Your Directors have pleasure in presenting the 23^rd Annual Report together with the Company's Standalone and Consolidated
Audited Financial Statements for the financial year ended 31^st March, 2025.

1. FINANCIAL RESULTS:

The Standalone and Consolidated Financial Statements of the Company have been prepared in accordance with the
Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (“the Act”) read with Rule
7 of the (Companies Accounts) Rules, 2014.

The Standalone and Consolidated working results for the year under review are as follows: (H In Lakhs)

The above figures are extracted from the Financial Statements prepared in accordance with Indian Accounting Standards
as specified under Sections 129 and 133 of the Companies Act, 2013 (“the Act”) read with the Companies (Accounts) Rules,
2014, as amended and other relevant provisions of the Act and guidelines issued by the Securities and Exchange Board of
India. The Financial Statements as stated above are available on the Company's website www.wealth-firstonline.com.

2. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

During the Financial Year 2024-25, the Company's consolidated operations resulted into total revenues of H6,006.74
Lakhs as compared to previous year's revenue of H6,696.20 Lakhs which resulting in decrease of approx 10.30% over
last year and consolidated Profit before tax has been decreased from H5,541.59 Lakhs to H4,512.16 Lakhs which resulting
in decrease of approx 18.58%.

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

The Company is engaged in the business of
Broking Services, Distributor of Mutual Fund, Govt.
Securities Trading, Pension Products, Fixed Deposit,
PMS, Direct Bonds-taxable and taxfree.

During the year under review, the Company had
amended its Main Objects by inserting Clause III [A] (7)
in Main Object after Clause III [A] (6). The summary of
Object Change is as under:

“To act as a sponsor / trustee / investment manager to
asset management, mutual funds, offshore mutual funds,
various pooled investment vehicles including but not
limited to domestic alternative investment funds and / or
offshore investment funds, and to promote / incorporate
companies/entities to undertake the businesses of asset
management, mutual funds including offshore mutual
funds, retail and institutional distribution of the schemes
of mutual funds or any other financial products issued
by banks, mutual funds or any financial intermediary
and to act as principals, agents, contractors, trustees,
or otherwise and by or through trustees, agents or
otherwise either alone or in conjunction with others
for financial products such as deposits, government
securities, shares, bonds, debentures and / or other
financial instruments in any part of the world.”

The said Change in Objects have been approved by the
Board of Directors at their meeting held on 12^th November,
2024 and subsequently by the Shareholders by way of
Postal Ballot dated 16^th December 2024.

4. DIVIDEND:

Based on the Company's performance, the directors
are pleased to recommend final dividend of H4.00/- per
equity share i.e. 40% of face value of H10/- each for the
financial year ended on 31^st March, 2025.

The proposal is subject to the approval of members in
the ensuing 23^rd Annual General Meeting. If approved,
the total outgo account of the Final Dividend on existing
Equity Share Capital would be H4,26,20,000/-.

The Board of Directors, at its meeting held on 14^th October,
2024 had declared and paid the First Interim dividend of
H8.00/- per equity share i.e. 80% of face value of H10/-

each during the financial year 2024-2025. This resulted
in a cash outflow of H8,52,40,000/-.

The Board of Directors, at its meeting held on 27^th January,
2025 had declared and paid the Second Interim dividend
of H4.00/- per equity share i.e. 40% of face value of H10/-
each during the financial year 2024-2025. This resulted
in a cash outflow of H4,26,20,000/-.

The Board of Directors recommended the confirmation
of Interim Dividends paid during the Financial Year
ended 31^st March 2025 to the Shareholders.

Further the details of Unclaimed and Unpaid Dividend
Amount of the Company have been disclosed in the
Notes to the Notice of 23^rd Annual General Meeting of
the Company.

5. TRANSFER TO RESERVES:

No amount from the net profit for the F.Y. 2024-25 under
review is proposed to be carried to General Reserves.
No amount from the net profit was transferred to reserve
in the F.Y 2023-24.

6. SHARE CAPITAL:

As on 31^st March, 2025, the Share Capital Structure of
the Company stood as follows:

A) I SSUE OF EQUITY SHARES WITH DIFFERENTIAL
RIGHTS

The Company has not issued any Equity Shares with
differential rights during the year under review.

B) SWEAT EQUITY

The Company has not issued any Sweat Equity Shares
during the year under review.

C) BONUS SHARES

The Company has not issued any Bonus Shares during the year under review.

D) EMPLOYEE STOCK OPTION

During the financial year under review, the shareholders of the Company have approved the ‘Wealth First Employee Stock
Option Scheme, 2024' through a Special Resolution passed at the 22^nd Annual General Meeting held on 27^th August, 2024.
Subsequently, the Company has received In-Principle Approval from the National Stock Exchange (NSE) on 18^th November,
2024, permitting the issuance of up to 3,50,000 Equity Shares under the approved scheme.

However, pursuant to the Shareholders approval and the In-principal approval of NSE, the Company had not issued any
Employee Stock Options during the Year. The Company shall grant Stock Options at an appropriate time with terms and
conditions deem fit in the interest of the Company and the Employees.

E) ISSUE OF EQUITY SHARES

The Company has not issued any equity shares during the year under review.

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

The Company has only 2 (Two) Subsidiaries as on March 31,2025. Details of the Subsidiary Company are as follows:

Pursuant to the provisions of Section 129 (3) of the Companies Act, 2013, a statement containing the salient features of
the Company's subsidiaries in Form AOC-1 is attached to the financial statement of the Company.

There are no associate companies or joint venture companies within the meaning of Section 2 (6) of the Companies Act,
2013. There has been no material change in the nature of the business of the subsidiaries.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated
financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries,
are available on the Company's website at www.wealth-firstonline.com.

Further during the current Financial Year, the Company had promoted Two Wholly-Owned Subsidiaries, the details of
which are as under:

8. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report as
required under Regulation 34 and Schedule V of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 forms an integral part of this Report
and provides overview of the business and operations
of the Company.

9. PUBLIC DEPOSITS:

The Company has not accepted any public deposits
nor any amount of principal or interest thereof was
outstanding in terms of Sections 73 and 74 of the
Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014, for the financial
year ended 31^st March, 2025.

The details of loans taken from Directors are as under:

The Company has not accepted any Loans from
Directors during the reporting period.

10. MATERIAL CHANGES AND COMMITMENT IF
ANY AFFECTING THE FINANCIAL POSITION
OF THE COMPANY OCCURRED BETWEEN
THE END OF THE FINANCIAL YEAR TO WHICH
THIS FINANCIAL STATEMENT RELATE AND
THE DATE OF THE REPORT:

In terms of Section 134(3) (l) of the Companies Act,
2013, except as disclosed elsewhere in this Report,
no material changes and commitments, which could
affect the Company's financial position, have occurred
between the end of the financial year of the Company
and date of this Report.

11. POLICY ON APPOINTMENT AND
REMUNERATION OF DIRECTORS, KEY
MANAGERIAL PERSONNEL AND SENIOR
MANAGEMENT OF THE COMPANY:

In accordance with the provisions of Section 178 of the
Companies Act, 2013 and Regulation 19 of the SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015, The Board of Directors has formulated
the Nomination and Remuneration Policy on the basis
of recommendations made by the Nomination and
Remuneration Committee. The salient aspects covered
in the Nomination and Remuneration Policy has been

outlined in the Corporate Governance Report which
forms part of this Report. The policy is also available on
the website of the Company www.wealth-firstonline.com

12. BOARD DIVERSITY:

The Company recognizes and embraces the importance
of a diverse Board in its process. We believe that a truly
diverse Board will leverage differences in thought,
perspective, knowledge, skill, regional and industry
experience, cultural and geographical background,
age, ethnicity, race and gender which will help us retain
our competitive advantage. The Board has adopted the
Board diversity policy which sets out the approach to
diversity of the Board of Directors.

13. DIRECTORS AND KEY MANAGERIAL
PERSONNEL:

As on March 31, 2025, the Company has six Directors
comprising of Two Executive Directors and Four
Independent Directors. There are Two Woman Directors
on the Board.

The composition of the Board is in conformity with the
Companies Act, 2013 and the Securities Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

APPOINTMENT

There were no Directors appointed during the Financial
Year 2024-25 under review.

However, during the F.Y 2025-26, Company has made
following appointments:

The Board of Directors at their meeting held on 4^th of
August, 2025 has appointed Mr. Amit Maheshkumar
Trivedi (DIN: 1 1202163) as an additional and
independent director of the Company w.e.f date of
Board Meeting subject to the Shareholders approval
at the ensuing Annual General Meeting. The Board
of Directors have proposed and recommended in
the ensuing Annual General Meeting to appoint
Mr. Amit Maheshkumar Trivedi as an Independent
Director of the Company for the period of 5 years.
The brief resume of Mr. Amit Maheshkumar Trivedi and
other related information has been detailed in the Annual
Report.

The Board of Directors at their meeting held on 4^th of
August, 2025 has appointed Mr. Siddharth Arvindkumar
Shah (DIN: 11201705) as an additional and
independent director of the Company w.e.f date of
Board Meeting subject to the Shareholders approval
at the ensuing Annual General Meeting. The Board
of Directors have proposed and recommended in
the ensuing Annual General Meeting to appoint
Mr. Siddharth Arvindkumar Shah as an Independent
Director of the Company for the period of 5 years.
The brief resume of Mr. Siddharth Arvindkumar Shah
and other related information has been detailed in the
Annual Report.

The Board of Directors at their meeting held on 4^th of
August, 2025 has appointed Mr. Saurabh Sonthalia
(DIN: 01355617) as an additional and independent
director of the Company w.e.f date of Board Meeting
subject to the Shareholders approval at the ensuing
Annual General Meeting. The Board of Directors have
proposed and recommended in the ensuing Annual
General Meeting to appoint Mr. Saurabh Sonthalia as
an Independent Director of the Company for the period
of 5 years. The brief resume of Mr. Saurabh Sonthalia
and other related information has been detailed in the
Annual Report.

RETIRE BY ROTATION

Pursuant to the provisions of Section 152 of the
Companies Act, 2013 read with the Companies
(Appointment and Qualification of Directors) Rules,
2014 and the Articles of Association of your Company,
Ms. Hena Ashish Shah (DIN: 00089161), Whole- Time
Director of the Company is liable to retire by rotation at
the ensuing Annual General Meeting and being eligible
offered herself for re-appointment.

Appropriate agenda for her re-appointment is being
placed for your approval at the ensuing Annual General
Meeting. The brief resume of Ms. Hena Ashish Shah and
other related information has been detailed in the Annual
Report and the same forms part of the Notice.

Your Directors recommended her re-appointment as
Whole- Time Director of your Company.

RE-APPOINTMENTS

There were no Directors re-appointed during the
Financial Year 2024-25 under review.

However, the Board of Directors at their meeting held on
4^th of August, 2025 has re-appointed Mr. Ashish Navnitlal
Shah, (DIN: 00089075) as Managing Director of the
Company for the term of 3 years w.e.f 10^th September,
2025 subject to the shareholder's approval at the
ensuing Annual General Meeting. Appropriate agenda
for his re-appointment as a Managing Director is being
placed for your approval at the ensuing Annual General
Meeting. The brief resume of Mr. Ashish Shah and other
related information has been detailed in the Annual
Report and the same forms part of the Notice.

RESIGNATION

There was no case of Resignation during the Financial
Year 2024-25 under review.

CHANGE IN DESIGNATION

There was no case of change in designation during the
year under review.

KEY MANAGERIAL PERSONNEL

During the financial year 2024-25, following changes
have been made in Key Managerial Personnel:

In compliance with the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company has disclosed the
resignation to the stock exchanges within the stipulated
timeframe.

Pursuant to the provisions of Section 203 of the Companies
Act, 2013, Mr. Ashish Shah, Managing Director,
Ms. Hena Shah, Whole-Time Director, Mr. Dhiren Parikh,
Chief Financial Officer and Mr. Aayush Shah, Company
Secretary and Compliance officer are the Key Managerial
Personnel of your Company.

14. ANNUAL EVALUATION OF BOARD’S
PERFORMANCE:

The Board of Directors has carried out an annual
evaluation of its own performance, board committees,
and individual directors pursuant to the provisions of the
Act and SEBI Listing Regulations.

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

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

15. DECLARATION OF INDEPENDENCE:

Your Company has received declarations from all the
Independent Directors under Section 149(7) of the
Companies Act, 2013 confirming that they meet the
criteria of independence as prescribed under Section
149(6) of Companies Act, 2013 read with the Schedules
and Rules issued thereunder as well as under Regulation
16(b) of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015. There has been no change in the circumstances
affecting their status as independent directors of the
Company.

All the Independent Directors of the Company have
registered themselves with the Indian Institute of
Corporate Affairs (“IICA”).

During the year under review, the Independent Directors
of the Company had no pecuniary relationship or
transactions with the Company, other than sitting fees
and reimbursement of expenses, if any.

16. FAMILIARIZATION PROGRAM FOR
INDEPENDENT DIRECTORS:

At the time of appointment of an Independent Director,
the Company issues a formal letter of appointment
outlining his/her role, function, duties and responsibilities.
Further, the Independent Directors are introduced with
the corporate affairs, new developments and business
of the Company from time to time. The Familiarization
Program is also available on the website of the Company
www.wealth-firstonline.com.

17. CODE OF CONDUCT FOR PREVENTION OF
INSIDER TRADING:

The Board of Directors has adopted the Insider Trading
Policy in accordance with the requirements of the
SEBI (Prohibition of Insider Trading) Regulations,
2015. The Insider Trading Policy of the Company lays
down guidelines and procedures to be followed and
disclosures to be made while dealing with shares of
the Company as well as consequences of violation.
The Policy has been formulated to regulate, monitor and
ensure reporting of deals by employees and to maintain
the highest ethical standards of dealing in Company's
Shares.

The Insider trading policy of the Company covering the
code of practices and procedures for fair disclosures
of unpublished price sensitive information and code of
conduct for the prevention of Insider Trading is available
on the website www.wealth-firstonline.com

18. COMMITTEES OF THE BOARD:

As on 31^st March, 2025, the Board of Directors has
following committees:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Stakeholder's Relationship Committee

d. Corporate Social Responsibility Committee

e. Compensation Committee

The details with respect to composition, powers, roles,
terms of reference, number of meetings held, attendance
at the meetings etc. of Statutory Committees are given in
detail in the Corporate Governance Report.

AUDIT COMMITTEE:

As on 31^st March, 2025, the Audit Committee comprised
of 3 (Three) Members, namely Mr. Ashish Shah,
Mr. Rajan Mehta and Ms. Binal Gandhi.

W.e.f 5^th August, 2025, the Audit Committee comprised
of 3 (Three) Members, namely Mr. Ashish Shah,
Mr. Siddharth Shah and Ms. Binal Gandhi.

All the members of Audit Committee possess good
knowledge of accounting and financial management.
The Managing Director of the Company, Chief Financial
Officer, Internal Auditors and Statutory Auditors are
regularly invited to attend the Audit Committee Meetings.

The Company Secretary is Secretary to the Committee.
The Internal Auditor reports to the Chairperson of the
Audit Committee. The significant audit observations and
corrective actions as may be required and taken by the
management are presented to the Audit Committee.
The Board has accepted all recommendations made
by the Audit Committee from time to time.

19. BOARD OF DIRECTORS AND THEIR
MEETINGS:

There were 6 Board Meetings held on 08/05/2024,
11/07/2024, 14/10/2024, 12/11/2024, 27/01/2025,
05/02/2025 during the financial year 2024-25. The time
gap between the two meetings was in accordance with
the requirements. All the information required to be
furnished to the Board was made available along with
detailed Agenda.

ATTENDANCE OF DIRECTORS:

Independent Directors’ Meeting

In accordance with the provisions of Schedule IV (Code
for Independent Directors) of the Companies Act, 2013
and Regulation 25 of the Securities Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a meeting of the Independent
Directors of the Company was held on 5^th February, 2025
without the attendance of Non-Independent Directors
and members of the management. In said meeting,
Independent Directors inter alia discussed:

• The performance of non-Independent Directors and
the Board as a whole;

• The performance of the Chairperson of the Company,
taking into account the views of Executive Directors
and Non- Executive Directors;

• The quality, quantity and timeliness of flow of
information between the Company management
and the Board that is necessary for the Board to
effectively and reasonably perform their duties.

• The performance of various committees of the
Board.

20. DIRECTORS RESPONSIBILITY STATEMENT:

The Board of Directors acknowledge the responsibility
for ensuring compliance with the provisions of Section
134(3)(C) read with Section 134 (5) of the Companies
Act, 2013 in the preparation of annual accounts for the
financial year ended on 31^st March, 2025 and state that:

i. In the preparation of the annual accounts for the
financial year ended March 31,2025, the applicable
Accounting Standards have been followed and
there are no material departures from the same;

ii. The Directors had selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the
state of the affairs of the company as at March 31,
2025 and of the profit/loss of the company for the
year ended on that date;

iii. The Directors had taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding the assets of the company
and for preventing and detecting fraud and other
irregularities;

iv. The Directors had prepared annual accounts on a
‘going concern' basis.

v. The Directors had laid down internal financial
controls to be followed by the Company and that
such internal financial controls are adequate and
are operating effectively; and

vi. The Directors had devised proper systems to ensure
compliance with the provisions of all applicable
laws and that such systems are adequate and
operating effectively.

21. EXTRACT OF ANNUAL RETURN:

The Annual Return as required under sub-section (3) of
Section 92 of the Companies Act, 2013 (‘the Act') in form
MGT-7 is made available on the website of the Company
and can be accessed at www.wealth-firstonline.com.

22. PARTICULARS OF EMPLOYEES:

During the year under review, there was no employee
who has drawn remuneration in excess of the limits set
out under section 197 (12) of the Companies Act, 2013
read with rule 5 (2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014
and Disclosures pertaining to remuneration and other
details as required under Section 197 (12) of the Act
read with rule 5 (1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is
attached as ‘Annexure B’.

23. REPORTS ON CORPORATE GOVERNANCE:

A report on Corporate Governance along with a
Certificate from the Statutory Auditors confirming
compliance of the conditions of Corporate Governance
as stipulated under the SEBI Listing Regulations and a
Certificate of the CEO/MD and CFO of the Company in
terms of Regulation 17(8) of the Listing Regulations is
appended to the Corporate Governance Report which
forms part of this Annual Report.

24. CORPORATE SOCIAL RESPONSIBILITY (CSR)
INITIATIVES:

The Board of Directors has adopted the Corporate Social
Responsibility (CSR) Policy for your Company pursuant
to the provisions of Section 135 of the Companies
Act, 2013 read with the Companies (Corporate Social

Responsibility Policy) Rules, 2014, based on the
recommendation of the CSR Committee. The CSR
Policy is available on the Website of the Company
www.wealth-firstonline.com. The composition of CSR
Committee is disclosed in the Director's Report.

A brief outline of the CSR Policy of the Company, the CSR
initiatives undertaken during the financial year 2024-25
together with the progress thereon and the Annual
Report on CSR Activities as required by the Companies
(Corporate Social Responsibility Policy) Rules, 2014, are
set out in ‘Annexure C’ to this Report.

25. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES:

During the financial year 2024-25, all transactions
entered into with the Related Parties as defined under
Section 2 (76) of the Companies Act, 2013 read with
Companies (Specification of Definitions Details) Rules,
2014 and Regulation 23 of the Securities Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 were in the ordinary
course of business and on arm's length basis. Policy on
Related Party Transaction is available on the Company's
Website www.wealth-firstonline.com.

During the financial year 2024-25, there were no
transactions with related parties which can be qualified
as material transactions under the Companies Act,
2013 and SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015. Accordingly, the
disclosure of related party transactions as required
under Section 134 (3) (h) of the Companies Act, 2013 in
Form AOC 2 is not applicable.

Pursuant to SEBI Listing Regulations, the resolution for
seeking approval of the shareholders on related party
transactions is being placed at the AGM.

26. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENT UNDER SECTION 186:

The Company has disclosed the full particulars of the
loans given, investments made or guarantees given of
securities provided as required under Section 186 of the
Companies Act, 2013, Regulation 34 (3) and Schedule
V of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 in Notes forming part
of the financial statements.

27. STATEMENT CONCERNING DEVELOPMENT
AND IMPLEMENTATION OF RISK MANAGEMENT
POLICY OF THE COMPANY:

The Board formally adopted steps for framing,
implementing and monitoring the risk management plan
for the Company. The Management has also envisaged
the minimization procedure and its perception in respect
of each identified risk.

Further, the Company identifies risks with its degree and
control systems are instituted to ensure that the risks in
business process are mitigated. In the opinion of the
Board there has been no identification of elements of
risk that may threaten the existence of the Company.

28. VIGIL MECHANISM:

The Vigil Mechanism/Whistle Blower Policy has
been adopted to provide appropriate avenues to the
employees to bring to the attention of the management,
the concerns about any unethical behavior, by using
the mechanism provided in the Policy. In cases related
to financial irregularities, including fraud or suspected
fraud, the employees may directly approach the
Chairperson of the Audit Committee of the Company.
We confirm that no director or employee has been
denied access to the Audit Committee during FY
2024-25. The Policy provides that no adverse action
shall be taken or recommended against any employee
in retaliation to his/her disclosure, if any, in good faith
of any unethical and improper practices or alleged
wrongful conduct. This Policy protects such employees
from unfair or prejudicial treatment by anyone in the
Company. The policy is available on the Company's
Website www.wealth-firstonline.com

29. STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the
Companies Act, 2013 and rules framed thereafter, M/s
Jaimin Deliwala & Co., Chartered Accountant, (Firm
Registration No. 103861W) Ahmedabad has been
appointed as Statutory Auditors of the Company from the
conclusion of the 20^th Annual General Meeting (AGM)
of the Company held on 28^th of September, 2022 till the

conclusion of 25^th Annual General Meeting to be held in
the year 2027.

Further, in terms of Clause 40 of the Companies
(Amendment) Act, 2017 which was notified vide
Notification dated S. O. 1833 (E) dated 07^th May, 2018
and effective from that date, the Proviso of Section 139
(1) relating to ratification of Appointment of Auditors at
every Annual General Meeting of the Company has been
omitted and the requirement of Ratification of Auditors
Appointment is no longer required as per the Companies
Act, 2013.

Therefore, the resolution for ratification of Appointment of
Statutory Auditors, M/s Jaimin Deliwala & Co., Chartered
Accountants has not been provided for the approval of
the Shareholders and not formed as a part of Notice of
the 23^rd AGM of the Company.

30. FRAUDS REPORTED BY AUDITORS:

No frauds are reported by Auditors which falls under the
purview of sub section (12) of Section 143 of Companies
Act, 2013.

31. EXPLANATION OR COMMENTS ON
QUALIFICATIONS, RESERVATIONS OR
ADVERSE REMARKS OR DISCLAIMERS MADE
BY THE AUDITORS IN HIS REPORT:

There are no qualifications, reservations or adverse
remarks or disclaimers made by the Statutory Auditor in
his report.

32. SECRETARIAL AUDIT:

Pursuant to the requirements of Section 204(1) of the
Act and Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014,
the Company has appointed M/s. Kunal Sharma &
Associates, Company Secretary in Practice to conduct
the Secretarial Audit for the financial year 2024-25.
Secretarial Audit Report forms an integral part of this
Report is attached as ‘Annexure D’.

The Secretarial Audit report does not contain any remarks
and qualifications and are self-explanatory therefore
do not call for any separate or further comments or
explanations.

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

The Company is committed towards conservation of
energy and climate action.

The particulars regarding technology absorption and
Foreign Exchange earnings and outgo pursuant to
Section 134 (3) (m) of the Companies Act, 2013, read
with Rule 8 (3) of the Companies (Accounts) Rules, 2014

are not applicable to the Company.

34. INTERNAL FINANCIAL CONTROLS:

The Company has adequate internal controls and checks
in commensurate with its activities. The Board has
adopted the policies and procedures for ensuring the
orderly and efficient conduct of its business, including
adherence to the Company's policies, safeguarding
of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the
accounting records and timely preparation of reliable
financial disclosures.

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

Your Company is committed to provide and promote a
safe, healthy and congenial atmosphere irrespective of
gender, caste, creed or social class of the employees.
During the year under review, there was no case
filed pursuant to the sexual harassment of Women at
workplace (Prevention, Prohibition and Redressal) Act,
2013. Policy on prevention of sexual harassment of
employees in workplace is available in the website of
the Company www.wealth-firstonline.com. During the
year, Company has complied with the provisions relating
to the constitution of Internal Complaints Committee

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

Additional Details required as per MCA Circular dated
30.05.2025 are as below:

(i) Number of Sexual Harassment Complaints
received: NIL

(ii) Number of Sexual Harassment Complaints
disposed off: NIL

(iii) Number of Sexual Harassment Complaints pending
beyond 90 days.: NIL

Also, Company has complied with Maternity Benefit Act
during the year under review.

Number of employees as on the closure of financial year
are as below:

38. OTHER DISCLOSURES:

• During the financial year 2024-25, no application was made or any proceeding is pending under the Insolvency and
Bankruptcy Code, 2016.

• During the financial year 2024-25, your Company has not entered into any One-Time Settlement with banks or financial
institutions.

• The Company has not issued any debentures during the financial year 2024-25.

39. ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the
Financial Institutions, Banks, Government Authorities, Customers, Vendors and Members during the year under review.
Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Company's
executives, staff and workers.

For and on behalf of
Wealth First Portfolio Managers Limited

Ashish Shah Hena Shah

Managing Director Whole-Time Director

DIN:00089075 DIN:00089161

Date: 04/08/2025
Place: Ahmedabad

Registered Office:

Capitol House, 10 Paras-II,Near Campus Corner,

Prahaladnagar, Anand Nagar, Ahmedabad, Gujarat -380015
Telephone: 079-40240000
Email ID: info@wealthfirst.biz
Website: www.wealth-firstonline.com
CIN: L67120GJ2002PLC040636