To,

The Members of

The Board of Directors is pleased to present the Seventh Board's Report on the business and operations of Gujarat Fluorochemicals Limited ("the Company") together with the summary of Standalone and Consolidated Financial Statements for the Financial Year ended 31^st March, 2025.

Key highlights of consolidated and standalone financial performance for the year ended 31^st March, 2025, are summarised as under:

(*) Amount is less than Rs. 0.50 Crore.

As per Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "SEBI Listing Regulations") and applicable provisions of the Companies Act, 2013 ("the Act") read with the Rules issued thereunder, the Consolidated Financial Statements of the Company for the Financial Year 2024-25 have been prepared in compliance with applicable Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principal generally accepted in India and on the basis of Audited Financial Statements approved by the Board of Directors of the Company.

The Consolidated Financial Statements together with the Auditors' Report form part of this Integrated Annual Report. The Audited Standalone and Consolidated Financial Statements for the Financial Year 2024-25 shall be laid before the Annual General Meeting for approval of the Members of the Company.

On a standalone basis, the revenue for FY 2024-25 was Rs. 4,564.55 Crores, higher by 13% percent over the previous year's revenue of Rs. 4,022.15 Crores in FY 2023- 24. The PAT attributable to Shareholders for FY 2024- 25 and FY 2023-24 was Rs. 575.36 Crores and Rs. 418.75 Crores, respectively.

On a consolidated basis, the revenue for FY 2024-25 was Rs. 4,737.49 Crores, higher by 10% over the previous year's revenue of Rs. 4,280.82 Crores. The profit after tax (PAT) attributable to Shareholders and non-controlling interests for FY 2024-25 and FY 2023-24 was Rs. 545.96 Crores and Rs. 434.95 Crores, respectively.

For more details on the Standalone and Consolidated performance, please refer to Management Discussion and Analysis Report.

The Office of the Regional Director, North-Western Region, Ahmedabad vide its Order dated 6^th June, 2025 approved the Shifting of Registered Office of the Company from the State of Gujarat to the State of Himachal Pradesh and alteration of Clause 2 of the Memorandum of Association.

In view of the above, the Company has filed e-form INC- 22 for notice of change of situation of Registered Office of the Company from the State of Gujarat to the State of Himachal Pradesh with the Registrar of Companies and accordingly the Registered Office of the Company is shifted to Plot No. 1, Khasra Nos. 264 to 267, Industrial Area, Una- 174303, Himachal Pradesh.

The Board of Directors of the Company has approved the proposed Composite Scheme of Arrangement between Inox Leasing and Finance Limited, ("Demerged Company" or "Transferor Company" or "ILFL"), Holding Company of Gujarat Fluorochemicals Limited, Inox Holdings and Investments Limited, ("Resulting Company" or "IHIL") and Gujarat Fluorochemicals Limited ("Transferee Company" or "GFCL") and their respective Shareholders under the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act") ("Scheme") which envisages the following:

(a) Part A-Demerger of Wind Business ("Demerged Undertaking") of ILFL into IHIL; and

(b) Part B-Amalgamation of ILFL into GFCL (after demerger of Demerged Undertaking of ILFL into IHIL).

As per the Part B of the Scheme:

(a) The 5,77,91,906 equity shares of 7 1 each, held by ILFL in GFCL, will stand cancelled;

(b) 5,77,91,906 equity shares of GFCL of the face value of 7 1 each fully paid-up will be issued and allotted as fully paid-up to the equity shareholders of ILFL in the proportion of their holding in ILFL.

Upon approval of the Scheme from all Stakeholders viz. Shareholders, Creditors and Regulatory Authorities (BSE Limited, National Stock Exchange of India Limited,

Securities and Exchange Board of India, Reserve Bank of India and National Company Law Tribunal or any such other authority as applicable) the Scheme will become effective on and from the Appointed Date viz. 1^st April, 2025, as modified by the Board of Directors of the Company in their Meeting held on 26^th December,

2024, from the earlier appointed date of 1^st January,

2025.

During the year, the Company has paid Final Dividend for the Financial Year 2023-24 at Rs. 3/- per Equity Share of Rs. 1/- each (300%) to the Shareholders of the Company.

The Board is pleased to recommend a Final Dividend at Rs. 3/- per Equity Share of Rs. 1/- each (300%) for the financial year ended 31^st March, 2025, subject to the approval of Shareholders at the ensuing Annual Genera Meeting of the Company.

According to Regulation 43A of the SEBI Listing Regulations, the Board has adopted a Dividend Distribution Policy, which had been placed on the website of the Company and can be accessed at the link: https://www.gfl.co.in/upload/pages/

ch3188797d3bc8c19fffd7aad5832d0f.pdf

During the year under review, the Company has not transferred any amount to General Reserve. For complete details on movement in Reserves and Surplus during the financial year ended 31^st March 2025, please refer to the 'Statement of Changes in Equity' included in the Standalone and Consolidated Financial Statements of this Integrated Annual Report.

During the year, the Company has not issued any Non- Convertible Debentures as the Company was not a Large Corporate as per the applicability criteria given under the Chapter Xll of SEBI Operational circular dated August 10, 2021 (updated as on April 13, 2022) read with SEBI Circular no. SEBI/HO/DDHS/DDHS- RACPOD1 /P/CIR/2023/172 dated 19^,h October, 2023.

With respect to the fire incident in December 2021 at Ranjitnagar plant, the Company had recognized a total amount of Rs. 70.21 Crores towards insurance claim lodged in that year. After the receipt of interim claim amount, sale of related scrap etc. the balance amount as at 31^st March, 2025 is Rs. 41.87 Crores (as at 31^st March, 2024 Rs. 47.76 crores). The insurance company is in the process of determining the final claim amount. Difference, if any, which in the opinion of management may not be significant, will be recognized upon the final determination of the claim amount.

The following Directors are proposed for appointment/ re-appointment at the Seventh Annual General Meeting of the Company:

• Appointment of Director in place of Mr. Devendra Kumar Jain (DIN: 00029782) who retires by rotation and being eligible, offers himself for reappointment.

• Appointment of Mr. Sunil Kumar Singh Chauhan (DIN: 11229650) as Director and Whole-time Director of the Company and approval on payment of remuneration to him, with the effect from 5^th August, 2025.

Necessary Resolutions in respect of Director seeking appointment/re-appointment and necessary information pursuant to Regulation 36(3) of the SEBI Listing Regulations are provided in the Notice of the Seventh Annual General Meeting forming part of this Integrated Annual Report.

During the Financial Year 2024-25, the following Directors were appointed/re-appointed post receipt of Shareholder's approval:

• Re-appointment of Mr. Sanath Kumar Muppirala (DIN 08425540), as Whole-time Director of the Company and approval on payment of remuneration to him, with effect from 28^th April, 2025. However, Mr Sanath Kumar Muppirala had tendered his resignation from the post of Director and Whole-time Director of the Company, with effect from 5^th August, 2025 due to his personal reasons.

• Re-appointment of Mr. Niraj Kishore Agnihotri (DIN 09204198), as Whole-time Director of the Company and approval on payment of remuneration to him, with effect from 1^st July, 2025. However, Mr. Niraj Kishore Agnihotri had tendered his resignation from the post of Director and Whole-time Director of the Company, with effect from 5^th August, 2025 due to his personal reasons.

• Re-appointment of Mr. Shesh Narayan Pandey (DIN 02000823) as Director and Whole-time Director of the Company and approval on payment of remuneration to him, with the effect from 14^th August, 2025. However, Mr Shesh Narayan Pandey had tendered his resignation from the post of Director and Whole-time Director of the Company, with effect from 24^th March, 2025 due to his personal reasons.

The Independent Directors of the Company have given the declaration and confirmation to the Company as reguired under Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of SEBI Listing Regulations confirming that they meet the criteria of independence and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence.

Following are Key Managerial Personnel (KMP) of the Company as per Section 2(51) and 203 of the Companies Act, 2013:

1) Mr. Vivek Jain - Managing Director

2) Mr. Manoj Agrawal - Chief Financial Officer

3) Mr. Bhavin Desai - Company Secretary and Compliance Officer

The Company has received request letters from Mr. Vivek Jain, Managing Director, and Mr. Devendra Kumar Jain, Director, proposing 50% downward revision in the drawable limit of the commission component of their remuneration for the Financial Year 2024-25. In consideration of their requests, the Board has approved the revision of the commission payable to Mr. Vivek Jain, Managing Director, to 1.25% per annum, and to Mr. Devendra Kumar Jain, Director to 0.50% per annum for the Financial Year 2024-25.

Five (5) Board Meetings were held during the financial year ended 31^st March, 2025. For further details, please refer to the Corporate Governance Report, which forms part of this Integrated Annual Report. The intervening gap between the meetings was within the period prescribed under the Act and the SEBI Listing Regulations.

The Audit Committee comprised four (4) Members out of which three (3) are Independent Directors and one (1) is an Executive Director. During the year under review, five (5) Audit Committee Meetings were held, details of which are provided in the Corporate Governance Report. During the year under review, there were no instances when the recommendations of the Audit Committee were not accepted by the Board.

In accordance with the manner of evaluation specified by the Nomination and Remuneration Committee, the Performance Evaluation forms containing criteria for evaluation of Board as a whole, Committees of the Board and individual Directors and Chairperson of the Company were sent to all the Directors with a request to provide their feedback to the Company on the Annual Performance Evaluation of Board as a Whole, Committees of Board, Individual Directors and Chairperson of the Company, fulfillment of the independence criteria and independence of Independent Directors from the Management for the Financial Year 2024-25. Further, based on the feedback received by the Company, the Nomination and Remuneration Committee at its Meeting held on 29^th January, 2025 had noted that the Annual Performance of each of the Directors is highly satisfactory and decided to continue the terms of appointment of all the Independent Directors of the Company.

The Company has conducted familiarization programme for Independent Directors during the year. The details for the same have been disclosed on the website of the Company at the web-link https://gfl.co.in/ upload/pages/cd8bc6770c75171361861 b235d3b9072. pdf.

The Nomination and Remuneration Policy of the Company is available at the web link https://afl.co.in/ upload/pages/cb6ba6345d09cb9d81 6afl bb665c860a. pdf

The salient features and objectives of the Policy are as follows:

a. To lay down criteria for identifying persons who are qualified to become Directors and who may be appointed in Senior Management of the Company in accordance with the criteria laid down by

Nomination and Remuneration Committee and recommend to the Board their appointment and removal;

b. To formulate criteria for determining qualification, positive attributes and Independence of a Director;

c. To determine the composition and level of remuneration, including reward linked with the performance, which is reasonable and sufficient to attract, retain and motivate Directors, KMR Senior Management Personnel & other employees to work towards the long term growth and success of the Company.

The Managing Director and Whole-time Directors of the Company have not received any remuneration or commission from any of the subsidiaries.

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

i. in the preparation of the Annual Accounts for the Financial Year ended 31^st March, 2025, the applicable Accounting Standards and Schedule III of the Companies Act, 2013, have been followed and there are no material departures from the same;

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 profits 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 this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other rregularities;

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 were adequate and were operating effectively; and

vi. 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.

Management's Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of the SEBI Listing Regulations read with Para B of Schedule V is presented in a separate Section forming part of this Integrated Annual Report.

The Company has complied with the corporate governance requirements under the Act, and the SEBI Listing Regulations. A separate section on Corporate Governance along with a certificate from practicing Company Secretary regarding compliance of conditions of Corporate Governance is attached as ANNEXURE -1.

In compliance with the requirements of Regulation 17 of SEBI Listing Regulations, a certificate from the Managing Director and Chief Financial Officer of the Company, who are responsible for the finance function, was placed before the Board.

All the Board Members and Senior Management Personnel of the Company had affirmed compliance with the Code of Conduct for Board and Senior Management Personnel. A declaration to this effect duly signed by the Managing Director is annexed as a part of the Corporate Governance Report.

A Business Responsibility and Sustainability Report as per Regulation 34(2)(f) of the SEBI Listing Regulations, detailing the various initiatives taken by the Company on the Environmental, Social and Governance front forms an integral part of this report. The said report is annexed to this report as ANNEXURE - 2.

There are no orders passed by any Regulators or Courts or Tribunals impacting the going concern status of the Company and the Company's operations in future.

Particulars of loans given, investments made, guarantees given and securities are provided in the Standalone Financial Statements of the Company. For details, please refer to Note no. 9, 10, 37, 45, 47 and 52(i) of the Standalone Financial Statements of the Company.

The Company has eleven (11) Subsidiaries, one (1) Joint Venture and One (1) Associate Company as on 31^st March, 2025 within the meaning of Section 2(5) of the Act. There has been no material change in the nature of the business of the subsidiaries.

During the year under review, the following Step-down Subsidiaries of the Company were incorporated:

GFCL EV (SFZ) SPC, Wholly-owned Subsidiary of GFCL EV Products Limited, Subsidiary of the Company was incorporated on 11^th June, 2024 in Oman proposed to manufacture other chemicals.

• GFCL EV Products GmbH, Wholly-owned

Subsidiary of GFCL EV Products Limited,

Subsidiary of the Company was incorporated on 10^th September, 2024 in Hamburg, Germany proposed for import and export, processing, distribution, marketing and storage of polymers and organic and inorganic compounds for catering to the needs of EV and ESS battery chemical segment/s.

• GFCL EV Products Pte. Ltd, Wholly-owned

Subsidiary of GFCL EV Products Limited,

Subsidiary of the Company incorporated on 7^th January, 2025 in Singapore proposed to make investment in subsidiary company and trading in various chemicals and other products.

Further, 1GREL Mahidad Limited was ceased as Wholly- owned Subsidiary and Subsidiary of the Company w.e.f. 10^,h February, 2025.

A separate statement containing the salient features of financial statements of all Subsidiaries and Joint Venture of the Company forms a part of Consolidated Financial Statements in compliance with Section 129 and other applicable provisions, if any, of the Act. In accordance with Section 136 of the Act, the Financial Statements of the subsidiaries and joint venture are available for inspection by the members at the Registered Office of the Company during business hours on all days except Saturdays, Sundays and public holidays up to the date of ensuing Annual General Meeting ('AGM').

Any Member desirous of obtaining a copy of the said Financial Statements may write to the Company Secretary at the Registered Office of the Company. The Financial Statements including the Consolidated Financial Statements, Financial Statements of subsidiaries and all other documents reguired to be attached to this report have been uploaded on the website of the Company www.gfl.oo.in. The Company has formulated a Policy for determining Material Subsidiaries. The Policy may be accessed on the website of the Company at https://gfl.co.in/upload/ pages/1 df90f4ee914983e2e0c7dd1 b0815cdd.pdf

The Report on the performance and financial position of each of the Subsidiaries and Joint Venture Company of the Company is annexed to this report in Form no. AOC-1 pursuant to first proviso to sub-section (3) of Section 129 of the Act and Rule 5 of Companies (Accounts) Rules, 2014 is annexed to this report as ANNEXURE- 3

The CSR initiatives and activities are aligned to the reguirements of Section 135 of the Act. The brief outline of the CSR policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in ANNEXURE - 4 of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

For other details regarding the CSR Committee, please refer to the Corporate Governance Report, which is a part of this report. The CSR Policy is available on the Company's website at https://gfl.co.in/upload/ pages/6bl b59ceda092ea23f013e89e01 eb86d.pdf

As per the provisions of Section 177(9) of the Act read with Regulation 22(1) of the SEBI Listing Regulations, the Company is reguired to establish an effective vigil mechanism for Directors and Employees to report improper acts or genuine concerns or any leak or suspect leak of Unpublished Price Sensitive Information. The Company has accordingly established a Vigil Mechanism /Whistle Blower Policy for all its Employees and Directors to report improper acts. The details of the said mechanism and policy are available on the Company's website at https://gfl.co.in/upload/ pages/586e7645e3df22f3cd8c55abc0ad6dce.pdf

All contracts / arrangements / transactions entered by the Company during the year under review with Related Parties are approved by the Audit Committee and Board, as per the provisions of Section 188 of the Companies Act, 2013 read with the Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 23 of the SEBI Listing Regulations.

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: https://gfl.co.in/upload/ pages/89f4cef080cdfce4d785cd89ff9f5c9a.pdf

All transactions entered with Related Parties for the year under review were on arm's length basis and were in ordinary course of business and there were no related party transactions which could be considered as material. Flence, there is no information to be provided as reguired under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 and disclosure in Form no. AOC-2 is not reguired to be annexed to this report. Further, the details of the transactions with Related Parties are provided in the accompanying Financial Statements.

During the year under review, the Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013. Therefore, reguirement of disclosure of details relating to deposits as per Section 134(3)(q) of the Companies Act, 2013 read with rules made thereunder is not applicable.

The Members at their Sixth Annual General Meeting held on 27^th September, 2024 had appointed M/s Patankar & Associates, Chartered Accountants, Pune as Independent Auditors of the Company from the conclusion of 6^th Annual General Meeting until conclusion of 11^th Annual General Meeting. They have confirmed that they are not disqualified from continuing as Auditors of the Company.

The requirement to place the matter relating to appointment of Auditors for ratification by members at every Annual General Meeting is done away with vide notification dated 7^th May, 2018 issued by the Ministry of Corporate Affairs, New Delhi. Accordingly, no resolution is proposed for ratification of appointment of Auditors, who were appointed in the Annual General Meeting held on 27^th September, 2024.

There are no reservations, modifications or adverse remarks in the Independent Auditor's Report. The notes forming part of the accounts are self-explanatory and do not call for any further clarifications under Section 134 (3) (f) of the Companies Act, 2013.

Pursuant to provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to prepare, maintain as well as have the audit of its cost records conducted by a Cost Accountant in practice who shall be appointed by the Board on recommendation of Audit Committee.

In view of the above, the Company has made and maintained such cost accounts & records and has appointed M/s Kailash Sankhlecha & Associates to audit the cost records maintained by the Company for Financial Year 2024-25 on a remuneration of Rs. 5,00,000/- p.a.

As required under the referred Section of the Act and relevant Rules, the remuneration payable to the Cost Auditor is required to be placed before the Members in a General Meeting for their ratification. Accordingly, a resolution seeking Members' ratification for the remuneration payable to M/s. Kailash Sankhlecha & Associates, Cost Auditors is included at Item No. 6 of the Notice convening the Seventh Annual General Meeting.

The Board of Directors have re-appointed M/s. Sharp & Tannan Associates, Chartered Accountants, Vadodara and M/s Kashiparekh & Associates, Chartered Accountants, Ahmedabad as Internal Auditors of the Company for the Financial Year 2025-26.

The Company has adequate Internal Financial Controls commensurate with its size and nature of its business. The Board has reviewed Internal Financial Controls of the Company and the Audit Committee monitors the same in consultation with Internal Auditors of the Company. One of the Internal Auditors of the Company also tests the internal controls independently.

In terms of Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Samdani Shah & Kabra, Practising Company Secretaries to conduct Secretarial Audit of the Company for the Financial Year 2024-25.

The Secretarial Audit Report given by M/s Samdani Shah & Kabra for the Financial Year 2024-25, is annexed herewith as ANNEXURE - 5A in prescribed Form no. MR-3. The Secretarial Auditor, in its report, has given certain observation. The management reply against observation raised by Secretarial Auditor is as under:

Regulation 17(1)(b) of the Listing Regulations - Requirement relating to Board Composition:

The Board noted that the Company had paid fines amount to the Stock Exchanges on 18^th March, 2025 immediately on receipt of notice of non-compliance which was inadvertent and unintentional as it had commenced the process of shortlisting right candidate for consideration and appointment of Independent Director post appointment of Mr. Shesh Narayan Pandey as Whole-time Director of the Company with a view to meet the criteria of fifty percent Board independence. In the meantime, due to cessation of Mr. Shesh Narayan Pandey as a Director of the Company on account of personal reasons on 24^th March, 2025, the present composition of the Board meets with the statutory requirement of fifty percent Independent Board as prescribed under the Listing Regulations.

Pursuant to Regulation 24A(2) of the SEBI Listing Regulations, a Secretarial Compliance Report for the Financial Year 2024-25 issued by M/s Samdani Shah & Kabra, Practicing Company Secretary has been submitted with the Stock Exchanges within prescribed timeline.

Further, as per Regulation 24A(l)(a) of the SEBI Listing Regulations, material unlisted subsidiaries incorporated in India shall undertake Secretarial Audit by a Secretarial Auditor and annex a Secretarial Audit Report of its material unlisted subsidiary to its Annual Report. The Secretarial Audit Report of GFCL EV Products Limited, a material unlisted subsidiary, issued by M/s TNT & Associates, Practicing Company Secretaries for the Financial Year 2024-25 is annexed as ANNEXURE - 5B in prescribed Form no. MR-3.

During the year under review, the Company has complied with the applicable provisions of the Secretarial Standards.

During the year under review, the Statutory Auditors, Cost Auditor and Secretarial Auditor have not reported any instances of frauds committed in the Company by its officers or employees, either to the Audit Committee or Board under Section 143(12) of the Act details of which need to be mentioned in this Report.

The Directors have devised proper systems and processes for complying with the requirements of applicable Secretarial Standards issued by the Institute of Company Secretaries of India and such systems were adequate and operating effectively.

Pursuant to Section 134 (3) (a) of the Act, the copy of the Annual Return has been placed on the Company's website, available on web link at https://gfl.oo.in/ assets/pdf/GFCI %20-%20Form MGT 7%20-%20 2024-25 website.pdf.

Information in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo pursuant to Section 134 of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, in the manner prescribed is annexed to this report as ANNEXURE - 6.

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this report as ANNEXURE - 7.

In accordance with the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the name and other particulars of the employees drawing remuneration in excess of the limits set out in the said rule is annexed to this report.

In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members of the Company excluding information on employees' particulars which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining such information, may write to the Company Secretary of the Company.

Safety, health and environment are of prime concern to the Company and necessary efforts were made in this direction in line with the safety, health and environment policy laid down by the Company. The Company has achieved certification of ISO 14001:2004 (Environment Management System), ISO 18001:2007 (Occupational Health and Safety Management System) and ISO 9001:2008 (Quality Management System) for its Ranjitnagar and Dahej Units. For more details, please refer to the natural capital of integrated Annual report.

The Company's property and assets have been adequately insured.

The Risk Management Policy of the Company, which is approved by the Risk Management Committee of the Board ('RMC') and the Board of Directors have provided the framework of Enterprise Risk Management ('ERM') by describing mechanisms designed to identify, assess and mitigate risks appropriately. The RMC has been entrusted with the responsibility to assist the Board in:

1. Measures for risk mitigation including systems and processes for internal control of identified risks and Business continuity plan;

2. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;

3. To monitor and oversee implementation of the Risk Management Policy, including evaluating the adequacy of risk management systems etc.

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

The details of complaints for the FY 2024-25 are as under:

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Further, the Company has complied with the provisions relating to the Maternity Benefit Act, 1951 during the FY 2024-25.

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the Financial Statements relate and the date of this report.

There are no applications made or any proceedings pending under the Insolvency and Bankruptcy Code, 2016 (31 of 201 6) during the year under review.

There was no instance of onetime settlement with any Bank or Financial Institution during the year under review.

The Board wish to place on record their appreciation to the Investors, Bankers, Customers, Business Associates, all Regulatory and Government authorities for their continued support, encouragement and confidence reposed in your Company's management.

The Board also convey their appreciation to the employees at all levels for their dedicated services, efforts and collective contribution towards growth of your Company.