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The Annual Report on CSR activities pursuant to Section 135 of the Companies Act, 2013 that with its rules is attached at Annexure-‘C'.

Composition of CSR Committee is given in the Corporate Governance Report hence not reproduced here for the sake ofbrevity.

In accordance with Section 178 and other applicable provisions, if any, of the Act read with the Rules thereunder (including any statutory modification(s) or reenactments) thereof, for the time being in force), and regulation 19 of the Listing Regulations, the Board of Directors of the Company has in its meeting held on 13^th February, 2025 approved and adopted a revised Nomination and Remuneration Policy of the Company relating to the remuneration for the Directors, Key Managerial Personnel (KMPs), Senior Management Personnel and other employees of the Company.

The brief outline / salient features of Nomination and Remuneration Policy, inter alia, includes:

a) Objects of the Policy:

• ensure that Directors, KMPs and Senior Management Personnel are remunerated in a way that reflects the Company's long-term strategy;

• align individual and team reward with business performance in both the short term and long term;

• encourage executives to perform to their fullest capacity;

• to be competitive and cost effective;

• formulation of criteria for identification and selection of the suitable candidates for the various positions;

• to recommend policy relating to the remuneration for the Directors, Key Managerial Personnel, Senior Management Personnel and other employees of the Company;

• recommend to Board on appropriate performance criteria for the Directors and carry on the performance evaluation of the Directors;

• to identify ongoing training and education programs for the Board to ensure that Non- Executive Directors are provided with adequate information regarding options of the business, the industry and their legal responsibilities and duties;

• to assist Board in ensuring Board nomination process in accordance with the Board Diversity policy;

• to recommend to the Board, all remuneration, in whatever form, payable to Senior Management.

b) The Nomination and Remuneration Committee shall recommend remuneration

considering below criteria / principle:

• level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully;

• relationship of remuneration to performance is clear and meets appropriate performance benchmarks;

• remuneration to Directors, KMPs and Senior Management Personnel involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.

c) Criteria for selection of members on the Board of Directors and candidates for KMP and Senior Management Personnel

d) Term / tenure of appointment, removal, retirement

e) Remuneration Policy for Directors, KMPs and other employees

f) Evaluation process

g) Flexibility, judgment and discretion

Directors' appointment and criteria for determining qualifications, positive attributes, independence of a director is forming part of Nomination and Remuneration Policy of the Company.

The Nomination and Remuneration Policy of the Company is displayed on the website of the Company at

There is no Director who is in receipt of any commission from the Company and who is Managing or Whole time Director of the Company.

The information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies (Appointment and Remuneration of Managerial Personnel) Amendments Rules, 2016, as amended from time to time, in respect of Directors / employees of the Company is set out in Annexure-‘F' to this report.

M/s C. R. Sharedalal & Co., Chartered Accountants, Ahmedabad, (F. R. No. 109943W) was appointed as Statutory Auditors at the 38^th Annual General Meeting of the Company held on 29^th September, 2022 who shall hold such office for a period of 5 years until the conclusion of 43^rd Annual General Meeting. There is no qualification or adverse remarks or disclaimers made by the auditors in their report on the financial statements of the Company for the financial year ended 31^st March, 2025. The Statutory Auditors have not reported any incident of fraud to the Audit Committee during the year under review.

M/s. Sweta Patel & Associates, Chartered Accountants (Firm Registration No. 139165W) is a Internal Auditors of the Company. There is no qualification or adverse remarks or disclaimers made by the Internal Auditors in their report and have not reported any incident of fraud to the Audit Committee during the year under review.

Based on the recommendation of the Audit Committee, the Board of Directors, at its meeting held on 28^th May, 2025, approved the appointment of Mr. Niraj Trivedi, Practicing Company Secretary, having Certificate of Practice No. 3123, Peer Reviewed Certificate No. 1014/2020 as Secretarial Auditors of the Company for a term of five years, i.e., from 1st April, 2025 to 31st March, 2030, subject to approval of the Members at the ensuing Annual General Meeting.

Mr. Niraj Trivedi is a leading firm in the field of secretarial and compliance services in India, with over 25 years of experience. The firm has extensive expertise in corporate laws, capital market transactions, listing and delisting of equity shares, compliance audits, corporate governance, mergers and acquisitions, and economic laws.

Further, Mr. Niraj Trivedi has provided confirmation that it is eligible for appointment and is not disqualified under any applicable provisions of the Act and the Listing Regulations.

The Board recommends the appointment of Mr. Niraj Trivedi as Secretarial Auditors of the Company for the aforesaid term, for approval of the members. The relevant details and terms of appointment are also set out in the Notice of the Annual General Meeting forming part of this Annual Report.

The Board pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has appointed Mr. Niraj Trivedi, Practicing Company Secretary, to conduct Secretarial Audit for the financial year 2024-25. The Secretarial Audit Report in prescribed format MR-3 for the financial year ended March 31, 2025 is annexed here with marked at Annexure-‘D' to this Report.

There is qualification made by the auditors in their Secretarial Audit Report ofthe Company for the financial year ended 31st March, 2025.

The observation made in the Secretarial Audit Report are as per the following:

a. Under the Companies Act, 2013 & Rules framed thereunder are:

b. Under the SEBI Act, Regulations, Rules, Guidelines, Notifications, Circulars etc. are;

3. The Company has not submitted integrated financial report for the period

During the year under review no fraud has been reported by the Auditors of the Company.

The Company has adopted a Vigil Mechanism Policy/ Whistle Blower Policy and has established the necessary mechanism in line with requirement of the Act and Regulation 22 of the Listing Regulations for the directors and employees to report violations of applicable laws and regulations and the Code of Conduct. During the FY 2024-25 no directors and employees of the Company have denied access to the audit committee to report genuine concerns about illegal or unethical practices.

Further, the functioning of the vigil mechanism is being monitored by the Audit Committee from time to time.

As on 31st March, 2025, the issued, subscribed and paid up capital of the Company stood at Rs. 13,62,35,520/- comprising of 1,36,23,552 equity shares of Rs. 10/- each.

During the FY 2024-25, the Company has not issued shares with differential voting rights or granted stock options or issued sweat equity or Employee Stock Option scheme.

The Company has not bought back any of its securities during the year under review.

The Company has not issued any Sweat Equity Shares during the year under review.

No Bonus Shares were issued during the year under review.

The Company has not provided any Stock Option Scheme to the employees.

The Company has not issued any Equity Shares with differentialrights.

The Business Responsibility and Sustainability Report ("BRSR") is not Applicable to the Company.

22. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO:-

(A) Conservation of energy:

1. The Steps taken / impact on conservation of energy:

The company has installed LED Lighting which has resulted in substantial savings of power.

2. The Steps taken by the company for utilizing alternate sources of energy:

No Sources

3. The Capital investment on energy conservation equipment: No

Investment in such equipments during the year

(B) Technology absorption:

1. The Efforts made towards technology absorption: Not Applicable

2. The Benefits derived e.g., product improvement, cost reduction, product development, import substitution, etc.: Not Applicable

3. In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year), following information may be furnished: Not Applicable

(a) Details of technology imported:

(b) Year of import:

(c) Whether the technology been fully absorbed:

(d) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof:

4. The Expenditure incurred on Research and Development: Not Applicable

(C) Pursuant to provisions of Section 134(m) of the Companies Act, 2013, the total Foreign Exchange Inflow and outflow is as provided below.

During the year under consideration, the Company has earned Foreign Exchange amounting is Rs. 1.78 Lakhs (Previous years Rs. 4.07 Lakhs) and outgo is Rs. 213714.69 Lakhs (Previous years Rs. 85097.49 Lakhs).

23. DIRECTORS AND KEY MANAGERIAL PERSONNELS (KMP) & SENIOR MANAGEMENT PERSONNEL

The Board of Directors is of the opinion that all Directors including the Independent Directors of the Company possess requisite proficiency, expertise and experience.

The Board is of the opinion that the Independent Directors of the Company are professionally qualified and well experienced in their respective domains and meet the criteria regarding integrity, expertise, experience and proficiency. Their qualifications, specialized domain knowledge, strategic thinking & decision making and vast experience in varied fields has immensely contributed in strengthening the Company's processes to align the same with good industry practices

Mr. Hitesh Adeshara (DIN: 02726701), Mr. Ghanshyambhai Bhikhabhai Akbari (DIN: 00196160) and Mrs. Nirupama Hasmukhrai Vaghjiani (DIN: 06956012), ceased to be directors of the Company due to completion of their respective 2^nd term as an Independent Directors at the 40^th Annual General Meeting of the Company held on . 27^th Day of September, 2024.

Mr. Milan Mukeshbhai Parekh (DIN: 10731449), Mr. Vihar Babulal Solanki (DIN: 10731929) and Mrs. Nidhi Dipak Prajapati (DIN: 10731595) were appointed as an Additional Independent Directors of the Company on 8^th August, 2024 and their appointments were regularized by the members at the 40^th Annual General Meeting of the Company held on 27^th Day of September, 2024

In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Zaverilal Virjibhai Mandalia will liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Board recommends his reappointment.

During the year under review, there was no change in the Key managerial Personnel of the Company.

All the Directors of the Company have confirmed that they are not disqualified from being appointed as Directors in terms of Section 164 of the Companies Act,

2013 and not debarred or disqualified by the SEBI / Ministry of Corporate Affairs or any such statutory authority from being appointed or continuing as Director of the Company or any other Company where such Director holds such position in terms of Regulation (10)(i) of Part C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A Certificate to this effect, duly signed by Mr. Niraj Trivedi, Practicing Company Secretary is annexed as Annexure- ‘E' to thisreport.

Pursuant to the provisions of Sections 2(51) and 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014 (as amended from time to time), the following are the Key Managerial Personnel of the Company:

1. Mr. Kishor Pranjivandas Mandalia (DIN: 00126209) is Managing Director,

2. Mr. Rupesh Shah is Chief Financial Officer and

3. Mr. Ravikumar Pasi is Company Secretary are the Key managerial Personal of the Company.

Pursuant to the provisions of the Companies Act, 2013 and Regulation 19(4) read with Schedule II, Part-D of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of its committees. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman, the Non Independent Directors and the Board of the Directors as a whole, was carried out by the Independent Directors of the Company.

The Nomination and Remuneration Committee has laid down the criteria for performance evaluation of Executive and Non- Executive Directors of the Company as per Section 178 of the Act, as amended from time to time, and as per Regulation 19 of the Listing Regulations.

Criteria for performance evaluation of Board, that of its Committees and Individual Directors are provided in Corporate Governance Report which is forming part of this report.

Separate meeting of Independent Directors of the Company was held on 13^th February, 2025 and it reviewed the performance of Non-Independent Directors & the Board as a whole and also reviewed the performance of Chairman of the Company, taking into views of executive directors and non-executives directors. The same was discussed in the Board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and individual Directors was also discussed.

All the Independent Directors have submitted their declaration to the Board to the effect that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves as Independent Directors under the provisions of Section 149(7) of the Companies Act, 2013 and the relevant rules.

According to Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, the names of all the Independent Directors of the Company have been included in the data bank maintained by the Indian Institute of Corporate Affairs.

A statement regarding opinion of the Board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year.: - No appointment during the year.

All Independent Directors are familiarised with the operations and functioning of the Company at the time of their appointment and on an ongoing basis to familiarized them with their roles, rights and responsibilities, strategy planning, manufacturing process, business strategy, amendments in law, Company's codes and policies, environmental aspects, amongst others.

The details of the familiarisation programme are provided in the Corporate Governance Report, which forms part of this report and same is also available on the website of the Company at

In terms of the provisions of section 197(12) of the Act read with rule 5 of the Companies (Appointment Remuneration of Managerial Personnel) Rules, 2014, including any statutory modification(s) thereof for the time being in force, the details of remuneration etc. of directors, key managerial personnel and employees covered under the said rules are annexed at Annexure- ‘F' to this report.

During the Financial Year 2024-25, total 5 (Five) meetings of Board of Directors were held respectively on 21/05/2024, 13/06/2024, 08/08/2024, 25/10/2024 and 13/02/2025.

In order to adhere to the best corporate governance practices, to effectively discharge its functions and responsibilities and in compliance with the requirements of applicable laws, the Board of directors has constituted several Mandatory and Non-mandatory Committees including the following:

Mandatory Committees:

> Audit Committee

> Nomination and Remuneration Committee

> Stakeholders' Relationship Committee

> Corporate Social Responsibility Committee

Non-mandatory Committees:

> Risk Management Committee

The details with respect to powers, roles, terms of reference and changes in committee compositions, if any, of Mandatory Committees along with the dates on which meetings of Committees were held during the FY 2024-25 including the number of Meetings of the Committees that each Directors attended is provided in the ‘Corporate Governance Report' which forms part of this Report.

Further as per Section 177(8) of the Act, as amended from time to time, there have been no instances during the year where recommendations of the Audit Committee were not accepted by the Board of Directors.

Details in respect of number of meetings Board and Committee held during the year indicating number of meeting attended by each Director are provided in the Corporate Governance Report attached at Annexure -‘A'.

The particulars of loans given, investments made, guarantees given and securities provided under Section 186 of the Companies Act, 2013 and Rules thereof along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the financial statement at Note 5, 6, 13 and 36 to this Financial Statement.

During the year the Company incorporated its Wholly Owned Subsidiary Company namely i.e. Amazo Solar Power Private Limited on 26^th Day of November, 2024.

Further, the Company does not have any associate company(ies) or joint venture company(ies) during FY 2024-25.

In accordance with Section 129(3) of the Companies Act, 2013, the Company has prepared Consolidated Financial Statements and the same is part of this Annual Report. Further, a statement containing salient features of the Financial Statements of the Company's joint venture is given in prescribed form AOC-1. The said form is attached at Annexure - ‘G'.

All contracts / arrangements / transactions entered by the Company during the financial year with related parties under Section 188 of Companies Act, 2013 andthe Regulation 23 of SEBI (LODR), Regulations, 2015 were in the ordinary course of business and on an arm's length basis.

Up to the date of Annual General Meeting (Sept. 24), all the related party transactions were with the approval of Audit Committee which later on ratified in the AGM dated 27th September 2024.

All transactions with related parties were reviewed and approved by the Audit Committee. The details of the related party transactions as per Indian Accounting Standard ("Ind AS") - 24 are set out in Note No. 40 to the Standalone Financial Statements forming part of this Integrated Annual Report.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link:

The particulars in prescribed form AOC-2 is attached at Annexure - ‘H' .

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its Responsibility Statement:—

a) In 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 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.

Your Directors have voluntarily constituted a Risk Management Committee which has been entrusted with the responsibility to assist the Board in (a) Overseeing and approving the Company's enterprise wide risk management framework; and (b) Overseeing that all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. A Group Risk Management Policy was reviewed and approved by the Committee.

The Company manages, monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Company's management systems, organizational structures, processes, standards, code of conduct and behaviors that governs how the Group conducts the business of the Company and manages associated risks.

The Company has introduced several improvements to Integrated Enterprise Risk Management, Internal Controls Management and Assurance Frameworks and processes to drive a common integrated view of risks, optimal risk mitigation responses and efficient management of internal control and assurance activities. This integration is enabled by all three being fully aligned across Group wide Risk Management, Internal Control and Internal Audit methodologies and processes.

Composition of Audit Committee is given in the Corporate Governance Report hence not reproduced here for the sake ofbrevity.

The Board has accepted all the recommendations of the Audit Committee during the F.Y. 2024-2025.

The Company has in place a robust policy on prevention, prohibition and redressal of sexual harassment at the workplace, in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder has been laid down and circulated to every employee of the company so as to inform them about the redressal mechanism available to them against any kind of harassment. Your directors state that during the financial year under report, there were no cases filed or compliant received from any employee pertaining to the sexual harassment. More details on the same have been given in the corporate governance report.

An Internal Complaints Committee (ICC) has been constituted at all applicable locations to redress complaints received regarding sexual harassment. The ICC is duly constituted and comprises members in accordance with the statutory requirements, including an external member with experience in social work and legal knowledge.

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors' and ‘General Meetings', respectively, have been duly followed by the Company.

During the year under review the Company is not required to maintain any cost records as specified by Central Government under Section 148(1) of the Companies Act, 2013 and accordingly such accounts and records are not made and maintained by the Company.

The Equity Shares of the Company continue to remain listed on BSE Limited ("BSE") and National Stock Exchanges of India Limited ("NSE"). The annual listing fees for the FY 2024-25 & 2025-26 has been paid timely to these Stock Exchanges.

During the year under review, there were no such instance due to which revision in Financial Statement or Boards Report is being made.

There are no such proceedings or appeals pending under Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year and at the end of the financial year even upto the date of this report.

No such instance of One-time settlement or valuation was done while taking or discharging loan from the Banks/ Financial institutions occurred during the year.

During the FY 2024-25 the Company has complied with the applicable provisions of the Maternity Benefit Act, 1961, including relating to maternity leave and other benefits to women employees.

Your Directors place on record their sincere thanks to 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.