The directors have pleasure in presenting 11^th Annual Report together with the Audited Financial
Statement of the Company for the Financial Year (FY) ended March 31, 2025.

1. FINANCIAL RESULTS

The Company's financial performance during the year 2024-25 is summarized below:

(Rs. In Lakhs)

2. RESULT OF OPERATIONS AND STATE OF THE COMPANY'S AFFAIRS

The Company is mainly engaged in the business of processing and trading of cashew kernels
and other dry fruit products and ice cream products through its subsidiary.

STANDALONE:

On a Standalone basis, the Company's total income for the year under review was Rs. 17,546.01
Lakhs as compared to Rs. 10,475.98 Lakhs in the previous year thereby registering growth of
67.47% over the previous year. Further, during the year under review the net profits of the
Company was Rs. 1,353.54 Lakhs as compared to Rs. 950.73 Lakhs in the previous year.

CONSOLIDATED:

On a Consolidated basis, the Company's total income for the year under review is Rs. 20,630.51
Lakh as compared to Rs. 10,470.21 Lakh in the previous year thereby registering growth of
97.04% over the previous year.

The Consolidated Audited Financial Statement of the Company and its Subsidiaries for FY 2024¬
25 are prepared in compliance with the provisions of Section 129(3) of The Companies Act,
2013 ("Act") and Regulation 33 of the Securities Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and form part of the
Annual Report.

Material Events during the year:

Acquisition:

The Board of Directors in their meeting held on September 16, 2024 had approved to make a
strategic investment in Melt 'N' Mellow Foods Private Limited by subscribing 52.94% of the
total paid-up share capital in the form of Equity Shares of Melt 'N' Mellow Foods Private
Limited. The company Melt 'N' Mellow Foods Private Limited is in the business of
manufacturing and sale of Ice cream, milk products and bakery products under the brand 'Melt
'N' Mellow'.

Pursuant to the acquisition of Melt N Mellow Foods Private Limited, the Company is expanding
its operations into the premium dairy, ice cream, and bakery segments. As part of this strategic
move, the Company is developing advanced manufacturing and R&D facilities dedicated to
innovation and excellence in these categories. These offerings cater to diverse consumer
preferences across age groups and occasions, enabling the Company to tap into both mass-
market and premium demand segments. The expansion into this segment aligns with the
Company's broader vision to become a diversified, integrated food brand.

3. MATERIAL EVENTS WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF
THE COMPANY AND THE DATE OF THE REPORT:

Listing on Main Board:

During the financial year 2025-26, the Company successfully migrated from the SME platform
of the National Stock Exchange of India Limited (NSE Emerge) to the Main Board of the NSE.

Further, the Company also got listed on the Main Board of the BSE.

The equity shares of the Company were originally listed on the NSE Emerge platform on March
31, 2022. With consistent growth in operations, financial performance, and investor
confidence, the Company met all the eligibility criteria prescribed by the Stock Exchanges and
the Securities and Exchange Board of India (SEBI) for migration to the Main Board.

Pursuant to the necessary approvals received from the shareholders and the stock exchanges,
the equity shares of the Company were admitted to trading on the Main Board of NSE and BSE
with effect from Friday, June 20, 2025.

The migration to the Main Board marks a significant milestone in the Company's growth
journey. This step is expected to enhance the visibility of the Company in the capital markets,
improve liquidity for shareholders, and broaden the investor base.

The Board places on record its sincere appreciation to all stakeholders, including shareholders,
regulatory authorities, and employees, for their continued support and trust in the Company.

4. DETAILS OF SUBSIDIARIES/ASSOCIATES/JOINT VENTURES, IF ANY:

During the financial year under review, the Company has two subsidiaries.

The details of Subsidiary Companies are set forth below:

1. Siddhivinayak Cashew Industries Private Limited:

2. Melt 'N' Mellow Foods Private Limited

Pursuant to the provisions of Section 129(3) Act, a Statement containing salient features of the
financial statement and performance of the WOS in prescribed Form AOC-1 is provided as
Annexure-1.

The Consolidated Audited Financial Statement are open for inspection and are also available at
the website of the Company which can be accessed at: https://krishival.com/pages/our-group-
companies under the "Investors" Section.

The Company doesn't have any Joint Venture and none of the Companies have ceased to be
Company's Subsidiaries.

5. CHANGE IN NAME

During the year under review, there has been no change in the name of the Company.

6. CHANGE IN NATURE OF BUSINESS

During the year under review, there has been no change in the nature of business carried on by
the Company.

7. WEB LINK OF ANNUAL RETURN

The Annual Return for FY 2024-25 as required under Section 92(3) of the Act read with The
Companies (Management and Administration) Rules, 2014 is available at

https://krishival.com/pages/investors-desk

8. TRANSFER TO RESERVES

The Company has transferred Rs. 1353.65 lakhs to reserves during the financial year under
review.

9. DIVIDEND

The Board of Directors in their meeting held on May 24, 2025 has recommended a final
dividend on Equity Shares @ Rs.0.24 per Equity Share having a Face Value of 10/- (Rupees Ten
Only) for the Financial Year ended March 31, 2025 amounting to Rs. 53,50,833.84/- payable to
those shareholders, whose names appears in Register of Members / List of Beneficial Owners
provided by the Depositories on the record date, subject to the approval of members in the
ensuing Annual General Meeting.

The dividend payout is in accordance with the prevalent applicable laws and the Company's
Dividend Distribution Policy, pursuant to the provisions of Regulation 43A of the Listing
Regulations, as amended. The said policy can be accessed at:
https://krishival.com/pages/investors-desk

10. TRANSFER OF UNPAID/ UNCLAIMED DIVIDEND AMOUNT/ SHARES TO INVESTOR EDUCATION
AND PROTECTION FUND

As per the provisions of Section 124 and Section 125 of the Act read with IEPF Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, as amended ('IEPF Rules'), the declared
dividend which remains unpaid/ unclaimed for a period of Seven (7) years from the date of
declaration is required to be transferred to the Investor Education and Protection Fund
("IEPF").

During the year under review, the Company was not required to transfer any unpaid/
unclaimed dividend/ shares to Investor Education and Protection Fund (IEPF).

The details of unclaimed dividends for the financial year 2022-23 and 2023-24 and the last date
for claiming such dividends are given below:

11. PUBLIC DEPOSITS

During the year under review, the Company has neither invited nor accepted/ renewed any
Deposits from the public within the meaning of Section 73 and 76 of the Act read with the
Companies (Acceptance of Deposits) Rules, 2014.

12. CHANGES IN SHARE CAPITAL

During the year under review, there has been no change in the Share Capital of the Company.

13. ISSUE OF CONVERTIBLE WARRANTS ON PREFERENTIAL BASIS TO PERSONS BELONGING TO
NON-PROMOTER CATEGORY

During the year under review, the Company has not issued Convertible Warrants.

14. EMPLOYEE STOCK OPTIONS PLAN 2023- ECL ESOP

During the year under review, the Nomination and Remuneration Committee in their meeting
held on April 10, 2023 and February 28, 2024 has granted options to the employees of the
Company as per Employee Stock Option Plan 2023.

The scheme is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021.

The disclosures pursuant to Regulation 14 of the SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 are detailed below/ as under and are also available on
company's website at: https://krishival.com/pages/investors-desk

Secretarial auditor certificate for ESOP compliance is being place before the members and is
also available on company's website at: https://krishival.com/pages/investors-desk

15. ISSUE OF DEBENTURES, BONDS OR ANY NON-CONVERTIBLE SECURITIES

During the year under review, the Company has not issued any debenture, bonds or non¬
convertible securities.

16. SHARE TRANSFER SYSTEM AND DEMATERIALISATION OF SHARES:

As on March 31, 2025 - 2,22,95,141 (Two Crore Twenty- Two Lakh Ninety-Five Thousand One
Hundred Forty-One) equity shares of the Company i.e. 100% of the total equity shares were
held in dematerialized form. The International Securities Identification Number ('ISIN') allotted
to the Company's shares under the Depository System is INE0GGO01015.

The Company has entered into agreements with both the Depositories i.e., National Securities
Depository Limited and Central Depository Services (India) Limited. Shareholders can open
their accounts with any of the Depository Participant registered with the above-mentioned
depositories.

The detailed information is covered in the Corporate Governance Report forming part of this
Annual Report.

After the end of the financial year, the Company was listed on the Main Board of BSE Limited
on June 20, 2025. Therefore, the data for the financial year 2024-25 is not available on the BSE
Limited website.

17. IN CASE THE SECURITIES ARE SUSPENDED FROM TRADING, THE DIRECTORS REPORT SHALL
EXPLAIN THE REASON THEREOF;

During the year under review, the securities of the Company had not been suspended for
trading on Stock Exchange.

18. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, the Board of Directors of the Company was duly constituted.

The Board of Directors as on March 31,7075:

There were following changes in the Board of Directors of the Company:

1. Re-Appointment of Ms. Aparna Morale Bangar (DIN: 05332039), Chairperson and Managing
Director of the Company with effect from August 16, 2024.

2. Re-Appointment of Mr. Nana Prakash Mhaske (DIN: 01911731) as an Executive Director and
Chief Executive Officer (CEO) of the Company with effect from August 16, 2024.

3. Re-Appointment of Mr. Anant Pandurang Kulkarni (DIN: 01887356) as Executive Director
and Chief Financial Officer (CFO) of the Company with effect from August 16, 2024.

After the closure of financial year, till the date of Director's Report there were following
changes in the Directors of the Company:

1. Cessation of Ms. Aparna Morale Bangar (DIN: 05332039), as the Chairperson of the
Company with effect from July 11, 2025. However, she shall continue to serve as the
Managing Director of the Company.

2. Appointment of Mr. Sujit Sudhakar Bangar (DIN: 07871115) as the new Chairperson and
Whole-Time Director of the Company with effect from July 12, 2025, subject to the
approval of the Members of the Company in the ensuing Annual General Meeting.

3. Appointment of Mr. Hrushikesh Bahekar as a Non-Executive Independent Director of
the Company with effect from July 16, 2025, subject to the approval of the Members of
the Company in the ensuing Annual General Meeting.

19. MEETING OF BOARD OF DIRECTORS AND COMMITTEES OF BOARD

During the year under review, six meetings of the Board of Directors were held details of which
are given in the Corporate Governance Report which is annexed as Annexure-6 to this Report.

Further, during the year under review the Committees of Board of Directors were duly
constituted and their meetings were conducted in accordance with the Act and the Listing
Regulations, details of which are given in the Corporate Governance Report which is annexed as
Annexure-6 to this Report.

20. DETAILS OF THE INDEPENDENT DIRECTORS, THEIR MEETINGS AND A STATEMENT REGARDING
OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE
(INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE
YEAR

The Independent directors of the company are registered with independent director databank.

During the year under review, a meeting of Independent Directors of the Company was held
once without presence of the other Directors and Members of the Management of the
Company.

Further, in the opinion of the Board, the Independent Directors fulfill the conditions of Listing
Regulations, and are independent of the management of the Company. The Independent
Directors have complied with the code prescribed in Schedule IV of the Act.

The Company proactively keeps its Directors informed of the activities of the Company, its
management and operations and provides an overall industry perspective as well as issues
being faced by the industry. Details of the Familiarization program for Independent Directors
form part of the website of the Company. The web link of Familiarization program is as under:
https://krishival.com/pages/investors-desk

21. DECLARATION BY INDEPENDENT DIRECTOR

The Company has received annual declarations from all the Independent Directors as per
Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations confirming that they
meet the criteria of independence and there has been no change in the circumstances which
may affect their status as Independent Director during the year.

The Independent Directors of the Company have complied with the Code for Independent
Directors as prescribed in Schedule IV to the Act. Based on the declarations received from the
Independent Directors, the Board of Directors recorded its opinion that all the Independent
Directors are independent of the management and have fulfilled the conditions as specified
under the governing provisions of the Act read with the rules made thereunder and the Listing
Regulations.

22. STATUTORY AUDITORS

Pursuant to the provisions of Section 139 read with the Companies (Audit and Auditors) Rules,
2014 as amended from time to time, M/s. Tamanna Parmar & Associates, Chartered
Accountants, having ICAI Firm Registration No. 014444C, were appointed as the Statutory
Auditors the Company at the 7th Annual General Meeting ("AGM") held on 11th October, 2021,
who shall hold office till the conclusion of the 12^th AGM of the Company which will be held in
the year 2026.

23. STATUTORY AUDIT REPORT

The auditors determines that the Company provides a fair and accurate representation of its
financial position by examining its financial transactions. They report to the shareholders and
other stakeholders on the financial statements of the Company.

Pursuant to Section 139 and 141 of the Act and relevant Rules made thereunder, the Statutory
Auditors have confirmed that they are not disqualified from continuing as Auditors of the
Company. The notes on financial statement referred to in the Auditor's Report are self¬
explanatory and do not call for any further comments. The Auditor's Report does not contain
any qualification, reservation or adverse remark. The Auditors in their report for the financial
year 2024-25 have given unmodified opinion.

24. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12)
OF SECTION 143

During the year under review, neither the Statutory Auditors nor the Secretarial Auditors of the
company have reported any instance of fraud in respect of the Company, by its officers or
employees under section 143(12) of the Act.

25. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

M/s MNB & Co. LLP, Practicing Company Secretary, is the Secretarial Auditor of the Company
for the FY 2024-25. Pursuant to the provisions of Section 204 of the Act read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
Regulation 24A of the Listing Regulations the Board of Directors in their meeting held on May
24, 2024 have re-appointed M/s MNB & Co. LLP, Practicing Company Secretary as Secretarial
Auditor to conduct the Secretarial Audit of the Company for the Financial Years 2024-25.

Further, after the closure of the financial year the Board of Directors in their meeting held on
August 25, 2025 have appointed DSM and Associates, Practicing Company Secretary as
Secretarial Auditor to conduct the Secretarial Audit of the Company for the Financial Years
2025-26 to F.Y. 2029-30, subject to the approval of the members in the ensuing Annual General
Meeting.

The Secretarial Audit Report (MR-3) for the FY ended on March 31, 2025 is annexed as
Annexure 8. The MR-3 is self-explanatory and does not call for any further comments. The MR-
3 does not contain any qualification, reservation, adverse remark or disclaimer.

26. INTERNAL AUDITOR

M/s Manant Jain & Co is the Internal Auditor for the FY 2024-25. The Board of Directors in their
meeting held on May 24, 2024 have re-appointed M/s Manant Jain & Co as the Internal Auditor
for a period of three years from FY 2024-25 to FY 2026-27.

27. COST AUDITOR REPORT AND COST RECORD

The Company is neither required to appoint Cost Auditor nor require to maintain cost records
as specified by the Central government under Sub-section (1) of Section 148 of the Act.
Accordingly, consequently such accounts and records are not made and maintained by the
Company.

28. PARTICULARS OF EMPLOYEES

The remuneration of the Directors and employees exceed the criteria prescribed in Section 197
of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 which is attached as Annexure 4

The detailed information is available for inspection at Registered Office of the Company during
working hours. Any member interested in obtaining such information may write to the
Company Secretary, at the registered office and the same will be furnished upon request.

29. ALTERATION OF MEMORANDUM OF ASSOCIATION (MOA) AND ARTICLES OF ASSOCIATION:

During the year under review, there has been no change in the MOA and AOA of the Company.

30. CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the year under review, the Company has constituted the Corporate Social Responsibility
Committee (CSR Committee) in accordance with Section 135 of the Act, the details of which
have been provided in the Corporate Governance Report, which forms part of this Annual
Report.

The Annual Report on CSR activities as required to be given under the Act read with Rule 8 of
the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been provided in
Annexure 5.

The Company has adopted its Corporate Social Responsibility Policy ("the CSR Policy") in line
with the provisions of the Act. The CSR Policy deals with objectives, scope/areas of CSR
activities, implementation and monitoring of CSR activities, CSR budget, reporting, disclosures
etc. The web link for the policy on Corporate Social Responsibility is as under:
https://krishival.com/pages/investors-desk

31. RISK MANAGEMENT

The Company has an adequate risk management framework in place capable of addressing
those risks. The Risk Management framework is in place to identify, prioritise, mitigate, monitor
and appropriately report any significant threat to the organisation's strategic objectives, its
reputation, operational continuity, environment, compliance, and the health & safety of its
employees.

The purpose of the Risk Management plan is to institutionalize a formal risk management
function and framework in the Company for identifying, assessing, monitoring and managing its
business risk including any material changes to its risk profile. The Risk Management plan is
placed on the website of the Company at https://krishival.com/pages/investors-desk

32. NOMINATION AND REMUNERATION POLICY

To comply with the provisions of Section 178 of the Act and Rules made thereunder and
Regulation 19 of the Listing Regulations, the Company has a remuneration Policy for Directors,
Key Managerial Personnel (KMP), Senior Management and other Employees of the Company.
The Policy includes, inter-alia, the criteria for appointment and remuneration of Directors,
KMPs, Senior Management and other employees of the Company.

The remuneration is decided after considering various factors such as qualification, experience,
performance, responsibilities shouldered, industry standards as well as financial position of the
Company. The salient features of the Nomination and Remuneration Policy are stated in the
Report on Corporate Governance, which forms part of the Annual Report.

The web link to the Nomination and Remuneration Policy is as under:
https://krishival.com/pages/investors-desk

33. RELATED PARTY TRANSACTIONS

The details of contract or arrangements made with the related parties in accordance with the
provisions of Section 188 of the Act are provided in the prescribed Form AOC-2 as Annexure- 2.
The transaction with related party is within the limit prescribed under section 188 of
Companies Act 2013 and under regulation 23 of SEBI (LODR) 2015.

Further, the Board of Directors in their meeting held on August 12, 2025 have approved
issuance of corporate guarantee to Bank ("Lender") for an amount upto Rs. 20 crores as
security for the working capital and term loan to be availed by Melt 'N' Mellow Foods Private
Limited, material subsidiary of the Company from the bank, subject to the approval of the
Members in the ensuing Annual General Meeting of the Company.

The policy on Related Party Transactions is available on the website of the Company at
https://krishival.com/pages/investors-desk

34. VIGIL MEGHANISM

The Company has established a Vigil Mechanism that enables the Directors and Employees to
report genuine concerns.

The Vigil Mechanism provides for

(a) adequate safeguards against victimization of persons who use the Vigil Mechanism; and

(b) direct access to the Chairperson of the Audit Committee of the Board of Directors of the
Company in appropriate or exceptional cases.

The web link for the policy is as under: https://krishival.com/pages/investors-desk

35. CODE OF CONDUCT:

To comply with the requirements of Regulation 17(5) of the Listing Regulation, the Company
has adopted Code of Conduct for Board of Directors and Senior Management Personnel ("the
Code"). All Board members and senior management personnel have confirmed compliance
with the Code for the year 2024-25. The code requires directors and employees to act honestly,
fairly, ethically and with integrity, conduct themselves in professional, courteous and respectful
manner.

36. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report for the year under review, as stipulated under
Regulation 34(2)(e) read with Part B of Schedule V of the Listing Regulations, is annexed as
Annexure- 7 of this Report.

37. BOARD EVALUATION

Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out
annual performance evaluation of its own performance, the directors individually as well the
evaluation of the working of its Audit, Nomination & Remuneration and Stakeholder
committee, including the Chairperson of the Board who were evaluated on parameters such as
level of engagement and contribution and independence of judgment thereby safeguarding the
interest of the Company. The performance evaluation of the Independent Directors was carried
out by the entire Board. The performance evaluation of the Chairperson and the Non¬
Independent Directors was carried out by the Independent Directors. The Directors expressed
their satisfaction with the evaluation process.

38. STATEMENT OF COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the Secretarial Standard on
Meetings of the Board of Directors ("SS-1") and on General Meetings ("SS-2") as issued and
amended from time to time by the Institute of Company Secretaries of India (ICSI) in terms of
Section 118(10) of the Act.

39. CORPORATE GOVERNANCE

During the year under review, the provisions of 15(2) of the Listing Regulations the provisions
mentioned in the Regulations 17 to 27 of the Listing Regulations were applicable to the
Company. A separate report on Corporate Governance which is annexed as Annexure-6 of this
Report.

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

The information pertaining to Conservation of Energy, Technology Absorption and Foreign
Exchange earnings and outgo as required under section 134(3)(m) of the Act read with rule 8(3)
of the Companies (Accounts) Rules, 2014 is annexed to this report as Annexure- 3.

41. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

During the year under review, the provisions of Regulation 34(2)(f) of the Listing Regulations,
Business Responsibility and Sustainability Report ("BRSR") was not applicable to the Company.

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

The company has in place a policy for prevention of sexual harassment in accordance with the
requirements of the Sexual Harassment of women at workplace (Prevention, Prohibition &
Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints
received regarding sexual harassment. The Board thereafter constituted a sexual harassment
committee where the chairperson of the Committee is Aparna Morale Bangar, Shailesh Kumar

Jain and Sunil Kumar Agarwal are the Members. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.

During the financial year under review, the Company has complied with all the provisions of the
POSH Act and the rules framed thereunder. Further details are as follow:

43. MATERNITY BENEFIT

The Company is fully compliant with the provisions of the Maternity Benefit Act, 1961, as
amended from time to time. During the year under review, the Company has continued to
provide maternity benefits to its eligible women employees, including paid maternity leave,
medical bonus, and other statutory entitlements.

Additionally, the Company has adopted progressive HR policies that support the well-being of
women employees through flexible work arrangements, extended maternity support in special
cases, and awareness initiatives regarding maternal health and work-life balance.

These initiatives underscore the Company's commitment to fostering a supportive, inclusive,
and equitable workplace.

44. 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 STATEMENT RELATE AND THE DATE OF THE REPORT:

During the year under review, there were no material changes and commitments affecting the
financial position of the Company which occurred between the end of the financial year to
which this financial statement relates and the date of this Report. As such, no specific details
are required to be given or provided.

45. PARTICULARS OF LOANS GIVEN, GUARANTEES GIVEN OR INVESTMENTS MADE UNDER
SECTION 186 OF COMPANIES ACT, 2013

The Company has not given any loan to the Directors and/or Key Management Personnel.
Particulars of loans, guarantees and investments made by Company pursuant to Section 186 of
the Act are given in the notes to the financial accounts forming part of the Annual Report.
Except stated in AOC-2

46. THE 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 under review, no applications were made or proceedings pending against the
Company under the Insolvency and Bankruptcy Code, 2016.

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

During the year under review, there was no one time settlement done with any bank or any
financial institution.

48. THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE

During the financial year ended March 31, 2025, there are no significant and material orders
passed by the Regulators/Courts that would impact the going concern status of the Company
and its future operation.

49. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls commensurate with the size,
scale and complexity of its operations. Review of the internal financial controls environment of
the Company was undertaken during the year under review which covered verification of entity
level control, process level controls and IT controls, review of key business processes and
analysis of risk control matrices, etc.

During the period under review, effectiveness of internal financial controls was evaluated. In
addition, the policies and procedures have been designed to ensure the safeguarding of the
Company's assets; the prevention and detection of frauds and errors; the accuracy and
completeness of the accounting records; and the timely preparation of reliable financial
information.

The Company's internal control systems are supplemented by an extensive program of internal
audit by an independent firm of Chartered Accountants. Internal audits are conducted at
regular intervals and a summary of the observations and recommendations of such audit along
with management reply are placed before the Audit Committee of the Board. The Company's
system and process relating to internal controls and procedures for financial reporting provide
a reasonable assurance to the Statutory Auditors regarding the reliability of financial reporting
and the preparation of financial statement in accordance with applicable Indian Accounting
Standards, the Act read with the rules made thereunder, SEBI regulations and all other
applicable regulatory/statutory guidelines, etc. The details in respect of internal financial
control and their adequacy are included in Management Discussion and Analysis Report,
forming part of this Annual Report.

50. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Act, the Directors state that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been
followed along with proper explanation relating to material departures, if any;

(b) Appropriate accounting policies have been selected and applied consistently and have 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 for the Company for
the year ended March 31, 2025;

(c) 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) The annual accounts have been prepared on a going concern basis;

(e) Proper internal financial controls were followed by the Company and such internal financial
controls are adequate and were operating effectively;

(f) Proper systems are devised to ensure compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.

51. MISCELLANEOUS:

The Directors state that no disclosure or reporting is required in respect of the following items as
there were no transactions on these items during the year under review:

1. Issue of equity shares with differential rights as to dividend, voting or otherwise.

2. Issue of Sweat Equity Shares to the employees of the Company.

3. Buyback of shares.

4. Neither the Managing Director nor the Whole-time Directors of the Company receive any
remuneration or commission from any of its WOS.

52. ACKNOWLEDGEMENT

The directors are highly grateful for all the guidance, support and assistance received from the
Governments of various states in India, concerned Government departments, Financial Institutions
and Banks.

The directors place on records their deep appreciation to all employees for their hard work,
unstinted dedication and commitment and continued contribution at all levels in the performance
of the company. The directors also take this opportunity to thank all shareholders, suppliers,
distributors, retailers, directors, auditors, Government and regulatory authorities, for their
continued support.

The directors appreciate the continued co-operation and support received from its customers that
has enabled the Company to make every effort in understanding their unique needs and deliver
maximum customer satisfaction. The Board look forward for their continued support in future.

For and on Behalf of the Board of Directors of
Krishival Foods Limited

Sd/- Sd/-

Aparna Morale Bangar Sujit Sudhakar Bangar

Managing Director Chairperson and Executive Director

DIN:05332039 DIN: 07871115

Place: Mumbai
Date: August 25, 2025