డైరెక్టర్ల నివేదిక SKP Bearing Industries Ltd.

Your Directors have pleasure in presenting the 5th (Fifth) Board''s Report on the business and operations
of the Company together with the Audited Financial Statements for the financial year ended 31st March
2026.

1. Financial Performance / Highlights

The financial performance of the Company for the year under review is summarised below:

Standalone (? in Lakhs, except EPS)

2. State of Company''s Affairs and Operations

On a standalone basis, revenue from operations grew by approximately 53% to ? 8,070.08 Lakhs* * ,

(previous year ? 5,260.08 Lakhs), and net profit after tax increased to ? 1,500.62 Lakhs (previous year
? 1,302.57 Lakhs). On a consolidated basis, revenue from operations grew to ? 10,271.25 Lakhs
(previous year ? 7,032.69 Lakhs); however, consolidated profit after tax declined to ? 87.57 Lakhs
(previous year ? 297.35 Lakhs), primarily on account of the net loss recorded by the Company''s
• * wholly-owned subsidiary, SKP Bearing Industries Limited - France, during the year. A detailed review
^ -of operations is set out in the Management Discussion and Analysis Report forming part of this
Annual Report.

3. Transfer to Reserves

The Board of Directors has decided to retain the entire amount of profit for the financial year 2025-26
in the Statement of Profit and Loss, and does not propose to transfer any amount to the General
Reserve.

4. Dividend

With a view to conserving resources for the future growth of the Company, your Directors have not
recommended any dividend for the year under review.

There is no amount that is required to be transferred to the Investor Education and Protection Fund
(IEPF) under Section 125(2) of the Companies Act, 2013.

5. Changes in Share Capital

The paid-up equity shares capital of the Company as at 31st March 2026 was ? 16,60,00,000
comprising 1,66,00,000 equity shares of ? 10 each. The Company has not made any allotment of
shares during the year under review, and there has been no change in the capital structure during
the year.

6. Subsidiaries, Joint Ventures and Associate Companies

The Company has one wholly-owned subsidiary, SKP Bearing Industries Limited - France. The
Company does not have any joint venture or associate company within the meaning of the
Companies Act, 2013. A statement containing the salient features of the financial statements of the
subsidiary in Form AOC-1, pursuant to the first proviso to Section 129(3) read with Rule 5 of the
Companies (Accounts) Rules, 2014, is annexed to this Report as Annexure A. Conservation of

7. 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 in
respect of the conservation of energy and technology absorption have not been furnished
considering the nature of activities undertaken by the company during the year under review.

Your company has taken steps to conserve energy. Steps have been taken to identify the areas of
excessive energy consumption. Checks have been made to strengthen these areas and timely
preventive maintenance has also been carried out to conserve energy.

Conservation of energy:

(i) The steps taken or impact on the conservation of energy - The company has already installed
tools/equipment for conservation of electricity.

(ii) The steps taken by the Company to utilize alternate sources of energy - There are Windmills &
solar energy as alternate source of energy.

(iii) The capital investment in energy conservation equipment - The Company/Board have few
proposals for additional investment in this regard.

During the year, the Company generated the following energy from renewable (windmill) sources,
resulting in a corresponding saving in conventional energy:

Technology absorption:

(i) The benefits derived like product improvement, cost reduction, product development or import
substitution - The company has taken necessary steps to acquire technologies during the year as
require.

(ii) In the case of imported technology (imported during the last three years reckoned from the
beginning of the financial year) - The company has not imported any technologies during the year.

(iii) The expenditure incurred on Research and Development - Nil

(C) Foreign Exchange Earnings and Outgo

8. Significant Events after the Balance Sheet Date

There are no material changes and commitments affecting the financial position of the Company that
have occurred between the end of the financial year and the date of this Report, and no significant
events after the Balance Sheet date require disclosure.

9. Change in the Nature of Business

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

10. Material Orders Passed by Regulators, Courts or Tribunals

No significant or material orders have been passed by any Regulator, Court or Tribunal which could
impact the going-concern status of the Company or its future operations.

11. Internal Financial Control Systems and their Adequacy

The Company has aligned its internal financial control systems with the requirements of the
Companies Act, 2013. The controls are commensurate with the size and nature of the Company''s
operations and are designed to provide reasonable assurance regarding the reliability of financial and
operational information, compliance with applicable statutes, safeguarding of assets against
unauthorised use, and execution of transactions with proper authorisation. Management assessed
the effectiveness of the internal financial controls over financial reporting as at 31st March 2026
through management review, internal audit and statutory audit. During the year, internal audit was
conducted on the basis of a risk-based internal audit plan approved by the Audit Committee, and
significant observations, together with follow-up actions, were reported to the Audit Committee.

12. Public Deposits

The Company has neither invited nor accepted any deposits from the public or its members within
the meaning of Sections 73 to 76 of the Companies Act, 2013, and there are no outstanding deposits
as at 31st March 2026.

13.Statutory Auditors and Auditors'' Report

M/s Dipak P. Shah & Co., Chartered Accountants (FRN: 112132W), were appointed as the Statutory

Auditors of the Company for a term of five consecutive years commencing from the financial year

, , > ’ '' \ ,

2021-22. M/s Dipak P. Shah & Co. have resigned / ceased to hold office as Statutory Auditors of the
Company. On the recommendation of the Audit Committee, the Board has recommended the
appointment of M/s Jain P.C. and Associates, Chartered Accountants (Firm Registration
No. 126313W), Ahmedabad, as the Statutory Auditors of the Company, in their place, for a term of five '' '' ''
consecutive years from the conclusion of the ensuing 5th Annual General Meeting until the

conclusion of the 10th Annual General Meeting, subject to the approval of the Members.

The incoming Auditors have confirmed their eligibility under Sections 139 and 141 of the Companies
Act, 2013 and that they hold a valid Peer Review Certificate. A resolution for their appointment forms
part of the Notice convening the Annual General Meeting.

14.Intemal Auditor

Pursuant to Section 138 of the Companies Act, 2013 read with the Companies (Accounts) Rules,

2014, and based on the recommendation of the Audit Committee, the Board appointed Mr. Sandeep
Suhas Sabne, Chartered Accountant, on 30th August, 2025, (M No 108267) as the Internal Auditor of
the Company for the financial year 2025-26.

15.Secretarial Auditor and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013 and the Rules made thereunder, the Company
appointed M K Chokshi & Associates, Practicing Company Secretaries, proprietor, CS. Mansi Chokshi,
Practising Company Secretary, as the Secretarial Auditor of the Company. The Secretarial Audit
Report in Form MR-3 is annexed to this Report as Annexure D and forms an integral part of this
Report. The Secretarial Audit Report does not contain any qualification, reservation or
adverse remark.

16. Corporate Social Responsibility (CSR)

The provisions of Section 135 of the Companies Act, 2013 are applicable to the Company. Since the
Company''s CSR obligation for the year is below ?50.00 Lakhs, the Company is not required to
constitute a CSR Committee under the proviso to Section 135(1), and the CSR functions are
discharged by the Board of Directors.

The average net profit of the Company computed under Section 135(5) is ?1,779.32 Lakhs, and the
prescribed CSR expenditure (2% thereof) is ?35.59 Lakhs. During the financial year 2025-26, the
Company spent ? 35.59 Lakhs on CSR activities through its implementing agency, Shri Foundation
(CSR Registration No. CSR00037744), and Lankesh International Foundation (CSR Registration No.
CSR00007571) on the maintenance of historical monuments and the promotion of education and
health care. The balance unspent amount nil. The report on CSR activities in the prescribed format is
annexed to this Report as “Annexure B“

17. Annual Return

Pursuant to Section 92(3) read with Section 134(3) (a) of the Companies Act, 2013, the Annual Return
for the financial year ended 31st March 2025 is available on the Company''s website at
https://www.skpbearings.com/annual-returns/ . Further post this Annual General Meeting the
Annual return for 31st March, 2026, shall be uploaded on the said web-link.

18. Declaration by Independent Directors

The Company has received declarations from all the Independent Directors confirming that they
meet the criteria of independence prescribed under Section 149(6) of the Companies Act, 2013 and
Regulation 16(1) (b) of the SEBI (LODR) Regulations, 2015, and that there has been no change in the
circumstances affecting their status as Independent Directors.

19. Board Evaluation

The Nomination and Remuneration Committee and the Board have adopted a methodology for'' '' '' ''

evaluating the performance of the Board, its Committees, the Independent Directors and the Non '' '' ¹

Independent Directors, which includes criteria such as Board composition and structure,

effectiveness of Board processes, and the contribution of individual directors. The evaluation of the

performance of the Board, its Committees, every Director and the Chairman for the financial year

2025-26 has been completed in accordance with the adopted methodology.

* c . . . • ^gy''. ''

« » % ^ V > ^ . • . . . . fl A A '' V .

20. Directors and Key Managerial Personnel

At the 4th Annual General Meeting held on 12th August 2025, the Members approved the re
appointment of Mr. Shrinand Kamlakar Palshikar (DIN: 08992832) as an Executive Director, together
with the overall maximum remuneration payable to him. During the year, Mr. Kishorbhai Chhanalal
Parikh resigned as an Independent Director, and in his place Mr. Gautam Ganguly was appointed as
an Additional (Non-Executive Independent) Director. Mrs. Sangita Shrinand Palshikar, Non- Executive
Director, retires by rotation at the ensuing Annual General Meeting and, being eligible, offers herself
for re-appointment.

21. Number of Meetings of the Board

During the year under review, 13 (Thirteen) meetings of the Board of Directors were held, and the gap
between two consecutive meetings did not exceed the limit prescribed under the Companies Act,
2013. Proper notice was given for each meeting, the proceedings were duly recorded, and signed
Minutes were maintained.

22. Audit Committee

The Audit Committee is constituted in accordance with Section 177 of the Companies Act, 2013 read

with the applicable Rules. During the year under review, 4 (four) meetings of the Audit Committee '' '' '' *

were held, and all the recommendations of the Committee were accepted by the Board.

* • • . * » ''_v

Consequent upon the resignation of Mr. Kishorbhai Chhanalal Parikh as an Independent Director and « \ \
the appointment of Mr. Gautam Ganguli as an Independent Director, both with effect from 31st March
2026, the Audit Committee was reconstituted. The composition of the Committee during the
* financial year, and as reconstituted, is set out below.

« ~ » ; '' '' '' -.....* 0 a a*

23.Nomination and Remuneration Committee

The Nomination and Remuneration Committee is constituted in accordance with Section 178 of the
Companies Act, 2013 read with the applicable Rules and Regulation 19 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. During the year under review, 1
meeting(s) of the Nomination and Remuneration Committee were held on 08/08/2025
Consequent upon the resignation of Mr. Kishorbhai Chhanalal Parikh as an Independent Director and
the appointment of Mr. Gautam Ganguli as an Independent Director, both with effect from 31st March
2026, the Nomination and Remuneration Committee was reconstituted. The composition of the
Committee during the financial year, and as reconstituted, is set out below.
a) Composition during FY 2025-26 (up to 30th March 2026):

(b) Composition reconstituted with effect from 31st March 2026:

24.Nomination and Remuneration Policy

The Board has formulated a Policy laying down the framework for the selection and appointment of
Directors, Key Managerial Personnel and Senior Management and for determining their qualifications,
positive attributes and independence, together with a Policy on remuneration. The Policy is available
on the Company''s website at

https://www.skpbearings.com/FileUpload/Corporate_Policies/Nomination_and_Remuneration_Policy

.pdf

25.Stakeholders Relationship Committee

The Stakeholders Relationship Committee is constituted in accordance with Section 178(5) of the
Companies Act, 2013, as the number of shareholders, debenture-holders, deposit-holders and
othersecurity-holders of the Company exceeds one thousand at during the financial year. During the
year under review, 1 meeting of the Stakeholders Relationship Committee were held on 08/08/2025
Consequent upon the resignation of Mr. Kishorbhai Chhanalal Parikh as an Independent Director and
the appointment of Mr. Gautam Ganguli as an Independent Director, both with effect from 31st March
2026, the Stakeholders Relationship Committee was reconstituted. The composition of the
Committee during the financial year, and as reconstituted, is set out below.

a) Composition during FY 2025-26 (up to 30th March 2026):

(b) Composition reconstituted with effect from 31st March 2026:

26.Particulars of Loans, Guarantees and Investments

Details of loans given, guarantees provided and investments made under Section 186 of the
Companies Act, 2013, if any, are given in the notes to the financial statements.

. ‘ * VXXwx '' '' '' . V

27. Related Party Transactions

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

The particulars of contracts or arrangements with related parties, as required under Section
134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, in
Form AOC-2, are annexed to this Report as Annexure C.

28. Managerial Remuneration

The disclosures required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 - including the
ratio of the remuneration of each Director to the median remuneration of the employees and the
percentage increase in remuneration of each Director and Key Managerial Personnel - are set out in
Annexure E to this Report. The remuneration paid to the Directors and Key Managerial Personnel
during the year is within the overall limits approved by the Members and is in accordance with the
Nomination and Remuneration Policy of the Company and Schedule V of the Companies Act, 2013.

29. Particulars of Employees

The statement containing the particulars of employees required under Section 197(12) of the
Companies Act, 2013 read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is set out in Annexure E to this Report.

During the year, no employee was in receipt of remuneration in excess of the limits specified under
the said Rules.

30. Reporting of Fraud

The Auditors of the Company have not reported any fraud under Section 143(12) of the Companies
Act, 2013 during the year under review.

31. Vigil Mechanism / Whistle-Blower Policy

The Company has established a Vigil Mechanism, which incorporates a Whistle-Blower Policy, to
enable Directors and employees to report genuine concerns regarding unethical behaviour, actual or
suspected fraud, or violation of the Company''s Code of Conduct. The Policy is available on the
Company''s website at

https://www.skpbearings.com/FileUpload/Corporate_Policies/Vigil_Mechanism_&_Whistler_Blower_

Policy.pdf.

32. Risk Management

The Company has a risk-management framework to identify, measure and mitigate business risks
and opportunities. The framework seeks to create transparency, minimise adverse impact on
business objectives and enhance the Company''s competitive advantage, and helps in managing
market, credit and operational risks.

The provisions of Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 relating to the constitution of a Risk Management Committee are not applicable to
the Company.

33. Cost Records and Cost Audit

The Company is not required to maintain cost records or to appoint a cost auditor under Section 148 '' ''
of the Companies Act, 2013 in respect of the products manufactured by the Company for the period
under review.

34. Prevention of Sexual Harassment at the Workplace

The Company has in place a policy against sexual harassment at the workplace and has constituted
_m * an Internal Complaints Committee in accordance with the Sexual Harassment of Women at

Workplace (Prevention, Prohibition and Redressal) Act, 2013. No complaint was received during the
year, and no complaint was pending as at 31st March 2026.

35. Compliance with Secretarial Standards

The Company has complied with the applicable Secretarial Standards (SS-1 and SS-2) issued by the
Institute of Company Secretaries of India.

36. Directors'' Responsibility Statement

Pursuant to Section 134(3)© read with Section 134(5) of the Companies Act, 2013, your Directors
state that:

• in the preparation of the annual financial statements for the year ended 31st March 2026, the
applicable accounting standards have been followed, and there are no material departures;

• the Directors have selected such accounting policies and applied them consistently, and made
judgements 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 2026 and of the profit of the Company for the year
ended on that date;

• the Directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;

• the Directors have prepared the annual financial statements on a going-concern basis;

• the Directors have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively; and

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

37.Other Disclosures

Your Directors state that no disclosure or reporting is required in respect of the following items, as
there were no transactions of this nature during the year: (i) issue of equity shares with differential
rights, sweat equity shares or under any employee stock option scheme; (ii) any remuneration or
commission received by the Managing Director / Whole-time Directors from any subsidiary; and (iii)
any application made or proceeding pending under the Insolvency and Bankruptcy Code, 2016.
38.Acknowledgements

Your Directors take this opportunity to thank the Company''s customers, shareholders, vendors and
bankers for their continued support, and place on record their appreciation for the dedicated efforts
and contribution of all employees of the Company.

For and on behalf of the Board of Directors
SKP BEARING INDUSTRIES LIMITED

Sd/- Sd/-

SHRINAND KAMLAKAR PALSHIKAR SANGITA SHRINAND PALSHIKAR

Chairman & Managing Director Director

DIN:08992832 DIN:09054303

Place: Surendranagar
Date: 25th August, 2026

» '' '' '' y

¦ ¦^: rr j^:«¦«\» < '' '' »>

Your directors have the pleasure of presenting their 04th Board Report on the business and operations of the
Company and the Audited Financial Statements for the financial year ended March 31.2025.

1. Performance Highlights (Standalone)

Your Company has performed during the reporting period as follows:

? in Lakhs except earnings per share

Performance Highlights (consolidated)

Your Company has performed during the reporting period as follows:

? in Lakhs except earnings per share

2. Transfer to Reserves

The Board has decided to retain the entire amount of profits for FY 2025 in the profit and loss account and
does not propose to transfer amounts to the general reserve out of the amount available for appropriation.

3. Changes to the Capital Structure during the year under review

The paid-up equity shares capital of the Company as of 31st March 2025 consists of 1,66,00,000 equity
shares of Rs. 10 each. The company has not made any issue of shares or allotment of shares during the year
under review.

4. Dividend

The Company has given a dividend of Rs. 1.10/- per share during the period under review as a final dividend for
FY 2023 - 2024. Further Board has recommended a final dividend for the year 2024 - 2025, which is subject
to approval by shareholders in the ensuing annual general meeting.

Transfer of unclaimed dividends to the Investor Education and Protection Fund:No amount is required to be
transferred to the Investor Education and Protection Fund as per the provisions of Section 125(2) of the Act.

5 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 in respect of
the conservation of energy and technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.

Your company has taken steps to conserve energy. Steps have been taken to identify the areas of excessive
energy consumption. Checks have been made to strengthen these areas and timely preventive maintenance
has also been carried out to conserve energy.

Conservation of energy:

Total energy consumption during the year

Foreign Exchange Earnings and Outgo:

6) Subsidiaries, Joint Ventures, and Associates

The Company has subsidiaries or joint ventures, or associates during the year under review; further,
Annexure A is attached with the report for further details.

7) Significant Events After Balance Sheet Date

There are no other significant events after the Balance Sheet date that require any disclosure.

8) Change in the nature of business

There has been no change in the Company''s business nature in the period under review.

9) Material and Significant Orders Passed by Regulators & Courts

No significant or material orders have been passed by any Regulators or Courts or Tribunals which could
impact the going concern status of the Company and/or its future operations.

10) lnternal Financial Control Systems

The Company has aligned its current system of Internal Financial Controls with the requirements of the
Companies Act, 2013. Internal Control Systems are intended to increase transparency and accountability
in an organization''s process of designing and implementing a system of internal control. The framework
requires a Company to identify and analyze risks and manage appropriate responses. The Company has
successfully laid down the framework and ensured its effectiveness. The Company''s internal controls are
commensurate with its size and the nature of its operations. These have been designed to provide
reasonable assurance about recording and providing reliable financial and operational information,
complying with applicable statutes, safeguarding assets from unauthorized use. executing transactions
with proper authorization, and ensuring compliance with corporate policies.

Your management assessed the effectiveness of the Company''s internal controls over financial reporting
as of March 31, 2025. The assessment involved a management review, internal audit, and statutory audit.
During the year under review, the internal audit was conducted based on the risk-based internal audit plan
approved by the Audit Committee. Significant audit observations and follow-up actions thereon were
reported to the Audit Committee. Under Section 143 of the Act.

11) Public Deposits

Your Company has not invited or accepted any deposits from the public/members and there are no
outstanding deposits as on March 31,2025.

12) Auditors, Auditors'' Qualifications, Reservations, Adverse Remarks in the Auditors'' Report

Pursuant to the recommendation of the Audit Committee, the Board of Directors and Members of the
Company, at their respective meetings held and had approved the appointment of M/s. DIPAK P. SHAH &
Co., Chartered Accountants as the Statutory Auditors of the Company for a term of 5 (five) consecutive
years ("First Term") commencing from the Financial Year 2021 - 2022.

The Statutory Auditors'' Report does not contain a qualification or adverse remark.

Internal Auditor:

Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts) Rules, 2014, and based
on the recommendation of the Audit Committee, your Directors

had appointed Paresh Parekh & Co. Chartered Accountants, as the Internal Auditor of the Company for the
Financial Year 2024-25 onwards.

13) Corporate Social Responsibility

The CSR activities by the Company were undertaken through SHRI FOUNDATION, which is committed
towards undertaking CSR activities. The composition of the CSR Committee of the Company, in
accordance with Section 135 of the Act is not applicable to the Company.

A detailed report on CSR activities in line with the Companies (Corporate Social Responsibility Policy)
Rules, 2014, as amended from time to time, is attached as Annexure B to this report.

14) AnnualReturn

Under Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as of March 31,2025, is
available on the Company''s website https://skpbearings.com/annual-returns/

15) Declaration given by Independent Directors

Pursuant to sub-section (7) of Section 149 of the Act, the Company has received declarations from all the
Independent Directors on Board that they meet the criteria of independence laid down in Section 149(6) of
the Act and Regulation 16(1)(b) of the Listing Regulations, and that there was no change.

16) Annual Board Evaluation

The Nomination, Remuneration and Compensation Committee ("NRC Committee") and the Board have
adopted a methodology for carrying out the performance evaluation of the Board, Committees,
Independent Directors and Non- Independent Directors of the Company, which includes the criteria,
manner and process for carrying out the performance evaluation exercise. Criteria in this respect includes:
the Board composition and structure, effectiveness of board processes, information and functioning,
contribution of the individual director to the Board and Committee Meetings like preparedness on the
issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. Evaluation
of the Performances of the Board, its Committees, every Director and Chairman, for the financial year
2024-25 has been completed as per the adopted methodology which included review, discussions,
providing feedback and discussions on the feedback received from the individual directors.

17) Details of Directors and Key Managerial Personnel Appointed/Resigned during the year

There were changes in Directors and Key Managerial Personnel Appointed/Resigned during the year
as follows:

• At the 03rd Annual General Meeting of the Company held on August 14, 2024, Re-appointment of
Mrs. Sangita Shrinand Palshikar as the Executive Director of the Company (who was liable to retire by
rotation), along with the overall maximum remuneration payable to her. The Company Secretary,

Mrs. Kinnary Rathod, has resigned from the post of CS during the year under review.

18) Number of Meetings of the Board of Directors

During the year under review, 7 (Seven) Board Meetings were held, and the gap between the two Board
Meetings was well within the limit as prescribed by the Companies Act. 2013. In respect of the meetings,
proper notice was given, and the proceedings were recorded, and a signed Minutes Book was maintained
for the purpose.

19) Vigil Mechanism/Whistle Blower Policy for Directors and Employees

The Company has established a Vigil Mechanism, which includes a Whistle Blower Policy, for its Directors
and Employees, to provide a framework to facilitate responsible and secure reporting of concerns of
unethical behaviour, actual or suspected fraud or violation of the Company''s Code of Conduct & Ethics. The
details of the establishment of the Vigil Mechanism/ Whistle Blower policy are posted on the website of the
Company, and the web link to the same is https://www.skpbearings.com/pdf/corporate
policies/Vigil_Mechanism_Whistler_Blower_Policy.pdf

20) Audit Committee

Audit Committee is duly constituted by the provisions of Section 177 (8) of the Act read with Rule 6 of the
Companies (Meetings of the Board and its Powers) Rules. 2014 and Regulation 18 of the Listing
Regulations. The details of its composition & meetings held during the Financial Year 2024 2025 are
provided below. All recommendations made by the Audit Committee were accepted by the Board during
the Financial Year 2024-2025. During the year under review, there were 3 audit committee meetings held.

The Audit Committee comprises 3 members, 2 of whom are independent directors:

21) Nomination and Remuneration Policies

The Board of Directors has formulated a Policy that lays down a framework for the selection and
appointment of Directors and Senior Management and for determining qualifications, positive attributes,
and independence of Directors.

The Board has also formulated a Policy relating to the remuneration of Directors, members of Senior
Management, and Key Managerial Personnel, which is posted on the Company''s website at:
https://www.skpbearings.com/pdf/corporate-policies/Nomination_and_Remuneration_Policy.pdf

22) Particulars of Loans, Guarantees or Investments

The particulars of loans, guarantees and investments if any as per Section 186 of the Act
by the Company, have been disclosed in the financial statements.

23) Related Party Transactions

During the reporting period, the Company has entered into a contract, arrangement, or transaction with
related parties, which were either on an arm''s length basis or could be considered material according to
the Company''s policy on the materiality of related party transactions Accordingly, the disclosure of
Related Party Transactions as required under Section 134 (3) (h) of the Companies Act, 2013 in Form AOC
2 is annexed hereto as Annexure C.

24) Managerial Remuneration

A) Remuneration to Directors and Key Managerial Personnel
Details of the remuneration approved by the NRC Committee as well as the Board of Directors for Executive
Directors for the Financial Year 2024-2025:

B Employee Particulars

People are our most valuable asset and your Company places the engagement, development and
retention of talent as its highest priority, to enable the achievement of the organizational vision, further
there are no employees who have remuneration in excess of the remuneration stated in Section 197 of
the Companies Act, 2013.

25) Reporting of Fraud

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the
Companies Act. 2013.

26) Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Rules made thereunder,
the Company has appointed Mr. DAY A. GOHIL, Practicing Company Secretary as the Secretarial Auditor of
the Company. The Secretarial Audit Report is annexed to the Board''s Report and forms an integral part of
this Report in Annexure D. The Secretarial Audit Report does not contain any qualification, reservation or
adverse remark except The Board and management after consent and duly review of audit committee
considered the accounts for a period beginning from 01.04.2024 to ending on 31.03.2025 in an audit
committee meeting.

27) Risk Management Policy

The Company has a robust Risk Management framework to identify measure and mitigate business risks
and opportunities. This framework seeks to create transparency, minimize adverse impact on the
business objective and enhance the Company''s competitive advantage. This risk framework thus helps in
managing market, credit and operations risks and quantifies exposure and potential impact at
a Company level.

28) Director''s Responsibility Statement
Your Directors state that:

A) In the preparation of the annual financial statements for the year ended March 31.2025, the applicable
accounting standards have been followed with no material departures;

B) The Directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company as at March 31,2025 and of the profit of the Company for the period ended on
that date;

C) The Directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

D) The Directors have prepared the annual financial statements on a going concern basis;

E) The Directors have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and operating effectively; and

F) The Directors have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems are adequate and operating effectively.

29) Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace

The Company has a policy against sexual harassment at the workplace and has constituted an Internal
Complaints Committee and has complied with the provisions in this respect as are applicable under the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. There was no
complaint received from any employee during the year, nor is any complaint pending or outstanding
for redressal as on March 31,2025. The Company conducts awareness programs at regular intervals and
provides necessary updates/guidance.

30) Cost Audit

The Company is not required to appoint a cost auditor to conduct the cost audit in respect of the products
manufactured by the Company as per the provisions of Section 148 of the Companies Act. 2013 for the
period under review.

31) Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI)

Your Company complies with the mandatory Secretarial Standards issued by the ICSI.

32) Others

Your Directors state that no disclosure or reporting is required in respect of the following items as there
were no transactions on these items during the period under review:

1) Details relating to issue of equity shares including sweat equity shares and shares with differential
rights as to dividend, voting or otherwise, since there was no such issue of shares.

2) None of the Directors of the Company received any remuneration or commission from any
of its subsidiaries.

3) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the
going concern status and Company''s operations in future.

4) Your Directors further state that during the period under review, there were no cases filed under the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

33) Acknowledgements

Your directors take this opportunity to thank the Company''s customers, shareholders, vendors, and
bankers for their support and look forward to their continued support in the future. Your directors also
place on record their appreciation for the excellent contribution made by all employees who are
committed to strong work ethics, excellence in performance and commendable teamwork and have
thrived in a challenging environment.

For and on behalf of the Board of Directors
SKP BEARING INDUSTRIES LIMITED

SD/- SD/-

SHRINAND KAMLAKAR PALSHIKAR SANGITA SHRINAND PALSHIKAR

Chairman and Managing Director Director

DIN: 08992832 DIN: 09054303

Date: 18.07.2025

Place: Surendranagar

The Directors have the pleasure in presenting their 03rd Annual Report on the business and operations of the Company and the Audited Financial Statements for the financial year ended March 31, 2024

1. Performance Highlights (Standalone)

2. Transfer to Reserves

The Board of Directors has decided to retain the entire amount of profits for the Financial Year 2023-24 in the Profit and Loss Account.

3. Changes to the Capital Structure during the year under review

The paid-up equity shares capital of the Company as of 31st March 2024 consists of 1,66,00,000 equity shares of Rs. 10 each. The company has not made any allotment of shares during the year under review.

4. Dividend

The Company has given a dividend of Rs. 1.00/- per share during the period under review as final dividend for FY 2022 - 2023. Further Company has recommended a final dividend for year 2023 - 2024 which is subject to approval by shareholders in the ensuing annual general meeting.

Transfer of unclaimed dividend to Investor Education and Protection Fund:

There is no amount which is required to be transferred to the Investor Education and Protection Fund as per the provisions of Section 125(2) of the Act.

5. 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 in respect of the conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review.

Your company has taken steps to conserve energy. Steps have been taken to identify the areas of excessive energy consumption. Checks have been made to strengthen these areas and timely preventive maintenance has also been carried out to conserve energy.

Conservation of energy:

21. Nomination and Remuneration Policies

The Board of Directors has formulated a Policy that lays down a framework for selection and appointment of Directors and Senior Management and for determining qualifications, positive attributes, and independence of Directors.

The Board has also formulated a Policy relating to the remuneration of Directors, members of Senior Management, and Key Managerial Personnel which is posted on the Companies website at: https://www.skpbearings.com/pdf/corporate-policies/Nomination_and_Remuneration_Policy.pdf

22. Particulars of Loans, Guarantees or Investments

The particulars of loans, guarantees and investments if any as per Section 186 of the Act by the Company, have been disclosed in the financial statements.

23. Related Party Transactions

During the reporting period, the Company has entered into contract/ arrangement/transaction with related parties which were [on arm’s length basis or which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Accordingly, the disclosure of Related Party Transactions as required under Section 134 (3) (h) of the Companies Act, 2013 in Form AOC 2 is annexed hereto as Annexure C.

24. Managerial Remunerationa. Remuneration to Directors and Key Managerial Personnel

Details of the remuneration approved by the NRC Committee as well as the Board of Directors for Executive Directors for the Financial Year 2023-24:

b. Employee Particulars

People are our most valuable asset and your Company places the engagement, development and retention of talent as its highest priority, to enable the achievement of the organizational vision, further there are no employees who have remuneration in excess of the remuneration stated in Section 197 of the Companies Act, 2013.

25. Reporting of Fraud

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.

26. Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Rules made thereunder, the Company has appointed Mr. JAY A. GOHIL, Practicing Company Secretary as the Secretarial Auditor of the Company. The Secretarial Audit Report is annexed to the Board’s Report and forms an integral part of this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark except The Board and management after consent and duly review of audit committee considered the accounts for a period beginning from 01.04.2023 to ending on 31.03.2024 in an audit committee meeting.

27. Risk Management Policy

The Company has a robust Risk Management framework to identify measure and mitigate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objective and enhance the Company’s competitive advantage. This risk framework thus helps in managing market, credit and operations risks and quantifies exposure and potential impact at a Company level.

28. Director’s Responsibility Statement

Your Directors state that:

a. in the preparation of the annual financial statements for the year ended March 31, 2024, the applicable accounting standards have been followed with no material departures;

b. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the profit of the Company for the period ended on that date;

c. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the Directors have prepared the annual financial statements on a going concern basis;

e. the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and

f. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

29. Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace

The Company has a policy against sexual harassment at the workplace and has constituted an Internal Complaints Committee and has complied with the provisions in this respect as are applicable under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. There was no complaint received from any employee during the year, nor is any complaint pending or outstanding for redressal as on March 31, 2024. The Company conducts awareness programs at regular intervals and provides necessary updates/guidance.

30. Cost Audit

The Company is not required to appoint a cost auditor to conduct the cost audit in respect of the products manufactured by the Company as per the provisions of Section 148 of the Companies Act, 2013 for the period under review.

31. Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI)

Your Company complies with the mandatory Secretarial Standards issued by the ICSI.

32. Others

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the period under review:

1. Details relating to issue of equity shares including sweat equity shares and shares with differential rights as to dividend, voting or otherwise, since there was no such issue of shares.

2. None of the Directors of the Company received any remuneration or commission from any of its subsidiaries.

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

4. Your Directors further state that during the period under review, there were no cases filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

33. Acknowledgements

Your Directors take this opportunity to thank the Company’s customers, shareholders, vendors and bankers for their support and look forward to their continued support in the future. Your Directors also place on record their appreciation for the excellent contribution made by all employees who are committed to strong work ethics, excellence in performance and commendable teamwork and have thrived in a challenging environment.

The Directors have the pleasure in presenting their 02^nd Annual Report on the business and operations of the Company and the Audited Financial Statements for the financial year ended March 31, 2023

1. Performance Highlights (Standalone)

Your Company has performed during the reporting period as follows:

2. Transfer to Reserves

The Board of Directors has decided to retain the entire amount of profits for the Financial Year 2022-23 in the Profit and Loss Account.

3. Changes to the Capital Structure during the year under review

The paid-up equity shares capital of the Company as of 31^st March 2023 consists of 1,66,00,000 equity shares of 7 10 each. The company has made an allotment of shares during the year under review due to IPO Proceedings and the issue of shares via SME IPO.

4. Dividend

The Company has given a dividend of 7 1.00/- per share during the period under review as final dividend for FY 2021 -2022. Further Company has recommended final dividend for year 22 - 23 which is subject to approval by shareholders in ensuing annual general meeting.

Transfer of unclaimed dividend to Investor Education and Protection Fund:

There is no amount which is required to be transferred to the Investor Education and Protection Fund as per the provisions of Section 125(2) of the Act.

5. 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 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review.

Your company has taken steps to conserve energy. Steps have been taken to identify the areas of excessive energy consumption. Checks have been made to strengthen these areas and timely preventive maintenance has also been carried out to conserve energy.

6. Subsidiaries, Joint Ventures, and Associates

The Company has not had any subsidiaries or joint ventures or associates during the year under review, further Annexure - A is attached with report for further details.

7. Significant Events After Balance Sheet Date

There are no other significant events after the Balance Sheet date which require any disclosure.

8. Change in the nature of business

There has been no change in the Company’s business nature in the period under review.

9. Material and Significant Orders Passed by Regulators & Courts

No significant or material orders have been passed by any Regulators or Courts or Tribunals which could impact the going concern status of the Company and/or its future operations.

10. Internal Financial Control Systems

The Company has aligned its current system of Internal Financial Controls with the requirements of the Companies Act, 2013. Internal Control Systems are intended to increase transparency and accountability in an organization’s process of designing and implementing a system of internal control. The framework requires a Company to identify and analyze risks and manage appropriate responses. The Company has successfully laid down the framework and ensured its effectiveness. The Company’s internal controls are commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance of corporate policies.

Your management assessed the effectiveness of the Company’s internal controls over financial reporting as of March 31, 2023. The assessment involved management review, internal audit and statutory audit. During the year under review, the internal audit was conducted based on the risk-based internal audit plan approved by the Audit Committee. Significant audit observations and follow-up actions thereon were reported to the Audit Committee. Pursuant to Section 143 of the Act.

11. Public Deposits

Your Company has not invited or accepted any deposits from the public/members and there are no outstanding deposits as on March 31, 2023

12. Auditors, Auditors’ Qualifications, Reservations, Adverse Remarks in the Auditors’ Report

Pursuant to the recommendation of the Audit Committee, the Board of Directors and Members of the Company, at their respective meetings held and had approved the appointment of M/s. DIPAK P. SHAH & Co., Chartered Accountants as the Statutory Auditors of the Company for a term of 5 (five) consecutive years (“First Term”) commencing from the Financial Year 2021 - 2022.

The Auditors Report does contain a disclaimer of opinion on the financial statements for the period ended March 31, 2023. The statements made by the Auditors in their Report are self-explanatory and do not call for any further comments.

Internal Auditor:

Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts) Rules, 2014, and based on the recommendation of the Audit Committee, your Directors have appointed A.J. PANCHAL & Associates Chartered Accountants, as the Internal Auditor of the Company for the Financial Year 2023-24.

13. Corporate Social Responsibility

The Company converted from a partnership firm into a Company on 06th January 2022, Company has adopted CSR voluntarily and created provisions related to CSR. The Company has generally taken corporate social responsibility initiatives. Now, the company will constitute CSR Committee, develop CSR policy and implement the CSR initiatives f.y. 2023-24.

14. Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as of March 31, 2023, is available on the Company’s website www.skpbearings. com

15. Declaration given by Independent Directors

Pursuant to sub-section (7) of Section 149 of the Act, the Company has received declarations from all the Independent Directors on Board that they meet the criteria of independence laid down in Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations, and that there was no change.

16. Annual Board Evaluation

The Nomination, Remuneration and Compensation Committee (“NRC Committee”) and the Board have adopted a methodology for carrying out the performance evaluation of the Board, Committees, Independent Directors and Non- Independent Directors of the Company, which includes the criteria, manner and process for carrying out the performance evaluation exercise. Criteria in this respect includes; the Board composition and structure, effectiveness of board processes, information and functioning, contribution of the individual director to the Board and Committee Meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. Evaluation of the Performances of the Board, its Committees, every Director and Chairman, for the financial year 2022-23 has been completed as per the adopted methodology which included review, discussions, providing feedback and discussions on the feedback received from the individual directors.

17. Details of Directors and Key Managerial Personnel Appointed/Resigned during the year

There were change in Directors and Key Managerial Personnel Appointed/Resigned during the year are as follows:

• At the 01^st Annual General Meeting of the Company held on September 26, 2022, Re-appointment of Mrs. Sangita Shrinand Palshikar (DIN: 09054303) as the Executive Director of the Company, along with the overall maximum remuneration payable to him

• Mrs. Pooja Kamleshkumar Sharma - Resignation of Whole time Company Secretary

• Mrs. Kinnaryben Kanderapbhai Rathod - Appointment of Whole time Company Secretary

18. Number of Meetings of the Board of Directors

During the year under review, 10 (Ten) Board Meetings were held, and the gap between two Board Meetings was well within the limit as prescribed by the Companies Act, 2013. In respect of the meetings, proper notice was given and the proceedings were recorded and signed Minutes Book maintained for the purpose.

19. Vigil Mechanism/Whistle Blower Policy for Directors and Employees

The Company has established a Vigil Mechanism, which includes a Whistle Blower Policy, for its Directors and Employees, to provide a framework to facilitate responsible and secure reporting of concerns of unethical behaviour, actual or suspected fraud or violation of the Company’s Code of Conduct & Ethics. The details of establishment of Vigil Mechanism/ Whistle Blower policy are posted on the website of the Company and the web link to the same is https:// www.skpbearings.com/pdf/corporate-policies/Vigil_Mechanism_Whistler_Blower_Policy.pdf

20. Audit Committee

Audit Committee of the Board is duly constituted in accordance with the provisions of Section 177 (8) of the Act read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 and Regulation 18 of the Listing Regulations. The details of its composition & meetings held during the Financial Year 2022- 23 etc. below. All recommendations made by the Audit Committee were accepted by the Board during the Financial Year 2022-23. During the year under review, there are 3 audit committee meetings held.

The Audit Committee comprises of 3 members, 2 of whom are independent directors:

21. Nomination and Remuneration Policies

The Board of Directors has formulated a Policy that lays down a framework for selection and appointment of Directors and Senior Management and for determining qualifications, positive attributes, and independence of Directors.

The Board has also formulated a Policy relating to the remuneration of Directors, members of Senior Management, and Key Managerial Personnel which is posted on the Companies website at: https://www.skpbearings.com/pdf/corporate-policies/Nomination_and_Remuneration_Policy.pdf

22. Particulars of Loans, Guarantees or Investments

The particulars of loans, guarantees and investments if any as per Section 186 of the Act by the Company, have been disclosed in the financial statements.

23. Related Party Transactions

During the reporting period, the Company has entered into contract/ arrangement/transaction with related parties which were [on arm’s length basis or which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Accordingly, the disclosure of Related Party Transactions as required under Section 134 (3) (h) of the Companies Act, 2013 in Form AOC 2 is annexed hereto as Annexure 2.

24. Managerial Remuneration

a. Remuneration to Directors and Key Managerial Personnel

Details of the remuneration approved by the NRC Committee as well as the Board of Directors for Executive Directors for the Financial Year 2022-23:

b. Employee Particulars

People are our most valuable asset and your Company places the engagement, development and retention of talent as its highest priority, to enable the achievement of the organizational vision, Further there are no employees who have remuneration in excess of the remuneration stated in Section 197 of the Companies Act, 2013.

25. Reporting of Fraud

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.

26. Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Rules made thereunder, the Company has appointed Mr. JAY A. GOHIL, Practicing Company Secretary as the Secretarial Auditor of the Company. The Secretarial Audit Report is annexed to the Board’s Report and forms an integral part of this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark except The Board and management after consent and duly review of audit committee considered the accounts for a period beginning from 01.04.2022 to ending on 31.03.2023 in an audit committee meeting.

27. Risk Management Policy

The Company has a robust Risk Management framework to identify measure and mitigate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objective and enhance the Company’s competitive advantage. This risk framework thus helps in managing market, credit and operations risks and quantifies exposure and potential impact at a Company level.

28. Director’s Responsibility Statement Your Directors state that:

a. in the preparation of the annual financial statements for the year ended March 31, 2023, the applicable accounting standards have been followed with no material departures;

b. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit of the Company for the period ended on that date;

c. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets

of the Company and for preventing and detecting fraud and other irregularities;

d. the Directors have prepared the annual financial statements on a going concern basis;

e. the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and

f. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

29. Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace

The Company has a policy against sexual harassment at the workplace and has constituted an Internal Complaints Committee and has complied with the provisions in this respect as are applicable under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. There was no complaint received from any employee during the year, nor is any complaint pending or outstanding for redressal as on March 31, 2023. The Company conducts awareness programs at regular intervals and provides necessary updates/ guidance.

30. Cost Audit

The Company is not required to appoint a cost auditor for conducting the cost audit in respect of the products manufactured by the Company as per the provisions of Section 148 of the Companies Act, 2013 for the period under review.

31. Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI)

Your Company complies with the mandatory Secretarial Standards issued by the ICSI.

32. Others

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the period under review:

1. Details relating to issue of equity shares including sweat equity shares and shares with differential rights as to dividend, voting or otherwise, since there was no such issue of shares.

2. None of the Directors of the Company received any remuneration or commission from any of its subsidiaries.

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

4. Your Directors further state that during the period under review, there were no cases filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

33. Acknowledgements

Your Directors take this opportunity to thank the Company’s customers, shareholders, vendors and bankers for their support and look forward to their continued support in the future. Your Directors also place on record their appreciation for the excellent contribution made by all employees who are committed to strong work ethics, excellence in performance and commendable teamwork and have thrived in a challenging environment.