Your Directors have pleasure in presenting the 34^th Annual Report of your company together
with the Audited Accounts for the year ended 31^st March 2025.

Highlights of financial result for the year were as under:

2024-2025 2023-2024

Rs. In Lakhs Rs. In Lakhs

OPERATIONS:-

During the year your company has its turnover to Rs 51.28 Lacs including other income as
compared to Rs. 13.95 Lacs in the previous year and thereby registering an increase of 267.70% as
compared to the previous year. The company has occurred the Net profit of Rs.41.74 Lacs against
the Net profit of Rs 5.60 Lacs in the previous year.

DIVIDEND:-

Your Directors regret their inability to recommend any dividend for the year under review.
DIRECTORS:-

As per Section 149(4) of Companies Act, 2013 every listed company shall have half of the total
number of directors as independent directors. They shall hold office for a term up to five
consecutive years on the Board of the Company as per section 149(10).

During the year, Mr. Kishor A. Shah, Director retires by rotation but being eligible himself for
reappointment as a Director.

Ms. Poonam K. Shah (DIN: 00027476), Ms. Rakhi Jayantilal Upadhyay (DIN: 09645180) and Mr.
Sandipbhai Pravinbhai Patel (DIN: 10849576) who were appointed as Executive Director and
Independent Directors respectively on 15th July, 2025.

Non-applicability of Corporate Governance and Annual Secretarial Compliance Report :-

The Company is having Paid-up share Capital of the Company Rs.5,03,00,000/- and Reserves
Rs.(-) 14,006,762/- as on 31.03.2025 and it is below paid-up capital of Rs. 10 Cr and Net worth
below Rs.25 Cr.

Hence as per SEBI Circular No.CIR/CFD/POLICY CELL/7/2014 dated 15" Sept,2014,
compliance of Corporate Governance and ASCR is not applicable to the Company under SEBI (
LODR) Regulations, 2015.

Company's Philosophy on Corporate Governance

Your Company believes in setting the highest standard in good and ethical corporate governance
practices. Your Company is managed by the Managing Director (MD) under the supervision and
control of the Board of Directors. The MD is assisted by a team of highly qualified and
experienced professionals.

Your company is committed to maintaining the highest standards of corporate governance in its
dealings with its various stakeholders. It is an integral part of the Company's core values, which
include transparency, integrity, honesty and accountability. Your Company follows the
philosophy of working towards the creation of wealth by enhancing the value of stakeholders,
meeting the needs of customers and employees and the community at large.

The Company attaches great importance to investor relations. With a view to enhance
shareholder participation in corporate affairs, the Company follows the policy of keeping its
shareholder informed in putting up relevant information on its corporate website
www.mideastportfolio.com by issuing public notices of meetings and informing stock exchanges
of new developments.

Your Company is in compliance with the conditions of corporate governance stipulated in Clause
49 of the Listing Agreement entered into with the Stock Exchanges.

Your Company has complied with the requirements of the Corporate Governance Code, the
disclosure requirements of which are given below:

Board of Directors
Composition:

The Board of Directors has seven members and two are executive and others five are Non¬
Executive Directors (NEDs) who bring in a wide range of skills and experience to the Board. The
Company has Chairman and 70% of the Board of Directors is Independent Directors. The
composition of the Board is in conformity with Clause 49 of the Listing Agreement.

None of the Directors on the Board is a Member on more than 10 Committees and Chairman of
more than 8 Committees (as specified in Clause 49), across all the companies in which he is a
Director. The necessary disclosures regarding Committee positions have been made by the
Directors.

**Represents Memberships/ Chairmanships of Audit Committee, Shareholders'/ Investors'
Grievance Committee and Remuneration Committee.

Number of Board Meetings attendance at Board Meetings and Previous Annual General Meeting:

7 Board Meetings were held during the period and the gap between two meetings did not exceed
four months.

Leave of absence was granted by the Board to the Directors who were absent at the respective
Board Meeting(s).

Dates of Board Meetings

9^th May 2024, 1^st August 2024, 22^nd August 2024, 25^th October 2024, 11^th February 2025, 18^th
February 2025 & 17^th March 2025.

The information as required under Annexure I to Clause 49 is being made available to the Board.
Committees of Directors
Audit Committee:

The Company also complies with the provisions of section 292A of the Companies Act, 1956
pertaining to Audit Committee and its functioning.

The Board delegated the following powers to the Audit Committee:

? To investigate any activity within its terms of reference.

? To seek information from any employee.

? To obtain outside legal or other professional advice.

To secure attendance of outsiders with relevant expertise, if it considers necessary.

The Board defined the role of the Audit Committee, as under:

i. Overseeing the Company's financial reporting process and the disclosure of its financial
information, to ensure that the financial statement is correct, sufficient and credible;

ii. Recommending the appointment/ removal of external auditors, fixing audit fees and
approving payments for any other services;

iii. Reviewing with Management the annual financial statements before submission to the
Board;

iv. Reviewing with the Management, and external auditors, the adequacy of internal control
systems;

v. Discussing with external auditors before the audit commences, the nature and scope of
audit as well as have post-audit discussions to ascertain any area of concern;

vi. Reviewing the Company's financial and risk management policies;

vii. To look into the reasons for substantial defaults in the payment to the depositors,
shareholders (in case of non-payment of declared dividends) and creditors.

The composition of the Audit Committee as on date of report was as under:

The Audit Committee met eight times during the year under review. The Committee meeting was
held on 1^st April 2024, 9^th May 2024, 1^st August 2024, 22^nd August 2024, 25^th October 2024, 11^th
February 2025, 18^th February 2025 & 17^th March 2025.

The Audit Committee invites such of the executives as it considers appropriate to be present at its
meetings. The Statutory Auditors are also invited to the meetings

Nomination& Remuneration Committee:

The composition of the Remuneration Committee as on date of report was as under:

The Nomination & Remuneration Committee met seven times during the year under review The
Committee meeting was held on 9^th May 2024, 1^st August 2024, 22^nd August 2024, 25^th October
2024, 11^th February 2025, 18^th February 2025 & 17^th March 2025.

Terms of Reference:

The term of reference of the Committee include recommending to the Board of Directors specific
remuneration packages for Executive Directors and management staff.

Remuneration Policy:

Non-Executive Directors

None of the Non-Executive Directors (NEDs) are paid any remuneration whether by way of
Commission or Sitting Fees.

Remuneration to Directors:

No remuneration was paid to any Directors during the year under review.

Stakeholders' Grievance Committee:

The present composition of the shareholders/ Investors Grievance Committee is as under:

During the year total number of shareholder's complaints received was two and resolved all
during the period under review.

The stakeholder's Grievance Committee met five times during the year under review. The
Committee meeting was held 9^th May 2024, 1^st August 2024, 22^nd August 2024, 25^th October 2024,
31^st October 2025 & 11^th February 2025.

General Body Meetings

The last three Annual General Meeting (AGMs) were held as under:

All special resolutions moved at the last AGM were passed unanimously on a show of hands by
the shareholders present at the meeting. None of the business required to be transacted at this
AGM is proposed to be passed by postal ballot.

Disclosures

Postal Ballot: Nil
Special Resolution: Nil
Whistle Blower Policy

With a view to establish a mechanism for protecting employees reporting unethical behavior,
frauds or violation of Company's Code of Conduct, the Board of Directors has adopted a Whistle
Blower Policy (a non-mandatory requirement as per clause 49 of the Listing Agreement). No
person has been denied access to the Audit Committee.

Policy to prevent sexual harassment at the workplace

The Company is committed to creating and maintaining an atmosphere in which employees can
work together, without fear of sexual harassment, exploitation or intimidation. Every employee is
made aware that the Company is strongly opposed to sexual harassment and that such behavior
is prohibited both by law and by the Mideast Group. To redress complaints of sexual harassment,
a Complaint Committee for the Group has been formed, which is headed by Mrs. Jyoti K. Shah.

Details of Non-compliance:

There has not been any non-compliance of mandatory requirements by the Company and no
penalties or strictures were imposed on the Company by the Stock Exchanges, or SEBI, or any
statutory authority, on any matter related to capital markets

Means of Communication:

The quarterly results are published in the two newspapers viz. Financial Express and Mumbai
Lakshadweep Official news releases and presentations made to analysts are sent to the Stock
Exchanges, where the Company's shares are listed.

Shareholder Information:

i) Annual General Meeting

Date: 30.09.2025
Time: 10.00 A.M

Venue: Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM"

Financial Calendar
Financial reporting for

Quarter ending June 30, 2025 : Mid of August, 2025

Quarter ending Sept.30, 2025 : Mid of November, 2025

Quarter ending Dec.31, 2025 : Mid of February, 2026

Quarter ending March 31, 2026 : End of May, 2026

Annual General Meeting for the

Year ended March 31, 2026 : End of September, 2026

ii) Dates of Book Closure : 24.09.2025 to 30.09.2025 (both days inclusive)

iii) Dividend payment date : No dividend declared.

iv) Listing on Stock Exchange at : BSE Limited, Mumbai

vi) Demat ISIN Number in NSDL and CDSL: INE033E01015

vii) Stock Market Data :

viii) Registrar and Share Transfer Agent :

Adroit Corporate Services Pvt. Ltd.
19, Jaferbhoy Industrial Estate,

1^st Floor, Makwana Road,

Marol Naka, Mumbai - 400 059.

Tel.: 2859 0942/2850 3748

ix) Share Transfer System :

Share Transfers are registered and returned within a period of 30 days from the date of
receipt, if the documents are clear in all respects. The power to approve transfer of
securities has been delegated by the Board to the Shareholders / Investors Grievance and
Share Transfer Committee, which meets once in a fortnight. Share transfer requests are
processed within an average of 15 days from the date of receipt. Letters are sent to the
shareholders after transfer of shares in their names giving an option for dematerialization
of shares of the physical shares. Physical shares are dematerialization, share certificates are
dispatched by Registered Posts.

x) (a) Distribution of Shareholding (as on 31.03.2025):

(b) Categories of Shareholders (as on 31.03.2025)

For the period 2024- 2025

xi) Dematerialization of shares and Liquidity :

Over 83.26% of the shares have been dematerialized up to 31^st March, 2025. There are
2,660,988 and 1,527,194 shares are demated in the CDSL and NSDL Depository respectively,
to whom all company's mailers and Annual Reports are dispatched in addition to
registered members. The shares of the Company are listed in Mumbai Stock Exchange and
hence facilitate liquidity.

xii) Address for correspondence: Mid East Portfolio Management Limited

1/203, Vishal Complex, Narsing Lane, Off. S.V. Road,

Malad (West), Mumbai - 400 064, ® 28240444

DEPOSITS:-

The Company has not accepted and/or renewed any public deposit during the year review.
DIRECTOR'S RESPONSIBILITY STATEMENT:-

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm:-

i. that in the preparation of the annual accounts for the year ended on 31^st March 2025, the
applicable accounting standards have been followed;

ii. that the Directors have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company for the period and of the profit of the Company
for that period under review.

iii. that the Directors 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.

iv. that the directors have prepared the accounts for the year ending 31^st March, 2025 on a
going concern' basis.

v. Directors had devised proper systems to ensure compliance with provisions of all
applicable laws and that such system were adequate and operating effectively.

CONSERVATION OF ENERGY:-

The Company is engaged in the business of trading and dealings in shares and securities and
consequently various disclosures required u/s 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosures of Particulars in the Report of the Directors) Rules, 1988 are not
applicable to this Company.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

The Board of Directors of the Company has done eight board meetings during this financial year
which is in compliance to the provisions of the Companies Act, 2013.

FOREIGN EXCHANGE EARNINGS & OUTGO:-

During the year under review - Earnings - Nil

- Outgo - Nil

PERSONNEL:-

Information as per section 217(2A) of the Companies Act, 1956 read with Companies (Particulars
of Employees) Rules, 1975 is not given as there was no employee earning monthly salary as
specified in aforesaid Section or more during the year.

CORPORATE GOVERNANCE :-

The Company has complied with the requirements regarding Corporate Governance as required
under Clause 49 of the Listing Agreement entered into with the Stock Exchanges, where the
Company's shares are listed. A report on the Corporate Governance in this regard is made a part
of this Annual Report and a Certificate from the Auditors of the Company regarding compliance
of the conditions of the Corporate Governance is attached to this report.

SUBSIDIARY COMPANIES

The Company does not have any subsidiary.

CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the Members of
the Board and all employees in the course of day to day business operations of the company. The
Code lays down the standard procedure of business conduct which is expected to be followed by
the Directors and the designated employees in their business dealings and in particular on
matters relating to integrity in the work place, in business practices and in dealing with
stakeholders. The Code gives guidance through examples on the expected behavior from an
employee in a given situation and the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliance with
the Code.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to
regulate trading insecurities by the Directors and designated employees of the Company. The
Code prohibits the purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive information in relation to the
Company and during the period when the Trading Window is closed. The Board is responsible
for implementation of the Code.

All Board Directors and the designated employees have confirmed compliance with the Code.

SECRETARIAL AUDIT

During the year under review, M/s VKM & Associates, Practicing Company Secretary who was
appointed as the Secretarial Auditor of the Company has issued the audit report in respect of the
secretarial audit of the Company for the financial year ended March 31, 2025. The Secretarial
Audit Report which forms a part of the Annual Report and state that the Company has preferred
appeal against Assessment Order from Income Tax Department to High Court, Bombay and
matter is pending till date and apart from that requires no comments.

EXTRACT OF THE ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9, as required under
Section 92 of the Companies Act, 2013, is included in this Report as Annexure II and forms an
integral part of this Report.

PARTICULARS PURSUANT TO SECTION 197(12) AND THE RELEVANT RULES

During the year under review, your Company enjoyed cordial relationship with workers and
employees at all levels. The company regards its employees as great asset.

For the particulars of employees as required to be disclosed in the Directors Report in accordance
with the Provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014, the Directors state that the
company does not have any employee, who

(i) if employed throughout the financial year, was in receipt of remuneration for that year which,
in the aggregate, was not less than 60,00,000/- rupees per annum;

(ii) if employed for a part of the financial year, was in receipt of remuneration for any part of that
year, at a rate which, in the aggregate, was not less than 5,00,000/- rupees per month;

(iii) if employed throughout the financial year or part thereof, was in receipt of remuneration in
that year which, in the aggregate, or as the case may be, 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.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate Internal Control System, commensurate with the size, scale and
complexity of its operations. The scope of the Internal Audit function outsourced Chartered
Accountants as of current is well defined in the engagement letter of the Internal Auditor duly
approved by the Audit Committee. To maintain its objectivity and independence, the Internal
Auditor reports to the Audit Committee.

The Internal Auditor evaluates the adequacy of the internal control system in the Company on
the basis of Statement of Operations Procedure, instruction manuals, accounting policy and
procedures.

PERFORMANCE EVALUATION OF BOARD, COMMITTEES & INDIVIDUAL DIRECTORS

A formal evaluation of the performance of the Board, its Committees, the Chairman and the
individual Directors was carried out for the year 2024-25 led by the Nomination & Remuneration
Committee.

As part of the evaluation process, the performance of non-independent Directors, the Chairman
and the Board was done by the independent Directors. The performance evaluation of the
respective Committees and that of independent and non-independent Directors was done by the
Board excluding the Director being evaluated. The Directors expressed satisfaction with the
evaluation process.

REMUNERATION POLICY

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a
policy for selection and appointment of Directors, Senior Management and their remuneration.
The Remuneration Policy is stated in the Corporate Governance Report.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has in place a whistleblower policy, to support the Code of conduct of the
Company. This policy documents the Company's commitment to maintain an open work
environment in which employees, consultants and contractors are able to report instances of
unethical or undesirable conduct, actual or suspected fraud or any violation of Company's Code
of conduct at a significantly senior level without fear of intimidation or retaliation.

DISCLOUSRE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In accordance with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules made there under, the Company
formulated an internal Policy on Sexual Harassment at Workplace (Prevention, Prohibition and
Redressal) during the year under review. An internal Complaint committee has been set up to
redress complaints received regarding sexual harassment. All woman employees (permanent,
contractual, temporary, trainees) are covered under this policy.

During the year under review there were no complaints received by the Company related to
sexual harassment.

CASH FLOW STATEMENT

In conformity with the provision of Clause 32 of the Listing Agreement the cash flow statement
for the year ended 31^st March 2025 is annexed hereto.

MATERIAL AND SIGNIFICANT ORDERS PASSED BY REGULATORS & COURTS

No significant and material orders have been passed by any regulators or courts or tribunals
against the Company impacting the going concern status and Company's operations in future.

ACKNOWLEDGEMENT:-

Our Directors express their sincere appreciation of the co-operation received from shareholders,
bankers and other business constituents during the year under review. Our Directors also wish to
place on record their deep sense of appreciation for the commitment displayed by all executives,
officers and staff resulting in the performance of the Company during the year.

For and on behalf of the Board of Directors
Of Mid East Portfolio Management Ltd.

Sd/- Sd/-

Kishor A. Shah Jyoti K. Shah

Managing Director Director & CFO

(DIN: 00015575) (DIN: 00020912)

Place: Mumbai

Date: 5^th September, 2025