Your Directors have the pleasure in presenting their 33^rd Annual Report of the Company and the Audited Accounts, for the period ended 31st March, 2024.

Circulation of Annual Reports in electronic form

In compliance with the aforesaid MCA Circulars and SEBI Circular dated September 25, 2023 and October 7, 2023 respectively, Notice of the AGM along with the Annual Report 2023-24 is being sent only through electronic mode to those Members whose email addresses are registered with the Company/Depositories. Members may note that the Notice and Annual Report 2023-24 will also be available on the Company's website www.iagsonpal.co.in under financial Section, websites of the Stock Exchanges i.e. BSE Limited at www.bseindia.com, and on the website of NSDL https:// www.evoting.nsdl.com

FINANCIAL RESULTS:

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS

During the year, the Company has incurred a Profit of Rs.35.75 lacs before tax as against the loss of Rs. 6.37 lacs in the previous year. Efforts are also being made to improve the performance by exploring new avenues of business which are likely to arise with the passage of time.

DIVIDEND

In order to conserve the resources of the Company, no dividend has been considered for the financial year 2023-24.

PUBLIC DEPOSITS

During the year under review, the Company has not accepted any Fixed Deposit and no amount of principal or interest was outstanding as of the Balance Sheet date.

PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS

The Company has neither given any loans nor provided any guarantee to entities as per provisions of Section 186 of the Act.

DIRECTOR

Mrs Jasvinder Kaur, Director (DIN: 08350847) retires by rotation at the ensuing AGM, being eligible, offers herself for re-appointment. Necessary details for re-appointment as required under the Act and the SEBI Listing Regulations is given in the notice of 33^rd AGM.

AUDITORS & AUDITORS' REPORT

As per the provisions of Section 139 of the Companies Act, 2013. Ms. Nikita Jain , (Partner) MSKG & CO. Regn. No. 008262N, Chartered Accountants were appointed as the Statutory Auditors of the Company for the period of five years. The Auditors Report for fiscal 2024 does not contain any Qualification, reservation or adverse remarks. Auditors' Report is enclosed with the financial Statements in this Annual Report.

SECRETARIAL AUDITORS

Pursuant to Provisions of section 204 of the Companies Act, 2013, The Company is required to appoint Secretarial Auditors. Mr. Prasant Kumar Sarkar , Practicing Company Secretary is appointed as Secretarial Auditor of the Company.

The secretarial auditors' report for the Year 2023-24 has been received from the Secretarial Auditors. The report does not contain any qualification, reservation or adverse remark. The report is annexed herewith as Annexure-A.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOING

Particulars required by the section 134( 3 ) (m) of the Companies Act, 2013 (“the Act”) read with rule 8 (3) of the companies (Accounts) rules, 2014 and forming part of the Director's Report for the year ended March 31, 2024. (Disclosure of Particulars) are not applicable since there is no such activity being followed by the Company.

Conservation of Energy

I. Your Company being engaged in financing business and does not have any activity relating to conservation of energy.

II. Research & Development (R&D)

Specific R&D Activities: There is no Research and Development activity in the Company.

Benefits derived as a result of above R&D: N.A.

Future Plan of Action: NIL Expenditure on R & D : NIL

III. Technology Absorption, Adaptation and Innovation:

Efforts in brief made towards Technology absorption etc.: NIL Benefits derived as a result of above: N.A.

Technology imported, years of Import, Has technology been fully absorbed? If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action: N.A.

IV. Foreign exchange earnings and outgo

During the period under review, there was no foreign exchange outflow from your Company and it had no foreign exchange earnings.

PARTICULARS OF EMPLOYEES

None of the Employees of your Company is in receipt of remuneration requiring disclosure pursuant to the provisions of Section 197(12) of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014; hence no such particulars are annexed.

CORPORATE GOVERNANCE

The Company is committed to good corporate governance in line with the Listing Agreement. The Company is in compliance with the provisions on corporate governance specified in the Listing Agreement with the Stock Exchanges, the Corporate Governance Report and Auditors' Certificate regarding compliance of conditions of Corporate Governance are enclosed as Annexure - B.

A certificate of compliance from M/s P K S & Associates., Practicing Company Secretary and the report on Corporate Governance forms part of this Director's Report.

Directors Responsibility Statement

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is hereby confirmed that:

a In the preparation of the annual accounts for the year ended 31st March, 2024, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b the Directors have selected such accounting policies and applied them consistently and have made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2024 and of the profit of the Company for the year ended on that date;

c the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d the Directors have prepared the annual accounts on a going concern basis;

e the Directors have laid down internal financial controls to be followed by the Company and that

such internal financial controls are adequate and are operating effectively; and

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

Corporate Social Responsibility

The provisions of the Companies Act 2013 with respect to corporate responsibilities are not applicable on the Company.

Extract of Annual Return

Pursuant to Section 92(3) and Section 134(3) (a) of the Companies Act, 2013 the Company has placed a copy of the Annual Return as at March 31, 2024 on its website at www.iagsonpal.co.in . By virtue of amendment to Section 92(3) of the Companies Act, 2013, the Company is not required to provide extract of Annual Return (Form MGT-9) as part of the Board's Report.

Contracts And Arrangements With Related Parties

During the year, the Company have not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transaction.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Banks, Government authorities and our Valued customers. The Directors also wish to convey their deep appreciation for the contribution made by the employees to the operations of the Company, in particular those who continued with the Company and extended their full support during this difficult period. We also convey our thanks to our esteemed shareholders for their continued support and encouragement.

for and on behalf of the Board of Directors

Place : New Delhi (K. P.S. KOCHHAR)

Regd. Office : C-30, Ground Floor, Friends Colony East, CMD (DIN 00529230)

New Delhi-110065 Date : 12.08.2024