The Board of Directors hereby submits the report of the business and operations of your Company along
with the audited financial statements, for the financial year ended March 31,2025.

The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

The Company was incorporated on 30^th day of March, 1987 & become a First Company from North-
Maharashtra to become Public Limited in 1992. Thakkers Developers Ltd was listed on BSE on 14^th
December, 1994. Being one of the leading construction and real estate enterprises of Nashik, Thakker’s has
been one of the most reliable name in the city. The Group has its Registered Office in Mumbai & corporate
offices in Nashik, Maharashtra.

a. FINANCIAL STATEMENT:

The Standalone Gross Revenue from operations for F.Y. 2025 was Rs. 1849.46 Lakh. (Previous Year: Rs.
1,779.21 Lakh). The Operating Profit stood at Rs.888.02 Lakh as against Rs. 766.21 Lakh in the Previous
Year. The Net Profit after tax for the year stood at Rs.277.05 Lakh against Loss of Rs.228.47 Lakh reported
in the Previous Year.

The Consolidated Gross Revenue from operations for F.Y.2025 was Rs.3678.78 Lakh.(Previous Year: Rs.
3,211.95 Lakh). The Consolidated Operating Profit stood at Rs.1,583.47 Lakh (Previous Year: Rs. 1,148.04
Lakh). The Consolidated Profit after tax stood at Rs.653.71 Lakh (Previous Year: Rs. .(69.54) Lakh).

As mandated by the Ministry of Corporate Affairs, the financial statements for the year ended on March 31,
2025 has been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section
133 of the Companies Act, 2013 (hereinafter referred to as “The Act”) read with the Companies (Accounts)
Rules, 2014 as amended from time to time. The estimates and judgements relating to the Financial
Statements are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance
of transactions and reasonably present the Company’s state of affairs, profits and cash flows for the year
ended March 31, 2025. The Notes to the Financial Statements adequately cover the standalone and
consolidated Audited Statements and form an integral part of this Report.

There are no material changes or commitments affecting the financial position of the Company which have
occurred between the end of the financial year and the date of this Report.

b. OPERATIONS AND PROSPECTS:

The Company continues to be engaged in the activities pertaining to Construction & Real Estate.

There was no change in nature of the business of the Company, during the year under review.

c. DIVIDEND:

Board does not recommend any dividend for the year 2024-25.

As per SEBI (Listing Obligations and Disclosure Requirements), Regulation, 2015, Company formulate
the Dividend Distribution Policy. Accordingly, the policy was adopted to set out the parameters that
would be taken on account by the Board. The policy is available on website of the Company
www.thakkersdevelopers.com.

d. UNPAID DIVIDEND & IEPF:

The Company has transferred amount of Rs. 2.01 Lakhs to the Investor Education & Protection Fund
(IEPF).

Company had not declared any dividend in past 7 years and no amount is lying in Unpaid Dividend A/c
of the Company for that respective year.

e. TRANSFER TO RESERVES:

Company has transfer to General Reserve amount of Rs. 271.09 Lakhs.

f. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES:

Thakkers Developers Ltd have the total five subsidiary Companies. There were no change during the
year, the Board of Directors reviewed the affairs of the subsidiaries.

The Consolidated Financial Statements of the Company are prepared in accordance with relevant Indian
Accounting Standards issued by the Institute of Chartered Accountants of India and forms an integral
part of this Report.

Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a
statement containing salient features of the financial statements of Subsidiaries is given in Form AOC-
1 which forms an integral part of this Report.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including
the consolidated financial statements and related information of the Company and accounts of each
subsidiaries are available of the website of the Company i.e. www.thakkersdevelopers.com.

g. DEPOSITS:

The Company has not accepted or renewed any amount falling within the purview of provisions of
Section 73 of the Companies Act 2013 (“the Act”) read with the Companies (Acceptance of Deposit)
Rules, 2014 during the year under review. Hence, the requirement for furnishing of details relating to
deposits covered under Chapter V of the Act or the details of deposits which are not in compliance with
the Chapter V of the Act is not applicable.

h. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:

During the Financial Year 2024-25, your Company has entered into transactions with related parties as
defined under Section 2(76) of the Companies (Specification of Definition Details) Rule, 2014 which
were in the Ordinary Course of business and on arm’s length basis and in accordance with the provisions
of the Companies Act, 2013, Rules issued thereunder and Regulation 23 of the SEBI (LODR)
Regulations, 2015. Thus a disclosure in Form AOC-2 in terms of Section 134 of the Companies Act,

2013 is not required. Further, there are no material related party transactions during the year under
review with the Promoters, Directors or Key Managerial Personnel.

All Related Party Transactions are placed before the Audit Committee as also before the Board for
approval. Omnibus approval was obtained on a yearly basis for transactions which were of repetitive
nature.

The policy on Related Party Transactions as approved by the Board of Directors has been uploaded on
the website of the Company viz. www.thakkersdevelopers.com.

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

The particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy, technology
absorption, foreign exchange earnings and outgo etc. are furnished in Annexure I which forms part of
this Report.

j. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 17 to 27, clause (b) to (i) of Regulation 46 and Para C, D & E of Schedule V of
SEBI (Listing Obligations and Disclosures Requirements), 2015, the corporate governance report
together with Auditor certificate on compliance of the same is annexed hereto and marked as Annexure
II And Management Discussion and Analysis report as Annexure III

k. ANNUAL RETURN:

Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, extract of the Annual Return
for the financial year ended 31st March, 2025 as referred in Section 92(3) in MGT-7 format on the below
mentioned web-address:- www.thakkersdevelopers.com.

l. PARTICULARS OF INVESTMENTS, LOANS, GUARANTEES AND SECURITIES:

During the Financial Year 2024-25, the Company has not provided any loan or has not given any
guarantee and also not made any investment.

m. DISCLOSURES UNDER SECTION 134(3)(L) OF THE COMPANIES ACT, 2013:

Except as disclosed elsewhere in this report, no material changes and commitments which could affect
the Company’s financial position, have occurred between the end of the financial year of the Company
and date of this report.

n. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and implemented by
the Company are adequate. During the year under review, no material or serious observation has been
received from the Statutory Auditors of the Company for inefficiency or inadequacy of such controls.

1. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

a. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL

In compliance with the provisions of Section 149,152, Schedule IV and other applicable provisions
of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors),
Rules, 2014

Mr. Chandrakant H. Thakker, Mr. Jaman H. Thakker, Mr. Gaurav J. Deshmukh & Mr. Manish V.
Lonari are the Independent Directors on the Board of the Company.

Board proposed that the new appointment of Independent Directors w.e.f. 30^th September, 2025

1. Chandrakant Mulchand Patel

2. Subhash Nandlal Dhoot

3. Pravin Nimba Wani

4. Girish Sharad Navase

Mr. Rajendra Manohardas Thakker Director seeking for their reappointment. The brief resume the
Director under Regulation 36 of the SEBI (LODR) 2015 with respect to the Director seeking re¬
appointment are as follows :

Your Directors recommend his re-appointment.

Change in Directorship - Woman Director

Mrs. Hetal Nishant Thakker, Woman Director of the Company, has tendered her resignation from the position of
Director with effect from September 30, 2025. The Board places on record its sincere appreciation for her
valuable contributions and dedicated service to the Company during her tenure. In her place, the Board has
proposed the appointment of Mrs. Poonam Rajendra Thakker as the Woman Director of the Company. Mrs.
Poonam Rajendra Thakker is the wife of Mr. Rajendra Manohardas Thakker, Managing Director of the Company.
Her detailed profile and qualifications are provided in the Explanatory Statement to Item No. 6 of the Notice
convening the Annual General Meeting.

Mr. Abhishek Narendra Thakker tendered his resignation from the position of Chief Financial Officer (CFO) of
the Company with effect from 30th September, 2025. His decision to step down was driven by his desire to
focus exclusively on business development activities and strategic growth initiatives of the Company.

The Board places on record its sincere appreciation for Mr. Abhishek Thakker’s valuable contributions during
his tenure as CFO.

Following his resignation, the management has proposed the elevation of Mr. Rajendra Rambhau Bunage to
the position of Chief Financial Officer. Mr. Rajendra Bunage has been an integral part of the organization for
over three decades and possesses deep expertise and command over the Company’s financial operations. His
extensive experience and long-standing association with the Company are expected to bring continuity and
strengthen the financial leadership.

Mr. Gaurav Jayant Deshmukh was appointed as an Independent Director of the Company for his second term
of five consecutive years commencing from the financial year 2023-24, in accordance with the provisions of
Section 149 of the Companies Act, 2013 and Regulation 17(1C) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. As per the said provisions, an Independent Director can serve for a maximum
of two consecutive terms. In view of regulatory compliance and governance best practices, the Board has
proposed the appointment of a new Independent Director in his place. The Board places on record its sincere
appreciation for Mr. Gaurav Deshmukh’s valuable guidance and contribution during his tenure.

Mr. Manish Lonari was also appointed for his second term of five consecutive years starting from the financial
year 2023-24, as an Independent Director under the provisions of the Companies Act, 2013 and SEBI LODR
Regulations. As he is currently serving his second term, and considering the statutory limits prescribed under

Section 149(11) of the Companies Act and related SEBI regulations, the Board, in the interest of compliance,
has proposed to appoint a new Independent Director in his place. The Board expresses its gratitude to Mr.
Manish Lonari for his active involvement and meaningful contributions to the Company.

Mr. Jaman Haridas Thakker was re-appointed as an Independent Director for his second term, valid up to the
financial year 2026-27. However, in alignment with the provisions of the Companies Act, 2013 and SEBI LODR
Regulations regarding the maximum permissible tenure of Independent Directors, the Board has proposed to
induct a new Independent Director in his place to ensure continued compliance with the regulatory framework.
The Board acknowledges and appreciates the services rendered by Mr. Jaman Thakker during his association
with the Company.

Mr. Chandrakant Haridas Thakker was re-appointed for his second term as an Independent Director, with his
tenure extending up to the financial year 2024-25. Considering that he is serving his second consecutive term
and keeping in mind the limitations imposed by Section 149(11) of the Companies Act, 2013 and the SEBI
LODR Regulations, the Board has proposed to appoint a new Independent Director in his place for the sake of
compliance. The Board records its sincere appreciation for the valuable insights and contributions made by Mr.
Chandrakant Thakker throughout his tenure.

b. DECLARATIONS BY INDEPENDENT DIRECTORS:

The Company has received the following declarations from all the Independent Directors confirming that:

• They meet the criteria of independence as prescribed under the provisions of the Act, read with the
Schedules and Rules issued thereunder, as well as of Regulation 16 of the Listing Regulations.

• In terms of Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014,
they have registered themselves with the Independent Director’s database maintained by the Indian
Institute of Corporate Affairs, Manesar.

• In terms of Regulation 25(8) of the Listing Regulations, they are not aware of any circumstance or
situation, which exist or may be reasonably anticipated, that could impair or impact their ability to
discharge their duties.

• In terms of Regulation 25(9) of the Listing Regulations, the Board of Directors has ensured the
veracity of the disclosures made under Regulation 25(8) of the Listing Regulations by the
Independent Directors of the Company.

• None of the Directors of the Company are disqualified for being appointed as Directors as specified
in Section 164(2) of the Companies Act, 2013 and Rule 14(1) of the Companies (Appointment and
Qualification of Directors) Rules, 2014.

2. DISCLOSIRES REALTEED TO BOARD, COMMIITTEES AND POLICIES:

a. BOARD MEETINGS:

Your Board has met Four times during the Financial Year 2024-25. The details of the number of
Board meetings of your Company are set out in the Corporate Governance Report which forms part
of this Report.

The details the meetings of the Board and its Committees held during the year under review are
stated in the Corporate Governance Report Annexure II

The Company has complied with the applicable Secretarial Standards in respect of all the above
Board meetings.

b. AUDIT COMMITTEE:

The Audit Committee of Directors was constituted pursuant to the provisions of Section 177 of the
Companies Act, 2013 are as follows:

For details of the Audit committee meetings held for the financial year 2024-25 and powers & role
of the Audit Committee are included in the Corporate Governance Report Annexure II.

During the year under review, all the recommendations made by the Audit Committee were accepted
by the Board.

c. NOMINATION AND REMUNERATION COMMITTEE:

The Nomination & Remuneration Committee of Directors was constituted pursuant to the provisions
of Section 178 of the Companies Act, 2013 are as follows:

For details of the Nomination & Remuneration committee meetings held for the financial year 2024¬
25 and powers & role of the Nomination & Remuneration Committee are included in the Corporate
Governance Report Annexure II.

In terms of the applicable provisions of the act, read with the rules framed thereunder and the SEBI
Regulations, the Board has placed a policy for appointment, removal and remuneration of Directors,
Key Managerial Personnel and Senior Managerial personnel and also on Board diversity,
succession planning and Evaluation of Directors. The remuneration paid to Directors, KMP of the
company are as per the terms laid down under NRC Policy of the company.

The salient features of the Remuneration Policy and changes therein are attached as Annexure II
and the Remuneration Policy is available on Company’s website and can be accessed in the link
provided herein below: www.thakkersdevelopers.com.

d. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee of Directors was constituted pursuant to the provisions
of Section 178 of the Companies Act, 2013 are as follows:

For details of the meetings held for the financial year 2024-25, please refer to the Corporate
Governance Report, which forms part of this report in Annexure II.

e. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The Corporate Social Responsibility Committee of Directors was constituted pursuant to the
provisions of Section 135 of the Companies Act, 2013 are as follows:

For details of the meetings held for the financial year 2024-25, please refer to the Corporate
Governance Report, which forms part of this report in Annexure II.

f. VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:

The Board of Directors of the Company has, pursuant to the provisions of Section 177(9) of the
Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules,
2014, framed “Vigil Mechanism Policy” for Directors and employees of the Company to provide a
mechanism which ensures adequate safeguards to employees and Directors from any victimization
on raising of concerns of any violations of legal or regulatory requirements, incorrect or
misrepresentation of any, financial statements and reports, etc.

The employees of the Company have the right/option to report their concern/grievance to the
Chairman of the Board of Directors.

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct
of business operations.

g. RISK MANAGEMENT POLICY:

The Board of Directors of the Company has designed Risk Management Policy and Guidelines to
avoid events, situations or circumstances which may lead to negative consequences on the
Company’s businesses, and define a structured approach to manage uncertainty and to make use
of these in their decision making pertaining to all business divisions and corporate functions. Key
business risks and their mitigation are considered in the annual/ strategic business plans and in
periodic management reviews.

Risk management is an integral part of business practice of the Company. The framework of risk
management concentrates on formalizing a system to deal with the most relevant risks, building on
existing management practices, knowledge and structures. The Company has developed and
implemented a comprehensive risk management system to ensure that risks to the continued
existence of the Company as a going concern and to its growth are identified and remedied on a
timely basis. While defining and developing the formalized risk management system, leading
standards and practices have been considered. The risk management system is relevant to
business reality, pragmatic and simple and involves the following:

i) Risk identification and definition - Focuses on identifying relevant risks, creating | updating clear
definitions to ensure undisputed understanding along with details of the underlying root causes
contributing factors.

ii) Risk classification - Focuses on understanding the various impacts of risks and the level of
influence on its root causes. This involves identifying various processes, generating the root
causes and a clear understanding of risk inter-relationships.

iii) Risk assessment and prioritization - Focuses on determining risk priority and risk ownership for
critical risks. This involves assessment of the various impacts taking into consideration risk
appetite and the existing mitigation controls.

iv) Risk mitigation - Focuses on addressing critical risks to restrict their impact(s) to an acceptable
level (within the defined risk appetite). This involves a clear definition of actions, responsibilities
and milestones.

v) Risk reporting and monitoring - Focuses on providing to the Audit Committee and Board periodic
information on risk profile evolution and mitigation plans.

h. ANNUAL EVALUATION OF DIRECTORS, COMMITTEE AND BOARD:

The Board has carried out an annual performance evaluation of its own performance, and of the
directors individually, as well as the evaluation of all the committees i.e. Audit, Nomination and
Remuneration, Stakeholders Relationship, Committee of Directors.

The Board adopted a formal evaluation mechanism for evaluating its performance and as well as
that of its Committees and individual directors, including the Chairman of the Board the exercise was

carried out by feedback survey from each directors covering Board functioning such as composition
of Board and its Committees, experience and competencies, governance issues etc. The separate
exercise was carried out to evaluate the performance of individual directors including the Chairman
of the Board who were evaluated on parameters such as attendance, contribution at the meeting
etc.

3. AUDITORS AND REPORTS

The matters related to Auditors and their Reports are as under:

a. OBSERVATIONS OF STATUTORY AUDITORS ON ACCOUNTS FOR THE YEAR ENDED 31^st
MARCH 2025:

The observations / qualifications / disclaimers made by the Statutory Auditors in their report for the
financial year ended 31st March, 2025 read with the explanatory notes therein are self-explanatory
and therefore, do not call for any further explanation or comments from the Board under Section
134(3) of the Companies Act, 2013.

b. SECRETARIAL AUDIT REPORT FOR THE YEAR ENDED 31ST MARCH, 2025

Provisions of Section 204 read with Section 134(3) of the Companies Act, 2013, mandates to obtain
Secretarial Audit Report from Practicing Company Secretary. CS Ashok Surana, had been appointed
to issue Secretarial Audit Report for the financial year 2024-25

The Secretarial Audit Report issued by CS Ashok Surana, Practising Company Secretaries in Form
MR-3 for the financial year 2024-25 forms part to this report. The said report does not contain any
observation or qualification requiring explanation or comments from the Board under Section 134(3)
of the Companies Act, 2013.

c. INTERNAL AUDITOR:

M/s. S.S. Dhoot & Company, Chartered Accountants is the Internal Auditor of the company& the
reports are reviewed by Audit Committee time to time.

d. STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit
and Auditors) Rules, 2014, M/s Karwa Malani Kalantri & Associates (Firm Registration No.
136867W), Chartered Accountants, appointed as the Statutory auditors of the Company by the
Board. Board recommends to regularize & appoint them for further period of Five years till the
conclusion of AGM to be held in the F.Y. 2026-27.

Their appointment was subject to ratification by the Members at every subsequent AGM held after the
AGM held on September 30, 2022. Pursuant to the amendments made to Section 139 of the
Companies Act, 2013 by the Companies (Amendment) Act, 2017 effective from May 7, 2018, the
requirement of seeking ratification of the Members for the appointment of the Statutory Auditors has
been withdrawn from the Statute. Hence the resolution seeking ratification of the Members for
continuance of their appointment at this AGM is not being sought.

The Company has received written consent and certificate of eligibility in accordance with Sections
139, 141 and other applicable provisions of the Companies Act, 2013 and Rules issued thereunder
(including any statutory modification(s) or re-enactment(s) for the time being in force), from M/s
Karwa Malani Kalantri & Associates, Chartered Accountants. Further, they have confirmed that they
hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of
India (ICAI) as required under the Listing Regulations.

e. MAINTENANCE OF COST RECORDS:

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies
(Cost Records and Audit) Rules, 2014, as amended from time to time, the Company is not required
to maintain Cost Records under said Rules.

f. REPORTING OF FRAUDS BY STATUTORY AUDITORS UNDER SECTION 143(12):

There were no incidences of reporting of frauds by Statutory Auditors of the Company under Section
143(12) of the Act read with Companies (Accounts) Rules, 2014.

4. DIVIDEND DISTRIBUTION POLICY:

As per SEBI (Listing Obligations and Disclosure Requirements), Regulation, 2015, Company formulate
the Dividend Distribution Policy. Accordingly, the policy was adopted to set out the parameters that
would be taken on account by the Board. The policy is available on website of the Company
www.thakkersdevelopers.com.

5. OTHER DISCLOSURES:

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts) Rules,
2014 are furnished as under:

a. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the
going concern status and the Company’s operations in future.

b. DIRECTOR’S RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements
of the Company for the year ended 31st March, 2025, the Board of Directors hereby confirms 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. such accounting policies have been selected and applied consistently and the Directors 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 31st March, 2025 and of the profit/loss of the Company
for that year;

iii. proper and sufficient care was taken 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;

iv. the annual accounts of the Company have been prepared 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.

vi. proper systems have been devised to ensure compliance with the provisions of all applicable
laws and that such systems were adequate and operating effectively;

c. DISCLOSURE REGARDING INTERNAL COMPLAINTS COMMITTEE:

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

Under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 the company has received Complaints which are enunciated below:

d. COMPLIANCE REGARDING MATERNITY BENEFIT ACT, 1961

The Company has not required to comply with the Maternity Benefit Act, 1961, as there is no applicability.

e. DISCLOSURE UNDER SECTION 43(a)(ii) OF THE COMPANIES ACT, 2013:

The Company has not issued any shares with differential rights and hence no information as per
provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and
Debenture) Rules, 2014 is furnished.

f. DISCLOSURE UNDER SECTION 54(1)(d) OF THE COMPANIES ACT, 2013:

The Company has not issued any sweat equity shares during the year under review and hence no
information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies
(Share Capital and Debenture) Rules, 2014 is furnished.

g. DISCLOSURE UNDER SECTION 62(1)(b) OF THE COMPANIES ACT, 2013:

The Company has not issued equity shares under Employees Stock Option Scheme during the year
under review and hence no information as per provisions of Section 62(1) (b) of the Act read with
Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

h. DISCLOSURE UNDER SECTION 67(3) OF THE COMPANIES ACT, 2013:

During the year under review, there were no instances of non-exercising of voting rights in respect
of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Act
read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 is furnished.

i. BOARD EVALUATION

Pursuant to the provisions of the Act and the Listing Regulations, a structured questionnaire was
prepared after taking into consideration the various aspects of the Board’s functioning, composition
of the Board and its Committees, culture, execution and performance of specific duties, obligations
and governance.

The performance evaluation of the Directors was completed during the year under review. The
performance evaluation of the Chairman and the Non-Independent Directors was carried out by the
Independent Directors and Non-Executive Director. The Board of Directors expressed their
satisfaction with the evaluation process.

j. CAUTIONARY STATEMENT

Statements in this Directors’ Report and Management Discussion and Analysis describing the
Company’s objectives, projections, estimates, expectations or predictions may be “forward-looking
statements” within the meaning of applicable securities laws and regulations. Actual results could
differ materially from those expressed or implied. Important factors that could make difference to the
Company’s operations include Company’s principal markets, changes in Government regulations,

Tax regimes, economic developments within India and other ancillary factors.

k. RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE
EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR

The information required pursuant to Section 197 read with Rule 5(1)(i) of the Companies
(Appointment and Remuneration) Rules,2014 in respect of ratio of remuneration of each director to
the median remuneration of the employees of the Company for the Financial Year, will be made
available for inspection at its registered office of the Company during the working hours for a period
of twenty one days before the date of annual general meeting of the company pursuant to Section
136 of the Companies Act,2013 and members, if any interested in obtaining the details thereof, shall
made specific request to the Company Secretary and Compliance officer of the Company in this
regard.

l. HUMAN RESOURCES & INDUSTRIAL RELATIONS

The Company takes pride in the commitment, competence and dedication of its employees in all
areas of the business. The Company has a structured induction process at all management
development programs to upgrade skills of employees. Objective appraisal systems based on key
result areas (KRAs) are in place for senior management staff. Thakkers believes in the potential of
people to go beyond and be the game-changing force for business transformation and success. This
potential is harnessed by fostering an open and inclusive work culture that enables breakthrough
performance and comprehensive development of employees through the three pillars of Leading
Self, Leading Teams and Leading Business.

m. ENVIRONMENT AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The
Company’s policy requires conduct of operations in such a manner so as to ensure safety of all
concerned, compliances of environmental regulations and preservation of natural resources.

n. SEXUAL HARASSMENT

As required by the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013, the Company has formulated and implemented a policy on prevention of
sexual harassment at the workplace with a mechanism of lodging complaints. Besides, redressal is
placed on the intranet for the benefit of employees. During the year under review, no complaints
were reported to the Board.

o. INVESTOR RELATIONS

Your Company always endeavors to keep the time of response to shareholders request/grievance
at the minimum. Priority is accorded to address all the issues raised by the shareholders and provide
them a satisfactory reply at the earliest possible time.

p. DISCLOSURE OF PROCEEDINGS PENDING OR APPLICATION MADE UNDER INSOLVENCY AND
BANKRUPTCY CODE, 2016 :

No application was filed for corporate insolvency resolution process, by a financial or operational
creditor or by the company itself under the IBC before the NCLT.

q. DISCLOSURE OF REASON FOR DIFFERENCE BETWEEN VALUATION DONE AT THE TIME OF
TAKING LOAN FROM BANK AND AT THE TIME OF ONE TIME SETTLEMENT :

There was no instance of onetime settlement with any Bank or Financial Institution.

6. ACKNOWLEDGEMENTS AND APPRECIATIONS:

Your Directors wish to place on record their appreciation, for the contribution made by the employees at
all levels but for whose hard work, and support, your Company’s achievements would not have been
possible. Your Directors wish to thank its customers, dealers, agents, suppliers, investors and bankers
for their continued support and faith reposed in the Company.

The Directors are also happy to place on record their thanks to various departments of Government of
Maharashtra and Municipal Authorities like Nashik Municipal Corporation, Maharashtra State Electricity
Distribution Co. Ltd., Maharashtra State Road Transport Corporation for their valuable co-operation.

For and on behalf of the Board of Directors

Sd/-

Jitendra Manohardas Thakker
Chairman

Place : Nashik
Date: 12/08/2025