To

The Esteemed Members of

Your directors have the privilege of presenting their 32nd (Thirty- second) Annual Report and the Audited Statements of Accounts for the Financial Year ended March 31, 2026, of your Company.

The Company delivered strong financial performance in FY 2025-26, with total revenue from operations growing 377.80% year-on-year to Rs.522.33 lakh (up from Rs.109.32 lakh). This top-line expansion drove net profit to Rs.54.60 lakh, compared to Rs.16.49 lakh in FY 202425. Your directors remain confident in achieving even higher growth milestones ahead.

The name of the Company was changed from "Adinath Exim Resources Limited" to "Trustedge Capital Limited" consequent upon receipt of Certificate of Incorporation issued by Ministry of Corporate Affairs dated June 02, 2025 and the Company, being an NBFC registered with Reserve Bank of India ("RBI"), received certificate of registration from RBI with the new name of the Company on July 22,2025.

In order to conserve and plough back the resources, your directors have not recommended any dividend for the year on equity shares of the company.

During the Year under review, your Company has not changed its nature of business.

Under Section 45-IC (1) of Reserve Bank of India (‘RBI') Act, 1934, non-banking financial companies (‘NBFCs') are required to transfer a sum not less than 20% of its net profit every year to reserve fund before declaration of any dividend.

Your Company has transferred an amount of Rs.10.92 lakhs to Statutory Reserve Fund under Section 45-IC of the RBI Act, 1934.

The Company has an amount of Rs. 1406.40 Lakh retained as surplus in the Statement of Profit and Loss of Standalone financials.

As on March 31, 2026, the Share Capital structure of the Company stands as under:

During the financial year, the Members approved two successive increases in the Authorized Share Capital of the Company, along with the consequential amendments to Clause V (Capital Clause) of the Memorandum of Association of the Company, as detailed below:

At the Extra-Ordinary General Meeting held on May 9, 2025 through Video Conferencing (VC)/Other Audio-Visual Means (OAVM), the Authorized Share Capital of the Company was increased from Rs.5,50,00,000 divided into 55,00,000 equity shares of Rs.10 each to Rs.7,00,00,000 divided into 70,00,000 equity shares of Rs.10 each.

At the 31st Annual General Meeting held on August 19, 2025 through VC/OAVM, the Authorized Share Capital of the Company was further increased from Rs.7,00,00,000 divided into 70,00,000 equity shares of Rs.10 each to Rs.15,00,00,000 divided into 1,50,00,000 equity shares of Rs.10 each.

Accordingly, Clause V of the Memorandum of Association of the Company was amended on both occasions to reflect the revised Authorized Share Capital

The Board of Directors at its meeting held on April 10, 2025 approved the issue and allotment of up to 8,85,000 equity shares of the Company on a preferential basis to persons belonging to the Promoter Group, subject to the approval of the Members and other applicable statutory and regulatory approvals.

The Members approved the said preferential issue by way of a Special Resolution passed at the 01/2025-26 Extra-Ordinary General Meeting of the Company held on May 9, 2025 through Video Conferencing ("VC")/Other Audio-Visual Means ("OAVM"), in accordance with the provisions of the Companies Act, 2013 and Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations").

Pursuant to the aforesaid approvals, the Company allotted 8,85,000 equity shares of face value Rs.10 each at an issue price of Rs.57 per equity share (including a premium of Rs.47 per equity share) on June 3, 2025. The Company subsequently received the necessary listing and trading approvals from BSE Limited for the said equity shares, and the shares were listed and admitted to trading in accordance with the applicable regulatory requirements.

During the financial year, the Company undertook a Rights Issue of equity shares in accordance with the provisions of the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable laws.

The Company received the in-principle approval from BSE Limited on September 24, 2025. Thereafter, the Rights Issue Committee, at its meeting held on September 25, 2025, approved the offer and issue of up to 33,74,428 fully paid-up equity shares of face value Rs.10 each for cash at an issue price of Rs.80 per equity share (including a premium of Rs.70 per equity share), aggregating up to Rs.2,699.54 lakh, on a rights basis to the eligible equity shareholders of the Company in the ratio of 49 (Forty-Nine) Rights Equity Shares for every 85 (Eighty-Five) fully paid-up equity shares held as on the Record Date, October 1, 2025.

Rights Issue Committee, at its meeting held on October 17, 2025, approved the allotment of 33,74,428 fully paid-up Rights Equity Shares at the aforesaid issue price.

Subsequently, the Company received the requisite listing and trading approvals from BSE Limited on October 20, 2025, and the said Rights Equity Shares were listed and admitted to trading on the Exchange.

The Members of the Company approved the adoption of the Trustedge Employee Stock Option Scheme, 2025 ("TEDGE ESOS 2025" or the "Scheme") by way of a Special Resolution passed at the 01/2025-26 Extra-Ordinary General Meeting held on May 9, 2025 through Video Conferencing ("VC")/Other Audio-Visual Means ("OAVM"), in accordance with the provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI SBEB & SE Regulations"), subject to such statutory and regulatory approvals as may be required. The Company received the in-principle approval from BSE Limited for the Scheme on July 23, 2025.

During the year under review, the Company granted employee stock options under TEDGE ESOS 2025 to eligible employees based on the recommendations of the Nomination and Remuneration Committee. The Scheme has been introduced with the objective of attracting, retaining, motivating and rewarding employees, while aligning their interests with the long-term growth and value creation objectives of the Company.

Pursuant to Regulation 13 of the SEBI SBEB & SE Regulations, the Secretarial Auditor of the Company has certified that TEDGE ESOS 2025 has been implemented in accordance with the applicable provisions of the said Regulations and the Special Resolution passed by the Members on May 9, 2025. The certificate is available for inspection by the Members at the Registered Office of the Company during business hours on all working days and is also available on the Company's website up to the conclusion of the 32nd Annual General Meeting.

The information pertaining to ESOS in terms of Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 is given in [Annexure A].

During the year under review, except as mentioned above the Company has neither issued shares with differential rights as to dividend, voting or otherwise nor issued shares (including sweat equity shares) to the employees or Directors of the Company, under any Scheme. The Company has not issued any convertible instrument during the year.

As the members are aware, the Company's Equity shares are compulsorily tradable in electronic form. As on March 31, 2026, 89.34% of the Company's total paid-up equity capital representing 82,44,628 Equity shares is in dematerialized form.

The SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 mandate that the transfer, except transmission and transposition, of securities shall be carried out in dematerialized form only with effect from April 01, 2019. In view of the numerous advantages offered by the Depository system as well as to avoid frauds, members holding shares in physical mode are advised to avail of the facility of dematerialization from either of the depositories. The Company has, directly as well as through its RTA, sent intimation to shareholders who are holding shares in physical form, advising them to get the shares dematerialized.

During the year, Company has not issued any equity shares with differential rights or any sweat equity shares.

The Board of Directors met Nine (09) times during the financial year, and the details of the meeting are as follows:

The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

During the year under review, the Board of Directors of the Company, by way of a resolution passed by circulation on July 4, 2025, approved the shifting of the Registered Office of the Company within the local limits of the city, town or village where the existing Registered Office is situated, in accordance with the applicable provisions of the Companies Act, 2013 and the rules made thereunder.

As per Schedule IV of the Companies Act, 2013, a separate meeting of Independent Directors without the attendance of NonIndependent Directors was held on January 28, 2026 to discuss the agenda items as required under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Audit Committee met Five (05) times during the financial year, and the details of the meeting are as follows:

The Nomination & Remuneration Committee met Four (04) times during the financial year, and the details of the meeting are as follows:

The Stakeholder Relationship Committee met One (1) time during the financial year, and the details of the meeting are as follows:

The composition of Audit Committee, Nomination & Remuneration Committee and Stakeholder Relationship Committee as on March 31, 2026, are as follows:

* Mr. Ketan Harsukhlal Sanghvi resigned from the post of Independent Director of the Company with effect from May 12, 2026.Subsequently to his resignation Ms. Shaily Jatin Dedhia was appointed as the Chairperson of the respective committees.

The Company operates as a registered Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC), bearing Reserve Bank of India (RBI) registration number 01.00025. The Company is classified under the Base Layer category and does not accept public funds.

In terms of regulatory compliance, the Company maintained adherence to the Master Direction - Reserve Bank of India (NonBanking Financial Company - Scale Based Regulation) Directions, 2023 until its official withdrawal on November 28, 2025. Following this withdrawal, the Company seamlessly transitioned to comply with the newly superseded and updated Reserve Bank of India (NonBanking Financial Companies - Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025, which came into effect on that same date. The Company remains fully committed to continuous compliance with all applicable laws, statutory frameworks, and guidelines prescribed by the RBI from time to time.

Pursuant to Regulation 15(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the provisions relating to Corporate Governance specified under Regulations 17 to 27 and Clauses (b) to (i) and (t) of Regulation 46(2) are not applicable to the Company, if its paid-up equity share capital does not exceed Rs.10 crore and its net worth does not exceed Rs.25 crore as on the last day of the previous financial year.

Further, As on March 31, 2026, although the net worth of the Company exceeded Rs.25 crore, its paid-up equity share capital continued to remain below the prescribed threshold of Rs.10 crore. Accordingly, the Corporate Governance provisions under the SEBI Listing Regulations continue to remain inapplicable to the Company for the financial year under review.

The Company shall continue to monitor the applicability of the aforesaid provisions and shall ensure compliance with the Corporate Governance requirements under the SEBI Listing Regulations as and when they become applicable.

In terms of Regulation 34(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Management Discussion and Analysis is set out in the Annual Report as [Annexure- B].

During the year under review, the Company does not have any Subsidiaries, Joint Venture and Associates.

The Company has neither accepted nor renewed any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 during the financial year under review.

There are no material changes and commitments, affecting the financial position of the company which have been occurred between the end of the financial year i.e. March 31, 2026 and till the date of signing of the directors' report except as stated specifically in this Report.

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As on March 31, 2026, the Board consists of Four (4) members, of whom (1) one is the Managing Director, (1) one is the Non-Executive Director and (2) Two are Independent Directors. The Board periodically evaluates the need for a change in its composition and size.

The policy of the Company on directors' appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Sub Section (3) of Section 178 of the Companies Act, 2013, adopted by the Board, is available on our website at www.trustedgecapital.in We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

The statement containing particulars of employees as required under section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in an Annexure and forms part of this report. In terms of Section 136(1) of the Companies Act, 2013, the Report and Audited Accounts are being sent to the members excluding the aforesaid Annexure. Any member interested in obtaining a copy of the Annexure may write to the Company Secretary at the registered office of the Company for a copy of it.

The well-disciplined workforce which has served the company for more than three decades lies at the very foundation of the company's major achievements and shall well continue for the years to come. The management has always carried out systematic appraisal of performance and imparted training at periodic intervals. The company has always recognized talent and has judiciously followed the principle of rewarding performance.

The Equity Shares of the Company are listed on BSE Limited (formerly the Bombay Stock Exchange Limited) with scrip code 532056. The Company confirms that the annual listing fees to the stock exchanges for the financial year 2025-26 have been paid.

During the year under review, Mr. Manoj Savla was re-designated as the Managing Director for a period of 3 (Three) years pursuant to the approval of the Board of Directors at its meeting held on April 10, 2025. The Members of the Company subsequently approved his re-designation by way of a Special Resolution passed at the 01/2025-26 Extra-Ordinary General Meeting held on May 9, 2025.

Further, Mrs. Vidhi Shail Savla (DIN: 09107866) resigned from the office of Whole-time Director and Key Managerial Personnel of the Company with effect from the close of business hours on May 26, 2025. Consequently, she ceased to be the Whole-time Director and Key Managerial Personnel of the Company with effect from the said date.

Thereafter, Mrs. Vidhi Shail Savla (DIN: 09107866) continued to serve on the Board as a Non-Executive Director (Promoter), liable to retire by rotation, with effect from May 27, 2025.

Subsequently, Mrs. Vidhi Shail Savla (DIN: 09107866) tendered her resignation from the office of Non-Executive Director (Promoter) vide her letter dated July 7, 2026, and accordingly ceased to be a Director of the Company with effect from July 7, 2026. The Board places on record its sincere appreciation for her valuable guidance, leadership and contribution during her association with the Company and wishes her success in her future endeavours.

On the recommendation of the Nomination and Remuneration Committee, the Board of Directors has appointed Mr. Shail Manoj Savla (DIN: 08763064) as an Additional Director (Promoter and NonExecutive), liable to retire by rotation, with effect from July 7, 2026 pursuant to Section 161(1) of the Companies Act, 2013, read with the Articles of Association of the Company, to hold office up to the date of this Annual General Meeting.

The Board of Directors has recommended the appointment and regularisation of Mr. Shail Manoj Savla (DIN: 08763064) as a Director (Promoter and Non-Executive) of the Company, liable to retire by rotation, and the necessary resolution seeking the approval of the Members forms part of the Notice convening the ensuing Annual General Meeting.

The brief resume of Mr. Shail Manoj Savla (DIN: 08763064) together with other related information has been detailed in this Notice of AGM which is forming part of the Annual Report.

During the year under review, Ms. Shaily Jatin Dedhia (DIN: 08853685) who was appointed as an Additional Director (NonExecutive- Independent) of the Company effective from March 31, 2025, was regularized and appointed as the Independent Director (Non-Executive) by the Shareholders of the Company at the 01/2025-26 Extra-Ordinary General Meeting held on May 09, 2025 for a period of 5 consecutive years.

Further, pursuant to the recommendation of the Nomination and Remuneration Committee, the Board at its meeting held on July 16, 2025 has approved the re-appointment of Mr. Ketan Harsukhlal Sanghvi (DIN: 06531676) as a Non-Executive Independent Director of the Company for a second term of five years from November 04, 2025 to November 03, 2030, which was subsequently approved by the shareholders of the Company at the 31st Annual General Meeting of the Company held on Tuesday, August 19, 2025.

Mr. Ketan Harsukhlal Sanghvi (DIN: 06531676) resigned as a NonExecutive Independent Director of the Company with effect from closing business hours of May 12, 2026 due to his health reasons.

Subsequent to the cessation of Mr. Ketan Harsukhlal Sanghvi, the Board of Directors, on the recommendation of the Nomination and Remuneration Committee, appointed Mr. Narayanan Sadanandan (DIN: 07263104) as an Additional Director (Independent) of the Company with effect from July 7, 2026, pursuant to Section 161(1) of the Companies Act, 2013, read with the Articles of Association of the Company, to hold office up to the date of the ensuing Annual General Meeting.

The Board is of the opinion that Mr. Narayanan Sadanandan is a person of integrity and possesses the relevant expertise and experience to be appointed as an Independent Director of the Company, and he meets the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to the extent applicable. Hence, the Board of Directors has recommended to the shareholders of the Company for their approval to appoint Mr. Narayanan Sadanandan (DIN: 07263104) as an Independent Director (Professional and NonExecutive) of the Company, not liable to retire by rotation, for a term of five consecutive years, with effect from July 7,2026, in terms of Section 149 read with Schedule IV and other applicable provisions of the Companies Act, 2013, at the ensuing Annual General Meeting.

The brief resume of Mr. Narayanan Sadanandan (DIN: 07263104) together with other related information has been detailed in this Notice of AGM which is forming part of the Annual Report.

Pursuant to the provisions of Section 149 of the Act and Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have submitted declarations stating that each of them fulfill the criteria of independence as provided in Section 149(6) of the Act along with rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company. In the opinion of the Board, the Independent Directors are competent, experienced, proficient and possess necessary expertise and integrity to discharge their duties and functions as Independent Directors. The Independent Directors of the Company have undertaken requisite steps towards the inclusion of their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

None of the Company's directors are disqualified from being appointed as a director as specified in Section 164 of the Act. All directors have further confirmed that they are not debarred from holding the office of a director under any order from SEBI or any other authority.

Pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Articles of Association of your Company, Mr. Manoj Shantilal Savla (DIN: 01529306), Director of the Company is liable to retire by rotation at the ensuing AGM and being eligible offered himself for reappointment.

An appropriate resolution for his re-appointment is being placed for your approval at the ensuing AGM. The brief resume of Mr. Manoj Shantilal Savla (DIN: 01529306), together with other related information has been detailed in the Notice of AGM which is forming part of the Annual Report.

Your directors recommend his re-appointment on the board of your Company.

During the year under review, Ms. Foram Sagar Bhuva resigned from the post of Company Secretary & Compliance Officer of the Company with effect from closure of business hours on April 30, 2025.

During the year under review, the Board of Directors, on recommendation of the Nomination and Remuneration Committee, had appointed Ms. Pinkal Mehta as the Company Secretary and Compliance Officer of the company w.e.f. May 26, 2025.

During the year under review, Mr. Bharat Jethalal Suthar has resigned from the position of Chief Financial Officer and Key Managerial Personnel of the Company with effect from the close of business hours of May 26, 2025 due to health reasons.

Further, the Board of Directors of the Company, after considering the recommendations of the Nomination & Remuneration Committee and the Audit Committee, had appointed Mr. Jayprakash Labhshankar Raval as the Chief Financial Officer ("CFO") with effect from May 27, 2025.

The terms and conditions of appointment of Independent Director are in accordance with the applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and also as per the provisions of the Companies Act, 2013 ("Act") read with Schedule IV to the Act.

Your Company has received annual declarations from all the Independent Director of the Company under sub - section (7) of section 149 confirming that they meet with the criteria of Independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in the circumstances which may affect their status as Independent Director during the year under review.

In the opinion of the Board, all the Independent Directors are persons of integrity and possess relevant expertise and experience including proficiency.

At the time of the appointment of an Independent Director, the Company issues a formal letter of appointment outlining his/her role, function, duties and responsibilities. Further, the Independent Directors are introduced to the corporate affairs, new developments and business of the Company from time to time. The Familiarization program is also available on the website of the Company www.trustedgecapital.in.

In accordance with the provisions of Sections 2(51), 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

Mr. Manoj Shantilal Savla, Managing Director, Mr. Deepak Kabra, Chief Executive Officer, Mr. Jayprakash Labhshankar Raval, Chief Financial Officer, and Ms. Pinkal Mehta, Company Secretary and Compliance officer are the Key Managerial Personnel of your Company as on the financial year ended March 31, 2026.

Except as stated in this Board Report, there is no other changes in the Key Managerial Personnel ('KMP') of the Company.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company are:

*Ms. Vidhi Shail Savla resigned as a Non-Executive Director of the Company w.e.f. closing business hours of July 7, 2026 due to paucity of time.

In terms of section 134[3][c] of the Companies Act, 2013, in relation to the financial statements of the Company for the year ended March 31, 2026, the Board of Directors state that:

a) In the preparation of the Annual Accounts, the applicable accounting standards had been followed and there are no 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 financial year and of the profit of the Company for the financial year ended March 31, 2026;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of 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 have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

The Annual Return of the Company as on March 31, 2026 is available on the website of the Company i.e. www.trustedgecapital.in pursuant to the provisions of Section 92 read with Section 134 of the Companies Act, 2013 and rules made there under.

The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The Insider Trading policy of the Company lays down guidelines and procedures to be followed, and disclosures to be made while dealing with shares of the Company as well as consequences of violation. The Policy has been formulated to regulate, monitor and ensure reporting of deals by the employees and to maintain the highest ethical standards of dealing in the Company's Shares. The code is also available on the website of the Company - www.trustedgecapital.in.

The Company has adopted the amended Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in terms of the SEBI (Prohibition of Insider Trading) Regulation, 2015 (as amended). The same has been filed with the BSE Limited and also uploaded on the website of the Company.

All contracts/arrangement/transactions entered into by the Company during the Financial Year with related parties were on an arm's length basis and were in the ordinary course of business and were placed before the audit committee for their approval, wherever applicable.

Your Company had entered into transactions with related parties which could be considered material in terms of Section 188 of the Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is as attached in [Annexure-C].

Your Company being a registered NBFC under Section 45IA of the Reserve Bank of India Act, 1934, the Company has given loan as per RBI norms. The Company has not provided any guarantees as laid under Companies Act, 2013. The Company has made investment under the provisions of Section 186 of Companies Act, 2013 and RBI Regulations. The said details are given in the notes to the Financial Statements.

The Company manages and monitors the principal risks and uncertainties that can impact its ability to achieve its objectives. Pursuant to section 134 (3) (n) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. The company has framed a Risk Management Policy. At present the company has not identified any element of risk which may threaten the existence of the company.

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks. The Company has formally framed a Risk Management Policy to identify and assess the key risk areas, monitor and report compliance and effectiveness of the policy and procedure.

Discussion on risks and concerns are covered in the Management Discussion and Analysis Report, which forms part of this Annual Report.

The Company has devised a formal process for annual evaluation of performance of the Board, its Committees and Individual Directors ("Performance Evaluation") which include criteria for performance evaluation of non-executive directors and executive directors as laid down by the Nomination and Remuneration Committee and the Board of Directors of the Company. It covers the areas relevant to the functioning as Independent Directors or other directors, member of the Board or Committee of the Board. The Independent Directors carried out annual performance evaluation of the Chairman and Executive Directors. The Board carried out annual performance evaluation of its own performance. The performance of each Committee was evaluated by the Board, based on report on evaluation received from respective Committees.

The Independent Directors reviewed the performance of nonindependent directors and the Board as whole, reviewed the performance of the Chairman of the Company taking into account the views of executive and non-executive directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties. The Independent Directors expressed their satisfaction with overall functioning and implementations of their suggestions.

The provisions of Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility (CSR) are not applicable to the Company for the current financial year, as it does not meet the prescribed threshold limits. Consequently, the Company is not required to provide a statutory report on CSR activities.

However, the management remains committed to sustainable and socially responsible growth. As the Company strengthens its financial performance and profitability in the coming years, the Board of Directors shall initiate and contribute to meaningful social development initiatives in the future.

M/s Mahendra N. Shah & Co., Chartered Accountants, Ahmedabad [Firm Registration No. 105775W] were appointed as Statutory Auditors of the Company, for a term of 5 (five) consecutive years, at the Annual General Meeting held on September 30, 2022.

The Auditors' Report for financial year 2025-26 forms part of this Annual Report and does not contain any qualification, reservation or adverse remark or disclaimer which requires the clarification of the Management of the Company.

The Statutory Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Act, for the year under review.

Pursuant to provisions of section 204 of the Act and the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014, the shareholders of the Company in the 31st Annual General Meeting held on August 19, 2025 had appointed CS Aishwarya Parekh, Practicing Company Secretary (M. No: F13318 and CP: 22505) to undertake the Secretarial Audit of the Company from the financial year 2025-26 to F.Y. 2029-30 . The Secretarial Audit Report in the form "MR-3" is annexed herewith as [Annexure- D].

The auditor report does not contain any reservations, adverse remarks or disclaimers.

The board has appointed M/S MGP & Associates, Chartered Accountants as Internal Auditor (Firm Registration No. 140164W) as Internal Auditors of the Company for the F.Y 2025-26.

In terms of the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Company is not required to maintain the Cost Records and Cost Accounts. Hence, the appointment of Cost Auditors is not applicable to the Company.

The information required under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 with respect to the information on conservation of energy, technology absorption and foreign exchange earnings and outgo are set out herewith as [Annexure-E] and form an integral part to this Report.

The Company promotes ethical behavior in all its business activities and has established a vigil mechanism for its Directors, Employees and Stakeholders associated with the Company to report their genuine concerns. The Vigil Mechanism as envisaged in Section 177 of the Companies Act, 2013 is implemented through the Whistle Blower Policy, to provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee.

The Whistle Blower Policy has been appropriately communicated within the Company and has also been posted on the Website of our Company.

The Company believes that the women employees should have the opportunity to work in an environment free from any conduct which can be considered as a Sexual Harassment. The Company is committed to treating every employee with dignity and respect, fosters to create a workplace which is safe and free from any act of Sexual Harassment.

The Company has a policy on ‘Prevention of Sexual Harassment at the Workplace' as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and Rules made thereunder (‘POSH Act & Rules').

The following is a summary of sexual harassment complaints received and disposed of during the financial year 2025-26.

• No. of complaints received in the year - NIL

• No. of complaints disposed off during the year - NIL

• No. of complaints pending for more than ninety days:- NIL

Your Company is fully committed to complying with the Maternity Benefit Act, 1961. We recognize and uphold the rights of our women employees to maternity benefits as enshrined under the Act.

The Company has adequate internal controls and checks commensurate with its activities. The details in respect of internal control and their adequacy are included in the Management and Discussion and Analysis, which forms integral part of this report.

The Report on the Internal Financial Control under Clause (i) of sub section 3 of Section 143 of the Companies Act, 2013 is forming part of the financial statement for the year under review.

The Company has not issued any debt instruments and does not have any Fixed Deposit Programme or any scheme or proposal involving mobilization of funds in India or abroad during the financial year ended March 31, 2026. Hence during the financial year, there was no requirement to obtain such Credit Ratings.