New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (₹3.35b market cap, or US$35.3m). Announcement • May 30
Modi Rubber Limited Announces Appointment of Ajay Kumar Jain as Non-Executive Independent Director, Effective May 29, 2026 Modi Rubber Limited had approved the appointment of Mr. Ajay Kumar Jain as an Additional Director in the category of Non-Executive Independent Director of the Company with effect from May 29, 2026. Mr. Jain was appointed in terms of the applicable provisions of Companies Act, 2013, and Listing Regulations. Mr. Ajay Kumar Jain confirmed that he was not debarred from holding the office of Directors pursuant to any SEBI order or any other such authority. Mr. Ajay Kumar Jain holds an LLB (Hons) 1st Class from Meerut University (1983) and a B. Com. from Shriram College of Commerce, Delhi University (1980). He has been engaged in private practice and consultancy since September 1983, with practice areas including Constitutional Law, Contracts (Governments & Private), Taxation, Property & Commercial Law, Recovery Law and Economic Offences. He specializes in corporate affairs, corporate restructuring, insolvency, and recovery matters. He has practiced before the Supreme Court of India, High Court of Delhi and other High Courts of India, as well as before DRT, DRAT, NCLT & NCLAT. He has handled matters before Arbitration Tribunals and also served as an Arbitrator. He was formerly Legal Advisor of Tuberculosis Association of India, Member of Ethics Committee, Medical Council of India, and Independent Director of the Board of Insolvency Professionals Agency of Institute of Cost Accountants of India. He is presently Independent Director of Dudigital Global and Director at The Delhi Golf Club. He is a member of Bar Council of Delhi, Bar Association of Supreme Court of India, Bar Association of High Court of Delhi, Insol International, and Indian Council of Arbitration (ICA). Mr. Ajay Kumar Jain is not related to any Director on the Board of the Company. 
