Your Directors have pleasure in presenting the 15^th Annual Report together with the Audited
accounts of the Company for the financial year ended on March 31, 2025.

i- FINANCIAL RESULTS: (Rs. In lacs)

J- HIGHLIGHTS OF PERFORMANCE:

The company has posted a positive growth in turnover for the year under review as compared
to previous year i.e.2023-2024. The total revenue of the Company has increased from Rs.
178,75,09,251/- to 2669393028/-.

J- DIVIDEND:

During the Period under review the board of directors of company has recommended a Final
dividend of Rs. 0.49/- per Equity Share of Rs.10/ - each.

4- PUBLIC DEPOSITS:

Your Company has not accepted any deposits within the meaning of Section 73 of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

4- RESERVES:

The Company has not transferred any amount to General Reserve / Capital Redemption
Reserve during the Period under review.

4- BOARD MEETINGS HET D DURING THE YEAR:

ATTENDANCE OF DIRECTORS AT BOARD MEETINGS:

DEPOSITORY SYSTEM:

All the Shareholding of the company is in Dematerialized form only.

4 SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY:

Company does not have any Subsidiary / Associate / Joint Venture Company as on 31^st March,
2025.

4 CORPORATE GOVERNANCE:

Pursuant to the provisions of Regulation 34(3) read with Schedule V(C) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Report
on Corporate Governance is annexed hereto and forms part of this Report. Your Company is
committed to transparency in all its dealings and places high emphasis on business ethics. The
requisite Compliance Certificate as required under Part E of Schedule V of the Listing
Regulations, issued by Mr. Amrish N. Gandhi (C P No. 5656), proprietor of M/s. Amrish
Gandhi & Associates, Practising Company Secretaries, Ahmedabad pertaining to the
compliance of the conditions of Corporate Governance, is also annexed herewith as "Annexure
- D".

4 EXTRACT OF ANNUAL RETURN AS PER SECTION 92 (3) OF COMPANIES ACT 2013:

4 The Annual Return in form MGT-9 as per section 92(3) will be available at the Website
of the company - https:/ / riddhicorporate.co.in/

4 DIRECTORS AND KEY MANAGERIAL PERSONNEL:

"> In terms of Section 152 of the Companies Act, 2013, Mr. UMESH ARVINDBHAI
BHADRESWARA (DIN: 07582046) is liable to retire by rotation at forthcoming AGM and being
eligible offers himself for re-appointment.

4 The Company has received necessary declaration from each independent director
under Section 149(7) of the Companies Act, 2013, that he/ she meets the criteria of independence
laid down in Section 149(6) of the Companies Act, 2013.

4 All the directors of the Company have confirmed that they are not disqualified from
being appointed as directors in terms of Section 164 of the Companies Act, 2013.

4 CHANGES IN THE DIRECTORSHIP OF THE COMPANY:

During the period under review there is no change in the Directorship of the Company.

4 MATTERS AS PRESCRIBED UNDER SUB-SECTIONS (1) AND (3) OF SECTION 178 OF
THE COMPANIES ACT, 2013:

The policy of the Company on directors' appointment and remuneration, including criteria for
determining qualifications, positive attributes, independence of a director and other matters
provided under Sub section (3) of Section 178 of the Companies Act, 2013. We affirm that the
remuneration paid to the directors is as per the terms laid out in the nomination and
remuneration policy of the Company.

4 BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an annual
evaluation of its own performance, the directors individually, as well as the evaluation of the
working of its Committees. At the meeting of the Board all the relevant factors that are material

for evaluating the performance of individual Directors, the Board and its various committees
were discussed in detail. A structured questionnaire each for evaluation of the Board, its
various Committees and individual Directors was prepared and recommended to the Board by
Nomination & Remuneration Committee for doing the required evaluation after taking into
consideration the input received from the Directors covering various aspects of the Board's
functioning such as adequacy of the composition of the Board and its Committees, execution
and performance of specific duties, obligations and governance etc.

4- AUDITORS:

> STATUTORY AUDITORS:

M/ s Ravi Shah & Co., Chartered Accountants, (Firm Registration No. 121394W), the Statutory
Auditors of the Company, has resigned from the company w.e.f 14^th November 2024 and
company has appoint M/s Jain Kedia and Sharma (103920W) w.e.f 28^th of January 2025.

The Statutory Auditors report for the financial year ended March, 2025 is attached to this report.

No Qualification or Adverse Remarks made in Statutory Report by Statutory auditors for the
financial year 2024-2025.

> SECRETARIAL AUDITORS:

Your directors have appointed Amrish Gandhi & Associates, Company Secretary, 504,
Shivalik Abaise, Opp. Shell Petrol Pump, Anandnagar Road, Satellite, Ahmedabad-380015, as
secretarial auditors for the financial year 2024-25.

The Secretarial Audit Report for the Financial Year ended March, 2025 is attached to this report
as "Annexure-B".

> COST AUDITORS

Provision for appointment of Cost Auditor is not applicable to your company.

J- INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

Your Company has established effective internal control systems to ensure accurate, reliable
and timely compilation of financial statements, to safeguard assets of your Company and to
detect and mitigate irregularities and frauds. Your Company's management has established
adequate internal control procedures over financial reporting.

In accordance with the requirements of Section 143(3)(i) of the Act, the Statutory Auditors have
confirmed the adequacy and operating effectiveness of the internal financial control systems
over financial reporting.

4- PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
Details of Loans, Guarantees and Investments under the provisions of Section 186 of the
Companies Act, 2013 are given in the Financial Statement of the company.

<4 AUDIT COMMITTEE:

Audit Committee comprises of three members and all members are Independent Directors. All
transactions with related parties are on an arm's length basis. During the year, there are no
instances where the Board had not accepted the recommendations of the Audit Committee.

The composition of the Audit Committee of the Board of Directors of the Company mentioned
below:

NOMINATION AND REMUNERATION COMMITTEE:

Nomination and Remuneration Committee comprises of three members of which three,
including the Chairman of the Committee, are Independent Directors.

The composition of the Nomination and Remuneration Committee of the Board of Directors of
the Company is mentioned below:

4- STAKEHOLDER RELATIONSHIP COMMITTEE:

Stakeholder Relationship Committee comprises of three members of which three including the
Chairman of the Committee, are Independent Directors.

The composition of the Stakeholder Relationship Committee of the Board of Directors of the
Company is mentioned below:

J- RELATED PARTY TRANSACTIONS:

All the related party transactions entered into during the financial year were on an arm's length
basis and were in the ordinary course of business. Accordingly, the disclosure of related party
transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2
which is attached with this report as "Annexure-A".

J- SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant material orders passed by the Regulators / Courts which would impact
the going concern status of the Company and its future operations.

4- MATERIAL CHANGES:

No material changes and commitments affecting the financial position of the company occurred
between the end of the financial year to which this financial statements relate and the date of
the report.

4 CHANGES IN CAPITAL STRUCTURE OF THE COMPANY:

During the Period under review, there is no change in Capital Structure of the Company.

11Ý EMPLOYEE STOCK OPTION:

The Company has not issued any shares during the financial year under the Employee Stock
Option Scheme.

4 CASH FLOW ANALYSIS:

The Cash Flow Statement for the year under reference forms part of the Annual Report under
Independent Auditor Report.

4 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPOTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

A) CONSERVATION OF ENERGY:

The clause is not applicable.

B) TECHNOLOGY ABSORPTION:

Your company has not made any efforts towards technology absorption and neither
imported any technology nor made any expenditure on research and developments.

C) FOREIGN EXCHANGE EARNINGS AND OUTGO:

Foreign Exchange inflow (Rs.): NIL
Foreign Exchange outflow (Rs.): NIL

l MANAGEMENT DISCUSSION AND ANALYSIS:

> ECONOMIC SCENARIO:

Following an unprecedented series of shocks in the preceding years, global growth was stable
yet underwhelming through 2024. However, the landscape has changed as governments
around the world reorder policy priorities. A series of new tariff measures by the United States
and countermeasures by its trading partners have been announced and implemented, ending
up in near-universal United States tariffs on April 2, 2025 and bringing effective tariff rates to
levels not seen in a century. This on its own is a major negative shock to growth. The
unpredictability with which these measures have been unfolding also has a negative impact on
global economic activity and the outlook.

India recorded a GDP growth of 6.5% in FY2025, lower than the 8.2% growth achieved in
FY2024, according to IMF estimates. The nation stands out as a bright spot amid global
economic challenges and geopolitical upheavals. Growth is being driven by rapid infrastructure
development, a strong push for manufacturing, supportive policy reforms, and resilient
consumer confidence. Looking ahead, the Indian economy is expected to grow at 6.6% in
FY2026 and 6.7% in FY2027, according to forecasts by the United Nations (UN). Continued
investments in infrastructure development and digital transformation, favorable monsoon,
higher rural consumption, and easing inflation will accelerate growth.

The IMF projects global GDP growth at 2.8% in CY 2025 and 3% in CY 2026, supported by
easing inflation and sustained demand in emerging markets. Intensifying downside risks
dominate the outlook. Ratcheting up a trade war, along with even more elevated trade policy
uncertainty, could further reduce near- and long-term growth, erode policy buffers and weaken
resilience to future shocks.

> INDUSTRY REVIEW:

The World Bank has reaffirmed India's growing stature in the logistics sector, with the country
climbing to 38th place out of 139 nations in its 2023 Logistics Performance Index (LPI). This is a
notable improvement of six places since the last ranking in 2018. The steep climb in rankings
reinforces the government's commitment to modernize and streamline India's logistics sector.
India aspires to be among the world's top 25 logistics performers by 2030, aiming to bring
logistics costs below 10% of GDP.

The Inland Waterways Authority of India (IWAI) recently reported a record cargo movement of
145.5 million tonnes in the year 2024-25. This landmark achievement was driven largely by
ongoing investments and robust government policies. The number of operational national
waterways has also increased from 24 to 29 during the same period.

The Government is fully committed to building a smart, technology-driven logistics system that
ensures more seamless movement of goods. Logistics is more than just transportation. It's about
moving the nation forward, connecting aspirations with opportunities. With rising consumer
demand, there is a significant opportunity to strengthen this sector. A strong logistics network
creates more jobs and supports balanced growth across the country. It will also play a key role
in helping India become a USD 5 trillion economy by 2027. With its vast potential, logistics can
transform trade, open up new opportunities, and strengthen the economy, bringing India closer
to the vision of Viksit Bharat 2047.

> REVIEW AND FUTURE OUTLOOK OF THE COMPANY:

The Company is continuously trying to accomplish the desired results. Steps have been taken
for cost diminution and quality of work by the Company. The Company will achieve more
turnover by various marketing strategies, offering more quality products, launching new

products and services etc. in coming years followed by increase in profit margin by way of
various cost cutting techniques and optimum utilization of various resources of the Company.

> INTERNAL CONTROL SYSTEM:

The Company has proper and adequate system of internal control, commensurate with the size
and nature of its business. Regular Internal Audits and Checks carried out and also
management reviews the internal control system and procedures to ensure orderly and efficient
conduct of business and to ensure that all assets are safeguarded and protected against loss
from unauthorized use or disposition and that transactions are authorized, recorded and
reported correctly. The Company has well defined internal control system. The Company takes
abundant care to design, review and monitor the working of internal control system. Internal
audit in the organization is an independent appraisal activity and it measures the efficiency,
adequacy and effectiveness of other controls in the organization. The Audit Committee,
comprising Independent Directors, regularly reviews audit plans, significant audit findings,
adequacy of internal controls, and compliance with Accounting Standards, among others.

> HUMAN RESOURCES:

The Company believes that its people are its most important asset and thus continuously strives
to scale up its employee engagement through well structured systems and a visionary HR
philosophy. The Company continues to lays emphasis on building and sustaining the excellent
organization climate based on human performance. Performance management is the key word
for the Company. Pursuit of proactive policies for industrial relations has resulted in a peaceful
and harmonious situation in the Company. We are highly focused on developing our
employees to perform with the same excellence for the challenges and huge business
opportunities that are envisaged in future. The Company firmly believes that intellectual capital
and human resources is the backbone of the Company's success.

> CAUTIONARY STATEMENT:

Statement in the Management Discussion and Analysis describing Company's objectives,
projections, estimates, expectation may be forward-looking statements within the meaning of
applicable securities laws and regulations. Actual result could differ materially from those
expressed or implied. Important factors that could make a difference to the Company's
operation include economic conditions affecting demand/ supply and price conditions in the
Government regulations, tax laws and other status and other incidental factors.

Further, the discussion following herein reflects the perceptions on major issues as on date and
the opinion expressed here are subject to change without notice. The Company undertakes no
obligations to publicly update or revise any of the opinions of forward looking statements
expressed in this report, consequent to new information future events, or otherwise. Readers are
hence cautioned not to place undue reliance on these statements and are advised to conduct
their own investigation and analysis of the information contained or referred to this statement
before taking any action with regard to specific objectives.

4- RISK MANAGEMENT:

The Board of Directors have developed & implemented a robust risk management policy which
identifies the key elements of risks that threatens the existence of the Company. The Audit
Committee reviews the Company's financial and risk management policies and steps taken by
the Company to mitigate such risks.

4- CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility is applicable to the Company during the period under
review and your company and its board has contributes as follows.

4- PREVENTION OF SEXUAL HARASSMENT POLICY:

The Company has in place Prevention of Sexual Harassment Policy in line with the
requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered
under this policy. Your Directors state that during the year under review, there were no cases
filed pursuant to the aforesaid Act.

4- 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, state the following:

> that in the preparation of the annual financial statements for the year ended March 31,
2025, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;

> that such accounting policies as mentioned in Notes to the Financial Statements have
been selected and applied consistently and judgement and estimates have been made
that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at 31^st March, 2025 and of the profit of the Company for the year ended
on that date;

> that proper and sufficient care has been taken 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;

> That the annual financial statements have been prepared on a going concern basis.

> That proper internal financial controls were in place and that the financial controls were
adequate and were operating effectively.

> That system to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.

4- KEY MANAGERIAL PERSON:

Mr. Pravinchandra Gor, Chairman & Managing Director (C&MD), Mr. Alpit Pravinchandra Gor
(Wholetime Director) Mr. Hardik Bhavsar, Chief Financial Officer (CFO) and Mr. Mustafa

Sibatra, Company Secretary Cum Compliance Officer (CS) are the Key Managerial Personnel of
the Company.

4- ENVIRONMENT AND POLLUTION CONTROL:

The Company is well aware of its responsibility towards a better and clean environment. Our
efforts in environment management go well beyond mere compliance with statutory
requirements. The Company has always maintained harmony with nature by adopting eco¬
friendly technologies and upgrading the same from time to time incidental to its growth
programmers.

4- VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Your Company is committed to highest standards of ethical, moral and legal business conduct.
Accordingly, the Board of Directors has formulated a Whistle Blower Policy which is in
compliance with the provisions of Section 177(10) of the Companies Act, 2013. The company has
adopted Whistle Blower Policy to deal with any instance of fraud and mismanagement. The
employees of the company are free to report violations of any laws, rules, regulations and
concerns about unethical conduct to the Audit Committee under this policy. The policy ensures
that strict confidentiality is maintained whilst dealing with concerns and also that no
discrimination with any person for a genuinely raised concern.

4- THE CHANGE IN NATURE OF BUSINESS:

There is no material changes in the company held during the year.

4- PARTICULARS OF EMPLOYEES:

A statement containing the names and other particulars of employees in accordance with the
provisions of 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 appended as
"Annexure - C" to this report.

4- EQUITY AND FUND RAISING:

No Fund raising activity take place during the year under review.

4- ACKNOWLEDGMENT:

Your Directors are grateful to the Central Government, the State Government, the Registrar of
Companies, Gujarat, Securities and Exchange Board of India and other Regulatory Authorities,
Bankers, Financial Institutions, Vendors and Customers for their continued support, co¬
operation and guidance. We would like to express our deep sense of appreciation for the hard
work and efforts put in by the employees at all levels. We would like to thank our shareholders
for their cooperation and assistance during the year under report.

By order of the Board of Directors
RIDDHI CORPORATE SERVICES LIMITED

Sd/-

Place: - AHMEDABAD PRAVINCHANDRA GOR

Date: - 05/09/2025 CHAIRMAN & MANAGING DIRECTOR

CIN:L74140GJ2010PLC062548 DIN: 03267951