<dhhead>Board’s Report</dhhead>

To,

The Members

(FormerlyAssociated Coaters Private Limited)

Ashuti Khanberia Maheshtala LP 20/83/46,

Vivekanandapur, South 24 Parganas,

ThakurpukurMahestola, Kolkata 700141

Your Director's have the pleasure of presenting the Board's Report of ASSOCIATED COATERS LIMITED (Formerly Associated Coaters Private Limited) (“the Company”) along with the Annual Audited financial statement for the financial year ended 31st March, 2025 (“the period”).

Further, in compliance with the Companies Act, 2013, (“the Act”) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), the Company has made requisite disclosures in this report with the objective of accountability and transparency in its operations to make you aware about its performance and future perspective of the Company.

Associated Coaters Limited is proud to announce the expansion of its operations with the commencement of powder manufacturing for industrial applications. This strategic move complements our existing line of surface coating services and enables us to offer more integrated, highperformance solutions to our clients. By bringing powder production inhouse, we enhance our quality control, reduce lead times, and offer customized formulations to meet the specific needs of industrial sectors.

Revenue from operations increased from INR 537.81 (in Lakhs) to INR 595.78 (in Lakhs) in the current year from previous year.

Profit for the year has increased from INR 98.74 (in Lakhs) to INR 106.17 (in Lakhs) in the current year from previous year.

Earnings per share have decreased from INR 10.83 to INR 7.85 in the current year from previous year.

All the Equity shares ofthe Company are in dematerialized form with either of the depositories viz. NSDLand CDSL. The ISIN No. allotted to the Equity shares ofthe Company is INE0RIQ01013.

FUTURE OUTLOOK _

Associated Coaters Limited is poised for robust growth in the surface coatings industry, with a strong focus on expanding its footprint in architectural coatings?including highperformance finishes for fagades, windows, doors, and aluminum profiles. Leveraging advanced coating technologies like PVDF, wood finish, and powder coatings, the company aims to serve the evolving aesthetic and durability needs of modern architecture. Simultaneously, the company is actively exploring innovative coating solutions for industrial applications, targeting sectors such as automotive components, electrical enclosures, machinery, and infrastructure. This dualtrack strategy positions Associated Coaters Limited as a comprehensive solutions provider committed to quality, customization, and sustainable surface finishing across industries.

There has been no change in the nature business of the Company during the year under review.

The Board has not recommended any dividend for the period under review and the profit is ploughed backfor the business.

During the period under review, the Board does not propose to transfer any amount to any reserves.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND The Company does not have any unclaimed dividend.

The Company does not have any Subsidiaries, Joint Ventures and Associate Companies as at the end of financial year 202425.

As on March 31,2025, the Board of Directors ofyour Company comprises of 5 (Five) Directors out of which 3 (Three) are NonExecutive including 2 (Two) Independent Directors and 2 (Two) are Executive Directors. The Chairperson is an Executive Director. The Board composition is in compliance with the requirements of the Act, the SEBI Listing Regulations and the circulars /directions / notifications issued by therein.

All appointments of Directors are made in accordance with the relevant provisions of the Act, the SEBI Listing Regulations, and other laws, rules, guidelines as may be applicable to the Company. The Nomination and Remuneration Committee (“NRC”) exercises due diligence interalia to ascertain the 'fit and proper' person status of person proposed to be appointed on the Board of Directors of the Company, and if deemed fit, recommends their candidature to the Board of Directors for consideration.

During the year under review, no changes took place in the composition of Board of Directors and Key Managerial Personnel exceptforthefollowing:

Mrs. Navneet Kaur(DIN: 07980468), NonExecutive Director, who was liable to retire by rotation in accordance with Section 152(6) of the Companies Act, 2013, was reappointed as a Director at the Annual General Meeting held on September 13, 2024. The reappointment was approved by the shareholders through an ordinary resolution, in compliance with applicable provisions of the Companies Act, 2013, SEBI Listing Regulations, and the Articles of Association of the Company.

Mr. Jay Kumar Shaw ( DIN: 09627535) and Ms. Chetna Gupta (DIN:02212440), who were appointed as an Additional Independent Director of the Company with effect from December 7, 2023, was regularized as an Independent Director at the Annual General Meeting of the Company held on September 13, 2024. Their appointment was approved by the shareholders through an ordinary resolution, in accordance with the provisions of Sections 149, 150, 152, and other applicable provisions of the Companies Act, 2013, read with the rules made thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Act and Regulations 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). The Independent Directors have also confirmed that they have complied with the Company's Code of Conduct.

The Board of Directors, in compliance with the requirements of various laws applicable to the Company and for operational convenience, has constituted several committees to deal with specific matters and has delegated powers for different functional areas to different committees. The Board of Directors has constituted Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and Internal Complaint Committee.

The details of the Board Committees of your Company are as follows:

The Audit Committee and terms of reference of the Audit Committee are in compliance with the provisions of Section 177 and Regulation 18 of Companies Act, 2013 and SEBI (LODR), 2015 respectively. All members of the Audit Committee are financially literate and have accounting or related financial management expertise. The Audit Committee consists of the following members:

The Nomination and Remuneration Committee and the terms of reference ofthe Nomination and Remuneration Committee are in compliance with the provisions of Section 178 and Regulation 19 of Companies Act, 2013 and SEBI (LODR), 2015 respectively. The Nomination and Remuneration Committee consists of the following members:

The terms of reference of the Stakeholders Relationship Committee are in compliance with the provisions of Section 178 and regulation 20 of Companies Act, 2013 and SEBI (LODR), 2015 respectively. The Stakeholders Relationship Committee consists ofthe following members:

The terms of reference of the Risk Management Committee are in compliance with the regulation 21 of SEBI (LODR) 2015. The Risk Management Committee consists of the following members:

The Internal Complaint Committee has been made under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.The Internal Complaint Committee consists ofthe following members:

MEETINGS OF THE BOARD OF DIRECTORS, AUDIT COMMITTEE (AC), NOMINATION AND REMUNERATION COMMITTEE (NRC), AND INTERNAL COMPLAINT COMMITTEE (ICC)

During the financial year 20242025, 7 (Seven) Meetings of the Board of Directors of the Company, 4 (Four) meeting of the Audit Committee (AC) and 1 (one) meeting of the Nomination Remuneration Committee (NRC), 2(two) meeting of the Risk Management Committee (RMC), 1 (one) meeting of the Stakeholder Relationship Committee, 1 (one) meeting of the Independent Directors (ID) of the Company, and 1 (one) meeting of Internal Complaint Committee (ICC) was held.

The details of Board Meetings are given below:

The details ofthe Audit Committee Meeting are given below:

The details ofthe Nomination and Remuneration Committee Meeting are given below:

The details ofthe Internal Complaint Committee Meeting are given below:

The details ofthe Risk Management Committee Meeting are given below:

The details ofthe Independent Directors Meeting are given below:

The attendance of each Director at the Board Meetings is mentioned below:

The attendance of each Member at the Audit Committee Meetings is mentioned below:

The attendance of each Member at the Nomination and Remuneration Committee Meetings is mentioned below:

The attendance of each Member at the Internal Complaint Committee Meetings is mentioned below:

The attendance of each Member at the Stakeholder Relationship Committee Meetings is mentioned below:

The attendance of each Director at the Independent Directors Meetings is mentioned below:

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that:

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the Board of Directors hereby states that:

a. In the preparation of the annual accounts for the financial year ended 31st March, 2025, the Company has followed the applicable accounting standards and there are no material departures from the same;

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 as at 31st March, 2025 and of the profit and loss of the Company for that period;

c. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. The Directors have prepared the annual accounts on a 'going concern' basis;

e. The Company has laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

The Directors have devised propersystems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

The Board have undertaken an annual evaluation of the performance of entire Board and Committees, Individual peer review of all the Directors and Independent Directors of the Company as per Section 134(3)(p) of the Act read with rule 8(4) of the Companies (Accounts) Rules, 2014. The performance evaluation forms were circulated to the Board & Committee members and the responses on the same have been received.

The outcome of the performance evaluation of the Committees of the Board and the Board is presented to the Nomination and Remuneration Committee and the Board of Directors of the Company and key outcomes, and actionable areas are discussed and acted upon.

During the period under review, your Company has followed the applicable Secretarial Standards, relating to the meeting of the Board of Directors (SS1) and the General Meetings (SS2), issued by the Institute of Company Secretaries of India (ICSI) and mandated as per the provisions of Section 118(10) of the Act.

As per the provisions of Section 178(3) and Section 134 (3) (e) of the Act, on recommendation of the Nomination and Remuneration Committee (NRC), the Board has framed a Nomination and Remuneration Policy which lays down a framework in relation to appointment and remuneration of Directors, Key Managerial Personnel and the other employees and their remuneration. The policy is directed towards a compensation philosophy and structure that will reward and retain talent and provides for a balance between fixed and incentive pay reflecting short and longterm performance objectives appropriate to the working of the Company and its goals. The Nomination and Remuneration Policy is available on the Company's website at www.associatedcoaters.in

Provisions relating to Section 135 of the Companies Act, 2013 doesn't apply to the Company for the financial year ended 31st March, 2025.

There are no material changes or commitments affecting the financial position of the Company between the end of the period to which this financial statement relates and the date of this Report.

No Loans, Guarantees and Investments covered underthe provisions ofSection 186 ofthe Companies Act, 2013 has been given, provided or made during the year under review.

The Company has adequate policies and procedures for the identification and monitoring of Related Party Transactions. All the transactions entered into with the Related Parties during the year under review were on an arm's length basis and were in the ordinary course of business. The Company presented all Related Party Transactions before the Board for their approval specifying the nature, value, and terms and conditions ofthe transaction.

All the related party transactions are presented to the Audit Committee and Board for their approval. Disclosure in Form AOC2 is enclosed herewith as “Annexure D”. Your attention is drawn to the related party disclosure made in the note contained in the financial statements ofthe Company reporting, approval and disclosure processes are in place for all transactions between the Company and the Related Parties. The policy is available on the website ofthe Company at www.associatedcoaters.in.

The information pertaining to the Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as required under Section 134 (3)(m)of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is enclosed herewith as “Annexure A”.

Pursuant to Regulation 34 (2) (e) read with Para B of Schedule V of the SEBI Listing Regulations, the Management Discussion and Analysis Report forms part of this Report and is enclosed herewith as “AnnexureB”.

During the year under review, Company has come up with an initial public offering of 4,22,000 Equity Shares of 10/each.

During the year under review, the Company has not borrowed an unsecured loan from any ofthe Directors ofthe Company.

Your Company has in place a mechanism to identify, assess, monitor, and mitigate various risks to key business objectives that may threaten the existence of the Company. Major risks identified by the various functions are documented along with appropriate mitigating controls on a periodic basis. The policy is available on the website of the Company at www.associatedcoaters.in.

The Company does not have any subsidiaries so there is no need to prepare consolidated financial statements for the year20242025.

During the period under review, the Company has not received any significant orders/ material orders passed by any ofthe Regulators/ Courts/Tribunals impacting the Going Concern status ofthe Company and its operations in the future.

The Company is committed to maintaining an ethical workplace that facilitates the reporting of potential violations of the Company's policies and the applicable laws. To promote the highest ethical standards, the Company encourages its employees who have concern(s) about any actual or potential violation ofthe legal & regulatory requirements, incorrector misrepresentation of any financial statements and reports, etc. any claim of theft or fraud, and any claim of retaliation for providing information to or otherwise assisting the Audit Committee, to come forward and express his/herconcern(s)withoutfearof punishment or unfair treatment. Pursuanttothe provisions of the Act and the Listing Regulations, the Company has established a robust Vigil Mechanism for Directors and Employees to report to the management instances of unethical behaviour, actual or suspected, fraud or violation ofthe Company's Code of Conduct. The Whistle Blower Policy/Vigil Mechanism provides that the Company investigates in such incidents, when reported, in an impartial manner and shall take appropriate action as and when required to do so. The Whistle Blower Policy/Vigil Mechanism Policy f the Company is available on the website at www.associatedcoaters.in.

During the period under review, the Company has not accepted any deposits within the meaning of Sections 73 and 74 of the Act read with Companies (Acceptance of Deposit) Rules, 2014.

Your Company has adopted an internal policy for Investor Grievance handling, reporting and redressalofthesame. ANNUAL RETURN

The Annual Return of your Company as on March 31, 2025, in the Form MGT7 in accordance with Section 92(3) and 134(3)(n) ofthe Act as amended from time to time and the Companies (Management and Administration) Rules, 2014 shall be available on the website of the Company at www.associatedcoaters.in.

The provisions of Section 148 of the Act regarding the maintenance of Cost records are not applicable to your Company.

Your Company has an adequate system of Internal Financial Control commensurate with its size and scale of operations, procedures, and policies, ensuring the efficient and orderly conduct of its business, including adherence to the Company's policy, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information. Based on the assessment carried out by the Management and the evaluation ofthe results ofthe assessment, the Board is ofthe opinion that the Company has an adequate Internal Financial Control System that is operating effectively during the period under review. There were no instances of fraud that necessitates reporting of material misstatements to the Company's operations.

The remuneration paid to the Directors, Key Managerial Personnel, and Senior Management is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Act. Particulars of Employees as required under Section 197(12) of the Act and other disclosures as per Rule 5 of the Companies (Appointment&Remuneration of Managerial Personnel) Rules, 2014 are annexed as “AnnexureC”.

Your Company does not have any Employee Stock Option Scheme/ Plan during the year under review.

During the period under review, there have been no frauds reported by the Statutory Auditors ofthe Company under subsection (12)ofSection 143oftheAct.

M/s. JMP Associates, Chartered Accountants, (FRN NO. 324235E) having their office at 5, Raja Subodh Mallick Square, 2nd Floor, Kolkata 700013 have been appointed as the Statutory Auditor of the Company by the shareholders in the Annual General Meeting for the F.Y 202223 for a period of five years to hold the office till the conclusion of the Annual General Meeting for FY 202728.

The Report given by the Statutory Auditors on Standalone Financial Statements ofthe Company for the period under review forms part of the Annual Report. There are no observations (including any qualifications, reservations, adverse remarks, or disclaimers) of the Auditors in the Audit Report. Further, the notes to the accounts referred to in the Auditor's Report are selfexplanatory.

The Board of our Company at its meeting held on 28th June, 2024 has approved the appointment of M/s Mamta Binani and Associates, Company Secretaries (ICSI Unique Code: P2016WB060900 and Peer Review Certificate No. 6475/2025) pursuant to the recommendation of the Audit Committee, as the Secretarial Auditor of the Company for the Financial Year 202425 at a remuneration of Rs. 3,50,000/ per annum plus applicable taxes and reimbursement of actual out of pocket expenses incurred by them during the course of audit.

The Report of the Secretarial Audit for thefinancial year20242025 is annexed herewith as “Annexure E”. INTERNAL AUDITORS

The Board of our Company at its meeting held on 28th June, 2024 has approved the appointment of M/s Manish Pandey and Associates, Chartered Accountants (FRN No. 019807C), Noida as the Internal Auditor of the Company for the Financial Year 202425, Pursuant recommendation of the Audit Committee, at a remuneration of Rs. 2,00,000/ per annum plus applicable taxes and reimbursement of actual out of pocket expenses incurred by them during the course of audit and be reportable to the Chairman of the Audit Committee.

There are no qualifications, reservations or adverse remarks made by the Statutory Auditors in their Report. CORPORATE GOVERNANCE

Since your Company's Equity shares are listed on the SME Platform of BSE Limited and therefore, the provisions of Corporate Governance Provisions under SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 are not applicable to the company.

The Company has adopted a Code of Conduct for Prohibition of Insider Trading (the 'Code') in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulations, 2015, with a view to regulate trading in securities by the Board of Directors and Employees of the Company, their immediate relatives and other insiders as defined in the Code. Also, during the period of closure ofthe trading window, no Employee/ Designated Person is permitted to trade with or without preclearance in securities of restricted companies as informed by the Secretarial Department, from time to time. Timely disclosures are made to the Stock Exchanges by the Company. No Employee/ Designated Person is permitted to communicate, provide, or allow access to any Unpublished Price Sensitive Information relating to Company, its securities or any other company (listed or proposed to be listed), to any person except where such communication is in furtherance of legitimate purpose, Performance of duties or discharge of legal obligations. The Company periodically monitors and facilitates compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015.

The Company is committed to provide conducive environment in which all individuals are treated with respect and dignity and promote a gender sensitive and safe work environment. Accordingly, the Board of Directors of the Company adopted a “Policy for Prevention of Sexual Harassment of Women at workplace” and also constituted an Internal Complaint Committee, in compliance with the provisions ofthe Sexual Harassment of Women at Workplace (Prevention, Prohibition &Redressal) Act, 2013.

Your Directors further state that during the year under review, there were no cases filed pursuant to the Harassment of Women at Workplace (Prevention, Prohibition & Redressal)Act, 2013. The policy adopted by the company for the prevention of sexual harassment is available on the Company's Website at www.associatedcoaters.in.

No Acquisition, Merger, Modernization and Diversification have taken place in your Company.

During the year under review, Bigshare Services Private Limited was the Registrar and Transfer Agent of the Company.

The number of employees as on the closure of the financial year stood at:

The Company hereby confirms that it has duly complied with the provisions ofthe Maternity Benefit Act, 1961, during thefinancial year, and extended maternity benefits to eligible employees as perthe Act."

a. ) The Standalone Financial Statements of the Company are placed on the Company's website at

b. ) Details of top ten Employees in terms of the remuneration and Employees in receipt of remuneration as

prescribed under rule 5(2) ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, containing details prescribed under rule 5(3) of the said rules, which form part of the Board's Report, will be made available to any member on request, as per provisions of section 136(1) of the Act.

c. ) The Company has not defaulted in repayment of loans from banks and financial institutions. There were no

delays or defaults in payment of interest/principle of any of its debt securities.

d. ) Neither any application was made, nor is any proceeding pending under the Insolvency and Bankruptcy Code,

2016 againstthe Company.

e. ) During financial year 202425, there was no instance of onetime settlement with Banks or Financial Institutions.

Therefore, as per rule 5(xii) of Companies (Accounts) Rules, 2014, reasons of difference in the valuation at the time of onetime settlement and valuation done while taking loan from the Banks or Financial Institutions are not reported.

The Board places on record its gratitude to the government and regulatory authorities including the Bombay Stock Exchange and the correspondent banks for their support. The Board acknowledges the support of the shareholders and also places on record its sincere thanks to its valued client for its continued patronage. The Board also appreciates of all employees ofthe Company for their sincere work and commitment.

SD/ SDI

Jagjit Singh Dhillon Harbhajan Singh Thethi

DIN:07980441 DIN: 10416459

Address: 197, Diamond Harbour Road Address: 199, Diamond Harbour

Kolkata 700034 Mandal Para, Kolkata 700034

Date: 26.05.2025 Place: Kolkata