To 

The Members of 

Royal Cushion Vinyl Products Limited,

Your Directors have pleasure in presenting the 41st Annual Report together
with Audited Financial Statements of the Company for the financial year ended 31st March,
2025. 

1. FINANCIAL RESULTS


(Rs. In Lakhs)



  

    
Particulars
    
Current year ended 31.03.2025
    
Previous year ended 31.03.2024
  
  

    
Revenue from operations (Net)
    
6390.56
    
5470.69
  
  

    
Other Income
    
1043.06
    
1205.03
  
  

    
Net Income
    
7433.63
    
6675.73
  
  

    
Total Expenditure
    
6774.94
    
5737.19
  
  

    
Profit before interest and depreciation
    
658.68
    
938.54
  
  

    
Finance Cost
    
320.17
    
278.26
  
  

    
Depreciation
    
98.57
    
113.25
  
  

    
Profit before Exceptional item
    
239.95
    
547.03
  
  

    
Exceptional item
    
--
    
28873.83
  
  

    
Profit for the year
    
239.95
    
29420.86
  
  

    
Tax Expense
    
10.60
    
-
  
  

    
Profit after Tax
    
229.34
    
29420.86
  



2. PERFORMANCE OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS


The Company has achieved Revenue from operations of Rs. 6390.56 Lakhs as against Rs.
5470.69 Lakhs in the previous year. Other income includes Rs. 124.63 lakhs (Previous year
Rs. 1065.21 lakhs) towards profit on sale of Land and Rs. 736.52 lakhs (Previous year Nil
) towards Govt. Grant receivable from Gujarat Govt. The net Profit before exceptional
items is Rs. 239.95 lacs as compared to Rs. 547.03 lacs in the previous year. Exceptional
items in previous year represent written back of various liabilities/Provision which are
no more payable. 

3. FINANCIAL STATEMENTS


The financial statements are prepared in accordance with the Indian Accounting
Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with
Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian
Accounting Standards) Amendment Rules, 2016. 

4. TRANSFER TO RESERVES


The Company does not propose to transfer any amount to the general reserve out of the
amount available for appropriation. 

5. DIVIDEND


The Board of Directors is unable to declare any dividend for the year 2024-2025. 

6. MANAGEMENT DISCUSSION AND ANALYSIS REPORT


Management Discussion and Analysis Report as required under Listing Agreement and LODR
Regulations is disclosed separately in the Annual Report. 

7. DEPOSITS 


During the year under review, your Company has not accepted any deposits within the
meaning of provisions of Chapter V Acceptance of Deposits by Companies of the Companies
Act, 2013 read with the Companies (Acceptance of Deposits) Rules 2014, as amended from
time to time and as such there are no such overdue deposits outstanding as on 31st
March, 2025. 

8. CORPORATE SOCIAL RESPONSIBILITY


During the year the provision, as regards Corporate Social Responsibility (CSR) is not
applicable, as per the criteria defined under section 135 of the Companies Act, 2013. 

9. ENERGY, TECHNOLOGY & FOREIGN EXCHANGE


Details on conservation of energy, technology absorption, foreign exchange earnings and
outgo is given in the Annexure “A” to this report. 

10. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013

Details of Loans, Guarantees and Investments under Section 186 of the Companies Act,
2015 forms part of notes to financial statements provided in this Annual Report. 

11. RELATED PARTY TRANSACTIONS

All related party transactions entered during the year were in the ordinary course of
business and on an arm's length basis and were not material as per the Related Party
Transactions Policy of the Company. Details of the related party transactions done during
the year are part of the financial statements forming part of this Annual Report. The
Policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board, the policy may be accessed on the Company's website
at www.rcvp.in. The particulars of contracts or arrangements with related parties as per
Section 188 of the Companies Act, 2013 and rules made thereof as amended from time to time
and as per the Related Party Transaction (RPT) policy of the Company during the financial
year ended March 31, 2025, in prescribed Form AOC-2 is annexed to this Board's Report
(Annexure-B). 

12. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing
the names and other particulars of the employees drawing remuneration and other details as
set out in the said rules are provided as an Annexure C in this annual report. The Company
had no employee drawing remuneration in excess of the amount as mentioned under Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. 

Number of Male Employees: - 114 Number of Female Employees; - 3 Number of Transgender
Employees: - Nil Total Number of Employees as on 31/03/2025: - 117. 

13. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL 

Mr. Jayesh Motasha retires as director by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for re-appointment. 

The Board of Directors comprises of one Executive Director and Three Non-Executive
Directors. Mr. Mahesh. K. Shah, Chairman and Managing Director of the Company, Mr. Jayesh
Motasha Non-Executive Directors and Mrs. Avani Jolly Pandit and Mr. Dhaval Vakharia
Independent Directors. 

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015, Mr. Dhaval Vakharia is appointed as an Additional Independent Director
from 12th April, 2024. Pursuant to the provisions of section 149 and 152 of the
Companies Act, 2013, his appointment is regularised as a Director by approval of the
members through Postal Ballot for the period of five years from the date of appointment
i.e. 12.04.2024. 

All Independent Directors have given declarations to the effect that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 read
with Regulation 16 of SEBI (Listing obligations and Disclosures Requirements), Regulations
2015. In the opinion of the Board, Independent Directors fulfil the conditions specified
in the Act, Rules made there under and Listing Regulations. 

None of the directors of the Company are debarred from holding the office of Director
by virtue of any SEBI order or order by any other competent authority. Both the
Independent Directors are not liable to retire by rotation. 

In the opinion of the Board, the independent directors possess appropriate balance of
skills, experience and knowledge, as required. 

A brief note on Director retiring by rotation and eligible for re-appointment is
furnished in the Notice of Annual General Meeting. 

Mr. Suvrat Shah is appointed as a Chief Executive Officer (CEO) on 29.05.2024 w.e.f
01/06/2024. Mr. Vivek Motasha resigned from the post of Chief Financial Officer on
29.05.2024 and Mr. Omprakash Inani is appointed as a Chief Financial Officer (CFO) w.e.f.
01.06.2024. 

The Key Managerial Personnel (KMP) of the Company as on 31.03.2025 are - Mr. Mahesh
Shah- Managing Director, Mr. Omprakash Inani- Chief Financial Officer (CFO) and Mrs.
Deepti Parekh- Company Secretary and Compliance Officer resigned from the post on
04.07.2025 and Ms. Sarita Khamwani is appointed as a Company Secretary and Compliance
Officer w.e.f. 04.08.2025. 

Further Ms. Deepti Parekh - Company Secretary and Compliance Officer resigned w.e.f
04.07.2025 and based on recommendation of the Nomination and Remuneration Committee to the
Board, the Board appointed Ms. Sarita Khamwani - Company Secretary and Compliance Officer
w.e.f 04.08.2025. Further Nomination and Remuneration Committee recommend the Board for
reappointment of Mr. Mahesh Shah, as Managing Director for three years w.e.f from
01.04.2026 to 31.03.2029 subject to the approval of the Shareholders. 

14. DECLARATION FROM INDEPENDENT DIRECTORS

All independent directors of the Company have given declarations under Section 149(7)
of the Companies Act, 2013 confirming that they meet the criteria of independence as
provided in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI Listing
Regulations and also affirmed compliance with Code of conduct as required under Regulation
26(3) of the Listing Regulations. 

15. INDEPENDENT DIRECTORS MEETING 

The Independent Directors of your Company met on 14th February, 2025 without
the attendance of Non-Independent Directors and members of the management. As elaborated
in the above para, the Independent Directors reviewed the performance of all the
Directors, the Committees of the Board and the Board as a whole along-with the performance
of the Chairman of the Company and assessed the quality, timelines of flow of information
between the management and the Board and other relevant parameters that is necessary for
the Board to effectively and reasonably perform their duties. 

16. BUSINESS REVIEW

Your Company has not changed its nature of business during the year under review. 

17. DIRECTORS' RESPONSIBILITY STATEMENT 

Pursuant to the requirement under Section 134 (5) of the Companies Act, 2013, with
respect to Directors' Responsibility Statement, it is hereby confirmed:

a) That in the preparation of the Annual Accounts for the financial year ended 31st
March, 2025 the applicable accounting standards/practices had been followed along
with proper explanation relating to material departures; if any. 

b) That the Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the loss of the Company for that period; 

c) That the Directors had taken proper and sufficient care 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;


d) The annual financial statements have been prepared on a going concern basis. 

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

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

18. MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR

There have been no material changes affecting the financial position of the Company,
after the close of FY 2024-25 till the date of this Report. 

19. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE. 

There are no significant or material orders passed by any regulator, tribunal or court
that would impact the going concern of the Company and its future operations. 

20. DETAILS OF SUBSIDIARIES/JOINT VENTURE/ASSOCIATE COMPANY

The Company has no subsidiaries/Joint venture/Associate Company incorporated or ceased
in the year 2024-25. 

21. DEMATERIALIZATION:

The Equity shares of the Company can be held in dematerialized form. We had informed
MUFG Intime India Private Limited, Registrar & Transfer Agent for dematerialization of
existing holding of the shareholders. 

Further as per SEBI Notification No. SEBI/LAD-NRO/GN/2018/24 dated June 8, 2018 and
further amendment vide Notification No. SEBI/LAD-NRO/GN/2018/49 dated November 30, 2018,
requests for effecting transfer of securities (except in case of transmission or
transposition of securities) shall not be processed from April 1, 2019, unless the
securities are held in the dematerialized form with the depositories. Therefore,
shareholders are requested to take action to dematerialize the Equity Shares of the
Company to eliminate all the risks associated with physical shares, promptly. 

The International Securities Identification Number allocated to the Company is
INE618A01011. The equity shares of the Company are listed at BSE Limited (BSE). 

22. INTERNAL FINANCIAL CONTROL

The Company has in place adequate internal financial controls with reference to
financial statements. During the year, such controls were tested and no reportable
material weaknesses in the design or operation were observed. 

23. STATUTORY AUDITORS

Pursuant to Section 139 of the Act read with rules made thereunder, as amended, M/s.
Manek & Associates, Chartered Accountants (Firm Registration No.: 0126679W) were
appointed as the Statutory Auditors of the Company for the first term of five years till
the conclusion of 45th Annual General Meeting (AGM) of your Company to be held
in the year 2029. The Statutory Auditors have confirmed that they are not disqualified to
continue as Statutory Auditors and are eligible to hold office as Statutory Auditors of
the Company. Statutory Auditors have provided their unmodified opinion on the Standalone
Financial Statements and their reports do not contain any qualifications, reservations, or
adverse remarks, or disclaimers. The Notes regarding the financial statements referred in
the Auditor's Report are self-explanatory. The Auditor's Report is enclosed with the
financial statements forming part of this Annual Report. 

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

There have been no instances of fraud reported by the Auditors under Section 143(12) of
the Companies Act, 2013. 

25. PREVENTION OF INSIDER TRADING 

The Board of Directors has approved the policy of Code of Prevention of Insider Trading
based on the SEBI (Prohibition of Insider Trading) Regulations, 2015. The same has been
placed on the website of the Company www.rcvp.in. All the Directors and designated
employees who have access to the unpublished price sensitive information of the Company
are governed by this code. During the year under Report, there has been due compliance
with the said code of conduct for prevention of insider trading. 

26. COST AUDITORS

In terms of the Companies (Cost Records and Audit) Rules, 2014 read with the Companies
(Cost Records and Audit) Amendment Rules, 2014, the Company has maintained cost records
for financial year 2024-25 in respect of its polymer's products. However, in terms of the
said Rules, the requirement of cost audit is not applicable to the Company for the
financial year 2024-25 as the turnover of the Company from these services is below the
threshold limit prescribed in the said Rules for cost audit. 

27. SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Act, read with the rules made
thereunder, the Board re-appointed M/s. Loya & Shariff, Practicing Company Secretaries
to undertake the Secretarial Audit of the Company for FY 24-25. The Secretarial Audit
Report for the year under review is provided as Annexure - C of this report. Further,
pursuant to amended Regulation 24A of SEBI Listing Regulations, and subject to approval
from Shareholders, being sought at the ensuing AGM, M/s. Loya & Shariff, Practicing
Company Secretary (C. P. No. 14872; Peer reviewed certificate no. 5823/2024) has been
appointed as a Secretarial Auditors to undertake the Secretarial Audit of the Company for
the first term of five (5) consecutive years from FY 2025-2026 till FY 2029-2030.
Secretarial Auditors have confirmed that they are not disqualified to be appointed as a
Secretarial Auditor and are eligible to hold office as Secretarial Auditor of the Company.
Explanation to Secretarial Auditors' Comments: In their report, the Secretarial Auditors
have commented about certain delays in the statutory compliances. The Company submits that
the said delays were inadvertent and not material in nature. The processes have been
strengthened to ensure timely compliances in future. 

28. LISTING WITH STOCK EXCHANGE

The Company confirms that it has paid the Annual Listing Fees for the year 2024-2025 to
BSE Limited where the Company's Shares are listed. 

29. SHARE CAPITAL 

The Authorized Share Capital of the Company has increased from Rs. 50,00,00,000 to Rs.
55,00,00,000 vide its Board Meeting dated 31.03.2025 and EOGM dated 28.04.2025 and paid-up
share capital is 3,65,88,462 equity shares of Rs. 10/- each. 

The Board of Directors of the Company in the held on March, 26, 2025 had approved
proposal for Preferential Issue,up to 46,36,500 (Forty -Six Lakhs Thirty Six Thousand and
Five Hundred) fully paid-up equity shares of the Company having face value of INR 10/-
(Indian Rupees Ten Only) at an issue price of INR 30/- (Indian Rupees Thirty Only) each ,
which is not less than the floor price determined in accordance with Chapter V of the SEBI
ICDR Regulations, aggregating up to INR 13,90,95,000/- (Indian Rupees Thirteen Crores
Ninety Lakhs and Ninety Five Thousand Only) to private investors subject to receipt of
requisite approvals . The Company had received “In-principal Approval” for the
Proposed Preferential Issue from BSE Limited (“BSE”) under Regulation 28(1) of
SEBI LODR Regulations vide their letter dated June 04, 2025. As BSE Ltd has taken major
time to give in principle approval, many of the proposed investors have expressed their
unwillingness to participate in the Proposed Preferential Issue including due to the
market conditions marked by uncertainties and volatility and passage of substantial time
from the date of consideration by the Board of Directors of the Company and approval by
BSE Limited. In view thereof the Company could not continue with proposed Preferential
Issue and withdraw the same.. 

30. ANNUAL RETURN

The Annual Return as required under section 92 and section 134 of the Companies Act,
2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is
available on the Company's website at www.rcvp.in. 

31. POLICY ON DIRECTOR'S APPOINTMENT, REMUNERATION AND OTHER DETAILS 

The Nomination and Remuneration Committee has laid down the criteria for Directors'
appointment and remuneration including criteria for determining qualifications, positive
attributes and independence of a Director. The following attributes/criteria for selection
have been laid by the Board on the recommendation of the Committee: 

the candidate should possess the positive attributes such as leadership,
entrepreneurship, industrialist, business advisor or such other attributes which in the
opinion of the Committee the candidate possess and are in the interest of the Company; the
candidate should be free from any disqualifications as provided under Sections 164 and 167
of the Companies Act, 2013; 

the candidate should meet the conditions of being independent as stipulated under the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015 in case of appointment as an
independent director; and the candidate should possess appropriate educational
qualification, skills, experience and knowledge in one or more fields of finance, law,
management, sales, marketing, administration, research, corporate governance, technical
operations, infrastructure, medical, social service, professional teaching or such other
areas or disciplines which are relevant for the Company's business. 

32. BOARD OF DIRECTORS MEETING

This information has been furnished under Report on Corporate Governance, which is
annexed. 

33. COMMITTEES OF THE BOARD

The Board has following Committees formed:

Audit Committee

Nomination & Remuneration Committee Stakeholders Relationship Committee

The details of the composition of committees, its roles and responsibility along with
number of meetings held are given in the Report of Corporate Governance. 

34. AUDIT COMMITTEE

The Audit Committee of the Board has been constituted as per the Listing Regulations
and Section 177 of the Companies Act, 2013. Constitution, meetings, attendance and other
details of the Audit Committee are given in corporate governance which forms a part of
this Report. 

35. VIGIL MECHANISM

The Board of Directors of the Company had adopted the Whistle Blower Policy in
compliance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 22
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A
mechanism has been established for employees to report concerns about unethical behavior,
actual or suspected fraud, or violation of Code of Conduct and Ethics. It also provides
for adequate safeguards against the victimization of employees who avail of the mechanism
and allows direct access to the Chairperson of the Audit Committee in exceptional cases.
The Audit Committee reviews periodically the functioning of whistle blower mechanism. No
complaints have been received during the Financial Year ended March 31, 2025. No personnel
have been denied access to the Audit Committee during the Financial Year 2024-25. 

The policy on Whistle Blower as approved by the Board of Directors is uploaded on
Company's website i.e. www.rcvp.in. 

36. RISK MANAGEMENT POLICY

The Company has laid down procedures to inform the members of the Board about the risk
assessment and minimization procedures and the same is reviewed by the Board periodically.


37. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company has adopted Policy on Prevention, Prohibition and Redressal of Sexual
Harassment at the workplace, to provide protection to employees at the workplace. The
Company has not received any complaints of sexual harassment during the year as per Rule
8(5) (x) of the Companies Act, 2013. 

38. CORPORATE GOVERNANCE

As per the requirements of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company has complied with the requirements of Corporate Governance
in all material aspects. A report on Corporate Governance (Annexure 1) together with a
certificate of its compliance from the Auditors of the Company, forms part of this report.


39. CODE OF CONDUCT 

The Board has laid down a code of conduct for Board members and senior management
personnel of the Company. The code also incorporates the duties of independent directors
as laid down in the Companies Act, 2013. The said code of conduct is posted on the
Company's website www.rcvp.in. The Board members and senior management personnel have
affirmed compliance with the said code of conduct. A declaration signed by the Managing
Director has been given in this Report. 

40. PERFORMANCE EVALUATION OF BOARD AND INDEPENDENT DIRECTORS

The Nomination and Remuneration Committee lays down the criteria for performance
evaluation of independent directors, Board of Directors and Committees of the Board. The
criteria for performance evaluation is based on the various parameters like attendance and
participation at meetings of the Board and Committees thereof, contribution to strategic
decision making, review of risk assessment and risk mitigation, review of financial
statements, business performance and contribution to the enhancement of brand image of the
Company. 

The Board has carried out an evaluation of its own performance as well as that of the
Committees of the Board and all the Directors. 

41. SAFETY, ENVIRONMENT AND HEALTH 

The Company considers safety, the environment and health as the management
responsibility. Regular employee training programs are carried out in the manufacturing
facility on safety and environment. 

42. FAMILIARISATION PROGRAMME FOR DIRECTORS

A well-informed familiarized Board member can contribute significantly to effectively
discharge its role of trusteeship in a manner that fulfils stakeholders' aspirations and
societal expectations. In pursuit of this, the Directors are updated on a continuing basis
on changes / developments in the domestic / global corporate and industry scenario
including those pertaining to statutes / legislations and economic environment, to enable
them to take well informed and timely decisions. 

43. SECRETARIAL STANDARDS 

The Company has complied with all the applicable Secretarial Standards. 

44. SCHEME OF ARRANGEMENT 

The Board of the Directors of the Company in its Board Meeting held on 04th January,
2022, has considered and approved draft Scheme of Arrangement ("Scheme") in the
nature of merger / amalgamation of Royal Spinwell and Developers Private Limited, a group
company with the Company (Royal Cushion Vinyl Products Limited), with effect from the
Appointed Date of October 1, 2021 under Sections 230 to 232 and other applicable
provisions of the Companies Act, 2013. The Company received the NOC letter from BSE Ltd as
required under Regulation 37 of SEBI, LODR and company had filled the application in NCLT
in Oct 2023. Pursuant to the order dated December 15, 2023 read with the addendum order
dated December 22, 2023 from Hon'ble National Company Law Tribunal, Mumbai Bench, Mumbai
(“NCLT”), the Company has called meeting of it's Shareholders and Unsecured
Creditors on 12.02.2024. The Company has filed second motion of application petition to
NCLT alongwith all the documents on 12th April, 2024 and next hearing is on 30th Sept,
2025. The coming into effect of the Scheme is subject to receipt of necessary statutory,
regulatory and contractual approvals, permissions, consents, sanctions, exemption as may
be required under applicable laws, regulations or guidelines in relation to the Scheme.
Pending the coming into effect of the Scheme, these financial statements are prepared
without giving effect to the provisions of the Scheme and as such, these financial
statements are subject to revision / modification upon coming into effect of the Scheme. 

The Board of Directors of the Company at its meeting held on Tuesday, August 13, 2024,
has considered and approved the Scheme of Arrangement under Sections 230 to 232 and other
applicable provisions of the Companies Act, 2013 ("Act") in the nature of merger
/ amalgamation of Natroyal Industries Private Limited ("NIPL" or
"Transferor Company"), a related party and an entity related to the promoter and
promoter group of the Company, with Royal Cushion Vinyl Products Limited
("RCVPL" or "Transferee Company") and their respective shareholders
and creditors with effect from the Appointed Date of April 01, 2024 ("Scheme").
The Board of Directors of the Company reconsidered the Scheme of Arrangement based on
observations received from BSE Ltd. The application was submitted to the BSE Ltd on
28.03.2025 .The Scheme is subject to the necessary statutory and regulatory approvals of 

(i) the shareholders and creditors of RCVPL and NIPL and other parties to the Scheme,
as may be directed by the Hon'ble National Company Law Tribunal (“NCLT”), 

(ii) the BSE Limited ("Stock Exchange" or “BSE”) and (iii) any
other contractual and regulatory approvals, permissions, consents, sanctions, exemption as
may be required under applicable laws, regulations, guidelines in relation to the Scheme
and as set out in the Scheme. 

45. SALE OF LAND

The Company has sold part of its land situated at Garadhia, Taluka Savli, Vadodara for
a consideration of Rs. 1.28 crores. 

46. ANY APPLICATION/PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 

There was no application made or proceeding pending against the Company under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review. 

47. MATERNITY BENEFIT ACT DECLARATION

The Company affirms that it has duly complied with the provisions of the Maternity
Benefit Act, 1961 during the financial year. All eligible employees, if any, were provided
maternity benefits as prescribed under the Act, and the Company continues to ensure a
supportive work environment for women employees during and after maternity. 

48. ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation, for the co-operation and
support received from Financial Institutions, Banks, Customers and other Government
agencies. The Board also wishes to place on record its sincere appreciation of the effort/
contribution made by employees at all levels for their hard work, dedication and
commitment. The Company's consistent growth was made possible by their hard work,
solidarity, cooperation and support and looking forward to their continued support in the
future. 



  

    
On Behalf of the Board of Directors
    
Mahesh Shah
  
  

    
For Royal Cushion Vinyl Products Limited
    
Managing Director
  
  

    
Place: Mumbai
    
(DIN 00054351)
  
  

    
Date:29/08/2025