Your Directors have pleasure in presenting the 42^nd Annual Report of Bazel International Ltd. (“the Company”) on the business and operations of the Company together with the Audited Financial Statements and Accounts for the Financial Year ended 31^st March, 2024.

1. BACKGROUND

The Company is engaged as a (Non-Deposit Accepting), Non-Banking Finance Company (“NBFC”), Holding Certificate of Registration (COR No. B-14.03332), issued by the Reserve Bank of India (“RBI”) dated 23^rd March, 2016.

KEY BUSINESS, FINANCIAL AND OPERATIONAL HIGHLIGHTS2. STATE OF COMPANY'S AFFAIR

The company has sustained its commitment to the highest level of quality, best in class service management, security practices and mature business continuity processes that have collectively helped achieve significant milestones during the year. With the expected positive momentum in the Indian economy, the Company is focused on growth and achieving profitability along with a renewed commitment to enhance quality and customer service and to reduce costs. Innovations, investment and positive modifications are expected in the near future, boosting the Company's revenues. Together with forward looking strategy, the Company is also focusing extensively on expanding the business and operational improvements through various strategic projects for operational excellence and cost cutting initiatives.

3. STANDALONE FINANCIAL RESULTS

The financial performance of the Company for the financial year ended 31^st March, 2024 is summarized below:

4. OPERATIONAL PERFORMANCE

As at the end of the reporting period, Reserve and Surplus the Company was of Rs.2,09,82,958/-Rupees Two Crore Nine Lakh and Eighty Two Thousand and Nine Hundred and Fifty Eight Only) , Other Comprehensive Income is Rs. 18,63,137/- Rupees Eighteen Lakhs and Sixty-Three Thousand One Hundred and Thirty-Seven Only) and Statutory Reserves is of Rs. 46,63,714/- (Rupees Forty-Six Lakhs Sixty-Three Thousand and Seven Hundred and Fourteen Only).

The Company has earned profit during the year (i.e. 2023-2024) of Rs. 35,54,720/- (Rupees Thirty-Five Lakhs and Fifty-Four Thousand and Seven Hundred and Twenty only) as on 31st March 2024 as compared to the loss incurred during previous year (i.e. 2022-2023) of Rs. 1,13,56,970/- (Rupees One Crore and Thirteen Lakh Fifty-Six Thousand and Nine Hundred and Seventy Only) as on 31st March 2023.

5. RESERVE AND PROVISIONS

During the period under review, the Company has transferred Rs. 71,100/- funds to the Statutory Reserve as required to be maintained under Section 45-IC of RBI Act, 1934 as it has incurred losses during the year under review.

6. SHARE CAPITAL

During the year 2023-2024, the Company has its authorized and paid-up capital of the Company.

The Authorized Share Capital of the Company is Rs. 11,50,00,000 (Eleven Crore Fifty Lakhs Only)

(i) Rs. 8,00,00,000/- (Rupees Eight Crores Only) divided into 80,00,000 (Eighty Lakhs) Preference Shares of Rs. 10/- each and,

(ii) Rs. 3,50,00,000/- (Rupees Three Crores Fifty Lakhs Only) divided into 35,00,000 (Thirty-Five Lakhs) Equity Shares of Rs. 10/- each.

The Paid-up Capital of the Company is Rs. 9,05,80,030 (Nine Crore Fifty-Eight Lakhs thirty only):

(i) Rs. 7,10,75,030/- (Rupees Seven Crores Ten Lakhs Seventy-Five Thousand Thirty only) divided into 71,07,503 (Seventy-One Lakhs Seven Thousand Five Hundred Three) Preference shares of Rs. 10/- each and

(ii) Rs 1,95,05,000/- (Rupees One Crores Ninety-Five Lakhs Five Thousand Only) divided into 19,50,500 (Nineteen Lakhs Fifty Thousand Five Hundred) Equity Shares of Rs.10/- each.

7. DIVIDEND

The company is planning to expand and thereby would need funds to invest in future projects. With respect to the expansion of business the Company do not recommend any dividends for the current financial year but the Directors are hopeful for better results in enduing future.

8. LISTING OF SECURITIES

The Equity shares of the Company are presently listed on BSE Ltd. The Annual listing fees for the year 2023-24 have been duly paid to the Stock Exchange.

9. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

There were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

10. DETAILS OF SUBSIDIARIES. ASSOCIATES AND IOINT VENTURE COMPANIES

The Company does not have any Subsidiary.

Further, the Company does not have any associates and joint venture companies. The disclosure of particulars with respect to information related to performance and financial position of joint ventures

or associate Companies subject to rule 8(1) and 8(5)(iv) of Companies (Accounts) Rules, 2014 is not applicable.

11. BRANCHES OF THE COMPANY

During the period under review, the company doesn't have any branch office.

12. PUBLIC DEPOSIT

As the Company is a Non-Banking Financial Company (Non-Deposit Taking-Non-Systematically Important), the provisions of Chapter V of the Companies Act, 2013 are not applicable on the Company.

13. PARTICULARS OF CONTRACT OR ARRANGEMENT WITH RELATED PARTIES U/S 188(1)

The particulars of every contract or arrangements entered into by the Company, with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto are disclosed in Form AOC-2 as Annexure-I.

14. STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS

Pursuant to Section 134 (3)(q) read with Rule 8(5) (viii) of Companies (Accounts) Rules, 2014, and ICAI guidance note on adequacy on internal financial controls with reference to financial statements, it is stated that there is adequate internal control system in the Company.

15. CHANGE IN THE NATURE OF BUSINESS

There has been no change in nature of business during the financial year under review.

16. DETAILS OF APPLICATION MADE OR PROCEEDINGS PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE 2016

During the year under review, there were no applications made or proceedings pending in the name of the Company under Insolvency and Bankruptcy Code, 2016.

17. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETLLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS

During the year under review, there has been no one time settlement of loans taken from banks and Financial Institutions.

18. DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED DURING THE YEAR

During the year under review the Board of Directors of the Company was duly constituted. None of the Directors of the Company are disqualified under the provisions of the Companies Act, 2013.

Mrs. Shweta Dawar resigned from the directorship of the company on 3^rd August,2023.

Appointment of Ms. Muskan Bhatia as a director of the company on 3^rd August,2023.

Ms. Muskan Bhatia resigned from the directorship of the company on 12^th January,2024.

19. COMMODITY PRICE RISK OR FOREIGN EXCHANGE RISK AND HEDGING ACTIVITIES

Your Company does not have material exposure of any commodity or foreign exchange and accordingly, no hedging activities for the same are carried out. Therefore, there is no disclosure to offer in terms of SEBI circular no. SEBI/HO/CFD/CMD1/ CIR/P/2018/0000000141 dated 15th November, 2018

* Mrs. Sriparna Upadhyay appointed as the non- executive Director as on 09^th April 2024

Pursuant to the provisions of the Companies Act, 2013 and the Company's Articles of Association, Mr. Pankaj Dawar, Director, who retires by rotation and, being eligible, offers himself for re-appointment.

21. MEETINGS DURING THE FINANCIAL YEAR 2023-24

The Agenda and Notice of the Meetings were circulated well in advance to the respective Directors. During the year under review, 10 (Ten) Board Meetings, 4(Four) Audit Committee Meetings, 2(Two) Nomination and Remuneration Committee Meetings, 1(One) Independent Director's Committee Meeting, 1(One) Risk Management Committee Meeting, 1(One) Stakeholder Relationship Committee Meeting, 1(One) Internal Complaint Committee Meeting, were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 i.e . the maximum interval between any two board meetings did not exceed 120 days. Also, the meetings were conducted as per the applicable provisions of the Companies Act, 2013 read with rules made thereunder and as per the Secretarial Standards -1 (SS-1) as framed by the Institute of Company Secretaries of India (ICSI) in this regard.

22. DETAILS OF COMPOSITION MEETINGS OF COMMITTEES OF THE BOARD(a) Audit Committee

In compliance with the provisions of Section 177 of the Companies Act, 2013, the primary objective of the Audit Committee is to monitor and provide an effective supervision of the Management's financial reporting process, to ensure accurate and timely disclosures, with the highest levels of transparency, integrity and quality of financial reporting.

The constitution of the Audit Committee is as follows:

Ms. Pooja Bhardwaj (Chairman)

Mr. Prithvi Raj Bhatt (Member)

Mrs. Shweta Dawar (Member)

Ms. Muskan Bhatia (Member)

No. of Meetings held: During the year, four (4) Audit Committee Meetings were held, the details of which are as follows: -

The Board has accepted all the recommendations proposed by the Audit Committee during the Financial Year.

(b) Nomination and Remuneration Committee

In compliance with provisions of 178(1) of the Companies Act, 2013, the purpose of the Committee is to screen and review individuals qualified to serve as executive directors, non-executive directors and independent directors and to review their remuneration, consistent with criteria approved by the Board, and to recommend, for approval by the Board. The composition of Nomination and Remuneration Committee of the Company is as follows:

Mr. Prithvi Raj Bhatt (Chairman)

Ms. Pooja Bhardwaj (Member)

Mrs. Shweta Dawar (Member)

Ms. Muskan Bhatia (Member)

No. of Nomination and Remuneration Committee Meetings held: During the year Two (2) Nomination and Remuneration Committee Meetings were held, the details of which are as follows: -

(c) Stakeholders Relationship Committee

In compliance with section 178 of the Companies Act, 2013, the Company has Stakeholders Relationship Committee to consider and resolve the grievances of security holders of the Company.

The Stakeholders Relationship committee comprises of the following shareholders:

Ms. Pooja Bhardwaj (Chairman)

Mr. Pankaj Dawar (Member)

Mrs. Shweta Dawar (Member)

Ms. Muskan Bhatia (Member)

Only 1 Meeting of Stakeholders Relationship Committee was held during the year and all the shareholders of the committee have attended the same.

(d) Risk Management Committee

The Board of Directors has framed a Risk Management Committee to frame, implement and monitor the risk management of the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The risk management committee has additional over sight in the area of financial risk and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on continuing basis.

The Risk Management Committee comprises of the following shareholders:

Mr. Pankaj Dawar (Chairman)

Ms. Pooja Bhardwaj (Member)

Mrs. Shweta Dawar (Member)

Ms. Muskan Bhatia (Member)

Only 1 meeting of Risk Management Committee was held during the year and all the shareholders of the committee have attended the same.

23. DECLARATION BY INDEPENDENT DIRECTOR

The Independent Directors have submitted their declarations of independence, as required pursuant to provisions of section 149(7) of the Act, stating that they meet the criteria of independence as provided in sub section (6) and Regulation 25 of Listing Regulations.

24. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

In terms of Regulation 25(7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company familiarizes the Directors about their role and responsibility at the time of their appointment through a formal letter of appointment. Presentations are regularly made at the meetings of the Board and its various Committees on the relevant subjects. The details of programs for familiarization of Independent Directors can be accessed on the Company website.

25. SEPARATE MEETING OF INDEPENDENT DIRECTORS

The Company's Independent Directors met on 03rd August, 2023, without the attendance of NonIndependent Directors and shareholders of the management. All Independent Directors were present at the meeting. At the meeting, they: -

i. Reviewed the performance of non-independent directors and the Board as a whole;

ii. Reviewed the performance of the Chairperson of the Company, taking into account the views of Executive Directors and Non-Executive Directors;

iii. Assessed the quality and timeliness of flow of information between the Company management and the Board which is necessary for the Board to effectively and reasonably perform their duties.

26. DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:

(a) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) That accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2023 and of the profit of the Company for the year ended on that date;

(c) That the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;.

(d) That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(e) That the Annual Financial Statements have been prepared on a going concern basis;

(f) That the proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

(g) That directors had devised proper system to ensure compliance with the provisions of all applicable laws is in place and was adequate and operating effectively.

27. DETAILS OF SUBSIDIARIES. ASSOCIATES AND IOINT VENTURE COMPANIES

The Company does not have any subsidiaries, associates and joint venture companies. Hence, the disclosure of particulars with respect to information related to performance and financial position of the Subsidiaries, joint ventures or associate Companies subject to rule 8(1) and 8(5)(iv) of Companies (Accounts) Rules, 2014 is not applicable.

28. BRANCHES OF THE COMPANY

During the period under review, the Company doesn't have any branch office

29. CORPORATE GOVERNANCE REPORT

As per Regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Compliance with the corporate governance provisions as specified in Regulations 17, 17A, 18, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 and para C, D and E of Schedule V is mandatory, for the time being, in respect of the following class of companies:

A. The listed entity having Paid up Equity Share Capital not exceeding Rs.10 Crore and Net Worth not exceeding Rs.25 Crore, as on the last day of the previous financial year;

B. The Listed Entity which has listed its specified securities on the SME Exchange.

Since the Company's paid-up share capital and net-worth exceeded the prescribed threshold limits therefore, Regulations 17, 17A, 18,20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 and para-C, D and E of Schedule V are applicable on the Company.

The Corporate Governance Report of the company has been annexed as “Annexure- II”.

30. PERFORMANCE EVALUATION OF THE BOARD

SEBI (Listing Obligations and Disclosure Requirement) Regulation, 2015 mandates that the Board shall monitor and review the evaluation framework. The framework includes the evaluation of Director on various parameters such as:

• Board dynamics and relationship

• Information flows

• Decision-making

• Relationship with Stakeholders

• Company performance and strategy

• T racking Board and Committees' effectiveness

• Peer evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit Committee, Nomination & Remuneration Committee, Share Transfer Committee and Finance and Investment Committee.

In respect of the above-mentioned Evaluation framework, a structured questionnaire was prepared after taking into consideration of the various aspects of the Board & its Committees, execution and performance of specific roles, duties, obligations and governance.

The performance evaluation of Committees, Executive Directors, Non-Executive Directors and Independent Directors was completed.

The Performance evaluation of the Chairman, Non-Executive Directors & Board as a whole was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the

evaluation process carried out their own performance evaluation too known as “Self-Assessment”.

31. REMUNERATION POLICY

The Board has on the recommendation of Nomination and Remuneration Committee framed and adopted a policy for selection, appointment and payment of remuneration of Directors, Key Managerial Personnel, Senior Management.

32. SECRETARIAL STANDARDS OF ICSI

Your Company is in Compliance with all the applicable Secretarial Standards as specified by the Institute of Companies Secretaries of India.

33. EXTRACT OF ANNUAL RETURN

In terms of provisions of Section 92, 134(3)(a) of the Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules, 2014, the Annual Return in Form MGT-7 for the financial year ended March 31, 2024 is placed on the Company's website and can be accessed at the website of the company i.e- www.bazelinternationalltd.com

34. INTERNAL AUDITORS

Pursuant to the provisions of section 138 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, the Company has appointed Mr. Prateek Jain as an Internal Auditor of the Company to conduct the internal Audit of the Company for the financial year 2023-24. The Company is also having an Internal Audit Department to test the adequacy and effectiveness of Internal Control Systems laid down by the management and to suggest improvement in the systems.

35. REPORTING OF FRAUD BY AUDITOR

In terms of sub clause 3 (ca) of Section 134 and under sub-section 12 of Section 143 of Companies Act, 2013, there have been no frauds reported by the Auditors under sub section (12) of section 143 other than which are reportable to Central Government.

36. CHANGES AND COMMITTEES AFFECTING THE FINANCIAL POSITION OF THE COMPANY DURING THE YEAR

There have been no material changes and commitments affecting the financial position of the company, which have occurred between the end of the financial year of the Company to which the financial statements relate and till the date of this annual report.

37. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Pursuant to Section 186(11) of the Companies Act, 2013, disclosure under Section 134(3)(g) of the

Companies Act, 2013 is not applicable on the Company.

38. ORDERS PASSED BY THE REGULATORS OR COURTS. IF ANY

No significant and material orders were passed by the Regulators, Courts or Tribunals impacting the going concern status and Company's Operation in future.

39. DISCLOSURES UNDER RULE 5(2) & (3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The Details of top ten employees in terms of remuneration drawn are attached in this Board's Report as Annexure-Ill.

Further, no other Director / employee of the Company, was in receipt of amount exceeding a salary of Rs. 8,50,000/- per month or more when employed for a part of the financial year and Rs. 1,02,00,000/-per annum or more when employed for whole of the year, or if employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company. under the provision of Rule 5 (2) & (3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time.

However, as per the provisions of Section 136 of the Act, the Report and Accounts are being sent to all the members excluding the information on particulars of employees which is available for inspection by the members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting.

40. HUMAN RESOURCES

The Company recognizes people as its most valuable asset and it has built an open, transparent and meritocratic culture to nature this asset. The company has kept a sharp focus on Employee Engagement. The Company's Human Resources is commensurate with the size, nature and operation of the Company.

41. EMPLOYEE STOCK OPTION DETAILS

During the year under review, the Company has introduced amendments in Employee Stock Option Plan called BAZEL ESOP SCHEME-BIL Employee Stock Option plan 2022' ('ESOP 2022/ Plan') vide Board meeting held on dated 02^nd May, 2023 to grants share-based benefits to eligible employees with a view to attracting and retaining the best talent, encouraging employees to align individual performances with Company objectives, and promoting increased participation by them in the growth of the Company.

The Nomination and Remuneration Committee/Compensation Committee, through BIL Employee Stock Option Trust, dated 05^th December 2022, Supplementary Deed on 02^nd May, 2023 inter alia administers and monitors ESOS-2022/Plan. The above Schemes are in line with the SEBI (Share Based

Employee Benefits and Sweat Equity) Regulations, 2021 (“SBEB Regulations”).

Further, your Company has obtained certificate pursuant to Regulation 13 of SEBI SBEB Regulations, and it will be placed at this 41^st AGM.

The ESOP 2022/ Plan can be assessed at the following link:

42. PARTICULARS OF EMPLOYEES

In Compliance with disclosures required under section 197 of the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (“Rules”) relating to the remuneration and other details are as follows:

(i)The Company has paid remuneration to its Director during the year Details of the ratio of the remuneration of each Director to the median employee's remuneration and other details in terms of Section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and amendments thereof are provided below

(ii) . The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year-

1. 17 % increase in salary of Chief Financial Officer.

2. Nil increase in salary of Company Secretary.

3. In given financial year 2023-24 no remuneration was given to Managing Director of the company. Managerial Remuneration give to Managing Director in the year 2022-2023 by way of issuance of Sweat Equity shares within the limits of Companies act 2013 and as approved by members. Prior to 2022-2023, no remuneration was given to Managing Director of the Company.

(iii) . No increase in the median remuneration of employees is being recorded in the financial year 2023-24

(iv) As on 31^st March, 2024, total no. of permanent employees on the roll of the Company: 6

(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial

remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration- no such increase has been recorded.

(vi) The Company affirms that remuneration given to employees is as per the remuneration policy of the Company.

43. STATUTORY AUDITORS

Pursuant to the provisions of Section 139 of the Act and the Companies (Audit and Auditors) Rules, 2014, M/s. Krishan Rakesh & Co., Chartered Accountants, (FRN: 009088N) were appointed as Statutory Auditors of your Company in the Annual General Meeting held on 30th September,2021 for a term of five years beginning 1st April, 2021 to 31st March, 2026.

The Statutory Auditors have confirmed that they are not disqualified from being re-appointed as the Statutory Auditor of the Company.

45. STATUTORY AUDITORS REPORT

There are no qualifications, reservations or adverse remarks made in the Statutory Auditors' Report. The observation made by the Auditors are self-explanatory and do not require any further clarifications under Section 134(3)(f).

The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company in the year under review.

46.SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Meenu G. & Associates, Practicing Company Secretary to undertake the Secretarial Audit of the company for the Financial Year 2023-24.

45. SECRETARIAL AUDITORS' REPORT

The Report of the Secretarial Auditor in Form MR-3 is annexed here with as "Annexure IV", which is self-explanatory and does not require any further clarification from the Board.

46. CERTIFICATE PURSUANT TO SECURITIES AND EXCHANGE BOARD OF INDIA (SHARE BASED EMPLOYEE BENEFITS AND SWEAT EQUITY) REGULATIONS. 2021

Pursuant to Regulation 13 of Securities And Exchange Board Of India (Share Based Employee Benefits And Sweat Equity) Regulations, 2021 In the case of every company which has passed a resolution for the scheme(s)under these regulations, the Board of Directors shall at each annual general meeting place before the shareholders a certificate from the secretarial auditors of the company that the scheme(s) has been implemented in accordance with these regulations and in accordance with the resolution of the company in the general meeting. The Company has obtained this certificate and will be placed before the Shareholders at the ensuing date of 42^nd Annual General Meeting (AGM).

49. CORPORATE POLICY

We seek to promote and follow the highest level of ethical standards in our business transactions. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed companies. All the policies are available on the website of the Company. The Policies are reviewed periodically by the Board and updated on the basis of need and new Compliance.

The Key Policies are as follows:

50. REPORT UNDER THE PREVENTION OF SEXUAL HARASSMENT ACT. 2013

The Company has zero tolerance for sexual harassment at workplace and take suitable measures for prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. All employees are treated with dignity with a view to maintain a work environment free of sexual harassment.

During the financial year under review, there were no complaints reported under the Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

As required under the Sexual Harassment of women at Workplace (Prohibition, Prevention and Redressal) Act, 2013, the Company has policy on prevention of Sexual harassment of women at workplace and matters connected therewith.

51. DISCLOSURE ABOUT COST AUDIT

As per the Companies (Audit and Auditors) Rules, 2014, Cost Audit is not applicable to the company for the Financial Year 2023-24.

52. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The disclosure as per Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is not applicable as the Company is not covered under the criteria mentioned in Section 135(1) of the Companies Act, 2013.

53. MANAGEMENT DISCUSSIONS AND ANALYSIS

The Management Discussion and Analysis forms part of this Annual Report for the year ended 31^st March, 2024 and is attached as Annexure-V of this Annual Report for the reference of the stakeholder.

54. INTERNAL CONTROL SYSTEM

The Company's internal control system is designed to ensure operational efficiency, protection and conservation of resources, accuracy and promptness in financial reporting and compliance with laws and regulations. The internal control system is supported by an internal audit process for reviewing the adequacy and efficacy of the Company's internal controls, including its systems and processes and compliance with regulations and procedures.

The Company's Internal Control System is adequate and commensurate with the nature and size of the Company and it ensures:

• Timely and accurate financial reporting in accordance with applicable accounting standards.

• Optimum utilization, efficient monitoring, timely maintenance and safety of its assets.

• Compliance with applicable laws, regulations and management policies.

55. RISK MANAGEMENT

Risk Management is an integral part of the Company's business strategy. The Board reviews compliance with risk policies, monitors risk tolerance limits, reviews and analyzes risk exposure related to specific issues and provides oversight of risk across the organization. The Board nurtures a

healthy and independent risk management function to inculcate a strong risk management culture in the Company.

57.RISK MANAGEMENT POLICY

This Policy represents the basic standards of Risk Assessment to be followed by the Company. Changes in the Policy will become effective upon approval by the Board of Directors of the Company. All relevant employees must be thoroughly familiar or made familiar with it and make use of the material contained in this Policy.

SUSTAINABILITY AND SOCIAL RESPONSIBILITY58. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In view of the nature of the activities carried out by the Company, Section 134(3)(m) of the Companies Act, 2013, read with Companies (Accounts) Rules, 2014 relating to conservation of energy and technology absorption, the details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:

a) CONSERVATION OF ENERGY

The Management is aware of the energy crises prevailing in the country and utilizes its energy sources in the best possible manner.

b) TECHNOLOGY ABSORPTION

Company upgrades the technology used by it as and when the need arises.

c) FOREIGN EXCHANGE EARNINGS AND OUTGO

i) The total foreign exchange earned in terms of actual inflows during the financial year - Nil

ii) Total foreign exchange in terms of actual outgo during the financial year - Nil

59. ACKNOWLEDGEMENT AND APPRECIATION

Your Directors would like to express their grateful appreciation for assistance and cooperation received from the Banks, Government Authorities, Customers, Vendors and Shareholders during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services of the Executives, staff and workers of the Company at all levels.