BOARD S REPORT

TO

The Members of

SADHANA NITRO CHEM LIMITED

Hayciato of UnucLvs of your company are hawing pfttasure m prosondng lha 50' lepurt or ilia Board of Directors on tlu
Ssancalona 6. Cflfiiolbd-aled Businessperformanceand Ocoral.ons of the- Compare forHw Thann-ial Yeai ended 31 March,
2023.

1 FINANCJAL RESULTS AND HIGHLIG NTS OF RERFORMANCE

2- REVIEW OF OPERATIONSJ STATE OF AFFAIRS OF THE COMPAMYJKEY HIGHLIGHTS:

Your company's rotel rawer- i.e for the financial year ended on March 3 1.2023
SLCsIenhel growth of approximately 1 compured fa Hs 1 2,565 I hp previous years. psspifa lie
plot:a; liitruptionsm the previous Vi uncial yeai. which resulted in an ullutiunary trend worldwide. LIve? Indian economy

Itie rise, largely due to the strong push towards challenging circumstances, your
company i lasunanayod topostcomrnisridahle results for ifa: financial year 2022-23.

The EBlDTAHom regularoperafions forFY2022-23 wasRs. 2440.26 Lakhs, .narking an increase Tram the previous
year'sEBIDTAo-Rs 1,37 5 Lakhs by about 30.14%.

Despife a signfic-am increase in lumovur and rigorous cosl control at every level, your company witnessed, a decrease
r Profit After TsxjtpAT) to Rs 459 Lakhs from regular operations This vja s primgr'-ly (fee to a substantial surge in vie
cost of raw maten&ls, driven by the geopolitical situation n Ukraine Fven with lots significant rise in raw material
costs. yo-UT company mapsgeri tc register a profit, demonstrating resilience and effective management under
f-.lmilenging onr.i i m stances

Moreand vatu Limited, a wl lOlly owned subs i! lary ot your com pariy. was n i e rged Into your cbrtipai ly In
pdfauant With 11m ordtv pa SSed by 1Sifj t-fan’b Ib NCLT, Mumbai Bench W-S, f February 03,2023

The company maintains a satisfactory order book position, and there have been no alto nations in the nature of ifio
company's business.

3. 50 YEARS INETR OSPECT:

Your com ne ny fifouri ly entered ils Golden Jubifee Year in 2022-23

Late Sfiri ntianknmer T, .lever, Ihe fon-ndmg Ch airmen, established Kedhena Nlra CHem Limited use public inuted
company on July 21. 1373 win ts shares siih-smiuenVy lisled on (tie Efamhny Stock Exobhngs Your company

launched (he first NitmbsriifGns (a Heavy Organic Chemical) Riant wlffiin ihe private sector, beginning oparationa In
11)75. Over Ltn? years, we expanded our Operaliuns Ihrpugll diversification info Ihe: production cl ver ::;js downstream
Dya-lntanmadlaia dei ivaiives Inc/easingiapsfdi^milaUngh&wfdeiVtE arm leveraging fore^itachnlcaf ppjiiatkMailMi
far high-valuoderivativci production

Our forward iraegr? hor. was strategi calfy designed for technical sy nergy. ope-mring economies. a nd coat ben e-fits I n
December 19R4 urnerwonr n lusumgf’menl reSfiUCfurtng l!l<d ted tn 1he apfXJIfllment Of EhP Asit C
ÝJaveri ns Managing Director in jF»rni3^TV 1985, Under his leapenstup the company enper.fineed a shift in basines-s
policies, Inniisinq on nun lily stenrterrte, con i pn I live e1?icienr:y. nnrl significant export initial .verr. I( 15 heartening !p note
thal your oomp^n/s products are luternatimally rif.:.'q ri ixsd for ihair quail ly. and a is trusted by mnlLinabona¹
cqrporaticHiS in advanced CoUHtri ate trusted by 1 Multinational rpurat-uns in arJvSncad counters.

Youf company has worked lirtsles-sly to reduce waste, snhur-co operating effldarycy, and maintain cost oonlrol a: ;-l
lava is. offering a competitive edge m both domestic and intema^!JCina^! markois. A fair and firm policy adopted by the
ir.3Pogenieni nas festered a cooperative relationship with our employees at a[i levciis. Throegh persuasion and
parficipali on, we h ave establish cd productivity1. n ked settlements with th e Union for over rh ree de cades

Your company hs oken financial decisions based on a cautious an-d conservative approach emphasising proft
rs ir vi?s1 men( and reduced rl ep ° nde-nce on borrowing enSbl ir.g u s to navigate vanou s fr a Is and I u rbulencss

A .raven war appointed as Managing Director, While Stiff A$ii ..avei i .hss.i 'led Lhe
rate ci11 s-prutlve Cheirm a 11 Under their learersh ip. your company h3s ec h -eved an rl rppunsd ils deal 1. nn ncial resuite

to date.

During 1 he last five-decade com nany's equity shn re of face vs lue Rs 1 Ck¹'- each was sub-divided over ihe period and
presently the equity shares are of the lace vaiu-e Re 1each

The shareholders pi Lde porn p-my were rewarded wi1h loSIpwing three Rial’I issues to broaden [fie cental base of Lhe
Company.

The sharehoM-ers of the company were also rewarded with following F iwa Sonus issues.

As on date.lhe total share capital stenosal Rs. 2-170,53,4521'- of whicn apji.uxin lately 64 66% has beer cuntributen
by Sonus issuos.

In FY 2021-22, your company issued 65.20.606 Equity Share Warrants cash convertible mtoono dOLily share of face
value Re 1/ each, at a pram .urn of Rs ISZ.Ofi/- pet snara

Vour company guccesofully registered ureter the PLl Scheme for ruanufwtufing Pore Amino Phenol iPAP) in FV
2Q2i-22 dhd eslatilishf'd :i PAP belch maniifa.-.Miring plqjttf After sigh lining the gLiul'y StorflfanJii, n whk convened
n to a ccnti mim 15 PAP Pten .ifactoring process It) achieve oo&t hfi nefito an n soonOm fi s of scale.

m terms of Cramparly laflfengsgl B5E Limited y-uu¹ company rankle H f3 :r FY 201EJ-13.382 in FY 2(]19-2D. 1)51 In KY
2021-22, and li!ft 11 PV 2022-23 H frlWig (hu Top 1000 C Oil i \M < n i> h

Wa'ra dslfahted to inform you that you' com many's equity shares are also listed or. too National Slock Exehanr.iu
1NSE) during FY 2023-24

Your company has heona-so achieved ISO 9001 2015 qunl-ty management system. ISO '4001:2015 Envirohment
managemen t system. ISO 45001 Ý 2016 Occupational health and safety mangg eimenl system pen ideates.

4. SHARE CAPITAL

a) Share Warrant:

Company Ikas issued Ofi.20.60li equity Share warrants, at a price ol Rs 1 fi3.36 per equity share warrenl
aggregating to Ra. 1,00,00,00,1 ‘i'fl- an preferential basin curlvortlfite into cine equity sh=i.-c against each wa-raul
face vuIjoRo. i,¹- at-a premium crfRs. 152.36)'-pel equity share. L)uiii _;q the year comp,any liiAiasusd and altotted
65,20.606 equ ty shares upon conversion of the equity stiara warrants.

b) Listing oil NSE:

We tine delighted to nn non nee that as of May 5th. 2Ct23, your company's equity shares have been listed on toe
National Stock Exchange of Ind :.i (NSE) The signiftosn r milestone will provide enhanced fading oppcul un-ties
and improve liquidity for our valued shareholders

c) Bonus Shares

Your director Considering the .-uServes and Suiqlus as Oil 31st March 2LI23 reubrr.nreiidud issue ol hcinus sliaios
which has beeft approved d-y shareholders oil 25' Juno. 2023 by way of postal holotm the ratio of2 (iwojbonus
sh a res liar evsry 9i nine t oxisti ng equity shares held on the record d ate by caadaiic-a tion of reserves

5 DIVIDEND:

Your IT rectors are pleased to propose a 15% rfivtoerd ^subject to tax on the expanded capital) on equiiy shares for ihe
financial year 2022-23. This propose! is subjed to toe approval of shareholders at toe upcoming 50th Annual General
Meeting.

Marr.be rs ! egis tered as Benefit: a I Owners afl Ii a dose of busi ness flour s 01 l^Jia Record Oats wil 11 u aflfy to-- I h e d vide nd
receipt. Upon approval by tta Members, me dividend will be distributed within 30 days folkrwing the Annual General
Muetibg.

b EXPANSIONS:

We are excited to share tlial your company has SLCcessiuky efcfflSishBd a Para-Am no Phenol (PAP) pisut. After
stabilize:] the pfocLction process and ensuring high-quality standards, we have transitioned from batch
manufacturing to a continuous pracess for PAP production We ere now on toe path to expend the plant s capacity to its
fu II potential of 36,000 TPA of PA P

In 2016 nur company mil laled prod hctiono! (3P0? With an Initial Capacity of 126 T PA Subsequent expansion allowed
us to datiotttensck Lfiis capacity to 25b 'PA ine fpl oW eg year. We fur !ner elevated this capacity to 5SD CPA in 2021,
today, we are proud to announce that we flava mere h sec cm ODB2 Capacity lb a subslahlin: 2,^20 fPA, soudiiying bur
positionafi sue of the workfe leading ODB2 rnanufaciufftrs.

1. EXPORTS:

As ybdr company nas grown more competitive giotjily, we have successfully established stable export - elatisnslups
across variotiscontinents, including Europe, Japan, and Norm America Th.s gtota: exposure Is a testament to our

company's rodual quality arc competitivepricing

Further more, we have noticed s developing Irend amn.pgdevelops?p nations initial in-g e pWrtffcil wsyming polky This
pc¹ icy rapri sente a strategy 1o d;versity supply chairs and reduce dependency m a si nq a sourre r.s 11¹ a ly China ' tiis
dlBWkiprTiWif present* an ext-itng oppd'tur.ity ru-r yi;ur Company to bruadtm our market baiu lurther arm build new
Ships in blast] dovetofHSd nations,

One of thu pivotal aspects Inal differentiate us and positions us favorably :S our vertical Integral'on strategy. Tins
approach offers us batter control over our supply chain, ensures the cons stent quality of our products, and allows for
more competitive pric eg. Coupled with the diversified sourcing policy, our integrated operations model mokes us an
ncreaslngly-attract'vesupplier choice.

I n th e evolving global irade see nprio. youT company 15 well-positioned to leverage these s hrfts and expand its footpn m
The diversification in sourcing coupled wittfo it un rme vaueoropppiMpr' hrough ved-icth ntegnitor sets us ap&n as

we strive to belhe supplier pi nhnipF

While ruir lac-31 r lftriiE I :s growing steertll y C om iiady's turn over Ý? si 'll t-pecseri on the ejrpprl ria ike
being total oi Rs 7 btid .0 3 Lakhs Mimparad-Siylasl year's 30 Lakhs registering an Increase or abnute.OS %.

Exports constituted about S5.Qa%of Die overall rovGhuu from Dpuiatiod Including other Income. Company's Experts
arc wol l d ivcrsi fiod In tc mns. of product range as welt a3 the C ouri tries of Export

&. OUTLOOK:

Your company rests or- robust long-ierm fur da me mote. allowing us to leverage our distinct product portfolio purl
competitive edge to estoiil ish a diverse and enduring sales pipeline with sustainable cosh flows for He years ahead
We aim 10 strategical ly employ these rash Flows to broaden dur product I ner- branch out info derivatives of nnx existing
!)'oducts. and an sura a (tope ndah! r , ion-g-term revenue stream

To trailer our aulonomy and resilience, we are also FOc-.js.ng On la d her backward ntegrahor. which will aid in reduce
ante mat dependencies. As global markets CCiflli 11 je ;o reaper! arid recover, we a 1 itci ue le a favrireb: in demai id.

In essence, we're steering toman* is fuiurc where our unique offerings, strategic oive-S'ficaliuii, and sustainable
growth align to keep us at. tb&forefront of ourindusty, ready toseiiie new opportunities as ihey emerge.

9. DEPOSITS.

The Company has not accepted or renewed any amount falling within the purview of movrsions of Section 73 of the
Companies Aq ?013. [The Act) and other appiioaixe rules IlSSreurtier (taring the year under review Hence, the
requirement for furnishing of details is not applicable

1Q. PAKTICU LAR 5 Q F LOANS, GUARANTE E S OR IN VESTM ENTS:

Pufcua 1 it lo this pro vetoes of Suction 1 do of tl re Ad re ad willi the Cgrinpanius (Meetings o! Board and its Rower*} Ruins,
201A and nil It!r ippUcabh tuluS Loans. guarantees and IrytfStTiWttS nas bueil 'urmshud In ‘ini' Motes No .-4 & 5 lu
Aud Lu d ffnanclai sta temart

11. UNPAiODIVIDEND 1IEPF:

The Company 'snot required to Iransfer any amount to the Investor Educations Protection Fund (IEPF} and does not
have unclaimed dividentl which remains lo be transferred te Unpaid Divide nd Account during 1 he year unde r review

12. TRANSFER TO RESERVES:

Toe Board of Director; have not appropriated and transferred any amouiit to any Reserve and 1ne Beard has herded
t< 1 r els In I tre entire airi-j uni i' 1 preht and Lots account

13. CONSOLIDATED FINANCIAL STATEMENTS:

As on 3' March 2023 me Company has one wholly owned Foreign Subsidiary viz, Anuchem 15 VS A Belgium
Financial Statement .-,T Itie said si:bH,idan. is cons; .Israel tor the purpose of preparing Consolidated Finanr.nl
slatE merits,

The C'lfiaolldtfted Financial statements oi the Company prepared in accordance wf(h reJayanl Aocounijfw jSlandarde
AS 21, A&-23and AS7 issued by ihu In stiiute ui C bartered AocounlarS£offrvlia riiid fami pari oi lh is Armiua i
Hoparl.

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

Anuctipm B VB.A continue Id he engagec in iheir respective nature of business. The performance and financia
positionfsalient features of the subsidiary for the year ended 3-1 "March, 2023 is given in Form AOC-I which is annexed
hereto and marked as firtosajirgd.

5pid|gri N el PnViite I 'miter merged wil fl 1he Compa iiy yipe NC- T grper dal ep 01 h Feb n lary. ?h2 3,

15. RELATED PARTY TRANSACTIONS:

a) The particLiters oI opntra eta Dranangymbrite wltflralated paritea:

Your Company has rnstur-csil y adopted '.ho practice of undartakjng related party transactions only In the ordinary
and normal course of business and at arm's length as pad of its pli losophy of ?£lMiing to highest ethical
standards, H ansparency and accou ntadi Iny i r li ne with ihe provisions of the Com panics Act, 2013 a id ihe Listing
Regulations the Board has approved a policy on related party transactions. An abridged policy on related party
irensactions has beer p ared on me Company's we&site nl hffj^'j/www. snei cornipolcief.

Related Party Transact,ons are also pieced in a Quarterly bflsis befone Ihe A;|di| Cnmm-ttee anrf Roarrl nf
Dii?w|irejij)r approval, FjjiororrihilJtis approval of Ihe Audit Cemmlltee is oWained fcHrUi-e (ratisaeftons which are of
a ffireeee.able enrt repetili va n :h I; i te

Further, my Company hat nol anlarad into any inale-ial LransacLkms ; contract yarrangarrntnls, rtterrtd to in
Sectio!11 d(5(i) o-t (i ha Atii) witii related party(ios) e*h dutnad undt;i Section2(Tti) of ftle Ac!) curing tiw finanmai
year under revusw.

b| Disclosure of ftetaEciJ Parly Transaction with Perse nor Entity belong mg to Promoters Promoter Group:

The C-cmnomy hss roi mace onv trcns;iction{5.) With Mnnekchand Panac lined Trading Investment Co Private
Limbed (EiSing Hoid'rg Company) an Fntity belonging to Promoter or Promoter Group that holds 10% or mere
shpnehol d ing of ine Company

c) Wottfjven loAtitoany Buhtldifeft

15. INSURANCE:

The as sals of your Cempaiiy are adetpiate y Insured Your Company has also taken out suitable oarer for Public
LiaHIEty.

17, INTERNALCQNTRQL &YSTEMS AN0 THEIRADEQfJACY:

The Company has inadequate jfitemal Gcnliol System commensurate with tfm size and nan. ire of its business The
preps ration des'g n inn a nd dooumemotio-n oF Poll cy on In fernsl Finarria l Conirol are 8? pt&oe and imp ip fn e nled wh ic h rp
reviewed pen 5d :cal ly enc med-.fied suitably to ensu ne controls

Ihe inlemnl audit is rarnafl ou1 hy r seperam firm pr Cn-.^pfern^ Aucwnterm lbe penodTal audit repodR. Including
signit ::aiM Hud L nnrrei val.ors anrl oorrer:tiv= actions there-cjli', are pren-ivimd Lo Ins Ltieirrr'an o^J th.a Audit Con¹ mil ten

10 MATTERS RELATED TO DfRE CTORS:

a) Declarations by IrdoMndarU Directors:

All mdepGi'ident Directors have given their declarat-ons mat they meet the criteria of independence as raid down
under the Act and pursuant (o tht Companies {Appointment an_hl Guarification of Directors:' Rules, 2014, the

Independent Directors are registered with MCA independent Director's Fteteoank
b} BdirdEyalpatipn;

In a Separate meeting ut Independent Director:; parlor nr id nett tf rrun-mdeiiendeni dippfltora, performance ul me
Baatd as lj whole and tJHdormarieaol the Chairman was evaluators, taking nun account thi viators ol aiMeutiYd
dirunto¹.

Tne santfi wav discussed in tee Board meeting liefc sutisegLienilyiotea meeting of the independent directors. at
which the aerformance of the Beard, its Committees, and fndwtdtJBl directors was aiso discussed. Performance
evaluation of independent directors was done by the entire Board, preluding the independent director being
evaluated.

c| RemapenattanPiPlIcy:

1 he Board qf UirednrF! Mrs on neortmmend.sLinn nr tl e hi nrr: motion ft Hr numeration Conimteeie framed policy I nr
Selection and n::;ig'.nlrn=.ni rl Directors tisn nr Maneqe-ineni and their errunRishon which s stated m tee
Corporate Governancs Report.

I via Nomuialiort and Ramunpraticjn Policy gFcompany ie be ing placed on website at ctsmpariy and same can be
assessed at https ..'to. si id .conVpolicios.

dj N mm her of Board Meetings

Tne Meetings of the Board and iis Comminees ora held at regular(ntervals to discuss, deliberate ard decide on
various business policies strategies, governance. financial matters and other businesses

Th r Board met 5 times di m n g the fme ncial year ended 31 ^:Me:rh, 2^2 3 in recorder ce wit h the provisions nr the
-.r.i 11' f detent nf Which are given m the Cnrpnmie Governance Ftepo'¹

T he gap between two Beard Meetings did i lot exceed 1 aldaye as per Sed on 173 of LI ie Am.

e) Board cd Directors and Key Managerial Persons:

Based on ihe recommends tion of N cm mation and R.om u nc ^ration Comm ittc-o (NTCC) 1he Board at i1s n^ec ting hold

cm 2~ Me y. ?0?2 approved th e appoi mment of 5 h ri. Rakes n R Koth -i ri as tee C h ief Fi nanciel Officer (‘CFO’) of ine
company with effect to m ? May ?02? Pursuant (o hfa-appeintment as CFO nf Ihe company. Shri Abbishejt A
javeri ceases to be 'CFO' wi1h effect From 2‘ May. 2022

Ý The members ot Ine Company at 1ne Annual General Meel ng held on 22 September ?0?2 had approves the ne-
dpau nlinen! bl Mr Amlt IMahen-Jra Mehfta ai dir Ihdepenc'er'l ?irady ul Ihe company ^Jcir a Second term of l.ve
conaecuti ve yeans Com mtSJlCIng from April 3(3.£02311ll April £9, 2H2H.

I1| Retirement by Relation:

In accordance with the provisions of the Acl. none of the Independent Directors =5 liable to neirre by rotation As per
the provisions of Section 152oflhn Cempanias Act2013, Mra.Sewrffl A Javen. retines byrotalten ntrhe ensuing
Annua^: General Meeting and be mg eligible, offers herself for re-appointment,

The Bo?rid recommends her re-snwnrmem end rhe agenda seeing tee approval of Memhers^;s included in me
Ntjlwa Mrvteri ng the SjOhAnnu^i General Meeting The necessary resolution recommending her re-appointment
forms part of thnAGM Nnlice.

iii| Appointment criteria and qualifications and their remuneration:

i he Num iujI'ui- ݣ Remuneration Committee r NHC") Idaflttflos and ascertain the integrity, qualllicationg
expertise and cxpcrence- of Lire uersun for appcmUmonl as Duocfo-. Key Managerial Personnel (' KMP ) or Senior
Management Personnel ('SMP ) at Senior Maiiag-ement level ann -ecommend tnc same to the Baa-ro for
appointment.

Iv | Separate M acting of fnd-c pen dent DI re etors Ý

Ill term f. of tequirerr = nt-; nt Sched ijle IV of the A::r the Indepenc-e i '1 Directors Off Ihe Company met separately on
141 ri February, 2023.. inter *Ý ia¹0 review I Me performance of No n-fortepend = n1 DireGfors (InCflid nq foe Cl" h irm h i n
I lm ei'tire Board aid [he quel ly. qpanfrly and fumeHrSSis qf the Mow 0^s information trelween the Manaqemerl and
the Boars.

19, LOANS FROM DIRECTORS

During the financial year Linear review. the Company has Pofrowod tho following alWJUnt-fs) from Directors and tho
respective directs' h3B given a declaration in wntmg to the Company to the effect that the amount is mot being given out
of fu nds acqui'cc by him by be mow ng or acce pi pg loans or c (a-p-osits from orheri. Accord¹ ngly, the foi lowing amou nt[s)
is tare excluded from the definition. of Deposit as per Rlm& 2( 1 >:rM'viii) of the Companies (Acceptance of Deposits)
Piiies 201J--

20. REMUN ERATlO M f CO M M15 51 ON DRAWN FR OM HOLDSN G t SUBSIO IA RY C OMPANY:

Dni'ing Ihe financial year i mder review, foe d rectors of ihe Con^-pany has not received 'emuneration: oomn.&s'nn fnom
the holding / su bsidiary Comp a ny

21. COhllMITT El E5OF BOARPOFEJIRECTORSOTTHECQMPANY:

lhe Company has duly ranitituted the following mandatory Lfomm-tteesin terms or ihe [revisions of the Acts. Listing
Regul a I ior IE redd with ml v s I far 'ltd Ule reuritl &t\nZ.

a. Audit Committee,

b. Nomination end Remiirtiralioii CoiiiiuHtee
c Stakeholders' Relationship Commillee:

d. Corporate Social Responsih ility Corntni floe, and

a. Ris k Ma nagement Carnmlltea
f Internal Complia n1 Comm itree

Hie Lfom position or all above Committees, number of Meetings held [luring die year under review, tune I terms or
reference and Othel details hays bean proYHiud in trio Corporate Govemante Report Which forms part of Uhls Annual
Report. AL Lhc ra comma ndalwri s n iadc by ihe Conim: LLees wore accepted b y lha Board.

Tol lown 'g a re the Committees of 0 oa rd of D irectarg of the Com pany Dota Is of the conposititon, tc mas of refe rence and
numhe" of meelirgs held for msoective comcniltees are giver In I be Report on Corporate Governance, which forms
pa rt of the An n uar Report. The sa me i s an nexed hereto a id marked as An ncxn rt-11.

ZZ. NOMINATION AND REMU ITERATION COMMITTEE:

1 he htnmination and Hemimeration C nrn m ittee was nonsli 1i Had nursi rant tp the pro iismn qf section 17S n¹ lhg Apt The
Com Hi lee has In accordance w: 111 11 r h pTpv ^iri r la- of sub-sect¹ in (3) of Section 17 !i el hie Ac! fOfmLi lated and uploaded
Oh 1 tttpjj Y/tvWw. sn Ý:. I. com/pp I icy, Die pobty S&tttejij Out the Criteria for tte termini nq qualifies I ions pusihve attributes
IntL-peiWlcufoe uf -j Director fold policy idieting fo TatrlUnb: ration frn DiruCfors, Key Managerial pL-rsOnrite ahd Other
employees.

23, CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Corporate Soma Responsibility Committee was constituted pursuant fo the provisions or Section 135 of the Ac! The
compositor of the committee is as fol lows

Mr AsitOhankumar.Javen, Charms11.

Mf Pfiyam Snaniiial Jhaven. Member
M i AyrruMa £. Ratu I Mumijur

The Annua: Report or. GSR Activities, stipulled unde.' the Act un-a the SEBi (Lisl.ng Obligation S. Disclosure

Requirements) Regulalions. 2^,r115 {'LODR") forms an integral pah of this Report and the Company hp.:. i-niliaied
activities in accordance with the said PoMcy. the detail of which have teen prescribed in£ p.ne^uce-ll!.

The C-P R pol r;y j s a vaita b-te -on Ihe we hsite of the Com pa n y at the li n K littpsrA'ww W.sncl com! pol icies

24. B U3IN ESS RESPO MSIBILITY & SUSTAI NAB ILITY REPO RT

RaguldljDn 34(2) of the SE0I Luting RugLilaliC.ru, I'kir alia, provides Uiai the Annua Repuh of the 1uu IbbO listed
Antilles based on market cap'taii2atmr.. should iiriandstorfly indtufe a BiifjjnesS RespojitJhlS^ 4 SufiialuBbHIiy Report
("BRSRfrom Tnanclal year 2GZ2-23 onwards. The same u annoxed fio-x-to arts marked as Arin^ureH^ describing
the inillat vbs taken by tl"i;- Gurnnp&r.y fi o nri an: environmental, social flirid governance- perspective

The BRSR forlhe hnanciol year 2022-2023 has also been hoslcd or. the Company's website

25, tNTERNAL COMPLAINT COMMITTEE FOR PREVENTION AND PROHIBITION OF SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE;

25 VIGIL MECHANISM f WHISTLE BLOWER AND RISK MANAGEMENT POLICY:

Pi. rsi i h ill to lha pmv isinns of Section 1 77 (S j nf tl re Art read with Rule 7 Hflfthe On n mania ^ (MneN'ijp of Board arm 11 r-.
Power,J Rules, 2014, and Rajfliat on 12 nf Shbl ;l DOR) Req'ji:il nns 2,115 the Company already has. in nlace "Vigil
Maatlpnium Pciicv" (WlUSlte Blower ^:JollCy) I Dr Directors and AiTiplOyOSS cl the Company Id orDvide a much an-am
which ensures adequale safeguar u a tost lunuyetu an d D: rectoja i run i any financial elalarrignle and reports, e Ic.

The employes of tio C ompa ny h a ve thcr nq hl/apticn lo re port their concern/g navan co Le Lha Chairman cl tno Aud it
Committee. The Company is oanniiik'd ;o aahcrc Lo- ine highest standards if ethical, irtcral and legal conducl of
business operations The Company also adopted Risk Assessment Procedure The details of the same are mentioned
m Ihe Corporate Governance Report

27. AUDITORS 5 REPORTS:

? ) Statutory Auditors of the Company anrl the-ir observation a, if any on accounts for the year ended 31"'
March, 2023

A: lha 4fi^r'Ann.jR Genera Meeting held nn fiepl err Pat 25 ?Qtg ihe Members approved appointmmil nf MVk

Jayesh Da d:a& Associates I.1 P, Chanererf Account ms rFirm registration T21I42W/W1Q0122). to tick) office

trom the cbfldLigtol nfthe if'/ Annn.d General Meeting until the cdrldusigi'l of the 51 ' Annual G-ereml Meeting to
behelrirorthefinarcia year2Q24.

1 heGfa'-.dory Audito's repo it t!::ei net oiailj-ri u-nyqua flcatJflns, reservations adverse remar-is or disclaimers,
bj Internal Auditor's o1 trie Cuinpuny.

Th-o Beard of Directors in llioir maot-ng Itald on 24th May, 2023 ro-appOLiilod M/s Cliandrastiokliaf Ivor & Co
Chartered Acoou nt-ant as the Inte rnal And itor of the Company For tl in Financial year 2023 -24

cj Cost Auditors of the Company:

Th-e B-oerrt Of Directors of the Company has OH fhe recommendation of the Audit CorpmiHee. approved the
appointment pi Ws Vinay Mulay £ Co . Cosi Accountant i.Reg Mm M,'3791) as the cost auditors of ihe Com,par",-
fpr 1he year ending March I^J,1,2Q24 subjeol 1p approval of members in l-he ensuring Annual General Meeting i e
50"AGM nf 1ne Company

Further. as BJJ«ififid by the Centra-: Gouammenl under Sub-Section t1) of Section 14H ol ha Act file required
actijU11La ami recordsaru made and maintalnad by the Company.

d} SacnMrtaI Auditors ol me Company:

The Board on the recommendation of the Add-r Committee appointed Mi's. MMJB 5 Associates LLP. Company
Secretaries -n Prad-ce. Mumbai as Becretadai Auditor lo conduct Secretarial Audit ef the Cemaany for the
Financial Year 2022-23 and ¹ heir repon is annexto hereto anc marked as Anne*lire -V ODservaLions made by
Sec reraripl Auditor os pers^r repnrl alc-'ri with explar0(i<iri madeljiy Board is giifijn below;

The Pwrtl to 5 also appointed M/s MMJE & Asstxtotes U P Company Seo'otnn^ in Practice. Mum to. as
SWrefsrialAiKtitjtfflQ condutl SecnetiSsl Audit of tfte Company for Financial Year 202 3-24

s) Re po rtin g of fra ads by statutory auditors:

There WBfti no incidences at repurtmgd frauds by StatuluiyAUUitursu¹ thu Company under Section 143 M2;o<
thu Act read wlfh Corrtpantes (Accuunts) Rules.

t] C od u for prevention of 11 ls i dci Tradi ng:

As per 5 E EH (Proh Ibid on of inste e r T rad; ng Regulations j ,20 f 5. your Comps n y h as adopted arm me ndcd Code of
Conduct to Tpgula'.e monitor and report trad.ng by Designated Persons .and their Immediate Rein: ves unde^1, the
SERI Ý, PnonipHtion of insider Trad ingl Regulators, ?Q 15

This Code of Conduct also include* node gl pTflcfioes 3rd procedures. Tor fair disclosure rrl unpubh-.hed price
sensitive uilr.rT’iation ein ri uas been ttiarlp avail.min on the Company's webs: la.

28. CORPORATE GOVERNANCE;AND MANAGEMENT DISCUSSlONAND ANALYSIS REPORT:

PulSuan! to RugulaLloi is 17 to 27 Und Scbftduls V of SEBi (Listing Obligations find UiSCIqSuiu Ratjqlwmanis}
Regulations, 201S Lhe corporate govomanoe report ^gather with Auditor report on the compliance on tlio same s
annexed hereto and marked as Amicxuro II and the Management Discussion and Ana lysis report is annexed hereto
annf marked as Amuxure -Vi

29. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND

OUTGO:

The informal on cm Cflrge-rYflfwn of energy, technology absorption end Tnre:nn exchange eamlnge end outgo stipulated
underSection 134(3)(m) nf the Ac.t, read vrllh Rule 8 of The Cramps n;es ( Ag«hjnts) Rules.2014, (B annexed herntn end
marked as A:i r:ex u ra -'Vll.

30. ANNUAL RETURN:

Purs jam to the provis-ons of Section 92(3) anu 134 (3) (a; of Due Ad, 2013, flic Annual Return for Lho ftrranciaf year
omreef 31" March 2023 wiii be uploaded on the wabMjSs of th.e Company at https .vWww.snd.Khni/annualietU'r

31. SECRETARIAL STANDARDS OF fCSI

Your Con^-pony is ireevnp iance with the SeCtetaral StEtpri3rrl9.cn Meetings of ihe Hoard of Directors fss - rj ^nd
General Meetings (^HSS*Z*) issuer: by The Institute of Company Secretaries of India nesh 3 rid -^H5 approved by me
Gove mment <jt India

32. INDUSTRIAL RELATIONS

The Cbinpany has heart able to create a favaiabte work environment that motivates performance; customer focus and
Innovator! b your company's strategies are based, inter alia, cm process of continuous l ea ming ants jmprova me n(.

The Company contjnuas to focus on extensive training and developmental achvit.es aixi efficiency and quality
improvement initiatives.

The pmducii vi1y linked long term vvg gosettlemert wi111 die ivodmien is under negotiaI .or

33. PARTICULARSOFEMPLOYEESANDREMUNERATION:

1 he interrn-d!Ý on required under Section 197(17) ol the Art 'eeP with Hu:- 5 n1 the Cernpgu es (Appointment end
Ran:lIiteration m Managerial Personnel) Rules. 2014 and other applicable Rules, is attached as AnnamwaAflll
Statement cuntai . ny particulars of kip 13 employes® und Lhu employee's drawing ramunufaiiwi in excess 6f limits
prescribed under Section 197 (12) of ihe Act mad with. Hula 3(2) and (3) M the Companies {Appointment and
Rumu iteration of Managena Personnel) Rules. 2014 and other a pc Heat'e Rules is arovided in LlteAnnoxure terming
part of this report.

34 SIGN! FICANTOR MATERIAU ORPER5 PASSED AGAIN ST THE CQMPAN V

F11 rr; usnt 10 ItlS fera. irR m “ Ý il tiT Snotion 1 34 (3 )(g) o^J 'Me Ant .2013 read WTI h R'. He FI |5 |fvii) of the Com nnon; s (ACCOtlBfel)
Hnles, 5D14. II is conVmnn that d'j'inq FV 2021-23 there irreie no siqn firen! nr matedal ordere passed by the
Re 9 l latl ;re 0 Ý L^Ou-oi 11 ibui ih Ih 1 m pa-: ;fing LI•Ý h go- i iq ounce m statuH and your Cornpn r y's Opera lions in Mima

35. MATERIAL CH ANGE5 AND COMHITMENTS AFFECTINO FIN AMCLAL POSITION BETWEEN THE END OF THE
FINANCIAL YEAR AND DATE QFTHEREPORT:

Thi;rs have been iholher rnaterral changes and commit-metiSs arf acting the financial position of your Company since
the close of r ipancia; Year i e 31" Maren, 2023 n-nd the date of this Report except those mentioned In this report

36 LEGAL AND REGULATORY

The Company envies Tie -.-:r,mp1i:3nre will lews ^nd reni.l.ncrei pretevenl snn ^pp|,cable e-e esirenlial nad pf 1he
bijsii“5iS operahnns We nl SrtnhnnH Hi& r:nnin lilted to comply lews and req.tHliprc in d-veree areas an Wo dud safety
pmd.jd dAimu lredenwk.5. copyright patents, competition employes hee^:lh end H-Hlfdy I he enviTonmuril Corporate
governance liiling and diidlhLltp Urnpldyitiarl! arid taxes

Frequent changas In Saggl and regulatory regime in id Introduction of newer ragulalloiis wllft mu-hplu audio! il-os
ragu.mlng same- areasiead lo ccmnpii'xlly in compliance. Wa closely monitor and reviewour practical lo ensure thpiwe
re n ian \ complaint with relevaru 'aws and legal obligations.

37. SYST EH AND IN FQRMATIO N

Your Company's operations are increasingly dependent or Information Technology MT^r) systems and Ihe
management of information. Increasing digital interactions wiih customers, suppliers end Consumers place even
premier emphasis on the need for secure and reliable !Tsystems and infrastructure anti careful management o1 the
i nlcirmahpn Lli :h I ia In ou r possession

The Cyber-attack threat I un-aulhorisad access arid III sues cl seusiLivH iiilurmaLiOn or disruptin':i In Operal.nir:
cfnHirmes 1» i^CPMS*: To reduce llui impact t:f oxtermil cybt:--attacks impacting oui business. we have firewalls .md
mi un! monitoring systems in place, complete with immediate response capabilities to mitigate identified threats. Qui
employees at Sadhana a no trai nod to upocrsland these reg u- namonts and en sure tho effective implement.

36. GENERAL DISCLOSURES

Your Directors state that no disclosure or reporting m required in respect of the following items us there were no
trausaclions on these hens during I h e year under review

I. The Company has not issued any ahnrea with deferential ngtifs arid hence np infnrmalinn as per preview,i:s nt
Section 43(a)(ii) of 1he A;t read w.lh Rule 4(4) bf I he Companies (St: are Cnpilal nnrf Debenture) Ru!es, 2DM i?

liiTTliiihed.

II. The Company bag not issued any sweat ertdity shares dutmg me year u ridur rn view and tiatiee rw Infdrmalioii as

par provision s of Section (1 )(d) of fho Act roaci with Rul u 0; 13) of Lh c Compaitics j Sh ana C ap itcl anc Deseniurc)

Rules. 20141 i f ti i nislted.

III Thn Company has no I 'SSucd uny equity shares urn cr Employees Stock Option Scheme durino me ye<m urdar
review and hence no informiil-.on as per provisions of Section G2{ l)(b) of the Am read with Rule 12(9) of 'he
Companies {Share Capital and Debenture) F? u les. 201 ^ is fi jmfohed.

IV During the yonr undnf raviev, there were pn instances of nnn-eye'r;r.ing r,f voting rights m resper.t of (hares
frunttigged d.rechy hy employees under a scheme nyrsuant to Seclron S7(3) pf thn Ad read with Flute t&i't) O^f
Companies ;Share Capital and Deher cures: Rules, 2014

39 DIRECTORS RESPO NS IBILITY STATEMElYT

Pursue rifts tho regu.renriGnt of SecLion lo4(b) of tna Companies Act, 2913 the Board of Directors of your Company, lo
fhc b&st of ineir knowledge ana aS: hty. confirm that

(a) ip tho prepar&hon of the An n .ja¹ Accoun ts. tho applicable accou n Ling standards have been followed and there a re

no matencsl departures

l.h) The Dkectw 'lave selected such accounting polmiea grid eppliErl them consistent! y and mad? jur.gn¹ Fills and
e Etiolates (hat are reasonable and prudent so as to q we a tr ue and ‘ai i v~ w of (he slate of afl s ire nt your Comps i¹ y
a F 1fte ei -U tit the P¹ n flrtflial Year and of ftlB profit of your C«ri paiiy ft if Ih a I period

(c) I Me Dtrectw have takan proper and sufficient t-m:- ’or the maintenance of adequate acaouniuig records in
accords nee wish tnc provisions of (The Ac!) for eafeyoarding th e assn Is of your Compai i y and for preventing and
detecting fraud a nd other mgularitie^

The Director have pro pared I he.Ar n u a '• Accounts on a going concern ba-sls;

Tns pi'reolor have laid down rfemgl finaoca¹ controls to he followed by yoiir Company anri thgr such internal
fingnei e controls ane sri ec u ate and a ne opemii ng e<factively;

I ne Director Ha ve devised prone^- systems tneiÝÝlira mnipkanre with Ilia orDvisions of el! .-inniicahln Ujbh Ý and that
Such systems were h d eg cate anri operating effectively

40. SAFE HAflfiOuH :

Statements in the Beam's Report including Ajinexuros there tq describing !no Company's objectives, expectations or
forecasts nay ceforwaid looking vntlim (he meaning of applicable securities laws and negulalKuns. Actual results may
differ materially from those expressed in the statement Important factors that could influence the Company's
operations include gtoba'¹ and domestic demand ana ruppiy. Input costs, av-p.lability, changes in government
regulations, tax lows. Global geo pol-ticat sititetior economic developments w'iihin ard outside ttip ctulnfry and other
factory such as litigation and industrial relations

41. ACKNOWLEDGEMENT.

1 lie Board nt Dir udore extend¹! its r eapatt grfli .1 n n a to ah employees across vannii s te vels nt our nrqeni whose
hard work. dedication, end unwavering Con imi I merit have been [lie pillars of oui success, arU tor ItlaL. we are

profoundly thankful.

Wo would also Tike to pxpress oursmcereappreciation for the enduringcooperation and support wt- havo raco:vedfnom
ou' shareholders investors. bankers, financial insbfLffiorts cfomers, and tidiness gamers. Thsfr trust and
e ncou ragement have been inva iuahlc in ourjottf ney

Our heartfelt thanks also go out to ail regulatory euthom es and other stakeholders who have consistently provided
guidance and support, contributing tp our ongoing growth and success We look forward tp strengthening these
relay pnships as we continue to navigate 11 re pafh to pcogress together,

For and On Behalf of thE Board of Directors

ASiT D. JAVER

FXCUlIVE CHAIRMAN
DIN;0026Sf14

Place. Mumbai
Date 7” August . 2025