To, 
The Members, 
Your Directors have pleasure in presenting their 16th
Annual Report on the business and operations of the Company and the Audited Accounts
for the Financial Year ended 31st March, 2025. 

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



  

    
Financial Results
    

    

    

    
(Rs. in Lakhs)
  
  

    

    
Standalone
    

    
Consolidated
    

  
  

    
Particulars
    
Year ended 31/03/2025
    
Year ended 31/03/2024
    
Year ended 31/03/2025
    
Year ended 31/03/2024
  
  

    
Total Revenue
    
479.74
    
278.85
    
4,353.66
    
6800.21
  
  

    
Expenditure
    
209.65
    
154.95
    
3,742.87
    
6151.24
  
  

    
Profit/(Loss) before Depreciation
    
277.02
    
126.60
    
766.83
    
723.18
  
  

    
Depreciation
    
6.92
    
2.70
    
65.76
    
74.21
  
  

    
Profit/(Loss) before Tax
    
270.09
    
123.90
    
610.79
    
648.97
  
  

    
Extraordinary/Exceptional items
    
-
    
-
    
-
    
-
  
  

    
Provision for Taxation
    
-
    
-
    
-
    
-
  
  

    
Current Tax
    
31.07
    
31.55
    
89.26
    
152.19
  
  

    
Deferred Tax
    
0.01
    
0.03
    
-26.98
    
17.41
  
  

    
MAT Credit Entitlement
    
-
    
-
    
-
    
-
  
  

    
Less: Minority Interest in subsidiary profit
    
-
    
-
    
-
    
-
  
  

    
Add: Share in Associate
    
-
    
-
    
-
    
-
  
  

    
Profit/(Loss) after Tax
    
239.01
    
92.32
    
548.52
    
479.37
  


2. OVERVIEW OF COMPANY'S PERFORMANCE: 
The Company is into the business of trading of steel, trading of goods
and others. The standalone revenue from operations was Rs. 179.78 Lakhs as compared to the
Rs. 148.29 Lakhs revenue from operations during the previous year. The standalone profit
after tax was Rs. 239.01 Lakhs as compared to the standalone profit after tax was Rs.
92.32 Lakhs in the previous year. 
The consolidated revenue from operations was Rs. 3,896.26 Lakhs in the
reporting financial year as compared to Rs. 6624.91 Lakhs in the previous financial year.
The consolidated profit after tax was Rs. 548.52 Lakhs in the current financial year
compared to Rs. 479.37 Lakhs in the previous financial year. 
Profit for the year under review has shown an increase over the
previous year, indicating a positive trend in the Company's financial performance. 

3. DIVIDEND: 


With a strategic focus on long-term sustainability and a careful
assessment of the prevailing circumstances, the Board of Directors has decided that no
dividend will be recommended for the year under review. 

4. TRANSFER TO RESERVES: 


Reserves & Surplus at the end of the year stood at Rs. 1,385.00
Lakhs as compared to Rs. 1145.98 Lakhs at the beginning of the year. 

5. SHARE CAPITAL: 


At present, the Company has only one class of shares equity shares with
face value of Rs. 10/- each. 
The Authorized Share Capital of the Company is Rs. 95,00,00,000/-
divided into 9,50,00,000 Equity Shares of Rs. 10/- each. 
During the year under review, the members of the Company at their
Extra-Ordinary General Meeting held on 26/09/2024 approved increase in Authorized Share
Capital from Rs. 25,00,00,000/- (Rupees Twenty Five Crore only) divided into 2,50,00,000
(Two Crore Fifty Lakh) Equity Shares of Rs. 10/- (Rupees Ten) each to Rs. 75,00,00,000/-
(Rupees Seventy Five Crore only) divided into 7,50,00,000 (Seven Crore Fifty Lakhs) Equity
Shares of Rs. 10/- (Rupees Ten) each. 
Subsequently the members of the Company by Postal Ballot through remote
e-voting on 06/08/2025 (last date of postal ballot), approved increase in Authorized Share
Capital from Rs. 75,00,00,000/- (Rupees Seventy Five Crore only), divided into 7,50,00,000
(Seven Crore Fifty Lakh) Equity Shares of Rs. 10/- (Rupees Ten) each to Rs. 95,00,00,000/-
(Rupees Ninety Five Crore only) divided into 9,50,00,000 (Nine Crore Fifty Lakh) Equity
Shares of Rs. 10/- (Rupees Ten) each. 
The issued, subscribed and paid up equity capital is Rs. 24,99,60,000/-
(Twenty Four Crore Ninety Nine Lakh Sixty Thousand only) divided into 2,49,96,000 (Two
Crore Forty Nine Lakh Ninety Six Thousand) equity shares of face value of Rs. 10/- (Rupees
Ten) each. 

6. CHANGE IN NATURE OF BUSINESS: 


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

7. MAINTAINANCE OF COST RECORDS: 


The Company is not required to maintain cost records as specified by
the Central Government under Section 148(1) of the Companies Act, 2013. 

8. STATE OF COMPANY AFFAIRS: 


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

9. DEPOSITS: 


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

10. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE: 
The activities carried out by the Company are not power intensive and
the cost of the energy is insignificant. The Company has not imported any technology
during the year and there are no plans to import any kind of technology in near future and
hence information regarding its absorption is not applicable. There was no research
activities carried out during the year as well as no foreign exchange income or outgo
during the year. 

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

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

12. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS: 

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

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

Rhetan TMT Limited is the Subsidiary of the Company. Vivanza
Biosciences Limited ceased as an associate Company of the Company during the financial
year 2023-24 by sale of shares. 
There are no any joint venture and associate companies of the Company.
There has been no material change in the nature of the business of the subsidiary. 
In accordance with third proviso of Section 136(1) of the Companies
Act, 2013, the Annual Report of the Company, containing therein its standalone and the
consolidated financial statements shall be placed on the website of the Company at
www.ashokametcast.in. 
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013
read with Rule 8(1) of the Companies (Accounts) Rules, 2014, a statement containing
salient features of the Financial Statements of the Company's subsidiary in Form
AOC-1 is attached herewith as ANNEXURE-I. 

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

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

15. MEETING OF BOARD OF DIRECTORS: 
The Board meeting dates are finalized in consultation with all
directors and agenda papers backed up by comprehensive notes and detailed background
information are circulated well in advance before the date of the meeting thereby enabling
the Board to take informed decisions. 
During the year under the review, the Board met 8 (Eight) times during
the year on 23/04/2024, 28/05/2024, 15/06/2024, 12/08/2024, 31/08/2024, 10/10/2024,
02/01/2025 and 13/02/2025 with gap between Meetings not exceeding the period prescribed
under the Companies Act, 2013 and Rules made there under. 
For details of meetings of the Board, please refer to the Corporate
Governance Report, which is a part of this report. 

16. MEETING OF MEMBERS: 
15th Annual General Meeting of the members of the
Company was held on 12th September, 2024. 
During the year under review, Extra Ordinary General Meeting was held
on 26th September, 2024. 

17. COMMITTEES OF THE BOARD: 

The Company had constituted its committees to comply with section 177
and 178 of the Companies Act, 2013 and as per regulation 18, 19 and 20 of SEBI Listing
Regulations. There are currently three committees of the Board, as follows: 
1. Audit Committee 
2. Nomination and Remuneration Committee 
3. Stakeholders' Relationship Committee 
Details of all the committees such as terms of reference, composition,
and meetings held during the year under review are disclosed in the Corporate Governance
Report, which forms part of this Annual Report. 

18. EXTRACTS OF ANNUAL RETURN: 

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies
Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section
92(1) of the Companies Act, 2013 read with Rule 11 of the Companies (Management and
Administration) Rules, 2014 are placed on the website of the Company and is accessible at
the web link: http://www.ashokametcast.in/Investor%20Desk.html 

19. INSURANCE: 

All the Properties of the Company are adequately insured. 

20. RELATED PARTY TRANSACTIONS: 

There was related party transactions entered between the Company,
Directors, management, or their relatives. Hence, disclosure in Form AOC-2 is provided as ANNEXURE
II. 
All the contracts/arrangements/transactions entered into by the Company
with the related parties during the financial year 2024-25 were in the ordinary course of
business and on an arm's length basis as disclosed in the financial statements and
were reviewed and approved by the Audit Committee. The details of related party disclosure
form a part of the notes to the financial statements provided in the annual report. 
In terms of Regulation 23 of the SEBI Listing Regulations, your Company
submits details of related party transactions as per the format specified in the relevant
accounting standards to the stock exchanges on a half-yearly basis. 
Related Party disclosure under regulation 34(3) read with schedule V of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under: 

  

    
Sr. No. Disclosure of loans / advances /
    investments / Outstanding during the year
    
As at 31st March, 2025 (Rs. in
    Lakhs)
    
Maximum amount during the year (Rs. in
    Lakhs)
  
  

    
1 Loans and advances in the nature of loans
    to subsidiary
    
0.00
    
0.00
  
  

    
2 Loans and advances in the nature of loans
    to associate
    
0.00
    
0.00
  
  

    
3 Loans and advances in the nature of loans
    to firms/companies in which directors are interested
    
707.20
    
707.20
  

Further, transactions if any of the Company with any person or entity
belonging to the promoter/promoter group which hold(s) 10% or more shareholding in the
listed entity are given in the notes to the Financial Statements. 

21. DIRECTORATE AND KEY MANAGERIAL PERSONNEL: 

The Board of Directors of the Company has various executive and
non-executive directors including Independent Directors who have wide and varied
experience in different disciplines of corporate functioning. 
Following changes took place in the Board of Directors and Key
Managerial Personnel of the Company: 
Mrs. Manjusha Rahul Salunke (DIN: 10666478) was appointed as an
Additional (Independent) Director by the Board of Directors w.e.f. 15th June,
2024. Further, her appointment was approved by the members of the Company at their Annual
General Meeting held on 12th September, 2024. 
Further, she resigned from the office of Director w.e.f. 15th
February, 2025, citing personal reasons. The Company had received a confirmation from her
that there are no material reasons for her resignation other than the reasons provided by
her. 
Mr. Umangkumar Hirabhai Patel (DIN: 11104737) was appointed as an
Additional (Independent) Director by the Board of Directors w.e.f. 14th May,
2025. Further, his appointment was regularized by the members of the Company by way of
postal ballot through e-voting on 26th June, 2025. 
Mrs. Deepak Pandit Nikam was appointed as the Chief Financial Officer
of the Company w.e.f.23rd April, 2024, by the Board of Directors in their
meeting held on 23rd April, 2024. 
Further, he resigned from the post of Chief Financial Officer w.e.f. 1st
January, 2025 due to personal reasons. 
Subsequently, Mr. Harshil Vyas was appointed as the Chief Financial
Officer of the Company w.e.f. 1st April, 2025. 
Mrs. Anchal Singhal (Anchal Bansal), Company Secretary & Compliance
Officer of the Company resigned w.e.f. 14th June, 2024 due to Personal
Commitments. 
Mrs. Payal Punit Pandya was appointed as the Company Secretary &
Compliance Officer of the Company w.e.f. 15th June, 2024, by the Board of
Directors in their meeting held on 15th June, 2024. 
Further, due to pre-occupancy elsewhere she resigned w.e.f. 29th
April, 2025. 
Subsequently, Mrs. Riddhi Mit Shah, was appointed as the Company
Secretary & Compliance Officer of the Company by the Board of Directors of the Company
in their meeting held on 23rd May, 2025 w.e.f. 23rd May, 2025. 
Mrs. Leena Ashok Shah (DIN: 02629934), was appointed as the Managing
Director of the Company for continuous period of 5 years, i.e. 10th October,
2024 to 9th October, 2029, subject to approval of members at the General
meeting. 
However, she tendered her resignation w.e.f. 30th December,
2024, due to pre-occupancy elsewhere. 
Mrs. Payal Shalin Shah (DIN: 07071877), was appointed as an Additional
Non-Executive Director of the Company w.e.f. 10th October, 2024. 
Subsequently, she resigned w.e.f. 30th December, 2024 due to
personal reasons. 
In accordance with the provisions of Section 152 of the Companies Act,
2013 and Articles of Association of the Company, Mr. Hiteshkumar Donga (DIN:
03393396) retires by rotation at the ensuing Annual General Meeting and being eligible in
terms of Section 164 of the Act offers himself for re-appointment. 
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act, 2013. 
Further, the Independent Directors have also submitted their
declaration in compliance with the provisions of Rule 6(3) of Companies (Appointment and
Qualification of Directors) Rules, 2014, as amended from time to time, which mandated the
inclusion of an Independent Director's name in the data bank of Indian Institute of
Corporate Affairs ("IICA") for a period of one year or five years or life time
till they continues to hold the office of an independent director. 
Further, in the opinion of the Board of Directors of the Company, all
the Independent Directors are persons having high standards of integrity and they possess
requisite knowledge, qualifications, experience (including proficiency) and expertise in
their respective fields. 

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

Pursuant to the provisions of the Act and the corporate governance
requirements as prescribed by Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements), Regulations, 2015, the Board had carried out performance
evaluation of its own, the Board Committees and of the Independent directors. Independent
Directors at a separate meeting evaluated performance of the Non-Independent Directors,
Board as a whole and of the Chairman of the Board. 
The following were the Evaluation Criteria: (a) For Independent
Directors: - Knowledge and Skills - Professional conduct - Duties, Role and functions 
(b) For Executive Directors: 
- Performance as Team Leader/Member. 
- Evaluating Business Opportunity and analysis of Risk Reward Scenarios
- Key set Goals and achievements - Professional Conduct, Integrity - Sharing of
Information with the Board 
The Directors expressed their satisfaction with the evaluation process.


23. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES : 

Disclosures pertaining to remuneration and other details as required
under Section 197 (12) of the Act read with Rule 5 (1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as ANNEXURE-III. 

24. MANAGEMENT DISCUSSION AND ANALYSIS REPORT: 

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

25. CEO AND CFO CERTIFICATION: 

Mr. Ashok Shah, Managing Director and Mr. Harshil Vyas, CFO have given
certificate to the board as contemplated in SEBI Listing Regulations. The said certificate
is attached as ANNEXURE-V. 

26. LISTING OF SHARES: 

The Equity Shares of the Company are listed on the BSE Limited (BSE)
and National Stock Exchange of India Limited (NSE) with scrip code 540923 &
with security Symbol ASHOKAMET. The Company confirms that the annual listing fee to the
stock exchange for the financial year 2025-26 has been paid. 

27. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS: 

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

28. MANAGERIAL REMUNERATION: 

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

29. INDEPENDENT DIRECTORS' MEETING: 

Independent Directors of the Company had met during the year under the
review on 13th March, 2025. The Independent Directors' in its meeting
reviewed and considered: 
? The performance of Non-Independent Directors and the Board of
Directors; ? The performance of the Chairperson of the Company; 
? Assess the quality, quantity and timeliness of flow of information
between the management of the Company and the Board of Directors that is necessary for the
Board of Directors to effectively and reasonably perform their duties. 

30. AUDITORS: 
A. Statutory Auditors 

Pursuant to provisions of Section 139 of the Companies Act, 2013 and
the rules framed there under, M/s. GMCA & Co., Chartered Accountants, Ahmedabad (FRN:
109850W), were appointed as Statutory Auditors of the company from the conclusion of 13th
Annual General Meeting of the company till the conclusion of 18th Annual
General Meeting of the Company. 
The Notes to the financial statements referred in the Auditors Report
are self-explanatory and therefore do not call for any comments under Section 134 of the
Companies Act, 2013. 
The Report given by the Auditors on the financial statements of the
Company is a part of the Annual Report. 
The notes to the accounts referred to in the Auditors' Report are
self-explanatory and therefore do not call for any further comments. 
There has been no qualification, reservation, adverse remark or
disclaimer given by the Auditors in their Report. 

B. Secretarial Auditors 
The Board at its meeting held on 12th August, 2024 had
appointed Mr. Chintan K. Patel, Practicing Company Secretary, Ahmedabad, to conduct the
Secretarial Audit for the FY 2024-25. The Secretarial Audit Report in Form MR-3 for the
financial year under review, as received from Mr. Chintan K. Patel, Practicing Company
Secretary is attached as ANNEXURE-VI to the Board's Report. The observations
of the Secretarial Auditor in the Secretarial Audit Report are self-explanatory and
therefore do not call for any further comments. 
Further, in terms of Section 204 of the Companies Act, 2013 read with
Rule 9 of the Companies (Appointment and Managerial Personnel) Rules, 2014, and Regulation
24A of the SEBI (Listing and Disclosure Requirements) Regulations, 2015, the Board
recommended appointment of Mr. Chintan K. Patel, Practicing Company Secretary, Ahmedabad
(having COP No. 11959 and Peer review No. 2175/2022), as the Secretarial Auditor of the
company for a term of 5 (five) consecutive years from F.Y. 2025-26 till F.Y. 2029-30, to
hold office from the conclusion of this Annual General Meeting (AGM) till the conclusion
of AGM to be held in the year 2030. Accordingly, the resolution seeking approval for the
appointment of Secretarial Auditor by the members of the company is included in the Notice
of the ensuing Annual General Meeting. 

31. SECRETARIAL STANDARDS: 

The Company duly complies with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India. 

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

Pursuant to provisions of Section 143(12) of the Companies Act, 2013,
as amended from time to time, the Statutory Auditors have not reported any incident of
fraud to the Company during the year under review. 

33. INTERNAL FINANCIAL CONTROL SYSTEM AND COMPLIANCE FRAMEWORK: 
The Company has an Internal Financial Control System, appropriate
considering the size and complexity of its operations. The internal financial controls are
adequate and are operating effectively so as to ensure orderly and efficient conduct of
business operations. The Audit Committee in consultation with the internal auditors
formulates the scope, functioning, periodicity and methodology for conducting the internal
audit. Based on the internal audit report and review by the Audit committee, process
owners undertake necessary actions in their respective areas. The internal auditors have
expressed that the internal control system in the Company is robust and effective. The
Board has also put in place requisite legal compliance framework to ensure compliance of
all the applicable laws and that such systems are adequate and operating effectively. 

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

35. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE: 
As per the requirement of The Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 (‘Act') and Rules made
thereunder, your Company has assigned the responsibilities to Audit Committee The details
of Complaint pertaining to sexual harassment are provided as under: 

  

    
Number of complaints of sexual harassment
    received in the year
    
NIL
  
  

    
Number of complaints disposed off during the
    year
    
NIL
  
  

    
Number of cases pending for more than ninety
    days
    
NIL
  

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

36. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961: 
The Company affirms that it is in full compliance with the provisions
of the Maternity Benefit Act, 1961, as amended from time to time. The Company is committed
to fostering a supportive and inclusive work environment, and ensures that all relevant
policies and practices are regularly reviewed and aligned with the applicable statutory
requirements. 

37. DETAILS OF CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC): 

During the year under review, no Corporate Insolvency Resolution
Process/ proceedings were initiated by / against the company under Insolvency and
Bankruptcy Code, 2016. 

38. DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE
TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF: 

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

39. AGREEMENTS AFFECTING THE CONTROL OF THE COMPANY: 

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

40. VIGIL MECHANISM AND WHISTLE BLOWER POLICY: 
In accordance with Section 177 of the Companies Act, 2013 and
Regulation 22 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company has constituted a Whistle Blower
Policy/ Vigil Mechanism to establish a vigil mechanism for the directors and employees to
report genuine concerns in such manner as may be prescribed and to report to the
management instances of unethical behaviour, actual or suspected fraud or violation of the
Company's code of conduct. Vigil Mechanism policy is available on the website of the
Company at http://ashokametcast.in/Reports/Policy/whistle-blower-policy.pdf 


During the year under review, Company has not received any complaint
under the vigil mechanism. 

41. PREVENTION OF INSIDER TRADING: 
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors and designated
employees of the Company. The Code requires pre-clearance for dealing in the
Company's shares and prohibits the purchase or sale of Company's shares by the
Directors and the designated employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the trading window is
closed. The Board is responsible for implementation of the Code. All Board Directors and
the designated employees have confirmed compliance with the Code. 

42. DIRECTORS' RESPONSIBILITY STATEMENT: 
In accordance with Section 134(5) of the Companies Act, 2013 and to the
best of their knowledge and belief and according to the information and explanations
obtained by them, your Directors state that- 
i. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;

ii. The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company at the end of the
financial year 31st March, 2025 and of the profit and loss of the company for
that period;
iii. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of Companies
Act, 2013 and Rules made thereunder for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; 
iv. The directors had prepared the annual accounts on a going concern
basis
v. The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively, and
vi. The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively. 

43. CORPORATE GOVERNANCE: 
As required by the SEBI Listing Regulations, a detailed report on
Corporate Governance is given as a part of the Annual Report. Report on Corporate
Governance is attached as ANNEXURE-VII. 
The Practicing Company Secretary's Certificate of the compliance
with Corporate Governance requirements by the Company is attached to the Report on
Corporate Governance as ANNEXURE-VIII. 

44. CORPORATE SOCIAL RESPONSIBILITY: 

The Company is not covered under section 135 of Companies Act, 2013
hence details regarding policy on Corporate Social Responsibility is not applicable to the
Company. 

45. DISCLOSURE OF FINES/PENALTIES LEVIED: 

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

46. ACKNOWLEDGEMENT: 

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

  

    
Place: Ahmedabad
    
For and on behalf of the Board
    

  
  

    
Date: 30th August, 2025
    

    

  
  

    

    
Sd/-
    
Sd/-
  
  

    

    
Ashok Shah
    
Shalin Shah
  
  

    

    
Managing Director
    
Director
  
  

    

    
DIN: 02467830
    
DIN: 00297447