The Board of Directors is pleased to present the 18^th Boards' Report of the company, along with
the Audited Financial Results for the year ended March 31, 2025.

FINANCIAL RESULTS

The highlight of the Standalone and Consolidate financial performance of the Company for the
year ended March 31, 2025 is summarized as follows: (Rs. In Lakhs)

REVIEW OF OPERATION

During the year under review, the Company has earned a total revenue from operations of Rs.
12131.58 Lakhs for the year ended March 31, 2025 as against Rs. 12614.67 Lakhs in the
previous financial year. The Company has recorded a profit (PBT) of Rs. 4542.57 Lakhs for the
year ended March 31, 2025 as compared to Rs. 1860.04 Lakhs in the previous financial year.
The Profit/ (Loss) after Tax (PAT) for the year ended March 31, 2025 stood at Rs. 3555.70
Lakhs as compared to Rs. 1383.31 Lakhs in the previous financial year. Earnings per share
(EPS) for the financial year 2024-25 is Rs. 33.90, showing an increase from the previous year's
Rs. 16.06.

DIVIDEND

The Board of Directors does not recommend any dividend for the financial year ended on 31^st
March, 2025 in order to conserve resources for future development.

INVESTOR EDUCATION AND PROTECTION FUND

The Company has no amount lying under unpaid dividend or unpaid interest account or such
other amount as mentioned under section 124 of the Companies Act, 2013 and hence no
amount is required to be transferred to the Investor Education and Protection Fund.

TRANSFER TO RESERVES

The Board of Directors has not recommended any amount to be transferred to reserve for the
financial year ended 31^st March, 2025

CHANGE IN NATURE OF BUSINESS. IF ANY

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

FUTURE OUTLOOK

As Amic Forging Limited looks ahead to FY 2025-26 and beyond, the company remains
committed to strategic growth, technological advancement. Building on the strong foundation
laid in 2023-24, we aim to expand our product portfolio, strengthen our presence in high-
potential domestic markets, and invest in process automation and sustainability initiatives.
With a clear focus on quality, innovation, and customer-centric solutions, we are positioning
ourselves to capitalize on emerging opportunities across sectors such as automotive, energy,
and heavy engineering. The global forging industry is poised for gradual recovery and growth,
and Amic Forging is well-prepared to adapt to evolving market dynamics, deliver long-term
value to stakeholders, and drive sustainable performance.

SHARE CAPITAL
AUTHORIZED SHARE CAPITAL

The Authorized Share Capital of the Company as on March 31, 2025 was Rs 12,00,00,000/-
(Rupees Twelve Crore) divided into 12,000,000 shares of Rs 10/- each.

ISSUED AND PAID-UP CAPITAL

The Paid-up Equity Share Capital as on March 31, 2025 was Rs. 10,48,84,100/- (Rupees Ten
Crore Forty Eight Lakh Eight Four Thousand One Hundred Only) divided into 1,04,88,410
Shares of Rs. 10/- each.

The equity shares of the company are listed on the SME Platform of Bombay Stock Exchange
(“BSE”)

PREFERENTIAL ISSUE OF CONVERTIBLE EQUITY WARRANT:

During the year under review, the Company successfully completed the preferential allotment
of 800,000 Convertible Equity Warrants to 28 allottees, including 3 members of the promoter
group. The issue price was ? 1,211/- per warrant, inclusive of a premium of ? 1,201/- per
warrant, resulting in a total issue amount of ? 96,88,00,000/-. As per the terms of the issue, the
Company received an upfront payment of 25% of the total consideration at the time of
allotment, amounting to ? 24,22,00,000/-. All warrants were allotted in dematerialized form.

The funds received from the upfront payment, which represent 25% of the total consideration,
were fully utilized during the year towards the specified objects of the issue, according to SEBI
regulations. The Company confirms that the utilization of these funds aligns with the objectives
outlined in the resolution approving the warrant issue. The remaining 75% of the issue price
will be payable by the warrant holders upon conversion of the warrants into equity shares,
which can be exercised within a period of 18 months from the date of allotment.

LISTING OF SHARES:

The Company's equity shares are listed on SME platform of Bombay Stock Exchange of India
Limited with Symbol AMIC. The Company is regular in payment of Annual Listing Fees. The
Company has paid Listing Fees up to the year 2025-26. ISIN of the company is INE0P9J01013

DETAILS OF SUBSIDIARY / JOINT VENTURES / ASSOCIATE COMPANY

The Company does not have any joint ventures. However, the company has following subsidiary
or associate Company/LLP:

* Incorporated on February 21, 2025.

SEGMENT

The Company is engaged only in one segment i.e. Steel forgings and machined heavy precision
part.

DEPOSITS

Your company has not accepted any deposits under section 73 of the Companies Act 2013
during the year and there is no outstanding amount of principal or interest as on the date of the
balance sheet.

PARTICULARS OF LOANS. GURANTEES AND INVESTMENTS:

The Company has granted Loan, or advances in the nature of loan or stood guarantee or
provided security to the following person or entity.

However, the company has not made Investment through more than two layers of Investment
Companies in accordance with Section 186 of the Act

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION
OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH
THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the
Company which have occurred between the end date of Financial year and the date of this
Report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANIES
OPERATIONS IN FUTURE

There are no significant and material orders passed by the regulators, courts or tribunals,
which affect the going concern status of the Company and its operations in future.

INTERNAL FINANCIAL CONTROL

The Company has in place adequate Internal Financial Control as required under section
134(5)(e) of the Companies Act, 2013 and the same was evaluated by the Audit Committee.
During the year such controls were tested with reference to financial statements and no
material weakness in the formulation or operations were observed. The Statutory Auditors of
the Company conducted audit on the Company's internal financial control over financial
reporting and the report of the same is annexed with Auditors' Report.

PARTICULARS OF EMPLOYEES

Your Directors place on record the sense of appreciation for the valuable contribution made by
the staff members of the Company and hope that their continued support will help in achieving
the goals of the Company.

Disclosure pertaining to remuneration and other details as required under Section 197 of the
Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is attached as Annexure ‘I'.

DIRECTORS & KEY MANAGERIAL PERSONNEL:

The following is the composition of the Board as on 31 March 2025.

Retirement by Rotation

Mrs. Rashmi Chamaria, Non-Executive Director of the Company, will retire by rotation and
being eligible, offered herself for re-appointment at the ensuing Annual General Meeting (AGM).

Appointment & resignation of Directors & KMP

During the year under review there are no changes in the Directors & KMP.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors of the Company
confirming that:

a. they meet the criteria of independence as prescribed under section 149 of the Companies Act,

2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015; and

b. they have registered their names in the Independent Directors' Databank pursuant to Sub¬
rule (1) and (2) of Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules,

2014 and amendments thereto.

NUMBER OF MEETING OF THE BOARD

During the year under review 11 (Eleven) Board meetings were convened and held respectively
on the following dates: 09.05.2024, 30.05.2024, 05/07/2024, 22/07/2024, 31/07/2024,
31/08/2024, 17.10.2024, 14.11.2024, 30.01.2025, 14.02.2025 and 18.03.2025.

The maximum time gap between any two consecutive meetings did not exceed 120 (One
Hundred Twenty) days.

COMMITTEE OF THE BOARD

As on 31st March, 2025, the Board have 4 (four) Committees viz. Audit Committee, Nomination
and Remuneration Committee, Stakeholder's Relationship Committee and Corporate Social
Responsibility Committee.

NUMBER OF COMMITTEE MEETING:

1. Audit Committee

The composition of the Audit Committee has been precisely structured to align with the
requirements outlined in Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The members of the
Audit Committee collectively possess substantial financial and accounting expertise, ensuring a
high level of proficiency within the committee. The committee is comprised of 3 members, and
the Company Secretary is the Secretary of the committee. The detail of the composition of the
Audit Committee along with their meetings held/ attended is as follows:

All the recommendation made by the Audit Committee in the financial year 2024-25 was
approved by the Board.

2. Nomination & Remuneration Committee:

The Nomination & Remuneration Committees composition meets with the requirement of
section 178 of the companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and
Disclosures Requirements) Regulations, 2015. The Members of the Nomination &
Remuneration Policy possess sound knowledge/expertise/exposure. The Committee comprised
of 3 members as per Table here in below.

The Company Secretary is the Secretary and Compliance Officer of the Committee.

The detail of a composition of the Nomination & Remuneration Committee along with their
meetings held/ attended are as follows: -

During the year under review, two meetings of Nomination & Remuneration Committee were
held on 22.07.2024 and 31.08.2024.

3. Stakeholder Relationship Committee:

The Stakeholders Relationship Committee meets with the requirement of Section 178 of the
Companies Act, 2013 and Regulation 20 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The Stakeholders Relationship Committee is mainly
responsible to review all grievances connected with the Company's transfer of securities and
Redressal of shareholders / Investors / Security Holders Complaints. The Committee comprised
of 3 members as per Table here in below.

The Company Secretary is the Secretary and Compliance Officer of the Committee.

The detail of a composition of the said Committee along with their meetings held/ attended is
as follows: -

Securities and Exchange Board of India (‘SEBI') Complaints Redress System ("SCORES").

All the investor complaints pertaining to the listed Companies will be electronically sent
through SCORES and the Companies or their appointed Registrar & Share Transfer Agent
(R&TA/ STA) are required to view the pending complaints and submit ‘Action Taken Report'
(‘ATRs') along with necessary documents electronically in SCORES. Further, there is no need to
file any physical ATRs with SEBI. The Company had completed the required registration under
SCORES to efficiently and effectively redress the investors/shareholders complaints on time.

4. Corporate Social Responsibility Committee

The composition, powers, role and terms of reference of the Committee are in accordance with
the requirements mandated under Section 135 of the Companies Act, 2013.

Brief Terms of Reference of the Committee inter-alia includes:

> Formulate and recommend to the Board, a CSR Policy indicating the activities to be
undertaken by the Company as specified in Schedule VII of the Act;

> Recommend the amount of expenditure to be incurred on the activities mentioned in the
CSR Policy and monitor the CSR Policy;

> To institute a transparent monitoring mechanism for implementation of the CSR projects
or programs or activities undertaken by the Company.

2 (Two) Corporate Social Responsibility Committee Meetings were held during the year
2024-25. The details are given below:

The Corporate Social Responsibility Committee comprises the following Directors and their
attendance in the Committee Meeting is given below:

Board Evaluation

The Securities and Exchange Board of India (SEBI) vide its circular No.
SEBI/HO/CFD/CMD/CIR/P/2017/ 004, dated 5th January, 2017, had issued a guidance note on
Board Evaluation which inter alia contains indicative criterion for evaluation of the Board of
Directors, its committees and the individual members of the Board.

In accordance thereof, the Board evaluated the performance of the Board, its Committees and
the Individual Directors for the financial year 2024-25. After the evaluation process was
complete, the Board was of the view that the performance of the Board as a whole was
adequate and fulfilled the parameters stipulated. The Board also ensured that the Committees
functioned adequately and independently in terms of the requirements of the Companies Act,
2013 and the Listing Regulations.

The individual Director's performance was also evaluated and the Board was of the view that
the Directors fulfilled their applicable responsibilities and duties as laid down by the Listing
Regulations and the Companies Act, 2013 and at the same time contributed with their valuable
knowledge, experience and expertise so as to make the Company well equipped to face the
adverse challenges.

Nomination, Remuneration and Evaluation Policy

Your Company has a well-defined Remuneration Policy for Directors, Key Managerial Personnel
(KMP) and other employees of the Company. This policy is in line with the provisions of Section
178 of the Companies Act, 2013, and the Rules framed thereunder, as well as Regulation 19
along with Part D of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. It broadly lays down the guiding principles, philosophy and the basis for
payment of remuneration to Executive and Non-executive Directors (by way of sitting fees and
commission), Key Managerial Personnel, Senior Management and other employees and also
outlines the process by which the performance of the directors could be evaluated.

During the year in review, there has been no change in the policy. The policy ensures equity and
consistency in rewarding the employee on the basis of performance against set of objectives.
The Policy is available on our website at https://www.amicforgings.com

STATUTORY AUDITORS

M/s K N Gutgutia & Co. Chartered Accountants, Kolkata (Firm Registration No. 304153E.)
continue to hold office of Auditors until the conclusion of 22nd AGM to be held in the year 2029.
Pursuant to Regulation 33(1)(d) of the Listing Regulations, the Auditors have confirmed that
they hold valid certificate issued by the Peer Review Board of the Institute of Chartered
Accountants of India.

AUDITORS’ REMARKS

The Notes on the financial statements referred to in the Auditor's Report are self-explanatory
and do not call for any further comments. The Auditor's Report does not contain any
qualification, reservation or adverse remark.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of
SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the Board of
Directors, subject to approval of shareholders in the ensuing Annual General Meeting, has
appointed Mr. B K Barik, Practicing Company Secretary, FCS: 5696, C.P.No.:3897 Peer Reviewed,
as the Secretarial Auditor to hold the office of Secretarial Auditors until conclusion of 23rd AGM
of the Company to conduct the secretarial audit of the Company for a period of 5 years effective
from F.Y. 2025-26 till F.Y. 2029-30. His appointment has been set forth in the Notice convening
ensuing Annual General Meeting for approval of shareholders.

The Secretarial Audit Report in Form MR-3 for the year ended on 31st March, 2025 is attached
as Annexure ‘II', which is self-explanatory and hence do not call for any further explanation and
the Report does not contain any qualification, reservation, adverse remark.

COST RECORDS

The provisions of Section 148 of the Companies Act, 2013 read with Notifications/ Circulars
issued by the Ministry of Corporate affairs from time to time, regarding maintenance of Cost
records are applicable to the company.

COST AUDITOR

The Company had received consent and confirmation of eligibility pursuant to section 148 of
the Companies Act, 2013 from M/s Sohan Lal Jalan and Associates, cost Accountants regarding
their appointment as the Cost Auditors of the Company for the financial year 2025-26.
Thereafter, the Board of Directors on recommendation of the Audit Committee has appointed
M/s Sohan Lal Jalan and Associates, cost Accountants, as the Cost Auditors of the Company for
the financial year 2025-26. Accordingly, remuneration, as recommended by the Board, would
be paid to M/s. Sohan Lal Jalan and Associates, for the financial year 2025-26, subject to
ratification of the members at the ensuing AGM.

DISCLOSURE RELATING TO MATERIAL VARIATIONS

As per Regulation 32(1) of the Listing Regulations, details of Statement of material variation or
deviation are available on company website at www.amicforgings.com

BUSINESS RISK MANAGEMENT

Every business is subject to risks, uncertainties that could cause actual results to differ
materially from those contemplated. The Company has in place a mechanism comprising of
regular audits and checks to inform the Board members about the Risk assessment and
mitigation plans and periodical reviews to ensure that the critical risks are controlled by the
management. Major risks identified are systematically addressed through risk mitigation
actions on a continuing basis.

OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT. 2013

The Company has in place the Policy on Prevention of Sexual Harassment in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this Policy. The Policy is gender neutral.

The summary of the Sexual Harassment complaints received during the 2024-25 are as under:

REPORTING OF FRAUDS BY AUDITORS

During the year under review, the Statutory Auditors have not reported to the Board, under
Section 143(12) of the Act, any instances of fraud committed against the Company by its
officers or employees, hence, there is nothing to be mentioned in the Board's report in this
regard.

INSIDER TRADING & STRUCTURED DIGITAL DATABASE

The Company has implemented the Code of Internal Procedure & Conduct as required under
the extant SEBI (Prohibition of Insider Trading) Regulations, 2015. The Company has also in
existence a Structured Digital Database as mandated under the above Regulations.

MEETING OF MEMBERS (AGM /EGM /POSTAL BALLOT)

During the Financial Year 2024-25, the company convened the following meetings of members:
Annual General Meeting on 30^th September, 2024, Extraordinary General Meeting on 23^rd
August, 2024 and Postal Ballot from 3^rd day of February to 4^th Day of March, 2025.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 134(3) (c) of the Companies Act, 2013 the director would like to state that :

i. In the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures, if any;

ii. The directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of the
profit of the company for that period;

iii. The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;

iv. The directors had prepared the annual accounts on a going concern basis.

v. The directors had laid down internal financial controls to be followed by the company
and that such internal financial controls are adequate and were operating effectively,
and

vi. The directors had devised proper system to ensure compliance with the provision of all
applicable laws and that such system were adequate and operating effectively.

WEB ADDRESS OF ANNUAL RETURN

The draft Annual Return (e-Form MGT-7) of the Company for the year ended 31st March, 2025
pursuant to the provisions of Section 134(3)(a) and Section 92 of the Companies Act, 2013 is
available on the Company's website and can be accessed at www.amicforgings.com.

PARTICULARS OF CONTRACTS AND ARRANGEMENTS MADE WITH RELATED PARTY

During the year under review, contracts or arrangements entered into with the related party, as
defined under section 2(76) of the Companies Act, 2013 were in the ordinary course of business
on arm's length basis. During the year the Company has not entered into any materially
significant related party transactions which may have potential conflict with the interest of the
Company at large. Further, all related party transactions entered into by the Company are
placed before the Audit Committee for its approval. Suitable disclosures as required are
provided in AS-18 which forms the part of the notes to the Financial Statement. In line with the
requirements of the Companies Act, 2013 and SEBI Listing Regulation 2015, the Company has
formulated a Policy on Related Party Transactions which is also available on Company's
Website at www.amicforgings.com.

The particulars of the contracts or arrangements entered into by the Company with related
parties as referred to in Section 134 (3) (h) read with section 188(1) of the Act framed
thereunder, in the Form No. AOC-2 are annexed and marked as “Annexure -III”.

SECRETARIAL STANDARDS

The Company generally complies with all applicable secretarial standards, issued by the
Institute of Company Secretaries of India and made applicable as per Section 118(10) of The
Companies Act, 2013.

CORPORATE SOCIAL RESPONSIBILITY

The Company has been carrying out Corporate Social Responsibility (CSR) activities under the
applicable provisions of Section 135 read with schedule VII (as amended from time to time) of
the Companies Act, 2013 and the Companies Corporate Social Responsibility Policy Rules, 2014.
Your Company believes in making lasting impact towards creating a just, equitable, human and
sustainable society. The CSR Policy of the Company is available on the Company's website at
www.amicforgings.com. The Annual Report on CSR Activities' is attached as Annexure ‘IV' to
this report.

MANAGEMENT DISCUSSION & ANALYSIS REPORTS:

A detailed report on Management Discussion and Analysis Report is included in this Report as
“Annexure — V”.

CORPORATE GOVERNANCE REPORT:

Since the company has been listed on SME Platform of BSE Limited (BSE), by virtue of
regulation 15 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, the compliance with the corporate governance provisions as specified in regulation 17 to
27 and clause B to (1) of sub regulation (2) of Regulation 46 and Para C, D and E of Schedule V
relating to Corporate Governance Report, shall not apply to company listed on SME Exchange.
Hence, Corporate Governance Report does not form a part of this Board Report, though we are
committed for the best corporate governance practices.

PRATICULARS OF ENERGY CONSERVATION. ETC.

Particulars with respect to conservation of energy as per rule 8(3) of the Companies (Accounts)
Rule, 2014 are as under:

1. Conservation of energy : NIL

2. Technology Absorption : NIL

FOREIGN EXCHANGE EARNING AND OUT GO

a. Foreign Exchange Earning : 1376.55 Lacs

b. Foreign Exchange out go : 166.25 Lacs

INDUSTRIAL RELATIONSHIP

The industrial relation during the year 2024-25 has been cordial. The Directors take on record
the dedicated services and significant efforts made by the Officers, Staff and Workers towards
the progress of the Company.

DETAILS OF APPLICATION UNDER THE INSOLVENCY AND BANKRUPTCY CODE. 2016

There is nothing to report under this for the year under review.

DETAILS ON ONE TIME SETTLEMENT

There is nothing to report under this for the year under review.

COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

As mandated under the Ministry of Corporate Affairs notification and in compliance with the
provisions of the Maternity Benefit Act, 1961, the Company affirms that it has duly adhered to
the statutory requirements concerning maternity benefits during the financial year 2024-25.
The Company ensures the provision of maternity leave, nursing breaks, and other entitlements
as specified under the Act to all eligible women employees. We are committed to fostering a
safe, inclusive, and supportive workplace environment that upholds the rights and welfare of
women employees during and after maternity.

No complaints or grievances related to the denial of maternity benefits were reported during
the year.

ACKNOWLEDGEMENT

The Board of Directors would like to express their sincere thanks to various State and Central
Government Department, bankers, Consultants, Advisors, shareholders and Investors for their
valuable co-operation and continued support throughout the year to the Company. The Board
of Directors also wish to place on record its deep sense of appreciation for the committed
services by the Company's executives, staff and workers

For and on behalf of the Board of Directors
AMIC Forging Limited

Girdhari Lal Chamaria Anshul Chamaria

Managing Director Director

DIN:00513552 DIN: 06586643

Date;- 23rd August, 2025
Place: Kolkata