TVS Supply Chain Solutions Ltd

Your Board of Directors ("the Board") of TVS Supply Chain Solutions Limited ("TVS SCS"/ "Company") is pleased to present the Twenty first Annual Report together with audited accounts for the year ended March 31, 2025 ("FY 25" or "during the year").

FINANCIAL RESULTS

Key highlights of the financial results of your Company for FY25 are as under:

State of Affairs of the Company/ Business Operations

Our Company is an India based multinational company, who pioneered the development of the supply chain solutions market in India and is a tech-led and asset- light supply chain solutions provider with capabilities across the value chain. We were promoted by the erstwhile TVS Group, one of the reputed business groups in India, and are now part of the TVS Mobility Group. For more than 20 years, we have managed large and complex supply chains across multiple industries in India and select global markets through customized tech-enabled solutions.

Our solutions, spanning the entire value chain from sourcing to consumption, are divided into two segments: (i) Integrated Supply Chain Solutions (ISCS); and (ii) Network Solutions (NS).

Our capabilities underthe ISCS segment include sourcing and procurement, integrated transportation, logistics operation centers, in-plant logistics operations, finished goods, aftermarket fulfilment and supply chain consulting.

Our capabilities underthe NS segment include global forwarding solutions ("GFS"), which involves managing end-to-end freight forwarding and distribution across ocean, air and land, warehousing and at port storage and value added services, and integrated final mile solutions ("IFM") which involves closed loop logistics and support including spares logistics, break-fix, refurbishment and engineering support, and courier and consignment management.

During the year, the business saw growth in revenues at 8.5%. Our total income was Rs 10,028.88 crores in Fiscal 2025 compared to Rs 9,247.90 crores in Fiscal 2024.

Your Company's focus on business development continues to deliver strong results. Your Company added Rs 1009.00 crores additional revenue from the business development in FY25. The number of Fortune 500 customers serviced by your Company has grown to 91 as at FY25 compared to 78 in FY24, reflecting the steady growth of marquee customers of the Company.

Adjusted EBITDA declined by 5.0%, from Rs 710.14 Cr to Rs 557.37 Cr, primarily due to headwinds in key business segments.

This year marked a period of strategic wins and renewed partnerships for our business. A major highlight was securing a significant contract in North America with a leading global agricultural equipment manufacturer—an achievement that underscores our growing footprint in the region and our capability to serve large-scale, industry-leading clients. Additionally, we successfully regained a key contract in India with a global auto component manufacturer, reaffirming our value proposition and the strength of our client relationships. These milestones not only contributed to revenue growth but also reinforced our position as a trusted partner in critical global markets.

Segment performance

The Integrated Supply Chain Solutions (ISCS) segment reported a 4.9% year-over-year revenue growth, primarily driven by new business development wins, which contributed significantly to the topline and a modest price increase. This was partially offset by the planned exit of certain low margin customer accounts and volume declines from existing clients, particularly in select geographies. These offsets tempered the overall growth rate, but the net result reflects a stable performance with a strategic shift toward higher- quality, more profitable business.

The Network Solutions (NS) segment delivered a 13.6% year-over-year revenue growth, primarily fueled by new business wins and price increases implemented during the year, partially offset by decline in volumes and customer churns. The strong contribution from new accounts and improved pricing supported a healthy overall performance for the segment.

ISCS Adjusted EBITDA fell by 2.4%, from Rs 536.2 Crores to Rs 523.5 Crores, primarily due to volume reductions in Q3 during the holiday season all of which impacted cost absorption and profitability.

In the NS segment, Adjusted EBITDA declined by 9.3%, from Rs 185.8 Crores to Rs 168.6 Crores, despite strong revenue growth of 13.6%. This was primarily due to IFM business, where the turnaround was completed in Q4, as well as margin pressure in the GFS segment, where revenue growth was largely pass-through and did not translate into EBITDA. Additionally, macro-economic pressures such as global trade disruptions and cost volatility further impacted margins. Overall, while revenue performance remained strong, these factors contributed to a year-over-year reduction in profitability.

Subsidiary, Associates and Joint Venture

As of March 31, 2025, your Company had sixty-one (61) subsidiaries (including step down subsidiaries) and one (1) joint venture within the meaning of the Companies Act, 2013 ("Act") and there has been no material change in the nature of the business of the subsidiaries or associates.

TVS SCS Global Freight Solutions Limited (GFS India), TVS SCS IFM Limited (Erstwhile Rico Logistics Limited), TVS Logistics Investment UK Limited, TVS Supply Chain Solutions Limited, TVS Logistics Investment USA, TVS Supply Chain Solutions North America Inc. USA, TVS Supply Chain Solutions Pte. Ltd., Singapore and TVS SCS Singapore Pte. Ltd. are material unlisted subsidiaries of the Company pursuant to provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"). The policy for determining material subsidiaries is hosted on the website of the Company at www.tvsscs.com/ investor-relations/wp-content/uploads/2024/10/9.- Policy-for-Determination-of-Material-Subsidiary.pdf

During the year, five step down dormant global subsidiaries of the Company namely, OrderLogic Limited., Pitcomp 171 Limited, SPC EBT Trustees Limited, SPC International (Engineering) Limited and TVS America INC were closed as per provisions under local statutes. Further, during the FY 25, TVS Supply Chain Solutions Manufacturing North America Inc, was incorporated as wholly owned step-down subsidiary.

On March 31, 2025, the application for Scheme of Merger by amalgamation of TVS SCS Global Freight Solutions Limited, FLEXOL Packaging (India) Limited, White Data Systems India Private Limited and SPC International (India) Private Limited (collectively wholly owned subsidiaries of TVS SCS) and Mahogany Logistics Services Private Limited with the Company, was filed with Hon'ble National Company Law Tribunal ("NCLT"), in accordance with the provisions of Section 230 to 232 read with Section 234, of the Act. The Scheme is subject to necessary statutory and regulatory approvals including the approvals of NCLT, the shareholders and creditors of TVS SCS, as directed by the NCLT.

The Report on the performance and financial position of the subsidiaries and joint venture is provided in the Notes to the Consolidated Financial Statements. Pursuant to the provisions of Section 129(3) of the Act, read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the Financial Statements of the Company's subsidiaries and joint venture in Form AOC-1, is Annexure Ato the Report.

Pursuant to the provisions of Section 136 of the Act, the Standalone Financial Statements of the Company, Consolidated Financial Statements along with relevant documents and separate audited financial statements with respect to the subsidiaries and joint venture are available on the website of the Company at www. tvsscs.com/investor-relations/. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies and joint venture.

The details of investments made in various subsidiaries are provided as part of the Financial Statements for FY 25.

CHANGES IN CAPITAL STRUCTURE

The equity paid-up share capital of the Company as on March 31, 2025, was Rs 44,11,69,497, comprising of 44,11,69,497 equity shares of face value ofRs 1 each, 16,00,000 equity shares of Rs 1 each forfeited at Rs 0.2 each and 15,351 non-convertible redeemable preference shares of face value of Rs 10 each.

During the FY 25, the Company has allotted 9,60,587 fully paid-up equity shares ofRs 1 each, pursuant to the employee stock option plans of the Company.

DIVIDEND DISTRIBUTION POLICY

Your Company has formulated a Dividend Distribution Policy, with an objective to provide the dividend distribution framework to the stakeholders of the Company. The policy sets out various internal and external factors, which shall be considered by the Board in determining the dividend pay-out. The policy is available on the website of the Company at www.tvsscs.com/investor-relations/wp-content/ uploads/2024/10/TVS-SCS-Draft-Dividend-Policy-v3.pdf

DIVIDEND

Your Directors have decided not to recommend any dividend for FY 25, in view of reported financial loss.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND ("IEPF")

During the year under review, there was no unpaid/ unclaimed dividend to be transferred to IEPF Account.

TRANSFER TO RESERVES

Your Company has not transferred any amount to the reserves for FY 25.

PUBLIC DEPOSITS

Your Company has not accepted any deposit within the meaning of provisions of Chapter V of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014 for FY 25.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year of the Company to which the financial statements related to and date of this Report.

CORPORATE GOVERNANCE

Your Company is committed to transparency in all its dealings and places high emphasis on business ethics. Corporate governance to the Company guides the conduct of affairs of the Company and clearly delineate the roles, responsibilities, and authorities at each level of its governance structure and key functionaries involved in the governance.

A detailed Report on Corporate Governance along with a Certificate from a Company Secretary in Practice regarding compliance with the conditions of Corporate Governance as stipulated under Schedule V of the SEBI Listing Regulations is included as a separate section and forms part of this Annual Report.

The Managing Director and Chief Financial Officer certification of the financial statements for FY 25, and the declaration by the Managing Director regarding compliance to Code of Conduct pursuant to SEBI Listing Regulations are annexed to Corporate Governance Report.

Directors

Sri. Ravi Viswanathan, Managing Director and Sri. Anand Kumar, Non-Executive Director, retire by rotation at the 21^st Annual General Meeting ("AGM") and being eligible, offered themselves for re-appointment. Based on the recommendation of the Board, the resolutions seeking approval of the members fortheir re-appointment has been incorporated in the Notice convening the AGM of the Company along with brief details about them.

Key Managerial Personnel ("KMP")

The Key Managerial Personnel of the Company forthe purpose of the Act are:

*Sri. Raviprakash Bhagavathula ceased to be the Chief Financial Officer of the Company with effect from March 31, 2025 and Sri. R Vaidhyanathan was appointed as the Chief Financial Officer of the Company with effect from April 1, 2025.

There are no changes in the composition of KMP for FY 25 other than the change in Chief Financial Officer of the Company as detailed above.

The remuneration and other details of these KMP for FY 25 are provided in the Annual Return which is available on the website of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(5) of the Act, the Board, to the best of their knowledge and ability, confirm that:

a) in the preparation of the annual financial statements forthe year ended March 31, 2025, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) forthe financial year ended March 31, 2025, such accounting policies as mentioned in the notes to the financial statements have been applied consistently and judgments and estimates that are reasonable and prudent have been made 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 ofthe profit ofthe Company forthe financial year ended March 31, 2025;

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

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

e) that proper internal financial controls were followed by the Company and that such internal financial controls are adequate and were operating effectively;

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

BOARD/COMMITTEES

During FY 25, five (5) board meetings were held.

The details of composition ofthe Board and its Committees, terms of reference ofthe Committees and the details of meetings held during FY 25 are furnished in the Corporate Governance Report, which forms part ofthe Annual Report.

INDEPENDENT DIRECTORS

The Company has received declarations from the Independent Directors ofthe Company confirming that they meet the criteria of independence prescribed underthe Section 149(5) ofthe Act and Regulation 15(1) (b) of SEBI Listing Regulations.

Senior management personnel ofthe Company interact with directors from time to time to enable them to understand the Company's strategy, business model, operations, markets, organization structure, finance, human resources, technology and such other areas. The Company has also disclosed the Director's familiarization programme on its website at www. tvsscs.com/investor-relations/.

In the opinion ofthe Board, the independent directors are persons of high integrity and repute and possess the requisite proficiency, expertise and experience and fulfil all the conditions specified in the Act and Rules made thereunder and are independent of the management.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT ("MD&A")

The MD&A Report for FY25, as stipulated under Regulation 34 ofthe SEBI Listing Regulations, is annexed separately and forms part ofthe Annual Report.

EMPLOYEE STOCK OPTION SCHEMES

The Company's employees stock option schemes are detailed below:

A. TVS SCS Management Incentive Plan I, 2018 (MIP I'),

B. TVS SCS Management Incentive Plan II, 2018 (MIP II'), and

C. TVS Supply Chain Solutions Employee Stock Option Plan 2021 (ESOP21').

In terms of Regulation 14 of SBEBSE Regulations, the disclosures with respect to MIP I, MIP II and ESOP 21 has been provided on the website of the Company at www.tvsscs.com/investor-relations/.

Statutory Auditors

The Shareholders of the Company at their meeting held on August 10, 2023, have re-appointed M/s. S.R. Batliboi & Associates LLP as the Statutory Auditors of the Company for a second term of five (5) consecutive years from the conclusion of 19^th AGM till the conclusion of 24^th AGM, based on recommendations of the Audit Committee and Board. Your Company has obtained the necessary certificate from the Statutory Auditors confirming their eligibility to continue as Statutory Auditors of the Company for FY25.

The Auditors' Report does not contain any qualification, disclaimer or adverse remarks.

Secretarial Auditor

The Board of Directors at its meeting held on May 28, 2025 had recommended the appointment of Mr. K Venugopalan(Membership No.: FCS 2526 and Certificate of Practice No: 6015), a Peer reviewed Company Secretary in Practice as the Secretarial Auditor of the Company for a term of five (5) consecutive years commencing from the conclusion of 21^st AGM till the conclusion of 26^th AGM, subjectto approval of shareholders, pursuant to Regulation 24A of SEBI Listing Regulations and Section 204 of the Act, read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The Company has received consent, eligibility letter and Peer Review Certificate from Mr. KVenugopalan confirming that his appointment, would be underthe provisions of Section 204 of the Act and that he is not disqualified to be appointed as Secretarial auditor in terms of the provisions of Regulation 24A of the SEBI Listing Regulations. Accordingly, a suitable resolution with necessary disclosures proposing his appointment as Secretarial Auditor forms part of the Notice of the 21^st AGM.

The Secretarial Audit Report for FY 25, in Form No.

MR-3 is attached as Annexure B to Director's Report. The Secretarial Audit report does not contain any qualification, reservation or adverse remarks.

GFS India, a material unlisted Indian subsidiary of the Company has obtained Secretarial Audit Report from Mr. KVenugopalan, Company Secretary in Practice (Membership No.: FCS 2526 and Certificate of Practice No: 6015) and it does not have any qualification or adverse remark. The report is attached as Annexure C.

Internal Auditor

During the year, M/s. KPMG Assurance and Consulting Services LLP was appointed as Internal Auditors of the Company for FY 25 to conduct the internal audit of the Company as recommended by Audit Committee and the Board.

Cost Records and Cost Audit

Maintenance of Cost Records and requirement of Cost Audit as prescribed under Section 148(1) of the Act are not applicable for the business activities carried out by the Company.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014 the Annual Return of the Company as on March 31, 2025 is available on the Company's website at www.tvsscs.com/investor- relations/statutorv-disclosure/

REMUNERATION POLICY

The Board, based on the recommendation of the Nomination and Remuneration Committee, has laid down a policy on appointment and remuneration of Directors, KMP and Senior Management Personnel.

The Company's policy on appointment of Directors, remuneration and other matters provided in Section 178(3) of the Act is available at the website at www.tvsscs.com/investor-relations/wp-content/ uploads/2024/10/7.-Remuneration-and-Diversity- policy.pdf

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosure pertaining to the remuneration and other details as required under Section 197 (12) of the Act and Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given in Annexure D and forms part of this Report. Details of employee remuneration as required under the provisions of Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available on the website of the Company and can be accessed at the weblink www.tvsscs.com/investor- relations/.

EVALUATION OF BOARD/BOARD COMMITTEES

Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board has carried out annual performance evaluation of its own performance, the directors individually as well as evaluation of the working of its committees.

LOANS/ GUARANTEES/INVESTMENTS

The particulars of loans, guarantees and investments under Section 186 of the Act, read with the Companies (Meetings of Board and its Powers)

Rules, 2014, for FY 25 form part of the Notes to the Financial Statements.

RELATED PARTY TRANSACTIONS

Your Company has in place a Policy on Related Party transactions as approved by the Board and the same is available on the website of the Company at www.tvsscs.com/investor-relations/wp-content/ uploads/2024/10/4.-Related-Party-Transactions-Policy. pdf

All contracts, arrangements, transactions entered by the Company during FY 25 with related parties were in ordinary course of business and on an arm's length basis and are in compliance to applicable provisions of the Act/ SEBI Listing Regulations. Hence, the disclosure of related party transactions in Form AOC-2 is not applicable.

Details of related party transactions entered into by your Company have been disclosed in Notes to Financial Statements.

CORPORATE SOCIAL RESPONSIBILITY ("CSR")

Pursuant to Section 135 of the Act, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, your Company has adopted a Policy on CSR which is placed on the website of the Company at www.tvsscs.com/global-csr-policy/

The Annual Report on CSR activities for FY 25 is attached as Annexure E to Director's Report.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

Your Company believes in the conduct of affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behavior. Pursuant to the provisions of Section 177(9) of the Act, read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 4 of the SEBI Listing Regulations, and in accordance with the requirements of Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018, your Company has established a Vigil Mechanism and has a Whistle Blower Policy.

The Policy is hosted on the website of the Company at www.tvsscs.com/investor-relations/wp-content/ uploads/2024/10/WhistleBlower.pdf

ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and future operations of the Company.

INSOLVENCY AND BANKRUPTCY CODE, 2016

During FY 25, your Company has neither made any application nor has any proceedings pending under the Insolvency and Bankruptcy Code, 2016. There was no instance of one-time settlement with any bank or financial institutions.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Your Company has well-defined internal control system commensurate with size and scale of operation to support the business operations and to ensure statutory compliance. The internal audit is carried out by a professional firm whose function is defined through internal audit charter, which includes inter alia transaction audit, systems audit and process audit. In order to maintain the independence and objectivity, the internal audit function directly reports to the Audit Committee. The Company's internal financial controls were also assessed and examined by the Statutory Auditors, who have provided an unmodified opinion regarding their adequacy and operating effectiveness as of March 31, 2025. The detailed annual internal audit plan is rolled out and the same was approved by the Audit Committee. Suitable internal checks have been built in to cover all monetary transactions with proper delineation of authority, which provides for checks and balances at every stage. Your Company has an Audit Committee of Directors to review financial statements to shareholders. The role and terms of reference of the Audit Committee cover the areas mentioned under the SEBI Listing Regulations and Section 177 of the Act, details of which are provided in the section titled Report on Corporate Governance, which forms part of this Annual Report.

RISK MANAGEMENT

The Risk Management Committee (RMC) monitors risk management practices of the Company. The Company has a well-defined risk management policy and framework which sets out the objectives and elements of risk management within the Company and helps to promote risk awareness across the organisation and integrate risk management within the corporate culture. The Risk Management Policy inter-alia includes well defined risk management roles within the Company, risk appetite and risk tolerance capacity of the Company, identification and assessment of the likelihood and impact of risk, risk handling and response strategy and reporting of existing and new risks associated with the Company's activities in a structured manner. This facilitates timely and effective management of risks and opportunities and achievement of the Company's objectives.

The details of composition of the RMC, the terms of reference, meetings held and attendance of the

Committee Members thereat during the FY 25 under review are provided in the section titled Report on Corporate Governance, which forms part of this Annual Report.

Conservation of Energy:

Your Company is focused on building sustainable supply chains using green logistics that aid in reducing resource consumption, environmental degradation and pollution.

Reduction in carbon footprint is achieved through interventions in the processes around storage, transportation, and packaging . The initiatives include usage of re-usable packaging , GPS enabled transport route optimization, migration to electric powered Material Handling Equipment, continuous engagement with partners to reduce carbon emissions and development of a sustainable network of suppliers. The Company has also signed up with an independent third party assessorto measure the impact of such initiatives towards achieving our sustainability priorities.

Technology Absorption:

Technology is the core of our Company's solutioning. With the help of technology and software systems, our Company continues to build tailor-made solutions for various supply chain activities. Technology enables us to automate and digitalize supply chains for customers and are capable of being integrated with customers'

IT -ecosystem. The digital platforms are largely cloud based, powered by a micro service-based architecture and are scalable and reliable.

Your Company has made consistent investments in technology over the years and technology has enabled key advantages to existing traditional supply chains in terms of flexibility, intelligence and efficiency.

During the year, the following efforts on technology were centered around key business objectives:

• Deployed a next gen, more digitally savvy and regionalized website 2.0 which enables us to showcase our offerings and services and attract more website interactions with customers.

• Deployed a new vendor portal that allows us to interact more digitally with our suppliers.

• Enhancement of the GFS eConnect: a digital platform for freight management. It has several features including carbon (C0₂) emission tracking, providing our customers with critical and precise details about their carbon emissions. The eConnect platform is also available as a mobile app version.

• Continued focus on deployment of our internal products for Warehouse Management and Transportation across the globe with Al embedded solutions built.

• Increased focus on AI/ML initiatives -Created an Al platform with a Large Language Model (LLM) deployed on permission controls and being used to support New Business Bids and general support. Al builder used for automating customer POD processing and communication.

Customer Experience

• Continuous Deployment of our in house warehouse management: visibility, across customer engagements in multiple industry sectors in India and UK.

• Development and deployment of a front-end Integrated Customer Digital platform across our India customers, and few of our UK and US customers . This allows the customers to track their orders, have visibility through dashboards, ability to seek quotations, etc.

• Development of an in-house integrated platform with the ability to seamlessly and quickly integrate with our customer platforms.

• Development of an Enterprise Data Platform and a Master Data Management serving as a single source oftruth and the ability to generate analytical dashboards for internal operations and customers and also MIS.

• Completely Deployed our i-EX platform to support the integrated final mile/courier operations in India.

• Deployment of our CA (Courier Alliance) platform for our drivers in the UK and recently in London which has seen an increased adoption and leading to increased margin by 8% points.

Systems & Internal Controls

• Continued focus on rationalizing and standardizing our applications and infrastructure components across the globe.

• Global Integration layer (Axle) launched and onboarded with customer integrations and internal application integrations.

• Continued focus on development of the S2B (Service 2 Billing) platform to support business processes in the Integrated Final Mile business, eliminating manual billing 8< improved on time 8< billing accuracy.

• Expanded scope and deployment of T-Jarvis: in-house contract management & document repository platform. This includes Insurance and Real Estate Management.

• Expansion of the Low/No code platform from Contract management to Real estate, insurance & treasury management for better repository & digitalization, Platform for Audit App, Treasury Management, Vibe Portal, Corporate Finance Statutory Compliance app, Alpha Award Management Portal, etc.

• Multiple Gen Al engagements to help improve the productivity of our teams.

• Increased focus continues on having a secure platform with the latest ISO (27001 ver 22) certifications obtained across the globe and having the highest focus on our security measures deploying global security policies.

• Increased and effective focus in Enterprise Risk Management to focus on mitigating the high risks.

Foreign Exchange earnings and outgo

The details of Foreign Exchange earnings and expenditure during the year are given below:

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

Your Company has in place a policy for Prevention of Sexual Harassment in line with the requirements of POSH Act. The Company has complied with the provisions relating to the constitution of Internal Complaints Committees (ICC) under POSH Act. ICC has been set up to redress complaints received regarding sexual harassment. During the year under review, your Company has received 3 (three) complaints pertaining to sexual harassment and same were resolved.

ACKNOWLEDGMENT

The Board take this opportunity to gratefully acknowledge the co-operation and support received from the shareholders, suppliers, vendors, customers, bankers, business partners/associates, channel partners, bankers, financial institutions, Regulatory/ Government authorities to the Company. The Board record their appreciation for the contributions made by employees of the Company, its subsidiaries and associates, for their hard work and commitment towards the success of your Company. Their dedication and competence have ensured that your Company continues to be a significant and leading player in the industry.