Your directors present herewith the 44^th Annual Report together with the Audited Statement of Accounts for the
year ended 31^st March, 2024.

1. FINANCIAL RESULTS:

(Rs. in lakhs)

2. FINANCIAL ANALYSIS AND REVIEW OPERATIONS:

The Company was able to achieve Rs. 165.49 Lakhs as total income during the year as compared to Rs.
81.10 Lakhs in previous year. During the year under review EBITDA of the Company is increased from Rs.
40.98 Lakhs to Rs. 77.52 Lakhs while the Company has earned net profit after tax of Rs. 51.00 Lakhs as
compared to Rs. 36.16 Lakhs during previous year.

3. CHANGE IN THE NATURE OF BUSINESS:

During the year under review, the Company has not changed nature of business.

4. DIVIDEND:

The Company has decided to plough back the profits for the future development and expansion; hence the
Board of Directors has not recommended any dividend for the financial year 2023-24.

5. SHARE CAPITAL:

During the year under review, there was no change in the Company's issued, subscribed and paid-up equity
share capital. On 31^st March, 2024, it stood at Rs. 300 lakhs divided into 30 lakhs Equity Shares of Rs. 10
each.

6. ANNUAL RETURN:

The Annual Return pursuant to the provision of Section 92 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014 in Form No. MGT -7will be provided upon the website of
the Company at https://www.iavatmaenterprises.com

7. AUDITORS AND AUDITORS' REPORT:

Statutory Auditor:

M/s. V. K. J. D. & Associates, Chartered Accountants, statutory auditors of the Company have carried out
the statutory Audit and submitted its report for the financial year ended on 31^st March, 2024. There is no
qualification, disclaimer, reservation or adverse remark made by the Statutory Auditors in Auditors' Report.

Secretarial Auditor:

Chintan K. Patel, Company Secretary in Practice, was reappointed as Secretarial Auditors of the company by
the Board to carry out Secretarial Audit for the Financial Year 2023-24. The Secretarial Auditors of the
Company have submitted their Report in Form No. MR-3 as required under Section 204, of the Companies
Act, 2013 for the financial year ended 31^st March 2024. This Report is self-explanatory and requires no
comments. The Secretarial Audit Report forms part of this report as Annexure - II.

8. SUBSIDIARY, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company doesn't have any Subsidiaries, Associates or Joint Venture Companies.

9. REPORT ON THE PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES
AND JOINT VENTURE COMPANIES:

The Company doesn't have any Subsidiaries, Associates or Joint Venture Companies.

10. COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE
COMPANIES:

There are no companies which have become or ceased to be Company's Subsidiaries, Joint ventures or
Associate companies.

11. CORPORATE GOVERNANCE REPORT:

The Company is exempt under Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements),
Regulations, 2015, read with Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements),
Regulations, 2015. Hence, Annual Report 2023-24 does not contain the Corporate Governance Report.
Further, as and when the company falls under the applicability to provide Corporate Governance Report,
the company will comply with the same. Refer Annexure - I.

12. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has proper and adequate system of internal control in all spheres of its activities to ensure
that all its assets are safeguarded and protected against loss from unauthorized use or disposition and that
the transactions are authorized recorded and reported diligently. The Company ensures adherence to all
internal control policies and procedures as well as compliances with all regulatory guidelines. The Audit
Committee of the Board of Directors reviews the adequacy of internal controls from time to time.

A report on the Internal Financial Control under clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 is annexed to Independent Audit Report on Financial Statement as Annexure - B.

13. 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 material orders passed by the Regulators/Courts which would impact the going
concern status of the Company and its future operations.

14. BOARD OF DIRECTORS:

Mr. Fenil R. Shah (DIN: 01558417) Non-executive Independent Director have completed his term (10 years) as an
Independent Director and consequently ceased to be the Directors of the Company effective 31^st March 2024.

Mr. Premal R. Joshi (DIN: 07021665) Non-executive Independent Director, have completed his 2 term (10 years)
as an Independent Director and consequently ceased to be the Directors of the Company effective 31^st March
2024.

Mr. Janak Gautambhai Nanavaty (DIN: 00472925) Non-Executive Independent Director of the company and who
is not liable to retire by rotation, to hold office for the first term of 5 consecutive years Commencing from March
29, 2024 to March 28, 2029.".

Mr. Pathik Shailesh Patwari (DIN: 02428297) Non-Executive Independent Director of the company and who is not
liable to retire by rotation, to hold office for the first term of 5 consecutive years Commencing from March 29,
2024 to March 28, 2029."

NUMBER OF MEETINGS AND ATTENDANCE:

The Company sends notice of meetings of the Board well in advance so as to allow the Directors to block
their calendars. There were Four meetings of the board viz. 23^rd May, 2023, 7^thAugust, 2023, 8^th November
2023, and 14^th February 2024 held during the year, details which is required pursuant to Section 134(3)(b)
of the Companies Act, 2013 are given as under:

No. of Board meetings Whether attended AGM

Name of director

attended 0n 5^th September 2023

Mr. Nirav K. Shah_ _4_ _Y_

Mr. Fenil R. Shah 4 Y

Mr. Premal R. Joshi 4 Y

Ms. Toshi B. Mehta 4 Y

15. COMPOSITION OF COMMITTEES AND ATTENDANCE:

A. AUDIT COMMITTEE:

Pursuant to provision of Section 177 of the Companies act 2013, during the year under review, four
meetings were held on 23^rd May, 2023, 7^thAugust, 2023, 8^th November 2023, and 14^th February 2024.
The attendance record of the members at the meeting was as follows:

Name of Member_ Designation_ Attendance_

Mr. Fenil R. Shah_ Chairman (Upto 31/03/2024) 4_

Mr. Nirav K. Shah Member 4

Mr. Premal R. Joshi_ Member (Upto 31/03/2024) 4_

Mr. Pathik S. Patwari Chairman (From 01/04/2024) 0

Mr. Janak Nanavaty_ Member (From 01/04/2024) 0_

B. NOMINATION AND REMUNERATION COMMITTEE:

Pursuant to provision of Section 178 (1) of the Companies act 2013, during the year under review,
meeting was held on 14^th February 2024. The attendance record of the members at the meeting was as
follows:

Name of Member Designation Attendance

Mr. Fenil R. Shah_ Chairman (Upto 31/03/2024) 1_

Mr. Nirav K. Shah Member 1

Mr. Premal R. Joshi_ Member (Upto 31/03/2024) 1_

Mr. Pathik S. Patwari Chairman (From 01/04/2024) 0

Mr. Janak Nanavaty_ Member (From 01/04/2024) 0_

C. STAKEHOLDER RELATIONSHIP COMMITTEE:

Pursuant to provision of Section 178(5) of the Companies act 2013, during the year under review, four
meetings were held on 23^rd May, 2023, 7^thAugust, 2023, 8^th November 2023, and 14^th February 2024.
The attendance record of the members at the meeting was as follows:

Name of Member_ Designation_ Attendance_

Mr. Fenil R. Shah Chairman (Upto 31/03/2024) 4

Mr. Nirav K. Shah_ Member_ _4_

Mr. Premal R. Joshi Member (Upto 31/03/2024) 4

Mr. Pathik S. Patwari_ Chairman (From 01/04/2024) 0_

Mr. Janak Nanavaty Member (From 01/04/2024) 0

D. MEETING OF INDEPENDENT DIRECTORS:

The meeting of Independent Directors' of the Company was held on 22^nd March, 2024 wherein Mr.
Fenil R. Shah and Mr. Premal R. Joshi both participated.

16. DIRECTORS' RESPONSIBILITY STATEMENT:

In terms of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, in relation to financial
statements for the year 2023-24, the Board of Directors state that:

(a) In the preparation of Annual Accounts for the period ended 31^st March, 2024, the applicable
accounting standards had been followed along with proper explanation relating to material
departures.

(b) 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 affairs of the company at the end of the financial year and of the Profit/Loss of the
Company for the year ended 31^st March, 2024.

(c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other irregularities;

(d) The Directors had prepared the annual accounts for the financial year ended 31^st March, 2024 on a
going concern basis.

(e) 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.

(f) 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.

17. DECLARATION AS TO INDEPENDENT DIRECTORS PURSUANT TO PROVISIONS OF SECTION 134(3)(d) READ
WITH SECTION 149(6) OF THE COMPANIES ACT 2013:

All the Independent Directors of the Company are neither Managing Director, nor a Whole Time Director
nor a Manager or a Nominee Director.

(a) All the Independent Directors in the opinion of the Board are persons of integrity and possesses
relevant expertise and experience.

(b) (i) Independent Directors are or were not a Promoter of the Company or its Holding or subsidiary or
associate company.

(ii) Independent Directors are or were not related to promoters or directors in the company, its
holding, subsidiary or associate company.

(c) Independent Directors have or had no pecuniary relationship with the company, its holding,
subsidiary or associate company or their promoters or directors, during the two immediately
preceding financial years or during the current financial year.

(d) None of whose relatives has or had pecuniary relationship or transaction with the company, its
holding, subsidiary, or associate company, or their promoters, or directors, amounting to 2% or more
of its gross turnover or total income or Rs. 50 Lakhs or such higher amount as may be prescribed,

whichever is lower, during the two immediately preceding financial years or during the current
financial year,

(e) That Independent Directors, neither himself, nor any of his relatives,

i. holds or has held the position of a Key Managerial Personnel or is or has been employee of the
company or its holding, subsidiary or associate company in any of three financial years
immediately preceding the financial year in which he is proposed to be appointed.

ii. is or has been an employee or proprietor or a partner, in any of the three financial years
immediately preceding the financial years in which he is proposed to be appointed, of -

(A) a firm of auditors or company secretaries in practice or cost auditors of the company or its
holding, subsidiary or associate company; or

(B) any legal or a consulting firm that has or had any transaction with the company, its
holding, subsidiary or Associate company amounting to 10% or more of the gross turnover
of such firm;

iii. holds together with his relatives less than 2% or more of the total voting power of the
company; or

iv. is a Chief Executive or director, by whatever name called, or any non-profit organization that
receives 25% or more of its receipts from the Company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds 2% or more of the total voting power of
the company; or

(f) Independent Directors possesses such other qualifications as may be prescribed.

18. RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE
EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR ENDED 31^st MARCH, 2024:

The particulars of ratio of remuneration of each director to median remuneration of the employees of the
Company for the financial year under report, percentage increase in remuneration to each Director and
KMP, etc. more particularly described under Section 197(12) of the Companies Act, 2013 and Rule 5 of
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given as under:

i. The ratio of the remuneration of each director& KMP to the median remuneration of the employees of
the company:

Total Remuneration: Rs. 8,38,220/-
Remuneration to Managing Director: NIL
Remuneration to Company Secretary: Rs. 2,98,077/-
Remuneration to Chief Financial Officer: Rs. 3,18,000
Remuneration to other Employee: Rs. 2,03,143/-
Sitting Fees paid to other Director: Rs. 19,000/-

The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive
Officer, Company Secretary or Manager, if any, in the financial year: During the financial year 2023-24
the company has increased the remuneration of CFO and Company Secretary is increased by 10% of
present remuneration.

ii. The Percentage (%) increase in the median remuneration of employees: 10%

iii. Number of permanent Employees on the rolls of Company: 4

iv. Relationship between average increase in remuneration and company performance: NA

v. Comparison of the remuneration of the Key Managerial Personnel against the performance of the
company: The remuneration of KMP is given in point (I).

vi. As the Market Price is decreased to Rs. 18.80 per Share on 31^st day of March, 2024 and hence the Market
Capitalization of the company is decreased to Rs. 5,64,00,000.

vii. Average percentile increase made in the salaries of employees other than the managerial personnel in the
last financial year and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the
managerial remuneration: NOT APPLICABLE

viii. The key parameters for any variable component of remuneration availed by the directors: Directors are
paid sitting fees only. Components for the Sitting fees are variable. Sitting fee depends upon one's
attendance of the meeting. The Key parameters therefore are as envisaged under the Companies Act.

ix. The ratio of the remuneration of the highest paid director to that of the employees who are not directors
but receive remuneration in excess of the highest paid director during the year: No employee is receiving
remuneration in excess or higher than the remuneration of Director or Key Managerial Personnel.

x. Affirmation that the remuneration is as per the remuneration policy of the company. All remuneration of
the Employees and directors are decided by Nomination & Remuneration Committee and by the Board of
Directors within the organization.

19. FORMAL ANNUAL EVALUATION PROCESS BY BOARD PURSUANT TO SECTION 134(3)(p):

The Company has in place a formal mechanism for evaluating its performance as well as that of its
Committees and individual Directors, including the Chairman of the Board. The Board after taking into
consideration the criteria of evaluation laid down by the Nomination and Remuneration Committee in its
policy such as Board Composition, level of involvement, performance of duties, attendance etc. had
evaluated its own performance, the performance of its committees and Independent Directors (excluding
the Director being evaluated) and that of the Chairman and the Non-Independent Directors was carried out
by the Independent Directors in their separate meeting held.

The Directors were satisfied with the evaluation results, which reflected the overall engagement of the
Board and its Committees with the Company.

20. RISK MANAGEMENT:

The Company was already having risk management system to identify, evaluate and minimize the Business
risks. The Company during the year had formalized the same by formulating and adopting Risk
Management Policy. This policy intends to identify, evaluate, monitor and minimize the identifiable risks in
the Organization.

21. COMMISSION:

None of the Directors are receiving Commission from the company.

22. RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on arm's length basis
and were in the ordinary course of the business. There are no materially significant related party
transactions made by the company with Promoters, Key Managerial Personnel or other designated persons
which may have potential conflict with interest of the company at large. However, details of transactions
with related parties are given in 26(8) of Accounting Policies by Auditors.

23. CORPORATE SOCIAL RESPONSIBILITY:

As Company does not come under the ambit of Section 135 of the Companies Act, 2013 and Rules of
Companies (Corporate Social Responsibility policy), 2014, Company has not formed Corporate Social
Responsibility Committee and hence Rule 9 of Companies (Accounts) Rule, 2014 regarding disclosure of
contents of Corporate Social Responsibility Policy is not applicable to the Company.

24. PARTICULARS OF EMPLOYEES:

Pursuant to the provisions of Rule 5 of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 read with the Companies Act, 2013, it is hereby informed that none of the
employees of the Company was in receipt of remuneration of Rs. 5 Lakhs per month or Rs. 60 Lakhs per
annum during the year under review.

25. MAINTENANCE OF COST RECORDS:

The Company falls within the limits specified in Section 148 of the Companies Act and Rule 3 of the
Companies (Cost Records and Audit) Rules, 2014 identifying the Companies who are required to keep Cost
Records, undergo a Cost Audit, and submit a Cost Audit Report. Hence the provisions with respect to
maintenance and submission of Cost Records and Cost Audit are not applicable to the Company.

26. DEPOSITS:

During the year, the Company has not accepted any deposits from the public and there are no outstanding
deposits in terms of the Companies (Acceptance of Deposits) Rules, 2014.

27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Details of investments made and loans advanced by the company have been given in the Financial
Statement. The Company has not given any Guarantee pursuant to the provision of Section 186 of the
Companies Act, 2013.

28. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Pursuant to Section 177(9) of Companies Act, 2013, the Board has approved whistle blower policy/vigil
mechanism to enable directors and employees to report to the Management their concerns about
unethical behavior, actual or suspected fraud or violation of Company's code of conduct or ethics policy.
This mechanism provides safeguards against victimization of directors/employees who avail of the
mechanism and provides for direct access to the Chairman of the Audit Committee in exceptional cases.
The policy/vigil mechanism has been appropriately communicated to the employees within the
organization and has been put on the Company's website www.iavatmaenterprises.com.

29. SAFETY, HEALTH AND ENVIROMENT:

(a) Safety: The Company encourages a high level of awareness of safety issues among its employees and
strives for continuous improvement. All incidents are analyzed in the safety committee meetings and
corrective actions are taken immediately. Employees are trained in safe practices to be followed at
work place.

(b) Health: Your Company attaches utmost importance to the health of its employees. Periodic checkup
of employees is done to monitor their health. Health related issues if any are discussed with visiting
Medical Officer.

(c) Environment: Company always strives hard to give importance to environmental issues in normal
course of operations. Adherence to Environmental and pollution control Norms as per Gujarat
Pollution Control guidelines is of high concern to the Company.

30. PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate
trading in securities by the Directors and designated employees of the Company. The Code requires pre¬
clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the
Directors and the designated employees while in possession of unpublished price sensitive information in
relation to the Company and during the period when the Trading Window is closed.

All Directors and the designated employees have confirmed compliance with the Code.

31. INDEPENDENT DIRECTORS' MEETING:

In compliance with Section 149(8) of the Companies Act, 2013 read with Schedule IV of the Act and As per
SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors met
on 22^nd March 2024 inter alia, to discuss:

a) The performance of Non-Independent Directors and the Board of Directors;

b) The performance of the Chairperson of the Company,

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

All the Independent Directors were present at the meeting.

32. LISTING:

The Equity shares of the company are listed on BSE Limited and Company has paid Annual Listing Fees up to
the Year 2023-24.

33. DISCLOSURE OF SEXUAL HARASSMENT:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Re-dressal) Act, 2013, entire staff in the Company is working in a most congenial manner and there are no
occurrences of any incidents of sexual harassment during the year.

34. ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Since there was no manufacturing activity during the year, the statement of particulars with respect to
Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo pursuant Section
134(3)(m) of the Companies Act, 2013 read with Rule 3 of the Company (Account) Rule 2014, are not
applicable.

35. ACKNOWLEDGMENTS:

Your Directors are pleased to place on record their sincere gratitude to the Government, Financial
Institutions, Bankers and Business constituents for their continued and valuable co-operation and support
to the company. They also take this opportunity to express their deep appreciation for the devoted and
sincere services rendered by the employees at all level of the operation of the company during the year.

Date: 09^th August, 2024 For and on behalf of the Board,

Place: Ahmedabad

Sd/-

Nirav Kalyanbhai Shah
Chairman & Managing Director
DIN:00397336