Directors Report of Trustedge Capital Ltd.

Mar 31, 2025

Your directors have the privilege of presenting their 31^st (Thirty-
first) Annual Report and the Audited Statements of Accounts for
the Financial Year ended March 31,2025, of your Company.

1. FINANCIAL HIGHLIGHTS:

Particulars	For the year ended on March 31, 2025	For the year ended on March 31, 2024
Revenue from Operations (Net)	109.32	103.46
Other Income	--	--
Total Income	109.32	103.46
Total Expenditure	87.28	29.37
Profit / (Loss) before Tax	22.04	74.09
(Less) : Tax expense	5.55	18.52
Profit/Loss for the year	16.49	55.57
Total Comprehensive Income	51.73	228.74
Earnings Per Share	0.37	1.29

*The financial statements comply in all the material aspects with
the Indian Accounting Standards (IND AS) notified under Section
133 of the Companies Act, 2013 read with the Companies (Indian
Accounting Standards) Rules, 2015 and other relevant provisions of
the Companies Act, 2013.

2. STATE OF COMPANY''S AFFAIRS AND FINANCIAL
PERFORMANCE:

The Company''s revenues from operations increased to
'' 109.32 Lakh in the year 2024-25 from '' 103.46 Lakh in the
year 2023-24 showing growth of 5.66 % compared to the
previous year, impacting to the profit of '' 16.49 Lakh in the
present fiscal year in comparison to profit of '' 55.57 Lakh in
the financial year 2023-24.

However, your directors are expecting to achieve better
results in the coming years.

3. CHANGE OF NAME OF THE COMPANY:

In order to align objects, brand and business activities of
the Company, the board of directors through passing of
board resolution dated April 10, 2025 approved to change
the name of the company from "Adinath Exim Resources
Limited" to "Trustedge Capital Limited".

Further, by passing of Special Resolution in the 01/2025-26
Extra Ordinary General Meeting of the shareholders of the
Company held on May 09, 2025, the shareholders approved
the change in the name of the Company.

Thereafter post filing of necessary e-forms, the name of
the Company was changed from "Adinath Exim Resources
Limited" to "Trustedge Capital Limited" consequent upon
receipt of Certificate of Incorporation issued by Ministry of
Corporate Affairs dated June 02, 2025.

The Company, being an NBFC registered with Reserve Bank
of India ("RBI"), the Company has received No Objection from
RBI for change of name of the Company to Trustedge Capital
Limited on June 3,2025 post which the application for
getting fresh Certificate of Registration was also submitted
by the Company and the said fresh Certificate of Registration
from RBI is awaited as on the date of signing of this Report.

The Company, being listed on Bombay Stock Exchange
("BSE"), received notice from BSE dated June 20, 2025 for
changing the name of the company on BSE along with
change in scrip ID: TRUSTEDGE with effect from June 26, 2025.

4. RECOMMENDATION OF DIVIDEND:

In order to conserve and plough back the resources, your
directors have not recommended any dividend for the year
on equity shares of the company.

5. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Year under review, your Company has not
changed its nature of business.

6. TRANSFER TO RESERVES:

The Board has recommended transferring '' 3.30 Lakhs
to Statutory Reserves and an amount of '' 1360.84 Lakh is
retained as surplus in the Statement of Profit and Loss of
Standalone financials.

7. SHARE CAPITAL:

As on March 31, 2025, the Share Capital structure of the Company stands as under:

Particulars	No of Shares	Amount
Authorized Share Capital
Equity Shares of '' 10/- each	55,00,000	5,50,00,000
Total	55,00,000	5,50,00,000
Issued and Subscribed Capital
Equity Shares of '' 10/- each
52,15,400 (As at 31st March, 2024: 52,15,400); Ordinary Equity shares of par value of '' 10/- each	52,15,400	52,154,000
Cancellation of originally 8,96,300 Forfeited Equity Shares in FY 1999-00*	8,96,300	(89,63,000)
Preferential allotment of 6,49,500 Equity shares of '' 10/- each fully paid up (refer note below)**	6,49,500	64,95,000
Total	49,68,600	4,96,86,000
Paid up Share Capital
43,19,100 (As at 31st March, 2024: 43,19,100); Ordinary Equity shares of par value of '' 10/- each	43,19,100	4,31,91,000
Preferential allotment of 6,49,500 Equity shares of '' 10/- each fully paid up (refer note below)**	6,49,500	64,95,000
Total	49,68,600	4,96,86,000

*The Board of Directors on recommendation of Stakeholder Relationship Committee at its meeting held on January 2, 2025 approved the transfer of
'' 44,81,500 (Rupees Forty Four Lakhs Eighty One Thousand Five Hundred) lying in the Share Forfeiture Account to the Capital Reserve Account and
necessary entries in the Books of Accounts of the Company were passed.

**The Board of Directors of the Company in their meeting held on December 10, 2024 approved issue and allotment of up to 6,49,500 Equity Shares
on a preferential basis in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement)
Regulations, 2018 ("SEBI ICDR Regulations”), as amended, and other applicable laws, at an issue price of '' 40/- per share (Including premium of '' 30/-
per share), subject to the approval of regulatory/ statutory authorities and the shareholders of the Company. The Shareholders of the Company have
approved the said Issue and Allotment vide Postal Ballot dated January 9, 2025. Further, the Company had received In-Principal approval from BSE
Limited for the Issue of Equity Shares vide their letter dated January 20, 2025 and upon receipt of the Share Application money from the proposed
Allottees, the Board of Directors at their meeting held on January 30, 2025 had allotted the said Equity Shares. The newly issued Equity Shares shall
rank pari passu with the existing Equity Shares of the Company.

Changes in share capital after the closure of
F.Y. 2024-25 upto the date of signing of this report:

1. Authorized Share Capital:

The members of the Company had approved to increase
in the Authorized Share Capital of the Company from
'' 5,50,00,000/- (Rupees Five Crores Fifty Lakhs Only) divided
into 55,00,000 (Fifty-Five Lakhs) Equity Shares of'' 10/- (Rupees
Ten Only) each to '' 7,00,00,000/- (Rupees Seven Crores Only)
divided into 70,00,000 (Seventy Lakhs) Equity Shares of '' 10/-
(Rupees Ten Only) each and thereby consequent alteration to
the existing Clause V of the Memorandum of Association of
the Company, subject to such regulatory/statutory approvals
as may be required by passing of resolution at the 01/2025-
26 Extra Ordinary General Meeting of the Company held on
May 9, 2025 through VC/OAVM.

In the ensuing Annual General Meeting, it is proposed to
increase the authorized share capital from '' 7,00,00,000/-
(Rupees Seven Crores Only) divided into 70,00,000 (Seventy
Lakhs) Equity Shares of '' 10/- (Rupees Ten Only) each to
'' 15,00,00,000/-(Rupees Fifteen Crores Only) divided into

1,50,00,000 (One Crore Fifty Lakhs) Equity Shares of '' 10/-
(Rupees Ten Only) each and thereby consequent alteration to
the existing Clause V of the Memorandum of Association of
the Company, subject to such regulatory/statutory approvals
as may be required.

2. Preferential issue of shares

The Board of Directors of the Company in their meeting
held on April 10, 2025 approved issue and allotment of up to
8,85,000 Equity Shares on a preferential basis to the Allottees
belonging to Promoters Group in accordance with Chapter V
of the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirement) Regulations, 2018 ("SEBI ICDR
Regulations”), as amended, and other applicable laws, at an
issue price of '' 57/- per share (Including premium of '' 47/- per
share),which was subsequently approved by the members of
the company by passing of resolution at the 01/2025-26 Extra
Ordinary General Meeting of the Company held on May 9,
2025 through VC/OAVM post which the promoters group
was allotted shares on June 3, 2025 and requisite listing and
trading approval of the shares allotted were received from
the Bombay Stock Exchange("BSE”).

3. Adoption Trustedge Employee Stock Option Scheme
2025

The members of the Company had approved to adopt
"Trustedge Employee Stock Option Scheme 2025'' ("TEDGE
ESOS 2025"/ "Scheme"), which is in accordance with the
Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021
("SBEB Regulations"), subject to such regulatory/statutory
approvals as may be required, by passing of resolution at the
01/2025-26 Extra Ordinary General Meeting of the Company
held on May 9, 2025 through VC/OAVM. In-principle approval
from BSE is awaited.

During the year under review, except as mentioned above
the Company has neither issued shares with differential
rights as to dividend, voting or otherwise nor issued shares
(including sweat equity shares) to the employees or Directors
of the Company, under any Scheme. The Company has not
issued any convertible instrument during the year.

Depository System:

As the members are aware, the Company''s Equity shares
are compulsorily tradable in electronic form. As on
March 31, 2025, 78.34% of the Company''s total paid-up
equity capital representing 38,92,300 Equity shares is in
dematerialized form.

The SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 mandate that the transfer, except
transmission and transposition, of securities shall be carried
out in dematerialized form only with effect from April 01,
2019. In view of the numerous advantages offered by the
Depository system as well as to avoid frauds, members
holding shares in physical mode are advised to avail of the
facility of dematerialization from either of the depositories.
The Company has, directly as well as through its RTA, sent
intimation to shareholders who are holding shares in physical
form, advising them to get the shares dematerialized.

During the year, Company has not issued any equity shares
with differential rights or any sweat equity shares.

8. DETAILS OF MEETINGS OF THE BOARD AND ITS
COMMITTEES:

Board Meetings:

The Board of Directors met Nine (09) times during the
financial year, and the details of the meeting are as follows:

Sr. No.	Date of Meeting	Attendance of Directors
1.	May 06, 2024	All directors were present
2.	July 11,2024	All directors were present
3.	August 09, 2024	All directors were present
4.	October 25, 2024	All directors were present
5.	December 10, 2024	All directors were present
6.	January 02, 2025	All directors were present
7.	January 30, 2025	All directors were present
8.	February 03, 2025	All directors were present
9.	March 31,2025	All directors were present

The intervening gap between the meetings was within the
period prescribed under the Companies Act, 2013.

Further, during the year, the Board of the Directors of the
Company had passed resolutions by way of passing of
resolution by Circulation dated February 12, 2025.

As per Schedule IV of the Companies Act, 2013, a
separate meeting of Independent Directors without the
attendance of Non- Independent Directors was held on
February 3, 2025 to discuss the agenda items as required
under the Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The
Independent Directors reviewed the performance of non¬
independent directors and the Board as whole, reviewed the
performance of the Chairperson of the Company taking into
account the views of executive and non-executive directors
and assessed the quality, quantity and timeliness of flow
of information between the Company Management and
the Board that is necessary for the Board to effectively and
reasonably perform their duties. The Independent Directors
expressed their satisfaction with overall functioning and
implementations of their suggestions.

Committees'' Meetings:

The Audit Committee met Six (06) times during the financial
year, and the details of the meeting are as follows:

Sr. No.	Date of Committee Meeting	Attendance of Chairman/ Member
1.	May 06, 2024	Chairman & all other Members were present.
2.	August 09, 2024	Chairman & all other Members were present.
3.	October 25, 2024	Chairman & all other Members were present.
4.	December 10, 2024	Chairman & all other Members were present.
5	February 03, 2025	Chairman & all other Members were present.

The Nomination & Remuneration Committee met Five (05)
times during the financial year, and the details of the meeting
are as follows:

Sr. No.	Date of Committee Meeting	Attendance of Chairman/ Member
1.	July 11,2024	Chairman & all other Members were present.
2.	August 09, 2024	Chairman & all other Members were present.
3.	October 25, 2024	Chairman & all other Members were present.
4.	February 03, 2025	Chairman & all other Members were present.
5.	March 31,2025	Chairman & all other Members were present.

The Stakeholder Relationship Committee met Four (4) times
during the financial year, and the details of the meeting
are as follows:

Sr. No.	Date of Committee Meeting	Attendance of Chairman/ Member
1.	May 06, 2024	Chairman & all other Members were present
2.	June 17, 2024	Chairman & all other Members were present.
3.	September 27, 2024	Chairman & all other Members were present.
4	January 02, 2025	Chairman & all other Members were present

Committees'' Composition:

The composition of Audit Committee, Nomination &
Remuneration Committee and Stakeholder Relationship
Committee as on March 31, 2025, are as follows:

Name	Chairman/Member
Mr. Ketanbhai Harsukhlal Sanghvi	Chairman
Ms. Shaily Jatin Dedhia	Member
Mr. Manoj Shantilal Savla	Member

9. RBI GUIDELINES:

Your Company has complied with the various requirements
prescribed under the Master Direction - Reserve Bank of India
(Non-Banking Financial Company - Scale Based Regulation)
Directions, 2023 and the Company is categorised as a Base-
layer NBFC, considering it does not avail public funds.

The Company continues to comply with the Master Direction

- Reserve Bank of India (Non-Banking Financial Company

- Scale Based Regulation) Directions, 2023 and all the
applicable laws, regulations, guidelines, etc. prescribed by
RBI from time to time.

10. CORPORATE GOVERNANCE AND MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:

Corporate Governance:

Pursuant to Regulation 15 of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 [''SEBI (LODR)''], Corporate Governance
provisions as specified is not applicable to the Company,
since the paid-up share capital of the company and the net
worth is below the threshold limits prescribed under SEBI
(LODR) Regulations, 2015, amended from time to time, i.e. 10
crore and 25 crore respectively as on March 31, 2025.

Management Discussion and Analysis Report:

In terms of Regulation 34(e) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, Management
Discussion and Analysis is set out in the Annual Report
as [Annexure- A].

11. SUBSIDIARIES, JOINT VENTURES & ASSOCIATES:

During the year under review, the Company does not have
any Subsidiaries, Joint Venture and Associates.

12. DEPOSITS:

In terms of Sections 73 and 74 of the Companies Act, 2013
read with the Companies (Acceptance of Deposits) Rules,
2014, during the financial year, your Company has not
accepted any public deposits, or no amount of principal or
interest was outstanding as on date of the Balance Sheet.

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

There are no material changes and commitments, affecting
the financial position of the company which have been
occurred between the end of the financial year i.e. March
31, 2025 and till the date of signing of the directors'' report
except as stated specifically in this Report.

14. COMPLIANCE:

The Compliance function of the Company is responsible for
independently ensuring that operating and business units
comply with the regulatory and internal guidelines. The
Compliance Department of the Company continues to play
a pivotal role in ensuring the implementation of compliance
functions in accordance with the directives issued by the
Regulators, the Board of Directors and the Company''s
Compliance Policy.

The Audit Committee reviews the performance of the
Compliance Department and the status of compliance with
the regulatory or internal guidelines on a periodic basis.
New instructions and guidelines issued by the regulatory
authorities were disseminated across the Company to ensure
that the business and functional units functions with the
boundaries set up by the regulators and that the compliance
risks are suitably monitored and mitigated in course of their
activities and processes.

15. POLICY ON APPOINTMENT AND REMUNERATION OF
DIRECTORS, KEY MANAGERIAL PERSONNEL AND SENIOR
MANAGEMENT OF THE COMPANY:

The current policy is to have an appropriate mix of executive
and independent directors to maintain the independence
of the Board and separate its functions of governance and
management. As on March 31, 2025, the Board consists
of Four (4) members, of whom (1) one is the Whole Time
Director, (1) one is the Executive Director and (2) Two are
Independent Directors. The Board periodically evaluates the
need for a change in its composition and size.

The policy of the Company on directors'' appointment
and remuneration, including criteria for determining
qualifications, positive attributes, independence of a director
and other matters provided under Sub Section (3) of Section
178 of the Companies Act, 2013, adopted by the Board, is
available on our website. We affirm that the remuneration
paid to the directors is as per the terms laid out in the
nomination and remuneration policy of the Company.

16. PARTICULARS OF EMPLOYEES:

The statement containing particulars of employees as
required under section 197(12) of the Companies Act, 2013

read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given
in an Annexure and forms part of this report. In terms of
Section 136(1) of the Companies Act, 2013, the Report and
Audited Accounts are being sent to the members excluding
the aforesaid Annexure. Any member interested in obtaining
a copy of the Annexure may write to the Company Secretary
at the registered office of the Company for a copy of it.

17. HUMAN RESOURCES:

The well-disciplined workforce which has served the
company for more than three decades lies at the very
foundation of the company''s major achievements and shall
well continue for the years to come. The management has
always carried out systematic appraisal of performance and
imparted training at periodic intervals. The company has
always recognized talent and has judiciously followed the
principle of rewarding performance.

18. LISTING OF SHARES:

The Equity Shares of the Company are listed on BSE Limited
(formerly the Bombay Stock Exchange Limited) with scrip
code 532056. The Company confirms that the annual listing
fees to the stock exchanges for the financial year 2024-25
have been paid.

19. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Managing Director and Whole Time Director:

Mr. Manoj Shantilal Savla was re-appointed as Managing
Director of the Company in the board meeting dated August

9, 2024 post which special resolution for his re-appointment
was placed in the 30^th Annual General Meeting held on
September 30, 2024. Pursuant to the Voting Results along with
Scrutinizer''s Report submitted by the Company on October
3, 2024, wherein the Resolution Number 03 (Re-appointment
of Mr. Manoj Shantilal Savla (DIN: 01529306), as the Managing
Director (Promoter and Executive) of the Company) of the
Notice of 30^th Annual General Meeting was not passed
and not declared as approved by the Shareholders. Due to
which Mr. Manoj Shantilal Savla (DIN - 01529306) ceased to
be Managing Director of the Company w.e.f September 30,
2024 (date of 30^th Annual General Meeting) and he continued
as a Director (Promoter) and Chairman of the Board of the
Company w.e.f September 30, 2024.

Mr. Manoj Savla was further re-designated as Managing
Director for a period of 3 (Three) years with effect from April

10, 2025 in the board meeting held on April 10, 2025 post
which approval of shareholders for his re-designation as a
Managing Director was received by way of passing Special
Resolution in the 01/2025-26 Extra Ordinary General Meeting
held on May 9, 2025.

During the year under review, based on the recommendation
of Nomination and Remuneration Committee and post
getting approval of shareholders by passing Special
Resolution by way of postal ballot having notice dated
December 10, 2024, Mrs. Vidhi Shail Savla was appointed
as Whole time Director-Key Managerial Personnel of the
Company with effect from October 25, 2024.

Further, based on the resignation letter received from
Mrs. Vidhi Shail Savla (DIN: 09107866) from the office of
Whole Time Director-Key Managerial Personnel with effect
from the close of business hours on May 26, 2025 she ceased
to be whole time Director of the Company.

Currently, She is continuing as a Director (Promoter and
Non-Executive), liable to retire by rotation, with effect
from May 27, 2025.

Independent Director:

During the year under review, Ms. Shivangi Irfanali Vakil
(DIN - 07074084), Non-Executive Independent Director
of the Company cease to be the Independent Director
on the Board of the Company with effect from closing
business hours of February 12, 2025 due to completion of
her second consecutive term as an Independent Director of
the Company. The Board recorded its appreciation for her
valuable guidance given during her tenure.

Further, based on the recommendation of Nomination and
Remuneration Committee), and in terms of the provisions
of the Act, the Board of Directors had appointed Ms. Shaily
Jatin Dedhia (DIN: 08853685) as an Additional Director (Non¬
Executive- Independent) of the Company effective from
March 31, 2025. Her appointment was further regularized
and she was appointed as the Independent Director (Non¬
Executive) by the Shareholders of the Company at the
01/2025-26 Extra-Ordinary General Meeting held on May 09,
2025 for a period of 5 consecutive years.

Pursuant to the recommendation of the Nomination and
Remuneration Committee, the Board at its meeting held on
July 16, 2025 has approved the re-appointment of Mr. Ketan
Harsukhlal Sanghvi (DIN: 06531676) as a Non-Executive
Independent Director of the Company for a second term of
five years from November 04, 2025 to November 03, 2030,
subject to the approval of shareholders at the ensuing 31^st
Annual General Meeting of the Company to be held on
Tuesday, August 19, 2025.

The brief resume of Mr. Ketan Harsukhlal Sanghvi ((DIN:
06531676) together with other related information has
been detailed in the Notice of AGM which is forming part of
the Annual Report.

Pursuant to the provisions of Section 152 of the Companies
Act, 2013 read with the Companies (Appointment and
Qualification of Directors) Rules, 2014 and the Articles of
Association of your Company, Mr. Manoj Shantilal Savla
(DIN: 01529306), Director of the Company is liable to retire
by rotation at the ensuing AGM and being eligible offered
himself for reappointment.

An appropriate resolution for his re-appointment is being
placed for your approval at the ensuing AGM. The brief
resume of Mr. Manoj Shantilal Savla (DIN: 01529306), together
with other related information has been detailed in the
Notice of AGM which is forming part of the Annual Report.

Your directors recommend his re-appointment on the board
of your Company.

Chief Executive Officer:

During the year under review, and based on the
recommendation of the Nomination and Remuneration
Committee, the Board of Directors had appointed Mr. Deepak
Kabra as the Chief Executive Officer (CEO) - Key Managerial
Personnel of the Company w.e.f February 03, 2025.

Company Secretary & Compliance Officer:

During the year under review, Ms. Anjali Vipulkumar
Barot resigned from the office of Company Secretary
and Compliance officer of the Company with effect from
closure of business hours on April 10, 2024, on account of
medical reasons.

To fill the vacancy, the Board of Directors on recommendation
of the Nomination and Remuneration Committee appointed
Ms. Foram Sagar Bhuva as whole time Company Secretary
and Compliance Officer of the company w.e.f July 11, 2024.

However, during the current financial year, Ms. Foram Sagar
Bhuva has resigned from the post of Company Secretary &
Compliance Officer of the Company with effect from closure
of business hours on April 30, 2025, to pursue alternate
career outside the Company.

During the current financial year, the Board of Directors,
on recommendation of the Nomination and Remuneration
Committee, had appointed Ms. Pinkal Mehta as the
Company Secretary and Compliance Officer of the company
w.e.f. May 26, 2025.

Chief Financial Officer:

During the current financial year, Mr. Bharat Jethalal Suthar
has resigned from the position of Chief Financial Officer
and Key Managerial Personnel of the Company with effect
from the close of business hours of May 26, 2025 due to
health reasons.

Further, the Board of Directors of the Company, after
considering the recommendations of the Nomination &
Remuneration Committee and the Audit Committee, had
appointed Mr. Jayprakash Labhshankar Raval as the Chief
Financial Officer ("CFO") with effect from May 27, 2025.

Independent Directors Declaration:

The terms and conditions of appointment of Independent
Director are in accordance with the applicable Regulations of
the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 and also as per the provisions of the
Companies Act, 2013 ("Act") read with Schedule IV to the Act.

Your Company has received annual declarations from all
the Independent Director of the Company under sub -
section (7) of section 149 confirming that they meet with
the criteria of Independence as provided in Section 149(6)
of the Companies Act, 2013 and Regulation 16(1)(b) of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and there has been no change in the
circumstances which may affect their status as Independent
Director during the year.

In the opinion of the Board, all the Independent Directors
are persons of integrity and possess relevant expertise and
experience including proficiency.

Familiarization Program for Independent Directors:

At the time of the appointment of an Independent Director,
the Company issues a formal letter of appointment outlining
his/her role, function, duties and responsibilities. Further,
the Independent Directors are introduced to the corporate
affairs, new developments and business of the Company from
time to time. The Familiarization program is also available on
the website of the Company www.trustedgecapital.in.

20. KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of Sections 2(51), 203 of the
Companies Act, 2013 read with Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014:

Mrs. Vidhi Shail Savla, Whole-Time Director, Mr. Bharat
Jethalal Suthar, Chief Financial Officer, Mr. Deepak Kabra,

Chief Executive Officer and Ms. Foram Sagar Bhuva, Company
Secretary and Compliance officer are the Key Managerial
Personnel of your Company as on the financial year ended
March 31,2025.

However, during the current financial year, Mr. Manoj Shantilal
Savla, Managing Director, Mr. Jayprakash Labhshankar Raval,

Chief Financial Officer, Mr. Deepak Kabra, Chief Executive
Officer and Ms. Pinkal Mehta, Company Secretary and
Compliance officer are the Key Managerial Personnel of your
Company as on the date of signing of this report. z

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During the year under review and the current financial year
2025-26 till the date of signing of this report, the changes

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related to Key Managerial Personnel are as below:

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Sr.	Name	Designation	Date of	Status of	Remarks, If any
No.			Appointment/ Resignation	Change
1	Anjali Vipulkumar	Company Secretary and	April 10, 2024	Resignation	On account of medical
	Barot	Compliance Officer			reasons.
2	Foram Sagar Bhuva	Company Secretary and	July 11,2024	Appointment	--
		Compliance Officer	April 30, 2025	Resignation	To pursue alternative career outside the
					company
3	Deepak Kabra	Chief Executive Officer	February 03, 2025	Appointment	--
4	Manoj Shantilal Savla	Managing Director	April 10, 2025	Appointment	--
5	Pinkal Mehta	Company Secretary and Compliance Officer	May 26, 2025	Appointment	-
6	Bharat Jethalal Suthar	Chief Financial officer	May 26, 2025	Resignation	Due to health reasons.
7	Vidhi Shail Savla	Whole-Time Director	May 26, 2025	Resignation	Continuation as the
				from the post	Director (Promoter and
				of Whole time	Non-Executive) of the
				director	Company with effect from May 27, 2025

21. DIRECTORS'' RESPONSIBILITY STATEMENT:

In terms of section 134[3][c] of the Companies Act, 2013, in
relation to the financial statements of the Company for the
year ended March 31,2025, the Board of Directors state that:

a) In the preparation of the Annual Accounts, the
applicable accounting standards had been followed
and there are no material departures;

b) They have selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company
at the end of financial year and of the profit of the
Company for the financial year ended March 31,2025;

c) 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;

d) They have prepared the Annual Accounts on a
going concern basis;

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

22. EXTRACT OF ANNUAL RETURN:

The Annual Return of the Company as on March 31, 2025
is available on the website of the Company i.e. www.
trustedgecapital.in pursuant to the provisions of Section 92

read with Section 134 of the Companies Act, 2013 and rules
made there under.

23. CODE OF CONDUCT FOR PREVENTION OF INSIDER
TRADING:

The Board of Directors has adopted the Insider Trading
Policy in accordance with the requirements of the SEBI
(Prohibition of Insider Trading) Regulations, 2015. The Insider
Trading policy of the Company lays down guidelines and
procedures to be followed, and disclosures to be made while
dealing with shares of the Company as well as consequences
of violation. The Policy has been formulated to regulate,
monitor and ensure reporting of deals by the employees and
to maintain the highest ethical standards of dealing in the
Company''s Shares. The code is also available on the website
of the Company - www.trustedgecapital.in

The Company has adopted the amended Code of Practices
and Procedures for Fair Disclosure of Unpublished Price
Sensitive Information in terms of the SEBI (Prohibition of
Insider Trading) Regulation, 2015 (as amended). The same
has been filed with the BSE Limited and also uploaded on
the website of the Company.

24. RELATED PARTY TRANSACTIONS:

All contracts/arrangement/transactions entered into by the
Company during the Financial Year with related parties were
on an arm''s length basis and were in the ordinary course of
business and were placed before the audit committee for
their approval, wherever applicable.

Your Company had entered into transactions with related
parties which could be considered material in terms of
Section 188 of the Companies Act, 2013. Accordingly, the
disclosure of related party transactions as required under
Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2
is as attached in [Annexure-B].

25. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Your Company being a registered NBFC under Section 45IA of
the Reserve Bank of India Act, 1934, the Company has given
loan as per RBI norms. The Company has not provided any
guarantees as laid under Companies Act, 2013. The Company
has made investment under the provisions of Section 186 of
Companies Act, 2013 and RBI Regulations. The said details
are given in the notes to the Financial Statements.

26. RISK MANAGEMENT:

The Company manages and monitors the principal risks
and uncertainties that can impact its ability to achieve its
objectives. Pursuant to section 134 (3) (n) of the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements), Regulations, 2015. The company has framed
a Risk Management Policy. At present the company has
not identified any element of risk which may threaten the
existence of the company.

A well-defined risk management mechanism covering the
risk mapping and trend analysis, risk exposure, potential
impact and risk mitigation process is in place. The objective
of the mechanism is to minimize the impact of risks identified
and taking advance actions to mitigate it. The mechanism
works on the principles of probability of occurrence and
impact, if triggered. A detailed exercise is being carried out
to identify, evaluate, monitor and manage both business
and non-business risks. The Company has formally framed
a Risk Management Policy to identify and assess the key risk
areas, monitor and report compliance and effectiveness of
the policy and procedure.

Discussion on risks and concerns are covered in the
Management Discussion and Analysis Report, which forms
part of this Annual Report.

27. BOARD EVALUATION:

The Company has devised a formal process for annual
evaluation of performance of the Board, its Committees
and Individual Directors ("Performance Evaluation") which
include criteria for performance evaluation of non-executive
directors and executive directors as laid down by the
Nomination and Remuneration Committee and the Board
of Directors of the Company. It covers the areas relevant to
the functioning as Independent Directors or other directors,
member of the Board or Committee of the Board. The
Independent Directors carried out annual performance
evaluation of the Chairman and Executive Directors. The
Board carried out annual performance evaluation of its
own performance. The performance of each Committee
was evaluated by the Board, based on report on evaluation
received from respective Committees.

28. CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to give information relating
Corporate Social Responsibility as the Company does not
fall under the applicable threshold limit mentioned under
section 135 of the Companies Act, 2013.

The Company is striving to make good profit in the coming
years and the Board of Directors of the Company assures to
contribute funds in future.

29. AUDITORS AND AUDITORS'' REPORT:

Statutory Auditors and their Report:

M/s Mahendra N. Shah & Co., Chartered Accountants,
Ahmedabad [Firm Registration No. 105775W] were
appointed as Statutory Auditors of the Company, for a term
of 5 (five) consecutive years, at the Annual General Meeting
held on September 30, 2022.

The Ministry of Corporate Affairs vide its Notification
dated May 7, 2018, had dispensed with the requirement
of ratification of appointment of Statutory Auditors by the
Shareholders at every Annual General Meeting. Hence, the
resolution relating to ratification of appointment of Statutory
Auditors is not included in the Notice of the ensuing 31^st
Annual General Meeting of the Company to be held on
Tuesday, August 19, 2025.

The Statutory Auditors have confirmed that they are eligible
to continue with their appointment and have not been
disqualified in any manner from continuing as Statutory
Auditor. The remuneration payable to the Statutory Auditor
shall be determined by the Board of Directors based on the
recommendation of the Audit Committee.

The Notes on financial statement referred to in the Auditors''
Report are self-explanatory and do not call for any further
comments. The Auditors'' Report does not contain any
qualification, reservation, adverse remark or disclaimer.

Secretarial Auditors and their Report:

Pursuant to provisions of section 204 of the Act and the
Companies [Appointment and Remuneration of Managerial
Personnel] Rules, 2014, the Board has appointed CS Aishwarya
Parekh, Practicing Company Secretary (M. No: F13318 and CP:
22505) to undertake the Secretarial Audit of the Company for
the financial year 2024-25. The Secretarial Audit Report in the
form "MR-3" is annexed herewith as [Annexure- C].

The auditor report does not contain any reservations,
adverse remarks or disclaimers.

It is proposed to the members of the Company to appoint
CS Aishwarya Parekh, Practicing Company Secretary (M. No:
F13318 and CP: 22505) as the Secretarial Auditor for a term of
5 years as mentioned in the notice of ensuing Annual General
Meeting which is forming part of the Annual Report 2024-25.

Internal Auditors:

The board has appointed M/S MGP & Associates, Chartered
Accountants as Internal Auditor (Firm Registration
No. 140164W) as Internal Auditors of the Company for
the F.Y 2024-25.

Cost Auditors:

The appointment of Cost Auditor for the Company is not
applicable to the Company.

30. EXPLANATIONS OR COMMENTS BY THE BOARD ON
QUALIFICATIONS, RESERVATION OR ADVERSE REMARKS
OR DISCLAIMERS:

The Notes on financial statements referred to in the Auditors''
Report read together with relevant notes thereon are self¬
explanatory and hence, do not call for any further comments
under Section 134 of the Companies Act, 2013.

31. FRAUD REPORTED BY AUDITORS UNDER SUB-SECTION
(12) OF SECTION 143 OTHER THAN THOSE WHICH ARE
REPORTABLE TO CENTRAL GOVERNMENT:

During the year under review, the Statutory Auditors and the
Secretarial Auditor have not reported any instances of fraud
committed in the Company by its Officers or Employees
to the Audit Committee under section 143(12) of the
Companies Act, 2013.

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

The information required under Section 134 of the
Companies Act, 2013 read with the Companies (Accounts)
Rules, 2014 with respect to the information on conservation
of energy, technology absorption and foreign exchange
earnings and outgo are set out herewith as [Annexure-D]
and form an integral part to this Report.

33. WHISTLE BLOWER POLICY/VIGIL MECHANISM:

The Company promotes ethical behavior in all its business
activities and has established a vigil mechanism for its
Directors, Employees and Stakeholders associated with
the Company to report their genuine concerns. The Vigil
Mechanism as envisaged in Section 177 of the Companies
Act, 2013 is implemented through the Whistle Blower Policy,
to provide for adequate safeguards against victimization of
persons who use such mechanism and make provision for
direct access to the Chairperson of the Audit Committee.

The Whistle Blower Policy has been appropriately
communicated within the Company and has also been
posted on the Website of our Company.

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

The Company believes that the women employees should
have the opportunity to work in an environment free from
any conduct which can be considered as a Sexual Harassment.
The Company is committed to treating every employee with
dignity and respect, fosters to create a workplace which is
safe and free from any act of Sexual Harassment.

The Company has a policy on ''Prevention of Sexual
Harassment at the Workplace'' as per the provisions of the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 and Rules made thereunder
(''POSH Act & Rules'').

The following is a summary of sexual harassment complaints
received and disposed of during the financial year 2024-25.

• No. of complaints received in the year - NIL

• No. of complaints disposed off during the year - NIL

• No. of complaints pending for more than ninety
days:- NIL

35. DISCLOSURES UNDER MATERNITY BENEFIT ACT, 1961:

The Company is in compliance with the provisions of the
Maternity Benefit Act, 1961.

36. INTERNAL FINANCIAL CONTROLS:

The Company has adequate internal controls and checks
commensurate with its activities. The details in respect
of internal control and their adequacy are included in the
Management and Discussion and Analysis, which forms
integral part of this report.

The Report on the Internal Financial Control under Clause
(i) of sub section 3 of Section 143 of the Companies Act,
2013 is forming part of the financial statement for the
year under review.

37. CREDIT RATING:

The Company has not issued any debt instruments and does
not have any Fixed Deposit Programme or any scheme or
proposal involving mobilization of funds in India or abroad
during the financial year ended March 31,2025. Hence during
the financial year, there was no requirement to obtain such
Credit Ratings.

38. DISCLOSURES WITH RESPECT TO DEMAT SUSUPENSE
ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT:

During the year under review, no shares were held in the
demat suspense account or unclaimed suspense account
of the Company.

39. SIGNIFICANT/MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS INPACTING THE
GOING CONCERN STATUTS OF THE COMPANY:

There are no significant/material orders passed by the
Regulators or Courts or Tribunals impacting the going
concern status of your Company and its operations in future.

40. OTHER DISCLOSURES:

• Maintenance of cost records and requirement of cost
Audit as prescribed under the provisions of Section
148(1) of the Companies Act, 2013 are not applicable to
the business activities carried out by the Company.

• There are no proceedings initiated/pending against
your Company under the Insolvency and Bankruptcy
Code, 2016 which materially impact the business
of the Company.

• There are no significant and material orders passed by
the regulators or courts or tribunals impacting the going
concern status and the Company''s operations in future.

• During the Year under the review, Company has not
taken loan from the Banks or Financial Institutions.

Hence, the 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 is not applicable.

• The equity shares of the Company were not suspended
from trading during the year on account of corporate
actions or otherwise.

• Disclosures pursuant to RBI Master Directions, unless
provided in the Directors'' Report form part of the notes
to the standalone financial statements.

41. ANNEXURES:

The lists of annexures forming part of the Board Report

are as follows:

Name of the Annexure	Annexure No.
Management Discussion and Analysis	A
Report
Related Party Transactions (AOC-2)	B
Secretarial Audit Report	C
Conservation of Energy, Technology	D
Absorption And Foreign Exchange
Earnings And Outgo

42. APPRECIATION:

The Board of Directors would like to place on record their
gratitude for the guidance and cooperation extended by
Reserve Bank of India and the other regulatory authorities.
The Board takes this opportunity to express its sincere
appreciation for the excellent patronage received from
the Banks and Financial Institutions and for the continued
enthusiasm, total commitment, dedicated efforts of the
executives and employees of the Company at all levels. We
are also deeply grateful for the continued confidence and
faith reposed on us by all the Stakeholders.

By order of the Board of Directors
Trustedge Capital Limited

(Formerly known as Adinath Exim Resources Limited)

sd/-

(Manoj S. Savla)

Chairman & Managing Director
DIN - 01529306

Date : July 16, 2025
Place : Ahmedabad

---

Mar 31, 2024

Your directors have the privilege of presenting their 30^th (Thirtieth) Annual Report and the Audited
Statements of Accounts for the Financial Year ended March 31, 2024, of your Company.

1. FINANCIAL HIGHLIGHTS:

(Rs. In Lakhs.

Particulars	For the year ended on March 31, 2024	For the year ended on March 31, 2023
Revenue from Operations (Net)	103.46	99.73
Other Income	--	--
Total Income	103.46	99.73
Total Expenditure	29.37	31.81
Profit / (Loss) before Tax	74.09	67.92
(Less) : Tax expense	18.52	(0.19)
Profit/Loss for the year	55.57	68.11
Total Comprehensive Income	228.74	92.56
Earnings Per Share	1.29	1.58

*The financial statements comply in all the material aspects with the Indian Accounting Standards (IND AS)
notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting
Standards) Rules, 2015 and other relevant provisions of the Companies Act, 2013.

2. STATE OF COMPANY''S AFFAIRS AND FINANCIAL PERFORMANCE:

The Company’s revenues from operations increased to Rs. 103.46 Lakh in the year 2023-24 from
Rs. 99.73 Lakh in the year 2022-23 showing growth of 04.00 % compared to the previous year,
impacting to the profit of Rs. 55.57 Lakh in the present fiscal year in comparison to profit of Rs.
68.11 Lakh in the financial year 2022-23.

However, your directors are expecting to achieve better results in the coming years.

3. RECOMMENDATION OF DIVIDEND:

In order to conserve and plough back the resources, your directors have not recommended any
dividend for the year on equity shares of the company.

4. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Year under review, your Company has not changed its nature of business.

5. TRANSFER TO RESERVES:

The Board has recommended transferring Rs. 11.11 Lakh to Special General Reserves and an
amount of Rs. 1053.50 Lakh is retained as surplus in the Statement of Profit and Loss of
Standalone financials.

6. SHARE CAPITAL:

As on March 31, 2024, the Share Capital structure of the Company stands as under:

Particulars	No of Shares	Amount
Authorized Share Capital
Equity Shares of Rs. 10/- each	5,500,000	55,000,000
Total	5,500,000	55,000,000
Issued and Subscribed Capital
Equity Shares of Rs. 10/- each	5,215,400	52,154,000
Total	5,215,400	52,154,000
Paid up Share Capital
Equity Shares of Rs. 10/- each	4,319,100	43,191,000
Add: Forfeited Shares (Originally Paid Up)		4,481,500
Total	4,319,100	47,672,500

Depository System:

As the members are aware, the Company''s Equity shares are compulsorily tradable in electronic
form. As on March 31, 2024, 73.20% of the Company''s total paid-up equity capital representing
31,61,600 Equity shares is in dematerialized form.

The SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 mandate that the
transfer, except transmission and transposition, of securities shall be carried out in dematerialized
form only with effect from April 01, 2019. In view of the numerous advantages offered by the
Depository system as well as to avoid frauds, members holding shares in physical mode are
advised to avail of the facility of dematerialization from either of the depositories. The Company
has, directly as well as through its RTA, sent intimation to shareholders who are holding shares in
physical form, advising them to get the shares dematerialized.

During the year, Company has not issued any equity shares with differential rights or any sweat
equity shares.

7. DETAILS OF MEETINGS OF THE BOARD AND ITS COMMITTEES:

Board Meetings:

The Board of Directors met Five (5) times during the financial year, and the details of the meeting
are as follows:

Sr. No.	Date of Meeting	Attendance of Directors	Venue
1.	08 May 2023	03 (Three) directors were present except Mrs. Vidhi S. Savla	Physical meetings at the Company''s Registered Office situated at Ahmedabad.
2.	14 Aug 2023	All directors were present
3.	28 Oct 2023	All directors were present
4.	04 Dec 2023	All directors were present
5.	06 Feb 2024	All directors were present

The intervening gap between the meetings was within the period prescribed under the Companies
Act, 2013.

As per Schedule IV of the Companies Act, 2013, a separate meeting of Independent Directors
without the attendance of Non- Independent Directors was held on February 06, 2024 to discuss
the agenda items as required under the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 The Independent Directors reviewed the performance
of non-independent directors and the Board as whole, reviewed the performance of the
Chairperson of the Company taking into account the views of executive and non-executive directors
and assessed the quality, quantity and timeliness of flow of information between the Company
Management and the Board that is necessary for the Board to effectively and reasonably perform
their duties. The Independent Directors expressed their satisfaction with overall functioning and
implementations of their suggestions.

Committees'' Meetings:

The Audit Committee met four (4) times during the financial year, and the details of the meeting
are as follows:

Sr. No.	Date of Committee Meeting	Attendance of Chairman/Member
1.	08 May 2023	Chairman & all other Members were present except Mrs. Vidhi S. Savla.
2.	14 Aug 2023	Chairman & all other Members were present.
3.	28 Oct 2023	Chairman & all other Members were present.
4.	06 Feb 2024	Chairman & all other Members were present.

The Nomination & Remuneration Committee met Three (3) times during the financial year, and the
details of the meeting are as follows:

Sr. No.	Date of Committee Meeting	Attendance of Chairman/Member
1.	14 Aug 2023	Chairman & all other Members were present.
2.	28 Oct 2023	Chairman & all other Members were present.
3.	04 Dec 2023	Chairman & all other Members were present.

The Stakeholder Relationship Committee met Four (4) times during the financial year, and the
details of the meeting are as follows:

Sr. No.	Date of Committee Meeting	Attendance of Chairman/Member
1.	08 May 2023	Chairman & all other Members were present except

		Mrs. Vidhi S. Savla.
2.	14 Aug 2023	Chairman & all other Members were present.
3.	01 Sep 2023	Chairman & all other Members were present.
4.	06 Feb 2024	Chairman & all other Members were present.

Committees'' Composition:

The compositions of Audit Committee, Stakeholder Relationship Committee & Nomination &
Remuneration Committee as on March 31, 2024, are as follows:

Name	Chairman/Member
Smt. Shivangi Irfanali Vakil	Chairman
Smt. Vidhi S. Savla	Member
Shri Ketanbhai H. Sanghvi	Member

The composition of Share Allotment Committee is as follows:

Name	Chairman/Member
Shri Ketanbhai H. Sanghvi	Chairman
Shri Bharat Jethalal Suthar	Member
Smt. Anjali Barot	Member

8. RBI GUIDELINES:

Your Company has complied with the various requirements prescribed under the Master Direction
- Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions,
2023 for NBFC-UL within the specified timelines including adopting policies for enhanced
regulatory framework, Internal Capital Adequacy Assessment Process Policy (ICAAP), complying with
large exposure norms, setting limits for sensitive sector exposure, etc.

The Company continues to comply with the Master Direction - Reserve Bank of India (Non-Banking
Financial Company - Scale Based Regulation) Directions, 2023 and all the applicable laws,
regulations, guidelines, etc. prescribed by RBI from time to time.

9. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Corporate Governance:

Pursuant to Regulation 15 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 [‘SEBI (LODR)''], Corporate Governance provisions as
specified is not applicable to the Company, since the paid-up share capital of the company and the
net worth is below the threshold limits prescribed under SEBI (LODR).

Management Discussion and Analysis Report:

In terms of Regulation 34(e) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Management Discussion and Analysis is set out in the Annual Report as
[Annexure- A].

10. SUBSIDIARIES, JOINT VENTURES & ASSOCIATES:

During the year under review, the Company does not have any Subsidiaries, Joint Venture and
Associates.

11. DEPOSITS:

In terms of Sections 73 and 74 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014, during the financial year, your Company has not
accepted any public deposits, or no amount of principal or interest was outstanding as on date
of the Balance Sheet.

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

There have been no material changes and commitments which is affecting the financial
position of the Company which have occurred between April 01, 2024 and the date on which
this Report has been signed.

13. COMPLIANCE:

The Compliance function of the Company is responsible for independently ensuring that
operating and business units comply with the regulatory and internal guidelines. The
Compliance Department of the Company continues to play a pivotal role in ensuring the
implementation of compliance functions in accordance with the directives issued by the
Regulators, the Board of Directors and the Company''s Compliance Policy.

The Audit Committee reviews the performance of the Compliance Department and the status
of compliance with the regulatory or internal guidelines on a periodic basis. New instructions
and guidelines issued by the regulatory authorities were disseminated across the Company to
ensure that the business and functional units functions with the boundaries set up by the
regulators and that the compliance risks are suitably monitored and mitigated in course of
their activities and processes.

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

The current policy is to have an appropriate mix of executive and independent directors to
maintain the independence of the Board and separate its functions of governance and
management. As on March 31, 2024, the Board consists of Four (4) members, of whom (1)
one is the Managing Director, (1) one is the Non-executive Director and (2) Two are
Independent Directors. The Board periodically evaluates the need for a change in its
composition and size.

The policy of the Company on directors'' appointment and remuneration, including criteria for
determining qualifications, positive attributes, independence of a director and other matters
provided under Sub Section (3) of Section 178 of the Companies Act, 2013, adopted by the
Board, is available on our website. We affirm that the remuneration paid to the directors is as
per the terms laid out in the nomination and remuneration policy of the Company.

15. PARTICULARS OF EMPLOYEES:

Disclosures with respect to the remuneration of Directors and employees as required under
Section 197 (12) of Companies Act, 2013 and Rule 5 (1) Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are given in [Annexure- B] that forms
part of this Board Report.

There are no employees drawing salary as prescribed under Section 197 of the Companies
Act, 2013 read with rule 5(2) & (3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.

16. HUMAN RESOURCES:

The well-disciplined workforce which has served the company for more than three decades lies
at the very foundation of the company''s major achievements and shall well continue for the
years to come. The management has always carried out systematic appraisal of performance
and imparted training at periodic intervals. The company has always recognized talent and has
judiciously followed the principle of rewarding performance.

17. LISTING OF SHARES:

The Equity Shares of the Company are listed on BSE Limited (formerly the Bombay Stock
Exchange Limited) with scrip code 532056. The Company confirms that the annual listing fees
to the stock exchanges for the financial year 2023-24 have been paid.

18. DIRECTORS:

Appointments:

During the year under review none of the directors were appointed, re-appointed or ceased to
be the director of the Company.

Directors Retire by Rotation:

Pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the
Companies (Appointment and Qualification of Directors) Rules, 2014 and the Articles of
Association of your Company, Smt. Vidhi Shail Savla (DIN: 09107866), Director of the
Company is liable to retire by rotation at the ensuing AGM and being eligible offered herself for
reappointment.

An appropriate resolution for her re-appointment is being placed for your approval at the
ensuing AGM. The brief resume of Smt. Vidhi Shail Savla (DIN: 09107866) together with other
related information has been detailed in the Notice of AGM which is forming part of the Annual
Report.

Your directors recommend her re-appointment on the board of your Company.
Re-appointments:

Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board

at its meeting held on August 09, 2024 has approved the re-appointment of Shri Manoj
Shantilal Savla (DIN: 01529306) as a Managing Director of the Company for a further term of
five years from August 12, 2024 to August 11, 2029, subject to the approval of shareholders
at the ensuing 30^th Annual General Meeting of the Company to be held on Monday, 30^th
September 2024.

The brief resume of Shri Manoj Shantilal Savla (DIN: 01529306) together with other related
information has been detailed in the Notice of AGM which is forming part of the Annual Report.

Resignations/ retirements along with facts of resignation:

No resignations have been made during the financial year ended March 31, 2024.
Independent Directors:

The terms and conditions of appointment of Independent Director are in accordance with the
applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and also as per the provisions of the Companies Act, 2013 (“Act”) read
with Schedule IV to the Act.

Your Company has received annual declarations from all the Independent Director of the
Company under sub - section (7) of section 149 confirming that they meet with the criteria of
Independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation
16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
there has been no change in the circumstances which may affect their status as Independent
Director during the year.

In the opinion of the Board, all the Independent Directors are persons of integrity and possess
relevant expertise and experience including proficiency.

Familiarization Program for Independent Directors:

At the time of the appointment of an Independent Director, the Company issues a formal letter
of appointment outlining his/her role, function, duties and responsibilities. Further, the
Independent Directors are introduced to the corporate affairs, new developments and
business of the Company from time to time. The Familiarization program is also available on
the website of the Company www.adinatheximresources.com.

19. KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of Sections 2(51), 203 of the Companies Act, 2013 read
with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

Shri Manojbhai Shantilal Savla Managing Director, Shri Bharat Jethalal Suthar, Chief Financial
Officer and Ms. Anjali Vipulkumar Barot, Company Secretary and Compliance officer are the
Key Managerial Personnel of your Company as on the financial year ended March 31, 2024.

During the year under review and the current financial year 2024-25, the changes related to
Key Managerial Personnel are as below:

Sr. No.	Name	Designation	Date of Appointment/ Resignation	Status of Change	Remarks, If any
1	Arpita Shah	Company Secretary and Compliance Officer	September 07, 2023	Resignation	To pursue opportunity in another Company.
2	Anjali Vipulkumar Barot	Company Secretary and Compliance Officer	December 04, 2023	Appointment	--
3			April 10, 2024	Resignation	On account of medical reasons.
4	Foram Sagar Bhuva	Company Secretary and Compliance Officer	July 11, 2024	Appointment	--

20. DIRECTORS'' RESPONSIBILITY STATEMENT:

In terms of section 134[3][c] of the Companies Act, 2013, in relation to the financial
statements of the Company for the year ended March 31, 2024, the Board of Directors state
that:

a) in preparation of the annual financial statements, the applicable accounting standards
have been followed along with proper explanations relating to material departures, if any,

b) such accounting policies have been selected and applied consistently and judgments and
estimates made that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as on March 31, 2024 and of the profit of the Company
for the year ended on that date,

c) proper and sufficient care has been taken for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for prevention and detection of fraud and other irregularities,

d) the annual financial statements have been prepared on going concern basis,

e) proper internal financial controls were in place and that the financial controls were
adequate and were operating effectively, and

f) the systems to ensure compliance with the provisions of all applicable laws were in place
and were adequate and operating effectively.

21. EXTRACT OF ANNUAL RETURN:

The Annual Return of the Company as on March 31, 2024 is available on the website of the
Company i.e. www.adinatheximresources.com pursuant to the provisions of Section 92 read
with Section 134 of the Companies Act, 2013 and rules made there under.

22. CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING:

The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The Insider

Trading policy of the Company lays down guidelines and procedures to be followed, and
disclosures to be made while dealing with shares of the Company as well as consequences of
violation. The Policy has been formulated to regulate, monitor and ensure reporting of deals by
the employees and to maintain the highest ethical standards of dealing in the Company''s
Shares. The code is also available on the website of the Company -
www.adinatheximresources.com.

The Company has adopted the amended Code of Practices and Procedures for Fair Disclosure
of Unpublished Price Sensitive Information in terms of the SEBI (Prohibition of Insider Trading)
Regulation, 2015 (as amended). The same has been filed with the BSE Limited and also
uploaded on the website of the Company.

23. RELATED PARTY TRANSACTIONS:

All contracts/arrangement/transactions entered into by the Company during the Financial Year
with related parties were on an arm''s length basis and were in the ordinary course of business
and were placed before the audit committee for their approval, wherever applicable.

Your Company had entered into transactions with related parties which could be considered
material in terms of Section 188 of the Companies Act, 2013. Accordingly, the disclosure of
related party transactions as required under Section 134(3) (h) of the Companies Act, 2013 in
Form AOC-2 is as attached in [Annexure- C].

24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Your Company being a registered NBFC under Section 45IA of the Reserve Bank of India Act,
1934, the Company has given loan as per RBI norms. The Company has not provided any
guarantees as laid under Companies Act, 2013. The Company has made investment under the
provisions of Section 186 of Companies Act, 2013 and RBI Regulations. The said details are
given in the notes to the Financial Statements.

25. RISK MANAGEMENT:

The Company manages and monitors the principal risks and uncertainties that can impact its
ability to achieve its objectives. Pursuant to section 134 (3) (n) of the Companies Act, 2013
and SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. The company
has framed a Risk Management Policy. At present the company has not identified any element
of risk which may threaten the existence of the company.

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk
exposure, potential impact and risk mitigation process is in place. The objective of the
mechanism is to minimize the impact of risks identified and taking advance actions to mitigate
it. The mechanism works on the principles of probability of occurrence and impact, if triggered.
A detailed exercise is being carried out to identify, evaluate, monitor and manage both
business and non-business risks. The Company has formally framed a Risk Management
Policy to identify and assess the key risk areas, monitor and report compliance and
effectiveness of the policy and procedure.

Discussion on risks and concerns are covered in the Management Discussion and Analysis
Report, which forms part of this Annual Report.

26. BOARD EVALUATION:

The Company has devised a formal process for annual evaluation of performance of the
Board, its Committees and Individual Directors (“Performance Evaluation”) which include
criteria for performance evaluation of non-executive directors and executive directors as laid
down by the Nomination and Remuneration Committee and the Board of Directors of the
Company. It covers the areas relevant to the functioning as Independent Directors or other
directors, member of the Board or Committee of the Board. The Independent Directors carried
out annual performance evaluation of the Chairman and Executive Directors. The Board
carried out annual performance evaluation of its own performance. The performance of each
Committee was evaluated by the Board, based on report on evaluation received from
respective Committees.

27. CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to give information relating Corporate Social Responsibility as the
Company does not fall under the applicable threshold limit mentioned under section 135 of
the Companies Act, 2013.

The Company is striving to make good profit in the coming years and the Board of Directors of
the Company assures to contribute funds in future.

28. AUDITORS AND AUDITORS'' REPORT:

Statutory Auditors and their Report:

M/s Mahendra N. Shah & Co., Chartered Accountants, Ahmedabad [Firm Registration No.
105775W] were appointed as Statutory Auditors of the Company, for a term of 5 (five)
consecutive years, at the Annual General Meeting held on September 30, 2022.

The Ministry of Corporate Affairs vide its Notification dated May 7, 2018, had dispensed with
the requirement of ratification of appointment of Statutory Auditors by the Shareholders at
every Annual General Meeting. Hence, the resolution relating to ratification of appointment of
Statutory Auditors is not included in the Notice of the ensuing 30^th Annual General Meeting of
the Company to be held on Monday, 30^th September 2024.

The Statutory Auditors have confirmed that they are eligible to continue with their appointment
and have not been disqualified in any manner from continuing as Statutory Auditor. The
remuneration payable to the Statutory Auditor shall be determined by the Board of Directors
based on the recommendation of the Audit Committee.

The Notes on financial statement referred to in the Auditors'' Report are self-explanatory and
do not call for any further comments. The Auditors'' Report does not contain any qualification,
reservation, adverse remark or disclaimer.

Secretarial Auditors and their Report:

Pursuant to provisions of section 204 of the Act and the Companies [Appointment and
Remuneration of Managerial Personnel] Rules, 2014, the Board has appointed Mr. Kinjal
Shah, Company Secretary in Whole-time Practice to undertake the Secretarial Audit of the
Company for the financial year 2023-24. The Secretarial Audit Report in the form “MR-3” is

annexed herewith as [Annexure- D].

The auditor report does not contain any reservations, adverse remarks or disclaimers.

Internal Auditors:

The board has appointed M/s. Milan B Chudasama & Co., Chartered Accountants as Internal
Auditor (Firm Registration No. 158615W) as Internal Auditors of the Company for F.Y 2023-24.

Cost Auditors:

The appointment of Cost Auditor for the Company is not applicable to the Company.

29. EXPLANATIONS OR COMMENTS BY THE BOARD ON QUALIFICATIONS, RESERVATION OR ADVERSE
REMARKS OR DISCLAIMERS:

The Notes on financial statements referred to in the Auditors'' Report read together with
relevant notes thereon are self-explanatory and hence, do not call for any further comments
under Section 134 of the Companies Act, 2013.

30. FRAUD REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE
WHICH ARE REPORTABLE TO CENTRAL GOVERNMENT:

During the year under review, the Statutory Auditors and the Secretarial Auditor have not
reported any instances of fraud committed in the Company by its Officers or Employees to the
Audit Committee under section 143(12) of the Companies Act, 2013.

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

The information required under Section 134 of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014 with respect to the information on conservation of energy,
technology absorption and foreign exchange earnings and outgo are set out herewith as
[Annexure-E] and form an integral part to this Report.

32. WHISTLE BLOWER POLICY/VIGIL MECHANISM:

The Company promotes ethical behavior in all its business activities and has established a
vigil mechanism for its Directors, Employees and Stakeholders associated with the Company
to report their genuine concerns. The Vigil Mechanism as envisaged in Section 177 of the
Companies Act, 2013 is implemented through the Whistle Blower Policy, to provide for
adequate safeguards against victimization of persons who use such mechanism and make
provision for direct access to the Chairperson of the Audit Committee.

The Whistle Blower Policy has been appropriately communicated within the Company and has
also been posted on the Website of our Company.

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

Your Company is committed to provide and promote a safe, healthy and congenial atmosphere
irrespective of gender, caste, creed or social class of the employees.

But, though the Company does not have more than 1 number of female employee and
subjected to the provisions of the Section 2 of The Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013 the Internal Complaints
Committees (ICC) cannot be constituted due to the lack of number of female employees.
Therefore the Company has organized an awareness programme for the female employees in
respect to spread the awareness of this Act and has informed them to file any complaint of
Sexual harassment caused at workplace to the Local Complaints Committee (LCC) Constituted
in every District as per the provision of Section 5 of The Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013.

The following is a summary of sexual harassment complaints received and disposed off during
the year.

¦ No. of complaints received - NIL

¦ No. of complaints disposed off - Not Applicable

34. INTERNAL FINANCIAL CONTROLS:

The Company has adequate internal controls and checks commensurate with its activities. The
details in respect of internal control and their adequacy are included in the Management and
Discussion and Analysis, which forms integral part of this report.

The Report on the Internal Financial Control under Clause (i) of sub section 3 of Section 143 of
the Companies Act, 2013 is forming part of the financial statement for the year under review.

35. CREDIT RATING:

The Company has not issued any debt instruments and does not have any Fixed Deposit
Programme or any scheme or proposal involving mobilization of funds in India or abroad
during the financial year ended March 31, 2024. Hence during the financial year, there was no
requirement to obtain such Credit Ratings.

36. DISCLOSURES WITH RESPECT TO DEMAT SUSUPENSE ACCOUNT/UNCLAIMED SUSPENSE
ACCOUNT:

During the year under review, no shares were held in the demat suspense account or
unclaimed suspense account of the Company.

37. SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
INPACTING THE GOING CONCERN STATUTS OF THE COMPANY:

There are no significant/material orders passed by the Regulators or Courts or Tribunals
impacting the going concern status of your Company and its operations in future.

38. SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to

''Meetings of the Board of Directors'' and ''General Meetings'', respectively, have been duly

followed by the Company.

39. OTHER DISCLOSURES:

• Maintenance of cost records and requirement of cost Audit as prescribed under the
provisions of Section 148(1) of the Companies Act, 2013 are not applicable to the
business activities carried out by the Company.

• There are no proceedings initiated/pending against your Company under the Insolvency
and Bankruptcy Code, 2016 which materially impact the business of the Company.

• There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and the Company''s operations in future.

• During the Year under the review, Company has not taken loan from the Banks or
Financial Institutions. Hence, the 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 is not applicable.

• The equity shares of the Company were not suspended from trading during the year on
account of corporate actions or otherwise.

• Disclosures pursuant to RBI Master Directions, unless provided in the Directors'' Report
form part of the notes to the standalone financial statements.

40. ANNEXURES:

The lists of annexures forming part of the Board Report are as follows:

Name of the Annexure	Annexure No.
Management Discussion and Analysis Report	A
Ratio of the remuneration of each director to the median employee’s rem uneration	B
Related Party Transactions (AOC-2)	C
Secretarial Audit Report	D
Conservation of Energy, Technology Absorption And Foreign Exchange Earnings And Outgo	E

41. APPRECIATION:

The Board of Directors would like to place on record their gratitude for the guidance and
cooperation extended by Reserve Bank of India and the other regulatory authorities. The Board
takes this opportunity to express its sincere appreciation for the excellent patronage received
from the Banks and Financial Institutions and for the continued enthusiasm, total
commitment, dedicated efforts of the executives and employees of the Company at all levels.
We are also deeply grateful for the continued confidence and faith reposed on us by all the

Stakeholders.

By order of the Board of Directors
Adinath Exim Resources Limited
SD/- SD/-

(Manoj S. Savla) (Vidhi S. Savla)

Managing Director Director

DIN - 01529306 DIN - 09107866

Date : August 09, 2024
Place : Ahmedabad

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Mar 31, 2015

To

The Members

Adinath Exam Resources Ltd.

The Directors have pleasure in presenting the Twenty first Annual Report together with Statement of Accounts for the Financial Year ended on 31st March, 2015:

FINANCIAL RESULTS:

(Rs,In Lacs)

Particulars 2014-2015 2013-2014

Total Income 43.62 29.79

Expenditure 15.61 12.08

Profit Before Interest and Depreciation 26.21 17.71

Less: Depreciation 00.90 0.50

Profit Before Interest 27.11 17.20

Less: Interest 0 0

Profit Before Tax 27.11 17.20 Less: Prior Period Expenses 0 0

Less: Provision for: Current Taxation 4.17 3.11

Deferred Taxation 0.04 0.01

Profit after Taxation 22.91 14.08

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

TRANSFER TO RESERVES:

The Board has recommended transferring Rs. 23. 14 Lacs to General Reserves and an amount of Rs. 22.91 Lacs is retained as surplus in the Statement of Profit and Loss of Standalone financials.

DIVIDEND

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2015.

FIXED DEPOSITS:

Your Company has not accepted any deposits from the public within the meaning of chapter V of the Act,2013 for the year ended 31st March, 2015.

PARTICULARS OF LOANS, GUARANTEE AND INVESTMENTS:

As on 31st March, 2015, there was no outstanding loan or guarantees covered under the provisions of section 186 of Companies Act, 2013. Particulars of Investments made are provided in the financial statement.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Appointment:

The Company has appointed Ms. Shivangi Mehta (DIN: 07074084) as Additional Director in the category of non-executive, independent director of the Company in the meeting of the Board held on 12th February, 2015 to hold office up to ensuing Annual General Meeting of the Company. The Company has received notices from a member proposing appointment of Ms. Shivangi Mehta (DIN: 07074084) as Independent Director of the Company. The Board recommends their reappointment as Independent Director, who shall not be eligible for retirement by rotation, for a period of five consecutive years.

Retirement by Rotation:

In accordance with the provisions of section 152[6] of the Act and in terms of the Articles of Association of the Company, Mr. Paras Savla, Director [DIN - 00145639] will retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. The Board recommends his re-appointment.

Declaration from Independent Director:

The Company has received necessary declaration from each Independent Director of the Company under section 149 (7) of the Companies Act, 2013, that the Independent Director of the Company meet with criteria of their Independence laid down in section laid down in section 149(7).

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT 9 are annexed to this Report as Annexure A.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Your Directors confirm that,

In accordance with the provisions of section 134(5) of the Act, 2013, with respect to Director's Responsibility Statement , it is hereby stated:-

a) that in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have beans elected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2015 and of the profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) that the annual financial statements for the year ended 31st March, 2015 have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

MEETINGS

Board Meetings:

There were 5 meetings of the Board held during the year. Detailed information is given in the Corporate Governance Report.

Committees of Board:

Details of various committees constituted by the Board of Directors as per the provisions of Clause 49 of the Listing Agreement and Companies Act, 2013 are given in the Corporate Governance Report which forms part of this report.

Details of composition of Audit Committees under section 177 (8), of the Companies Act, 2013 and 177 (10) Companies Act, 2013 are mentioned as under:

The Audit Committee consists of the following members. The details of which are provided below:

Name of Director Designation Highlights of Activities

Mr. Shetal Shah Chairman All recommendation made by the audit committee during

Mr. Manish Joshi Member the year were accepted by the Board

Mr. Paras Savla Member The Company has adopted Whistle Blower Mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud, or violation of the Company's Code of conduct.

Independent Directors Meeting:

The Independent Directors met on 25th March, 2015 without the attendance of Non-Independent Directors and members of the Management. The Independent Directors reviewed the performance of non-independent directors and the Board as whole and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance and the Directors individually. A process of evaluation was followed by the Board for its own performance and that of its Committees and individual Directors. A familiarization programmer was conducted for Independent Directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Separate reports on Corporate Governance compliance and Management Discussion and Analysis as stipulated by Clause 49 of the Listing Agreement forms part of this Annual Report along with the required Certificate from Practicing Company Secretary of the Company regarding compliance of the conditions of Corporate Governance as stipulated by Clause 49 of the Listing Agreement.

MATERIAL CHANGES

There have been no material changes and commitments affecting the financial position of the Company since the close of financial year i.e. since 31st March, 2015. Further, it is hereby confirmed that there has been no change in the nature of business of the Company.

RELATED PARTY TRANSACTIONS:

Related party transactions that were entered into during the financial year were on arm's length basis and were in ordinary course of business. There are no materially significant related party transactions made by the Company which may have potential conflict with the interest of the Company. There are no material related party transactions which are not in ordinary course of business or which are not on arm's length basis and hence there is no information to be provided as required under Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014. The Board has approved a policy for related party transactions which has been uploaded on the Company's website. The we blink as required under Listing Agreement is http://www.adinatheximresources.com/pdf/policies/RelatedParty TransactionPolicy.pdf

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to give information relating Corporate Social Responsibility as the Company does not fall under the applicable threshold limit mentioned under section 135 of the Companies Act, 2013.

RISK MANAGEMENT:

The Company manages, and monitors on the principal risks and uncertainties that can impact its ability to achieve its objectives.

Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49 of the listing agreement, the company has framed Risk Management Policy. The details of the policy are as updated on website of the company. At present the company has not identified any element of risk which may threaten the existence of the company.

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks. The Company has formally framed a Risk Management Policy to identify and assess the key risk areas, monitor and report compliance and effectiveness of the policy and procedure.

Discussion on risks and concerns are covered in the Management Discussion and Analysis Report, which forms part of this Annual Report.

REMUNERATION POLICY:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration.

AUDITORS:

Statutory Auditor and their Report:

M/s. Shailesh C. Parikh & Co., Chartered Accountant, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a Certificate regarding their eligibility for re-appointment as Statutory Auditor of the Company, pursuant to Section 139(1) of the Companies Act, 2013 read with rules. The Board of Directors recommends their re-appointment for 2015-2016.

Secretarial Auditor and Secretarial Audit Report:

Pursuant to provisions of section 204 of the Act and the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014, the Board has appointed M/s Rajesh Parekh & Co., a firm of Company Secretaries in Whole-time Practice to undertake the Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report is annexed herewith as Annexure - B. The Board has duly reviewed the Secretarial Auditor's Report and the observations and comments, appearing in the report are self- explanatory and do not call for any further explanation / clarification by the Board of Directors as provided under section 134 of the Act.

Internal Auditors:

The Board of Directors has appointed Mr. Mihir Shah, Chartered Accountants as Internal Auditors of the Company for the F. Y. 2015-16.

There is no qualification, reservation, adverse remark or disclaimer by the Statutory Auditors in their report or by the Secretarial Auditors in their Secretarial Audit Report and hence no explanation or comments of the Board is required in this matter. The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company.

INSURANCE

All movable properties as owned by the Company continued to be adequately insured against risks.

CORPORATE GOVERNANCE

The Report on corporate governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report. The requisite certificate from M/s. Rajesh Parekh and Co. confirming compliance with the conditions of corporate governance as stipulated under the aforesaid Clause 49, is attached to the Report on corporate governance

LISTING OF SHARES:

The Equity Shares of the Company are listed on the BSE Limited (BSE) with scrip code No. 532056 and on Delhi Stock Exchange of India Limited (NSE) with scrip ID ADIEXRE. The Company confirms that the annual listing fees to both the stock exchanges for the financial year 2015-16 have been paid.

PARTICULARS OF EMPLOYEES:

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the separate annexure forming part of this Report as Annexure-C.

There was no employee drawing salary as prescribed under Section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 .

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

The Company has framed and implemented an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. 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.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

AND OUTGO:

Your Company is an NBFC. Since this business does not involve any manufacturing activity, most of the information required to be provided under section 134 (3)(m) of the Companies Act, 2013 read with Companies (Accounts)Rules, 2014, are Nil/Not Applicable.

However the information , as applicable , are given here under:

Conservation of Energy:

(i) the steps taken or impact on conservation of energy Your Company, being a service provider,

(ii) the steps taken by the company for utilizing requires minimal energy consumption and alternate sources of energy every Endeavour is made to ensure optimal

(iii) the capital investment on energy conservation use of energy, avoid wastages and conserve equipments energy as far as possible.

Technology Absorption:

(i) the efforts made towards technology absorption The Company is not using any particular

(ii) the benefits derived like product improvement, cost technology and as such information relating to reduction, product development or import substitution technology absorption is not required to be given.

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- (a) the details of technology imported

(b) the year of import;

(c) whether the technology been fully absorbed

(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof

(iv) the expenditure incurred on Research and Development

Foreign Exchange Earnings and Outgo:

The Company does not have any Foreign Exchange Earnings / Expenses during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

INTERNAL FINANCIAL CONTROL SYSTEM AND THIER ADEQUACY:

The details in respect of internal financial control and their adequacy are included in the Management and Discussion & Analysis, which forms part of this report.

PUBLIC DEPOSIT:

During the year under review, your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance received from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.

For and on behalf of the Board

Date : 14/08/2014 PARAS SAVLA

Place :Ahmadabad Chairman

DIN: 00145639

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Mar 31, 2014

Dear members,

The Directors have pleasure in presenting the Twentieth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2014.

FINANCIAL RESULTS

(Rs. In Lacs)

Particulars 2013-14 2012-13

Total Income 29.79 28.52

Expenditure 12.08 11.42

Profit Before Interest and Depreciation 17.71 17.10

Less: Depreciation 0.50 0.56

Profit Before Interest 17.20 16.54

Less: Interest 0 0

Profit Before Tax 17.20 16.54

Less: Prior Period Expenses 0 0

Less: Provision for: Current Taxation 3.11 3.37

Deferred Taxation 0.01 0.01

Profit after Taxation 14.08 13.17

The total income of the Company during the year under review is Rs. 29.79 Lacs against Rs. 28.52 Lacs in the previous financial year. The total profit of the Company during the year under review is Rs. 14.08 Lacs against Rs. 13.17 Lacs in the previous financial year.

DIVIDEND

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2014.

MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis (MDA), forming part of this report, inter-alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance Report" is attached to this Annual report. We have obtained a certificate from a Chartered Accountant on our compliances with clause 49 of the listing agreement with Stock Exchanges.

DIRECTORS

Mr. Manoj Savla retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Director''s Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable Accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit of the Company for the Financial Year.

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate Accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS

M/s. Shailesh C. Parikh & Co., Chartered Accountants, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a Certificate regarding their eligibility for re-appointment as Statutory Auditor of the Company, pursuant to Section 139(1) of the Companies Act, 2013 read with rules. The Board of Directors recommends their re-appointment for 2014-15.

SECRETARIAL COMPLAINCE CERTIFICATE

In accordance with Section 383(A) of the Companies Act, 1956, the Secretarial Compliance Certificate is attached with the report.

PARTICULARS OF EMPLOYEES

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The Company is not required to give information relating to conservation of energy and technology absorption as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

FOREIGN EXCHANGE EARNINGS / EXPENSES

The Company does not have any Foreign Exchange Earnings / Expenses during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

PUBLIC DEPOSIT

During the year under review, your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance received from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.



By Order of Board of Directors

Date : 13/08/2014 PARAS SAVLA Place : Ahmedabad Chairman

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Mar 31, 2013

To The Members of Adinath Exim Resources Ltd.

The Directors have pleasure in presenting the Nineteenth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2013:

FINANCIAL RESULTS:

(Rs. In Lacs)

Particulars 2012-13 2011-12

Total Income 28.52 27.98

Expenditure 11.42 9.21

Profit Before Interest and Depreciation 17.10 18.77

Less: Depreciation 0.56 0.66

Profit Before Interest 16.54 18.11

Less: Interest 0 0

Profit Before Tax 16.54 18.11

Less: Prior Period Expenses 0 0

Less: Provision for: Current Taxation 3.37 3.77

Deferred Taxation 715 (1404)

Profit after Taxation 13.17 14.34

The total income of the Company during the year under review is Rs. 28.52 Lacs against Rs. 27.98 Lacs in the previous financial year. The total profit of the Company during the year under review is Rs. 13.17 Lacs against Rs. 14.34 Lacs in the previous financial year.

DIVIDEND

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2013.

MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis (MDA), forming part of this report, inter-alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance Report" is attached to this Annual report. We have obtained a certificate from a Chartered Accountant on our compliances with Clause 49 of the Listing Agreement with Stock Exchanges.

DIRECTORS

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association, Mr. Manish Joshi shall retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable Accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the Profit of the Company for the Financial Year.

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate Accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS

M/s. Shailesh C. Parikh & Co., Chartered Accountant, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

The Company has received certificate from M/s. Shailesh C. Parikh & Co., Chartered Accountant, to the effect that their appointment, if made would within the prescribed limits under Section 224(1B) of the Companies Act, 1956 and that they are not disqualified from such appointment within the meaning of section 226 of the Companies Act, 1956. The proposal for re-appointment is included in the notice of Annual General Meeting sent with.

PARTICULARS OF EMPLOYEES

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

CONSERVATION OF ENERGY ANDTECHNOLOGY ABSORPTION

The Company is not required to give information relating to conservation of energy and technology absorption as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

PUBLIC DEPOSIT

During the year under review, your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance received from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.

By Order of Board of Directors

Date : 07/08/2013 PARAS SAVLA

Place : Ahmedabad Chairman

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Mar 31, 2012

To The Members of Adinath Exim Resources Ltd.

The Directors have pleasure in presenting the Eighteenth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2012:

FINANCIAL RESULTS : (Rs. in Lacs)

Particulars 2011-12 2010-11

Total Income 27.98 29.91

Expenditure 9.21 7.5

Profit Before Interest and Depreciation 18.77 23.23

Less : Depreciation 0.66 0.82

Profit Before Interest 18.11 22.41

Less : Interest 0 0

Profit Before Tax 18.11 22.41

Less : Prior Period Expenses 0 0

Less : Provision for: Current Taxation 3.77 4

Deferred Taxation (1404) 0.03

Profit after Taxation 14.34 18.43

The total income of the Company during the year under review is Rs. 27.98 Lacs against Rs. 29.91 Lacs in the previous financial year.

DIVIDEND :

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2012.

MANAGEMENT DISCUSSION AND ANALYSIS :

A report on Management Discussion and Analysis (MDA), forming part of this report, inter-alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE:

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance Report" is attached to this Annual report. We have obtained a certificate from a Chartered Accountant on our compliances with clause 49 of the listing agreement with Stock Exchange.

DIRECTORS :

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association, Mr. Shetal Shah shall retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR'S RESPONSIBILITY STATEMENT :

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial year and of the Profit of the Company for the Financial Year.

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate Accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS :

M/s. Shailesh C. Parikh & Co., Chartered Accountant, statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

The Company has received certificate from M/s. Shailesh C. Parikh & Co., chartered Accountant, to the effect that their appointment, if made would within the prescribed limits under section 224(1B) of the Companies Act, 1956 and that they are not disqualified from such appointment within the meaning of section 226 of the Companies Act, 1956.

SECRETARIAL COMPLIANCE CERTIFICATE :

In accordance with section 383A of the Companies Act, 1956, the Secretarial Compliance Certificate is attached with the report.

PARTICULARS OF EMPLOYEES :

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :

The Company is not required to give information relating to conservation of energy and technology absorption as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

FOREIGN EXCHANGE EARNINGS/EXPENSES :

The Company does not have any Foreign exchange earnings/expenses during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

PUBLIC DEPOSIT :

During the year under review your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT :

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.

For and on behalf of the Board

PARAS SAVLA Chairman

Date : 31/08/2012 Place : Ahmedabad

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Mar 31, 2010

The Directors have pleasure in presenting the Sixteenth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2010:

FINANCIAL RESULTS:

( Rs. In Lacs)

Particulars 2009-10 2008-09

Total Income 19.54 15.36

Expenditure 17.17 4.80

Profit Before Interest and Depreciation 2.37 10.56

Less: Depreciation 1.02 1.17

Profit Before Interest 1.35 9.39

Less: Interest 0.00 0.0006

Profit Before Tax 1.35 9.39

Less: Prior Period Expenses 0.65 0.00

Less: Provision for: Current Taxation 0.88 1.56

Deferred Taxation 0.00 0.00

Profit after Taxation (0.18) 7.84



During the period under review the Company has earned Gross Income of Rs. 19.54 lacs and incurred Net loss of Rs. 0.18 lacs compared to total income of Rs. 15.36 Lacs and Net Profit of Rs. 7.83 Lacs in the previous year.

DIVIDEND

In the view of net loss during the year under review, your directors do not recommend any dividend on equity shares for the year ended 31st March, 2010.

MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis (MDA), which form part of this report, inter alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement, a detailed report on Corporate Governance duly certified by the auditors forms part to this report.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association, Mr. Manoj Savla being longest in office retire by rotation and being eligible offers himself for re-appointment.

Manish Babubhai Joshi was appointed by the Board as Additional Director with effect from April 26, 2010. He holds office upto the date of the forthcoming Annual General Meeting pursuant to Section 260 of the Compa- nies Act, 1956. The Company has received a notice in writing from a member under Section 257 of the Companies Act, 1956 proposing the appointment of Shri Manish Babubhai Joshi as Director of the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial year and of the Profit of the Company for the Financial Year.

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate Accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS

The present Auditors of the Company M/s. Shailesh C. Parikh & Co., Chartered Accountants, Ahmedabad will retire at the ensuing Annual General Meeting of the Company. They have submitted certificate for their eligibility for re-appointment under Section 224(1-B) of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The Company is not required to give information relating to conservation of energy and technology absorp- tion as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

FOREIGN EXCHANGE EARNINGS / OUTGO:

The Company does not have any Foreign exchange earnings / outgo during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

PUBLIC DEPOSIT

During the year under review your Company has not accepted any deposits from the public.

HUMAN RESOURCES

The Companys most valuable asset and strength, its human resource is built up over the period of time. The Company is continuously facilitating their assessment procedure to progress rapidly as an organization. The Companys employee relations were harmonious during the period under review.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assis- tance from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commit- ment displayed by its employees.

By Order of Board of Directors

Date : 16.08.2010 PARAS SAVLA

Place :Ahmedabad Chairman