Your directors take pleasure in presenting the 24^th Annual Report on business and operations along
with Audited Financial Statements and the Auditor's report of your Company for the financial year ended
31^st March, 2025.

1. FINANCIAL RESULTS

The Financial Performance of the company for the year ended 31^st March, 2025 is summarized
as below:

2. OVERVIEW OF COMPANY'S FINANCIAL PERFORMANCE:

During the year under review, your Company has achieved a total Net sale of Rs. 9686.73 lakhs and
achieved Net Profit after Tax (NP) of Rs. 410.33 Lakhs which is sustained the same compare to the
previous financial years net sales and Net Profit after Tax. Your directors are optimistic about the
performance of the Company in the coming years.

3. RESERVES & SURPLUS:

The Company has incurred profit of Rs.410.33 Lakhs for the current financial year and the same is
proposed to be transferred to Reserves & Surplus.

4. SHARE CAPITAL:

a) Authorized Capital:

The authorized share capital of the Company as on date of balance sheet is Rs. 22,50,00,000/-
divided into 2,25,00,000 equity shares of Rs.10/- each.

During the Year there is no any change in the Authorised Share Capital of the Company.

b) Issued Capital, Subscribed and Paid-up Capital:

Rs. 18,60,050,000(Rupees Eighteen Crores Sixty Lakhs Five Thousand only) divided in to
1,86,05,000 (One Crore Eighty-Six Lakhs Five Thousand) Equity Shares of Rupees 10/- Each.

5. DIVIDEND

Your directors do not recommend any dividend for the financial year ended 31st March, 2025.

Transfer of Unclaimed Dividend to Investor Education and Protection Fund

Since there was no unpaid/unclaimed dividend, the provision of Section 125 of the Companies Act,
2013 do not apply.

6. CHANGE IN THE NATURE OF BUSINESS, IF ANY-

There is no change in the nature of business carried out by the Company in the Year 2024-25.

7. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year under review, your company has no subsidiaries, joint ventures or associate
companies.

8. CORPORATE GOVERNANCE

Your Company has been complying with the principles of good Corporate Governance over the years
and is committed to the highest standards of compliance. Pursuant to regulation 15(2) of the SEBI
(LODR) Regulations 2015, the compliance with the corporate governance provisions as specified in
regulations 17 to 27 and clauses (b) to (i) of Regulation 46 (2) and para-C, D and E of schedule V
shall not apply to the listed entity which has listed its specified securities on the SME Exchange.

Therefore, the Corporate Governance Report is not applicable on the Company and therefore it does
not form the part of the Annual Report for the Financial Year 2024-25.

9. DEPOSIT:

The Company has not accepted or renewed any amount falling within the purview of provisions of
Section 73 of the Companies Act, 2013 ("the Act") read with the Companies (Acceptance of Deposit)
Rules, 2014 during the period under review. Hence, the requirement for furnishing the details of
deposits which are not in compliance with Chapter V of the Act is not applicable.

10. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT MADE UNDER SECTION 186

Details of loans and guarantees given, investments made and securities provided, if any, as covered
under the provisions of Section 186 of the Act are disclosed in the notes to the financial statements.

11. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

The Management's Discussion and Analysis Report for the year under review, as stipulated under
Regulation 34(2)(e) of the Listing Regulations is given as "Annexure - C" to this report.

12. DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that in the
preparation of the annual accounts for the financial year ended March 31, 2025, the applicable
accounting standards have been followed along with proper explanation relating to material
departures.

a) The directors have selected such accounting policies and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company at the end of the financial year and of the profit and loss of
the Company for that period under review.

b) The directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the company
and for preventing and detecting fraud and other irregularities.

c) The directors have prepared the annual accounts on a going concern basis.

d) The directors had laid down internal financial controls to be followed by the company and that
such internal financial controls are adequate and were operating effectively; and

e) The directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

13. ANNUAL RETURN

In accordance with the Companies Act, 2013, the annual return in the prescribed format is available
at https://rachanainfra.com/annual-return/

14. BOARD OF DIRECTORS, BOARD AND COMMITTEE MEETINGS & KEY MANAGEMENT
PERSONNEL

I. COMPOSITION OF BOARD:

The Company has a balanced board with optimum combination of Executive, Non-Executive and
Independent Directors. Which plays a Crucial role in board processes and provides independent
judgement on issues of strategy and performance. The board of Directors of the Company consist
of eminent individuals from diverse fields having experience and expertise in their respective fields.

As on March 31, 2025 Board comprises of 6 (Six) directors out of which 1 (one) is an Executive
Director, 2(two) are non-Executive non independent directors and remaining 3 (three) are Non¬
Executive Independent directors. Independent directors are appointed in compliance with the
applicable provisions of the Act, as amended from time to time.

The Chairman of the Board is an executive Director.

None of the directors on the board holds the directorship in more than 20 (twenty) Companies and
out of them none of the director holds the directorship in 10(ten) public companies at a time,
pursuant to provision of section 165 of the Act.

The table below gives the Composition of the Board and the directorship held by each of the
company at the end of Financial Year 2024-25.

*Based on the recommendation of the Nomination and Remuneration Committee and Board of
Directors, Mr. Girishkumar Ochchhavlal Raval Chairman & Managing Director (DIN: 01646747) was re¬
appointed as a Managing Director for a period of 5 (Five) years effective from September 30, 2024 at
the 23^rd Annual General Meeting held on September 26, 2024 by way of a Special Resolution.

*Based on the recommendation of the Nomination and Remuneration Committee and Board of
Directors, Mr. Kalpit Manish Bhai Dave Independent Director (DIN: 01646747) was re-appointed as a
Managing Director for a period of 5 (Five) years effective from December 19, 2024 at the 23^rd Annual
General Meeting held on September 26, 2024 by way of a Special Resolution.

As on March 31, 2025 none of the Directors of the Company were related to each other except Mr.
Girish Kumar Ochchhavlal Raval Managing Director, Ms. Bhaminiben Baldevprasad Mehta Director
and Mr. Ashok Kumar Ochchhavlal Raval Director who are related to each other as per the provisions
of the Act.

II.MEETING OF BOARD OF DIRECTORS:

During the Financial Year ended March 31, 2025 Fourteen (14) meetings of the Board of directors of
the company.

The Intervening gap between the Meetings was within the limit prescribed under the Companies Act,
2013.

The following meetings of the Board of Directors were held during the financial year ended March 31,
2025 with attendance of each Director at the Board Meeting and Annual General Meeting.

III. RETIREMENT BY ROTATION:

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with the Companies
(Appointment & Qualification of Directors) Rules, and Companies Articles of Association, MR.
ASHOKKUMAR RAVAL (DIN:01646865), Non-Executive Director of the Company retires by rotation
at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. Necessary
resolution for his re-appointment is placed before the shareholder for approval.

IV. KEY MANAGERIAL PERSONNEL:

Pursuant to provisions of Section 2(51) and 203 of Act read with Rule 8 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended the following
persons are to be Key Managerial Personnel of the Company;

As on the dated 31/03/2025, the following persons are the Key Managerial Personnel(s) of the
Company:

a) Mr. Girishkumar Ochchhavlal Raval, Chairman & Managing Director

b) Ms. Ishita Prakash Kumar Raval, Chief Financial Officer

c) Ms. Himali Maheshbhai Thakkar, Company Secretary & Compliance Officer

there is no change in the Key managerial personnel of the Company during the year under
review.

V. DECLARATION OF INDEPENDENCE FROM INDEPENDENT DIRECTORS:

All the Independent Directors of the Company have given their declarations stating that they meet
the criteria of independence as prescribed under the Section 149(6) of the Companies Act, 2013
read with the rules made there under and read with Regulation 16(1)(b) of the Listing Regulations
in the opinion of the Board, the Independent Directors meet the said criteria.

During the year under review the Independent Directors duly met pursuant to the provisions as
specified in Schedule IV of the Companies Act, 2013 and the quorum was present throughout the
meeting.

VI. DISQUALIFICATIONS OF DIRECTORS:

During the Financial year 2024-2025 under review the company has received Form DIR-8 from all
Directors as required under the provisions of Section 164(2) of the Act read with Companies
(Appointment and Qualification of Directors) Rules, 2014 that none of the Directors of your Company
is disqualified; to hold office as director disqualified as per provision of Section164(2) of the Act and
debarred from holding the office of a director pursuant to any order of the SEBI or any such authority
in terms of SEBI letter dated June 14, 2018 and NSE circular dated June 20, 2018 on the subject
"Enforcement of SEBI orders regarding appointment of Directors by Listed Companies".

The Directors of the Company have made necessary disclosures, as required under various
provisions of the Act.

The Board receives regular communication regarding policy related issues as well as other pertinent
and important information. Your Board Currently has three (3) Committees, namely the Audit
Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee to look into
various aspects for which they have been established in order to provide better corporate governance
and transparency.

The terms of reference of these committees are in line with Act.

Your Company has three Committees of the Board, namely:

I. Audit Committee

II. Nomination and Remuneration Committee

III. Stakeholders' Relationship Committee

Details of all the Committees along with their composition, terms of reference and meetings held during
the year are provided in detail as below:

I. Audit Committee:

The Audit Committee of board of directors is duly constituted vide Board Resolution dated 20^th
December, 2019 in accordance with SEBI (LODR) Regulations 2015 and Section 177 of the Companies
Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 as
amended from time to time and Audit Committee reconstituted on September 30, 2023 as per the
applicable provisions of the Section 177 of the Act read with the Companies (Meetings of Board and its
Powers) Rules, 2014 (as amended). The reconstituted Audit Committee comprises following members.

The Committee was further reconstituted with effect from October 01, 2023

The Chief Financial Officer was invited to attend the audit Committee meetings. The Company Secretary
of the company acts as a Secretary of the Committee. The Board of directors has taken note of and
accepted the observations and recommendations made by the Audit Committee.

Two third of the members are Independent Directors and all the members are financially literate. The
composition, role, functions and powers of the Audit Committee are in line with the requirements of

applicable laws and regulations. The Audit Committee shall oversee financial reporting process and
disclosures, review financial statements, internal audit reports, related party transactions, financial and
risk management policies, auditors' qualifications, compliance with Accounting Standards etc. and
oversee compliance with Stock Exchanges and legal requirements concerning financial statements and
fixation of audit fee as well as payment for other services etc.

Five Audit Committee meetings were held during the year 2024-25 on 30/05/2024, 03/09/2024,
20/09/2024, 12/11/2024 and 31/03/2025.

II. NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee is constituted vide Board Resolution dated December
20, 2019 in accordance with SEBI (LODR) Regulations 2015 and Section 178 of the Companies Act,
2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 as amended
from time to time.

The Committee was further reconstituted with effect from October 01, 2023

The details of the Nomination and Remuneration Committee meetings attended by its members during
FY 2024-25 are given below:

The Company Secretary acts as the Secretary to the Nomination and Remuneration Committee.

The Board has in accordance with the provisions of sub-section (3) of Section 178 of the Companies
Act, 2013 formulated the policy setting out the criteria for determining qualifications, positive attributes,
independence of a Director and policy relating to remuneration of Directors, Key Managerial Personnel
and other employees. The said policy is available on the Website of the Company at
https://rachanainfra.com/policies/.

Nomination and Remuneration Committee Meeting was held once during the year 2024-25 as on
03/09/2024.

The Company has Constituted a Stakeholders Relationship Committee pursuant to the provisions as per
Section 178 and other applicable provisions of the Act read with the Companies (Meetings of Board and
its Powers) Rules, 2014 (as amended) vide board resolution dated February 28, 2022. The constituted
Stakeholders Relationship Committee comprises the following members:

The Committee was further reconstituted with effect from October 01, 2023

The Stakeholders Relationship Committee looks into shareholders' complaints related to transfer of
shares, non-receipt of balance sheet besides complaints from SEBI, Stock Exchanges, Court and various
Investor Forums. It oversees the performance of the Registrars and Transfer Agent, and recommends
measures for overall improvement in the quality of investor services. The Company is in compliance
with the SCORES, which has initiated by SEBI for processing the investor complaints in a centralized
web-based redress system and online redressal of all the shareholders complaints.

Stakeholders Relationship Committee meetings were held Four times during the year 2024-25 as on
30.05.2024, 03.09.2024, 12.11.2024 and 30.01.2025

2. COMPLIANCE OFFICER

During the year under review Miss. Himali Maheshbhai Thakkar is Company Secretary & Compliance
officer of the Company.

3. Statements on Formal Annual Evaluation of Board

Nomination and Remuneration Committee annually evaluates the performance of individual Directors,
Committees, and of the Board as a whole in accordance with the formal system adopted by it. Further,
the Board also regularly in their meetings held for various purposes evaluates the performance of all
the Directors, committees and the Board as a whole. The Board considers the recommendation made
by Nomination and Remuneration Committee in regard to the evaluation of board members and also
tries to discharge its duties more effectively. Each Board member's contribution, their participation was
evaluated and the domain knowledge they bring. They also evaluated the manner in which the
information flows between the Board and the Management and the manner in which the board papers
and other documents are prepared and furnished.

4. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of the Company which
have occurred between the end of the financial year of the Company and the date of report.

5. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE

There are no significant and material orders passed by the regulators or courts or tribunals impacting
the going concerns status and Company's operations in future.

6. AUDITORS
1.Statutory Auditor:

M/s. B. J. Patel & J. L. Shah, Chartered Accountants (having Firm registration No. 104148W) as
Statutory Auditors of the Company to fill casual vacancy caused by the resignation of M/s Ankit Choksi
& Co., Chartered Accountants, (Firm Registration No. 121722W) with effect from 03rd September,
2024, to hold office as the Statutory Auditors of the Company from the Conclusion of this 23rd AGM to
be held on 26th September, 2024 till the conclusion of 28th AGM of the Company From Financial Year
2024-25 to 2028-2029 and such other audit/review/certification/work as may be required and/or
deemed expedient, at a remuneration of Rs. 4,25,000/-(Rupees Four Lakhs Twenty-five thousand
only) to conduct the audit for the Financial Year 2024-2025 payable in one or more Instalments plus
Goods and Services tax as applicable.

In accordance with the Companies Amendment Act, 2017, enforced on 7^th May, 2018 by the Ministry
of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual
General Meeting.

The Board has reviewed the Statutory Auditors' Report on the Accounts of the Company. The
observations and comments, appearing in the Auditors' Report are self-explanatory and do not call for
any further explanation/ clarification by the Board of Directors as provided under section 134 of the
Act.

2.Cost Auditor:

Pursuant to provisions of Section 148 and all other applicable provisions of the Companies Act, 2013,
read with the Companies (Audit and Auditors) Rules, 2014 framed thereunder and the Cost Audit orders
issued from time to time, the Board of Directors has appointed M/s Dalwadi and Associates, Cost
Accountants (FRN: 000338) as a Cost Auditors to conduct the audit of cost records of the Company.
The Company has received consent from M/s Dalwadi and Associates, Cost Accountants, to act as the

Cost Auditor for conducting audit of the cost records for the Company along with a certificate confirming
their independence and arm's length relationship.

The Ordinary Resolution seeking approval from members for remuneration payable to the said Cost
Auditor forms a part of the Notice of this Annual General Meeting.

3.Secretarial Auditor:

In terms of Section 204 of the Act and Rules made there under, Mukesh H Shah & Co., Practicing
Company Secretary has been appointed as Secretarial Auditor of the Company for FY 2024-25. The
report of the Secretarial Auditor for FY 2024-25 is enclosed to this report as "Annexure - B". The
report is self-explanatory.

4.Internal Auditor:

M/s. Ankit P Gupta & Co., Chartered Accountants, Ahmedabad has been appointed as Internal Auditors
of the Company for FY 2024-25. Internal Auditors are appointed by the Board of Directors of the
Company on a yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor
reports their findings on the Internal Audit of the Company, to the Audit Committee on a half yearly
basis. The scope of internal audit is approved by the Audit Committee.

7. PERSONNEL

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the
Report and marked as "Annexure - A". No employee of the Company was in receipt of the
remuneration exceeding the limits prescribed in the rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
FARNTNGS AND niITGn

9. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All contracts/arrangements/transactions entered by the Company during the FY 2024-25 with related
parties were in compliance with applicable provisions of the Act and on an arm's length basis and were
in the ordinary course of business. There are no materially significant related party transactions made by
the Company with the Promoters, Directors, Key Managerial Personnel, or other designated persons
which may have potential conflict with the interest of the Company at large.

All related party transactions are placed before the Audit Committee as also the Board for approval. The
Company has developed a Related Party Transaction Policy for the purpose of identification and
monitoring of such transaction. The Related Party Transaction policy is placed on the Company's website
www.rachanainfra.com

Particulars of Contracts or arrangements with Related Parties referred to in section 188 (1) of the Act,
are disclosed in Form AOC-2 as Annexure - D to this Report.

10. STATEMENT REGARDING THE DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY

The Company has not developed and implemented any risk management policy as the risk threatening
the business activity carried out by the Company during the year are minimal.

11. BOARD EVALUATION

The Board carried out an annual performance evaluation of its own performance, the performance of
the Independent Directors individually as well as the evaluation of the working of the Committees of
the Board. The performance evaluation of all the Directors was carried out by the Nomination and
Remuneration Committee. The performance evaluation of the Chairman and the Non-Independent
Directors was carried out by the Independent Directors.

12. ADEQUACY OF INTERNAL FINANCIAL CONTROL

The Company has designed and implemented a process driven framework for Internal Financial Controls
('IFC') within the meaning of the explanation to Section 134(5)(e) of the Act. For the year ended March
31, 2025, the Board is of the opinion that the Company has sound IFC commensurate with the nature
and size of its business operations and operating effectively and no material weaknesses exist. The
Company has a process in place to continuously monitor the same and identify gaps, if any, and
implement new and / or improved controls wherever the effect of such gaps would have a material
effect on the Company's operations. During the year, no reportable material weakness was observed.

13. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

Your Company has always believed in providing a safe and harassment free workplace for every women
employee working with your Company. Your Company always endeavours to create and provide an
environment that is free from discrimination and harassment including sexual harassment.

Your Company has a zero tolerance for sexual harassment at workplace and, therefore, has in place a
policy on prevention of sexual harassment at workplace. The said policy is in line with the provisions of
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and
the Rules thereunder.

There was no complaint outstanding/ received from any employee during the financial year 2024- 25
and hence, no complaint is pending as on March 31, 2025 for redressal.

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 and rules made thereunder, your Company has constituted Internal Complaints
Committee (ICC) which is responsible for redressal of complaints related to sexual harassment.

Your directors declared and confirm that, during the year under review, there is no case filed under
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

14. Maternity Benefits act, 1961

The Company has also complied with the provisions of the Maternity Benefit Act, 1961, as amended.
No female employee availed maternity leave during the year; however, the Company is fully committed
to extend all statutory benefits under the Act as and when applicable.

15. CORPORATE SOCIAL RESPONSIBILITY:

During the financial year, the provisions of section 135 of the companies act, 2013 were not
applicable to the company. Accordingly, the CSR Committee constituted earlier has been dissolved."

16. PROHIBITION OF INSIDER TRADING

In terms of the provisions of the Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015, as amended ("SEBI PIT Regulations"), the Company has adopted the
revised "Code of Conduct to Regulate, Monitor and Report Trading by Insiders" ("the Code").

The Code is applicable to promoters, all directors, designated persons and connected persons and their
immediate relatives, who are expected to have access to unpublished price sensitive information
relating to the Company. The Company has also formulated a 'Code of Practices and Procedures for
Fair Disclosure of Unpublished Price Sensitive Information (UPSI)' in compliance with the PIT
Regulations. The Code covers Company's obligation to maintain a digital database, mechanism for
prevention of insider trading and handling of UPSI, and the process to familiarize with the sensitivity of
UPSI.

17. VIGIL MECHANISM

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The
policy enables the employees to report to the management instances of unethical behaviour, 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 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 https://rachanainfra.com/policies/

18. CODE OF CONDUCT

The Board has laid down a Code of Conduct for all Board Members and Senior Management of the
Company which is posted on the website of the Company under Investor Info/Policies/Code of Conduct.
All Board Members and Senior Management Personnel have affirmed compliance with the Code on an
annual basis.

19. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTOR

Your company has put in place a rigorous familiarization program for independent directors in an
effort to give them the information, exposure, and understanding they need to carry out their duties
well. The program includes thorough deployment, regular industry trend updates, site visits,
pertinent training programs, information access, and frequent interactions with senior management.
We work to cultivate an enlightened and involved Board that supports efficient governance and
value creation by actively engaging independent directors and providing them with the necessary
resources.

20. RISK MANAGEMENT

The Company is aware of the risks associated with the business. It regularly analyses and takes
corrective actions for managing/ mitigating the same. The Company has framed a formal Risk
Management Framework for risk assessment and risk minimization which is periodically reviewed to
ensure smooth operation and effective management control. The Audit Committee also reviews the
adequacy of the risk management framework of the Company; the key risks associated with the
business and measure and steps in place to minimize the same.

21. HUMAN RESOURCES

Your company considers its Human Resources as the key to achieve its objectives. Keeping this in view,
your company takes utmost care to attract and retain quality employees. The employees are sufficiently
empowered and such work environment propels them to achieve higher levels of performance. The
unflinching commitment of the employees is the driving force behind the company's vision. Your
company appreciates the spirit of its dedicated employees.

22. INDEPENDENT DIRECTORS' MEETING

The Independent Directors met on March 31, 2025 to discuss the performance evaluation of the Board,
Committees, Chairman and the individual Directors.

The Independent Directors reviewed the performance of the non-independent Directors and Board as
a whole. The Performance of the Chairman taking into account the views of Executive Directors and
non-executive Directors and assessed the quality, quantity and timeline of flow of inform action between
Company management and Board.

23. SECRETARIAL STANDARDS:

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

24. THE DETAILS APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the financial year ended on March 31, 2025, there is no application made or any proceeding
pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) against the Company.

25. THE 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 REASON THEREOF:

Not applicable during the year under review.

26. REPORT ON FRAUDS

There were no frauds reported during the year.

27. ACKNOWLEDGEMENT

Your directors take this opportunity to express their sincere appreciation to the shareholders,
customers, bankers, suppliers and other business associates for the excellent support and cooperation
extended by them.

Your directors gratefully acknowledge the ongoing co-operation and support provided by the Central
and State Governments, Stock Exchanges, SEBI, RBI and other Regulatory Bodies.

By Order of the Board of Directors

For, RACHANA INFRASTRUCTURE LIMITED

Sd/-

Date: 25/08/2025 Girishkumar Ochchhavlal Raval

Place: Ahmedabad Chairman & Managing Director

DIN:01646747