Malu Paper Mills Ltd

The Directors have pleasure in presenting the Thirty-second (32^nd) Annual Report for the year ended 31^st March 2025 along with the Audited Statement of Accounts with the Report of the Auditors thereon:

FINANCIAL RESULTS

KEY HIGHLIGHTS OF THE FINANCIAL PERFORMANCE:

The Company continues to be engaged in manufacturing and sale of Kraft Papers, Writing & Printing and Newsprint papers. During the year 2024-25, the Company recorded a turnover of Rs. 2,77,88,81,883/- and net loss of Rs. 12,12,65,005 compared to the turnover of Rs. 2,74,44,08,013/- and net profit of Rs. 92,71,069/- for the previous year 2023-2024.

STATE OF AFFAIRS

Malu Paper Mills Ltd. continues to operate in the manufacturing of Newsprint, Writing & Printing paper, and Kraft Paper. During the year under review, the company's overall profitability has been adversely affected compared to the previous year. This is primarily due to unfavorable economic and market conditions that prevailed across all business segments throughout the year.

The domestic paper market experienced significant changes in the current year, which impacted the operations of the entire Indian paper industry. In FY 2024-25, the company produced 80,669 Mt of paper, a slight decrease from the 82,442 Mt produced in FY 2023-24. There was a notable shift in the product mix during FY 2024-25 to capitalize on the prevailing market scenario. Specifically, Kraft paper production increased to 59,825 Mt (74%) in FY 2024-25 from 47,439 Mt (58%) in FY 2023-24, while Newsprint & Writing printing paper production adjusted to 20,843 Mt (26%) in FY 2024-25 from 35,003 Mt (42%) in FY 2023-24.

Our paper mills are strategically located in Central India at Nagpur, Maharashtra. Malu Paper Mills Ltd. remains the largest Newsprint and Writing & Printing manufacturer in Central India, with capacities totaling 49,500 TPA. We continue to produce quality Newsprint and Writing & Printing Paper through a recycle process and maintain a swing facility that allows us to switch between Newsprint and Writing paper production at short notice. Additionally, the company is involved in the manufacture of packaging paper from recycle grade, with an annual capacity of 66,000 TPA.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

There has been no major change in the business of the company during the financial year ended 31^st March, 2025.

NUMBER OF BOARD MEETINGS HELD

The Board of Directors met Six (06) times during the year and the details thereof were mentioned in the Report of Corporate Governance forming part of this Annual Report.

COMMITTEE MEETINGS

For the details of Composition of the Committees viz. Audit Committee, Stakeholders' Relationship Committee and Nomination and Remuneration Committee and details of the number of meetings held of each committee, kindly refer to the report on Corporate Governance. All the recommendations made by the Audit Committee, Nomination and Remuneration Committee and the Stakeholders' Relationship Committee were accepted by the Board.

AUDITOR'S REPORT AND SECRETARIAL AUDIT REPORT

The statutory auditor's report and the secretarial audit report do not contain any qualifications, reservations, or adverse remarks or disclaimer. Secretarial audit report is attached to this report.

DETAILS OF FRAUD REPORT BY AUDITOR:

As per auditors' report, no fraud u/s 143(12) reported by the auditor.

STATUTORY AUDITORS

At the 29^thAGM M/s Demble Ramani & Co., Chartered Accountants, Nagpur (Firm Registration No:-102259W) was appointed as statutory auditors of the Company for a term of 5 years from the financial year 2022-23 onwards. Accordingly, M/s Demble Ramani & Co., Chartered Accountants, Nagpur will continue as statutory auditors of the Company till the financial year 2026-27.

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEE GIVEN OR SECURITY PROVIDED

The loans given, investments made or guarantee given or security provided by the Company is same as mentioned in notes to the Financial Statements.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All the related party transactions entered into during the financial year were on arm's length basis and in ordinary course of business. There are no materially significant related party transactions made by the Company during the financial year under review. Accordingly, disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act in prescribed format Form AOC-2 is not applicable.

However, the disclosure of transactions with related party for the year, as per Accounting Standard-18 Related Party Disclosures is given in Note no 27 to the Balance Sheet as on 31^st March, 2025.

TRANSFER TO RESERVES

The Company transferred a sum of Rs. (12,12,65,005/-) to Retained Earning Reserve during the financial year ended 31^st March, 2025.

CHANGE IN SHARE CAPITAL

The Paid-up Share Capital as on 31^st March, 2025 is INR 17,05,92,500 comprising 1,70,59,250 Equity Shares of Rs.10/-each. There has been no change in the capital structure of the Company during the year.

DIVIDEND

The Board of Directors of your company, after considering holistically the relevant circumstances, has decided that it would be prudent, not to recommend any Dividend for the year under review.

DISCLOSURE ON ACCOUNTING TREATMENT

The Company has adopted the Indian Accounting Standards (IndAS) from Financial Year 2017-18, as mandated. Accordingly, the financial statements for current year, including comparative figures of previous year are based on IndAS and in accordance with the recognition and measurement principles stated therein, as well as other accounting principles generally accepted in India.

The Company has not used any differential treatment which is not in compliance with accounting standards and the financials of the Company depict a true and fair view of the state of affairs of the Company.

MATERIAL CHANGES AND COMMITMENTS

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

DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint Venture or Associate Company.

DETAILS OF DIRECTOR / KEY MANAGERIAL PERSONNEL APPOINTED/ RETIRED DURING THE YEAR

The Company has an appropriate mix of Executive, Non-Executive and Independent Directors to maintain the independence of the Board and separate its functions of governance and management.

Presently, the Board consist of Eight board members which include Non-Executive Independent Director, Non-Executive-Non-Independent Director and Woman Director. The Number of Non-Executive Directors is more than fifty percent of total number of directors.

The Company continues to ensure compliance with the applicable provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in respect of Board composition.

During the year, the composition of the Board of Directors of the Company underwent the following changes

The Board, at its meeting held on 18^th February, 2025, on the recommendation of the Nomination and Remuneration Committee, has re-appointed Mr. Punamchand Malu (DIN:00301030) as Managing Director & CEO and Mr. Banwarilal Malu (DIN:00301297) as the Jt.Managing Director of the Company for a period of 5 consecutive years commencing from 01^st April, 2025. The members approved the said appointment on 21^st June, 2025 by passing a special resolution through the Postal Ballot by way of remote e-voting process.

Pursuant to the provisions of Section 152(6) of the Companies Act, 2013 and in accordance with Clause 146 of the Articles of Association of the Company, the Managing Directors of the Company shall not be liable to retire by rotation.

Pursuant to the provisions of the Companies Act, 2013, at least two-thirds of the total number of Directors, excluding Independent Directors, are required to be liable to retire by rotation. Accordingly, Shri Vasudeo Malu (DIN: 00301313), Non-Executive Director, who is liable to retire by rotation, retires at the ensuing Annual General Meeting and, being eligible, has offered himself for reappointment.

The Board of Directors recommends his re-appointment, the details of which are set out in Item No. 2 of the Notice convening the 32^nd Annual General Meeting for the consideration and approval of the shareholders.

The brief resume and other details relating to Shri. Vasudeo Malu (DIN: 00301313) who is proposed to be re-appointed, as required to be disclosed under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, is incorporated in the annexure to the notice calling 32^nd Annual General Meeting.

CA. Sahil Shankar Agrawal (DIN: 02690403), who was appointed as a Non-Executive Independent Director of the Company with effect from November 9, 2020, for a period of five (5) years, will be completing his first term on November 8, 2025.

Based on the recommendation of the Nomination and Remuneration Committee at its meeting held on April 17, 2025, and the approval of the Board of Directors at their meeting held on May 23, 2025, the Board has recommended the re-appointment of CA. Sahil Shankar Agrawal as a Non-Executive Independent Director of the Company for a second term of five (5) consecutive years, commencing from November 9, 2025, and ending on November 8, 2030.

In terms of the provisions of Section 149 and other applicable provisions of the Companies Act, 2013 and Regulation 17(1C) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the re-appointment is subject to the approval of shareholders by way of a special resolution, which is proposed to be passed at the 32^nd Annual General Meeting of the Company.

The brief resume and other details relating to CA. Sahil Shankar Agrawal (DIN: 02690403) who is proposed to be re-appointed, as required to be disclosed under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, is incorporated in the annexure to the notice calling 32^nd Annual General Meeting.

Upon the recommendation of The Board of Directors Mr. Vijaykumar Mulchandji Sarda (DIN: 10727783), CA. Rajesh Nandkishore Sarda (DIN: 10727785) and CS. Surabhi Pankaj Gandhi (DIN: 10729302) were appointed by the members of the Company by passing Ordinary Resolution in the 31^st Annual General Meeting of the Company as Independent Director of the Company, for first term of 5 consecutive years commencing 25^th September, 2024 up to 24^th September 2029.

Mr. Chandrakant Thakar (DIN 00784189), Mr. Satyanarayan Rathi (DIN 01797378) and CA. Shrutika Inani(DIN 06937649) who has been serving as a Non-Executive Independent Directors on the Board of Malu Paper Mills Limited, had retired from their position of Independent Directors effective from 25^th September 2024, upon the expiry of their second term of 5 (five) consecutive years.

The deep wisdom, integrity, and unwavering dedication of these Independent directors has played a significant role in steering the Company towards sustained growth and excellence. The Board places on record its sincere appreciation for the exemplary service and contributions of these directors.

All Independent Directors of the Company have given declaration that they meet the criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and are independent to the management of the Company. During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses incurred by them for attending meetings of the Company.

Further during the year, there was no changes occurred in the Key Managerial Personnel of the Company

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on March 31, 2025 are: Mr. Punamchand Malu - Managing Director& CEO, Mr. Banwarilal Malu - Jt. Managing Director, Mr. Prakash Modi-Chief Financial Officer and Mayuri Asawa - Company Secretary.

DECLARATION BY INDEPENDENT DIRECTORS

Independent Directors are non-executive directors as defined under Regulation 16(1)(b) of the Listing Regulations, 2015 read with Section 149(6) of the Act along with rules framed thereunder. In terms of Regulation 25(8) of SEBI Listing Regulations, they have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties.

The maximum tenure of Independent Directors is in compliance with the Companies Act, 2013 ("the Act") and the Listing Regulations. Based on the declarations received from the Independent Directors, the Board of Directors has confirmed that they meet the criteria of independence as mentioned under Regulation 16(1)(b) of the Listing Regulations, 2015 and that they are independent of the management.

The Independent Directors have also confirmed that they have registered themselves in the databank of persons offering to become Independent Directors.

Every Independent Director, at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year, gives a declaration that he meets the criteria of independence and submits the declaration regarding the status of holding other directorship and membership as provided under law.

Based on the disclosures and declarations received from the Directors at regular intervals, it is confirmed that none of the Directors holds directorship in more than ten public limited companies as prescribed under Section 165 of the Companies Act, 2013, nor serves as a Director in more than eight listed entities, as stipulated under Regulation 17A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, no Director holds the position of Independent Director (including any alternate directorships) in more than seven listed companies, or in more than three equity listed companies in case he/she is serving as a Whole-time Director or Managing Director in any listed company, in compliance with Regulation 17A of the Listing Regulations.

Further, none of the Directors on the Board is a member in more than ten Committees or acts as Chairperson of more than five Committees across all Indian public limited companies in which he/she is a director, in compliance with the provisions of Regulation 26 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

EVALUATION OF INDIVIDUAL DIRECTORS, THE BOARD & ITS COMMITTEES:

Pursuant to the provisions of the Companies Act, 2013 and the corporate governance requirements prescribed under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Board of Directors has carried out an annual evaluation of its own performance, the performance of individual Directors, and that of its committees.

The performance of the Board was evaluated after obtaining inputs from all Directors, based on various criteria including the Board's composition and structure, the effectiveness of its processes, the quality and timeliness of information shared, and overall functioning.

The performance of the Committees was assessed by the Board based on inputs received from respective Committee members, considering aspects such as the composition of the Committees, the effectiveness of meetings, and the discharge of their delegated responsibilities.

A separate meeting of the Independent Directors was held, wherein the performance of non-independent directors and the Board as a whole was reviewed, taking into account the views of both Executive and Non-Executive Directors.

The Nomination and Remuneration Committee and the Board also evaluated the performance of individual Directors based on predefined criteria, which included their level of preparedness, participation in deliberations, meaningful contributions at meetings, and commitment to their roles.

The Board of Directors expressed satisfaction with the overall evaluation process and the performance of its members and Committees.

PUBLIC DEPOSITS

During the year under review, the Company has neither accepted nor renewed any public deposits in terms of Section 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

CREDIT RATINGS

During the year under review, Malu Paper Mills Ltd (MPML) did not obtain any credit rating for its existing or proposed bank facilities.

INTERNAL FINANCIAL CONTROL

The Company has put in place adequate internal financial control procedures commensurate with its size, complexity and nature of business. The Company has identified and documented all key financial controls, which impact the financial statements as part of its Standard Operating Procedures (SOP). The financial controls are tested for operating effectiveness through ongoing monitoring and review process by the management and also independently by the Internal Auditor.

The Internal Auditor of the Company reports functionally to the Audit Committee of Board, which reviews and approves risk based annual internal audit plan. The Audit Committee periodically reviews the performance of internal audit function.

During the year, such controls were tested and no reportable material weakness in the design or operation was observed.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 (as amended), the Board of Directors, on the recommendations of the Audit Committee, of the Company, has approved and appointed M/s. Samria & Co. Chartered accountants, Chartered Accountants, Nagpur, as the Internal Auditors of the Company, for the FY 2024-25.

The Internal Audit Finding/s and Report/s submitted by the said Internal Auditors, from time to time, during the FY 2024-25, to the Audit Committee and Board of Directors of the Company, do not contain any adverse remarks and qualifications, is self-explanatory and do not call for any further explanation/s by the Company.

Further, the Company has appointed M/s. Samria & Co. Chartered accountants as the Internal Auditors of the Company of FY 2025-26.

COST RECORDS& COST AUDIT

The provision of Cost audit as per section 148 applicable on the Company and company has maintained proper records and account of the same as required under the act.

Pursuant to the provisions of the Companies Act, 2013, the Board of Directors had appointed M/s. Deepak Khanuja & Associates., Cost Accountants (Firm Regn no. 100247), as Cost Auditors of the Company for conducting the audit of Cost records for the financial year ended on 31^st March 2025. The audit report will be filed within prescribed period.

The Company has appointed M/s. Deepak Khanuja & Associates., Cost Accountants as Cost Auditors under Section 148 of the Companies Act, 2013, for audit of cost records of the Company for the year ending 31^st March, 2026.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALS

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.

CONSTITUTION OF COMMITTEE - SEXUAL HARASSMENT AT WORKPLACE

The Company has constituted committee under the sexual harassment of women at workplace (prevention, prohibition and Redressal) Act, 2013 and company has complied with the provisions of the same.

During the year, no complaint of sexual harassment was received to the company.

CONSOLIDATED FINANCIAL STATEMENTS

Company doesn't have any subsidiaries so there is no need to prepare consolidated financial statement for the F. Y. 2024-25.

COMPLIANCE WITH SECRETARIAL STANDARD

The Board of Directors confirms that the Company, has duly complied and is in compliance, with the applicable Secretarial Standard/s, namely Secretarial Standard – 1 (‘SS-1') on Meetings of the Board of Directors and Secretarial Standard - 2 (‘SS-2') on General Meetings, during the FY 2024-25.

CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC)

During the year under review, there is no application made and/or no proceeding pending under the Insolvency and Bankruptcy Code, 2016

DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF VALUATION AT THE TIME OF ONE-TIME SETTLEMENT AND THE VALUATION DONE AT THE TIME OF TAKING A LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

During the year under review, the Company has not made any settlement with its bankers for any loan(s)/facility(ies) availed or / and still in existence.

FAILURE TO IMPLEMENT ANY CORPORATE ACTION

During the FY 2024-25 under review, there is no occasion wherein the Company failed to implement any Corporate Action. As such, no specific details are required to be given or provided.

DIRECTORS RESPONSBILITY STATEMENT FORMING PART OF BOARD'S REPORT

As required under Section 134(5) of the Companies Act, 2013, the Director's confirm that:

1 In the preparation of the annual accounts, the applicable accounting standards have been followed.

2 The Directors had selected such accounting policies and applied them consistently and made judgments and estimate that are reasonable and prudent so as to give a true and fair view of the state of affairs of Company as on 31^st March 2025 and of the profit of the company for that period.

3 The Directors have taken proper and sufficient care 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.

4 The annual accounts for the year ended March 31, 2025 have been prepared on a going concern basis.

5 The directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

6 The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and these were adequate and operating effectively.

LISTING OF SHARES

Equity Shares of Company are listed on The Bombay Stock Exchange, Mumbai (BSE) and The National Stock Exchange (NSE). The Company has duly paid listing fees to stock exchanges.

POLICY ON NOMINATION AND REMUNERATION:

In compliance with the requirements of Section 178 of the Act, the Company has laid down a Nomination and Remuneration Policy which has been uploaded on the Company's website. The web-link as required under the Act ishttp://www.malupaper.com/investors/

RISK MANAGEMENTPOLICY

Risks are inherent to our business as our operating environment is complex, highly regulated, and dynamic. To attain our strategic growth objectives, protect the interests of all our stakeholders and meeting legal requirements we have an established process of identifying, analysing, and responding appropriately to all business risks. We have a well-embedded Risk Management Framework to ensure that we are well-placed to manage any adverse effect posed by financial, operational, strategic or regulatory related risks. Our framework adopts appropriate risk mitigation measures for identified risks across functions. The process ensures that new risks, which might arise, or the impact of existing risks which might have increased, are identified and a strategy is put in place for mitigating such risks. The major risks identified by the management are Raw Material Risk, Quality Risk, Technological Risk, Competition Risk, Cost Risk, Financial Risk, and Legal/Regulatory Risk along with economic and political risks.

A review of the risk management policy is carried out annually by the Audit Committee and the Board of Directors.

CORPORATE GOVERNANCE

In terms of the Listing Regulations, a report on Corporate Governance along with Auditors' Report on its compliance is annexed, forming part of the Annual Report.

Further all the Board members and Senior Management personnel have affirmed compliance with the Code of Conduct for the financial year 2024-25. A declaration to this effect signed by the Managing Director& CEO of the Company also forms part of this Annual Report.

Additionally, CEO/CFO Certification as required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Annual Report.

A Certificate from Practicing Chartered accountant regarding the compliance with the conditions of Corporate Governance as stipulated under Regulation 34 read with Schedule V of the SEBI Listing Regulations is annexed to this Report.

In line with the requirements of Companies Act, 2013, your Company has constituted the Board Committees and has in place all the statutory Committees required under the law. Details of Board Committees along with their terms of reference, composition and meetings of the Board and Board Committees held during the year, are provided in the Corporate Governance Report.

SUSPENSION OF TRADING

The equity shares of the Company have been listed and actively traded on Main Board of Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE).

There was no occasion wherein the equity shares of the Company have been suspended for trading during the FY 2024-25.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report in accordance with Regulation 34 read with Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") forms part of this Annual Report as

Annexure A.

SECRETARIAL AUDITORS

The Company had appointed CS V Ramachandran, Nagpur, Company secretary in Practice (Certificate of Practice Number-3773) to comply with the provisions of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the SEBI (LODR) Regulations, 2015 and also to provide the Secretarial Compliance Report for the financial year 2024-25.

Copy of the Secretarial Audit Report in Form MR-3 is given as an Annexure B to this Board's Report.

Pursuant to Regulation 24A(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and in compliance with SEBI's circular SEBI/HO/CFD/CFD-PoD 2/CIR/P/2024/185 dated 31^st December, 2024 read with the applicable provisions of Companies Act, 2013 and other applicable regulations/ notifications, Board of Directors has recommended CS V Ramachandran, Nagpur, Company secretary in Practice (Certificate of Practice Number-3773) as the Secretarial Auditor of the Company for a period of five consecutive years, from the conclusion of the ensuing Annual General Meeting till the conclusion of the 37^th Annual General Meeting subject to the approval of Shareholders in the ensuing Annual General Meeting of the Company on such terms and remunerations as may be mutually agreed upon between the said secretarial auditor and Board of Directors of the Company.

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required under the Companies Act, 2013, read with the Companies (Accounts) Rules 2014 is given as per Annexure C and forms part of the Board's Report.

As regards disclosure of particulars relating to conservation of energy, great emphasis has been given for reduction of energy consumption to reduce cost per unit of goods. Details are attached herewith as per Annexure C.

The Company imports some portion of its raw material requirement. The foreign exchange earnings and outgo are as mentioned in the reports of the auditor of the Company. Details are attached herewith as per Annexure C

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act, 2013 relating to corporate social responsibility are not applicable to the Company in the reporting financial year.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

As per the provisions of Section 177(10) of the Companies Act 2013and Regulation 22 of the Listing Regulations, a Vigil Mechanism for Directors and employees to report genuine concerns has been established. The practice of the Whistleblower Policy is overseen by the Audit Committee and no employee has been denied access to the Committee. The same has been uploaded on company's website at http://www.malupaper.com/investors/

Web Address of the Annual Return

Pursuant to the provisions of Section 92(3) read with Section 134(3) (a) of the Companies Act, 2013, a copy of the Annual Return of the Company is available at the Company's website http://www.malupaper.com/investors/

DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT

(a) The outstanding shares in the suspense account held with Sharekhan Limited lying at the beginning of the year is 3,019 shares; (b) none of shareholders approached listed entity for transfer of shares from suspense account during the year; (c) no shares were transferred from suspense account during the year; (d) the outstanding shares in the suspense account held with Sharekhan Limited lying at the end of the year is 3,019 shares; (e) that the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares.

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES:

None of the employee, including Key Managerial Personnel, was drawing in excess of the limits prescribed by Section 197(12) read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies (Particulars of Employees Rules, 1975, which needs to be disclosed in the Board's report.

The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary in the financial year–

a) *The Executive Directors had decided to waive remuneration for the reporting financial year in the Board meeting held on 09-08-2023. b) There is no increase in the remuneration of Chief Financial Officer in the financial year. c) There is no increase in the remuneration of Company Secretary during the financial year. d) The median remuneration of employees increased by 7.25% during FY 2024–25 compared to FY 2023–24. e) The number of permanent employees on the rolls of Company: 257

Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company affirms that the remuneration is as per the remuneration policy of the Company.

ACKNOWLEDGEMENTS

Your directors wish to place on record their gratitude to Bankers, Customers, and Business Associates for the co-operation and support and to the Shareholders, dealers and suppliers, staff and workers for their contribution to the company's growth.