DIRECTORS' REPORT

Your Directors are pleased to present the Fortieth (40^th) Annual Report of B & A Packaging India Limited
(‘the Company’) together with the audited financial statements of the Company for the year ended
31^st March 2026.

FINANCIAL RESULTS

The financial performance of the Company is set out below:

STATE OF COMPANY’S AFFAIRS

Revenue from operations for the year under review
was marginally higher by 8.55% over previous year.
Profit before Tax was lower by 27.52% over the
previous year. The Earnings per Share (EPS) for the
year stood at Rs. 14.24 which was lower by Rs. 5.58
than previous year’s level.

REVIEW OF MARKET, BUSINESS AND OPERATIONS

Your Company manufactures precision paper sacks
and flexible laminates in its two manufacturing
divisions at Balasore, Odisha. Our offering from the
sacks division cater to the packaging needs of tea,
food, agricultural and other industrial products
manufacturing units. The flexible unit has been
maintaining a strong business development pipeline
into sectors like fresh and frozen food, beverages,
dairy products, pharmaceuticals, snacks and
confectioneries.

The Indian packaging industry is undergoing gradual
structural change. One of the most visible shifts is
the growing emphasis on sustainability-led packaging
solutions. Regulatory requirements around waste
management and extended producer responsibility,
combined with customer pressure from large FMCG
and pharmaceutical companies, are accelerating

the move towards recyclable, lightweight and lower-
impact packaging formats. This has increased
demand for paper board-based solutions, recyclable
mono-material plastics and higher recycled
content across packaging types. While these
changes raise compliance and redesign costs in
the short term, they also favour organised players
with scale, technology and established customer
relationships.

During the year under review, your Company
recorded a marginal increase in the overall turnover.
The paper sacks division and flexi division recorded
a higher turnover in comparison to the previous year.
The rise in the employment cost during the year
under review was mainly due to steep rise in the
rate of contractual labour announced by the local
government. The Company has maintained a steady
profitability during the year under review.

SEGMENT WISE PERFORMANCE REVIEW

Focused approach on the growing flexible laminate
business continued to pay good dividends. Flexible
laminate business accounted for 38.37% of the total
revenue for the year under review. The total revenue
in the paper sack division increased by 8.85% of the
total revenue for the year under review. The Packet
Tea division accounted for 0.23% of the total revenue
for the year under review.The overall turnover of
the Company was higher by 8.55% on Y-o-Y basis.
The summarised divisional results are set out
below:

MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

Pursuant to Regulation 34(2)(e) of the Securities
and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015
(“SEBI Listing Regulations”), the Management
Discussion and Analysis forms part of this report

and is attached as Annexure -1. This section provides
a comprehensive overview of the industry landscape,
key economic and future trends, and the Company’s
operational performance during the financial year
under review.

Corporate Initiatives, Works and Technology

Innovation is a key driver to your Company’s growth.
As the Company continues to invest in technology
driven innovation, the marketing team alongwith
divisional heads successfully blend their knowledge
in paper technology, polymer science, conversion
processes and engineering solutions into creativity
and innovations which has led to our superior product
offerings. This creativity and innovation have been
our key focus and driving force for our competitive
advantage and growth over the years.

We have initiated a series of modernization
programme in our plants at Balasore during the last
couple of years like installation of new poly plant
with accessories in flexi unit, new dyer unit in
paper sacks division, new machinery in flexible
division, which has led to superior product offerings.
Installation of these machines have resulted in
significant reduction in cost and increased output.

Since your Company has been investing in new and
improved technology while upgrading its existing
facility with new tools to ensure best-in-class product
is delivered, the new machineries and underlying
technology are preferred processes due to high print
quality, quick job changeovers, ease in use and
higher production speed.

Your Board of Directors aims to endure to its
ambitious modernization plan. Your Company is
continuously strengthening its distribution channels
to execute higher quantum of orders at minimum
lead time delivery and adding new customers.

Capacity Addition

During the year under review, the Company
had expanded its manufacturing capabilities by
commissioning a new machinery facility for increasing
the production of Flexible Laminates at its
factory office at 22, Balgopalpur Industrial Area,
Balasore - 756020, Odisha. This enhancement is
aimed at meeting the growing demand for the product
of the Company. The capacity shall be added in a
phased manner from April 2026.

Finance

Focused capital allocation and steady cash flows
due to effective cost control and faster realization of
debtors resulted in rigid control over the finances of
your Company. Strict working capital controls resulted
in minimal impact on interest burden despite increase
in the rate of interest in the bank borrowings.

Credit Rating

The Directors are pleased to inform you that
the Company has assigned its credit rating on
the banking facilities of the Company to a new
credit rating agency, Infomerics Valuation and
Rating Limited. The Company’s long-term banking
facilities credit rated at IVR BBB/ Stable (IVR
Triple B with Stable Outlook) and short-term
banking facilities credit rated at IVR A3 (lVR A
Three Plus). These rating indicates a very strong
degree of safety with regard to timely payment of
interest and principal. Such instruments carry lowest
credit risk.

Information Technology

Your Company has always been adopting latest
technology and staying tuned with the changes in
information technology eco-system which has
become our DNA and ingrained in all our actions.
At B & A Packaging, we use sales and service
network, supply chain, human resources and finance
dashboards which analyses data and provides
meaningful insights data to improve efficiency. The
next important activity is ‘Cyber Security’ to ensure
protection of our eco-system from unethical hackers.
Cyber security is best dealt with by creating
awareness and security readiness. The Company
has undertaken a series of mandatory cyber security
program for its employees which will enhance user
awareness regarding cyber security.

Key risk areas to which your Company is exposed
include:

* Escalation in raw material prices

* Currency volatility

^ Global/Economic downturn/War

* Competition

* Wage increases

* Information Security Risk

SHARE CAPITAL

During the year ended 31^st March, 2026 there was
no change in the issued, subscribed and paid-up
share capital of the Company. The paid-up
share capital as on 31^st March, 2026 stood at
Rs. 4,96,05,000 divided into 49,60,500 number of
Equity Shares of Rs.10/- each.

DEPOSIT

Your Company did not accepted any deposits from
public in terms of the provisions contained in Chapter
V of the Companies Act, 2013 during the year under
review.

TRANSFER TO RESERVES

The Company has transferred an amount of
Rs. 1,00,00,000 to general reserve during the year
under review.

CHANGE IN NATURE OF BUSINESS, IF ANY

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

DIVIDEND

The Board has recommended a final dividend of
10% i.e. Re.1 per equity share of Rs. 10 each in
the Company for the financial year 2025-26. The
distribution of dividend will result in payout of
Rs. 49,60,500 before deducting tax at source, if
approved by the Shareholders in the ensuing
Annual General Meeting (‘AGM’) of the Company.

DIRECTORS

As on 31^st March 2026, the Directorate of the
Company consists of nine directors, four of them
are independent. The composition of the directorate
is in conformity with the provisions of the Companies
Act’ 2013 (the Act’) allied rules and regulations and
Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements)
Regulations, 2015 (‘Listing Regulations’).

In accordance with the provisions of Section 152 of
the Companies Act, 2013 and the Company’s Articles
of Association, Mr. Anjan Ghosh (DIN-00655014)
and Mr. Arvind Parasramka (DIN-01081588) retires
by rotation in the ensuing Annual General Meeting
(AGM) of the Company and being eligible offers
themselves for reappointment. The current tenure

of Mr. Somnath Chatterjee as Managing Director
of the Company ends on 11^th November 2026.

Pursuant to Regulation 17(1C) of SEBI (LODR) and
the applicable provisions of the Companies Act,
2013 read with the rules framed thereunder, the
Board in its meeting held on 25^th May 2026 has
re-appointed Mr. Somnath Chatterjee as Managing
Director of the Company for a period of 5 years with
effect from 12^th November 2026. His reappointment
is subject to the approval of the shareholders in the
ensuing AGM.

In the opinion of the Board, all Independent Directors
possess requisite qualifications, experience, expertise
and hold high standards of integrity required to
discharge their duties with an objective independent
judgment and without any external influence. The
core skills, expertise and competence of the members
of the Board including the Independent Directors,
forms a part of the Corporate Governance Report
of this Annual Report.

None of the Directors on the Board as on 31^st March
2026 was debarred or disqualified from being
appointed or continuing as Directors by the Ministry
of Corporate Affairs (MCA), Government of India or
Securities and Exchange Board of India (SEBI) or
any such Statutory Authority of India.

A certificate in this regard from CS Indrani
Chaudhuri, Practicing Company Secretary (CP
No. 6667) is enclosed as Annexure - 2 and forms
part of this report.

KEY MANAGERIAL PERSONNEL

During the financial year under review, there has
been no change in the Key Managerial Personnel
of the Company. Pursuant to the provisions of section
203 of the Companies Act, 2013, Mr. Somnath
Chatterjee, Managing Director, Mr. Anupam Ghosh,
Company Secretary and Mr. Goutamanshu
Mukhopadhyay, Chief Financial Officer, held the
position of Key Managerial Personnel (KMP) of the
Company as on 31^st March, 2026.

DECLARATION BY INDEPENDENT DIRECTORS

All Independent Directors of the Company have
given declarations that they meet the criteria of
independence as laid down under Section 149(6) of
the Companies Act, 2013 and Regulation16(1)(b)

of the Listing Regulations and that their names are
registered in the data bank as per Rule 6 of the
Companies (Appointment and Qualifications of
Directors) Rules, 2014.

PERFORMANCE EVALUATION OF THE BOARD
OF DIRECTORS

In terms of section 134(3) of the Act’ read with SEBI
Listing Regulations, the Company had laid down the
criteria for reviewing the performance of its Board
of Directors, Committees of the Board and Individual
Directors. The evaluation process inter-alia considers
attendance of Directors at Board and committee
meetings, effective participation on Board process,
acquaintance with business, compliance with code
of conduct, vision and strategy, which is in compliance
with applicable laws, regulations and guidelines. The
Board evaluated its performance after seeking inputs
from all the Directors.

The performance evaluation of the Chairman and
the Non-Independent Directors were carried out by
the Independent Directors of the Company. The
Board of Directors expressed their satisfaction with
the evaluation process.

The performance evaluation of the Independent
Directors was carried out by the entire Board. The
Directors were satisfied with the evaluation results,
which reflected the overall engagement of the Board
and its Committees with the Company.

MEETINGS OF THE BOARD OF DIRECTORS

The particulars of the meetings of the Board of
Directors held during the financial year ended
31^st March 2026 have been furnished under para
1.4 of the Corporate Governance Report forming
part of the Annual Report.

MEETING OF THE INDEPENDENT DIRECTORS

In terms of section 149 of the Companies Act, 2013
read with schedule IV of the said Act’, a separate
meeting of the Independent Directors of the Company
was held on 13^th February 2026.

COMMITTEES OF THE BOARD

The Board had constituted ‘Audit Committee’,
‘Nomination and Remuneration Committee’,
‘Stakeholders Relationship Committee’ and ‘Share
Transfer Committee’ of Directors in terms of the

respective provisions of the Companies Act, 2013
and SEBI Listing Regulations.

* The Share Transfer Committee has been dissolved
w.e.f. 13^th February 2026 and the powers of the
Committee has been vested with the Board of
Directors of the Company.

The constitution, terms of references and policies of
these committees have been discussed in detail in
the Corporate Governance section of the Annual
Report. There were no instances where the Board
did not accept the recommendations of the Audit
Committee.

NOMINATION AND REMUNERATION POLICY AND
PARTICULARS OF EMPLOYEES

The Company had formulated a comprehensive
Nomination and Remuneration Policy (“NRC Policy”)
that outlines the key principles for evaluating the
integrity, qualifications, expertise and experience of
individuals considered for appointment as Directors,
Key Managerial Personnel’s (KMPs) and Senior
Management Personnel’s (SMPs). The primary
objectives of the NRC Policy are:

(i) To ensure that the appointment and removal of
Directors, KMPs, and SMPs are in strict
compliance with the provisions of the Companies
Act, 2013 and the SEBI Listing Regulations;

(ii) To establish clear criteria for evaluating the
performance and determining the remuneration
of Directors, KMPs, and SMPs;

(iii) To adopt industry best practices for attracting
and retaining top talent; and

(iv) To promote diversity within the Board.

The Policy also provides a framework for conducting
effective performance evaluations of the Board, its
Committees and Individual Directors, which may be
carried out by the Board itself and the Nomination
and Remuneration Committee, along with a
mechanism to monitor implementation and
compliance. It is noteworthy that there were no
changes in the NRC Policy during the year under
review.

The said policy is available at the website of
the Company at the following web-link:
https://www.bampl.com/pdf/policy/nomination-
remuneration-policy.pdf.

DIRECTORS’ RESPONSIBILITY STATEMENT

As required under section 134(5) of the Act’, your
Directors state that:

a. In the preparation of the annual accounts, the
applicable accounting standards had been
followed along with proper explanation relating
to material departures;

b. They had selected such accounting policies
and applied them consistently and made
judgments and estimates that are reasonable
and prudent so as to give a true and fair view
of the state of affairs of the Company as at
31^st March 2026 and of the profit of the
Company for the financial year ended
31^st March 2026;

c. They 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. They had prepared the annual accounts on a
going concern basis;

e. They had laid down internal financial controls
to be followed by the Company and that such
internal financial controls were adequate and
were operating effectively.

f. They had devised proper systems to ensure
compliance with the provisions of all applicable
laws and that such systems were adequate
and operating effectively.

INTERNAL FINANCIAL CONTROL

The Company had a proper and adequate Internal
Control System commensurate with the size, scale
and complexity of its operations to ensure efficient
usage and protection of the company’s resources,
accuracy in financial reporting and due compliance
of statutes and procedures. The Company has a
proper system of internal controls to ensure that all
assets are safeguarded and protected against loss
from unauthorized use or disposition and that
transactions are authorized, recorded and reported
correctly. The Internal Financial Control is exercised
through documented policies, guidelines and
procedures. It is supplemented by an extensive

program of internal audit conducted by an external
firm of Chartered Accountants manned with trained
professionals appointed by the Board on
recommendation made by the Audit Committee.

The Audit Committee of the Company evaluated the
adequacy of internal financial control. During the
year under review, such controls were tested with
reference to financial statements and no reportable
material weakness in the formulation or operations
were observed. The Statutory Auditors of the
Company conducted audit on the Company’s internal
financial control over financial reporting and the
report of the same is annexed with Auditor’s Report.

Based on the framework of internal financial controls
and compliance system established and maintained
by the Company, 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 the FY 2025-26.

STATUTORY AUDITORS

M/s. Salarpuria & Partners, Chartered
Accountants (FRN-302113E) were appointed as
Statutory Auditors of the Company for a period of
5 (Five) years till the conclusion of the 43^rd Annual
General Meeting to be held for the FY 2029-30. The
Auditors have confirmed that they were not
disqualified from continuing as Statutory Auditors of
the Company.

The report given by the Statutory Auditors on the
Financial Statements of the Company for the financial
year ended 31^st March 2026 forms part of the Annual
Report. There was no qualification, reservation,
adverse remark or disclaimer in the report. There
was no instance of fraud during the year under
review, which required the Statutory Auditors to
report to the Audit Committee and / or the Board
under Section 143(12) of the Companies Act, 2013
and Rules framed thereunder.

MAINTENANCE OF COST RECORDS AND COST
AUDITORS

Pursuant to the provisions of Section 148 of the Act
read with the Companies (Audit and Auditors) Rules,

2014, as amended from time to time, your Company
is required to maintain cost records with respect to
flexible packaging business.

The Board of Directors, on the recommendation
of Audit Committee, has re-appointed
M/s. Mou Banerjee & Co., Cost and Management
Accountants as the Cost Auditors of the Company
for the Financial Year 2026-27, for all the applicable
products, pursuant to the provisions of Section 148
of the Companies Act, 2013 and the Companies
(Cost Records and Audit) Rules, 2014. The members
are requested to ratify the remuneration payable to
the Cost Auditors at the ensuing 40^th Annual General
Meeting, in terms of Rule 14 of the Companies (Audit
& Auditors) Rules, 2014. The Cost Auditors’ Report
do not contain any qualifications, reservations,
adverse remarks or disclaimers and no frauds
were reported by the Cost Auditors to the
Company under sub-section (12) of Section 143 of
the Act.

SECRETARIAL AUDITORS

M/s. T. Chatterjee & Associates (FRN-
P2007WB067100), a Firm of Practicing Company
Secretaries were appointed as Secretarial Auditors
of the Company for a period of 5 years till the
conclusion of the 43^rd Annual General Meeting
to be held for the FY 2029-30. The Secretarial
Audit Report for the financial year ended 31^st March,
2026 is attached with the Board’s Report as
Annexure-3. The necessary clarification to the
observation made by the Secretarial Auditors in their
report has been furnished in para 5.3 of the Corporate
Governance Report which forms part of the
Director’s report.

None of the Auditors of the Company had reported
any fraud as specified under the second proviso of
section 143(12) of the Act’.

COMPLANCE WITH CORPORATE GOVERNANCE
NORMS

In terms of appropriate provisions of the
Listing Regulations, a certificate from a Practicing
Company Secretary on compliance of Corporate
Governance Norms is attached with the Directors’
Report as Annexure-4 and forms part of the
Annual Report.

PARTICULARS OF CONTRACT AND ARRANGEMENT
WITH RELATED PARTIES

The Board had adopted a policy on related party
transactions to determine the materiality of
transactions with related parties and strategy for
dealing with the same. The policy is in conformity
with Regulation 23 of the Listing Regulations and
has been reviewed and renewed by the Board of
Directors from time to time.

The said policy is available at the website of
the Company at the following web-link:
https://www.bampl.com/pdf/policy-on-related-
party-transactions.pdf. In terms of section 134 of
the Act’ read with rule 8(2) of the Companies
(Accounts) Rules, 2014 particulars of contracts/
arrangements with related parties entered into by
the Company during the financial year under review
in form AOC-2 is attached as Annexure-5 and forms
part of the Director’s Report.

PARTICULARS OF LOANS, GUARANTEE OR
INVESTMENTS

The Company did not give any loans or provided
any guarantee or made any investments which were
covered under section 186 of the Companies Act,
2013 during the year under review.

CORPORATE SOCIAL RESPONSIBILITY

The Corporate Social Responsibility (CSR) initiatives
of the Company are monitored by the Board. Our
people-centric initiatives are expanded through our
Corporate Social Responsibility journey where
we focus on child education, health care, women
empowerment, sports and community development
in addition to many other programs for the
communities around us.

The CSR Policy of the Company as approved
by the Board of Directors is available at the
website of the Company at the web-link:
https://www.bampl.com/pdf/policy/policy-on-
csr.pdf.

In terms of Rule 9 of the Companies (Accounts)
Rules, 2014 read with Rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014,
Annual Report on CSR activities containing brief
outline of the CSR policy, CSR initiatives undertaken

and expenditure made during the year under review
is attached as Annexure-6 and forms part of the
Director’s Report.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO

The information relating to conservation of energy,
technology absorption and foreign exchange earnings
and outgo as envisaged in section 134(3) of the Act’
read with the Companies (Accounts) Rules, 2014 is
attached as Annexure-7 and forms part of this
report.

ANNUAL RETURN

The Annual Return of the Company for the financial
year ended 31^st March 2026 in the prescribed draft
format in accordance with the Act’ is available at the
website of the Company at the following web-link
https://www.bampl.com/annual-return.html.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

In terms of section 177(10) of the Act’ read with
Regulation 22 of the SEBI Listing Regulations, your
Directors had adopted a Vigil Mechanism/ Whistle
Blower Policy to report and deal with genuine concern
raised by a whistle blower. The said policy has
been posted at the website of the Company
and is available at https://www.bampl.com/
pdf/policy/vigil-mechanism.pdf. The contact
details of the vigilance officer is also available at the
website of the Company. During the year under
review, no complaint was reported under the policy.

PREVENTION OF INSIDER TRADING

The Company had adopted a Code of Conduct for
Prevention of Insider Trading as amended from time
to time 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 shares and prohibits the purchase or
sale of shares of the Company, by the Directors and
the designated persons while in possession of
unpublished price sensitive information in relation
to the Company and during the period when the
Trading Window is closed.

MATERIAL CHANGES AND COMMITMENTS

Your Directors confirm that there was no material

changes and commitment, affecting the financial
performance of the Company which occurred
between the end of the financial year of the Company
to which the financial statements relate and the date
of this report.

INVESTOR EDUCATION AND PROTECTION
FUND (IEPF)

Pursuant to the provisions of Section 124 (6) of the
Companies Act, 2013, Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (including amendments
thereof) read with circulars and notifications issued
thereunder, all the shares in respect of which dividend
has not been paid or claimed for 7 consecutive years
or more shall be transferred by the Company in the
name of Investor Education and Protection Fund
(IEPF) within stipulated dates.

The unpaid and unclaimed dividend amount lying
in the Unpaid Dividend Account becomes due to
be transferred to Investor Education & Protection
Fund (“IEPF”) after a period of 7 (seven) years.

A detailed disclosure with regard to the IEPF during
the year under review forms part of the Report on
Corporate Governance.

DETAILS OF SIGNIFICANT AND MATERIAL
ORDERS PASSED BY THE REGULATORS,
COURTS AND TRIBUNALS IMPACTING THE
GOING CONCERN STATUS AND COMPANY’S
OPERATIONS IN FUTURE

There were no significant and material orders passed
by the regulators or courts or tribunals impacting the
going concern status and company’s operations in
future during the year under review.

DISCLOSURE UNDER PREVENTION OF SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE

The Company had adopted a Policy on Prevention,
Prohibition and Redressal of Sexual Harassment at
Workplace in accordance with the requirements of
the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013
(“POSH Act”) and Rules made thereunder. All
employees (permanent, contractual, temporary and
trainees) were covered under this Policy. The
Company maintains a zero-tolerance policy towards
sexual harassment at the workplace.

The Company has complied with the provisions
relating to the constitution of the Internal Complaints
Committee as per the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal)
Act, 2013.

The following is the summary of sexual harassment
complaints received and disposed of during
the year:

(a) number of complaints of sexual harassment
received in the year - NIL

(b) number of complaints disposed off during the
year - NIL

(c) number of cases pending for more than ninety
days - NIL

DISCLOSURE ON COMPLIANCES OF
MATERNITY BENEFIT ACT, 1961

The Company has duly complied with the provisions
of Maternity Benefit Act, 1961 during the year under
review.

SECRETARIAL STANDARDS

The Company had in place proper systems to ensure
compliance with the provisions of the applicable
secretarial standards issued by The Institute of
Company Secretaries of India (ICSI) and such
systems were adequate and operated effectively
during the year under review.

EMPLOYEE RELATIONS

One of the key strength of your company is its people.
The Company employed around 151 individuals as
permanent employees across its works and offices
who share a passion for excellence. The key attributes
that excelled their performance are knowledge base,
expertise and experience. Human Resource (HR)
policies of the Company are focused on developing
the potential of each employee. With this premise,
a comprehensive set of HR policies are in place,
aimed at attracting, retaining and motivating
employees at all levels. Employee relations remained
cordial throughout the year and your Directors wishes
to convey their gratitude and place on record their
appreciation for all executives, staff and workers
at all levels for their constant hard work, solidarity,
cooperation and dedication under difficult

circumstances which had ensured steady growth
and progress of the Company over the years.

OTHER DISCLOSURES

Your Directors state that during the year under review:

a. The Company made no scheme or provision
of money for the purchase of its own shares by
Employees/ Directors or by trustees for the
benefit of Employees/Directors.

b. The Company did not issue any equity shares
with differential rights as to dividend, voting or
otherwise.

APPRECIATION

Your Directors wish to place on record their sincere
thanks and appreciation to all customers, suppliers,
bankers, authorities, members and associates of
the Company for their co-operation and support at
all time.

For and on behalf of the Board of Directors
B & A Packaging India Limited

Somnath Chatterjee Dipankar Mukherjee

Place: Kolkata Managing Director Chairman

Date: 25^th May 2026 DIN: 00172364 DIN: 07450198