Directors Report of Purity Flex Pack Ltd.

Mar 31, 2025

The Board of Directors are pleased to present the Company''s 37^thAnnual Report and the Company''s Audited Financial
Statements for the Financial Year ended on 31^st March, 2025.

RESULTS OF OUR OPERATIONS

The Company''s financial performance for the year ended 31^stMarch, 2025 is summarized below:

Particulars	31st March, 2025	31st March, 2024
Revenue from operations	12,682.50	10,771.30
Other Income	27.23	30.94
Total Income	12,709.73	10,802.24
Profit Before Interest, Depreciation, Exceptional Items and Tax	942.10	705.54
Less: Interest	194.91	205.39
Less: Depreciation	393.93	378.56
Profit Before Exceptional Items and Tax	353.23	121.59
Less: Exceptional Items	Nil	Nil
Profit Before Tax	353.23	121.59
Less: Current Tax	86.59	19.79
Less: Deferred Tax	(0.27)	8.33
Profit After Tax	266.91	93.47
Total comprehensive income for the year attributable to the owners of the Company	274.98	94.72
Earnings per share (EPS)
Basic (Rs.)	24.87	8.71
Diluted (Rs.)	24.87	8.71

PERFORMANCE OF THE COMPANY

The turnover including other income of the Company for the Financial Year 2024-25 amounted to Rs. 12,709.73 Lakhs as
against last year''s Rs. 10,802.24 Lakhs. The increase in turnover is approx. 17.66 % as compared to last year. The Profit
before exceptional items and tax is Rs. 353.23 Lakhs as against Rs. 121.59 Lakhs of last year. Profit for the year is Rs. 266.91
Lakhs as against Rs. 93.47 Lakhs of the last year. The net profit of the Company has increased approx three times of the profit
of previous financial year.

ANNUAL RETURN

As per the provisions of Section 92(3) read with Section 134(3) of the Act, Annual Return for the Financial Year ended on 31^st
March, 2025, in prescribed Form No. MGT 7 is available on the website of the Company
onhttps://www.purityflexpack.com/reports/Annual%20Return/01.%20Annual%20Return%202025.pdf.

DIVIDEND

In view of retain the resources and future expansion, your directors have not recommended dividend for the year ended 31^st
March, 2025.

SHARE CAPITAL

The Authorised Share Capital of the Company is Rs. 6,00,00,000/- (Rupees Six Crores Only) divided into 60,00,000 Equity
Shares of Rs. 10/- each.

There was no change in the capital structure of the Company during the Financial Year under review. The paid up Equity
Share capital as on 31^st March, 2025 was Rs. 1,07,34,000/-.

LISTING OF SHARES

The Company''s shares are listed on BSE under Scrip Code 523315. The ISIN code of the Company is INE898O01010.
NATURE OF BUSINESS

There was no change in the nature of business during the Financial Year under review.

SUBSIDIARIES, ASSOCIATES & JOINT VENTURES

The Company does not have any Subsidiary, Associate &Joint Venture Company.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adheres to the Corporate
Governance requirements set out by the Securities and Exchange Board of India (“SEBI”). The disclosures as required under
Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed as Annexure I of
this Annual Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions of
Corporate Governance is attached to the report on Corporate Governance.

NUMBER OF MEETINGS OF THE BOARD

The Board met five (5) times during the Financial Year. The meeting details are provided in the Corporate Governance Report
that forms part of this Annual Report. The maximum interval between any two meetings did not exceed 120 days, as
prescribed by the Companies Act, 2013.

COMMITTEES OF THE BOARD

As on 31^st March, 2025 the Board had three committees viz. the Audit Committee, the Nomination and Remuneration
Committee and the Stakeholders Relationship Committee. A majority of the committees consists entirely of independent
directors. During the year, all recommendations made by the committees were approved by the Board.

A detailed note on the composition of the Board and its committees is provided in the Corporate Governance Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Financial Statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical cost
convention on accrual basis except for certain financial instruments, which are measured at fair values, the provisions of the
Companies Act, 2013 (to the extent notified) and guidelines issued by SEBI. The Ind AS are prescribed under Section 133 of
the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies
(Indian Accounting Standards) Amendment Rules, 2016. Accounting policies have been consistently applied except where a
newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the
accounting policy hitherto in use.

The directors confirm that:

i. In preparation of the annual accounts for the Financial Year ended 31^stMarch, 2025, the applicable accounting
standards have been followed and there are no material departures.

ii. They have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the
Financial Year and of the Profit of the Company for that period.

iii. They have taken proper and sufficient care towards 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.

iv. They have prepared the annual accounts on a going concern basis.

v. They have laid down internal financial controls, which are adequate and are operating effectively.

vi. They have devised proper systems to ensure compliance with the provisions of all applicable laws, and such systems
are adequate and operating effectively.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither the statutory auditors nor the secretarial 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 officers or
employees, the details of which would need to be mentioned in the Board''s report.

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

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

POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive, non-executive and independent directors to maintain the
independence of the Board, and separate its functions of governance and management. As of 31^st March, 2025, the Board
had eight members, two of whom are executive directors, two non-executive and non-independent directors and four
independent directors. There is one Woman director on the Board. The policy of the Company on directors'' appointment and
remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other
matters, as required under Sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website,
atwww.purityflexpack.com. We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination
and Remuneration Policy of the Company.

EXPLANATIONS OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR
DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There was no qualifications, reservations or adverse remarks made by the either by the Auditors or by the Practicing
Company Secretary in their respective reports.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the
Financial Statements provided in this Annual Report.

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO

The particulars, as prescribed under Sub-section (3)(m) of Section 134 of the Companies Act, 2013, read with the Companies
(Accounts) Rules, 2014, are enclosed as Annexure II to the Board''s report.

MANAGEMENT DISCUSSION AND ANALYSIS

In terms of the provisions of Regulation 34 of the Listing Regulations, the Management Discussion and Analysis is set out as
Annexure III of this Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the
prescribed Form AOC-2, is appended as Annexure IV.

STATE OF COMPANY’S AFFAIRS

The Company is engaged in the business of packaging. There is no change in the business of the Company during the
Financial Year ended 31^st March, 2025. Further information on the business overview and outlook and state of the affairs of
the Company is discussed in detail in the Management Discussion & Analysis.

CORPORATE SOCIAL RESPONSIBILTY

Since the Company does not qualify any of the criteria as laid down in Section 135(1) of the Companies Act, 2013 with regard
to Corporate Social Responsibility, provisions of Section 135 are not applicable to the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Act and the Articles of Association of the Company, Mrs. Vaishali Amin and Mrs.
Kokila Patel, Directors of the Company, retires by rotation at the ensuing AGM. The Board of Directors, on the
recommendation of the Nomination and Remuneration Committee has recommended their re-appointment.

Ms. Ankita Shetty was appointed as a Company Secretary and Compliance Officer of the Company w.e.f. 7th March, 2025.
Ms. Matrikaa Sharma had resigned form the post of Company Secretary and Compliance Officer w.e.f. 20th December, 2024.
Further, Mr. Anil Patel had resigned from the post of Chief Executive Officerwith effect from 27th May, 2025 and Mr. Kunal
Patel was further graded as Chief Executive Officer in his place with effect from 28th May, 2025. Mr. Jayesh Shah was
appointed as Director and Chief Financial Officer of the Company w.e.f. 28th May, 2025.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies
Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and
Regulation 25 of the Listing Regulations.

The Board of Directors further confirms that the Independent Directors also meet the criteria of expertise, experience, integrity
and proficiency in terms of Rule 8 of the Companies (Accounts) Amendment Rules, 2019.

FORMAL ANNUAL EVALUATION

The Company has a policy for performance evaluation of the Board, Committees and other Individual Directors (including
Independent Directors) which include criteria for performance evaluation of Non-Executive Directors and Executive Directors.

In accordance with the manner specified by the Nomination and Remuneration Committee, the Board carried out annual
performance evaluation of the Board, its Committees and Individual Directors. The Independent Directors carried out annual
performance evaluation of the Chairperson, the non-independent directors and the Board as a whole. The Chairman of the
respective Committees shared the report on evaluation with the respective Committee members. The performance of each
Committee was evaluated by the Board, based on report on evaluation received from respective Committees. A consolidated
report was shared with the Chairman of the Board for his review and giving feedback to each Director.

RISK MANAGEMENT POLICY

The Company has a well defined process in place to ensure appropriate identification and mitigation of risks. The Risk
Management has been entrusted by the Board with the responsibility of identification and mitigation plans for ongoing
operations of the Company. Elements of risks to the Company are listed in the notes to the Financial Statements.

DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014.

CODE OF CONDUCT

The code of conduct has been put on the Company''s website www.purityflexpack.com. The members of the board and senior
management personnel have affirmed the compliance with the Code applicable to them during the year ended 31^stMarch,
2025. The Annual Report contains declaration to this effect signed by Mr. Anil Patel - Chief Executive Officer (MD)of the
Company.

AUDITORS AND AUDITORS’ REPORT

A. Statutory Auditors

The Company''s Statutory Auditors, M/s. Shah Mehta and Bakshi, Chartered Accountants (Firms'' Registration No: 203824
W),) were appointed as Statutory Auditors of the Company for a period of five consecutive years at the 34^thAnnual
General Meeting held on 25^th June, 2022 on a remuneration mutually agreed upon by the Board of Directors based on the
recommendation of the Audit Committee and the Statutory Auditors.

The requirement of seeking ratification of members for continuing the appointment of Statutory Auditors at every AGM was
withdrawn by the Companies (Amendment) Act, 2017 w.e.f. May 7, 2018.

M/s. Shah Mehta and Bakshi, Chartered Accountants have confirmed that they are eligible and are in compliance with the
provisions specified under Section 141(3)(g) of the Act and they are not disqualified to act as Statutory Auditors in terms of
the provisions of Sections 139 and 141 of the Act and the Companies (Audit and Auditors) Rules, 2014.

The Report of the Statutory Auditor forming part of the Annual Report does not contain any qualification, reservation,
adverse remark or disclaimer. The observations made in the Auditors'' Report are self-explanatory and therefore do not
call for any further comments.

B. Secretarial Auditors

The Board had appointed Mr. Devesh R. Desai, Practicing Company Secretary, to conduct a secretarial audit for the
Financial Year 2024-25. The Secretarial Audit Report for the Financial Year ended 31^st March, 2025 is attached herewith
as Annexure V. The Secretarial Audit Report does not contain any qualification, reservation, or adverse remark.

C. Cost Auditors

In terms of Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, it is
hereby confirmed that the cost accounts and records are made and maintained by the Company as specified by the
Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

The Board of Directors at its meeting held on 24^th May, 2025 has appointed M/s. Chetan Gandhi and Associates, Cost
Accountants (FRN. 101341), as the Cost Auditors for conducting the Cost Audit for the Financial Year 2025-26. As
required under the Act, the remuneration payable to the cost auditor is required to be placed before the members in a
general meeting for their ratification.

The Cost Audit report for the Financial Year ended 31^stMarch 2025; after being taken on record by the Board shall be filed
with MCA within the stipulated time.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of
Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the
information on employees'' particulars which is available for inspection by the members at the Registered office of the
Company during business hours on working days of the Company up to the date of ensuing Annual General Meeting. If any
member is interested in inspecting the same, such member may write to the Compliance Officer in advance.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013

During the year under review, your Company has not received any complaint under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961

The Company confirms that it has followed the Maternity Benefit Act, 1961. All eligible women employees are eligible to get
the required benefits, including paid leave, continued salary and service, and post-maternity support like nursing breaks and
flexible work options.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

In terms of Section 177(9) of the Companies Act, 2013, Rules framed there under and Regulation 22 of the SEBI Listing
Regulations, the Company has put in place a system through which the Directors and Employees may report concerns about
unethical behavior, actual or suspected fraud or violation of the Company''s Code of Conduct & Ethics without fear of reprisal.
The Employees and Directors may report to the Compliance Officer and have direct access to the Chairman of the Audit
Committee. The Whistle Blower Policy is placed on the website of the Company www.purityflexpack.com.

COMPLIANCE CERTIFICATE

The CEO and CFO have certified to the Board with regard to the Financial Statements and other matters as required under
Regulation 17(8) read with Part B of Schedule II to the SEBI Listing Regulations.

INSURANCE

All the properties of the Company have been adequately and appropriately insured.

ACKNOWLEDGMENTS

Your directors place on record their deep appreciation to all the employees of the Company for their whole-hearted efforts as
well as collective dedication, commitment and contribution, which is vital in achieving the overall growth of the Company.

Your directors would also like to thank the vendors, suppliers, bankers, financial institutions, employee unions, members,
customers, dealers, Government authorities, Regulatory authorities, stock exchanges and all other business associates,
consultants'' and other stakeholders for their continued cooperation and support extended to the Company and the
Management.

We look forward to continued support of all these associates in the future.

On behalf of the Board
For Purity Flexpack Limited

Anil Patel

Place: Vanseti Chairman & Managing Director

Date: 24^th July, 2025. DIN :00006904

---

Mar 31, 2024

The Board of Directors are pleased to present the Company''s 36^th Annual Report and the Company''s Audited Financial
Statements for the Financial Year ended on 31^st March, 2024.

RESULTS OF OUR OPERATIONS

The Company''s financial performance for the year ended 31^st March, 2024 is summarized below:

(Rs. in lakhs, except per equity share data)

Particulars	31st March, 2024	31st March, 2023
Revenue from operations	10,771.30	11,558.97
Other Income	30.94	9.39
Total Income	10,802.24	11,568.37
Profit Before Interest, Depreciation, Exceptional Items and Tax	705.54	707.94
Less:Interest	205.39	220.98
Less: Depreciation	378.56	366.70
Profit Before Exceptional Items and Tax	121.59	120.26
Less: Exceptional Items	Nil	Nil
Profit Before Tax	121.59	120.26
Less: Current Tax	19.79	7.68
Less: Deferred Tax	8.33	15.92
Profit After Tax	93.47	96.66
Total comprehensive income for the year attributable to the owners of the Company	94.72	105.56
Earnings per share (EPS)
Basic (Rs.)	8.71	9.01
Diluted (Rs.)	8.71	9.01

PERFORMANCE OF THE COMPANY

The turnover including other income of the Company for the Financial Year 2023-24 amounted to Rs. 10,802.24 Lakhs as
against last year''s Rs. 11,568.37 Lakhs. The Profit before exceptional items and tax is Rs. 121.59 Lakhs as against Rs. 120.26
Lakhs of last year. Profit for the year is Rs. 93.47 Lakhs as against Rs. 96.66 Lakhs of last year.

ANNUAL RETURN

As per the provisions of Section 92(3) read with Section 134(3) of the Act, Annual Return for the Financial Year ended on
31^st March, 2024, in prescribed Form No. MGT 7 is available on the website of the Company on
https://www.puritvflexpack.com/reports/annual-return/MGT%207%202024.pdf

DIVIDEND

In view of retain the resources and future expansion, your directors have not recommended dividend for the year ended
31^st March, 2024.

SHARE CAPITAL

The Authorised Share Capital of the Company is Rs. 6,00,00,000/- (Rupees Six Crores Only) divided into 60,00,000 Equity
Shares of Rs. 10/- each.

There was no change in the capital structure of the Company during the Financial Year under review. The paid up Equity
Share capital as on 31^st March, 2024 was Rs. 1,07,34,000/-.

LISTING OF SHARES

The Company''s shares are listed on BSE under Scrip Code 523315. The ISIN code of the Company is INE898O01010.

NATURE OF BUSINESS

There was no change in the nature of business during the Financial Year under review.

SUBSIDIARIES, ASSOCIATES & JOINT VENTURES

The Company does not have any Subsidiary, Associate &Joint Venture Company.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adheres to the Corporate
Governance requirements set out by the Securities and Exchange Board of India ("SEBI"). The disclosures as required under
Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed as Annexure I of

this Annual Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions
of Corporate Governance is attached to the report on Corporate Governance.

NUMBER OF MEETINGS OF THE BOARD

The Board met six (6) times during the Financial Year. The meeting details are provided in the Corporate Governance
Report that forms part of this Annual Report. The maximum interval between any two meetings did not exceed 120 days,
as prescribed by the Companies Act, 2013.

COMMITTEES OF THE BOARD

As on 31^st March, 2024 the Board had three committees viz. the Audit Committee, the Nomination and Remuneration
Committee and the Stakeholders Relationship Committee. A majority of the committees consists entirely of independent
directors. During the year, all recommendations made by the committees were approved by the Board.

A detailed note on the composition of the Board and its committees is provided in the Corporate Governance Report.

DIRECTORS'' RESPONSIBILITY STATEMENT

The Financial Statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical
cost convention on accrual basis except for certain financial instruments, which are measured at fair values, the provisions
of the Companies Act, 2013 (to the extent notified) and guidelines issued by SEBI. The Ind AS are prescribed under Section
133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and
Companies (Indian Accounting Standards) Amendment Rules, 2016. Accounting policies have been consistently applied
except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy hitherto in use.

The directors confirm that:

i. In preparation of the annual accounts for the Financial Year ended 31^st March, 2024, the applicable accounting
standards have been followed and there are no material departures.

ii. They have selected such accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the
Financial Year and of the Profit of the Company for that period.

iii. They have taken proper and sufficient care towards 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.

iv. They have prepared the annual accounts on a going concern basis.

v. They have laid down internal financial controls, which are adequate and are operating effectively.

vi. They have devised proper systems to ensure compliance with the provisions of all applicable laws, and such systems
are adequate and operating effectively.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither the statutory auditors nor the secretarial 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 officers or employees, the details of which would need to be mentioned in the Board''s report.

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

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

POLICY ON DIRECTORS'' APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive, non-executive and independent directors to maintain the
independence of the Board, and separate its functions of governance and management. As of 31^st March, 2024, the Board
had eight members, two of whom are executive directors, two non-executive and non-independent directors and four
independent directors. There is one Woman director on the Board. The policy of the Company on directors'' appointment
and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and
other matters, as required under Sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website, at
www.purityflexpack.com.We affirm that the remuneration paid to the directors is as per the terms laid out in the
Nomination and Remuneration Policy of the Company.

EXPLANATIONS OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY
THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There was no qualifications, reservations or adverse remarks made by the either by the Auditors or by the Practicing
Company Secretary in their respective reports.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the
Financial Statements provided in this Annual Report.

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO

The particulars, as prescribed under Sub-section (3)(m) of Section 134 of the Companies Act, 2013, read with the
Companies (Accounts) Rules, 2014, are enclosed as Annexure II to the Board''s report.

MANAGEMENT DISCUSSION AND ANALYSIS

In terms of the provisions of Regulation 34 of the Listing Regulations, the Management Discussion and Analysis is set out as
Annexure III of this Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in
the prescribed Form AOC-2, is appended as Annexure IV.

STATE OF COMPANY''S AFFAIRS

The Company is engaged in the business of packaging. There is no change in the business of the Company during the
Financial Year ended 31^st March, 2023. Further information on the business overview and outlook and state of the affairs of
the Company is discussed in detail in the Management Discussion & Analysis.

CORPORATE SOCIAL RESPONSIBILTY

In accordance with the provisions of Section 135 of the Companies Act, 2013 and the said Rules, your Company has
adoptedCSR policy with the approval of the Board. It may be accessed on the Company''s website at the
www.purityflexpack.com.

The Report on CSR activities in terms of the requirements of Companies (Corporate Social Responsibility Policy) Rules, 2014
is annexed as Annexure V, which forms part of this Report. The Company has not constituted the Corporate Social
Responsibility Committee (''CSR Committee) as per Section 135(9) of the Act, where the amount of CSR to be spent does not
exceed fifty lakh rupees, the requirement of constitution of Corporate Social Responsibility shall not be applicable and the
functions of such committee shall be discharged by the Board of Directors of the Company.

Your Company is committed to CSR and strongly believes that the business objectives of the Company must be in
congruence with the legitimate development needs of the society in which it operates. During the year under review the
Company incurred a CSR Expenditure of Rs.8.20 lakhs which was more than statutory limits required to be spent by the
Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Act and the Articles of Association of the Company, Mrs. Vaishali Amin, Director of
the Company, retires by rotation at the ensuing AGM. The Board of Directors, on the recommendation of the Nomination
and Remuneration Committee has recommended her re-appointment.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies
Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and
Regulation 25 of the Listing Regulations.

The Board of Directors further confirms that the Independent Directors also meet the criteria of expertise, experience,
integrity and proficiency in terms of Rule 8 of the Companies (Accounts) Amendment Rules, 2019.

FORMAL ANNUAL EVALUATION

The Company has a policy for performance evaluation of the Board, Committees and other Individual Directors (including
Independent Directors) which include criteria for performance evaluation of Non-Executive Directors and Executive
Directors.

In accordance with the manner specified by the Nomination and Remuneration Committee, the Board carried out annual
performance evaluation of the Board, its Committees and Individual Directors. The Independent Directors carried out
annual performance evaluation of the Chairperson, the non-independent directors and the Board as a whole. The Chairman
of the respective Committees shared the report on evaluation with the respective Committee members. The performance
of each Committee was evaluated by the Board, based on report on evaluation received from respective Committees. A
consolidated report was shared with the Chairman of the Board for his review and giving feedback to each Director.

RISK MANAGEMENT POLICY

The Company has a well defined process in place to ensure appropriate identification and mitigation of risks. The Risk
Management has been entrusted by the Board with the responsibility of identification and mitigation plans for ongoing
operations of the Company. Elements of risks to the Company are listed in the notes to the Financial Statements.

DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014.

CODE OF CONDUCT

The code of conduct has been put on the Company''s website www.purityflexpack.com. The members of the board and
senior management personnel have affirmed the compliance with the Code applicable to them during the year ended 31^st
March, 2024. The Annual Report contains declaration to this effect signed by Mr. Anil Patel - Chief Executive Officer (MD)
of the Company.

AUDITORS AND AUDITORS'' REPORT

A. Statutory Auditors

The Company''s Statutory Auditors, M/s. Shah Mehta and Bakshi, Chartered Accountants (Firms'' Registration No:
203824W),) were appointed as Statutory Auditors of the Company for a period of five consecutive years at the
34^thAnnual General Meeting held on 25^th June, 2022 on a remuneration mutually agreed upon by the Board of Directors
based on the recommendation of the Audit Committee and the Statutory Auditors.

The requirement of seeking ratification of members for continuing the appointment of Statutory Auditors at every AGM
was withdrawn by the Companies (Amendment) Act, 2017 w.e.f. May 7, 2018.

M/s. Shah Mehta and Bakshi, Chartered Accountants have confirmed that they are eligible and are in compliance with
the provisions specified under Section 141(3)(g) of the Act and they are not disqualified to act as Statutory Auditors in
terms of the provisions of Sections 139 and 141 of the Act and the Companies (Audit and Auditors) Rules, 2014.

The Report of the Statutory Auditor forming part of the Annual Report does not contain any qualification, reservation,
adverse remark or disclaimer. The observations made in the Auditors'' Report are self-explanatory and therefore do not
call for any further comments.

B. Secretarial Auditors

The Board had appointed Mr. Devesh R. Desai, Practicing Company Secretary, to conduct a secretarial audit for the
Financial Year 2023-24. The Secretarial Audit Report for the Financial Year ended 31^st March, 2024 is attached herewith
as Annexure VI. The Secretarial Audit Report does not contain any qualification, reservation, or adverse remark.

C. Cost Auditors

In terms of Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, it is
hereby confirmed that the cost accounts and records are made and maintained by the Company as specified by the
Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

The Board of Directors at its meeting held on 27^th May, 2024 has appointed M/s. Chetan Gandhi and Associates, Cost
Accountants (FRN. 101341), as the Cost Auditors for conducting the Cost Audit for the Financial Year 2024-25. As
required under the Act, the remuneration payable to the cost auditor is required to be placed before the members in a
general meeting for their ratification.

The Cost Audit report for the Financial Year ended 31^st March 2024; after being taken on record by the Board shall be
filed with MCA within the stipulated time.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of
Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the
information on employees'' particulars which is available for inspection by the members at the Registered office of the
Company during business hours on working days of the Company up to the date of ensuing Annual General Meeting. If any
member is interested in inspecting the same, such member may write to the Compliance Officer in advance.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013

During the year under review, your Company has not received any complaint under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

In terms of Section 177(9) of the Companies Act, 2013, Rules framed there under and Regulation 22 of the SEBI Listing
Regulations, the Company has put in place a system through which the Directors and Employees may report concerns
about unethical behavior, actual or suspected fraud or violation of the Company''s Code of Conduct & Ethics without fear of
reprisal. The Employees and Directors may report to the Compliance Officer and have direct access to the Chairman of the
Audit Committee. The Whistle Blower Policy is placed on the website of the Company www.purityflexpack.com.

COMPLIANCE CERTIFICATE

The CEO and CFO have certified to the Board with regard to the Financial Statements and other matters as required under
Regulation 17(8) read with Part B of Schedule II to the SEBI Listing Regulations.

INSURANCE

All the properties of the Company have been adequately and appropriately insured.

ACKNOWLEDGMENTS

Your directors place on record their deep appreciation to all the employees of the Company for their whole-hearted efforts
as well as collective dedication, commitment and contribution, which is vital in achieving the overall growth of the
Company.

Your directors would also like to thank the vendors, suppliers, bankers, financial institutions, employee unions, members,
customers, dealers, Government authorities, Regulatory authorities, stock exchanges and all other business associates,
consultants'' and other stakeholders for their continued cooperation and support extended to the Company and the
Management.

We look forward to continued support of all these associates in the future.

On behalf of the Board
For Purity Flexpack Limited

Anil Patel

Chairman & Managing Director
DIN :00006904

Place: Vanseti
Date: 27^th May, 2024

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Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the 27th Annual Report together with the Audited Accounts for the year ended 31st March 2015.

FINANCIAL HIGHLIGHTS:

The Company's financial performance for the year under review along with previous years figures are given hereunder:

Particulars 31/03/2015 31/03/2014 (Rs. In lacs) (Rs. In lacs) Net Sales /Income from

Business Operations 5,215.56 5,031.21

Other Income 11.16 15.29

Total Income 5,226.72 5,046.50

Gross Profit Before Interest & Depreciation 370.72 357.39

Less Interest 110.12 86.17

Profit before Depreciation 260.60 271.22

Less Depreciation 120.21 75.80

Profit after depreciation and Interest 140.39 195.42

Less Current Income Tax 28.56 40.01

Less Previous year adjustment of Income Tax , 0.00 -40.25

Less Deferred Tax 17.39 23.95

Net Profit after Tax 94.44 171.71

Dividend (including Interim if any and final) 0.00 0.00

Net Profit after dividend and Tax 94.44 171.71

Amount transferred to General Reserve 94.44 171.71

Balance carried to Balance Sheet 663.51 569.07

Earning per share (Basic) 8.80 16.00

Earning per Share(Diluted) 8.80 16.00

DIVIDEND :

With a view to conserve the liquid resources of the Company, your Director regret being unable to recommend payment of any Divided to the Shareholders for the year ended under report.

OPERATIONAL REVIEW:

Your Directors are glad to report that this is the sixth year in succession when the company has been making profits year after year and it is hoped that this trend will continue in future year's subject however to Unforeseen circumstances.

Net sales for the year ended 31st march 2015 amounted to Rs 47.40 Lacs as against Rs. 45.61 Lacs of the previous year recording a rise of 3.92 %. The Export Sales during the year under report amounted to Rs. 104.34 lacs as against Rs. 20.16 lacs for the previous year.

It is very likely that the increase in export sales will change the great scenario in the life of the company.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure- A and is attached to this report.

MANAGEMENT DISCUSSIONS AND ANALYSIS:

The discussions and information in this report have been provided with a view to enable shareholders to analyze the results for the year with additional information. In certain areas the discussions may cover strategic decisions and management expectations from the same. Such forecasts should not be construed as a guarantee of performance and actual results may differ significantly depending upon the operational conditions and external environment.

DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

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

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.

The details of the investments made by company is given in the notes to the financial statements

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large.

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There was no qualifications, reservations or adverse remarks made by the either by the Auditors or by the Practicing Company Secretary in their respective reports.

DIRECTORS:

Directors Shri Daxesh Patel and Shri Darshkkumar Sheth retire by rotation and, being eligible, offer themselves for re appointment. The Directors recommend Shri Daxesh Patel and Shri Darshkkumar Sheth for re-appointment.

All independent directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and clause 49 of the Listing Agreement.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Appointment & Remuneration Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

Remuneration Policy

The Board has, on the recommendation of the Appointment & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.

Meetings

A calendar of Meetings is prepared and circulated in advance to the Directors.

During the year four Board Meetings and four Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was with in the period prescribed under the Companies Act, 2013.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure B".

DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii) The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 under review.

iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) The directors have 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 are adequate and were operating effectively.

vi) The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company.

DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

CODE OF CONDUCT:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company. The Company believes in "Zero Tolerance" against bribery, corruption and unethical dealings / behaviours of any form and the Board has laid down the directives to counter such acts. The code laid down by the Board is known as

"code of business conduct" which forms an Appendix to the Code. The Code has been posted on the Company's website.

The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behaviour from an employee in a given situation and the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliance with the Code. All Management Staff were given appropriate training in this regard.

SECRETARIAL AUDIT:

Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed Devesh R Desai, Secretaries in practice to undertake the Secretarial Audit of the Company. The Secretarial Audit report is annexed herewith as "Annexure C"

AUDITORS:

M/s. Shah, Mehta & Bakshi, Chartered Accountants, Vadodara, the Statutory Auditors, retire at the ensuing Annual General Meeting and have made themselves available for re-appointment. The Company has received a letter from Statutory Auditors to the effect that in case their appointment is made it would be within the specified limit under Section 224 (1B) of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the members at the Registered office of the company during business hours on working days of the company up to the date of ensuing Annual General Meeting. If any member is interested in inspecting the same, such member may write to the Compliance Officer in advance

SHARES:

a. BUY BACK OF SECURITIES

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

b. SWEAT EQUITY

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

c. BONUS SHARES

No Bonus Shares were issued during the year under review.

d. EMPLOYEES STOCK OPTION PLAN

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

CORPORATE GOVERNANCE:

The report on corporate governance along with the Auditors' Certificate regarding compliance of the conditions of corporate governance pursuant to clause 49 of the Listing Agreement is annexed hereto.

INSURANCE:

All the properties of the Company have been adequately and appropriately insured.

INDUSTRIAL RELATIONS:

Industrial Relations remained cordial at the factory throughout the year.

CEO/CFO CERTIFICATE:

In terms of the requirements of Clause 49 of the Listing Agreement, the CEO and CFO have submitted necessary Certificate to the Board at its Meeting held on 25.08 2015 stating therein the particulars specified under the said Clause.

ACKNOWLEDGEMENT:

The Board appreciates and is thankful for continued support of Company's Bankers and its valued Customers, Suppliers and Shareholders. The Board appreciates the hard work and efforts put in by all Workers, Staff and Officers of the Company.

For and on behalf of the Board of Directors

Anil Patel Chairman & Managing Director

VANSETI: 25.08.2015

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Mar 31, 2014

DEAR MEMBERS,

The Directors have pleasure in presenting the 26th Annual Report together with the Audited Accounts for the year ended 31st March 2014.

FINANCIAL HIGHLIGHTS:

(Rs. In Lacs) (Rs. In Lacs)

2013-2014 2012-2013

Total Gross Sales 5046.50 4481.25

Gross Profit before interest and Depreciation 359.38 369.80

Interest 88.17 96.82

Profit before Depreciation 271.21 272.98

Depreciation 75.80 70.54

Prior period Adjustment (40.25) 202.44

Tax/Deferred Tax 63.96 84.96

Net Profit for the year 171.71 117.48

Adding thereto/deducting there from Balance brought forward from the previous year 397.36 279.88

Profit/(Loss) carried to Balance Sheet 569.07 397.36

Your Directors consider the working Results satisfactory.

DIVIDEND:

With a view to conserve the liquid resources of the Company, your Director regret being unable to recommend payment of any Divided to the Shareholders for the year ended under report.

BONUS ISSUE:

Your directors recommend an issue of bonus shares in the ratio of Two Equity Share of Rs. 10/- each for every One existing Equity Share of Rs. 10/- each of the Company held by the members on a date to be fixed by the board, by capitalising a part of the Securities Premium Account/General Reserve. The proposed issue of bonus shares is subject to the consent of Shareholders at the forthcoming Annual General Meeting (AGM). The bonus shares shall rank pari passu in all respects with the existing fully paid up Equity Shares of the Company.

YEAR IN RETROSPECT & FUTURE OUTLOOK:

Your Directors are glad to report that this is the fifth year in succession when the company has been making profits year after year and it is hoped that this trend will continue in future year''s subject however to Unforeseen circumstances.

Net sales for the year ended 31st march 2014 amounted to Rs. 4720.68 Lacs as against Rs. 4032.04 Lacs of the previous year recording a rise of 17%. Like wise net profit also amounted to Rs. 171.71 Lacs as against Rs. 117.48 Lacs in previous year. The Export Sales during the year under report amounted to Rs. 20.16 lacs as against Rs.93.39 lacs for the previous year.

It is very likely that the increase in export sales will change the great scenario in the life of the company.

DIRECTOR''S RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Director''s Responsibility Statement, it is hereby confirmed that:

a. The annual accounts of the Company for the financial year ended 31st March 2014, have been prepared on a ''going concern'' basis and in the preparation of the annual accounts, applicable accounting standards have been followed along with proper explanation relating to material departures;

b. Appropriate accounting policies have been selected and applied consistently and judgments and estimates made that were reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

c. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company are in receipt of the remuneration in excess of the limits prescribed in Section 217(2A) of the Companies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO:

Particulars regarding the conservation of energy, technology absorption, Foreign Exchange earnings & outgo as envisaged by Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules 1988 are annexed hereto.

CORPORATE GOVERNANCE:

The report on corporate governance along with the Auditors'' Certificate regarding compliance of the conditions of corporate governance pursuant to clause 49 of the Listing Agreement is annexed hereto.

MANAGEMENT DISCUSSIONS AND ANALYSIS:

The discussions and information in this report have been provided with a view to enable shareholders to analyze the results for the year with additional information. In certain areas the discussions may cover strategic decisions and management expectations from the same. Such forecasts should not be construed as a guarantee of performance and actual results may differ significantly depending upon the operational conditions and external environment.

INSURANCE:

All the properties of the Company have been adequately and appropriately insured.

INDUSTRIAL RELATIONS:

Industrial Relations remained cordial at the factory throughout the year.

DIRECTORATE:

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 1956, Mrs. Kokila A. Patel & Mr. Harshad S. Bhatt, retire by rotation and being eligible offer themselves for re-appointment.

Mr Daxesh B. Patel, Mr. Darshkkumar S. Sheth, Mr. Nilesh N. Patel and Mr. Manish A. Baxi, Directors of the Company, are being appointed as Independent Directors for three consecutive years for a term upto March 31, 2017 as per provisions of Section 149 and other applicable provisions of the Companies Act 2013.

A brief resume and functional expertise of the above Directors as required under clause 49 of the Listing agreement is given at the end of the notice convening the Annual General Meeting.

RE-APPOINTMENT OF SHRI ANIL PATEL AS MANAGING DIRECTOR AND SHRI KUNAL A. PATEL AS A WHOLE-TIME DIRECTOR FOR A PERIOD OF 3 YEARS:

Shri. Anil Patel has re-appointed as a Managing Director and Shri Kunal A. Patel has re-appointed as a Whole-time Director of the Company, which was approved by the Board of Directors at their meeting held on 06/08/2014. After taking into consideration various factors such as hard work put in by Shri Anil Patel and Shri Kunal Patel as Managing Director and Whole-time Director, their farsightedness, business acumen, practical wisdom and other qualities of management, the Board of Directors of the company at their meeting held on 06/08/2014, after taking into consideration the recommendation of the Audit Committee of Directors relating to their remuneration had subject to the approval of the company in General Meeting and subject to Fulfillment of all the Conditions laid down in the provisions of the Companies Act, 2013 read with Schedule V. The re-appointment of Shri Anil Patel as a Managing Director for a period of three years commencing from 01/10/2014 on remuneration of Rs. 5.00 Lacs p.m. and Shri Kunal A. Patel as a Whole-time Director for a period of three years commencing from 01/10/2014 on a remuneration of Rs. 2.00 Lacs and on such terms and conditions more particularly set pot in the explanatory statement annexed to the Notice of the Annual General Meeting.

CEO/CFO CERTIFICATE:

In terms of the requirements of Clause 49 of the Listing Agreement, the CEO and CFO have submitted necessary Certificate to the Board at its Meeting held on 06/08/2014 stating therein the particulars specified under the said Clause.

COMPLIANCE CERTIFICATE:

As required by the provisions of Section 383A of the Companies Act, 1956, the Company has obtained a Compliance Certificate dated 06/08/2014 from M/s. D. R. Desai & Co., Company Secretary in Whole-time Practice, Vadodara, to the effect that all the provisions of the said Act have been complied with. The same is attached herewith as required by Section 217 of the Companies Act, 1956.

AUDITORS:

M/s. Shah, Mehta & Bakshi, Chartered Accountants, Vadodara, the Statutory Auditors, retire at the ensuing Annual General Meeting and have made themselves available for re-appointment. The Company has received a letter from Statutory Auditors to the effect that in case their appointment is made it would be within the specified limit under Section 224 (1B) of the Companies Act, 1956.

ACKNOWLEDGEMENT:

The Board appreciates and is thankful for continued support of Company''s Bankers and its valued Customers, Suppliers and Shareholders. The Board appreciates the hard work and efforts put in by all Workers, Staff and Officers of the Company.

By Order of the Board of Directors,

VANSETI Anil Patel 6th August, 2014 Chairman & Managing Director

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Mar 31, 2011

The Directors have pleasure in presenting the 23rd Annual Report together with the Audited Accounts for the year ended 31st March 2011.

1.FINANCIAL HIGHLIGHTS: (Rs. In Lacs)

2010-11 2009-10

Total Gross Soles 2487.73 2043.15

Cross Prof it before 211.60 199.92

interest and Depreciation Interest 92.63 96.45

Profit before 118.97 98.02

Depreciation Depreciation 61.11 45.44

Prior period Adjustment 2.30 0.00

Net Profit for the year 55.56 52.03

Adding thereto/ 131.12 79.09 deducting there from Balance brought forward from the previous year

Profit it /( Loss) carried to 186.68 131.12

Balance Sheet

Your Directors consider the working Results Satisfactory

2. DIVIDEND :

with a view to conserve the liquid resources of the Company, your Director regret being unable to recommend payment of any Divided to the Shareholders for the year ended under report.

3. YEAR IN RETROSPECT 4 FUTURE OUTLOOK Your Directors are glad to report that this is the Sixth year in succession when the company has been making profits year after year and it is hoped that this trend will continue in future year's subject however to Unforeseen circumstances.

Sross Total Sales for the year was Rs. 2487.73 lacs as against that of Rs.2043.15 lacs of the previous year. The Net Profits amounted to Rs. 58.80 lacs as compared to Rs.52.03. lacs of the previous year. The Export Sales during the year under report amounted to Rs. 414.46 lacs as against to Rs. 538.83 lacs for the previous year. The company is thus consolidating its position and it is hoped that the same position will continue for future years.

It is noteworthy that our products have been well accepted by the Overseas Customers. It is very likely that the increase in export sales will change the great Scenario in the life of the company.

4. DIRECTOR'S RESPONSIBILITY STATEMENT: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Director's Responsibility Statement, it is hereby confirmed that: The annual accounts of the Company for the financial year ended 31st March 2011, have been prepared on a 'going concern* basis and in the preparation of the annual accounts, applicable accounting standards have been followed along with proper explanation relating to material departures:

Appropriate accounting policies have been selected and applied consistently and judgments and estimates made there under were reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

5. PUBLIC SHARE HOLDINGS:

The Public share holdings in the equity share Capital of the Company on 31st March 2011, is 52.18% which is much higher than the criteria of 25% laid down recently by SEBI the market regulator.

6. DIRECTORS SHARE HOLDINGS:

The articles of association of the company provided that the directors need not hold any qualification shares in the Company in terms thereof, Mr. Nilesh patel, Mr. Darshak Sheth, Mr. Daxesh patel and Mr. Manish Baxi do not hold any shares in the Company.

The share holdings of the remaining directors are as in order

Sr Name Of No. of Share % No . Directors Held

1 Anil B Patel 152918 14.25%

2 Harshad Bhatt 10267 0.96%

3 Kokilaben A Patel 173129 16.14%

4 Kunal A Patel 52180 4.86%

7. PARTICULARS Op EMPLOYEES:

None of the employees of the Company are in receipt of the remuneration in excess of the limits prescribed in Section 217(2A) of the Companies Act, 1956.

8. CONSERVATION OF ENERGY. TECHNOLOGY

ABSORPTION, FOREIGN EXCHANGE EARNINGS * OUTGO: Particulars regarding the conservation of energy, technology absorption. Foreign Exchange earnings & outgo as envisaged by Section 217 (1) (e) of the Companies Act. 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules 1988 an annexed hereto.

9. CORPORATE GOVERNANCE:

The report on corporate governance along with the Auditors' Certificate regarding compliance of the conditions of corporate governance pursuant to clause 49 of the Listing Agreement is annexed hereto.

10. MANAGEMENT DISCUSSIONS AND ANALYSIS: The discussions and information in this report have been provided with a view to enable shareholders to analyze the results for the year with additional information. In certain arts the discussions may cover strategic decisions and management expectations from the same. Such forecasts should not be construed as a guarantee of performance and actual results may differ significantly depending upon the operational conditions and external environment.

11. INSURANCE:

11 the properties of the Company have been adequately and appropriately inspired

12. INDU5TRLC RELATIONS:

Industrial Relations remained cordial at the factory throughout the year.

13. BRECTCRTORAIE:

Smt. Kckila Patel and Mr. Harshad Bhatt retire by rotation and being eligible offer themselves far re-appointment.

A brief resume and functional expertise of the above Directors as required under douse 49 of the Listing agreement is given at the end of the notice convening the Annual General Meeting.

14. CED/CFO CERTIFICATE:

In terms of the requirements of Clause 49 of the Listing Agreement, the CEO and CFO have submitted necessary Certificate to the Board

15. COMPLIANCE CERTIFICATE:

As required by the provisions of Section 383A of the Companies Act, 1956, the Company has obtained a Comedians Certificate dated 27/07/2011 from AA/s. D. R Desai & Co., Company Secretary in Whole-time Practice, Vadodara, to the effect that all the previsions of the said Act have been complied with The same is attached herewith as required by Section 217 of the Companies Act, 1956.

16. AUDITORS

AA/s. Shah, Mehta & Bakshi, Chartered /Accountants, Vadocbra, the Statutory Auditors, retire at the ensuing Anural Gerard meeting and have made themselves available for re-appointment. The Company has received a letter from Statutory Auditors to the effect that in case their appointment is made it would be within the specified limit under Section 224 (IB) of the Companies Act, 1956.

17. ACXNCWLED6EAABMT:

The Board appreciates and is thankful for continued support of Company's Bankers and its valued Customers, Suppliers and Shareholders. The Board appreciates the hard work and efforts put in by all Workers, Staff and Officers of the Company.

For and Oh Behalf of the Board, VANSETI AnilPatd

27.07.2011 Chairman & Managing Director

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Mar 31, 2010

The Directors have pleasure in presenting the 22nd Annual Report together with the Audited Accounts for the year ended 31st March 2010.

1. FINANCIAL HIGHLIGHTS: (Rs. In Lacs)

Particulars 2009-10 2008-09

Total Gross Sales 2043.15 2107.33

Gross Profit before

interest and Depreciation 199.92 186.85

Interest 96.45 120.09

Profit before Depreciation 98.02 66.76

Depreciation 45.44 43.88

Prior period Adjustment 0.00 0.00

Net Profit for the year 52.03 22.88 Adding thereto/ deducting there from Balance brought forward from the

previous year 79.09 57.08

Profit / ( Loss) carried to

Balance Sheet 131.12 79.09



Your Directors consider the working Results satisfactory

2. DIVIDEND : With a view to conserve the liquid resources of the Company, your Director regret being unable to recommend payment of any Divided to the Shareholders for the year ended under report.

3. YEAR IN RETROSPECT A FUTURE OUTLOOK:

Your Directors are glad to report that this is the fifth year in succession when the company has been making profits year after year and it is hoped that this trend will continue in future years subject however to Unforeseen circumstances.

All though Net Sales for the year have gone down by 64.18 Lacs from Last year 2107.33 Lacs to 2043.15 Lacs , the corresponding Net Profit has gone up from 22.88 Lacs to 52.03 Lacs recording a rise of about 127%, the company is thus consolidating its position and it is hoped that the same position will continue for future years.

It is noteworthy that our products have been well accepted by the Overseas Customers. It is very likely that the increase in export sales will change the great scenario in the life of the company.

4. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed that:

The annual accounts of the Company for the financial year ended 31st March 2010, have been prepared on annual accounts, applicable accounting standards have been followed along with proper explanation relating to material departures; Appropriate accounting policies have been selected and applied consistently and judgments and estimates made there under were reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year under review.

Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

5. PUBLIC SHARE HOLDINGS:

The Public share holdings in the equity share Capital of the Company on 31st March 2010, is 53.40% which is much higher than the criterion of 25% laid down recently by SEBI the market regulator.

6. DIRECTORS SHARE HOLDINGS:

The articles of association of the company provided that the directors need not hold any qualification shares in the Company in terms thereof, Mr. Nilesh patel, Mr. Darshak Sheth, Mr. Daxesh patel and Mr. Manish Baxi do not hold any shares in the Company.

The share holdings of the remaining directors are as in order



Sr. Name Of No. of % No. Directors Share Held

1 Anil B Patel 145118 13.51%

2 Harshad Bhatt 10267 0.96%

3 Kokilaben A Patel 170894 15.92%

4 Kunal A Patel 48985 4.56%



7. PARTICULARS OF EMPLOYEES:

None of the employees of the Company are in receipt of the remuneration in excess of the limits prescribed in Section 217(2A) of the Companies Act, 1956.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS A OUTGO:

Particulars regarding ,the conservation of energy, technology absorption. Foreign Exchange earnings A outgo as envisaged by Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules 1988 are annexed hereto.

9. INCREASE IN REMUNERATION OF MANAGERIAL PERSONNEL:

In exercise of the power vested in the Remuneration Committee of Directors to alter or vary the terms of appointment including Remuneration of Mr. Anil B Patel, the Managing Director and Mr. Kunal A Patel, the Whole-time Director as per Resolution passed on at the Annual General Meeting held on 19th September, 2009 without any reference or approval of the Company in the General Meeting, the said Committee has increased the Remuneration as:" •Mr. Anil B Patel, the Managing Director from Rs.125000/ - per month to 150000/- per month from 1/07/10 to 31/03/12.Mr. Kunal A Patel, the Whole-time Director from Rs.25000/- per month to 50000/-per month from 1/07/10 to 30/09/12 for the remainder of the term of office.

10. CORPORATE GOVERNANCE:

The report on corporate governance along with the Auditors Certificate regarding compliance of the conditions of corporate governance pursuant to clause 49 of the Listing Agreement is annexed hereto.

11. MANAGEMENT DISCUSSIONS AND ANALYSIS:

The discussions and information in this report have been provided with a view to enable shareholders to analyze the results for the year with additional information. In certain areas the discussions may cover strategic decisions and management expectations from the same. Such forecasts should not be construed as a guarantee of performance and actual results may differ significantly depending upon the operational conditions and external environment.

12. INSURANCE:

All the properties of the Company have been adequately and appropriately insured.

13. INDUSTRIAL RELATIONS:

Industrial Relations remained cordial at the factory throughout the year.

14. DIRECTORTORATE:

Mr. Darshak Seth & Mr. Nilesh Patel retire by rotation and being eligible offer themselves for reappointment.

A brief resume and functional expertise of the above Directors as required under clause 49 of the Listing agreement is given at the end of the notice convening the Annual General Meeting.

15. CEO / CFO CERTIFICATE:

In terms of the requirements of Clause 49 of the Listing Agreement, the CEO and CFO have submitted necessary Certificate to the Board

16. COMPLIANCE CERTIFICATE:

As required by the provisions of Section 383A of the Companies Act, 1956, the Company has obtained a Compliance Certificate dated 27/07/2010 from M/s. D. R. Desai & Co., Company Secretary in Whole-time Practice, Vadodara, to the effect that all the provisions of the said Act have been complied with. The same is attached herewith as required by Section 217 of the Companies Act, 1956.

17. AUDITORS:

M/s. Shah, Mehta & Bakshi, Chartered Accountants, Vadodara, the Statutory Auditors, retire at the ensuing Annual General Meeting and have made themselves available for re-appointment. The Company has received a letter from Statutory Auditors to the effect that in case their appointment is made it would be within the specified limit under Section 224 (IB) of the Companies Act, 1956.

18. ACKNOWLEDGEMENT:

The Board appreciates and is thankful for continued support of Companys Bankers and its valued Customers, Suppliers and Shareholders. The Board appreciates the hard work and efforts put in by all Workers, Staff and Officers of the Company.



For and on behalf of the Board

VANSETI Anil Patel

27.07.2010 Chairman & Managing Director