Directors Report of Mehul Colours Ltd.

Mar 31, 2024

On behalf of the Board of Directors, it is our pleasure to present the Twenty ninth Annual
Report together with the Audited Statement of Accounts of Mehul Colours and Master batches
Private Limited ("the Company") for the year ended on 31^st March, 2024.

Financial Performance

The summarized results of the company are as follows:

Particulars	Amount in "Thousands"
	31st March, 2024	31st March, 2023
Total Income	2,27,472.71	2,13,627.41
Total Expenditure	1,83,143.34	1,69,401.09
Profit/(Loss) Before Tax	44,329.37	44,226.32
Less : Tax Expenses	(11,730.14)	(11,747.27)
Profit/(Loss) After Tax	32,599.22	32,479.05

previous year figures have been regrouped/rcarranged wherever necessary.

Business Review

Your Company was incorporated on 12th December, 1995. The Company is carrying on the
business of Master batches and Colour Packets.

Capital/ Finance

As on 31^st March, 2024, the Authorised Share Capital stands at Rs. 30,00,000/- comprising of
3,00,000 Equity shares of Rs. 10/- each. The Issued, Subscribed and Paid up Share Capital of
your Company stood at Rs. 29,00,400/- comprising of 2,90,040 Equity shares of Rs. 10/- each.
During''the year, the Company has not issued and allotted any Equity shares.

Summary of Operations (Amount in Rupees in Thousands)

During the year, the net revenue from operations of your Company increased from Rs.
2,13,627.41/- to Rs. 2,27,472.71/- . For the current financial year, Company''s profit after tax
stood at Rs. 32,599.22/- vis-a-vis Rs. 32,479.05/- in the previous year.

Reserves

The reserves of the Company at the end of the year stood as Rs. 1,18,906.11/- (in Thousands).

Dividend

To maintain the financial resources of the Company, the Board of directors of your company
does not recommend any dividend on equity shares.

Details of Board meetings

Following are the Board of Directors of the Company at the end of the year:

Mr. Pravin chandra Joshi Director

Mrs. Usha Joshi Director

Mr. Mehul Joshi Director

Mrs. Bhakti Joshi Director

During the year, 8 (Eight) Board meetings were held, details of which are given below:

Date of Board Meeting	No. of Directors attended the meeting
24.04.2023	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
30.06.2023	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
30.07.2023	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
31.08.2023	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
12.09.2023	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
18.12.2023	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
10.01.2024	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi
08.03.2024	Four. Mrs. Bhakti Joshi & Mr. Mehul Joshi, Mr. Pravinchandra Joshi, Mrs. Usha Joshi

Annual Return

As per the notification of the Companies (Amendment) Act, 2017 applicable from 28^th August,
2020 by Ministry of Corporate Affairs, every company shall place a copy of the annual return on
the website of the company, if any, and the web-link of such annual return shall be disclosed in
the Board''s report.

There is a website in the name of the company i.e. www.mehulcolours.com but it is owned
by other entity. Since the company does not have any website as of now, compliance with
regards to the above provision is not applicable to the company.

Related party transactions

The details of transactions entered into with the related parties are enclosed as Annexure 1.

Statement containing salient features of financial statements of subsidiaries

Pursuant to sub-section (3) of Section 129 of the Act, the statement containing the salient feature
of the financial statement of a company''s subsidiary or subsidiaries, associate company or
companies and joint venture or ventures is not applicable to the Company.

Corporate Social Responsibility

Pursuant to the provisions of Section 135 of the Companies Act, 2013 and rules made there
under, as the company''s financial details do not fall within the prescribed limits; the details are
not provided.

Directors'' Responsibility Statement

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act,
2013, your Directors confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the company at the end of the financial year and of the
profit and loss of the company for that year;

(c) the directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

Statutory Auditors, their Report and Notes to Financial Statements

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies
(Audit and Auditors) Rules, 2014, M/s. Bharat K Patel & Co, Chartered Accountants (Firm
Registration No 101224W) Statutory Auditors of the Company have been re-appointed for a
term of 5 years.

However, their re-appointment as Statutory'' Auditors of the Company shall be required to
be ratified by the Members at the ensuing Annual General Meeting. The Company has
received a confirmation from the said Auditors that they are not disqualified to act as the
Auditors and are eligible to hold the office as Auditors of the Company.

The report of the Statutory Auditors along with notes to Schedules is enclosed to this report.

The observations made in the Auditors'' Report are self-explanatory and therefore do not
call for any further comments.

Necessary resolution for ratification of appointment of the said Auditors is included in the
Notice of AGM for seeking approval of members.

Explanations or comments by the board on every qualification, reservation and adverse
remark of auditors

Further, the Report of the Statutory'' Auditors along with notes to Schedules is enclosed to
this report.

Details of Fraud Reported by Auditors

As per Auditors Report, no fraud under section 143(12) of Companies Act, 2013 is reported
by Auditor.

Human Resources

Your Company treats its "Human Resources" as one of its most important assets. The Company
is managing its Human Resources as per business requirements.

Risk Management Policy

The Board of Directors has developed and implemented the Risk Management Policy and the
Board reviews the same periodically. The policy is in force.

Internal financial controls

The internal financial controls with reference to the financial statements are commensurate with
the size and nature of business of the Company.

Directors and Key Managerial Personnel (KMP)

There were no changes in the directorship of the company. As provisions of Section 203 of the
Companies Act, 2013 arc not applicable; hence the Company has not appointed any Key
Managerial Personnel.

Transfer of Amounts to Investor Education and Protection Fund

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years.
Therefore, there were no funds which were required to be transferred to Investor Education and
Protection Fund (IEPF).

Policy on Sexual Harassment of Women at Work Place

In the view of the Board of Directors, the provisions of Sexual Harassment of women at work
place (Prevention, Prohibition and Redressal) Act, 2013 and rules made there under is applicable
to the Company having 10 or more employees as per the provisions need to form a policy for
prevention, Prohibition and Redressal thereof and to create an Internal Complaints Committee
("ICC") to look after registration and redressal of complaints against sexual harassment.

The company has formed a policy for the same. There were no complaints lodged and no action
is been required.

Fixed Deposits

Your Company has not accepted any deposits from public Pursuant to Section 73 of Companies
Act, 2013 and Rule 20 of the Companies (Acceptance of Deposits) Rules, 2014.

Particulars of Employees

the Company does not have any employee whose particulars are required to be given
pursuant to the provisions of Section 197 read with Rule 5(2) of The Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014.

Details of conservation of energy, technology absorption, foreign exchange earnings and
outgo

(a) Conservation of energy measures taken and impact thereof:

The Board of Directors is taking steps to conserve the energy by way power utilization,
optimizing electronic items, replacement of units and other measures as follows:

1. Optimized lighting consumption by strictly controlling operating hours as per the usage
patterns.

2. Desktop power management: Terminator, our end-point power management tool, shuts
down computers after a specified idle period.

(b) Technology Absorption measures:

(i)	the efforts made towards Technology Absorption	Company is in search of advance technology which can ease the work to be done.
(ii)	the benefits derived like product improvement, cost reduction, product development or import substitution	The benefits shall be retrieved on adopting advance technology after due search.
(hi)	in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-
	(a) the details of technology imported	-
	(b) the year of import;	-
	(c) whether the technology been fully absorbed	-
	(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof	-
(iv)	the expenditure incurred on Research and Development	-

(c) Foreign exchange earnings and outgo: (Amount in Rupees in Thousands)

Foreign exchange outgo: Rs. 1,224.52/-

Foreign exchange earnings: Rs. 33,513.08/-

Maintenance of Cost Records

The provision of maintenance of Cost records as per section 148 doesn''t applicable on the
Company.

Applicability of Secretarial Standard

During the year under review, the Company has complied with the provisions of the
applicable Secretarial Standards issued by the Institute of Companies Secretaries of Lidia to
the extent possible.

Orders Passed by the Regulators or Courts

There arc no significant orders passed by the regulator or courts or tribunals against the
Company impacting its status as going concern and on its operations.

Acknowledgement

Your Directors place on record their appreciation for employees at all levels, who have
contributed to the growth and performance of your Company.

For and on behalf of the Board
Mehul Colours and Master batches Private Limited,

Bhakti Joshi Mehul Joshi

Date : 6th September, 2024 Director Director

Place: Mumbai DIN: 02376755 DIN: 00178766