Akme Fintrade (India) Ltd

A. LENDING OPERATIONS:

The Loan disbursement of the Company as at the end of Financial Year 2024 was Rs. 9705.00 Lakhs as compared to Rs. 7834.00 Lakhs in the previous year.

B. NET WORTH:

The Net worth of your Company is worth Rs. 22324.00 Lakhs as on 31st March, 2024 as against Rs. 20,471.03 Lakhs during the previous year.

C. EARNINGS PER SHARE (EPS):

The Company's aim of maximizing Shareholders wealth is clearly reflected in the growth of Earnings Per Share (EPS) viz Rs. 5.85/- at 31st March, 2024 as against Rs. 5.38/-as at 31st March, 2023.

D. ASSET UNDER MANAGEMENT (AUM)

The AUM of your Company stood at Rs. 40372.00 Lakhs as at 31st March, 2024 as against Rs. 35416.12 Lakhs in the previous financial year.

2. DIVIDEND

Your Directors feel that it is prudent to plough back the profit for future growth of your Company and do not recommend any dividend for the year ended 31st March, 2024.

3. SHARE CAPITAL

Authorized Share Capital

There is no change in the Authorized and Paid-up Share Capital of the company during the year.

The authorized share capital of your Company as on 31st March 2024 is Rs. 50,00,00,000/- (Fifty Crores Only) divided into 5,00,00,000 Equity Shares of Rs. 10/-each.

Issued and Paid-up Capital

The Issued and Paid Up Equity Share Capital as on 31st March 2024 is Rs. 31,67,49,960/-.(Rupees Thirty One Crore Sixty Seven Lakhs Forty Nine Thousand Nine Hundred Sixty Only) divided into 3,16,74,996 (three Crore Sixteen Lakhs Seventy Four Thousand Nine Hundred Ninety Six) equity shares of Rs. 10/- (Rupees Ten Only) each

Capital Structure After Financial Year But Before The Date of Annual Report:

There is change in Paid -up Share Capital of the Company after the end of Financial Year but before the date of Annual Report: - The Paid-up Equity Share Capital of the Company increased from Rs. 31,67,49,960 (Rupees Thirty One Crore Sixty Seven Lakhs Forty Nine Thousand Nine Hundred Sixty Only) divided into 3,16,74,996 (three Crore Sixteen Lakhs Seventy Four Thousand Nine Hundred Ninety Six) equity shares of Rs.10/- (Rupees Ten Only) each to Rs. 42,67,49,960 /- (Rupees Forty Two Crores Sixty Seven Lakhs Forty Nine Thousand Nine Hundred and Sixty only) divided into 4,26,74,996 (Four Crore Twenty Six Lakhs Seventy Four Thousand Nine Hundred and Ninety Six only) by way of Initial Public Offering (IPO) of 1,10,00,000 (One Crore Ten lakh) equity shares of Rs. 10/- (Rupees Ten Only) consisting of Fresh issue of equity shares.

4. THE PROPOSED AMOUNTS TO CARRY TO ANY RESERVES

During the year the Company has not transferred any amount to General Reserves and has transferred Rs. 370.58 Lakhs to Special Reserve. The company have Rs. 19156.37 Lakhs in account of Reserves and surplus.

5. THE STATE OF THE COMPANY'S AFFAIRS

The company has adopted the various business excellence models, quality management system (QMS), Environmental management system (EMS), The Company's committed efforts towards improving ef ciency and service level in its operations.

During the year, in addition to the already existing policies the Company has adopted certain policies, programmes and code of conduct pursuant to listing of its Equity Shares on Stock Exchanges under the provisions of Companies Act, 2013; SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015; SEBI (Prohibition of Insider Trading) Regulations, 2015 and Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and any other applicable acts, rules, regulations, guidelines, circulars, noti cations as may be applicable thereto.

The Company has also adopted materiality policy for determining material group Companies and the same has been disclosed on its website.

6. CORPORATE GOVERNANCE

The Company has framed internal Corporate Governance guidelines, in compliance with the Directions issued by RBI for NBFCs, in order to enable adoption of best practices and greater transparency in the business operations, which have been hosted on its website www.aasaanloans.com. This report outlines compliance with requirements of the Companies Act, 2013, as amended (the 'Act'), the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Regulations of RBI for Non Banking Financial Companies (the 'NBFC Regulations'), as applicable to the Company. A report on corporate governance is attached and forms part of this report (Annexure IV).

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

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statement relate on the date of this report except as below:

The company has passed resolution vide EOGM dated 07th December, 2022 for issue of equity shares of the company through initial public offering and it has led DRHP with the SEBI and other concerned authorities for their approval. The Proposed Initial Public offering (IPO) is of Rs. 132 Crores through primary issue of shares.

The company had led application with BSE Limited for delisting its debt securities from the stock exchange as the debentures were matured and the repayment of interest and principle amount of said debt securities is made by the Company. The application is approved by the stock exchange.

8. MATERIAL CHANGES BETWEEN THE DATE OF THE BOARD REPORT AND END OF FINANCIAL YEAR:

There have been material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report:-

Your Company has come up with Initial Public Offer with Fresh issue of 1,10,00,000 (One Crore Ten Lakh) equity shares got listed on BSE Ltd and National Stock Exchange of India Limited on June 26, 2024.

9. CHANGE IN NATURE OF BUSINESS

The Company continues to carry out the same activities. There has been no change in the nature of the business of the Company during the year under review.

10. SIGNIFICANT AND MATERIAL ORDERS

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

11. PARTICULARS OF LOANS, GUARANTEE OR INVESTMENT UNDER SECTION 186

Pursuant to Section 186(11) of the Companies Act, 2013, the provisions of Section 186 of the Companies Act, 2013, except subsection (1), do not apply to a loan made, guarantee given, security provided or investment made by a nance company in the ordinary course of business.

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of Directors of the Company comprises of Eight [8] Directors of which One [1] is Chairman & Managing Director; Two [2] are Executive Directors; One [1] is Non-Executive & Non-Independent Director; Four [4] are Non-Executive Independent Director as on March 31, 2024 who bring in a wide range of skills and experience to the Board.

The composition of the Board of Directors of the Company as on March 31, 2024 is as under: -

Change in the Board:

Retirement of Director by Rotation

In accordance with the provisions of Section 152 (6) of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 (including any statutory modi cation or re-enactment thereof for the time being in force), Mr. Rajendra Chittora (DIN: 08211508) Executive Director of the company is liable to retire by rotation at the ensuing 28thAnnual General Meeting and being eligible offers himself for reappointment.

13. DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have con rmed that they satisfy the criteria prescribed for Independent Directors as stipulated in the provisions of Section 149(6) of the Act. The names of all the Independent Directors of the Company have been included in the Independent Directors data bank maintained by Indian Institute of Corporate Affairs (IICA). The Company has obtained declaration of independence from all the Independent Directors of the Company that they meet the criteria of independence as laid down under Section 149 of the Companies Act, 2013 and as amended by the Companies (Amendment) Act, 2017, which have been relied upon by the Company and were placed at the Board Meeting. None of the Directors has any pecuniary relationship or transactions with the Company.

None of the Directors of the Company are related to each other. They have con rmed that they are not disqualified from being appointed as Directors in terms of Section 164 of the Act and are not debarred from holding the office of Director by virtue of any

SEBI order or any other such authority. In the opinion of the Board, the Independent Directors fulfill the necessary criteria for independence as stipulated under the statutes.

The Board has formed the opinion that the Independent Directors have requisite expertise and experience required by the Company based on their skills, knowledge and competencies.

During the year under review, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company other than the sitting fees, commission, if any and reimbursement of expenses incurred for the purpose of attending the meetings of the Board or Committees of the Company.

14. AUDITORS

Statutory Auditors

At 25th Annual General Meeting of the Company held on 30th September, 2021, the members had appointed M/s. Valawat & Associates, Chartered Accountants (FRN:003623C) as the Statutory Auditors of the Company for a period of 5 years i.e. up to the Conclusion of Annual General Meeting of the Company to be held in the year 2026.

The Company has received consent from the Statutory Auditors and confirmation to the effect that they are not disqualified to be appointed as the Statutory Auditors of the Company in terms of the provisions of Companies Act, 2013 and Rules framed there under.

Internal Auditors

In terms of Section 138 read with other applicable provisions of the Companies Act, 2013 and on the recommendation of audit committee the Board of directors of the company in its meeting held on 29th May, 2023, had appointed M/s. Pachori Rupesh & Associates, Chartered Accountants (Firm's Registration No: 024651C) as the Internal Auditor of the Company for the Financial Year 2023-24.

Secretarial Auditors

In terms of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. Ronak Jhuthawat & Co., a rm of Practicing Company Secretaries was appointed as Secretarial Auditors of the Company for the Financial Year 2023-24. The secretarial auditors have submitted their report for scal year 2024 and the report does not contain any quali cation. The report of the Secretarial Auditors is enclosed as Annexure -I to this report.

DISCLAIMER MADE:

(i) Statutory Auditors :

There is no quali cation, reservation or adverse remark raised by Statutory Auditor in Auditor's report for the year under review. The Comments made by M/s. Valawat & Associates, Auditors of the company in their Auditor's report read with relevant notes thereon are self-explanatory in nature and hence do not call for any further comments.

(ii) Secretarial Auditors :

There is no quali cation, reservation, adverse remark or disclaimer in audit report except penalty levied by stock exchange, issued by the Secretarial Auditors of the Company. The Comments made by M/s Ronak Jhuthawat & Co, Secretarial Auditors of the company in their reports are self-explanatory in nature and hence do not call for any further comments.

16. COMPLIANCE WITH SECRETARIAL STANDARDS

In terms of provisions of Section 118 of the Companies Act, 2013, the Company is in compliance with Secretarial Standards on

Meetings of the Board of Directors and Secretarial Standards on General Meeting issued by the Institute of Company Secretaries of India (ICSI).

17. PERSONNEL

The disclosure as required in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for scal 2024 is given in Annexure -III.

18. LOANS FROM BANKS:

As part of its liability management, the Company endeavors to diversify its resource base in order to achieve an appropriate maturity structure and minimize the cost of borrowed funds. For requirement of more Working Capital, the company has approached various Bankers including Existing Bankers and Financial Institutions and the details of Loan sanctioned and disbursed by the Bank and Financial Institutions are more particularly given in Notes forming part of the Financial Statement.

19. CAPITAL ADEQUACY:

Your Company's stand-alone capital adequacy ratio was at 49.86% on 31st March, 2024, which we believe provides an adequate cushion to withstand business risks and is above the minimum requirement stipulated by the RBI.

20. CREDIT RATING:

21. INTERNAL CONTROL AND ITS ADEQUACY

The Company has adequate internal controls and processes in place with respect to its financial statements, which provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. These controls and processes are implemented through various policies, procedures and certi cations which commensurate with the size and nature of the Company's business. The processes and controls are reviewed periodically. The Company has a mechanism of testing the controls at regular intervals for their design and operating effectiveness to ascertain the reliability and authenticity of financial information.

The Board is accountable for evaluating and approving the effectiveness of the internal controls, including nancial, operational and compliance controls. The internal control system is subject to continuous improvement, with system effectiveness assessed regularly.

These systems provide reasonable assurance in respect of providing financial and operational information, complying with applicable statutes, safeguarding of assets of the Company, prevention and detection of frauds, accuracy and completeness of accounting records and ensuring compliance with Company's policies.

22. RBI GUIDELINES AND CODES

The Company has been following the various Circulars, Noti cations and Guidelines issued by Reserve Bank of India (RBI) from time to time. The Circulars and the Noti cations issued by RBI are also placed before the respective committees at regular intervals along with the compliance of the same.

23. THE RBI NORMS AND ACCOUNTING STANDARDS

To comply with RBI directions, your company has closed its Book of accounts for the full year ending March 2024, and your Company continues to comply with the directives issued as well as the norms prescribed by Reserve Bank of India for NBFCs.

24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows: A) Conservation of energy:

The Company does not fall under any of the industries covered by the Companies (Disclosure of particulars of Directors) Rules, 1988. However, your Company has taken adequate measures for conservation of energy and usage of alternative source of energy, wherever required.

B) Technology absorption:

Your company has implemented a next generation, core virtual solution, with the purpose of aligning itself with the fast-growing technology evolution and leveraging operational capabilities, while reducing the time taken for whole loan process.

With inter-connection of different branches with the head office in a safe, secure and reliable cloud based platform.

For the aforesaid purpose, your company has signed-up with Kugelblitz Private Limited (Graviton) and customized it with the practical needs to area of operation of Company, which results in following benefits:

1. Digitization of documents.

2. Centralization of all branches with corporate/registered of ce.

3. Speed-up the loan process.

4. Single- Click Report Generation.

5. Inter- departmental solution (robust the collaboration).

6. Android / IOS app-based system for eld staff to submit initial documents and veri cation remarks.

7. Saving cost in logistics, handling, printing, and mitigating risk of physical movements.

8. Improves the quality of credit analysis.

9. Secured and Safe cloud-based system with end to end encryption.

10. Prede ned roles with maker-checker concept, with nal approval authority to Managing Director/Authorized Personnel.

11. Keeping of Digital trails which can keep the whole loan process details in one click and useful during audit(s) and tracing purpose.

12. Simpli cation of work ow, with regular MIS.

Kugelblitz Private Limited as a service provider / software vendor will provide applicable upgrades and latest security protocols.

Your company and its software vendor conducts its IT audit through external agencies at regular intervals. The scope of IT audit is to identify the areas of risk, check vulnerabilities & cyber security etc. at periodic intervals. The external agencies suggestions and recommendations are reported to the Audit Committee & implemented wherever feasible.

C) Foreign Exchange Earnings and Outgo

Your company does not have any foreign exchange earnings and outgo during the year under review, However Company has obtained External Commercial Borrowings in earlier years and EMI, Interest of the Loan has been paid in foreign currency during the year.

25. RELATED PARTY TRANSACTIONS

During the year, your Company has not entered into any transactions with Related Parties which are not in the ordinary course of its business or not on an arm's length basis and which require disclosure in this Report in terms of the provisions of Section 188(1) of the Companies Act, 2013. Hence, no particulars are being provided in Form AOC-2. Related Party disclosures, as per IND-AS have been provided in Notes to the financial statement.

26. ARM'S LENGTH PRINCIPLES

The transactions between the Company and its group companies are to be undertaken on an arm's length basis. The following broad principles shall be adhered to at the time of undertaking such transactions: a) All transactions shall have the substantive characteristics of a transaction between independent parties. b) The transactions shall be entered into in a need based manner and shall be based on principle of impartiality. c) The pricing for specific transactions shall be at market related rates and would be benchmarked against comparable quotes for similar transactions in the market between independent parties. d) The transactions shall comply with all statutory/regulatory guidelines, internal policy norms and procedures (including appropriate documentation) applicable to such transactions, if engaged with independent parties with similar background.

27. WEB LINK OF ANNUAL RETURN

In pursuance to the provisions of Section 92(3) of the Companies Act, 2013 read with Rules made thereunder and amended time to time, the Annual Return of the Company for the Financial Year ended on March 31, 2024 is available on the website of the company i.e. www.aasaanloans.com and the web link of the same is https://aasaanloans.com/investor-relation/ nancials/. 28. A RISK MANAGEMENT POLICY OF THE COMPANY

Financing activity is the business of management of risks, which in turn is the function of the appropriate credit models and the robust systems and operations.

Your Company continues to focus on the above two maxims, and is always eager to improve upon the same. Your Company continues to give prime importance to the function of receivables management, as it considers this the ultimate reflection of the correctness of marketing strategy as well as appraisal techniques.

The Board of Directors has adopted a risk management policy for the Company which provides identi cation, assessment and control of risks which in the opinion of the Board may threaten the existence of the Company. The Management identi es and controls risks through a properly defined framework in terms of the aforesaid policy.

The Company has in place a Risk Management Policy and introduced several measures to strengthen the internal controls systems and processes to drive a common integrated view of risks, optimal and mitigation responses. This integration is enabled through a dedicated team and Risk Management, Internal Control and Internal Audit systems and processes.

29. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company's CSR policy is committed towards CSR activities as envisaged in Schedule VII of the Act. The Details of CSR policy of the Company are available on the website of the Company at www.aasaanloans.com. The Annual Report on CSR activities as required under Companies (Corporate Social Responsibility Policy) Rules, 2014 is attached to this report as Annexure II.

30. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

31. NUMBER OF MEETINGS A. Board meeting

32. SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANY

The Company does not have any subsidiary, associate and joint venture company within the meaning of Section 2(87) and 2(6) of the Companies Act, 2013 and no new subsidiary, associate and joint venture Company was formed during the year under review.

33. DELISTING FROM STOCK EXCHANGE OF NON CONVERTIBLE DEBENTURE

The Company has allotted the Non-Convertible Redeemable Debentures on 30th June 2020 with the maturity period of 3 years. The Company has made full repayment of principal and interest amount of the said allotted debentures on 30th June 2023. As the debentures are redeemed, the Company had led application with the stock exchange for the delisting of such debentures and the same is approved by the stock exchange.

34. DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(5) of the Companies Act, 2013:

a. that in the preparation of the Annual Financial Statements for the year ended March 31, 2024, 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 the Notes to the Financial Statements have been selected 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, 2024 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 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.

35. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In accordance with the applicable provisions of the Master Direction issued by the Reserve Bank of India a detailed analysis of the Company's performance is discussed in the Management Discussion and Analysis Report, which forms part of this Annual Report.

36. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Many initiatives have been taken to support business through organizational ef ciency, process change support and various employee engagement programmes which has helped the organization achieve higher productivity levels. A significant effort has also been undertaken to develop leadership as well as technical/ functional capabilities in order to meet future talent requirement.

A. TRAINING & DEVELOPMENT

In the eld of Human Resource Development, your company stresses on the need to continuously upgrade the competencies of its employees and equip them to keep abreast of latest developments in the sector. The Company operates in a knowledge intensive business and is committed to enhancing these skills of its employees. In order to achieve this, the Company has an annual training plan to assess the various training needs. Necessary professional skills are also imparted across all levels of employees through customized training interventions.

B. HUMAN RESOURCE MANAGEMENT

The Company had 125 employees on its rolls at various levels of organizational structure as on March 31, 2024. Our employees remain one of the company's greatest assets. We as an organization, believe in recognizing and appreciating employees for their valuable contribution and loyalty. We offer equal opportunities to all our employees irrespective of gender to learn and grow in the organization. For the convenience of our employees and bringing new ways of working, we are promoting digitalization for our employees as well as our customers.

Your Company lays great emphasis on upgrading the skills of its Human Resource. It benchmarks its practices with the best practices being followed in the corporate world. This, apart from other strategic interventions, leads to effective management of Human Resource thereby ensuring high level of productivity. Your Company enjoys a very cordial and harmonious relationship with its employees.

C. WELFARE MEASURES

Your Company follows good management practices to ensure welfare of its employees through a process of inclusive growth & development. The Company follows an open door policy whereby the employees can access the top management thereby contributing in the management and growth of the company. Commitment of the workforce is ensured through an effective package of welfare measures which include comprehensive insurance, medical facilities and other amenities which in turn lead to a healthy workforce.

37. OPPORTUNITIES & THREATS

Most of the NBFCs Customer pro le is concentrated either in unorganized sector or on the self-employed segment, NBFCs have also ventured into riskier segments such as real estate, unsecured loans, purchase nance for used commercial vehicles, etc. These factors increase their risk pro le which could have adverse impact on the financial health of NBFCs and have immense business potential from the segment untapped by commercial banks. The changes in the regulatory frame work have made NBFCs very competitive and responsible. The Reserve Bank of India (RBI) has introduced guidelines under which bank loans to NBFCs are not considered priority-sector loans, which reduces incentives from banks to lend directly to NBFCs and will increase the latter's funding costs. Access to stable funding from banks, institutional investors and capital markets is a key factor in the stable outlook on the sector, and any disruption in funding access could lead to negative growth as well as rating action.

38. AUDIT COMMITTEE

The Company has constituted an Audit Committee in accordance with the requirements of the Companies Act, 2013, RBI directions, and SEBI Listing Regulations. Details on Audit committee, terms of reference and meetings appear on the Report on Corporate Governance annexed to this report. All recommendations of Audit Committee were accepted by your Board during the financial year 2023-24.

39. MAINTENANCE OF COST RECORDS:

The provision of section 148 of the Act relating to maintenance of cost records and cost audit are not applicable to the Company. Hence, the Company is not maintaining Cost records.

40. DEPOSITS (SECTION 73 OF THE COMPANIES ACT 2013)

Your Company is a non-deposit taking Non-Banking Financial Company. The Company has not accepted any deposit during the year under review. Further, the Company had also passed a resolution to the effect that the company has neither accepted public deposit nor would accept any public deposit during the year under review from public.

41. APPLICATION OR PROCEEDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

According to the 2016 Insolvency and Bankruptcy Code, no such application has been made.

42. VIGIL MECHANISM AND WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism/ Whistle Blower policy to enable Directors, and Stakeholders, including individual employees and their representative bodies to report, in good faith, unethical, unlawful or improper practices, acts, or activities and the same have been disclosed on the website of the company www.aasaanloans.com.

43. REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither the statutory auditors nor the secretarial auditor has reported to the Audit Committee, under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its of cers or employees, the details of which would need to be mentioned in the Board's report, which forms part of this Integrated Annual Report.

44. EVALUATION OF BOARD AND SENIOR MANAGEMENT

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees. Further, the Nomination & Remuneration Committee has carried out the performance evaluation of Senior Management including the Company Secretary, Chief Executive Of cer and Chief Financial Of cer of the Company. The manner in which the evaluation was carried out has been explained in the Corporate Governance Report which forms part of this report.

45. NOMINATION AND REMUNERATION POLICY

The Board has framed a policy for selection and appointment of Directors, Key Managerial Personnel (KMP) and Senior Management and their remuneration. As and when need arises to appoint Director, KMP and Senior Management Personnel, the Nomination and Remuneration Committee (NRC) of the Company will determine the criteria based on the specific requirements. NRC, while recommending candidature to the Board, takes into consideration the quali cation, attributes, experience and independence of the candidate. Director(s), KMP(s) and Senior Management Personnel appointment and remuneration will be as per NRC Policy of the Company. The salient features of the Nomination and Remuneration Policy of the Company has been disclosed in the Corporate Governance Report, which is a part of this report. The said Policy is available on the Company's website on https://aasaanloans.com/wp-content/uploads/2023/04/Nomination-and-Remuneration-Policy.pdf.

46. ACKNOWLEDGEMENT