The Directors of your Company are pleased to present the 37^th Annual Report together with Audited Standalone Financial
Statements for the financial year ended 31^st March, 2025.

FINANCIAL HIGHLIGHTS

STATE OF COMPANY’S AFFAIRS

Revenue from Operations for the year increased to '33,550
Lakhs, compared to '29,321 Lakhs in the previous year,
reflecting a growth of 14.42%. Profit from Operations before
Depreciation, Interest, and Taxation (excluding other income)
rose by '2,320 Lakhs. Profit After Tax (PAT) stood at '5,482
Lakhs, up from '3,967 Lakhs in the previous year — a significant
increase of approximately 38.2%.

TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to
general reserves for the financial year ended March 31, 2025.

DIVIDEND

The Board is pleased to recommend a final dividend of ' 2/-
per share for the Financial Year 2024-25. The dividend payout
is subject to approval of members at the ensuing Annual
General Meeting.

The Register of Members and Share Transfer Books will remain
closed from 19-09-2025 to 25-09-2025 (both days inclusive)
for the purpose of payment of dividend for the financial year
ended March 31, 2025.

CHANGES IN SHARE CAPITAL

The Authorised share capital as on March 31, 2025 was
' 65,00,00,000/-

Pursuant to the approval of the members at the 36^th Annual
General Meeting, the Authorised Share Capital of the Company

was increased from ' 56,00,00,000 to ' 65,00,00,000 by re¬
classification of 55,00,000 unissued Redeemable Preference
Shares of ' 10/- each and creating 90,00,000 additional equity
shares of ' 10/- each.

The issued, subscribed and paid-up equity share capital as on
March 31, 2025 was ' 47,48,78,580/-

During the year, the Company had converted 34,50,000
convertible warrants into equity shares of face value of ' 10/-
each at a premium of ' 70/- each, in two tranches, on 19^th July,
2024 and 9^th September, 2024 on receipt of ' 60/- per warrant
towards allotment money.

During the year 2024 - 25, pursuant to the approval of the
members at the 36^th Annual General Meeting, the Company
had allotted, by way of preferential issue, 17,47,500 equity
shares at an issue price of ' 425/- (including premium of
' 415/- each) to allottees belonging to public category for cash
consideration and 4,70,000 equity shares at same issue price
to five promoters of Monga Strayfield Private Limited (94,000
equity shares each) for non-cash consideration. Company also
issued and allotted 47,97,500 convertible warrants at an issue
price of ' 425/- (including premium of ' 415/- each) to allottees
belonging to both the promoter(s) and the promoter group of
the Company and public category for cash consideration on
receipt of 25% of issue price as application money.

MATERIAL CHANGES BETWEEN THE END OF
FINANCIAL YEAR AND DATE OF BOARD REPORT

The company had approved the proposal for voluntary delisting
of equity shares from CSE (The Calcutta Stock Exchange Ltd.)
at the meeting of Board of Directors held on 21^st May, 2025
and has submitted application to CSE in this regard.

OPERATIONAL REVIEW & STATE OF THE
COMPANY’S AFFAIRS

As you are aware your company is primarily engaged in
Designing, Manufacturing & Commissioning Customized /
Critical Equipment/Systems for critical applications across a
wide range of industries.

Process Equipment (PE): An improved economic environment
led to a substantially higher inflow of orders as compared to
the previous year.

Some of the orders which have been received and which were
and are being executed during the year under review are :

• Rotary Dryer and Air Pre Heater for domestic Carbon
Black industry

• Rotary Dryers for Rock Phosphate from the largest
producer of phosphatic fertilser.

• Air Cooler Unit & Vapour recovery unit for nuclear reactor.
Order Booking

The total order booking during the year was ' 493 Crores
(previous year ' 275 Crores) and total unexecuted orders as
on 31^st March, 2025 stood at ' 388 Crores (previous year ' 227
Crores)

ACQUISITION OF PRIME FACTORY UNIT

During the year Company acquired a running industrial
unit situated at Ambernath (E), Distt. Thane from M/s. Shree
Satyanarayan Industrial Suppliers Pvt. Ltd. along with plant and
machinery installed at the unit contributing towards expansion
of its manufacturing capabilities to execute high value orders.

ACQUISITION OF MONGA STRAYFIELD PRIVATE
LIMITED

During the year, Kilburn successfully acquired a 100% stake
in Monga Strayfield Private Limited, a recognized leader in
Radio Frequency (RF) dryer technology. The acquisition was
completed on January 27, 2025, and as a result, Monga
Strayfield became a wholly owned subsidiary of Kilburn with
effect from that date. This strategic acquisition allows Kilburn to
leverage Monga Strayfield’s specialized expertise in RF drying
solutions, thereby expanding and strengthening its existing
product portfolio. It also provides Kilburn with entry into new

industries and access to a broader client base, enhancing its
market reach and competitive positioning.

HOLDING, SUBSIDIARY AND ASSOCIATE
COMPANIES

Your Company has no Holding Company / Associate
Company. As on 31^st March, 2025, Firstview Trading Private
Limited holds 1,51,61,239 (31.93%) shares of your company
and therefore your company can be termed as associate
Company of Firstview Trading Private Limited within section
2(6) of the Companies Act, 2013. Pursuant to acquisition,
Monga Strayfield Private Limited has become a wholly owned
subsidiary of the Company w.e.f. 27^th January, 2025. Other
wholly owned subsidiary of the Company is M.E Energy Private
Limited.

Both the wholly owned subsidiaries of the Company are
material subsidiaries as defined in regulation 16(1)(b) of the
SEBI (LODR) Regulations, 2015, since the income of each
subsidiary exceeds 10% of consolidated income of the
Company during FY : 2024 - 25.

CONSOLIDATED FINANCIAL STATEMENT

The consolidated financial statement include a revenue of
' 88.96 crores and profit before tax of ' 9.15 crores, attributable
to the subsidiaries for the FY : 2024-25.

A statement in Form AOC-1 containing the salient features
of the subsidiary companies is attached to the Financial
Statements in Annexure X and forms part of this report. The
separate audited accounts of the Company and its Subsidiary
companies are available on the website of the Company and
can be accessed at www. kilburnengg.com. The Annual Report
includes the audited Consolidated Financial statements of the
subsidiaries prepared in compliance with Companies Act, 2013
and the applicable Accounting Standards. The Consolidated
Financial Statements shall be laid before the ensuing 37^th
Annual General Meeting of the Company along with the laying
of the Standalone Financial Statements of the Company.

FUTURE OUTLOOK

Your Company operates primarily in two divisions viz. Process
Equipment and Tea Drying Equipment. The company remains
optimistic about the future , buoyed by a healthy order book
and inflowing inquiries .

A detailed review of the outlook of each division is incorporated
in the Management Discussion and Analysis Report in
Annexure I which forms part of this Report.

CHANGE IN THE NATURE OF BUSINESS

During the year there was no change in nature of business.

COMMITTEES OF THE BOARD

The Board of Directors has the following Committees:

a) Audit Committee

b) Nomination and Remuneration Committee

c) Stakeholders’ Relationship Committee

d) Corporate Social Responsibility Committee

The details of the requisite Committees of the Board along with

their composition, number of meetings and attendance at the

meetings are provided in the Report on Corporate Governance

AUDITORS & AUDIT REPORT

a) Statutory Auditors :

M/s V. Singhi & Associates, Chartered Accountants (FRN
:311017E) were re-appointed as Statutory Auditors for a
tenure of five years, at the AGM held on 20.09.2024 upto
AGM to be held in 2029.

Statutory Audit Report for FY 2024-25, has an unmodified
opinion.

b) Internal Auditors : M/s. Bhide & Bhide, Chartered
Accountants (FRN: 136994W) were appointed as Internal
Auditors by the Board of Directors for 2024-25 and they
have conducted internal audits periodically and submitted
their reports to the Audit Committee. Their reports have
been reviewed by the Statutory Auditors and the Audit
Committee.

c) Cost Auditors : Your Company appointed M/s. D.
Sabyasachi & Co. (FRN : 000369) Cost Accountants as
Cost Auditors of the Company for the Financial Year
2024-25 and their re-appointment is proposed for 2025¬
26 at the remuneration set out in the notice of AGM and
explanatory statement thereto.

The Provisions of Section 148(1) of the Act continue to
apply to the Company and accordingly the Company has
maintained cost accounts and records in respect of the
applicable products for the year ended March 31, 2025.

d) Secretarial Auditors : M/s. Nitin S. Sharma & Associates,
Thane were appointed as secretarial auditor of the
Company for the Financial Year 2024-25, as required
under section 204 of the Companies Act, 2013 read
with the applicable rules. The Secretarial Audit Report
for 2024-25 forms part of the Annual Report as Annexure
- VI.

The said Secretarial Audit Report does not contain any
qualification, reservations, adverse remarks or disclaimer.

Pursuant to Regulation 24A of SEBI Listing Regulations,
the Secretarial Audit Reports of material unlisted
subsidiaries i.e. Monga Strayfield Private Limited and
M.E Energy Private Limited are annexed as Annexure
VII and Annexure VIII respectively and forms part of this
Annual Report.

Pursuant to regulation 24A of the SEBI (LODR) Regulations,
2015, Board has recommended the appointment of
M/s. Nitin Sharma & Associates, Thane for a tenure of Five
years to be concluded at the AGM to be held in 2030,
subject to approval of the members at ensuing AGM.

DECLARATION AS PER SECTION 134(3)(ca) OF THE
COMPANIES ACT, 2013

During the year, the statutory auditors and secretarial auditor
have not reported any instances of frauds committed by or
against the Company by its Directors/Officers/ Employees to
the Audit Committee or Board under section 143(12) of the
Companies Act, 2013 and rules made thereof. Therefore no
detail is required to be disclosed under Section 134 (3)(ca) of
the Act.

SECRETARIAL STANDARDS

Your Company is in compliance with all applicable Secretarial
Standards issued by the Institute of Company Secretaries of
India, for the financial year ended March 31, 2025.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the provision of Section 134 (5) of the Companies
Act, 2013, the Board of Directors of your Company hereby
confirms:

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

2) that 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 of the Profit and
Loss of the Company for the period;

3) that 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) that the Directors have prepared the annual accounts on
a going concern basis.

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

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

MANAGEMENT DISCUSSION & ANALYSIS

A separate report on Management Discussion & Analysis is
appended to the Annual Report as Annexure “I” and forms part
of this Directors Report;

CORPORATE GOVERNANCE

Report on Corporate Governance has been attached herewith
as Annexure - II pursuant to the provisions of Regulation
34 read with schedule V of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

EMPLOYEE RELATIONS

Employee relations remained cordial throughout the year.

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

The information relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo as
required to be disclosed pursuant to Section 134 (3) (m) of the
Companies Act, 2013 read with the Companies (Accounts)
Rules, 2014, as amended, is appended to this Annual Report
as Annexure IX and forms part of this Directors’ Report.

ADEQUACY OF INTERNAL FINANCIAL CONTROL
SYSTEM WITH RESPECT TO THE FINANCIAL
STATEMENTS

The Company has a comprehensive system of internal control
which is being strengthened. The internal control system is also
subject to review by auditors. The Company has appointed a
firm of auditors for conducting internal audit periodically and
the report is considered by the Audit Committee of the Board
headed by a Non-executive Independent Director.

DIRECTORS

Appointment / Re-appointment of Directors during FY

2024- 25

Mr. Amitav Roy Choudhury (DIN : 08501895) was re-appointed
as an Independent Director for a second term of 5 (Five)
consecutive years w.e.f. May 29, 2024 upto May 28, 2029
(both days inclusive).

Mr. Kalathil Vijaysanker Kartha (DIN : 00176616) was
appointed as an Additional Director in the category of Non¬
Executive, Non-Independent Director w.e.f. June 01, 2024
and his appointment was subsequently regularised as a Non¬
Executive, Non-Independent Director through a resolution
passed by way of postal ballot on August 29, 2024.

Mr. Mahesh Shah (DIN : 00405556) was re-appointed as an
Independent Director for a second term of 3 (three) consecutive
years w.e.f. August 13, 2024 upto August 12, 2027 (both days
inclusive).

Mr. Shishir Joshipura (DIN: 00574970) was appointed as
an Additional Director in the category of Independent
Director w.e.f. February 07, 2025 and his appointment was
subsequently regularised as an Independent Director for a
first term of 5 (Five) consecutive years, w.e.f. February 07,
2025 upto February 06, 2030 (both days inclusive), through
a resolution passed by way of postal ballot on April 25, 2025.

Mr. Amritanshu Khaitan (DIN : 00213413) and Mr. Aditya
Khaitan (DIN : 00023788), Non-Executive, Non-Independent
Directors of the Company, who retired by rotation in terms of
Section 152(6) of the Companies Act, 2013, were re-appointed
by the Members at the 36^th Annual General Meeting held on
September 20, 2024.

Re-appointment of Directors retiring by rotation

Mr. Navin Nayar (DIN : 00136057) and Mr. Kalathil Vijaysanker
Kartha (DIN : 00176616) retire by rotation at the forthcoming
Annual General Meeting and being eligible offer themselves
for re-appointment. A resolution seeking their re-appointment,
forms part of the Notice convening the ensuing Annual General
Meeting. The profile along with other details of Mr. Navin
Nayar and Mr. Kalathil Vijaysanker Kartha are provided in the
annexure to the Notice of the AGM.

Appointment / Re-appointment of Directors during FY

2025- 26

Mr. Ranjit Pamo Lala (DIN : 07266678) continued as Managing
Director during the year 2024 - 25, and was reappointed for
a second term w.e.f. 15^th May, 2025 for two years.

Mr. Anil S. Karnad (DIN : 07551892) continued as Whole
Time Director (operations) during the year 2024-25, and was
reappointed w.e.f. 1^st April, 2025 for two years.

The Board, on the recommendation of Nomination and
Remuneration Committee, recommended the re-appointment
of Mr. Shourya Sengupta (DIN : 09216561) as a Non-Executive
Independent Director for the second term of five consecutive
years w.e.f. June 29, 2026 to June 28, 2031 (both days
inclusive). A resolution seeking his re-appointment, forms part
of the Notice convening the ensuing Annual General Meeting.
The profile along with other details of Mr. Shourya Sengupta
are provided in the annexure to the Notice of the AGM.

DECLARATIONS BY INDEPENDENT DIRECTORS

Necessary declarations from all the Independent Directors
of the Company, confirming that they meet the criteria of
independence as prescribed under the Companies Act, 2013
and the Listing Regulations, and they have registered their
names in the Independent Directors’ Databank, have been
received.

The Board is of the opinion that the Independent Directors of
the Company possess requisite qualifications, experience and
expertise in the fields of science and technology, digitalization,
human resources, strategy, auditing, tax and risk advisory
services, financial services, corporate governance, etc. and
that they hold highest standards of integrity.

KEY MANAGERIAL PERSONNEL

During the year 2024-25, following officials continued as
Key Managerial Personnel, pursuant to section 203 of The
Companies Act, 2013 :

i. Mr. Ranjit Pamo Lala, Managing Director

ii. Mr. Anil S. Karnad, Wholetime Director (operations)

iii. Mr. Sachin J. Vijayakar, Chief Financial Officer

iv. Mr. Arvind Bajoria, Company Secretary
BOARD EVALUATION

Securities Exchange Board of India (SEBI) vide its circular no.
SEBI /HO /CFD /CMD /CIR /P /2017/004 dated 5^th January,
2017 had issued a guidance note on Board Evaluation which
inter alia contains indicative criterion for evaluation of the
Board of Directors, its Committees and the individual members
of the Board.

The Nomination and Remuneration Committee of the Board of
the Company has devised a policy for performance evaluation
of the Directors, Board and its Committees, which includes
criteria for performance evaluation.

Pursuant to the new Evaluation Framework adopted by the
Board, the Board evaluated the performance of the Board,

its Committees and the Individual Directors for the financial
year 2024-25. After the evaluation process was complete, the
Board was of the view that the performance of the Board as
a whole was adequate and fulfilled the parameters stipulated
in the evaluation framework. The Board also ensured that
the Committees functioned adequately and independently
in terms of the requirements of the Companies Act, 2013 and
the Listing Regulations and at the same time supported as well
as coordinated with the Board to help in its decision making.
The individual Directors’ performance was also evaluated
and the Board was of the view that the Directors fulfilled
their applicable responsibilities and duties as laid down by
the Listing Regulations and the Companies Act, 2013 and
at the same time contributed with their valuable knowledge,
experience and expertise to grab the opportunity and counter
the adverse challenges faced by the Company during the year.
The Board also assessed the quality, quantity and timeliness
of flow of information between the Company Management and
the Board that is necessary for the Board to effectively and
reasonably perform their duties.

A separate meeting of the Independent Directors was also
held for the evaluation of the performance of Non-Independent
Directors and the performance of the Chairman of the Board
and the Board as a whole.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

The Company has complied with the applicable provisions of
Section 186 of the Act during the year.

Pursuant to Section 186 of the Act, details of the Investments
& loans made by the Company are provided in Note no. 6a &
6b of the financial statement.

Details of Guarantee given by the Company during FY 24-25
is given in Note no. 49 of the financial statement.

RELATED PARTY TRANSACTIONS

Your Board has developed and approved a Related Party
Transactions Policy for purposes of identification and
monitoring of related party transactions and the same has
been displayed on the Company’s website at https://www.
kilburnengg.com/investor-relations/policies/.

All contracts, arrangements and transactions entered by the
Company with related parties during FY 2024-25, were in the
ordinary course of business and on an arm’s length basis and
were carried out with prior approval of the Audit Committee.
All related party transactions that were approved by the Audit
Committee were periodically reported to the Audit Committee.
Prior approval of the Audit Committee was obtained for the
transactions which were planned and/or repetitive in nature
and omnibus approvals were also taken as per the policy laid
down for unforeseen transactions.

In FY 2024-25, none of the contracts, arrangements and
transactions with related parties, required approval of the
Board/ Shareholders under Section 188(1) of the Act and
Regulation 23(4) of the SEBI Listing Regulations.

None of the transactions with related parties are material
in nature or falls under the scope of Section 188(1) of the
Act. The information on transactions with related parties
pursuant to Section 134(3) (h) of the Act read with Rule 8(2)
of the Companies (Accounts) Rules, 2014 in Form No. AOC-
2 does not apply to the Company for the FY 2024-25 and
hence the same is not provided. The details of the transactions
with related parties during FY 2024-25 are provided in the
accompanying financial statements.

MANAGERIAL REMUNERATION

Details of the ratio of the remuneration of each director to
the median employee’s remuneration and other details as
required pursuant to Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 are
as per Annexure - XI. Mr. Ranjit Pamo Lala, Managing Director
and Mr. Anil S. Karnad, Whole Time Director (operations)
are the only Executive Directors in receipt of remuneration
during 2024- 25, and remuneration details are available in
the corporate governance details attached to this Directors’
Report. The details of employee remuneration as required
under provisions of Section 197(12) of the Companies Act,
2013 read with Rule 5(2) & 5(3) of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 are
available on the website of the Company and can be accessed
at: https://www.kilburnengg.com/

VIGIL MECHANISM

The Company has formulated a vigil mechanism for Directors
and employees of the Company to report concerns about
unethical behaviour, actual or suspected fraud or violation
of the company’s code of conduct or ethics policy. The
vigil mechanism provides adequate safeguards against
victimization and channels for reporting concerns to the
Chairperson of the Audit Committee of the Company or the
director nominated to play the role of Audit Committee, as the
case may be, in exceptional cases. The Vigil Mechanism Policy
is available on the website of Company and can be accessed
at https://www.kilburnenqq.com/investor-relations/policies/.

REMUNERATION POLICY

The Company has formulated a Remuneration Policy for
Directors, Key Managerial Personnel and employees of the
Company to ensure that adequate remuneration paid to
attract, retain and motivate the senior management employees
to run the company successfully. The Policy is available on
the website of the Company at http:// www.kilburnengg.
com/company-policy-main/ and also annexed herewith as
Annexure - V.

RISK MANAGEMENT

Directors have adopted risk management policy to identify
the risks involved in all activities of the Company. The main
objective of this policy is to ensure sustainable business
growth and to promote a pro-active approach in identifying,
reporting, evaluating and mitigating risks associated with
the business. The policy guides the board in identification of
various business risks and to take appropriate steps to mitigate
the same.

CORPORATE SOCIAL RESPONSIBILITY

The Company has constituted Corporate Social Responsibility
(CSR) Committee in compliance with provisions of Section 135
of the Companies Act 2013 read with rules made thereunder,
with Mr. Amritanshu Khaitan (Chairman), Mr. Shourya Sengupta
(Member) and Mr. Amitav Roy Choudhury (Member). The
CSR Committee laid down the CSR policy of the Company
which can be accessed at https://www.kilbumengg.com/
investor-relations/policies/. The Company made a total CSR
expenditure amounting to ' 65.00 Lakhs during the FY 2024¬
25. The details of said expenditure are given in Annual Report
on CSR Activities, attached herewith as Annexure - IV in the
form prescribed under the Companies (Corporate Social
Responsibility Policy) Rules, 2014.

EXTRACT OF THE ANNUAL RETURN

As per the provisions of Section 92 (3) and Section 134(3)
of the Companies Act, 2013 and Rule 12 of Companies
(Management and Administration) Rules, 2014 as amended
from time, the Annual return of the Company for the year 2024
- 25 has been uploaded on the website of the Company at
http://www.kilbumengg.com/

CREDIT RATING

The credit ratings awarded for credit facilities availed by
the Company have been upgraded from ACUITE BBB / A3
to ACUITE BBB / A2 on Feb 20,2025 by Acuite Ratings &
Research Limited

MEETINGS OF THE BOARD

During the financial year ended March 31, 2025, Seven Board
Meetings were held. Details of meetings held and attended by
each Director are given in the Corporate Governance Report
forming part of this Annual Report.

TRANSFER OF UNCLAIMED AMOUNT TO
INVESTOR EDUCATION AND PROTECTION FUND,
WHERE NECESSARY

The details of proposed transfer of unclaimed amount to
Investor Education and Protection Fund are given in the
Corporate Governance Report forming part of this Annual
Report.

OTHER DISCLOSURES

During the year under review:

a. Your Company has constituted an Internal Committee (IC)
to consider and resolve all sexual harassment complaints
reported by women employees. The constitution of IC is
as per The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. There
were no complaints reported or cases filed pursuant to the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. Please refer Internal
Complaints Committee section of Report on Corporate
Governance, for more details.

b. Your Company has not accepted any deposit from
the public falling within the ambit of Section 73 of the
Companies Act, 2013 and the Companies (Acceptance
of Deposits) Rules, 2014.

c. There were no significant or material orders passed
by the Regulators or Courts or Tribunals which impact
the going concern status and Company’s operations in
future.

d. During the year under review, the Company complied
with the provisions of the Maternity Benefit Act, 1961
alongwith the applicable rules under the said act and
undertook necessary measures to ensure compliance
for all eligible employees.

e. Except as disclosed elsewhere in the Report, there have
been no material changes and commitments affecting the
financial position of the Company which have occurred
between the end of the financial year of the Company to
which the financial statements relate and the date of this
report.

f. Your Directors state that no disclosure or reporting is

required in respect of the following matters as there were
no

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

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

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

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

• There was no revision in the previous financial
statements of the Company.

COLLABORATORS

The Directors place on record its sincere appreciation to all
its Collaborators for extending their valuable support and co¬
operation.

ACKNOWLEDGEMENT

The Directors wish to express their sincere appreciation to the
Company’s valued Customers, Bankers, Dealers, Suppliers,
Stock Exchanges, Government authorities, and all other
Stakeholders for their continued support, cooperation, and
encouragement throughout the year.

The Directors also extend their heartfelt thanks to all the
employees of the Company for their dedicated service and
significant contributions during the year.

For and on behalf of the Board

Ranjit Pamo Lala Anil Karnad

Place : Kolkata Managing Director Whole Time Director (Operations)

Date : 7^th August, 2025 (DIN: 07266678) (DIN: 07551892)