We have pleasure in presenting the 31^st Directors’ Report on the business and
operations of the Company together with the audited Financial Statements for the
year ended 31^st March, 2025.

1. FINANCIAL SUMMARY/HIGHLIGHT S:

The performance of the Company during the year has been as under:

2. REVIEW OF OPERATIONS:

The financial year 2024-25 was a year of satisfactory performance by the Company
as the first year in venturing into Life Science Research and pharmaceutical bulk
and Intermediates business. During the Year under the review, the Company has
recorded an Income of Rs. 307,344.43 thousand and profit/Loss of Rs. 845.20

thousand as against the Income of Rs. 45,311.83 thousand 1,492.45 thousand other
comprehensive income and profit/loss of Rs.1,596.58 thousand in the previous
financial year ending 31.03.2024.

The Novelix Pharmaceuticals Limited (Formerly Known as Trimurthi Limited)
have done considerable progress in the company in terms of Business,
Investments, Net worth and market capitalization. The company's focuses totally
on to Pharmaceutical Research and production / trading of Pharmaceutical Bulk
Drugs (Active Pharma Ingredients) and Key Starting Materials / Intermediates.

The information on Company's affairs and related aspects is provided under
Management Discussion and Analysis report, which has been prepared, inter-alia,
in compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure
Requirements) regulations, 2015 and forms part of this Report.

3. DIVIDEND:

The Board of Directors not recommend any Dividend for the F.Y 2024-25 and
decides use the surplus in the P&L account for increased working capital needs.

4. UNCLAIMED DIVIDEND

Section 124 of the Companies Act, 2013 read with Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
(the Rules) provides that the dividend that has remained unclaimed or unpaid for
a period of seven years is to be transferred to Investor Education and Protection
Fund (IEPF). Further, the Rules mandate that the shares on which dividend has
not been paid or claimed for seven consecutive years or more shall also be
transferred to the IEPF.

In your company there is no outstanding dividend. During the year under review
and the Company has not transferred any amount to the IEPF account as per the
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016.

5. TRANSFER TO RESERVES:

The Company does not propose to transfer any amount to general reserves.

6. CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year under review the Company has entered in the business of
Manufacturing / Trading of Pharmaceuticals and Pharmaceutical Intermediates
(Bulk drugs), and in and in Healthcare Research, Analytics & Technology. The
Company has altered the main object clause accordingly and also changed the
name from Trimurthi Limited to Novelix Pharmaceuticals Limited.

7. INFORMATION ABOUT SUBSIDIARY/ ASSOCIATE COMPANY:

During the year under review, the Company does not have any Subsidiaries, Joint
Venture or Associate Companies.

8. DEPOSITS:

Company has not accepted any deposits from the public, during the year under
review.

9. INDIAN ACCOUNTING STANDARDS:

The annexed financial statements for the Financial Year 2024-25 and
corresponding figures for 2023-24 comply in all material aspects with the Indian
Accounting Standards notified under section 133 of the Companies Act, 2013 (the
Act), the Companies (Indian Accounting Standards) Rules, 2015 and other relevant
provisions of the Act as modified from time to time.

10. MATERIAL CHANGES AND COMMITMENTS:

During the year under review the Company has been Acquired by the new
Promotor Srinidhi-Fine Chemicals LLP and others through open offer under the
Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011. There is change in Management also due to the
change in Promotors of the Company. There is a change in nature of business as
the company has entered in the business of Manufacturing / Trading of
Pharmaceuticals and Pharmaceutical Intermediates (Bulk drugs), and in
Healthcare Research, Analytics & Technology. The Company has altered the main
object clause accordingly and also changed the name from Trimurthi Limited to
Novelix Pharmaceuticals Limited.

11. ANNUAL RETURN

Annual Return as required under Section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules, 2014, is
available on website of the company and can be accessed at
www.novelixpharma.com.

12. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013
with respect to Directors' Responsibility Statement it is confirmed that-

a. In the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material
departures;

b. Such accounting policies have been selected and applied consistently and
judgments 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 at the end
of the financial year 2024-25 and of the profit of the company for that period;

c. Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act for
safeguarding the assets of the company and for preventing and detecting
fraud and other irregularities;

d. The annual accounts have been prepared on a going concern basis.

e. That internal financial control were laid down to be followed and that such
internal financial controls were adequate and were operating effectively.

f. That proper system was devised to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating
effectively.

13. SHARE CAPITAL:

The Authorised share Capital of the Company is Rs. 30,00,00,000.00/- Divided into
30,000,000 equity shares of Rs. 10 each and the Paid-up share capital of the
company is Rs. 144,800,000.00/- divided into 1,44,80,000 Shares of Rs. 10 each as
on the date of report.

During the year under review the Company has allotted through preferential
allotment basis 1850000 equity shares and 15,000,000 warrants convertible in equal
number of equity shares upon exercise the option to conversion within eighteen
months. After Closure of the financial year, the company has allotted 45,30,000
equity shares in conversion of equal Number of warrants out of 15,000,000
warrants.

The Company has only one class of Equity Share having a par value of Rs. 10/ -
each holder of share is entitled to one vote per share with same rights.

During the Year 2024-25, the company has not made any issue of equity shares
with differential voting rights, Sweat Equity Shares and employee stock option.

14. LISTING OF SHARES:

Shares of company have been listed on Bombay Stock Exchange.

15. AUDITORS:

a. STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the rules
made thereunder, M/s CVS Balachandra Rao & Co., Chartered Accountants (Firm
Registration No. 07507S), were appointed as Statutory Auditors of the Company
for a further term of 4 (Four) years to hold office from the conclusion of 30^th
Annual General Meeting of the Company held on 27^th September, 2024 until the
conclusion of the 34^th Annual General Meeting to be held for the financial year
2027-28.

The Report given by M/s CVS Balachandra Rao & Co., Chartered Accountants
(Firm Registration No. 07507S), Statutory Auditors on the financial statement of
the Company for the year 2024-2025 is part of the Annual Report. There is no
qualification, reservation or adverse remark or disclaimer in their Report.

During the year under review, the Statutory Auditors had not reported any matter
under Section 143 (12) of the Act, therefore no detail is required to be disclosed to
the Boards Report.

The Report of the Statutory Auditors on the financial statements including
relevant notes on the accounts for the Financial Year ended 31^st March, 2025 are
self-explanatory and therefore do not call for any further comments.

b. SECRETARIAL AUDITORS

The Board has appointed M/s A. Someswara Rao & Associates, Practicing
Company Secretaries, Hyderabad as Secretarial Auditor pursuant to the
provisions of Section 204 of the Companies Act, 2013 for the financial year 2024¬
2025. The Report of the Secretarial Auditor is annexed to the Report as per
"Annexure I".

EXPLANATION IN RESPONSE TO AUDITOR'S QUALIFICATIONS

There were no qualifications, reservations or adverse remarks made by the
Statutory Auditors in their report.

There were no qualifications, reservations or adverse remarks made by the
Secretarial Auditor in their Secretarial Audit Report.

Further, pursuant to recent amendments in the Regulation 24A of SEBI LODR
Regulations, the Company is required to appoint a Secretarial Auditor for a term
of five consecutive years.

The Company has received consent from M/s Khushbu Kanwar & Co., a peer
Reviewed Company Secretary firm to act as the Secretarial Auditor of the
Company from the FY 2025-26 to 2029-30, along with the certificate confirming his
eligibility.

The Board of Directors on the recommendation of the Audit Committee Meeting
held on May 27, 2025, subject to the approval of the members, appointed M/s

Khushbu Kanwar & Co., Company Secretaries as the Secretarial Auditor of the
Company for a period of five years from FY 2025-26 to FY 2029-30.

Accordingly, the board recommends to the members appointment of M/s
Khushbu Kanwar & Co., as the Secretarial Auditors of the Company for a term of
five consecutive years. A resolution seeking approval of appointment of secretarial
auditor forms part of the Notice convening the ensuing Annual General Meeting.

c. Cost Auditor

Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Act, are not applicable for the Company for the
year 2024-25.

d. Internal Auditor

Pursuant to the provisions of Section 138 of the Companies read with rules made
there under, the Board has appointed M/s. PCN & Associates., Chartered
Accountants, as Internal Auditors for the financial year 2024-25.

The Company has appointed M/s. V R P S & Co., Chartered Accountants, as
Internal Auditors for the financial year 2025-26.

16. 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.

17. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED
UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC)

There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016
during the period under review.

18. DIRECTORS /KEY MANAGERIAL PERSONNEL:

a. Independent Directors and their Declaration of Independence

The Board of the Company as on March 31, 2025 consisted of 5 directors out of
which 4 were independent directors.

All Independent Directors have given declaration that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and
Regulation 16 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

a. Composition of Board of Director as on 31^st March 2025 and changes during
the year

The Board of the Company as on March 31, 2025 consists of 5 directors out of
which 4 were independent directors, one is Whole Time Director

Re-Appointment of Directors Retiring by Rotation:

The Independent Directors and Whole-Time Director hold office for a fixed period
of five years from the date of their appointment and are not liable to retire by
rotation. Out of the remaining Non-Executive/ Non-Independent Directors, in
accordance with the provisions of the Companies Act and the Articles of
Association of the Company, Mr. Jivamohan Divakar Valluri (DIN: 09218013) is
liable to retire by rotation and being eligible, offer his candidature for
reappointment as Director.

Changes in Composition of the Board of Directors

During the year under review:

Board in their Board Meeting held on 02.09.2024 has approved the following
appointments and resignations:

Mr. Lakshman Samala (DIN: 10783725) was Appointed as Additional Non¬
Executive Independent Director of the company w.e.f. 12/02/2025. (Appointed as
Non-Executive Independent Director for five years at EGM 09 ^th May, 2025.)

b. Changes in Composition of the Board of Directors after the end of Financial
Year:

Mr. Gattu Gnana Prakash (DIN: 00517921) resigned from the designation
of Non-Executive Independent Director of the company w.e.f. 12/04/2025.

Mr. Jivamohan Divakar Valluri was appointed as Additional Non-Executive Non¬
Independent Director of the company w.e.f. 12/04/2025 and regularize as Non¬
Executive Non-Independent Director at EGM held on 09 ^th May, 2025.

Mr. Gattu Gnana Prakash (DIN: 00517921) was appointed as Additional Non¬
Executive Non-Independent Director and Ms. Mayuri Baidya (DIN: 11242323) was
appointed as Additional Non-Executive Independent Director of the Company as
on 14^th August, 2025.

Key Managerial Personnel Changes in the composition of Key Managerial
Personnel (other than Board of Directors):

Ms. Vani Manda Resigned from the designation of Chief Financial officer of the
Company w.e.f. 02/09/2024.

Ms. Bhoomika Choudhary was appointed as Chief Financial officer of the
Company w.e.f. 12/02/2025.

19. COMMITTEE DETAILS
Audit Committee

The Audit Committee comprises of Directors namely Mr. Janardhan Das Kabra
(Independent Director and Chairman), Ms. Monam Kapoor (Independent
Director) and Mr. Jivamohan Divakar Valluri (Non-Executive Non-Independent
Director) as other Members.

All the recommendations made by the Audit Committee were accepted by the
Board.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises of Directors namely Mr.
Janardhan Das Kabra (Independent Director and Chairman), Ms. Monam Kapoor
(Independent Director) and Mr. Jivamohan Divakar Valluri (Non-Executive Non¬
Independent Director) as other Members.

All the recommendations made by the Nomination and Remuneration Committee
were accepted by the Board.

Stakeholders' Relationship Committee

The Stakeholders Relationship Committee comprises of Directors namely Mr.
Jivamohan Divakar Valluri (Non-Executive Non-Independent Director and
Chairman) Ms. Monam Kapoor (Independent Director) and Mr. Janardhan Das
Kabra (Independent Director) as other Members.

All the recommendations made by the Stakeholders' Relationship Committee were
accepted by the Board.

20. VIGIL MECHANISM

The Vigil Mechanism of the Company, which also incorporates a Whistle Blower
Policy in terms of the Listing Regulations with the Stock Exchange. It aims to
provide an avenue for employees through this policy to raise their concerns on
any violation of legal or regulatory requirements, suspicious fraud, misfeasance
misrepresentation of any Financial Statements and Reports.

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

The details of conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:

a. Conservation of energy:

The operations of the Company involve low energy consumption. The Company
has ensured that adequate measures are being taken to conserve energy.

b. Technology Absorption:

The particulars regarding Technology absorption are: NIL

c. Foreign exchange earnings and Outgo:

22. MEETINGS

During the financial year 2024-25, following meetings were convened:
? Board Meetings

? Audit Committee Meetings

? Nomination & Remuneration Committee Meetings

? Independent Director's Meeting

? Stakeholder Relationship's Committee Meeting

2. 12/02/2025 3 3

? Members Meeting

23. PERFORMANCE EVALUATION OF THE BOARD, COMMITTEES AND
INDIVIDUAL DIRECTORS

The Company has formulated a Board Evaluation template for performance
evaluation of the Independent Directors, the Board, its Committees and other
individual Directors which includes criteria for performance evaluation of the
Non-Executive Directors and Executive Directors.

The formal Board evaluation as mandated under the Companies Act and Listing
Regulations has been carried out during the year.

24. SETTLEMENT WITH BANK OR FINANCIAL INSTITUTION:

There was no instance of one-time settlement with any Bank or Financial
Institution.

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

The Company has in place an appropriate Policy on Prevention of Sexual
Harassment of Women at Workplace in accordance with the provisions of The
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, to prevent sexual harassment of its employees.

During the year under review,

(a) Number of complaints of sexual harassment received: NIL

(b) Number of complaints disposed: NA

(c) Number of cases pending for more than ninety days: NA

26. CORPORATE SOCIAL RESPONSIBILITY (CSR):

During the year under review the Company is not falling under the class of
companies as prescribed under Section 135 of Companies Act, 2013 and Rules
made there under, therefore the provisions related to Corporate Social
Responsibility are not applicable on the Company.

27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER
SECTION 186:

Particulars of Loan given, Investments made, guarantees given and securities
provided along with the purpose for which the loan or guarantee or security is
proposed to be utilized by the recipient are provided in standalone financial
statement.

28. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES:

Related party transactions, if any, pursuant to the SEBI LODR Regulations, were
approved by the Audit Committee from time to time prior to entering into the
transactions. The related party transactions undertaken during financial year 2024¬
25 are detailed in the Notes to Accounts of the Financial Statements. The
particulars of contracts or arrangements entered into by the Company with related
parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013
including certain arm's length transactions under the proviso thereto have been
disclosed in Form No. AOC -2, as Annexure -II.

29. MANAGERIAL REMUNERATION:

The statement containing particulars in terms of Sectionv197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration

of Managerial Personnel) Rules, 2014 forms part of this report and is appended
herewith as Annexure III to the Board's Report.

30. INFORMATION PURSUANT TO RULE-5 OF THE COMPANIES
(APPOINTMENT AND REMUNERATION) OF MANAGERIAL PERSON,
RULE, 2014 OF THE COMPANIES ACT, 2013:

None of the employee is in receipt of remuneration in excess of the limits
prescribed under Rule 5(2) of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 i.e. The company has not employed any
employee for any post that has paid remuneration in excess of Rs. 1,02,00,000/-
per annum or in excess of Rs. 8,50,000/- per month.

31. NOMINATION AND REMUNERATION POLICY

The Nomination & Remuneration Committee of the Board of Directors is
responsible for recommending the appointment of the Directors and senior
management to the Board of Directors of the Company. The Company has in place
a Nomination and Remuneration Policy containing the criteria for determining
qualifications, positive attributes and independence of a Director and policy
relating to the remuneration for the Directors, Key Managerial Personnel and
senior management personnel of the Company. The committee also postulates the
methodology for effective evaluation of the performance of Individual Directors,
committees of the Board and the Board as a whole which should be carried out by
the Board, committee or by an independent external agency and review its
implementation and compliance. The Nomination and Remuneration Policy is
attached as Annexure IV and is also available on the Company's website at
www.novelixpharma.com.

32. MATERNITY BENEFIT

During the period under review, The Company has complied with the provisions
relating to the Maternity Benefit Act, 1961.

33. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR
DIRECTORS AND EMPLOYEES:

The company has established a vigil mechanism for grievances redressal of
director and employees of the company which will help in reporting genuine
concerns or grievances of directors and employees.

34. RISK MANAGEMENT POLICY:

The Company has its Risk Management Policy to identify and deal with the risks
and threats that could impact the organization. Risk Management Policy is
available for inspection at the Registered Office of the Company during business
hours on any working day.

35. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has proper place and adequate internal control systems
commensurate with the nature of its business, and size and complexity of its
operations. Internal control systems comprising of policies and procedures are
designed to ensure reliability of financial reporting, timely feedback on
achievement of operational and strategic goals, compliance with policies,
procedure, applicable laws and regulations, and all assets and resources are
acquired economically, used efficiently and adequately protected.

36. 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 were no orders passed by the regulators or courts or tribunals impacting the
going concern status and company's operations in future.

37. OTHER DISCLOSURES AND STATUTORY INFORMATION:
a. Policies and code adopted by the Company

The Board of Directors has from time to time framed and approved policies as
required by the SEBI LODR Regulations as well as under the Companies Act,
2013. These policies will be reviewed by the Board at periodic intervals. Some of
the key policies that have been adopted are as follows:

? Code for Disclosure of Unpublished Price Sensitive Information

? Code of Conduct for Insider Trading

? Policy on Related Party Transactions

? Code of Conduct for Directors and Senior Management Personnel

? Whistle Blower Policy

38. HUMAN RESOURCES MANAGEMENT:

We firmly believe that employee motivation, development and
engagement are key aspect of good human resource management. We
provide several forums and communication channels for our employees to
not only share their point of view and feedback related to our business, but
also share feedback self-development and career advancement. These
forums have helped us to identify and implement a number of structural
changes during the year under review.

39. ACKNOWLEDGEMENTS:

An acknowledgement with thanks is hereby conveyed to all with whose help,
cooperation and hard work the Company was able to achieve the results.

By order of the Board
For Novelix Pharmaceuticals Limited

Date: 14.08.2025
Place: Hyderabad

Sd/- Sd/-

Venkateshwarlu Pulluru Jivamohan Divakar Valluri

Whole Time Director Director

DIN: 02076871 DIN: 09218013