Your Directors have pleasure in presenting the 61^st Annual Report and Accounts for the financial year ended 31^st March, 2025.
FINANCIAL RESULTS

The highlights of the financial results are as follows:

OPERATIONS

During the financial year ended 31^st March, 2025, the net profit
after tax of the Company on standalone basis has increased
to INR 21,448.27 Lacs as compared to previous year's net
profit after tax of INR 20,409.54 Lacs showing an increase
of 5.09 percent over the previous year on standalone basis.
Your Company has achieved a turnover of INR 2,540 crores as
compared to INR 2,180 crores for the previous year.

TRANSFER TO RESERVES

During the year ended 31^st March, 2025, your Company does
not propose to transfer any amount to the general reserve.

DIVIDEND

For the Financial Year 2024-25, the Board has recommended a
dividend of INR 1.50 per Equity Share of face value of INR 1/-
each (previous year: INR 1.50 per Equity share of face value
of INR 1/- each).

FUTURE OUTLOOK

The global economy is projected to grow at a stable pace of
approximately 3.1% in FY 2025-26, supported by improving
financial conditions, resilient consumer demand, and continued
recovery in industrial and services sectors. India, as one of the
fastest-growing major economies, is expected to maintain its

growth trajectory with a forecasted GDP expansion of 6.4%
with estimates ranging between 5.5% to 6.6%, driven by
robust domestic consumption, increased public investment in
infrastructure, and sectoral reforms.

Amidst this macroeconomic landscape, the water industry
is witnessing strong structural tailwinds globally. Climate
change, water scarcity, rising industrial demand, and stringent
environmental norms are leading to increased investments
in water and wastewater treatment, water recycling, and
sustainable resource management. Key trends include the
growing adoption of alternate water sources, increased
demand for ultrapure water in semiconductor, electronics, and
smart water infrastructure integrated with digital technologies.

In India, the government's continued thrust on water and energy
security through flagship initiatives such as the Jal Jeevan
Mission, Namami Gange, Smart Cities Mission; national targets
for both fossil and non-fossil fuel-based power generation;
net zero goals by 2070 is generating significant opportunities
for advanced water infrastructure in municipal and industrial
domains.

Ion Exchange is strategically positioned to capitalize on these
global opportunities through its differentiated portfolio, global
infrastructure, execution capabilities, backed by its innovation-
led approach and digital transformation.

With a stable macroeconomic environment, growing global and
domestic demand for water solutions and a strong line-up of in¬
novative and sustainable offerings, the Company is confident of
maintaining its growth momentum and creating long-term value
for all stakeholders.

In India, the Company will strengthen its presence in industrial
and select municipal sectors by offering turnkey, sustainable
and digitally-enabled water and wastewater solutions; next-
generation ion exchange resins, membranes and specialty
process and utility chemicals backed by IoT-based service of¬
ferings. It plans to expand regional reach and operational ca¬
pacity to improve execution timelines and logistics efficiency.

In international markets, the Company aims to accelerate its
Engineering business growth in Southeast Asia, the Middle
East and Africa, where increasing GDP, population growth and
regulatory focus are expanding market potential for its portfolio
of water treatment products and services. It will continue to
expand the resin, specialty chemical and membranes business
in Europe and the Americas. Further, with localized operations
and building strategic local partnerships it aims to strengthen
market access, and customer engagement; and at the same
time leverage India as a global innovation and manufacturing
hub to support international expansion.

Thus the Company enters FY 2025-26 with a strong order book,
a diversified customer base across geographies and industries
and a well-capitalized balance sheet. The strategic focus on
expanding high-margin businesses, enhancing operational ef¬
ficiency through digitalization and scaling global operations is
expected to contribute positively to revenue and profitability.

The Company remains vigilant to global economic volatility,
commodity price fluctuations, currency risks, and geopolitical
developments that may impact financial performance. How¬
ever, with its strong fundamentals, diversified risk profile and
a future-ready strategy that includes business plans towards
capacity enhancement, R&D, digital infrastructure and market
expansion initiatives in India and overseas, Ion Exchange is
well-positioned to navigate uncertainties and deliver consistent,
responsible and profitable growth in FY 2025-26 and beyond.

FINANCIAL RESOURCES

Fixed Deposits

Your Company has not accepted any deposits during the year,
within the meaning of Section 73 of the Companies Act, 2013,
read with the Companies (Acceptance of Deposits) Rules, 2014.

Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered under
the provisions of Section 186 of the Companies Act, 2013 are
given in the notes to the Financial Statements.

Aqua Investments (India) Ltd. and Watercare Investments
(India) Ltd

During the year ended 31^st March, 2025, the Subsidiary
Companies M/s. Aqua Investments (India) Limited posted profit
after tax of INR 46.63 Lacs compared to INR 38.98 Lacs of
the previous year and M/s. Water Care Investments (India)
Ltd. posted profit after tax of INR 34.59 Lacs compared to INR
29.09 Lacs of the previous year.

Ion Exchange Enviro Farms Limited (IEEFL)

The Company achieved revenue of INR 265.26 Lacs during the
year 2024-25 as against previous year income of INR 197.88
Lacs.

Pursuant to the appeal filed in Supreme Court against the
Securities Appellate Tribunal (SAT) Order of 19^th March 2021
and based on legal advice, the Company appointed SEBI
empaneled auditors to conduct Special Audit. This Special Audit
Report along with additional affidavit was submitted to Supreme
Court and after considering the Audit Report and the Company's
submissions, supreme Court granted liberty to the Company
to approach SEBI with additional material. The Company
accordingly made detailed presentation to SEBI with a request
for reconsideration of SEBI's earlier directions. SEBI thereafter
appointed another independent auditor, who has confirmed that
substantially the investors were transferred developed land and
submitted its report to SEBI. SEBI thereafter sought certain
clarifications from the company which were provided. However,
SEBI vide order dated 16^th May 2024 issued by Recovery Officer
stated that transfer of developed land cannot be considered as
repayment of money and directed the company to deposit an
amount of INR 2,202 Lacs towards repayment of money to the
investors. The company has once again represented with SEBI
to reconsider the matter and subsequently filed the appeal with
Securities Appellate Tribunal challenging the SEBI's order.

Ion Exchange Asia Pacific Pte Ltd., Singapore and Ion
Exchange Asia Pacific (Thailand) Ltd., Thailand and Pt Ion
Exchange Asia Pacific, Indonesia

The Company achieved consolidated operating income of INR
3,071.39 Lacs during the year under review as compared to
INR 1,982.42 Lacs in previous year representing a growth of
55% during the year. The Company made consolidated net
profit after tax of INR 208.40 Lacs as compared to net profit
after tax of INR 4.15 Lacs.

The Company has progressed well in increasing the product
sales mainly on resins and chemicals in the region. Based on
the current backlog and potential projects in pipeline, company
is confident of improving its revenue as well as the profitability
in the current year.

IEI Environmental Management [M] SDN.BHD, Malaysia

The Company appointed Official Liquidator for winding up of
the company and also applied for voluntary winding up of the
company during the previous year. The liquidation process is
expected to be completed during the current year.

Ion Exchange Environment Management (BD) Limited,
Bangladesh

The Company achieved turnover of INR 1,116.73 Lacs during
the year as compared to INR 1,308.92 Lacs in the previous
year. The Company made net profit after tax of INR 14.64 Lacs
as compared to INR 50.61 Lacs in the previous year.

The company's business was affected by the downturn in the
local economy and the political situation in the country. While
the prospects of revival of capital goods industry still seems
bleak, the Company is diversifying its attention to revenue
streams from the sale of consumables and chemicals. With
prudent utilization of resources, reducing expenses and a
focus on products like chemicals and resins, the company is
expected to perform much better in the coming years.

Ion Exchange WTS (Bangladesh) Limited, Bangladesh

The Company is currently not in operation.

Ion Exchange & Co. LLC, Oman

The Company achieved a turnover of INR 2,530.75 Lacs during
the year under review compared to INR 2,368.58 Lacs in the
previous year. The Company made net profit after tax of INR
190.88 Lacs as compared to INR 164.06 Lacs of the previous
year.

The contracts for Operation & Maintenance of water treatment
plants in Oman for the Oil & Gas sector have contributed
significantly to this performance and the company is also
providing O & M services to other medium and small customers
for optimum utilization of its resources. In order to achieve
higher growth and returns the Company is aggressively bidding
for O & M contracts across all sectors and also diversifying
our revenue stream by increasing focus on consumables,
chemicals and plants which will enable the Company will
continue its growth trajectory in the coming years.

Ion Exchange LLC, USA

The Company recorded a turnover of INR 6,113.92 Lacs for the
financial year under review, as against INR 4,835.03 Lacs in
the previous financial year, reflecting a year-on-year growth of
approximately 26%. Net profit after tax is INR 379.54 Lacs as
compared to INR 188.32 Lacs in previous year.

The company's business of resins in the North American
continent has bounced back from the slump and there are
aggressive growth plans which involves expanding the
company's infrastructure and footprint to be able to service
more customers better. This will enable the company to
continue on its growth trajectory.

Ion Exchange Projects and Engineering Limited

The Company achieved a turnover of INR 3,379.00 Lacs for the
year under review as against INR 3,009.57 Lacs in previous year.

The Company incurred loss of INR 1,021.67 Lacs for the year
as against loss of INR 757.15 Lacs.

The Company provides Project Management services and
design services to the parent company for its ongoing contracts.

Ion Exchange Safic (Pty) Limited, South Africa

The Company achieved a turnover of INR 2,680.26 Lacs during
the year under review as compared to INR 1,977.54 Lacs in the
previous year and the Company made a net profit after tax of
INR 348.98 Lacs for the year as compared INR 61.84 Lacs in
the previous year. The current strategy is to increase growth
and gain significant market share across geography by focusing
in key segments and localizations and partnerships. Growth is
also expected from the municipal decentralized drinking water
segment where the company is executing some key projects.

Ion Exchange Arabia for Water

The Company achieved turnover of INR 1,885.98 Lacs during
the year under review compared to INR 1,969.00 Lacs in
previous year. The company incurred loss of INR 227.43 Lacs
compared to loss of INR 138.74 Lacs in previous year.

The company has witnessed an increase in addition on new
clients, sales volume of chemicals, resins and membranes with
an improved sales network in Riyadh, Jeddah & Jubail area.
The Company played a pivotal role in securing a significant
sales order for the parent company and is presently providing
project management services for the execution of a water
treatment plant awarded by a prominent government entity—
Ma'aden, engaged in phosphate fertilizer and alumina refining.
The Company anticipates additional orders for treatment plants
from various clients and is optimistic about achieving improved
overall performance in the coming financial year.

Total Water Management Services (India) Ltd.

The Company achieved a turnover of INR 94.23 Lacs for the
year under review, as against INR 54.99 Lacs for the previous
year. Net profit after tax is INR 14.22 Lacs as compared to the
loss of INR 13.88 Lacs in previous year.

The Company is in the business of providing total water
management consultancy across the spectrum.

Ion Exchange Purified Drinking Water Pvt. Ltd.

The Company achieved a turnover of INR 1,575.62 Lacs for
the year under review, as against INR 1,724.21 Lacs for the
previous year. The Company made profit after tax of INR 142.66
Lacs as compared to INR 208.03 Lacs in previous year.

The Company is set-up as a special purpose vehicle to implement
PPP (Public Private Partnership) project for bottle water supply
to Indian Railway Catering and Tourism Corporation Limited
(IRCTC).

Ion Exchange Europe, LDA

The Company achieved Nil turnover for the year under review
as compared to INR 1829.57 Lacs in previous year. The
Company incurred loss of INR 24.02 Lacs as compared to net
profit after tax of INR 104.25 Lacs in the previous year.

MAPRIL - Produtos Qufmicos e Maquinas Para a Industria,
Lda

The Company achieved a turnover of INR 12,365.74 Lacs for
the year as compared to INR 9,268.68 Lacs in the previous
year (since the date of acquisition). The Company incurred
loss of INR 192.56 Lacs as compared to net profit after tax of
INR 254.90 Lacs in the previous year.

During the year under review, the Company undertook and
invested in a restructuring process, which included strengthening
manpower systems, expanding channel distribution, entering
new markets, and restructuring existing loan arrangements.
These strategic initiatives are expected to enhance operational
efficiency and position the Company for improved performance
in the coming years

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES

A statement as required under Section 129 of the Companies
Act, 2013, is attached to the Annual Report in form AOC - 1.

DIRECTORS

During the year under review, as per the recommendation of the
Nomination and Remuneration Committee and pursuant to the
Shareholders' approval, Mr. Rajesh Sharma's designation was
changed from Chairman and Managing Director to Executive
Chairman of the Company. Further as per the recommendation
of the Nomination and Remuneration Committee and pursuant
to the Shareholders' approval Mr. Indraneel Dutt was appointed
as the Managing Director of the Company. Subsequently,
during the year the Board of Directors approved the change in
his designation from Managing Director to Managing Director
and CEO.

Mr. Dinesh Sharma and Mr. Aankur Patni were re-designated
from Executive Director to Non-Executive and Non-Independent
Director in the capacity of Vice-Chairman. Additionally, pursuant
to the Shareholders' approval, they were appointed to hold an
office or place of profit, as Advisors of the Company. Mr. M.P
Patni, Director of the company, retires by rotation and being
eligible has offered himself for re-appointment.

Mr. T M. M. Nambiar, Mr. P Sampath Kumar, Mr. Abhiram Seth,
Mr. Shishir Tamotia, Ms. K.J. Udeshi and Dr. V. N. Gupchup
had completed their tenure as Non-Executive Independent
Directors of the Company on 11^th September, 2024.

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 and Regulation 25 of the
Listing Regulations.

In the opinion of the Board, the Independent Directors possess
the requisite expertise and experience and are persons of high
integrity and repute. They fulfill the conditions specified in the
Act as well as the Rules made thereunder and are independent
of the management.

BOARD PERFORMANCE EVALUATION

Pursuant to the provisions of the Section 149 Companies Act,
2013 and the Listing Regulations, the Board has carried out
an annual performance evaluation of its own performance,
the directors individually, as well as the evaluation of the
working of its Committees. The evaluation was done after
taking into consideration the criteria laid down by Nomination
and Remuneration committee. The criteria for evaluation
included participation in deliberations, specific contributions
made, compliance with company's code of conduct, carrying
out assigned tasks in timely and efficient manner and planning

and formulating the company's strategies. The performance
evaluation of Independent Directors was carried out by the
entire Board. The performance evaluation of the Chairman,
Non- Independent Directors and the Board and its Committee
was carried out by Independent Directors. The Board of
Directors expressed satisfaction with the evaluation process.

The Board has, on the recommendation of the Nomination
& Remuneration Committee framed a policy for selection
and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated in the
Corporate Governance Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c) of the
Companies Act, 2013 with respect to Directors' Responsibility
Statement, it is hereby confirmed that:

• In the preparation of the annual accounts for the year
ended 31^st March, 2025, the applicable accounting
standards have been followed along with proper
explanation given relating to material departures, if any;

• Appropriate accounting policies have been selected and
applied consistently and judgments and estimates were
made that were 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 profit of the
Company for that period;

• 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 have been taken to the best of their
knowledge;

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

• Proper internal financial controls were in place and that the
financial controls were adequate and were operating
effectively.

• The directors have devised proper systems to ensure
compliance with the provisions of all applicable laws were
in place and were adequate and operating effectively.

KEY MANAGERIAL PERSONNEL

Your Company has following persons as Key Managerial
Personnel.

NUMBER OF MEETINGS OF THE BOARD

The details of number of meetings of the Board held during the
financial year 2024-25 forms part of the Corporate Governance
Report.

WHISTLE BLOWER POLICY

Your Company has a whistle blower policy to report genuine
concerns or grievances. The Whistle Blower Policy has been
posted on the website of the Company

https://ionexchangeglobal.com/pdf/ionindia/Whistle%20

Blower%20Policy.pdf

RELATED PARTY TRANSACTIONS

All transactions entered with related parties for the year under
review were on arm's length basis and in the ordinary course of
business and that the provisions of section 188 of the Companies
Act, 2013 are not attracted. Further, there are no material
related party transactions under review with the promoters,
directors or key managerial personnel. Your Company has
developed a related party transactions framework through
standard operating procedures for the purpose of identification
and monitoring of such transactions.

As per the policy on Related Party Transactions, the Audit
Committee granted omnibus approval for the transactions
which are repetitive in nature. The related party transactions
were placed before the Audit Committee and the Board on
quarterly basis for review, pursuant to omnibus approval.

The policy on related party transactions as approved by the
board of directors has been uploaded on the website of the
company. The web link of the same has been provided in the
corporate governance report. None of the directors has any
pecuniary relationship vis-a-vis the Company.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with
Rule 5 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 in respect of employees of
the Company, will be provided upon request. In terms of Section
136 of the Act, the Report and Accounts are being sent to the
Members and others entitled thereto, excluding the information
on employees' particulars which is available for inspection by
the Members at the Registered Office of the Company during
business hours on working days of the Company up to the
date of the ensuing Annual General Meeting. If any Member is
interested in obtaining a copy thereof, such Member may write
to the Company Secretary in this regard.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGULATORS OR COURTS

There are no significant material orders passed by the
Regulators/Courts which would impact the going concern
status of your Company and its future operations.

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013

Your Company has complied with the provisions relating to
the constitution of the Internal Complaints Committee as per
the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

QUALITY INITIATIVES

Your company continues to uphold the highest quality
standards, guided by a commitment to performance excellence
and meritocracy. Quality and innovation remain central to our
strategic roadmap and leadership across business segments.

Your Company has consistently invested in advanced
R&D facilities and technologies, ensuring the delivery of
superior products and services. All manufacturing, service,
and support divisions—including technology and corporate
communications—are certified under the ISO 9001:2015
Quality Management System. These compliance practices
ensure our operations meet evolving regulatory requirements
and internal quality benchmarks.

Vendor-supplied materials are regularly monitored to ensure
alignment with our product-specific quality standards. Through
our focus on Total Quality Management (TQM) and Lean Six
Sigma practices, we drive process excellence and deliver
high-quality, value-added solutions that set new industry
benchmarks.

Your company's manufacturing facilities are certified for multiple
quality and safety standards:

• Resins facility at Ankleshwar, Gujarat: ISO 14001:2015,
WHOGMP, NSF/ANSI/CAN, Kosher, Halal, EU and
Canadian Health certifications, GMP, GLP, ICIM.

• Chemical facility at Patancheru, Telangana: ISO 14001:2015,
ISO 45001:2018, Kosher, Halal, NSF/ANSI, GOTS, REACH,
ZDHC MRSL, IIP-UN.

• Membrane facility at Goa: ISO 14001:2015.

• Engineering facility (SSD) at Goa: ISO 45001:2018.

• Engineering facility (SSD) at Wada: NSF/ANSI/CAN
certification.

Our R&D laboratories in Patancheru and Vashi are certified
by DSIR, while the laboratory in Bangalore is NABL certified.
The service site at Bhatinda has renewed its ISO 45001:2018
certification. Our Technology Division has also received ISO
13485:2016 certification for quality management in medical
devices.

Our ongoing focus remains on enhancing quality, delivery,
innovation, efficiency, and digitalization to ensure a best-in¬
class, sustainable experience for all stakeholders.

AUDITORS

Statutory Auditors

Pursuant to the provisions of Section 139 of the Act and the
rules framed thereunder, M/s Deloitte Haskins & Sells LLP,
Chartered Accountants, (Firm Registration No. 117366W/W-
100018), were appointed as statutory auditors of the Company
for a period of five years from the conclusion of the 60^th
Annual General Meeting (AGM) of the Company held on 11^th
September, 2024 till the conclusion of the 65^th aGm to be held
in the year 2029. Consequent to amendment to Companies
Act, 2013, ratification of Statutory Auditor's appointment is not
required at every Annual General Meeting.

There is no incident of fraud requiring reporting by the Auditors
under Section 143(12) of the Act.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act,
2013 and The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, your Company
had appointed M/s. GMJ & Associates, a firm of Company
Secretaries in Practice to undertake the Secretarial Audit of the
Company for the financial year 2024-25. The Secretarial Audit
Report is annexed herewith as “Annexure I”.

Further pursuant to the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, it is now proposed to
appoint M/s. GMJ & Associates (Peer review no.6140 /2024) as
Secretarial auditors of the Company for a period of five years
from the conclusion of the ensuing 61^st Annual General Meeting
(AGM) till the conclusion of the 66^th AGM to be held in the year
2030.

Cost Auditors

Pursuant to Section 148 of the Companies Act, 2013 read with
The Companies (Cost Records and Audit) Amendment Rules,
2014, the cost audit records maintained by the Company in
respect of its Chemicals, Membranes and Standard water
treatment plants manufacturing activity are required to be
audited. Your Directors had, on the recommendation of the
Audit Committee, appointed M/s. Kishore Bhatia & Associates
to audit the cost accounts of the Company for the financial year
ending 31^st March, 2026. As required under the Companies Act,
2013, the remuneration payable to the cost auditor is required
to be placed before the Members in a general meeting for
their ratification. Accordingly, a Resolution seeking Member's
ratification for the remuneration payable to M/s. Kishore Bhatia
& Associates, Cost Auditors is included in the Notice convening
the Annual General Meeting.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Companies Act, 2013 (The Act), read
with the Companies (Accounts) Rules, 2014, SEBI (Listing
Regulations) and Ind AS 110 - Consolidated Financial
Statements and Ind AS 28 - Investment in Associates and
Joint Venture - the audited consolidated financial statements
are provided in this report.

The consolidated financial statements have been prepared on
the basis of the audited financial statements of the company,
its Subsidiaries, Joint Venture and Associate companies, as
approved by their Board of Directors.

Your Company will make available the Annual Accounts of the
subsidiary companies and the related detailed information to
any member of the Company who may be interested in obtaining
the same. The annual accounts of the subsidiary companies
are placed on Company's website and the same are open for
inspection at the Registered Office of the Company.

CORPORATE GOVERNANCE

A report on Corporate Governance as required under Regulation
34 of Listing Regulations read with Schedule V (Part C) forms
part of this annual report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Report on Management discussion and analysis as required
under Regulation 34 of Listing Regulations forms part of this
Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

Business Responsibility and Sustainability Report as Required
under Regulation 34 of Listing Regulations read with Schedule
V (Part B) forms part of this Annual Report.

ANNUAL RETURN

The annual return of your Company as required under the
Companies Act, 2013 will be available on the website of the
Company at https://ionexchangeglobal.com/investor-relation/
annual-return/

CORPORATE SOCIAL RESPONSIBILITY (CSR)

As a part of its initiative under the “Corporate Social
Responsibility” (CSR) drive, your Company has undertaken
projects in the areas of environment, education and safe
drinking water. These projects are in accordance with Schedule
VII of the Companies Act, 2013 and the Company's CSR Policy.
The Report on CSR activities as required under Companies
(Corporate Social Responsibility Policy) Rules, 2014 is set out
as “Annexure II” forming part of this report.

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

Information in accordance with Section 134(3)(m) of the
Companies Act 2013 read with the Companies (Accounts)
Rules, 2014 and forming part of this Report for the year ended
31st March, 2025 is given in “Annexure III”.

RISK MANAGEMENT

The Company has established a Risk Management Committee
to identify and assess key business risks and to oversee the
implementation of effective mitigation strategies. For further
details, please refer to the Corporate Governance section and
the Management Discussion and Analysis of this report.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Board of Directors of the company hereby confirm that,
during the period under review the company has complied
with the provisions of the Secretarial Standards issued by the
Institute of Company Secretaries of India (ICSI).

ACKNOWLEDGEMENTS

Your Board conveys its deep appreciation of the co-operation
extended by customers, suppliers, banks, financial institutions,
contribution made by employees for the company's growth,
shareholders and fixed deposit holders.

On behalf of the Board of Directors

Rajesh Sharma

Executive Chairman

Mumbai

Date: 28^th May, 2025