The Board of Directors of your Company are pleased to present the 37^th (Thirty Seventh)
Annual Report on the business operations and state of affairs of your Company together with
the Audited Financial Statements for the Financial Year ended on March 31, 2025.

COMPANY OVERVIEW

Your Company (ISF Limited) was incorporated on 10^th August, 1988, and has its registered
office at Khasra No. 10/2, Samalka, New Delhi, Gurgaon Road, South West Delhi, New Delhi,
India- 110037. It is registered as a Non-deposit taking, Non-Systemically Important Non¬
Banking Financial Company vide the Reserve Bank of India ('RBI') registration number B-
14.00761 dated 25th April 2011.

FINANCIAL PERFORMANCE OF THE COMPANY:

The Financial performance of the Company for the Financial Year ended on March 31, 2025 is
summarized below:

RESULTS OF OPERATIONS & STATE OF COMPANY'S AFFAIRS

The Company is a Non-Banking Finance Company (NBFC) registered with Reserve Bank of
India (RBI). During the financial year under review, the Company recorded a turnover of ?
178.43 Lacs against ? 202.20 Lacs in the previous year and the Company has incurred loss of ?
0.65 Lacs as compared to loss of ? 73.88 Lacs in the previous financial year. The management
of the Company is putting their best efforts to improve the performance of the Company.

The reduction in loss underscores the impact of strategic initiatives undertaken by the
management, including cost rationalisation measures, enhanced operational efficiencies, and
focused efforts towards strengthening the core business segments. The management is
continuously striving towards improving operational performance and expect the business to
perform well in the forthcoming year.

TRANSFERS TO RESERVE FUND_

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. Since the company has incurred the
losses, accordingly, in the year 2024-25 (the 'Company' or 'ISF') has not transferred any sum
to its reserve fund.

CHANGE IN THE NATURE OF BUSINESS

There has been no change in the nature of business of the Company during the Financial Year
2024-25.

SHARE CAPITAL AND DEBT STRUCTURE

At present the securities of the Company are listed on Bombay Stock Exchange Limited (BSE)
and the Company has been regular in paying the listing fees and other statutory payments to
the Stock Exchange and other intermediaries.

During the year under review, the Authorized Share Capital of the Company is Rs.

60.00. 00.000/- divided into 60,00,00,000 Equity Shares of Rs. 1/- each.

Subscribed, Issued and Paid-up Capital of the Company is Rs. 9,50,00,000 divided into

9.50.00. 000 Equity Shares of Rs.1/- each.

During the year under review, there is no change in the capital structure of the Company.
DIVIDEND

The Board of Directors have decided not to recommend any dividend for the financial year
ending March 31, 2025, due to the Company incurring a loss during this period. The Board
believes that retaining the available funds is in the long-term interest of the Company, as it
will help stabilize our financial position and support future growth efforts.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND
PROTECTION FUND

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no
dividend declared and paid last year.

DEPOSITS

Being a non-deposit taking Company, your Company has not accepted any deposits within
the meaning of the provisions of Master Direction - Non-Banking Financial Companies
Acceptance of Public Deposits (Reserve Bank) Directions, 2016 and provisions of the
Companies Act, 2013 are not applicable on the Company. Further, the Company shall not
accept deposits from public without obtaining prior approval from the Reserve Bank of India.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION
OF THE COMPANY

There were no material changes and commitments affecting the financial position of the
Company, that have occurred between end of the Financial Year to which the Financial
Statements relate and date of this report.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

The Company does not have any subsidiary, associate and joint venture within the meaning
of Section 2(87) and 2(6) of the Companies Act, 2013.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE U/S 186 OF THE
COMPANIES ACT, 2013

The Company, being an NBFC registered with the Reserve Bank of India and engaged in the
business of giving loans in ordinary course of its business, is exempt from complying with the
provisions of Section 186 of the Act with respect to loans and guarantees. Accordingly, the
disclosures of the loans given as required under the aforesaid Section have not been made in
this Report.

However, the particulars of Loans, Guarantees, and Investments have been disclosed in the
Financial Statements read together with Notes annexed to and forming an integral part of the
Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED
PARTIES

There are no materially significant related party transactions during the year under review
made by the Company with Promoters, Directors, or other designated persons which may
have a potential conflict with the interest of the Company at large. Thus, disclosure in Form
AOC- 2 is not required. However, the disclosure of transactions with related party for the year,
as per Accounting Standard-18 Related Party Disclosures is given in the Financial Statements
read together with Notes annexed to and forming an integral part of the Annual Report.

The Policy on dealing with related party transactions, as approved by the Board may be
accessed on the Company's website at the link https: / / www.isflimited.in/policies.html.

CORPORATE SOCIAL RESPONSIBILITY

Pursuant to the Provisions of Section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, the Company is required to constitute a
Corporate Social Responsibility Committee and undertake CSR activities, if it meets the
specified financial thresholds. However, the provisions relating to CSR are not applicable to
the Company for the year under review, and hence no CSR Committee has been constituted.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to section 134(5) of the Companies Act, 2013, the board of Directors, to the best of
their knowledge and ability, confirm that:

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

(b) 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 FY 2024-25;

(c) they have taken proper and sufficient care 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;

(d) they have prepared the annual accounts on a going concern basis; and

(e) 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.

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

DIRECTOR AND KEY MANAGERIAL PERSONNEL

The Board of Directors of the Company is duly constituted with proper balance of Executive
Directors, Non-Executive Directors and Independent Directors. The changes (appointment or
otherwise) in the composition of the Board of Directors that took place during the period
under review were carried out in compliance with the provisions of the Act. As on 31^st March,
2025, the Composition of the Board is as under:

The Board of Directors of the Company provides strategic guidance and oversight in the
conduct of Company's affairs. As of March 31, 2025, the Board consists of four Directors,
including one Executive Director and three Non-Executive (Independent) Directors, reflecting
an optimal balance.

Appointment of Director

During the year under review, no changes took place in the Board of Directors.

Subsequent to the end of the financial year, Mr. Anil Kumar Verma (DIN: 10455548) was
appointed as an Additional Director of the Company on 09 ^th July, 2025, hereby recommended
for appointment at the ensuing Annual General Meeting.

Declaration by Independent Director

Pursuant to the provisions of Section 149 of the Act the independent directors have submitted
declarations that each of them meets the criteria of independence as provided in Section 149(6)
of the Act along with Rules framed thereunder. There has been no change in the circumstances
affecting their status as independent directors of the Company.

Certificate of non- disqualification of Directors

All the Directors have confirmed that they are not disqualified from being appointed as
Directors in terms of Section 164 of the Act, and are not debarred from holding the office of
Director by virtue of any SEBI order or any other such authority. None of the Directors of the
Company are related to each other. Your Company has obtained a certificate from a Company
Secretary in practice confirming that none of the Directors on the Board of the Company have
been debarred or disqualified from being appointed or continuing as Directors of companies
by Securities Exchange Board of India ("SEBI")/Ministry of Corporate Affairs ("MCA") or any
such statutory authority. The same forms part of this Annual Report as Annexure III.

Policies on appointment of Directors and Remuneration

The Company has in place a Nomination and Remuneration Committee in accordance with
the provision of the Companies Act, 2013.

The Committee has formulated a policy on Director's appointment and remuneration
including recommendation of remuneration of the key managerial personnel including senior
management and other employees, composition and the criteria for determining
qualifications, positive attributes and independence of a Director and the policy is available
on the website of the Company i.e., https: / / isflimited.in/assets/img/policies/16.pdf.

Performance evaluation at Board and Independent Directors' Meetings

In line with the provisions of Section 134(3) of the Companies Act, 2013 and Rules made
thereunder read with the relevant provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors has carried out an annual evaluation
of its own performance, Board Committees and individual Directors. The performance of the
Board of Directors and its Committees were evaluated on various parameters such as
structure, composition, experience, performance of specific duties and obligations, quality of
decision making and overall effectiveness. The performance of individual Directors was
evaluated on parameters, such as meeting attendance, participation and contribution and
independent judgment.

The Board members noted from time to time the suggestions/ inputs of Independent
Directors, Nomination Committee and Audit Committee and also discussed various
initiatives to further improve the Board effectiveness.

In a separate meeting of Independent Directors held on 03.08.2024 performance of non¬
independent Directors, performance of the Board as a whole and performance of the
Chairman was evaluated.

Key Managerial Personnel

Mr. Niraj Kumar Chatri resigned from the post of Chief Executive Officer (CEO) of the
Company with effect from May 22, 2024. The Board of Directors in its meeting held on August
03, 2024 appointed Mr. Anil Kumar Verma, as the Chief Executive Officer (CEO) of the
Company on the recommendation of the Nomination and Remuneration Committee with
effect from August 03, 2024.

Ms. Manisha Saxena, Company Secretary & Compliance Officer of the Company resigned
from the post of Company Secretary & Compliance Officer with effect from December 23,
2024. The Board of Directors in its meeting held on February 11, 2025 placed on record their
appreciation for the assistance, guidance and Services provided by her during her tenure as
Company Secretary & Compliance Officer of the Company.

Subsequent to the end of the financial year, Ms. Anjali Raj was appointed as the Company
Secretary and Compliance Officer of the Company on the recommendation of the Nomination
and Remuneration Committee with effect from 09^th July, 2025.

MEETINGS OF THE BOARD

During the financial year (2024-25), the Board of Directors met Six (06) times. The meetings
were conducted in compliance with the provisions of the Companies Act, 2013, SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard-1 (SS-
1) issued by the Institute of Company Secretaries of India.

During the period under review, the meetings were held on 30/04/2024, 30/05/2024,
03/08/2024, 31/08/2024, 11/11/2024 and 11/02/2025. The maximum gap between two
consecutive meetings did not exceed 120 days.

The details of the Meetings are as follows:

The 36^th Annual General Meeting of the Company was held on 28^th September, 2024.
COMMITTEES OF THE BOARD

The Company has constituted various Committees of the Board as per the provisions of the
Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015. The various types of Committees are as follow:

1. Audit Committee

The Audit Committee comprises of Four (4) Members as on 31^st March, 2025.

During the year under review, the Committee met Six (06) times. The details of the Meeting
held during the year ended March 31, 2025 along with the attendance of Directors are as
follows:

The committee, inter alia, reviewed quarterly and annual financial statements, internal audit
reports, and adequacy of internal control systems. In case any person requires more
information/ details regarding the Audit Committee the person may access the Company's
website at the link: https: / / isflimited.in/assets/img/policies/ 10.pdf

2. Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises of three (3) Members as on 31^st
March, 2025.

During the year under review, the Committee met once and all members of the Committee
were present in the meeting held on 03/08/2024. It recommended appointment of Key
Managerial Personnel and reviewed remuneration of other Key Managerial Personnel.
Nomination & Remuneration Policy is uploaded on the website of the Company i.e.,
https:/ / isflimited.in/assets/img/policies/16.pdf

3. Stakeholders Relationship Committee

The Board of Directors of the Company has constituted Stakeholders Relationship Committee
under Section 178 of the Companies Act, 2013.

The major terms of reference of the Stakeholders Relationship Committee include:

- Consideration & Resolution of the grievances of security holders of the Company;

- Reviewing of Transfer / Transmission requests / Demat / Remat requests of the
shareholders and issuance of duplicate share certificate, if any.

Composition of the Stakeholders Relationship Committee as on 31^st March, 2025 is as follows:

During the year under review, the Committee met Three (03) times. The details of the Meeting
held during the year ended March 31, 2025 along with the attendance of Directors are as
follows:

INDEPENDENT DIRECTORS MEETING

The Independent Directors met on 03^rd August, 2024, without the attendance of Non¬
Independent Directors and members of the Management. The Independent Directors
reviewed the performance of Non-Independent Directors and the Board as a whole, the
performance of the Chairman of the Company, taking into account the views of Executive
Director 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 its duties.

As per the provisions of the Companies Act, 2013 read with Schedule IV, following are the
Independent Directors of the Company as on 31^st March, 2025:

PARTICULARS OF EMPLOYEES U/S 197(12) OF THE COMPANIES ACT, 2013

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2)
and (3) of Chapter XIII, the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the relevant details are furnished below:

Notes:

1. The confirmed employees on the rolls of the Company as on 31^st March 2025- 09 employees

2. Median remuneration of employees of the Company during FY 2024-2025 was INR 6.00 Lacs p.a.

AUDITORS
• Statutory Auditor

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made
thereunder, the Statutory Auditor of the Company, M/s VSSA & Associates, Chartered
Accountants (Firm Registration Number: 012421N) having Regd. Office at A- 1/255,
Safdarjung Enclave, New Delhi-110029 was appointed for the second term by the members at
the 34^th Annual General Meeting to hold office until the conclusion of the 39^th Annual General
Meeting.

The notes on accounts referred to in the auditors' report are self-explanatory and therefore
does not require any further comments by the Board of Directors. There are no qualifications
or adverse remarks in the Auditors' Report which require any clarification or explanation.

During the year under review, the Company has not reported any fraud mentioned under
Section 143(12) of the Companies Act, 2013.

• Secretarial Auditor

In terms of Section 204 of the Act and Rules made there under, M/s Anuj Gupta & Associates,
Practicing Company Secretaries were appointed as Secretarial Auditors for the financial year
2024-25. The Secretarial Audit Report for the financial year ended on March 31, 2025 is
annexed herewith marked as "Annexure-II" to this Report.

There is qualification remark on vacancy of Company secretary and Compliance Officer which
require clarification or explanation.

The Board has noted the observation of the Secretarial Auditor regarding the vacancy in the
office of Company Secretary and Compliance Officer. The position became vacant on 23^rd
December, 2024 upon the resignation of Ms. Manisha Saxena and was required to be filled
within three months i.e., by 22^nd March, 2025. The appointment was not made within the
prescribed period, resulting in non- compliance of 09 days up to 31^st March, 2025. The
Company has since regularised the position by appointing Ms. Anjali Raj on 09^th July, 2025.

• Internal Auditor

In terms of Section 138 of the Act and Rules made there under, M/s Sapra Sharma & Associates
LLP, Chartered Accountants were continued their Office as an Internal Auditors for the
financial year 2024-25, for consecutive 3 years with effect from 16.09.2022.

Subsequent to the end of financial year, M/ s Sapra Sharma & Associates LLP, Chartered
Accountants re- appointed as an Internal Auditor for a further period of 3 years with effect
from 29.08.2025.

RBI REGULATIONS

The Company has complied with all the applicable regulations of RBI as on March 31, 2025.
The Company has duly filed all returns in accordance with Master Direction- Non-Banking
Financial Company Returns (Reserve Bank) Directions, 2016.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per SEBI Listing Regulations, Management Discussion and Analysis are attached, which
form part of this report annexed herewith at Annexure I.

INTERNAL FINANCIAL CONTROL SYSTEM_

According to Section 134 (5) (e) of the Companies Act, 2013, the term Internal Financial Control
(IFC) means the policies and procedures adopted by the Company for ensuring the orderly
and efficient conduct of business, including adherence to the Company's policies,
safeguarding of its assets, prevention and detection of frauds and errors, accuracy and
completeness of the accounting records and timely preparation of reliable financial
information.

The Company has a well-placed, proper and adequate Internal Financial Control System
which ensures that all the assets are safeguarded and protected and the transactions are
authorized, recorded and reported correctly.

A

To further strengthen the internal control process, the Company has developed the very
comprehensive compliance management tool to drill down the responsibility of the
compliance from top management to executive.

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as per the Companies (Accounts) Rules, 2014 regarding conservation of
energy, technology absorption is as under:

(A) Conservation of Energy

(B) Technology Absorption

(i) the efforts made towards technology absorption: N.A.

(ii) the benefits derived like product improvement, cost reduction, product development or
import substitution: N.A.

(iii) in case of imported technology (imported during the last three years reckoned from the
beginning of the financial year)-

(iv) the expenditure incurred on Research and Development: N.A.

(C) Foreign Exchange earnings and Outgo

The Foreign Exchange earned in terms of actual inflows during the year- NIL
The Foreign Exchange outgo during the year in terms of actual outflows- NIL
VIGIL MECHANISM / WHISTLE BLOWER POLICY_

As per the provisions of Companies Act, 2013, every Listed Company shall establish a vigil
mechanism (Whistle Blower mechanism). In pursuance to the provisions of Section 177(9) &
(10) of the Companies Act, 2013, a vigil mechanism/ whistle blower policy for Directors and
employees to report genuine concerns or grievances about unethical behaviour, actual or
suspected fraud or violation of the Company's Code of Conduct has been established and
approved by Board.

The Company believes in the conduct of the affairs of its constituents in a fair and transparent
manner by adopting highest standards of professionalism, integrity and ethical behaviour.

The Vigil Mechanism- cum- Whistle Blower Policy is available on the website of the Company
at the link: https: / / isflimited.in/assets/img/policies/19.pdf

The following is a summary of Protected Disclosures received and disposed off during the
year 2024-25:

No. of Protected Disclosures received: NIL
No of Protected Disclosures disposed off: NIL

The Audit Committee oversee the Vigil Mechanism of the Company. The employees of the
Company have the right to report their concern/ grievance to the Audit Committee constituted
by the Board of Directors to oversee the Vigil mechanism.

The Company is committed to adhere to the highest standards of ethical, moral and legal
conduct of business operations.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND
COMPANY'S OPERATIONS IN FUTURE

There was no significant order was passed by any regulatory authority or court or tribunal.

ANNUAL RETURN_

Pursuant to the provision of Section 134(3)(a) and Section 92(3) of the Companies Act, 2013,
the Annual Return in form MGT-7 as on March 31, 2024 is available on the website of the
Company and can be accessed at i.e., https:/ / isflimited.in/investor-relation.html

CODE OF CONDUCT AND ETHICS_

The Board of Directors of the Company has adopted a Code of Conduct and Ethics for the
Directors and Senior Executives of the Company. The object of the Code is to conduct the
Company's business ethically and with responsibility, integrity, fairness, transparency and
honesty. The Code sets out a broad policy for one's conduct in dealing with the Company,
fellow Directors and with the environment in which the Company operates.

INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

During the year under review, your Company had less than ten (10) employees. Accordingly,
pursuant to the provision Section 134 of the Companies Act, 2013 read with Rule 8(5)(x) of
Chapter IX of the Companies (Accounts) Rules, 2014, a statement that the company has
complied with provisions relating to the constitution of Internal Complaints Committee under
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 is not applicable to the Company for the financial year 2024-25.

COMPLIANCE OF SECRETARIAL STANDARDS_

Pursuant to the provision of Section 118(10) of the Companies Act, 2013, the applicable
Secretarial Standards i.e. SS -1 and SS-2 relating to "Meeting of Board of Directors" and

"General Meetings" respectively have been duly complied by your Company during the
period under review.

RISK MANAGEMENT POLICY_

Pursuant to the provision of Section 134(3)(n) of the Companies Act, 2013, the Board had
developed and implemented an appropriate Risk Management Policy for identifying the
element of risk which in the opinion of the Board may threaten the existence of the company
and safeguarding the company against those risks.

INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS_

Pursuant to provisions of Section 143(12) and sub-Section (14) of the Companies Act, 2013, as
amended from time to time, the Auditors have not reported any incident of fraud to the
Company during the year under review.

CORPORATE GOVERNANCE_

Pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, the provisions of Corporate Governance shall not apply, in respect of-

The listed entity having paid up equity share capital not exceeding Rupees Ten (10) Crores
and net worth not exceeding Rupees Twenty-five (25) Crores, as on the last day of the previous
financial year;

Since the equity share capital and net worth of the company did not exceed Rs. 10 crore and
Rs. 25 crores respectively, as on the last day of the previous financial year of the Company.
Accordingly, the reporting requirements like Corporate Governance, Related Party
Transaction and Business Responsibility Report etc. are not applicable to the Company.

Therefore, pursuant to Regulation 15(2) of SEBI (Listing Obligation & Disclosure
Requirements) Regulations, 2015, the company is not required to mandatorily comply with
the provisions of corporate governance report to be annexed with the Board Report.

GENERAL_

Your directors state that no disclosure or reporting is required in respect of the following
matters as there were no transactions on these items during the year under review:

a) No fraud has been reported by the Auditors to the Audit Committee or the Board.

b) As per Rule 8 (13) of Companies (Share Capital and Debentures) Rules, 2014, during the
period under review, your Company has not issued Sweat equity shares.

c) As per Rule 12 (9) of Companies (Share Capital and Debentures) Rules, 2014, during the
period under review, your Company has not issued equity shares under the scheme of
employee stock option.

d) As per Rule 16 (4) of Companies (Share Capital and Debentures) Rules, 2014 there are no
voting rights exercised directly or indirectly by the employees in respect of shares held by
them.

e) As per Rule 14 of Companies (Share Capital and Debentures) Rules, 2014, during the period
under review, your Company has not offered and issued bonus equity shares.

f) During the Financial Year under review, the Company neither filed any application nor
had any proceedings pending under the Insolvency and Bankruptcy Code, 2016 (31 of
2016), therefore, it is not applicable to the Company.

g) As per Rule 8(5)(xii) of Companies (Account) Rules, 2014, during the year under review,
the Company has not any one-time settlement for loans taken from the Banks or Financial
Institutions, and hence 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 along with the reasons thereof is not applicable.

ACKNOWLEDGEMENT AND APPRECIATION_

The Board of Directors extends its sincere gratitude for the invaluable guidance and support
received from all stakeholders of the Company. This includes the Reserve Bank of India, the
Ministry of Corporate Affairs, the Securities and Exchange Board of India, the BSE, and other
regulatory authorities. The Board also acknowledges the continued trust and support of our
bankers, lenders, financial institutions, members, National Securities Depository Limited,
Central Depository Services (India) Limited, and customers.

Furthermore, the Directors also acknowledge and appreciate the commitment, dedication, and
hard work put in by all Executives, Officers, Staff, Senior Management team and the
employees at all levels, which has contributed to the Company's growth and success during
the year under review.