Your Directors present the Seventy-Fourth (74^th) Annual Report of the Company together with Audited Financial
Statements for the financial year ended 31^st March, 2025.

1) FINANCIAL HIGHLIGHTS:

2) MANAGEMENT DISCUSSION AND ANALYSIS

a. Review of Operations:

During the year review, total income stood at Rs. 84.15 Lakhs, as against the total income for the previous year of
Rs.77.80 Lakhs. Further, the Company reported a loss before tax of Rs. 190.31 Lakhs during the year under
review, as compared to the loss before tax of Rs. 124.63 Lakhs in the previous year.

Further, since your Company has incurred losses during the previous years and has accumulated losses and its
net worth being fully eroded, the Company's ability to continue as a going concern was uncertain. However, Holding
Company i.e. Kiyana Real Estate Private Limited has indicated its intention to arrange the required financial support
to the Company and accordingly, the financial statements of the Company have been prepared on a going concern
basis.

b. Future Outlook:

Your Company has very limited operations and with limited access to equity as well as borrowed funds, the
availability of growth opportunities are minuscule. Nevertheless, the Company is focusing on various opportunities
in businesses like vehicle management services, trading in goods especially targeting B to B segment, etc. Your
Company is targeting to increase its focus in services sector, which is growing at faster pace as compared to other
sectors.

However, your Company is exploring various business opportunities/ alternatives in order to make operations
profitable and would be finalised/implemented upon reaching normalcy from current uncertain situations.

c. Segment:

The Company operates only in one Business Segment i.e. 'Management Services'.

d. Opportunities and Threats:

The Company continues to have negligible operations till date and has been incurring losses.

3) INDUSTRY STRUCTURE AND DEVELOPMENTS:

The automobile industry significantly contributes to the Indian economy, impacting GDP, manufacturing,
employment, and exports. It's a major driver of economic growth, with a substantial share in India's overall GDP
and manufacturing sector. Recent developments in the Indian automobile industry are characterized by significant
technological shifts like shifting towards electric mobility, increased government intervention including Production
Linked Incentive (PLI) scheme Scrappage policy etc, and a strategic focus on sustainability and global
competitiveness. The component industry is diverse, with key product areas including engine parts, drive
transmission and steering parts, suspension and braking systems, and electrical and electronic parts.

Other Information as required in Management Discussion and Analysis report are provided in other parts of Annual
Report.

4) DIVIDEND:

In view of loss incurred during the year under review and brought forward losses of the Company, your Directors
do not recommend payment of any dividend on equity shares.

5) RESERVES:

During the year under review, no amount has been transferred to reserves.

6) WEB-LINK OF ANNUAL RETURN:

The Annual Return of the Company for the year ended 31^st March, 2025 is available on the Company's website
and can be accessed at https://www.apimumbai.com/investor-relations/default.aspx

7) BOARD AND COMMITTEE MEETINGS:

a) Board Meetings:

During the financial year under review, Six (6) meetings of the Board of Directors were held on the following dates,
in due compliance with the Companies Act, 2013 (‘the Act') & Secretarial Standard - 1:

The attendance of Director(s) at the meeting of the Board of Directors was as under:

b) Audit Committee Meetings:

The Audit Committee presently comprises of the following Directors:

During the year under review, four (4) meetings of the Audit Committee were held on the following dates:

The attendance of Committee Members at the meetings of the Audit Committee held during the financial year
ended 31^st March, 2025 was as under:

None of the recommendations made by the Audit Committee were rejected by the Board.

c) Nomination & Remuneration Committee Meetings:

The Nomination and Remuneration Committee (‘NRC') presently comprises of the following Directors:

During the year under review, Three (3) meeting of the NRC was held on 29^th May, 2024, 21^st June, 2024 and 28^th
August, 2024.

The attendance of Committee Members at the meetings of the NRC held during the financial year ended 31^st
March, 2025 was as under:

d) Stakeholders Relationship Committee Meetings:

The Stakeholders Relationship Committee (‘SRC') presently comprises of the following Directors:

* 1. Mr. Shyam Agarwal ceased to be Chairperson of the Committee w.e.f. 28th August, 2024
2. Ms. Priti Kataria ceased to be Member of the Committee w.e.f. 28th August, 2024

During the year under review, One (1) meeting of the SRC was held on 29^th May, 2024 All the members of the
SRC attended the meeting.

The attendance of Committee Members at the meetings of the SRC held during the financial year ended 31^st
March, 2025 was as under:

e) Independent Directors’ Meeting:

The Independent Directors held their meeting was held on 10^th February, 2025 in the presence of Mr. Devesh Bhatt
and Ms. Deepa Mutha Independent Directors without the presence of any Executive/Non-Executive Directors and
members of management in compliance with Schedule IV of the Act, to inter alia to:

i) Review the performance of Non-Independent Directors and the Board as a whole; and

ii) Assess the quality, quantity and timeliness of flow of information between the Company Management and the
Board that is necessary for the Board to effectively and reasonably perform their duties.

iii) Review the performance of the Chairperson, taking into account the views of executive and non-executive
directors of the Company.

8) SECRETARIAL STANDARDS (SS-1):

Your Company has complied with applicable Secretarial Standards during the year under review.

9) WHISTLE BLOWER POLICY:

Pursuant to the provisions of section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, Vigil Mechanism for stakeholders, directors
and employees to report genuine concerns has been established. The Whistle Blower Policy provides a
mechanism for the Directors/ Employees to report violations without fear of victimization of any unethical behaviour,
suspected or actual fraud and violation of Code of conduct etc., which are detrimental to the organization's interest.
The Directors and Employees of the Company can directly approach to the Chairman of the Audit Committee to
report about any grievances. The Whistle Blower Policy of the Company is available on the website of the Company
at https://www.apimumbai.com/investor-relations/policies-and-codes.aspx

During the year under review, no such instance has been reported to the Chairman of the Audit Committee.

10) DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(5) of the Act with respect to Directors' Responsibility Statement,
it is hereby confirmed:

i) that in the preparation of the annual accounts for the financial year ended 31^st March, 2025, the applicable
accounting standards have been followed and there is no material departure from the same;

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

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

iv) that the Directors have prepared the annual accounts for the year ended 31^st March, 2025 on a ‘going
concern' basis.

v) that the Directors had laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and are operating effectively; and

vi) that Directors had devised proper systems to ensure compliances with the provisions of all applicable laws
and that such systems were adequate and operating effectively.

11) DIRECTORS:

a) Appointment of Director:

Ms. Deepa Mutha (DIN: 10725691) was appointed as an Additional Non-Executive Independent Director of the
Company with effect from 28^th August, 2024 by the Board of Directors of the Company at its Meeting held on
28^th August, 2024 and the Members of the Company at its 73rd Annual General Meeting held on 27^th September,
2024 appointed her as a Non-Executive Independent Director of the Company.

b) Retirement of Independent Director upon Completion of Tenure:

Ms. Priti Kataria, who was appointed as an Independent Director of the Company on 19th August, 2014, retired
from her position from end of business hours on 26^th September, 2024 due to completion of her tenure of two
consecutive terms of 5 years each as an Independent Director of the Company.

Further during the year under review, there was no change in the composition of the Board of Directors of the
Company.

c) Declaration from Independent Directors:

Your Company has received statements of declaration of Independence from Mr. Devesh Bhatt (DIN: 08225392)
and Ms. Deepa Mutha (DIN: 10725691), Independent Directors of the Company and these Directors have
confirmed that they meet the criteria of independence as provided in Section 149(6) of the Act and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

d) Retirement by Rotation:

Mr. Shyam Agarwal (DIN: 00039991), Director of the Company retires by rotation at the ensuing Annual General
Meeting in accordance with the provisions of Section 152 of the Act, and being eligible, offers himself for re¬
appointment.

Based on the review and recommendation by the Nomination and Remuneration Committee, the Board
recommends his re-appointment to the Members at their ensuing Annual General Meeting.

12) KEY MANAGERIAL PERSONNEL:

Your Company has following Key Managerial Personnel (KMP), pursuant to the provisions of Section 203 of the

During the year under review, there is no change in KMP of the Company.

13) FORMULATION OF POLICY FOR SELECTION AND APPOINTMENT OF DIRECTORS AND THEIR
REMUNERATION:

The Nomination and Remuneration Committee recommended and Board approved the policy for appointment and
removal of Directors, Key Managerial Personnel (‘KMP'), Senior Management Personnel and other employees
and their remuneration is aimed at commitment of fostering a culture of high performance in line with its Vision,
Mission and Values. The key principles governing this remuneration policy are as follows:

i) Criteria of Appointment and Removal of Directors, KMPs and Senior Management:

a. The Non-Executive Directors shall be of high integrity with relevant expertise and experience so as to
have a diverse Board.

b. In case of appointment of Independent Directors, the Committee shall satisfy itself with regard to the
independence of the Directors vis-a-vis the Company so as to enable the Board to discharge its function
and duties effectively.

c. The Committee shall ensure that the candidate identified for appointment as a Director is not disqualified
for appointment under Section 164 of the Act.

d. The Committee shall consider the following attributes/ criteria, whilst recommending to the Board the
candidature for appointment as Director:

i. Qualification, expertise and experience of the Directors in their respective fields as mentioned
below;

ii. Personal, Professional or business standing;

e. In case of re-appointment of Non-Executive Director, the Board shall take into consideration the
performance evaluation of the Director and his or her engagement level.

ii) Remuneration:

The Remuneration Policy ("the Policy") is in line with aforesaid philosophy. The overall remuneration and
practices are endeavoured to be aligned and be consistent with the organization's prevailing/ benchmark

practices. The key factors governing formulation of the policy are in line with the provisions of Section 178(4)
of the Act.

The Non-Executive Directors may be paid remuneration by way of sitting fees for participation in the Board/
Committee meetings based on the recommendation of Nomination and Remuneration Committee and
approval of the Board. The Board, subject to the compliance of the Act, may also consider payment of
commission from time to time.

With regards to remuneration to persons other than directors, the Company follows a holistic remuneration
practice which are consistent with organization's philosophy, vision and values and which supports to build
capacity as well as capabilities of the manpower.

The copy of the aforesaid Policies will be available for inspection of members at the Registered office of the
Company during working hours and on the website of the Company at https://www.apimumbai.com/i nvestor-
relations/investors-information.aspx in section ‘Policies, Codes and Other Information'.

14) HOLDING COMPANY:

Kiyana Real Estate Private Limited continues to be the holding company of the Company.

15) SUBSIDIARY/JOINT VENTURE/ASSOCIATE COMPANIES:

The Company does not have any subsidiary, joint venture, associate companies.

16) BUSINESS RESPONSIBILITY & SUSTAINABLITY REPORTING :

The Business Responsibility & Sustainablity Reporting (BRSR) as part of the Annual Report as required by
Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable
to your Company for the financial year ended on 31^st March, 2025.

17) SIGNIFICANT AND MATERIAL ORDER:

There was no order passed by any regulator or court or tribunal impacting the going concern status of the Company
and Company's Operations.

18) INTERNAL FINANCIAL CONTROLS:

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of Company's
business, including adherence to the Company's policies, the safeguarding of its 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.

19) AUDITORS:

a) STATUTORY AUDITOR:

M/s. CAS & Co., Chartered Accountants (Firm Registration No.: 111075W), the Statutory Auditor of the Company,
were appointed as the Statutory Auditor of the Company for a term of five (5) consecutive years up to the conclusion
of the Annual General Meeting of the Company to be held for the calendar year 2028.

The Company has not received any communication from the Statutory Auditor stating that they are disqualified to
act as Statutory Auditor of the Company pursuant to sub-section (3) of Section 141 of the Companies Act, 2013.

b) SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Act and Rule 9 of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Yogesh Singhvi, Practicing Company
Secretary to carry out the secretarial audit of the Company.

c) INTERNAL AUDITOR:

M/s. C. R. Mohnot & Co., Chartered Accountants, Mumbai (Firm Registration No. 144750W) are the Internal Auditor
of the Company. They have carried out and duly conducted internal audit of the function and activities of the
Company for the F.Y. 2024-25. The findings and observations are appropriately addressed by the Management/
Audit Committee/ Board and action pertaining thereto are being taken.

d) AUDIT REPORTS:

I. Statutory Audit Report

With regard to the emphasis of matter made by the Statutory Auditor of the Company in their Audit Report for the
financial year ended 31^st March, 2025, with respect to presentation of accounts on principles of going concern
basis.

Management Response: Your Directors would like to state that the Holding company of the Company has indicated
its intention to extend the financial support to maintain the Company as a going concern. The same is also
disclosed in Note No. 30 to the financial statements annexed hereto.

Other than the aforesaid Emphasis of matter, there are no adverse remarks/ observations/ qualifications made by
the Auditor in its report for the financial year 2024-25.

II. Secretarial Audit Report

The Secretarial Audit Report for the year is annexed herewith as ‘Annexure B' as well as mentioned herein below:

(i) During the year under review, the suspension in trading in the equity shares of the Company has been
revoked by BSE Limited vide its email dated 19^th April 2024 and trading in the securities of the Company
resumed in “XT” Group w.e.f. 29^th April, 2024.

(ii) the Company has not met the minimum public shareholding requirements in terms of Clause 38 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015. During the year under review, Company has received three emails from BSE Limited imposing fine
of INR 7,43,400/-for the period from 29^th April 2024 to 30^th June 2024, INR 10,85,600/- for the period from
1^st July 2024 to 30^th September 2024 and INR 10,85,600/-for the period from 1^st October 2024 to 31^st
December 2024 in terms of Chapter VII Section VII-B SEBI circular no. SEBI/HO/CFD/PoD2/CIR/P/0155
dated November 11, 2024 titled “Non-compliance with the Minimum Public Shareholding (MPS)
Requirements. The Company has requested the BSE Limited to waive the said fine in view of negligible
operations of the Company and losses incurred.

(iii) the listing fees pursuant to Regulation 31 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 for the year ended 31^st March 2025 was paid with delay in the month of May 2024.

Explanation to the remarks/ observations made by the Secretarial Auditor as mentioned above are provided herein
under:

(a) With respect to point no. (i) to (ii) of the remarks/ observations made by the Secretarial Auditor in his report,
the Directors would like to submit a under:

The suspension in trading in the equity shares of the Company has been revoked w.e.f. 29^th April 2024 vide
email dated 19^th April 2024 of BSE Limited and trading in the securities of the Company resumed in "XT”
Group.

The Board of Directors of the Company are evaluating necessary steps to reduce the promoter holding
below 75% and meet the minimum public shareholding requirements in terms of Regulation 38 of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(b) With respect to point no. (iii) of the remarks/ observations made by the Secretarial Auditor in his report, the
Directors would like to submit as under:

1. The delay in payment of Listing Fees was due to paucity of funds.

20) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Your Company has not given any Loan or any Guarantee or provided any security and has not made any
investments in securities which are covered under the provisions of Section 186 of the Act.

21) RELATED PARTY TRANSACTIONS:

During the year under review, all the transactions covered under section 188(1), entered into by the Company with
its related parties, were in ordinary course of business and on arm's length basis and the Company is in compliance
with the applicable provisions of Companies Act, 2013 in this regard. Accordingly, the disclosure of related party
transactions as required under section 134(3) of the Act, in Form AOC-2, is not applicable to the Company.

However, the Company has made disclosures, in relation to the transactions with the related parties pursuant to
Indian Accounting Standards (IND AS - 24), as per Note No. 26 forming part of the financial statements annexed
hereto.

22) MATERIAL CHANGES AND COMMITMENTS:

There were no material changes and commitments occurred from the end of financial year of the Company ended
on 31^st March, 2025 till the date of this report that may affect the financial position of the Company.

23) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNING AND
OUTGO

The operations of your Company are not energy-intensive. However, your Company has taken and would take,
steps from time to time wherever required/possible to conserve energy. Your Company would also take requisite
actions in order to introduce technology for optimizing its operations.

During the year under review, the Company has not imported any technology for its operations. During the year
under review, the Company has neither earned nor spent any foreign exchange.

24) RISK MANAGEMENT POLICY:

The Company has formulated and implemented a Risk Management Policy for review and identification of
elements of risks. In the opinion of the Board, there are no risks which may threaten the existence of the Company
except limited access to long term capital for its long-term sustainability esp. in view of the remarks made by the
Auditor as stated in para no. 18 above. Although challenging in current scenario with limited resources, the
Company is taking steps to explore business opportunities which are less capital intensive.

25) PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any deposit within the meaning of Section 73 of the
Act.

26) CORPORATE SOCIAL RESPONSIBILITY:

Since the Company does not meet the prescribed threshold limit, provisions of Section 135 of the Act are not
applicable to the Company.

27) BOARD EVALUATION:

Pursuant to the provisions of Section 134(3)(p) 178, read with Schedule IV of the Act, the Nomination and
Remuneration Committee (‘NRC') has carried out an annual performance evaluation of the Board, the Directors
individually as well as that of Committees.

The evaluation has been carried out based on evaluation questionnaire set for the Board/ Committee and individual
Directors. The NRC expressed its satisfaction of the annual evaluation.

28) PARTICULARS OF EMPLOYEES:

The particulars of employees within the meaning of Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are not applicable as none of the Company's employees
were in receipt of the remuneration of more than Rs. 1,02,00,000/- during the year ended 31^st March, 2025 or more
than Rs. 8,50,000/- per month during any part of the said year and therefore, the details to be reported pursuant
to Rule 5(2)(iii) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is also
not applicable.

Since none of the Directors has been paid any remuneration, the disclosure, under Section 197(12) read with
applicable Rules under the Act, is not applicable.

There were 4 permanent employees on the rolls of the Company as on 31st March, 2025 (4 employees in the
previous year), with a salary payout increased by an average of 9.07% over the previous year. The Company has
incurred loss of Rs. 190.31 Lakhs during the year under review. The remuneration paid to the employees are as
per the remuneration policy of the Company.

29) CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year under review, the Company has not changed its business.

30) CORPORATE GOVERNANCE:

Pursuant to Regulation 15(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
provisions relating to the disclosure pertaining to Corporate Governance shall not apply to the listed Companies
having Paid up Equity Share Capital not exceeding Rs. 10 Crore and Net Worth not exceeding Rs. 25 Crore, as
on the last day of the previous financial year. Since the Company falls under the above criteria, compliance with
the disclosure requirements of the Corporate Governance are not applicable to the Company.

31) PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE:

The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment in line with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
[POSH Act] and applicable Rules made thereunder. However, pursuant to the provisions of Section 6 of POSH
Act, the Company is not required to constitute an Internal Complaints Committee, since the Company had less
than ten (10) workers or employees in the Company during the year. Accordingly, complaint in respect thereof if
any, can be referred to ‘Local Complaint Committee' constituted by district officer within the appropriate jurisdiction.
Further, during the year under review there was no case reported under the said Policy to the Company.

32) OTHER DISCLOSURES:

Your Directors state that no disclosure or reporting is required in respect of the following matters during the year
under review:

(a) The Company has not changed its business;

(b) There was no instance of onetime settlement with any banks or financial institutions; and

(c) There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

33) OTHER UPDATES:

? Revocation of Suspension in trading in the equity shares of the Company:

BSE Limited vide its Notice dated 20^th June, 2023, provided listing approval for the existing capital of the Company
i.e. 48,17,656 equity shares of Re. 1/- each bearing distinctive nos. 1 to 48,17,656 and has also updated its records
on the BSE Listing Centre.

The suspension in trading in the equity shares of the Company has been revoked w.e.f. 29^th April 2024 vide email
dated 19th April 2024 of BSE Limited and trading in the securities of the Company resumed in "XT” Group.

? Minimum Public Shareholding (‘MPS’):

Post approval of application for revocation of suspension of trading in the Equity Shares of the Company by BSE
Limited, the Board of Directors of the Company are evaluating necessary steps to reduce the promoter holding
below 75% and meet the minimum public shareholding requirements in terms of Regulation 38 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Company has received four emails from BSE Limited imposing fine of INR 7,43,400/-for the period from 29^th
April 2024 to 30^th June 2024, INR 10,85,600/- for the period from 1^st July 2024 to 30^th September 2024, INR
10,85,600/-for the period from 1^st October 2024 to 31^st December 2024 and INR 10,62,000/- for the period from 1^st
January 2025 to 31^st March 2025 in terms of Chapter VII Section VII-B SEBI circular no.
SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 titled "Non-compliance with the Minimum Public
Shareholding (MPS) Requirements. The Company has requested the BSE Limited to waive the said fine in view
of negligible operations of the Company and losses incurred.

? Escrow Account:

Pursuance of SEBI circular no. SEBI/HO/MIRSD/PoD-1/OW/P/2022/64923 dated 30th December, 2022, the
Company has opened demat Account, in the name and style of ‘Automobile Products of India Limited -
Suspense Escrow Demat Account'.

In case of non-receipt of demat request from the securities holder/claimant within 120 days of the date of Letter of
Confirmation, the shares will be credited to Suspense Escrow Demat Account of the Company.

34) ACKNOWLEDGEMENTS:

Your Directors take this opportunity to express their appreciation for the excellent assistance and co-operation
received from all its stakeholders. The Board of Directors wishes to express its gratitude and record its sincere
appreciation of the dedicated efforts by all employees. Your Directors are thankful to esteemed shareholders for
their support and confidence reposed in the Company.

For and on behalf of the Board

Place: Mumbai SHYAM AGARWAL SIDDHARTH AGARWAL

Date: 28^th May, 2025 DIRECTOR DIRECTOR

DIN: 00039991 DIN: 02055700