1. STATUS OF THE COMPANY UNDER LIQUIDATION:

Nitin Fire Protection Industries Limited is a company incorporated under the provisions of
Companies Act, 1956 (and validly existing under the provisions of the Companies Act, 2013)
having CIN L29193MH1995PLC092323. The Company has its registered office* at 801, C Wing,
Neelkanth Business Park, Kirol Road, Kirol Village, Vidyavihar (West), Mumbai - 400086,
Maharashtra, India.

(*Registered office of the Company has shifted its registered office from 501, Delta, Technology
street, Hiranandani Gardens, Powai, Mumbai City, Mumbai, Maharashtra, India, 400076 to 801, C
Wing, Neelkanth Business Park, Kirol Road, Kirol Village, Vidyavihar (West), Mumbai - 400086,
Maharashtra, India on 17.02.2026.)

Pursuant to the issuance of Liquidation order by Hon'ble NCLT, Mumbai Bench dated 18^th
January, 2022 vide order no. MA No. 2727 /2019 IN C.P.(IB)-1890(MB)/2018 in terms of the
provisions of IBC, 2016 against the Company.

In furtherance to the above, please note that the process of sale of the Company as a going
concern under Liquidation pursuant to Section 33 of IBC, 2016 had been successfully completed
and the “Sale Certificate” dated 03^rd October 2024 had been issued. However, we are awaiting for
the final liquidation closure order from the Hon'ble National Company Law Tribunal (NCLT).

Further, we had submitted the Order pronounced by the Hon'ble NCLT on 3^rd June 2025 through
Form INC-28 and initiated the process of updating the Company's status as "ACTIVE” from
“Under CIRP” and the same was approved by the Registrar of Companies, Mumbai and status
stands "ACTIVE” as on submission of this application.

2. FINANCIAL POSITION:

a. FINANCIAL RESULTS:

The Company's performance for the Financial Year (F.Y.) ended 31^st March 2025 as compared
to the previous financial year is summarized below:

Standalone Financial Statements Summary:

(Amount in INR Lakhs)

Consolidated Financial Statements Summary: (Amount in INR Lakhs)

b. COMPANY AFFAIRS / BUSINESS REVIEW:

The Company was incorporated on 04^th September 1995 and primarily engaged in the business
of fire protection.

During the financial year under review, the Company has earned revenue from its operations
amounting to INR 2,65,33,507/- and earned profit of INR 29,283,312 /-

The liquidator of the Company is continuously looking for avenues for future growth and hopeful
that the Company will perform better in the coming years.

c. OPERATIONS:

The Corporate Debtor is inter alia engaged in the business of manufacturing Fire Fighting
Equipment (Gas based and Water based Fire Extinguishers) under the brand name NITIE,
providing Turnkey Solutions including Procurements, designing, system integration,
commissioning and installation of firefighting systems including Annual Maintenance Contracts
(AMC) for fire protection systems.

Subsequent to the Company went under Liquidation and in view of the provisions of Section 20
of the IBC, 2016, the Liquidator is required to manage the affairs & operations of the Company as
a going concern.

During the year under review, Liquidator was in charge of the operations or the management of
the Corporate Debtor. Further, the erstwhile management and employees associated with the
Corporate Debtors at that time have been co-operative and put their utmost efforts to gather the
data / documents / information of the Company and providing access to Liquidator into the
books of account and other records of the Company for the earlier years including for the period
under review i.e. F.Y.2024-25. The accounts for the year ended 31^st March 2025 have been
prepared on the basis of information / documents made available.

There was no change in the nature of business of the Company during the year under review.

d. DIVIDEND:

The Company was under Liquidation during the year, therefore no dividend was recommended
or declared during / for the Financial Year ended March 31, 2025.

e. TRANSFER TO RESERVES:

No amount was transferred to the Reserves during the financial year under review.

f. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE

COMPANIES:

The Company has an investment in its wholly owned subsidiary named Eurotech Cylinders
Private Limited ("ECPL"). Further, the Company has an associate Company namely, Worthington
Nitin Cylinders Private Limited (WNCPL).

During the year under review, there are no companies, other than referred above, which have
become Subsidiary / Associate of the Corporate Debtors nor that the Corporate Debtor became
the subsidiary / Associate of other entity.

After due efforts of Liquidator and the erstwhile management of the Company to collect the
relevant data of Company's Subsidiary & Associate Companies for the purpose of identifying
financial position of the Company including preparation of the financial statements of the
Subsidiary & Associate companies for the financial year ended 31^st March 2025, the Consolidated
Financial statement has been prepared and accordingly, presented in Annexure I with the name
'Form AOC-1' to this board report.

g. DEPOSITS:

The Company has not accepted nor renewed any amount falling within the purview of provisions of
Section 73 of the Companies Act 2013 (“the Act”) read with the Companies (Acceptance of Deposit)
Rules, 2014 during the year under review.

h. PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:

All Related Party Transactions entered during the year were in the Ordinary Course of the
Business and atArm's Length basis. During the year under review, the Company has not entered
into any contracts/ arrangements/ transactions with related parties which qualify as material in
accordance with the Policy of the Company on materiality of related party transactions. Hence,
the disclosure of Related Party Transactions as required under Section 134(3)(h) of the
Companies Act, 2013 in 'Form AOC-2' is not applicable.

The details of such relatedparty transactions are available in the Note no. 35 to the Standalone
financial statements section of this Annual Report.

i. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:

The particulars as required under the provisions of Section 134(3)(m) of the Companies Act,
2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of
energy, technology absorption and foreign exchange earnings and outgo, etc. for the year ended
March 31, 2025, are furnished in 'Annexure - II' which forms part of the Board's Report.

j. INVESTOR EDUCATION AND PROTECTION FUND ("IEPF”):

As per Sections 124 and 125 of the Companies Act, 2013, read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (notified on
September 5, 2016) and the Investor Education and Protection Fund Authority (Accounting,
Audit, Transfer and Refund) Amendment Rules, 2016 (notified on February 28, 2017) (“IEPF
Rules”), all dividends which remain unclaimed and unpaid for a period of seven years from the
date they became due for payment were required to be transferred to the Investor Education and
Protection Fund established by the Central Government.

No dividend was declared by the Company in the financial year 2016-17. Therefore, the requirement
of transfer of Unclaimed and Unpaid Dividend amount to Investor Education and Protection Fund
('IEPF') does not arise.

k. COST RECORDS:

During the financial year under review, the Company was not required to maintain cost records as
specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.
Despite the Liquidation proceedings initiated against the Company, during which the powers of the
management and the Board of Directors were vested in the Liquidator, significant efforts were made
to maintain the Company's status as a Going Concern and to keep records updated.

l. PARTICULARS OF INVESTMENTS, LOANS, GUARANTEES AND SECURITIES:

During the financial year under review, the Company has not made any loans, guarantees and
investments covered under section 186 of the Act. It has also not provided any security under the
said section. Further, the disclosure w.r.t. same has also been furnished in Notes No. 4 to Accounts
which forms part of the financials of the Company.

m. WEBSITE AND EXTRACT OF ANNUAL RETURN:

The Company has a website; however, not updated till the end of the review period.

n. DISCLOSURE UNDER SEXUAL HARASSMENT ACT:

The Company being under Liquidation during the year, the Liquidator has made efforts to
maintain the going concern status of the Company and monitoring the activities of existing
employees of the company. Further, due steps have been taken to maintain the data as required
under applicable laws and to comply with provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 to the extent possible. Further
details are as follow:

o. COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961:

The Company affirms that it has complied with all the applicable provisions of the Maternity
Benefit Act, 1961 to the extent possible.

p. HUMAN RESOURCES:

Following is details of number of employees in Company as on closure for the financial year:

q. DISCLOSURES UNDER SECTION 134(3)0) OF THE COMPANIES ACT, 2013:

The Company being under Liquidation during the year, the Liquidator is responsible for running
the Company as a Going Concern and therefore, maintaining the said status during the period
under review. Except the above and as disclosed elsewhere in this report and / or in the financial
statement read with the auditor report and other reports being part of Directors Report for the
year ended March 31, 2025, no material changes and commitments which could affect the
Company's financial position have occurred between the end of the financial year of the Company
and date of this report.

r. DETAIL OF FRAUD AS PER AUDITORS REPORT:

There is no fraud in the Company during the F.Y. ended 31^st March 2025.

s. SECRETARIAL STANDARDS COMPLIANCE:

The Company being under Liquidation during the year and the powers and responsibilities of
the Board of Directors and other Committees of the Company stand suspended and vested with
the Liquidator under the provisions of IBC, 2016. Therefore, compliance with the Secretarial
Standards does not arise. However, the meetings of the Committee of Creditors along with the
Liquidator are held during the year under review as per Rules / Guidelines provided under IBC,
2016.

t. INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the year under review, no material or serious
observation has been received from the Statutory Auditors of the Company for inefficiency or
inadequacy of such controls.

u. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has framed Vigil Mechanism / Whistle Blower Policy, however the same is not
updated till the end of the review period. The Company being under Liquidation, the operations
and management of the Company are being monitored and controlled by Liquidator in the best
possible capacity within the provisions of IBC. Further, no instance were noticed for any Whistle
Blower during the year under review.

v. MANAGEMENT DISCUSSION AND ANALYSIS:

The Company being under Liquidation, the operations and management of the Company are
being monitored and controlled by Liquidator in the best possible capacity within the provisions
of IBC to maintain the status of the Company as a going concern. Therefore, the report about
Management Discussion and Analysis pursuant to Company's performance and future prospects
were not provided for the period under review.

a. CORPORATE GOVERNANCE & CERTIFICATE THEREON:

The Company is under Liquidation pursuant to the order issued by NCLT. Hence, the
operations and management of the Company are being monitored and controlled by Liquidator
in the best possible capacity within the provisions of IBC to maintain the status of the Company
as a going concern. As required, the report on Corporate Governance has been prepared and
signed by the Director(s) of the Company being part of this Annual Report as Annexure III. The
Certificate on Corporate Governance issued by AVS & Associates, Company Secretary, Navi
Mumbai, for the financial year ended March 31, 2025 is enclosed in the report as 'Annexure -
IV'.

3. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

a) Director liable to Retirement by Rotation:

The powers and responsibilities of the Board of Directors including independent directors were
suspended due to Liquidation order passed against the Company. Accordingly, provisions about
retirement by rotation of directors are not applicable to the Company for the period under review.

b) Board of Directors, Independent Directors and Key Managerial Personnel:

Pursuant to Sale of Corporate Debtor as Going Concern, the ownership, management and control
of the Company need to be transferred to the Purchaser. Accordingly, pursuant to the acquisition
plan submitted by Silver Stallion Limited in consortium with Vikasa India EIF I Fund and AIG
Direct LLC, the successful Bidders & Purchasers of the Company, and pursuant to the directions
issued by Hon'ble NCLT vide clause No.42(3(ii)) of the order mentioned in 3^rd June 2025 in IA No.
4424 of 2024 in CP(IB) No. 1890/MB/2018, the board of Directors of the Corporate Debtor (the
Company) were re-constituted and following individuals were appointed by the liquidator of the
Company on 15^th December, 2025 as Directors pursuant to the Companies Act, 2013:

Further, all requisite filings and intimations w.r.t. the aforesaid reconstitution of board of
directors were made and updated with the concerned Registrar of Companies, Income Tax
Authorities, and other applicable Government or Statutory Authorities

Further, as directed by Hon'ble NCLT, Mr. Uliyar Balakrishna Bhat, in the capacity of Liquidator,
providing all support and assistance to the Purchasers for the smooth functioning of the Corporate
Debtor and to complete the sale as going concern."

c) Declaration by Independent Directors:

The Company was under Liquidation leading to continuance in suspension of powers of the Board
of Directors, declarations by the Independent Directors were not received by the Company.

4. DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES:

a) BOARD MEETINGS:

Due to the supersession of the Board of Directors, no Board Meetings were held during the year
under review after Liquidation commencement.

In continuation to the suspension of the powers of the Board of Directors of the Company, the
various Committees formed under the Companies Act and other applicable laws were
discontinued and therefore, no committee meetings were held during the period under review.

b) COMMITTEE OF CREDITORS MEETINGS:

The Committee of Creditors (COC) of the Corporate Debtor was duly constituted under Section
21 of the IBC read with Regulation 17 of the CIRP Regulations. Further, the meetings of COC were
duly convened and held as per provisions of Regulation 18 of the CIRP Regulations.

c) RISK MANAGEMENT POLICY:

The Company doesn't have an updated Risk Management Policy for the year under review.
However, the Company being under Liquidation, the risks identification and mitigation,
framework & strategies are being monitored and controlled in the best possible capacity by a
Liquidator within the provisions of IBC and other applicable regulations.

5. AUDITORS AND REPORTS:

a. APPOINTMENT OF AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit
and Auditors) Rules, 2014, M/s. Tolia & Associates, Chartered Accountants, (FRN: 111017W) the
Statutory Auditors of the Company have been appointed to conduct statutory audit for the
financial year 2024-25. The Company has received eligibility certificate from the Statutory
Auditor certifying that they continue to be eligible to be the Statutory Auditor of the Company for
the financial year 2025-26.

b. OBSERVATIONS OF STATUTORY AUDITORS ON ACCOUNTS FOR THE FINANCIAL YEAR
ENDED 31^st MARCH, 2025:

The observations / qualifications / disclaimers made by the Statutory Auditors in their report for
the financial year ended 31st March 2025 read with the explanatory notes therein are self¬
explanatory and therefore, do not call for any further explanation or comments from the Board
under Section 134(3) of the Companies Act, 2013.

c. SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Liquidator
appointed M/S AVS & Associates, Practicing Company Secretaries, to undertake the Secretarial
Audit of the Company for the F.Y. 2024-25. The Secretarial Audit Report for the financial year
2024-25 is annexed with this report as “Annexure -V“

On the basis of available data, records and details, the Secretarial Auditor's report for the financial
year ended March 31, 2025, contains various observations and qualifications. These remarks are
self-explanatory, and as such, no further explanation or comments from the Director(s) are
warranted under Section 134(3) of the Companies Act, 2013.

d. INTERNAL AUDIT:

Being under Liquidation, the Company has not appointed any Internal Auditor for the financial
year ended 31^st March 2025.

6. NOMINATION AND REMUNERATION POLICY:

Considering the Company had been under Liquidation proceedings and suspension of the board of
directors since then, the requirements of formulation of the Nomination & Remuneration Policy and
criteria of remuneration to board of directors and senior management is not applicable to the
Company during the period under review.

7. EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES, AND INDIVIDUAL
DIRECTORS:

The powers and responsibilities of the Board of Directors including the Committee of the Board were
suspended by virtue of the company being under Liquidation and the same vested with the Liquidator
under the provisions of IBC. In view of the above, evaluation of the performance of Directors, Board or the
Committees could not be carried out and no separate meeting of Independent Directors could be held.

8. OTHER DISCLOSURES:

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts) Rules, 2014
are furnished as under:

a. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

In F.Y. 2018-19, CIRP of the Company commenced under the terms of Chapter II of the Insolvency and
Bankruptcy Code, 2016 (IBC) vide the order (C.P.(IB) 1890/I&BP/MB/2018) dated 22nd October, 2018
(“CIRP Commencement date”) passed by Hon'ble National Company Law Tribunal, Mumbai bench
(“NCLT”) and NCLT appointed Mr. Uliyar Balakrishna Bhat (Registration No.: IBBI/IPA-001/IP-
P00658/2017-18/11107) as Interim Resolution Professional ("IRP") of the Company.

Subsequently, Committee of Creditors (CoC) in it's meeting held on 20th November, 2018, passed the
resolution for appointment of Mr. Uliyar Balakrishna Bhat as the Resolution Professional.

Thereafter Liquidation order was passed against the Company vide NCLT order in MA No. 2727 /2019 IN

C.P.(IB)-1890(MB)/2018 dated 18th January, 2022 in terms of the provisions of Insolvency and
Bankruptcy Code, 2016 ('IBC') and the regulations framed thereunder.

Pursuant to the aforesaid orders and the provisions of IBC, the powers of the Board of Directors have been
suspended and such powers are vested with Mr. Uliyar Balakrishna Bhat in the capacity of a Liquidator.

In addition to the above, BSE Limited had issued notice dated 09th February, 2022 suspending the trading
in equity shares of the company with effect from 11th February, 2022. Further, National Stock Exchange
of India Limited, has also communicated to the Company about suspension in trading of equity shares of
the Company with effect from same date.

It is hereby informed that the Liquidator has successfully completed the process of sale of Nitin Fire
Protections Industries Limited (the Company) as a going concern under Liquidation pursuant to Section
33 of IBC, 2016 and has issued the “Sale Certificate” dated 03rd October 2024. However, we are awaiting
for the final liquidation closure order from the Hon'ble NCLT.

Further, Company had submitted the Order pronounced by the Hon'ble NCLT on 3rd June 2025 through
Form INC-28 and initiated the process of updating the Company's status as “ACTIVE” from “Under CIRP”
and the same was approved by the Registrar of Companies and status stands “ACTIVE” as on submission
of this application.

b. DIRECTORS RESPONSIBILITY STATEMENT:

The powers of the Board of Directors were suspended by the virtue of the company being under
the Liquidation process. Hence, no director's responsibility statement is declared in this report
for the year under review.

c. DISCLOSURE UNDER SECTION 43fa)fii) OF THE COMPANIES ACT, 2013:

The Company has not issued any shares with differential rights and therefore no information as
per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital
and Debenture) Rules, 2014 is furnished.

d. DISCLOSURE UNDER SECTION 54f1)fd) OF THE COMPANIES ACT, 2013:

The Company has not issued any sweat equity shares during the year under review. Therefore,
no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the
Companies (Share Capital and Debenture) Rules, 2014 is furnished.

e. DISCLOSURE UNDER SECTION 62mfb) OF THE COMPANIES ACT.2013:

The Company has not issued any equity shares under Employees Stock Option Scheme during the
year under review. Therefore, no information as per provisions of Section 62(1)(b) of the Act

read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

f. DISCLOSURE UNDER SECTION 67(3) OF THE COMPANIES ACT.2013:

During the year under review, there were no instances of non-exercising of voting rights in
respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of
the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014.

g. HUMAN RESOURCES MANAGEMENT AND MANAGERIAL REMUNERATION:

Pursuant to the initiation of CIRP and later on into the process of Liquidation, the powers of the
Board of Directors were suspended. In the absence of Top-Level Management, including
Managerial Personnel, no managerial remuneration was payable to any directors or managerial
personnel during the year under review. While a few employees continued to remain associated
with the Company post-initiation of the Liquidation process, the absence of managerial
remuneration eliminated the requirement for disclosures under Section 197 of the Companies
Act, 2013, and the rules made thereunder. Consequently, particulars of remuneration to Directors
and employees, as well as the ratio of remuneration of each director to the median employee's
remuneration, were not provided in this report.

9. ACKNOWLEDGEMENTS:

Liquidator takes this opportunity to thank the continuing employees post this CIRP process and the
subsequent Liquidation order, the members of the Committee of Creditors and other professionals
for their consistent support to run the Company as a Going Concern during the process of CIRP and
also post passing of the Liquidation order.

For and on behalf of the Board of
Nitin Fire Protection Industries Limited

Sd/-

Uliyar Balakrishna Bhat
Liquidator in the matter of

Nitin Fire Protection Industries Limited

(Registration No.: IBBI/IPA-001/IP-P00658/2017-18/11107)

Communication Address

A-005, Ground Floor, Western Edge II, Off Western Express Highway,

Borivali (East), Mumbai - 400 066

Email: liquidation.nfpil@gmail.com
Date: 18/03/2026
Place: Mumbai

For and on behalf of the Board of
Nitin Fire Protection Industries Limited

Sd/- Sd/-

Allan Lopes Kailat Vaidyanathan

Director Director

DIN: 11304400 DIN:00077323

Address: C/o. C-801, Neelkanth Business Park, Address: C/o. C-801, Neelkanth Business

Park,

Kirol, Vidyavihar (West) - 400086, Kirol, Vidyavihar (West) - 400086,

Mumbai, Maharashtra, India Mumbai, Maharashtra, India

Date: 18/03/2026
Place: Mumbai