Shiv Texchem Ltd Management Discussions

You should read the following discussion of our fmancial condition and results of operations together with our restatedfmancial information as of andfor the fmancial years ended March 31, 2024, March 31, 2023, and March 31, 2022. Our Restated Financial Statements have been derived from our audited fmancial statements and restated in accordance with the SEBIICDR Regulations and the ICAI Guidance Note. Our fmancial statements are prepared in accordance with Indian GAAP, including the schedules, annexures and notes thereto and the reports thereon, included in the section titled "Financial Information " on page 150 of this DraftRed Herring Prospectus. Unless otherwise stated, the fmancial information used in this section is derived from the restated fmancial statements of our Company.

This discussion contains forward-looking statements and reflects our current views with respect to future events and fmancial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those setforth in the sections titled "Risk Factors " and "Forward- Looking Statements" on pages 30 and 22 respectively, of this Draft Red Herring Prospectus.

These fmancial statements have been prepared in accordance with Indian GAAP. Indian GAAP differs in certain significant respects from U.S. GAAP, IFRS and Ind AS. We have neither attempted to quantify the impact of IFRS or U.S. GAAP on the financial data included in this Draft Red Herring Prospectus nor do we provide a reconciliation of our financial statements to those under U.S. GAAP or IFRS or Ind AS. Accordingly, the degree to which the Indian GAAP financial statements included in this Draft Red Herring Prospectus will provide meaningful information is entirely dependent on the reader s level of familiarity with the Companies Act, Indian GAAP and the SEBI ICDR Regulations. Any reliance on the financial disclosure in this Draft Red Herring Prospectus, by persons not familiar with Indian Accounting Practices, should accordingly be limited.

References to the "Company", "we", "us" and "our" in this chapter refer to Shiv Texchem Limited (formerly known as Shiv Texchem Private Limited), as applicable in the relevant fiscal period, unless otherwise stated.

OVERVIEW OF OUR BUSINESS

We are primarily engaged in the business of importing and distribution of hydrocarbon-based Chemicals viz. Acetic Acid, Acrylonitrile, Hexane, Butyl Acrylate, Styrene Monomer, Methanol, Toluene, Mixed Xylene (Solvent & Isomer), etc. which are critical raw materials and inputs for manufacturing of paints and coatings, printing inks, agro-chemical products, specialty polymers, pharmaceuticals products, specialty industrial chemicals, etc.

We act as one of the preferred sourcing partners for our customers wherein we aggregate orders from customers, engage with producers and suppliers to negotiate pnce, specifications, quantity and delivery schedule, and manage supply chain which includes storage, handling and logistics support.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our financial condition and results of operations are affected by numerous factors and uncertainties, including those discussed in the section entitled "Risk Factors" on page 30 of this Draft Red Herring Prospectus. The following are certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

• Growth of industries in which our products are used as raw materials and inputs;

• Ability to maintain cordial relationships with our customers and suppliers;

• Forecasting and assessing market demand of our products;

• Ability to effectively manage the supply chain including storage, handling and logistics;

• Introduction of new products and further optimize the product offerings;

• Ability to arrange the products for our customers as per their specifications and requirements;

• Effectively manage our working capital cycle and access to capital at reasonable cost

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies have been applied consistently to the periods presented in the Restated Financial Statements. For details of our significant accounting policies, please refer section titled "Financial information" on page 150 of this Draft Red Herring Prospectus.

RESULTS OF OUR OPERATIONS

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements of Company for the financial year ended March 31, 2024, March 31, 2023, and March 31, 2022:

in lakhs)

Particulars	Financial Year 2024		Financial Year 2023		Financial Year 2022
	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income
Revenue from Operations	1,53,490.41	99.88%	1,11,759.06	99.90%	85,865.83	99.21%
Other Income	178.38	0.12%	107.92	0.10%	681.63	0.79%
Total Income	1,53,668.79	100.00%	1,11,866.98	100.00%	86,547.46	100.00%
Purchase of Stock-in-trade	1,47,873.18	96.23%	1,21,964.27	109.03%	93,276.02	107.77%
Change in inventories of traded goods	(8,088.06)	-5.26%	(18,595.74)	-16.62%	(12,934.40)	-14.94%
Employee Benefits expenses	333.63	0.22%	268.81	0.24%	206.57	0.24%
Other Expenses	7,558.48	4.92%	4,519.45	4.04%	3,724.31	4.30%
EBITDA	5,991.56	3.90%	3,710.19	3.32%	2,274.96	2.63%
Finance costs	1,887.97	1.23%	1,535.41	1.37%	396.94	0.46%
Depreciation and Amortization expenses	19.02	0.01%	20.41	0.02%	9.86	0.01%
Total Expenses	1,49,584.22	97.34%	1,09,712.61	98.07%	84,679.30	97.84%
Profit /(Loss) before tax	4,084.57	2.66%	2,154.37	1.93%	85,865.83	2.16%
Tax expense:
- Current Tax	1,073.41	0.70%	552.38	0.49%	483.21	0.56%
- Deferred Tax	(0.14)	0.00%	(0.72)	0.00%	(1.53)	0.00%
Net Tax expenses	1,073.28	0.70%	551.66	0.49%	481.68	0.56%
Profit/(Loss) after tax	3,011.30	1.96%	1,602.71	1.43%	1,386.48	1.60%

PRINCIPAL COMPONENTS OF OUR STATEMENT OF PROFIT AND LOSS ACCOUNT Total Income

Our total income for the financial years ended March 31, 2024, March 31, 2023, and March 31, 2022, were amounting to Rs. 1,53,490.41 lakhs, Rs. 1,11,759.06 lakhs & Rs. 85,865.83 lakhs respectively. Our revenue comprises of:

Revenue from operations

Our revenue from operations comprises of revenue from sale of our products. Our revenue from operations accounted for 99.88%, 99.90% and 99.21% of our total income for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022, respectively.

Other income

Other income primarily comprises of interest income, insurance claims and storage and handling charges. Our other income accounted for 0.12%, 0.10% and 0.79% of our total income for financial years ended March 31, 2024, March 31, 2023, and March 31, 2022, respectively.

Expenses

Our total expenses for financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 amounted to Rs. 1,49,584.22 lakhs, Rs. 1,09,712.61 lakhs and Rs. 84,679.30 lakhs respectively. Our expenses primarily consist of the following:

Purchase of Stock-in-Trade

Purchase of Stock-in-Trade consists of import and purchase of our products which amounted to Rs. 1,47,873.18 lakhs, Rs. 1,21,964.27 lakhs and Rs. 93,276.02 lakhs for financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively accounting for 96.23%, 109.03% and 107.77% of the total income respectively.

Change in Inventar?es of Traded Goods

Change in Inventories of Traded Goods consist of changes in closing stock of our traded products which amounted to Rs. (8,088.06) lakhs, Rs. (18,595.74) lakhs and Rs. (12,934.40) lakhs for financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively accounting for -5.26%, -16.62% and -14.94% of the total income respectively.

Employee Benefits Expense

Employee Benefits expenses primarily consist of salary & wages and staff welfare expenses. Employee Benefits expenses for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 amounted to Rs. 333.63 lakhs, Rs. 268.81 lakhs and Rs. 206.57 lakhs respectively which accounted to 0.22%, 0.24% and 0.24% of our total income respectively.

Finance Costs

Finance cost consists of interest on borrowings and other finance charges amounting to Rs. 1,887.97 lakhs, Rs. 1,535.41 lakhs and Rs. 396.94 lakhs for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 which accounted to 1.23%, 1.37% and 0.46% of our total income respectively.

Depreciation and Amortization

Depreciation and Amortization represents depreciation on our Property, Plant and Equipment. Depreciation and Amortization expense amounted to Rs. 19.02 lakhs, Rs. 20.41 lakhs and Rs. 9.85 lakhs for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively which accounted to 0.01%, 0.02% and 0.01% of our total income respectively.

Other Expenses

Other expenses primarily include Import Charges, Legal & Professional Charges, Storage & Handling Charges, Freight & Forwarding Charges, Commission & Brokerage and other miscellaneous expenses. Other expenses for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 amounted to Rs. 7,558.48 lakhs, Rs.

4,519.45 lakhs and Rs. 3,724.31 lakhs respectively accounted for 4.92%, 4.04% and 4.30% of our total income respectively.

Financial Year 2024 compared to Financial Year 2023 Total Income

Our total income increased by 37.37% from Rs. 1,11,866.98 lakhs in financial year ended March 31, 2023 to Rs. 1,53,668.79 lakhs in financial year ended March 31, 2024 primarily due to increase in sale of our products resulting into increase in revenue from operations.

Revenue from operations

Our revenue from operations increased by 37.34% from t 1,11,759.06 lakhs in financial year ended March 31, 2023 to t1,53,490.41 lakhs in financial year ended March 31, 2024 primarily due to increase in sales volume and pnces of our products along with expansion in products offering during the year.

Other Income

Other Income increased by 65.29% from t 107.92 lakhs in financial Year ended March 31, 2023 to t 178.38 lakhs in financial Year ended March 31, 2024 primarily due to increase in insurance claim received.

Expenses

Total expenses increased by 36.34% from t 1,09,712.61 lakhs in financial Year ended March 31, 2023 to t 1,49,584.22 lakhs in financial Year ended March 31, 2024 primarily due to increase in purchase of stock in trade, lower increase in closing stock of traded products as compared to previous financial year and increase in other expenses which is generally in line with expansion in business operations of the Company.

Purchase of Stock in Trade

Purchase of Stock in Trade increased by 21.24% from t 1,21,964.27 lakhs in financial Year ended March 31, 2023 to t 1,47,873.18 lakhs in financial Year ended March 31, 2024 primarily due to increase in sales volume and pnces of our products along with expansion in products offering during the year.

Change in inventories of traded goods

Changes Change in inventories of traded goods increase by 56.51% from t (18,595.74) lakhs in financial Year ended March 31, 2023 to t (8,088.06) lakhs in financial Year ended March 31, 2024 primarily due to increase in closing Stock in trade.

Employee Benefits Expense

Employee Benefits Expense increased by 24.11% from t 268.81 lakhs in financial Year ended March 31, 2023 to t 333.63 lakhs in financial Year ended March 31, 2024 primarily due to general increase in salary & wages and provision for gratuity.

Finance Costs

Finance costs increased by 22.96% from t 1,535.41 lakhs in the financial year ended March 31, 2023 to t 1,887.97 lakhs in the financial year ended March 31, 2024 primarily due to increase in bank charges on account of increase in usance of non-fund based facilities in line with overall increase in business operations of the Company during the year.

Depreciation and amortization

Depreciation and amortisation expenses decreased by 6.81% from t 20.41 lakhs in financial year ended March 31, 2023 to t 19.02 lakhs in financial year ended March 31, 2024 on account of lower asset base as compared to previous financial year.

Other Expenses

Other expenses increased by 67.24% from t 4,519.45 lakhs in financial year ended March 31, 2023 to t 7,558.48 lakhs in financial year ended March 31, 2024 primarily on account of an increase in Import Charges from t

1,076.45 lakhs in financial year 2023 to t 1,832.10 lakhs in financial year 2024, Storage & Handling Charges from t 1,886.46 lakhs in financial year 2023 to t 3,615.10 lakhs in financial year 2024, Commission & Brokerages from t 112.75 lakhs in financial year 2023 to t 292.24 lakhs in financial year 2024, Legal & Professional Charges from t 129.49 lakhs in financial year 2023 to t 300.91 lakhs in financial year 2024 and other miscellaneous expenses from t 99.33 lakhs in financial year 2023 to t 480.25 lakhs in financial year 2024. The increase in other expenses is generally in line with expansion in our business operations.

Financial Year 2023 compared to Financial Year 2022 Total Income

Our total income increased by 29.26% from t 86,547.46 lakhs in financial year ended March 31, 2022 to t 1,11,866.98 lakhs in financial year ended March 31, 2023 primarily due to increase in sale of our products resulting into increase in revenue from operations.

Revenue from operations

Our revenue from operations increased by 30.16% from t 85,865.83 lakhs in financial Year ended March 31, 2022 to t 1,11,759.06 lakhs in financial Year ended March 31, 2023 primarily due to increase in sales volume and pnces of our products along with expansion in products offering during the year.

Other Income

Other Income decreased by 84.17% from t 681.63 lakhs in financial Year ended March 31, 2022 to t 107.92 lakhs in financial Year ended March 31, 2023 primarily due to decrease commission income from t 340.12 lakhs in financial year 2022 to t 0.84 lakhs in financial year 2023 and decrease in gain on forward contracts from t 263.90 lakhs in financial year 2022 to t Nil in financial year 2023.

Expenses

Total expenses increased by 29.56% from t 84,679.30 lakhs in financial Year ended March 31, 2022 to t 1,09,712.61 lakhs in financial Year ended March 31, 2023 primarily due to increase in purchase of stock in trade, increase in finance cost and increase in other expenses which is generally in line with expansion in business operations of the Company.

Purchase of Stock in Trade

Purchase of Stock in Trade increased by 30.76% from t 93,276.02 lakhs in financial Year ended March 31, 2022 to t 1,21,964.27 lakhs in financial Year ended March 31, 2023 primarily due to increase in sales volume and pnces of our products along with expansion in products offering during the year.

Change in inventories of traded goods

Changes Change in inventories of traded goods decreased by 43.77% from t (12,934.40) lakhs in financial Year ended March 31, 2022 to t (18,595.74) lakhs in financial Year ended March 31, 2023 primarily due to increase in closing stock of our traded products.

Employee Benefits Expense

Employee Benefits Expense increased by 30.13% from t 206.57 lakhs in financial Year ended March 31, 2022 to t 268.81 lakhs in financial Year ended March 31, 2023 primarily due to general increase in salary & wages and provision for gratuity.

Finance Costs

Finance costs increased by 286.81% from t 396.94 lakhs in the financial year ended March 31, 2022 to t 1,535.41 lakhs in the financial year ended March 31, 2023 primarily due to increase in bank charges on account of increase in usance of non-fund based facilities in line with overall increase in business operations of the Company and increase in short-term borrowings during the year.

Depreciation and amortization

Depreciation and amortisation expenses increased by 107.00% from t 9.85 lakhs in financial year ended March

31, 2022 to t 20.41 lakhs in financial year ended March 31, 2023 on account of increase in asset base due to addition of movable assets during the financial year.

Other Expenses

Other expenses increased by 21.35% from t 3,724.31 lakhs in financial year ended March 31, 2022 to t 4,519.45 lakhs in financial year ended March 31, 2023 primarily on account of an increase in Storage & Handling Charges from t Nil in financial year 2022 to t 1,886.46 lakhs in financial year 2023 and Commission & Brokerages from t 0.40 lakhs in financial year 2022 to t 112.75 lakhs in financial year 2023. The said increase was partially off- setted by decrease in Freight & Forwarding Charges from t 2,346.23 lakhs in financial year 2022 to t 980.32 lakhs in financial year 2023 and decrease in import charges from t 1,098.42 lakhs in financial year 2022 to t

1,076.45 lakhs in financial year 2023. The overall increase in other expenses is generally in line with expansion in our business operations.

Cash flows

The following table sets forth our cash flows for the period indicated:

in lakhs)

Particulars	Fiscal 2024	Fiscal 2023	Fiscal 2022
Net cash flow from/ (used in) operating activities	5,833.86	(16,249.62)	2,825.08
Net cash flow from/ (used in) investing activities	(8.35)	(78.17)	(29.08)
Net cash flow from/ (used in) financing activities	(1,137.11)	19,344.65	6,053.68
Net increase/(decrease) in cash and cash equivalents	4,688.40	3,016.87	8,849.69
Cash and cash equivalents at the beginning of the year	13,379.35	10,362.48	1,512.79
Cash and cash equivalents at the end of the year	18,067.75	13,379.35	10,362.48

Operating Activities Financial Year 2023-24

Our net cash generated from operating activities was t 5,833.86 lakhs for the financial year ended March 31, 2024. Our operating profit before changes in working capital changes was t 5,989.50 lakhs which was primarily adjusted against increase in trade receivables by t 5,708.57 lakhs, loans and advances by t1,156.51 lakhs, inventories by t 8,088.06 lakhs, and current liabilities by t 15,870.91 lakhs, respectively.

Financial Year 2022-23

Our net cash used in operating activities was t 16,249.62 lakhs for the financial year ended March 31, 2023. Our operating profit before changes in working capital changes was t 3,708.03 lakhs, which was primarily adjusted against increase in loans and advances by t 1,332.58 lakhs, inventories by t 18,595.74 lakhs and decrease in trade receivables by t 5,314.42 lakhs and current liabilities by t 4,791.37 lakhs, respectively.

Financial Year 2021-22

Our net cash used in operating activities was t 2,825.08 lakhs for the financial year ended March 31, 2022. Our operating profit before changes in working capital changes was t 2,270.23 lakhs which was primarily adjusted against increase in loans and advances by t 823.73 lakhs, inventories by t 12,934.40 lakhs, trades receivables by t 4,049.15 lakhs, and current liabilities by t 18,845.34 lakhs, respectively.

Investing Activities

Financial Year 2023-24

Our net cash used in investing activities was t 8.35 lakhs for the financial year ended March 31, 2024. It was on

account of purchase of Property, Plant & Equipment amounting to Rs. 10.41 lakhs, and off-setted against interest income of Rs. 2.06 lakhs.

Financial Year 2022-23

Our net cash used in investing activities was Rs. 78.16 lakhs for the financial year ended March 31, 2023. It was on account of increase in Property, Plant & Equipment amounting to Rs. 80.32 lakhs, and off-setted against interest income of Rs. 2.16 lakhs.

Financial Year 2021-22

Our net cash used in investing activities was Rs. 29.08 lakhs for the financial year ended March 31, 2022. It was on account of purchase of Property, Plant & Equipment amounting to Rs. 33.81 lakhs, and off-setted against interest income of Rs. 4.73 lakhs.

Financing Activities

Financial Year 2023-24

Net cash used in financing activities for the financial year ended March 31, 2024 was Rs. 1,137.11 lakhs which was on account of proceeds from issuance of equity shares amounting to Rs. 4,000.00 lakhs which was off-setted by repayment of short term & long term borrowings amounting to Rs. 3,249.14 lakhs and finance cost of Rs. 1,887.97 lakhs.

Financial Year 2022-23

Net cash generated from financing activities for the financial year ended March 31, 2023 was Rs. 19,344.65 lakhs which was on account of increase in short term & long term borrowings amounting to Rs. 20,880.06 lakhs which was off-setted by finance cost of Rs. 1,535.41 lakhs.

Financial Year 2021-22

Net cash generated from financing activities for the financial year ended March 31, 2022 was Rs. 6,053.68 lakhs which was on account of proceeds from issuance of equity shares amounting to Rs. 6,520.00 lakhs which was off- setted by repayment of short term & long term borrowings amounting to Rs. 69.38 lakhs and finance cost of Rs. 396.94 lakhs.

Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss related to adverse changes in market pnces, including interest rates. In the normal course of business, we are exposed to certain market risks including interest risk.

Interest rate risk

Interest rate risk results from changes in prevailing market interest rates, which can cause a change in the fair value of fixed-rate instruments and changes in the interest payments of the variable-rate instruments. Our operations are funded to a certain extent by borrowings. Our current loan facilities carry interest at variable rates as well as fixed rates. We mit?gate risk by structuring our borrowings to achieve a reasonable, competitive cost of funding. There can be no assurance that we will be able to do so on commercially reasonable terms, that our counterparties will perform their obligations, or that these agreements, if entered into, will protect us adequately against interest rate risks.

Liquidity risk

Adequate and timely cash availability for our operations is the liquidity risk associated with our operations. Our Companys objective is to all time maintain optimum levels of liquidity to meet its cash and collateral requirements. We employee prudent liquidity risk management practices which inter-alia means maintaining

sufficient cash and the availability of funding through an adequate amount of committed credit facilities.

Credit Risk

We are exposed to the risk that our counterparties may not comply with their obligations under a financial instrument or customer contract, leading to a financial loss. We are exposed to credit risk from our operating activities, primarily from trade receivables.

We consider our customers to be creditworthy counterparties, which limits the credit risk, however, there can be no assurance that our counterparties may not default on their obligations, which may adversely affect our business and financial condition.

Material Frauds

There are no material frauds committed against our Company in the last three financials year.

Unusual or Infrequent Events or Transactions

Except as described elsewhere in this Draft Red Herring Prospectus, there have been no events or transactions to our knowledge which may be described as "unusual" or "infrequent".

Significant economic/regulatory changes

Government policies governing the sector in which we operate as well as the overall growth of the Indian economy has a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations.

There are no significant economic changes that materially affected our Companys operations or are likely to affect income except as mentioned in the section titled "Risk Factors" on page 30 of this Draft Red Herring Prospectus.

Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations

Other than as described in the section titled "Risk Factors" and chapter titled "Managements Discussion and Analysis ofFinancial Conditions and Results of Operations" on pages 30 and 179, respectively, of this Draft Red Herring Prospectus, to our knowledge there are no known trends or uncertainties that have or are expected to have a material adverse impact on our income from continuing operations.

Future changes in the relationship between costs and revenues

Other than as described in the section titled "Risk Factors" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations" on pages 30 and 179 respectively, and elsewhere in this Draft Red Herring Prospectus, there are no known factors to our knowledge which would have a material adverse impact on the relationship between costs and income of our Company. Our Companys future costs and revenues will be determined by demand/supply situation, government policies and other economic factors.

New products or Business segments

Except as disclosed in this Draft Red Herring Prospectus, we have not announced and do not expect to announce in the near future any new products/ services or business segment.

Competitive Conditions

We expect competition in our business from existing and potential competitors to intensify. We face competition from both organised and unorganised players in the market. We believe our expertise and quality service offerings with distinguished experience will be key to overcome competition posed by such players. We believe that the

principal factors affecting competition in our business include client relationships, reputation, and the quality and pricing of our Services.

Seasonality of Business

Except as mentioned in this chapter, our business is not subject to seasonal variations.

Significant Dependence on a Single or Few Suppliers or Customers

For fiscal 2024, fiscal 2023 and fiscal 2022, our top five customers accounted for 11.46%, 8.53%, and 9.73%, respectively, and our largest customer accounted for 4.54%, 3.19%, and 3.21% of our revenue from operations, respectively.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. For further information relating to our related party transactions see "RestatedFinancial Statements" on page 150.

Material Developments subsequent to March 31, 2024

Except as disclosed below and elsewhere in Draft Red Herring Prospectus, no circumstances have arisen since March 31, 2024, being the date of the last financial statements as disclosed in this Draft Red Herring Prospectus which materially or adversely affect or are likely to affect, our operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next twelve months:

1. Pursuant to the shareholders resolution dated June 11, 2024, company was converted to public limited company and the name of Company changed from "Shiv Texchem Pr?vate Limited to "Shiv Texchem Limited and a fresh Certificate of Incorporation dated July 05, 2024 consequent to the conversion was issued by Registrar of Companies, Mumbai.

2. Pursuant to Board Resolution dated July 08, 2024, approved the change in designation of Vikas Pavankumar to Managing Director & Chairperson, Hemanshu S. Chokhani to Wholetime Director, Shyamsundar Chokhani to Wholetime Director and Neha Hemanshu Chokhani to Wholetime Director for 5 years with effect from July 08, 2024. The appointment was regularized via ordinary resolution passed in annual general meeting held on July 10, 2024.

3. Pursuant to Board Resolution dated July 08, 2024, approved appointment of Sushil Kumar Relan, Girdhari Lal Kundalwal, and Rajen Hemchand Gada as Additional Independent Director for a period of 5 years with effect from July 08, 2024. The appointment was regularized via ordinary resolution passed in annual general meeting held on July 10, 2024

4. Pursuant to Board Resolution dated April 02, 2024, the authorized share capital of the Company was increased from t 300 lakhs divided into 30,00,000 equity shares of t 10/- each to t 2,500.00 lakhs divided into 2,50,00,000 equity shares of t 10/- each by alteration of clause 5 of memorandum of articles of the Company. The increase in authorised capital was approved by the shareholders in extra-ordinary general meeting held on April 02, 2024.

5. Hemanshu S. Chokhani (Whole-time Director) was appointed as Chief Financial Officer and Dinky Raju Jain was appointed as Company Secretary and Compliance Officer with effect from July 08, 2024.

6. The Company issued and allotted Bonus Shares in ratio of 7:1 i.e., seven equity shares for every one equity shares held by the shareholders of the Company. The same was approved by the shareholders in extra-ordinary general meeting held on July 11, 2024 and the equity shares pursuant to the bonus issue was allotted on July 11, 2024.

7. The Company received letters from HDFC Bank on May 30, 2024 for enhancement of credit facilities from t 19,126.71 lakhs to t 21,626.71 lakhs and from Yes Bank on June 14, 2024 for enhancement of credit facilities from t 4,800.00 lakhs to t 7,300.00 lakhs