Essex Marine Ltd. ನಿರ್ದೇಶಕರ ವರದಿ

Your Directors’ are pleased to submit the 17^th Annual Report on the business and operations
of your Company (“the Company” or “ESSEX MARINE LIMITED”), along with the
audited financial statements, for the financial year ended March 31, 2026.

1. FINANCIAL SUMMARY OR HIGHLIGHTS / PERFORMANCE OF THE
COMPANY

The Financial Results for the year ended March 31, 2026 and the corresponding figure for
the previous years are as under:

2. TRANSFER TO RESERVES

In order to conserve resources for future business growth and to strengthen the financial
position of the Company, your Directors do not propose to transfer any amount to the
General Reserve for the financial year ended March 31, 2026.

3. DIVIDEND

With a view to conserve resources for future growth, strengthen the financial position of
the Company and augment its working capital requirements, your Directors have not
recommended any dividend on the equity shares of the Company for the financial year
ended March 31, 2026.

4. STATE OF COMPANY''S AFFAIRS

Your Directors are pleased to share the exceptional operational and financial performance
achieved by the Company during FY2026.

The major highlights of the FY2026 are as under:

> Revenue from operations stood at ?6,069.26 lakhs in FY2026 as compared to
?3,722.47 lakhs in FY2025 thereby registering a growth of 63.04%.

> PAT stood at ?637.34 lakhs in FY2026 as compared to ?400.26 lakhs in FY2025,
thereby registering a growth of 59.23%.

The Company is well positioned to achieve better operation and financial performance in
FY2026.

5. CHANGE IN THE NATURE OF BUSINESS

During the financial year under review, there was no change in the nature of the business
or operations of the Company. The Company continued to carry on its existing business
activities without any material alteration.

6. CHANGE IN NAME AND STATUS OF THE COMPANY

During the financial year under review, the Company underwent significant corporate
developments. Pursuant to the approval of the shareholders and the requisite approvals
from the Registrar of Companies, the status of the Company was changed from a private
limited company to a public limited company with effect from February 19, 2025.
Consequently, the name of the Company was changed from Essex Marine Private Limited
to Essex Marine Limited.

7. INITIAL PUBLIC ISSUE

The Company successfully completed its Initial Public Offering (“IPO”), comprising a
fresh issue of 42,62,000 equity shares of face value of ?10/- each at an issue price of ?54/-
per equity share (including a premium of ?44/- per equity share), aggregating to ?23 crores.
Pursuant to the IPO, the equity shares of the Company were listed on SME Platform of
BSE Limited August 11, 2025. The listing of the Company’s equity shares marks a
significant milestone in the Company’s journey and strengthens its corporate governance
framework, transparency and access to capital markets.

8. UTILISATION OF PROCEEDS OF INITIAL PUBLIC OFFER (IPO)

The Company has duly utilized the proceeds raised through its Initial Public Offering
("IPO") towards the objects of the issue as disclosed in the Prospectus.

9. DEMATERIALISATION OF SHARES

As on March 31, 2026, all the shares of the Company is being held in demat form represents
100% of the total issued and paid-up capital of the Company. The Company ISIN No. is
INE1IBY01019. M/s. Skyline Financial Services Private Limited is the Registrar and Share
Transfer Agent of the Company and handles investors related matters under the supervision
of the Company.

10. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE
FINANCIAL POSITION BETWEEN THE END OF FINANCIAL YEAR
AND DATE OF THE REPORT

There were no material changes and commitments occurred affecting the financial position
of the Company during the period from the end of the financial year to which the financial
statement related till the date of this report:

11. SHARE CAPITAL

a. Authorised Share Capital

As on March 31, 2026, the Authorized Share Capital of the Company stood at ?
17,00,00,000 divided into 1,70,00,000 equity shares of face value of ? 10 each.

b. Issued, Subscribed, and Paid-up Share Capital

During the year under review, the Company successfully completed its Initial Public
Offering (IPO) and got listed on the Stock Exchange. Pursuant to the IPO, the Company
allotted 42,62,000 Equity Shares of face value of ?10/- each at an issue price of ?54/- per
Equity Share (including a securities premium of ?44/- per Equity Share), resulting in an
increase in the paid-up equity share capital of the Company.

Consequent to the aforesaid allotment, the issued, subscribed and paid-up equity share
capital of the Company increased from 1,10,00,000 Equity Shares of face value of ?10/-
each to 1,52,62,000 Equity Shares of face value of ?10/- each.

Accordingly, as on March 31, 2026, the issued, subscribed and paid-up equity share capital
of the Company stood at 1,52,62,000 Equity Shares of face value of ?10/- each, aggregating
to ?15,26,20,000.

During the year under review, except for the allotment of Equity Shares pursuant to the
Initial Public Offering, the Company did not issue any further Equity Shares. Further, the
Company has neither bought back any of its securities nor issued shares with differential
voting rights or sweat equity shares, nor has it undertaken any stock split or consolidation
of its share capital during the year under review.

12. ALTERATION OF MEMORANDUM AND ARTICLES OF
ASSOCIATION

During the FY2026, the Company has not undertaken any alteration or amendment to the
Memorandum and Articles of Association of the Company.

13. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on March 31, 2026, the Company has four Directors on Board of which one is Executive
Director, one is Non-Executive Director (Women Director) and two are Independent
Directors.

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Debashish Sen
(DIN: 02591346), Managing Director, is liable to retire by rotation at the ensuing Annual
General Meeting of the Company and being eligible has offered himself for reappointment.
Necessary resolution for his re-appointment is included in the Notice of AGM for seeking
approval of Members. The Directors recommend his re-appointment for your approval. A

brief profile of Mr. Debashish Sen (DIN: 02591346), has been given in the Notice
convening the forthcoming AGM.

14. DECLARATIONS BY INDEPENDENT DIRECTORS

In accordance with the provisions of Section 149(7) of the Companies Act, 2013, each of
the Independent Directors has confirmed to the Company that he or she meets the criteria
of independence laid down in Section 149(6) of the Companies Act, 2013 read with
Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements),
Regulations 2015 (the Listing Regulations) as emended.

In the opinion of the Board of Directors, all Independent Directors of the Company fulfils
the conditions specified in the Act and Rules made thereunder.

15. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, Regulation 17(10) of the Listing
Regulations and in line with our corporate governance guidelines, peer evaluation of all
Board members, annual performance evaluation of its own performance, as well as the
evaluation of the working of Board’s Committees was undertaken. This evaluation is led
by the Chairman of the Nomination and Remuneration Committee with a specific focus on
the performance and effective functioning of the Board and its Committees. The evaluation
process, inter alia, considers attendance of Directors at Board and committee meetings,
acquaintance with business, communication inter se board members, the time spent by each
of the Board members, core competencies, personal characteristics, accomplishment of
specific responsibilities and expertise.

The performance of the Board was evaluated by the Board after seeking inputs from all the
Directors on the basis of the criteria such as the Board composition and structure,
effectiveness of Board processes, information and functioning etc.

The performance of the Committees was evaluated by the Board after seeking inputs from
the Committee Members on the basis of the criteria such as the composition of Committees,
effectiveness of committee meetings, etc.

The report on the performance evaluation of the Individual Directors was reviewed by the
Board and feedback was given to the Directors.

16. BOARD MEETING

During the year under review Board met on 05-04-2025, 09-04-2025, 28-04-2025, 07-07¬
2025, 21-07-25, 28-07-2025, 07-08-2025, 15-09-25, 12-11-2025 and 20-02-2026. There
were 10 (ten) board meetings held during FY2026, in accordance with the provisions of
Companies Act, 2013.

The intervening gap between two consecutive meetings was within the limit prescribed
under the Companies Act, 2013 and SEBI Listing Regulations.

17. MEETING OF THE INDEPENDENT DIRECTORS

During FY2026, one meeting of Independent Directors was held without the presence of
the Executive Directors or Management Personnel on 19-03-2026. At such meeting, the

Independent Directors have discussed, among other matters, the challenges faced by the
Company, growth strategies, flow of information to the Board, strategy, leadership
strengths, compliance, governance, HR related matters and performance of Executive
Directors.

18. COMMITTEES OF THE BOARDA. AUDIT COMMITTEE

The Audit Committee of the Board comprises of:

During the year under review, there has been no instance where the recommendations of
the Audit Committee have not been accepted by the Board. The terms of reference of the
Audit Committee are in accordance with the provision of the Companies Act, 2013 and in
line with SEBI Listing Regulations although the listing regulation pertaining to Audit
Committee is not applicable to the Company.

B. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Board comprises of:

During the year under review, there has been no instance where the recommendations of
the Nomination and Remuneration Committee have not been accepted by the Board. The
terms of reference of the Nomination and Remuneration Committee are in accordance with
the provision of the Companies Act, 2013 and in line with SEBI Listing Regulations
although the listing regulation pertaining to Nomination and Remuneration Committee is
not applicable to the Company.

C. STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee of the Board comprises of:

During the year under review, there has been no instance where the recommendations of
the Stakeholders Relationship Committee have not been accepted by the Board. The terms
of reference of the Stakeholders Relationship Committee are in accordance with the
provision of the Companies Act, 2013 and in line with SEBI Listing Regulations although
the listing regulation pertaining to Stakeholders Relationship Committee is not applicable
to the Company.

D. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee of the Board comprises of:

The terms of reference of the Corporate Social Responsibility Committee are in accordance
with the provisions of the Companies Act, 2013 and the rules made thereunder. Although
the provisions relating to the Corporate Social Responsibility Committee under the SEBI
Listing Regulations are not applicable to the Company, the terms of reference of the
Committee have been aligned with the principles of good corporate governance.

19. VIGIL MECHANISM

To meets the requirement under Section 177(9) and (10) of the Companies Act, 2013 and
Regulation 22 of the Listing Regulations the Company has adopted a vigil mechanism
named Whistle Blower Policy for directors and employees to report genuine concerns,
which shall provide adequate safeguards against victimization of persons who use such
mechanism. Under this policy, we encourage our employees to report any reporting of
fraudulent financial or other information to the stakeholders, any conduct that results in
violation of the Company’s Code of Business Conduct, to management (on an anonymous
basis, if employees so desire).

Likewise, under this policy, we have prohibited discrimination, retaliation or harassment
of any kind against any employee who, based on the employee’s reasonable belief that such
conduct or practice have occurred or are occurring, reports that information or participates
in the said investigation. The Whistle Blower Policy is displayed on the Company’s website
atwww.essexmpl.com.

No individual in the Company has been denied access to the Audit Committee or its
Chairman during the FY2026.

20. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY

The Board has on the recommendation of the Nomination and Remuneration Committee
framed a policy for the selection and appointment of Directors and Senior Management
Personnel and their remuneration. The Remuneration Policy is included in the Corporate
Governance Report, which forms part of this Annual Report. The Company’s policy
relating to the Directors appointment, payment of remuneration and discharge of their
duties is available on the website of the Company at www.essexmpl.com.

21. CORPORATE SOCIAL RESPONSIBILITY

Our Company was exempted from the provisions of section 135 of the Companies Act,
2013 and the rules made thereunder during the financial year ended March 31, 2026, in
respect of Corporate Social Responsibility.

22. RISK MANAGEMENT POLICY

Your Company’s Risk Management Framework is designed to enable risks to be identified,
assessed and mitigated appropriately. The Risk Management framework seeks to create
transparency, minimize adverse impact on the business objectives and enhance the
Company’s competitive advantage.

The Board reviews the same from time to time to include new risk elements and its
mitigation plan. Risk identification and its mitigation is a continuous process in our
Company.

23. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY

The Company does not have any associate or subsidiary Company. The Company does not
have any Joint Venture as well as on March 31, 2026.

A statement containing the salient features of the financial statement of the subsidiary/joint
venture Company is not required.

Further, pursuant to the provisions of Section 136 of the Companies Act, 2013, the
standalone financial statements of the Company along with relevant documents is available
on the website of the Company atwww.essexmpl.comunder investors’ section. These
documents will also be available for inspection till the date of the AGM during business
hours at the Corporate Office of the Company.

24. NON-APPLICABILITY OF THE INDIAN ACCOUNTING STANDARDS

As per Provision to regulation Rule 4(1) of the companies (Indian Accounting Standards)
Rules, 2015 notified vide Notification No. G.S.R 111 (E) on 16th February, 2015,
Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI
(Issue of Capital and Disclosure Requirements) Regulations, 2009, are exempted from the
compulsory requirements of adoption of IND-AS w.e.f. 1st April, 2017. As your Company
is listed on SME Platform of BSE Limited, it is covered under the exempted category and
not required to comply with IND-AS for preparation of financial statements.

25. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGULATORS OR COURTS OR TRIBUNALS

During the year under review, no significant and material orders have been passed by the
Regulators, Courts, or Tribunals impacting the going concern status of the Company and
its operation in the future.

26. CORPORATE GOVERNANCE

The requirement specified in regulations 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and
clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D and E of
Schedule V of SEBI (LODR) Regulations, 2015 are not applicable to the Company. In
additions to the applicable provisions of the Companies Act, 2013 become applicable to
the company immediately up on the listing of Equity Shares on the SME platform of BSE
Limited. However, the Company has complied with the corporate governance requirement,
particularly in relation to appointment of independent directors including woman director
in the Board, constitution of an Audit Committee and Nomination and Remuneration
Committee. The Board functions either on its own or through committees constituted
thereof, to oversee specific operational areas.

27. AUDITORSA.STATUTORY AUDITORS & AUDITORS'' REPORT

Pursuant to Section 139(2) of the Companies Act, 2013, read with Companies (Audit and
Auditors) Rules, 2014, the Company at its Annual General Meeting (AGM) held on July
30, 2025, had appointed M/s. Baid Agarwal Singhi & Co (FRN: 328671E), Chartered
Accountants as Statutory Auditors to hold office from the conclusion of this AGM until the
conclusion of the AGM of the Company to be held in the financial year 2029-2030.

The Statutory Auditors’ Report is annexed to this Annual Report. The Statutory Audit
Report does not contain any qualification reservation or adverse remark or disclaimer made
by Statutory Auditors. The notes to the accounts referred to in the Auditors’ Report are self¬
explanatory and, therefore, do not call for any further comments.

B. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rules made
thereunder, the Company had appointed M/s. M Shahnawaz & Associates (Membership
No. 21427 CP No. 15076), Practicing Company Secretary, to carry out the Secretarial Audit
of the Company for the FY 2025-26. He is having more than 19 years of the experience in
Corporate Law Compliances. He also appears before NCLT, SEBI, Regional Directors and
other Judicial Authorities representing matters under IBC, Companies Act and SEBI
Regulations. The Secretarial Audit Report submitted by him, for FY 2025-26 is annexed
herewith marked as “Annexure 2” to this Report.

The Secretarial Audit Report does not contain any qualification, reservation or adverse
remark, and, therefore, does not call for any further comments.

C. INTERNAL AUDITOR AND THEIR REPORT

Pursuant to the provisions of the section 138 of the Companies Act, 2013 and rule 13 of
the Companies (Accounts Rules) 2014, and other applicable provisions, if any, of the
Companies Act, 2013 read with rules made thereunder (including any statutory
modification(s) or enactment thereof for the time being in force), and on recommendation
of Audit Committee, M/s. Meghna & Co., Chartered Accountants (FRN No.332009E), was
appointed as the Internal Auditor of the company to conduct an internal audit of the
functions and activities of the Company for the Financial Year 2025-26 at such
remuneration as may be mutually agreed upon between the Board of Directors, Audit
Committee and Internal Auditors.

The Internal Auditor conducts the internal audit of the functions and operations of the
Company and reports to the Audit Committee and Board from time to time. There are no
qualifications or adverse remarks of the Internal Auditor in the Report issued by them for
the Financial Year 2025-26 which calls for any explanation from the Board of Directors.

28. SECRETARIAL STANDARDS

During the year under review, the Company has duly complied with the applicable
provisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) and
General Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).

29. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR
ADEQUACY

The Company has an adequate Internal Control System, commensurate with the size, scale
and complexity of its operations. To maintain its objectivity and independence, the Internal
Auditor reports to the Chairman of the Audit Committee of the Board.

Internal Audit is conducted by an Independent Professional Firm of Chartered Accountants.
The Internal Audit Reports are reviewed and discussed with the senior management team.
The representative of Statutory Auditors and the Internal Auditors are permanent invitees

to the Audit Committee meetings. The measures as suggested by the Audit Committee are
implemented as per the direction of the Audit Committee.

The controls comprise of:

a) Officials of the Company have defined authority and responsibilities within which
they perform their duty;

b) All the Banking transactions are under joint authority and no individual
authorization is given;

c) Maker-checker system is in place.

d) Any deviations from the previously approved matter require fresh prior approval.

30. DETAILS OF FRAUD REPORTED BY THE AUDITORS

During the year under review, the Statutory Auditors and Internal Auditor have not reported
any instances of fraud committed in the Company by its officers or employees to the Audit
Committee under section 143(12) and Rule 13 of the Companies (Audit and Auditors)
Rules, 2014 of the Companies Act, 2013.

31. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3) (a) of the Companies Act, 2013, the
Annual Return for the year ending on March 31, 2026 is available on the Company’s
website at www.essexmpl.com.

32. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER
SECTION 186 OF THE COMPANIES ACT, 2013

The particulars of loans given, investment made or guarantee given or security provided
and the purpose for which the loan or guarantee or security is proposed to be utilized as per
the provisions of Section 186 of the Companies Act, 2013 are disclosed in the Notes of the
Financial Statements for the financial year ended March 31, 2026.

33. DEPOSIT

The Company has neither accepted nor renewed any deposits during the year under review.
Further, the Company does not have any outstanding amount qualified as a deposit as on
31st March 2026.

34. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES

The Company has entered into related party transaction in ordinary course of business and
at arm’s length. As none of the transactions with any of the related party exceed the 10%
of the turnover of the Company, there was no material related party transaction during the
year under review. Thus, the disclosure of particulars of contracts or arrangements with
related parties as prescribed in Form AOC-2 under section 188(1) of the Companies Act,
2013, during the financial year ended March 31, 2026, have been disclosed.

The details of related party transactions are disclosed in Form AOC - 2 as “Annexure 1”,
enclosed herewith.

The policy on Related Party Transactions as approved by the Board is uploaded on the
Company’s website: www.essexmpl.com.

35. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO

The details of conservation of energy and technology absorption are not applicable to the
Company as the Company is primarily engaged in the processing and export of seafood.
Further, the foreign exchange earnings and outgo for the financial year ended March 31,
2026 in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013
read with Rule 8 of the Companies (Accounts) Rules 2014 in the prescribed format are
annexed hereto as “Annexure 3” and forms part of this report.

36. STATEMENT PURSUANT TO SECTION 197(12) OF THE COMPANIES
ACT, 2013 READ WITH RULE 5 OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014

The statement containing names of top ten employees in terms of remuneration drawn and
the particulars of employees as required under Section 197(12) of the Act read with Rule
5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, is provided in a separate “Annexure-4” forming part of this report.

37. MAINTENANCE OF COST RECORDS AND COST AUDIT

The provisions relating to maintenance of cost records under Section 148(1) of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 are
not applicable to the Company. Accordingly, the requirement for maintenance of cost
records and conduct of cost audit was not applicable to the Company during the financial
year ended March 31, 2026.

38. DISCLOSURE UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, neither any application was made nor any proceedings is
pending against the Company under the Insolvency and Bankruptcy Code, 2016.

39. DETAILS OF DIFFERENCE BETWEEN AMOUNTS OF THE
VALUATION

There was no one time settlement by the Company with the Banks or Financial Institutions
during the year under review, thus, 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 are not applicable.

40. DIRECTOR''S RESPONSIBILITY STATEMENT

The Director’s Responsibility Statement referred to in clause (c) of Sub-section (3) of
Section 134 of the Companies Act, 2013 shall 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.

b) The directors 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 financial
year and of the profit & loss of the Company for that period.

c) The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities.

d) The directors have prepared the annual accounts on a going concern basis;

e) The directors, in the case of a listed company, had laid down internal financial
controls to be followed by the company and that such internal financial controls are
adequate and were operating effectively, and

f) The directors had devised proper system to ensure compliance with the provisions of
all applicable laws and that such system were adequate and operating effectively.

41. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading, in
accordance with the requirements of Securities and Exchange Board of India (Prohibition
of Insider Trading) Regulations, 2015, as amended from time to time.

The Company Secretary is the Compliance Officer for monitoring adherence to the said
Regulations. The Code is displayed on the Company’s website atwww.essexmpl.com.

42. DISCLOSURES AS PER SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESS) ACT,
2013

The Company has zero-tolerance for sexual harassment at the workplace and has adopted
a policy on prevention, prohibition and redressal of sexual harassment at the workplace in
line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed thereunder. The Company has
set up Internal Complaint Committee (ICC) under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 along with its relevant Rules.

The Committee met once during the FY2026 on February 20, 2026.

There was no complaint pending at the beginning and at the end of FY2025-26. No
complaints have been received by the Committee during the FY2025-26.

43. MANAGEMENT DISCUSSION & ANALYSIS REPORT

In term of requirements of Regulation 34(2)(e) of SEBI (LODR) Regulation 2015, a
“Management Discussion and Analysis Report” are set out as a separate section in this
Annual Report which forms an integral part of this report.

44. TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO INVESTOR
EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the IEPF Rules”), all
unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF,
established by the Government of India, after the completion of seven years. Further,

according to the Rules, the shares on which dividend has not been paid or claimed by the
shareholders for seven consecutive years are also to be transferred to the Demat account of
the IEPF Authority.

During the year, there was no unclaimed and unpaid dividend and corresponding equity
shares on which dividend was unclaimed/unpaid for seven consecutive years which was
required to be transferred as per the requirement of the IEPF Rules.

Further, pursuant to the provisions of Section 124(6) of the Act read with the relevant Rules
made thereunder, as there were no equity shares on which dividend has not been paid or
claimed for seven (7) consecutive years or more, no shares are due for transfer to the IEPF
as notified by the Ministry of Corporate Affairs.

45. HUMAN RESOURCES

Our employees are our core resource and the Company has continuously evolved policies
to strengthen its employee value proposition. Your Company was able to attract and retain
best talent in the market and the same can be felt in the past growth of the Company. The
Company is constantly working on providing the best working environment to its Human
Resources with a view to inculcate leadership, autonomy and towards this objective; your
company makes all efforts on training. Your Company shall always place all necessary
emphasis on continuous development of its Human Resources. The belief “Great People
create Great Organization” has been at the core of the Company’s approach to its people.

46. GENERAL

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

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

• Issue of shares (including sweat equity shares) to employees of the Company under
any scheme.

• The Company does not have any scheme of provision of money for the purchase of
its own shares by employees or by trustees for the benefit of employees.

47. GREEN INITIATIVES

In commitment to keeping in line with the Green Initiative and going beyond it to create
new green initiations, an electronic copy of the Notice of the Annual General Meeting of
the Company along with a copy of the Annual Report is being sent to all Members whose
email addresses are registered with the Company/ Depository Participant(s) and is available
at the Company’s website at www.essexmpl.com.

48. ACKNOWLEDGEMENTS

Your Directors’ take this opportunity to express their sincere gratitude to the Central
Government, various State Governments, statutory and regulatory authorities, financial
institutions, bankers, business associates, customers, suppliers and all other stakeholders
for their continued support, guidance and co-operation extended to the Company
throughout the year.

The Board places on record its deep appreciation for the dedication, commitment and hard
work of the Company''s employees at all levels. Their professionalism, perseverance and
collective efforts have played a significant role in the successful completion of the
Company''s Initial Public Offering, its listing on the Stock Exchange, and in achieving the
Company''s operational and financial objectives during the year.

Your Directors also extend their heartfelt gratitude to the shareholders, particularly the
public shareholders who reposed their confidence in the Company through its Initial Public
Offering. The Board sincerely appreciates the trust and confidence of all shareholders and
remains committed to creating sustainable long-term value while upholding the highest
standards of corporate governance, transparency and ethical business practices.

For and on behalf of the Board of Directors
ESSEX MARINE LIMITED

Kajari Sen Debashish Sen

Date: May 15, 2026 (Director) (Managing Director)

Place: Kolkata DIN: 06643764 DIN: 02591346