Your Directors have pleasure in presenting their 41^st Annual Report on the business and operations of the Company
and the Audited Accounts for the Financial Year ended 31^st March, 2025.

1. FINANCIAL SUMMARY/HIGHLIGHTS OF PERFORMANCE OF THE COMPANY:

2. OVERVIEW OF COMPANY'S PERFORMANCE:

The Company is into the business of manufacturing of TMT Bars. The revenue from operations was Rs. 3716.48
Lakh in the Current year as compared to the revenue from operations of Rs. 6476.62 Lakhs during the previous
year. The profit after tax was Rs. 494.90 Lakhs in the Current year as compared to the profit after Tax of Rs.
387.04 Lakhs in the previous financial year.

The performance of the Company in terms of overall revenue generation during the period under review is quite
satisfactory.

3. DIVIDEND:

After considering the present circumstances holistically and keeping in view the need to conserve the resources
in the long run for future, the Board of Directors of the Company decided that it would be prudent not to
recommend any dividend for the year under review.

4. TRANSFER TO RESERVE:

Reserves & Surplus at the end of the year stood at Rs. 1,429.65 Lakhs as compared to Rs. 934.75 Lakhs at the
beginning of the year.

5. SHARE CAPITAL:

During the year under review, there has been no change in the Capital Structure of the Company.

At present, the Company has only one class of shares - equity shares with face value of Rs. 1/- each. During the
year under review, The authorised share capital of the Company is Rs. 80,00,00,000/- (Eighty Crore) divided into
80,00,00,000 (Eighty Crore) Equity Shares of face value of Rs. 1/- each.

The issued, subscribed and paid up equity capital is Rs. 79,68,75,000/- comprising 79,68,75,000 Equity Shares of
Rs. 1/- each.

6. CHANGE IN NATURE OF BUSINESS:

There has been no change in the nature of business of the Company during the financial year under review.

7. MAINTAINANCE OF COST RECORDS:

The Company has adequately maintained the cost records as specified by the Central Government under Section
148(1) of the Companies Act, 2013.

8. STATE OF COMPANY AFFAIRS:

The state of your Company's affairs is given under the heading 'Financial Summary/ Highlights', Overview of
Company's Performance and various other headings in this Report and the Management Discussion and Analysis
Report, which forms part of the Annual Report.

9. DEPOSITS:

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 of
the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

10. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO:

The Company has taken adequate steps for conservation of energy. The Company has not imported any
technology during the year and there are no plans to import any kind of technology in near future.

Hence information regarding its absorption is not applicable. There was no research activities carried out during
the year as well as no foreign exchange income or outgo during the year.

11. PARTICULARS OF EMPLOYEES:

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014 is given in the Statement annexed herewith
as Annexure-A.

12. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There were no such material changes occurred subsequent to the close of the financial year of the Company to
which the balance sheet relates and the date of the report which can affect the financial position of the
Company.

13. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:

No material order has been passed by the Regulators/Court or Tribunals which can impact the going concern
status and Company's operation in future.

14. PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, there were no proceedings that were filed by the Company or against the
Company, which are pending under the Insolvency and Bankruptcy Code, 2016, as amended, before National
Company Law Tribunal or other Courts.

15. 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 disclosure is not applicable as the Company has not undertaken any one-time settlement with the banks or
financial institutions during the year.

16. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION &
REDRESSAL) ACT, 2013:

The company has complied with the provision relating to the constitution of Internal Complaints Committee
under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The company has adopted policy on prevention of sexual harassment of women at workplace in accordance with
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the financial year ended 31^st March, 2025, the company has not received any complaints pertaining to
sexual harassment.

17. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:

The Company have not any subsidiary, associate or joint venture company and hence details relating to them are
not applicable and provided for.

18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT BY THE COMPANY:

Details of Loans, Guarantees and Investments, if any covered under the provisions of Section 186 of the Act are
given in the notes to the Financial Statements.

19. MEETING OF BOARD OF DIRECTORS:

During the year under review, 06 (Six) Board meetings were held on 28/05/2024, 12/08/2024, 20/09/2024,
09/10/2024 ,03/01/2025 and 12/02/2025 with gap between Meetings in accordance with provision of the
Companies Act, 2013 read with rules made thereunder and the applicable Secretarial Standard.

The Board meeting dates are finalized in consultation with all directors and agenda papers backed up by
comprehensive notes and detailed background information are circulated well in advance before the date of the
meeting thereby enabling the Board to take informed decisions.

The details of the Board Meetings with regard to their dates and attendance of each of the Directors thereat
have been provided in the Corporate Governance Report which forms part of this Annual Report of the
Company.

20. MEETING OF MEMBERS:

During the year under review, No any Extra Ordinary General Meeting was held during the year.

40^th Annual General Meeting of the members of the Company was held on 11^th September, 2024.

21. COMMITTEES OF THE BOARD:

There are currently Five Committees of the Board, as follows:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

All the recommendations made by these Committees to the Board were accepted by the Board. Details of
committees, its composition, committee meetings held etc. are provided in the Report on Corporate Governance.

AUDIT COMMITTEE:

The Audit Committee met five times in the financial year 2024-25 i.e. on 28/05/2024, 12/08/2024, 09/10/2024,
03/01/2025 and 12/02/2025.

The details pertaining to the composition of the Audit Committee are included in the Corporate Governance
Report, which is a part of this report.

NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee met three times in the financial year 2024-25 i.e. on 28/05/2024,
12/08/2024 and 09/10/2024.

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

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee met four times during the Financial Year 2024-25 i.e. on 28/05/2024,
12/08/2024, 09/10/2024 and 12/02/2025.

The details pertaining to the composition of the Stakeholder Relationship Committee are included in the
Corporate Governance Report, which is a part of this report.

RISK MANAGEMENT COMMITTEE:

The Risk Management Committee met two times during the Financial Year 2024-25 i.e. on 12/08/2024 and
12/02/2025.

The details pertaining to the composition of the Risk Management Committee are included in the Corporate
Governance Report, which is a part of this report.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Corporate Social Responsibility Committee has formulated and recommended to the Board, a Corporate
Social Responsibility Policy (CSR Policy) in accordance with the provisions of Section 135 of Companies Act,
2013 and Schedule VII thereto indicating the activities which can be undertaken by the Company.

The Corporate Social Responsibility Committee met two times during the Financial Year 2024-25 i.e. on
12/08/2024 and 12/02/2025. A brief outline of the CSR policy of the Company and the initiatives undertaken by
the Company on CSR activities during the year are set out in Annexure I of this report in the format prescribed in
the Companies (Corporate Social Responsibility Policy) Rules, 2014. This Policy is available on the Company's
website at https://www.rhetan.com/policies/CSR-Policy.pdf

During the financial year ended 31^st March, 2025, the Company has spent CSR expenditure of Rs. 10,20,000
(Rupees Ten Lakh Twenty Thousand Only).

The details pertaining to the composition of the Corporate Social Responsibility Committee are included in the
Corporate Governance Report, which is a part of this report.

22. ANNUAL RETURN:

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the Annual Return in
form MGT-7 as on March 31, 2025 of the Company will be prepared in accordance with Section 92(1) of the
Companies Act, 2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014 will be
placed on the website of the Company and accessible at the website of the Company
https://www.rhetan.com/annual-returns.html

23. INSURANCE:

All the Properties of the Company are adequately insured.

24. AGREEMENTS EFFECTING THE CONTROL OF THE COMPANY:

No agreements have been entered / executed by the parties as mentioned under clause 5A of paragraph A of
Part A of Schedule III of SEBI (Listing Obligation and Disclosures Requirements) Regulations, 2015 which, either
directly or indirectly effect / impact the Management or Control of the Company or impose any restriction or
create any liability upon the Company.

25. RELATED PARTY TRANSACTIONS:

There was significant related party transactions entered between the Company, Directors, management, or their
relatives. Hence, disclosure in Form AOC-2 is provided as Annexure B.

All the contracts/arrangements/transactions entered into by the Company with the related parties during the
financial year 2024-25 were in the ordinary course of business and on an arm's length basis as disclosed in the
financial statements and were reviewed and approved by the Audit Committee. The details of related party
disclosure form a part of the notes to the financial statements provided in the annual report.

Related Party disclosure under regulation 34(3) read with schedule V of SEBI (Listing Obligations and Disclosure

Peril i ire merited Peai iletinnc 9H1 ^ ic ac nnrler^-

Sr. Disclosure of loans / advances / investments / As at 31^st March, Maximum amount

No. Outstanding during the year 2025 (Amount in during the year

Lakhs) (Amount in Lakhs)

1 Loans and advances in the nature of loans to subsidiary 0 0

2 Loans and advances in the nature of loans to associate 0 0

Loans and advances in the nature of loans to

³ firms/companies in which directors are interested ^{270,51 270,51}_

26. DIRECTORATE AND KEY MANAGERIAL PERSONNEL:

The Board of Directors of your company has various executive and non-executive directors including
Independent Directors who have wide and varied experience in different disciplines of corporate functioning.

As on March 31, 2025, the compositions of the Board consist of 6 Directors comprising of 4 Independent
Directors, 1 Non-Executive Directors and 1 Executive Director, details thereof have been provided in the
Corporate Governance Report.

All the Directors of the Company have confirmed that they are not disqualified from being appointed as Directors
in terms of Section 164 of the Companies Act, 2013. The details of Board and Committee composition, tenure of
directors, and other details are available in the Corporate Governance Report, which forms part of this Annual
Report.

• Re-appointment pursuant to retire by rotation:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and Articles of Association of the
Company, Mr. Shalin A. Shah (DIN: 00297447) retires by rotation at the ensuing Annual General Meeting and
being eligible in terms of Section 164 of the Act offers himself for re-appointment. Profile and other details of
the director as per Secretarial Standard -2 and Regulation 36(3) of SEBI (LODR) Regulation, 2015 are provided as
Annexure to Notice convening Annual General Meeting.

• Key Managerial Personnel ("KMP"):

In terms of Section 203 of the Companies Act, 2013 the company has following Key Managerial Personnel as on
31^st March, 2025:

o Mr. Shalin A. Shah, Managing Director,
o Mr. Subha Ranjan Dash, Chief Financial Officer and

o Mrs. Riddhi D. Shah, Company Secretary and Compliance Officer (Appointed w.e.f 28^th May, 2024)

1. Mrs. Payal Punit Pandya, Company Secretary of the Company was resigned w.e.f. 25^th May, 2024 due to
better Career Opportunities.

2. Ms. Riddhi Dineshbhai Shah was appointed as the Company Secretary of the Company w.e.f. 28^th May,
2024, by the Board of Directors in their meeting held on 28^th May, 2024.

Disclosure for the same pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with Clause 7 of
Part A of schedule III of Listing Regulations has already submitted to the exchange. The company confirm
that there are no other material reasons other than those provided above.

• Independent Director:

3. Mr. Yash Vishwanath Bodade (DIN: 10669649) was appointed as an Additional (Independent) Director by
the Board of Directors w.e.f. 12^th August, 2024. Further, his appointment was ratified by the shareholders
of the Company at their Annual General Meeting held on 11^th September, 2024.

In the opinion of the Board, Mr. Yash Vishwanath Bodade (DIN: 10669649) is a person of integrity, expert
and experienced (including the proficiency).

4. Mr. Paragkumar Prakashchandra Raval (DIN: 10735752) was appointed as an Additional (Independent)
Director by the Board of Directors w.e.f. 12^th August, 2024. Further, his appointment was ratified by the
shareholders of the Company at their Annual General Meeting held on 11^th September, 2024.

In the opinion of the Board, Mr. Paragkumar P. Raval (DIN: 10735752) is a person of integrity, expert and
experienced (including the proficiency).

5. Mr. Paragkumar Prakashchandra Raval (DIN: 10735752) of the Company was resigned w.e.f. 11^th August,
2025 due to Personal Reasons.

27. DECLARATION BY INDEPENDENT DIRECTORS:

All Independent Directors have given declarations that they meet the criteria of independence as laid down
under Section 149(6) of the Companies Act, 2013.Further, the Independent Directors have also submitted their
declaration in compliance with the provisions of Rule 6(3) of Companies (Appointment and Qualification of
Directors) Rules, 2014, as amended from time to time, which mandated the inclusion of an Independent
Director's name in the data bank of Indian Institute of Corporate Affairs ("IICA") for a period of one year or five
years or life time till they continues to hold the office of an independent director.

28. ANNUAL PERFORMANCE EVALUATION OF BOARD, COMMITTEES AND DIRECTORS:

Pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board had
carried out performance evaluation of its own, the Board Committees and of the Independent directors. The
Independent Directors of the Company at their separate meeting held on March 13, 2025 has evaluated
performance of the Non-Independent Directors, Board as a whole and of the Chairman of the Board.

The following were the Evaluation Criteria:

(a) For Independent Directors:

- Knowledge and Skills

- Professional conduct

- Duties, Role and functions

(b) For Executive Directors:

- Performance as Team Leader/Member.

- Evaluating Business Opportunity and analysis of Risk Reward Scenarios

- Key set Goals and achievements

- Professional Conduct, Integrity

- Sharing of Information with the Board

The Directors expressed their satisfaction with the evaluation process.

29. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In terms of the Regulation 34(e) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Management Discussion and Analysis Report forms part of this Report as Annexure-C

30. CEO AND CFO CERTIFICATION:

Mr. Shalin A. Shah, Managing Director and Mr. Subha Ranjan Dash, CFO have given certificate to the board as
contemplated in SEBI Listing Regulations. The said certificate is attached as Annexure-D.

31. LISTING OF SHARES:

The Equity Shares of the Company are listed on the BSE Limited (BSE) with scrip code No. 543590 & security
Symbol: RHETAN. The Company confirms that the annual listing fee to the stock exchange for the financial year
2025-26 has been paid.

32. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:

The Board has on the recommendation of the Nomination & Remuneration Committee, formulated criteria for
determining Qualifications, Positive Attributes and Independence of a Director. No remuneration is paid to any
Directors of the Company including Managing Director during the year 2024-25.

33. DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('SEBI Listing Regulations'), the Board of the Company had formulated a
Dividend Distribution Policy ('the Policy'). The Policy is available on the Company's website URL
https://www.rhetan.com/policies/Dividend-Distribution-Policy.pdf.

34. MANAGERIAL REMUNERATION:

The Company had not paid any remuneration to the Managing Director or any sitting fees to Non-Executive
Directors for attending any meetings during the financial year ended 31^st March, 2025.

35. INDEPENDENT DIRECTORS' MEETING:

Independent Directors of the Company had met during the year under the review on 13^th March, 2025. The
details of the Independent Directors Meeting and the attendance of the Directors are provided in the Corporate
Governance Report, which forms part of this Report.

36. AUDITORS:

A. Statutory Auditors

Pursuant to provisions of Section 139 of the Companies Act, 2013 and the rules framed there under, M/s. GMCA
& Co., Chartered Accountants, Ahmedabad (FRN: 109850W), were appointed as Statutory Auditors of the
company from the conclusion of 38th Annual General Meeting of the company held on 27th July, 2022 till the
conclusion of Annual General Meeting to be held on 2026. The Notes to the financial statements referred in the
Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the
Companies Act, 2013.

There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

B. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company has appointed Mr. Chintan K. Patel, Practicing Company
Secretary, Ahmedabad to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is
annexed herewith as Annexure-E.

The observations of the Secretarial Auditor in the Secretarial Audit Report are self-explanatory and therefore do
not call for any further comments.

As per Section 204 of the Act, read with Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 Pursuant to the provisions of Regulation 24A of SEBI LODR (Third Amendment) Regulations, the board
in its meeting held on 29^th August,2025 had recommended the appointment of Mr. Chintan K.Patel, Practicing
Company Secretaries (Membership ship No. 31987 , COP No. 11959 and Peer Review No.: 2175/2022),as the
Secretarial Auditor of the Company period of five consecutive years i.e. from F.Y 2025-26 to F.Y 2029-30 to
conduct the annual secretarial Audit subject to approval of Shareholders by way of Ordinary resolution as
proposed in the Notice of 41^st Annual General Meeting.

The Company had received required declarations/consents from the Secretarial Auditors confirming that they
have been Peer Reviewed and are eligible to be appointed as Secretarial Auditors.

C. Cost Auditor:

As per companies (Cost Records and Audit) Rules, 2014 as amended by companies (Cost Records and Audit)
Amendment Rules, 2014, issued by the Central Government. The company is not required to get its cost record
audited by Cost Auditor.

37. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with all the applicable provisions of Secretarial
Standard-1 and Secretarial Standard-2 issued by the Institute of Company Secretaries of India (as amended).

38. INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS:

During the year under review, the Statutory Auditors and Secretarial Auditor of the Company have not reported
any instances of fraud committed in the Company by Company's officers or employees, to the Audit Committee,
as required under Section 143(12) of the Act.

39. INTERNAL FINANCIAL CONTROL SYSTEM AND COMPLIANCE FRAMEWORK:

The Company has an Internal Financial Control System, appropriate considering the size and complexity of its
operations. The internal financial controls are adequate and operating effectively so as to ensure orderly and
efficient conduct of business operations. The Audit Committee in consultation with the internal auditors
formulates the scope, functioning, periodicity and methodology for conducting the internal audit.

Based on the internal audit report review by the Audit committee, process owners undertake necessary actions
in their respective areas. The internal auditors have expressed that the internal control system in the Company is
robust and effective. The Board has also put in place requisite legal compliance framework to ensure compliance
of all the applicable laws and that such systems are adequate and operating effectively.

40. RISK MANAGEMENT:

Company has implemented an integrated risk management approach through which it reviews and assesses
significant risks on a regular basis to help ensure that there is a robust system of risk controls and mitigation in
place. Senior management periodically reviews this risk management framework to keep updated and address
emerging challenges. Major risks identified by the businesses and functions are systematically addressed through
mitigating actions on a continuing basis.

41. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal)
Act, 2013 ('Act') and Rules made thereunder, your Company has assigned the responsibilities to Audit
Committee. During the year, no complaint with allegations of sexual harassment was filed with the Company.

During the year under review, your Company has not received any complaint pertaining to sexual harassment.

42. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961:

Pursuant to the provisions of the Maternity Benefit Act, 1961, as amended, during the financial year ended
March 31, 2025, there were no instances wherein any woman employee of the Company availed or applied for
maternity benefits as stipulated under the Maternity Benefit Act, 1961, including but not limited to maternity
leave, medical bonus, nursing breaks, or creche facility.

Accordingly, the specific provisions of the Act were not attracted during the reporting period. However, the
Company continues to maintain an internal policy framework that is compliant with the applicable provisions of
the Maternity Benefit Act, 1961, and remains committed to implementing all statutory benefits as and when the
circumstances so require.

The Company further affirms its commitment to uphold the principles of equality, non-discrimination, and
employee welfare, and shall continue to ensure compliance with all applicable labour laws, including those
concerning maternity benefits, in both letter and spirit.

43. VIGIL MECHANISM AND WHISTLE BLOWER POLICY:

In accordance with Section 177 of the Companies Act, 2013 and Regulation 22 of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted
Whistle Blower Policy/ Vigil Mechanism to establish a vigil mechanism for the directors and employees to report
genuine concerns in such manner as may be prescribed and to report to the management instances of unethical
behaviour, actual or suspected fraud or violation of the Company's code of conduct.

The detailed Whistle Blower Policy is available on Company's Website:
https://www.rhetan.com/policies/Whistle-Blower-Policy.pdf

44. PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in
securities 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's 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.

45. DIRECTORS' RESPONSIBILITY STATEMENT:

In accordance with Section 134(5) of the Companies Act, 2013 and to the best of their knowledge and belief and
according to the information and explanations obtained by them, your Directors state that-

i. In the preparation of the annual accounts, the applicable accounting standards had been followed along with
proper explanation relating to material departures;

ii. The directors had 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 31^st March, 2025 and of the profit and loss of the company for that
period;

iii. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of Companies Act, 2013 and Rules made thereunder for safeguarding the assets
of the company and for preventing and detecting fraud and other irregularities;

iv. The directors had prepared the annual accounts on a going concern basis;

v. 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, and

vi. 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.

46. MIGRATION FROM BSE SME PLATFORM TO BSE MAIN BOARD:

The members of the Company have passed Special Resolution to migrate the Company from SME platform of BSE
Limited to Main Board of BSE Limited ('BSE') through on 01^st February, 2023. The Company got the final approval
from BSE Limited on 02^nd May, 2024 for migration of the Company to BSE Main Board with effect from 06^th May,
2024.

47. CORPORATE GOVERNANCE:

Your Company believes in conducting its affairs in a fair, transparent, and professional manner along with good
ethical standards, transparency and accountability in dealings with all its constituents. Your Company has
complied with all the Mandatory Requirements of Corporate Governance norms as required under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended.

As required by the SEBI Listing Regulations, a detailed report on Corporate Governance is given as a part of the
Annual Report. Report on Corporate Governance is attached as Annexure-F

The Practicing Company Secretary's Certificate of the compliance with Corporate Governance requirements by
the Company is attached to the Report on Corporate Governance as Annexure-G.

48. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING

As required by the Companies Act, 2013, a Business Responsibility and Sustainability Reporting is given as a part
of the Annual Report. Business Responsibility and Sustainability Reporting is attached as Annexure-H

49. CORPORATE SOCIAL RESPONSIBILITY REPORTING

As required by the Companies Act, 2013, a detailed report on Corporate Social Responsibility Report is given as a
part of the Annual Report. Corporate Social Responsibility Report is attached as Annexure-I.

50. DISCLOSURE OF FINES/PENALTIES LEVIED:

No any fines/Penalties have been levied by regulatory authority during the year.

51. DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT:

There are no shares lying in the demat suspense account or unclaimed suspense account.

Your Directors take this opportunity to express their gratitude for the generous commitment, dedication, hard
work and significant contribution made by employees at all levels for the development of the Company. Your
Directors also sincerely thank to all the stakeholders, customers, vendors, bankers, business associates,
government, other statutory bodies and look forward to their continued assistance, co-operation and support.

Place: Ahmedabad For and on behalf of the Board

Date: 29^th August, 2025

Sd/- Sd/-

Shalin A. Shah Ashok C. Shah

Managing Director Director
DIN: 00297447 DIN: 02467830