డైరెక్టర్ల నివేదిక Trejhara Solutions Ltd.

The Board of Directors are pleased to present the 09^th Annual Report of Trejhara Solutions Limited ("the Company"
or "Trejhara") together with the audited financial statements for the financial year ended March 31, 2026.

1. FINANCIAL SUMMARY AND HIGHLIGHTS

The Company''s financial performance (standalone and consolidated) for the financial year ended March 31,
2026 is summarized below:

• Consolidated Revenue from Operations increased by 22.89% to E 14,224.86 lakhs from E 11,575.39 lakhs in
the previous financial year.

• During the year under review, the Company''s EBITDA improved to E781.51 lakhs, registering a healthy
growth of 8.19% over the previous year''s E722.37 lakhs, driven by improved operating efficiencies and
business momentum.

• Profit After Tax (PAT) more than doubled to E 867.07 lakhs, compared to E 424.09 lakhs in the previous year,
representing an impressive growth of 104.46%.

• The strong financial performance underscores the Company''s continued focus on operational excellence,
prudent cost management, and sustainable value creation for all stakeholders.

2. TRANSFER TO RESERVES

The profit after tax based on standalone financial
statements for the year ended March 31, 2026, was
INR 1,502.09 lakhs and the same was transferred to
the Retained Earnings.

3. DIVIDEND

During the year, the Company successfully
completed the merger and integration process
and remains focused on pursuing strategic growth
opportunities. Considering the Company''s future
capital requirements for potential acquisitions
and business expansion, the Board considers it
prudent not to recommend any dividend for the
financial year ended March 31, 2026.

4. STATE OF COMPANY''S AFFAIRS AND FUTURE
OUTLOOK

During the financial year 2025-26, the Company
significantly fortified its position as an end-to-end
logistics solutions provider, seamlessly backed
by enterprise grade, technology enabled supply
chain management software. The Company
driven by its commitment to operational
excellence and disciplined market expansion, it
focused on scaling its core transport and freight
capabilities while simultaneously advancing its
proprietary digital architecture.

A significant milestone during the year was the
successful implementation of the Scheme of
Amalgamation between LP Logistics Plus Chemical
SCM Private Limited (Transferor Company) and

Trejhara Solutions Limited (Transferee Company).
Sanctioned by the Hon''ble National Company Law
Tribunal (NCLT), Mumbai Bench, vide its order dated
October 14, 2025, the Scheme formally became
effective on October 16, 2025, with an Appointed
Date of April 1, 2024. This strategic integration
represents a transformative step in the Company''s
growth journey by consolidating complementary
businesses under a unified structure, enabling
greater operational efficiencies and optimized
resource utilization.

In line with its long-term growth strategy,
the Company also expanded its presence in
synergistic business verticals such as online
marketing, event management, and exhibition-
related services, that naturally align with and
leverage its core logistics capabilities. In relation
to this the Company incorporated a subsidiary
G S Marketing Associates Private Limited for
strengthening its footprint in the trade fairs and
exhibitions industry, thereby complementing its
core logistics and supply chain business.

Further accelerating its international footprint,
the Company completed the acquisition of LP
Logistics Plus LLC, Dubai, converting it into a wholly
owned subsidiary. This strategic cross-border
transaction significantly deepens the Company''s
presence across key Middle Eastern trade corridors
by leveraging an established infrastructure, long¬
standing enterprise client relationships, and
proven on-ground operational capabilities. The
seamless integration of LP Logistics'' extensive
transport, warehousing, freight forwarding, and
distribution networks elevates the Company''s
overall service delivery.

Investing for the Future

The Company continues to strengthen its
position as an integrated logistics and event
solutions provider by leveraging its diversified
service portfolio, pan-India operational footprint,
and deep domain expertise in logistics, trade
fairs, exhibitions, and allied services. As the
logistics and exhibition ecosystem continues
to evolve, the Company is well positioned to
capitalize on emerging opportunities arising from
increasing domestic consumption, infrastructure
development, supply chain transformation, and
the growing demand for professionally managed
exhibitions and business events.

With a resilient business model and a strong focus
on governance, sustainability, and stakeholder
engagement, our vision remains committed to
delivering sustainable and profitable growth while
creating long term value for its shareholders and
all other stakeholders.

5. SHARE CAPITAL

AUTHORISED SHARE CAPITAL:

Pursuant to the Scheme of Amalgamation between
LP Logistics Plus Chemical SCM Private Limited and
the Company, the authorised share capital of
the Company was increased from 515,50,00,000
to 520,50,00,000 divided into 2,05,00,000 equity
shares of 510 each by adding the authorised share
capital of the transferor company. Thereafter, the
authorised share capital was further increased
to 525,00,00,000 divided into 2,50,00,000 equity
shares of 510 each to facilitate the allotment of
equity shares under the Scheme.

Subsequently, following the approval of the
members at the Extra-Ordinary General Meeting
held on December 03, 2025, the authorized share
capital of the Company as on the date of this
Report is 5 35,00,00,000 divided into 3,50,00,000
equity shares of 5 10 /- each.

PAID-UP SHARE CAPITAL:

During the year under review, the Company
allotted 6,11,112 equity shares and 68,97,000
convertible warrants to the identified persons on
preferential basis.

Accordingly, the paid-up equity share capital of the
Company stands increased from '' 23,50,56,420/-
to '' 24,11,67,540/- (Rupees Twenty-Four Crores
Eleven Lakhs Sixty-Seven Thousand Five Hundred
and Forty Only) divided into 2,41,16,754 (Two Crore
Forty-One Lakhs Sixteen Thousand Seven Hundred
and Fifty-Four) fully paid-up equity shares having
a face value of '' 10/- each.

6. EMPLOYEE STOCK PURCHASE SCHEME

The Company has adopted the Trejhara Solutions
Limited - Employee Stock Purchase Scheme,
2026 ("TSL ESPS 2026" or the "Scheme") with the
objective of attracting, motivating and retaining
key talent by aligning the interests of employees
with the long-term performance and growth of
the Company. The Scheme is intended to foster
a stronger sense of ownership and participation
among eligible employees and enable them to
share in the Company''s long-term value creation.
By providing eligible employees an opportunity
to acquire equity shares of the Company, the
Scheme seeks to create a greater sense of
ownership and reinforce a culture of accountability
and performance.

The Scheme will be administered through an
ESPS Trust and will operate under the overall
supervision and guidance of the Nomination and
Remuneration Committee ("NRC"), subject to the
approval of members through Postal ballot dated
July 17, 2026.

The NRC will be responsible for overseeing the
implementation of the Scheme and determining,
in accordance with the Scheme and applicable
laws and regulations, matters including the
eligibility of employees, the number of shares to
be offered, the applicable vesting and offer period,
pricing and other terms and conditions governing
the Scheme.

7. SUBSIDIARIES

As on March 31, 2026, the Company has 02
(Two) Indian Subsidiaries and 03 (Three) Foreign
Subsidiaries (including step down subsidiaries).
During the year under review, the following changes
took place in the Company''s subsidiary structure:

• Incorporation: G S Marketing Associates
Private Limited was incorporated as a
subsidiary of the Company with effect from
January 21, 2026.

• Acquisition: Pursuant to the acquisition of
LP Logistics Plus LLC, Dubai, the said entity
became a wholly owned subsidiary of the
Company with effect from March 23, 2026,
being the date of completion of acquisition.

The provisions of Regulations 24 and 24A of SEBI
Listing Regulations, with reference to subsidiaries
were duly complied with, to the extent applicable.
Further, the provisions of Section 129(3) of the Act
read with the Companies (Accounts) Rules, 2014
and in accordance with applicable accounting
standards, a statement containing the salient
features of financial statements of the Company''s
Subsidiaries and Associate Company in Form No.
AOC-1 is annexed as "Annexure 4" to this Report.

I n accordance with the provisions of Section 136
of the Act and the amendments thereto, and
the Listing Regulations, the audited financial
statements including the consolidated financial
statements of the Company and annual accounts
of the subsidiaries are available on the website of
the Company at www.trejhara.com.

Pursuant to the provisions of Regulation 16(c)
of the SEBI Listing Regulations, the Board has
approved and adopted a Policy for determining
Material Subsidiary. The said policy is available on
the website of the Company at Trejharal Material
Subsidiaries Policy.

8. ACQUISITIONS

In alignment with the Company''s overarching vision to drive sustainable shareholder value, optimize
operational efficiencies, and expand its global market footprint, the following strategic acquisitions were
successfully executed during the financial year under review:

1. The Company acquired LP Logistic Plus LLC for a total consideration of USD 12.5 million, comprising USD 9.5 million of fixed consideration,
which was paid during FY2026, and USD 3 million of deferred consideration, payable upon achievement of predefined performance
targets over a period of three years.

2. The Company through its subsidiary acquired the trade fairs and exhibition business undertaking of G S Marketing Associates.

9. ANNUAL RETURN AND STATUTORY REPORTS

• ANNUAL RETURN

Pursuant to the provisions of Section 92(3)
& 134(3)(a) of the Act read with Rule 12(l)
of the Companies (Management and
Administration) Rules, 2014 (as amended
from time to time), the Annual Return of the
Company in the prescribed e-Form MGT-7 for
the FY 2025-26 will be available on the website
of the Company at Trejhara l Investors.

• MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

In compliance with Regulation 34 of the
SEBI Listing Regulations, a separate section
on Management Discussion and Analysis
(''MDA'') Report, which includes details on the

state of affairs of the Company, forms part of
Annual Report.

• CORPORATE GOVERNANCE REPORT

In compliance with Regulation 34(3) read with
Schedule V of the SEBI Listing Regulations,
this Annual Report incorporates a dedicated
section on Corporate Governance Report. The
report provides a comprehensive overview
of the Company''s governance framework,
policies, and practices adopted to ensure
transparency, accountability, and ethical
business conduct. Further, the requisite
certificate from Mr. Harshvardhan Tarkas,
Practicing Company Secretary, confirming
the compliance with the conditions of
corporate governance has been included in
the said Report.

10. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company believes that while driving the
growth and success of our business remains a key
priority, our broader mission can only be realised
through a deep commitment to the communities
in which we operate. Our CSR approach is driven
by a commitment to create long-term value for
society, while upholding the highest standards of
responsible business conduct.

In order to fulfil this purpose, the Company has
constituted a Board-level CSR Committee, which
recommends the budget for funding various
charitable activities and contributions to be made
to various initiatives. In line with the provisions of
Section 135 of the Companies Act, 2013, ("the Act")
the Company has adopted a comprehensive
CSR Policy that outlines the focus areas and
activities to be undertaken. The CSR Policy is
designed to contribute meaningfully towards
sustainable economic development and to
create a positive impact on society at large, while
fostering a responsible and profitable future for
all stakeholders. The CSR Policy is available on the
Company''s website.

During the year under review, the Company''s
total CSR expenditure amounted to '' 17 lakhs. The
Company continued to implement CSR initiatives
in line with its defined focus areas in healthcare
and medical support. In collaboration with Akhand
Jyoti, a super specialty eye hospital governed by
Yugrishi Shriram Sharma Acharya Charitable Trust,
the Company supported 267 cataract surgeries in
remote areas of Bihar and facilitated in providing
advanced medical equipment to strengthen eye
care facilities of the hospital. The Company also
extended financial support towards rehabilitation,
prosthetic and orthotic services organized by The
Society for the Rehabilitation of Crippled Children
(SRCC) aimed at improving the quality of life and
development of children with disabilities.

The disclosures, as required under the Companies
(Corporate Social Responsibility Policy) Rules, 2014,
has been enclosed to this Report as "Annexure 1".

11. INTERNAL FINANCIAL CONTROL SYSTEM &
THEIR ADEQUACY

The Company has an internal control system
which commensurate with the size, scale and
nature of its operations. The Internal Audit
Team monitors and evaluates the efficacy
and adequacy of internal control system in
the Company, its compliance with operating
systems, accounting procedures and policies of
the Company. The Audit Committee of the Board
also plays an important role in overseeing the

adequacy and effectiveness of the Company''s
internal control framework and risk management
systems. The Committee reviews the control
environment on a quarterly basis, evaluates key
observations and recommendations arising from
internal audits, and provides guidance to the
management for continuous strengthening of
internal controls, governance practices and risk
mitigation measures.

12. DIRECTOR''S RESPONSIBILITY STATEMENT

I n terms of the provisions of Section 134(5) of the
Act, the Board the Directors, to the best of their
knowledge and ability, confirms that:

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

ii. they have selected such accounting policies
and have 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
March 31, 2026 and of the profit and loss 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
Companies Act, 2013, 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 proper internal financial
controls to be followed by the Company
and that such internal financial controls are
adequate and were operating effectively; and

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.

Based on the framework of internal financial
controls maintained by the Company, the work
performed by the internal and statutory auditors
and other external consultants, including the
audit of internal financial controls over financial
reporting by the statutory auditors, and the
reviews carried out by the Management and the
Audit Committee, the Board is of the opinion that
the Company''s internal financial controls were
adequate and operating effectively during FY
2025-26.

13. BOARD OF DIRECTORS AND KEY MANAGERIAL
PERSONNEL (KMP)

As on March 31, 2026, the Company has six
Directors comprising of one Executive Director and
five Non-Executive Directors, out of which three
are Independent Directors including a woman
independent director. Further, the details
pertaining to the composition and other details
of the Board of Directors of the Company and the
meetings thereof held during the Financial Year
2025-26 are given in the Report on Corporate
Governance forming part of this Annual Report.

In accordance with the provisions of Sections
2(51) and 203 of the Act read with the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 the following are the Key
Managerial Personnel of the Company:

• Re-appointment on account of retirement
by rotation

I n terms of Section 152 (6) of the Companies
Act, 2013, Mr. Snehal Pandit (DIN: 08910308),
Non-Executive and Non-Independent Director,
is liable to retire by rotation and being eligible
offers himself for re-appointment.

The Notice also provides detailed information
regarding the proposal related to his re¬
appointment, along with the requisite
disclosures mandated by the Act and SEBI
Listing Regulations.

14. PERFORMANCE EVALUATION

The performance of Non-Executive Directors
was evaluated based on their participation in
Board and Committee meetings, contribution
to deliberations, and discharge of their duties. In
addition to these parameters, the Independent
Directors were also evaluated on the independence
of their judgment, strategic guidance, professional
competence, continuous updation of knowledge,
and commitment to fairness, integrity and good
corporate governance.

The evaluation of the Board was carried
out covering various aspects of the Board
functioning including board composition and
diversity, experience and domain expertise,
effectiveness in strategic oversight, participation
and engagement in meetings, independence of
judgment, and overall governance practices. The

performance of the Committees was evaluated
based on their effectiveness in discharging the
functions and responsibilities, adequacy of their
independence from the Board, the extent to which
their recommendations contributed to the Board''s
decision-making process, and their overall
performance during the year.

A detailed discussion on evaluation outcomes
was carried at the respective meetings of the
Nomination and Remuneration Committee and
Board of Directors. The Directors of the Company
also expressed their satisfaction towards the
process followed by the Company for evaluating
the performance of the Directors, Board as a whole.

15. FAMILIARISATION PROGRAMME FOR
INDEPENDENT DIRECTORS

In accordance with the SEBI Listing Regulations,
the Company conducts familiarisation
programmes for its Independent Directors to
provide insights into the Company, their roles,
rights, and responsibilities, as well as the nature
of the industry in which the Company operates
its business model. The Independent Directors are
regularly briefed during meetings of the Board
and its Committees on the Company''s strategy,
operations, key business activities, and emerging
issues in the logistics sector.

The details of the familiarisation programme
for Independent Directors are disclosed on the
website of the Company at:Familiarisation-
Programme-for-Independent-Directors.pdf

16. DECLARATION OF INDEPENDENCE

Pursuant to the provisions of Section 149(7) of the
the Act and Regulation 25(8) of the SEBI Listing
Regulations, all Independent Directors have
furnished the requisite declarations confirming
that they satisfy the criteria of independence
prescribed under Section 149(6) of the Act and
Regulation 16(1)(b) of the SEBI Listing Regulations.
They have also confirmed that they are not aware
of any circumstances or situations that could
reasonably be expected to impair or influence
their ability to discharge their duties with objective
and independent judgment.

The Independent Directors have further confirmed
their inclusion in the Independent Directors''
Databank maintained by the Indian Institute
of Corporate Affairs ("IICA") and have either
successfully completed the online proficiency
self-assessment test or are exempt from the
requirement in accordance with Section 150
of the Act read with Rule 6 of the Companies
(Appointment and Qualifications of Directors)
Rules, 2014.

Based on the declarations received and
after due assessment of their qualifications,
experience, expertise, integrity, and proficiency,
the Board is of the opinion that all the Independent
Directors possess the requisite knowledge, skills,
experience, and high standards of integrity
required to effectively discharge their duties and
responsibilities. The Board is further satisfied that,
the Independent Directors continue to fulfil the
conditions of independence as prescribed under
the Act and the Listing Regulations and remain
independent of the management.

The terms and conditions of appointment of
the Independent Directors are in accordance
with the provisions of Schedule IV to the Act
and are available on the Company''s website at
www.trejhara.com.

The Board also confirms that none of the Directors
is disqualified from being appointed or continuing
as a Director under the provisions of Section 164
of the Act. Further, none of the Directors has been
debarred or disqualified by the Securities and
Exchange Board of India ("SEBI"), the Ministry of
Corporate Affairs ("MCA"), or any other statutory
or regulatory authority from holding the office
of Director. A certificate in this regard, issued
by Harshvardhan Tarkas, Practicing Company
Secretaries, forms part of the Corporate
Governance Report annexed to this Annual Report.

17. BOARD''S COMMITTEES

The Board has constituted Committees, including
statutory committees as required under applicable
laws and regulations, to facilitate effective
discharge of its responsibilities on key areas of
governance, risk management and operations.

The Committees include (a) Audit Committee,
(b) Stakeholders'' Relationship Committee, (c)
Nomination and Remuneration Committee and
(d) Corporate Social Responsibility Committee.
Each Committee has its own roles, responsibilities,
scope, and powers as set out in their respective
terms of reference.

The Committees play a critical role in strengthening
governance standards, enhancing transparency
and accountability, and enabling informed
decision-making across key functional areas.

18. MEETINGS OF BOARD AND ITS COMMITTEES

The meetings of Board of Directors and the Audit
Committee are scheduled every quarter to
approve the quarterly financials of the Company
and deliberate on strategic outlook and key
policies. In certain special circumstances, the
meetings of the Board are called at shorter notice
to deliberate on business items which require
urgent attention of the Board. All the meetings of
the Board and statutory Committees of the Board

are conducted in compliance with applicable
laws, regulatory requirements and the respective
terms of reference. Detailed disclosures pertaining
to the composition of Board and its Committees, as
well as their terms of reference and key functions,
number of meetings held, and attendance of
Directors are set out in the Corporate Governance
Report, forming part of this Annual Report.

19. TRANSFER TO INVESTOR EDUCATION AND
PROTECTION FUND

No amount or shares were required to be
transferred to the Investor Education and
Protection Fund during the financial year.

20. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has established the necessary
vigil mechanism system and has put in place
a Whistle Blower policy in order to enable the
employees, Directors & Managers of the Company
to report their concerns about the management,
operations and other affairs of the Company. The
Audit Committee oversees the implementation
and effectiveness of the Vigil Mechanism and
Whistle Blower Policy. No person has been denied
access to the Audit Committee to report violation
of the applicable laws, regulations and code of
conduct. This policy is available on the website of
the Company at www.trejhara.com.

In accordance with the Policy, employees of
the Company can make protected disclosures
to the Compliance Officer and/or any other
written communication by sending it to the
Registered Office of the Company or via email
to [email protected] or by oral
means of communication.

21. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186 OF THE ACT

Pursuant to Section 186 of the Companies Act, 2013,
the details of loans given, guarantees provided,
and investments made by the Company during
the year are disclosed in Note 5 & Note 35 to the
standalone financial statements, which form an
integral part of this Annual Report.

22. PARTICLUARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES

The Company has formulated a policy on Related
Party Transactions in accordance with the
provisions of Sections 177 and 188 of the Act and
Rules made thereunder read with Regulation 23
of the SEBI Listing Regulations, and the same is
available on the website of your Company at
www.trejhara.com. The policy is intended to ensure
that proper reporting, approval and disclosure
processes are in place for all transactions between
the Company and its related parties.

All contracts, arrangements or transactions
entered into during the year with related parties
were on arm''s length basis, in the ordinary
course of business, and in compliance with the
applicable provisions of the Act and the SEBI
Listing Regulations. All RPT''s entered into during
the financial year were placed before the Audit
Committee for prior approval. The Company has
obtained the omnibus approvals for transactions
of a repetitive nature and those undertaken in the
ordinary course of business, in accordance with
the applicable regulatory framework. None of the
contract, arrangement or transaction with any of
the related parties was in conflict with the interest
of the Company.

Except those transactions for which specific
approval was obtained, all other transactions
with related parties during the year were on arm''s
length basis and in the ordinary course of business,
the disclosure of related party transactions as
required under Section 134(3)(h) of the Act in Form
AOC-2 is applicable for FY26 and is available in
Annexure 5.

Details of related party transactions entered into
by the Company, in terms of Ind AS-24 have been
disclosed in the notes to the standalone and
consolidated financial statements, forming part
of this Report.

23. PUBLIC DEPOSITS

During the year, the Company has neither invited
nor accepted any deposits from the public in
terms of the provisions of Section 73 of the Act
and the Companies (Acceptance of Deposits)
Rules, 2014. Consequently, there are no amount on
account of principal or interest on deposits from
the public was outstanding as on March 31, 2026.

24. AUDITORS AND THEIR REPORTING
> STATUTORY AUDITORS

PursuanttotheprovisionsoftheCompaniesAct
2013 and rules made thereunder, M/s. Chokshi
& Chokshi LLP, Chartered Accountants (Firm
Registration No. 101872W/W100045) were
appointed as the Statutory Auditors of the
Company for the term of four (4) consecutive
years, by the members at the 08^th AGM held
on December 29, 2025. The Statutory Auditors
have audited the financial statements for the
financial year ended March 31, 2026 and have
issued unmodified opinion on the same. The
Audit Report for the said financial year does
not contain any qualification, reservation,
adverse remark, or disclaimer in their audit
report. The disclosure relating to the audit
fees paid to Statutory Auditors during the year
under review is provided in the Notes to the

Financial Statements which is an integral part
of this Annual Report.

> SECRETARIAL AUDIT AND ANNUAL SECRETARIAL
COMPLAINCE REPORT

Pursuant to the provisions of Section
204(1) of the Act, read with Rule 9 of the
Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and
Regulation 24A of the SEBI Listing Regulations,
Mr. Harshvardhan Tarkas, Practicing Company
Secretary (CP. No: 24169) having (Peer Review
Certificate No. 5745/2024) was appointed as
the Secretarial Auditor of the Company for
a term of five (5) consecutive years, by the
Members at the 08^th AGM held on December
29, 2025.

The Secretarial Audit Report in Form MR-3 for
the financial year ended March 31, 2026 is
enclosed as Annexure 2 and forms a part of
this Report.

The Secretarial Auditor has also undertaken
an audit for the FY 2025-26 to verify adherence
to the applicable regulations, circulars, and
guidelines issued under the SEBI Act. The
Annual Secretarial Compliance Report issued
by the Secretarial Auditor has been submitted
to the Stock Exchanges within the prescribed
timeline of sixty (60) days from the end of the
financial year.

> INTERNAL AUDITOR

In terms of Section 138 of the Companies Act,
2013 read with the Companies (Accounts)
Rules, 2014, M/s. D. Kothary & Co., Chartered
Accountants (FRN: 105335W), has been
appointed as the Internal Auditor of the
Company for financial year 2025-26.

> DETAILS IN RESPECT OF FRAUDS REPORTED BY
AUDITORS

During the year under review, no instances
of fraud committed against the Company,
by its officers or employees were reported
by the Statutory Auditors and Secretarial
Auditor, under Section 143(12) of the Act, to the
Audit Committee or the Board of Directors of
the Company.

25. PARTICLUARS OF EMPLOYEES

In compliance with 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, the disclosure required
relating to employee particulars, are provided
in Annexure 3, which forms an integral part of
this Report.

However, in terms of Section 136 of the Act, the
Board''s Report is being sent to the members of the
Company excluding the statement of particulars
of top ten employees, as prescribed under Section
197(12) of the Act, read with Rule 5(2) & 5(3) of the
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. None of the
employees mentioned in the Annexure are related
to any Director of the Company. In terms of Section
136, the said annexure is open for inspection. Any
Member interested in obtaining a copy of the
same may write to the Company Secretary at
[email protected].

26. ENERGY CONSERVATION, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO

In terms of section 134(3)(m) of the Act, read
with rule 8 of the Chapter IX of the Companies
(Accounts) Rules, 2014, the Directors furnish herein
below the required additional information:

> Conservation of Energy:

Although the operations of the Company
are not energy intensive, the management
is highly conscious of the criticality of the
conservation of energy at all operational
levels. The requirement of disclosure of
particulars with respect to conservation of
energy as prescribed in Section 134(3)(m) of
the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014, is not applicable to the
Company and hence are not provided.

> Technology Absorption:

The Company continues to adopt latest
technologies and innovations for improving
the productivity and quality of its products
and service offerings. The Company is also
partnering with major technology providers in
global markets.

> Foreign Exchange Earnings and Outgo:

The details of foreign exchange earned and
spent by the Company during the year are
given below

Foreign Exchange Earnings and Outgo:

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

The Company is committed in maintaining safe
and healthy work environment and also ensuring
the compliance with Sexual Harassment of

Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, (''POSH Act''), have adopted
''Policy on Prevention of Sexual Harassment at
Workplace to ensure safe and secure working
environment and to deal with the complaints
relating to sexual harassment at workplace. Apart
from Company''s workforce, the Policy gives shelter
to contract workers, probationers, temporary
employees, trainees, apprentices and any person
visiting the Company.

The Company has constituted Internal Complaints
Committees (''ICC''s) in full compliance with the
provisions relating to the constitution of such
Committees under the POSH Act, for the effective
prevention, prohibition and redressal of complaints
relating to sexual harassment.

The Company conducts regular awareness
programmes through both internal and
external platforms to foster a safe, inclusive, and
respectful workplace. These initiatives are aimed
at sensitizing employees on the prevention of
sexual harassment, promoting gender equality
and diversity, and reinforcing the Company''s
commitment to maintaining a work environment
that is free from discrimination, harassment and
any form of inappropriate conduct.

During the financial year, no complaints were
filed / pending with the Company under POSH
Act. Further, in accordance with the applicable
provisions of Section 21 of the Prevention of Sexual
Harassment of Women at Workplace Act, 2013,
read with Rule 14 of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Rules, 2013, the requisite Annual Report
has been submitted to the concerned authority.

28. DISCLOSURE WITH RESPECT TO MATERNITY
BENEFIT ACT, 1961

The Company has complied with the provisions
of the Maternity Benefit Act, 1961, including all
applicable amendments and rules framed
thereunder. The Company is committed to ensuring
a safe, inclusive, and supportive workplace for
women employees. All eligible women employees
are provided with maternity benefits as prescribed
under the Maternity Benefit Act, 1961, including paid
maternity leave, nursing breaks, and protection
from dismissal during maternity leave. The
Company further ensures that no discrimination is
made in recruitment or service conditions on the
grounds of maternity. Necessary internal systems
and HR policies are in place to uphold the spirit
and letter of the legislation.

29. SIGNIFICANT AND MATERIAL ORDERS PASSED
BY THE REGULATORS OR COURTS

During the year, there were no significant and
material orders passed by any Regulators/Courts
which could impact the going concern status of
the Company and its future operations.

30. COST RECORDS

The maintenance of cost records and requirement
of cost audit as prescribed under the provisions of
Section 148(1) of the Act read with the Companies
(Cost Records and Audit) Rules, 2014 are not
applicable for the business activities of the
Company for the financial year 2025-26.

31. CREDIT RATING

During the year, the Company did not obtain any
credit rating.

32. MATERIAL CHANGES & COMMITMENTS

There were no material changes or commitments
affecting the financial position of the Company
between the end of the financial year and the
date of the report.

33. PROCEEDING OR SETTLEMENT UNDER
INSOLVENCY AND BANKRUPTCY CODE

During the year, the Company was not subjected
to any proceedings under the Insolvency and
Bankruptcy Code, 2016, nor are there any such
proceedings pending as on the date of this report.

34. ONE TIME SETTLEMENT AND RELATED
VALUATION

During the year under review, the Company was
not required to undertake any valuation or one¬
time settlement, as prescribed under Section 134
of the Act, read with Rule 8(5) of the Companies
(Accounts) Rules, 2014.

35. DISCLAIMER AND FORWARD-LOOKING
STATEMENTS

The statements in the Board''s Report and the
Management Discussion & Analysis describing the
Company''s objectives, expectations or forecasts
may be forward-looking within the meaning
of applicable securities laws and regulations.
Actual results may differ materially from those
expressed in the statement. Important factors
that could influence the Company''s operations
include global and domestic demand and supply,
input costs, availability, changes in government
regulations, tax laws, economic developments
within the country and other factors such as
litigation and industrial relations.

36. AFFIRMATIONS ON COMPLIANCE OF
SECRETARIAL STANDARDS

The Company hereby affirms that during the year
under review, the Company has complied with all
the applicable Secretarial standards i.e. SS-1 and
SS-2, relating to ''Meetings of the Board of Directors''
and ''General Meetings'' respectively (including any
modifications or amendments thereto) issued by
the Institute of Company Secretaries of India.

37. ACKNOWLEDGEMENTS

The Board wishes to place on record its
appreciation for the assistance, co-operation and
encouragement extended to the Company by the
its shareholders, customers, business partners,
financial institutions, bankers, vendors and other
stakeholders. The Directors take this opportunity
to place on record their warm appreciation for the
valuable contribution, untiring efforts and spirit of
dedication demonstrated by the employees and
officers at all levels, in ensuring an excellent all¬
around operational performance. We applaud
them for their superior levels of competence,
solidarity, and commitment to the Company. The
Directors would also like to thank the shareholders
for their wholehearted support and contribution.
We look forward to their continued support in future.

For and on behalf of the Board of Directors

Sd/-
Amit Sheth

Chairman & Whole Time Director

Place : Navi Mumbai
Date : August 04, 2026

Registered Office:

Unit No. 601, Sigma IT Park,

Plot No. R-203, R-204, T.T.C. Industrial Estate,

Rabale, Navi Mumbai -400701.

The Directors of Trejhara Solutions Limited ("the Company" or "Trejhara") are pleased to present this Eighth Annual Report of the Company, together with its Audited Financial Statements for the year ended March 31, 2025 ("financial year").

1. FINANCIAL SUMMARY AND HIGHLIGHTS

The highlights of the Consolidated and Standalone Financial Statements are detailed hereunder.

The Company''s performance for the financial year ended March 31, 2025 as compared to the previous financial year ended March 31, 2024 is summarized below:

2. MATERIAL CHANGES & COMMITMENTS

During the financial year, a petition was filed with the Hon''ble National Company Law Tribunal, Mumbai Bench (NCLT) seeking approval for the Scheme of Amalgamation ("the Scheme") between LP Logistics Plus Chemical SCM Private Limited ("Transferor Company") and Trejhara Solutions Limited ("Transferee Company") and their respective shareholders and creditors. The NCLT vide its Order dated October 14, 2025 ("Order") has approved the Scheme and upon filing of the Order with the Registrar of Companies vide Form INC-28 and subsequent approval thereof, the Scheme has become effective on October 16, 2025 ("Effective Date"). The Appointed Date as per the Scheme was April 01, 2024 and therefore, the Financial Statements have been prepared after giving full effect of the Accounting Treatment envisaged under the Scheme. The Scheme has resulted in significant financial impacts including consolidation of assets and liabilities of the Transferor Company into the financial statements of the Company, restatement of the previous financial figures to reflect the accounting treatment as per the approved Scheme, and consequential changes in the authorized share capital structure.

Further, the Company had also sought extension of time, from the Ministry of Corporate Affairs, Mumbai, for holding the eighth annual general meeting (AGM) in order to enable the publishing of the Financial Statements after giving effect of the Scheme and accordingly, the Company has been allowed an extension of additional three months to hold the AGM.

Except for the above, there were no other material changes or commitments affecting the financial

position of the Company between the end of the financial year and the date of this Report. There has also been no change in the nature of business of the Company during the financial year 2024-25.

3. TRANSFER TO RESERVES

The profit after tax based on standalone financial statements for the year ended 31^st March 2025, was E 390 lakhs and the same was transferred to the Retained Earnings.

4. DIVIDEND

The Company is currently undergoing transformation. Having completed the merger and initiated a series of proposed acquisitions and expansion initiatives, the Board believes it is prudent to conserve financial resources to support these growth priorities. Accordingly, no dividend has been recommended for the financial year.

5. STATE OF COMPANY''S AFFAIRS

The Financial Year 2024-25 was a defining and transformative period for Trejhara. While the Company continued to deliver a strong performance as a trusted provider of innovative, IP-driven supply chain software solutions, the core narrative of the year was the successful Scheme of Amalgamation. This performance underscores the accelerating global demand for digital transformation in supply chain management, where efficiency, visibility, and agility have become critical differentiators, and Trejhara''s consistent investments in product innovation continue to position it as a preferred technology partner.

Pursuant to the Scheme, the Company has prepared its financial statements for the financial year ended March 31, 2025 (FY 202425) after effecting the impact of amalgamation. This consolidation has resulted in a significant and positive uplift in the Company''s scale and profitability.

The successful amalgamation has opened a fresh pathway for future growth. which not only deepens market reach but also diversifies revenue streams and unlocks substantial operational synergies, creating a more resilient and scalable business model. As we look ahead, the merged Company is focused on expanding its global footprint and strengthening its position within the logistics and supply chain sector. With a well-defined strategic roadmap and a strengthened operational platform Trejhara is well-positioned to deliver sustainable long-term growth, operational excellence, and enhanced value for all stakeholders.

6. SHARE CAPITAL

During the financial year, there was no change in the share capital.

However, pursuant to approval of the Scheme of Amalgamation, the Board at its meeting held on November 05, 2025 approved allotment of 89,89,344 equity shares of face value '' 10/- (Rupees Ten only) each to the shareholders holding shares of LP Logistics Plus Chemical SCM Private Limited (''Transferor Company'') in the ratio of 2 (Two) fully paid-up equity shares of the Company having a face value of '' 10/- (Rupees Ten only) each for every 1 (One) fully paid-up equity share of '' 10/- (Rupees Ten only) each held in the Transferor Company.

Accordingly, currently the paid-up equity share capital of the Company stands increased to Rs. 23,50,56,420/- (Rupees Twenty-Three Crores Fifty Lakhs Fifty-Six Thousand Four Hundred and Twenty Only) divided into 2,35,05,642 (Two Crore Thirty-Five Lakhs Five Thousand Six Hundred and Forty-Two) fully paid-up equity shares having a face value of Rs. 10/- each.

7. SUBSIDIARIES

As on March 31, 2025, the Company had 01 (One) Indian Subsidiary and 02 (Two) Foreign Subsidiaries (including step-down subsidiaries). The provisions of Regulations 24 and 24A of SEBI Listing Regulations, with reference to subsidiaries were duly complied with, to the extent applicable.

Pursuant to the provisions of Section 129(3) of the Act read with the Companies (Accounts)

Rules, 2014 and in accordance with applicable accounting standards, a statement containing the salient features of financial statements of the Company''s Subsidiaries and Associate Companies in Form No. AOC-1 is annexed as "Annexure 4" to this Report.

I n accordance with the provisions of Section 136 of the Act and the amendments thereto, and the Listing Regulations, the Audited Financial Statements, including the Consolidated Financial Statements and related information of the Company and financial statements of your Company''s Subsidiaries have been placed on the website of your Company viz www.trejhara. com.

8. ANNUAL RETURN

Pursuant to the provisions of Section 92(3) & 134(3) (a) of the Act read with Rule 12(l) of the Companies (Management and Administration) Rules, 2014 (as amended from time to time), the Annual Return of the Company in the prescribed e-Form MGT-7 for the FY 2024-25 will be available on the website of the Company at www.trejhara.com.

9. CORPORATE GOVERNANCE

The Company remains committed to upholding the highest standards of corporate governance and ethical business conduct. This commitment is embedded in our Code of Conduct, the charters of the Board and its Committees, and a comprehensive framework of internal policies that collectively reinforce transparency, accountability, and integrity across all functions. Our approach extends beyond statutory compliance with corporate governance requirements; we are dedicated to fostering a robust governance culture that strengthens decision-making, protects stakeholder interests, and supports the long-term strategic objectives of the Company.

The report on corporate governance as per the requirements of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the LODR"), forms part of this Annual Report. Further, the requisite certificate from Mr. Harshvardhan Tarkas, Practicing Company Secretary, confirming the compliance with the conditions of corporate governance has been included in the said Report.

10. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 (2) (e) of the SEBI Listing Regulations

has been covered in a separate section forming part of this Annual Report.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company believes that Corporate Social Responsibility goes beyond a statutory obligation or a contribution towards sustainable economic development. It is an inherent commitment to progress hand-in-hand with society, striving to enhance lives in a manner that fosters inclusive growth, benefits the community at large, and creates long-term value for both business and development.

The Company has constituted a Board-level CSR Committee, which recommends the budget for funding various charitable activities and contributions to be made to various initiatives. During FY 2024-25, the Company''s total CSR expenditure amounted to E 20 lakhs. In line with the provisions of Section 135 of the Companies Act, 2013, the Company has adopted a comprehensive CSR Policy that outlines the focus areas and activities to be undertaken. The CSR Policy is designed to contribute meaningfully towards sustainable economic development and to create a positive impact on society at large, while fostering a responsible and profitable future for all stakeholders. The CSR Policy is available on the Company''s website at www.trejhara.com.

During the financial year, the Company has contributed E 20 lakhs (Rupees Twenty Lakhs only) to Rotary Club, Powai based in Mumbai (Maharashtra) having registration no. CSR00006930 for providing education, welfare of society, women empowerment, health related activities as per provisions of Sec. 135 of the Act.

The disclosures, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014, has been enclosed to this Report as "Annexure 1".

12. INTERNAL FINANCIAL CONTROL SYSTEM & THEIR ADEQACY

The Company has an internal control system which commensurate with the size, scale and nature of its operations. The Internal Audit Team monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.

13. DIRECTOR''S RESPONSIBILITY STATEMENT

I n terms of the provisions of Section 134(5) of the Act, the Board the Directors, to the best of their knowledge and ability, confirms that:

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

ii. they have selected such accounting policies and have 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 31^st March, 2025 and of the profit and loss 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 Companies Act, 2013, 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 that such internal financial controls are adequate and operating effectively; and

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.

Based on the framework of internal financial controls maintained by the Company, the work performed by the internal and statutory auditors and other external consultants, including the audit of internal financial controls over financial reporting by the statutory auditors, and the reviews carried out by the Management and the Audit Committee, the Board is of the opinion that the Company''s internal financial controls were adequate and operating effectively during FY 2024-25.

14. DIRECTOR''S/KEY managerial personnel (kmp)

As on March 31, 2025, the Company has six Directors comprising of one (01) Executive Director and five (05) Non-Executive Directors, out of which three are Independent Directors including a woman independent director. Further, the details pertaining to the composition and other details of the Board of Directors of the Company and the meetings thereof held during the Financial Year 2024-25 are given in the Report on Corporate Governance forming part of this Annual Report.

16. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

In accordance with the Listing Regulations, the Company conducts familiarisation programmes for its Independent Directors to provide insights into the Company, their roles, rights, and responsibilities, as well as the nature of the industry in which the Company operates and its business model. The Independent Directors are regularly briefed during meetings of the Board and its Committees on the Company''s strategy, operations, key business activities, and emerging issues.

The details of the familiarisation programme for Independent Directors form part of the Corporate Governance Report.

17. 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. There has been no change in the circumstances affecting their status as independent directors of the Company.

None of the Directors of the Company are disqualified under the provisions of the Act or under the LODR. All Independent Directors have provided confirmations as contemplated under section 149(7) of the Act.

18. MEETINGS

The Board met 04 (Four) times during the financial year. The details of meetings of the Board & Committees have been provided under the Corporate Governance Report, which forms part of this Annual Report.

19. COMMITTEES

As on 31^st March,2025, the Board has following committees applicable under the Act/LODR:

i) Audit Committee;

ii) Nomination and Remuneration/

Compensation Committee;

iii) Stakeholder Relationship/Investor Grievance and Share Transfer Committee; and

iv) Corporate Social Responsibility Committee.

A detailed note in relation to these committees, including composition, terms of reference, number of committee meetings and other details are provided in Corporate Governance Report.

20. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

There were no unpaid or unclaimed dividends, which was required to be transferred to the Investor Education and Protection Fund (lEPF) established by the Central Government during the financial year.

21. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has established the necessary vigil mechanism system and has put in place a Whistle Blower policy in order to enable the employees, Directors & Managers of the Company to report their concerns about the management, operations and other affairs of the Company. In terms of the Whistle Blower Policy, the whistle blowers are provided an access to the Audit Committee to lodge their concerns. This policy is available on the website of the Company at www.trejhara.com

In accordance with the Policy, employees of the Company can make protected disclosures to the Compliance Officer and/or any other written communication by sending it to the Registered Office of the Company or via email to investor@ trejhara.com or oral means of communication

22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT

Pursuant to Section 186 of the Companies Act, 2013, the details of loans given, guarantees provided, and investments made by the Company during the year are disclosed in Note 37 to the standalone financial statements, which form an integral part of this Annual Report.

23. PARTICLUARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions entered into during the financial year were in the ordinary course of business and on an arm''s length basis. All such transactions were reviewed and approved by the Audit Committee in line with applicable provisions. The details of material related party transaction entered during the year under review is available in "Annexure 5".

The Related Party Transactions Policy, as approved by the Board, is available on the Company''s website at www.trejhara.com. The details of related party transactions as required under the applicable accounting standards are disclosed in the notes to the standalone financial statements forming part of this Annual Report.

24. PUBLIC DEPOSITS

During the year, the Company has neither invited

nor accepted any public deposits.

25. AUDITORS AND THEIR REPORTING

> STATUTORY AUDITORS

During the financial year, M/s. Bansi Khandelwal & Co., Chartered Accountants (Firm Registration No. 145850W), resigned as the Statutory Auditors of the Company due to below reason reproduced from his resignation letter: "The recent changes in my internal segments and the limitation of the audit team in the audit process and due to staff constraints, it will not be possible for me to continue as statutory auditor of the Company."

In order to fill the resulting casual vacancy, the Board of Directors appointed M/s. Chokshi & Chokshi LLP, Chartered Accountants (Firm Registration No. 101872W/W100045), as the Statutory Auditors of the Company and the same was also approved by the Members through postal ballot on December 23, 2024 to hold office till the conclusion of the forthcoming annual general meeting.

The Statutory Auditors of the Company have stated in their report that, during the course of Audit no fraud on or by the Company has been noticed or reported.

> SECRETARIAL AUDIT

Pursuant to the requirements of Section 204(1) of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Mr. Harshvardhan Tarkas, Company Secretary in Practice to conduct the Secretarial Audit for the financial year. The Report of the Secretarial Audit in the form MR -3 is annexed herewith as "Annexure 2".

In accordance with the amended Regulation 24A of the Listing Regulations, the Board based on the recommendation of the Audit Committee, has approved the appointment of Mr. Harshvardhan Tarkas, Company Secretary in Practice for conducting Secretarial Audit of the Company for a period of 5 years w.e.f. Financial Year 202526 to Financial Year 2029-30, subject to the approval of the Shareholders of the Company at the ensuing Annual General Meeting of the Company.

In respect of observations made out in the Secretarial Audit Report, it is informed, as under:

The related party transactions were reviewed and were in conformity with the omnibus approvals granted by the Audit Committee. However, it is observed that, in certain instances, multiple transactions with the same related party—although approved separately by the Audit Committee are, in aggregate, exceed the prescribed materiality thresholds as defined under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"). It is recommended that the Company evaluate the applicability of the materiality provisions under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and ensure full compliance with the relevant regulatory requirements.

Explanation:

The individual transactions were approved by the Audit Committee however, with regard to the aggregate value, legal opinion is being sought and if necessary approval will be sought from the shareholders.

26. PARTICLUARS OF EMPLOYEES

I n terms of the provisions of Section 197(12) of the Act read with the Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules is provided in a separate annexure forming part of this Report. Having regard to the provision of the first proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the Members of the Company. In terms of Section 136, the said annexure is open for inspection. Any Member interested in obtaining a copy of the same may write to the Company Secretary at [email protected].

The disclosures pertaining to the remuneration and other details as required under section 197(12) of the Act read with Rule 5(1) of the of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, have been provided in the Annual Report as "Annexure 3".

27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In terms of section 134(3)(m) of the Act, read with rule 8 of the Chapter IX of the Companies (Accounts) Rules, 2014, the Directors furnish herein

below the required additional information:

> Conservation of Energy:

Although the operations of the Company are not energy intensive, the management is highly conscious of the criticality of the conservation of energy at all operational levels. The requirement of disclosure of particulars with respect to conservation of energy as prescribed in Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is not applicable to the Company and hence are not provided.

> Technology Absorption:

The Company continues to adopt latest technologies and innovations for improving the productivity and quality of its products and service offerings. The Company is also partnering with major technology providers in global markets.

> Foreign Exchange Earnings and Outgo:

The details of foreign exchange earned and spent by the Company during the year are given below:

Foreign Exchange Earnings and Outgo:

(^ in lakhs)

For the year For the year

Particulars ended ended

31 March, 2025 31 March, 2024

a) Foreign 3,089.97 3,013.89

Exchange

Earnings

b) Foreign 1,845.82 1,475.53

Exchange

Outgo

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

The Company has in place necessary policy as required under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee (ICC) under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review, the Company has not received any complaints under the policy.

29. DISCLSOURE WITH RESPECT TO MATERNITY BENEFIT ACT, 1961

The Company has complied with the provisions of the Maternity Benefit Act, 1961, including all applicable amendments and rules framed thereunder. The Company is committed to ensuring a safe, inclusive, and supportive workplace for women employees. All eligible women employees are provided with maternity benefits as prescribed under the Maternity Benefit Act, 1961, including paid maternity leave, nursing breaks, and protection from dismissal during maternity leave. The Company further ensures that no discrimination is made in recruitment or service conditions on the grounds of maternity. Necessary internal systems and HR policies are in place to uphold the spirit and letter of the legislation.

30. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

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

31. COST RECORDS

The Company is not required to maintain cost records specified by Central Government under section 148(1) of the Act.

32. DISCLAIMER AND FORWARD-LOOKING STATEMENT

The statements in the Board''s Report and the Management Discussion & Analysis describing the Company''s objectives, expectations or forecasts may be forward-looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company''s operations include global and domestic demand and supply, input costs, availability, changes in government regulations, tax laws, economic developments within the country and other factors such as litigation and industrial relations.

33. AFFIRMATIONS ON COMPLIANCE OF SECRETARIAL STANDARDS

The Company hereby affirms that during the year under review, the Company has complied with all the applicable Secretarial standards i.e. SS-1 and SS-2, relating to ''Meetings of the Board of Directors'' and ''General Meetings'' respectively (including any modifications or amendments thereto) issued by the Institute of Company Secretaries of India.

34. ACKNOWLEDGEMENTS

The Board wishes to place on record its appreciation for the assistance, co-operation and encouragement extended to the Company by the its shareholders, customers, business partners, financial institutions, bankers, vendors and other stakeholders. The Directors take this opportunity to place on record their warm appreciation for the valuable contribution, untiring efforts and spirit of dedication demonstrated by the employees and officers at all levels, in ensuring an excellent all-around operational performance. We applaud them for their superior levels of competence, solidarity, and commitment to the Company. The Directors would also like to thank the shareholders for their wholehearted support and contribution. We look forward to their continued support in future.

The Directors of Trejhara Solutions Limited ("your company" or "the Company" or Trejhara) are pleased to present this Seventh Annual Report of the Company, together with its Audited Financial statements for the year ended 31^st March, 2024 ("financial year under review").

1. FINANCIAL SUMMARY AND HIGHLIGHTS

The highlights of the Consolidated and Standalone Financial Statements are detailed hereunder.

The Company''s financial performance for the financial year ended 31^st March 2024 as compared to the previous financial year ended 31^st March 2023 is summarized below:

The Highlights of the Consolidated and Standalone Financial Results are as under:

2. MATERIAL CHANGES & COMMITMENTS

There are no material changes or commitments affecting the financial position of the Company between the end of the financial year and the date of the report and there was no change in company''s nature of business during the F.Y. 2023-24.

3. DIVIDEND AND RESERVES

The Board has not recommended any dividend for the F.Y. 2023-24.

4. STATE OF COMPANY''S AFFAIRS

As of 31^st March, 2024, the Consolidated revenue of the company for the year ended 31^st March, 2024 stood at '' 2,284.69 lakhs showing the positive uptick on the revenue side. The Company continues its efforts to build robust IP based solutions and with increased momentum towards digitization. The Company provided supply chain software solutions to a diverse customer base providing its cutting edge software services to customers located in 20 countries worldwide. Your Company is continuously striving for growth opportunities in the supply chain management sector by establishing valuable partnerships with leading players in the segment.

During the last year, the company re-assessed its business strategies and as a part of this, the Company decided to divest one of its business arm and hive of its non performing foreign subsidiary located in Bahrain. This decision was taken to realign the business strategies in the logistics and supply chain management segment due to which, the company also announced the merger with one of the leading logistics company having its operations in India and abroad.

The structure and status of the divestment transaction including the update on merger application can be traced below:

• During the last year, the company successfully completed the divestiture of the Interactive Communication Business unit (Interact DX) to Aurionpro Solutions Limited at an all-cash deal valued at a composite consideration of '' 140 crores, encompassing both the Indian and Singaporean operations of the business.

The sale of the business received the approval of shareholders on 29^th September, 2023, followed by the formal execution of the Business Transfer Agreement (BTA) on 30^th September, 2023. In alignment with Ind AS 103 "Business

6. SUBSIDIARIES

As on 31^st March, 2024, the Company had One (01) Indian Subsidiary and One (01) Foreign Subsidiary.

The provisions of Regulations 24 and 24A of SEBI Listing Regulations, with reference to Subsidiaries were duly complied with, to the extent applicable.

The information as required under the first provision to sub-section (3) of Section 129 is given in Form AOC-1 in Annexure 4.

7. ANNUAL RETURN

The Annual Return of the Company as on 31^st March, 2024 in Form MGT - 7 in accordance with Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014, would be available on the website of the Company at www.trejhara.com.

8. CORPORATE GOVERNANCE

The Report on corporate governance as per the requirements of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the LODR"), forms part of this Annual Report. Further, the requisite certificate from M/s. Yogesh D. Dabholkar & Co, Practicing Company Secretaries, confirming the compliance with the conditions of corporate governance has been included in the said Report.

9. MANAGEMENT DISCUSSION AND ANALYSIS (MDA)

Management Discussion and Analysis for the year under review, as required under Regulation 34 (2) (e) of the LODR has been covered in a separate section forming part of this Annual Report.

10. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company believes that the Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with local community and society at large, to improve their lives in ways that are good for business and for development.

The CSR Committee of the board overseas the implementation of CSR Projects in line with CSR Policy. The CSR Policy of the Company is available on the website of the Company at www.trejhara.com

During the year under review, the Company has contributed '' 20 lakhs (Twenty lakhs) to Saamarthya Foundation, based in Ahmedabad (Gujarat)

having registration no. CSR00064539 for providing education, welfare of society, women empowerment, health related activities as per provisions of Sec. 135 of the Act.

The Board has re-constituted a CSR committee post retirement of Ms. Kalpana Sah which comprises of following members:

Ms. Chetana Dasare - Chairperson

Mr. Amit Sheth - Member

Mr. Paresh Zaveri - Member

The CSR Committee, inter alia determines/ recommends the budget for funding various charitable activities and the recommends the contributions to be made to various initiatives.

The disclosures, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014, has been enclosed to this Report as "Annexure 1".

11. INTERNAL CONTROL SYSTEM & THEIR ADEQUACY

The Company has an internal control system which commensurate with the size, scale and nature of its operations. The Internal Audit team monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.

12. DIRECTOR''S RESPONSIBILITY STATEMENT

Based on the work performed by the auditors and consultants including the reviews performed by the Management of the Company, the Board is of the opinion that internal financial controls were adequate during the financial year 2023-2024.

In terms of the provisions of Section 134(3)(c) of the Act, the Board confirms that:

i. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

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 31^st march, 2024 and of the profit and loss of the company for that period;

iii. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv. The directors had prepared the annual accounts on a going concern basis;

v. The directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

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

13. DIRECTOR''S/KEY managerial personnel (kmp)

As on 31^st March, 2024, the Company has six

Directors comprising of one Executive Director and

5 Non-Executive Directors, out of which three are

Independent Directors including a woman director.

• Appointment/ Retirement

Ms. Kalpana Shah (DIN: 05177661), who served as an Independent Director, retired from her position effective 27^th August, 2023. In order to comply with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, ("SEBI LODR"), a listed entity shall have at-least one Woman Independent Director and half of the Board should comprise of Independent Directors. In accordance with these requirements, the Board, in their meeting held on 12^th December, 2023, appointed Ms. Chetana Dasare (DIN: 09788754) as an Additional Non-Executive Independent Director, effective from 12^th December, 2023. Ms. Dasare''s appointment was approved and regularized by the shareholders under Section 152 of the Companies Act, 2013, as confirmed by the results of the postal ballot dated 06^th March,2024.

In the opinion of the Board, Ms. Chetna Dasare, Independent Director fulfills the criteria of independence, integrity, expertise and has required experience as provided under the Act, Rules made thereunder, read with the Listing Regulations and are independent of the management.

• Re-appointment of Mr. Amit Sheth (DIN: 00122623) as a Whole Time Director of the company

Mr. Amit Sheth was appointed as Whole Time Director of the Company for a period of Five years effective from 20^th December, 2018. Mr. Amit Sheth is a promoter director on the Board of the Company. Keeping in view his long association with the Company, his expertise, qualifications and experience, as also the increased responsibilities on account of various expansion plans undertaken by the Company and its subsidiaries, the Board of Directors on the recommendations of Nomination and Remuneration Committee, has approved and recommend re-appointment of Mr. Amit Sheth for a further term of Three years with effect from 20^th December, 2023 and same approved by the shareholders of the company via postal ballot on 6^th March, 2024.

• Re-appointment on account of retirement by rotation

In terms of Section 152 (6) of the Companies Act, 2013 and as per Article 34 (l) of the Articles of Association of the Company, one third of the Directors other than Independent Directors are liable to retire by rotation at the Annual General Meeting of the Company. Mr. Snehal Pandit, Non-Executive Non Independent Director, (DIN: 0891030), is liable to retire by rotation and offers himself for re-appointment.

The information as required to be disclosed under regulation 36 of the LODR and brief profile of director in case of re-appointment of director is incorporated in explanatory statement of AGM Notice forming part of the Annual Report.

• Key Managerial Person

Mr. Nilesh Kharche had resigned from his position as the Company Secretary and Compliance Officer of the Company and he was relieved from his duties effective from 7^th July, 2023. Mr. Shardul Inamdar was appointed as the Company Secretary and Compliance Officer of the Company at the board meeting held on 10^th August,2023 for filling in the vacancy.

Pursuant to the provisions of Section 203 of the Act, as on the date of this report, the Key Managerial Personnel of the Company comprised of Mr. Amit Sheth, Chairman and

Whole Time Director, Mr. Vimal Garachh, Chief Financial Officer and Mr. Shardul Inamdar, Company Secretary.

14. PERFORMANCE EVALUATION

The Company''s policy relating to the appointment and remuneration of Directors, KMPs and other employees including criteria for determining qualifications, positive attributes and independence of Directors are covered under the Corporate Governance Report which forms part of this Annual Report. The Board of Directors annually evaluates its own performance and that of its committees and Individual Directors.

The Board has formulated the Nomination and Remuneration Policy for selection and appointment of Directors, senior management personnel and their remunerations.

15. 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. There has been no change in the circumstances affecting their status as independent directors of the Company.

None of the directors of the Company is disqualified under the provisions of the Act or under the LODR. All Independent Directors have provided confirmations as contemplated under section 149(7) of the Act.

16. MEETINGS

During the year under review, the Board met seven times. For details of meetings of the Board, please refer to the Corporate Governance Report, which is part of this report.

17. COMMITTEES

As on the date of this report, the Board has following committees applicable under the Act/LODR:

i) Audit Committee;

ii) Nomination and Remuneration/Compensation Committee;

iii) Stakeholder Relationship/Investor Grievance and Share Transfer Committee; and

iv) Corporate Social Responsibility Committee.

The detailed information in relation to these committees, including composition and the terms

of reference and other details are provided in Corporate Governance Report.

18. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has established the necessary vigil mechanism and has put in place a Whistle Blower policy in order to enable the employees and Directors of the Company to report their concerns about the management, operations and other affairs of the Company. In terms of the Whistle Blower Policy, the whistle blowers are provided an access to the Audit Committee to lodge their concerns. This policy is available on the website of the Company at www.trejhara.com.

19. RISK MANAGEMENT POLICY

The Company has formulated a comprehensive Risk Management Policy to identify, assess and mitigate various risks associated with the Company. The detailed section on business risks and opportunities forms part of Management Discussion and Analysis Report, which forms part of the Annual Report.

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT

The details of loans, guarantees and investments, covered under the provisions of Section 186 of the Act, are given under the note no. 37 to the standalone financial statements forming part of this annual report.

21. PARTICLUARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

In compliance with the provisions concerning related party transactions as prescribed under SEBI (Listing obligations and disclosures requirements) Regulations 2015, The Companies Act 2013 and other applicable provision, the board of directors and Audit committee has formulated a policy which provides framework for regulating the transactions between Trejhara and the related parties and group companies. The policy called ''TSL- Policy on Related Party Transaction''s is available on the website of the company (www.trejhara.com ). This policy puts emphasis on the governance, transparency & reporting as their critical elements for regulating the related party transactions.

It is confirmed that

a) All the transactions with related parties, during FY 24, were in conformity with the ''TSL- Policy on Related Party Transactions'' and were approved by the Audit committee and the Board of Directors in the manner prescribed under the Policy.

b) The Audit committee had granted omnibus approved for certain related party transactions of repetitive in nature, at the beginning of FY 24. The details of such transactions were placed before the Audit committee on quarterly basis.

c) The Audit committee has laid down the criteria for determining material related party transactions. The details of all material related party transactions are available in Form AOC-2 forming the part of this Annual Report (Annexure 5).

The details of transactions entered into with the related parties are disclosed in the note no. 42 to the stand-alone financial statements forming part of this Annual Report.

22. PUBLIC DEPOSITS

During the year, the Company has neither invited nor accepted any public deposits.

23. AUDITORS AND THEIR REPORTING

M/s. Bansi Khandelwal & Co, Chartered Accountants (Firm Registration No. 14580W) were appointed as Statutory Auditors of the Company for a period of four years at the Fourth Annual General Meeting ("AGM") held on 24^th September, 2021 to hold office till the conclusion of Eighth AGM.

Further, in terms of the Regulation 33(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ''Listing Regulations''), the Statutory Auditors of your Company are subjected to the Peer Review Process of the Institute of Chartered Accountants of India (ICAI). M/s. Bansi Khandelwal & Co, Chartered Accountants have confirmed that they hold a valid certificate issued by the ''Peer Review Board'' of ICAI and have provided a copy of the said certificate to your Company for reference and records. (No qualifications, adverse remarks by stat auditors)

The Statutory Auditors of the Company has stated in their report that, during the course of Audit no fraud on or by the Company has been noticed or reported.

24. SECRETARIAL AUDIT

Pursuant to the requirements of Section 204(1) of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. Yogesh D. Dabholkar & Co, Company Secretary, Company Secretary in Practice to conduct the Secretarial Audit for the financial year under review. The Report of the Secretarial Audit in the form MR -3 is annexed herewith as "Annexure 2".

The observations raised by the Secretarial Auditor and Board''s response thereto are as under:

Observation:

1) For the period from 28^th August, 2023 till 11^th December, 2023, Composition of Board of Directors (with regard to Woman Director and Minimum Number of Directors on Board), Nomination and Remuneration Committee (with regard to minimum number of Directors, Independent Directors in the committee and Chairperson of the Committee), Stakeholders Relationship Committee (with regard to Chairperson of the Committee and minimum number of Directors, Independent Directors in the committee) was not in conformity with the LODR Regulations.

2) The office of one of the Director on the Board was vacated on 27^th August, 2023 which was not filled within prescribed time of 3 months as per LODR Regulations, from the date of such vacancy.

3) The chairperson of Stakeholders Relationship Committee was not present for the Annual General Meeting held on 29^th September, 2023.

Company Response for Observation (1), (2) and (3):

Ms. Kalpana Sah, an Independent Director of the Company retired effective from August 27,2023 and after end of her term she did not seek re-appointment due to her personal commitment. She was also chairperson of Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee ("Committees") of the Company.

The Company was in search of suitable candidate for induction of independent director on the Board of the Company and appointed Ms. Chetana Dasare (DIN: 09788754) as an Independent Director with effect from December 12, 2023. Her appointment resulted into restoration of Board Composition in accordance with Regulation 17 of SEBI LODR. The Committees were also reconstituted by appointing Ms. Chetana Dasare as the Chairperson of the Committees.

The Company complied with the requirement of Regulation 17, 19 and 20 of the SEBI(LODR) Regulations 2015 effective from the appointed date.

Observation:

4) Independent director of the Company, was not appointed on the board of directors of Aurionpro Solutions W.L.L., being the material subsidiary of the listed entity as per LODR Regulations.

Company Response:

As a part of business re-orientation strategy, the management had identified Aurionpro Solutions W.L.L. as a non-core subsidiary from the commencement of FY 24. Considering the above, the Board of Directors in-principally agreed to divest Aurionpro Solutions W.L.L on 06^th September, 2023. For which the final approval was given by the Board of Directors on 09^th November, 2023 and the same was subsequently approved by the Shareholders 06^th March, 2024. Hence, the independent director was not appointed in Aurionpro Solutions W.L.L.owing to the intentions of the Management to divest the entity.

Observation:

5) Compulsorily Convertible Debentures issued by the Auroscient Outsourcing Limited ("Subsidiary Company") amounting to '' 63,95,00,000 which was subscribed by the Company being the event which was material for the Company was not disclosed to BSE and NSE under Regulation 30 of LODR Regulations.

Company Response:

The Company had reported the subscription of Compulsorily Convertible Debentures which was issued by its wholly-owned subsidiary Auroscient Outsourcing Limited in the Notes to Accounts of the Financial Results for the quarter and half- year ended on 30^th September, 2023 and the same was also reported in the Related Party Transaction details for the half year ended 30^th September, 2023.

25. PARTICLUARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with the Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules is provided in a separate annexure forming part of this Report. Having regard to the provision of the first proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the Members of the Company. In terms of Section 136, the said annexure is open for inspection. Any Member interested in obtaining a copy of the same may write to the Company Secretary at [email protected].

The disclosures pertaining to the remuneration and other details as required under section 197(12) of the Act read with Rule 5(l) of the of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, have been provided in the Annual Report as "Annexure 3".

26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In terms of section 134(3)(m) of the Act, read with rule 8 of the Chapter IX of the Companies (Accounts) Rules, 2014, the Directors furnish herein below the required additional information:

> Conservation of Energy:

Although the operations of the Company are not energy intensive, the management is highly conscious of the criticality of the conservation of energy at all operational levels. The requirement of disclosure of particulars with respect to conservation of energy as prescribed in Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is not applicable to the Company and hence are not provided.

> Technology Absorption:

The Company continues to adopt latest technologies and innovations for improving the productivity and quality of its products and service offerings. The Company is also partnering with major technology providers in global markets.

> Foreign Exchange Earnings and Outgo:

The details of foreign exchange earned and spent by the Company during the year are given below:

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

The Company has in place necessary policy as required under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. The Internal Complaints Committee (ICC)

has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review, the Company has not received any complaints under the policy.

28. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

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

29. COST RECORDS

The Company is not required to maintain cost records specified by Central Government under section 148(1) of the Act.

30. DISCLAIMER AND FORWARD-LOOKING STATEMENT

The statements in the Board''s Report and the Management Discussion & Analysis describing the Company''s objectives, expectations or forecasts may be forward-looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company''s operations include global and domestic demand and supply, input costs, availability, changes in government regulations, tax laws, economic developments within the country and other factors such as litigation and industrial relations.

31. AFFIRMATIONS ON COMPLIANCE OF SECRETARIAL STANDARDS:

The Company hereby affirms that during the year under review, the Company has complied with all the applicable Secretarial standards i.e. SS-1 and SS-2, relating to ''Meetings of the Board of Directors'' and ''General Meetings'' respectively (including any modifications or amendments thereto) issued by the Institute of Company Secretaries of India.

32. PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE:

There are no such proceedings or appeals pending and no application has been filed under Insolvency and Bankruptcy Code, 2016 during the year under review and from the end of the financial year upto the date of this report.

33. DETAILS OF DIFFERENCE BETWEEN 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:

During the year under review, there was no instance of any one-time settlement for reporting details vis-a-vis valuation with the Banks or Financial Institutions.

34. ACKNOWLEDGEMENTS

The Directors would like to place on record their sincere appreciation for the continued co-operation, support and assistance provided by all the stakeholders including Company''s employees, the financial institutions, banks, customers, vendors, members and other government departments and authorities.