Your directors present the 43^rd Board's Report on the Business and Operations of the Company together
with the Audited Financial Statement and the Auditor's Report for the Financial Year ended on 31^st March,
2025.

1. FINANCIAL RESULTS:

The financial performance of the Company for the Financial Year ended on 31^st March, 2025 and for the
previous financial year ended on 31^st March, 2024 is given below:

2. OPERATIONS:

Total revenue for Financial Year 2024-25 is Rs. 2919.38 Lakhs compared to the total revenue of Rs.
1943.55 Lakhs of previous Financial Year. The Company has incurred Profit before tax for the Financial
Year 2024-25 of Rs. 69.17 Lakhs as compared to Profit before tax for the Financial Year 2023-24 of Rs.
26.30. Net Profit for the Financial Year 2024-25 is Rs. 72.94 Lakhs Compared to the Net Profit for the
Financial Year 2023-24 is Rs. 26.30 Lakhs. The Directors are continuously looking for the new avenues for
future growth of the Company and expect more growth in the future period.

3. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Financial Year 2024-25 there was no changes in nature of Business of the Company.

4. SHARE CAPITAL:

Authorised Share Capital:

The Authorised Share Capital of the Company as on 31^st March, 2025 is Rs. 22,55,00,000/-Rupees
Twenty-Two Crore Fifty-Five Lakhs Only) divided into 2,25,50,000 (Two Crores Twenty-Five Lakhs
Fifty Thousand Only) equity shares of face value of ^ 10/- (Rupees Ten Only) each of the Company.

During the year under review, the Company has increased it Authorised capital from ^ 2,55,00,000
(Rupees Two Crore Fifty Five Lakhs only) divided into 25,50,000 (Twenty Five lakhs Fifty Thousand
only) equity shares of ^ 10/- each to ^ 22,55,00,000 (Rupees Twenty Two Crore Fifty Five Lakhs only)
divided into 2,25,50,000 (Two Crores Twenty Five Lakhs Fifty Thousands Only) equity shares of face
value of ^ 10/- (Rupees Ten Only) each of the Company and consequent alteration of Memorandum of
Association of the Company which was approved in 42^nd Annual General Meeting held on July 26,
2024.

Paid up Share Capital:

The Company's paid-up share capital as on March 31, 2025 is Rs. 22,51,13,000 Rupees Twenty-Two
Crore Fifty-One Lakhs and Thirteen Only) divided into 2,25,11,300 (Two Crores Twenty-Five Lakhs
Eleven Thousand and Three Hundred Only) equity shares of face value of ^ 10/- (Rupees Ten Only)
each of the Company

During the year under review, The Board has issue and allot the 2,00,00,000 Convertible warrants
having a face value of Rs. 10/- each at the Price of Rs. 15.75/- per warrant, pursuant to the approval of
the Board of Directors at its meeting held on 27^th June, 2024.

5. DIVIDEND:

To conserve the resources for future prospect and growth of the Company, your Directors do not
recommend any dividend for the Financial Year 2024-25 (Previous year - Nil).

6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or
unclaimed for a period of seven years shall be transferred to the Investor Education and Protection Fund
("IEPF"). During the year under review, there was no unpaid or unclaimed dividend in the "Unpaid
Dividend Account" lying for a period of seven years from the date of transfer of such unpaid dividend to
the said account. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund.

7. TRANSFER TO RESERVES:

The Profit of the Company for the Financial Year ending on 31^st March, 2025 is transferred to profit and
loss account of the Company under Reserves and Surplus.

8. WEBLINK OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31, 2025
is available on the Company's website at www.chandrimamercantiles.co.in

9. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH
THE FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT:

Approval of Split/ Sub-division of Equity Shares:

The Company has approved Split/ Sub-division of Equity Shares of the Company from face value of Rs.
10.00/- each to face value of Re. 1.00/- each in the Extra-ordinary General Meeting held on 26^th July,
2025, and Stock exchange has approved on 14^th August, 2025 and Trading of Equity Shares has been
resumed w.e.f. 20^th August, 2025. Consequently, altered the Authorised Share Capital of Equity and Paid-
up Share Capital of Equity in the following manner:

A. The authorized Equity share capital of the Company is Rs. 22,25,00,000/- (Rupees Twenty Two Crore
Fifty-Five Lakhs Only) divided into Rs. 22,25,00,000/- (Rupees Twenty Two Crore Fifty Five Lakhs Only)
Equity Shares of Re. 1.00/- (Rupee One Only) each.

B. The Paid-up Equity Share Capital of the Company is Rs. 22,21,13,000/- (Rupees Twenty-Two Crores
Twenty-One Lakhs Thirteen Thousand Only) divided into Rs. 22,21,13,000/- (Rupees Twenty-Two Crores
Twenty-One Lakhs Thirteen Thousand Only) equity shares of Re. 1.00/- (Rupee One Only) each.

10. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS:

During the year under review:

SEBI had issued a Summons dated 13^th May, 2024, for Personal Appearance before the Investigating
Authority under Section 11C(5) of the SEBI Act, 1992. The Investigation is currently ongoing. The
Company has provided required Documentation as request by the SEBI in the summons.

SEBI has issued a SCN under Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing
Penalties) Rules, 1995 in the matter of price and volume manipulation. The Inquiry is currently ongoing.
The Company has provided required Documentation as request by the SEBI and is co-operating with the
department in the said matter in a true and fair manner.

11. MEETINGS OF THE BOARD OF DIRECTORS:

The Directors of the Company met at regular intervals at least once in a quarter with the gap between two
meetings not exceeding 120 days to take a view of the Company's policies and strategies apart from the
Board Matters.

During the year under the review, the Board of Directors met 10 (Ten) times viz. 23^rd May, 2024, 27^th
June, 2024, 13^th August, 2024, 20^th August, 2024, 12^th September, 2024, 18^th September, 2024, 11^th

October, 2024, 11^th November, 2024, 4^th February, 2025 and 13^th February, 2025.

12. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(3)(c) and Section 134(5) of the Companies Act, 2013, to
the best of their knowledge and belief the Board of Directors hereby submit that:

a. In the preparation of the Annual Accounts, for the year ended on 31^st March, 2025 the applicable
accounting standards have been followed and there are no material departure from the same;

b. The Directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company at the end of financial year and of the loss of the Company for the
financial year ended on 31^st March, 2025.

c 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;

d. The Directors had prepared the Annual Accounts on a going concern basis;

e. The Directors had laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and are operating effectively and

f. 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. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of section 135 of the Companies Act, 2013 is not applicable to your Company as the
Company does not fall under the criteria limits mentioned in the said section of the Act.

Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate
Social Responsibility.

14. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the SEBI
(Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report,
and provides the Company's current working and future outlook as per Annexure - I.

15. DISCLOSURES RELATING TO HOLDING / SUBSIDIARY, ASSOCIATE COMPANY AND IOINT
VENTURES:

The Company does not have any Holding / Subsidiary/Associate Company and Joint Venture.

16. VIGIL MECHANISM:

During the year under review, the Company did not accept any deposits from the public and not
borrowed money from the Banks and Public Financial Institutions. Accordingly, provisions of Section
177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers)
Rules, 2014 does not apply to the Company.

17. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial Standards
issued by The Institute of Company Secretaries of India (ICSI). The Company has devised proper systems
to ensure compliance with its provisions and is in compliance with the same.

18. STATEMENT ON ANNUAL EVALUATION MADE BY THE BOARD OF DIRECTORS:

The Board evaluated the effectiveness of its functioning, that of the Committees and of individual
Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the
feedback of Directors on various parameters including:

• Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring corporate
governance practices, participation in the long-term strategic planning, etc.);

• Structure, composition, and role clarity of the Board and Committees;

• Extent of co-ordination and cohesiveness between the Board and its Committees;

• Effectiveness of the deliberations and process management;

• Board / Committee culture and dynamics; and

• Quality of relationship between Board Members and the Management.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities
and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with each Independent Director and the Chairman
of NRC had one-on-one meetings with each Executive and Non-Executive, Non-Independent Directors.
These meetings were intended to obtain Directors' inputs on effectiveness of the Board/ Committee
processes.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as
a whole, and the Chairman of the Company was evaluated, taking into account the views of Executive
Directors and Non-Executive Directors.

The Nomination and Remuneration Committee reviewed the performance of the individual directors and
the Board as a whole.

In the Board meeting that followed the meeting of the independent directors and the meeting of
Nomination and Remuneration Committee, the performance of the Board, its committees, and individual
directors was discussed.

The evaluation process endorsed the Board Members' confidence in the ethical standards of the
Company, the resilience of the Board and the Management in navigating the Company during challenging
times, cohesiveness amongst the Board Members, constructive relationship between the Board and the
Management, and the openness of the Management in sharing strategic information to enable Board

Members to discharge their responsibilities and fiduciary duties.

The Board carried out an annual performance evaluation of its own performance and that of its
committees and individual directors as per the formal mechanism for such evaluation adopted by the
Board. The performance evaluation of all the Directors was carried out by the Nomination and
Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole
was carried out by the Independent Directors. The exercise of performance evaluation was carried out
through a structured evaluation process covering various aspects of the Board functioning such as
composition of the Board & committees, experience & competencies, performance of specific duties &
obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the
Directors individually as well as evaluation of the working of the Board by way
of individual feedback from directors.

The evaluation frameworks were the following key areas:

a) For Non-Executive & Independent Directors:

• Knowledge

• Professional Conduct

• Comply Secretarial Standard issued by ICSI Duties

• Role and functions

b) For Executive Directors:

• Performance as leader

• Evaluating Business Opportunity and analysis of Risk Reward Scenarios

• Key set investment goal

• Professional conduct and integrity

• Sharing of information with Board.

• Adherence applicable government law

The Directors expressed their satisfaction with the evaluation process.

19. DETAILS OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL CONTROL:

The Company has in place adequate internal financial controls with reference to financial statement
across the organization. The same is subject to review periodically by the internal audit cell for its
effectiveness. During the financial year, such controls were tested and no reportable material weaknesses
in the design or operations were observed. The Statutory Auditors of the Company also test the
effectiveness of Internal Financial Controls in accordance with the requisite standards prescribed by ICAI.
Their expressed opinion forms part of the Independent Auditor's report.

Internal Financial Controls are an integrated part of the risk management process, addressing financial
and financial reporting risks. The internal financial controls have been documented, digitized and
embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews,
control self-assessment, continuous monitoring by functional experts. We believe that these systems
provide reasonable assurance that our internal financial controls are designed effectively and are
operating as intended.

During the year, no reportable material weakness was observed.

20. REPORTING OF FRAUDS BY THE AUDITORS:

During the year under review, neither the Statutory nor the Secretarial Auditors has reported to the Audit
Committee under Section 143(12) of the Companies Act, 2013 any instances of fraud committed against
the Company by its officers or employees, the details of which would need to be mentioned in the Board's
Report.

21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES ACT.2013:

The details of loans, investment, guarantees and securities covered under the provisions of section 186 of
the Companies Act, 2013 are provided in the financial statement.

22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

During the year under review, all the Related Party Transactions were entered at arm's length basis and
in the ordinary course of business and were in compliance with the applicable provisions of the Act and
the Listing Regulations.

Pursuant to Section 188 of the Act read with rules made thereunder and Regulation 23 of the Listing
Regulations, all Material Related Party Transactions ("material RPTs") require prior approval of the
shareholders of the Company vide ordinary resolution.

The Company has formulated and adopted a policy on dealing with related party transactions, in line with
Regulation 23 of the Listing Regulations, which is available on the website of the Company at
www.chandrimamercantiles.co.in.

As a part of the mandate under the Listing Regulations and the terms of reference, the Audit Committee
undertakes quarterly review of related party transactions entered into by the Company with its related
parties. Pursuant to Regulation 23 of Listing Regulations and Section 177 of the Act, the Audit Committee
has granted omnibus approval in respect of transactions which are repetitive in nature, which may or
may not be foreseen, not exceeding the limits specified thereunder. The transactions under the purview
of omnibus approval are reviewed on quarterly basis by the Audit Committee. Pursuant to Regulation
23(9) of the Listing Regulations, your Company has filed the disclosures on Related Party Transactions in
prescribed format with the Stock Exchanges.

Pursuant to Section 134(3)(h) of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, the
details of contracts/arrangements entered with related parties in prescribed Form AOC-2, is annexed
herewith as "Annexure II" to this Report.

23. MANAGING THE RISKS OF FRAUD. CORRUPTION AND UNETHICAL BUSINESS PRACTICES:

a) Vigil Mechanism / Whistle Blower Policy:

The Company has established vigil mechanism and framed whistle blower policy for Directors and
employees to report concerns about unethical behavior, actual or suspected fraud or violation of
Company's Code of Conduct or Ethics Policy.

b) Business Conduct Policy:

The Company has framed "Business Conduct Policy". Every employee is required to review and
sign the policy at the time of joining and an undertaking shall be given for adherence to the Policy.
The objective of the Policy is to conduct the business in an honest, transparent and in an ethical
manner. The policy provides for anti-bribery and avoidance of other corruption practices by the
employees of the Company.

24. RESERVES & SURPLUS:

25. FOREIGN EXCHANGE EARNINGS AND OUTGO:

26. PARTICULARS OF EMPLOYEES:

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Company has
received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014 during the financial year 2024-25.

27. LOANS FROM DIRECTOR / RELATIVE OF DIRECTOR:

During the year under review, the Company has not entered into any materially significant related party
transactions which may have potential conflict with the interest of the Company at large. Suitable
disclosures as required are provided in AS-18 which is forming the part of the notes to financial
statement.

28. DIRECTORS AND KEY MANAGERIALPERSONNEL:

The Directors and Key Managerial Personnel of the Company are summarized below as on date:

¹ Mr. Mrinal Parth Shah had resigned from the post of Company Secretary w.e.f. 1^st July, 2024

² Mr. Manish Daya was appointed as Company Secretary w.e.f. 12^th September, 2024.

³ Mr. Arun Thakor was appointed as Additional Non-Executive Director of the company w.e.f. 11^th October, 2024 resigned from
the post of Non-Executive Director of the company w.e.f 4^th July, 2025

⁴ Mr. Chiragkumar Rameshbhai Parmar had resigned from the post of Non-Executive Director w.e.f 11^th October, 2024.

⁵ Designation of Mr. Pranav Kamleshkumar Trivedi changed Managing Director to Executive Director of the company w.e.f 21^st
April, 2025. And Further Designation of Mr. Pranav Kamleshkumar Trivedi changed Executive Director to Non-Executive Director of
the company w.e.f. 4^th July, 2025

⁶ Mr. Dinesh Hareshbhai Goel was appointed as Managing Director and Chief Financial Officer of the company w.e.f. 21^st April,
2025.

Apart from the above changes, there were no other changes in the composition of the Board of Directors
of the Company during the Financial Year 2024-25 and till the date of Board's Report.

As per Companies Act, 2013 the Independent Directors are not liable to retire by rotation.

29. DECLARATION BY INDEPENDENT DIRECTORS:

Mr. Parin Shirishkumar Bhavsar and Ms. Chetna Independent Directors of the Company has confirmed to
the Board that they meets the criteria of Independence as specified under Section 149 (6) of the
Companies Act, 2013 and he qualifies to be an Independent Director. They has also confirmed that he
meets the requirement of Independent Director as mentioned under Regulation 16 (1) (b) of SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted by the Board.

30. CORPORATE GOVERNANCE:

In terms of Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Corporate Governance Report and the Auditors' Certificate
regarding Compliance to Corporate Governance requirements forms part of this Annual Report as
Annexure - III.

31. DEPOSITS:

As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor renewed any
deposits during the financial year. Hence, the Company has not defaulted in repayment of deposits or
payment of interest during the financial year.

32. AUDITOR:

A. Statutory Auditor:

M/s. VS SB & Associates., Chartered Accountants, (FRN: 121356W) Ahmedabad were appointed as
Statutory Auditor of the company for the period of 5 (Five) consecutive years from the conclusion of 41^st
Annual General Meeting held in the year 2023 till the conclusion of 46^th Annual General Meeting of the
Company to be held in the year 2028.

Company has received a written confirmation from M/s. V S S B & Associates., Chartered Accountants,
Ahmedabad, to the effect that their appointment, if made, would satisfy the criteria provided in Section
141 of the Companies Act, 2013 and the Rules framed there under for re-appointment as Auditor of your
Company.

The Auditor have also furnished a declaration confirming their independence as well as their arm's length
relationship with your Company as well as declaring that they have not taken up any prohibited non¬
audit assignments for your Company. The Audit Committee reviews the independence of the Auditors and
the effectiveness of the Audit Process.

The Auditor's report for the Financial Year ended 31^st March, 2025 has been issued with an unmodified
opinion, by the Statutory Auditor.

B. Secretarial Auditor:

The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has appointed Mr. Jay
Pandya, Proprietor of M/s. Jay Pandya & Associates, Company Secretaries, Ahmedabad as a Secretarial
Auditor of the Company to conduct Secretarial Audit for the Financial Year 2024-25.

The Secretarial Audit Report for the Financial Year 2024-25 is annexed herewith as Annexure - IV in
Form MR-3.

33. DISCLOSURES

A. Composition of Audit Committee:

During the year under review, meetings of members of the Audit committee as tabulated below, was held
on 23^rd May, 2024, 27^th June, 2024, 13^th August, 2024, 20^th August, 2024, 18^th September, 2024, 11^th

November, 2024 and 13^th February, 2025 the attendance records of the members of the Committee are as
follows:

¹Mr. Pranav Trivedi has resigned as a Member of Audit Committee w.e.f. 21^st April 2025.

²Mr. Dinesh Hareshbhai Goel appointed as Member of Audit Committee w.e.f. 21^st April, 2025.

During the year all the recommendations made by the Audit Committee were accepted by the Board.

B. Composition of Nomination and Remuneration Committee:

During the year under review, meetings of members of Nomination and Remuneration committee as
tabulated below, was held on 12^th September, 2024 and 11^th October, 2024, the attendance records of the
members of the Committee are as follows:

¹Mr. Chiragkumar Parmar has resigned as Member of Nomination and Remuneration Committee w.e.f 11^th October, 2024.

²Mr. Arun Thakor appointed as Member of Nomination and Remuneration Committee w.e.f. 11^th October, 2024 and has resigned as
member of Nomination and Remuneration Committee w.ef. 4^th July, 2025.

³ Mr. Pranav Trivedi appointed as Member of Nomination and Remuneration Committee w.ef. 4^th July, 2025.

C. Composition of Stakeholders' Relationship Committee:

During the year under review, meetings of members of Stakeholders' Relationship committee as
tabulated below, was held on 27^th June, 2024 and 11^th October, 2024 the attendance records of the
members of the Committee are as follows:

¹Mr. Chiragkumar Parmar has resigned as a Chairperson of the Stakeholders Relationship Committee w.ef 11^th October, 2024.

² Mr. Arun Thakor appointed as a Chairperson of the Stakeholder Relationship Committee w.ef 11^th October, 2024 and has resigned as a
chairperson of the stakeholders Relationship Committee w.e.f 4^th July, 2025.

³ Mr. Pranav Trivedi appointed as Chairperson of Stakeholder Relationship Committee w.ef 4^th July, 2025.

34. INDEPENDENT DIRECTOR:

Separate meetings of the Independent Directors of the Company were held on 11^th October, 2024 to
discuss the agenda items as prescribed under applicable laws. All Independent Directors have attended
the said meeting. In the opinion of the Board, all the Independent Directors fulfil the conditions of
Independence as defined under the Companies Act, 2013 and SEBI (LODR), 2015 and are independent of
the management of the Company.

35. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION-
PROHIBITION & REDRESSAL) ACT.2013:

The Company has always been committed to provide a safe and conducive work environment to its
employees. Your Directors further state that during the year under review there were no cases filed
pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 as confirmed by the Internal Complaints Committee as constituted by the Company.

The following No. of complaints received during the year:

1. number of complaints received in the year: NIL

2. number of complaints disposed off during the year: NIL

3. number of cases pending during the year: NIL

36. DEMATERIALISATION OF EQUITY SHARES:

As per direction of the SEBI, the shares of the Company are under compulsory demat form. The Company
has established connectivity with both the Depositories i.e. National Securities Depository Limited and
Central Depository Services (India) Limited and the Demat activation number allotted to the Company is
ISIN: INE371F01016. Presently shares are held in electronic and physical mode.

37. INDUSTRIAL RELATIONS:

The Directors are pleased to report that the relations between the employees and the management
continued to remain cordial during the year under review.

38. MAINTENANCE OF COST RECORDS:

The provisions relating to maintenance of cost records as specified by the Central Government under sub¬
section (1) of section 148 of the Companies Act, 2013, are not applicable to the Company and accordingly
such accounts and records are not required to be maintained.

39. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND
BANKRUPTCY CODE:

During the year under review, there were no application made or any proceeding pending in the name of
the company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).

40. EXPLANATIONS/COMMENTS BY THE BOARD ON EVERY QUALIFICATION. RESERVATION OR
ADVERSE REMARK OR DISCLAIMER MADE:

i. Auditors' Report:

The observations of the Statutory Auditors, when read together with the relevant notes to the
accounts and accounting policies are self-explanatory and do not call for any further comment.

ii. Secretarial Auditor's Report:

The observations of the Secretarial Auditors, when read together with the relevant notes to the
accounts and accounting policies are self-explanatory and do not call for any further comment. ^{1 2}

on a periodical basis. The remuneration policy is in consonance with the existing industry practice and is
designed to create a high-performance culture. It enables the Company to attract, retain and motivate
employees to achieve results. The Company has made adequate disclosures to the members on the
remuneration paid to Directors from time to time. The Company's Policy on director's appointment and
remuneration including criteria for determining qualifications, positive attributes, independence of a
director and other matters provided under Section 178 (3) of the Act is available on the website of the
Company at www.chandrimamercantiles.co.in

42. STATE OF COMPANY'S AFFAIRS:

Management Discussion and Analysis Report for the year under review, as stipulated in Regulation 34(2)

(e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a detailed write
up and explanation about the performance of the Company.

43. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has carried
the evaluation of its own performance, performance of Individual Directors, Board Committees, including
the Chairman of the Board on the basis of attendance, contribution towards development of the Business
and various other criteria as recommended by the Nomination and Remuneration Committee of the
Company. The evaluation of the working of the Board, its committees, experience and expertise,
performance of specific duties and obligations etc. were carried out. The Directors expressed their
satisfaction with the evaluation process and outcome.

44. THE DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ONE TIME SETTLEMENT AND
THE VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

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

45. ACKNOWLEDGEMENTS:

Your Directors would like to express their sincere appreciation for the co-operation and assistance
received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers,
Customers and other business associates who have extended their valuable sustained support and
encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for
the commitment displayed by all executives, officers and staff at all levels of the Company. We look
forward for the continued support of every stakeholder in the future.

Registered Office: By the Order of the Board of

F-806, Titanium City Center, Anandnagar Road, Chandrima Mercantiles Limited

Satelite, Jodhpur Char Rasta, Ahmedabad, Gujarat,

India - 380 015.

Sd/- Sd/-

Pranav Trivedi Dinesh Gohel

Date: 29^th August, 2025 Director Managing Director

Place: Ahmedabad DIN: 09218324 DIN: 11061856

1

SEBI had issued a Summons dated 13^th May, 2024, for Personal Appearance before the
Investigating Authority under Section 11C (5) of the SEBI Act, 1992. The Investigation is
currently ongoing.

2

SEBI has issued a SCN under Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing
Penalties) Rules, 1995 in the matter of price and volume manipulation. The Inquiry is Currently
ongoing.

41. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION:

The Remuneration policy is directed towards rewarding performance based on review of achievements