The Board of Directors of Jagatjit Industries Limited has pleasure in presenting the 80^th [Eightieth] Annual Report on the business and
operations of your Company along with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended 31^st
March, 2025.

FINANCIAL SUMMARY

The Board Report is prepared on the basis of standalone financial statements of the Company. The Company's financial performance for
the year under review along with previous year's figures is given hereunder:

STATE OF COMPANY’S AFFAIRS

During the year under review, the Gross Turnover [including income
from Services & Other Sources] was ' 67,034 Lacs as compared
to ' 73,432 Lacs during the previous year. The Company incurred
loss of ' 2305 Lacs as compared to profit before taxation of
' 971 Lacs during the previous year. The Company sold 3.03 million
IMFL cases as against 3.82 million IMFL cases during the previous
year. The Company is also engaged in manufacturing of Country
liquor in the state of Punjab & Rajasthan, where it recorded gross
volume of around 2.49 million cases as against 2.26 million cases
during the previous year.

During the year under review, while the Company faced headwinds
from rising raw material costs, a more complex regulatory
landscape, and the conclusion of a long-term manufacturing and
supply agreement for malted food products, it remains focused on
adapting its strategies to drive future growth and enhance
profitability. With renewed focus and strategic agility, the Company
is confident in its ability to navigate challenges and seize emerging
opportunities in the coming years.

To capitalize on India's premiumisation boom, the Company is
offering a trio of flagship offerings—Royal Pride, King Henry VIII
[Damn Good Scotch] and Royal Medallion—in respective key
markets, with a single-malt whisky launch slated for the near future.
At the same time, we've ramped up malt-spirit production and sales
to meet surging demand in India's rapidly expanding malt-spirits
segment. On the global front, Jagatjit has broadened its export
footprint, targeting a significant volume share in international
markets over the coming years.

With commercial production at its 200 KLPD grain-based ethanol
plant now on the horizon, the Company is poised to deliver
meaningful enhancements in both revenue and profitability. We
remain fully committed to our core portfolio—Indian Made Foreign
Liquor and Country Liquor - while strategically expanding into new
domestic states and overseas markets to unlock fresh growth
streams. At the same time, our continuous investment in
premiumization of IMFL brands strengthens our position in the

segment. Together, these initiatives set the stage for seizing
emerging opportunities and driving sustainable, long-term success.

TRANSFER TO GENERAL RESERVE

In view of losses, no amount has been transferred to General
Reserve.

DIVIDEND

In view of losses incurred by the Company during the year under
review, the Board of Directors of your Company do not recommend
any dividend.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING
THE FINANCIAL POSITION OF THE COMPANY

No material changes and commitments affecting the financial
position of the Company occurred between the end of the financial
year to which these financial statements relate and to the date of
this Report.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year under review, there was no material change in the
nature of business of the Company.

SHARE CAPITAL

During the year, there was no change in the Authorized Share
Capital of the Company. However, the Company issued and allotted
1,19,025 equity shares to the eligible employees under Jagatjit
Industries Limited Stock Incentive Plan, 2021. As a result of the
allotment, the paid-up share capital as on 31^st March, 2025
increased from ' 46,66,35,030 comprising 4,66,63,503 Equity
Shares of ' 10/- each to ' 46,78,25,280 comprising 4,67,82,528
Equity Shares of ' 10/- each. The shares so allotted rank pari
passu with the existing share capital of the Company. Apart from
the same, there was no other change in the share capital of the
Company.

EMPLOYEES STOCK INCENTIVE PLAN

Pursuant to the approval of shareholders in the 76^th Annual General
Meeting held on 30^th September, 2021, the Company has
introduced and implemented the “Jagatjit Industries Limited Stock
Incentive Plan, 2021" (“JIL SIP 2021 ” / “Plan"), in accordance with
the provisions of the Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021.
The Nomination and Remuneration Committee (“NRC Committee")
of the Board administers and monitors the JIL SIP 2021. During
the year under review, no further stock options were granted to
the eligible employees.

Disclosures required under Regulation 14 of Securities and
Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 relating to Employees Stock Options as
at 31^st March, 2025 are given in 'Annexure - 1' to this Report.

Further, a certificate from the Secretarial Auditors on the
implementation of the Company's Employees Stock Incentive Plan

will be available at the ensuing Annual General Meeting for the
inspection of the Members.

FIXED DEPOSITS

During the year under review, the Company has not accepted any
deposits, falling within the ambit of Section 73 of the Companies
Act, 2013 (“the Act") and the Companies (Acceptance of Deposits)
Rules, 2014. As on 31^st March, 2025, no amount on account of
principal or interest related to deposits was outstanding.

HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Holding Company:

M/s LPJ Holdings Private Limited holds 64.36% voting rights in
the Company i.e Jagatjit Industries Limited as on 31^st March, 2025
and by virtue of such holding M/s Jagatjit Industries Limited
continued to be subsidiary company of M/s LPJ Holdings Private
Limited as per the provisions of Section 2(87) of the Companies
Act, 2013.

Subsidiary and Associate Companies:

During the year under review, M/s JIL Trading Private Limited,
M/s L. P Investments Limited, M/s Natwar Liquors Private Limited,
M/s Sea Bird Securities Private Limited and M/s S. R. K.
Investments Private Limited continued to be the subsidiary
companies of the Company.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of your Company for the
Financial Year 2024-25 are prepared in compliance with the
applicable provisions of the Act, Indian Accounting Standards (“Ind
ASs") and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 201 5 (SEBI
(LODR) Regulations) which shall be placed before the members in
their forthcoming Annual General Meeting (AGM).

In accordance with Section 129 (3) of the Act, a statement
containing the salient features of the financial statements of
subsidiary/ associate companies is being provided as Annexure in
Form AOC-1 to the consolidated financial statements of the
Company and therefore not being repeated to avoid duplication.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Retirement by Rotation

In accordance with the provisions of Section 1 52 of the Act and in
terms of the Articles of Association of the Company, Mrs. Asha
Saxena (DIN: 08079652), Non-Executive Director is liable to re¬
tire by rotation at the ensuing AGM and being eligible, offers her¬
self for re-appointment. Your Board recommends her re-appoint¬
ment.

Appointment / re-appointment

Mr. Nagendra Kumar Chauhan (DIN: 10731530), who was
appointed as an Additional Director (Non Executive and Independent)
of the Company by the Board of Directors with effect from 9^th

August, 2024 and in respect of whom the Company had received
a notice in writing from a Member proposing his candidature for
the office of an Independent Director, was appointed as an
Independent Director of the Company at the Annual General
Meeting of the Company held on 20^th September, 2024 to hold
office for a period of 5 (Five) years with effect from 9^th August,
2024.

Ms. Vidhi Goel (DIN: 09031 993) was appointed as an Independent
Director of the Company by the Members of the Company, in its
76th Annual General Meeting to hold office for the first term of 5
(Five) consecutive years with effect from 18^th January, 2021, up to
17^th January, 2026. Accordingly, her term of appointment will end
on 17^th January, 2026. It is proposed to re-appoint Ms. Vidhi Goel
as the Independent Director of the Company for the second term
of 5 (Five) consecutive years i.e., from the conclusion of this 80^th
Annual General Meeting until the conclusion of 85^th Annual General
Meeting to be held in the calendar year 2030.

Cessation

During the year under review, Mrs. Kiran Kapur, Independent Di¬
rector of the Company completed her second and final term and
consequently ceased to be the Director of the Company with effect
from 20^th September, 2024. The Board places on record its sin¬
cere appreciation for the valuable services rendered by Mrs. Kapur
during her tenure as Independent Director of the Company.

Key Managerial Personnel

During the year under review, Mr. Ravi Manchanda, Managing
Director, Mr. Anil Vanjani, Chief Executive Officer & CFO and Mr.
Roopesh Kumar, Company Secretary continued to be the Key
Managerial Personnel of your Company.

MEETINGS OF THE BOARD AND ITS COMMITTEES

The number of meetings of the Board and various Committees
thereof are set out in the Corporate Governance Report which
forms part of this report. The intervening gap between the meetings
was within the period prescribed under the Act and SEBI (LODR)
Regulations, as applicable.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 1 34(3) (c) read with Section 134 (5) of the
Act, the Directors state that:

(a) in the preparation of Annual Accounts for the year ended 31^st
March, 2025, the applicable Accounting Standards have been
followed along with proper explanation relating to material
departures;

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

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

(d) the Directors have prepared the annual accounts of the
Company on a going concern basis;

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

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

DETAILS IN RESPECT OF FRAUDS REPORTED BY THE
AUDITORS:

During the year under review, neither the Statutory Auditors nor
the Secretarial Auditors have reported to the Audit Committee or
the Board, under section 143(12) of the Companies Act, 2013
any instances of fraud committed against the Company by its
officers or employees, the details of which need to be mentioned in
this Report.

DECLARATION BY INDEPENDENT DIRECTORS

Your Company has received necessary declarations from each
Independent Director that he/she meets the criteria of
independence as laid down under the Act read with Schedule IV
and Rules made thereunder, as well as SEBI (LODR) Regulations
including any amendment thereof. The Board considered the
independence of each of the Independent Directors in terms of
above provisions and is of the view that they fulfill / meet the criteria
of independence.

NOMINATION AND REMUNERATION POLICY OF DIRECTORS,
KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES

In accordance with the provisions of Section 178(1) of the Act
read with Rules made thereunder and SEBI (LODR) Regulations,
based on the recommendations of the Nomination and
Remuneration Committee, the Board of Directors of the Company
have approved a policy on nomination and remuneration of
Directors, Key Managerial Personnel and other employees including
criteria for determining qualifications, positive attributes,
independence of a director and other matters provided U/s
178(4)of the Act. The broad parameters covered under the Policy
are:

• Principle and Rationale

• Company Philosophy

• Guiding Principles

• Nomination of Directors

• Remuneration of Directors

• Evaluation of the Directors

• Nomination and Remuneration of the Key Managerial
Personnel (other than Managing/ Whole-time Directors), Key-
Executives and Senior Management.

• Remuneration of other employees.

The Company's Policy relating to appointment of Directors, payment
of Managerial remuneration, Directors' qualifications, positive
attributes, independence of Directors and other related matters
as provided under Section 178(3) of the Act forms part of this
report. The policy is available on the website of the Company i.e.
www.jagatjit.com.

The policy is not being sent along with this Report to the members
of the Company in line with the provisions of Section 1 36 of the
Act. The aforesaid Policy is available for inspection by Members at
the Registered Office of the Company up to the date of the ensuing
AGM during the business hours on all working days, except
Saturdays. Members who are interested in obtaining these
particulars of the said policy may write to the Company Secretary
at the Registered Office of the Company.

ANNUAL PERFORMANCE EVALUATION

Pursuant to the provisions of Section 134 (3) (p) of the Act and the
rules made thereunder, the Board was required to carry out Annual
Performance Evaluation of the Board, its Committees and individual
Directors. Additionally, as per provision of Regulation 17 (10) of
SEBI (LODR) Regulations and Schedule IV of the Act, the
performance evaluation of the independent directors was also to
be done by the Board of Directors. Accordingly, the Board has
carried out the annual evaluation of the Directors individually
including the Independent Directors (wherein the concerned
director being evaluated did not participate), the Board as a whole
and following Committees of the Board of Directors:

i) Audit Committee;

ii) Nomination and Remuneration Committee;

iii) Stakeholders' Relationship Committee; and

iv) Corporate Social Responsibility Committee.

The evaluation affirmed that the Board as a whole as well as all of
its Members, individually and the Committees of the Board
continued to display commitment to good governance, ensuring a
constant improvement of processes and procedures.

It was acknowledged that every Director and the Committee of the
Board contributed its best in the overall performance of the
Company.

ANNUAL RETURN

In accordance with section 92(3) of the Companies Act, 2013 read
with the Companies (Management and Administration) Rules,
2014, the draft annual return in e-form MGT-7 for financial year
2024-25 has been uploaded on Company's website
www.iagatiit.com. Members may also note that the annual return

being uploaded on the website is a draft and the final annual return
will be uploaded after the same is filed with the Ministry of Corporate
Affairs ('MCA').

AUDITORS AND AUDITORS’ REPORT

The Members of the Company vide their resolution passed at the
76^th (Seventy Sixth) AGM, appointed M/s. V. P. Jain & Associates,
Chartered Accountants, New Delhi (FRN 015260N) as Statutory
Auditors of the Company for a term of 5 (five) years to hold office
from the conclusion of 76^th Annual General Meeting until the
conclusion of the 81^st Annual General Meeting of the Company to
be held in the calendar year 2026.

The Auditors' Report does not contain any qualification, reserva¬
tion or adverse remarks. Other observations of the Statutory Audi¬
tors in their reports on standalone and consolidated financial state¬
ments are self-explanatory and therefore do not call for any fur¬
ther comments.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Act read with
corresponding Rules framed thereunder, M/s. Saqib & Associates,
Company Secretaries were appointed as the Secretarial Auditors
of the Company to carry out the Secretarial Audit of secretarial
and related records of the Company for the Financial Year ended
31^st March, 2025.

A Secretarial Audit Report submitted by the Secretarial Auditors
in Form No. MR-3 forms part of this report and is annexed herewith
as Annexure-2.

ANNUAL SECRETARIAL COMPLIANCE REPORT

A Secretarial Compliance Report for the financial year ended 31^st
March, 2025 on compliance of all applicable SEBI Regulations and
circulars/guidelines issued thereunder, as received from M/s.
Saqib & Associates, Company Secretaries, Secretarial Auditors of
the Company, was submitted to the Bombay Stock Exchange.

COST AUDIT

As per Section 148 of the Companies Act, 2013, the Company is
required to have the audit of its cost records w.r.t. Extra Neutral
Alcohol (ENA) conducted by a Cost Accountant in practice.

Cost Audit Report for the financial year 2023-24 was duly filed by
the Cost Auditors with the Ministry of Corporate Affairs in XBRL
Mode within the due date of filing.

Pursuant to the provisions of Section 141 read with Section 148
of the Companies Act, 2013 and Rules made thereunder, M/s P.
K. Verma & Co., Cost Accountants, Chandigarh (Firm Registration
No. 0005111), were appointed as the Cost Auditor of the Company
for the year ended 31^st March, 2025.

The Board of Directors, on the recommendation of the Audit
Committee, has re-appointed M/s P. K. Verma & Co., Cost
Accountants, Chandigarh (Firm Registration No. 0005111), as
Cost Auditors of the Company for the financial year 2025-26, for

conducting the audit of the cost records maintained by the
Company. A resolution seeking member's ratification for the
remuneration payable to the Cost Auditors for the financial year
2025-26 shall form part of the notice of the 80^th Annual General
Meeting of the Company and the same is recommended for your
consideration and approval.

Disclosure on maintenance of Cost Records

The Company made and maintained the Cost Records under
Section 148 of the Companies Act, 2013 for the financial year
2024-25 and the records shall be audited by the Cost Auditors
M/s P. K. Verma & Co., Cost Accountants.

INTERNAL FINANCIAL CONTROLS

The Board of Directors of the Company has devised systems,
policies, procedures and frameworks, which are currently
operational within the Company for ensuring the orderly and efficient
conduct of its business, which includes adherence to the policies,
safeguarding its assets, prevention and detection of frauds and
errors, accuracy and completeness of the accounting records and
timely preparation of reliable financial information.

The Company generally has in place adequate Internal Financial
Controls with reference to financial statements. During the year,
such controls were tested, and the Auditors reported that the
Company generally has, in all material respects, an adequate
internal financial controls system over financial reporting and such
internal financial controls were generally operating effectively as
on 31^st March, 2025. In some areas, the controls were effective
but need to be further strengthened. The Company is taking
necessary steps to further strengthen the same. In view of the
provisions under the Act the report on the Internal Financial Control
issued by M/s. V. P. Jain & Associates, Chartered Accountants,
the Statutory Auditors of the Company is annexed to the Audit
Report on the Financial Statements of the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to the
Financial Statements and for the sake of brevity; the same are not
being repeated.

RELATED PARTY TRANSACTIONS

All contracts / arrangements / transactions entered into by the
Company with Related Parties, as defined under the Act and SEBI
(LODR) Regulations, during the Financial Year 2024-25 were at
arm's length basis and in the ordinary course of business. As per
the provisions of Section 188 of the Act and Rules made
thereunder, read with Regulation 23 of SEBI (LODR) Regulations,
your Company has obtained necessary approval of the Audit
Committee before entering into such transactions and the same
has been reviewed periodically.

Your Company has framed a Policy on Related Party Transactions
in accordance with SEBI (LODR) Regulations and as per the

amended provisions of the Act. The Policy intends to ensure that
proper reporting, approval and disclosure processes are in place
for all transactions between the Company and related parties. The
policy is uploaded on the website of the Company at
www.jagatjit.com.

During the year, the Company has not entered into any contract /
arrangement / transaction with related parties which could be
considered material in accordance with the aforesaid Policy of the
Company on Related Party Transactions.

None of the transactions with any of the related parties were in
conflict with the interest of the Company. Rather, they synchronised
and synergised with the Company's operations. Attention of
Members is drawn to the disclosure of transactions with the related
parties set out in Note No. 33 of the Standalone Financial
Statements, forming part of the Annual Report.

Since all the transactions which were entered into during the
Financial Year 2024-25 were at arm's length basis and were in
the ordinary course of business and there was no material related
party transaction entered by the Company during the Financial Year
2024-25 as per Related Party Transactions Policy, hence no details
are required to be provided in Form AOC-2 prescribed under Clause
(h) of Sub-section (3) of Section 134 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014.

CORPORATE SOCIAL RESPONSIBILITY [CSR]

The composition, role, functions and powers of the Corporate Social
Responsibility (CSR) Committee of the Company are in accordance
with the requirements of the Act. Presently, the CSR Committee
comprises of Mr. Nagendra Kumar Chauhan, Independent Director,
Mrs. Asha Saxena, Non-Executive Director and Mr. Ravi Manchanda,
Managing Director as Members.

The brief outline of the Corporate Social Responsibility (CSR) Policy
of the Company and the initiatives undertaken by the Company on
CSR activities during the year are set out in 'Annexure-3" of this
Report in the format prescribed in the Companies (Corporate Social
Responsibility Policy) Rules, 2014. For other details regarding the
CSR Committee, please refer to the Corporate Governance Report,
which is a part of this report. The CSR Policy of the Company as
approved by the CSR Committee is also available on the website of
the Company at www.iagatiit.com.

RISK MANAGEMENT

Company's business is exposed to a variety of risks which are
inherent to a liquor manufacturing company in India. In this volatile,
uncertain and complex operating environment, only companies that
manage their risk effectively can sustain. Risk management is
embedded in Jagatjit's corporate strategies and operating
framework, and the risk framework helps the Company to meet its
objectives by aligning operating controls with the corporate mission
and vision. The Company's risk management framework supports
an efficient and risk-conscious business strategy, delivering
minimum disruption to business and creating value for our

stakeholders. The Company has in place comprehensive risk
assessment and minimization procedures, integrated across all
operations and entails the recording, monitoring and controlling
enterprise risks and addressing them timely and comprehensively.
The risks that the Company faces are reviewed by the Audit
Committee and the Board from time to time and new risks are
identified based on new business initiatives and the same are
assessed. Risk minimisation framework and controls are designed
and appropriately implemented.

The Board of Directors has adopted a formal Risk Management
Policy for the Company and the same is available at the website of
the Company at www.jagatjit.com.

REMUNERATION OF DIRECTORS, KEY MANAGERIAL
PERSONNEL AND PARTICULARS OF EMPLOYEES

The information required to be disclosed in the Board's Report
pursuant to Section 197 of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 for the year ended 31^st March, 2025 forms
part of this report.

The above is not being sent along with this Report to the Members
of the Company in line with the provision of Section 136 of the Act.
The same is available for inspection by Members at the Registered
Office of the Company upto the date of the ensuing AGM during
the business hours on all working days, except Saturdays. Members
who are interested in obtaining these particulars may write to the
Company Secretary at the Registered Office of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo as required under
Section 1 34(3)(m) of the Act read with Rule 8(3) of the Companies
Rules (Accounts) 2014 forms part of this report and is annexed
herewith as Annexure-4.

CORPORATE GOVERNANCE

Your Company upholds the standards of governance and is
compliant with the Corporate Governance provisions as stipulated
under SEBI (LODR) Regulations, in both letter and spirit. The
Company's core values of honesty and transparency have since its
inception been followed in every line of decision making. Setting the
tone at the top, your Directors cumulatively at the Board level,
advocate good governance standards at the Company. Your
Company has been built on a strong foundation of good Corporate
Governance.

Parameters of Statutory compliances evidencing the standards
expected from a listed entity have been duly observed and a Report
on Corporate Governance as well as the Certificate from M/s. Saqib
& Associates, Company Secretaries, confirming compliance with
the requirements of Regulation 34 read with Schedule-V of the
SEBI (LODR) Regulations forms part of this report and is annexed
herewith as Annexure-5.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report as stipulated
under Regulation 34 read with Schedule-V of the SEBI (LODR)
Regulations is presented in separate section forming part of the
Annual Report.

LISTING OF SHARES OF THE COMPANY

The shares of your Company are listed on the BSE Limited. The
Listing fees for the Financial Year 2025-26 has been paid to the
BSE Limited.

RESEARCH AND DEVELOPMENT (R&D)

The Company takes regular steps for R&D in the manufacturing
process and optimum utilization of its resources. No major capital
investment was made for R&D during the year under review.

CAUTIONARY STATEMENT

Statements in the Board's Report and the Management Discus¬
sion & Analysis Report describing the Company's objectives, ex¬
pectations or forecasts may be forward looking within the mean¬
ing of applicable security laws and Regulations. Actual results may
differ materially from those expressed in the statement. Important
factors that could influence the Company's operations include eco¬
nomic and political conditions in India and other countries in which
the Company operates, volatility in interest rates, changes in gov¬
ernment regulations and policies, tax laws, statutes and other inci¬
dental factors. The Company does not undertake to update these
statements.

GENERAL

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

1. Issue of equity shares with differential voting rights as to
dividend, voting or otherwise.

2. The Managing Director of the Company does not receive any
remuneration or commission from any of its subsidiaries.

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

4. Issue of Sweat Equity Shares.

5. The Company has neither made any application nor any
proceedings are pending under the Insolvency and Bankruptcy
Code, 2016.

6. No one-time settlement was made with respect to any amount
of loan raised by the Company from any banks or financial
institution.

7. Further, the Board of Directors also confirms that the
Company is in regular compliance of applicable provisions of
Secretarial Standards issued by the Institute of Company
Secretaries of India.

ACKNOWLEDGEMENT

Your Directors take this opportunity to express their sincere
appreciation to all the employees for their commitment and
contribution to the success of the Company. Their enthusiasm and
hard work have enabled the Company to be at the forefront of the
industry. We also take this opportunity to thank all our valued
customers who have appreciated and cherished our products.

The Board extends heartfelt thanks to the investors and bankers
for their ongoing support throughout the year. The Directors also
acknowledge the guidance and assistance from regulatory
authorities, including SEBI, Stock Exchanges, and other Central and
State Government agencies. In addition, the Board appreciates the
support and collaboration from supply chain partners and other

business associates. We look forward to their continued
partnership and support in the future.

For and on behalf of the Board
For Jagatjit Industries Limited

Ravi Manchanda Nagendra Kumar Chauhan

Managing Director Director
(DIN.00152760) (DIN : 10731530)

Date: 17.05.2025
Place: New Delhi