Our Directors are pleased to present the 40^thAnnual Report on the business and operations of the
Company, together with the Audited Financial Statements for the financial year ended 31^stMarch, 2025.

1. FINANCIAL RESULTS

The Company’s financial results for the financial year ended on the 31^stMarch, 2025 are as under:

2. RESERVES & PROVISIONS

The Company has not transferred any amount to general reserves.

3. DIVIDEND

The management believes that there would be need of funds to invest in future projects, to upgrade the
efficiency and to meet out the deficiencies in working capital, the Directors do not recommend any
dividend on Equity Shares for the financial year 2024-25.

4. STATE OF COMPANY’S AFFAIRS

Discussion on state of Company's affairs has been covered as part of the Management Discussion and
Analysis. Management Discussion and Analysis for the year under review, as stipulated under the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate section
forming part of this Annual Report.

5. CHANGE IN NATURE OF BUSINESS

During the financial year under review, the Company was carrying on the business of providing
consultancy services related to hotels, lodging houses and other multiple services. There was no change
in the nature of business of the Company.

5. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

The composition of Board of Directors and KMPs as on March 31, 2025 was as follows:

During the year, following changes took place in the composition of Board of Directors and KMPs:

6. APPOINTMENT OF COMPANY SECRETARY (CS) & COMPLIANCE OFFICER.

The Chairman informed the Board that the company needs to appoint the Company Secretary in whole
time employment. The Board considered the same & passed the following resolution:

“RESOLVED THAT pursuant to the provisions of Section 203 of the Companies Act, 2013 read with
Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and other
applicable provisions of the Companies Act, 2013 (including any statutory modifications or re-enactment
thereof) if any and as per Regulation 6 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, consent of the Board of Directors of the Company be and is hereby accorded to
appoint Ms. Sarvagya Goel having Membership No. A44644 (Associate member of Institute of
Companies Secretaries of India) as Company Secretary & Compliance Officer of the Company with
effect from 19th February, 2025 to perform the duties which may be performed under Companies Act,

2013 & any other duties assigned to her by the board from time to time at such remuneration and other
terms and conditions as mutually decided by the Board and the Company Secretary”.

“RESOLVED FURTHER THAT any of the Director of the Company for the time being be and is
hereby severally authorized to sign and execute all such documents and papers (including appointment
letter etc.) as may be required for the purpose and file necessary e-form with the Registrar of Companies
and to do all such acts, deeds and things as may considered expedient and necessary in this regard.”

7. MEETINGS

The Board met Fifteen (15) times during the financial year 2024-25. The dates on which meetings were
held are, 28/05/2024, 30/05/2024, 01/08/2024, 12/09/2024, 06/11/2024, 14/11/2024, 20/11/2024,
08/01/2025, 16/01/2025, 24/01/2025, 29/01/2025, 13/02/2025, 14/02/2025 and 19/02/2025 The
intervening gap between any two Meetings was within the period prescribed by the Companies Act,
2013.

8. LISTING STATUS

The Equity shares of the Company are listed on the Bombay Stock Exchange of India Limited (“The
Exchange”). The Company has paid the Annual Listing Fee till date.

9. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION
FUND

There were no funds which were required to be transferred to Investor Education and Protection Fund
Authority).

10. DECLARATION GIVEN BY INDEPENDENT DIRECTOR

The Company has received declaration from the Independent Director of the Company confirming that
she met with the criteria of independence as prescribed under sub-section (6) of Section 149 of the
Companies Act, 2013.

11. PERFORMANCE EVALUATION

In pursuance of the provisions of the Act, the evaluation of performance of the Board as a whole,
Committees of the Board, Directors individually and Chairperson of the Company was carried out for
the Financial Year 2024-25. The performance of each Director has been evaluated by Nomination and
Remuneration Committee.

12. DIRECTOR’S APPOINTMENT AND REMUNERATION POLICY

The Board has, on the recommendation of the Nomination & Remuneration Committee framed and
adopted a policy for selection and appointment of Directors, Key Managerial Personnel, Senior
Management and their remuneration.

13. STATUTORY AUDITORS

At the Board Meeting of the company held on Tuesday, 13^th February, 2025, Board has appointed
M/S N K BHAT & ASSOCIATES, Chartered Accountants (Firm Registration No. (011556N),) as

Statutory Auditors of the Company under casual vacancy in place of GSA & ASSOCIATES LLP.,

Chartered Accountants (ICAI Registration No. AAS-8863) to hold the office till the conclusion of
Ensuing AGM.

Re-Appointment of M/S V R S K & ASSOCIATES, Chartered Accountants (Firm Registration No.

(011199N), as Statutory Auditors of the Company would be tabled at the meeting of Members, M/S V
R S K & ASSOCIATES. Chartered Accountants to be appointed as a Statutory Auditor of the
Company; Subject to the approval of Shareholders at General Meeting.

However, A Certificate from the Auditors has been received from the Statutory to the effect that their
appointment, if made, would be within the limits prescribed under section 141(3)(g) of the Companies
Act, 2013 and that they are not disqualified to be appointed as statutory auditors in terms of the
provisions of the proviso to section 139(1), section 141(2) and section 141(3) of the companies Act,
2013, and the provisions of Companies (Audit and Auditors) Rules, 2014.

14. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION
(12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL
GOVERNMENT

There were no frauds reported by auditors under sub-section (12) of section 143 which have occurred
during the financial year 2024-25.

15. SECRETARIAL AUDITOR

ACS Parul Agrawal, Company Secretaries in Practice conducted the Secretarial Audit for the financial
year 2024-25. The Secretarial Audit Report for the financial year ended 31st March, 2025 is annexed
herewith as Annexure-A which forms a part of this Report.

The Secretarial Audit Report for the financial year ended 31st March, 2025 contains certain qualifications
and clarification by the Board are as follows:

The management of the Company assure you to comply all the provisions of the applicable law in true
spirit in future and is under process of making all the default good.

16. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENT U/S 186

The details of the loan given and investments made by the Company covered under the provisions of
section 186 of the Companies Act, 2013 are given in the notes to the financial statements. Further, the
company has not given guarantee during the financial year.

17. ISSUANCE OF UPTO 51.51.51.500 EQUITY SHARES ON PREFERENTIAL BASIS UPON
CONVERSION OF OUTSTANDING UNSECURED LOAN. TO THE NON-PROMOTER GROUP

The Board, considering the current financial position and the need to enhance shareholder participation,
approved the conversion of existing unsecured loans held by non-promoter investors into equity shares
on a preferential basis at a conversion ratio of [51,51,51,500 equity shares of Rs. 10/- each issued at a
premium of Rs.6.50/-] loan, are listed and permitted to trade on the Exchange with effect
from Wednesday. December 18. 2024. subject to necessary regulatory approvals and compliance with
the Companies Act. Wide BSE approval dated on 12/09/2024.

18. TAKE NOTE OF RESIGNATION OF MR. PARAS NATH VERMA (DIN: 09753924) AS
MANAGING DIRECTOR OF COMPANY

Mr. Paras Nath Verma (DIN: 09753924) Managing Director of the Company has resigned from their
directorship of the Company with effect 29.12.2024 after the closure of working hours and the Board
took the note of the same”. The Board places on record their appreciation for the assistance and
guidance provided by Mr. Paras Nath Verma (DIN: 09753924) as a Managing Director of the Company
during her tenure as Director of the Company.

19. SUPPLEMENTARY LOAN AGREEMENT EXECUTED BETWEEN THE PERSONS
BELONGING TO THE PROMOTER

The chairman informed the board about the supplementary loan agreement to be executed between the
Promoter & Promoter Group and the Persons not forming part of the Promoter & Promoter Group and
the Company. After a brief discussion the board passed the following resolution:

“RESOLVED THAT the Supplementary Loan Agreement executed between the persons belonging to
the Promoter & Promoter Group and the Persons not forming part of the Promoter & Promoter Group
and the Company as approved by the Board of Directors of the Company at their meeting held on June
14, 2024 for inserting, inter alia, which includes a clause for conversion of Unsecured Loan into Equity, a
copy of which agreement duly initialled by the Chairman is available for inspection, be and is hereby
approved.

RESOLVED FURTHER THAT subject to applicable provisions of the Act and other applicable
laws, the Board to do all such acts, deeds, matters and things as also to execute such documents, writings
etc. as may be necessary in this regard.”

20. PARTICULARS OF CONTRACT OR ARRANGEMENT WITH RELATED PARTIES U/S 188 (1)

The Company did not enter into a contract or transaction which would fall under the purview of Section
188.The particulars of contracts or arrangements with Related Parties for the Financial Year 2024-25 is
annexed herewith to the Financial Statements in Form No AOC -2.

21. COMPANIES WHICH HAVE BECOME OR CEASEED TO BE SUBSIDIARIES. JOINT
VENTURES OR ASSOCIATES FOR THE COMPANY

The Company have Subsidiary, Joint Venture or Associate Company at the end of the financial year are
as follows:

22. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL
POSITION OF THE COMPANY

There has been no material change or commitment, affecting the financial position of the Company
which has occurred between March 31, 2025 and the date of this report.

23. MEETINGS:

a. BOARD MEETINGS

The Board of Directors duly met (15) times during the Financial Year ended 31/03/2025. The dates on
which meetings was held are 28/05/2024, 30/05/2024, 01/08/2024, 12/09/2024, 06/11/2024,
14/11/2024, 20/11/2024, 08/01/2025, 16/01/2025, 24/01/2025, 29/01/2025, 13/02/2025,

14/02/2025 and 19/02/2025.

The periodicity between two Board Meetings was within the maximum time gap as prescribed in the
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015/ Companies Act, 2013.

The Composition of the Board of Directors, their attendance at Board Meetings and last Annual General
Meeting is as under:

Name of Director Designation Category Number of Board Attendan

Meetings ce of

_ Last

Directors Directors AGM
entitled attended
to attend

Mr. Paras nath verma* Managing Executive Director, MD 10 10 Yes

Director

Mr. Harsh Director Non-Executive - Non 14 14 Yes

Independent Director

Mr. Luv sharma Director Non-Executive - 14 14 Yes

Independent Director

1. *Mr. Paras Nath Verma was resigned from Managing Director w.e.f 29/01/2025.

2. **Mr. Raghav Gujral was resigned from Directorship w.e.f 29/01/2025.

b) COMMITTEE MEETINGS:

(i) AUDIT COMMITTEE

The Audit Committee comprises Three Members during the year and the (04) Audit Committee
meetings were convened and held

Meetings of the Committee:

The Committee met 05 times dated on 25/05/2024, 01/08/2024, 04/11/2024, 13/11/2024 and
13/02/2025 during the financial year ended on March 31, 2025.The Composition of audit committee
and their attendance at the meeting are as under: -

1. Mr. Paras Nath Verma was resigned from Managing Director w.e.f 29/01/2025.

(ii) NOMINATION & REMUNERATION COMMITTEE

The Nomination & Remuneration Committee comprises three members, one Executive Director and
remaining two are Non-Executive Directors. One During the year One Meeting of Nomination &
Remuneration Committee Meetings was held.

The Composition of Nomination & Remuneration Committee and their attendance at the meeting are as
under: -

*Mr. Raghav Gujral was resigned from Directorship w.e.f 29/01/2025.

(iii) STAKEHOLDERS’ RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee comprises three members. During the year, One (01)
Stakeholders Relationship Committee Meetings was convened and held.

Meetings of the Committee:

The Committee met 1 time on 12/02/2025, during the F.Y.-2024-25. The Composition Stakeholders’
Relationship committee and their attendance at the meeting are as under:-

1. Mr. Paras Nath Verma was resigned from Managing Director w.e.f 29/01/2025.

2. Mr. Raghav Gujral was resigned from Directorship w.e.f 29/01/2025.

(iv) RISK MANAGEMENT COMMITTEE:

The Risk Management Committee comprises three members. During the year Two (2) Risk Management
Committee Meetings were convened and held.

1. Mr. Paras Nath Verma was resigned from Managing Director w.e.f 29/01/2025.

2. Mr. Raghav Gujral was resigned from Directorship w.e.f 29/01/2025.

24. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS

There was no such order passed against the company during the year.

25. PARTICULARS OF EMPLOYEES

In Compliance with the disclosures required under section 197 of the Companies Act, 2013 and Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (“Rules”)
relating to the remuneration and other details are as follows:

S. NO DIRECTORS RATIO TO MEDIAN

REMUNERATION

(i) The Ratio of the remuneration of each Director to the Median Remuneration of the Employees of
the Company for the Financial Year Ended 31^st March 2025.

(ii) There has been no increase in remuneration of Directors and Chief Financial Officer. Also there
was no increase in the salary of Company Secretary.

(iii) The percentage increase in the median remuneration of employees in the financial year 2024-25 :
NIL

(iv) As on 31^st March 2025 total no of permanent employees on the roll of the Company: No
Employees.

(v) Average percentile increase already made in the salaries of employees other than managerial
personnel in the last financial year cannot be compared with the percentile increase in the managerial
remuneration as the managerial personnel were not paid any salary in the last financial year.

(vi) The key parameters for any variable component of remuneration availed by the Directors —NIL

(vii) The Company affirms that the remuneration given to the employees is as per the remuneration
policy of the Company.

However, as per the provision of Section 136 of the Act, the Report and Accounts are being sent to all
the members excluding the information on particulars of employees which is available for inspection by
the members at the Registered office of the Company during business hours on working days of the
Company upto the date of the ensuing Annual General Meeting.

26. SEPARATE MEETING OF INDEPENDENT DIRECTORS

The Company’s Independent Directors met on 18^th October 2024, without the attendance of Non¬
Independent Directors and Members of the Management.

27. DISCLOSURE UNDER RULES (2) & (3) OF THE COMPANIES (APPOINTMENT AND
REMUNERATION) RULES, 2014

No directors/employees of the Company were in receipt of amount exceeding remuneration as
prescribed under Companies Act, 2013 and any other rules or the provisions ofRule5 (2) &(3) of The
Companies (Appointment and Remuneration) Rules,2014.

28. FAMILIARIZATION PROGRAMME FOR INPENDENT DIRECTOR

In terms of regulation 25(7) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the Company familiarizes the Directors about their role and responsibility at the time
of their appointment through a formal letter of appointment. All new Independent directors inducted
into the Board attendance

29. BUSINESS RISK MANAGEMENT

The prospects for the Company’s business are dependent upon economic and industrial growth as well
as resources available for implementation of liberalization policies of the Government. Adverse
changes and delays of lack of funds can affect the business prospects of the Industry and the Company.

Risk Management is an integral part of the Company’s business strategy. The Risk Management
oversight structure includes Committees of the Board and Senior Management Committees. The Risk
Management Committee of the Board (“RMC”) reviews compliance with risk policies, monitors risk

tolerance limits, reviews and analyzes risk exposure related to specific issues and provides oversight of
risk across the organization. The RMC nurtures a healthy and independent risk management function
to inculcate a strong risk management culture in the Company.

As part of the Risk Management framework, the management of Credit Risk, Market Risk, Operational
Risk and Fraud Risk are placed under the Head-Risk, to ensure Integrated Risk Management for
various Risks.

30. INTERNAL CONTROL SYSTEMS

The Company’s internal control system is designed to ensure operational efficiency, protection and
conservation of resources, accuracy and promptness in financial reporting and compliance with laws
and regulations. The internal control system is supported by an internal audit process for reviewing the
adequacy and efficacy of the Company’s internal controls, including its systems and processes and
compliance with regulations and procedures.

Internal Audit Reports are discussed with the Management and are reviewed by the Audit Committee
of the Board which also reviews the adequacy and effectiveness of the internal controls in the
Company. The Company’s internal control system is commensurate with the size, nature and
operations of the Company.

31. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has vigil mechanism during the financial year. The Board of Directors are under
discussion to derive a mechanism through which fraud risk, including corrective and remedial actions as
regards people and processes can be determined and implemented.

32. HUMAN RESOURCES

The Company recognizes people as its most valuable asset and it has built an open, transparent and
meritocratic culture to nurture this asset. The Company has kept a sharp focus on Employee

Engagement. The Company’s Human Resources is commensurate with the size, nature and operations
of the Company.

33. CORPORATE SOCIAL RESPONSIBILITY

The Company is not eligible for CSR as per provisions of Section 135 of the Companies Act, 2013.

34. DISCLOSURE ABOUT COST AUDIT

As per the Cost Audit Orders, Cost Audit is not applicable to the Company’s for the FY 2024-2025.

35. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is fully compliant with all applicable Secretarial Standards issued by the Institute of
Company Secretaries of India (ICSI).

36. DEPOSITS

The Company has neither invited nor accepted any deposits from the public during the year. There is
no unclaimed or unpaid deposit lying with the Company

37. ANNUAL RETURN

The Annual Return of the Company for the financial year 2024-25 shall be placed at its website:
www.pifl.in.

38. REPORTING OF FRAUD BY AUDITOR

In terms of sub clause 3 (ca) of Section 134 and under sub-section 12 of Section 143 of Companies
Act, 2013 there have been no frauds reported by the Auditors under sub-section (12) of the section 143
other than which are reportable to Central Government.

39. DEMATERIALIZATION OF SHARES

As on 31.03.2025 a total of 16,92,100 equity shares are only in representing 0.33% of the equity share
capital are in Physical form.

40. BRANCHES OF THE COMPANY

During the period under review, the Company doesn’t have any branch office.

41. CORPORATE GOVERNANCE

Corporate Governance provisions i.e. Regulation 17 to 27 and clause (b) to (i) of sub-regulation (2) of
Regulation 46 and Para C to E of Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulation, 2015 are applicable in respect of the Companies having paid up equity
share capital exceeding Rs. 10.00 crores and net-worth exceeding Rs. 25.00 crores as on the last day of
the previous financial year

42. REPORT UNDER THE PREVENTION OF SEXUAL HARASSMENT ACT, 2013

There were no complaints reported under the Prevention of Sexual Harassment of Women at Work
place (Prevention, Prohibition and Redressal) Act, 2013.

No of complaints received : NIL

No of complaints disposed off : NIL.

43. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUT GO

In view of the nature of the activities carried out by the Company, Section 134(3)(m) of the
Companies Act, 2013, read with Companies(Accounts) Rules,2014:

(A) Conservation of Energy

1. Energy Conservation Measures Taken

Energy Conversation continues to receive major emphasis and is being systematically mentioned
and corrective measures are taken whenever required immediately.

2. Additional investment, and proposals, if any, being implemented.

At present the company has no proposal to make any substantial investments for further reduction of
consumption of energy. However, regular up-gradation of facilities is being done as and when
required. The Company has been able to control its energy cost substantially.

Total Energy consumption & energy consumption per unit of Production in prescribed form-A

(B) Technology Absorption: The Company is carrying on Research and Development in a routine
manner along with its manufacturing activities. The initiatives taken by the Company have
resulted in lower cost of energy consumption. Company has already absorbed technology fully.

Research, Development and improvement of products are an in built and on-going activity
within the existing manufacturing operations of the Company. Expenditure on R&D is not
separately allocated and identified.

(C) Foreign Exchange Earnings & Outgo: The Company did not earn or spent any foreign
exchange during the year under review.

44. DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained
by them, your Directors make the following statements in terms of Section 134(3) (c) of the
Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended March 31, 2025, the
applicable accounting standards have been followed along with proper explanation relating to
material departures, if any;

b) that accounting policies as mentioned in the Notes to the Financial Statements have been selected
and applied consistently and judgement and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,
2025 and of the profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken 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) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate
and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and
were adequate and operating effectively.

45. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
OF THE COMPANIES ACT 2013.

Pursuant to Section 186(11) of the Companies Act, 2013 disclosure under Section 134 (3) (g) of the
Companies Act, 2013 is not applicable on the Company.

46. CHNAGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY DURING THE YEAR

There have been no material changes and commitments affecting the financial position of the
company, which have occurred between the end of the financial year of the Company to which the
financial statements relate and till the date of this annual report.

47. DEVELOPMENT & IMPLEMENTATION OF RISK MANAGEMENT POLICY:

In compliance with Regulation 21(2) of the SEBI (Listing Obligations And Disclosure Requirements)
Regulations, 2015 as amended upto date, pursuant to the recent amendment in such regulations
notified by SEBI on May 5, 2021, a Risk Management Committee was constituted by the Board of
Directors comprising of Ms. Rajni Tanwar, Chairman, Mrs. Promila Sharma and Mr. Surendra Kumar
Jain, are the members of Risk Management Committee as on 31st March, 2025 and to oversee
implementation of the Risk Management Policy in force in the Company, and monitor and evaluate
risks, basis appropriate methodology, processes and systems.

All the members of the Risk Management Committee are Non-Executive Directors of the company
and majority of the directors of the Risk Management Committee are Independent Director of the
Company. The Risk Management Policy is in force and application in the Company, has been drawn
up based on a detailed assessment of the operational risks, risks associated with related business in
India, in general and the business of the Company in particular. The Risk management Policy also
covers the risks related to the Company assets and property, the risks which the employees of the
Company may get exposed to, the risks arising out of non -compliance if any, with the provisions of
and requirements laid down under various applicable statutes, Foreign Exchange related risks, risks
which could emanate from business competition, contractual risks etc.

The assets of the Company are adequately insured against the loss of fire, riot, earthquake, terrorism,
loss of profits, etc. other risks which considered necessary by the management. The Company has
been addressing the various risks impacting the Company and policy of the Company on risk

management is continuously reviewed by the Management of the Company. Management Discussion
and Analysis Report which forms part of the Annual Report identifies key risks, which can affect the
performance of the Company. The policy has been uploaded on the website of the Company.

48. A STATEMENT BY THE COMPANY WITH RESPECT TO THE COMPLIANCE OF
THE PROVISIONS RELATING TO THE MATERNITY BENEFIT ACT 1961

Statement on Compliance with the Maternity Benefit Act, 1961, We hereby affirm that our company
fully complies with the provisions of the Maternity Benefit Act, 1961, as amended from time to time.
We are committed to ensuring the rights and welfare of our women employees, and accordingly:

Maternity benefits, including paid leave, medical bonus, nursing breaks, and other applicable
entitlements, are provided in accordance with the Act, No discrimination is made against women
employees on account of pregnancy, childbirth, or any conditions related thereto, Appropriate records
are maintained as per statutory requirements, We ensure a safe, inclusive, and supportive work
environment for all women employees, particularly during maternity and post-maternity periods.

This statement is issued in good faith and in the interest of transparency and statutory compliance.

49. ACKNOWLEDGMENT

The Directors gratefully acknowledge all stakeholders of the Company viz. financial institutions,
Government Authorities customers, members, dealers, vendors, banks and other business partners for
the excellent support received from them during the year. The Directors place on record their sincere
appreciation to all employees, executives, staff and workers of the Company for their unstinted
commitment and continued contribution to the Company.

By order of Board of Directors of
GRAND OAK CANYONS DISTILLERY LIMITED
(FORMERLY KNOWN AS “PACHELI INDUSTRIAL FINANCE LTD”)

Sd/- Sd/-

Place: New Delhi Prabhakar Kumar HARSH

Date: 08.08.2025 Managing Director Director

DIN: 24/01/2025 DIN:09021074