Your directors are pleased to present the 30th Annual Report of "Rikhav Securities Limited" ("the Company") on the business
and operations and Audited Financial Statements of the Company for the year ended 31 March, 2025.

1. FINANCIAL SUMMARY OR HIGHLIGHTS/ PERFORMANCE OF THE COMPANY:

The financial highlights for the financial year ended 31 March, 2025 is summarized below:

2. OVERVIEW AND COMPANY PERFORMANCE:

During the year under review, the company has recorded a total revenue from operations of ? 31,806.44 Lakh as compared
to the previous year which was ? 10,330.76/- Lakh recording a growth in revenue near to 3 times. Further during the year,
the Company has earned net profit of ? 2,393.46 Lakh as compared to net profit of ? 4,237.26 Lakh in the previous year.

This financial year marks an important milestone as our first full year post-listing. While the second half posed challenges
due to a sharp correction in midcap and SME stocks, and reduced derivative volumes following regulatory changes by SEBI,
we remained focused on long-term value creation and operational discipline.

During the year, we also undertook a strategic reclassification of certain equity investments from Non-Current Investments
to Stock-in-Trade, aligning with our shift toward active trading. As a result of this change, a non-cash fair valuation loss of
?33.88 Cr was recognized in the Profit & Loss account as of 31 March, 2025, which had a material impact on our reported
profitability.

Despite these short-term pressures, we remain optimistic
about market recovery and India's growing appeal as
a global investment destination. Backed by a strong
client base, two decades of industry experience, and
a technology-driven approach, we are confident in our
ability to navigate challenges and drive sustainable
growth.

The unwavering support and strategic guidance of
our Board of Directors have been instrumental in the
Company's achievements and growth over the past year.
We deeply value their expertise and dedication, their
ongoing engagement in high-level decision-making and
their proactive approach to governance have provided the
foundation for our success.

3. SHARE CAPITAL OF THE COMPANY:

The Authorised share capital of the Company as on 31
March, 2025 is ? 22,00,00,000 and paid-up share capital
is ? 19,14,60,000.

During the year under review, the face value of the

Company's equity shares was sub-divided from ?10 per
share to ?5 per share.

The Equity Shares of the Company got listed on BSE Ltd
on 22 January, 2025. The Company had issued 83,28,000
as fresh equity shares and 20,00,000 Equity Shares as
offer for sale.

4. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There is no change in nature of business of the Company
during the year under review.

5. DIVIDEND:

In order to conserve the resources for long run working
capital requirement and expansion of business, your
Board of Directors has not recommended any dividend
for the financial year ended 31 March ,2025.

6. RESERVES:

During the year under review, no amount was transferred
to General Reserves, excluding surplus if any.

Director retiring by rotation:

In accordance with the provisions of Section 152 of the
Companies Act, 2013 read with the Companies (Management
and Administration) Rules, 2014 and Articles of Association
of the Company, Mr. Monil Rajendra Shah (DIN: 08064436),
Director of the Company retires by rotation at the ensuing
Annual General Meeting ("AGM") and being eligible, has offered
himself for re-appointment and your Board recommends his
reappointment.

Cessation

During the financial year under review, no Director has resigned
from the Board of Director of the Company.

Declarations given by Independent Directors under Section
149(6) of the Companies Act, 2013:

The Company has received necessary declaration from all the
Independent Directors of the Company confirming that they
meet the criteria of independence as prescribed both under
Section 149(6) of the Act and Regulation 16(1)(b) of the Listing
Regulations. The Independent Directors have also confirmed
that they have complied with Schedule IV of the Act and the
Company's Code of Conduct.

None of the Independent directors of your Company is
disqualified under the provisions of Section 164(2) of the Act.
Your directors have made necessary disclosures as required
under various provisions of the Act and the Listing Regulations
and in the opinion of the Board, all the Independent Directors
are person of integrity and possesses relevant expertise and
experience and are independent of the management.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL:Composition of Board:

The Board of Directors of the Company comprises of 6 Directors as on financial year ended 31 March, 2025, who have wide
and varied experience in different disciplines and fields of corporate functioning. The composition of the Board consists of
one Managing Director, two Executive Director, one Woman Non- Executive Director and two Independent Non- Executive
Directors.

The Company is maintaining optimum combination of Executive, Non-Executive Directors and Independent Directors.

The Board of Directors of your Company comprised of the following Directors, as on 31 March, 2025:

Appointment and Re-appointment

During the year under review, based on the recommendation of the Nomination and Remuneration Committee, the Board of
Directors has appointed Ms. Bharti Hitesh Lakhani (DIN: 01077839) dated 06 July, 2024 as an Additional Non-Executive Director.

Further, Ms. Bharti Hitesh Lakhani (DIN: 01077839) was regularized in the Annual General Meeting held on 02 September, 2024,
from Additional Non-Executive Director to Non-Executive Director.

Secretary of the Company resigned from her post w.e.f. 08th
June 2024 and Mr. Hemant Hasmukh Shah who was appointed
as the Chief Financial Officer of the Company resigned from
his post w.e.f. 25 February, 2025.

Disclosures By Directors:

The Board of Directors have submitted notice of interest
in Form MBP 1 under Section 184(1) as well as Declaration
by Directors in Form DIR 8 under Section 164(2) and other
declarations as to compliance with the Companies Act, 2013.

Disqualifications of Directors:

None of the Directors of your Company is disqualified under
the provisions of Section 164(2) of the Companies Act, 2013
read with Companies (Appointment and Qualification of
Directors) Rules, 2014.

8. INDEPENDENCE & OTHER MATTERS PERTAINING TO
INDEPENDENT DIRECTORS:

As on 31 March, 2025, the following Directors on your
Company's Board were Independent Directors:

The criteria for determining qualification, positive
attributes and independence of Directors is provided in
the Nomination and Remuneration Policy of the Company
and is available on the Company's website at https://
www.rikhav.net/pdf/NRC--POLICY.pdf

All the Independent Directors of your Company have
complied with the Code for Independent Directors
prescribed in Schedule IV to the Companies Act, 2013 and
policy on familiarization programmes are for Independent
Directors is available on the website of the Company and
can be accessed through the web-link https://www.rikhav.
net/pdf/corporate-policies/Familiarization_Programme_
of_ID.pdf

All the Independent Directors of your Company are
registered with the Indian Institute of Corporate Affairs,
Manesar ("IICA") and have their name included in the
'Independent Directors Data Bank' maintained by the IICA.

Familiarization Programme for Independent Directors

The Company proactively keeps its Directors informed
of the activities of the Company, its management and
operations and provide an overall industry perspective as
well as issues being faced by the industry. Details of the
Familiarization program for Independent Directors forms
part of the website of the Company.

9. PERFORMANCE EVALUATION OF THE BOARD, ITS
COMMITTEES AND INDIVIDUAL DIRECTORS:

The Board has devised a policy pursuant to the applicable
provisions of the Act and the SEBI (Listing Obligation and
Disclosure Requirements Regulation), 2015 ("Listing
Regulations") for performance evaluation of the Board
and individual Directors (including Independent Directors)
and Committees which includes criteria for performance
evaluation of non-executive directors and executive
directors. The Independent directors have set a formal
process for evaluation of Board's performance.

10. DEMATERIALIZATION OF SHARES:

All the Shares of your Company are in Dematerialization
mode as on 31 March, 2025. The ISIN of the Equity Shares
of your Company is INE0CFH01028.

11. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE
COMPANIES:

Company has a wholly owned subsidiary company in the
name of 'RSL IFSC Private Limited' at GIFT City, Gujarat.

Pursuant to the provisions of Section 129(3) of the
Companies Act, 2013, a statement containing salient
features of Financial Statements of subsidiary companies
in Form No. AOC-1 forms part of Board's Report as
'Annexure-A'.

12. BOARD MEETINGS:

The Board of Directors (herein after called as "the Board")
met 16 (Sixteen) times during the year on Tuesday, 16
April, 2024, Thursday, 16 May, 2024, Monday, 17 June,
2024, Tuesday, 16 July, 2024, Friday, 16 August, 2024,
Saturday, 31 August, 2024, Wednesday, 11 September,
2024, Saturday, 28 September, 2024, Monday, 30
September, 2024, Thursday, 14 November, 2024, Monday,
16 December, 2024, Thursday, 09 January, 2025, Tuesday,
14 January, 2025, Monday, 20 January, 2025, Tuesday,
25 February, 2025 and Tuesday, 25 March, 2025 under
review as mentioned below. The gap between any two
consecutive board meetings did not exceed 120 days
as per the provisions of Companies Act, 2013 and rules
made thereunder and as per SEBI listing Regulations.

Nomination and Remuneration Committee("NRC"):

The Nomination and Remuneration Committee of the Board is comprised of three members out of which two are independent
directors and one is Non- Executive Director. The Composition of Nomination and Remuneration Committee is in compliance
with the provisions of Section 178 of the Companies Act, 2013, read with applicable rules and the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

Details of composition, changes during the year and Meetings of Audit committee are mentioned hereinbelow.

Three Meetings of the Nomination and Remuneration Committee held during the Financial Year 2024-25 on Tuesday, 16
July, 2024 and Tuesday, 25 February, 2025.

The requisite quorum was present for all the meetings.

One Meeting of the Stakeholders' Relationship Committee held during the Financial Year 2024-25 on 25 February, 2025. The
requisite quorum was present for all the meetings.

The Stakeholders' Relationship Committee considers and
resolves the grievances of our shareholders, debenture
holders and other security holders, including complaints
relating to non-receipt of annual report, transfer and
transmission of securities, non-receipt of dividends/
interests, issue of new/ duplicate certificates, general
meetings and such other grievances as may be raised by
the security holders of the Company, from time to time.

The SRC also reviews:

a) The measures taken for effective exercise of voting
rights by the shareholders;

b) The service standards adopted by the Company in
respect of the services rendered by our Registrar &
Transfer Agent;

c) The measures rendered and initiatives taken for
reducing the quantum of unclaimed dividends and
ensuring timely receipt of dividend/annual report/
notices and other information by shareholders.

14. CORPORATE GOVERNANCE:

Pursuant to provisions of Reg.15 of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations,
2015, the SME Listed Companies are exempt from the
provisions of Corporate Governance.

The Company being the SME (BSE) Listed Company, the
provisions pertaining to Corporate Governance are not
applicable to the Company. Accordingly, the separate
report on the Corporate Governance does not form part
of Annual Report.

15. NON - APPLICABILITY OF THE INDIAN ACCOUNTING
STANDARDS:

As per provision of Rule 4 (1) of the companies (Indian
Accounting Standards) Rules, 2015 notified vide

Notification No. G.S.R 111 (E) on 16 February, 2015,
Companies whose shares are listed on SME exchange
as referred to in Chapter XB of SEBI (Issue of Capital
and Disclosure Requirements) Regulations, 2009, are
exempted from the compulsory requirements of adoption
of IND-AS w. e. f. 15 April, 2017.

As your Company is listed on SME Platform of BSE
Limited, is covered under the exempted category and is
not required to comply with IND-AS for preparation of
financial statements beginning with period on or after 1st
April, 2017.

16. AUDITORS:

M/s. Deepak C Agarwal and Associates, Chartered
Accountants (Membership No: 165938), were appointed
as the Statutory Auditors of the company in the Annual
General Meeting of the Company held on 28 September,
2023 for a period of five years i.e., for financial years 2023¬
24 to 2027-28 at a remuneration fixed by the Board of
Directors and auditors. However, M/s. Deepak C Agarwal
and Associates, Chartered Accountants (Membership
No: 165938) vide its letter dated 19 August, 2024 has
tendered their resignation as a Statutory Auditor of the
Company due to preoccupation in other assignments.

M/s. AHSP & Co. LLP, Chartered Accountants (FRN:
100163W), the Statutory Auditors were appointed to fill
the casual vacancy caused by the resignation of previous
statutory auditor, in the Board meeting held on 31 August,
2024. The same was approved by the members in their
Annual General Meeting held on 02nd September 2024
for a term of five years i.e. till the conclusion of the Annual
General meeting to be held for the Financial Year ending
2029.

17. AUDITOR'S REPORT:

During the year under review, the Auditor's Report does
not contain any qualifications/ adverse remarks.

18. INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY:

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

The Audit Committee evaluates the efficiency and
adequacy of financial control system in the Company,
its compliance with operating systems, accounting
procedures, and strives to maintain the standards in
Internal Financial Control.

19. DETAILS IN RESPECT OF FRAUDS REPORTED BY
AUDITORS UNDER SUB-SECTION (12) OF SECTION 143:

During the year under review, there are no frauds reported
by the Statutory Auditors of the Company under Section
143 (12).

20. RISK MANAGEMENT:

The Company has in place a mechanism to identify,
assess, monitor and mitigate various risks to key
business objectives and thus in pursuance of the same it
has formulated a Risk Management Policy.

The Company recognizes that risk is an integral and
unavoidable component of business and is committed
to managing the risk in a proactive and efficient manner.
The Company as part of business strategy has in place a
mechanism to identify, assess, monitor risks and mitigate
various risks with timely action.

21. 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:

No Material changes and commitments affecting the
financial position of the Company occurred between the
end of the financial year to which this financial statement
relates and the date of this report.

22. 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:

During the year under review, there is no Significant Order
passed by the Regulators or courts or Tribunals impacting
the going concern status and Company's operations in
future.

23. DEPOSITS:

Your Company has not accepted any deposits covered
under Chapter V of the Companies Act, 2013 [(i.e.,
deposits within the meaning of Rule 2(1 )(c) of the
Companies (Acceptance of Deposits) Rules, 2014)],
during the Financial Year 2024-25.

24. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013:

As required to be reported pursuant to the provisions
of Section 186 and Section 134(3)(g) of the Companies
Act, 2013, the particulars of loans, guarantees and
investments by your Company under during the Financial
Year 2024-25, have been provided in the Notes to the
Financial Statement.

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

Considering the nature of business activities of the
Company, your directors have nothing significant to
report regarding conservation of energy and technology
absorption. The Company has not incurred any expenses
on R&D during the financial year under review.

Foreign exchange earnings and outgo of the Subsidiary
Company:

26. PARTIULARS OF CONTRACTS OR ARRANGEMENTS
WITH RELATED PARTIES:

The details of Related Party Transactions are reported
in detail in attached financial statements and schedules
thereto. Transactions required to be reported under
section 188, are disclosed in AOC - 2 as 'Annexure B' to
this Report.

27. DETAILS OF APPLICATION MADE OR PROCEEDING
PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016:

During the year under review, no application, having
significant impact on the Company, has been made under
the Insolvency and Bankruptcy Code, 2016.

28. DETAILS OF DIFFERENCE BETWEEN VALUATION
AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AVAILING LOAN FROM BANK AND FINANCIAL
INSTITUTIONS:

During the year under review, there was no instance of
one-time settlement of loans/ financial assistance taken
from Banks or Financial Institutions, hence the Company
was not required to carry out valuation of its assets for
the said purpose.

29. CORPORATE SOCIAL RESPONSIBILITY:

During the year under review, the provisions of the section
135 of the Companies Act, 2013 are applicable and
details of spending of CSR is mentioned in 'Annexure C'
of this report.

30. OBLIGATION OF COMPANY UNDER THE SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT,
2013:

As per requirements of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition

and Redressal) Act, 2013, the Company has already
maintained an internal policy to prevent women's
harassment at work and covered all employees so they
could directly make complaints to the management
or Board of Directors if such situation arises. The
Management and Board of Directors together confirm a
total number of complaints received and resolved during
the year is as follows:

a) No. of Complaints received : NIL

b) No. of Complaints disposed : NIL

c) No. of Cases pending for more than ninety days : NIL

Company has a zero tolerance towards sexual
harassment at the workplace. The Company has adopted
a policy on prevention, prohibition, and redressal of
sexual harassment at workplace and has formed POSH
committee in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules made
thereunder.

The Company has complied with the provisions relating
to the constitution of the Internal Complaints Committee

as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

31. OBLIGATION OF COMPANY UNDER THE MATERNITY
BENEFIT ACT, 1961:

The Company has ensured compliance with all the
applicable provisions of the Maternity Benefit Act, 1961.
It ensures that eligible women employees are granted
maternity benefits in accordance with the law, including
paid maternity leave, protection of employment during
maternity, and other entitlements as prescribed under the
Act.

32. MANAGERIAL REMUNERATION:

The remuneration paid to the Directors and Key Managerial
Personnel of the Company during the Financial Year
2024-25 was in accordance with the Nomination and
Remuneration Policy of the Company. Disclosures with
respect to the remuneration of Directors and employees
as required under Section 197(12) of the Companies Act,
2013 and Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 have
been given as "Annexure - D" to this Report.

33. PARTICULARS OF EMPLOYEES:

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 are not applicable to your company. There were
no Employees drawing remuneration more than as
stated under Rule 5(2) and Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

34. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT
REPORT:

The Board of Directors of your Company, had appointed
M/s. Ritul Parmar & Associates, Company Secretaries, as
the "Secretarial Auditors" of the Company, to conduct the
Secretarial Audit for the Financial Year 2024-25, pursuant
to the provisions of Section 204 of the Companies Act,
2013 and Rule 9 of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014.

The Secretarial Audit Report submitted by M/s. Ritul
Parmar & Associates, the Secretarial Auditors, for the
Financial Year 2024-25 is annexed as "Annexure - E" to
this Board's Report.

35. INTERNAL AUDITOR AND INTERNAL AUDIT REPORT:

Pursuant to provision of Section 138 of the Companies
Act, 2013, the Company has appointed M/S R L Agrawal
& Associates, Chartered Accountants (FRN: 0136371w),
as the Internal Auditor of the company, for the financial
year 2024- 2025.

The Internal Audit Report submitted by M/S R L Agrawal &
Associates, Chartered Accountants was taken on record
by the Board.

36. COST RECORDS:

During the year under review, the Company is not required
to maintain cost records as specified by the Central
Government under sub-section (1) of Section 148 of the
Companies Act, 2013.

37. COST AUDIT:

During the year under review, the Company is not required
to carry out the Cost Audit as specified by the Central
Government under sub-section (2) of Section 148 of the
Companies Act, 2013.

38. MANAGEMENT DISCUSSION AND ANALYSIS:

In terms of Regulation 34 of SEBI (Listing Obligation and
Disclosure Requirements) Regulation, 2015 read with
Schedule V of SEBI (Listing Obligation and Disclosure
Requirements) Regulations 2015, Management
Disclosure and Analysis Report is attached separately
which forms part of Annual report.

39. DISCLOSURE UNDER SECTION 43(A)(II) OF THE

COMPANIES ACT, 2013:

During the year under review, the Company has not
issued any shares with differential rights and hence no
information as per provisions of Section 43(a)(ii) of the
Act read with Rule 4(4) of the Companies (Share Capital
and Debenture) Rules, 2014 is furnished.

40. DISCLOSURE UNDER SECTION 54(1 )(D) OF THE

COMPANIES ACT, 2013:

During the year under review, the Company has not issued
any sweat equity shares during the year under review and
hence no information as per provisions of Section 54(1)
(d) of the Act read with Rule 8(13) of the Companies
(Share Capital and Debenture) Rules, 2014 and SEBI
(Issue of Sweat Equity) Regulations, 2002 is furnished.

41. DISCLOSURE UNDER SECTION 62(1 )(B) OF THE
COMPANIES ACT, 2013:

During the year under review, the Company has not
issued any equity shares under Employee's Stock Options
scheme pursuant to provisions of Section 62 read with
Rule 12 of Companies (Share Capital and Debenture)
Rules, 2014.

42. STATEMENT OF COMPLIANCE OF APPLICABLE
SECRETARIAL STANDARDS:

The Company has ensured compliance with the
mandated Secretarial Standard I & II issued by the
Institute of Company Secretaries of India with respect
to board meetings and general meetings respectively
and approved by the Central Government under section
118(10) of the Companies Act, 2013.

43. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION
AND PROTECTION FUND:

The Company did not have any funds lying unpaid or
unclaimed which were required to be transferred to
Investor Education and Protection Fund (IEPF).

44. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to sub-section (5) of Section 134 of the
Companies Act, 2013 and to the best of their knowledge
and belief and according to the information and
explanations obtained / received from the operating
management, your Directors make the following
statement and confirm that:

a) in the preparation of the annual accounts, the
applicable accounting standards have been followed
along with proper explanation relating to material
departures;

b) the directors have 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 Company at the end of the financial year and
of the loss of the Company for that period;

c) 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;

d) the directors have prepared the annual accounts on
a going concern basis; 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.

f) proper internal financial controls were followed by
the Company and such internal financial controls
are adequate and were operating effectively.

45. ANNUAL RETURN:

Pursuant to the provisions of Section 92 of the
Companies Act, 2013 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014, a copy of
Annual Return is available for inspection by the Members

at the Registered office of the Company in the working
hours and also on the website of the Company https://
www.rikhav.net/investor-relations.html.

46. SEBI COMPLAINTS REDRESS SYSTEM (SCORES):

The investor complaints are processed in a centralized
web-based complaints redress system. The salient
features of this system are centralized database of all
complaints; online upload of Action Take Reports (AT ?) by
the concerned companies and online viewing by investors
of actions taken on the complaint and its current status.
Your Company has been registered on SCORES and makes
every effort to resolve all investor complaints received
through SCORES or otherwise within the statutory time
limit from the receipt of the complaint. The Company
has received the complaints which were resolved
promptly on the SCORES during financial year 2024-25.

50. CAUTIONARY STATEMENT:

Statement in the Annual Report, particularly those which relate to Management Discussion and Analysis, describing the
Company's objectives, projections, estimates and expectations, may constitute "forward looking statements" within the
meaning of applicable laws and regulations. Although the expectations are based on reasonable assumptions, the actual
results might differ.

51. ACKNOWLEDGEMENT:

Your Directors wish to place on record sincere appreciation for the support and co-operation received from various
Central and State Government Departments, organizations and agencies. Your Directors also gratefully acknowledge all
stakeholders of your Company, viz., Shareholders, customers, dealers, vendors, banks and other business partners for
excellent support received from them during the Financial Year under review. Your Directors also express their genuine
appreciation to all the employees of the Company for their unstinted commitment and continued contribution to the growth
of your Company.

For and on behalf of RIKHAV SECURITIES LIMITED

Hitesh Himatlal Lakhani
Managing Director
DIN:01457990

Date: 25 August, 2025
Place: Mumbai