Maiden Forgings Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2025

Your Directors have pleasure to present the 20^th Annual Report on the business and operations of the
Company and Audited Financial Statements for the financial year ended 31^st March, 2025.

FINANCIAL HIGHLIGHTS

A brief overview of Financial Performance for the Financial Year ended March 31, 2025 is as follows:

Particulars	Year Ended 31st March 2025	Year Ended 31st March 2024
Revenue from Operations	21290.69	23609.54
Other Income	65.98	121.32
Total Revenue	21356.67	23730.86
Less: Total Expense	20502.51	22359.90
Profit /loss before Exceptional items and Tax Expense	854.16	1370.96
Add/(less): Exceptional items	0	0
Profit /loss before Tax Expense	854.16	1370.96
Less: Tax Expense (Current & Deferred)	249.25	398.95
Profit /loss for the year after tax	604.91	972.01
Other Comprehensive Income/loss	0	0
Add: Balance B/F from the previous Year	0	0
Balance Profit / (Loss) C/F to the next year	604.91	972.01

KEY HIGHLIGHTS OF THE COMPANY’S FINANCIAL PERFORMANCE FOR THE YEAR
ENDED MARCH 31, 2025 ARE AS UNDER

> Value of sales and services was Rs. 21290.69 lakhs

> Exports for the year was Rs. 530.47 lakhs

> Net Profit for the year was Rs. 604.91la.khs

STATE OF COMPANY’S AFFAIRS

Y our Company is engaged in the business of manufacturing a wide range of Bright steel and wires. During
the financial year, the Company has earned Total Revenue of Rs. 21290.69/- Lakhs as compared to the
previous financial year Total Revenue of Rs. 23609.54/- Lakhs and has taken various initiatives and
measures which not merely help the Company to raise funds and expand its business but even lead to the
Company to the next path of its growth and development via strengthen its financial position and compete
effectively in the market.

CHANGE IN NATURE OF BUSINESS, IF ANY

There has been no change in the nature of the business of your Company during the financial year 2024¬
2025. Your Company operates only in a single segment of Business, and as such no separate segment
reporting is required.

TRANSFER TO RESERVES

During the financial year under review, the Company has not transferred any amount to reserves out of
the profits for the financial year ended on 31^st March, 2025.

DIVIDEND

To strengthen the financial position of the Company, the Board of Directors of your Company has decided
not to recommend any dividend on the equity shares for the financial year 2024-2025.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND

There is no unpaid/unclaimed dividend amount lying with the Company; therefore, the provisions of
Section 125 of the Companies Act, 2013 do not apply.

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

Apart from the information provided/disclosures made elsewhere in the Directors’ Report, including
Annexures thereof, there are no material changes and commitments affecting the financial position of the
Company, which occurred between the end of the financial year of the Company i.e., 31st March, 2025
to which this financial statement relates and till date of this Report.

MATERIAL EVENTS DURING THE YEAR UNDER REVIEW

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

DETAILS OF SUBSIDIARY, JOINT VENTURE, OR ASSOCIATES

During the year under review, there were no companies that became or ceased to be subsidiaries, joint
ventures, or associates of Your Company.

DEPOSITS

During the year, your Company has not accepted any Deposit within the meaning of Section 73 of the
Companies Act, 2013, read with Companies (Acceptance of Deposits) Rules, 2014. Accordingly, there is
no unpaid deposit lying with the Company for the period under review.

LOAN FROM DIRECTORS OR DIRECTOR’S RELATIVES

During the year under review, the outstanding amount of loans taken from the Directors of the Company
or their relatives stood at Rs. 5312936/- (Rupees Fifty-Three Lakhs Twelve Thousand Nine Hundred
Thirty Six only) as on 31^st March 2025.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

The particulars of loans, guarantees or securities and investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the financial statements.

ANNUAL RETURN

An Annual Return of your Company as referred in sub-section (3) of section 92 of the Companies Act,
2013 read with the Companies (Management and Administration) Rules, 2014, will be available on the
website of the Company and the web link of the same is https://maidenforgings.in/Investor Relation.aspx.

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL
MEETINGS

Pursuant to the provisions of the Secretarial Standards, a statement is hereby given that your Company
has complied with all the applicable Secretarial Standards issued by the Institute of Company Secretaries
of India and made applicable as per Section 118(10) of the Companies Act, 2013, while conducting and
organizing the Board and General Meetings.

CHANGES IN CAPITAL STRUCTURE OF YOUR COMPANY

AUTHORIZED SHARE CAPITAL

During the year under review, the Authorized Share Capital of the Company increased from Rs.
15,00,00,000/- (Rupees Fifteen Crores only) divided into 1,50,00,000 to Rs. 20,00,00,000/- (Rupees
Twenty Crores only) divided into 2,00,00,000, pursuant to the approval of the shareholders. The
necessary alterations in the Capital Clause of the Memorandum of Association of the Company were duly
carried out to give effect to the said increase.

ISSUED AND PAID-UP SHARE CAPITAL

The paid-up share Capital as on March 31, 2025, was Rs. 14,21,20,000/- (Rupees Fourteen Crore Twenty-
One Lakh Twenty Thousand Only).

During the year under review, there was no change in the issued and paid-up share capital of the Company.
The issued and paid-up share capital of the Company remains unchanged.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

The Board of Directors of your Company is duly constituted. None of the Directors of the Company is
disqualified under the provisions of Companies Act, 2013.

Accordingly, as on March 31, 2025, the Board of Directors of your Company comprises the following
Directors: -

S.no.	Name of Director/ Key Managerial Personnel	Designation
1.	Mr. Nishant Garg	Managing Director
2.	Ms. Nivedita Garg	Whole Time Director
3.	Mr. Abhilash Rastogi	Independent Director
4.	Mr. Raj Kumar Mittal	Independent Director
5.	Ms. Urvi Agarwal	Independent Director
6.	Ms. Prachla Garg	Chief Financial Officer
7.	Ms. Monika Negi	Company Secretary and Compliance Officer

DETAILS OF CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

There is no change in the constitution of the Board of Directors and KMP of the Company during the
financial year under review.

NUMBER OF BOARD MEETINGS

Five Board Meetings were held during the Financial Year 2024-2025. The detailed Agenda and Notice
for the Meetings were prepared and circulated in advance to the Directors within the prescribed time.
The intervening gap between the two consecutive meetings was not more than the period prescribed
under the Companies Act, 2013.

Further, details regarding the number, date of meetings attended by each director are as given hereunder:

S.no	Date of Board Meetings	Total Strength of the Board	Directors Present
1.	30/05/2024	5	5
2.	06/07/2024	5	5
3.	03/09/2024	5	5

4.	14/11/2024	5	5
5.	22/01/2025	5	5

ATTENDANCE OF DIRECTORS AT BOARD MEETINGS

Name of the Directors	No. of Board Meetings Eligible to attend	No. of Board Meetings attended
Mr. Nishant Garg	5	5
Ms. Nivedita Garg	5	5
Mr. Abhilash Rastogi	5	5
Mr. Raj Kumar Mittal	5	5
Ms. Urvi Agarwal	5	5

NUMBER OF MEETINGS OF THE SHAREHOLDER(S) HELD DURING THE FINANCIAL
YEAR 2024-2025

S. No.	Type of Meeting	Date of EGM/AGM Meetings	No. of Shareholders attended the meeting
1.	Annual General Meeting	30.09.2024	16

RETIREMENT BY ROTATION

Pursuant to Section 152 of the Companies Act 2013, Mr. Nishant Garg (DIN: 03088601) Managing
Director of the Company is liable to retire by rotation and being eligible has offered himself for
reappointment at the ensuing Annual General Meeting. The Board recommends his reappointment.

The disclosures required regarding re-appointment Mr. Nishant Garg pursuant to Regulation 36(3) of
the SEBI Listing Regulations and Secretarial Standard on General Meeting issued by The Institute of
Company Secretaries of India are given in the Notice of AGM, forming part of the Annual Report.

STATEMENT BY THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND
EXPERIENCE OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

Your Board of Directors is satisfied about the Integrity, Expertise, and Experience, including the
proficiency of the Independent Directors has been appointed during the financial year under review in
the Board of Directors of the Company.

DECLARATIONS BY INDEPENDENT DIRECTOR

All the Independent Directors have submitted a declaration to the Board that they fulfill the criteria of
Independence as stipulated in Section 149(6) of the Companies Act, 2013 and that they are not aware of

any circumstances 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. As on the date, all the Independent Directors on the Board of Your Company have registered
themselves on the Independent Directors’ Databank.

PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL
DIRECTORS

In terms of the provisions of Section 134(3)(p) of the Companies Act, 2013 read with Rule 8(4) of the
Companies (Accounts) Rules, 2014, your company has carried out the performance evaluation of the
Board, its Committees and Individual Directors in accordance with the performance evaluation criteria
prescribed by the Nomination and Remuneration Committee which inter alia include in its ambit various
aspects such as composition of the Board & Committees, experience and competencies, performance of
specific duties and obligations, attendance and contribution at Board meetings / Committee meetings /
General meetings, preparedness for meetings, effective decision making ability, knowledge of sector
where Company operates, understanding and avoidance of risk while executing functional duties,
successful negotiating ability, initiative to maintain corporate culture, commitment, dedication of time,
leadership quality, attitude, initiatives and responsibilities undertaken, achievements etc.

Further, your Independent Directors, in their meeting held on March 18, 2025, reviewed the performance
of Non-Independent Directors and the Board as a whole, and the said meeting was attended by all the
Independent Directors.

Further, the Board has expressed its satisfaction and has been thankful to all its Independent Directors
for sharing their knowledge and expertise, which has proved beneficial towards the progress of the
Company.

FAMILIARISATION PROGRAM FOR INDEPENDENT DIRECTORS

Regular interactions were held between statutory and internal auditors and independent directors.
Monthly / quarterly updates on relevant statutory, regulatory changes were circulated to the Directors.

The Directors were also informed of key developments in the Company. Learning and development
sessions for Independent Directors are conducted, as may be required on relevant business topics.
Certain programmes / activities are merged with the Board/Committee meetings to suit the convenience
of Directors.

DIRECTOR’S RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained
by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies
Act, 2013:

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

(ii) 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 Your Company at the end of the financial year and of the profit and loss of Your
Company for that period;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets
of Your Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors had prepared the annual accounts on a going concern basis;

(v) the Directors had laid down proper internal financial controls and that internal financial controls
are adequate and operating effectively in Your Company;

(vi) 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.

DISCLOSURE RELATED TO COMMITTEES AND POLICY

Audit Committee

The composition of the Audit Committee are in compliance with the provisions of Section 177 of the
Companies Act, 2013 and accordingly, the Audit Committee presently consists of three Directors, out
of which two are Non-executive Independent Directors and one is an Executive Director of the
Company.

The Company Secretary of your Company is acting as the Secretary of the Committee.

Further, the detail Composition of the Audit Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Mr. Abhilash Rastogi |	Independent Director
2.	Ms. Urvi Agarwal	Independent Director
3.	Mr. Nishant Garg |	Managing Director
4.	Ms. Monika Negi	Company Secretary and Compliance Officer |

Changes in the composition of Audit Committee during the Financial Year 2024-2025:

During the year under review, there was no change in the composition of the Audit Committee in the
Company.

Meetings of the Audit Committee during the Financial Year under review:

During the Financial Year 2024-2025 the Audit Committee held two (2) meetings held on 30.05.2024
and 11.11.2024.

During the year under review, the Board has accepted the recommendation of the Audit Committee
whenever received and given, if any, by the same.

Nomination and Remuneration Committee

The composition of the Nomination and Remuneration Committee are in accordance with the provisions
of Section 178 of the Companies Act, 2013, and accordingly, the Committee presently consists of three
Directors which are Non-Executive Independent Directors of the Company.

The Company Secretary of your Company is acting as the Secretary of the Committee.

Further, the detailed Composition of the Nomination and Remuneration Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Mr. Abhilash Rastogi |	Independent Director
2.	Ms. Urvi Agarwal	Independent Director
3.	Mr. Raj Kumar Mittal	Independent Director
4.	Ms. Monika Negi	Company Secretary and Compliance Officer |

Changes in the composition of Nomination and Remuneration Committee during the Financial
Year 2024-2025.

During the year under review, there was no change in the composition of the Nomination and
Remuneration Committee in the Company.

Meetings of the Nomination and Remuneration Committee during the Financial Year under
review:

During the Financial Year 2024-2025 the Nomination and Remuneration Committee held Two (2)
meetings held on 26.08.2024 and 18.03.2025.

Nomination and Remuneration Policy

In adherence of section 178(1) of the Companies Act, 2013, the Board of Directors of your Company has
framed a policy on Director’s appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters provided u/s 178(3), based
on the recommendations of the Nomination and Remuneration Committee. The broad parameters covered
in the ambit of policy inter-alia include as follows: -

(i) Objectives;

(ii) Matters to be dealt with, perused and recommended to the Board by the Nomination and Remuneration
Committee;

(iii) Formulation of Appointment criteria and Qualifications for Director, Key Managerial Personnel and
Senior Management;

(iv) Recommendation of Remuneration to the Board for Whole Time Directors, Key Managerial Personnel
and Senior Management Personnel;

Further, the Nomination and Remuneration Policy is available on the website of your Company i.e.
https://maidenforgings.in/Investor_Relation.aspx

Stakeholders’ Relationship Committee

The composition of the Stakeholders Relationship Committee are in conformity with the provisions of
Section 178 of the Companies Act, 2013 and accordingly, the Committee presently consist of three
Directors which are Non-Executive Independent Directors of the Company and the Company Secretary
of your Company will act as the Secretary of the Committee.

Further, the detail Composition of the Stakeholders Relationship Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Mr. Abhilash Rastogi	Independent Director
2.	Mr. Raj Kumar Mittal |	Independent Director
3.	Mr. Nishant Garg |	Managing Director
4.	Ms. Monika Negi	Company Secretary and Compliance Officer

Changes in the composition of Stakeholders Relationship Committee during the Financial Year
2024-2025.

During the year under review, there was no change in the composition of the Stakeholders Relationship
Committee in the Company.

Meetings of the Stakeholders Relationship Committee during the Financial Year under review:

During the Financial Year 2024-2025 the Stakeholders Relationship Committee held One (01) meeting
held on 15.03.2025.

The Committee shall act in accordance with the terms of reference as approved by the Board and shall
address the grievances and concerns of the Stakeholders including Investors and the Shareholders of Your
Company.

Corporate Social Responsibility (CSR) Committee

The constitution of Corporate Social Responsibility (CSR) Committee are in accordance with the
provisions of Section 135 of Companies Act, 2013 and accordingly, the Committee presently consists of
One Executive Director and Two Non-Executive Independent Directors of the Company.

Further, the detailed Composition of the Corporate Social Responsibility Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Ms. Nivedita Garg	Whole Time Director
2.	Ms. Urvi Agarwal	Independent Director
3.	Mr. Abhilash Rastogi	Independent Director
4.	Ms. Monika Negi	Company Secretary and Compliance Officer

Changes in the composition of Corporate Social Responsibility Committee during the Financial
Year 2024-2025.

During the year under review, there was no change in the composition of the Corporate Social
Responsibility Committee in the Company.

The brief terms of reference, number of meetings held, attendance of the members, and other relevant
disclosures as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 are
detailed in the Corporate Social Responsibility Report, annexed herewith as Annexure I, and forms an
integral part of this Board’s Report, Corporate Social Responsibility (CSR) Policy.

Corporate Social Responsibility Policy

Corporate Social Responsibility (CSR) plays a significant role in the development of the Country, and the
Company recognizes how important CSR initiatives can help improve the lives of individuals and
communities. Mahatma Gandhi said that “Wealth created by the society has to be ploughed back into the
society”. The Company had constituted a CSR Committee to decide upon and implement the CSR Policy
of the Company.

As per the provision of Section 135, the Company was required to spend Rs. 20,02,252/- (Rupees Twenty
Lakhs Two Thousand Two Hundred Fifty-Two Only) during the F.Y. 2024-25, and Rs. 2,57,986/-
(Rupees Two Lakhs Fifty-Seven Thousand Nine Hundred Eighty-Six Only) has spent on the areas
mentioned under Schedule VII of Companies Act 2013.

Further, the Company is unable to identify the places where it needs to spend. Therefore, your company
has decided to carry forward the amount to next year.

Further, the Annual Report on CSR is annexed and marked as Annexure I to this Report.

Further, the Corporate Social Responsibility Policy is available on the website of your Company i.e.
https://maidenforgings.in/Investor Relation.aspx

Vigil Mechanism / Whistle Blower Policy

During the year, the Board of Directors of your Company has established vigil mechanism via formulating
and implementing the Vigil Mechanism Policy, which is in conformity with the provisions of section 177
of the Companies Act, 2013, and the rules made thereunder. Further, this policy enables the Directors and
employees to report to the management genuine concerns and instances of unethical behavior, actual or
suspected fraud, or violation of Your Company Code of Conduct.

This vigil mechanism of your Company is overseen and reviewed by the Audit Committee and which
even provides adequate safeguard against victimization of employees and also provides direct access to
the Chairperson of the Audit Committee in exceptional circumstances.

During the year under review, your Company did not receive any complaints. None of the personnel of
your Company were denied access to the Audit Committee. The policy is available on the website of Your
Company https://maidenforgings.in/Investor Relation.aspx.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY

Risk Management is an integral part of your Company’s business strategy. The Board reviews compliance
with risk policies, monitors risk tolerance limits, reviews and analyzes risk exposure related to specific
issues, and provides oversight of risk across the organization. The Board nurtures a healthy and
independent risk management function to inculcate a strong risk management culture in Your Company.
Your Directors periodically review the risks associated with the business or threaten the prospectus of the
Company. The key policy is available on the website of your Company
https://maidenforgings.in/Investor Relation.aspx.

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

The details of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are as under:

(i) Conservation of Energy:

(a)	The Steps taken and their impact on the conservation of Energy	Energy conservation continues to receive priority attention at all levels. All efforts are made to conserve and optimize the use of energy with continuous monitoring, improvement in maintenance and distribution systems and through improved operational techniques.
(b)	The Steps taken by Your Company for utilizing alternate source of energy	Your Company has not taken any step for utilizing alternate sources of energy.

(c)	The Capital Investment on energy	Your Company has not made any capital
	conservation equipments	investment on energy conservation equipment.

(ii) Technology Absorption:

(a)	The Efforts made towards technology absorption	Updation of technology is a continuous process, absorption implemented and adapted by Your Company for innovation.
(b)	The benefit derived like product improvement, cost reduction, product development or import substitution	Your Company had been able to successfully indigenize the tooling to a large extent and successfully developed new products by virtue of technology absorption, adaption and innovation
(c)	In case of Imported technology (imported during the last three years reckoned from the beginning of the Financial Year)	NA
(d)	The expenditure incurred on Research and Development	NIL

(iii) Foreign Exchange Earnings/ Outgo:

(a)	Total Foreign exchange earned in terms of actual inflows during the Financial Year	Rs. 5,30,47,338
(b)	Total Foreign exchange earned in terms of actual outgo during the Financial Year	NIL

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of the transactions entered into with related parties during the financial year ended 31^st
March 2025, have been set out in FORM AOC-2 in Annexure II. Further, it is mentioned that Related
Party Transactions entered during the financial year with the related parties are in the ordinary course of
business and on an arm''s length basis.

PARTICULARS OF EMPLOYEES

Particulars of employees as required in terms of the provisions of Section 197 of the Companies Act, 2013
read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014
are set out in Annexure III.

AUDITORS AND THEIR REPORTS
Statutory Auditor

M/s H.G. & Co, Chartered Accountants (FRN:013074C), appointed as Statutory Auditor in the Annual
General Meeting of the members of the Company held on September 30, 2024, to hold office from the
conclusion of that Annual General Meeting till the Annual General Meeting held in the financial year 2028.

Accordingly, the Audit Report given by the Statutory Auditor on the financial statements of the Company
for the financial year 2024-2025, does not include any qualifications, reservations, or adverse remarks.
Therefore, no explanations and comments have been given by the Board of Directors of your Company
hereunder.

Secretarial Auditor

The Board of Directors appointed M/s Mohit Singhal & Associates, Company Secretaries to conduct
Secretarial Audit of the Company for the financial year ended March 31, 2025. The Report of the Secretarial
Auditor is provided as Annexure IV to this Report.

Accordingly, the Secretarial Report as given by the Secretarial Auditor of the Company for the financial
year 2024-2025, does not include any qualifications, reservation or adverse remarks. Therefore, no
explanations and comments have been given by the Board of Directors of your Company hereunder.

Internal Auditor

During the financial year under review, your Company has appointed M/s M Lal & Co. (FRN: 016069C),
as the Internal Auditors of the Company under the provisions of section 138 of the Act, for conducting the
internal audit of the Company for the financial year 2024-25.

Cost Auditor

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost
Records and Audit) Rules, 2014, your Company has appointed M/s R.M. Bansal & Co. (having Firm
Registration No. 000022) as Cost Auditor for conducting the audit of cost records of the Company for the
financial year 2024-2025 and accordingly, the Cost Auditor has submitted its Audit Report to the Board of
Directors of Your Company.

Maintenance of Cost Records

Pursuant to the provisions of Section 148 read with the Companies (Cost Records and Audit) Rules, 2014,
your Company is required to made and maintain the cost records relating to the steel products manufactured
by Your Company.

Accordingly, the Cost records have been made and maintained by your Company during the financial year
2024-2025.

Reporting of Frauds by Auditors

The Auditors of your Company including Statutory and Cost Auditor have not reported any instance of
fraud is being or has been committed in the affairs of the Company by its officers or employees pursuant
to the provisions of Section 143(12) of the Companies Act, 2013.

STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH
REFERENCE TO THE FINANCIAL STATEMENTS

Your Company has in place adequate internal financial controls with reference to financial statement of the
Company that commensurate with the size and nature of its operations of the Company and has been
operating satisfactorily.

Further, the internal financial control system of the Company is supplemented with internal audits, regular
reviews by the management and checks by Statutory auditors. These mechanisms provide reasonable
assurance in respect of financial and operational information, compliance with applicable statutes
safeguarding of assets of the Company, prevention and detection of frauds, accuracy and completeness of
accounting records and adherence to Company’s policies.

During the year under review, no material or serious observation has been received from the Statutory
Auditors of the Company for inefficiency or inadequacy of such controls.

PREVENTION, PROHIBITION & REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT
THE WORKPLACE

Your Company is committed to providing a protective environment at the workplace to all its women
employees and accordingly, the Company has taken various initiatives and measures to protect the interest
of the women employees working in the Company.

Further, the Company has a policy in line with the requirements of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition &Redressal) Act, 2013 and it provides for protection against sexual
harassment of woman at the workplace and for prevention and redressal of such complaints.

In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, the Company has complied with the provisions relating to the
constitution of Internal Complaints Committee to address complaints relating to sexual harassment at the
workplace.

During the period under review, the following is confirmed:

1.	Number of complaints of sexual harassment received in the year	0
2.	Number of complaints disposed off during the year	0

3.

Number of cases pending for more than ninety days

0

COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961

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.

DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNAL

There are no significant or material orders passed by any regulators or courts or tribunals impacting the
going concern status and company’s operations in future.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR
ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the year, neither any application has been made nor are any proceedings initiated against and/or by
the Company under the Insolvency and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN
FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS
THEREOF

Your Company has not made any settlement with the Banks and Financial Institutions. Therefore, there is
nothing to report under this for the financial year under review.

COMPANY’S WEBSITE

Your Company has its fully functional website https://maidenforgings.in/Default.aspx which has been
designed to exhibit all the relevant details about the Company. The site carries a comprehensive database
of information of the Company, including the Financial Results, details of Board Committees, Corporate
Policies/ Codes, business activities, and current affairs of your Company. All the mandatory information
and disclosures as per the requirements of the Companies Act, 2013, read with the rules made thereunder,
and as per Regulation 46 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, and
also the non-mandatory information of Investors’ interest/knowledge have been duly presented on the
website of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to regulation 34 (2) (e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, Management Discussion and Analysis Report is attached with this report.

DISCLOSURE OF ACCOUNTING TREATMENT

Your Company has not followed any treatment which is different from that prescribed in the applicable
Accounting Standards. Therefore, there is no requirement by the management to furnish any explanation in
relation thereto.

PREVENTION OF INSIDER TRADING

Your Company has adopted a Code of Conduct for the prevention of insider trading with a view to
regulating trading in securities by the Directors and designated employees of the Company. The Code
requires pre-clearance for dealing in the Company’s shares and prohibits the purchase or sale of Company
shares by the Directors and the designated employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the Trading Window is closed. The
Board is responsible for the implementation of the Code of Conduct. All Directors and the designated
employees have confirmed compliance with the Code.

CORPORATE GOVERNANCE

Your Company practices a culture that is built on core values and ethical governance practices and is
committed to transparency in all its dealings. Further, the provisions of Regulation 15 of SEBI (Listing
Obligation & Disclosure Requirements), Regulation, 2015, exempt the Companies which have listed their
specified securities on the SME Exchange to make the detailed disclosures in the Annual Report on the
Corporate Governance as provided in Para C, D and E of Schedule V of SEBI (Listing Obligation &
Disclosure Requirements), Regulation, 2015.

Since, the equity share capital of the Company is listed exclusively on the SME Platform of BSE and
accordingly, Your Company has not made detailed disclosures on the Corporate Governance in the Annual
Report. However, Your Company is in compliance to the extent of applicable sections of the Companies
Act, 2013 with regard to Corporate Governance.

EXPLANATION FOR DEVIATIONS) OR VARIATIONS) IN ACCORDANCE WITH
REGULATION 32 OF SEBI (LODR) REGULATIONS, 2015

Your Company has not issued any shares during the relevant period. Therefore, the Company is not required
to furnish an explanation in relation to the variation or deviation as stipulated under Regulation 32 of SEBI
(LODR) Regulations, 2015.

ACKNOWLEDGEMENT

Your Directors gratefully acknowledge all stakeholders of Your Company for the co-operation and
assistance received from financial institutions, Government Authorities, Customers, members, dealers,
vendors, banks and other business partners during the financial year. Your Directors place on record their
deep sense of appreciation for the commitment displayed by the employees, executives, staff, and workers
of Your Company who have contributed to the growth and performance of Your Company. Your Directors
look forward to the continued support of all stakeholders in the future.

BY ORDER OF THE BOARD
FOR MAIDEN FORGINGS LIMITED

Sd/- Sd/-

Nishant Garg Nivedita Garg

Managing Director Whole Time Director

Date: September 03, 2025 DIN: 03088601 DIN: 03359751

Place: Ghaziabad

---

Mar 31, 2024

Your Directors have pleasure to present the 19^th Annual Report on the business and operations of the Company and Audited Financial Statements for the financial year ended 31^st March, 2024.

FINANCIAL HIGHLIGHTS

A brief overview on Financial Performance for the Financial Year ended March 31, 2024 is as follows:

Particulars	Year Ended 31st March 2024	Year Ended 31st March 2023
Revenue from Operations	23609.54	22081.96
Other Income	121.32	33.48
Total Revenue	23730.86	22115.44
Less: Total Expense	22359.90	20784.63
Profit /loss before Exceptional items and Tax Expense	1370.96	1330.81
Add/(less): Exceptional items	0	0
Profit /loss before Tax Expense	1370.96	1330.81
Less: Tax Expense (Current & Deferred)	398.95	370.25
Profit /loss for the year after tax	972.01	960.56
Other Comprehensive Income/loss	0	0
Add: Balance B/F from the previous Year	0	0
Balance Profit / (Loss) C/F to the next year	972.01	960.56

KEY HIGHLIGHTS OF THE COMPANY’S FINANCIAL PERFORMANCE FOR THE YEAR ENDED MARCH 31. 2024 ARE AS UNDER

>¦ Value of sales and services was Rs. 23,609.54 lakhs

> Exports for the year was Rs. 555.31 lakhs

> Net Profit for the year was Rs. 972.01 lakhs STATE OF COMPANY’S AFFAIRS

Your Company is engaged in the business of manufacturing of wide range of Bright steel and wires. During the financial year, the Company has earned Total Revenue of Rs. 23609.54/- Lakhs as compared to the previous financial year Total Revenue of Rs. 22081.96/- Lakhs and has taken various initiatives and measures which not merely help the Company to raise funds and expand its business but even lead to the Company to the next path of its growth and development via strengthen its financial position and compete effectively in the market.

CHANGE IN NATURE OF BUSINESS. IF ANY

There has been no change in the nature of business of your Company during the financial year 2023-2024. Your Company operates only in a single segment of Business and as such no separate segment reporting is required.

TRANSFER TO RESERVES

Your Company has not transferred any amount to reserves out of the profits for the financial year ended on 31^st March, 2024. '' ’ ''

DIVIDEND

To strengthen the financial position of the Company, the Board of Directors of your Company has decided not to recommend any dividend on the equity shares for the financial year 2023-2024.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

There is no unpaid/unclaimed dividend amount lying with the Company, therefore the provisions of Section 125 of the Companies Act, 2013 do not apply.

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

Apart from the information provided/disclosures made elsewhere in the Directors’ Report including Annexures thereof, there are no material changes and commitments affecting the financial position of the Company, which occurred between the end of the financial year of the Company i.e. 31st March, 2024 to which this financial statement relates and till date of this Report.

MATERIAL EVENTS DURING THE YEAR UNDER REVIEW

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

DETAILS OF SUBSIDIARY. JOINT VENTURE OR ASSOCIATES

During the year under review, there are no companies which have become or ceased to be subsidiaries, joint venture or associates of Your Company.

DEPOSITS

During the year, your Company has not accepted any Deposit within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014. Accordingly, there is no unpaid deposit lying with the Company for the period under review.

DIRECTORS LOAN

Your Directors have also introduced funds in the Company during the year under review.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186

The particulars of loans, guarantees or securities and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the financial statements.

ANNUAL RETURN

An Annual Return of your Company as referred in sub-section (3) of section 92 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, will be available on the website of the Company and the web link of the same is https://maidenforgings.in/Investor Relation.aspx.

COMPLIANCE WITH SECRETARIAL STANDARDS

Pursuant to the provisions of the Secretarial Standard-1, a statement is hereby given that your Company has complied with all the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and made applicable as per Section 118(10) of the Companies Act, 2013, while conducting and organizing the Board and General Meetings.

CHANGES IN CAPITAL STRUCTURE OF YOUR COMPANY

AUTHORIZED SHARE CAPITAL

During the year under review, there are no changes in the Authorized share capital of your Company.

ISSUED AND PAID UP SHARE CAPITAL

During the year under review, your Board of Directors of the Company has debuted in the capital market by making an Initial Public Offer and has made an allotment to successful applicants via passing a Board resolution dated April 03, 2024.

Accordingly, paid-up capital of the Company has increased from 10428000 equity shares of Rs. 10 each to 3784000 equity shares of Rs. 10 each.

Further during the year, your Company neither issued any equity shares with differential voting rights nor any shares (including sweat equity shares) to its employees under any scheme.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL tKMPt

The Board of Directors of your Company is duly constituted. None of the Directors of the Company is disqualified under the provisions of Companies Act, 2013.

Accordingly, as on March 31, 2024, the Board of Directors of your Company comprises the following Directors: -

S.no.	Name of Director/ Key Managerial Personnel	Designation
1.	Mr. Nishant Garg	Managing Director
2.	Ms. Nivedita Garg	Whole Time Director
3.	Mr. Abhilash Rastogi	Independent Director
4.	Mr. Raj Kumar Mittal	Independent Director
5.	Ms. Urvi Agarwal	Independent Director
6.	Ms. Prachla Garg	Chief Financial Officer
7.	Ms. Monika Negi	Company Secretary and Compliance Officer

Further, there is no change in the constitution of the Board of Directors of the Company during the financial year under review. The detail of the Directors and Key Managerial Personnel has been appointed and resigned during the financial year is given hereunder: -

S.no.	Name of Director/ Key Managerial Personnel	Designation/ Change in Designation	Executive/ NonExecutive Director	Date of Appointment/ Cessation
1.	Mr. Nishant Garg	Managing Director	Executive Director	28/11/2022 (Appointed)
2.	Ms. Nivedita Garg	Whole Time Director	Executive Director	02/09/2022 (Appointed)
3.	Mr. Abhilash Rastogi	Independent Director	Non-Executive Director	06/01/2023 (Appointed)
4.	Mr. Raj Kumar Mittal	Independent Director	Non-Executive Director	06/01/2023 (Appointed)
5.	Ms. Urvi Agarwal	Independent Director	Non-Executive Director	06/01/2023 (Appointed)
6.	Ms. Prachla Garg	Chief Financial Officer	NA	28/11/2022 (Appointed)
7.	Ms. Monika Negi	Company Secretary and Compliance Officer	NA	28/11/2022 (Appointed)

NUMBER OF BOARD MEETINGS

Seven Board Meetings were held during the Financial Year 2023-2024. The detailed Agenda and Notice for the Meetings were prepared and circulated in advance to the Directors within the prescribed time. The intervening gap between the two consecutive meetings was not more than the period prescribed under the Companies Act, 2013.

Further, details regarding the number, date of meetings and attended by each director are as given hereunder:

S.no 1 Date of Board Meetings	Total Strength of the Board	Directors Present
|l. || 03/04/2023	5	5
|2. || 27/05/2023	5	5
13. || 30/05/2023	5	5
|4. || 25/08/2023	5	5
| 5. || 10/11/2023	5	5
16. || 29/01/2024	5	5
17. || 18/03/2024	5	5

ATTENDANCE OF DIRECTORS AT BOARD MEETINGS

Name of the Directors	No. of Board Meetings Eligible to attend	No. of Board Meetings attended
Mr. Nishant Garg	7	7
Ms. Nivedita Garg	7	7
Mr. Abhilash Rastogi	7	7
Mr. Raj Kumar Mittal	7	7
Ms. Urvi Agarwal	7	7

RETIREMENT BY ROTATION

Pursuant to Section 152 of the Companies Act 2013, Ms. Nivedita Garg (DIN: 03359751), Director of the Company is liable to retire by rotation and being eligible has offered himself for reappointment at the ensuing Annual General Meeting. The Board recommends his reappointment.

STATEMENT BY THE BOARD WITH REGARD TO INTEGRITY. EXPERTISE AND EXPERIENCE OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

Your Board of Directors is satisfied about the Integrity, Expertise and Experience including proficiency of the Independent Directors has been appointed during the financial year under review in the Board of Directors of the Company.

DECLARATIONS BY INDEPENDENT DIRECTOR

All the Independent Directors have submitted a declaration to the Board that they fulfill the criteria of Independence as stipulated in Section 149(6) of the Companies Act, 2013 and that they are not aware of any circumstances 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. As on date, all the Independent Directors on the Board of Your Company have registered themselves on the Independent Directors’ Databank.

PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

In tenns of the provisions of Section 134(3)(p) of the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014, your company has carried out the performance evaluation of the Board, its Committees and Individual Directors in accordance with the performance evaluation criteria prescribed by the Nomination and Remuneration Committee which inter alia include in its ambit various aspects such as composition of the Board & Committees, experience and competencies, performance of specific duties and obligations, attendance and contribution at Board meetings / Committee meetings / General meetings, preparedness for meetings, effective decision making ability, knowledge of sector where Company operates, understanding and avoidance of risk while executing functional duties, successful negotiating ability, initiative to maintain corporate culture, commitment, dedication of time, leadership quality, attitude, initiatives and responsibilities undertaken, achievements etc.

Further, your Independent Directors in its meeting held on March 18, 2024 has review the performance of NonIndependent Directors and the Board as a whole and the said meeting was attended by all the Independent Directors.

Further, the Board has expressed its satisfaction and has been thankful to all its Independent Directors for sharing their knowledge and expertise which has been proved beneficial towards the progress of the Company.

DIRECTOR’S RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:

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

(ii) 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 Your Company at the end of the financial year and of the profit and loss of Your Company for that period;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of Your Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors had prepared the annual accounts on a going concern basis;

(v) the Directors had laid down proper internal financial controls and that internal financial controls are adequate and operating effectively in Your Company;

(vi) 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.

DISCLOSURE RELATED TO COMMITTEES AND POLICY

Audit Committee

During the year, your Company has constituted Audit Committee in accordance with the provisions of Section 177 of

Companies Act, 2013 and accordingly, the Audit Committee presently consist three Directors, out of which two are

Non-executive Independent Directors and one is Executive Director of the Company.

The Company Secretary of your Company is acting as the Secretary of the Committee.

Further, the detail Composition of the Audit Committee is given below: -

S.no. |	Name of Director	Nature of Directorship |
i 1	Mr. Abhilash Rastogi |	Independent Director |
2 I	Ms. Urvi Agarwal	Independent Director |
A_1	Mr. Nishant Garg	Managing Director |

During the year under review, the Board has accepted the recommendation of the Audit Committee whenever received and given, if any, by the same.

Nomination and Remuneration Committee

During the year, your Company has constituted Nomination and Remuneration Committee in accordance with the provisions of Section 178 of Companies Act, 2013 and accordingly, the Committee presently consist three Directors which are Non-Executive Independent Directors of the Company.

The Company Secretary of your Company is acting as the Secretary of the Committee.

Further, the detail Composition of the Nomination and Remuneration Committee is given below: -

S.no. |	Name of Director |	Nature of Directorship |
¦ 1	Mr. Abhilash Rastogi |	Independent Director |
2 I	Ms. Urvi Agarwal |	Independent Director |
3 1	Mr. Raj Kumar Mittal	Independent Director |

In adherence of section 178(1) of the Companies Act, 2013, the Board of Directors of your Company has framed a policy on Director’s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided u/s 178(3), based on the recommendations of the Nomination and Remuneration Committee. The broad parameters covered in the ambit of policy inter-alia include as follows: -

(i) Objectives;

(ii) Matters to be dealt with, perused and recommended to the Board by the Nomination and Remuneration Committee;

(iii) Formulation of Appointment criteria and Qualifications for Director, Key Managerial Personnel and Senior Management;

(iv) Recommendation of Remuneration to the Board for Whole Time Directors, Key Managerial Personnel and Senior Management Personnel;

Further, the Nomination and Remuneration Policy is available on the website of your Company i.e. https://maidenforgings.in/Investor Relation.aspx

Stakeholders’ Relationship Committee

During the year, your Company has constituted Stakeholders Relationship Committee in conformity with the provisions of Section 178 of the Companies Act, 2013 and accordingly, the Committee presently consist three Directors which are Non-Executive Independent Directors of the Company and the Company Secretary of your Company will act as the Secretary of the Committee.

Further, the detail Composition of the Stakeholders Relationship Committee is given below: -

S.no. |	Name of Director |	Nature of Directorship |
i 1	Mr. Abhilash Rastogi	Independent Director |
2 I	Mr. Raj Kumar Mittal |	Independent Director |
3.	Mr. Nishant Garg	Managing Director

The Committee shall act in accordance with the terms of reference as approved by the Board and shall address the grievances and concerns of the Stakeholders including Investors and the Shareholders of Your Company.

Vigil Mechanism / Whistle Blower Policy

During the year, the Board of Directors of your Company has established vigil mechanism via formulating and implementing Vigil Mechanism Policy which is in conformity with the provisions of section 177 of the Companies Act, 2013 and the rules made thereunder. Further, this policy enables the Directors and employees to report to the management genuine concerns and instances of unethical behavior actual or suspected fraud or violation of Your Company Code of Conduct.

This vigil mechanism of your Company is overseen and reviewed by the Audit Committee and which even, provides adequate safeguard against victimization of employees and also provide direct access to the Chairperson of the Audit Committee in exceptional circumstances.

During the year under review, your Company did not receive any complaint. None of the personnel of your Company were denied access to the Audit Committee. The policy is available on the website of Your Company https://maidenforgings.in/Investor_Relation.aspx.

Corporate Social Responsibility (CSR) Committee

During the year, your Company has constituted a Corporate Social Responsibility (CSR) Committee in accordance with the provisions of Section 135 of Companies Act, 2013

Further, the detail Composition of the Nomination and Remuneration Committee is given below: -

S.no. |	Name of Director |	Nature of Directorship |
i 1	Ms. Nivedita Garg |	Whole Time Director |
2 I	Ms. Urvi Agarwal	Independent Director |
1_1	Mr. Abhilash Rastogi	Independent Director |

Corporate Social Responsibility (CSR) Policy

Corporate Social Responsibility (CSR) plays a significant role in the development of the Country and the Company recognizes how important CSR initiatives can help improve the lives of individuals and communities. Mahatma Gandhi said that “Wealth created by the society has to be ploughed back into the society”. The Company had constituted a CSR Committee to decide upon and implement the CSR Policy of the Company.

As per the provision of Section 135 the Company was required to spend Rs. 8,99,366/- (Rupees Eight Lakh Ninety-Nine Thousand Three Hundred and Sixty-Six Only) during the F.Y. 2023-24 and Rs. 95,000/- (Rupees Ninety-Five Thousand Only) has spent on the areas mentioned under Schedule VII of Companies Act 2013.

Further, the Company is unable to identify the places where need to spend. Therefore, your company has decided to carry forward the amount to next year.

Statement Concerning Development and Implementation of Risk Management Policy

Risk Management is an integral part of your Company''s business strategy. The Board reviews compliance with risk policies, monitors risk tolerance limits, reviews and analyzes risk exposure related to specific issues and provides oversight of risk across the organization. The Board nurtures a healthy and independent risk management function to inculcate a strong risk management culture in Your Company. Your Directors periodically review the risk associated with the business or threatens the prospectus of the Company. The key policy is available on the website of your Company https://maidenforgings.in/Investor Relation.aspx.

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

The details of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are as under:

(i) Conservation of Energy:

	The Steps taken or impact on conservation of	Energy conservation continues to receive priority
(a)	Energy	attention at all levels. All efforts are made to conserve and optimize use of energy with continuous monitoring, improvement in maintenance and distribution systems and through improved operational techniques.

(b)	The Steps taken by Your Company for utilizing alternate source of energy	Your Company has not taken any step for utilizing alternate sources of energy.
(c)	The Capital Investment on energy conservation equipments	Your Company has not made any capital investment on energy conservation equipments.

(ii) Technology Absorption:

(a)	The Efforts made towards technology absorption	Updation of technology is a continuous process, absorption implemented and adapted by Your Company for innovation.
(b)	The benefit derived like product improvement, cost reduction, product development or import substitution	Your Company had been able to successfully indigenize the tooling to a large extent and successfully developed new products by virtue of technology absorption, adaption and innovation
(c)	In case of Imported technology (imported during the last three years reckoned from the beginning of the Financial Year)	NA
(d)	the expenditure incurred on Research and Development	NIL

(iii) Foreign Exchange Earnings/ Outgo:

(a)	Total Foreign exchange earned in terms of actual inflows during the Financial Year	Rs. 5,55,31,644/-
(b)	Total Foreign exchange earned in terms of actual outgo during the Financial Year	Rs. 8,96,953/-

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of the transactions entered into with related parties during the financial year ended 31^st March 2024, have been set out in FORM AOC-2 in Annexure I. Further, it is mentioned that Related Party Transactions entered during the financial year with the related parties is in the ordinary course of business and on the arm length basis.

PARTICULARS OF EMPLOYEES

Particulars of employees as required in terms of the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are set out in Annexure II.

AUDITORS AND THEIR REPORTS Statutory Auditor

M/s H.G. & Co, Chartered Accountants (FRN:013074C), appointed as Statutory Auditor in the Annual General Meeting of the members of the Company held on September 30, 2019, to hold office from the conclusion of that Annual General

Meeting till the Annual General Meeting held in the financial year 2024 and recommended for its reappointment for next 4 (Four) years from conclusion of this Annual General Meeting (AGM) till the AGM to be held on Financial year 2028. '' ’

Accordingly, the Audit Report as given by the Statutory Auditor on the financial statements of the Company for the financial year 2023-2024, does not include any qualifications, reservation or adverse remarks. Therefore, no explanations and comments have been given by the Board of Directors of your Company hereunder.

Secretarial Auditor

The Board of Directors appointed M/s Mohit Singhal & Associates, Company Secretaries to conduct Secretarial Audit of the Company for the financial year ended March 31, 2024. The Report of the Secretarial Auditor is provided as Annexure III to this Report.

Accordingly, the Secretarial Report as given by the Secretarial Auditor of the Company for the financial year 20232024, does not include any qualifications, reservation or adverse remarks. Therefore, no explanations and comments have been given by the Board of Directors of your Company hereunder.

Internal Auditor

During the financial year under review, your Company has appointed M/s M Lal& Co. (FRN: 016069C), as the Internal Auditors of the Company under the provisions of section 138 of the Act, for conducting the internal audit of the Company for the financial year 2023-24.

Cost Auditor

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, your Company has appointed M/s R.M. Bansal & Co. (having Firm Registration No. 000022) as Cost Auditor for conducting the audit of cost records of the Company for the financial year 2023-2024 and accordingly, the Cost Auditor has submitted its Audit Report to the Board of Directors of Your Company.

Maintenance of Cost Records

Pursuant to the provisions of the Section 148 read with the Companies (Cost Records and Audit) Rules, 2014, your Company is required to made and maintain the cost records relating to the steel products manufactured by Your Company.

Accordingly, the Cost records have been made and maintained by your Company during the financial year 2023-2024. Reporting of Frauds by Auditors

The Auditors of your Company including Statutory and Cost Auditor have not reported any instance of fraud is being or has been committed in the affairs of the Company by its officers or employees pursuant to the provisions of Section 143(12) of the Companies Act, 2013.

STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS

Your Company has in place adequate internal financial controls that commensurate with the size and nature of its operations of the Company and has been operating satisfactorily. Further, Internal control systems comprising of policies and procedures that are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

PREVENTION. PROHIBITION & REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

Your Company is committed to provide a protective environment at workplace to all its women employees and accordingly, the Company has taken various initiatives and measures to protect the interest of the women employees working in the Company.

Further, the Company has a policy in line with the requirements of the Sexual ffarassment of Women at the Workplace (Prevention, Prohibition &Redressal) Act, 2013 and it provides for protection against sexual harassment of woman at the workplace and for prevention and redressal of such complaints. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee.

There were no cases/complaints reported during the period under review under the sexual harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL

There are no significant or material orders passed by any regulators or courts or tribunals impacting the going concern status and company’s operations in future.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the year, neither any application has been made nor are any proceedings initiated against and/or by the Company under the Insolvency and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

Your Company has not made any settlement with the Banks and Financial Institutions. Therefore, there is nothing to report under this for the financial year under review.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to regulation 34 (2) (e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Management Discussion and Analysis Report is attached with this report.

DISCLOSURE OF ACCOUNTING TREATMENT

Your Company has not followed any treatment which is different from that prescribed in the applicable Accounting Standards. Therefore, there is no requirement by the management to furnish any explanation in relation thereto.

PREVENTION OF INSIDER TRADING

Your Company has adopted a Code of Conduct for prevention of insider trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company’s shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code of Conduct. All Directors and the designated employees have confirmed compliance with the Code.

CORPORATE GOVERNANCE

Your Company practices a culture that is built on core values and ethical governance practices and is committed to transparency in all its dealings. Further, the provisions of Regulation 15 of SEBI (Listing Obligation & Disclosure Requirements), Regulation, 2015, exempt the Companies which have listed their specified securities on the SME Exchange to make the detailed disclosures in the Annual Report on the Corporate Governance as provided in Para C, D and E of Schedule V of SEBI (Listing Obligation & Disclosure Requirements), Regulation, 2015.

Since, the equity share capital of the Company is listed exclusively on the SME Platform of BSE and accordingly, Your Company has not made detailed disclosures on the Corporate Governance in the Annual Report. However, Your Company is in compliance to the extent of applicable sections of the Companies Act, 2013 with regard to Corporate Governance.

COMPANY’S WEBSITE

Your Company has its fully functional website https://maidenforgings.in/Default.aspx which has been designed to exhibit all the relevant details about the Company. The site carries a comprehensive database of information of the Company including the Financial Results, details of Board Committees, Corporate Policies/ Codes, business activities and current affairs of your Company. All the mandatory information and disclosures as per the requirements of the Companies Act, 2013 read with the rules made thereunder and as per Regulation 46 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and also the non-mandatory information of Investors’ interest / knowledge has been duly presented on the website of the Company.

EXPLANATION FOR DEVIATION(S) OR V AKI VUOMS) IN ACCORDANCE WITH REGULATION 32 OF SEBI (LODRt REGULATIONS. 2015

Your Company has not issued any shares during the relevant period. Therefore, the Company is not required to furnish an explanation in relation to the variation or deviation as stipulated under Regulation 32 of SEBI (LODR) Regulations, 2015.

ACKNOWLEDGEMENT

Your Directors gratefully acknowledge all stakeholders of Your Company for the co-operation and assistance received from financial institutions, Government Authorities, Customers, members, dealers, vendors, banks and other business partners during the financial year. Your Directors place on record their deep sense of appreciation for the commitment displayed by the employees, executives, staff and workers of Your Company who have contributed to the growth and performance of Your Company. Your Directors look forward to the continued support of all stakeholders in the future.

BY ORDER OF THE BOARD FOR MAIDEN FORGINGS LIMITED

Sd/- Sd/-

Nishant Garg Nivedita Garg

Date: September 03,2024 Managing Director Whole Time Director

Place: Ghaziabad DIN: 03088601 DIN: 03359751