward looking and are stated as
required by law and regulations. Many factors, both external and internal, may affect the actual results which could be
different from what the Directors envisage in terms of performance and outlook.

Risk Management

The Company has in place a Risk Management Policy pursuant to Section 134 of the Companies Act. It establishes various
levels of accountability and each significant risk.

Corporate Social Responsibility (CSR)

The Company does not fall in any of the Criteria of Section 135 of the Companies Act, 2015 read with the Companies
(Corporate Social Responsibility Policy) Rules 2014 and hence the company does not require to comply the same.

Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace

The Company has zero tolerance for sexual harassment at the workplace and has adopted a Policy on Prevention,
Prohibition and Redressal of Sexual Harassment at the Work place, in line with the provisions of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Policy aims
to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for
matters connected or incidental thereto, with the objective of providing a safe working environment, where employees
feel secure. All employees of the Company, those of contractors as well as trainees are covered under this Policy.

No complaint was received from any employee during the financial year 2022-2023 and hence no complaint is
outstanding as on 31.03.2024 for redressal.

Vigil Mechanism/ Whistle Blower Policy

There is a Whistle Blower Policy in the Company and that no personnel have been denied access to the Chairman of the
Audit Committee. The policy provides for adequate safeguards against victimization of persons who use vigil
mechanism.

Code of Conduct

The Board has laid down a code of conduct for board members and senior management personnel of the Company. The
code incorporates the duties of independent directors as laid down in the Companies Act, 2013. The said code of
conduct is posted on Company's website (the website is under maintenance). The Board members and senior
management personnel have affirmed compliance with the said code of conduct.

Prevention of Insider Trading

The Board has adopted a revised Code of Prevention of Insider Trading based on the SEBI (Prohibition of Insider Trading)
Regulations, 2015. The same has been placed on the website of the Company (the website is under maintenance. You
can get the same through an Email). All the Directors, senior management employees and other employees who have
access to the unpublished price sensitive information of the Company are governed by this code. During the year under
Report, there has been due compliance with the said code of conduct for prevention of insider trading.

Corporate Governance

As per SEBI LODR, Compliance with the provisions of regulation 17 through 27 and clauses (b) to of sub - regulations 46
and Para C, D and E of schedule V is not mandatory for the time being, in respect of the following class of Companies:

a) Companies having paid -up equity share capital not exceeding Rs. 10 crore and Net Worth not exceeding Rs.
25 Crore, as on the last day of previous financial year;

b) The listed entity which has listed its specified securities on the SME Exchange;

As such our Company falls in the ambit of aforesaid exemption, consequently Corporate Governance does not forms
part of the Annual Report for the Financial Year 2023-24. However, the Company is following industry best corporate
governance standards.

Human Resources

The human resource plays a vital role in the growth and success of an organization. The Company has maintained cordial
and harmonious relations with employees across various locations.

Deposits from Public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on
deposits from public, was outstanding as on the date of the balance sheet.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings

Outgo Technology absorption: NIL
Foreign Exchange earnings and outgo: NIL

Particulars of Employees and Remuneration

Pursuant to the Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, no
employee of the Company was paid remuneration exceeding the prescribed limits, during the financial year 2023-24.

Share Capital

The paid-up equity share capital of the Company as at 31^st March, 2024 is Rs.4,32,49,000. The Company currently has
no outstanding shares issued with differential rights, sweat equity or ESOS.

Auditors

Statutory Auditors:

M/s. H. G. Sarvaiya & Co, Chartered Accountants, (Firm Registration No: 115705W) who are the statutory auditors of
the Company, were appointed at the 38^th Annual General Meeting to hold office till the conclusion of 43^rd Annual
General Meeting.

The report issued by M/s. H. G. Sarvaiya & Co., Chartered Accountants, (Firm Registration No: 115705W), Statutory
Auditor for FY 2023-24 forms part of this report.

The observations made by the Auditors' in their Auditors' Report and the Notes on Accounts referred to in the Auditors'
Report are self-explanatory and do not call for any further comments.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Board of Directors of the Company had appointed M/s. S Bhattbhatt & Co. to undertake the
Secretarial Audit of the Company for the year ended March 31, 2024. The Secretarial Audit Report is annexed as
Annexure B.

Cost Auditors:

Your Company does not require to get its cost records audited by the qualified Cost Auditors, in view of non-applicability.
No appointment of Cost Auditors has been made.

Directors' Responsibility Statement

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability,
confirm that:

a) in the preparation of annual accounts for the year ended March 31, 2024, the applicable accounting standards read
with requirements set out under Schedule III to the Act, have been followed and there are no material departures from
the same;

b) they 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 March 31, 2024
and of the Profit of the Company for the year ended on that date;

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

d) they have prepared the annual accounts on a 'going concern' basis;

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

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

Employee Remuneration:

(A) None of the employees of the company was in receipt of the remuneration exceeding the limits prescribed u/s 197
(12) read with rule 5, sub-rule 2 of The Companies (Appointment and Remuneration of Managerial Personnel) of the
Companies Act, 2013 during the year under review.

(B) The ratio of the remuneration of each director to the median employee's remuneration and other details in terms
of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report.

Acknowledgement

The Board places on record its deep appreciation for the continued support received from various clients, vendors and
suppliers and Bankers, Government Authorities, Employees at all levels and Stakeholders, in furthering the interest of
the Company.

Date: 02/09/2024 For and on behalf of the Board of Directors

Place: Ahmedabad Kiran Vishwakarma

Sd/-

Chairman & W.T. Director