Your Directors hereby present their 34^th Annual Report and the Audited Accounts for the year
ended 31^st March, 2025.

OPERATIONS & STATE OF AFFAIRS OF THE COMPANY

During the current year of operation, the total revenue of the Company stood at Rs. 181.40 lacs as
compared to Rs. 45.01 lacs in the previous year. The Company has a profit of Rs. 167.11 lacs during
the year as compared to profit of Rs. 35.63 lacs in the previous financial year.

CHANGE IN NATURE OF BUSINESS

During the financial year 2024-25, Company has not changed its nature of business and continues
to carry on the same line of business activity.

DETAILS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

During the financial year, no Company became or ceased to be the Subsidiary, Joint Venture or
Associate Company.

DIVIDEND AND TRANSFER TO RESERVES

Your Directors do not recommend any dividend for the year 2024-25 and no amount has been
transferred to any Reserve during the year under consideration.

DEPOSIT

During the year under review, your Company has neither accepted nor renewed any deposits
within the meaning of Section 73 of the Companies Act, 2013.

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

There is no occurrence of material change and commitment made between the end of the financial
year and date of this report which has affected the financial position of the company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Companies Act, 2013 and Articles of Association, Mrs.
Mangala Rathod (DIN: 02170580), Whole-time Director of the Company retires by rotation and
being eligible, offers herself for re-appointment at the ensuing Annual General Meeting who is not
disqualified for being re-appointed in terms of Section 164 of the Companies Act, 2013.

The terms of office of Mrs. Mangala Rathod, as Whole-time Director of the Company expires on
13^th August, 2025. The Board of Directors on recommendation of Nomination and Remuneration
Committee recommends re-appointment of Mrs. Mangala Rathod as Whole-time Director of the
Company for a period of 3 years w.e.f. 14^th August, 2025.

Based on the recommendation of Nomination and Remuneration Committee ("NRC"), and in terms
of the provisions of the Act, Mr. Jaydeep Pandya (DIN: 07918780) was appointed as an Additional
and Non- Executive Independent Director of the Company by the Board, not liable to retire by
rotation, for a term of 5 years i.e. from 31^st July, 2025 to 30^th July, 2030, subject to approval of the
Members. As per the provisions of the Companies Act 2013, Mr. Jaydeep Pandya holds office till
the ensuing Annual General Meeting and being eligible, offers himself for appointment as Director.
The Board recommends his appointment as Independent Director.

At the Annual General Meeting of the Company held on 26^th August, 2024, the shareholders of the
Company regularized the appointment of Mr. Suhas Ashok Kadam (DIN: 10521378), who was
appointed as Additional Independent Director with effect from 28^th May, 2024. However, due to
some personal exigencies, Mr. Suhas Ashok Kadam tendered his resignation and ceased to be a
Non- Executive Independent Director of the Company with effect 31^st July, 2025.

During the year, there has been no other change in the composition of the Board of Directors or
Key Managerial Personnel of the Company.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declarations from both the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under the applicable
provision of section 149(6) of the Act.

ANNUAL RETURN

The Annual Return of the Company as on 31^st March, 2025 in Form MGT - 7 in accordance with
Section 92(3) of the Act read with Rule 12 of the Companies (Management and Administration)
Rules, 2014, is available on the website of the Company at
https://www.stellantsecurities.com/investors.php

MEETINGS

During the year, four meetings of the Board of Directors of the Company were convened and held.
The details of date of meetings and the attendance of each director at the Board Meetings and
Committees are annexed herewith as "Annexure - I". The intervening gap between the meetings
was within the period prescribed under the Companies Act, 2013 and the Secretarial Standard on
Board Meetings issued by ICSI.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of Directors, to
the best of their knowledge and ability, confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been
followed and that there were no material departures;

(ii) the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent, so as to give a true and fair view of
the state of affairs of the company at the end of the financial year and of the profit of the
Company for the period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

(iv) the directors have prepared the annual accounts on a going concern basis;

(v) the proper internal financial controls were in place and that the financial controls were
adequate and operating effectively;

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

CORPORATE SOCIAL RESPONSIBILITY

The provision of Section 135 pertaining to Corporate Social Responsibility is not applicable to the
Company for the financial year under consideration.

AUDIT COMMITTEE AND NOMINATION & REMUNARATION COMMITTEE

The Audit Committee of the Company is constituted in accordance with Section 177(2) of the
Companies Act, 2013. The composition of the Audit Committee is as follows:

POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION

Pursuant to Section 178(3) of the Companies Act, 2013, the nomination and remuneration policy of
the Company which lays down the criteria for determining qualifications, competencies, positive
attributes and independence for appointment of Directors and policies of the Company relating to
remuneration of Directors, KMP and other employees is available on the Company's website at
https://www.stellantsecurities.com/investors.php

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year, the Company has not given any loans or guarantee or provided any security to any
persons or body corporate or made any new investments within the meaning of Section 186 of the
Companies Act, 2013.

RELATED PARTY CONTRACTS

During the year, Company has not entered into any transaction referred to in sub-section (1) of
section 188 of the Companies Act, 2013 read with Rule 15 of the Companies (Meetings of Board
and its powers) Rules, 2014 with related parties.

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

The information relating to energy conservation, technology absorption and research &
development pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is as follows:

A. Conservation of Energy:

i.Steps taken or impact on conservation of energy: Since the Company is not carrying out any
manufacturing activities, it is not energy intensive. Adequate measures have been taken to
conserve the energy utilized.

ii. Steps taken by the Company for utilizing alternate sources of energy: The Company has not
utilized any alternate source of energy during the year.

iii. Capital investment on energy conservation equipments: NIL

B. Technology absorption:

i. Efforts made towards technology absorption: NIL

ii. Benefits derived like product improvement, cost reduction, product development or import
substitution: Nil

iii. Imported technology (imported during the last three years reckoned from the beginning of
the financial year):

a) Details of technology imported - No technology was imported.

b) Year of import - Not Applicable

c) Whether the technology been fully absorbed- Not Applicable

d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof -
Not Applicable

iv. Expenditure incurred on Research and Development - Not Applicable

C. Foreign Exchange earnings and outgo:

During the year, there have been no foreign exchange earnings or outgo.

RISK MANAGEMENT

Your company has been regularly assessing the risk and ensures that the risk mitigation plans are in
place.

FORMAL ANNUAL EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors, Board,
Committees and other individual Directors which include criteria for performance evaluation of the
non-executive directors and executive directors.

On the basis of the Policy for performance evaluation of Independent Directors, Board, Committees
and other individual Directors, a process of evaluation was followed by the Board for its own
performance and that of its Committees and individual Directors.

At a separate meeting of independent Directors, performance of non-independent directors,
performance of the Board as a whole and performance of the Chairman was evaluated, taking into
account the views of executive directors and non-executive directors.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by the Regulators/Courts that would impact the
going concern status of the Company and its future operations.

INTERNAL FINANCIAL CONTROL

Your Company has Internal Control system to ensure an effective internal control environment that
provides assurance on the efficiency of conducting business, including adherence to the Company's
policies, the safe guarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of Accounting records and the timely preparation of reliable financial
disclosures.

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

Your Directors state that during the year under review, there were no cases reported pursuant to
the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act, 2013.
The details as required under Rule 8(5)(x) of the Companies Accounts Rules, 2014 are as under:

DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961

The provisions of the Maternity Benefit Act, 1961 are not applicable to the Company during the
year.

ESTABLISHMENT OF VIGIL MECHANISM

The Company has a Vigil Mechanism to deal with the instances of fraud and mismanagement, if
any. The Vigil Mechanism Policy had been recommended by the Audit Committee and thereafter
app,mgtroved and adopted by the Board of Directors of the Company. The vigil mechanism is
available on the Company's website at http://www.stellantsecurities.com/investors.php.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to
remuneration and other details are appended as 'Annexure - II' to the Directors' Report.

None of the employees of the Company employed throughout the year were in receipt of
remuneration in excess of the limits set out in Rule 5(2) of the said rules.

AUDITORS
Statutory Auditors

At the Company's 31^st Annual General Meeting held on 29^th September, 2022, M/s. R.K. Khandelwal
& Co., Chartered Accountants (Firm registration No. 105054W), were re-appointed as Company's

Statutory Auditors to hold office till the conclusion of the 36^th Annual General Meeting to be held
for the financial year ended 31^st March, 2027, covering second term of five consecutive years.

Pursuant to Sections 139 and 141 of the Act read with the Companies (Audit and Auditors) Rules
2014, the Statutory Auditors have furnished a certificate of their eligibility and consent as the
Auditors of the Company.

Secretarial Auditor

In compliance with Regulation 24A of the SEBI Listing Regulations and Section 204 of the Act, the
Board at its meeting held on 31^st July, 2025, based on recommendation of the Audit Committee,
has approved the appointment of M/s. Ashish O. Lalpuria & Co, Practising Company Secretaries, a
peer reviewed firm (FCS No. 9381, CP No. 11155) as Secretarial Auditors of the Company for a term
of five consecutive years commencing from FY 2025-26 till FY 2029-30, subject to approval of the
Members at the ensuing AGM.

The Board had appointed M/s. Jayshree A. Lalpuria & Co., Practising Company Secretaries, to
conduct Secretarial Audit for the financial year 2024-25. The Secretarial Audit Report for the
financial year ended 31^st March, 2025 is annexed herewith as "Annexure - III".

AUDITOR'S REPORT

The Auditor's Report for the financial year ended 31^st March, 2025 does not contain any
qualification, reservation or adverse remark or disclaimer of the Auditor.

Reporting of fraud by the Auditor under Section 143(12) of the Companies Act, 2013

The Board of Directors states that M/s. R.K. Khandelwal & Co., Chartered Accountants, Statutory
Auditors have not reported of any fraud involving any amount committed by the Company to the
Central Government, Audit Committee or to the Board of Directors of the Company.

SECRETARIAL AUDITOR'S REPORT

As regards qualifications/remarks of the Secretarial Auditor in her report, the Directors wish to
clarify that due to financial constraints, the Company could not give newspaper advertisement for
Audited (yearly) and Un-audited (quarterly) Financial Results as required under Regulation 47 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

The Company has now started publishing the said advertisement in newspaper as required under
Regulation 47 of SEBI Listing Regulations.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report as required under Regulation 34(2) of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
provided in "Annexure - IV" and forms a part of the Annual Report.

OTHER DISCLOSURES

a. No application has been made under the Insolvency and Bankruptcy Code; hence the
requirement to disclose the details of application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at
the end of the financial year is not applicable; and

b. The requirement to disclose the details of difference between amount of the valuation done at
the time of onetime settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof, is not applicable.

ACKNOWLEDGEMENT:

Your directors would like to place on record their gratitude for the continuous support and co¬
operation received from the bankers, creditors and Government authorities. The Directors place
on record their appreciation of the contribution made by the employees and the management.

FOR AND ON BEHALF OF THE BOARD,
STELLANT SECURITIES (INDIA) LTD.

(Bhavesh Bafna) (Mangala Rathod)

Place: Mumbai Director Whole Time Director

Dated: 31^st July, 2025 DIN: 02402307 DIN: 02170580