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To,

The Members,

Your Directors hereby present the Company's 77^th Annual Report of Ador Multi Products Limited ('the company') along with audited financial statements for the financial year ended March 31, 2025. The Company, along with its subsidiaries wherever required, is referred to as 'we', 'us', 'our', or 'Ador Multiproducts'. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

The table below sets forth the key financial parameters of the Company's performance during the year under review

In view of the losses of the company, your Directors do not recommend dividend for the year under review.

The Authorized Share Capital of the company as on 31^st March, 2025 was ' 5,00,00,000/- divided into 50,00,000 Equity Shares of ' 10/- each.

The Paid-Up Capital of the company was ' 4,67,36,330/- divided into 46,73,633 Equity Shares of ' 10/- each.

*The Authorized Share Capital of the company has been increased from ' 5,00,00,000/- (Rupees Five Crore) to ' 20,00,00,000/ - (Rupees Twenty Crore), divided into 2,00,00,000 Equity Shares of ' 10/- Each) pursuant to a Special Resolution passed through Postal Ballot on 20^th April, 2025.

**The Paid Up Share Capital of the company has been increased from ' 4,67,36,330/- to Rs. 9,56,09,890/- divided into 95,60,989 Equity Shares of ' 10/- each subsequent to Preferential Allotment of Equity Shares on 16^th May, 2025.

The Company has also allotted 93,12,364 Share warrants of ' 31.41/- each aggregating to amount of ' 29,25,01,353/- in the board meeting held on 16^th May, 2025. The warrants will be converted into Equity Shares within 18 months from the date of allotment.

During the period under review, the revenue from operations of the company is ' 217.97 Lakhs as compared to previous year's Revenue of ' 515.14 Lakhs. Your company has reassessed their business strategy and have realigned to focus on manufacturing as a service / contract manufacturing as its mainstay as well as revitalize its brands. Your company is focusing on the liquid lines with products like serums, sanitizers, oils, gels in both bottle and tube format packaging. The company also continues to manufacture talcum powder in parallel. With one factory at Puducherry, the company continues to keep the cost base very economical and build a stronger client base with requirements in South India. The company focused on cost cutting measures this year.

Furthermore your company now has a new investor and new management team, with a new, refreshed strategy in place.

In addition to growing the personal care business and finding new customer segments for it, the new management comes with in depth experience to manage large scale contracts. With this approach, your management is also looking to invest, diversify and build a real estate division within the company and build

Going forward, the Company will continue to review and reinforce its strategies and action plans to rapidly scale up its global foot print. It is building contracts with reputed clients and that should bear fruit in the coming year.

Your company is expected to build tremendous brand value by partnering with high growth young brands and investing in productivity in the coming year. This complemented with high volume traditional FMCG brand manufacturing is expected to enable the company to find a healthy stable balance between revenues, profitability and value creation in the coming year. The company will also selectively revitalize its brands for the b2b segment

There has been change in the control and management of the company due to transfer of shares pursuant to Share Purchase Agreement dated 21^st March, 2025 between the Existing Promoters and Thrive Future Habitats Infra Private Limited ('Acquirer') in terms of Regulation 22 (2) of SEBI (SAST) Regulations, 2011.

The Company has issued and allotted 48,87,356 Equity Shares of ' 10 each at an issue price of ' 31.41 per share (including security premium of ' 21.41 per shares) total amounting to ' 15,35,11,851/- on 16^th May, 2025 and the Company also issued and allotted 93,12,364 Share warrants of ' 31.41 each aggregating to amount of ' 29,25,01,353/- in the board meeting held on 16^th May, 2025.

Except above there is no material changes and commitments occurred after the end of the financial year.

During the year under review there has been no change in the nature of business of the company.

The Company has modified its object clause by addition of the new object clause related to real estate business through the passing of Special Resolution passed by Postal Ballot dated 20^th April, 2025.

During the year under review, there was no amount due to be transferred to the Investor Education and Protection Fund.

The Company has not carried any activities relating to the conservation of energy. The Company has not acquired any technologies during the year under review.

Your Company has not carried out any activities relating to the export and import during the financial year.

Your company is under exemption of compliance of Regulation 17, 17A, 18, 19, 20, 21,22, 23, 24, 24A, 25, 26, 27and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and hence Report on Corporate Governance and Auditor's Certificate on Corporate Governance is not applicable to the Company.

As required by regulation 17(8) SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the CEO and CFO certification as specified in Part B of Schedule II is not applicable.

A detailed Management Discussion and Analysis as required under regulation 34(3) read with Schedule V(B) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given in Annexure A, which forms part of this Board's Report.

As on March 31, 2025, the company had 2 subsidiaries.

A report on the financial positions of both subsidiaries as per the Companies Act, 2013 as provided in Form AOC-1 is attached with this report as Annexure - B

The Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet, thus no disclosure is required under Chapter V of the Companies Act, 2013.

14. EXTRACT OF THE ANNUAL RETURN:

As required under Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return in Form No. MGT 7, as at the financial year ended 31^st March, 2025, will be uploaded on the website of the company at www.adormultiproducts.com

The Board of Directors met six times during the financial year 2024-2025 in compliance with the provisions of the Companies Act, 2013. The intervening gap between any two meetings was within the period of 120 days as prescribed by the Companies Act, 2013.

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review.

All transactions with Related Parties that were entered into during the financial year were on Arm's length basis and were in the Ordinary Course of business. There are no materially significant transactions with related parties made by the Company with the Promoters, Directors, Key Managerial Personnel which may have potential conflict with the interest of the Company at large. Accordingly the Particulars of contracts or arrangements with related parties referred to Section 188 of the Companies Act, 2013 in the prescribed form AOC-2, is not applicable.

The policy of the Company on Directors' Appointment and Remuneration, including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided in Section 178(3) of the Companies Act, 2013, adopted by the Board has been posted on its website.

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) 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 and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) 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

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

The composition of the Board of Directors of the Company is in accordance with the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with an appropriate combination of Executive Director, NonExecutive Directors and Independent Directors

During the year, Mr. Sandeep Ahuja retired as an Independent Director of the company w.e.f. close of business hours on 14^th February, 2025, pursuant to the completion of his term. The Board of Directors, on recommendation of Nomination & Remuneration has approved the re-appointment of Mr. Sandeep Ahuja as an Independent Director of the company, for the

second term of 5 years from 20^th March, 2025 to 19^th March, 2030 (both days inclusive), the same was approved by the members through Postal Ballot on 20^th June, 2025.

Mr. Arvinder Singh Pasricha (DIN : 00032420) was appointed as Additional Director (Non-Executive Non-Independent Director), Mr. Vinay Kumar Singh (DIN : 06497700) was appointed as Additional Director (Managing Director) and Mrs. Praveen Kumari Singh (DIN : 11096754) was appointed as Additional Director (Non Executive Independent Director) in the Board Meeting held on 27^th May, 2025 to hold the office till the ensuing Annual General Meeting of the Company. Your director recommends to appoint (regularize) them as Director.

As stipulated under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")and Secretarial Standards on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI), brief resume of the Directors proposed to be appointed re-appointed, is annexed to the Notice convening 77^th Annual General Meeting (AGM).

*There has been change in the management of the company due to change in the control of the company pursuant to the Share Purchase Agreement entered into between the company's previous promoters and Thrive Future Habitats Infra Private Limited.

**Mr. Deep Ashda Lalvani (Non Executive Whole Time Director & CFO), Ms. Tanya Halina Advani (Non Executive Woman Director) and Mr. Suneil Chawla (Independent Director) has resigned from the Board of Directors w.e.f. 27^th May, 2025.

Pursuant to the provisions of Section 149 of the Act and Regulation 25(8) of the SEBI Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations'), the independent directors have submitted declarations stating that each of them fulfill the criteria of independence as provided in Section 149(6) of the Act along with rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations. There has been no change in the circumstances affecting their status as independent directors of the Company. In the opinion of the Board, the Independent Directors are competent, experienced, proficient and possess necessary expertise and integrity to discharge their duties and functions as Independent Directors. The Independent Directors of the Company have undertaken requisite steps towards the inclusion of their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

None of the Company's directors are disqualified from being appointed as a director as specified in Section 164 of the Act. All Directors have further confirmed that they are not debarred from holding the office of a director under any order from SEBI or any other such authority

During the period of Financial Year 2024-25, the company has three committees, namely:

1. Audit Committee

2. Stakeholder Relationship Committee

3. Nomination and Remuneration Committee

The composition and meetings of the committees are in line with the provisions of the Act and SEBI Listing Regulations. Composition of each committee is as follows:

The Company has established a vigil mechanism (which incorporates a whistle blower policy in terms of listing agreement) for directors and employees to report their genuine concerns. The Policy is also available on the Company's website.

Your Company has posted the following documents on its website

1. Materiality of event & information

2. Preservation of documents

3. Whistle Blower cum Vigil Mechanism.

4. Prevention of Sexual Harassment

5. Remuneration Committee

6. Nomination & Remuneration Policy

7. Archive Management Policy

8. Independent Director Appointment - T&C

9. Audit Committee Charter

10. Code of Conduct for Prevention of Insider Trading

11. Code of Practices and Procedures for fair disclosure

12. Stakeholders' Relationship Committee

At the 75^th Annual General Meeting held on 14^th August, 2023, the members approved re-appointment of M/s. Praveen and Madan,

Chartered Accountants, Bangalore (Firm Registration No. 011350S) as the Statutory Auditors of the company to hold the office until the conclusion of the 80^th Annual General Meeting of the company to be held for the Financial Year 2027-28.

The Statutory Auditor's Report for FY 2024-25 does not contain any qualifications, reservations, adverse remarks or disclaimers.

The Statutory Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Act, for the year under review.

During the year under review, no incidence of any fraud has occurred in the Company. Neither the Audit Committee of the Board, nor the Board of the Company had received any report involving any fraud, from the Statutory Auditors of the Company. As such, there is nothing to report by the Board, as required under Section 134 (3) (ca) of the Companies Act, 2013.

The Company has appointed R Atchoudane, Chartered Accountant, as its Internal Auditor. The Internal Auditors monitor and evaluate the efficacy and adequacy of internal control system in the Company, its compliances with operating systems, accounting procedures and policies and report the same to the Audit Committee on quarterly basis. Based on the report of internal audit, management undertakes corrective action in their respective areas and thereby strengthens the controls.

Pursuant to the provisions of Section 204 of the CompaniesAct,2013 and the Rules made thereunder, Ms. Snehal Amol Phirange, Practicing Company Secretary (FCS 8103; C P No. 8064), Pune, was appointed to conduct a secretarial audit of the Company's Secretarial and related records for the financial year ended 31 March, 2025.

The report of the Secretarial Auditor in Form MR-3 for the financial year ended March 31, 2025 is attached to this Report. The Secretarial Audit Report does not contain any qualifications, reservations, or adverse remarks or disclaimers.

As per the provisions of Regulation 24A of SEBI (LODR) Regulations, 2015, on the basis of recommendation of board of directors, a listed entity shall appoint or re-appoint a Secretarial Auditor for a term of five years with the approval of shareholders in the Annual General Meeting of the Company. Your board recommends to appoint Ms. Snehal Amol Phirange, Practicing Company Secretary, as Secretarial Auditor for the period of five years commencing from financial year 2025-26 till the financial year 2029-30.

There are no qualifications, reservations or adverse remarks made by the Auditors in their report.

The Company has an Internal Control System, commensurate with size, scale and complexity of its operations. The internal financial controls are adequate and are operating effectively so as to ensure orderly and efficient conduct of business operations.

During the year under review, such controls were tested and no reportable material weakness in the design or operation was observed.

The Board regularly reviews the risk management strategy of the Company to ensure the effectiveness of implementation of the risk management policies and procedures. Your Directors do not foresee any elements of risk, which in its opinion, may threaten the existence of the Company.

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable to the Company.

Ador Multiproducts has zero tolerance for sexual harassment and has adopted a charter on prevention, prohibition and redressal of sexual harassment in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and complied with all provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 including constitution of Internal Complaints Committee.

During the FY 2024-25, neither any complaints of sexual harassment were received by ICC, nor were there any complaints relating thereto which required any disposal thereof.

The Nomination and Remuneration Committee has laid down the criteria for performance evaluation by the Board of its own performance and that of the various Committees of the Board and the individual Directors. The framework of performance evaluation of the Directors captures the following points:

Key attributes of the Independent Directors that justify his / her extension / continuation on the Board of the Company; Participation of the Directors in the Board proceedings and his/her effectiveness;

The evaluation was carried out by means of the replies given / observations made by all the Directors on the set of questions developed by them which brought out the key attributes of the Directors, quality of interactions among them, adequacy and effectiveness of the various Committees of the Board and the performance of the Board.

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and also the Statement containing particulars of employees as required under Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014 is provided in Annexure D forming part of this Report.

Details of employees pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, will be provided on request, by the Company Secretary.

Employee relations throughout the Company were harmonious. The Board wishes to place on record its sincere appreciation of the devoted efforts of all employees in advancing the Company's vision and strategy to deliver good performance.

The disclosure is not applicable as the company has not undertaken any one-time settlement with the banks or financial institutions during the year.

During the year under review, no Corporate Insolvency Resolution Process / proceedings were initiated by / against the company under the Insolvency and Bankruptcy Code, 2016.

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.

Your Directors place on record their sincere thanks to our customers, bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company.