Dear Members,

The Board of Directors of your Company is pleased to present the 20^th Annual Report along with the audited standalone and consolidated
financial statements for the financial year ended March 31, 2025, and other accompanying reports and disclosures, in compliance with
the applicable provisions of the Companies Act, 2013 ("Act") and the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

1. FINANCIAL PERFORMANCE HIGHLIGHTS

A summary of the financial performance of the Company for the financial year ended March 31. 2025, is as follows:

The Company maintained a steady financial performance
during the year. Total standalone revenue increased by 5.4%
to H4,115.10 million. The EBITDA margin was maintained at
same level as last year at 17.7%. However, the Standalone
Profit Before Tax increased only marginally to H 621.20
Million due to full year impact of depreciation pertaining
to assets purchased during FY 2023-24 and the Standalone
profit after tax increased marginally to H456.69 million.
Though The Diamond, Bullion and Jewellery (DBJ) incurred
reduced losses compared to previous year, the business
is expected to achieve break-even and generate positive
results in the near future.

On a consolidated basis, the revenue increased to H4,334.53
million resulting in revenue growth of 10.6%. The consolidated
EBITDA and PAT for the year was H772.43Million and H470.57
million respectively. Due to turnaround of our fintech
subsidiary Aceware Fintech Services Pvt. Ltd,the growth in
EBITDA and PAT stood at 12.5% and 5.8%. respectively

Details on operational and segment performance are
provided in the Management Discussion and Analysis section
forming part of the Annual Report.

Performance of Subsidiary

During the year under review, the Company's subsidiary
Aceware Fintech Services Private Limited turned around
significantly during the year. The Revenue grew substantially
to H240.68 million and achieved a profit after tax was H13.77
million during FY 2024-25, as compared to H34.80 million
in revenue and a loss of H27.53 million in FY 2023-24. This
resulted in revenue growth of about 7 times. The financial
statements of the subsidiary are available on the Company's
website at www.radiantcashservices.com .

2. STATE OF COMPANY'S AFFAIRS AND FUTURE
OUTLOOK

Business Overview:

Your Company remains a leading integrated cash logistics
services provider in India with a dominant presence in the
retail cash management (RCM) segment. The Company
caters to broad set of outsourcing requirements pertaining to
cash management services for banks, financial institutions,
organized retail and e-commerce companies in India and
operates across five business verticals, namely 1) Cash
Pick-up and Delivery; 2) Network Currency Management;

3) Cash Processing; 4) Cash Vans /Cash in Transit and 5)
Other Value-Added Services

As on March 31, 2025, the Company serviced over 77,982
business touch points spread across 14,095 Pin Codes in India
compared to 69,934 touch points during the previous year.

The proportion of our direct client increased to 15% of our
revenues from 5.2% of last year. There was a healthy growth
of 40% in revenues from Cash Van Operations with significant
potential for further growth. The launch of Radiant Insta
Credit during the year, has been well received in the market
and opens up a much larger target market for our services.

Outlook:

The global economy displayed resilience, despite challenges
such as geopolitical tensions, trade disruptions, and supply
chain realignments. Global GDP grew by 3.3% during the
year, with emerging markets driving growth amidst subdued
expansion in advanced economies

Looking ahead, global GDP is projected to moderate to
2.8% in 2025. While inflation is expected to stabilise, risks
remain from commodity price volatility and geo-economic
fragmentation. Emerging economies are anticipated to lead
global growth, underpinned by resilient supply chains and
technological innovation.

India continued to be among the fastest-growing major
economies, recording a 6.5% GDP growth in FY 2024-25.
The country surpassed Japan to become the world's fourth-
largest economy by output. Stable inflation, supportive
monetary policy including repo rate reductions, and strong
domestic demand contributed to this performance.

Despite global uncertainties, India's economic outlook
remains optimistic, supported by continued capital
investment, robust consumption in Tier III and IV cities,
income tax relief measures, and a stable policy framework.
The Indian economy is expected to sustain its growth
trajectory, aided by strengthening fundamentals and
favourable demographics.

Further analysis of the Business and Financial Results are
given in the Management Discussion and Analysis section,
which forms part of the Annual Report.

Dividend:

During the year under review, a final dividend of H2.5/- per
share (250%) for the financial year 2023-24 was declared
at the 19^th Annual General Meeting held on 5^th September
2024, absorbing a sum of H266.77 million. The Final Dividend
was paid on September 18, 2024, to those shareholders
whose names appeared in the Register of Members as on
the record date i.e., August 29, 2024.

Your directors are pleased to recommend a final dividend
of H2.5/- per equity share on face value of H1/- each i.e.,
250%, for the financial year ended March 31, 2025. The final
dividend, if approved by the shareholders at the ensuing

Annual General Meeting of the Company, would involve
a cash outflow of H266.77 million and shall be payable to
those Shareholders whose names appear in the register of
Members as on the Record Date September 02,2025

The Dividend Distribution Policy, in terms of Regulation
43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations") is available on the
Company's website under the policies section at https://
radiantcashservices.com/corporate-governance/

Unclaimed Dividends and Transfers to Investor Education
and Protection Fund:

The details of unclaimed dividends in the Company are
provided in the Corporate Governance Report, which forms
part of this Annual Report. During the year, the Company
was not required to transfer any amount to the Investor
Education and Protection Fund under Section 125 of the Act.

Transfer to Reserves:

Your directors do not propose transferring any amount to
General Reserves.

Share Capital:

During the year under review, there were no changes in the
issued, subscribed and paid-up share capital of the Company.
The paid-up capital remains at H106.71 million comprising of
10,67,07,906 equity shares of H1 each.

Borrowings:

The Company has no long-term borrowings as on
March 31, 2025.

Fixed deposits:

During the year, the Company has not accepted any fixed
deposits, including from the public, and there was no amount
of principal or interest outstanding as of March 31, 2025.

Particulars of Loans, Guarantees or Investments under
section 186 of the Companies Act, 2013

The Loans, Guarantees and Investments covered under
Section 186 of the Companies Act, 2013 form part of the
Notes to the financial statements.

During the year under review, the company advanced
an Inter Corporate loan amounting to H 60 million to
M/s Radiant Protection Force Private Limited. The Balance
Loan outstanding from M/s Radiant Protection Force Private
Limited as on March 31,2025 is H50 Million. Further, the
Company provided Corporate Guarantees aggregating to
H128 million to financial institutions and banks, on behalf
of the subsidiary company, M/s Aceware Fintech Services
Private Limited, to secure its borrowings.

Particulars of Contracts or Arrangements with Related
Parties (referred to in subsection (1) of section 188 of the
Companies Act, 2013)

All the transactions with related parties were in the ordinary
course of the business and on arm's length basis and are
reported in the Notes to Financial Statements. The details of
materially significant related party transactions entered into by
the Company are disclosed in Form AOC-2 pursuant to Section
134(3) of the Act and enclosed as Annexure -2 to this report.

The Related Party Transaction Policy of the Company as
approved by the Board is available on the Company's website
and can be accessed under the policies section at https://
radiantcashservices.com/corporate-governance/

3. MATERIAL CHANGES AND COMMITMENTS
AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

There were no material changes or commitments affecting
the financial position of the Company between the end of FY
2024-25 and the date of this Report.

4. CHANGE IN THE NATURE OF BUSINESS

There has been no change in the nature of the Company's
business during the year.

5. SUBSIDIARY COMPANY JOINT VENTURES, AND
ASSOCIATE COMPANIES

The Company has one subsidiary as of financial year ended
March 31, 2025. Pursuant to the provisions of Section 129(3)
of the Companies Act, 2013 (Act) a statement containing the
salient features of financial statements of the Company's
subsidiary in Form No. AOC-1 is attached to this report as
Annexure - 1. The Company has formulated a Policy for
determining Material Subsidiaries in accordance with the
SEBI Regulations and the Policy is available on the website
of the Company under the policies section at https://
radiantcashservices.com/corporate-governance/

The Company does not have any Joint Venture / Associate
Company as on March 31, 2025.

6. ALTERATION OF MEMMORANDUM OF
ASSOCIATION AND ARTICLES OF ASSOCIATION

During the year under review, there was no change in the
Memorandum of Association and Articles of Association
of the Company. However, the Articles of Association was
amended by a Special Resolution passed by the shareholders
through a postal ballot on June 27, 2025, for deletion of
certain clauses pertaining to contractual rights previously
granted to investor shareholders.

7. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors,
to the best of knowledge and ability, confirm that:

i. In the preparation of the annual accounts, the
applicable accounting standards have been followed
and there are no material departures.

ii. They have selected such accounting policies and

applied them consistently and made judgments and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the
profit of the Company for that period.

iii. They have 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. They have prepared the annual accounts on a

Going Concern basis

v. They have laid down Internal Financial Controls to be
followed by the Company and such Internal Financial
Controls are adequate and operating effectively.

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

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Board Composition:

As on March 31, 2025, the Board comprises of six Directors
including two Executive Directors (Chairman & Managing
Director and Whole-Time Director), four Non-Executive
Directors, of which three are Independent Directors and one
Nominee Director.

During the year, two Women Directors Served on the Board
of the Company. The existing composition of the Company's
Board is fully in conformity with the applicable provisions
of the Companies Act, 2013 and Regulations 17 and 17A of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 with regard to independent directors,
women directors. There was no change in the composition
of the Board during the financial year 2024-25.

However, after the close of the financial year, Mr. A. P.
Vasanthakumar, Nominee Director, resigned and ceased
to be a Director of the Company with effect from April 25,
2025. Subsequently, Mr. Alexander David was appointed as
Whole-Time Director by the Board on May 23, 2025, and
his appointment was approved by the shareholders through
postal ballot on June 27, 2025.

Based on the written representations received from the
Directors, none of the above Directors are disqualified
under Section 164 (1) & (2) of the Act. During the year under
review, the Non-Executive Directors of the Company had no
pecuniary relationship or transactions with the Company,
other than sitting fees and reimbursement of expenses, if
any incurred by them for the purpose of attending meetings
of the Board/Committee of the Company.

Declaration of Independence:

Pursuant to the provisions of Section 149 of the Act, the
Independent Directors have submitted declarations that each
of them meets the criteria of independence as provided in
Section 149(6) of the Act along with Rules framed thereunder
and Regulation 16(1)(b) of the SEBI Listing Regulations.

Director Retiring by Rotation:

In accordance with Section 152 of the Act, Dr. Renuka David
(DIN: 02190575), Whole-Time Director, retires by rotation
and being eligible, offers herself for reappointment. The
Board of Directors recommend for her re-appointment and
the relevant resolution seeking shareholders' approval forms
part of the Notice of the ensuing Annual General Meeting.

Re-appointment of Independent Directors

In accordance with the provisions of Section 149 of the Act
and Regulations 17 and 25 of SEBI Listing Regulations Ms.
Jayanthi (DIN: 09295572), Lt. Gen. (Retd.) Devraj Anbu (DIN:
09295593) and Mr. Ashok Kumar Sarangi (DIN: 09041162)
were reappointed as Independent Directors of the Company
by the Members by a Special Resolution at the 19^th AGM of
the Company held on September 05, 2025, for a second term
for a period of three consecutive years.

Key Managerial Personnel:

As on March 31, 2025, the following persons have been
designated as the Key Managerial Personnel of the Company:

• Col. David Devasahayam - Chairman and
Managing Director

• Dr. Renuka David - Whole-time Director

• Mr. T. V. Venkataramanan - Chief Financial Officer

• Col. (Retd) Benz K. Jacob - Chief Operating Officer

• Mr. Karthik Sankaran - Chief Technology Officer,

• Mr. Cyrus Shroff - Chief Marketing Officer

• Mr. Nithin Tom - Company Secretary and Compliance
Officer

Code of Conduct:

The Board has laid down a "Code of Conduct" for all the Board
Members and the Senior Management of the Company and
the same has been posted on the website of the Company.

All Board members and Senior Management Personnel have
affirmed compliance with the Company's code of conduct
for the financial year 2024-25. A declaration to this effect is
included in the Corporate Governance Report forming part
of this Annual Report.

9. MEETINGS OF THE BOARD

During the year under review, five meetings of the Board
were held. The details of the meetings, including attendance
of Directors, are provided in the Corporate Governance
Report forming part of this Annual Report

10. COMPLIANCE WITH SECRETARIAL STANDARDS ON
BOARD AND GENERAL MEETINGS

The Company has complied with the applicable Secretarial
Standards issued by the Institute of Company Secretaries of
India, namely SS-1 (Meetings of the Board of Directors) and
SS-2 (General Meetings).

11. BOARD EVALUATION

Pursuant to the provisions of the Act and SEBI Listing Regulations,
the Board carried out an annual evaluation of its own performance,
performance of its Committees, individual Directors, and the
Chairperson. The evaluation was conducted through structured
questionnaires based on criteria recommended by SEBI and the
Nomination and Remuneration Committee.

The performance of the Board and the Committees
were evaluated on various aspects such as composition
and quality, meetings and procedures, contribution to
Board processes, effectiveness of the functions allocated,
relationship with management, professional development,
adequacy, accuracy and timeliness of information etc.

In a separate meeting of Independent Directors, the
performance of Non-Independent Directors, the Board as
a whole and the Chairman of the Company was evaluated,
taking into account the views of Executive Directors and
Non-Executive Directors. The Independent Directors also
assessed the quality, quantity and timeliness of the flow of
information between the Management and the Board.

The Board and the NRC reviewed the performance of
individual Directors on the basis of criteria such as the
contribution of the individual Director to the Board and
Committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and
inputs in meetings, etc. The Board completed the Board
evaluation process for FY 2024-25 and expressed their
satisfaction with the evaluation process.

12. FAMILIARIZATION PROGRAM FOR INDEPENDENT
DIRECTORS

The Company conducts structured familiarization
programmes for Independent Directors on their roles,
responsibilities, business operations and regulatory updates.
The above details are disclosed in the Corporate Governance
Report and on the Company's website.

13. COMMITTEES OF THE BOARD

The Board has constituted the following committees in
accordance with statutory requirements:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Stakeholders' Relationship Committee

d. Corporate Social Responsibility Committee

e. Risk Management Committee

Details regarding composition, terms of reference and
meeting attendance are provided in the Corporate
Governance Report.

14. POLICY ON APPOINTMENT, REMUNERATION AND
EVALUATION OF THE DIRECTORS, KEY MANAGERIAL
PERSONNEL AND SENIOR MANAGEMENT

The Nomination and Remuneration Policy, formulated in
accordance with Section 178 of the Act and SEBI Listing
Regulations, lays down the criteria for appointment and
remuneration of Directors, KMPs and Senior Management.
The policy is available under the policies section on the
website of the Company at: https://radiantcashservices.
com/corporate-governance/

15. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has adopted a Whistle Blower Policy and
established a Vigil Mechanism in compliance with Section
177(9) of the Companies Act, 2013 and Regulation 22 of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. This mechanism enables Directors and
employees to report concerns regarding unethical behavior,
actual or suspected fraud, or violation of the Company's
code of conduct, in a secure and confidential manner. The
policy provides adequate safeguards against victimization of
whistleblowers and ensures direct access to the Chairperson
of the Audit Committee. Details of the Whistle Blower Policy
are provided in the Corporate Governance Report, which
forms an integral part of this Annual Report, and are also
available under the policies section on the Company's website
at: https://radiantcashservices.com/corporate-eovernance/

16. CORPORATE SOCIAL RESPONSIBILITY ("CSR")

The Company is guided by a strong belief in giving back to
society and is committed to creating a meaningful and lasting
impact in the lives of the underprivileged. In furtherance
of this philosophy, the Company undertakes various
Corporate Social Responsibility (CSR) initiatives focused on
enhancing the well-being and development of marginalized
communities. All CSR activities, projects, and programs are
carried out in accordance with the provisions of Section 135
of the Companies Act, 2013 and the rules framed thereunder.

A brief outline of the Company's CSR Policy and the initiatives
undertaken during the year under review are detailed in the
CSR Report, annexed to this Report as Annexure - 5. The
CSR Policy, along with the Annual Action Plan, is available
under the policies section on the Company's website and
can be accessed at: https://radiantcashservices.com/
corporate-governance/

17. INTERNAL FINANCIAL CONTROL SYSTEMS AND
THEIR ADEQUACY

The Company has a robust internal control framework,
which includes comprehensive policies and procedures
designed to ensure the orderly and efficient conduct of its
operations. These controls are intended to safeguard assets,

prevent and detect frauds and errors, ensure the accuracy
and completeness of accounting records, and facilitate the
timely preparation of reliable financial disclosures. The
internal financial controls with reference to the financial
statements have been found to be adequate and operating
effectively, and are commensurate with the size, nature, and
complexity of the Company's business operations.

Further details are provided in the section titled "Internal
Control Systems and their Adequacy" in the Management
Discussion and Analysis section, which forms part of this
Integrated Annual Report.

18. RISK MANAGEMENT

The Board of Directors has constituted a Risk Management
Committee to oversee the implementation and monitoring of the
Risk Management framework and evaluating its effectiveness.
Details regarding the composition of the Committee, its terms
of reference, and meetings held during the year under review
are disclosed in the Corporate Governance Report.

19. AUDITORS

Statutory Auditor:

M/s ASA & Associates LLP, Chartered Accountants, Chennai
(Firm Registration No. 009571N/N500006), were appointed
as the Statutory Auditors of the Company for a term of five
consecutive years from the conclusion of the 16^th Annual
General Meeting (AGM) held on September 20, 2021, till the
conclusion of the 21^st AGM to be held in the calendar year
2026, in accordance with Section 139 of the Companies Act,
2013 read with the Companies (Audit and Auditors) Rules,
2014. The Auditor's Report for the financial year ended March
31, 2025 does not contain any qualification, reservation, or
adverse remark and forms part of the Financial Statements.

Secretarial Auditor:

Pursuant to Section 204 of the Companies Act, 2013, the
Board of Directors appointed M/s S Sandeep & Associates,
Practising Company Secretaries (FCS: 5853, CP: 5987) as
the Secretarial Auditor of the Company for FY 2024-25. The
Secretarial Audit Report, issued in Form MR-3, is enclosed
as Annexure - 3 to this Report and does not contain any
qualification, observation, or adverse remark.

Further, based on the recommendation of the Board at its
meeting held on August 05, 2025, it is proposed to re-appoint
M/s S Sandeep & Associates, Practicing Company Secretaries
(Firm Registration No. P2025TN103600) as Secretarial
Auditors of the Company for a term of five consecutive years
commencing from FY 2025-26 to FY 2029-30, subject to the
approval of the shareholders, in compliance with Section 204
of the Act and the applicable Listing Regulations.

Internal Auditors:

In terms of Section 138 of the Companies Act, 2013, the
Board of Directors appointed M/s Menon & Pai, Chartered
Accountants (FRN: 008025S), as the Internal Auditors of the
Company for the financial year 2024-25.

Reporting of Frauds by Auditors:

During the year under review, no fraud has been committed
by the officers and employees against your Company.
Considering that the Company is in the business of
Cash Management, there were few instances of cash
embezzlements. However, given the nature of the Company's
cash management business, there were certain instances of
cash embezzlements. During the year, 4 instances amounting
to H7.04 million were reported. Of this, H3.89 million has
been recovered and H3.15 million has been written off.

20. CONSOLIDATED FINANCIAL STATEMENTS:

In compliance with Section 129(3) of the Companies Act,
2013 and Regulation 34 of the SEBI Listing Regulations, the
Consolidated Financial Statements of the Company and its
subsidiaries for the financial year ended March 31, 2025,
prepared in accordance with applicable Indian Accounting
Standards (Ind AS), form part of this Annual Report.

21. MAINTENANCE OF COST RECORDS

The maintenance of cost records and requirement of cost
audit as specified under Section 148(1) of the Companies
Act, 2013 are not applicable to the Company for the
year under review.

22. CORPORATE GOVERNANCE REPORT

In accordance with Regulation 34 read with Schedule V of
the SEBI Listing Regulations, a detailed report on Corporate
Governance is provided as a separate section forming an
integral part of this Annual Report. A certificate from a
Practising Company Secretary confirming compliance with
the provisions of Corporate Governance is annexed to the
Corporate Governance Report.

23. MANAGEMENT DISCUSSION AND ANALYSIS

As required under Regulation 34 of the SEBI Listing
Regulations, the Management Discussion and Analysis
Report, highlighting the Company's business overview,
performance, industry trends, economic outlook, risks, and
other key developments during the financial year 2024-25,
forms an integral part of this Annual Report.

24. BUSINESS RESPONSIBILITY & SUSTAINABILITY
REPORT

Pursuant to Regulation 34(2)(f) of the SEBI Listing
Regulations, the Business Responsibility and Sustainability
Report for the year ended March 31, 2025 is enclosed to this
Annual Report .

25. PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES

In accordance with Section 197(12) of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, the
requisite disclosures are provided in Annexure - 4 to this
Report. As per the provisions of Section 136(1) of the Act, the
Board's Report is being sent to the shareholders excluding
the said statement. This statement is available for inspection
and shall be provided on request by any shareholder to:
investorrelations@radiantcashloeitics.com

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY
REGULATORS, COURTS OR TRIBUNALS

There were no significant or material orders passed by
any regulators, courts, or tribunals during the year under
review which would impact the going concern status of the
Company or its future operations.

27. PREVENTION OF SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE

The Company has adopted a policy on Prevention of
Sexual Harassment at the Workplace, in compliance with
the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013. The policy is available under the policies section on
the Company's website at: https://radiantcashservices.com/
corporate-governance/ .

An Internal Complaints Committee (ICC) has been duly
constituted to inquire into complaints pursuant to the
Section 4 of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition & Redressal) Act, 2013-
During the year under review, no complaints were received.

28. ANNUAL RETURN

In accordance with Sections 92(3) and 134(3)(a) of the
Companies Act, 2013, the draft Annual Return of the
Company for the financial year ended March 31, 2025, in
Form MGT-7, is available on the website of the Company and
can be accessed at: https://radiantcashservices.com

29. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNING
& OUTGO

The provisions of clause (m) of sub-section (3) of Section 134
of the Act, read with rule 8 (3) of The Companies (Accounts)
Rules, 2014 relating to conservation of energy and technology
absorption are not applicable to our Company.

During the financial year ended March 31, 2025, there
were no Foreign Currency Earnings. The Foreign Currency
Expenditure for the Company amounted to H 0.19 million.

30. PROCEEDINGS PENDING, IF ANY, UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016

During the financial year 2024-25, there were no applications
made or proceedings pending under the Insolvency and
Bankruptcy Code, 2016 against the Company.

31. THE DETAILS OF DIFFERENCE BETWEEN THE
AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONE TIME SETTLEMENT AND THE VALUATION
DONE WHILE TAKING LOAN FROM THE BANKS
OR FINANCIAL INSTITUTIONS ALONG WITH THE
REASONS THEREOF

There were no instances of one-time settlement during
the year under review, and accordingly, the requirement to
disclose the difference in valuation vis-a-vis bank loans is
not applicable.

32. FAILURE TO IMPLEMENT ANY CORPORATE ACTION

There were no instances during the year under review where
the Company failed to implement any corporate actions
within the specified timelines.

33. COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961

The Company has complied with the applicable provisions
relating to Maternity Benefit Act, 1961

34. ACKNOWLEDGEMENT

The Board of Directors expresses its sincere appreciation
for the continued support and cooperation extended by
the shareholders, customers, vendors, bankers, auditors,
regulatory authorities, business associates, and employees
at all levels. Their trust and commitment have been
integral to the Company's progress and success during the
financial year.

For and on behalf of the Board of Directors

Col. David Devasahayam

Place: Chennai Chairman and Managing Director

Date: August 05, 2025 DIN: 02154891