Dear Members,

The Directors have pleasure in submitting their 47^th Annual Report together with the Audited Statements of Account for the period ended on March 31, 2024.

The Company's financial performance for the period ended 31^st March, 2024 is summarized below:

During the year, the net revenue from operations of your Company decreased from Rs. 1085.57 Lacs to 662.23 Lacs. For FY 2023-24, your Company's profit after tax stood at Rs. 62.86 Lacs vis-a-vis profit of 326.57 Lacs in the previous year.

There is no change in the nature of the business of the Company.

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

There were no material changes and commitments affecting the financial position of the Company occurring between March 31, 2024 and the date of this Report of the Directors.

The Company is engaged in manufacturing of transformers in the capacity range of 100MVA 132KV class. The demand for the Company's product in coming years will increase significantly. The expansion of infrastructure industry and real estate business, extensive rural electrification programme of the

Government, development of shopping malls, complexes, etc. demands various type of transformers and the Company in this industry with flexibility will survive and have a bright future.

The Company's nature of business is capital intensive and hence any delay in cycle causes huge interest loss and marks the bottom line of the Company.

The threat is also from unorganized small scale entrepreneurs who sometimes run away with big orders due to their small set up cost. The nature of industry demands blocking of capital for a long period and hence more credit support from the banks are required.

The current scenario is very encouraging because the major thrust of our Government is on Power and Infrastructure sector.

The Company does not have any Subsidiary / Associate Company at the end of the Financial Year. Internal Financial Control

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weaknesses in the design or operation were observed.

Company's Policies on Remuneration, Employee Concern (Whistle Blowing) and also the Code of Conduct applicable to Directors and Employees of the Company have been complied with. These Policies and the Code of Conduct are available on the Company's website at www.marsonsonline.com.

With the view to conserve the resources of company your directors regret to recommend any dividend for the period under report.

The Total Paid up capital of the Company as on 31^st March 2024 is Rs. 14,00,00,000/- comprising of 14,00,00,000 Equity shares of Re. 1 each. The company had made an allotment of 1,50,00,000 Equity Shares to Strategic Investors on Preferential allotment basis during the Financial Year 2023-24.

The Company is primarily a manufacturer of electrical transformer as a single unit. Accordingly, the Company is a single business segment company.

Although the company has long been following the principle of risk minimization as is the norm in every industry, it has now become a compulsion. The Board members were informed about risk assessment and after which the Board formally adopted and implemented the necessary steps for monitoring the risk management plan for the company.

There has been a change in the composition of the Board of Directors of the Company during the Financial Year. Ms. Varsha Kedia have been appointed as Women cum Independent Director on

19.10.2023. Ms. Sutama Chowdhury has resigned from the post of women cum Independent Director on

19.10.2023.

All Directors, Key Managerial Personnel and senior management of the Company have confirmed compliance with the Code of Conduct applicable to the Directors and employees of the Company. The Code of Conduct is available on the Company's website: www.marsonsonline.com. All Directors have confirmed compliance with provisions of section 164 of the Companies Act, 2013.

The details of number and dates of meetings held by the Board and its Committees and attendance of Directors is given separately in the attached Corporate Governance Report.

The Board of Directors acknowledges the responsibility for ensuring compliance with the provisions of Section 134(3)(c) read with section 134(5) of the Companies Act, 2013 in the preparation of the annual accounts for the year ended on 31.03.2024 and state that :

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) 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 at the end of the financial year and of the profit of the Company for that period;

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

(iv) the Directors have prepared the annual accounts on a going concern basis;

(v) the Directors 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

(vi) There is a proper system to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

The related parties transactions in accordance with provisions of section 188 of the companies Act, 2013 and as identified by Management and Auditors are disclosed in AOC-2 form vide Annexure-II.

The policy on Related Party Transactions as approved by the Board is uploaded on the Company's website at www.marsonsonline.com. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.

The following persons are the Key Managerial Personnel of the Company in compliance with the provisions of Section 203 of the Companies Act, 2013 as on 31.03.2024:

a) Mr. Binay Kumar Agarwal, Wholetime Director

b) Ms. Uttara Sharma, Company Secretary

c) Mr. Sanjay Kumar Rai, CFO

Pursuant to the provisions of Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Guidance Note on Board Evaluation issued by SEBI dated 05.01.2017 the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its committee.

Report on Corporate Governance along with the certificate thereon is separately attached as Annexure III and Annexure IV respectively and forms a part of the Directors' Report.

The Audit Committee comprises of the following Directors:

During the year there were no instances where the Board had not accepted the recommendations of the Audit Committee.

The Nomination and Remuneration Committee comprises of the following Directors:

The Company's Remuneration Policy is available on the Company's website www.marsonsonline.com and is attached as Annexure -V and forms part of this Report of the Directors.

The Stakeholders Relationship Committee comprises of the following Directors:

In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behavior the company has adopted a vigil mechanism policy which is available on the Company's website www.marsonsonline.com

The provisions of Companies Act, 2013 regarding Corporate Social Responsibility are not applicable to the Company.

The shares of the Company are listed on the BSE Limited. The Company's shares are compulsorily traded in the dematerialized form.

A Secretarial Audit was conducted during the year by the Secretarial Auditor, Sultana K & Associates, Practicing Company Secretary (C.P No. 20815), in accordance with the provisions of section 204 of the Companies Act, 2013. The Secretarial Auditor's Report and Annual Secretarial Compliance Report is attached as Annexure- VI and forms a part of this Report of the Directors.

M/s Majumdar Mukherjee & Associates, Chartered Accountants (Reg. No. 328976E) of 64/81, K.B. Sarani, Kolkata- 700037 perform the duties of internal auditors of the company and their report is reviewed by the audit committee from time to time.

The Company has not accepted any deposits from the public, and as such, there are no outstanding deposits in terms of the Companies (Acceptance of Deposits) Rules, 2014. The Company has accepted loan from the directors as detailed in the statement of accounts. The directors have confirmed that these loans have not been given from the borrowed sources/ funds.

It is the Company's policy not to give loans, directly or indirectly, to any person or to other body corporate or give any guarantee or provide any security in connection with a loan to any other body corporate or person.

The prescribed particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required under section 134(3)(m) read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as Annexure - VII and forms a part of this Report of the Directors.

In accordance with the Companies Act, 2013, the annual return in the prescribed format is available at www.marsonsonline. com.

The information required pursuant to Section 197(12) read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is attached here as Annexure-VIII and forms a part of the Directors' Report.

Your Directors state that during the year an Internal Complaint Committee has been formed to review the cases filed pursuant to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and further state that, there were no cases reported in respect to above mentioned Act.

Your Directors take the opportunity of placing their sincere appreciation to the Central Government, State Government, Banks, Financial Institutions, employees, associates, consultants and members of the company for their valuable guidance and support.