for the year ended March 31, 2025

Your Directors have pleasure in presenting the Fifty Second Annual Report of your Company together with the Audited Balance Sheet as at March 31, 2025, the

Statement of Pro t & Loss for the year ended that date and the Auditors' Report thereon

FINANCIAL RESULTS:

The profit after tax for the year under review is at Rs.101.39 Lakhs as against Rs.670.04 Lakhs in the previous year. The financial results for the year 2024-25 as compared with the previous year are summarized as under.

REVIEW OF PERFORMANCE DRY CELL BATTERIES:

Your company managed a 3% value growth backed by price increases & change in product mix. The input costs have been on a higher side all through the year which had an impact on margins. It has been observed that consumption in urban markets is moving up due to urbanization and usage of multiple gadgets. At the same time, rural is also showing a strong revival due to improved macro-economic conditions. Your company has worked out focused plans to strengthen distribution and increase household penetration through strong brand equity to grow faster in our core.

NON- BATTERY CATEGORIES:

Technology shift in the ashlight category from battery operated torches to rechargeable torches is happening at a rapid pace. The rechargeable segment is currently dominated by unbranded players due to cheap

Chinese imports. Keeping in mind the growing RC Torch market and its future potential, your company has planned to increase distribution of range of rechargeable torches at various consumer price points to solidify the portfolio in this segment.

Your company had a at volume growth in LED category in spite of Industry decline. However, the pricing challenges led to drop in the topline value.

Your company will continue to leverage its traditional trade distribution, launch premium LED range and expand distribution into electrical channel to grow aggressively in the LED category.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this Report.

DIVIDEND:

Your Directors recommends a dividend of Rs.5/- per share (100%) for the year 2024-25. This Dividend, if approved, will be paid to the Shareholders whose names appear on the Register of Members as on

26th September, 2025. The Company intends to pay the dividend on 9th October, 2025. The above dividend declared by the Company is in accordance with dividend distribution policy of the Company.

DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of the Securities and

Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 SEBI Listing Regulations, the Board of Directors of the Company had formulated a Dividend Distribution Policy ( ' the Policy ' ). The Policy is available on the Company ' s website https://admin.nippo.in/uploads/Dividend

DistributionPolicy4979eff030865e23ae9a.pdf

TRANSFER TO RESERVES:

During the year under review, your Company has not transferred any amount to General Reserves.

SHARE CAPITAL:

During the year under review, the Company has neither issued any shares with differential voting rights nor issued sweat equity shares. Further, the Company did not grant any stock options during the year under review.

FIXED DEPOSITS:

The Company has not accepted any deposits from the public.

CREDIT RATING:

During the Financial Year 2024-25 the Company hasn't obtained any credit rating for the credit facilities availed during the year 2024-25.

SUBSIDIARIES, CONSOLIDATED FINANCIAL STATEMENTS:

Your Directors have pleasure in attaching the consolidated financial statements pursuant to section 129(3) of the Companies Act 2013 and SEBI (LODR) Regulations 2015. The consolidated financial statements have been prepared by the Company in accordance with the Accounting Standards prescribed by the ICAI in this regard. The Audited Consolidated Financial Statements together with the Auditor ' s Report form part of the Annual Report. The Auditor ' s Report does not contain any quali cation, reservation or adverse remarks.

Your Company ' s subsidiary, M/s. Kineco Ltd., registered a consolidated turnover for the year 2024-25 amounts to Rs.949.37 Lakhs as against Rs.17,452.32 lakhs in the previous year 2023-24. Total comprehensive income for the year amounts to (Rs.397.64) Lakhs. as against Rs.735.14 Lakhs in the previous year. The total comprehensive income attributable to owners of the company for the year amounts to (Rs.417.08) Lakhs as against Rs.499.90 Lakhs in the previous year. Your Company ' s subsidiary, M/s. Nippo Green Energy Private Ltd., registered a Nil turnover for the year 2024-25 and 2023-24.

Pursuant to the provisions of Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of the Company ' s subsidiaries, Associates and Joint Ventures in Form AOC-1 is attached to the financial statements of the company. Pursuant to the provisions of Section 136 of the Act, the financial statements of the company consolidated financial statements along with relevant documents and separate audited financial statements in respect of the subsidiaries are available on the website of the company.

M/s. Kineco ltd ceased to be a material subsidiary of our company effective 06th June 2024 and subsequently directors so nominated in M/s. Kineco Limited also vacated the of ce.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

Management ' s Discussion and Analysis Report for the year under review, as stipulated under SEBI (LODR) Regulations 2015 is presented in a separate section forming part of the Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors state that: a) in the preparation of the annual accounts for the year ended March 31, 2025, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same; b) they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and of the profit of the Company for the year ended on that date; c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) they have prepared the annual accounts on a ' going concern ' basis; e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE:

A separate report on Corporate Governance along with Auditors ' Certificate on its compliance is attached as Annexure - " B " to this report.

RELATED PARTY TRANSACTIONS:

As per the requirements of the Companies Act, 2013 and SEBI (LODR) Regulations 2015, your Company has formulated a Policy on Related Party Transactions which is also available on Company ' s website at www.nippo.in The Policy intends to ensure that proper reporting approval and disclosure processes are in place for all transactions between the Company and Related Parties. This Policy speci cally deals with the review and approval of Material Related Party Transactions keeping in mind the potential or actual con icts of interest that may arise because of entering into these transactions. All Related Party Transactions are placed before the Audit Committee as well as Board for review and approval. Prior omnibus approval is obtained for

Related Party Transactions on a quarterly basis for transactions which are of repetitive nature and/ or entered in the Ordinary Course of Business and are at Arm ' s Length.

There were no contract / arrangement / transactions entered in to during the year ended March 31, 2025 which were not at arm's length basis. All the material related party transitions exceeding Rupees 1000 Crores or 10% of the Annual Standalone / Consolidated turnover as per the last audited financial statement/ other related party transactions were entered during the year by the company are disclosed in accordance with section 134 (3) (h) of the Companies Act, 2013, in form AOC 2 as per Annexure - " C " of this report.

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE:

The Board has laid out the Company ' s policy on corporate social responsibility (CSR), and the CSR activities of the Company are carried out as per the instructions of the committee. The Committee also monitors the implementation of the framework of the CSR Policy and recommending the amount to be spent on CSR activities. During the year, the Company had spent 2% of its average net profits for the three immediately preceding financial years on

CSR activities.

The Composition of CSR committee comprises of following directors:

1. Ms. Deepa Seshadri- Chairperson

2. Mr. M. Sankara Reddy - Member (Resigned on 6 th June, 2025)

3. Mr. P. Aditya Reddy- Member

4. Mr. Murali Subramaniam - Member (Appointed on 6 th June, 2025) The financial data / Annual Report pertaining to the Company ' s CSR activities for the financial year 2024-25 is presented in the prescribed format in Annexure- " D " to the Board Report.

The CSR Policy is available on our website www.nippo.in

RISK MANAGEMENT:

The Board has constituted a Risk Management Committee which has been entrusted with the responsibility to assist the Board in overseeing that all the risks that the organization faces such as strategic, nancial, credit, market, 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. The Company regularly updates to committee on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Company has developed and implemented a risk management policy for the Company including identi cation therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the Company.

DIRECTORS / KMP:

In accordance with the Articles of Association of the Company Mr. P.Dwaraknath Reddy will retire by rotation at this ensuing Annual General Meeting. He being eligible, offer himself for re-appointment.

In accordance with the Articles of Association of the Company Mr. P. Aditya Reddy will retire by rotation at this ensuing Annual General Meeting. He being eligible, offer himself for re-appointment.

In accordance with the Articles of Association of the Company Ms. Suneeta Reddy will retire by rotation at this ensuing Annual General Meeting. she being eligible, offer herself for re-appointment.

In the opinion of the Board, Mr. Murali Subramaniam,

Mr.Kiran Joseph and Ms.S.Deepa Independent Directors of the company possess integrity, expertise and experience (including the pro ciency). During the year under review, Mr. N, Ramesh Rajan retired from the service of Independent Director of the Company with effect from 6th May, 2024 and Mrs. Lakshmi Subramaniam Independent Women Director retired from the service of the Company with effect from 16th July, 2024. The Board appreciated their services rendered during the period of their tenure as Director of the Company. Re-appointment of Mr. R.P. Khaitan for the post of directorship has not been passed in the AGM held on 26th September, 2024.

During the year under review, Mr. Kiran Joseph was appointed as Independent Director of the Company with effect from 30th April, 2024, Ms. Deepa Seshadri was appointed as Independent Director of the Company with effect from 15th July, 2024 and Mr. Murali Subramaniam was appointed as Independent Director of the Company with effect from 13th December, 2024.

After the Closure of Financial Year, Mr. Sankara Reddy has resigned from his directorship in the Board of the Company with effect from 6th June, 2025 and Ms.

Suneeta Reddy has been appointed as a director of the Company with effect from 6th June, 2025. Mr. B L N Prasad has been appointed as a Director with effect from 12 th August, 2025 and shall be regularized in the ensuing Annual General Meeting.

KEY MANAGERIAL PERSONNEL (KMP)

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company are Mr.P. Dwaraknath Reddy, Managing Director, Mr. P. Aditya Reddy, Joint Managing Director, Mr. C.R. Sivaramakrishnan, Chief Financial Of cer and Mr. J. Srinivasan G. M -Finance & Company  Secretary. During the year, Mr. Pavan Kumar BVS has been appointed as CEO of the Company with effect from 1st January, 2025.

RELATIONSHIP BETWEEN DIRECTORS INTER-SE:

The details of inter-se relationship between Directors are given in the Corporate Governance Report.

Information about all the Directors proposed to be re-appointed is furnished in the Explanatory

Statement under Section 102 of the Companies

Act, 2013 under the heading " Information about the Directors proposed to be re-appointed " attached to the Notice of the ensuing Annual General Meeting for your consideration.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Companies Act, 2013 and SEBI (LODR)   Regulations 2015.

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND DIRECTORS:

As per Companies Act, 2013 and SEBI (LODR)  Regulations 2015 mandates that the Board shall monitor and review the Board evaluation framework and a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. The Board subsequently evaluated its own performance, the working of its Committees and Independent Directors without participation of the relevant Director(s).

TRAINING OF INDEPENDENT DIRECTORS:

To familiarize the strategy, operations and functions of our Company, the executive directors make presentations/ orientation programme to non ?€“ executive independent directors about the company's strategy, operations, product and service offerings, markets, organization structure, nance, human resources, production facilities and quality and risk management. The appointment letters of Independent Directors has been placed on the Company ' s website at www.nippo.in.

MEETING OF INDEPENDENT DIRECTORS:

The Independent Directors of the Company had met during the year on 30th January, 2025 to review the performance of non- Independent Directors and the Board as a whole, review the performance of the Chairperson of the Company and had accessed the quality, quantity and timeliness of flow of information between the company management and the Board.

MEETINGS OF THE BOARD:

Eleven meetings of the Board of directors were held during the year. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

COMMITTEES OF THE BOARD:

The Board of Directors has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders ' Relationship Committee

4. Corporate Social Responsibility Committee.

5. Risk Management committee

The details of the Committees along with their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report.

PERSONNEL:

Your Directors wish to place on record their appreciation for the dedication and hard work put in by the employees at all levels for the overall growth of your Company. Relations with the employees at Factory, Head office / Depots and other Branches were cordial during the year.

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the information required in respect of employees of the Company is appended in Annexure - " F " to this report. As per section 136(1) of the Companies Act, 2013 the report and accounts are being sent to the members and others entitled thereto. Any member interested in inspecting or obtaining copy of the statement of particulars of employees being forms part of the Report may contact the Company Secretary at Registered Office during working hours and any member interested in obtaining such information may write to the company secretary and the same will be furnished on request.

NOMINATION AND REMUNERATION POLICY OF THE COMPANY:

The Company ' s policy on directors ' appointment and remuneration and other matters provided in

Section 178(3) of the Act has been disclosed in the Corporate Governance report, which forms part of the Board ' s Report. The objective of the Remuneration Policy is to attract, motivate and retain qualified and expert individuals that the Company needs in order to achieve its strategic and operational objectives.

PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT 2013:

The particulars of loans, guarantees and investments under section 186 of the Act read with the Companies (Meetings of Board and its powers) Rules, 2014 for the financial year 2024-25 are given in the notes to the financial statements.

STATUTORY AUDITORS:

M/s. G. Balu Associates (Firm Registration No.

000376S) have been re-appointed as the Statutory

Auditors of the Company for a period of 5 years, to hold office from the conclusion of 49th Annual General

Meeting till the conclusion 54th Annual General Meeting of the Company. Further the auditors have con rmed their eligibility under Section 144 of the

Companies Act, 2013 and the rules made there under.

The Auditor ' s Report along with Notes to Accounts is self-explanatory and therefore does not call for any further explanations/comments. The Auditor ' s Report does not contain any quali cations, reservation and or adverse remarks. Pursuant to provisions of section 143 (12) of the Companies Act, 2013, the Statutory

Auditors have not reported any incident of fraud to the Audit Committee during the year under review.

COST AUDITOR AND COST RECORDS:

In terms of Section 148 of the Companies Act, 2013 read with Companies (Cost records and audits) Rules, 2014 the Company has appointed M/s. B. Thulasiram  & Co. Cost Accountant, Chennai (Firm Registration

No. 003539) as the Cost Auditor of the Company for conducting the audit of cost records of the Company for the financial year ending 31st March 2026 subject to rati cation of remuneration payable to him by the members of the Company at the ensuing Annual

General Meeting of the Company. The Company hereby con rms that Cost Accounts and Records has been maintained as specified by the Central Government under section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014.

The Cost Auditors ' Report of FY 2023-24 did not contain any quali cations, reservations, adverse remarks or disclaimers and no frauds were reported by the Cost Auditors to the Company under sub-section (12)of Section 143 of the Act.

SECRETARIAL AUDITOR:

As required under Section 204 of the Companies Act,  2013 and Rules thereunder the Board has appointed M.Damodaran & Associates, Practising Company Secretaries as Secretarial Auditor of the company to conduct Secretarial Audit for the financial year 2024-25.The Secretarial Audit Report for the financial year ended March 31, 2025 is annexed herewith marked as Annexure - " E " to this Report. The Secretarial Audit Report ' s does not contain any quali cation, reservation or adverse remark.

Further M/s. Damodaran & Associates, Practising Company Secretaries were appointed as secretarial auditors of the Company at the board meeting held on 20 th May, 2025 for a period of ve years from the FY 2025-26 to 2029-30 subject to approval of members in the ensuing Annual General Meeting.

REPORTING OF FRAUD BY AUDITORS:

During the year under review, neither the Statutory Auditors nor the Secretarial Auditor/Cost Auditor has reported to the Audit Committee, under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its of cers or employees.

WHISTLE BLOWER POLICY/VIGIL MECHANISIM:

The Company has adopted a whistle blower policy /Vigil mechanism that cover directors and employees of the Company to bring to the attention of the management any issues which is to be in violation or in conflict with the fundamental business principles of the Company. The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations and in order to maintain these standards, the Company encourages its employees who have genuine concerns about suspected misconduct to come forward and express those concerns without fear of punishment or unfair treatment.

No one may take any adverse action against any employee for complaining about, reporting, or participating or assisting in the investigation of, a reasonably suspected violation of any law, this Policy, or the Company ' s Code of Conduct and Ethics.

All the employees have been given access to the Audit Committee. The Company Secretary is the designated of cer for effective implementation of the policy and dealing with the complaints registered under the policy.

The Whistle Blower Policy is available on the website of the Company www.nippo.in

INTERNAL CONTROL SYSTEM AND INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY:

The Company has a proper and adequate internal control system to ensure that all the assets of the Company are safeguarded and protected against any loss and that all the transactions are properly authorised and recorded.

The Company has an established Internal Financial Control to cover internal controls over financial reporting and operating controls etc., The framework is reviewed regularly by the management and tested by internal audit team and presented to the Audit Committee. Based on the periodical testing, the framework is strengthened, from time to time, to ensure adequacy and effectiveness of Internal

Financial Controls of the Company.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE, ETC:

Your Company has always been in the forefront of energy conservation. Several measures to conserve energy and to reduce the costs associated with it have been taken. The details regarding conservation of energy, foreign exchange, technology absorption including R & D efforts as required under Section 134 (3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are given in Annexure " A " to this Report. The Company has an in-house Research Development Department, where the main areas of focus are Energy Conservation, Process upgradation and Environment Preservation. The Ministry of Science and Technology, Department of Scienti c and Industrial Research, Government of India has recognized in-house R&D facilities of the Company.ny.

EXTRACT OF ANNUAL RETURN:

The Annual Return as required under Section 92 and Section 134 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is available on the Company ' s website: www.nippo.in weblink : http:// www.nippo.in/html/pdf/ANN.RETURN2025.pdf

STATEMENT PURSUANT TO SEBI (LODR) REGULATIONS 2015:

The Company ' s Securities are listed with Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company has paid the Annual Listing fees to all the Stock Exchanges.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS:

There are no other significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company during the year except cartelization of Zinc carbon dry cell battery case pending before Hon. National Company Law Appellate Tribunal, New Delhi. (NCLAT)

Further the Company is in process of amalgamation with its wholly owned subsidiary, Helios Strategic Systems Limited and the Company has received order from Hon ' ble Tribunal, Chennai Bench to conduct the General Meeting of Shareholders on June 21, 2025, to approve the scheme of amalgamation pursuant to Section 230-232 of the Companies Act, 2013. The details of the same are mentioned below.

COMPOSITE SCHEME OF AMALGAMATION:

The Board of Directors in its meeting held on

October 25, 2024 approved a Composite Scheme of  Amalgamation ( " Scheme of Amalgamation " ), inter-alia, involving amalgamation of Helios Strategic   Systems Limited, wholly owned subsidiary of the Company with the Company, under Sections 230 to 232 and other applicable provisions of the Companies

Act, 2013 ( " the Act " ). The said Scheme will be effective upon receipt of approval of shareholders, creditors, Hon ' ble National Company Law Tribunal and other regulatory and statutory approvals as applicable with an appointed date of April 01, 2024. The Company has led the application to National Company Law Tribunal, Chennai seeking directions for convening the meeting of shareholders, secured creditors and unsecured creditors and subsequently the Hon ' ble Tribunal has passed the order vide No. In CA(CAA)/4 (CHE)/ 2025 dated April, 29, 2025 to conduct the General Meeting of Shareholders on June 21, 2025 and the shareholders has approved the Scheme of Amalgamation with majority on the said date. The Company is awaiting for the nal order for the same from the Hon ' ble Tribunal of Chennai bench. All updates in this regard shall be posted on website of the Company from time to time for information of stakeholders.

DISINVESTMENT FROM SUBSIDIARY ?€“ KINECO LIMITED:

During the financial year under review, the Company has disinvested its entire equity stake in its material subsidiary, Kineco Limited with effect from 6 th June, 2024. This strategic decision was taken after careful evaluation of the subsidiary ' s alignment with the Company ' s long-term business objectives. The disinvestment is in line with the Company ' s ongoing efforts to streamline its portfolio, focus on core business areas, and enhance overall operational ef ciency Post disinvestment, Kineco Limited has ceased to be a subsidiary of the Company with effect from June 6, 2024. The transaction was carried out in compliance with applicable regulatory requirements, including those prescribed under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013.

DISCLOSURE UNDER THE SEXUAL HARASMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The company has in place an anti-sexual Harassment Policy as required under prevention of Sexual Harassment of Woman at workplace (Prohibition, Prevention and Redressal) Act 2013 and constituted an Internal Complaints Committee (ICC).Your Directors further states that during the year under review, there were no cases led pursuant to the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

(a) number of complaints of sexual harassment received in the year; Nil (b) number of complaints disposed off during the year; Nil and (c) number of cases pending for more than ninety days. Nil

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

As per Section 124(6) of the Companies Act, 2013 read with the IEPF Rules as amended, all the shares in respect of which dividend has remained unpaid/ unclaimed for seven consecutive years or more have been transferred to IEPF Account.

MATERNITY BENEFIT ACT, 1961:

The Company is committed to upholding the rights and welfare of its employees and has duly complied with the provisions of the Maternity Benefit Act, 1961 and the rules made thereunder.

GENERAL:

During the year under review

1. The Company had not issued equity shares with differential voting rights as to dividend, voting right or otherwise.

2. The Company is in compliance with the applicable

Secretarial Standards issued by the Institute of Company Secretaries of India.

3. Neither the Managing Director nor the Joint Managing Director of the company receives any remuneration or commission from any of its subsidiaries

4. Application made or any proceeding pending under the insolvency and bankruptcy code, 2016 during the year - Nil.

5. Major things happened during the year which made the impact on the overall workings of the company & the major actions taken by the company in that respect - Nil.

6. The details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the banks or financial institutions along with the reasons thereof - Nil.

7. During the year, there has been no change in the nature of business of the Company.

8. In case the securities are suspended from trading, the directors report shall explain the reason thereof - Not applicable.

ACKNOWLEDGEMENT:

Your Directors thank the Central and State Governments and the Banks for their continued help and support. Your Directors also thank the Authorised Wholesale Dealers, Distributors and Retailers for their excellent support under dif cult conditions and the Consumers for their continued patronage of your Company's products. Your Directors are especially thankful to the esteemed Shareholders for their continued encouragement and support.

For and on behalf of the Board of Directors For Indo National Ltd