The Directors are pleased to present 30^th Annual report and the Audited Financial Statement
for the year ended 31^st March, 2024 together with the Auditor's Report thereon.

1. FINANCIAL SUMMARY:

2. COMPANY'S PERFORMANCE:

The revenue for FY 2024 was ?3,68,29,086, Lower by 47.94 percent over the previous year's
revenue of ?7,68,14,907. The Loss after tax attributable to shareholders and non¬
controlling interests for FY 2024 is ? (10,10,40,662) and for FY 2023 net loss after tax
was ? (9,97,24,236).

3. DIVIDEND:

As the company incurred loss during the financial year 2023-24, your Board of
directors has not recommended any dividend.

4. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):

As per the provisions of section 152 of the Companies Act, 2013, Mrs. Aravinda Rani
Sannapureddy, who retires by rotation at the ensuing Annual General Meeting and
being eligible offers himself for re-appointment. The board recommends him re¬
appointment.

5. BOARD MEETINGS:

Four (04) meetings of the Board of Directors were held during the financial year and
the details are given in paragraph 2 (d) of Corporate Governance report attached to
this Annual Report.

6. MANAGEMENT DISCUSSION AND ANALYSIS:

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"), the

Management's discussion and analysis is set out as Annexure I forming part of this
Annual Report.

7. COMPLIANCE OF SECRETARIAL STANDARDS:

During the period under review, the company has not complied with all the
applicable secretarial standards, notified under section 118 (10) of the Companies
Act, 2013.

8. CONTENTS OF ANNUAL RETURN:

Pursuant to section 92(1) of the Companies Act, 2013 ('the Act') and Rule 12 of
the Companies (Management and Administration) Rules, 2014.The copy of
annual return is available at www.integratedthermo.com

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year under review, the company has not granted any loans or
given any guarantees or made any investments covered under the provisions
of section 186 of the Companies Act, 2013.

10. RELATED PARTY TRANSACTIONS:

All transactions entered into with Related Parties as defined under the
Companies Act, 2013 and regulation 23 of SEBI (LODR) Regulations, 2015, during
the financial year were in the ordinary course of business and on an arm's length
pricing basis. There were no materially significant transactions with related
parties during the financial year which were in conflict with the interest of the
Company. Suitable disclosure as required by the Accounting Standards has been
made in the notes to the financial statements. The details of related party
transactions for the financial year 2023-24 is enclosed as Annexure-II.

11. CORPORATE SOCIAL RESPONSIBILITY:

In terms of section 135 of the Companies Act, 2013, every company having
net worth of rupees five hundred crore or more, or turnover of rupees one
thousand crore or more or a net profit of rupees five crore or more during
the immediately preceding financial year shall constitute a Corporate Social
Responsibility(CSR) Policy. Since, the company does not fall under the said
criteria during the immediately preceding financial year, the provisions of
section 135 of the Companies Act, 2013, Schedule VII and the rules made
thereunder are not applicable to the company.

Accordingly, a report on CSR activities as per rule 9 of the Companies
(Corporate Social Responsibility) Rules, 2014 is not applicable.

12. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO:

Details of Energy Conservation, Research & Development, Technology
Absorption, Foreign Exchange Earnings and Outgo as required as per section
134(3)(m) of the Companies Act 2013, are given in Annexure - III to the
Directors' Report.

13. PARTICULARS OF EMPLOYEES:

The company has not employed any individual whose remuneration exceeds
the limits prescribed under the provisions of section 197 of the Companies
Act, 2013, read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.

14. AUDITORS

• STATUTORY AUDITORS:

M/s. Grandhy & Co. Chartered Accountants, were appointed for a period of 5 years
from the financial period year 01-04-2022 till 31-03-2025. Independent Auditor's
Report on Quarterly and Year to Date Financial results of Integrated Thermoplastics
Limited. pursuant to the regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The Auditor's Report for the financial year ended
31st March, 2024, has been issued with an unmodified opinion, by the Statutory
Auditors. Further, the Statutory Auditors of the Company have not reported any
fraud as specified under Section 143(12) of the Companies Act, 2013.

• INTERNAL AUDITORS:

Pursuant to section 138 of the Companies Act, 2013, the company is required to
appoint Internal Auditors of the company, However the company has not
appointed the Internal Auditors of the company for the financial year 2023-24.

• SECRETARIAL AUDITOR:

Pursuant to the provisions of section 204 of the Companies Act, 2013 and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the company is required to appoint Secretarial Auditor to undertake the
Secretarial Audit of the Company, However the company has appointed Putcha
Sarada the Secretarial Auditor for the financial year 2023-24.

15. DETAILS OF FRAUDS REPORTED BY AUDITORS U/S 143:

The auditors have not reported any frauds pursuant to section 143 (12) of the
Companies Act, 2013. Hence, the information to be provided pursuant to
section 134 (3) (ca) of the Companies Act, 2013, may be treated as NIL.

• INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The company has an Internal Control System commensurate with the size,
scale and complexity of its operations. The scope and authority of the Internal
Audit function is defined in the Internal Audit Charter. To maintain its
objectivity and Independence, the Internal Audit function reports to the
Chairman of the Audit Committee of the Board.

The Internal Auditor monitors and evaluates the efficacy and adequacy of
internal control system in the company, its compliance with operating
systems, accounting procedures and policies of the company. Based on the
report of internal audit function, process owners undertake corrective action
in their respective areas and thereby strengthenthe controls. Significant audit
observations and corrective actions thereon are presented to the Audit
Committee ofthe Board.

CORPORATE GOVERNANCE:

During the year under review, the provisions of Corporate Governance
under Listing Regulations are not applicable to the Company.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

Pursuant to section 134 (3) (d) of the Companies Act, 2013, a statement shall
be made on declaration given by Independent Directors under section 149 (6)
of the Companies Act, 2013 in the Board report.

The Board has received Declarations from the Independent Directors, as
required under section 149 (7) of the Companies Act, 2013 stating the
fulfillment of criteria mentioned in the Section 149(6) of the Companies Act, 2013.

16. NOMINATION AND REMUNERATION POLICY CRITERIA FOR SELECTION
AND REMUNERATION OF DIRECTORS, KMP AND EMPLOYEES

The Nomination and Remuneration Committee of the Board, comprises of three
Independent Non-Executive Directors namely Mr. A. Sreenivasulu Reddy, Mr.
Venkata Lakshmi Reddy Sajjala and Ms. Tulasi Sajjala.

The key features of the Nomination and Remuneration Policy as framed by
the Nomination and Remuneration Committee of the company are set out
below:

• Selection criteria for Directors:

The company shall consider the following aspects while appointing a person
as a Director on the Board of the company:

• Skills and Experience: The candidate shall have appropriate skills and
experience in one or more fields of finance, law, management, sales, marketing,
administration, public administrative services, research, corporate governance,
technical operations or any other discipline related to the company's
business.

• Age Limit: The candidate should have completed the age of twenty-one (21)
years and should not have attained the age of seventy (70) years for
appointment as Managing Director or Whole Time Director.

• Conflict of Interest: The candidate should not hold Directorship in any
competitor company, and should not have any conflict of interest with the
company.

• Directorship: The number of companies in which the candidate holds
Directorship should not exceed the number prescribed under the Act.

• Independence: The candidate proposed to be appointed as Independent
Director, should not have any direct or indirect material pecuniary
relationship with the company and must satisfy the requirements imposed
under the Act.

The policy provides that while appointing a Director to the Board, due
consideration will be given to approvals ofthe Board and/or shareholders of
the company in accordance with the Act.

17. REMUNERATION FOR DIRECTORS, KMP AND OTHER EMPLOYEES

The policy provides that the remuneration to Directors, KMP and other
employees shall be based on the followingkey principles:

• Pay for performance: Remuneration of Executive Directors, KMP and other
employees is a balance between fixed and incentive pay reflecting short and
long term performance objectives appropriate to the working of the company
and its goal. The remuneration of Non-Executive Directors shall be decidedby
the Board based on the profits of the company and industry benchmarks.

• Balanced rewards to create sustainable value: The level and composition of
remuneration is reasonable and sufficient to attract, retain and motivate the
Directors and employees of the company and encourage behavior that is
aligned to sustainable value creation.

• Competitive compensation: Total target compensation and benefits are
comparable to peer companies in the industry and commensurate to the
qualifications and experience of the concerned individual.

• Business Ethics: Strong governance processes and stringent risk management
policies are adhered to, inorder to safeguard our stakeholders' interest.

• The Nomination and Remuneration Policy may be accessed on the
Company's website at the link: www.integratedthermo.com

18. TRANSFER TO RESERVES

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

19. MATERIAL CHANGES AND COMMITMENTS OCCURRED BETWEEN THE
END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT
AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

The Company has submitted a waiver application to the Bombay Stock
Exchange (BSE) for the penalties levied. As of the date of this report, the
application is pending action by the BSE. The Company has provided
comprehensive reasoning and supporting documentation to substantiate its
plea for leniency.

The Company has submitted an application to the Bombay Stock Exchange
(BSE) for the relisting of its equity share, accompanied by the requisite
document and information Except this There were material changes from the
end of the financial year till the date of this report, affecting the financial
position of the company.

20. DETAILS OF DEPOSITS UNDER CHAPTER V:

The company has not accepted deposits from the members/public falling
within the meaning of section 73 and/or section 76 of the Companies Act,
2013 and the Companies (Acceptance of Deposits) Rule, 2014. Accordingly,
furnishing of the details of deposits which are not in compliance with the
requirements of Chapter V of the Companies Act, 2013 does not arise.

21. MAINTENANCE OF COST RECORDS:

The requirement of maintenance of cost records as specified by the Central
Government under sub-section (1) of section 148 of the Companies Act, 2013
is not applicable to the Company. Accordingly, the Company has not
maintained such accounts and records for the financial year under review.

22. FORMAL ANNUAL EVALUATION MADE BY THE BOARD OF ITS OWN
PERFORMANCE AND OF ITS COMMITTEES AND INDIVIDUAL
DIRECTORS:

Keeping in view the various provisions of the Companies Act, 2013 and SEBI
(LODR) Regulations, 2015, dealing with powers, duties and functions of the
Board of the company, your company has adopted criteria for evaluating the
performance of its Board, Committees and other said criteria contemplates
evaluation of Directors including Independent Directors applicable from the
financial year 2023-24. The said criteria contemplates evaluation of Directors
based on their performance as directors apart from their specific role as
independent, non-executive and executive directors as mentioned below:

a) Executive Directors, being evaluated as Directors as mentioned above, will
also be evaluated on the basis of targets / Criteria given to Executive

Directors by the Board from time to time as well as per their terms
of appointment.

b) Independent Directors, being evaluated as a Director, will also be
evaluated on meeting their obligations connected with their independence
criteria as well as adherence with the requirements of Professional conduct,
roles, functions and duties specifically applicable to Independent Directors
as contained in Schedule IV to theCompanies Act, 2013.

c) The criteria also specifies that the Board would evaluate each Committees
performance based on the mandate on which the committee has been
constituted and the contributions made by each member of the said
committee in effective discharge of the responsibilities of the said
committee. The Board of Directors of your company has made annual
evaluation of its performance, its committees and directors for the
financial year 2023-24 based on afore stated criteria.

23. DISCLOSURES:

• Enquiry Committee:

The Enquiry Committee comprises three members namely Mr. A. Sreenivasulu
Reddy (Chairman & Independent Director), Mr. Venkata Lakshmi Reddy
Sajjala (Independent Director) and Mrs. Aravinda Rani Sannapureddy (Non¬
Independent Director)

• Audit Committee:

The Audit Committee comprises of three members namely, Mr. A.
Sreenivasulu Reddy (Non- Executive Independent Director), Mr. Venkata
Lakshmi Reddy Sajjala (Non-Executive Independent Director) and Ms. Tulasi
Sajjala (Non-Executive Independent Director). All the recommendations
made by the Audit Committee were accepted by the board

• Vigil Mechanism:

The Vigil Mechanism of the company, which also incorporates a whistle
blower policy in terms of SEBI (LODR) Regulations, 2015, includes vigilance
and Ethics officer, senior executive of the company. Protected disclosures can
be made by a whistle blower through an e-mail, or dedicated telephone line
or a letter to the officer or to the Chairman of the Audit Committee. The
Policy on vigil mechanism and whistle blower policymay be accessed on the
Company's website at the link: http://www.integratedthermo.com.

24. DETAILS PERTAINING TO REMUNE

• RATION AS REQUIRED UNDER SECTION 197(12) OF THE
COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL

PERSONNEL) RULES, 2014:

> The percentage increase in remuneration of each Director and Chief
Financial Officer during the financial year 2023-24 and ratio of the
remuneration of each Director to the median remuneration of the
employeesof the company for the financial year 2023-24 are as under:

As the company is not paying any remuneration to the directors/KMPs, the
median remuneration of employees of the company is not relevance for
comparison.

25. GENERAL:

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

a) Details relating to deposits covered under Chapter V of the Act.

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

c) Issue of Employee stock option Scheme.

d) Issue of shares (including sweat equity shares) to employees of the
company under any scheme.

e) Neither the Whole Time Director nor the Directors of the company receive any
remuneration or commission from any of its subsidiaries.

f) No significant or material orders were passed by the Regulators or Courts
or Tribunals which impact the going concern status and company's
operations in future.

Your Directors further state that during the financial year under review, there
were no cases filed pursuant to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

26. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of section 134(3) (c) of the Companies Act, 2013 the
Board of Directors of yourcompany hereby certifies and confirms 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 loss of the company
for that year;

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 Directors, in the case of listed company, has laid down internal
financial control to be followed by the company and that such internal
financial control or adequate and operating effectively;

f) The Directors had devised proper systems to ensure compliance with the

provisions of all applicable laws and that such systems were adequate
and operating effectively.

27. ACKNOWLEDGEMENTS:

Your Directors gratefully acknowledge the support and co-operation extended
by all the shareholders, customers, bankers, mutual funds, share brokers to
your company during the year and look forward to their continued support.
For and on Behalf of Board of Director
Integrated thermoplastic Limited

Sd/-

VENKATA LAKSHMI REDDY SAJJALA

DIRECTOR

DIN: 07966611

Sd/-

SREENIVASULUREDDY ANGITAPALL

DIRECTOR
DIN: 02956004

PLACE : HYDERABAD
DATE : 12.08.2024