As on: Aug 26, 2026 08:46 PM
Dear Shareholders,
Your directors are pleased to present the 09th Annual Report along with the Audited Standalone and Consolidated Financial Statements of your Company for the financial year ended March 31, 2026 ("FY 2025-26").
The Company's financial performance for the year ended on March 31, 2026 is summarized below:
* Comparative figures for the consolidated financial statements as at and for the year ended March 31, 2025 have not been presented, as the Company had no subsidiaries during FY 2024-25. The subsidiaries were incorporated during FY 2025-26.
Financial Results:
a) Financial Performance on Standalone Basis
During the financial year 2025—26, the Company recorded a standalone total revenue from operations of Rs. 15197.36 lakhs, reflecting a growth of 43.13% compared to ^10617.70 lakhs in the previous financial year.
The Profit Before Tax (PBT) for the year stood at Rs. 805.60 lakhs, reflecting a substantial increase from Rs. 402.74 lakhs reported in FY 2024—25. Correspondingly, the Net Profit after tax amounted to Rs. 579.70 lakhs, compared to Rs. 312.68 lakhs in the previous year.
The growth in revenue was primarily driven by higher sales volumes. Although higher business activity resulted in increased raw material and operating costs, the Company
improved its profitability by enhancing operational efficiency and maintaining effective cost control.
b) Financial Performance on Consolidate Basis:
The Consolidated Financial Statements presented by the Company include the financial results of following Subsidiary Company:
• Flamecraft Industries LLP
The Company acquired Flamecraft Industries LLP on September 01, 2025, and accordingly, the consolidated financial results include the financial performance of the subsidiary from the date of acquisition.
During the year under review, the Company achieved a Consolidated Revenue from Operations of Rs. 15024.55 lakhs, Profit Before Tax (PBT) of Rs. 817.77 and Net Profit after tax amounted to Rs. 587.61
In order to conserve resources and strengthen the financial position of the Company for future growth opportunities, the Board of Directors has not recommended any dividend for the financial year 2025—26.
Pursuant to the provisions of Sections 124 and 125 of the Act, there is no amount of Dividend remaining unclaimed / unpaid for a period of 7 (seven) years and/or unclaimed Equity Shares which are required to be transferred to the Investor Education and Protection Fund (IEPF).
During the year under review, the Company has not transferred any amount to specific reserves. The entire net profit for the financial year 2025—26 has been retained and carried forward under Reserves and Surplus, as reflected in the Balance Sheet.
During the year under review, there was no change in the nature of business of the Company. The Company continues to operate in line with its main object and remains engaged in the same line of business.
During the year under review, there was no change in the registered office of the Company.
The Registered Office of the Company is located at:
Khewat Khatoni No. 45/45, Khasra No. 942/855/1, Village Kalyanpur, Tehsil Baddi, District Solan, Himachal Pradesh, India — 173205.
The Corporate Office of the Company is situated at:
Village Bagwali, Khasra No. 40/14-15-16-17/1, Block — Raipur Rani, NH — 73, Panchkula, Haryana, India — 134202
During the year under review, no changes were carried out in the authorized share capital and Paid-Up share capital of the Company.
Authorized Share Capital
As on March 31, 2026, the Authorized Share Capital of the Company stands at ^10,50,00,000 (Rupees Ten Crores Fifty Lakhs only), divided into 1,05,00,000 (One Crore Five Lakhs) equity shares of ?10/- (Rupees Ten only) each.
Issued, Subscribed & Paid-Up Share Capital
As on March 31, 2026, the Issued, Subscribed, and Paid-Up Share Capital of the Company is ^7,49,10,000 (Rupees Seven Crore Forty-Nine Lakhs Ten Thousand only), comprising 74,91,000 (Seventy-Four Lakhs Ninety-One Thousand) equity shares of ?10/- each.
Constitution of Board:
As on the date of this report, the Board comprises of following Directors;
-
1 Committee includes Audit Committee and Stakeholders Relationship Committee across all Public Companies.
2 Excluding LLPs, Section 8 Company & Struck Off Companies.
The composition of Board complies with the requirements of the Companies Act, 2013 ("Act"). Further, in pursuance of Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Company is exempted from the requirement of having composition of Board as per Regulation 17 of Listing Regulations.
None of the Director of the Company is serving as a Whole-Time Director in any other Listed Company and the number of their directorship is within the limits laid down under section 165 of the Companies Act, 2013.
Disclosure By Directors:
The Directors on the Board have submitted notice of interest under Section 184(1) i.e. in Form MBP-1, intimation under Section 164(2) i.e. in Form DIR 8 and declaration as to compliance with the Code of Conduct of the Company.
Board Meetings and Attendance of Directors
The Board of Directors of the Company meets at regular intervals to discuss and deliberate on business strategies, operations, financial performance, and other key matters. Additional Board meetings are convened, as and when necessary, to address urgent business requirements.
During the year under review, Board of Directors of the Company met 13 (Thirteen) times on May 14, 2025, May 28, 2025, June 27, 2025, July 30, 2025, August 20,2025, August 22,2025, September 09, 2025, November 14, 2025, November 24, 2025, December 12, 2025, January 01, 2026, February 16, 2026, March 07, 2026.
The Company has complied with the provisions of Section 173 of the Companies Act, 2013. The gap between two consecutive Board meetings did not exceed 120 days.
The attendance of the Directors at the Board Meetings held during the year is as under:
General Meetings:
During the year under review, the following General Meetings were held, the details of which are given as under:
Independent Directors:
The Company has received necessary declaration from each Independent Director under Section 149 (7) of the act that they meet the criteria of independence laid down in Section 149 (6) of the Act. Further, all the Independent Directors of the Company have registered themselves in the Independent Director Data Bank.
In the opinion of the Board, all our Independent Directors possess requisite qualifications, experience, expertise including the Proficiency and hold high standards of integrity for the purpose of Rule 8(5) (iiia) of the Companies (Accounts) Rules, 2014.
A separate meeting of Independent Directors was held on March 07, 2026 to review the performance of Non-Independent Directors and Board as whole and performance of Chairperson of the Company including assessment of quality, quantity and timeliness of flow of information between Company management and Board.
Change in Composition of Board of Directors:
• During the financial year under review, the following change took place in the composition of the Board of Directors of the Company:
1. Re-appointment of Mr. Naveen Kumar (DIN: 08743772):
The Members of the Company, at the Annual General Meeting ("AGM") held on August 29, 2025, approved the reappointment of Mr. Naveen Kumar (DIN: 08743772) as a Whole-time Director of the Company for a further period of one (1) year, with effect from September 29, 2025.
• During the period between the end of the financial year under review and the date of this Report, the following changes took place in the composition of the Board of Directors of the Company:
1. Resignation of Mr. Ashwani Kumar Goel (DIN: 08621161):
Mr. Ashwani Kumar Goel (DIN: 08621161) resigned from the office of Whole-time Director of the Company with effect from April 15, 2026.
2. Appointment of Mr. Amit Kaushik (DIN: 00494125):
At the meeting of the Board of Directors held on April 15, 2026, Mr. Amit Kaushik (DIN: 00494125) was appointed as an Additional Director of the Company pursuant to the provisions of the Companies Act, 2013 and the rules made thereunder. He shall hold office up to the date of the ensuing Annual General Meeting ("AGM") or the last date on which the AGM ought to have been held, whichever is earlier.
Retirement by Rotation and Subsequent Re-Appointment
In accordance with the provisions of Section 152 of the Companies Act, 2013, read with the Companies (Appointment and Qualification of Directors) Rules, 2014, and the Articles of Association of the Company, Mr. Anusheel Kaushik (DIN: 10091002), is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and, being eligible, have offered himself for re-appointment.
The proposal for his re-appointment forms part of the Notice convening the AGM. A brief profile and additional details pertaining to Mr. Anusheel Kaushik have also been provided in the Notice for shareholders' reference and consideration.
Details of Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the following persons served as the Key Managerial Personnel ("KMP") of the Company during the financial year under review:
1. Mr. Aditya Kaushik — Chairman and Managing Director
2. Mr. Ashwani Kumar Goel — Whole-time Director
3. Mr. Anusheel Kaushik — Whole-time Director
4. Mr. Naveen Kumar — Whole-time Director
5. Mr. Amit Kaushik — Chief Executive Officer (CEO)
6. Mrs. Bindu Bhardwaj — Chief Financial Officer (CFO) (with effect from September 10, 2025)
7. Ms. Zalak Shah — Company Secretary and Compliance Officer (up to January 1, 2026)
8. Ms. Divya Mewara — Company Secretary and Compliance Officer (with effect from January 1, 2026)
During the year under review and as on date of this report, the following changes took place in the Key Managerial Personnel of the Company:
1. Mr. Amit Kaushik resigned as the Chief Financial Officer of the Company with effect from September 9, 2025, while continuing to serve as the Chief Executive Officer of the Company.
2. Mrs. Bindu Bhardwaj was appointed as the Chief Financial Officer of the Company with effect from September 10, 2025.
3. Ms. Zalak Shah (Membership No. ACS 56904) resigned from the office of Company Secretary and Compliance Officer of the Company with effect from January 1, 2026.
4. Ms. Divya Mewara (Membership No. ACS 67087) was appointed as the Company Secretary and Compliance Officer of the Company with effect from January 1, 2026.
5. Mr. Ashwani Kumar Goel (DIN: 08621161) resigned as Whole-time Director of the Company with effect from April 15, 2026.
6. Mrs. Bindu Bhardwaj resigned as the Chief Financial Officer of the Company with effect from July 16 2026.
Pursuant to the provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has carried out the annual evaluation of the performance of the Board as a whole, its committees, and individual Directors, including the Chairman.
The evaluation process was conducted in the following manner:
• Board Evaluation: The performance of the Board was assessed based on various criteria, including its composition, diversity, structure, effectiveness of processes, quality of deliberations, access to information, and overall functioning. Feedback was sought from all Directors to ensure a comprehensive and objective review.
• Committee Evaluation: Each Committee of the Board was evaluated based on its composition, clarity of roles and responsibilities, frequency and effectiveness of meetings, and the quality of contributions made by Committee members.
• Individual Director Evaluation: The performance of individual Directors, including Executive and Non-Executive Directors, was reviewed by the Board and the Nomination and Remuneration Committee. The assessment included parameters such as level of preparedness, participation in meetings, constructive inputs during deliberations, and overall contribution to the governance and strategic direction of the Company.
• Chairman Evaluation: The performance of the Chairman was evaluated separately, focusing on leadership qualities, fostering an open and transparent environment, and facilitating effective communication between the Board and management.
A separate meeting of the Independent Directors was held, where they evaluated the performance of the Non-Independent Directors, the Board as a whole, and the performance of the Chairman. The outcome of this evaluation was discussed in the subsequent Board meeting.
Additionally, the performance evaluation of Independent Directors was carried out by the entire Board, excluding the Director being evaluated.
The outcome of the evaluations confirmed that the Board and its Committees are functioning effectively and that the Directors are contributing meaningfully to the Company's growth and governance.
Pursuant to section 1 34(5) of the Companies Act, 201 3 the Board of Directors to the best of their knowledge and ability confirm that:
a) In preparation of Annual Accounts for the year ended March 31, 2026 the applicable accounting standards have been followed and that no material departures have been made from the same;
b) The Directors have selected such accounting policies and applied them consistently and have 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 or loss of the Company for the year;
c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the Annual Accounts for the year ended March 31, 2026 on going concern basis;
e) The Directors have laid down the 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 have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
The Board of Directors in line with the requirement of the act has formed various committees, details of which are given hereunder:
A. Audit Committee: -
The Board of Directors had constituted Audit Committee in line with the provisions of Section 177 of the Companies Act, 2013. The terms of reference of the Committee are available on the website of the Company at www.inflameindia.com.
During the year under review, the Audit Committee met 5 (Five) times during the Financial Year 2025-26 on May 28, 2025, July 30, 2025, September 09, 2025, November 14, 2025 and March 07, 2026.
The composition of the Committee and he details of meetings attended by its members are given below:
The Statutory Auditors of the Company are invited in the meeting of the Committee wherever required. Further, the Company Secretary of the Company is acting as Company Secretary to the Audit Committee.
Recommendations of Audit Committee wherever/whenever given have been considered and accepted by the Board.
Vigil Mechanism:
The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior actual or suspected fraud or violation of Company's Code of Conduct.
Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company at www.inflameindia.com .
B. Stakeholder's Relationship Committee:
The Company has formed Stakeholder's Relationship Committee in line with the provisions Section 178 of the Companies Act, 201 3.
The Board of Directors has constituted Stakeholder's Relationship Committee mainly to focus on the redressal of Shareholders' / Investors' Grievances if any like Transfer / Transmission / Demat of Shares; Loss of Share Certificates; Non-receipt of Annual Report; Dividend Warrants; etc.
The Stakeholders Relationship Committee shall report to the Board on a quarterly basis regarding the status of redressal of complaints received from the shareholders of the Company. The terms of reference of the Committee are available on the website of the Company at www.inflameindia.com.
During the year under review, Stakeholder's Relationship Committee met 4 (Four) times during the Financial Year 2025-26 on May 28, 2025, July 30, 2025, November 14, 2025 and March 07, 2026. The composition of the Committee and the details of meetings attended by its members are given below:
Also, there were no complaints unresolved as on March 31 2026.
C. Nomination and Remuneration Committee:
The Board of Directors has formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act 2013.
Nomination and Remuneration Committee meetings are generally held for identifying the persons who are qualified to become Directors and may be appointed in senior management and recommending their appointments and removal.
The terms of reference of the Committee are available on the website of the Company at www.inflameindia.com.
During the year under review Nomination and Remuneration Committee met 4 (Four) times viz on July 30,2025, September 09, 2025, January 01,2026 and March 07,2026.
The composition of the Committee and the details of meetings attended by its members are given below:
Nomination and Remuneration Policy
The Nomination and Remuneration Policy of the Company is framed with the objective of fostering a high-performance culture across the organization. The Policy is designed to attract, retain, and motivate qualified personnel in a competitive market environment and to align the aspirations of the employees with the long-term goals of the Company.
The Company pays remuneration to its Executive Directors and Key Managerial Personnel (KMPs) by way of salary, benefits, perquisites, and allowances. The structure of remuneration is in accordance with the applicable provisions of the Companies Act, 2013 and as approved by the shareholders, wherever necessary. Annual increments are recommended by the Nomination and Remuneration Committee and are effective from April 1st of every financial year, within the limits approved by the shareholders.
The Nomination and Remuneration Policy, as adopted by the Board of Directors, is available on the Company's website and can b e accessed at:
& www.inflameindia.com
The details of remuneration paid to the Directors during the Financial Year 2025—26 is disclosed in the Annual Return of the Company, filed in Form MGT-7. This is made available on the website of the Company in compliance with the provisions of Section
92(3) of the Companies Act, 2013.
For details, shareholders may visit: -= Annual Return - Inflame
During the year under review, the Company has not accepted any deposits from the public under Chapter V of the Companies Act, 2013. Accordingly, the provisions of Sections 73 to 76 of the Companies Act, 2013 and the rules made thereunder, as well as the directives issued by the Reserve Bank of India (RBI), are not applicable to the Company.
Pursuant to the provisions of Section 186 of the Companies Act, 2013, the details of loans given, guarantees provided, and investments made by the Company are provided in the notes to the standalone financial statements, which form part of this Annual Report.
The Company has complied with the provisions of Section 186 of the Companies Act, 2013 to the extent applicable.
As at March 31, 2026, the Company had one subsidiary, Flamecraft Industries LLP (LLPIN ACQ-9861), which became a subsidiary of the Company pursuant to its Incorporation/acquisition with effect from September 1, 2025, within the meaning of Section 2(87) of the Companies Act, 2013.
The Company did not have any associate company or joint venture as at March 31, 2026.
Subsequent to the close of the financial year, Tricoree Machmatrix Private Limited (CIN: U26109HR2026PTC145425) was incorporated and acquired by the Company on May 13, 2026, and accordingly became an associate company of the Company.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, a statement containing the salient features of the financial statements of the subsidiary in Form AOC-1 forms part of the Financial Statements and is annexed to this Annual Report as Annexure A.
All Related Party Transactions entered into by the Company during the financial year under review were in the ordinary course of business and on an arm's length basis and were in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to the extent applicable.
During the year under review, the Company did not enter into any contract or arrangement with related parties requiring disclosure in Form AOC-2 pursuant to Section 134(3)(h) read with Section 188(1) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014. Accordingly, Form AOC-2 does not form part of this Report.
The details of Related Party Transactions as required under the applicable Accounting Standards are disclosed in the Notes to the Standalone and Consolidated Financial Statements forming part of this Annual Report.
The Company has a mechanism in place to obtain prior omnibus approval of the Audit Committee for transactions which are repetitive and of a foreseen nature. All such related party transactions entered into under omnibus approval are reviewed and placed before the Audit Committee and the Board on a quarterly basis.
The Company's Policy on Related Party Transactions, as approved by the Board of Directors, is available on the Company's website and can be accessed at:
' https://inflameindia.com/downloads/2025/Policy-Terms/RELATED-PARTY-TRANSACTIONS-POLICY.pdf
The Company has complied with the applicable provisions of the Secretarial Standard on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government under the Companies Act, 2013.
Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company as on March 31, 2026 is placed on the website of the Company and can be accessed at:
Cr Annual Return - Inflame
The ratio of remuneration of each Director to the median remuneration of the employees 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, forms part of this Report and is annexed as Annexure — B.
There have been no material changes or commitments affecting the financial position of the Company during the financial year under review or after the close of the financial year up to the date of this Report.
There have been no significant and material orders passed by any regulators, courts, or tribunals which would impact the going concern status of the Company or its future operations.
Details of litigation, if any, pertaining to tax and other matters are disclosed in the Auditors Report and the Financial St atements, which form an integral part of this Annual Report.
The Company has always fostered a safe and inclusive work environment for all employees. In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has constituted an Internal Complaints Committee (ICC) at all its workplace locations.
The Company has adopted a Prevention of Sexual Harassment Policy that ensures protection against sexual harassment and provides a framework for addressing complaints in a gender-neutral and confidential manner.
During the year under review,
a) number of complaints of sexual harassment received in the year- NIL
b) number of complaints disposed off during the year- NA
c) number of cases pending for more than ninety days-NA
The Policy is available on the Company's website at:
https://inflameindia.com/downloads/Misc/Sexual-Harrasement-Policy.pdf
Company is in Compliance with the Maternity Benefit Act, 1961. However, no maternity benefit was claimed during the year.
No such incidence took place during the year.
In accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, information relating to energy conservation, technology absorption, and foreign exchange earnings and outgo for the year under review is annexed to this Report as Annexure — C.
The Company has established a robust risk management framework that includes risk identification, assessment, mapping, and mitigation processes. This mechanism aims to minimize the potential impact of both business and non-business risks by implementing proactive mitigation strategies.
The risk management process is based on evaluating the probability of occurrence and potential impact, allowing for appropriate preventive actions. A structured and periodic assessment is carried out to identify, evaluate, monitor, and control risks, thereby safeguarding the Company's assets and reputation.
The Company has in place an adequate internal control system that is commensurate with the size and nature of its business operations. These controls ensure the safeguarding of assets, accuracy of accounting records, prevention of fraud, and compliance with applicable laws and regulations.
The internal control framework is supported by:
• Regular internal audits conducted by the appointed Internal Auditor,
• Management reviews and checks, and
• Well-defined policies and procedures for operational efficiency.
The statutory auditors, M/s. Gandhi Minocha and Company, Chartered Accountants (FRN: 000458N), Haryana, have audited the financial statements for the financial year 2025—26 and provided their report on internal financial controls under Section 143 of the Companies Act, 2013. This report forms part of the Audit Report annexed with the Annual Report.
The Company firmly believes that good corporate governance is the cornerstone of sustainable corporate growth and long-term stakeholder value creation. The principles of integrity, transparency, fairness, and accountability are deeply embedded in the Company's culture and operations.
Although compliance with the provisions of Regulations 17 to 27 and certain clauses of Regulation 46(2) and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to the Company by virtue of its listing on the SME Platform of BSE, the Company voluntarily adheres to high standards of corporate governance and ethical business conduct.
Accordingly, a separate Corporate Governance Report is not applicable and does not form part of this Report. However, the Company remains committed to adopting best governance practices.
The provisions of Section 135 of the Companies Act, 2013, relating to Corporate Social Responsibility, are not applicable to the Company during the year under review.
Nevertheless, the Company remains conscious of its social responsibilities and continues to explore avenues to contribute meaningfully to the community and environment.
In accordance with the provisions of Section 138 of the Companies Act, 2013, the Board of Directors had appointed Mr. Mukesh Kumar Sharma as the Internal Auditor of the Company for the financial year 2025—26.
He has conducted periodic internal audits of various operational and financial functions and submitted his reports to the Audit Committee and the Board. His observations and recommendations have helped strengthen the internal control systems and ensure compliance.
Pursuant to the provisions of Section 139 of the Companies Act, 2013, read with the rules made thereunder, the members at the Annual General Meeting held on August 28, 2023, re-appointed M/s. Gandhi Minocha and Company, Chartered Accountants, Haryana (FRN: 000458N), as the Statutory Auditors of the Company for a second term of five consecutive years, to hold office till the conclusion of the Eleventh Annual General Meeting to be held in the calendar year 2028.
The Auditors' Report on the financial statements of the Company for the financial year 2025—26 forms part of this Annual Report. The Notes to the Financial Statements, as referred to in the Auditors' Report, are self-explanatory and do not call for any further comments under Section 134 of the Companies Act, 2013.
There are no qualifications, reservations, adverse remarks, or disclaimers made by the Statutory Auditors in their Report except as disclosed:
Pursuant to the provisions of the Companies Act, 2013 ("Act") and the rules made thereunder, the Board of Directors of the Company, at its meeting held on September 09, 2025, on the recommendation of the Audit Committee, appointed M/s. Balwinder & Associates, Cost Accountants (Firm Registration No. 000201), as the Cost Auditor of the Company to conduct the audit of the cost records of the Company for the financial year 2025—26.
M/s. Balwinder & Associates have confirmed that they are eligible for appointment and are not disqualified from being appointed as Cost Auditor under the applicable provisions of the Act and the rules made thereunder. They have further confirmed that their appointment is in accordance with the applicable provisions of the Act, including the criteria specified under Section 141, as applicable to a Cost Auditor. They have also confirmed their independence and arms length relationship with the Company.
The Company has maintained cost records in accordance with the provisions of Section 148 of the Act read with the applicable rules thereunder.
During the year under review, the Statutory Auditors have not reported any instance of fraud committed by the Company, its officers or employees under Section 143(12) of the Companies Act, 2013.
Pursuant to Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5, the Management Discussion and Analysis Report for the year under review forms an integral part of the Annual Report and is annexed herewith as Annexure — D.
In compliance with the provisions of Section 204 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Mittal V. Kothari & Associates, Practicing Company Secretaries, Ahmedabad, as the Secretarial Auditor to carry out the Secretarial Audit for the financial year 2025—26.
The Secretarial Audit Report is annexed as Annexure — E to this Board Report.
There are no qualifications, reservations, adverse remarks or disclaimers made by the Secretarial Auditor in their Report except as may be stated specifically in Annexure — E and mentioned below.
Your Company maintains a fully functional and regularly updated website as per Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
Cr www.inflameindia.com
The website has been designed to provide detailed and transparent information about the Company. It hosts a comprehensive repository of corporate data including:
• Financial results
• Shareholding pattern
• Details of Board and Committees
• Corporate Policies and Codes
• Business activities
• Press releases and current updates
All mandatory disclosures as required under the Companies Act, 2013, Companies Rules, 2014, and Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are duly made available on the website, along with other useful information for investors and stakeholders.
During the Financial Year 2025—26, there were no applications made or proceedings initiated or pending under the Insolvency and Bankruptcy Code, 2016 by any Financial or Operational Creditors against the Company.
As on the date of this report, there are no pending applications or proceedings under the said Code against the Company.
In accordance with the provisions of Section 134(3) of the Companies Act, 2013, Rule 8 of the Companies (Accounts) Rules, 2014, and other applicable provisions, your Directors confirm that all necessary disclosures have been made in this Board Report.
Further, the Board confirms that there were no transactions during the year under review requiring disclosure in respect of the following items:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
2. Issue of shares (including sweat equity shares) to employees under any scheme including Employee Stock Option Scheme (ESOS).
3. Annual Report on Corporate Social Responsibility, as provisions under Section 135 are not applicable.
4. Revision of financial statements or Board s report under Section 131 of the Act.
5. Any significant or material orders passed by the Regulators, Courts, or Tribunals that impact the going concern status of the Company and its future operations.
Your directors place on records their sincere appreciation for the dedicated services and contribution of all employees during the year. The Board also acknowledges and expresses gratitude for the continued support, trust, and co-operation received from the Company ' s shareholders, investors, bankers, financial institutions, business associates, and other stakeholders.
The Board looks forward to your continued support in the journey ahead.
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