To,

The Members

The Directors present the Thirty Sixth Annual Report together with the Audited Financial Statements for the Financial Year ended March 31^st, 2025.

1. Financial Results (Rs. in Lakh)

2. Financial & Operational Review:

During the year under review following were the operational performance of the company:

a) Revenue from operations increased from Rs. 13099.28 Lakh to Rs. 16978.35 Lakh in comparison to previous year (according to IND- AS Financial Statements).

b) Net profit of the company has increased from Rs. 148.24 Lacs to Rs. 153.35 Lacs.

c) Finance cost increased from Rs. 114.79 Lacs to Rs. 166.43 Lacs as compared to the previous year.

d) Depreciation and amortization expenses increased from Rs. 39.00 Lakh to Rs. 105.61 Lakh as compared to the previous year.

e) Reserves of the company increased from Rs. 1387.54 lakh to Rs. 1540.89.

f) Highlights of the performance of the company has been discussed in detail in Management Discussion and Analysis report attached herewith.

3. Dividend:

Based on Company's performance and in order to conserve resources, your directors do not recommend any dividend for the year.

4. Share Capital

As on 31st March, 2025, your Company has Total Paid up Share Capital of Rs. 8,22,66,000.00 divided into 83,31,600 Equity shares of ` 10/- each

5. Transfer to Reserves

The Board of Directors has decided to retain the entire amount of profit for Financial Year 2024-25 in the statement of profit and loss.

6. Public Deposits

The Company has not accepted any deposits from the public by invitation during the year.

7. Board of Directors and Key managerial Persons:

During the year under review, Mrs. Bijal Yogesh Durgavale (DIN: 07403891) resigned from the board on 30.07.2024. Necessary disclosures in this regard were made to Stock Exchange. Further Ms. Neelu Kambo (DIN: 11040743) was appointed by the board in its meeting dated 10^th April 2025 as Additional (Independent) Director, her appointment was regularized by the members through postal ballot mechanism on 28^th June 2025. Pursuant to the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company Mr. Ankur Garg (DIN: 00616599), Whole-time Director of the Company retires from the Board by rotation, at the ensuing Annual General Meeting (AGM) of the Company and being eligible he has offered himself for re appointment. The Board recommends the proposal of his re-appointment for consideration of the members at the ensuing AGM of the Company.

8. Declaration from Independent Directors

The company had received the declarations u/s 149(7) of the Companies Act, 2013 from all Independent Directors that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing Regulations the Independent Directors have confirmed that they are not aware of any circumstance or situation which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence

In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank maintained by the Indian Institute of Corporate Affairs. In the opinion of the Board, all the independent directors on the Board of the Company possess requisite qualifications and attributes of integrity, expertise and experience. They fulfill the conditions specified in the Act read along with the rules made thereunder and are independent of the Management.

9. Director's Responsibility Statement:

Pursuant to Section 134 (5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the following:

a) that in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b) that such accounting policies have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2025 and of the profit of the Company for the year ended on that date;

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

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial control were adequate and were operating effectively;

f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

10. Meetings of the Board:

The Board met Five (5) times during the financial year ended on 31^st March, 2025. The intervening gap between two meetings was within the period prescribed by the Companies Act, 2013 and SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations"). Further the Composition of Board, number and attendance of each director in various

Committees of Board is as required in accordance with Secretarial Standard-1 on Board Meetings and Listing Regulations.

11. Board Evaluation:

Regulation 10, 19(4) and 20(4) of LODR Regulations mandates that the board shall monitor and review the board evaluation framework. The Companies Act, 2013 states that an annual evaluation needs to be made by the board of its own performance and that of its committees and individual directors, Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The said criteria also contemplate evaluation of the directors based on their performance as director apart from their specific role as independent, non-executive and executive directors as mentioned below: - a) Executive Director, being evaluated as directors as mentioned above, will also be evaluated on basis of targets/criteria given to them by board from time to time as well as their terms of appointment.

b) Independent Director, as director will be evaluated on meeting their obligations connected with their independence criteria as well as adherence with the requirements of professional conduct, roles, etc. applicable to independent directors as described in the Schedule IV of the Companies Act, 2013.

12. Details of fraud reported by the Auditors under section 143 (12) other than those which are reportable to the

Central Government:

No such fraud has been reported under section 143(12) of the Companies Act, 2013. 13. Subsidiary, Associates and Joint Ventures:

During the period under review, the Company had no subsidiary, associates & joint ventures, hence the Company is not required to provide a report on the performance and financial position of each of the subsidiaries, associates and joint venture companies included in the financial statements as required under Companies act, 2013.

14. Particulars of Employees:

The information required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is enclosed as Annexure-B which forms part of this report.

Further, there were no employee getting salary in excess of the limit as specified under the provisions of Section 197 (12) of the Companies Act, 2013 read with rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

15. Board and its Committees:

During the financial year under review, the Board and its committees were as follows:

The Board has accepted all recommendations made by the Audit Committee from time to time.

16. Auditors:

A) Statutory Auditors

M/s Mittal Gupta & Co., Chartered Accountants, Kanpur (ICAI FRN No. 001874C) were appointed as Statutory Auditors of the company to hold office for the term of 5 (Five) consecutive years from the conclusion of the 34^th Annual General Meeting of the Company held on 30^th September, 2023 until the conclusion of the 39^th Annual General Meeting of the Company to be held in the year, 2028. Accordingly, they continued to hold the office of Statutory Auditors of the Company during the financial year under scrutiny.

The Auditors' Report for the Financial Year 2024-2025 does not contain any qualification, reservation or adverse remark requiring clarification or explanation in the Directors' Report.

B) Secretarial Auditors

The Company had appointed Mr. Sarvesh S. Srivastava, Practicing Company Secretaries as the Secretarial Auditors of your Company for the Financial Year 2024-25. The Secretarial Audit Report is annexed as Annexure -C which forms part of this Report. Further, the Comments made in the Secretarial Auditor's Report are self-explanatory and need no further elucidation.

C) Internal Auditors

Pursuant to provisions of Section 138 read with Rule 13 of Companies (Accounts) Rules 2014, your Company engaged the services of M/s BC Jain & Co, Chartered Accountants, Kanpur, to conduct the Internal Audit of the functions and activities of the Company for the Financial Year 2024-25. The Quarterly Internal Audit Report is placed before the Audit Committee of the Company for its review, at regular intervals.

D) Cost Auditors

Pursuant to section 148 of the Companies Act, 2013, the Board of Directors on the recommendation of the Audit Committee, appointed M/s Shyam Ji Mishra & Associates, Cost Accountants (Firm Registration Number 002306) as the Cost Auditors of the company for the Financial Year 2024-25 and has recommended their remuneration to the Shareholders for ratification at the 35^th Annual General Meeting which was duly approved by shareholders.

M/s Shyam Ji Mishra & Associates, Cost Accountants (Firm Registration Number 002306) have confirmed that their appointment is within the limits of the Section 139 of the Companies Act, 2013, and have also certified that they are free from any disqualifications specified under Section 141 of the Companies Act, 2013. The Audit Committee has also received a certificate from the Cost Auditor certifying their independence and arm's length relationship with the Company. The Cost Audit Report for the financial year 2024-25 is being filed with Ministry of Corporate Affairs.

17. Material changes and commitments, affecting financial position of the company occurring between the end of the financial year and the date of the report.

No material change has occurred affecting the financial position of the company between the end of the financial year of the company and date of the report which this Financial Statements relate and the date of this Report.

However, the company has proposed and is considering expanding its business in existing surfactant market by manufacturing new products in the existing business line and for better facilitation of finance, the company has decided to switch its bankers to some extent.

18. Details of significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and company's operations in future:

No such order has been passed against the Company.

19. Internal control system and their adequacy & Business risk management:

The Company has adequate system of internal control with reference to the financial statements. All the transactions are properly authorized, recorded and reported to the Management. The internal auditor of the Company checks and verifies the internal control and monitors them in accordance with Accounting Standards for properly maintaining the books of accounts and reporting financial statement.

Our management assessed the effectiveness of the Company's internal control over financial reporting (as defined in Clause 17 of SEBI Regulations, 2015) as of March 31, 2025. The Statutory Auditors of the company has audited the financial statements included in this annual report and has issued an attestation report on our internal control over financial reporting (as defined in section 143 of the Companies Act 2013).

Our Risk Management framework encompasses practices relating to the identification, analysis, evaluation, treatment, mitigation and monitoring of the strategic, operational, and legal and compliance risks to achieving our key business objectives. The details and its terms of reference are set out in the Management Discussion and Analysis which form part of this report.

20. Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo:

The Company has taken adequate steps during the year regarding conservation of energy which has resulted in less consumption of electricity. The particulars relating to the Conservation of Energy, Technology absorption, Foreign Exchange Earnings and Outgo as required u/s 134 (3) (m) of the Companies Act, 2013 are enclosed as Annexure- A which forms part of this Report.

21. Corporate Social Responsibility:

CSR in terms of Section 135 and Schedule VII of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility (Rules), 2014 is not applicable to the company for the period under review.

22. Particulars of Loans, Guarantees and Investments:

Details of Loans and Investments have been provided in the financial statement of the company which forms part of this annual report.

23. Related Party Transactions:

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There were no related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large. Form AOC-2 is annexed as Annexure -D which forms part of this Report.

24. Corporate Governance:

Your Company has always endeavored to adhere to high standards of Corporate Governance and ensured its compliance in both spirit and law.

A detailed report on Corporate Governance is attached herewith as Annexure-E and forms part of this report.

25. Vigil Mechanism (Whistle Blower Policy):

In pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read with Rule 7 of the Companies (Meeting of Board and its Powers) Rules, 2014 and SEBI (Listing Obligations and Disclosures Requirement), 2015, a Vigil Mechanism for directors and employee to report genuine concerns about unethical behavior, actual or suspected fraud or violation of the Company's code of conduct or ethics policy has been established.

26. Annual Return:

Pursuant to Section 92(3) of the Companies Act, 2013 read with read with Rule 12 of the Companies (Management and Administration) Rules, 2014, a copy of the Annual Return of the Company for financial year 2024-25 prepared in accordance with Section 92(1) of the Act has been placed on the website at the web link- https://www. standardsurfactants.com.

27. Obligation of company under the Sexual Harassment of woman at workplace (Prevention, Prohibition and

Redressal) Act, 2013:

In order to prevent sexual harassment of women at work place a new act The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has been notified on 9th December, 2013. Under the said Act every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of any women employee.

Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up Committee for implementation of said policy. During the year Company has not received any complaint of harassment.

28. Prevention of Insider Trading:

The 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. The Board is responsible for implementation of the Code.

29. Company's policy on Director's appointment and remuneration:

The current policy is to have an appropriate mix of executive and independent directors, to maintain the independence of the Board, and separate its functions of governance and management. The Company has duly constituted the Nomination and Remuneration Committee of the Board and the committee which periodically evaluates the requirement for changes in the composition and size of the Board, review remuneration of the Managing Director and Whole-time Director(s) based on their performance and Recommend the policy for remuneration of Directors, KMPs & other senior level employees of the Company and review the same in accordance with performance of the Company and industry trend. The policy is available at the website of the company at https://standardsurfactants.com.

30. Human Resources:

Our Vision and values form the basis of our attitudes and actions. Mutual trust and respect are essential for successful cooperation, which your company demonstrates in all its dealings. By building high levels of commitments and creating a passion for excellence the sustainable progress of your Company is brought about through its people.

31. Code of Conduct:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day-to-day business operations of the company. The Code has been placed on the Company's website www.standardsurfactants.com. The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. All the Board Members and the Senior Management personnel have confirmed compliance with the Code.

32. Listing:

The Equity Shares of Company continued to be listed at BSE Limited and the Annual Listing Fee for the financial year 2025-26 has been paid up to date within the stipulated time period.

33. Details of utilization of funds raised through Preferential Allotment or Qualified Institutional Placement as specified under Regulation 32 (7A) of Listing Regulations:

As per the SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, issued by the SEBI titled

"Format on Statement of Deviation or Variation for proceeds of public issue, rights issue, preferential issue,

Qualified Institutions Placement (QIP) etc." and pursuant to Regulation 32 of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015, the Company hereby confirms that there is no deviation or variation in use of proceeds raised through preferential issue. The funds are utilized for general corporate purposes in due course.

34. Maintenance of Cost Records:

The Company has maintained cost records under sub-section (1) of Section 148 of the Companies Act, 2013 as its turnover during the Financial Year under report exceeds the threshold limit prescribed under Rule 3 of the Companies (Cost Records and Audit) Rules, 2014.

35. Reporting of fraud by Auditors:

During the year under review, the Auditors have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee or to the Board or Central Government under section 143(12) of the Companies Act, 2013.

36. Details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016:

During the year under review, your Company has not made any application nor any proceeding that has been pending in respect of the company under Insolvency and Bankruptcy Code, 2016.

Acknowledgements:

Yours directors would like to express their sincere appreciation of the co-operation and assistance received from shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your directors also wish to place on record their deep sense of appreciation for the commitment displayed by all executives, officers and staffs, during the year.