Reliance Industrial Infrastructure Ltd

A Subject to rounding off differences

Dividend

The Board of Directors have recommended a dividend of Rs.3.50 (Three rupees and fifty paise) per equity share of Rs.10/- (Ten rupees only) each fully paid-up of the Company for the financial year ended March 31, 2025 (last year Rs.3.50 per equity share of Rs.10/- each fully paid-up). Dividend payment is subject to approval of Members at the ensuing Annual General Meeting and subject to deduction of income tax at source.

The dividend recommended is in accordance with the Company's Dividend Distribution Policy. The said policy of the Company is available on the Company's website and can be accessed at: http://www.riil.in/pdf/dividend-distribution-policy.pdf

Details of material changes from the end of the financial year

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

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is as under:

Results of Operations and the State of Company's Affairs

During the year, the Company's Net profit was Rs.983 lakh as compared to Rs.1,021 lakh in the previous year. Revenue from transportation services was Rs.3,317 lakh as compared to Rs.3,350 lakh in the previous year. Revenue from infrastructure support and other operating income was Rs.1,632 lakh as compared to Rs.2,458 lakh in the previous year, mainly on account of lower utilization of the infrastructure assets.

The Company continues to provide infrastructure support services which includes transportation of petroleum products, natural gas and raw water through pipelines and other infrastructure support services mainly to Reliance Industries Limited.

Resources and Liquidity

The Company's net worth as on March 31, 2025 stood at '32,400 lakh, with accumulated reserves and surplus of Rs.30,890 lakh.

The Return on net worth fell to 3.1% in FY 2024-25 as against 3.2% in previous year due to lower profits on account of lower utilisation of infrastructure assets.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios along with detailed explanation is given below:

• Trade Receivable Turnover Ratio decreased to 10.90 in FY 2024-25 as against 16.76 in the previous year primarily due to increase in average trade receivables.

• Return on Capital Employed increased to 286.6% in FY 2024-25 as against (125.6%) in the previous year due to reduced capital employed.

The Company continues to maintain its conservative financial profile and funds its requirements through internal accruals.

Macro-outlook, industry framework and road ahead

In current times, business environment around the world has become highly volatile. Almost every sector globally is operating amid extreme uncertainties, as major economies seek to bring about considerable alterations in existing trade and geo-political stances. The prolonged and continuing geo-political tensions further aggravate the situation.

Amid such periods of disruption, the virtue of economic self-reliance gains significant impetus. India's thrust on "atmanirbharta" becomes all the more relevant, especially in crucial sectors like infrastructure. The roadways, ports, airports, pipelines and overall logistics of our country will play an integral role in ensuring India's continued growth trajectory. The Company has deployed best-in-class assets, to support and enhance the infrastructure development.

Challenges, Risks and Concerns

Infrastructure projects are mainly characterized by prolonged development phases and involve long gestation period. The current emphasis on sustainability and climate change presents the challenge of maintaining environmental protection and effectively managing the carbon footprint throughout project implementation. Handling regulatory shifts during the lifecycle of a project constitutes a key risk factor.

The Company has a competent management team, well equipped to mitigate the risks involved. With strong governance structures in place, the Company remains focused on timely delivery of infrastructural services with prudent financial management. Over the years, the Company has been primarily serving one major customer, leveraging its existing assets to drive performance.

Human Resource Development

The Company believes that the quality of its employees is the key in the long run. The Company continues to have cordial relations with its employees. The Company provides personal development opportunities and all-round exposure to its employees.

Internal Controls

The Company has robust internal control systems and procedures commensurate with its nature of business which meets the following objectives:

• providing assurance regarding the effectiveness and efficiency of operations;

• efficient use and safeguarding of resources;

• compliance with policies, procedures and applicable laws and regulations; and

• transactions being accurately recorded and promptly reported.

The Company continues to have periodical internal audits conducted of all its functions and activities to ensure that systems and processes are followed across all areas.

The Audit Committee regularly reviews the adequacy of internal control systems through such audits. The Internal Auditor reports directly to the Audit Committee.

The Company also has a robust budgetary control system to monitor expenditure against approved budgets on an ongoing basis.

Internal Financial Controls

Internal Financial Controls are an integral part of the risk management framework and process that address financial and financial reporting risks. The key internal financial controls have been documented, automated wherever possible and embedded in the business process. The Company has in place adequate internal financial controls with reference to Financial Statement.

Assurance on the effectiveness of internal financial controls is obtained through management reviews and self-assessment, continuous control monitoring by functional experts as well as testing of the internal financial control systems by the Statutory Auditor and Internal Auditors during the course of their audits.

The Company believes that these systems provide reasonable assurance that the Company's internal financial controls are adequate and operating effectively as intended.

Risk Management

The Company has in place a Risk Management Policy commensurate with the size of the Company, which provides for a robust risk management framework to identify and assess risks such as safety, health and environment, operational, strategic, financial, security, property, regulatory, reputational and other risks and put in place an adequate risk management infrastructure capable of addressing these risks. The Risk Management Committee has been constituted to identify, monitor and report on the potential risks associated with the Company's business and periodically keeps the Board of Directors apprised of such risks and the measures taken by the Company to mitigate such risks.

Given below are significant potential risks to the Company and measures in place to mitigate them:

Operational Risk: Disruptions in operating the Company's pipelines and equipment may arise due to natural calamities, equipment failures or other unexpected or unforeseen interruptions.

The extreme risk for pipeline is "Damage to pipeline by third party activity in high consequence areas". This risk is being mitigated through daily line patrolling. Public awareness programs covering all stakeholders also play a significant role in reducing Third Party Damage incidents to a great extent. The Company consistently works towards monitoring the health of the pipelines through internal checks and external audit assurance in compliance with the requirement of Petroleum and Natural Gas Regulatory Board, thereby maintaining or improving operational efficiencies.

Safety, Health and Environment Risks: The Company's activities of transporting petroleum products and natural gas through its pipelines are inherently hazardous. Any accident, explosion, leakages or acts of terrorism may cause property damage or bodily injury and adversely impact surrounding communities and environment which may result in disruption of operations and litigations. The Company has structured inspections of its operating facilities for identifying and mapping operational hazards, investigating root cause analysis and to eliminate any such occurrence by developing mitigation plans.

Further, there is a comprehensive insurance plan in place to cover the above risks.

Consolidated Financial Statement

In accordance with the provisions of the Companies Act, 2013 ("the Act") and the Listing Regulations read with Ind AS 110 - Consolidated Financial Statements and Ind AS 28 - Investments in Associates and Joint Ventures, the audited Consolidated Financial Statement forms part of this Annual Report.

Subsidiary, Joint Venture and Associate Company

The Company did not have any subsidiary or joint venture during the financial year under review. The Company has one Associate Company, Reliance Europe Limited.

A statement providing details of performance and salient features of the financial statement of the Associate Company as per Section 129(3) of the Act, is provided as Annexure 'A' to the audited Consolidated Financial Statement and therefore not repeated in this Report.

The Audited Financial Statement including the Consolidated Financial Statement of the Company and all other documents required to be attached thereto forms part of this Annual Report and is also available on the Company's website and can be accessed at: http://www.riil.in/pdf/Annual-Report-2024-25.pdf

Secretarial Standards

The Company has followed the applicable Secretarial Standards, with respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

Directors' Responsibility Statement

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2025, 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) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2025 and of the profit of the Company for the year ended on that date;

c) the Directors 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;

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

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

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

Business Responsibility and Sustainability Report

In accordance with the Listing Regulations, the Business Responsibility and Sustainability Report describing the initiatives taken by the Company from an environmental, social and governance perspective is available on the Company's website and can be accessed at: https://www.riil.in/pdf/riil-business- responsibility-and-sustainability-report-2024-25.pdf

Contracts or Arrangements with Related Parties

All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arms' length basis and do not have potential conflict with interest of the Company at large.

Details of the contracts/arrangements/transactions with related party which are required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 are annexed herewith and marked as Annexure I to this Report.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is available on the Company's website and can be accessed at: https://www.riil.in/pdf/riil-policy-on-materiality.pdf

Members may refer to Note 24 to the Standalone Financial Statement which sets out related party disclosures pursuant to Ind AS.

Corporate Social Responsibility

The Corporate Social Responsibility ("CSR") Policy formulated by the CSR Committee and approved by the Board is available on the Company's website and can be accessed at: http://www.riil.in/pdf/ csr_policy.pdf. During the year under review, there has been no change in the said Policy.

The CSR policy sets out the guiding principles for the CSR Committee, inter-alia, in relation to the activities to be undertaken by the Company, as per Schedule VII to the Act, CSR Governance and implementation, Composition of Committee and monitoring of CSR activities.

The key philosophy of the CSR initiative of the Company is to promote development through social and economic transformation.

The Company has, inter-alia, identified following areas in which it may engage for its CSR activities:

• Addressing identified needs of the underprivileged through initiatives directed towards promoting health, including preventive health care;

• Environmental sustainability and ecological balance; and

• Any other activity falling within the scope of Schedule VII to the Act.

During the year, the Company has spent Rs.30 lakh (i.e., 2.34% of the average net profits of the immediately preceding three financial years) towards identified and approved CSR initiatives covered under Schedule VII to the Act.

The Annual Report on CSR activities is annexed herewith and marked as Annexure II to this Report.

Directors and Key Managerial Personnel

In accordance with the provisions of the Act and the Articles of Association of the Company, Shri Mahesh K. Kamdar, Director of the Company, retires by rotation at the ensuing Annual General Meeting. The Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee ("NRC"), has recommended his appointment.

Further, in terms of Regulation 17(1A) of the Listing Regulations, approval of Members by way of special resolution is sought at the ensuing Annual General Meeting for continuation of Shri Mahesh K. Kamdar as non-executive director, liable to retire by rotation, notwithstanding his attaining the age of seventy-five years.

Shri Dilip V. Dherai, Executive Director of the Company, superannuated from the services and stepped down from the position of Director of the Company with effect from end of the day on March 31, 2025. The Board of Directors placed on record their sincere appreciation for the contribution made by Shri Dilip V. Dherai, during his long tenure of over 34 years on the Board of the Company.

The Board of Directors, based on the recommendation of the NRC, appointed Shri Vipin Chandra Sati as an Additional Director and Whole-time Director designated as Executive Director for a term of 5 (five) years with effect from April 1,2025, subject to the approval of the Members. In the opinion of the Board, he possesses requisite expertise, integrity, experience and proficiency.

Smt. Sindhu Menon ceased to be the Chief Financial Officer of the Company with effect from the close of business hours of July 18, 2024. The Board of Directors, based on the recommendation of the NRC, appointed Shri Praveen Baser as the Chief Financial Officer of the Company with effect from July 19, 2024. The Board of Directors placed on record its deep appreciation for the valuable contribution made by Smt. Sindhu Menon during her association as the Chief Financial Officer of the Company.

The Company has received declarations from all the independent directors of the Company confirming that:

i. they meet the criteria of independence prescribed under the Act and the Listing Regulations; and

ii. they have registered their names in the independent directors' databank.

The Company has, inter-alia, following policies:

a) Policy for Appointment of Directors and determining Directors' independence; and

b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.

The Policy for Appointment of Directors and determining Directors' independence sets out the guiding principles for the NRC for identifying persons who are qualified to become Directors and to determine the independence of Directors, while considering their appointment as independent directors of the Company. The Policy also provides for the factors in evaluating the suitability of Individual Board members with diverse background and experience that are relevant for the Company's operations.

There has been no change in the aforesaid policy during the year under review. The said policy is available on the Company's website and can be accessed at: https://www.riil.in/pdf/policy-for-appointmentof-directors-and- determining-Directors'-independence.pdf

The Remuneration Policy for Directors, Key Managerial Personnel and other employees sets out the guiding principles for the NRC for recommending to the Board, the remuneration of the Directors, Key Managerial Personnel and other employees of the Company. There has been no change in the policy during the year under review. The said policy is available on the Company's website and can be accessed at: https://www.riil.in/pdf/remuneration-policy- for-directors-key-managerial-other-empl.pdf

Performance Evaluation

The Company has a policy for performance evaluation of the Board, Committees and other Individual Directors (including independent directors) which includes criteria for performance evaluation of Non-executive Directors and Executive Directors.

In accordance with the manner of evaluation specified by the NRC, the Board carried out annual performance evaluation of the Board, its Committees and Individual Directors. The independent directors carried out annual performance evaluation of the Chairman, the non-independent directors and the Board as a whole. The Chairperson of the respective Committees shared the report on evaluation with the respective Committee members. The performance of each Committee was evaluated by the Board, based on the report of evaluation received from respective Committees.

(i) Statutory Auditor

Chaturvedi & Shah LLP (Registration No.: 101720W/W100355), Chartered Accountants, were appointed as the Auditor of the Company, for a term of 5 (five) consecutive years, at the Annual General Meeting held on September 28, 2022. The Auditor have confirmed that they are not disqualified from continuing as the Auditor of the Company.

The Auditor's Report does not contain any qualification, reservation, adverse remark or disclaimer. The Notes to Financial Statement referred to in the Auditor's Report are self-explanatory and do not call for any further comments.

(ii) Cost Auditor

In accordance with the provisions of Section 148(1) of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost records in its books of account for the financial year 2024-25 in respect of its services of transportation of petroleum products. However, in terms of the said Rules, the requirement of cost audit was not applicable to the Company for the financial year 2024-25 as the turnover of the Company from these services was below the threshold limit prescribed in the said Rules for cost audit.

(iii) Secretarial Auditor

The Board had appointed Shashikala Rao & Co., Company Secretaries, to conduct Secretarial Audit of the Company for the financial year 2024-25. The Secretarial Audit Report relating thereto is annexed herewith and marked as Annexure III to this Report. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

In accordance with the provisions of Section 204 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations, the Board has recommended to the Members of the Company the appointment of BNP & Associates, Practicing Company Secretaries (Firm Registration No. P2014MH037400), as the Secretarial Auditor of the Company for a term of 5 (five) consecutive financial years, commencing from the financial year 2025-26 to the financial year 2029-30 to conduct Secretarial Audit of the Company. They have confirmed their eligibility and qualification required under the Act and the Listing Regulations for holding the office, as the Secretarial Auditor of the Company.

Meetings of the Board

Five meetings of the Board of Directors were held during the year.

The particulars of meetings held and attendance of each Director are detailed in the Corporate Governance Report forming part of this Annual Report.

Committees

The composition of the Committees as on March 31, 2025 is as under:

Audit Committee

The Audit Committee comprises Smt. Riddhi Bhimani (Chairperson), Shri Achuthan Siddharth and Shri Rahul Dutt. During the year under review, all the recommendations made by the Audit Committee were accepted by the Board.

Corporate Social Responsibility Committee

The Corporate Social Responsibility Committee comprises Shri Sanjiv Singh (Chairman), Shri Achuthan Siddharth and Smt. Riddhi Bhimani.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises Shri Achuthan Siddharth (Chairman), Smt. Riddhi Bhimani and Shri Rahul Dutt.

Stakeholders Relationship Committee

The Stakeholders Relationship Committee comprises Shri Mahesh K. Kamdar (Chairman), Shri Sanjiv Singh, Shri Achuthan Siddharth and Shri Rahul Dutt.

Risk Management Committee

The Risk Management Committee effective July 19, 2024 comprised Shri Dilip V. Dherai (Chairman), Shri Sanjiv Singh, Shri Achuthan Siddharth, Smt. Riddhi Bhimani, Directors & Shri Praveen Baser and Shri Umesh D. Giriyan, Executives of the Company.

The Committee was re-constituted effective April 1,2025, comprising Shri Sanjiv Singh (Chairman), Shri Vipin Chandra Sati, Shri Achuthan Siddharth, Smt. Riddhi Bhimani, Directors & Shri Praveen Baser and Shri Umesh D. Giriyan, Executives of the Company.

Vigil Mechanism and Whistle-blower Policy

The Company has established a robust Vigil Mechanism and a Whistle-blower Policy in accordance with provisions of the Act and the Listing Regulations. Ethics & Compliance Task Force ("ECTF") comprising a member of Board as the Chairman and senior executives as members oversees and monitors the implementation of ethical business practices in the Company. ECTF is required to review complaints and incidents on a quarterly basis and report them to the Audit Committee.

Employees and other stakeholders are required to report actual or suspected violations of applicable laws and regulations and the Code of Conduct. Such genuine concerns (termed Reportable Matter) disclosed as per Policy are called "Protected Disclosures" and can be raised by a whistle-blower through an e-mail or a letter to the ECTF or to the Chairperson of the Audit Committee.

The Vigil Mechanism and Whistle-blower Policy is available on the Company's website and can be accessed at: https://www.riil.in/pdf/whistle-blower-policy.pdf

During the year under review, no Protected Disclosure concerning any reportable matter in accordance with the Vigil Mechanism and Whistle-blower Policy of the Company was received by the Company.

Particulars of loans given, investments made, guarantees given and securities provided

The Company has not given any loan or guarantee or provided any security during the year under review. Particulars of investments made are provided in the Standalone Financial Statement. Members may refer to Note 2, 6 and 29 to the Standalone Financial Statement.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings & outgo, as required to be disclosed under the Act are as under:

A. Conservation of Energy

As an infrastructural facilities and support services provider, the operations of the Company require efficient energy consumption.

(i) Steps taken to conserve energy

Old battery banks at Cathodic Protection stations CP-1 and CP-2 are replaced with an energy-efficient and maintenance-friendly power storage system, contributing to improved energy conservation and system reliability. The new setup featured advanced charging technology, reduced power losses and longer battery life aligning with sustainable operation goals.

(ii) Steps taken for utilising alternate sources of energy and Capital investment on energy conservation equipment

The Company has not made any capital investment on utilizing alternate sources of energy and conservation equipment during the year under review.

(i) Major efforts made towards technology absorption

a) Upgradation of Uninterruptible Power Supply ("UPS") panel to ensure uninterrupted power for critical Supervisory Control and Data Acquisition ("SCADA") & Remote Terminal Unit ("RTU") control systems and field instrumentation at Company's pumping facility inside HPCL refinery at Chembur. The scope included integration of a modern UPS system with enhanced reliability, load-handling capacity and seamless switchover with minimal downtime resulting in improved operational stability and extended backup power duration for process equipment.

b) Replacement and upgradation of 4 Motor Operated Valve actuators at Company's pumping facility inside HPCL refinery at Chembur to enhance reliability and operational efficiency. The upgradation work involved installation of IQ Series actuators with improved torque control and diagnostics features and integrating them with the existing SCADA/control system.

c) Integration of newly installed CCTV surveillance cameras with a centralized GENETEC Security Centre platform to enhance real-time monitoring, centralized control and incident management capabilities. The integration streamlined security operations by enabling unified access, video analytics and remote viewing features across multiple locations.

d) Replacement of existing RTU marshalling panel and associated signal cables at CP 15 carried out to improve system reliability, reduce signal noise, ensure long-term maintainability and to enhance communication integrity between field instruments and the RTU.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution

Implemented framework for securing SCADA and Leak Detection System ("LDS") application software by upgrading cyber security solutions like Trellix, Trend Micro, Claroty tools and Fire walls complying to IEC 62443 standard to identify and mitigate the cybersecurity threats.

(iii) Information regarding imported technology (Imported during the last three years)

The Company has not imported any major technology during the last three years.

(iv) Expenditure incurred on research and development

Developed in-house capability to carry out analysis of Electrical Resistance probes data as part of a proactive internal corrosion monitoring program for Pipeline health monitoring and its assessment. Earlier this critical pipeline health monitoring activity was being done through the external expert agency.

C. Foreign Exchange Earnings and Outgo

Foreign Exchange earned in terms of Actual Inflows - Nil

Foreign Exchange outgo in terms of Actual Outflows - USD 7,746.28

Corporate Governance

The Company is committed to maintain the highest standards of Corporate Governance and adheres to the Corporate Governance requirements set out by the Securities and Exchange Board of India.

The Company has also implemented several best governance practices. The Corporate Governance Report as stipulated under the Listing Regulations forms part of this Annual Report. Certificate from the Statutory Auditor of the Company confirming compliance with the conditions of Corporate Governance is attached to the Corporate Governance Report.

Disclosure pursuant to para (IV) of third proviso to Section II, Part II of Schedule V to the Act relating to remuneration of Shri Dilip V. Dherai is covered in the Corporate Governance Report. For details, please refer to the Corporate Governance Report forming part of this Annual Report.

Annual Return

The Annual Return of the Company as on March 31, 2025 is available on the Company's website and can be accessed at: http://www.riil.in/pdf/mgt-7-2024-25.pdf

Particulars of Employees and related disclosures

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 of top ten employees in terms of remuneration drawn and the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said Rules forms part of this Report.

Disclosures relating 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 forms part of this Report.

Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the Members of the Company. Any Member interested in obtaining such information may address their email to investor_relations@riil.in.

Prevention of sexual harassment at workplace

In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") and Rules made thereunder, the Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace. The Company has an Internal Complaints Committee to redress and resolve any complaints arising under the POSH Act. Training/Awareness programs are conducted throughout the year to create sensitivity towards ensuring respectable workplace.

General

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:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares and ESOS) to the employees of the Company under any scheme.

4. The Company has no holding company or subsidiary company, hence the provisions of Section 197(14) of the Act relating to receipt of remuneration or commission by the Whole-time Director from holding company or subsidiary company of the Company are not applicable to the Company.

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

6. No fraud has been reported by the Auditor to the Audit Committee or the Board of Directors of the Company.

7. There has been no change in the nature of business of the Company.

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

9. There was no instance of one-time settlement with any Bank or Financial Institution.

Acknowledgement

The Board of Directors wish to place on record its deep sense of appreciation for the committed services by all the employees of the Company. The Board of Directors would also like to express their sincere appreciation for the assistance and co-operation received from the government and regulatory authorities, stock exchanges, depositories, banks, customers, vendors and Members during the year under review.

For and on behalf of the Board of Directors

Mahesh K. Kamdar

Chairman

Mumbai, April 16, 2025.