Dear Members,

Your director's are pleased to present the 13th Annual Report on business and operations of your Company along with the audited financial statements for the year ended March 31, 2024.

(Rs In Lakh)

Standalone

• Value of sales and services was Rs. 25,885.17

• Export for the year was Rs. 23,687.49

• EBITDA for the year was Rs. (11,897.99)

• Net Profit for the year was at Rs. (12,477.21) Consolidated

• Value of sales and services was Rs. 26,339.32

• Export for the year was Rs. 23,687.49

• EBITDA for the year was Rs. (12,087.32)

• Net Profit for the year was at Rs. (12,920.04)

SHARE CAPITAL

The authorised share capital of the Company is Rs. 30,00,00,000 comprising of 3,00,00,000 Equity Shares of Rs. 10 each. The issued, subscribed and paid-up share capital of the Company stood at Rs. 27,52,37,440 as at

March 31, 2024 comprising of 2,75,23,744 Equity Shares of Rs. 10 each fully paid-up.

RESERVE

During the year under review, no fund has been transferred to reserve of the Company.

STATE OF COMPANY'S AFFAIRS

The value of global carbon markets reached a record $881 billion (€948.75 billion) in 2023, with a 2% increase year-over-year. This growth is attributed to rising carbon permit prices in established markets like the EU ETS and a steady volume of traded permits. Despite a slight dip in overall trading volume, a record number (164 million) of carbon offsets were retired in 2023. This signifies a growing commitment from companies aiming for net- zero emissions and a focus on high-integrity credits with demonstrable environmental and social benefits.

Carbon pricing revenues hit a record $104 billion in 2023, with most funds directed towards climate and nature-related programs. Additionally, the number of carbon pricing instruments in operation worldwide has risen to 75, with new programs emerging in various regions like Kazakhstan Emissions Trading System, Canada and Chile's carbon tax systems among the latest additions. Compliance programs are becoming more flexible regarding offset usage, narrowing the gap between compliance and voluntary market prices.

The growing importance of carbon markets emphasizes the need for standardized methodologies and robust verification processes to ensure the credibility and environmental integrity of offsets.

EKI has established itself as a leader in carbon credit development, particularly in the voluntary market. Our recent achievement of registering and issuing the first improved biomass cookstove project under the VERRA's SD VISta standard (which is also Asia's first project in the category) demonstrates our commitment to high-quality, impactful projects. EKI's partnership with Jospong Group in Ghana and its focus on distributing improved cookstoves across Africa aligns perfectly with the growing demand for carbon offsets that contribute to sustainable development goals (SDGs).

In FY 24, we supported 38 facilities for achieving GreenCo rating, a highly credible and reputed rating by CII. We have conducted life cycle assessments for dozens of products. Our team has led the industry by developing the capacity of professionals through multiple webinars and training sessions on recent developments in ESG sphere.

The company has made significant strides in supporting clients across sectors achieve decarbonization and net zero goals in FY24. Assisting at least 15 clients in committing to and validating emission reduction targets with the SBTi, demonstrating leadership in steering businesses towards a 1.5?C pathway are some of the highlights.

The company has quantified climate impacts for more than 70 companies through GHG emissions inventories, providing crucial insights for informed decision-making. Their work extends to the financial sector, with support for major institutions in quantifying portfolio emissions and developing net zero strategies.

Beyond large corporations, the company is committed to inclusivity, offering affordable sustainability consulting to small businesses and SMEs. This focus on democratizing access to sustainability services underscores their dedication to a low-carbon economy for all. The achievement of 25 green building certifications further solidifies their expertise in transforming physical spaces into sustainable environments.

We have established ourselves as a key player in the decarbonization and net zero space, offering comprehensive solutions and driving positive climate impact across various industries and company sizes.

EKI's consistent ranking as the leading renewable energy developer in Abatable's VCM Developer Overview Report and recent accolades from the Environmental Finance Sustainable Company Awards highlight the industry leadership and commitment to sustainability.

EKI's partnerships with organizations like Mesama Energy, Indian Oil Corporation, and global carbon credit developer and supplier demonstrate our proactive approach to collaboration and knowledge sharing within the energy and carbon market sectors.

Our corporate social responsibility (CSR) activities focused around clean cooking initiative. We began a pilot project of the distribution of 'Surya Nutan' indoor solar cooking device, developed and patented by Indian Oil, to the underprivileged communities (tribal and rural) of central Indian state, Madhya Pradesh. Our Oorja improved cookstove (ICS) is also making inroads among those in need, especially in rural and remote parts of India and Africa.

EKI also pledged to distribute 300,000 more cookstoves in Africa in line with the announcement by the International Energy Agency (IEA).

The future of the carbon market presents both challenges and opportunities for EKI. The carbon market is expected to grow significantly in the coming years, driven by increasing trust in the market and its effectiveness in achieving emission reductions along with rising demand for carbon offsets as companies seek solutions to avoid, reduce, and offset their emissions. Regulatory tightening and inclusion of more sectors in compliance markets, driving polluters towards offset purchases will also be a deciding factor.

Prices across various carbon markets are anticipated to converge in 2024, influenced by net-zero targets pushing for stricter regulations, the inclusion of more sectors in emissions trading schemes, and increased competition for high-quality carbon offsets.

India launched a domestic carbon credit trading scheme in 2023 to reduce emissions. This new market will create demand for carbon credits, driving up prices globally and incentivizing worldwide emission cuts. This development will create significant demand for carbon credits and lead to a rise in carbon prices globally, which would incentivize further emission reduction efforts worldwide.

The success of the carbon market hinges on establishing robust standards and verification processes. EKI's focus on high-integrity projects aligns well with this crucial aspect. The future of the voluntary carbon market depends on overcoming challenges like reputational issues and greenwashing concerns. EKI's support for initiatives like the Integrity Council on Voluntary Carbon Markets demonstrates their commitment to building trust in this market segment.

Our subsidiary, GHG Reduction Technologies Private Limited (GHG Dindori) is pioneering a sustainable solutions that benefits both farmers and the environment. By converting agricultural waste into briquettes, a clean- burning alternative to coal, the company is addressing two critical challenges: farmer income and carbon emissions.

Traditionally, farmers often burn agricultural waste, contributing to air pollution and greenhouse gas emissions.

GHG Dindori offers a lucrative alternative by purchasing this waste from farmers. This not only generates additional income for the farming community but also prevents harmful emissions.

The collected agricultural waste is transformed into briquettes at the Dindori plant. These briquettes serve as a cleaner, more efficient fuel source compared to coal, significantly reducing carbon footprints. By replacing coal with briquettes, industries and households can contribute to mitigating climate change.

BUSINESS OPERATIONS/PERFORMANCE OF THE COMPANY AND ITS MAJOR SUBSIDIARIES:

Our subsidiaries have played a pivotal role in our overall growth and success throughout the year.

GHG REDUCTION TECHNOLOGIES:

During the year under review, EKI's subsidiary, GHG Reduction Technologies Private Limited (GHG) delivered exceptional performance across multiple fronts. They successfully developed and patented a new, improved cookstove (ICS) called GHG-Oorja which is a high efficiency cookstove with 46% efficiency. Additionally, the company achieved significant milestones by initiating production and dispatches of IOCL Surya Nutan. Furthermore, GHG established a state-of-the-art plant in Dindori, Nashik dedicated to producing biomass briquettes. The subsidiary also explored innovative business ideas, presenting compelling business cases to the investment committee. To top it off, they attained ISO QMS certification, further validating their commitment to quality management systems.

In Dindori, company purchases agricultural waste from farmers that would otherwise be burned, contributing to GHG emissions. The Dindori Briquettes plant not only generates revenue for farmers but also enhances their livelihoods. By converting this agricultural waste into briquettes, a coal substitute, the plant significantly reduces carbon emissions, thereby aiding in the reduction of carbon footprints.

During the year under review, GHG was identified as Material Subsidiary of EKI. GHG has appointed Mr. Ritesh Gupta and Mr. Burhanuddin Ali Hussain Maksiwala, as Independent Director of the company.

AMRUT NATURE SOLUTIONS PVT LTD:

Amrut Nature Solutions Private Limited specializes in developing and consulting on carbon sequestration projects within the Nature-based Solutions (NbS) sector, ensuring compliance with relevant quality standards. NbS encompasses activities aimed at mitigating greenhouse gas emissions by conserving and restoring natural ecosystems such as forests, agriculture, grasslands, wetlands, mangroves and coastal zones, as well as improving agricultural practices. Amrut Nature Solutions is actively involved in developing and providing advisory services for a range of NbS projects, including Sustainable Agriculture Landscape Management (SALM), Afforestation, Reforestation and Revegetation (ARR), among others. The company has built expertise in various aspects of the NbS field, including carbon management, community engagement, biodiversity conservation and geospatial analysis.

EKI POWER TRADING PRIVATE LIMITED:

EKI Power Trading Private Limited (EPTPL), specializing in the power trading business, obtained its license and successfully commenced operations, highlighting EKI's ongoing commitment to innovation, growth, and diversification. The subsidiary is expected to begin generating revenue from FY 2024-25 onwards.

During the year under review, EPTPL altered its main object to operate its business in power trading and to align with the object the subsidiary has changed its name from EKI Three Community Projects Private Limited to "EKI Power Trading Private Limited"

GALAXY CERTIFICATION SERVICES PRIVATE LIMITED:

Galaxy Certification Services Private Limited (Galaxy Certification) operates as a distinguished certification body and Designated Operational Entity (DOE). The company's commitment to excellence is evident in its extensive range of certification services, which ensure compliance with international standards across various industries. It specializes in the validation and verification of projects under regulatory frameworks, contributing to sustainable development and environmental integrity. In July 2023, Galaxy Certification opened a new office in Bangalore. Galaxy Certification have fulfilled all documentation requirements to be registered as a Certification Body and have submitted an application for accreditation as a Verification Body to the National Accreditation Board for Certification Bodies (NABCB).

The company has secured four orders for verification, with one already executed. Additionally, three orders for ISO 9001 Certification have been secured and one has been executed. Resources have been sourced and empanelled for executing these orders. Business development efforts for the Inspection Body, Certification Body, and Validation and Verification Body are actively ongoing through client interactions, collaborations and other marketing strategies.

CONSOLIDATED FINANCIAL STATEMENT

The Consolidated Financial Statements of the Company and its subsidiary companies prepared in accordance with the Companies Act, 2013 ("the Act") and applicable Accounting Standards along with all relevant documents and the Auditors' Report forms a part of this Annual Report.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year under review, your company has incorporated two wholly owned subsidiaries and acquired substantial stakes in WOCE Solutions Private Limited ("WOCE").

• EKI Community Development Foundation (CIN: U85499MP2023NPL066108) a Section 8 Company has been incorporated under the provisions of the Companies Act, 2013, as a Wholly Owned Subsidiary of the Company w.e.f., June 02, 2023.

• EnKing Community Projects PTE. LTD. (UEN: 202314747M) has been incorporated as a Wholly Owned Subsidiary of the Company in Singapore w.e.f., April 18, 2023.

• The Company has acquired 26% stake in WOCE, making it an associate of the Company. WOCE specializes in IT/IoT-enabled digitization of carbon footprint measurement, providing users with a comprehensive platform to capture, measure, track, and reduce their carbon footprint.

Detailed list of subsidiaries, associate and joint ventures are annexure as Annexure A to this report.

In accordance with the provisions of Section 129(3) of the Act, read with the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the subsidiaries, associates and joint venture companies is provided, prescribed in the Form AOC-1, in Annexure B to this Report.

In accordance with the provisions of Section 136 of the Act, the annual report, annual financial statement and the related documents of the subsidiaries are placed on the website of the Company. Shareholders may download the annual financial statements and detailed information of the subsidiary companies from the Company's website at: https://enkingint.org/investor-relations/

The Company has formulated a Policy for determining Material Subsidiaries. The Policy is available on the Company's website and can be accessed at https://enkingint.org/wp-content/uploads/2022/07/Material- Unlisted-Subsidiary-Policy.pdf.

During the year under review, GHG Reduction Technologies Private Limited was material subsidiary of the Company as per the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

DIVIDEND

In view of the planned business growth, Board of Directors deem it proper to preserve the resources of the Company for its activities and therefore, Board of Directors does not recommend any dividend for the financial year ended March 31, 2024.

DIVIDEND DISTRIBUTION POLICY

Pursuant to the amended provisions of Regulation 43A of the listing regulations, the Company has Dividend Distribution Policy in place which can be accessed on the website of the Company at: https://enkingint.org/wp- content/uploads/2022/05/Dividend-Distribution-Policy. pdf

DEPOSITS

During the year under review, your Company has not accepted any deposits from public, in accordance with the Provisions of Section 73 and 74 of the Act & rules made thereunder.

CORPORATE GOVERNANCE

Your Company believes in adopting best practices of corporate governance. Corporate governance principles are enshrined in the Spirit of EKI, which form the core values of EKI as this is the foundation on which it manages and controls its business and provides the platform for sustainable profitability. These guiding principles are also articulated through the Company's code of business conduct, Corporate Governance Guidelines, charter of various sub-committees and disclosure policy. We are continually maturing our corporate governance structure in recognition of the urgency of climate action and in response to our increasing understanding of the impact of climate change on our business.

As per Regulation 34 of the Listing Regulations, a separate section on corporate governance practices together with a certificate from the Secretarial Auditors of the Company regarding the compliances of conditions of Corporate Governance, forms part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As stipulated under the provisions of Regulation 34 of the Listing Regulations, Management Discussion & Analysis Report forms an integral part of this Report and provides details on overall industry structure and developments, financial and operational performance and other material developments during financial year under review.

CORPORATE SOCIAL RESPONSIBILITY

The Company's Corporate Social Responsibility (CSR) objective is to actively contribute to society's well-being and support the nation's development through its various initiatives.

To execute its CSR initiatives, the Company established EnKing International Foundation and EKI Community Development Foundation as its dedicated CSR arms. The entities shall focuses on livelihood, education, empowerment of girl child through education, and healthcare for the backward sections of the society.

For the year, the Company had an obligation to allocate Rs. 464.91 Lakhs, equivalent to 2% of the average net profits over the preceding three financial years, for CSR activities. The Company successfully utilized Rs. 465.15 Lakhs towards its CSR initiatives.

As per Section 135 of the Act and rules made thereunder the Company has formed a CSR Committee of the Board and implemented a CSR Policy in compliance with the relevant provisions. This Committee oversees and monitors the Company's various CSR initiatives and activities. The CSR Policy may be accessed on the Company's website at the link https://enkingint.org/wp-content/uploads/2023/05Z5.- Corporate-Social-Responsibility-CSR-Policy.pdf

The policy includes the following key aspects:

a. CSR Philosophy

b. Composition of CSR Committee

c. Roles and responsibilities of the CSR Committee

d. Implementation of CSR Projects, Programs, and Activities

e. Allocation of Budget

f. Monitoring and Review Mechanism

g. Management Commitment

As of March 31, 2024, the CSR Committee of the Company consists of three (3) Members: Mr. Ritesh Gupta (Chairman), Mr. Burhanuddin Ali Hussain Maksiwala (Member), and Mr. Manish Kumar Dabkara (Member).

The Annual Report on CSR, as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, is annexed herewith and marked as Annexure C to this Report in the prescribed format.

PARTICULAR OF EMPLOYEES

Information on Employees as required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure D to this Report.

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of the top ten employees in terms of remuneration drawn and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules which form part of the Director's Report, will be made available to any shareholder on request, as per provisions of Section 136(1) of the Act.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

No significant or material orders have been passed by the regulators or courts or tribunals impacting the going concern status of the Company and the Company's operations in future.

PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF EMPLOYEE AT THE WORKPLACE

The Company upholds a strong commitment to preventing sexual harassment and fostering a positive work environment for all its employees. In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013, the Company has implemented a comprehensive Prevention of Sexual Harassment Policy.

The primary objective of this policy is to create a secure and inclusive workplace where employees can thrive and contribute their best without any hindrance or fear. To ensure the effective implementation of this policy, the Company has established an Internal Complaints Committee (ICC) as mandated by the Act.

It is encouraging to note that no complaints were reported during the reviewed period under the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act of 2013. This signifies the Company's dedication to maintaining a respectful and harassment-free work environment.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES

Pursuant to Section 186 of the Act read with the Companies (Meetings of the Board and its Powers) Rules, 2014, disclosures relating to loans, advances and investments as on March 31, 2024, are given in the Note No. 35 and 49 of the Financial Statements. There are no guarantees issued or securities provided by your Company in terms of Section 186 of the Act read with the Rules issued thereunder.

PARTICUALR OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the year under review:

a) all contracts / arrangements / transactions entered by the Company with related parties were in its ordinary course of business and on an arm's length basis;

b) contracts / arrangements / transactions which were material, were entered into with related parties in accordance with the Policy of the Company on Materiality of Related Party Transactions and on dealing with Related Party Transactions. The Company had not entered into any contract / arrangement / transaction with related parties which is required to be reported in Form No. AOC-2 in terms of Section 134(3) (h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is available on the Company's website and can be accessed at https://enkingint.org/wp-content/ uploads/2023/04/Policy-Related-Party-Transaction.pdf

There were no materially significant related party transactions which could have potential conflict with the interests of the Company at large.

The related party transactions have been set out in Note No. 35 to the financial statement.

Conservation of Energy and Technology absorption

As the Company focused on climate change, sustainability, and carbon offsetting, our operations prioritize energy efficiency and conservation. We recognize the significance of adopting measures to achieve optimal energy utilization.

Considering the nature of our activities, as stated under Section 134(3)(m) of the Act, in conjunction with Rule 8(3) of the Companies (Accounts) Rules, 2014, the concept of technology absorption and conservation does not apply to our Company. Our primary focus lies in mitigating climate change and promoting sustainable practices rather than technology absorption.

Foreign exchange earnings and outgo

During the year under review, the Company received earnings of Rs. 22,969.66 Lakhs in foreign currency, with corresponding outgo of Rs. 5,173.67/- Lakhs in foreign currency throughout the year.

RISK MANAGEMENT

Risk Management is one of the critical elements in operating business. For your Company, Risk Management is an integral and important aspect of Corporate Governance. Your Company believes that a robust Risk Management ensures adequate controls and monitoring mechanisms for a smooth and efficient running of the business.

The Company has adopted the Risk Management Policy as per Regulation 21 of the Listing Regulations. The Company's 'Risk Management Policy' provides for identification, assessment, and control of risks that the Company would face in the normal course of business and mitigation measures associated with them. The Management identifies and controls risks through a properly defined framework in terms of the aforesaid Policy.

EMPLOYEE STOCK OPTION SCHEME (ESOS)

The Nomination and Remuneration Committee of the Board of Directors, inter alia, administers and monitors the Employees Stock Option Scheme, 2021 of the Company "the ESOS". The ESOS is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

During the year under review, 12,331 Stock Options under the ESOS were exercised after vesting and allotted. Voting rights on the shares issued to employees under the ESOS are either exercised by them directly or through their appointed proxy.

UNCLAIMED DIVIDEND AND TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124(5) and 125 of the Act read with the rules framed thereunder, the dividend lying in the Unpaid Dividend Account which remains unpaid or unclaimed for a period of seven consecutive years along with underlying shares are transferred by the Company to Investor Education and Protection Fund (IEPF). During the year, unclaimed dividend amounting to Rs. 33,408 lying in the unclaimed dividend account of the Company for which the Company has taken various initiatives to reduce the quantum of unclaimed dividend. Furthermore, the last date to claim unclaimed / unpaid dividends before transfer to IEPF, for the financial year 2020-21 and 2021-22 is September 07, 2028 and May 03, 2029, respectively.

The Company has uploaded on its website, the details of unpaid and unclaimed amounts lying with the Company as on March 31, 2024.

The procedure for claiming underlying shares and unpaid / unclaimed dividend from IEPF Authority is covered in the Investor Section available on the website of the Company.

Further, in accordance with the IEPF Rules, the Board of Directors have appointed Mr. Manish Kumar Dabkara as Nodal Officer of the Company for the purposes of verification of claims of shareholders pertaining to shares transferred to IEPF and / or refund of dividend from IEPF Authority and for coordination with IEPF Authority. The details of the Nodal Officer are available on the website of the Company.

DIRECTORS

The composition of Board of Directors is in conformity with the applicable provisions of the Act and Listing Regulations.

During the year under review, there was no change in the composition of the board.

The board of directors in their meeting held on September 28, 2023 had approved the following re-appointments of:

• Re-appointment of Mr. Manish Kumar Dabkara, Chairman and Managing Director of the Company for a period of 5 (Five) years, till February 10, 2029.

• Re-appointment of Mr. Naveen Sharma, Whole Time Director of the Company for a period of 5 (Five) years, till November 3, 2028.

• Re-appointment of Ms. Sonali Sheikh, Whole Time Director of the Company for a period of 5 (Five) years, till November 3, 2028.

In accordance with the provisions of Section 152 of the Act and the Articles of Association of the Company, Mr. Manish Kumar Dabkara, Chairman and Managing Director, who is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re- appointment. The said Director is not disqualified from being re- appointed as a Director of a Company as per the disclosure received from him pursuant to Section 164(2) of the Act. Your directors recommend their approval.

A brief profile of Mr. Manish Kumar Dabkara is provided in the Notice of the ensuing Annual General Meeting of the Company.

Pursuant to the provisions of the Act, the Directors of the Company as on date are Mr. Manish Kumar Dabkara

- Chairman and Managing Director, Mr. Naveen Sharma

- Whole Time Director, Ms. Sonali Sheikh - Whole Time Director, Ms. Astha Pareek - Non-Executive Women Independent Director, Mr. Ritesh Gupta - Non-Executive Independent Director, and Mr. Burhanuddin Ali Husain Maksi Wala - Non-Executive Independent Director.

All the Independent Directors on the Board have given a declaration of their independence to the Company as required under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. In the opinion of the Board, all the Independent Directors possess the integrity, expertise and experience including the proficiency required to be Independent Directors of the Company, meets the criteria of independence as specified in the Act and the Listing Regulations and are independent of the management and have also complied with the Code for Independent Directors as prescribed in Schedule IV of the Act.

The Independent Directors of the Company have confirmed that they have registered themselves with the Indian Institute of Corporate Affairs, Manesar for the inclusion of their name in the data bank of independent directors, pursuant to the provision of Rule 6 (1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of section 203 of the Act, the key ,2 managerial personnel of the Company as on date are Mr. a

Manish Kumar Dabkara - Chairman and Managing Director, Mr. Naveen Sharma and Ms. Sonali Sheikh - Whole Time Director, Mr. Mohit Kumar Agarwal - Chief Financial Officer and Ms. Itisha Sahu - Company Secretary and Compliance Officer.

PERFORMANCE EVALUATION OF THE BOARD

In accordance with legal requirements and the guidelines outlined in the Listing Regulations, the Board of Directors has conducted a comprehensive yearly assessment of its performance, the performance of its Committees, Independent Directors, Non-Executive Directors, the Executive Director, and the Chairman of the Board.

The Nomination and Remuneration Committee ('NRC'), a part of the Board, has established a clear process for conducting formal annual evaluations of the Board's performance, its Committees, and Individual Directors. This process involves distributing separate evaluation forms for the Board and its Committees, as well as for Independent Directors, Non-Executive Directors, the Executive Director, and the Chairman of the Company.

The evaluation process was carried out by Independent Directors in a dedicated meeting. During this meeting, the performance of Non-Independent Directors, the overall Board, and its committees were appraised. Additionally, the Independent Directors evaluated the performance of the Chairman of the Company, taking into consideration feedback from the Executive Director and Non-Executive Directors. The outcome of this evaluation by Independent Directors were shared with the NRC and subsequently presented to the entire Board.

Subsequently, the Board convened to discuss the performance of the Board as a whole, its Committees, and Individual Directors. During this discussion, the Board expressed its contentment with the effective functioning of both the Board and its Committees. The Directors' contributions in their respective roles were acknowledged as satisfactory, signifying their active involvement and commitment.

The Company has also adopted a policy for remunerating directors, key managerial personnel, and other employees. This policy includes criteria for determining the qualifications, positive attributes, and independence of directors. The complete details of this policy are provided in this report and attached as Annexure E.

MEETING OF THE BOARD

The Board of Directors met 15 (Fifteen) times during the financial year ended March 31, 2024 in accordance with the provisions of the Act and rules made thereunder. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

STATUTORY COMMITTEES OF THE BOARD

Your Company has duly constituted the Committees required under the Act read with applicable Rules made thereunder and Listing Regulations.

Audit Committee

The Audit Committee of Directors was constituted pursuant to the provisions of Section 177 of the Act and Regulation 18 of Listing Regulations, comprises of Mr. Ritesh Gupta (Chairman), Mr. Burhanuddin Ali Husain Maksi Wala and Mr. Manish Kumar Dabkara as its members. Majority of the members including Chairman of Audit Committee are Independent Directors.

All the recommendations made by the Audit Committee were accepted by the Board of Directors.

The Audit Committee met 12 (Twelve) times during the financial year ended March 31, 2024. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee of Directors was constituted pursuant to the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations, comprises of Mr. Burhanuddin Ali Husain Maksi Wala (Chairman), Mr. Ritesh Gupta and Ms. Astha Pareek as its members. All the members of NRC are independent directors.

All the recommendations made by the Nomination and Remuneration Committee were accepted by the Board of Directors.

The Nomination and Remuneration Committee met 13 (Thirteen) times during the financial year ended March 31, 2024. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Stakeholders Relationship Committee

The Stakeholders Relationship Committee of Directors was constituted pursuant to the provisions of Section 178 of the Act and Regulation 20 of Listing Regulations, comprises of Mr. Burhanuddin Ali Husain Maksi Wala (Chairman), Mr. Ritesh Gupta and Mr. Naveen Sharma as its members. Majority of the members including Chairman of SRC are Independent Directors.

All the recommendations made by the Stakeholders Relationship Committee were accepted by the Board of Directors.

The Stakeholders Relationship Committee met 3 (Three) times during the financial year ended March 31, 2024. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Corporate Social Responsibility Committee

As per the provisions of Section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors has constituted a Corporate Social Responsibility (CSR) Committee comprises of Mr. Ritesh Gupta (Chairman), Mr. Manish Kumar Dabkara and Mr. Naveen Sharma as members.

All the recommendations made by the Corporate Social Responsibility (CSR) Committee were accepted by the Board of Directors.

The Corporate Social Responsibility (CSR) Committee met 5 (Five) times during the financial year ended March 31, 2024. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Risk Management Committee

As per the Regulation 21 of the Listing Regulations, the Board of Directors has constituted a Risk Management Committee comprises of Mr. Naveen Sharma (Chairman), Mr. Manish Kumar Dabkara and Mr. Burhanuddin Ali Husain Maksi Wala as members.

All the recommendations made by the Risk Management Committee were accepted by the Board of Directors.

The Risk Management Committee met three (3) times during the financial year ended March 31, 2024. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

AUDITORS Statutory Auditor

M/s Dassani & Associates LLP, Chartered Accountant (FRN: 009096C), were appointed as Statutory Auditors of the Company at the Annual General Meeting held on October 27, 2023 for a second term of five (5) consecutive years from the conclusion of 12th AGM till the conclusion of 17th AGM of the Company.

The Auditor's Report does not contain any qualification, reservation or adverse remark or disclaimer, and no explanation on part of the Board of Directors is called for.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s Ruchi Joshi Meratia & Associates., Practicing Company Secretary as the Secretarial Auditor of the Company to conduct the Secretarial Audit for FY 2024-25.

The Company has received consent from M/s Ruchi Joshi Meratia & Associates, Practising Company Secretary, to act as the auditor for conducting audit of the secretarial records for the financial year ending March 31, 2025.

The Secretarial Audit Report, issued by M/s Ruchi Joshi Meratia & Associates , Practicing Company Secretary, in Form MR-3 for the financial year 2023-24 which forms part of the Director's Report as Annexure F. The report does not contain any qualification, reservation, disclaimer or adverse remark. However, the Secretarial auditor has specified self-explanatory notes in their report.

The Secretarial Compliance Report issued by M/s Ruchi Joshi Meratia & Associates, Practicing Company Secretary for the financial year ended March 31, 2024, in relation to compliance of all applicable SEBI Regulations/ circulars/ guidelines issued thereunder, pursuant to the requirement of Regulation 24A of the Listing Regulations, is available on the website of the Company at: https://enkingint. org/wp-content/uploads/2024/07/Annual-Secretarial- Compliance-Report-2023-24.pdf

Internal Auditor

In compliance with the provisions of Section 138 of the Act, read with the Companies (Accounts) Rules, 2014, the Internal Audit, of the Company, for the FY 2023-24 was carried out by M/s Mahesh C Solanki & Co., (FRN: 006228C), Chartered Accountants. Further, the Board in their meeting held on May 12, 2024 has re-appointed M/s Mahesh C Solanki & Co., as Internal Auditors for the FY 2024-25.

Cost Auditor

The provisions of section 148 of the Act, read with Rule 14 of the Companies (Audit & Auditors) Rules, 2014 relating to the cost audit are not applicable to the Company during the period under review.

VIGIL MECHANISM/ WHISTLE - BLOWER POLICY

In accordance with Section 177(9) of the Act, and Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, it is mandatory for a listed company and certain prescribed classes of companies to establish a Vigil Mechanism. This mechanism ensures adequate protection to employees and directors who raise concerns about violations of legal or regulatory requirements, misrepresentation of financial statements, and other related matters.

Our company has developed a Vigil Mechanism known as the Whistle Blower Policy, which is designed to uphold the highest standards of ethical, moral, and legal conduct in our business operations. Throughout the year, there were no instances where individuals were denied access to the Audit Committee.

The details of the Vigil Mechanism can be found in the Corporate Governance Report, included in this Annual Report. Additionally, the Whistle-Blower Policy is available on our company's website at : https://enkingint.org/wp- content/uploads/2024/02/Whistle-Blower-Policy.pdf

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

As per Regulation 34(2)(f) of the Listing Regulations, a separate section on Business Responsibility and Sustainability Report, describing the initiatives taken by your Company from environmental, social and governance perspective, forms an integral part of this Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of provisions of Section 134(3)(c) read with Section 134 (5) of the Act, In relation to the audited financial statements of the Company for the year ended March 31, 2024, the Board of Directors hereby confirms that:

a) In the preparation of the annual accounts for the year ended March 31, 2024 the applicable accounting standards read with requirements set out under schedule III to the act have been followed and there are no material departures from the same;

b) The Directors 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 as at March 31, 2024 and of the profit of the Company for the year ended on that date;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concern basis;

e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

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

INTERNAL FINANCIAL CONTROL

The Company has implemented a strong and integrated system of internal controls to ensure the reliability of financial reporting, the smooth and efficient operation of business activities, compliance with policies and procedures, safeguarding of assets, and the economical and efficient utilization of resources. To ensure the effectiveness and sufficiency of these control systems, appropriate review and monitoring mechanisms are established.

The Company adheres to accounting policies that align with the Indian Accounting Standards specified under Section 133 of the Act, in accordance with the Companies (Indian Accounting Standard) Rules, 2015.

The evaluation of internal controls and assurance of their adequacy and effectiveness are conducted through the Internal Audit, which is carried out by external auditing firms. The Internal Audit Reports are actively reviewed by the Audit Committee, and any necessary remedial measures are taken. The Board of Directors also periodically reviews the Internal Audit Reports. Notably, there were no significant weaknesses identified in the design or operation of the controls during the year.

The Standalone and Consolidated Financial Statements of the Company undergo quarterly reviews by its Statutory Auditors.

ANNUAL RETURN

Pursuant to the provisions of Section 92(3) and Section 134(3)(a) of the Act, the Annual Return of the Company as on March 31, 2024 is placed on the website of the company at the following web -address: https://enkingint.org/wp- content/uploads/2024/08/Annual-Return-FY-2023-24.pdf

COMPLIANCE WITH SECRETARIAL STANDARDS

As per Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon, and the Management Discussion and Analysis Report are attached, which forms part of this report.

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

During the year, your Company is in compliance with the Secretarial Standards specified by the Institute of Company Secretaries of India.

HUMAN RESOURCES

The foundation of your Company's success lies in its human resources, which opens up countless possibilities for its business. Our dedicated workforce drives efficient operations, fuels market development, and expands our range of services. By prioritizing continuous learning and development, and implementing effective talent management practices, we ensure that the Organization's talent needs are met. The exceptional employee engagement score demonstrates the strong commitment and pride our employees feel as valued members of the Company.

The group's Corporate Human Resources plays a critical role in your Company's talent management process.

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

There are no material changes and commitments affecting the financial position of the Company which have occurred after March 31, 2024 till date of this report.

OTHER DISCLOSURE

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts) Rules, 2014 are furnished as under:

1. The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Section 54(1 )(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

2. During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code, 2016.

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

4. There was no failure to implement any Corporate Action.

5. During the year under review, there was no change in the nature of business of the Company.

ACKNOWLEDGEMENTS AND APPRECIATION

Your Directors take this opportunity to thank the Company's customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and various regulatory authorities including Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), Ministry of Corporate Affairs (MCA), Registrar of Companies (ROC), National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for their consistent support and encouragement to the Company. I am sure you will join our Directors in conveying our sincere appreciation to all employees of the Company and its subsidiaries and associates for their hard work and commitment. Their dedication and competence have ensured that the Company continues to be a significant and leading player in the industry.