FY24-25 has been a transformative year for TAC InfoSec
Limited. We have not only delivered exceptional financial
performance but also set the foundation for sustainable,
long-term growth.

• Revenue Growth: Our operating revenue surged to ?305
Mn, a 160% increase YoY, reflecting the trust global
enterprises place in our solutions.

• Profitability: We reported ?170 Mn EBITDA and ?148 Mn
PAT, representing 152% and 135% YoY growth, respectively.

• Client Scale: With over 3,000 new clients added across 100
countries, TAC InfoSec is rapidly scaling into a global
cybersecurity powerhouse.

• Market Confidence: Our market capitalization reached a
record ^17.81 B, demonstrating investor faith in our vision
and execution.

These achievements are underpinned by strong fundamen¬
tals—a debt-free balance sheet, positive cash flows, high
reserves, and no dilution of promoter shareholding. We
continue to leverage IPO funds prudently to accelerate R&D
and expand our global go-to-market strategy.

COMPANY BACKGROUND:

Initial Public Offer And Listing Of Equity Shares:

The Board of Directors had, in their meeting held on Friday,
January 12, 2024, proposed the Initial Public Offer of not
exceeding 28,29,600 (Twenty-Eight Lakhs Twenty-Nine
Thousand and Six Hundred only) equity shares at such price
as may be decided by the Board of Directors in consultation
with the Lead Manager. The Members of your Company had
also approved the proposal of the Board of Directors in their
Extra-ordinary General Meeting held on Saturday, January 13,
2024.

Pursuant to the authority granted by the Members of the
Company, the Board of Directors had appointed Beeline
Capital Advisors Private Limited as Lead Manager and Skyline
Financial Services Private Limited as Registrar to the Issue and
Share Transfer Agent for the proposed Public Issue.

Your Company had applied to National Stock Exchange of
India Limited ("NSE") for in-principal approval for listing its
equity shares on the Emerge Platform of the NSE. National
Stock Exchange of India Limited has, vide its letter dated,
March 12, 2024, granted it's In- Principal Approval to the
Company.

Your Company had filed Prospectus to the Registrar of the
Company, Chandigarh on March 18, 2024. The Public Issue
was opened on Wednesday, March 27, 2024 and closed on
Tuesday, April 02, 2024. The Basis of Allotment was finalized
by Company, Registrar to the issue and merchant banker in
consultation with the National Stock Exchange of India
Limited on April 03, 2024. The Company had applied for listing
of its total equity shares to National Stock Exchange of India
Limited and it has granted its approval vide its letter dated
April 04, 2024. The trading of equity shares of the Company
commenced on April 05, 2024 at Emerge Platform of NSE.

TRANSFER TO GENERAL RESERVE:

During the year, your Company has not apportioned any
amount to other reserve. Total amount of net profit is carried
to the Reserves & Surplus as shown in the Balance Sheet of
your Company.

DIVIDEND:

With a view to conserve and save the resources for future
prospects of your Company, the Directors have decided not
to declared any dividend for the financial year 2024-25.

Pursuant to the provisions of Sections 124 and 125 of the Act,
there is no amount of Dividend remaining unclaimed / unpaid
for a period of 7 (seven) years and/or unclaimed Equity
Shares which are required to be transferred to the Investor
Education and Protection Fund (IEPF).

Accordingly, the current Issued, Subscribed and Paid-up
Capital of the Company stands at Rs. 10,47,96,000/- (Rupees
Ten Crore Forty-Seven Lakhs Ninety-Six Thousand Only)
divided into 1,04,79,600 (One Crore Four Lakhs Seventy-Nine
Thousand Six Hundred) Equity Shares of Rs. 10/- each.

Employees Stock Option Scheme (ESOS):

The Shareholders of the Company vide Postal Ballot dated
September 08, 2024 have approved TAC Employee Stock
Option Scheme-2024. The Shareholders of the Company have
approved to grant total option of 2,00,000 (Two Lakhs Only)
fully paid-up equity shares of ^10 each of the Company
(“Equity Share(s)“), under one or more tranches to the
employees of the Company.

The Nomination and Remuneration committee has granted
total 56,400 (out of which 50,600 were originally granted)
equity stock options on November 06, 2024; 50,000 equity
stock options on March 22, 2025 and 2000 equity stock
options on June 02, 2025 to the eligible employees of the
Company at the face value of Rs. 10 each ('ESOPs'), at the
grant price of Rs. 10 (Rupees Ten only) per option.

Requisite disclosures as required under Regulation 14 of
Securities Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021 read with SEBI
circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015
with regard to TAC Employee Stock Option Scheme-2024 is
available on the website of the Company https://tacsecuri-
ty.com/inve stor-re I ations/

M/s. SCS and Co LLP, Company Secretaries, Secretarial
Auditors of the Company have issued a certificate with
respect to the implementation of TAC Employee Stock Option
Scheme-2024 which would be placed before the members at
the ensuing Annual General Meeting of the Company and a
copy of the same shall be available for inspection at the
registered office.

CHANGE IN NATURE OF BUSINESS:

During the year, the Company has not changed its business
or object and continues to be in the same line of business as
per the main object of the Company.

SHARE CAPITAL:

Authorized Capital:

During the year under review, there was no change in the
Authorized share capital of your Company.

The Authorized Share Capital of your Company as on March
31,2025, is Rs. 13,00,00,000/- (Rupees Thirteen Crore Only)
divided into 1,30,00,000 (One Crore Thirty Lakh) Equity Shares
of Rs.10.00/- (Rupees Ten Only) each.

Issued, Subscribed & Paid-up Capital:

During the year under review, the following changes were
made in paid-up share capital of the company.

• Pursuant to the Initial Public Offer of Equity Shares by
the Company, the Board of Directors, in their meeting
held on April 03,2024 has allotted total 28,29,600 Equity
Shares of Rs. 10/- each at price of Rs. 106/- per Equity
Share (Including a share premium of Rs. 96/- Per Equity
Share) to the successful allottees, whose list have been
finalized by the Company, the Registrar to the issue and
merchant banker in consultation with National Stock
Exchange of India Limited.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Constitution of Board:

As on the date of this report, the Board comprises of the following Directors;

The composition of Board complies with the requirements of
the Companies Act, 2013 ("Act"). Further, in pursuance of
Regulation 15(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations"), the
Company is exempted from the requirement of having
composition of Board as per Regulation 17 of Listing Regula¬
tions.

BOARD MEETINGS:

The Board of Directors of the Company meets at regular
intervals to deliberate on business opportunities, policies,
strategies, and other key matters concerning the Company. In
addition to scheduled meetings, the Board also convenes
additional meetings as and when necessary.

During the year under review, Board of Directors of the
Company met 7(Seven) times on April 03, 2024, May 24, 2024,
July 20, 2024, September 07, 2024, November 06, 2024,
December 07, 2024 and March 22, 2025.

None of the Director of the Company is serving as a
Whole-Time Director in any other Listed Company and
the number of their directorship is within the limits laid
down under section 165 of the Companies Act, 2013.

The Company has complied with the provisions of Section
173 of the Companies Act, 2013, and the time gap between
any two consecutive Board Meetings did not exceed 120
days, as required under the Act.

The details of attendance of each Director at the Board
Meetings are given below:

The gap between two consecutive meetings was not more than one hundred and twenty days as provided in section 173
of the Act.

CIRCULAR RESOLUTIONS:

During the year under review, the Board of Directors also passed certain resolutions by circulation, as permitted under Section
175 of the Companies Act, 2013 and the rules made thereunder. These resolutions were noted and taken on record at the
subsequent meeting of the Board.

GENERAL MEETINGS:

During the year under review, the following General Meetings were held, the details of which are given as under:

Further, During the year, the Company sought approval of the shareholders through a postal ballot notice dated July 20, 2024, in
compliance with the provisions of Sections 108 and 110 of the Companies Act, 2013, the Companies (Management and Administration)
Rules, 2014, and other applicable laws. The resolutions proposed in the said postal ballot were duly approved by the shareholders with
the requisite majority. The resolutions were deemed to have been passed on Sunday, September 08, 2024, being the last date of
voting under the postal ballot.

INFORMATION ON DIRECTORATE:

During the year under review, following changes took place in

the constitution of the Board of Directors of the Company.

CHANGE IN BOARD COMPOSITION:

Changes in Board Composition during the financial year

2024-25 and up to the date of this report is furnished below:

(a) Cessation:

In the Board Meeting held on December 07, 2024:

Mr. Bharatkumar Amrutlal Panchal (DIN: 06660419) was
resigned from the position of Non-Executive Director of
the Company w.e.f. December 07, 2024

(b) Retirement by rotation and subsequent
re-appointment:

i. Mr. Trishneet Arora (DIN: 07567604), Executive
Director, is liable to retire by rotation at the ensuing
Annual General Meeting, pursuant to Section 152 and
other applicable provisions, if any, of the Companies
Act, 2013, read with the Companies (Appointment and
Qualification of Directors) Rules, 2014 (including any
statutory modification(s) or re-enactment(s) thereof for
the time being in force), and being eligible have
offered himself for re-appointment.

Appropriate business for his re-appointment is being placed for the approval of the shareholders of the Company at the ensuing
AGM. The brief resume of the Director and other related information has been detailed in the Notice convening the ensuing
AGM of the Company.

The relevant details, as required under Regulation 36 (3) of
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”) and Secretarial
Standard, of the person seeking re-appointment/ appointmen
as Director are also provided in Notes to the Notice convening
the 09th Annual General meeting.

KEY MANAGERIAL PERSONNEL:

As on the date of this report, the following are Key Manageria
Personnel ("KMPs") of the Company as per Sections 2(51) and
203 of the Act:

• Mr. Trishneet Arora - Chairman, Executive Director
and Chief Executive Officer

• Mr. Charanjit Singh - Whole Time Director

• Mr. Malkit Singh Bharaj - Chief Financial Officer

• Mr. Chinmay Tikendrakumar Chokshi- Company Secretary
and Compliance officer

During the Financial year 2024-25 under review following
changes took place in the constitution of Key Managerial
Personnel:

• Ms. Neha Garg resigned from the designation of Chief
Financial Officer (CFO) w.e.f. May 24, 2024.

• Mr. Vishal Jain was appointed as Chief Financial Officer
(CFO) of the company w.e.f. May 24, 2024.

• Mr. Vishal Jain resigned from the designation of Chief
Financial Officer (CFO) of the company w.e.f. September
07, 2024.

• Mr. Malkit Singh Bharaj was appointed as Chief Financial
Officer (CFO) of the company w.e.f. December 07, 2024.

• Ms. Sharon Arora (M. No.: A38209) was resigned as
Company Secretary & Compliance Officer of the company
w.e.f. October 22, 2024. ¹

CHANGE IN REGISTERED OFFICE:

• As on the date of this report, the registered office of the
company is situated at: 8th Floor, Plot No. C-203, Industrial
Focal Point, Phase 8B, Balongi, Rupnagar, S.A.S. Nagar,
Mohali - 160055, Punjab, India.

PERFORMANCE EVALUATION:

Your Board of Directors have carried out an annual evaluation
of its own performance, board committees and individual
directors pursuant to the provisions of the Companies Act,
2013 and Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
in the following manners;

• The performance of the board was evaluated by the board,
after seeking inputs from all the directors, on the basis of
the criteria such as the board composition and structure,
effectiveness of board processes, information and function¬
ing etc.

• The performance of the committees was evaluated by the
board after seeking inputs from the committee members on
the basis of the criteria such as the composition of commit¬
tees, effectiveness of committee meetings, etc.

• The board and the nomination and remuneration commit¬
tee reviewed the performance of the individual directors on
the basis of the criteria such as the contribution of the
individual director to the board and committee meetings
like preparedness on the issues to be discussed, meaningful
and constructive contribution and inputs in meetings, etc.

• In addition, the chairman was also evaluated on the key
aspects of his role.

Separate meeting of independent directors was held to
evaluate the performance of non-independent directors,
performance of the board as a whole and performance of the
chairman, taking into account the views of executive directors
and non-executive directors. Performance evaluation of
independent directors was done by the entire board, exclud¬
ing the independent director being evaluated.

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 preparation of Annual accounts for the year ended
March 31,2025, the applicable accounting standards
have been followed and that no material departures
have been made from the same;

(b) 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 Compa¬
ny at the end of the financial year and of the profit or
loss of the Company for that year;

(c) The Directors had 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 irregulari¬
ties;

(d) The annual financial statements have been prepared on
a going concern basis.

(e) The Directors had laid down the internal financial
controls to be followed by the Company and that such
Internal Financial Controls are adequate and were
operating effectively; and

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

COMMITTEES OF BOARD:

Your Board of Directors, in line with the requirement of the
act, has formed various committees, details of which are
given hereunder.

a. Audit Committee:

Your Company has formed audit committee in line with the
provisions Section 177 of the Companies Act, 2013. Audit
Committee meeting is generally held for the purpose of
recommending the quarterly, half yearly and yearly financial
result. Additional meeting is held for the purpose of reviewing
the specific item included in terms of reference of the
Committee.

Your Board of Directors have, in pursuance to provisions of Section 177 of the Companies Act, 2013, or any subsequent modifica¬
tion^) or amendment(s) thereof in its Meeting held on January 12, 2024 constituted Audit Committee. Subsequently, the Audit
Committee was reconstituted by the Board at its meeting held on March 22, 2025, owing to the resignation of Mr. Bharat Panchal,
Member of the Committee.

During the year under review, Audit Committee met 4 (Four) times viz on May 24, 2024, November 06, 2024, November 30, 2024
and March 22, 2025.

The composition & attendance of the Audit Committee are as given below:

(b) Stakeholder's Relationship Committee:

Your Board of Directors have, in pursuance to provisions of Section 178 of the Companies Act, 2013, or any subsequent
modification(s) or amendment(s) thereof in its Meeting held on January 12, 2024 constituted Stakeholders Relationship
Committee.

The Company has constituted Stakeholder's Relationship Committee mainly to focus on the redressal of Shareholders'/
Investors' Grievances, if any, like Transfer/Transmission/Demat of Shares; Loss of Share Certificates; Non-receipt of Annual
Report; Dividend Warrants; etc.

During the year under review, Stakeholder's Relationship Committee met 2(Two) time viz on November 06, 2024 and March
22, 2025.

The composition & attendance of the Stakeholder's Relationship Committee are as given below:

The composition & attendance of the Nomination and Remuneration Committee are given as below:

Also, During the financial year, the Company did not receive any complaints from its shareholders. Further, there were no
investor complaints pending as on March 31,2025.

(c) Nomination and Remuneration Committee:

Your Board of Directors have, in pursuance to provisions of Section 178 of the Companies Act, 2013, or any subsequent
modification(s) or amendment(s) thereof in its Meeting held on January 12, 2024 constituted Nomination and Remuneration
Committee. Subsequently, the Nomination and Remuneration Committee was reconstituted by the Board at its meeting held
on March 22, 2025, owing to the resignation of Mr. Bharat Panchal, Member of the Committee.

Nomination and Remuneration Committee meetings are generally held for identifying the persons who are qualified to
become Directors and may be appointed in senior management and recommending their appointments and removal.

During the year under review, Nomination and Remuneration Committee met 5 (Five) times, viz on May 24, 2024, July 20,
2024, November 06, 2024, November 26, 2024 and March 22, 2025.

Nomination and Remuneration Policy:

Nomination and Remuneration Policy in the Company is designed to create a high-performance culture. It enables the
Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human
resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, Perquisites
and allowances to its Executive Directors and Key Managerial Personnel. Annual increments are decided by the Nomination
and Remuneration Committee within the salary scale approved by the members and are effective from April 1, of each year.

The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at
https://tacsecurity.com/investor-relations/.

(d) Corporate Social Responsibility Committee:

Pursuant to Section 135 of Companies Act, 2013, the Company has constituted Corporate Social Responsibility Committee
("The CSR Committee") with object to recommend the Board a Policy on Corporate Social Responsibility and amount to be
spent towards Corporate Social Responsibility. The CSR Committee is responsible for indicating the activities to be undertak¬
en by the Company, monitoring the implementation of the framework of the CSR Policy and recommending the amount to be
spent on CSR activities.

During the year under review, meeting of the CSR Committee had been held on March 22, 2025.

**Mr. Bharatkumar Amrutlal Panchal resigned from the designation of Non-Executive Director w.e.f. December 07, 2024

Further, Mr. Bharatkumar Amrutlal Panchal has tendered his resignation from the post of Non-Executive Director of the company w.e.f.
December 07, 2024 due to personal reasons and personal commitment.

Pursuant to which board of directors in the meeting held on March 22, 2025 reconstituted Nomination and Remuneration Committee
of the company. After this changes, the new composition of the Nomination and Remuneration Committee is as given below;

VIGIL MECHANISM:

The Company has established a vigil mechanism and accord¬
ingly framed a Whistle Blower Policy. The policy enables the
employees to report to the management instances of
unethical behavior actual or suspected fraud or violation of
Company's Code of Conduct.

Further the mechanism adopted by the Company encourages
the Whistle Blower to report genuine concerns or grievances
and provide for adequate safe guards against victimization of
the Whistle Blower who avails of such mechanism and also
provides for direct access to the Chairman of the Audit
Committee in exceptional cases.

The functioning of vigil mechanism is reviewed by the Audit
Committee from time to time. None of the Whistle blowers
has been denied access to the Audit Committee of the Board.
The Whistle Blower Policy of the Company is available on the
website of the Company at https://tacsecurity.com/investor-re-
lations/.

ANNUAL RETURN:

Pursuant to Section 134(3)(a) of the Act, the draft annual
return as on March 31,2025 prepared in accordance with
Section 92(3) of the Act is made available on the website of
your Company and can be accessed using the https://tacsecu-
rity.com/investor-relations/.

REMUNERATION OF DIRECTOR:

The details of remuneration paid during the financial year
2024-25 to directors of the Company is provided in Form
MGT-7, which is available at website of the Company, i.e.
https://tacsecurity.com/investor-relations/.

PUBLIC DEPOSIT:

The company has not accepted any deposits from the public.
Hence, the directives issued by the Reserve Bank of India &
the Provision of Section 73 to 76 of the Company Act, 2013 or
any other relevant provisions of the Act and the Rules there
under are not applicable.

PARTICULARS OF LOANS, GUARANTEES,
INVESTMENTS & SECURITY:

Details of Loans, Guarantees, Investments and Security
covered under the provisions of Section 186 of the Compa¬
nies Act, 2013 are given in the notes to the Financial
Statement.

SUBSIDIARIES ASSOCIATES AND JOINT
VENTURE OF THE COMPANY:

As on March 31,2025, Your Company have following Subsidi¬
ary, Associate and Joint Venture Company.

TRANSACTIONS WITH RELATED PARTIES:

All Related Party Transactions entered into by the Company
during the financial year under review were in the Ordinary
Course of Business and on an Arm's Length basis, in compliance
with the applicable provisions of the Companies Act, 2013 and
SEBI (Listing Obligations and Disclosure Requirements) Regula¬
tions, 2015, to the extent applicable to SME listed entities.

There were no materially significant Related Party Transactions:

• Exceeding 10% of the annual consolidated turnover of the
Company, or

• Involving brand usage or royalty payments exceeding 5% of
the annual consolidated turnover,

that may have a potential conflict with the interest of the
Company at large.

Accordingly, the disclosure of particulars of contracts or arrangements with related parties in Form AOC-2, as required under
Section 134(3)(h) of the Companies Act, 2013, is not applicable.

The Company has a mechanism in place to obtain prior omnibus approval of the Audit Committee for transactions which are
repetitive and of a foreseen nature. All such related party transactions entered into under omnibus approval are reviewed and
placed before the Audit Committee and the Board on a quarterly basis.

The details of the related party transactions for the Financial Year 2024-25 are provided in the notes to the financial statements,
which form an integral part of this Annual Report.

The Company's Policy on Related Party Transactions, as approved by the Board of Directors, is available on the Company's website
and can be accessed at: https://tacsecurity.com/investor-relations/.

MATERIAL CHANGES AND COMMITMENT:

During the financial year under review, the Company and its subsidiaries have acquired equity stakes in the following entities:

Additionally, during the year under review, the Company's wholly owned subsidiary, TAC Security Inc, incorporated a new subsidi¬
ary, VulMan Ltd, on January 24, 2025, in which it holds a 100.00% stake.

Except for the above, there have been no other material changes and commitments affecting the financial position of the Compa¬
ny and its subsidiaries between the end of the financial year and the date of this report.

PARTICULAR OF EMPLOYEES:

The ratio of the remuneration of each director to the median
of employees' remuneration as per Section 197(12) of the
Companies Act, 2013, read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is annexed to this Report as "Annexure-B."

COMPLIANCE TO THE PROVISIONS
RELATING TO THE MATERNITY BENEFITS
ACT, 1961:

The Company is in full compliance with the provisions of the
Maternity Benefit Act, 1961. However, no maternity benefits
were claimed by any employee during the financial year.

SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE:

The Company has always fostered a safe and inclusive work
environment for all employees. In compliance with the Sexual
Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013, the Company has constituted an
Internal Complaints Committee (ICC) at all its workplace
locations.

The Company has adopted a Prevention of Sexual Harass¬
ment Policy that ensures protection against sexual harass¬
ment and provides a framework for addressing complaints in
a gender-neutral and confidential manner.

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

No such instances occurred during the financial year.

RISK MANAGEMENT:

A well-defined risk management mechanism covering the risk
mapping and trend analysis, risk exposure, potential impact
and risk mitigation process is in place. The objective of the
mechanism is to minimize the impact of risks identified and
taking advance actions to mitigate it. The mechanism works
on the principles of probability of occurrence and impact, if
triggered. A detailed exercise is being carried out to identify,
evaluate, monitor and manage both business and non-busi¬
ness risks.

COMPLIANCE WITH THE PROVISIONS
OF SECRETARIAL STANDARD 1 AND
SECRETARIAL STANDARD 2:

The Company has devised proper systems to ensure compli¬
ance with the provisions of all applicable Secretarial
Standards issued by the Institute of Company Secretaries of
India and that such systems are adequate and operating
effectively. During the year under review, the Company has
complied with the applicable Secretarial Standards issued by
the Institute of Company Secretaries of India, New Delhi.

INTERNAL FINANCIAL CONTROL SYSTEMS
AND THEIR ADEQUACY:

Though the various risks associated with the business cannot
be eliminated completely, all efforts are made to minimize the
impact of such risks on the operations of the Company.
Necessary internal control systems are also put in place by
the Company on various activities across the board to ensure
that business operations are directed towards attaining the
stated organizational objectives with optimum utilization of
the resources. Apart from these internal control procedures,
a well-defined and established system of internal audit is in
operation to independently review and strengthen these
control measures, which is carried out by a reputed firm of
Chartered Accountants.

The audit is based on an internal audit plan, which is reviewed
each year in consultation with the statutory auditor of the
Company and the audit committee. The conduct of internal
audit is oriented towards the review of internal controls and
risks in its operations.

M/s. Maharishi & Co., Chartered Accountants (FRN: 124872W),
the statutory auditors of the Company have audited the
financial statements included in this annual report and has
issued a report annexed as an Annexure B to the Audit Report
of the Company on our internal control over financial
reporting as defined in section 143 of Companies Act, 2013.

The audit committee reviews reports submitted by the
management and audit reports submitted by internal
auditors and statutory auditor.

CORPORATE GOVERNANCE:

Integrity and transparency are key factors to our corporate
governance practices to ensure that we achieve and will
retain the trust of our stakeholders at all times. Corporate
governance is about maximizing shareholder value legally,
ethically and sustainably. Our Board exercises its fiduciary
responsibilities in the widest sense of the term. Our
disclosures seek to attain the best practices in international
corporate governance. We also endeavor to enhance
long-term shareholder value and respect minority rights in all
our business decisions.

As our company has been listed on Emerge Platform of
National Stock Exchange Limited, by virtue of Regulation 15 of
the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015 the compliance with the corporate Gover¬
nance provisions as specified in regulation 17 to 27 and
Clause (b) to (i) of sub regulation (2) of Regulation 46 and Para
C D and E of Schedule V are not applicable to the company.
Hence Corporate Governance Report does not form a part of
this Board Report, though we are committed for the best
corporate governance practices.

CORPORATE SOCIAL RESPONSIBILITY
(CSR):

The details of the CSR Committee are provided in this Annual
Report. The CSR policy is available on the website of your
Company at www.tacsecurity.com/investor-relations. The
Annual Report on CSR activities is annexed and forms part of
this report as Annexure D.

The Company has spent 2% of the average net profits of the
Company, during the three years immediately preceding
financial year. The details of the same is forming part of this
Report.

STATUTORY AUDITOR AND THEIR REPORT:

Pursuant to the provisions of Section 139 of the Companies
Act, 2013, read with the rules made thereunder, the members
at the Annual General Meeting held on September 30, 2022,
appointed M/s. Maharishi & Co., Chartered Accountants (FRN:
124872W), as the Statutory Auditors of the Company for term
of five consecutive years, to hold office till the conclusion of
the Annual General Meeting to be held in the calendar year
2027.

The Auditors' Report on the financial statements of the
Company for the financial year 2024-25 forms part of this
Annual Report. The Notes to the Financial Statements, as
referred to in the Auditors' Report, are self-explanatory and
do not call for any further comments under Section 134 of the
Companies Act, 2013.

There are no qualifications, reservations, adverse remarks, or
disclaimers made by the Statutory Auditors in their Report
except as disclosed:

MANAGEMENT DISCUSSION AND
ANALYSIS REPORT:

In terms of Regulation 34 and Schedule V of SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015 a
review of the performance of the Company for the year under
review Management Discussion and Analysis Report is
presented in a separate section which is annexed to this
Report as Annexure-E.

INTERNAL AUDITOR:

In accordance with the provisions of Section 138 of the
Companies Act, 2013, the Board of Directors had M/s ADVAS
& Associates LLP Chartered Accountant as the Internal
Auditor of the Company for the financial year 2024-25.

They have conducted periodic internal audits of various
operational and financial functions and submitted their
reports to the Audit Committee and the Board. Their observa¬
tions and recommendations have helped strengthen the
internal control systems and ensure compliance.

MAINTENANCE OF COST RECORD

As per the provisions of Section 148(1) of the Companies Act,
2013 read with the applicable rules, the Company is not
required to maintain cost records for the financial year
2024-25 as prescribed by the Central Government.

There have been few common annotations reported by the above Secretarial Auditors in their Report with respect to:

There are no qualifications, reservations, adverse remarks or disclaimers made by the Secretarial Auditor in their Report
except as may be stated specifically in Annexure - F.

REPORTING OF FRAUD:

During the year under review, the Statutory Auditors of your
Company have not reported any instances of fraud commit¬
ted in your Company by Company's officers or employees, to
the Audit Committee, as required under Section 143(12) of
the Act.

SIGNIFICANT/MATERIAL ORDERS PASSED
BY THE REGULATORS/INTERNAL AUDITOR:

There are no other significant/material orders passed by the
Regulators, Courts, Tribunals, Statutory and quasi-judicial
body impacting the going concern status of the Company and
its operations in future.

The details of litigation on tax and other relevant matters are
disclosed in the Auditors' Report and Financial Statements
which forms part of this Annual Report.

PROCEEDINGS INITIATED/PENDING
AGAINST YOUR COMPANY UNDER
THE INSOLVENCY AND BANKRUPTCY
CODE, 2016:

During the period under review no corporate insolvency
resolution process is initiated against the company under the
Insolvency and Bankruptcy Code, 2016 (IBC).

WEBSITE:

Your Company has its fully functional website https://tacsecu-
rity.com which has been designed to exhibit all the relevant
details about the Company. The site carries a comprehensive
database of information of the Company including the
Financial Results of your Company, Shareholding Pattern,
details of Board Committees, Corporate Policies/ Codes,
business activities and current affairs of your Company. All
the mandatory information and disclosures as per the
requirements of the Companies Act, 2013, Companies Rules,
2014 and as per Regulation 46 of SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 and also the
non-mandatory information of Investors' interest / knowledge
has been duly presented on the website of the Company.

REPORTING OF FRAUD:

The Company has adopted a Code of Conduct for "Prevention
of Insider Trading with a view to regulate trading in securities
by the Directors and designated employees of the Company.
The Code requires pre-clearance for dealing in the Company's
shares and 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.

INDUSTRIAL RELATIONS:

During the year under review, industrial relations remained
harmonious at all our offices and establishments.

GENERAL DISCLOSURE:

In accordance with the provisions of Section 134(3) of the
Companies Act, 2013, Rule 8 of the Companies (Accounts)
Rules, 2014, and other applicable provisions, your Directors
confirm that all necessary disclosures have been made in this
Board Report.

Further, the Board confirms that there were no transactions
during the year under review requiring disclosure in respect
of the following items:

(i) Issue of Equity Shares with differential rights as to
dividend, voting or otherwise;

(ii) There is no revision in the Board Report or Financial
Statement;

(iii) Significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the
going concern status and your Company's operation in
future.

(iv) Voting rights which are not directly exercised by the
employees in respect of shares for the subscription/
purchase of which loan was given by your Company (as

there is no scheme pursuant to which such persons
can beneficially hold shares as envisaged under
Section 67(3)(c) of the Act).

(v) Application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016.

(vi) One time settlement of loan was obtained from the
Banks or Financial Institutions

(vii) Revision of financial statements and Directors' Report
of your Company.

APPRECIATIONS AND ACKNOWLEDGEMENT

Your directors wish to place on record their sincere apprecia¬
tion for the significant contributions made by the employees at
all levels. Their dedication, hard work, and commitment during
the year under review have been integral to the Company's
success. The Board recognizes the role of each individual in
driving the growth and progress of the Company.

The Board also extends its gratitude to the suppliers, distribu¬
tors, retailers, business partners, and all others associated with
the Company as its valued trading partners. The continued
support and cooperation received from them have been vital to
the Company's operations. Your Company considers these
relationships as partnerships in progress and is committed to
nurturing these strong links based on mutual benefit, respect,
and consistent alignment with consumer interests.

Furthermore, the Directors would like to express their heartfelt
thanks to all the Shareholders, Clients, Vendors, Banks,
Government and Regulatory Authorities, and Stock Exchanges
for their continued trust, support, and collaboration. Their
contributions and faith in the Company are highly valued.

PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention
of Insider Trading with a view to regulate trading in securities
by the Directors and designated employees of the Company.
The Code requires pre-clearance for dealing in the Company's
shares and 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.

1

Mr. Chinmay Tikendrakumar Chokshi was appointed as
Company Secretary & Compliance Officer of the company
w.e.f. December 07, 2024