The Directors present the 41^st Annual Report of SILVER OAK (INDIA) LIMITED along with the
audited financial statements for the financial year ended March 31, 2025. The consolidated
performance of the Company has been referred to wherever required.

1. Financial Results

a) Standalone figures: (Rs. In Thousands)

b) Consolidated figures: (Rs. In Thousands)

2. Dividend

The Company has incurred a Net loss of Rs. 1,32,57,270/- (Rupees One Corer Thirty-Two Lakhs
Fifty -Seven Thousand Two Hundred and Seventy only) during the financial year 2024-25 and hence
the Directors have decided not to recommend any dividend for the year ended 31st March, 2025.

3. Going Concern Status

During the year under review, there were no significant or material orders passed by any regulators
or court or tribunal, which can impact the going concern status of the company and/or its future
operations.

4. Share Capital

The Paid-Up Equity Shares Capital of the Company as on 31^st March, 2025 stood at Rs. 3,79,02,000/-
(Three Crore Seventy-Nine Lakhs Two Thousand Only). During the year under review, the Company
has neither issued shares with differential voting rights nor granted any stock options / sweat
equity. Mrs. Leela Kalyani, Director of the Company holds 1,25,000 equity shares representing
3.30% of total equity share capital of the Company as on the date of this report.

During the year under review, no Stock Options were granted, vested or exercised. No Stock Options
are in force as on date. Hence, there are no disclosures required to be made pursuant to the
applicable requirements of the Securities and Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014.

5. Insurance

Your company has taken all the necessary steps to insure its properties and insurable interests, as
deemed appropriate and as required under the various legislative enactments.

6. Transfer to Reserves

The Company has carried forward the losses for the financial year under review to the reserves of
the Company during the financial year 2024-25.

7. Company's performance

Your Company has incurred net loss of 1,32,57,270/- (Rupees One Corer Thirty-Two Lakhs Fifty -
Seven Thousand Two Hundred and Seventy only) on standalone basis, during the Financial Year
2024-25 as against the loss of Rs. 1,56,23,710 (Rupees One Crore Fifty-Six Lakhs Twenty-Three
Thousand Seven Hundred and Ten Only) on standalone basis during the Financial Year 2023-24,
after taking into account interest, depreciation, prior period adjustments and exceptional items.

8. Human Resource Development

The Company has appointed requisite number of employees based on the operations of the
Company and has been imparting necessary training to them from time to time.

9. Borrowings

The Total Term Loan amount of the Company on standalone basis as on 31.03.2025 is Rs.
8,83,40,000/- (Rupees Eight Crore Eighty-Three Lakhs Forty Thousand Only) as against Rs.
8,19,90,000/- (Rupees Eight Crore Nineteen Lakhs Ninety Thousand Only) as on 31.03.2024.

10. Industry Overview

India is one of the fastest-growing alcohol markets in the world. Rapid increase in urban population,
a sizable middle-class population with increasing spending power, and a sound economy are certain
significant reasons behind the increase in alcohol consumption in India. The Indian alcohol industry
is segmented into IMFL (Indian made foreign liquor), IMIL (Indian made Indian liquor), wine, beer
and imported alcohol. Imported alcohol accounts for a meager share of around 0.8% of the Indian
market.

India is the largest consumer of whiskey in the world and constitutes about 60% of the IMFL
market. Though India is one of the largest consumers of alcohol in the world owing to its huge
population, the per capita alcohol consumption of India is low compared to Western countries. The
most popular channel of alcohol sale in India is the liquor store; alcohol consumption is primarily
an outdoor activity and supermarkets and malls are present only in Tier I and Tier II cities of India.
The trends and patterns of alcohol consumption are changing in the country. With the increasing
acceptance of women consuming alcohol, growing popularity of wine and high demand for
expensive liquor, the market scenario seems to be optimistic.

11. Business Outlook/ Future Projects

Your company is making continuous endeavor to enter into new area of market. The high standard
and development will ensure cost reduction and cost control which preliminary affect the bottom
line of the Company.

12. Directors' responsibility statement

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and
ability, confirm that:

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

ii. they have selected such accounting policies and applied them consistently and made judgments
and estimates that are reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the loss 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 such internal
financial controls are adequate and 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.

Based on the framework of internal financial controls and compliance systems established and
maintained by the Company, the work performed by the internal, statutory and secretarial auditors
and external consultants, including the audit of 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 effective during FY 2024-25.

13. Directors and key managerial personnel

Each of the Independent Directors have furnished their declarations of independence, as required
pursuant to the provisions of section 149(6) of the Act, stating that he/she meets, the criteria of
independence as provided in section 149(6) of the Companies Act, 2013.

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

During the year under review, the non-executive directors of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees, commission, if any and
reimbursement of expenses incurred by them for the purpose of attending meetings of the Board /
Committee of the Company.

Pursuant to the provisions of Section 203 of the Act, the changes in the Key Managerial Personnel of
the Company during the financial year 2024-25 are as follows:

14. Profile of the Directors Seeking Appointment / Reappointment:

As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
following Directors are liable to retire by rotation and seeking reappointment at the ensuing Annual
General Meeting is annexed to the notice convening 41^st Annual General Meeting. Mr. Shirish
Jaltare, DIN: 00070935, Director of the Company is liable to retire by rotation and reappointment
in ensuing Annual General Meeting.

15. Number of meetings of the Board

Five meetings of the Board were held during the year under review. For details of meetings of the
Board, please refer to the Corporate Governance Report under Annexure A, which is a part of this
report.

16. Managerial Remuneration:

Disclosures of the ratio of Remuneration of each director to the median employee's remuneration
and other details as require with respect to Section 197(12) of the Companies Act, 2013 read with
Rule 5 (1) of the Companies (Appointment and remuneration of Managerial Personnel) Rules 2014
are given in the Particulars of Employees under Annexure-B of the Director Report.

The Detail of remuneration paid to the directors including executive directors of the Company are
given in Annual Return available on the website of the Company at www.silveroakindia.co.in.

17. Board evaluation

The Board of Directors has carried out an annual evaluation of its own performance, board
committees and individual directors pursuant to the provisions of the Act and SEBI Listing
Regulations. The performance of the Board was evaluated by the Board after seeking inputs from all
the directors on the basis of criteria such as the board composition and structure, effectiveness of
board processes, information and functioning, etc. The performance of the committees was
evaluated by the board after seeking inputs from the committee members on the basis of criteria
such as the 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 on January 5, 2017.

In a separate meeting of independent directors, performance of non-independent directors, the
Board as a whole and the Chairman of the Company was evaluated, taking into account the views of
executive directors and non-executive directors.

The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of criteria such as the contribution of the individual director to the
board and committee meetings like preparedness on the issues to be discussed, meaningful and
constructive contribution and inputs in meetings, etc. At the board meeting that followed the
meeting of the independent directors and meeting of Nomination and Remuneration Committee,
the performance of the Board, its committees, and individual directors was also discussed.

Performance evaluation of Independent Directors was done by the entire Board, excluding the
independent director being evaluated.

18. Policy on directors' appointment and remuneration and other details

The contents of Nomination and Remuneration Policy of the Company prepared in accordance with
the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 are provided in the Corporate
Governance Report under Annexure A which is a part of this report. The Policy may be referred to at
the Company's website at www.silveroakindia.co.in.

19. Audit committee

Five Audit Committee meetings were held during the FY 2024-25. The details pertaining to the
composition of the Audit Committee are included in the Corporate Governance Report under
Annexure A, which is a part of this report.

20. Nomination and Remuneration Committee

The details pertaining to the meeting and composition of the Nomination and Remuneration
Committee are included in the Corporate Governance Report under Annexure A, which is a part of
this report.

21. Statutory Auditors & their Report

Pursuant to provisions of section 139 of the Companies Act, 2013 and rules made there under and
on recommendation of the audit committee M/s. Mahendra Badjatya and Company, Chartered
accountants were Re-appointed as Statutory auditor of the company for a further period of Five
years commencing from the year 2022-23 to 2026-27 in the Annual General Meeting held on 28th
September 2022.

The Auditors Report given by M/s. Mahendra Badjatya & Co., Statutory Auditors, on the Financial
Statements of the Company, for the year ended March 31, 2025, forms part of the Annual Report.
There is no qualification, reservation or adverse remark or any disclaimer in their Report.

Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any
further comments.

22. Secretarial Auditor & their Report

According to the provision of section 204 of the Companies Act, 2013 read with Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. Neelesh
Gupta & Co. Company Secretary in Practice, Indore was appointed by the Board of Directors to
conduct the audit of the secretarial records of the Company for the year ended 2024-25 at their
meeting held on 5^th September, 2024. The report of the Secretarial Auditors is enclosed as Annexure
-C to this report. The report is self-explanatory and do not call for any further comments.

Further based on the recommendation of the Audit Committee, the Board of Directors at their
meeting held on 4^th September, 2025 has approved the appointment of M/s. NPG & Co., Practicing
Company Secretaries, Peer Review Certificate No. 1995/2022 as Secretarial Auditor of the Company
to carry out the Secretarial Audit for a period of five (5) consecutive financial years commencing
from FY 2025-26 till FY 2029-30, subject to the approval of the Members.

23. Internal Audit & Controls

Pursuant to provision of Section 138 of The Companies Act, 2013 the Company has appointed M/s.
A.B. Doshi & Co., Chartered Accountants, Indore as Internal Auditor for the financial year 2024-25 at
their board meeting held on 14^th February, 2025. During the year, the Company continued to
implement their suggestions and recommendations to improve the control environment.

The Audit Committee of the Board of Directors in consultation with the Internal Auditor formulates
the scope, functioning, periodicity and methodologies for conducting the Internal Audit subject to
terms and conditions as decided by the Audit Committee.

24. Cost Auditor

The Ministry of Corporate Affairs (MCA) vides Notification dated 31st December, 2014 made
amendment in the Companies (Cost Records and Audit) Rules, 2014, through Companies (Cost
Records and Audit) Amendment Rules, 2014. As per the said amendment rules, our Company is
exempted from the requirement to conduct Cost Audit. Therefore, the Company did not appoint
Cost Auditor for financial year 2024-25.

25. Risk management

The Company has established a well-defined process of risk management, wherein the
identification, analysis and assessment of the various risks, measuring of the probable impact of
such risks, formulation of risk mitigation strategy and implementation of the same takes place in a
structured manner. Though the various risks associated with the business cannot be eliminated
completely, all efforts are made to minimize the impact of such risks on the operations of the
Company. Necessary internal control systems are also put in place by the Company on various
activities across the board to ensure that business operations are directed towards attaining the
stated organizational objectives with optimum utilization of the resources. Apart from these
internal control procedures, a well- defined and established system of internal audit is in operation
to independently review and strengthen these control measures, which is carried out by a reputed
firm of Chartered Accountants. The Audit Committee of the Company regularly reviews the reports
of the internal auditors and recommends actions for further improvement of the internal controls.

26. Vigil Mechanism

The Company has a vigil mechanism named Whistle Bowler Policy to deal with instance of fraud
and mismanagement, if any. In staying true to our values of Strength, Performance and Passion and
the Company is committed to the high standards of Corporate Governance and stakeholder
responsibility. The Policy ensures that strict confidentiality is maintained whilst dealing with
concerns an Experts Committee has been constituted which looks into the complaints raised. The
Committee reports to the Audit Committee and the Board.

The Vigil Mechanism comprises three policies viz.,

i. The Whistle Blower Policy for Directors & Employees,

ii. Whistle Blower Policy for Vendors and

iii. Whistle Blower Reward & Recognition Policy for Employees.

The constitution of the committee during the financial year under review is as follows:

27. Particulars of loans, guarantees and investments

During the financial year under review, the Company has not given any loan or provided guarantees
or made any investments as prescribed under Section 186 of the Companies Act, 2013.

28. Transactions with related parties

The Company has entered into transaction with the related party during the financial year 2024-25
with the related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 and
the Statutory auditors of the company has also verified through its Auditor's Report that the related
party transactions are undertaken at Arm's Length Price. Details of the transactions are disclosed in
Form AOC-2 as Annexure - D.

29. Corporate Social Responsibility

Provision relating to Corporate Social Responsibility is not applicable to the Company as the
turnover/net worth is below the threshold limit.

30. Extract of Annual Return

Pursuant to Section 92 (2) of the act, (as amended) read with Rule12 of the Companies
(Management and Administration) Rules 2014 (as amended) Annual Return is available at the
website of the Company at www.silveroakindia.co.in.

31. CEO/CFO Certification:

Certificate obtained from Mr. Shirish Jaltare, Whole-time Director and Mr. Deepak Tare, Chief
Financial Officer, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, for the year under review has been duly placed before the board
and a copy of the certificate on the financial statements for the year ended March 31, 2025 is
annexed as Annexure - E along with this report.

32. Ratio Of the Remuneration of Each Director to the Median Remuneration of the
Employees of the Company:

Pursuant to the provisions of Section 197(12) read with Rule 5 of (Appointment and remuneration
of managerial Personnel) Rules, 2014, the details are given in Annexure - B along with this report.

33. Details of significant and material orders passed by the regulators or courts or Tribunals:

There are no significant and material orders passed by the regulators or courts or tribunals
impacting the going concern status and company's operations in future.

34. Prevention of Insider Trading:

In terms of SEBI (Prohibition of Insider Trading) Regulation, 2018 The Company has revised its
Code of Conduct for Prevention of Insider Trading along with adoption of Policy for Legitimate
purpose with a view to regulate trading insecurities by the Directors and designated employees of
the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits
the purchase or sale of Company shares by the Directors and the designated employees while in
possession of unpublished price sensitive information in relation to the Company and during the
period when the Trading Window is closed. The Board is responsible for implementation of the
Code. All Board Directors and the designated employees have confirmed compliance with the Code.

35. Subsidiary Companies:

During the Financial Year 2024-25, there is no change in the material subsidiary, the Company's
investment in M/s APT Infrastructure Private Limited (CIN: U45400DL2007PTC170319), which is a
subsidiary to the company stands at 6,00,000 (Six Lakhs) Equity Shares of Rs. 10/- (Rupees Ten
only) each for Rs. 60,00,000/- (Rupees Sixty Lakhs only).

Statement containing salient features of the Financial Statement of subsidiary company pursuant to
first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules,
2014) in AOC-1 has been annexed with this report Annexure F along with this report. Moreover, the
Secretarial Audit Report of M/s APT Infrastructure Private Limited is annexed as Annexure I to this
report.

36. Listing of Equity Shares on Stock Exchanges:

The Company's shares are listed in Bombay Stock Exchange Limited with Security Code 531635 and
ISIN INE870J01019.

37. Deposits from public:

The Company has not accepted any deposits from public.

38. Independent Directors' Meeting and Familiarization programme:

In terms of SEBI Regulation, 2015, a meeting of Independent Directors was held in absence of Non¬
Independent Directors and members of the Management. The Meeting was held inter-alia, with a

view to review the performance of non-independent directors and the Board as a whole, review the
performance of the Chairperson of the company, taking into account the views of executive directors
and non-executive directors; and to assess the quality, quantity and timeliness of flow of
information between the company management and the Board.

The details of Independent Directors' Meeting and familiarization program are stated in the
Corporate Governance Report under Annexure A which forms part of this report.

39. Adequacy of Internal Financial Control:

The Company has in place adequate Internal Financial Control with reference to Financial
Statements. Periodic audit is undertaken on continuous basis covering all the major operations.
Reports of the Internal Auditors are reviewed by the management from time to time and desired
actions are initiated to strengthen the control and effectiveness of the system. During the year, such
control was tested and no reportable material weaknesses were observed in the design or
operation.

The Internal Financial Control with reference to Financial Statement as designed and implemented
by the company are adequate. During the year under review, no material or serious observation has
been received from the Internal Auditors of the company for inefficiency of such control.

40. Internal Control System and Their Adequacy:

The Internal Control System provides for well documented policies/guidelines, authorization and
approval procedures. Considering the nature of its business and size of operation, your company
through its Internal Auditor carried out periodic audit based on the plan approved by the audit
committee.

The Summary of the Internal Audit observation and the status of the implementation are submitted
to the Audit Committee. The status of implementation of the recommendation is reviewed by the
Audit Committee on a regular basis and desired action are initiated to strengthen the control and
effectiveness of the system. Concerns, if any, reported to the Board.

41. Disclosure As Per the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013:

The Company has no tolerance towards sexual harassment at the workplace and has adopted a
policy on prevention prohibition and redressal of sexual harassment at workplace in line with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules thereunder.

42. Policies As Per SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015:

Pursuant to requirements of provisions of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the Company has adopted the necessary policies as applicable which are
currently available on the website of the company (www.silveroakindia.co.in).

43. Green Initiative:

Your Directors would like to draw your attention to Section 20 of the Companies act, 2013 read with
the Companies (Management and administration) Rules, 2014 as may be amended from time to
time which permit the paperless compliances and service of notice/documents (including annual
report) through electronic mode to its shareholders.

Your Directors hereby once again appeal to all those members who have not registered their e- mail
address so far is requested to register their email address in respect of electronic holding with their
concerned Depository participants and /or with the Company.

44. Health Safety and Environment:

Your company recognizes the protection and management of environments as one of the highest
priorities and every effort is made to conserve and protect the environment. During the year, your
company continued its focus in creating an aesthetic, environment friendly, Industrial habitant in its
factory units, mobilizing support generating interest among staff and labors for maintaining
hygienic and green surroundings.

45. Business Responsibility Report:

The Business Responsibility Reporting as required by Regulation 34(2) (f) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to the company for
the financial year ended March 31, 2025.

46. Management Discussion and Analysis Report:

A) Industry Structure & Development and Outlook

Indian Made Foreign Liquor (IMFL) is “state subject” and as such every State has its own policies in
respect of this industry. Madhya Pradesh, the state in which the company operates, has its own
policy, both for manufacture as well as for marketing/distribution. The industry is expected to
achieve average annual growth and many new players are expected to be stepping into the industry.

B) Opportunities & Threats, Risks & Concerns

The Company's strength is built around domestic marketing network. The growth of the industry
provides the necessary opportunities for the company to grow. However, the industry is under
constant pressure due to steep competition from unorganized sector and the industrial scenario in
the nearby area.

C) Internal Controls and their adequacy

The company has adequate internal control systems, commensurate with the size and operations of
the company. The scope of the internal audit is to ensure the control systems established by the
management are correctly implemented and to suggest any additional changes required to
strengthen the existing systems. These Systems and procedure are reviewed at regular intervals
through internal audit, statutory audits, and audit committee.

D) Human Resource and Industrial Relations

Industrial relations continue to remain peacefully at the factory and other offices of the Company
and all the employees are working with the company for a common objective. Industrial relations of
the company were cordial during the year

47. Code of Conduct:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the
Board and all employees during day-to-day business operations of the company. The Company
believes in "Zero Tolerance" against bribery, corruption and unethical dealings and behaviors of any
form and the Board has laid down the directives to counter such acts. The code laid down by the
Board is known as "code of business conduct" which is under Annexure G which forms part of this
report. The Code has been posted on the Company's website www.silveroakindia.co.in.

The Code lays down the standard procedure of business conduct which is expected to be followed
by the Directors and the designated employees in their business dealings and in particular on
matters relating to integrity in the work place, in business practices and in dealing with
stakeholders. The Code gives guidance through examples on the expected behavior from an
employee in a given situation and the reporting structure. All the Board Members and the Senior
Management personnel have confirmed compliance with the Code. All Management Staff were given
appropriate training in this regard.

48. Conservation of energy, technology absorption, foreign exchange earnings and outgo
Conservation of energy:

Information in respect of Conservation of Energy, Technology Absorption and Foreign Exchange
earnings and outgo pursuant to provisions of Section 134 of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014, for the financial year ended 31.03.2025, is attached as Annexure
H which forms part of this Report.

49. Appreciation:

Directors wish to acknowledge the co-operation and assistance extended to the company by the
Company's Banker and state and Central Government agencies. Your directors also acknowledge
with gratitude the support of the shareholders, customers, dealers, agents and suppliers for their
continued faith and support in the company and its management.

50. The details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016):

No application has been made or any proceeding pending under the Insolvency and Bankruptcy
Code, 2016 (31 of 2016) during the year to which this financials relates.

51. The details of difference between amount of the valuation done at the time of one-time
settlement and the valuation done while taking loan from the banks or financial institutions
along with the reasons thereof:

The Company has not undertaken any one-time settlement and hence there was no need to
undertake valuation also for the same.

52. General:

Directors state that no disclosure or reporting is required in respect of the following items as there
was no transaction on these items during the year under review:

1. No issue of equity shares with differential right as to dividend, voting or otherwise.

2. There is no Employees' Stock Option Scheme (ESOS).

3. The Company has not issued any Sweat Equity Shares.

53. Acknowledgment

Your Directors extend their gratitude to the various Central and State Government Departments,
Organizations and Agencies for the continued help and co-operation extended by them. The
Directors also gratefully acknowledge support of the BSE Ltd., Share Transfer Agent and also to all
stakeholders of the Company viz. customers, members, dealers, vendors, bankers and other
business partners for the excellent support received from them during the year. The Directors place
on record their sincere appreciation to all employees of the Company for their unstinted
commitment and continued contribution to the Company.

FOR SILVER OAK (INDIA) LIMITED
CIN: L11531MP1984PLC002635

Shirish Jaltare Leela Kalyani

Place: Indore Whole-Time Director Director

Date: 04/09/2025 DIN.: 00070935 DIN.: 06625369