Directors Report of Sheetal Universal Ltd.

Mar 31, 2025

Your Directors have pleasure in presenting the 10th Annual Report along with the audited
statements of accounts of your Company for the financial year ended 31st March, 2025.

FINANCIAL RESULTS:

The audited financial statements of the Company as on March 31, 2025 are prepared in
accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations") and provisions of the Companies Act, 2013 ("Act").

The Financial highlight is depicted below:

Particulars	Conso	idated	Stanc	alone
	Year ended on 31.03.2025	Year ended on 31.03.2024	Year ended on 31.03.2025	Year ended on 31.03.2024
Revenue from operations	10,56,747	13,19,453	10,56,747	12,96,285
Other Income	23,906	28,403	23904	28403
Total revenue	10,80,653	13,47,856	1080652	1324688
Operating and Administrative Expenses	918338	1294914	918110	1271980
Operating Profit before finance costs, Depreciation and Tax	162315	52942	162542	52688
Less: Depreciation and Amortization expense	11563	8232	11563	8232
Profit before finance costs, exceptional items, tax and Deff tax adjustable in/(recoverable from) future tariff	150752	44710	150979	44456
Less: Finance Costs	20086	14356	20086	14355
Less: Exceptional Item	0	0	0	0
Profit Before Tax (PBT)	130665	30354	130892	30122
Provision for Tax (Including Deferred Tax)	37684	9598	37684	9537
Profit after Tax	92982	20756	93209	20586
Other Comprehensive Income	0	0	0	0
Total Comprehensive Income for the year	92982	20756	93209	20586
Profit available for appropriation	92982	20756	93209	20586

RESULTS OF OPERATIONS AND STATE OF COMPANY''S AFFAIRS

During the year under review company has total revenue of Rs. 1080. 65 Lakhs as against the
previous year revenue of Rs. 1324.68 Lakhs thousand which shows decrease of 22.59 % in
comparison with the previous year. The Company reported a Profit of Rs 9320.9 Lakhs for the
financial year 2024-25 as compared to profit of Rs. 2058.6 Lakhs in the previous financial year.

TRANSFER TO RESERVES

The Board of Directors have decided to retain the entire amount of profit for F.Y. 2024-25 in the
Statement of Profit & Loss as at March 31, 2025.

SHARE CAPITAL

• Authorised Capital:

The authorised share capital of the company is Rs. 12,00,00,000.00 (Rupees Twelve Crores)
divided into 1,20,00,000 (one Crore twenty Lakhs) Equity Shares of Rs. 10/- each.

• Issued, Subscribed and Paid-up Capital:

The Paid-up Equity Share Capital of the Company as on March 31, 2025 was ^114559990/-
comprising of 11455999 equity shares of ^10 each as on end of financial year 2024-25. During
the year, the Company has neither issued any shares with differential voting rights nor has
granted any stock options or sweat equity.

DIVIDENDS:

Your directors recommend a Dividend of Rs. 0.5 (i.e. 5% per share) per equity share of face value
of Rs. 10/- as Final Dividend for the financial year ended on 31^st March, 2025.

PUBLIC DEPOSITS:

The Company has not accepted any deposits from the public, within the meaning of Section 73 of
the Act, read with the Companies (Acceptance of Deposits) Rules,2014and hence there are no
unpaid/unclaimed deposits nor there is any default in repayment thereof.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF) :

During financial year under review, the Company has not transferred any amount to Investor
Education and Protection Fund (IEPF).

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year under review, there has been no change in the nature of business of the Company.
MATERIAL CHANGES AND COMMITMENTS:

There have been no material changes and commitments affecting the financial position of the
Company between the end of the financial year and date of this report.

MANAGEMENT DISCUSSION AND ANALYSIS:

As required under SEBI (LODR) Regulations 2015 a detailed report on the Management
discussion and Analysis is provided as a separate section in the Annual Report as ANNEXURE A.

SUBSIDIARIES, IOINT VENTURES AND ASSOCIATE COMPANIES:

As at March 31, 2025, the Company has 2 subsidiaries namely SAUMESVAR INTERNATIONAL
PRIVATE LIMITED and SVAR INDUSTRIES PRIVATE. The Company does not have any Associate
or Joint Venture at the end of the year. The statement containing salient features of the financial
statement of each subsidiary/joint venture company including contribution of each subsidiary/
joint venture company to the overall performance of the company and in terms of the revenue
and profit in the prescribed format Annexure-B, Form AOC-1 as per Companies (Accounts) Rules,
2014 is attached to the financial statements of the Company.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to clause (c) of sub-section (3) and sub-section (5) of Section 134 of the Companies
Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the followings:

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 Ill to the Act, have been
followed and there are no material departures from the same;

b) the Directors 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 as at March 31, 2025 and of the profit & loss of the Company
for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts for the financial year ended March 31, 2025
on a going concern basis;

e) the Directors 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) the Directors 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:

We believe that by focusing on Corporate Governance, we practice the highest standards of ethical
and responsible business culture and thereby enhance the value of all stakeholders. It is a
combination of voluntary practices and compliance with laws and regulations in all areas of its
operations and in its interactions with the stakeholders. It provides direction and control to the
affairs of the Company. Your Company is fully committed to practice sound Corporate Governance
and uphold the highest business standards in conducting business. The Company has always
worked towards building trust with all its stakeholders based on the principles of good corporate
governance. Your Company is guided by a key set of values for all its internal and external
interactions. The Company is open, accessible and consistent with its communication. Your

Company has been complying with the principles of good Corporate Governance over the years
and is committed to the highest standards of compliance. However, as a good Corporate
Governance Practice the Company has generally complied with the Corporate Governance
requirements.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188 OF THE
COMPANIES ACT.2013:

All Related Party Transactions, those were entered into during the Financial Year under review,
were on an arm’s length basis, and in the ordinary course of business and are in compliance with
the applicable provisions of the Act and the Listing Regulations. All Related Party Transactions
are placed before the Audit Committee for prior approval. Prior omnibus approval of the Audit
Committee is obtained wherever required for the transactions which are repetitive in nature or
when the need for these transactions cannot be foreseen in advance. None of the transactions
entered into with Related Parties fall under the scope of Section 188(1) of the Act. Details of
transactions with Related Parties as required under Section 134(3)(h) of the Act read with Rule
8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure- C in Form AOC - 2 and
forms part of this Report. The Company has adopted a Policy for dealing with Related Party
T ransactions.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

After the period under review, provisions of CSR are applicable to the company pursuant to
Section 135 of the Companies Act, 2013. Composition of CSR committee and CSR expenditure is
detailed as follows.

Company in its board meeting held on 30/05/2025 has constituted CSR Committee and adopted
CSR Policy.

The Corporate Social Responsibility Committee is constituted in compliance with the
requirements of Section 135 of the Companies Act, 2013, to undertake the below mentioned
tasks:

A. To recommend the policy on Corporate Social Responsibility (CSR) and Implementation of the
CSR Projects or program to be undertaken by the company as per the CSR Policy for consideration
and approval by the Board of Directors.

B. Recommend the amount of expenditure to be incurred on the corporate social responsibility
activities; and

C. Monitor the implementation of the Company''s corporate social responsibility policy
RISK MANAGEMENT POLICY:

Risk Management is the process of identification, assessment and prioritization of risks followed
by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact
of unfortunate events or to maximize the realization of opportunities. The Company has laid down
a comprehensive Risk Assessment and Minimization Procedure which is reviewed by the Board
from time to time. These procedures are reviewed to ensure that executive management controls
risk through means of a properly defined framework. The major risks have been identified by the
Company and its mitigation process/measures have been formulated in the areas such as
business, project execution, dg event, financial, human, environment and statutory compliance.

INTERNAL CONTROL SYSTEM:

Sheetal Universal Limited''s internal control system is designed to ensure operational efficiency,
protection, accuracy and promptness in financial reporting and compliance with laws and
regulations. The internal control system is supported by an internal audit process for reviewing
the design, adequacy and efficacy of the Company''s internal controls, including its systems and
processes and compliance with regulations and procedures. Internal Audit Reports are discussed
with the Management and are reviewed by the Audit Committee of the Board and necessary
corrective actions are taken.

INTERNAL FINANCIAL CONTROL (IFC) SYSTEM AND THEIR ADEQUACY:

The Company has implemented and evaluated the Internal Financial Controls which provide a
reasonable assurance in respect of providing financial and operational information, complying
with applicable statutes and policies, safeguarding of assets, prevention and detection of frauds,
accuracy and completeness of accounting records. The Internal Audit Reports were reviewed
periodically by Audit Committee as well as by the Board. Further, the Board annually reviews the
effectiveness of the Company''s internal control system. The Directors and Management confirm
that the Internal Financial Controls (IFC) is adequate with respect to the operations of the
Company. A report of Auditors pursuant to Section 143(3) (i) of the Companies Act, 2013
certifying the adequacy of Internal Financial Controls is annexed with the Auditors report.

BOARDS OPINION ON THE INTEGRITY, EXPERTISE, AND EXPERIENCE OF INDEPENDENT
DIRECTORS APPOINTED DURING THE YEAR

The Board of Directors is pleased to affirm its strong confidence in the integrity, expertise, and
experience of the independent directors appointed during the year. Each appointee has
demonstrated exceptional proficiency in their respective fields, bringing invaluable knowledge
and strategic insight to the Board.

The appointment process involved a rigorous selection procedure, ensuring that candidates
possessed not only the necessary skills and qualifications but also upheld the highest standards
of ethical conduct and corporate governance. The Board believes that the independent directors
appointed possess the integrity, objectivity, and independence required to make impartial
judgments, safeguard shareholder interests, and effectively challenge management.

The diverse backgrounds and experiences of these directors, encompassing a wide range of
industries and disciplines, significantly enhance the overall governance framework of the
Company. Their professional expertise, combined with a deep understanding of the industry,
ensures that the Board is well-equipped to navigate complex business challenges and drive the
Company''s long-term success.

In conclusion, the Board is confident that the independent directors appointed during the year
will continue to make meaningful contributions to the Company’s growth, governance, and
overall success.

ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

Pursuant to the provisions of Sections 134(3)(p), 149(8) and Schedule IV of the Companies Act,
2013, Sub rule (4) of Rule 8 of Companies (Account) Rules, 2014 and in accordance with the
Guidance Note on Board Evaluation issued by Securities and Exchange Board of India, the
Directors have carried out the annual performance evaluation of the Board, Independent
Directors, Non-executive Directors, Executive Directors, Committees and the Chairman of the
Board. The performance was evaluated based on inputs received from all the directors after
considering criteria such as Board composition and structure, effectiveness of Board / Committee
processes, and information provided to the Board, etc.

A separate meeting of the Independent Directors was also held on Monday 31^st March, 2025
during the year for the evaluation of the performance of non-independent Directors, performance
of the Board as a whole and that of the Chairman. The Board expressed their satisfaction with the
evaluation process.

Familiarization / Orientation program for Independent Directors:

The Independent Directors attend a Familiarization / Orientation Program on being inducted into
the Board. Further, various other programmes are conducted for the benefit of Independent
Directors to provide periodical updates on regulatory front, industry developments and any other
significant matters of importance. The details of Familiarization Program to be provided in the
Corporate Governance Report and is on the Company’s Website is not applicable to company as
company is listed on SME platform.

AUDITORS & AUDITORS'' REPORT:

STATUTORY AUDITORS

After the end of the Financial Year under review, M/s. V.V. Patel & Co., (FRN: 118124W), Statutory
Auditors the statutory auditor of the company, tendered their resignation on August 2, 2025. The
resignation was duly accepted by the Board of Directors at their meeting held on August 2, 2025
in compliance with the provisions of Section 140(2) of the Companies Act, 2013, and Rule 8 of the
Companies (Audit and Auditors) Rules, 2014.

M/s. Sunit M Chhatbar & Co., (FRN: 141068W) Chartered Accountants, Rajkot has been appointed
as Statutory Auditor to fill casual vacancy caused by the resignation of M/s. V.V. Patel & Co., (FRN:
118124W), Statutory Auditors by the board through board meeting held on 06^th August, 2025 to
hold office till the conclusion of ensuing Annual General Meeting of the Company to be held for
the Financial Year ended 31st March, 2025.

Further, on the recommendations of the Audit Committee, the Board of directors of the Company
subject to approval of the shareholders has appointed M/s. Sunit M Chhatbar & Co., (FRN:
141068W) Chartered Accountants, Rajkot of the Company for a term of five years to hold office
from the conclusion of 10^th Annual General Meeting till the conclusion of 16^th Annual General
Meeting subject to the approval of the members of the Company.

AUDITORS'' REPORT

In the opinion of the directors, the notes to the accounts in auditor''s report are self-explanatory
and adequately explained the matters, which are dealt with by the auditors.

No instances of fraud have been reported by the Statutory Auditors of the Company under
Section143(12) of the Act.

COST AUDIT REPORT

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and
Audit) Rules, 2014 the Cost Audit Report is not applicable to our Company for the financial year
2024-25.

INTERNAL AUDITOR

Pursuant to Section 138 of the Companies Act 2013 read with Rule 13 of the Companies
(Accounts) Rules, 2014 and other applicable provisions if any of the Companies Act, 2013, the
Board of Directors in there meeting held on 30th May, 2024 has appointed M/s. JNCY &
ASSOCIATES, as the Internal Auditor of the Company for the Financial Year 2024-25 at such
remuneration as may be mutually agreed upon between the Board of Directors of the Company
and Internal Auditor.

SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act 2013 and rules made thereunder;
the company had appointed M/s Pitroda Nayan & Co., Company Secretaries, Ahmedabad to
undertake the Secretarial Audit of the Company for the financial Year ended March 31, 2025. The
secretarial Report has been annexed as Annexure- D to the Directors Report.

The said report contains observation or qualification which is mentioned as below:

QUALIFICATION	MANAGEMENT REPLY
1. SEBI under Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015, has prescribed formats for publishing financial results. The financial statements for the year ended 31st March, 2024 were not filed as per the prescribed format thereby Company has received mail regarding clarification for Financial Results, thereafter company has uploaded revised Financial result for Half year and year ended on 31st March, 2024.	The management acknowledges the filing of Financial Results not as per prescribed format and thereafter has uploaded revised financial result for Half year and year ended on 31st March, 2024. To prevent such instances in the future, the Company has reviewed and strengthened its compliance processes and ensured clearer communication protocols between departments involved in regulatory filings.
2. Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has mandated to submit financial results within prescribed time limit, company has failed to file financial results for half year and year ended on 31st March, 2024 within the prescribed	The management clarified that there were instances of inadvertent delay in submission of the Financial Results for half year and year ended on 31st March, 2024. The filing was eventually made on 24-06-2024. To prevent recurrence, the Company has strengthened its compliance processes and ensured clearer

time limit. However, the results were filed on 24-06-2024, resulting in delay in compliance with the prescribed time limits.	communication protocols between departments involved in regulatory filings.
3. The company had initially failed to comply with the provisions of Section 179(3)(g) read with Section 117(1) of the Companies Act, 2013, regarding the timely filing of MGT-14 for the approval of the Board''s Report for the year ended on March 31, 2024. However, the MGT-14 was eventually filed with the Registrar of Companies on 15-05-2025, after the prescribed time limit, resulting in a delay in compliance with the statutory requirements.	The management clarified that there were instances of inadvertent delay in filing of MGT-14 for approval of the Board’s Report for the year ended on March 31, 2024, but was eventually filed on 15-05-2025, such delay was unintentional. Therefore, to prevent recurrence, the Company has strengthened its regulatory compliance.
4. The company initially filed MGT-14 for the appointment of the Internal Auditor under Section 179(3)(k) read with Section 117(1) of the Companies Act, 2013, on 26¬ 06-2024 wherein the name of the individual auditor was incorrectly mentioned instead of the name of the auditing firm. This led to non-compliance with the statutory requirement for accurately filing the resolution. However, the company rectified the error by filing an additional MGT-14 on 15-05-2025. The delay and error in filing the initial MGT-14 have now been corrected, but the initial non-compliance was caused by the improper filing.	The non-compliance of filing of MGT-14 for the appointment of the Internal Auditor in name of Auditor instead of Firm name was unintentional and company has therefore rectified the error by filing revised MGT-14 on 15-05-2025. Therefore, to prevent recurrence, the Company has strengthened its regulatory compliance.
5. The Company has entered into a strategic tie-up with YSM & K LLC. However, the said information was intimated to the National Stock Exchange (NSE) in compliance with Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 but the disclosure was not made as per the format specified in the regulations.	The management acknowledges for not intimating NSE as per the prescribed format. To prevent such instances in the future, the Company has reviewed and strengthened its compliance processes and ensured clearer communication protocols between departments involved in regulatory filings.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

BOARD / KMP COMPOSITION & BOARD MEETINGS:

- HIREN VALLABHBHAI PATEL (CHAIRMAN AND MANAGING DIRECTOR)

- KAJAL HIREN PATEL (WHOLE TIME DIRECTOR)

- NISHANT SHAVJIBHAI RAMANI (NON-EXECUTIVE DIRECTOR)

- JAGRUTIBEN GHANSHYAMBHAI VIRANI (INDEPENDENT DIRECTOR)

- JAY MANSUKH SHAH (INDEPENDENT DIRECTOR)

- VISHAL SHAH (INDEPENDENT DIRECTOR)

- MADHAV PRABHUDAS RAJPOPAT (CHIEF FINANCIAL OFFICER)

- KHUSHBU KALPIT SHAH (COMPANY SECRETARY & COMPLIANCE OFFICER)

A brief resume of the Directors seeking appointment/re-appointment at the forthcoming Annual
General Meeting and other details as required to be disclosed in terms of Regulation 36(3) of the
SEBI Listing Regulations and Secretarial Standard on General Meeting (SS-2) forms part of the
Notice calling the AGM. None of the Directors are disqualified for appointment/re-appointment
under Section 164of the Act. None of the Directors are related inter-se to each other.

In accordance with the provisions of the Act and the Articles of Association of the Company, Mr.
Hiren Vallabhbhai Patel, Managing Director of the company, retires by rotation at the ensuing
Annual General Meeting and being eligible, has offered himself for re-appointment. The Board of
Directors on the recommendation of the Nomination and Remuneration Committee has
recommended his re-appointment.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

The Company has received individual declaration from following Independent Director(s) of the
Company stating that they meet the criteria of independence as laid down under Section 149(6)
of the Act and Regulation 16(1){b) of the SEBI Listing Regulations. The Independent Directors of
the Company as on March31, 2025 are as under:

a) Mr. Jay Mansukh Shah

b) Mr. Vishal Shah

c) Mrs. Jagrutiben Ghanshyambhai Virani

The above-mentioned Independent Directors have confirmed that they have complied with the
Code for Independent Directors prescribed in Schedule IV to the Act. The Independent Directors
have further confirmed that they are not aware of any circumstance or situation, which exist or
may be reasonably anticipated, that could impair or impact their ability to discharge their duties
with an objective independent judgment and without any external influence and that he is
independent of the management.

CHANGES IN COMPOSITION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

There have been no changes in composition of directors and key managerial personnel during
the period under review.

MEETINGS OF THE BOARD:

The Board of Directors duly met 7 (seven) times during the year. The Composition, category and
attendance of each Director at the Board and Annual General Meeting of each Director is as
follows:

Name of Director	DIN	Category of Directorship	No. of Board Meeting Entailed to attended	No. of Board Meetings attended	Attendance at the last AGM
Hiren Vallabhbhai Patel	06961714	Managing Director	7	7	Yes
Kajal Hiren Patel	07267381	Whole-time director	7	7	Yes
Nishant Shavjibhai Ramani	07267382	Director	7	7	Yes
Jagrutiben Ghanshyambhai Virani	10234098	Director	7	7	Yes
Jay Mansukh Shah	10260316	Director	7	7	Yes
Vishal Shah	10260318	Director	7	7	Yes

The Board Meetings were held on 30.05.2024, 15.06.2024, 18.07.2024, 07.09.2024, 13.11.2024,
21.01.2025 and 31.03.2025.

COMMITTEES OF THE BOARD OF DIRECTORS:

? AUDIT COMMITTEE

The Audit Committee is duly constituted in accordance Section 177 of the Companies Act, 2013
read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 as
amended from time to time. It adheres to the terms of reference which is prepared in compliance
with Section 177 of the Companies Act, 2013, and SEBI (LODR) Regulations 2015. The Company
Secretary acts as the Secretary to the committee and the Committee Members are:

Name Category	Position	No. of Meetings held	No. of Meetings attended
Mr. Jay Mansukh Shah	Chairman	5	5
Mr. Hiren Vallabhbhai Patel	Member	5	5
Mrs. Jagrutiben Ghanshyambhai Virani	Member	5	5

Two third of the members are Independent Directors and all the members are financially literate.
The composition, role, functions and powers of the Audit Committee are in line with the
requirements of applicable laws and regulations. The Audit Committee shall oversee financial
reporting process and disclosures, review financial statements, internal audit reports, related
party transactions, financial and risk management policies, auditors’ qualifications, compliance
with Accounting Standards etc.

and oversee compliance with Stock Exchanges and legal requirements concerning financial
statements and fixation of audit fee as well as payment for other services etc.

During the year under review four Audit Committee Meeting were held on 30/05/2024,
18/07/2024, 13/11/2024, 21/01/2025 and 15/03/2025.

? NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee is constituted in accordance with Section 178 of
the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its
Powers) Rules, 2014 as amended from time to time.

The Company Secretary acts as the Secretary to the committee and the Committee Members are:

Name Category	Position	No. of Meetings Held	No. of Meetings attended
Mr. Vishal Shah	Chairman	2	2
Mr. Jay Mansukh Shah	Member	2	2
Mrs. Jagrutiben	Member	2	2
Ghanshyambhai
Virani

During the year under review two Nomination and Remuneration Committee Meetings were held
on 30/08/2024 and 15/02/2025. The Board has in accordance with the provisions of sub-section
(3) of Section 178 of the Companies Act, 2013, formulated the policy setting out the criteria for
determining qualifications, positive attributes, independence of a Director and policy relating to
remuneration of Directors, Key Managerial Personnel and other employees.

? STAKEHOLDERS'' RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee follows the requirements of Section 178 of the
Companies Act, 2013. Company Secretary is the Compliance Officer, who acts as the Secretary to
the Committee and the Members of the Committee are:

Name Category	Position	No. of Meetings held	No. of Meetings attended
Mr. Jay Mansukh Shah	Chairman	2	2
Mr. Vishal Shah	Member	2	2
Mrs. Jagrutiben Ghanshyambhai Virani	Member	2	2

The Stakeholders Relationship Committee looks into shareholders’ complaints related to transfer
of shares, non-receipts of balance sheet besides complaints from SEBI, Stock Exchanges, Court
and various Investor Forums. It oversees the performance of the Registrars and Transfer Agent,
and recommends measures for overall improvement in the quality of investor services.

The Company follows the SCORES, which has initiated by SEBI for processing the investor
complaints in a centralized web-based redress system and online redressal of all the shareholders
complaints.

The meetings of Stakeholders Relationship Committee were held on 30/08/2024 and
15/02/2025.

During the year under review no grievances were received based on the reports from Bigshare
Services Private Limited.

? CSR COMMITTEE:

The CSR policy of the Company contains the activities that can be undertaken by the Company
for CSR, composition of CSR committee, details of existing charitable trust, annual allocation
for CSR activities, areas of CSR projects, criteria for selection of CSR projects, modalities of
execution /implementation of CSR activities and the monitoring mechanism of CSR
activities/projects.

The CSR activities of the Company are aligned with the activities specified in Schedule VII of
the Companies Act, 2013.

The Composition of CSR Committee is as follows:

Name	Category	Position
Mr. Jay Mansukh Shah	Independent Director	Chairman
Mrs. Jagrutiben Ghanshyambhai Virani	Independent Director	Member
Mr. Vishal Shah	Independent Director	Member

ANTI SEXUAL HARASSMENT COMMITTEE AND DISCLOSURE UNDER THE SEXUAL
HARASSMENT OF WOMAN ATWORKPLACE (PREVENTION, PROHIBITIONAND REDRESSAL)
ACT, 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the
Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
All women employees (permanent, contractual, temporary and trainee) are covered under this
Policy. The company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act,2013.

The following is a summary of Sexual Harassment complaints received and disposed off during
the year:

a.	Number of complaints of Sexual Harassment received in the Year	NIL
b.	Number of Complaints disposed off during the year	NIL
c.	Number of cases pending for more than ninety days	NIL

RISK MANAGEMENT COMMITTEE:

Pursuant to Regulation 21 of the Securities and Exchange Board of India (listing Obligations and
Disclosure Requirements) 2015 the Company is not included in the top 1000 listed entities,
determined on the basis of market capitalization, as at the end of the immediate previous financial
year i.e. 2024-25. Therefore, constitution of Risk Management Committee is not applicable to the
Company.

INDEPENDENT DIRECTORS MEETING:

During the year under review, the Independent Directors of the Company met on March 31, 2025
inter- alia,to discuss:

i. Evaluation of performance of Non-Independent Directors and the Board of Directors
of the Company as a whole.

ii. Evaluation of performance of the Chairman of the Company, taking into view of
Executive and Non- Executive Directors.

iii. Evaluation of the quality, content and timelines of flow of information between the
Management and the Board that is necessary for the Board to effectively and
reasonably perform its duties.

VIGIL MECHANISM/WHISTLEBLOWER POLICY:

In compliance with the provisions of Section 177 of the Act and Regulation 22 of the SEBI Listing
Regulations, the Company has established a part of vigil mechanism for its Directors and
employees to report their concerns or grievances. The said mechanism, inter alia, encompasses
the Whistle Blower Policy and it provides for adequate safeguards against victimization of
persons who use it.

The Vigil Mechanism provides appropriate avenues to the Directors and employees to report to
the management, concerns about unethical behaviour, actual or suspected fraud or violation of
the code of conduct or policies of the Company, as adopted/framed from time to time.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of loans, guarantees or investments under Section 186 of the Companies Act, 2013
are given in the notes to the Financial Statement.

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

Information as required to be given under Section 134(3) (m) of the Act read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is furnished in the annexure to this report as Annexure-
E

EXTRACT OF ANNUAL RETURN:

In terms of provisions of Section 92 of the Companies Act, 2013 and Rule 12 of Companies
(Management and Administration) Rules, 2014, a copy of Annual Return of the Company in Form
MGT-7 for the financial year ended March31, 2025 is hosted on the Company''s website viz.
www.sheetaluniversal.com

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

Disclosures with respect to the remuneration of Directors and employees as required under
Section197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration

of Managerial Personnel) Rules, 2014 are provided under Annexure F, which is annexed to this
Report.

None of the employees of the Company were in receipt of monthly or yearly remuneration in
excess of the limits specified under the Act and Rule 5(2) & Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,2014

DEMATERIALIZATION:

The Company has tied up with National Securities Depository Ltd. (NSDL) and Central Depository
Services (India) Ltd. (CDSL) to enable the members to trade and hold shares in an
electronic/dematerialized form. The shareholders are advised to take benefits of
dematerialization.

LISTING OF SHARES:

The Company''s equity shares continue to be listed on The National Stock Exchange Limited (NSE).
The Scrip Symbol of the Company is SHEETAL and the ISIN of the Company is INE04VX01019.

UNCLAIMED ANDUNPAID DIVIDENDS:

The 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).

SECRETARIAL STANDARDS:

The Company has in place proper systems to ensure compliance with the provisions of the
applicable Secretarial Standards issued by the Institute of Company Secretaries of India on Board
and General Meetings and such systems are adequate and operating effectively.

ACCOUNTING STANDARDS:

In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has
adopted Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015. The
Financial Statements have been prepared in accordance with IndAS as notified under the
Companies (Indian Accounting Standards) Rules, 2015read with Section 133 of the Act. The
transition was carried out from IGAAP as prescribed under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules,2014, to IndAS.

SIGNIFICANT/ MATERIAL ORDERS PASSED BY THE REGULATORS:

There were no significant/ material orders passed by the regulators or courts or tribunals
impacting the going concern status of your Company and its operations in future.

INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) AND ANY ONE-TIME
SETTLEMENT:

During the year, there was no application made or any proceeding pending under the Insolvency
and Bankruptcy Code, 2016 (31 of 2016) and any one-time settlement with any Bank or Financial
Institution during the year under review.

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:

During the year under review, there was no instance of one-time settlement with any
Bank/Financial Institution. Hence, the disclosure relating to difference between amount of the
valuation done at the time of onetime settlement and the valuation done while taking loan from
the Banks/Financial Institutions is not applicable to the Company.

MATERNITY BENEFIT

The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act,
1961, and has extended all statutory benefits to eligible women employees during the year.

APPRECIATIONS AND ACKNOWLEDGEMENT:

The Board of Directors wish to place on record its deep sense of appreciation for the committed
services by all the employees of the Company.

The Directors wish to take the opportunity to place on record their sincere appreciation and
gratitude to the Government of India, various State Governments particularly the States of
Maharashtra, Regulatory Authorities, Banks, Financial Institutions, shareholders and concerned
Government departments and agencies for their continued support.

By Order of the Board of Directors,

DATE: 05/09/2025 FOR, SHEETAL UNIVERSAL LIMITED

PLACE: RAJKOT

SD/-

MANAGING DIRECTOR
HIREN VALLABHBHAI PATEL
DIN:06961714

---

Mar 31, 2024

Your Directors have pleasure in presenting the 9^THAnnual Report along with the audited statements of accounts of your Company for the financial year ended 31st March, 2024.

1. FINANCIAL RESULTS:

The audited financial statements of the Company as on March 31, 2024 are prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and provisions of the Companies Act, 2013 ("Act").

The Financial highlight is depicted below:

(Rs. In thousands)

Particulars	CONSOLIDATED		STANDALONE
	Year Ended on 31.03.2024	Year Ended on 31.03.2023	Year Ended On 31.03.2024	Year Ended On 31.03.2023
Revenue from operations	1319453	1288123	1296285	1282309
Other Income	28403	28446	28403	28363
Total Revenue	1347856	1316569	1324688	1310672
Operating and Administrative expenses	1294914	1273201	1271979	1267295
Operating Profit before finance costs, Depreciation and Tax	52942	43368	52709	43377
Less: Depreciation and Amortization expenses	8232	6331	8232	6331
Profit before finance costs, exceptional items, tax and Deff tax adjustable in/(recoverable from) future tariff	44710	37037	44477	37046
Less: Finance Costs	14356	9238	14355	9223
Less: Exceptional Item	0	0	0	0
Profit Before Tax (PBT)	30354	27799	30122	27823
Provision for Tax (Including Deferred Tax)	9598	7195	9536	7193
Profit after Tax	20756	20604	20586	20630
Other Comprehensive Income	0	0	0	0
Total Comprehensive Income for the year	20756	20604	20586	27823
Profit available for appropriation	20756	20604	20586	27823

2. PERFORMANCE HIGHLIGHTS:

A. REVENUE

During the year under review company has total revenue of Rs. 1324688 thousands as against the previous year turnover of Rs. 1310672 thousands which shows increase of 1.07 % in comparison with the previous year.

B. OPERATING AND ADMINISTRATIVE EXPENSES

The operating Expenses of Rs. 1271979 thousands during FY 2023-24, as compared to previous financial year 2022-23 incurred of Rs. 1267295 thousands.

C. DEPRECIATION AND AMORTISATION EXPENSES

The depreciation Expenses of Rs. 8232 thousands during FY 2023-24, as compared to previous financial year 2022-23 incurred of Rs. 6331 thousands showing decrease as compared to previous year.

D. FINANCE COST

The finance cost of Rs. 14355 thousands during FY 2023-24, as compared to previous financial year 2022-23 incurred of Rs. 9232 thousands.

E. TOTAL EBITDA AND PAT FOR THE YEAR

EBITDA increased by 20.05 % as compared to previous year

The net profit after tax of the company decreased by 0.23% with compared to previous year.

F. TRANSFER TO RESERVES

The Board of Directors have decided to retain the entire amount of profit for F.Y. 2023-24 in the Statement of Profit & Loss as at March 31, 2024.

G. REVENUE

During the year under review company has total revenue of Rs. 1324688 thousands as against the previous year turnover of Rs. 1310672 thousands which shows increase of 1.07 % in comparison with the previous year.

H. OPERATING AND ADMINISTRATIVE EXPENSES

The operating Expenses of Rs. 1271979 thousands during FY 2023-24, as compared to previous financial year 2022-23 incurred of Rs. 1267295 thousands.

I. DEPRECIATION AND AMORTISATION EXPENSES

The depreciation Expenses of Rs. 8232 thousands during FY 2023-24, as compared to previous financial year 2022-23 incurred of Rs. 6331 thousands showing decrease as compared to previous year.

J. FINANCE COST

The finance cost of Rs. 14355 thousands during FY 2023-24, as compared to previous financial year 2022-23 incurred of Rs. 9232 thousands.

K. TOTAL EBITDA AND PAT FOR THE YEAR

EBITDA increased by 20.05 % as compared to previous year

The net profit after tax of the company decreased by 0.23% with compared to previous year.

L. TRANSFER TO RESERVES

The Board of Directors have decided to retain the entire amount of profit for F.Y. 2023-24 in the Statement of Profit & Loss as at March 31, 2024.

3. SHARE CAPITAL

The authorised share capital of the company is Rs. 12,00,00,000.00 (Rupees Twelve Crores) divided into 1,20,00,000 (one Crore twenty Lakhs) Equity Shares of Rs. 10/- each and the Paid-up Equity Share Capital of the Company as on March 31, 2024 was ^114559990/- comprising of 11455999 equity shares of ^10 each as on end of financial year 2023-24.

The authorised share capital of the company has been increased to 11,00,00,000 (Eleven Crore only) divided into

1.10.00. 000 (One Crore Ten Lakh only) equity shares of Rs. 10/- (Ten only) each from existing 5,00,00,000 (Five Crore only) divided into 50,00,000 (Fifty Lakh only) equity shares of Rs. 10/- (Ten only) each by creation of additional 60,00,000 (Sixty Lakhs only) equity shares of Rs. 10/- (Ten only) each by approval of members in EGM held on 10.04.2023 .

Further the authorised share capital of the company has been increased to 12,00,00,000 (Twelve Crore only) divided into

1.20.00. 000 (One Crore Twenty Lakh only) equity shares of Rs. 10/- (Ten only) each from existing 11,00,00,000 (Eleven Crore only) divided into 1,10,00,000 (One Crore Ten Lakh only) equity shares of Rs. 10/- (Ten only) each by creation of additional

10.00. 000 (Ten Lakhs only) equity shares of Rs. 10/- (Ten only) each by approval of members in EGM held on 04.08.2023.

During the year under review, your Company was come up with IPO of 34,00,000 (thirty four lacs) equity shares at an issue price of Rs.70/- each by member''s approval dated 28^th August, 2023. Above shares has been allotted on 07.12.2023 and all compliance requirement has been complied with.

Your Company has neither issued any shares with differential voting rights nor has granted any stock options or sweat equity. The Company has paid Listing Fees for the financial year 2024-25, to National Stock Exchange, where its equity shares are listed.

4. DIVIDENDS:

The Board of Directors of your company, after considering holistically the relevant circumstances and keeping in view the Company''s dividend track, has decided that it would be prudent, not to recommend any Dividend for the year under review.

5. MATERIAL CHANGES AND COMMITMENTS:

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company.

6. FIXED DEPOSITS:

During the year under review, your Company has not accepted any fixed deposits within the meaning of Section 73 of the Companies Act, 2013, read with rules made there under.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. BOARD COMPOSITION

- HIREN VALLABHBHAI PATEL (CHAIRMAN AND MANAGING DIRECTOR)

- KAJAL HIREN PATEL (WHOLE TIME DIRECTOR)

- NISHANT SHAVJIBHAI RAMANI (NON-EXECUTIVE DIRECTOR)

- JAGRUTIBEN GHANSHYAMBHAI VIRANI (INDEPENDENT DIRECTOR)

- JAY MANSUKH SHAH (INDEPENDENT DIRECTOR)

- VISHAL SHAH (INDEPENDENT DIRECTOR)

- MADHAV PRABHUDAS RAJPOPAT (CHIEF FINANCIAL OFFICER)

- KHUSHBU KALPIT SHAH (COMPANY SECRETARY & COMPLIANCE OFFICER)

B. DIRECTOR RETIRING BY ROTATION

Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mrs . KAJAL HIREN PATEL (DIN: 07267381), retires by rotation at the ensuing Annual General Meeting and being eligible offers herself for re-appointment. The Board recommends the re-appointment of Mrs . KAJAL HIREN PATEL for your approval. Brief details of the Director, who is proposed to be re-appointed, as required under Regulation 36 of the SEBI Listing Regulations, are provided in the Notice of Annual General Meeting.

C. INDEPENDENT DIRECTORS AND THEIR MEETING:

Your Company has received annual declarations from all the Independent Directors of the Company confirming that they meet with the criteria of Independence provided in Section 149(6) of the Companies Act, 2013 and Regulations 16(1) (b) & 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in the circumstances, which may affect their status as Independent Director during the year. Also, your Company has received annual declarations from all the Independent Directors of the Company confirming that they have already registered their names with the data bank maintained by the Indian Institute of Corporate Affairs ["IICA"] as prescribed by the Ministry of Corporate Affairs under the relevant rules and that the online proficiency self-assessment test as prescribed under the said relevant rules is applicable to them and they will attempt the said test in due course of time (if applicable) .

Familiarization / Orientation program for Independent Directors:

The Independent Directors attend a Familiarization / Orientation Program on being inducted into the Board. Further, various other programmes are conducted for the benefit of Independent Directors to provide periodical updates on regulatory front, industry developments and any other significant matters of importance. The details of Familiarization Program to be provided in the Corporate Governance Report and is on the Company''s Website is not applicable to company as company is listed on SME platform. .

8. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to clause (c) of sub-section (3) and suNSEction (5) of Section 134 of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the followings:-

A. that in the preparation of the annual financial statement, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

B. that such accounting policies have been selected and applied consistently and judgment and estimates have been made 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, 2024 and of the profit of the Company for the year ended on that date;

C. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

D. That the annual financial statements have been prepared on a going concern basis;

E. That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

F. That proper system to ensure compliance with the provisions of all applicable laws including the compliance of applicable Secretarial Standards were in place and were adequate and operating effectively.

9. BOARD EVALUATION:

The Board carried out an annual performance evaluation of its own performance and that of its committees and individual directors as per the formal mechanism for such evaluation adopted by the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The exercise of performance evaluation was carried out through a structured evaluation process covering various aspects of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties &obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

10. INTERNAL FINANCIAL CONTROL (IFC) SYSTEM AND THEIR ADEQUACY:

The Company has implemented and evaluated the Internal Financial Controls which provide a reasonable assurance in respect of providing financial and operational information, complying with applicable statutes and policies, safeguarding of assets, prevention and detection of frauds, accuracy and completeness of accounting records. The Internal Audit Reports were reviewed periodically by Audit Committee as well as by the Board. Further, the Board annually reviews the effectiveness of the Company''s internal control system. The Directors and Management confirm that the Internal Financial Controls (IFC) is adequate with respect to the operations of the Company. A report of Auditors pursuant to Section 143(3) (i) of the Companies Act, 2013 certifying the adequacy of Internal Financial Controls is annexed with the Auditors report.

11. RELATED PARTY TRANSACTIONS:

All Related Party Transactions, those were entered into during the Financial Year under review, were on an arm''s length basis, and in the ordinary course of business and are in compliance with the applicable provisions of the Act and the Listing Regulations..

All Related Party Transactions are placed before the Audit Committee for prior approval. Prior omnibus approval of the Audit Committee is obtained wherever required for the transactions which are repetitive in nature or when the need for these transactions cannot be foreseen in advance.

None of the transactions entered into with Related Parties fall under the scope of Section 188(1) of the Act. Details of transactions with Related Parties as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure - B in Form AOC - 2 and forms part of this Report. The Company has adopted a Policy for dealing with Related Party Transactions. It is not required to provide web link:

12. CONSOLIDATED FINANCIAL STATEMENTS:

In accordance with the provisions of the Companies Act, 2013 ("the Act") Consolidated Financial Statement, the audited consolidated financial statement is provided in the Annual Report.

13. AUDITORS & AUDITORS'' REPORT:

A. AUDITORS DETAILS

V.V. PATEL & CO. (CHARTERED ACCOUNTANTS), Rajkot has been appointed as a Statutory Auditors of the Company to for five years term for F.Y. 2023-24 to 2027-28 with the approval of the members in AGM held on 11.07.2023.

B. AUDITORS'' REPORT

In the opinion of the directors, the notes to the accounts in auditor''s report are self-explanatory and adequately explained the matters, which are dealt with by the auditors.

C. COST AUDIT REPORT

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 the Cost Audit Report is not applicable to our Company for the financial year 2023-24 .

D. INTERNAL AUDITOR

For f.y. 2023-24 company has not appointed internal auditor.

E. SECRETARIAL AUDIT REPORT

A qualified Practicing Company Secretary carries out secretarial audit and provides a report on the compliance of the applicable Acts, Laws, Rules, Regulations, Guidelines, Listing Agreement, Standards etc. as stipulated by the provisions of Section 204 of the Companies Act 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014. The Secretarial Audit Report forms part of this report as ANNEXURE A. The findings of the audit have been satisfactory.

F. ANNUAL SECRETARIAL COMPLIANCE REPORT

Annual Secretarial Compliance Report under regulation 24A of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 ("SEBI LODR") read with SEBI Circular dated February 08, 2019 number CIR/CFD/CMDI/27/2019, is not applicable to company

14. CORPORATE GOVERNANCE:

We believe that by focusing on Corporate Governance, we practice the highest standards of ethical and responsible business culture and thereby enhance the value of all stakeholders. It is a combination of voluntary practices and compliance with laws and regulations in all areas of its operations and in its interactions with the stakeholders. It provides direction and control to the affairs of the Company.

Your Company is fully committed to practice sound Corporate Governance and uphold the highest business standards in conducting business. The Company has always worked towards building trust with all its stakeholders based on the principles of good corporate governance. Your Company is guided by a key set of values for all its internal and external interactions. The Company is open, accessible and consistent with its communication.

Your Company has been complying with the principles of good Corporate Governance over the years and is committed to the highest standards of compliance. However, as a good Corporate Governance Practice the Company has generally complied with the Corporate Governance requirements and a report on Corporate Governance is annexed as forms part of this Report as ANNEXURE D.

15. MANAGEMENT DISCUSSION AND ANALYSIS:

As required under SEBI (LODR) Regulations 2015 a detailed report on the Management discussion and Analysis is provided as a separate section in the Annual Report AS ANNEXURE C.

16. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Composition of CSR committee and CSR expenditure is not applicable to your company during the year under review, .

17. DISCLOSURES:

A. NUMBER OF BOARD MEETING

The Board of Directors met 17 (Seventeen) times during the year 2023-24 on

22.05.2023,24.05.2023,05.06.2023,01.07.2023,07.07.2023,08.07.2023,11.07.2023,20.07.2023,05.08.2023,

14.08.2023,24.08.2023,31.08.2023,14.09.2023,28.11.2023,15.12.2023,27.12.2023,27.03.2024

The details of Board meetings and the attendance of the Directors are provided in the Corporate Governance Report which forms part of this Report.

B. COMMITTEES OF BOARD:

Details of various committees constituted by the Board of Directors, as per the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013, are given in the Corporate Governance Report and forms part of this report.

C. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-7 are uploaded on website of company at https://sheetaluniversal.com .

D. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has adopted a whistle blower policy and has established the necessary vigil mechanism for employees and Directors to report concerns about unethical behaviour. No person has been denied access to the Chairman of the Audit Committee. The Vigil Mechanism Policy has been uploaded on the website of the Company.

E. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of loans, guarantees or investments under Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

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

The information pertaining to details of 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 of the Companies Accounts Rules, 2014 are as follows:

A) Conservation of energy:

As required by Rule 8 to Companies (Account Rules, 2014),

- Company ensures that the manufacturing is conducted in the manner where by optimum utilization and

maximum possible savings of energy is achieved.

- No specific investments have been made for reduction in energy consumption.

B) Technology Absorption:

Company''s products are manufactured by using in house/domestic know how and no outside Technology is being used for manufacturing activities. Therefore no technology absorption is required. Further, the company has not incurred any expenses towards Research & Development.

G. PARTICULARS OF EMPLOYEES PERSONNEL

None of the employees is in receipt of remuneration in excess of the limit laid down under Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company and Directors are annexed as ANNEXURE E and forms part of this Report.

H. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the work place (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The Company has not received any complaint under this policy during the year 2023-24

I. INSURANCE

All the properties and the insurable interest of the company including building, plants and machinery and stocks wherever necessary and to the extent required have been adequately insured.

J. LISTING AND DEMATERIALIZATION

The equity shares of the Company are listed on SME platform of National Stock Exchange Ltd (NSE). All the shares of company are in dematerialize form.

K. CERTIFICATION OF STATUS OF DIRECTOR''S QUALIFICATIONS

Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS annexed to this report as ANNEXURE H.

L. UNCLAIMED DIVIDEND

Not applicable- as company has not declared dividend till date.

M. WTD/CFO CERTIFICATION

Certification of WTD/CFO Annexed as ANNEXURE F and forms part of this Report

18. Reporting of Frauds

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or to the Board as required under Section 143(12) of the Act and the rules made thereunder.

19. Significant and Material Orders passed by the Regulators or Courts

There are no significant or material orders which were passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company''s Operations in future.

20. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation for assistance and co-operation received from various Ministries and Department of Government of India and other State Governments, financial institutions, banks, shareholders of the Company etc. The management would also like to express great appreciation for the commitment and contribution of its employees for their committed services. Your Directors wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by the employees at all levels, to ensure that the Company continues to grow and excel.

Your Directors wish to take this opportunity to place on record their gratitude and sincere appreciation for the timely and valuable assistance and support received from Bankers, Share Transfer Agents, Auditor, Customers, Suppliers and Regulatory Authorities.

The Board values and appreciates the valuable committed services of the employees towards performance of your Company, without which it would not have been possible to achieve all round progress and growth. Your Directors are thankful to the shareholders for their continued patronage.

REGISTERED OFFICE: FOR AND ON BEHALF OF THE BOARD

OFFICE NO. 348, 2ND FLOOR ISCON MALL, 150 FT RING ROAD

RAJKOT - 360005, GUJARAT, INDIA SD/- SD/-

MANAGING DIRECTOR WHOLE TIMEDIRECTOR

HIREN VALLABHBHAI PATEL KAJAL HIREN PATEL DIN: 06961714 DIN: 07267381

DATE : 30.05.2024 PLACE : RAJKOT