Your Directors have pleasure in presenting this Forty Eighth (48^th) Annual Report together with the Audited Financial Statements
and Auditors’ Report for the financial year ended on March 31,2026.

FINANCIAL RESULTS

COMPANY'S PERFORMANCE & STATE OF COMPANY'S
AFFAIR

On a consolidated basis, the revenue for Financial Year 2026
was Rs. 36,800.32 Lakhs, higher by 18.03% over the previous
year revenue of Rs. 31,177.31 Lakhs. The profit after tax
(PAT) attributable to shareholders was Rs. 1,796.88 Lakhs
in Financial Year 2026 and Rs. 2,212.98 Lakhs in Financial
Year 2025, thereby registering a decline of 18.80% over the
last year PAT.

On Standalone basis, the revenue for Financial Year 2026
was Rs. 17,023.35 Lakhs, higher by 14.07% over the previous
year revenue of Rs. 14,922.59 Lakhs. The profit after tax
(PAT) attributable to shareholders for Financial Year 2026
was Rs. 817.25 Lakhs registering a decline of 41.06% over
the PAT of Rs. 1,386.68 Lakhs for Financial Year 2025.

RETURN OF SURPLUS FUNDS TO SHAREHOLDERS

Based on the Company’s performance, the Directors have
recommended a final dividend for the Financial Year 2025¬
26 on Equity Share Capital @ 10% [Rs. 0.50 per equity share
(nominal face value of Rs. 5/- each)]. The Dividend payout
is subject to approval of shareholders in ensuing Annual
General Meeting.

DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('SEBI Listing
Regulations’), the Board of Directors of the Company have a
Dividend Distribution Policy in place which aims to maintain
a balance between profit retention and a fair, sustainable and
consistent distribution of profits among its Members. The
said Policy is available on the website of the Company under

the 'Investors’ section at https://shivalikrasayan.com/wp-
content/uploads/2023/11/Dividend-Distribution-Policy.pdf

RESERVES

The Board of Directors has decided to retain the entire
amount of profits for 2025-26 in the retained earnings

EQUITY SHARE CAPITAL

The paid-up Equity Share Capital as on March 31,2026 was
Rs. 7.87 Crores. During the year under review, the Company
has not issued any shares.

ASSOCIATE COMPANY
Medicamen Biotech Limited (MBL)

During 2025-26, SRL holds 54,87,095 Equity Shares of its
Associate Company, Medicamen Biotech Limited thereby
maintaining its stake to 40.46%.

Also, the report on the performance and financial position
of its associate and salient features of their Financial
Statements in the prescribed Form AOC-1 is annexed to this
report as Annexure "A"

Further, pursuant to the provisions of Section 136 of the Act,
the financial statements of the Company & consolidated
financial statements along with relevant documents
are available on the website of the Company i.e. www.
shivalikrasayan.com

DEPOSITS

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.

PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS

During the year under review, the Company has not made
any investment. Further, the Company has not given any
loan or corporate guarantee or provided any security during
the year.

Details of loans, guarantees and investments covered under
the provisions of Section 186 of the Act are given in the notes
to the Financial Statements.

TRANSACTION WITH RELATED PARTIES

In line with the requirements of the Companies Act, 2013 ('the
Act’) and SEBI Listing Regulations, as amended from time
to time, the Company has formulated a Policy on Related
Party Transactions ('RPT Policy’) for identifying, reviewing,
approving and monitoring of Related Party Transactions
and the same is available on the Company’s website at
https://shivalikrasayan.com/wp-content/uploads/2023/12/
Related-Party-Transaction-Policy.pdf

All related party transactions entered into during 2025¬
26 were on arm’s length basis and in the ordinary course
of business and were reviewed and approved by the Audit
Committee. With a view to ensure continuity of day-to-day
operations, an omnibus approval is obtained for related party
transactions which are of repetitive nature and entered in the
ordinary course of business and on an arm’s length basis.
A statement giving details of all related party transactions
entered pursuant to the omnibus approval so granted is
placed before the Audit Committee on a quarterly basis for
its review.

During the year under review, the Company did not enter into
any contracts or arrangements with related parties pursuant
to Section 188(1) of the Act read with the relevant rules and
no material related party transactions were entered into.
Accordingly, the disclosure of related party transactions as
required under Section 134(3)(h) of the Act read with Rule
8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-
2 is not applicable to the Company for 2025-26 and hence,
does not form part of this Integrated Annual Report.

In terms of Regulation 23 of the SEBI Listing Regulations, the
Company submits details of related party transactions on a
consolidated basis as per the specified format to the stock
exchanges on a half-yearly basis.

The details of the transactions with related parties are
provided in the significant accounting policies at note no.
2.25 of Financial Statements.

RISK MANAGEMENT

The Company has a comprehensive Risk Management
framework that seeks to minimize the adverse impact
on business objectives and capitalize on opportunities.
The Company has implemented a mechanism for risk
management and formulated a Risk Management Policy
that is reviewed in line with the SEBI Listing Regulations
framework. The Risk Management Policy was reviewed
and amended during the year. The Policy provides for
identification of risks and formulating mitigation plans.
Major risks identified by business and other functions are
systematically addressed through mitigation actions on a
continuous basis.

The Risk Management Committee, chaired by an
Independent Director, monitors the risks and their mitigation
actions as well as formulating strategies towards identifying
new and emergent risks.

Further, the Board is apprised of any actual/emergent risk
that may threaten or\ impact the long-term plans of the
Company. Such risks are linked to the audit universe and are
also covered as a part of the annual risk-based audit plan.

The risk appetite of the organization is approved by the RMC
and the Board and is aligned to the Vision of the organization.
It is an important metric for governing all business actions
and strategic decisions. The Risk appetite is driven by the
following:

• Health and safety of our employees and the
communities in which we operate are our prime
concern and our operating strategy is focused on the
above objective;

• Management actions are focused on continuous
improvement;

• Environment and Climate Change impacts are assessed
on a continuous basis and business decisions support
systems including capital allocation, considers climate
impact through the internal carbon pricing framework;

• The long-term strategy of the Company is focused
on generating profitable growth and sustainable cash
flows that creates long term stakeholder value

The Audit Committee has additional oversight in the area
of financial risks and controls. The major risks identified by
the businesses and functions are systematically addressed
through mitigating actions on a continuing basis.

INTERNAL FINANCIAL CONTROL

Internal financial control systems of the Company are
commensurate with its size and the nature of its operations.

These have been designed to provide reasonable assurance
with regard to recording and providing reliable financial
and operational information, complying with applicable
accounting standards and relevant statutes, safeguarding
assets from unauthorized use, executing transactions with
proper authorization and ensuring compliance of corporate
policies. The Company has a well-defined delegation of
authority with specified limits for approval of expenditure,
both capital and revenue.

The Audit Committee deliberated with the Management
considered the systems as laid down and met the internal
audit team and statutory auditors to ascertain their views on
the internal financial control systems. The Audit Committee
satisfied itself as to the adequacy and effectiveness of the
internal financial control systems as laid down and kept
the Board of Directors informed. However, the Company
recognizes that no matter how the internal control
framework is, it has inherent limitations and accordingly,
periodic audits and reviews ensure that such systems are
updated at regular intervals

These periodic audits and reviews help to put in place checks
on the implementation of the internal financial controls,
policies and procedures that are adopted by the Company
for ensuring an orderly and efficient conduct of its business.
These internal financial controls help in safeguarding assets,
prevention and detection of frauds and/or errors, maintaining
the accuracy and completeness of the accounting records.

DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and
compliance systems established and maintained by the
Company, audits conducted by the Internal, Statutory, Cost
and Secretarial Auditors, including audit of the internal
financial controls over financial reporting by the Statutory
Auditors and the reviews performed by Management and the
relevant Board Committees, including the Audit Committee,
the Board is of the opinion that the Company’s internal
financial controls were adequate and operating effectively
during 2025-26.

Accordingly, pursuant to Sections 134(3)(c) and 134(5) of
the Act, the Directors, to the best of their knowledge and
ability, confirm that for the year ended March 31,2026:

(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed and that
there are no material departures;

(ii) they have selected such accounting policies and
applied them consistently and made judgements 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 viz., March 31,
2026 and of the profit of the Company for that period;

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

(iv) they have prepared the annual accounts on a going
concern basis;

(v) 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

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

CORPORATE GOVERNANCE & COMPLIANCE

The Company follows the best governance practices to
boost long-term shareholder value and respect minority
rights. The Company considers the same as its inherent
responsibility to disclose timely and accurate information to
its stakeholders regarding its operations and performance,
as well as the leadership and governance of the Company.
The Company has also adopted the governance guidelines
on Board effectiveness to fulfill its responsibility towards its
stakeholders.

A report on Corporate Governance together with Auditors’
certificate confirming compliance with Corporate Governance
norms, as stipulated under SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 forms a part
of this report along with Report on Management Discussion
and Analysis as Annexure "B".

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34 of the SEBI Listing Regulations,
the Management Discussion & Analysis is presented in a
separate section forming part of this Integrated Annual
Report. As required under the provisions of the SEBI Listing
Regulations, the Audit Committee of the Company has
reviewed the Management Discussion & Analysis report of
the Company for the year ended March 31,2026.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

The Company is committed to addressing the needs of
the communities in which it operates, thereby maximizing
societal value. Additionally, it conducts its business in such

a manner that generates a positive impact and enhances
stakeholder value.

As per SEBI Listing Regulations, the Business Responsibility
and Sustainability Report ("BRSR") form part of the Director's
Report as Annexure "C".

DIRECTORS AND KEY MANAGERIAL PERSONNEL
Re-Appointment

In accordance with the provisions of Section 152 of the
Act Mr. Suresh Kumar Singh and Dr. Vimal Kumar Shrawat
retires by rotation and being eligible, offers themselves for
re-appointment. A resolution seeking shareholders' approval
for their re-appointment forms part of the Notice.

At the 47^th AGM of the Company held on September 27,
2025, the shareholders of the Company approved the re¬
designation of Mr. Ashwani Kumar Sharma (DIN: 00325634)
as a Non-Executive, Non-Independent Director of the
Company with effect from August 12, 2025.

Independent Directors

In terms of 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 Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations"). There has
been no change in the circumstances affecting their status
as Independent Directors of the Company.

The Board is of the opinion that all Directors including the
Independent Directors of the Company possess requisite
qualifications, integrity, expertise and experience in the fields
of science and technology, digitalization, strategy, finance,
governance, human resources, safety, sustainability, etc.

Pursuant to the provisions of Section 203 of the Act, the
Key Managerial Personnel of the Company as on March
31, 2026 are: Mr. Suresh Kumar Singh, Vice- Chairman &
Whole- Time Director, Dr. Vimal Kumar Shrawat, Managing
Director, Mr. Vinod Kumar, Chief Financial Officer and Ms.
Parul Choudhary, Company Secretary & Compliance Officer.

Procedure for Nomination and Appointment of Directors

The Nomination and Remuneration Committee (NRC)
is responsible for developing competency requirements
for the Board based on the industry and strategy of the
Company. The Board composition analysis reflects in-depth
understanding of the Company, including its strategies,
environment, operations, financial condition and compliance
requirements.

The Committee is also responsible for reviewing the profiles
of potential candidates' vis-a-vis the required competencies
and meeting the potential candidates prior to making
recommendations of their nomination to the Board. At the
time of appointment, specific requirements for the position
including expert knowledge expected are communicated to
the appointee.

The list of core skills, expertise and competencies of the
Board of Directors as are required in the context of the
businesses and sectors applicable to the Company are
identified and are available with the Board. The Directors
have also reviewed the list of core skills, expertise and
competencies which were mapped against them. The same
is disclosed in the Corporate Governance Report forming
part of this Integrated Annual Report.

Criteria for determining Qualifications, Positive Attributes
and Independence of a Director

The NRC has formulated the criteria for determining
qualifications, positive attributes and independence of
Directors in terms of provisions of Section 178(3) of the Act
and Regulation 19 read with Part D of Schedule II to the SEBI
Listing Regulations.

Independence: In accordance with the above criteria, a
Director will be considered as an 'Independent Director' if
he/she meets the criteria for independence as laid down
in the Act and Rules framed thereunder, as amended and
Regulation 16(1)(b) of the SEBI Listing Regulations

Qualifications: A transparent Board nomination process is
in place that encourages diversity of thought, experience,
knowledge, perspective, age and gender. It is also ensured
that the Board has an appropriate blend of functional and
industry expertise. While recommending the appointment
of a Director, the NRC considers the manner in which
the function and domain expertise of the individual will
contribute to the overall skill-domain mix of the Board.

Positive Attributes: In addition to the duties as prescribed
under the Act, the Directors on the Board of the Company
are also expected to demonstrate high standards of ethical
behavior, strong interpersonal and communication skills and
soundness of judgement.

BOARD EVALUATION

Pursuant to the applicable provisions of the Act and the
SEBI Listing Regulations, the Board has carried out an
annual evaluation of its own performance, performance of
the Directors as well as the evaluation of the working of its
Committees. The NRC has defined the evaluation criteria,
procedure and time schedule for the Performance Evaluation
process for the Board, its Committees and Directors.

The performance of the Board and individual Directors
was evaluated by the Board after seeking inputs from
all the Directors. The performance of the Committees
was evaluated by the Board after seeking inputs from the
Committee Members.

The criteria for performance evaluation of the Board
included aspects such as Board composition and structure,
effectiveness of Board processes, contribution in the long¬
term strategic planning, etc. The criteria for performance
evaluation of the Committees included aspects such as
structure and composition of Committees, effectiveness
of Committee Meetings, etc. The above criteria are broadly
based on the Guidance Note on Board Evaluation issued by
the Securities and Exchange Board of India.

The Chairman of the Board had one-on-one meetings with
each Independent Director and the Chairman of the NRC had
one-on-one meetings with the Executive and Non-Executive,
Non-Independent Directors.

The Board discussed upon the performance evaluation
outcome and concluded that they were satisfied with the
overall performance of the Board and Committees of the
Board and Directors individually. The Board also assessed
the fulfilment of the independence criteria by the Independent
Directors of the Company and their independence from the
management as specified in the Listing Regulations.

ln a separate Meeting, the Independent Directors evaluated
the performance of Non-Independent Directors and
performance of the Board as a whole. They also evaluated
the performance of the Chairman taking into account the
views of the Managing Director and Non-Executive Directors
as well.

FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT
DIRECTORS

In compliance with the requirements of Regulation 25(7)
of the Listing Regulations, the Company has put in place a
Familiarization Programme for the Independent Directors
to familiarize them with the Company, their roles, rights,
responsibilities in the Company, nature of the industry in
which the Company operates, business model etc. The
details of the Familiarization Programme are available on
the website of the Company at https://shivalikrasayan.com/
srl-policies/

REMUNERATION POLICY

The Company has adopted a Remuneration Policy for
the Directors, KMP and other employees, pursuant to the
provisions of the Act and the SEBI Listing Regulations. The
Remuneration Policy is available on website of the Company

https://shivalikrasayan.com/wp-content/uploads/2023/ll/

Nomination-and-Remuneration-Policy.pdf

BOARD AND COMMITTEE MEETINGS

Regular meetings of the Board and its Committees are
conducted to discuss and approve various strategies,
policies, financial matters and such other businesses.

Details of Board Meetings

Five (5) meetings of the Board were held during the year.
For details of meetings of the Board, please refer to the
Corporate Governance Report, which is a part of this report.

Composition of Audit Committee

As on March 31,2026, the Audit Committee comprised three
(3) Members out of which two (2) are Independent Directors
and one (1) was a Non-Executive, Non-Independent Director.
During the year, five (5) Audit Committee Meetings were held,
details of which are provided in the Corporate Governance
Report.

There have been no instances during the year when
recommendations of the Audit Committee were not
accepted by the Board.

Composition of Corporate Social & Responsibility (CSR)
Committee

The CSR Committee comprised four (4) Members out of
which two (2) are an Independent Directors. During the
year under review, One (1) Meetings of the CSR Committee
were held, details of which are provided in the Corporate
Governance Report. During the year under review, there
were no instances when the recommendations of the CSR
Committee were not accepted by the Board.

Secretarial Standards

The Directors have devised proper systems and processes
for complying with the requirements of applicable Secretarial
Standards issued by the Institute of Company Secretaries
of India, as amended and such systems were adequate and
operating effectively.

CORPORATE SOCIAL RESPONSIBILITY

The brief outline of the Corporate Social Responsibility (CSR)
policy of the Company and the initiatives undertaken by the
Company on CSR activities during the year under review are
set out in Annexure "D" of this report in the format prescribed
in the Companies (Corporate Social Responsibility Policy)
Rules, 2014. For other details regarding the CSR Committee,
please refer to the Corporate Governance Report, which
is a part of this report. The CSR policy is available on
https://shivalikrasayan.com/srl-policies/

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company firmly believes in providing a safe, supportive,
and friendly workplace environment, where our values come
to life through supporting behavior. A positive workplace
environment and a great employee experience are an
integral part of our culture. The Company continues to
take various measures to ensure a workplace free from
discrimination and harassment on the basis of gender.
The Company educates its employees on what constitutes
sexual harassment and on the procedures to follow in the
event of an incident constituting sexual harassment.

The Company has created a framework for individuals to seek
recourse and redressal for instances of sexual harassment.
During the year, the Company conducted various training and
sensitization sessions on prevention of sexual harassment
at workplace for its employees, workmen, and others at
various locations. The Company has a Prevention of Sexual
Harassment at Workplace Policy in place to provide clarity
around the process to raise such a grievance and how the
grievance will be investigated and resolved.

There were no incidences of sexual harassment reported
during the year under review, in terms of the provisions of
the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

WHISTLE BLOWER POLICY/ VIGIL MECHANISM

The Company maintains a robust Whistleblower Policy that
ensures transparency and accountability. Whistleblowers
are granted direct access to the Chairperson of the Audit
Committee should they wish to report any concerns related
to unethical behavior, improper practices, fraud, or violations
of laws, rules, or regulations.

There have been no instances where individuals have
been denied access to the Chairperson for reporting such
concerns. All cases reported under the Whistleblower Policy
are presented to and reviewed by the Audit Committee.

The Company has a Whistle Blower Policy and has
established the necessary vigil mechanism for Directors and
Employees in confirmation with Section 177(9) of the Act
and Regulation 22 of Listing Regulations, to report concerns
about unethical behavior. The details of the policy have been
disclosed in the Corporate Governance Report, which is a part
of this report and is also available on https://shivalikrasayan.
com/wp-content/uploads/2025/06/Whistle%20Blower%20
Policy.pdf

AUDITORS

a. Statutory Auditors- At the Forty Fifth (45^th) Annual
General Meeting held on September 29, 2023 appointed

M/s Rahul Chaudhary & Associates, Chartered
Accountants (Registration Number 033971N) as
Statutory Auditors of the Company till the conclusion of
Fiftieth (50^th) AGM.

The report of the Statutory Auditor forms part of the
Integrated Report and Annual Accounts for 2025-26.
The said report does not contain any qualification,
reservation, adverse remark or disclaimer. During the
year under review, the Statutory Auditors did not report
any matter under Section 143(12) of the Act, therefore
no detail is required to be disclosed under Section
134(3)(ca) of the Act.

b. Secretarial Auditor- In terms of Section 204 of the Act
and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, M/s. AMJ &
Associates, a firm of Company Secretaries in Practice,
has been appointed as the Secretarial Auditors of the
Company.

At the 47^th AGM of the Company held on September 27,
2025, in accordance with the SEBI Listing Regulations,
the Members of the Company appointed M/s. AMJ &
Associates, a Peer reviewed firm, as the Secretarial
Auditors of the Company for conducting Secretarial
Audit and issue the Secretarial Audit Report for a term
of consecutive five (5) years from Financial Year April 1,
2025 to March 31,2030.

The Report of the Secretarial Auditors is enclosed as
Annexure "E" which forms part of this Report. There
have been two observations as given by the Secretarial
Auditors in their Report as below:

1. Observation: During the Period under Review, it
was observed that the Company’s mandatory
Corporate Social Responsibility (CSR) budget
allocation was calculated on the basis of Profit
After Tax (PAT) instead of Profit Before Tax (PBT),
deviating from the methodology prescribed
under Section 135 read with Section 198 of the
Companies Act, 2013. While this did not result in
any financial deficit in the final CSR expenditure
as explained to us by the management, we
recommend updating the Company’s internal
compliance templates to ensure that future
CSR calculations strictly adhere to the statutory
methodology.

Management Response: The Company calculated
the CSR amount with different approach although
there is no deficit in CSR spending as per the
calculation under section 198 during the years.
The Company will take due care while calculating

the CSR amount in future. i.e. as per section 135
and 198 of Companies Act, 2013.

2. Observation: During the period under review, the
Company failed to comply with the applicable
provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
Act, 2013 ('POSH Act’). Specifically, relating to the
Formation of the Internal Committee (IC) and non¬
submission of the Annual Report for the calendar
year ended 31st December 2025, as mandated
under section 21 of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

Management Response: The Company is deeply
committed to maintaining a safe, secure, and
supportive working environment for all employees.
Due to sudden administrative and structural
changes during the financial year, the formal setup
of the internal compliance framework experienced
an unintended delay. Management clarifies that
the Company will ensure absolute and complete
compliance with all statutory provisions of the
POSH Act.

c. Cost Auditors- The Company is required to maintain
cost records as specified by the Central Government
as per Section 148(1) of the Act and the rules framed
thereunder, and accordingly, the Company has
maintained such cost accounts and records. In terms
of section 148(1) of the Act read with the Companies
(Cost Records and Audit) Rules, 2014, based on the
recommendations of the Audit Committee, the Board
of Directors of the Company appointed M/s Cheena &
Associates, Cost Accountants being eligible to conduct
Cost Audit relating to the business of the Company for
the year ending March 31,2027.

M/s. Cheena & Associates, Cost Accountants have
confirmed that they are free from disqualification
specified under Section 141(3) and proviso to Section
148(3) read with Section 141(4) of the Act and that
their appointment meets the requirements of Section
141(3) (g) of the Act. They have further confirmed their
independence status and that they maintain an arm’s
length relationship with the Company.

The remuneration payable to the Cost Auditors is
required to be placed before the Members in a General
Meeting for their ratification. Accordingly, a resolution
for seeking Members’ ratification for the remuneration
payable to M/s. Cheena & Associates, Cost Accountants
is included in the Notice of the 48^th AGM forming part of
this Integrated Annual Report.

d. Internal Auditor- M/s Amar Sharma & Co, Chartered
Accountants, is not willing to continue as an Internal
Auditor of the Company due to other pre-occupations,
therefore, Board based on the recommendation of
Audit Committee, appointed M/s Arun Agarwal &
Co., Chartered Accountants as Internal Auditor of the
Company for the financial year 2026-27.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, the Statutory Auditors, Cost
Auditors, Internal Auditors and Secretarial Auditors have not
reported any instances of frauds committed in the Company
by its officers or employees, to the Audit Committee under
Section 143(12) of the Act, details of which are required to
be mentioned in this Report.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the
Act, the Annual Return as on March 31,2026 is available on
https://shivalikrasayan.com/annual-reports/

OTHER DISCLOSURES

• No significant material orders have been passed by the
Regulators or Courts or Tribunals which would impact
the going concern status of the Company and its future
operations.

• No applications were made or any proceedings were
pending against the Company under the Insolvency
and Bankruptcy Code, 2016.

• No deposits have been accepted from the public during
the year under review, and no amount on account of
principal or interest on deposits from the public was
outstanding as on March 31,2026.

• There has been no change in the nature of business of
the Company as on the date of this Report. There were
no material changes and commitments affecting the
financial position of the Company between the end of
the financial year and the date of this Report.

PARTICULARS OF EMPLOYEES

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

In terms of the provisions of Section 197(12) of the Act, read
with Rules 5(2) and 5(3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,

a statement showing the names and other particulars of
employees drawing remuneration in excess of the limits as
set out in the said Rules forms part of this report.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information regarding 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 Rule, 8 of the Companies (Accounts)
Rules, 2014.

a) CONSERVATION OF ENERGY

We remain committed to reducing our environmental
footprint. Prevention of the wasteful use of natural
resources, consumption of water and energy, and the
management of waste and hazardous materials have
been the key enablers in our journey of environmental
sustainability. We have embarked on a critical review of
all our approaches towards energy and environmental
conservation that will help us identify goals and action
plans for the longer term

b) TECHNOLOGY ABSORPTION/RESEARCH AND
DEVELOPMENT

1. Capital Expenditure is included in Fixed Assets
and Capital Work in Progress and depreciation is
provided at the respective applicable rates.

2. Expenditure incurred on R&D are as below:

c) FOREIGN EXCHANGE EARNING AND OUTGO

Value of Imports & Exports in Foreign Currency

ACKNOWLEDGEMENT

The Directors deeply appreciate and value the dedication,
support, hard work, and commitment of all employees.
Their continuous efforts in improving all functions and
areas, along with the efficient utilization of the Company’s
resources, have been instrumental in achieving sustainable
and profitable growth.

The Directors would also like to place on record their
appreciation for the continued co-operation and support
received by the Company during the year from bankers,
financial institutions, Government authorities, farming
community, business partners, shareholders, customers
and other stakeholders. The Directors look forward to
continuance of the supportive relations and assistance in
the future.

For and on behalf of the Board
Shivalik Rasayan Limited

Sd/-

Rahul Bishnoi

Place: New Delhi Chairman

Dated: August 14, 2026 (DIN:00317960)