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REGISTERED NUMBER: 09800657 (England and Wales)

| PENN GLOBE LIMITED |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 4 |

Income Statement | 8 |

Balance Sheet | 9 |

Notes to the Financial Statements | 10 |

PENN GLOBE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | A C Muthiah

| M Ravi

| C M Bowry

| D Muthiah Chardon

| T Tasche

| REGISTERED OFFICE: | Unit 6, Aston Way

| Midpoint 18 Business Park

| Middlewich

| Cheshire

| CW10 0HS

| REGISTERED NUMBER: | 09800657 (England and Wales)

| AUDITORS: | Clarke Nicklin LLP

| Chartered Accountants and

| Statutory Auditors

| Clarke Nicklin House

| Brooks Drive

| Cheadle Royal Business Park

| Cheadle

| Cheshire

| SK8 3TD

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS

The total distribution of dividends for the period ended 31 March 2025 will be nil (2024: £2,975,107).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

A C Muthiah

M Ravi

C M Bowry

D Muthiah Chardon

T Tasche

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

AUDITORS

The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Muthiah Chardon - Director

23 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN GLOBE LIMITED

Opinion

We have audited the financial statements of Penn Globe Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 March 2025;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern - Emphasis of matter

We draw attention to Note 2 to the financial statements which explains that the company has ceased trading and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN GLOBE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN GLOBE LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:

- |  | enquiring of management concerning the group's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |

- |  | discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: posting of unusual journals; and |

- |  | obtaining an understanding of the legal and regulatory frameworks that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation. |

The procedures to respond to risks identified included:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |

- |  | enquiring of management, concerning actual and potential litigation and claims; |

- |  | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | reviewing correspondence with HMRC; and |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN GLOBE LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Travis FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

23 March 2026

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | - |  | - |  |

Administrative expenses | - |  | 2,614 |  |

OPERATING LOSS | - |  | (2,614 | ) |

Interest receivable and similar income | - |  | 24 |  |

LOSS BEFORE TAXATION | - |  | (2,590 | ) |

Tax on loss | - |  | - |  |

LOSS FOR THE FINANCIAL YEAR | - |  | (2,590 | ) |

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Cash at bank | 10 |  | 10 |  |

CREDITORS

Amounts falling due within one year | 6 | 9 |  | 9 |  |

NET CURRENT ASSETS | 1 |  | 1 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1 |  | 1 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 1 |  | 1 |  |

SHAREHOLDERS' FUNDS | 1 |  | 1 |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 March 2026 and were signed on its behalf by:

D Muthiah Chardon - Director

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Penn Globe Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is Unit 6, Aston Way, Midpoint 18 Business Park, Middlewich, Cheshire, CW10 0HS.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements are presented in Sterling (£).

| Going concern

| The financial statements have been prepared on an "other than going concern" basis as the company ceased operations during the prior financial year.

| Preparation of consolidated financial statements

| The company has taken advantage of the exemption from preparing consolidated financial statements available under Section 401 of the Companies Act 2006. Although the company has an intermediate parent undertaking, that parent does not prepare consolidated financial statements. Instead, the company is included in the consolidated financial statements of its ultimate parent undertaking, Manali Petrochemicals Limited, a company incorporated in India, for the year ended 31 March 2025.

| The consolidated financial statements of Manali Petrochemicals Limited are prepared in accordance with Indian Accounting Standards (Ind AS), which are recognised as equivalent to International Financial Reporting Standards (IFRS) for the purposes of Section 401. These consolidated financial statements are publicly available from Spic House, 88 Mount Road, Guindy, Chennai, India, 600 032.

| Accordingly, these financial statements present information for the company as an individual entity and not as a group.

| Significant judgements and estimates

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| Investments in subsidiaries

| Investments in subsidiaries are accounted for at cost less impairment.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 5 ) .

4. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £0.10 each

| Interim | - |  | 2,975,115 |  |

5. | FIXED ASSET INVESTMENTS

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Penn-White Limited

| Registered office: Unit 6, Aston Way, Midpoint 18 Business Park, Middlewich, Cheshire, CW10 0HS

| Nature of business: Chemical trading

| %

| Class of shares: | holding |

| Ordinary A - Ordinary G | 100.00 |

PENN GLOBE LIMITED (REGISTERED NUMBER: 09800657)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | FIXED ASSET INVESTMENTS - continued

| Pennwhite Print Solutions Limited

| Registered office: Unit 6, Aston Way, Midpoint 18 Business Park, Middlewich, Cheshire, CW10 0HS

| Nature of business: Chemical trading

| %

| Class of shares: | holding |

| Ordinary A to Ordinary C | 100.00 |

| The company ceased trading on 31 March 2023, with trade and assets transferred to Penn-White Limited.

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 9 |  | 9 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  | Class: |  | Nominal |  |  | 2025 |  |  | 2024 |

|  | value: |  |  | £ |  |  | £ |

| 10 |  | Ordinary |  | £0.10 |  |  | 1 |  |  | 1 |

8. | RESERVES

| Retained

| earnings

£ |

| Profit for the year | - |

| At 31 March 2025 | - |  |

9. | PARENT UNDERTAKINGS

| The company's immediate parent undertaking is Amchem Speciality Chemicals Private Limited, a company incorporated in Singapore.

| The company's ultimate parent undertaking and controlling party is Manali Petrochemicals Limited, a company incorporated in India. Manali Petrochemicals Limited is the smallest and largest group for which consolidated financial statements are prepared. Copies of its consolidated financial statements are available from Spic House, 88 Mount Road, Guindy, Chennai, India, 600 032.