The Directors have great pleasure in presenting the 31^st Annual Report together with Audited Financial Statements for the
Financial Year ended March 31,2025.

In compliance with the applicable provisions of Companies Act, 2013, (including any statutory modification(s) or re¬
enactments) thereof, for time being in force) ("Act") and the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), this report covers the financial results and other
developments during the financial year ended March 31,2025 and upto the date of the Board Meeting held on May 27, 2025 to
approve this report, in respect of the Company.

FINANCIAL PERFORMANCE:

The Company's financial performance for the Financial Year ended March 31,2025 is summarized below: (' i_n L_akh_s)

The above figures are extracted from the audited standalone and consolidated financial statements of the Company as per the
Indian Accounting Standards ("Ind AS").

The financial statements for the Financial Year ended March 31,2025 have been prepared in accordance with Ind AS, notified
under the Companies (Indian Accounting Standards) Rules, 2015, read with Section 133 of Act and other relevant provisions of
the Act.

There are no material departures from the prescribed norms stipulated by the accounting standards in preparation of the annual
accounts. Accounting policies have been consistently applied, except where a newly issued accounting standard if any, initially
adopted, or a revision to an existing accounting standard, required a change in the accounting policy hitherto in use.

The Company discloses unaudited consolidated and standalone financial results on a quarterly basis, which are subject to
limited review, and publishes audited consolidated and standalone financial results annually.

A detailed analysis of the Company's performance, consolidated as well as standalone, is included in the Management
Discussion and Analysis Report, which forms integral part of this Annual Report.

PERFORMANCE:

On a consolidated basis, the revenue from operations for FY 2024-25, was '19,367.45 Lakhs which increased by 5.18%
compared to '18,414.17 Lakhs for the previous year 2023-24. However, the consolidated EBITDA decreased to '3,413.20 Lakhs
for FY 2024-25 which is 11.97% lower than that of the previous year 2023-24 i.e. '3,877.35 Lakhs.

On a standalone basis, the revenue from operations for FY 2024-25, was '13,198.24 Lakhs which increased by 10.67%
compared to '11,925.77 Lakhs for the previous year 2023-24. The standalone EBITDA increased to '1,434.48 Lakhs for FY
2024-25 which is 16.29% higher than that of the previous year 2023-24 i.e. '1,233.56 Lakhs.

SUBSIDIARY & JOINT VENTURE COMPANIES:

As on March 31,2025, your Company has one (1) Wholly Owned Subsidiary "Prima Innovation limited" in Daman, India, one (1)
direct Subsidiary in Guatemala ‘‘Prima Union Plasticos S.A." and one (1) Joint Venture, "Prima Dee-Lite Plastics SARL" in
Cameroon, West Africa.

In June 2024, the Company received the certificate of incorporation of its wholly owned subsidiary with name "Prima Innovation
Limited" on June 20, 2024. The registered office of the Company is situated in union territory of Daman.

A statement containing salient features of the financial statements of Subsidiary / Joint Venture as required under Section 129
(3) of the Act is attached as Annexure 1 to this report.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company and separate audited
financial statements in respect of its subsidiary, are available on the Company's website at
https://www.primaplastics.com/subsidiary-financials.php.

The Board of Directors of the Company has adopted a policy for determining Material Subsidiary Company in line with Listing
R e g u l a ti o n s . Th e P o l i c y i s u p l o a d e d o n t h e w e b s i te o f th e C o m p a n y a t
https://www.primaplastics.com/uploads/codes policies/ppl policy on determining material subsidiaries-
1740483833.pdf.

TRANSFER TO RESERVES:

The Company has not transferred any amount to General Reserve during year under review.

RETURNS TO INVESTORS (DIVIDEND):

The Board of Directors at its meeting held on May 27, 2025 has recommended a Final Dividend of '2/- (20%) per Equity Share
having face value of '10/- each for F.Y. 2024-2025, subject to approval of shareholders.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and Analysis Report for the year under
review, is presented in a separate section, forming part of this Annual Report.

SCHEME OF ARRANGEMENT - DEMERGER:

On November 12, 2024, the Board of Directors had approved the Scheme of Arrangement between Prima Plastics Limited
("Company" or "Demerged Company") and Prima Innovation Limited (wholly owned subsidiary) ("Resulting Company") and
their respective shareholders and creditors under sections 230 to 232 read with other applicable provisions of the Companies

Act, 2013 and relevant rules made thereunder which provides for demerger, transfer and vesting of the Demerged Undertaking
(as defined in the Scheme) from the Demerged Company into the Resulting Company on a going concern basis, and issue of
equity shares by the Resulting Company to all the equity shareholders of the Demerged Company, in consideration thereof on a
proportionate basis, in accordance with the provisions of Section 2(19AA) of the Income Tax Act (as defined in the Scheme). As
per the scheme of arrangement, the Company's Business will be demerged to Prima Innovation Limited and the Company will
continue with its Furniture business. Pursuant thereto, the Company has submitted requisite application alongwith draft
scheme of arrangement to the Stock Exchange, i.e. BSE Limited for approval under Regulation 37 of the SEBI (Listing Obligations
and Disclosure Requirements), Regulations, 2015, for the Scheme of Arrangement. The company has received "No adverse
Observation Letter" from BSE Limited on March 28, 2025. Further to that, the Company has filed application with NCLT on April
29, 2025.

CREDIT RATING:

CRISIL has assigned the Long Term Rating ‘CRISIL BBB /Watch Developing' and Short Term Rating ‘CRISIL A2/ Watch
Developing' on the bank loan facilities of the Company.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Section 124 of the Companies Act 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules 2016 (‘the Rules') mandates the Companies to transfer dividend that has remained unpaid/unclaimed for a
period of seven years in the unpaid dividend account to the Investor Education and Protection Fund (IEPF).

Pursuant to the applicable provisions of the Act and Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 ("IEPF Rules"), as amended from time-to-time, the declared dividends, which remained unpaid
or unclaimed for a period of 7 (seven) years and shares in relation to such unpaid/unclaimed dividend shall be transferred by the
Company to the Investor Education and Protection Fund (IEPF) established by the Central Government.

As required under section 124 of the Act, unclaimed dividend amount aggregating to '7,74,950/- lying with the Company for a
period of seven years pertaining to the financial year 2016-17 along with the shares thereof were transferred during the financial
year 2024-25, to IEPF established by the Central Government. The Members have an option to claim their shares and/or amount
of dividend transferred to IEPF. The Company has sent notices to respective shareholders who have not claimed a dividend for 7
(seven) consecutive years and whose shares were liable to be transferred to IEPF during the financial year. Any shareholder who
has a claim on such dividend is requested to contact our Registrar and Share Transfer Agents M/s Bigshare Services Pvt Ltd. The
details of the unclaimed dividend as on March 31, 2025 is available on the Company's website at
https://www.primaplastics.com/unclaimed-dividend.php

Section 124(6) of Companies Act, 2013, read with IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016, mandates transfer
of underlying shares in respect of which dividend has not been paid or claimed for seven consecutive years or more in the name
of Investor Education and Protection Fund. During the year under review, the Company has transferred shares to the IEPF
Authority pursuant to the aforesaid rule for the financial year 2016-17.

DEPOSITS:

Your Company has not accepted any deposits under Chapter V of the Act during the financial year and as such, no amount on
account of principal or interest on deposits from public is outstanding as on March 31,2025.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act read with the
Companies (Meetings of Board and Its Powers) Rules, 2014 are given in the Notes to the Financial Statements.

DIRECTORS:

Members of the Company's Board of Directors are eminent persons of proven competence and integrity. Besides experience,
strong financial acumen, strategic astuteness and leadership qualities, they have a significant degree of commitment to the
Company and devote adequate time to meetings and preparation.

In terms of requirement of Listing Regulations, the Board has identified core skills, expertise and competencies of the Directors
in the context of the Company's business for effective functioning and how the current Board of Directors is fulfilling the required
skills and competencies is detailed at length in the Corporate Governance Report.

Mr. Bhaskar M. Parekh (DIN: 00166520) retires by rotation at the ensuing AGM and being eligible, offers himself for re¬
appointment. A resolution seeking member's approval for his re-appointment along with other required details forms part of the
Notice.

The current term of appointment of Mr. Bhaskar M. Parekh (DIN: 00166520) as the Whole-time Director of the Company expires
on August 31,2025. The Board of Directors at its meeting held on May 27, 2025 on the recommendation of the Nomination and
Remuneration Committee, subject to approval of the Members, approved the re-appointment for a further period of 3 years with
effect from September 1,2025. It is proposed to re-appoint Mr. Bhaskar M. Parekh as the Whole-time Director for a further period
of 3 years from September 01,2025 to August 31,2028. The terms and conditions of Mr. Bhaskar M. Parekh's re-appointment
are part of the Notice of the Annual General Meeting ("AGM"). Mr. Bhaskar M. Parekh shall be liable to retire by rotation and shall
also be designated as Executive Chairman of the Company.

The current term of appointment of Mr. Dilip M. Parekh (DIN: 00166385) as the Managing Director of the Company expires on
August 31, 2025. The Board of Directors at its meeting held on May 27, 2025 on the recommendation of the Nomination and
Remuneration Committee, subject to approval of the Members, approved the re-appointment for a further period of 3 years with
effect from September 01,2025. It is proposed to re-appoint Mr. Dilip M. Parekh as the Managing Director for a further period of 3
years from September 01,2025 to August 31,2028. The terms and conditions of Mr. Dilip M. Parekh's re-appointment are part of
the Notice of the AGM. Mr. Dilip M. Parekh shall be liable to retire by rotation.

Brief resume of the Directors proposed to be re-appointed, nature of expertise and the names of companies in which they hold
Directorships and Chairpersonships / Memberships of Board Committees etc. are provided in Notice to Members forming part
of this Annual Report. Resolutions seeking Members approval for their re-appointment along with other required details forms
part of the Notice. The Directors seeking re-appointment are not debarred from holding the office of Director pursuant to any
order. The Board recommends to the members the resolutions for their re-appointment.

The following changes took place during the financial year ended March 31,2025:

• The Members of the Company at the AGM held on September 21,2024 approved the re-appointment of Mr. Shailesh S. Shah
(DIN: DIN: 01172073) as Non-Executive, Independent Director for a period of five consecutive years from November 13,
2024 up to November 12, 2029.

• The tenure of Mr. Krishna Kant Vanravan Das Chitalia (DIN: 00355215) as Non-Executive and Independent Director was
ended with effect from the close of business hours on September 21, 2024 due to completion of second term as an
Independent Director of the Company.

• The tenure of Mr. Rasiklal Mansukhlal Doshi (DIN: 00239580) as Non-Executive and Independent Director was ended with
effect from the close of business hours on September 21, 2024 due to completion of second term as an Independent
Director of the Company.

Pursuant to the provisions of Section 149(7) of the Act, all the Independent Directors of the Company have submitted
declarations that they meet the criteria of independence as provided in Section 149(6) of the Act along with Rules framed
thereunder and Regulation 16(1)(b) of the Listing Regulations. The Independent Directors have also confirmed that they have
complied with Schedule IV of the Act and the Company's code of conduct. Company's code of conduct is available on the
website of the Company at https://www.primaplastics.com/uploads/codes policies/code-of-conduct-for-directors-and-
senior-officers-1555063358.pdf

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualifications of Directors)
Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank
maintained by the Indian Institute of Corporate Affairs and have passed the proficiency test, if applicable to them.

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

KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel ("KMP") of the Company as on March 31,
2025 are Mr. Bhaskar M. Parekh, Whole-time Director, Mr. Dilip M. Parekh, Managing Director, Mr. Dharmesh R. Sachade, Chief
Financial Officer and Ms. Prachi M. Mankame, Company Secretary & Compliance Officer.

During the year ended March 31, 2025, Ms. Vandana Satish Ahuja had resigned from the post of Company Secretary and
Compliance Officer effective from the close of business hours of June 30, 2024.

During the year, Ms. Prachi M. Mankame was appointed as Company Secretary & Compliance Officer w.e.f. August 07, 2024.

SHARE CAPITAL:

The Company's paid-up equity share capital as on March 31,2025 continues to stand at '1,100.05 lakhs divided into 11000470
equity shares of face value of '10 each. During the year under review, the Company has not issued any shares or convertible
securities. The Company does not have any scheme for the issue of ESOP shares, including sweat equity to its Employees or
Directors. The Company has not resorted to any buyback of its Equity Shares during the year under review.

ANNUAL EVALUATION BY THE BOARD:

Pursuant to applicable provisions of the Act, and the Listing Regulations, the Board has carried out annual evaluation of its own
performance, performance of the Directors including Chairman's assessment as well as the evaluation of the working of its
Committees.

The Board sought the feedback of Directors on various parameters including:

• Structure, composition and role clarity of the Board and Committees;

• Extent of co-ordination and cohesiveness between the Board and its Committees;

• Effectiveness of the deliberations and process management.

In a separate meeting of the Independent Directors held on March 22, 2025, the performance of non-independent directors, the
Board as a whole and Chairperson of the Company was evaluated.

The Board Evaluation Report for the financial year 2024-25 was adopted at the Board Meeting held on May 27, 2025.

Based on the outcome of the evaluation, the Board and its Committees have agreed on various action points, which would result
in the Board, its Committees and each Director playing more meaningful roles to increase shareholder value.

DIRECTORS' RESPONSIBILITY STATEMENT:

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

a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper
explanation relating to material departures;

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 the end of the
financial year and the profit of the Company for that period;

c) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of this 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 followed by the Company and that such internal financial controls
are adequate and were operating effectively and

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

CORPORATE GOVERNANCE:

Your Company is committed to maintain the highest standards of Corporate Governance and believes in adopting best practices
of Corporate Governance. The report on Corporate Governance as stipulated under the Listing Regulations together with a
certificate from Mr. Prashant Diwan, Practicing Company Secretary, confirming compliance with the conditions of Corporate
Governance forms part of this Annual Report.

BOARD MEETINGS:

Regular meetings of the Board are held to discuss and decide on various business policies, strategies, financial matters and
other businesses. Five meetings of the Board were held during the financial year 2024-25. For details of meetings of the Board,
please refer to the Corporate Governance Report which forms part of this Annual Report.

COMMITTEES:

The details pertaining to Committees of the Board are included in the Corporate Governance Report which forms part of this
Annual Report.

CORPORATE SOCIAL RESPONSIBILITY:

In accordance with the provisions of Section 135 of the Act and the rules made thereunder, your Company has constituted
Corporate Social Responsibility (''CSR'') Committee of Directors. The role of the Committee is to review and monitor CSR
activities of the Company and recommend to the Board the amount to be spend on CSR annually. The Committee presently
consists of three Directors of which Chairperson of the Committee is a Non-Executive, Independent Director.

The CSR policy, formulated by Committee and approved by the Board can be accessed at
https://www.primaplastics.com/uploads/codes policies/csr-policy-1608719753.pdf

NOMINATION AND REMUNERATION COMMITTEE:

The current policy is to have 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. As of March 31,2025, the Board has six
members, consisting of two executive directors, a non-executive and non-independent director and three independent
directors. Details of the Company's policy on Director's appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters is available on the website of the Company at
https://www.primaplastics.com/uploads/codes policies/nomination-and-remuneration-committee-charter-
1644992593.pdf

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

Your Company maintains an adequate and effective internal control system commensurate with its size and complexity. We
believe that these internal control systems provide, among other things, a reasonable assurance that transactions are executed
with management's authorization and that they are recorded in all material respects to permit preparation of financial
statements in conformity with established accounting principles and that the assets of your Company are adequately safe
guarded against significant misuse or loss. An independent internal audit function is an important element of your Company's
internal control system. The internal control system is supplemented through an extensive internal audit programs and periodic
review by Management and Audit Committee.

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

RISK MANAGEMENT:

The Board of Directors have framed a Risk Management Policy for identification of elements of risk if any, which in the opinion of
the Board may threaten the existence of the Company and is designed to identify, assess and frame a response to threats that
effect the achievement of its objectives.

CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

All contracts or transactions entered by the Company during the financial year under review with related parties were in the
ordinary course of business and on an arm's length basis.

During the year, the Company has not entered into any contracts / arrangements / transactions 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 and hence does not forms part of this Board's Report.

The policy on materiality of related party transactions as approved by the Board can be accessed on Company's website at
https://www.primaplastics.com/uploads/codes policies/ppl-policy-on-material-events-1692782887.pdf

In accordance with Ind AS 24, the related party transactions are also disclosed in the notes to the standalone financial
statements.

AUDITORS:

STATUTORY AUDITOR:

The Members at the 28^th AGM held on August 17, 2022, approved the appointment of C N K & Associates LLP, Chartered
Accountants (Firm Registration No. 101961W/W-100036), for a term of 5 (Five) years to hold office till the conclusion of 33^rd
AGM of the Company to be held in the year 2027.

The report given by the Statutory Auditors' on the financial statements of the Company forms part of the Annual Report. There
are no qualifications, reservations, adverse remarks or disclaimers given by the statutory auditors' in their report.

SECRETARIAL AUDITOR:

The Board of Directors appointed Mr. Prashant Diwan, Practicing Company Secretary (FCS: 1403 / COP: 1979) as Secretarial
Auditor of the Company to undertake the Secretarial Audit for the financial year 2024-25. The Secretarial Audit Report for the
financial year ended March 31, 2025 pursuant to the provisions of Section 204 of the Act is annexed herewith this report as
Annexure 2. The Secretarial Audit Report is self-explanatory and does not call for any further comments. The Secretarial Audit
Report does not contain any qualifications, reservations or adverse remarks.

During the year, your Company has complied with applicable Secretarial Standards i.e. SS-1 and SS-2, relating to "Meetings of
the Board of Directors" and "General Meetings" respectively.

In terms of Section 204 of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 read with SEBI (LODR) (Third Amendment) Regulations, 2024, the Board of Directors based on recommendation of the
Audit Committee, at their meeting held on May 27, 2025 have recommended appointment of M/s P. Diwan & Associates,
Practicing Company Secretary (FCS: 1403 / COP: 1979) as the Secretarial Auditor of the Company for a period of five (5)
consecutive years commencing from F.Y. 2025-2026 to F.Y. 2029-2030 subject to approval of members in ensuing Annual
General Meeting.

The Company has received the written consent that the appointment is in accordance with the applicable provisions of the Act
and rules framed thereunder.

INTERNAL AUDITOR:

The Board based on the recommendation the Audit Committee, at its meeting held on May 27, 2025 has appointed KVAT & Co. as
the Internal Auditor for the FY 2025-26.

COST RECORDS AND COST AUDIT:

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148 of the Act are not
applicable for the business activities carried out by the Company.

REPORTING OF FRAUDS BY AUDITORS:

During the year under review, neither the Statutory Auditors nor the Secretarial Auditor has reported to the Audit Committee
under Section 143(12) of the Act any instances of fraud committed against the Company by its officers or employees.

MATERIAL CHANGES AND COMMITMENTS:

There were 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 date of this report.

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

SIGNIFICANT AND MATERIAL ORDERS:

There were no significant and material orders passed by the Regulators, Courts or Tribunals impacting the going concern status
and the Company's operations in future.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
(31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR:

There were neither any applications made under the Insolvency and Bankruptcy Code, 2016 nor any proceedings were pending.

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:

Not Applicable.

ANNUAL RETURN:

Pursuant to Sections 92(3) and 134(3) of the Act, Annual Return (in e-form MGT-7) for the financial year ended March 31,2025 is
available on the Company's website at https://www.primaplastics.com/board-meeting.php

PARTICULARS OF EMPLOYEES:

The particulars of employees as required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Amendment Rules, 2016 is attached as Annexure 3 to this report.

HUMAN RESOURCES:

Employees being the key assets to any organization, your Company is committed to creating a safe and healthy work
environment, where every employee is treated with respect and is able to work without fear of discrimination, prejudice, gender
bias or any form of harassment at the workplace.

Your Company's total employees as on March 31,2025 were 361.

The Company has in place a policy on prevention against sexual harassment, which is frequently communicated among the
employees of the Company through various programs at regular intervals. The Company has set up an Internal Complaints
Committees at every location where it operates in India, which have men and women Committee Members.

The following are the summary of the complaints received and disposed of during FY 2025:

Further, the company has complied in relation to the provisions of Maternity Benefits Act, 1961.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to
be disclosed under the Act, is annexed herewith as Annexure 4 to this report.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

Over the years, the Company has established a reputation for doing business with integrity and maintained zero tolerance for
any form of unethical behaviour. The Company has a Whistle Blower Policy and has established the necessary vigil mechanism
for Directors and Employees in accordance with the provisions of the Act and Listing Regulations, to report concerns about
unethical behaviour. Your Company has provided a dedicated e-mail address for reporting such concerns. All cases registered
under Whistle Blower Policy of your Company are reported to and are subject to the review by the Audit Committee. The Board
adopted revised policy at its meeting held on May 29, 2023 to align the policy with the new purpose, strategy, and safety
leadership principles of the Company.

ACKNOWLEDGEMENT:

The Board wishes to place on record its sincere appreciation of the efforts put in by your Company's employees for achieving
encouraging results. The Board also wishes to thank the members, distributors, vendors, customers, bankers, Government and
all other business associates for their support during the year.

For and on behalf of the Board
Bhaskar M. Parekh

Whole-time Director & Executive Chairman
DIN:00166520

Place: Mumbai
Date: May 27, 2025