The Board of Directors of the Company have great pleasure in presenting the 9^th Board’s Report of the Company
together with Audited Financial Results for the year ended March 31, 2025. This report states compliance as per
the requirements of the Companies Act, 2013 (“the Act”), the Secretarial Standards, the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and
other rules and regulations as applicable to the Company.

1. FINANCIAL PERFORMANCE:

The highlight of the financial performance of the Company for the year ended March 31, 2025 is summarized as
follows:

2. BUSINESS AND FINANCIAL PERFORMANCE OVERVIEW:

BUSINESS OVERVIEW

Our Company Sancode Technologies Limited is a software and product development company offering an API
enabled platform and solutions that enable organizations to rapidly adopt powerful technology applications
addressing their strategic business needs. We enable organizations to drive digital transformation and competitive
differentiation by providing them easy to implement pre-built business logic and solution workflows specially for
finance automations.

Company is also planning to Expansion of business operations by venturing into new age technologies like
semiconductor by exploring design and packaging opportunities in semiconductor space either directly or through some
potential Joint venture partner. And also explore opportunities in Artificial Intelligence Technologies.

FINANCIAL PERFORMANCE OVERVIEW

STANDALONE:

During the year under review, the Company has earned a total revenue of Rs. 69.03 Lakhs for the year ended
March 31, 2025 as against Rs. 76.92 Lakhs in the previous financial year.

The Profit/ (Loss) after Tax (PAT) for the year ended March 31, 2025 stood at Rs. 6.32 Lakhs as compared to Rs.
(106) Lakhs in the previous financial year.

CONSOLIDATED:

During the year under review, the Company has earned a total revenue of Rs. 1423.87 Lakhs for the year ended
March 31, 2025 as against Rs. 484.45 Lakhs in the previous financial year.

The Profit/ (Loss) after Tax (PAT) for the year ended March 31, 2025 stood at Rs. 84.78 Lakhs as compared to Rs.
(175.18) Lakhs in the previous financial year.

3. DIVIDEND/ TRANSFER TO RESERVES:

To conserve resources in consideration of future growth of the Company, your directors does not recommend any
Dividend for the year ended March 31, 2025.

STANDALONE:

In Financial year 2024-25 the reserve maintained with the Company is Rs. 337.86 Lakhs while in the year 2023-24
reserve was Rs. 331.55 Lakhs.

CONSOLIDATED:

In Financial year 2024-25 the reserve maintained with the Company is Rs. 146.50 Lakhs while in the year 2023-24
reserve was Rs. 173.65 Lakhs.

Your Company has not transferred the profits for year ended March 31, 2025 to Reserves and Surplus.

4. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE END OF THE FINANCIAL YEAR OF THE
COMPANY TO WHICH THE FINANCIAL STATEMENT RELATE AND THE DATE OF THIS REPORT:

Except Below, there have no material changes and commitments affecting the financial position of the Company
which have occurred between the date of the Balance Sheet and the date of this Report.

I. The Company in the Board Meeting held on 24^th July, 2025 has approved to increase the Authorised
Capital from Rs. 4,50,00,000/- (Rs. Four Crores Fifty Lakhs only) divided into 44,00,000 Equity Shares of

^10/- each comprising of ^ 4,40,00,000 and 1,00,000 Compulsorily Convertible Preference Shares of ^
10/- each comprising of ^ 10,00,000/- to Rs. 6,50,00,000 (Six Crore Fifty Lakhs only) divided into
64,00,000 Equity Shares of ^10/- each comprising of ^ 6,40,00,000/- and 1,00,000 Compulsorily
Convertible Preference Shares of ^ 10/- each comprising of ^ 10,00,000/-.

II. Issue of 11,11,111 Convertible share warrants at an issue price Rs. 54/- (Including premium of Rs. 44/-)
to the promoter and non-promoter on preferential basis subject to approval of shareholders in the
ensuing General Meeting;

5. DEPOSITS:

The Company has neither accepted nor renewed any deposits falling within the purview of Section 73 of the
Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules 2014 as amended from time to time,
during the year under review.

6. CHANGE IN THE NATURE OF BUSINESS:

Company has taken shareholders' approval for addition of object clause regarding Expansion of business operations
by venturing into new age technologies like semiconductor by exploring design and packaging opportunities in
semiconductor space either directly or through some potential Joint venture partner. And also explore opportunities in
Artificial Intelligence Technologies.

There has been no change in the Business of the Company during the financial year ended March 31, 2025.

7. CAPITAL STRUCTURE:

AUTHORIZED SHARE CAPITAL

The Authorized Share Capital of the Company as on March 31, 2025 was Rs 4,50,00,000/- divided into 44,00,000
Equity Shares of ^10/- each comprising of ^ 4,40,00,000 and 1,00,000 Compulsorily Convertible Preference Shares
of ^ 10/- each comprising of ^ 10,00,000.

ISSUED AND PAID-UP CAPITAL

During the year under review, there are no changes in paid-up share capital of the Company.

The paid-up share capital of the company is 4,06,88,670 divided into 40,68,867 Equity Shares of ^10/- each.

8. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY, AND JOINT VENTURES:

The Company has 3 Subsidiary Company/Limited Liability Partnership Firms (LLP) and as details mentioned
below:

* The Company has approved the acquisition of additional 1% stake in Sanfin Technologies Private
Limited in the meeting held on 31^st March, 2024. Further the board of directors of Sanfin Technologies
Private Limited has approved the said acquisition along with share transfer form w.e.f. 01^st April, 2024.

# The company has approved the disinvestment of entire 61.90% stake in the subsidiary namely
DHRUVA ADVISORS USA, INC held by the Company to AVJ Inc. at the consideration amount of USD

63,000 resulted that DHRUVA ADVISORS USA, INC. is no longer the subsidiary of the Sancode
Technologies Limited w.e.f. 27^th January, 2025.

9. LISTING OF SHARES:

The Company’s shares are listed on BSE SME platform with ISIN INE0P7001013 & Script Code: 543897.

10. CHANGE IN THE REGISTERED OFFICE

The Company at its board meeting held on 12^th August, 2024 approved change in Registered Office from 107,
Prime Plaza, J.V. Patel Compound, B.M. Road, Opp. Elphinstone Stn., Mumbai City, Mumbai, Maharashtra, India,
400013 to 403, Shreya House, Parera Hill Road, Opp Anjani Compound, Chakala, Andheri (East), Mumbai
400099 w.e.f. 12th August, 2024.

11. DIRECTORS & KEY MANAGERIAL PERSONNEL:

The composition of Board of Directors and Key Managerial Personnel (KMP) of the Company as on March 31, 2025
were as follows:

12.STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

Pursuant to the provisions of sub-section (7) of Section 149 of the Companies Act, 2013, the Company has received
individual declarations from all the Independent Directors confirming that they fulfil the criteria of Independence
as specified in Section 149(6) of the Companies Act, 2013.

The Independent Director have complied with the Code of Conduct for Independent Directors prescribed in
Schedule IV of the Act. In view of the available time limit, those Independent Director who are required to
undertake the online proficiency self-assessment test as contemplated under Rule 6(4) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, had committed to perform the test within time limit
stipulated under the act. The Company has received declarations from all Independent Directors of the Company
confirming that they continue to meet the criteria of Independence as prescribed under Section 149 of the
Companies Act 2013.

13.BOARD, COMMITTEE AND SHAREHOLDERS MEETING:

Number of Board Meetings

The Board of Directors met 7 times during the financial year ended March 31, 2025 in accordance with the
provisions of the Companies Act, 2013 and rules made there under. The intervening gap between two Board
Meeting was within the period prescribed under the Companies Act, 2013 and as per Secretarial Standard-1. The

prescribed quorum was presented for all the Meetings and Directors of the Company actively participated in the
meetings and contributed valuable inputs on the matters brought before the Board of Directors from time to time.

14.COMMITTEES OF THE BOARD:

The Company has three committees viz; Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee which has been established as a part of the better Corporate Governance
practices and is in compliance with the requirements of the relevant provisions of applicable laws and statutes.

I. Audit Committee:

The Audit Committee of the Company is constituted under the provisions of section 177 of the Companies Act,
2013.

Composition of the Audit Committee:

*The Committee has been reconstituted in the board meeting held on 05^th September, 2024.

All the recommendation made by the Audit Committee in the financial year 2024-25 was approved by the Board.
Further the Committee members met 5 times during the year for conducting the Meeting.

II. Nomination & Remuneration Committee:

The Nomination & Remuneration Committee of the Company is constituted under the provisions of section 177 of
the Companies Act, 2013.

Composition of the Committee:

Further the Committee members met 1 time during the year for conducting the Meeting.

III. Stakeholder Relationship Committee

The Stakeholder Relationship Committee of the Company is constituted under the provisions of section 177 of the
Companies Act, 2013.

#Composition of the SRC Committee:

#The Committee has been reconstituted in the board meeting held on 05^th September, 2024.
Further the Committee members met 1 time during the year for conducting the Meeting.
Shareholders Meeting:

15. NOMINATION AND REMUNERATION POLICY:

The Company believes that building a diverse and inclusive culture is integral to its success. A diverse Board,
among others, will enhance the quality of decisions by utilizing different skills, qualifications, professional
experience and knowledge of the Board members necessary for achieving sustainable and balanced development.
In terms of SEBI Listing Regulations and Act, the Company has in place Nomination & Remuneration Policy.

The said policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall
formulate the criteria for appointment of Executive, Non-Executive and Independent Directors on the Board of
Directors of the Company and persons in the Senior Management of the Company, their remuneration including
determination of qualifications, positive attributes, independence of directors and other matters as provided
under sub-section (3) of Section 178 of the Act (including any statutory modification(s) or re- enactment(s)
thereof for the time being in force). The Policy also lays down broad guidelines for evaluation of performance of
Board as a whole, Committees of the Board, individual directors including the chairperson and the Independent
Directors. The aforesaid Nomination and Remuneration Policy has been uploaded on the website of your Company
www.sancodetech.com/investor

16. CORPORATE GOVERNANCE REPORT:

Since the Company is listed on SME platform of BSE., the provisions of Corporate Governance are not applicable on
the Company.

17. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The Board members are provided with necessary documents/ brochures, reports and internal policies to enable
them to familiarize with the Company’s procedures and practices, the website link is
https: / / www.sancodetech.com/

18. ANNUAL EVALUATION:

Pursuant to the provisions of the Companies Act and the SEBI Listing Regulations, a structured questionnaire was
prepared for evaluating the performance of Board, its Committees and Individual Director including Independent

Directors. The questionnaires were prepared after taking into consideration the various facets related to working
of Board, its committee and roles and responsibilities of Director. The Board and the Nomination and
Remuneration Committee reviewed the performance of the Individual Directors including Independent Directors
on the basis of the criteria and framework adopted by the Board. Further, the performance of Board as a whole
and committees were evaluated by the Board after seeking inputs from all the Directors on the basis of various
criteria. The Board of Directors expressed their satisfaction with the evaluation process. In a separate meeting of
Independent Directors, the performance of Non-Independent Directors, performance of Board as a whole and
performance of the Chairman was evaluated, taking into account the views of the Executive Directors and Non¬
Executive Directors.

19. CORPORATE SOCIAL RESPONSIBILITY:

The provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility
Policy) Rules, 2014 are not applicable to the Company as on March 31, 2025. Hence, your Company is not required
to adopt the CSR Policy or constitute CSR Committee during the year under review.

20. VIGIL MECHANISM FOR THE DIRECTORS AND EMPLOYEES:

The Company has established a vigil mechanism, through a Whistle Blower Policy, where Directors and employees
can voice their genuine concerns or grievances about any unethical or unacceptable business practice. A whistle¬
blowing mechanism not only helps the Company in detection of fraud, but is also used as a corporate governance
tool leading to prevention and deterrence of misconduct.

It provides direct excess to the employees of the Company to approach the Compliance Officer or the Chairman of
the Audit Committee, where necessary. The Company ensures that genuine Whistle Blowers are accorded
complete protection from any kind of unfair treatment or victimization. The Whistle Blower Policy is disclosed on
the website of the Company at www.sancodetech.com/investor

21. RISK MANAGEMENT:

The Board of the Company has evaluated a risk management to monitor the risk management plan for the
Company. The Audit Committee has additional oversight 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.

22. PARTICULARS OF LOANS, GURANTEES OR INVESTMENTS UNDER SECTION 186:

The details of loans, guarantees or investments covered under Section 186 of the Companies Act, 2013 are given in
the Note to the Financial Statements.

23. MATERIAL ORDERS OF JUDICIAL BODIES/ REGULATORS:

No order, whether significant and/or material has been passed by any regulators, courts, tribunals impacting the
going concern status and Company's operations in future.

24. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188 OF
THE ACT:

All related party transactions that were entered into during the Period under review, were on arm's length basis
and in the ordinary course of business. No materially significant related party transactions which required the
approval of members, were entered into by the Company during the Period under review. Further, all related
party transactions entered by the Company are placed before the Audit Committee for its approval.

The particulars of the contracts or arrangements entered by the Company with related parties as referred to in
Section 134(3)(h) read with section 188(1) of the Act and rules framed thereunder, in the Form No. AOC-2 are
annexed and marked as Annexure-A.

25. AUDITORS:

STATUTORY AUDITORS

M/s. R T Jain & Co LLP, Chartered Accountants (Firm Registration No. 103961W) were appointed as the statutory
auditors of the Company at the 7^th Annual General Meeting of the Company for a term of five consecutive years i.e.
from F.Y. 2023- 24 to 2027-28, who shall hold office till the conclusion of the 12^th Annual General Meeting to be
held in the year 2028, in terms of provisions of section 139 of the Act.

Further the Statutory Auditors have submitted their Report on the Financial Statements for the financial year
ended March 31, 2025, which forms part of this Report. Also, there is no qualifications, reservations or adverse
remarks made by the M/s. R T Jain & Co. LLP Statutory Auditor of Company in their Audit Report for the year
under review.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Board of Directors has appointed M/s. Dilip Swarnkar & Associates,
Practicing Company Secretary, as Secretarial Auditors of the Company for the year under review. The Secretarial
Audit report received from the Secretarial Auditors is annexed to this report marked as Annexure B and forms
part of this report.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Act and the Companies (Audit and Auditors) Rules, 2014, the
Board of directors of Company has appointed Ms. Sanjana Sanjeev Shah as an Internal Auditor of the Company for
F.Y. 2024-25.

AUDITOR'S REPORT AND SECRETARIAL AUDIT REPORT

Statutory Auditor's Report: There are no qualifications, reservations or adverse remarks made by Statutory
Auditors in the Auditor's report. The Statutory Auditors have not reported any incident of fraud to the Audit
Committee of the Company under subsection (12) of section 143 of the Companies Act, 2013, during the year
under review.

The notes on accounts referred to the Auditors' Report are self-explanatory and therefore, do not call for any
further explanation.

Secretarial Auditor's Report: There are no qualifications, reservations or adverse remarks made by Secretarial
Auditors in the Secretarial Auditor' report.

26. EXTRACTS OF ANNUAL RETURN

In accordance with Section 92(3) and Section 134(3)(a) of the Companies Act, 2013 read with Companies
(Management and Administration) Rules, 2014, the Annual Return as on 31^st March 2024 is available on the
Company’s website www.sancodetech.com/investor

27. MANAGEMENT DISCUSSION & ANALYSIS REPORTS:

A detailed report on Management Discussion and Analysis (MDA) Report is included in this Report as Annexure -
C.

28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The provisions of Section 134(3)(m) of the Companies Act, 2013 regarding the conservation of energy, technology
absorption, foreign exchange earnings and outgo are not applicable to the Company considering the nature of
activities undertaken by the Company during the year under review.

(C) FOREIGN EXCHANGE EARNINGS AND OUT GO:

During the period under review, the Company did not earn Foreign Income and Nil expenses in the foreign
exchange.

29.STATEMENT PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF
THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in
this Report as Annexure D which forms part of this Report.

30. HUMAN RESOURCES

The relations with the employees and associates continued to remain cordial throughout the year. The Directors of
your Company wish to place on record their appreciation for the excellent team spirit and dedication displayed by
the employees of the Company.

31. NON-APPLICABILITY OF THE INDIAN ACCOUNTING STANDARDS:

As per provision to regulation Rule 4(1) of the companies (Indian Accounting Standards) Rules, 2015 notified vide
Notification No. G.S.R 111 (E) on 16th February, 2015, Companies whose shares are listed on SME exchange as
referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, are exempted
from the compulsory requirements of adoption of IND-AS w.e.f. 1^st April, 2017.

32. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
& REDRESSAL) ACT, 2013:

The Company is committed to provide a safe and conducive work environment to its employees, during the year
under review. Your directors further state that during the year under review, there were no cases filed pursuant to
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

33. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS:

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on
Board meetings and Annual General Meetings.

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

34. MAINTENANCE OF COST RECORD:

The provisions relating to maintenance of cost records as specified by the Central Government under sub section
(1) of section 148 of the Companies Act, 2013, were not applicable to the Company upto March 31, 2025 and
accordingly such accounts and records were not required to be maintained.

35. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS:

The Company has in place adequate Internal Financial Controls with reference to financial statements. During the
year under review, such controls were tested and no reportable material weakness in the design or operation was
observed.

36. GREEN INITIATIVES

In compliance with Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Notice of the AGM along with the Annual Report 2024-25 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 2024-25 will also be available on the Company’s website
www.sancodetech.com/investor

37.INSOLVENCY AND BANKRUPTCY CODE 2016:

No application or proceeding was initiated in respect of the Company in terms of Insolvency and Bankruptcy Code
2016.

38. DIRECTORS' RESPONSIBILITY STATEMENT

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

a) The Financial Statements of the Company - comprising of the Balance Sheet as at March 31, 2025 and the
Statement of Profit & Loss for the year ended as on that date, have been prepared on a going concern basis
following applicable accounting standards and that no material departures have been made from the
same;

b) Accounting policies selected were applied consistently and the judgments and estimates related to these
financial statements have been made on a prudent and reasonable basis, so as to give a true and fair view
of the state of affairs of the Company as at March 31, 2025, and, of the profits and loss of the Company for
the year ended on that date;

c) Proper and sufficient care has been taken for maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013, to safeguard the assets of the Company and to prevent
and detect fraud and other irregularities;

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

e) Proper systems have been devised to ensure compliance with the provisions of all applicable laws and
such systems are adequate and operating effectively.

39. ACKNOWLEDGEMENTS:

^ M 1 I 1

Your directors place on Record their sincere thanks to bankers, business associates, consultants, and various
Government Authorities for their continued support extended to your Companies activities during the year under
review. Your directors also acknowledge gratefully the shareholders for their support and confidence reposed on
your Company.

For and on behalf of the Board
Sancode Technologies Limited

Sd/- Sd/-

Mihir Deepak Vora Mukeshkumar Devichand Jain

Managing Director Director

DIN - 08602271 DIN - 09740925

Place: Mumbai
Date: 03-09-2025