The Directors of POLYLINK POLYMERS (INDIA) LIMITED are delighted to present the 32^nd Annual
Report along with the Audited Financial Statements of the Company for the financial year ended
March 31, 2025.

The Audited Financial Statements of the Company as on March 31, 2025, are prepared in accordance
with the relevant applicable Indian Accounting Standards (“Ind AS”) and Regulation 33 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI

Listing Regulations”) and the provisions of the Companies Act, 2013 (“Act”).

The summarized financial highlight is depicted below: (Figure in Lakhs)

The Company's financial performance during the year under review demonstrates robust growth. The
total revenue for the financial year ended March 31, 2025, stood at Rs. 9,151.04 Lakhs, marking a
significant increase of 22.16% compared to Rs. 7,491.04 Lakhs reported for the preceding financial
year ended March 31, 2024.

Furthermore, the Net Profit after Tax for the financial year ended March 31, 2025, was recorded at
Rs. 213.20 Lakhs, as against Rs. 173.18 Lakhs for the financial year ended March 31, 2024. This
represents a commendable increase of 23.11%.

The retained earnings of the Company also exhibited a healthy growth, increasing to Rs. 1,884.75
Lakhs as on March 31, 2025, from Rs. 1,675.87 Lakhs as on March 31, 2024, registering an increase
of 12.46%.

Your company is manufacturing of all types of polymers, Polymeric compounds and co-polymers
required as sources material for cables of all types including power cables XLPE cables and
Telecommunication cables.

During the year, the Company has not apportioned any amount to other reserve. The profit earned
during the year has been carried to the balance sheet of the Company.

In light of the Company's strategic growth objectives and the need to conserve resources for future
expansion and strengthening of the financial position, the Board of Directors, after due deliberation,
has decided not to recommend any dividend for the financial year 2024-25.

Four meetings of the Board were held during the year under review. For details of meetings of the
Board, please refer to the Corporate Governance Report, which is a part of this report.

During the year there have been no 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 till the date of the report.

During the year under review, there was no change in the nature of business of the Company.

The contents of Nomination and Remuneration Policy of the Company prepared in accordance with
the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 are provided in the Corporate
Governance Report. The Policy may be referred to at the Company's website at
www.polylinkpolymers.com

Polylink Polymers India Limited continues to operate as a subsidiary of KHL Finance Limited
(formerly known as HWL Trader Limited). As of March 31, 2025, KHL Finance Limited maintains a
significant controlling interest, holding 60.50% of the total equity share capital of Polylink Polymers
India Limited. This strategic investment underscores our continued commitment to the growth and
performance of Polylink Polymers India Limited within our consolidated business operations.

There are no Subsidiary, Joint Ventures or Associate Companies and neither have ceased to be
Subsidiary, Joint Venture or Associate Companies during the year.

During the year under review, there were no significant or material orders passed by any regulators
or court or tribunal, which can impact the going concern status of the company and /or its future
operations.

There was no change in the share Capital of the Company during the year under review.

Your Company has not accepted any deposits from the public within the meaning of Section 73 and
74 of the Companies Act, 2013 and read with the Companies (Acceptance of Deposits) Rules, 2014 for
the year ended 31^st March, 2025.

The Board believes the independent directors appointed or re-appointed are individuals of integrity
who have the necessary expertise and experience, including proficiency. Necessary details regarding
the appointment and re-appointment as required under the Companies Act, 2013 and SEBI Listing
Regulations, 2015 are given in the notice of 32^nd Annual General Meeting. The aforesaid appointments
are subject to approval of shareholders at the Annual General Meeting.

Mr. Uma Shankar Bhartia (DIN: 00063091) who retires by rotation and being eligible, offers himself
for re-appointment. A resolution seeking shareholders’ approval for his re-appointment forms part of
the Notice.

Pursuant to the provisions of Section 149 of the Act, the independent directors have submitted
declarations that each of them meets the criteria of independence as provided in Section 149(6) of the
Act along with the Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations.
There has been no change in the circumstances affecting their status as independent directors of the
Company.

During the year under review, Mr. Krishna Murari Lal, who served two successful terms with the
company, concluded his term on August 4, 2024. The Board of Directors extends its sincere gratitude
to Mr. Krishna Murari Lal (DIN: 00016166) for his invaluable contributions and dedicated service
during his tenure as an Independent Director.

His insights and guidance have been instrumental to the Board's deliberations and the Company's
strategic direction, and we wish him the very best in his future endeavors.

As per recommendation of Nomination and Remuneration Committee the board in its meeting held
on 29^th May, 2024 has approved appointment of Mr. Ashwini Nagia (DIN: 10637754) as an
Independent Director with effect from 05^th August, 2024.

During the financial year 2024-25, The Board is pleased to report that, following the expiration of
previous term of Mr. Ravi Prakash Goyal (DIN: 00040570) Whole-Time Director was reappointed as
Whole-Time Director and Key Managerial Personnel on a contractual basis for a further period of
three years, commencing February 8, 2025. This reappointment was duly approved by the
shareholders through a postal ballot, the results of which were declared on March 21, 2025. In addition
to his salary and perquisites, Mr. Ravi Prakash Goyal continues to be entitled to other company
contributions as per the Human Resources Policy."

During the period under review, Mr. Dilip Nikhare the Company Secretary and Compliance officer of
the company has resigned from the position on June 25, 2025.

During the year under review, the non-executive directors of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees, commission, if any and
reimbursement of expenses incurred by them for the purpose of attending meetings of the Board /
Committee of the Company.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company
are:

1. Mr. Ravi Prakash Goyal (Whole Time Director),

2. Mr. Manoj Gohil (Chief Financial Officer),

3. Mr. Dilipkumar Nikhare (Company Secretary and compliance officer)*

*Mr. Dilip Nikhare has resigned from the office w.e.f. 25.06.2025

The Board of Directors has carried out an annual evaluation of its own performance, board and
committees pursuant to the provisions of the Act and SEBI Listing Regulations.

The Board evaluated its own performance through a comprehensive process, gathering input from all
directors. This assessment was based on several key criteria, including the Board's composition and
structure, the effectiveness of its processes, the quality of information provided, and its overall
functioning.

The performance of the committees was evaluated by the board after seeking inputs from the
committee members based on criteria such as the composition of committees, effectiveness of
committee meetings, etc.

In a separate meeting of independent directors, performance of non-independent directors, the Board
as a whole and the Chairman of the Company was evaluated, taking into account the views of
executive directors and non-executive directors.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual
directors on the basis of criteria such as the contribution of the individual director to the board and
committee meetings like preparedness on the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc.

At the board meeting that followed the meeting of the independent directors and meeting of
Nomination and Remuneration Committee, the performance of the Board, its committees and
individual directors was also discussed. Performance evaluation of Independent Directors was done
by the entire Board, excluding the independent director being evaluated.

The Audit Committee has oversight in the area of financial risks and controls. The major risks
identified by the businesses and functions are systematically addressed through mitigating actions
on a continuing basis. A well-defined and established system of internal audit is in operation to
independently review and strengthen these control measures, which is carried out by a reputed firm
of Chartered Accountants. The Audit Committee of the Company regularly reviews the reports of the
internal auditors and recommends actions for further improvement of the internal controls.

The objective of Risk Management at PPIL is to create and protect shareholder value by minimizing
threats or losses, and identifying and maximizing opportunities. An enterprise-wide risk management
framework is applied so that effective management of risks is an integral part of every employee’s job.
The Company is manufacturing of all types of polymers, Polymeric compounds and co-polymers
required as sources material for cables of all types including power cables XLPE cables and
Telecommunication cables.

The Company has established a well-defined process of risk management, wherein the identification,
analysis and assessment of the various risks, measuring of the probable impact of such risks,
formulation of risk mitigation strategy and implementation of the same takes place in a structured
manner. Though the various risks associated with the business cannot be eliminated completely, all
efforts are made to minimize the impact of such risks on the operations of the Company. Necessary
internal control systems are also put in place by the Company on various activities across the board
to ensure that business operations are directed towards attaining the stated organizational objectives
with optimum utilization of the resources. Apart from these internal control procedures, a well-defined
and established system of internal audit is in operation to independently review and strengthen these
control measures, which is carried out by a reputed firm of Chartered Accountants. The Audit
Committee of the Company regularly reviews the reports of the internal auditors and recommends
actions for further improvement of the internal controls.

The Company does not fall in any of the criteria of Section 135 of the Companies Act, 2013 read with
the Companies (Corporate Social Responsibility Policy) Rules, 2014 and hence the Company is not
required to comply with the same.

Your company has taken all the necessary steps to insure its properties and insurable interests, as
deemed appropriate and also as required under the various legislative enactments.

Attracting, enabling and retaining talent have been the cornerstone of the Human Resource function
and the results underscore the important role that human capital plays in critical strategic activities
such as growth. The Company had total 45 employees as on 31^st March, 2025.

Your Company enjoys the status of “One Star Export House”

Your company is making continues endeavor to enter into new area of market. The high standard and
development will ensure cost reduction, cost control and new product mix which preliminary affect
the bottom line of the company.

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability,
confirm that:

i. In the preparation of the annual accounts for FY 2024-25, the applicable accounting standards have
been followed and there are no material departures;

ii. They have selected such accounting policies and applied them consistently and made judgments
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the FY 2024-25 and of the profit of the Company for that period;

iii. They 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. They have prepared the annual accounts on a going concern basis; and

v. They have laid down internal financial controls to be followed by the Company and such internal
financial controls are adequate and operating effectively;

vi. They have devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and
maintained by the Company, the work performed by the internal, statutory and secretarial auditors
and external consultants, including the audit of internal financial controls over financial reporting by
the statutory auditors and the reviews performed by management and the relevant board committees,
including the audit committee, the Board is of the opinion that the Company’s internal financial
controls were adequate and effective during FY 2024-25.

As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
following Directors are liable to retire by rotation and seeking appointment / reappointment at the
ensuing Annual General Meeting is annexed to the notice convening 32^nd Annual General Meeting.
Following directors are liable to retire/appoint/reappoint in ensuing Annual General Meeting.

1. Mr. Uma Shankar Bhartia (DIN: 00063091)

2. Mrs. Jyoti shastri (DIN: 06387317 Non-Executive Independent Director)

Disclosures of the ratio of Remuneration of each director to the median employee's remuneration and
other details as require with respect to Section 197(12) of the Companies Act, 2013 read with Rule 5
(1) of the Companies (Appointment and remuneration of Managerial Personnel) Rules 2014 are given
in the ANNEXURE - IV of the Director Report.

Particulars of Employee of the company who are covered by the provisions contained in Rule 5(2) and
Rule 5 (3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
as under:

Employee throughout the Year: Nil
Employee for part of the year: Nil

The Detail of remuneration paid to the directors including executive directors of the Company are
given in draft Form MGT 7 available at the websites of the company at www.polylinkpolymers.com .

The Company has duly constituted and reconstituted the following statutory Committees in terms of
the provisions of the Act read with relevant rules framed thereunder and the SEBI Listing
Regulations during the reporting period and up to the date of this report.

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

The composition of all the above Committees, brief terms of reference, number of meetings held during
the financial year, their dates and attendance of members at each of the Committee meetings and
other details have been provided in the Corporate Governance Report as ANNEXURE VII, which
forms part of the Annual Report of the Company. There has been no instance during the year where
the recommendations of the Committees were not accepted by the Board

Pursuant to section 139 of Companies Act 2013 read with Rule 6 of Companies (Audit and Auditors)
Rules, 2014 M/s. K N Gutgutia & Co. Chartered Accountant, New Delhi having Firm Registration No.
304153E were appointed by the Shareholders of the Company at their 29^th Annual General Meeting
held on 30^th June, 2022 from the Conclusion of that Annual General Meeting till the Conclusion of
33^rd Annual General Meeting at Remuneration as to be decided by the Board of Directors in
consultation of the Auditors plus applicable taxes and out of pocket expenses if any.

According to the provision of section 204 of the Companies Act, 2013 read with Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation
24A of the SEBI Listing Regulations, M/s. RPSS & Co. Partner Mr. Rajesh Parekh Company
Secretaries, Ahmedabad conducted the secretarial audit for the financial year ended 31 March 2025.
The Secretarial Audit Report issued by the Secretarial Audit in Form MR-3 is attached as
ANNEXURE V and forms part of the Directors’ Report. There are no qualifications or remarks made
by the Secretarial Auditor in their Report.

In accordance with the amended provisions of Regulation 24A of the SEBI Listing Regulations and
based on the recommendation of the Audit Committee, the Board of Directors, at their meeting held
on 8^th August 2025, have approved and recommended for the Members’ approval, the appointment of
M/s. AG Shah & Associates Proprietor CS Ashish Shah, a Peer Reviewed Practicing Company
Secretary, having ICSI Membership No. A29017, COP No - 10642 and Peer Review No. 2399/2022 as
the Secretarial Auditor of the Company for term of 5 (five) consecutive years commencing from the
financial year 2025-26.

i) Auditor’s Report

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditors remarks in
their report are self-explanatory and do not call for any further comments from the Board.

ii) Secretarial Audit Report

In terms of Section 204 of the Act and Rules made their M/s. RPSS & Co. Partner Mr. Rajesh Parekh
Company Secretaries, Ahmedabad as Secretarial Auditor of the Company to conduct the audit of the
secretarial records of the company for the year ended 2024-25. The report of the Secretarial Auditor
for the F.Y 2024-25 is enclosed to this report. The report is self-explanatory and do not call for any
further comments from the Board.

iii) Secretarial Compliance Report

In terms of SEBI (LODR) Regulation, 2015 the company have appointed M/s. RPSS & Co. Partner
Mr. Rajesh Parekh Company Secretaries, Ahmedabad to issue a compliance report in respect of
compliance of various rules, notices, circulars, notification etc. issued by BSE, SEBI from time to time
which is annexed hereto as ANNEXURE VI to this report.

During the year company have complied all the circulars, notices, notification issued under various
SEBI Act and Regulations, which are applicable for the company. The Secretarial Compliance Report
for the F.Y 2024-25 is enclosed to this report. The report is self - explanatory and do not call for any
further comments.

There was no instance of fraud during the year under review, which required the statutory auditors
to report to the audit committee and /or Board under section 143(12) of Act and rules framed
thereunder.

The Company has a Whistle Blower Policy and has established the necessary vigil mechanism for
directors and employees in confirmation with Section 177(9) of the Act and Regulation 22 of Listing
Regulations, to report concerns about unethical behavior.

In staying true to our values of Strength, Performance and Passion and the Company is committed to
the high standards of Corporate Governance and stakeholder responsibility. The Policy ensures that
strict confidentiality is maintained.

The company is in compliance with the Secretarial Standard on Meeting of the Board of Directors (SS -
1) and General Meeting (SS-2) issued by the Institute of Company Secretaries of India and approved
by the Central Government.

During the year under review, the Company has not given any loan or provided guarantees or made
any investments as prescribed under Section 186 of the Companies Act, 2013.

All related party transactions that were entered between the related parties during the FY 2024-25
were on arm's length basis and were in the ordinary course of the business and comply the Related
Party Transaction Policy of the Company. There are no materially significant 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 except as mentioned
in Form AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014, are given as Annexure III to this report.

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management
and Administration) Rules, 2014, the Annual Return for FY 2024-25 is available on the website of
the Company at

https://www.polvlinkpolvmers.eom/investor.html#Annual Return under section 92 of the Companies
Act, 2013.

Pursuant to Section 197 of Companies act, 2013 read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 as amended, Remuneration paid to all the Key
Managerial Personnel was in accordance with remuneration Policy adopted by the Company and is
attached herewith under ANNEXURE IV of this report.

In compliance with SEBI (Prohibition of Insider Trading) Regulation, 2018, the Company has adopted
a Code for Prevention of Insider Trading, Code for Practice and Procedure for Fair disclosure of
Unpublished Price Sensitive Information along with Policy for Legitimate purpose 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’s shares by the Directors, Insiders, Key Managerial Personnel, and 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 Company Secretary & Compliance
Officer is responsible for implementation of the Code. All Board of Directors and the designated
employees have confirmed compliance with the Code.

In terms of SEBI Regulation, 2015, a meeting of Independent Directors was held on 25^th March, 2025,
in absence of Non-Independent Directors and members of the Management. The Meeting was held
inter-alia, with a view to review the performance of non-independent directors and the Board as a
whole, review the performance of and non-executive directors; and to assess the quality, quantity and
timeliness of flow of information between the company’s management and the Board. The details of
Independent Directors' Meeting and familiarization program are stated in the Corporate Governance
Report available at Company’s website under Investor Relation section.

Based on the declarations received from the Independent Directors confirming their independence
under the provisions of Section 149 of the Act read with Regulation 16(l)(b) of the SEBI Listing
Regulations, the Board, having verified the veracity of such declarations, have confirmed that the
Independent Directors fulfil the conditions of independence specified in the Act and the SEBI Listing
Regulations and that they are independent of the Company’s management.

The Company has in place adequate internal financial control with reference to financial statements.
Periodic audit is undertaken on continuous basis covering all the major operations. Reports of the
Internal Auditors are reviewed by the management from time to time and desired actions are initiated
to strengthen the control and effectiveness of the system. During the year, such control was tested and
no reportable material weaknesses were observed in the design or operation. The Internal financial
control with reference to financial statement as designed and implemented by the company are
adequate. During the year under review, no material or serious observation has been received from
the Internal Auditors of the company for inefficiency of such control.

The Internal Control System provides for well documented policies/guidelines, authorization and
approval procedures. Considering the nature of its business and size of operation, your company
through its internal auditor carried out periodic audit based on the plan approved by the audit
committee.

The Remarks of the Internal Audit, if any and the action taken report along with the status of the
implementation are reported to the Audit Committee. The above recommendation is reviewed by the
Audit Committee on a regular basis and require action are initiated to strengthen the control and
effectiveness of the system. Concerns, if any, reported to the board.

Your Directors would like to draw your attention to section 20 of the Companies act, 2013 read with
the Companies (Management and administration) Rules, 2014 as may be amended from time to time
which permit the paperless compliances and also service of notice/documents (including annual
report) through electronic mode to its shareholders.

Your Directors hereby once again appeal to all those members who have not registered their e mail
address so far are requested to register their email address in respect of electronic holding with their
concerned Depository participants and /or with the Company.

The Company obtained the necessary approval/Licenses from concerned Government
Department/Pollution Control Board and related environment clearance safety clearance. The
company continues to focus on maintenance and performance improvement of related pollution control
facility at its manufacturing locations.

The business responsibility and Sustainability Report (BRSR) as required by regulation 34(2) (f) of
the SEBI (listing obligations and disclosure requirements) regulations, is applicable to the top 1000
listed entities based on market capitalization. We wish to inform that the Company does not fall
within the criteria for mandatory BRSR reporting for the financial year ended March 31, 2025.

The Management Discussion and Analysis Report on the operations of the Company for the FY 2024¬
25 as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
has been provided as an ANNEXURE VIII attached herewith to this report.

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 Company
believes in "Zero Tolerance" against bribery, corruption and unethical dealings / behaviors of any form
and the Board has laid down the directives to counter such acts.

Pursuant to requirements of provisions of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the Company has adopted the following policies currently which are available on
the portal of the company at www.polylinkpolymers.com and the links for all the policies are given
under ANNEXURE-II of this report.

Pursuant to rule 8(5)(xi) of the Companies (Accounts) Rules, 2014, no application has been made nor
any proceeding is pending under the Insolvency and Bankruptcy Code, 2016 during the period under
review.

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 under rule 8(5)(xii) of the Companies (Accounts) Rules, 2014 are not applicable to the Company
during the period under review.

The Company has in place a policy for the prevention of sexual harassment in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 (“POSH Act, 2013”) The policy has been posted on the Company's website
www.polylinkpolymers.com .

The Company has always believed in providing a safe and harassment-free workplace for every
individual working in the Company. The Company has complied with the applicable provisions of the
aforesaid Act and the Rules framed thereunder, The Company has in place a policy on Sexual
Harassment in line with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

a. Number of complaints filed during the financial year: 0

b. Number of complaints disposed of during the financial year: 0

c. Number of complaints pending as of the end of the financial year: 0

The information on conservation of energy, technology absorption and foreign exchange earnings and
outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts)
Rules, 2014, as amended, is provided as ANNEXURE-I of this report.

The Directors thank the Company’s employees, customers, vendors, investors and academic partners
for their continuous support.

The Directors also thank the Government of India, Governments of various states in India,
Governments of various countries and concerned Government departments and agencies for their co¬
operation.

The Directors appreciate and value the contribution made by every member of the Company.

Place: Ahmedabad For, Polylink Polymers (India) Limited

Date: 08^th August, 2025 By Order of the Board of Directors

Ravi Prakash Goyal Uma Shankar Bhartia

Whole Time Director Director

(DIN: 00040570) (DIN: 00063091)