Your director's are pleased to present the 14th Annual Report on business and operations of your Company along with the
audited financial statements for the year ended March 31, 2025.

Financial Highlits

COMPANY PERFORMANCE (Rs. in Lakhs)

Standalone

• Value of sales and services was Rs. 16,461.47 Lakhs

• Export for the year was Rs. 13,622.28 Lakhs

• EBITDA for the year was Rs. 1,201.28 Lakhs

• Net Profit for the year was at Rs. 1,529.11 Lakhs
Consolidated

• Value of sales and services was Rs. 40,637.41 Lakhs

• Export for the year was Rs. 13,622.28 Lakhs

• EBITDA for the year was Rs. (2.66) Lakhs

• Net Profit for the year was at Rs. (85.72) Lakhs

SHARE CAPITAL

During the year under review, the authorised share capita
of the Company has been increased from Rs. 30,00,00,000
comprising of 3,00,00,000 Equity Shares of Rs. 10 each tc
Rs. 50,00,00,000 comprising of 5,00,00,000 Equity Shares
of Rs. 10 each.

The authorised share capital of the Company for the year
ended is Rs. 50,00,00,000 comprising of5,00,00,000 Equity
Shares of Rs. 10 each. The issued, subscribed and paid-up
share capital of the Company stood at Rs. 27,60,36,940 as
at March 31, 2025 comprising of 2,76,03,694 Equity Shares
of Rs. 10 each fully paid-up.

RESERVE

During the year under review, no fund has been transferred
to general reserve of the Company.

DEMERGER

During the year under review, EKI Energy Services Limited
(“EKI”) filed an application under Sections 230-232 of
the Companies Act, 2013 (“the Act”) for the demerger
of its Generation Segment, which comprises projects
implemented, developed, and owned by the Company
from which carbon credits are issued. As per the proposed
scheme, this business undertaking will be transferred to
EKI One Community Projects Limited (“EKI One”), a 100%
wholly owned subsidiary of EKI. The demerger is aimed at

sharpening the strategic focus of both entities, ensuring
dedicated resources for project development and carbon
credit generation while enabling EKI to strengthen its core
carbon asset management, trading and allied businesses.
This restructuring is expected to provide operational
efficiency, improve governance, and unlock long term
value for shareholders by allowing each entity to grow
independently with greater clarity of purpose.

STATE OF COMPANY’S AFFAIRS

The year 2024-25 marked a critical period for the global
carbon markets as well as for EKI Energy. Amid evolving
international climate policies, growing corporate climate
commitments, and increased scrutiny over the integrity
of carbon credits, the voluntary carbon market (VCM)
continues to mature. A record number of carbon offsets were
retired globally, and carbon pricing mechanisms expanded
to over 75 instruments worldwide, including recent
programs in Chile, Canada, and Kazakhstan. Compliance
markets also moved toward greater flexibility in accepting
verified offsets, narrowing the divide between voluntary
and compliance prices and presenting new opportunities for
organizations like EKI.

Despite prevailing challenges in market liquidity,
reputational scrutiny, and evolving regulatory frameworks,
EKI took decisive steps to consolidate its business and
strengthen long-term fundamentals. The company adopted
a disciplined strategy focused on liquidity preservation,
cost optimization, and manpower retention - ensuring
organizational resilience and agility for future growth.
These efforts were further supported by a conscious shift
in operational structure, including divestment of non-core
subsidiaries and recalibration of strategic priorities.

In FY 2024-25, EKI deepened its core focus on high-quality
carbon credit development, scaling GHG mitigation projects
through diversified funding sources. The Company continued
to strengthen its sustainability vertical by offering ESG
advisory, climate risk assessment, and compliance services
aligned with the evolving Business Responsibility and
Sustainability Reporting (BRSR) framework. The firm's
continued engagement with global platforms like the
Integrity Council for the Voluntary Carbon Market (ICVCM)
underlines its commitment to credible and high-integrity
offsets.

EKI's leadership in climate-positive project development
remained evident, with key highlights including:

• Registration and issuance of Asia's first improved
cookstove project under VERRA's SD VISta standard.

• Distribution and commitment of over 300,000 clean
cookstoves across African countries, reinforcing social
and climate impact.

• A pilot initiative with Indian Oil Corporation for the
indoor solar cooking device ‘Surya Nutan,' aimed at rural
households in India.

• Biomass briquette production at its Dindori plant,
supporting both clean energy and rural livelihoods.

On the consulting front, EKI supported over 70
organizations in GHG inventory assessments, enabled
more than 15 clients to adopt Science-Based Targets
(SBTi), and facilitated GreenCo ratings for 38 facilities.
The Company also extended its services to financial
institutions for portfolio-level emissions analysis and
net-zero strategy development. Its inclusive approach
continued to democratize sustainability by offering
affordable consulting for MSMEs and SMEs, contributing
to a broader low-carbon transition.

EKI also began laying the groundwork for a potential
demerger strategy aimed at unlocking shareholder
value by segregating business verticals and realigning
resources for more focused value creation.

While the Company reported a consolidated revenue of
Rs.27,415.10 lakh and a net loss of Rs.12,920.04 lakh,
the year's performance reflects a period of strategic
realignment and investment in long-term capabilities. The
short-term financial impact stems from ongoing market
corrections, regulatory uncertainties, and measured
restructuring. However, the decisions taken this year are
expected to enhance operational efficiency and position
the Company favourably for future opportunities as
carbon markets mature and demand for verified offsets
surges.

India's launch of its domestic carbon trading market is
expected to accelerate national-level demand for carbon
credits and raise global pricing benchmarks. EKI is well-
positioned to leverage this momentum through its robust
portfolio, innovative approach, and trusted execution
model.

Looking ahead, EKI remains committed to delivering
scalable, transparent, and inclusive climate solutions.
With strengthened business fundamentals, diversified
services, and a future-ready strategy, the Company is
focused on leading the decarbonization movement—
driving measurable environmental, social, and economic
outcomes.

BUSINESS OPERATIONS/PERFORMANCE OF THE
COMPANY AND ITS MAJOR SUBSIDIARIES:

Our subsidiaries have played a pivotal role in our overall
growth and success throughout the year.

GHG Reduction Technologies Private Limited:

During the year under review, the performance of GHG
Reduction Technologies Private Limited (“GHG”)was
adversely impacted due to the ongoing turmoil in the
carbon market. In light of the uncertain market conditions,
the company proceeded temporarily halt operations at
its manufacturing facility. To ensure business continuity
and cost efficiency, the company has adopted a ‘Just-in¬
Time' strategy—wherein it will manufacture cookstoves,
surya nutan, water filter on an order basis or procure them
externally to meet client requirements. The company also
continues to face operational challenges arising from the
highly unorganised structure of the biomass segment,

community development and biodiversity conservation.

EKI Sustainability Services Private Limited:

(Formerly known as Glofix Advisory Services Private
Limited)

EKI Sustainability Services Private Limited (“ESSPL”), —a
wholly owned subsidiary of EKI Energy Services Ltd.—
represents a pivotal leap in the group's mission to drive
global sustainability leadership. With a team of over 40
dedicated professionals, the company delivers cutting-edge
advisory and consulting solutions across key areas including
climate change, ESG and sustainability, carbon offsetting,
biodiversity, health and safety, and legal compliance.

Backed by a strong legacy of delivering high-impact
sustainability projects across diverse manufacturing and
service sectors, ESSPL crafts data-driven, customized
ESG strategies that lead to measurable, long-term
transformation. As an extension of EKI Energy Services
Ltd.'s core strengths in carbon project development and
offset trading, ESSPL delivers end-to-end sustainability
solutions grounded in innovation, integrity, and measurable
impact.

In just its inaugural year, ESSPL has emerged as a trusted
partner in sustainability, having supported over 350
impactful projects—empowering organizations in their
journey towards net zero, ESG excellence, and climate
resilience.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company
and its subsidiary and associate companies prepared
in accordance with the Act and applicable Accounting
Standards along with all relevant documents and the
Auditors' Report forms a part of this Annual Report.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES

During the year under review.

• Glofix Advisory Services Private Limited, wholly owned
subsidiary of the Company has changed its name to EKI
Sustainability Services Private Limited.

• The Company has acquired 49% stakes of EKI
Sustainability Services Private Limited (formerly known
as Glofix Advisory Services Private Limited). Resulting in
conversion into wholly owned subsidiary of the Company

• EKI One Community Projects Limited has been
converted from Private Limited Company to Public
Limited Company.

• The Company has filed application for strike off of
following subsidiary and associate companies and the
same has been struck off with effect from dates as
mentioned below:

o EKI Two Community Projects Private Limited (w.e.f.,
June 17, 2025)

o EKI Power Trading Private Limited (w.e.f., June 17,
2025)

o ClimaCool Projects & EduTech Limited (w.e.f., April 16,
2025)

Detailed list of subsidiaries, associates and joint ventures
are annexed as Annexure A to this report.

In accordance with the provisions of Section 129(3) of the
Act, read with the Companies (Accounts) Rules, 2014, c
report on the performance and financial position of each oi
the subsidiaries, associates and joint venture companies is
provided, prescribed in the Form AOC-1, in Annexure B to
this Report.

In accordance with the provisions of Section 136 of the
Act, the annual report, annual financial statement and the
related documents of the subsidiaries are placed on the
website of the Company. Shareholders may download the
annual financial statements and detailed information oi
the subsidiary companies from the Company's website at
https://enkingint.org/investor-relations/

The Company has formulated a Policy for determining
Material Subsidiaries. The Policy is available on the
Company's website and can be accessed at https://
enkingint.org/wp-content/uploads/2022/07/Material-
Unlisted-Subsidiary-Policy.pdf.

During the year under review, no subsidiary was identified as
material subsidiary of the Company as per the Securities anc
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”).

DIVIDEND

During the year under review, the Board of Directors, in
its meeting held on February 10, 2025 declared interim
dividend of Rs. 2/- per share of face value Rs. 10/.- per share
to all the shareholders who were recorded on the Registe
of Members as on February 14, 2025, being the record date
fixed for this purpose.

The dividend declared is in accordance with the Company's
Dividend Distribution Policy. The said Policy is available on
the Company's website and can be accessed at https://
enkingint.org/wp-content/uploads/2022/05/Dividend-
Distribution-Policy.pdf

DEPOSITS

During the year under review, your Company has not
accepted any deposits from public, in accordance with the
Provisions of Section 73 and 74 of the Act & rules made
thereunder.

CORPORATE GOVERNANCE

At EKI, we are committed to upholding the highest standards
of corporate governance. Our core values, reflected in the
Spirit of EKI, serve as the foundation for how we manage and
oversee our business, ensuring long-term sustainability and
profitability. These principles are embedded in our Code o
Conduct, Statutory Policies, and sub-committee charters
As we deepen our understanding of the impacts of climate
change and the urgency of climate action, we continue
to evolve and strengthen our governance framework to
effectively respond to these critical challenges.

As per Regulation 34 of the Listing Regulations, a separate
section on corporate governance practices together with a
certificate from the Secretarial Auditors of the Company
regarding the compliances of conditions of Corporate
Governance, forms part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As stipulated under the provisions of Regulation 34 of the
Listing Regulations, Management Discussion & Analysis
Report forms an integral part of this Report and provides
details on overall industry structure and developments,
financial and operational performance and other material
developments during financial year under review

CORPORATE SOCIAL RESPONSIBILITY

The Company's Corporate Social Responsibility (CSR)
objective is to actively contribute to society's well-being
and support the nation's development through its various
initiatives.

To execute its CSR initiatives, the Company established
EnKing International Foundation and EKI Community
Development Foundation as its dedicated CSR arms. The
entities focuses on livelihood, education, empowerment
of girl child through education, and healthcare for the
backward sections of the society.

During the year under review, the Company was exempted
from CSR Obligation under Section 135 of The Act. However,
the Company voluntarily contributed Rs. 1,50,000/- towards
its CSR goal of community development through two of
its foundation mentioned above and Lean Management
Society.

As per Section 135 of the Act and rules made thereunder the
Company has formed a CSR Committee of the Board and
implemented a CSR Policy in compliance with the relevant
provisions. This Committee oversees and monitors the
Company's various CSR initiatives and activities. The CSR
Policy may be accessed on the Company's website at the link
https://enkingint.org/wp-content/uploads/2023/05/5.-
Corporate-Social-Responsibility-CSR-Policy.pdf

The policy includes the following key aspects:

a. CSR Philosophy

b. Composition of CSR Committee

c. Roles and responsibilities of the CSR Committee

d. Implementation of CSR Projects, Programs, and
Activities

e. Allocation of Budget

f. Monitoring and Review Mechanism

g. Management Commitment

Mr. Naveen Sharma, Whole Time Director and member of
the CSR Committee has resigned w.e.f., December 3, 2024
and ceased to be member of CSR Committee.

Mr. Mohit Kumar Agarwal, Chief Financial Officer, was
appointed as Whole Time Director of the Company and
designated as WTD & CFO. Mr. Mohit Kumar Agarwal
appointed as member of the Committee w.e.f. December 21,
2024.

As of March 31, 2025, the CSR Committee of the
Company consists of three (3) Members: Mr. Ritesh

Gupta (Chairman), Mr. Manish Kumar Dabkara (Member)
and Mr. Mohit Kumar Agarwal (Member).

The requirement for Annual Report on CSR, as per Rule 8
of the Companies (Corporate Social Responsibility Policy)
Rules, 2014, is not applicable on the Company for the
year under consideration.

PARTICULAR OF EMPLOYEES

Disclosures relating 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 given in Annexure
C to this Report.

In accordance with the provisions of Section 197(12) of
the Act read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, a statement
showing the name and other particulars of the employees
drawing remuneration in excess of the limits set out
in the said Rule forms part of this report. In terms of
Section 136 of the Act, the Report and Accounts are
being sent to the Members of the Company excluding
information on employees' particulars which is available
for inspection by the Members at the Registered Office/
Corporate Office of the Company during the business
hours on working days of the Company up to the date
of the ensuing Annual General Meeting. If any Member
is interested in obtaining such information, he/she may
write to the Company Secretary at the Registered Office
of the Company and may address their email to cs@
enkingint.org.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

No significant or material orders have been passed by
the regulators or courts or tribunals impacting the going
concern status of the Company and the Company's
operations in future.

PREVENTION, PROHIBITION AND REDRESSAL
OF SEXUAL HARASSMENT OF EMPLOYEE AT THE
WORKPLACE

The Company upholds a strong commitment to
preventing sexual harassment and fostering a positive
work environment for all its employees. In accordance
with the Sexual Harassment of Women at Workplace
(Prevention, Prohibition, and Redressal) Act, 2013, the
Company has implemented a comprehensive Prevention
of Sexual Harassment Policy.

The primary objective of this policy is to create a secure
and inclusive workplace where employees can thrive
and contribute their best without any hindrance or fear.
To ensure the effective implementation of this policy,
the Company has established an Internal Complaints
Committee (ICC) as mandated by the Act.

It is encouraging to note that no complaints were reported
during the reviewed period under the provisions of the
Sexual Harassment of Women at Workplace (Prevention,

Prohibition, and Redressal) Act of 2013. This signifies the
Company's dedication to maintaining a respectful and
harassment-free work environment.

Details of complaints, if any, received during the year;

(a) number of complaints of sexual harassment received
in the year - NIL

(b) number of complaints disposed off during the year -
NIL

(c) number of cases pending for more than ninety days -
NIL

COMPLIANCE WITH MATERNITY BENEFIT ACT 1961

The organization remains fully compliant with the
provisions of the Maternity Benefit Act, 1961. All eligible
women employees were granted maternity leave as per
the statutory guidelines, along with all entitled benefits
including paid leave, nursing breaks, and protection from
dismissal during the leave period. Regular awareness
sessions were conducted to ensure employees are informed
of their rights under the Act. No instances of non-compliance
or grievances related to maternity benefits were reported
during the financial year.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS
AND SECURITIES

Pursuant to Section 186 of the Act read with the Companies
(Meetings of the Board and its Powers) Rules, 2014,
disclosures relating to loans, advances and investments as
on March 31, 2025, are given in the Note No. 35 and 49 of
the Financial Statements. There are no guarantees issued
or securities provided by your Company in terms of Section
186 of the Act read with the Rules issued thereunder.

PARTICUALR OF CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES

During the year under review:

a) all contracts / arrangements / transactions entered by
the Company with related parties were in its ordinary
course of business and on an arm's length basis;

b) The Company had not entered into any contract /
arrangement / transaction with related parties which
are re material and are required to be reported in Form
No. AOC-2 in terms of Section 134(3)(h) read with
Section 188 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014.

The Policy on Materiality of Related Party Transactions and
on dealing with Related Party Transactions as approved
by the Board is available on the Company's website and
can be accessed at https://enkingint.org/wp-content/
uploads/2023/04/Policy-Related-Party-Transaction.pdf

There were no materially significant related party
transactions which could have potential conflict with the
interests of the Company at large.

The related party transactions have been set out in Note No.
35 to the financial statement.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNING AND OUTGO

Conservation of Energy and Technology absorption

As the Company focused on climate change, sustainability,
and carbon offsetting, our operations prioritize energy
efficiency and conservation. We recognize the significance
of adopting measures to achieve optimal energy utilization.

Considering the nature of our activities, as stated under
Section 134(3)(m) of the Act, in conjunction with Rule 8(3)
of the Companies (Accounts) Rules, 2014, the concept of
technology absorption and conservation does not apply to
our Company. Our primary focus lies in mitigating climate
change and promoting sustainable practices rather than
technology absorption.

Foreign exchange earnings and outgo

During the year under review, the Company received
earnings of Rs. 15,282.65 Lakhs in foreign currency, with
corresponding outgo of Rs. 1,861.28 Lakhs in foreign
currency throughout the year.

RISK MANAGEMENT

Risk Management is one of the critical elements in
operating business. For your Company, Risk Management is
an integral and important aspect of Corporate Governance.
Your Company believes that a robust Risk Management
ensures adequate controls and monitoring mechanisms for
a smooth and efficient running of the business.

The Company has voluntarily adopted the Risk
Management Policy as per Regulation 21 of the Listing
Regulations. The Company's ‘Risk Management Policy'
provides for identification, assessment, and control of
risks that the Company would face in the normal course of
business and mitigation measures associated with them.
The Management identifies and controls risks through a
properly defined framework in terms of the aforesaid Policy.

EMPLOYEE STOCK OPTION PLAN (ESOP)

The Nomination and Remuneration Committee, (“NRC”) of
the Board of Directors, inter alia, administers and monitors
the Employees Stock Option Plan, 2021 of the Company “the
ESOP”. The ESOP is in compliance with the Securities and

Exchange Board of India (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021.

The Company has granted 2,91,837 ESOP till the date of this
report out of the same 1,07,694 options has been exercised.

The details as required to be disclosed under the SBEB
Regulations are available on the Company's website and
can be accessed at https://enkingint.org/wp-content/
uploads/2025/08/2.-ESOP_DISCLOSURE_2024-25.pdf

The Company has received a certificate dated June 12,
2025 from the Secretarial Auditors of the Company that
the Schemes have been implemented in accordance with
the SEBI (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 and resolution passed by the
shareholders. The certificate shall be available for inspection
by members in electronic mode during the Annual General
Meeting of the Company.

UNCLAIMED DIVIDEND AND TRANSFER TO INVESTOR
EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124(5) and 125 of the
Act read with the rules framed thereunder, the dividend
lying in the Unpaid Dividend Account which remains unpaid
or unclaimed for a period of seven consecutive years along
with underlying shares are transferred by the Company to
Investor Education and Protection Fund (IEPF). During the
year, unclaimed dividend amounting to Rs. 33,408 lying in
the unclaimed dividend account of the Company for which
the Company has taken various initiatives to reduce the
quantum of unclaimed dividend. Furthermore, the last
date to claim unclaimed / unpaid dividends before transfer
to IEPF, for the financial year 2020-21 and 2021-22 is
September 07, 2028 and May 03, 2029, respectively.

The Company has uploaded on its website, the details of
unpaid and unclaimed amounts lying with the Company as
on March 31, 2025.

The procedure for claiming underlying shares and unpaid
/ unclaimed dividend from IEPF Authority is covered in the
Investor Section available on the website of the Company.

Further, in accordance with the IEPF Rules, the Board of
Directors have appointed Mr. Manish Kumar Dabkara as

Nodal Officer of the Company for the purposes of verification
of claims of shareholders pertaining to shares transferred to
IEPF and / or refund of dividend from IEPF Authority and for
coordination with IEPF Authority. The details of the Nodal
Officer are available on the website of the Company.

DETAILS OF DIRECTORS AND KEY MANAGERIAL
PERSONNEL APPOINTED/RESIGNED DURING THE
FINANCIAL YEAR

DIRECTORS

The composition of Board of Directors is in conformity with
the applicable provisions of the Act and Listing Regulations.

During the year under review, Mr. Naveen Sharma and Ms.
Sonali Sheikh, Whole Time Directors of the Company have
resigned with effect from end of business hours of December
3, 2024 and January 3, 2025, respectively.

The Board of Directors of the Company, based on the
recommendation of the NRC recommended appointment
of Mr. Mohit Kumar Agarwal, Chief Financial Officer of the
Company to be appointed and designated as Whole Time
Director and Chief Financial Officer of the Company with
effect from December 21, 2024, and that the shareholder
of the Company approved his appointment on January 15,
2025.

The Board of Directors of the Company, based on the
recommendation of the NRC further recommended
appointment of Ms. Priyanka Dabkara to be appointed as
Non-Executive Non-Independent Director of the Company
with effect from February 10, 2025, and that the shareholder
of the Company approved her appointment through postal
ballot on May 3, 2025.

In accordance with the provisions of Section 152 of the Act
and the Articles of Association of the Company, Mr. Manish

Kumar Dabkara, Chairman and Managing Director, who is
liable to retire by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for re-appointment.
The said Director is not disqualified from being re- appointed
as a Director of a Company as per the disclosure received
from him pursuant to Section 164(2) of the Act.

A brief profile of Mr. Manish Kumar Dabkara is provided in
the Notice of the ensuing Annual General Meeting of the
Company.

Pursuant to the provisions of the Act, the Directors of
the Company as on date are Mr. Manish Kumar Dabkara
- Chairman and Managing Director, Mr. Mohit Kumar
Agarwal - Whole Time Director and Chief Financial Officer,
Ms. Priyanka Dabkara - Non-Executive Non Independent
Director, Ms. Astha Pareek - Non-Executive Women
Independent Director, Mr. Ritesh Gupta - Non-Executive
Independent Director, and Mr. Burhanuddin Ali Husain Maksi
Wala - Non-Executive Independent Director.

All the Independent Directors on the Board have given
a declaration of their independence to the Company as
required under Section 149(6) of the Act and Regulation 16(1)
(b) of the Listing Regulations. In the opinion of the Board, all
the Independent Directors possess the integrity, expertise
and experience including the proficiency required to be
Independent Directors of the Company, meets the criteria
of independence as specified in the Act and the Listing
Regulations and are independent of the management and
have also complied with the Code for Independent Directors
as prescribed in Schedule IV of the Act.

The Independent Directors of the Company have confirmed
that they have registered themselves with the Indian
Institute of Corporate Affairs, Manesar for the inclusion
of their name in the data bank of independent directors,

pursuant to the provision of Rule 6 (1) of Companie;
(Appointment and Qualification of Directors) Rules, 2014.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of section 203 of the Act, the kei
managerial personnel of the Company as on date are Mi
Manish Kumar Dabkara - Chairman and Managing Director
Mr. Mohit Kumar Agarwal - Whole Time Director and Chie
Financial Officer and Ms. Itisha Sahu - Company Secretar
and Compliance Officer.

PERFORMANCE EVALUATION OF THE BOARD

In accordance with legal requirements and the guideline;
outlined in the Listing Regulations, the Board of Director;
has conducted a comprehensive yearly assessment o
its performance, the performance of its Committees
Independent Directors, Non-Executive Directors, Executivi
Director, and the Chairman of the Board.

The Nomination and Remuneration Committee (‘NRC')
a part of the Board, has established a clear process fo
conducting formal annual evaluations of the Board'
performance, its Committees, and Individual Directors. Thi
process involves distributing separate evaluation forms fo
the Board and its Committees, as well as for Independen
Directors, Non-Executive Directors, the Executive Directors
and the Chairman of the Company.

The evaluation process was carried out by Independen
Directors in a dedicated meeting. During this meeting, th
performance of Non-Independent Directors, the overal
Board, and its committees were appraised. Additionally
the Independent Directors evaluated the performance o
the Chairman of the Company, taking into consideratio
feedback from the Executive Director and Non-Executivi
Directors. The outcome of this evaluation by Independen
Directors were shared with the NRC and subsequent^
presented to the entire Board.

Subsequently, the Board convened a meeting to discus
the performance of the Board as a whole, its Committees
and Individual Directors. During this discussion, the Boar
expressed its contentment with the effective functioning
of both the Board and its Committees. The Directors
contributions in their respective roles were acknowledge
as satisfactory, signifying their active involvement an
commitment.

The Company has also adopted a policy for remuneratin
directors, key managerial personnel, and other employees
This policy includes criteria for determining th
qualifications, positive attributes, and independence o
directors. The complete details of this policy are provided i
this report and attached as Annexure D.

MEETING OF THE BOARD

The Board of Directors met 5 (Five) times during the
financial year ended March 31, 2025 in accordance with
the provisions of the Act and rules made thereunder. The
Details of the meetings held are provided in the Report of
the Directors on Corporate Governance, which forms part
of this report.

STATUTORY COMMITTEES OF THE BOARD

Your Company has duly constituted the Committees
required under the Act read with applicable Rules made
thereunder and Listing Regulations.

Audit Committee

During the year under review, Ms. Astha Parek, Non¬
Executive Women Independent Director, appointed as
member of Audit Committee with effect from July 23,

2024.

The Audit Committee of Directors was constituted
pursuant to the provisions of Section 177 of the Act and
Regulation 18 of Listing Regulations, comprises of Mr.
Ritesh Gupta (Chairman), Mr. Burhanuddin Ali Husain
Maksi Wala, Ms. Astha Pareek and Mr. Manish Kumar
Dabkara as its members. Majority of the members
including Chairman of Audit Committee are Independent
Directors.

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

The Audit Committee met 5 (Five) times during the
financial year ended March 31, 2025. The Details of the
meetings held are provided in the Report of the Directors
on Corporate Governance, which forms part of this
report.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee of
Directors was constituted pursuant to the provisions of
Section 178 of the Act and Regulation 19 of the Listing
Regulations, comprises of Mr. Burhanuddin Ali Husain
Maksi Wala (Chairman), Mr. Ritesh Gupta and Ms. Astha
Pareek as its members. All the members of NRC are
independent directors.

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

The Nomination and Remuneration Committee met
6 (Six) times during the financial year ended March 31,

2025. The Details of the meetings held are provided in the
Report of the Directors on Corporate Governance, which
forms part of this report.

Stakeholders Relationship Committee

Mr. Naveen Sharma cease to become member of the
committee w.e.f., December 3, 2024, pursuant to his
resignation as whole time director of the Company.

Mr. Mohit Kumar Agarwal has been appointed as a
member of the committee w.e.f., December 21, 2024.

The Stakeholder Relationship Committee was
constituted pursuant to the provisions of Section 178
of the Act and Regulation 20 of Listing Regulations,
presently comprise of Mr. Burhanuddin Ali Hussain
Maksiwala, Chairman, Mr. Ritesh Gupta and Mr. Mohit
Kumar Agarwal, Members.

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

The Stakeholders Relation¬
ship Committee met 4 (Four)
times during the financial
year ended March 31, 2025.
The Details of the meet¬
ings held are provided in the
Report of the Directors on
Corporate Governance, which
forms part of this report.

Corporate Social
Responsibility Committee

Mr. Naveen Sharma cease
to become member of the
committee w.e.f., December
3, 2024, pursuant to his
resignation as whole time
director of the Company.

Mr. Mohit Kumar Agarwal
has been appointed as a
member of the committee
w.e.f., December 21, 2024.

As per the provisions of
Section 135 of the Act read

with Companies (Corporate

Social Responsibility Policy) Rules, 2014, the Board of
Directors has constituted a Corporate Social Responsibility
(CSR) Committee, presently comprises of Mr. Ritesh Gupta
(Chairman), Mr. Manish Kumar Dabkara and Mr. Mohit
Kumar Agarwal as members.

All the recommendations made by the Corporate Social
Responsibility (CSR) Committee were accepted by the
Board of Directors.

The Corporate Social Responsibility (CSR) Committee met 1
(One) time during the financial year ended March 31, 2025.
The Details of the meetings held are provided in the Report
of the Directors on Corporate Governance, which forms part
of this report.

Risk Management Committee

During the year under review, the provisions of Regulation
21 of the Listing Regulations were not applicable to the
Company. Nevertheless, the Board of Directors, as a
measure of good governance, has voluntarily continued with
the Risk Management Committee.

Mr. Naveen Sharma cease to become member of the
committee w.e.f., December 3, 2024, pursuant to his
resignation as whole time director of the Company.

Mr. Mohit Kumar Agarwal has been appointed as a member
of the committee w.e.f., December 21, 2024.

The Risk Management Committee presently comprise of
Mr. Mohit Kumar Agarwal (Chairman), Mr. Burhanuddin Ali

Hussain Maksiwala and Mr.
Manish Kumar Dabkara as
members.

All the recommendations
made by the Risk
Management Committee
were accepted by the Board
of Directors.

The Risk Management
Committee met 4 (four) times
during the financial year
ended March 31, 2025. The
Details of the meetings held
are provided in the Report of
the Directors on Corporate
Governance, which forms
part of this report.

AUDITORS
Statutory Auditor

M/s Dassani & Associates
LLP, Chartered Accountant
(FRN: 009096C), were

appointed as Statutory
Auditors of the Company
at the 12th Annual General
Meeting (“AGM”) held on
October 27, 2023, for a
second term of 5 (five)
consecutive years from the

conclusion of 12th AGM till the conclusion of 17th AGM of
the Company.

The Auditor's Report does not contain any qualification,
reservation or adverse remark or disclaimer, and no
explanation on part of the Board of Directors is called for.

There were no instances of fraud reported by the auditors

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act read
with the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and regulation
24A of Listing Regulations, the Board of Directors of the
Company on the recommendation of audit committee
of the Company, has appointed M/s Agrawal Mundra
& Associates, Practicing Company Secretaries (FRN:
P2019MP077600) for a first term of 5 (five) years beginning
from financial year 2025-26.

The Secretarial Audit Report, issued by M/s Ruchi Joshi
Meratia & Associates, Practicing Company Secretary, in
Form MR-3 for the financial year 2024-25 which forms part
of the Director's Report as Annexure E. The report does not
contain any qualification, reservation, disclaimer or adverse
remark.

The Secretarial Compliance Report issued by M/s Ruchi
Joshi Meratia & Associates, Practicing Company Secretary
for the financial year ended March 31, 2025, in relation to
compliance of all applicable SEBI Regulations/ circulars/

guidelines issued thereunder, pursuant to the requirement
of Regulation 24A of the Listing Regulations, is available on
the website of the Company at: https://enkingint.org/wp-
content/uploads/2025/06/Intimation_Annual-Secretarial-
Compliance-Report_March-2025_Signed.pdf

Internal Auditor

In compliance with the provisions of Section 138 of the
Act, read with the Companies (Accounts) Rules, 2014, the
Internal Audit of the Company, for the FY 2024-25 was
carried out by M/s Mahesh C Solanki & Co., (FRN: 006228C),
Chartered Accountants.

The Board in their meeting held on May 07, 2025 has
appointed M/s Agarwal & Dhoot, Chartered Accountants
as an Internal Auditor of the Company for 3 (three) years
beginning from financial year 2025-26.

Cost Auditor

The provisions of section 148 of the Act, read with Rule 14
of the Companies (Audit & Auditors) Rules, 2014 relating to
the cost audit are not applicable to the Company during the
period under review.

VIGIL MECHANISM/ WHISTLE - BLOWER POLICY

In accordance with Section 177(9) of the Act, and Rule 7 of the
Companies (Meetings of Board and its Powers) Rules, 2014,
it is mandatory for a listed company and certain prescribed
classes of companies to establish a Vigil Mechanism. This
mechanism ensures adequate protection to employees
and directors who raise concerns about violations of legal
or regulatory requirements, misrepresentation of financial
statements, and other related matters.

Our company has developed a Vigil Mechanism known as
the Whistle Blower Policy, which is designed to uphold the
highest standards of ethical, moral, and legal conduct in
our business operations. Throughout the year, there were no
instances where individuals were denied access to the Audit
Committee.

The details of the Vigil Mechanism can be found in the
Corporate Governance Report, included in this Annual
Report. Additionally, the Whistle-Blower Policy is available
on our company's website at : https://enkingint.org/wp-
content/uploads/2024/02/Whistle-Blower-Policy.pdf

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

In accordance with the market capitalisation as of
Financial Year 2024-25, the requirement to submit a
Business Responsibility and Sustainability Report (BRSR)
under Regulation 34(2)(f) of the Listing Regulations
was not applicable to the Company. However, as part of
its commitment to responsible business practices, the
Company has voluntarily continued to comply with the
BRSR framework.

A separate section on BRSR, detailing the Company's
initiatives from an environmental, social, and governance
(ESG) perspective forms an integral part of this Annual
Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year
under review, as stipulated under the Listing Regulations is
presented in a separate section, and forms an integral part
of this Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of provisions of Section 134(3) (c) read with Section
134 (5) of the Act, in relation to the audited financial
statements of the Company for the year ended March 31,
2025, the Board of Directors hereby confirms that:

a) In the preparation of the annual accounts for the year
ended March 31, 2025 the applicable accounting
standards read with requirements set out under
schedule III to the act have been followed and there are
no material departures from the same;

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 as at March 31, 2025 and of the profit of the
Company for the year ended on that date;

c) The Directors have taken proper and sufficient care for
the maintenance of adequate accounting records in
accordance with the provisions of 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;

e) The Directors have laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and were operating
effectively; and

f) 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.

INTERNAL FINANCIAL CONTROL

The Company has implemented a strong and integrated
system of internal controls to ensure the reliability of
financial reporting, the smooth and efficient operation of
business activities, compliance with policies and procedures,
safeguarding of assets, and the economical and efficient
utilization of resources. To ensure the effectiveness and
sufficiency of these control systems, appropriate review and
monitoring mechanisms are established.

The Company adheres to accounting policies that align with
the Indian Accounting Standards specified under Section
133 of the Act, in accordance with the Companies (Indian
Accounting Standard) Rules, 2015.

The evaluation of internal controls and assurance of their
adequacy and effectiveness are conducted through the
Internal Audit, which is carried out by external auditing
firms. The Internal Audit Reports are actively reviewed
by the Audit Committee, and any necessary remedial

measures are taken. The Board of Directors also periodically
reviews the Internal Audit Reports. Notably, there were no
significant weaknesses identified in the design or operation
of the controls during the year.

The Standalone and Consolidated Financial Statements of
the Company undergo quarterly reviews by its Statutory
Auditors.

ANNUAL RETURN

Pursuant to the provisions of Section 92(3) and Section
134(3)(a) of the Act, the Annual Return of the Company as
on March 31, 2025 is placed on the website of the company
at the following web -address: https://enkingint.org/wp-
content/uploads/2025/08/Form_MGT_7_EKIESL-2025_-
for-website_final.pdf

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is in compliance with the applicable Secretarial
Standards issued by the Institute of Company Secretaries
of India and approved by the Central Government under
Section 118(10) of the Act.

HUMAN RESOURCES

The foundation of your Company's success lies in its
human resources, which opens up countless possibilities
for its business. Our dedicated workforce drives efficient
operations, fuels market development, and expands our
range of services. By prioritizing continuous learning
and development, and implementing effective talent
management practices, we ensure that the Organization's
talent needs are met. The exceptional employee engagement
score demonstrates the strong commitment and pride our
employees feel as valued members of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING
THE FINANCIAL POSITION OF THE COMPANY, BETWEEN
THE END OF THE FINANCIAL YEAR AND THE DATE OF THE
REPORT

There are no material changes and commitments affecting
the financial position of the Company which have occurred
after March 31, 2025 till date of this report.

OTHER DISCLOSURE

Other disclosures as per provisions of Section 134 of the Act
read with Companies (Accounts) Rules, 2014 are furnished
as under:

1. 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 is furnished.

2. During the year under review, there were no applications
made or proceedings pending in the name of the
Company under the Insolvency and Bankruptcy Code,
2016.

3. During the year under review, there has been no one time
settlement of Loans taken from Banks and Financial
Institutions.

4. There was no failure to implement any Corporate Action.

5. During the year under review, there was no change in the
nature of business of the Company.

ACKNOWLEDGEMENTS AND APPRECIATION

Your Directors take this opportunity to thank the Company's
customers, shareholders, suppliers, bankers, business
partners/associates, financial institutions and various
regulatory authorities including Securities and Exchange
Board of India (SEBI), the Bombay Stock Exchange (BSE),
Ministry of Corporate Affairs (MCA), Registrar of Companies
(ROC), National Securities Depository Limited (NSDL) and
Central Depository Services (India) Limited (CDSL) for their
consistent support and encouragement to the Company. The
Directors extend their sincere appreciation to all employees
of the Company and its subsidiaries and associates for
their hard work and commitment. Their dedication and
competence have ensured that the Company continues to
be a significant and leading player in the industry.