R S Software (India) Ltd

Dear Members,

Your Directors have immense pleasure in presenting the Thirty Seventh Annual Report together with the Audited Statement of Accounts, highlighting the business operations and financial results for the Financial Year ended March 31, 2025.

1. FINANCIAL SUMMARY OR HIGHLIGHTS/PERFORMANCE OF THE COMPANY (STANDALONE AND CONSOLIDATED)

The summarized standalone and consolidated results of your Company and its subsidiaries are given in the table below:

2. STATE OF COMPANY'S AFFAIRS

F.Y. 2024- 25 has been a year of significance with company maintaining Profitability after a revival in the previous year. With continue sales efforts with existing clients and prospecting with new prospects, in all our focused geographies, and opening new markets with our partners. India has become a global leader in the adoption of digital payments, and we continue to play an important role for India to achieve such phenomenal success. Our success in India has opened the opportunities in USA and other geographies. The largest revenue contributor for us in F.Y. 2024- 25 is USA and our Product.

During F.Y. 2024- 25, we maintained our focus on the execution of our business strategy for products and key offerings, go-to-market and sales execution, delivery fulfilment and efficiency in our execution. All of this translated into improvement of quality of revenue, and it has positioned us well for revenue growth and improved margins in coming year.

We have achieved good success in walking the fine line between achieving financial stability and building our capabilities to pursue growth opportunities.

The company continues to be on a sound financial foundation, with the Standalone Performance, during the fiscal year 24-25 generating a Revenue of Rs. 57.86 Crores and Net profit of Rs. 6.96 crores. The company's investment in its Subsidiary Paypermint, which is being used to build an asset that has significant marketable value continues to be Profitable now. The company is committed to pursue cash flow focus strategy, that helped company achieve profitability in the FY 24-25.

The Standalone Net Revenue for the financial year 2024-25 stood at Rs. 5786.06 Lacs as compared to the previous financial year, which was Rs. 6417.78 Lacs. On a standalone basis, the Company's Standalone profit/(loss) before tax stood at Rs. 714.04 Lacs in the financial year 2024-25, vis-?-vis Rs. 1899.25 Lacs in the previous year. The Revenues of the company declined marginally owing to longer sales cycle than anticipated.

The company's progressing on transitioning its business model to enhance its offerings from total services to include its suite of products and platforms. This is where the company has invested significantly over the past 5 years. The investments made have been written off as expenses in respective fiscal years and the valuation today of these products and platform does not appear at their fair value in the balance sheet, standalone or consolidated as the company has now started capitalising them. The company is pursuing its growth strategy in payments modernization, which is all about digital payments, and it's a multi-decade long opportunity. These Investments have started paying Off.

On a consolidated basis, the Company's profit/ (loss) before tax stood at Rs.963.55 Lacs in the financial year 2024-25, vis-?- vis Rs. 1835.48 Lacs in the previous year.

The total standalone capital employed increased from Rs. 6200.33 Lacs in 2023-24. to Rs. 6893.69 Lacs in 2024-25.

• Ratio Analysis

The improvement in the Key Financial Ratios is indicative of the improved performance and treasury management of the company. The Company has been able to improve it operations by reducing its Net Loss and returns on Equity & Capital employed exponentially. Efficient treasury management has led to improved treasury Management.

• Economic Scenario, Outlook, and Strategy

The industry scenario, industry outlook and the company strategy has been extensively covered in the Management Discussion and Analysis presented in the earlier sections of this Annual Report.

3. TRANSFER TO RESERVES

The Directors do not propose to transfer any amount to the General Reserves.

4. CHANGES IN SHARE CAPITAL

The Board of Directors had approved the allotment of 1,22,893 equity shares of the Company as fully paid up under the Employees Stock Option Scheme 2022 (ESOP-22) to 44 eligible employees who have exercised their ESOP Options vide Board meeting dated 14th December 2024. Pursuant to this allotment, the Company's Paid-up Equity Share Capital increased from Rs.12,85,41,590.00 (Rupees Twelve Crore Eighty-Five Lacs Forty-One Thousand Five Hundred Ninety only) to Rs. 12,91,56,055.00 (Rupees Twelve Crore Ninety-One Lacs Fifty-Six Thousand and Fifty-Five only) comprising of 2,58,31,211 equity shares of Rs.5/- each.

5. CHANGE IN NATURE OF BUSINESS, IF ANY

6. DIVIDEND

The company had declared Dividend in June 2025 amounting to Rs 64.27 lacs to its shareholders. Considering the current business scenario, the Board of Directors of the Company could not recommend any dividend for the Financial Year ended 2024-25.

7. DETAILS OF BOARD MEETING

During the Financial Year Four Board Meetings were held, details of which are given below:

The maximum time gap between any two consecutive meetings did not exceed 120 (One Hundred Twenty) days. 18.04.2024, 09.07.2024, 29.10.2024, 14.12.2024 and 22.01.2025.

8. COMMITTEES OF THE BOARD

The Audit Committee has been constituted in line with the provisions of Section 177 of the Companies Act, 2013 read with Regulation 18 of SEBI Listing Regulations, 2015. The details of composition of the Committees of the Board of Directors are as under during the financial year ended on 31.03.2025 are:-

a. Audit Committee

The Audit Committee has been reconstituted w.e.f. 01.04.2024 after the change of designation of Mr. Richard Nicholas Launder and Mr. Rajasekhar Ramaraj from Independent Director to Non-Independent Director pursuant to their tenure completion as Independent Director. Mr. Cedarampattu Subramanian Mohan and Mr. Peter Sweers have been inducted as members. Mr. Richard Nicholas Launder has been ceased to be Member of the Audit Committee with effect from 01.04.2024.

The Company Secretary of your Company acts as the Secretary to the Audit Committee. The terms of reference of the Audit Committee have been provided in the Corporate Governance Report forming part of this Report. During the Financial Year, the committee had met Four times as on April 18^th 2024, July 9^th 2024, October 29^th 2024, and January 22^nd 2025.

There were no such instances where the recommendation of Audit Committee has not been accepted by the Board during the financial year under review.

Your Company is serious about its adherence to the Codes of Conduct and to achieve at par with the highest standards of ethical, moral, and legal conduct of business operations and henceforth encourage its employees to bring ethical and legal violations they are aware of to an internal authority without fear of punishment or unfair treatment so that action can be taken immediately to resolve the problem. A Vigil (Whistle Blower) Mechanism provides a channel to the employees and Directors to report to the management concerns about unethical behaviour, actual or suspected fraud or violation of the Codes of Conduct or Policy. The mechanism also provides for adequate safeguards against victimization of Directors or employees or any other person to avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee. Thus, minimization of organization's exposure to the damage that can occur when employees circumvent internal mechanisms is the main objective which neither release employees from their duty of confidentiality in the course of their work, or can it be used as a route for raising any malicious allegations against people in authority and / or colleagues in general. Your company has given affirmation that no personnel have been denied access to the Audit Committee.

Your Company has formulated a codified Whistle Blower Policy incorporating the provisions relating to Vigil Mechanism in terms of Section 177 of the Companies Act, 2013 and Regulation 22 of SEBI Listing Regulations, 2015. Further, no complaints were reported under the Vigil Mechanism during the year.

The Company's Whistle Blower Policy is available on the company's website at https://rssoftware.com/rswordpress/wp-content/uploads/2022/04/ vigil_mechanism_policy-rssoftware.pdf

The Nomination and Remuneration Committee has been reconstituted w.e.f. 01.04.2024 after the change of designation of Mr. Richard Nicholas Launder and Mr. Rajasekar Ramaraj from Independent Director to Non-Independent Director pursuant to their tenure completion as Independent Director. Mr. Rajasekar Ramaraj has been ceased and Mr. Peter Sweers has been inducted as member of the Nomination and Remuneration Committee with effect from 01.04.2024.

The Board of Directors of your Company has constituted a Nomination and Remuneration Committee in accordance with the provisions of Section 178 of the Companies Act, 2013 read with Regulation 19 of SEBI Listing Regulations, 2015. The terms of reference of the Committee have provided in the Corporate Governance Report forming part of this Report. During the financial year, the Committee met Four times as on April 18th 2024, July 9th 2024, October 28th 2024, and January 21st, 2025.

The Stakeholder Relationship Committee has been reconstituted w.e.f. 01.04.2024 after the change of designation of Mr. Richard Nicholas Launder and Mr. Rajasekar Ramaraj from Independent Director to Non-Independent Director pursuant to their tenure completion as Independent Director. Mr. Peter Sweers has been inducted as member of the Stakeholder Relationship committee with effect from 01.04.2024.

The terms of reference of the Committee have been provided in the Governance Report forming part of this Report. During the financial year, the Committee met Four times as April 18th 2024, July 9th 2024, October 28th 2024, and January 21st, 2025.

b. Corporate Social Responsibility Committee

Mr. Peter Sweers has been inducted as the member of the Committee with effect from 1^st April 2024, Mr. Richard Nicholas Launder and Mr. Rajasekar Ramaraj changed their designation from Independent Directors to Non-Independent Directors pursuant to their tenure completion as Independent Directors with effect from 01^st April 2024.

The Net Profit of the immediately preceding financial year stood at 18.99 crores. However, the average net profit of the past three financial years, as computed in accordance with Section 135 of the Companies Act, 2013, resulted in a negative figure. Consequently, the provisions relating to mandatory Corporate Social Responsibility (CSR) expenditure under the said section are not applicable to the Company for the financial year 2024–25. Accordingly, no CSR Committee meetings were held during the year.

Despite non applicability for expenditure, the Board at its meeting held on 22^nd January 2025, decided to contribute a sum of Rs. 50 lacs to Sriram Gramin Sansodhan Va Vikas Pratisthan, Sholapur Maharashtra to promote Education among underdeveloped children in rural areas.

During the financial year, the Committee met Four times as on as April 18th 2024, July 9th 2024, October 28th 2024, and January 21st, 2025.

9. EMPLOYEE STOCK OPTION SCHEME

The Shareholders had approved in the Annual General Meeting dated 12th August, 2022 the Company's new Employees Stock Option Scheme 2022 effective from 1st April, 2022 for a period of 3 years. The Nomination and Remuneration Committee also designated as ESOP Compensation Committee, is empowered to formulate detailed terms and conditions of the Company's new ESOP Scheme 2022, administer, and supervise the same. Further, the Nomination and Remuneration Committee is empowered to determine the eligible employees of the Subsidiary Companies as well whether existing or future, from time to time within the validity period of the scheme for the entitlement ESOP Option grant.

Further, the Board of Directors of the Company at the meeting held on 14th December 2024 approved the allotment of 1,22,893 equity shares of the Company as fully paid up to 44 eligible employees under the Company's Employees Stock Option Scheme 2022 (ESOP-2022) who have exercised their Options.

Company's Employees Stock Option Scheme 2022 is in compliance with Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The disclosure required to be made under Regulation 14 of the said Regulations is available on the Company's website at https://www.rssoftware.com/administrator/uploads/reports/1545051423_Rev_Disclosure_on_ESOP_2022_ESOP_Requirements_under_Reg_14 Rev_31st_March_2025.pdf

The Company's existing Employee Stock Option Scheme, 2022, expired on March 31, 2025, a new Employee Stock Option Scheme 2025, will be effective from April 1, 2025, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company.

Pursuant to the provisions of Section 124 of the Act, the dividend amounts which have remained unpaid or unclaimed for a period of seven years from the date of declaration have been transferred by the Company to the Investor Education and Protection Fund ("IEPF") established by the Central Government pursuant to Section 125 of the Act. The details of unpaid / unclaimed dividend that will be transferred to IEPF in subsequent years are given in the Corporate Governance Report. Further, according to the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), the shares in respect of which the dividend has not been claimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account created by the IEPF Authority. Accordingly, the Company will transfer the corresponding shares for which the unpaid and unclaimed dividend has been transferred, as per the requirements of the IEPF Rules. The details are available on the website of the Company at https://www. rssoftware.com/administrator/uploads/reports/1978872518_RSSOFTWARE_COMMON-UNPAID-FOLIOS_2015-16.pdf

Further, in accordance with guidelines, the Company has appointed Nodal Officer for the purposes of verification of claims and coordination with Investor Education and Protection (IEPF) Authority.

As per Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, there are no such material variances in the Company.

There are no material changes or commitments affecting the financial position of the Company, which have occurred between the end of the financial year and the date of this Report.

There are no significant and material orders passed by any Regulators / Courts /Tribunals, which impacts the going concern status of the Company or will have any bearing on Company's Operations in future.

In terms of the requirement of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Company has taken adequate measures to mitigate various risk encountered. In the opinion of the Board there is no such risk which may threaten the present existence of the Company.

Your Company has adequate system of Internal Controls Procedures commensurate with its size and the nature of its business. The company has documented its policies, controls and procedures, covering all financial and operating functions, designed to provide a reasonable assurance with regard to reliability of financial reporting, monitoring of operations, protecting assets from unauthorized use or losses, compliances with regulations, prevention and detection of fraudulent activities etc.

The internal control systems of the Company are monitored and evaluated by the Internal Auditors. Your Company manages and monitors the various risks and uncertainties that can have adverse impact on the Company's business. Your Company is giving major thrust in developing and strengthening its internal audit so that risk threat can be mitigated.

The Audit Committee of the Board of Directors, comprising of Independent Directors, regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with accounting standards as well as reasons for changes in accounting policies and practices, if any.

The CEO and CFO certification as provided in the Annual Report discusses the adequacy of the Company's Internal Control System and Audit.

Pursuant to sub-section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rule, 2014, the statement containing the salient features of the financial statement and performance of a company's subsidiaries, is given in AOC-I which forms a part of this Annual Report.

The Consolidated Financial Statements are prepared in line with Section 129(3) of the Act read with the aforesaid Rules, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and in accordance with the Indian Accounting Standards ("IND AS"). Consolidated Financial Statements and other applicable provisions include financial information of its Subsidiary Companies.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the website of the Company www.rssoftware. com.

During the year, there were no changes in the Subsidiary Company. Currently the company has two subsidiaries namely Responsive Solutions, Inc. and Paypermint Private Limited. Further, the Company has no Joint Venture and Associate during the financial year ended 31^st March 2025.

A report on the performance and financial position of each of the Subsidiaries included in the consolidated financial statements prepared by your company as per Rule 8(1) of the Companies (Accounts) Rules, 2014, forms part of the audited annual accounts of each of the Subsidiary Companies which have been placed on the website of your company https://www.rssoftware.com/home/investors#investor_faq and also forms part of Form AOC-1 pursuant to Rule 5 of the Companies (Accounts) Rules, 2014, which are set out as an Annexure- A to the Directors' Report and forms a part of this Annual Report.

The Company has not accepted any kind of deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

M/s. Chaturvedi & Company (Registration No. 302137E) was appointed as the Auditors of the Company in place of the retiring Auditors to hold office from the conclusion of the 34th Annual General Meeting for a term of consecutive five years till conclusion of the 39th Annual General Meeting with the approval of shareholders on the Annual General meeting dated 12^th August, 2022.

There were no changes in the statutory auditor during the financial year 2024-25.

The Statutory Auditor M/s Chaturvedi & Company, Chartered Accountants (Registration No. 302137E) has submitted an un-qualified Audit Report for the financial year 2024-25 and no frauds were detected by the Auditor during the financial year.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. MR & Associates, a firm of Company Secretaries in Practice to conduct the said Audit of the Company.

The Secretarial Auditors' Report, in the prescribed format, for the year ended March 31, 2025, is annexed to this Directors' Report as Annexure B and forms part of the Annual Report.

The remarks in the Secretarial Audit Report and clarification thereof for the financial year ended March 31, 2025, are as follows:

Delayed intimation submitted to the Stock Exchange(s) for the Proceedings of Annual General Meeting held on 10th July 2024 as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read SEBI with circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13.07.2023.

Management Response: The company has furnished its response to the Stock Exchange and the exchange sent Cautionary E-mail to the company.

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

In accordance with the Companies Act, 2013, the Annual Return in the prescribed format can be accessed at https://www. rssoftware.com/investors#.

The Management Discussion and Analysis Report, in terms of Regulation 34 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have been covered in the earlier sections of the Annual Report.

Disclosure pertaining to remuneration and other details as required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report as "Annexure C".

The Statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is available for inspection in terms of Section 136 of the Act, any member interested may write to the Company Secretary and the same will be furnished on request.

The concept of Corporate Social Responsibility has gained prominence from all avenues. Organizations have realized that Government alone will not be able to get success in its endeavour to uplift the downtrodden of Society. With the rapidly changing corporate environment, more functional autonomy, operational freedom etc. our company has adopted CSR as a strategic tool for sustainable growth. Pursuant to Section 135 of the Companies Act, 2013 read with Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors of the Company has in place a Corporate Social Responsibility (CSR) Policy. The CSR policy is uploaded on Company's website i.e., on https://rssoftware.com/administrator/uploads/ faqfiles/CSR%20Policy_RSSOFTWARE.pdf.

The Net Profit of the immediately preceding financial year stood at 18.99 crores. However, the average net profit of the past three financial years, as computed in accordance with Section 135 of the Companies Act, 2013, resulted in a negative figure. Consequently, the provisions relating to mandatory Corporate Social Responsibility (CSR) expenditure under the said section are not applicable to the Company for the financial year 2024–25. Accordingly, no CSR Committee meetings were held during the year.

Despite non applicability for expenditure, the Board at its meeting held on 22^nd January 2025, decided to contribute a sum of Rs. 50 lacs to Sriram Gramin Sansodhan Va Vikas Pratisthan, Sholapur Maharashtra to promote Education among underdeveloped children in rural areas. Detailed disclosure of such spending is given as "Annexure-D".

The particulars as prescribed under Sub-section (3)(m) of the Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, are given which forms a part of the Annual Report and attached as "Annexure E".

Your Company has received declaration from each of the Independent Directors under Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of SEBI Listing Regulations, 2015 that they meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI Listing Regulations, 2015 and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact his/ her ability to discharge their duties with an objective independent judgment and without any external influence. All the declarations were placed before the Board.

In terms of SEBI Listing Regulations, 2015, your Company identified the list of core skills/expertise/competencies as is required in the context of your Company's Business(es) and Sector(s) for it to function effectively and those which are available with the Board and mapped such skills to the Individual Directors of your Company. Details of such skills/expertise/competencies as identified were reviewed by the Nomination and Remuneration Committee and the Board of Directors and are furnished in the Corporate Governance Report and forms part of this Annual Report.

The Board of Director also decided on the Board Meeting dated 25^th January 2024 for the following change in Designation w.e.f. 01.04.2024 subject to the necessary approvals and filings:

1. Mr. Rajnit Rai Jain (DIN: 00122942) from the Chairman & Managing Director to the CEO & Managing Director of the Company.

2. Mr Rajasekar Ramaraj (DIN 00090279) from Independent Director of the Company to Non-Independent Director of the Company with effect from 1st April 2024.

3. Mr Richard Nicholas Launder (DIN 03375772) from Independent Director of the Company to Non-Independent Director of the Company with effect from 1st April 2024.

4. Mr Rajasekhar Ramaraj (DIN 00090279), the Non-Executive Director of the Company has been elected as the Chairman of the Board with effect from 1st April 2024.

The following directors/executives of your Company are whole-time Key Managerial Personnel (KMPs) as on March 31, 2025, in accordance with the provisions of Section 203 of the Companies Act, 2013

1) Mr. Rajnit Rai Jain - CEO & Managing Director

2) Mr. Vijendra Kumar Surana – Chief Financial Officer and Company Secretary.

Remuneration policy of the RS Software (India) Ltd comprising members of the Board of Directors ("Board"), Key Managerial Personnel ("KMP") and the Senior Management Personnel (SMP or "LT") of the Company.

The objective of the remuneration policy is to enable the Company to attract, motivate, and retain qualified industry professionals for the Board of Management and other executive level in order to achieve the Company strategic goals. The remuneration policy acknowledges the internal and external context as well as the business needs and long-term strategy. The policy is designed to encourage behaviour that is focused on long-term value creation, while adopting the highest standards of good corporate governance.

The particulars of loans, guarantees and investments have been disclosed in the notes of the Financial Statements for the year ended 31st March 2025 and form a part of this Annual Report.

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis and are in compliance with the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations, 2015.

The materially significant related party transactions made by the Company was duly approved by the shareholders of the company vide postal ballot dated 21.03.2024. the disclosure about details of material contracts or arrangements or transactions with related parties referred to in Section 188(1) in Form AOC-2 is appended as Annexure "F". All related party transactions are presented to the Audit Committee and the Board for approval.

The Related Party Transaction Policy has been devised by your company for determining the materiality of transactions with related parties and dealings with them and the same is hosted on the website of the Company at https://rssoftware.com/rswordpress/wp-content/uploads/2023/05/Related-Party-Transaction-Policy.pdf

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, an Annual Performance evaluation is to be made by the Board of its own performance and that of the Committees and individual Directors. The exercise was carried out covering various aspects of the Boards functioning such as composition of the Board & committees, qualification, experience & competencies, performance of specific duties & obligations, governance issues etc. Separate exercise was carried out to evaluate the performance of Non-Independent Directors.

The performance of Independent Directors has been evaluated based on the guidelines as provided under Schedule IV of the Act. In terms of SEBI Listing Regulations, 2015, the company has identified the list of core skills/expertise/competencies as is required in the context of company's business and sector for it to function effectively and those which are available with the Board.

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

In terms of Regulation 25(7) of SEBI Listing Regulations, 2015, your Company endeavours to familiarize the Independent Directors (IDs) about your Company including nature of industry in which your Company operates business model of your Company, roles, rights and responsibilities of IDs and any other relevant information.

In addition to the above, the Board of Directors are continuously encouraged to participate in various external training sessions to ensure that the Board members are kept up to date. The details are uploaded on the website of the company at https://rssoftware.com/rswordpress/wp-content/ uploads/2022/09/Familiarization_Programme_Directors-21-22.pdf

The Company has adopted the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information and Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons and Immediate Relatives of Designated Persons In terms of Regulation 8 and 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time (the "Regulations").

The Board is responsible for implementation of the Code.

All Board of Directors and the designated employees have confirmed compliance with the applicable Code during the financial year.

The Corporate Governance which form an integral part of this Report as "Annexure G", together with the Certificate from the auditors of the Company regarding compliance with the requirements of Corporate Governance as stipulated in Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, 2015.

Your Company is committed to provide and promote safe, healthy, and congenial atmosphere irrespective of gender, caste, creed or social class of the employees. Your company has complied with provisions relating to the constitution of Internal Complaints Committee and has put in place a "Policy on Prevention of Sexual Harassment" as per The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There were no cases filed / disposed of under prevention of sexual harassment.

In terms of provisions of Section 134(5) of the Companies Act, 2013, your Board of Directors confirms that:

(i) In the preparation of the annual accounts for the financial year ended 31^st March 2025, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) They 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 profit and loss of the company for that period;

(iii) They have 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;

(iv) They have prepared the Annual Accounts for the financial year ended 31^st March, 2025 on a going concern basis;

(v) They have laid down Internal Financial Controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively;

(vi) They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

There were no applications made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year.

There was no one-time settlement made during the year, therefore the disclosures of the details of difference between amount of the valuation done at the time of one -time settlement and the valuation done while taking loan from the Banks or Financial Institutions is not applicable.

Your Company has complied with all applicable provisions of the Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI) on Board Meetings and General Meetings under Section 118(10) of the Act.

Your Directors' place on records their deep appreciation of the continued assistance and co-operation extended to the Company by its customers, investors, bankers, Government agencies and its dedicated group of employees. Above all, the Board expresses a deep sense of gratitude to the Members of the Company who have reposed faith in their Board and the Management.