Directors Report of i Power Solutions India Ltd.

Mar 31, 2025

Your directors have pleasure in presenting the 40^th Annual Report of M/S I POWER SOLUTIONS
INDIA LIMITED along with the Audited Statement of Accounts and the Auditors'' Report for the
Financial Year ended March 31, 2025. The Summarized financial results for the Financial Year are
as under:

1. FINANCIAL SUMMARY: (In Lakhs)

Particulars	31st March, 2025	31st March, 2024
Revenue from Operation	-	-
Other Income	1.59	0.13
T otal Revenue	1.59	0.13
Finance Charges	6.38	0.03
Profit Before Depreciation and T ax	(61.86)	(14.72)
Provision for Depreciation	-	1.27
Net Profit Before Tax	(61.86)	(15.99)
Provision for Tax	0.16	(0.13)
Net Profit After Tax	(62.03)	(15.86)
Transfer to General Reserve	-	-
Surplus/(Deficit) carried to Balance Sheet	(62.03)	(15.86)

2. PERFORMANCE AND STATE OF AFFAIRS OF THE COMPANY:

During the year under review, the Company has incurred net loss of Rs. (62.03) Lakhs.

The previous year net loss was Rs. (15.86) lakhs. There are no changes in the operations of
business of the company. During the year under review there was no revenue from the operations
of the Company.

3. SHARE CAPITAL:

The present paid up share capital of the company is Rs 4,44,90,000.

There are no changes in the share capital of the company during the financial year 2024-25.

However, for the period between April 2025-August 2025, the company has made preferential
allotment of 14,50,000 (Fourteen Lakhs Fifty Thousand) Equity Shares, having face value of
Rs.10/-(Rupees Ten Only) each at an issue price of Rs.20/- (including premium of Rs.10/-)
(Rupees Ten Only) aggregating to ^ 2,90,00,000/- both listing and trading approval has been
received for the said equity shares.

4. DIVIDEND:

The Board of Directors did not recommend any dividend to the Shareholders for the financial year
2024-25.

5. DEPOSITS FROM PUBLIC:

The Company has not accepted any deposits from public and as such, no amount on account of
principal or interest and deposits from public was outstanding as on date of the balance sheet.

6. TRANSFER TO GENERAL RESERVE:

No transfer to General Reserve was made during the Year 2024-25 by the Company.

7. NUMBER OF MEETINGS OF THE BOARD AND BOARDS'' COMMITTEE:

The Board meets at regular intervals to discuss and decide on business strategies / policies and
review the financial performance of the Company. The Board Meetings are pre-scheduled, and a
tentative annual calendar of the Board is circulated to the Directors well in advance to facilitate
the Directors to plan their schedules.

Meeting	No. of Meetings during the Financial Year 2024-25	Date of the Meeting
Board Meeting		09-05-2024, 12-08-2024,
	6	23-08-2024, 30-08-2024,
		12-11-2024, 11-02-2025
Audit Committee	4	09-05-2024, 12-08-2024, 23-08-2024, 12-11-2024, 11-02-2025

Nomination & Remuneration Committee	1	30-08-2024
Stakeholders Relationship Committee	1	23-08-2024
Independent Director''s Meeting	1	07-11-2024

The interval between two Board Meetings was well within the maximum period mentioned under
Section 173 of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

8. COMPOSITION OF COMMITTEES OF THE BOARD
Audit committee

• Punukollu Kodanda Rambabu - Independent Director (Chairman)

• Naresh Kumar Bhatt - Independent Director

• Sujata Jonnavittula - Independent Director

• Rajendra Naniwadekar - Promoter; Director

Nomination Remuneration committee

• Punukollu Kodanda Rambabu - Independent Director

• Naresh Kumar Bhatt - Independent Director (Chairman)

• Sujata Jonnavittula - Independent Director

Stakeholders Relationship committee

• Punukollu Kodanda Rambabu - Independent Director

• Naresh Kumar Bhatt - Independent Director (Chairman)

• Sujata Jonnavittula - Independent Director

• Venugopalan Parandhaman - Director

9. DETAILS OF POLICIES DEVELOPED BY THE COMPANY:

The Company has the following policies which are applicable as per the Companies Act, 2013
and SEBI (LODR) Regulations, 2015 which are placed on the website of the Company
www.ipwrs.com

(i) Code of conduct for Directors and Senior Management

(ii) Criteria of Making Payments to Non-Executive Directors

(iii) Policy Determining Materiality Disclosures

(iv) Nomination & Remuneration Committee Policy

(iv) Policy on Related Party Transactions

(v) Policy on sexual harassment of women at work place (Prevention, Prohibition and
redressal) Act, 2013

(vi) Risk Management Policy

(vii) Vigil Mechanism Policy

10. NOMINATION AND REMUNERATION POLICY:

Pursuant to Section 178(3) of the Companies Act, 2013, the Board of Directors has framed a policy
which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel
and Senior Management of the company. The policy also lays down the criteria for selection and
appointment of Board Members. The policy and details of Nomination and Remuneration is
available on the website of the Company at www.ipwrs.com

In accordance with the Nomination and Remuneration Policy, the Nomination and Remuneration
Committee has, inter alia, the following responsibilities:

1. The Committee had formulated the criteria for determining qualifications, positive attributes,
and independence of a director. and is available in the company website www.ipwrs.com.The
Committee shall identify persons who are qualified to become Director and persons who may
be appointed in Key Managerial and Senior Management positions in accordance with the
criteria laid down in this policy.

2. Recommend to the Board, appointment, and removal of Director, KMP and Senior
Management Personnel.

3. The Board shall carry out evaluations of the performance of every Director, KMP and Senior
Management Personnel at regular intervals (yearly).

4. The remuneration/ compensation/ commission etc. to the Managerial Personnel, KMP and
Senior Management Personnel will be determined by the Committee and recommended to
the Board for approval. The remuneration/ compensation/ commission etc. shall be subject
to the prior/ post approval of the shareholders of the Company and Central Government,
wherever required.

5. Increments to the existing remuneration/ compensation structure may be recommended by
the Committee to the Board which should be within the slabs approved by the Shareholders
in the case of Managerial Personnel.

6. Where any insurance is taken by the Company on behalf of its Managerial Personnel, Chie
Executive Officer, Chief Financial Officer, the Company Secretary, and any other employees
for indemnifying them against any liability, the premium paid on such insurance shall not be
treated as part of the remuneration payable to any such personnel. Provided that if such
person is proved to be guilty, the premium paid on such insurance shall be treated as part of
the remuneration.

7. The Non-Executive/ Independent Director is not paid remuneration by way of fees for
attending meetings of the Board or Committee thereof.

8. Commission to Non-Executive/ Independent Directors If proposed may be paid within the
monetary limit approved by shareholders, subject to the limit not exceeding 1% of the net
profits of the Company computed as per the applicable provisions of the Companies Act, 2013.

11. MATERIAL CHANGE AND COMMITMENTS OF THE COMPANY:

There were no material changes and commitments 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

12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has made investments in quoted securities amounting to ^1,37,09,113. All requisite
approvals under Section 186 of the Companies Act, 2013 have been duly obtained, and the necessary
filings have been made with the regulatory authorities.

13. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company has no subsidiaries/ associate companies/ joint ventures.

14. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mr. Rajendra Naniwadekar	Managing Director
Mr. Venugopalan Parandhaman	Executive Director
Mr. Punukollu Kodanda Rambabu	Independent Director
Mr. Naresh Kumar Bhatt	Independent Director
Mr. Sujata Jonnavittula	Women Independent Director

Company Secretary and Chief Financial Officer

Mr. P.K. Raghukumar	Company Secretary
Mr. Suresh Srinivasan	Chief Financial Officer

15. Director''s / Key Managerial personnal Appointment/Re-appointment:

• Appointment of a director in place of Mr. Rajendra Naniwadekar (having DIN 00032107)
who retires from office by rotation and being eligible offers herself for reappointment.

16. BOARD DIVERSITY:

Since the Company falls under the exempted category as provided under Regulation 15 of
Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation,
2015 disclosure on Board diversity is not applicable.

17. PARTICULARS OF EMPLOYEES:

There are no employees falling within the provisions of section 197 of the Companies Act, 2013
read with Rule 5(2) and 5(3) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014

18. AUDITORS:

M/s. ANANT RAO & MALLIK, Chartered Accountants, Hyderabad (Firm Registration No 006266
S) has been appointed as the statutory Auditor of the company .

M/s. ANANT RAO & MALLIK, Chartered Accountants, Hyderabad will continue as the statutory
Auditor of the company till the 42^nd Annual General Meeting.

19. AUDITORS'' REPORT:

There are no qualifications, reservations or adverse remarks made by Statutory Auditors in their
report for the Financial Year ended 31st March, 2025.

20. SECRETARIAL AUDITOR:

Pursuant to the requirements of Section 204 (1) of the Companies Act, 2013 and Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board
has appointed Secretarial Auditor for the financial year 2024-25.

The Secretarial Audit Report as received from Secretarial Auditor is annexed to this report as
Annexure-I.

21. QUALIFICATION GIVEN BY SECRETARIAL AUDITOR:

There are no material qualifications in the Secretarial Audit Report except as given in the report
and board provides its comments on the following observation:

1. There was a minor delay in one instance of filing of Form No. MGT-14 with the Ministry of
Corporate Affairs/Registrar of Companies (MCA/ROC); however, the form was subsequently
filed along with the prescribed additional fees.

> The Board takes note of the delay in filing of Form MGT-14. The delay was inadvertent
and not intentional. The Company has already filed the form with the MCA/ROC along
with the prescribed additional fees, and necessary internal checks have been
strengthened to ensure that all future filings are made within the prescribed timelines.

2. The Company maintains a functional website; however, it is observed that the website is not
fully compliant with the requirements of Regulation 46 of the SEBI (LODR) Regulations, 2015
and the applicable provisions of the Companies Act, 2013.

> The Board acknowledges the observation regarding website compliance. The Company
has initiated steps to identify and update the missing/incomplete information on the
website to bring it into full compliance with Regulation 46 of the SEBI (LODR)
Regulations, 2015 and the Companies Act, 2013. The Company Secretary has been
instructed to monitor the website on a regular basis to ensure continued compliance.

3. The submission of the outcome of the Board Meeting held on 23rd August, 2024, to the stock
exchange was slightly delayed due to a technical issue.

> The Board notes that the delay was due to a technical issue and not due to any lapse on
the part of the Company. However, recognizing the importance of timely disclosure, the
Company has put in place alternative mechanisms, including back-up systems, to
minimize the risk of recurrence of such delays in the future.

22. 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 officers or employees.

23. INTERNAL AUDITORS

Mr. V.R. SRIDHARAN, Chartered Accountants, are the Internal Auditors of the Company. The
Audit Committee determines the scope of internal Audit in line with regulatory and business
requirements.

24. COST AUDITOR:

Since the Company has no manufacturing activity at present, and the provisions of Appointment
of Cost Auditor pursuant to the Companies Act, 2013 is not applicable, No Cost Auditor has been
appointed by the Company during the year.

Details of cost audit are not provided as the commercial operations are very limited and no cost
audit is undertaken.

25. INTERNAL CONTROL AND ITS ADEQUACY:

The Company has formulated a Framework on Internal Financial Controls In accordance with
Rule 8 (5) (viii) of Companies (Accounts) Rules, 2014, the Company has adequate internal
control systems to monitor business processes, financial reporting and compliance with
applicable regulations and they are operating effectively.

The systems are periodically reviewed by the Audit Committee of the Board for identification of
deficiencies and necessary time-bound actions are taken to improve efficiency at all the levels.
The Committee also reviews the observations forming part of internal auditors'' report, key
issues and areas of improvement, significant processes and accounting policies.

26. CORPORATE GOVERNANCE REPORT:

Since your Company''s paid-up Equity Capital, and Net worth is less than Rs. 10 Crores and Rs.
25 Crores respectively, the provisions of SEBI (LODR), 2015 relating to Corporate Governance,
is not applicable to the Company.

27. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant material orders passed by the Regulators / Courts which would impact
the going concern status of the Company and its future operations

28. SEPARATE MEETING OF THE INDEPENDENT DIRECTORS:

As required under Clause VII of Schedule IV of the Companies Act, 2013, the Independent
Directors held a Meeting on 07^th November 2024, without the attendance of Non-Independent
Directors and members of Management.

29. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The familiarization program is to update the Directors on the roles, responsibilities, rights and
duties under the Act and other statutes and about the overall functioning and performance of
the Company. The policy and details of familiarization program is available on the website of
the Company at www.ipwrs.com

30. INDEPENDENT DIRECTOR''S DECLARATION:

All Independent Directors have given declarations that they meet the Criteria of independence
laid down under Section 149 of the Companies Act, 2013 and Securities and Exchange Board of
India (Listing Obligations and Disclosure requirements) Regulations, 2015 in respect of financial
year ended 31st March, 2025, which has been relied on by the Company and placed at the Board
Meeting

31. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 (2) (e) of SEBI (LODR) Regulations, 2015, a report on Management
Discussion & Analysis is herewith annexed as Annexure-II.

32. HUMAN RESOURCES:

The Management envisions trained and motivated employees as the backbone of the Company.
Special attention is given to recruit trained and experienced personnel not only in the production
department but also in marketing finance and accounts. The management strives to retain and
improve employee''s morale. The Company is in the process of revamping the employer
employee engagement program.

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

The Company informs that the disclosure of particulars under section 134(3)(m) of the
Companies act, 2013 read with Rule 8 (3) of Companies (Accounts) Rules, 2014 relating to
conservation of Energy etc is not applicable to the Company as no energy intensive works are
undertaken by the company.

Particulars relating to Technology Absorption etc., have not been furnished as the Company has
neither undertaken any Research & Development activities in the Field of operations nor
imported any technology thereto.

In respect of Foreign Exchange earnings and outgo (in US$), details are given below:

Foreign Exchange Earnings: US$ - Nil / INR - Nil
Foreign Exchange Outgo: US$ - Nil

34. RELATED PARTY TRANSACTIONS:

There are no related party transactions during the financial year under review under section
188 of the Companies Act 2013 except as mentioned in note number 21 of Audited Financial
Statements and form AOC-2 as Annexure III.

35. EXTRACT OF ANNUAL RETURN:

The Submission of Extract of Annual Return in MGT-9 is dispensed with in terms of Companies
(Management and Administration) Amendment rules, 2021 dated 5^th March, 2021. Hence, the
question of attaching MGT-9 with this report does not arise. However, the Annual return can be
viewed in the website of the company www.ipwrs.com.

36. SECRETARIAL STANDARDS:

The Company has complied with the secretarial standards issued by the Institute of Company
Secretaries of India, to the extent as applicable.

37. RISK MANAGEMENT POLICY:

The Company has well defined Risk Management Policy in place. The fact that the Risks and
opportunities are inevitably intertwined, is well recognized policy by the Company and thus
aims to identify, manage and minimize, risks, strategically. It is committed to embedding risk
management throughout the organization and its systems and controls are designed to ensure
that exposure to significant risk is properly managed. With the predefined risk management
principles and policy, the Company identifies, categorizes, assess and addresses risks.

Key Elements of Risks:

(i) Global Economic Situation: The Economic environment around the world is showing sign
of growth. Growth in the software industry has been fairly positive.

(ii) Cost pressure: Increasing operating cost may create a pressure on margin. The Company is
focusing to put up framework for cost management.

(iii) Regulatory risks: Any Change in regulations in the field of our operations, would have an
impact on the operations. The Company is vigilant on such changes for easy adaptability.

(iv) Emerging Trend: New technologies and trends used in software industry may impact
consumers'' behavior. The Company continuously scan business environment for early detection
of emerging trend.

38. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE ["POSH”]:

The Company has adopted a policy for prevention of sexual harassment at the workplace, in line
with the requirements of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 (“POSH Act”). An Internal Complaints Committee (“ICC”)
has been duly constituted as per the provisions of the POSH Act to redress complaints regarding
sexual harassment at the workplace.

During the financial year under review, the Company has complied with all the provisions of the
POSH Act and the rules framed thereunder. Further details are as follow:

A	Number of complaints of Sexual Harassment received in the	NIL
	Year
B	Number of Complaints disposed off during the year	NIL
C	Number of cases pending for more than ninety days	NIL

39. INTERNAL COMPLAINTS COMMITTEE:

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on
Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints Committee (“ICC”) is in
place for all works and offices of the Company to redress complaints received regarding sexual
harassment. The policy on Prohibition Prevention & Redressal of Sexual Harassment is available
on the website of the Company at www.ipwrs.com

During the Financial Year under review, no complaints with allegation of sexual harassment were
filed with the ICC.

Internal Complaint Committee Members:

1. Mr. Sujata Jonnavittula

2. Mr. Venugopalan Parandhaman

40. BOARD EVALUATION

Pursuant to the provision of the Companies Act, 2013, a structured questionnaire was prepared
after taking into consideration of the various aspects of the Boards'' functioning, the composition
of the Board and its committees, culture, execution and performance of specific duties,
obligations, and governance.

The board and the committee were evaluated on various criteria as stated below:

1. Composition of the Board and Committee.

2. Understanding of the Company and its business by the Board.

3. Availability of information to the board and committee.

4. Effective Conduct of Board and Committee Meetings.

6. Monitoring by the Board management effectiveness in implementing strategies, managing risks
and achieving the goals.

The Board also carried out the evaluation of directors and chairman based on following criteria:

1. Attendance of meetings.

2. Understanding and knowledge of the entity.

3. Maintaining Confidentiality of board discussion.

4. Contribution to the board by active participation.

5. Maintaining independent judgment in the decisions of the Board

41. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT:

The Board of Directors has adopted a policy and procedure on Code of Conduct for the Board
Members and employees of the Company in accordance with the SEBI (Prohibition of Insiders
Trading) Regulations, 2015. This Code helps the Company to maintain the Standard of Business
Ethics and ensure compliance with the legal requirements of the Company.

The Code is aimed at preventing any wrong doing and promoting ethical conduct at the Board
and by employees. The Compliance Officer is responsible to ensure adherence to the Code by all
concerned.

The Code lays down the standard of Conduct which is expected to be followed by the Directors
and the designated employees in their business dealings and in particular on matters relating to
integrity in the workplace, in business practices and in dealing with stakeholders.

All the Board Members and the Senior Management Personnel have confirmed Compliance with
the Code.

42. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Pursuant to section 135 of the Companies Act, 2013, every company having net worth of Rs. 500
crore or more, or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or more during
the financial year shall constitute a CSR Committee. Our Company has not triggered any of the
above limits; hence, no committee in this has been constituted.

43. DIRECTORS'' RESPONSIBILITY STATEMENT

In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm
that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

(b) the directors had 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 and loss of the
company for that period;

(c) the directors had 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;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively.

(f) the directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively

44. DISCLOSURE REQUIREMENTS:

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 is
of the view that such systems are adequate and operating effectively.

45. LISTING WITH STOCK EXCHANGES:

Shares of the Company are listed on BSE and the Company confirms that it has paid the Annual
Listing Fees for the year 2024-25.

46. CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS:

The Register of Members and Share T ransfer books of the company were closed with effect from
Friday, 20th September 2024 to Thursday, 26th September 2024 (Both days inclusive) .

47. RATIO OF REMUNERATION TO EACH DIRECTOR:

At present Directors are not receiving any remuneration from the company in view of the
Financial constraints.

48. VIGIL MECHANISM:

Pursuant to Section 177(9) of the Companies Act, 2013, your Company has established a Vigil
Mechanism policy for directors and employees to report concerns about unethical behaviours,
actual or suspected fraud, violations of Code of Conduct of the Company etc. The mechanism also
provides for adequate safeguards against the victimization of employees who avail themselves of
the mechanism and also provides for direct access by the Whistle Blower to the Audit Committee.
It is affirmed that during the Financial Year 2024-25, no employee has been denied access to the
Audit Committee. The vigil mechanism policy is also available on the Company''s website
www.ipwrs.com

49. APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR:

There were no applications made nor any proceeding pending under the insolvency and
bankruptcy code, 2016 during the year

50. MAJOR THINGS HAPPENED DURING THE YEAR WHICH MADE THE IMPACT ON THE
OVERALL WORKINGS OF THE COMPANY & THE MAJOR ACTIONS TAKEN BY THE COMPANY
IN THAT RESPECT, SUCH AS COVID-19 PANDEMIC:

Nil

51. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE
BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

During the year under review there was no instance of one-time settlement with any Bank or
Financial Institution.

52. MATERNITY BENEFIT

The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act,
1961, and has extended all statutory benefits to eligible women employees during the year.

53. ACKNOWLEDGEMENT:

Your directors thank and acknowledge the continuous co-operation and assistance extended by
Bank of Maharashtra, Indian Bank, BSE Limited, Cameo Corporate Services Ltd., our employees
and the various customers who are patronizing our products.

54. CAUTIONARY STATEMENT:

The statements contained in the Board''s Report and Management Discussion and Analysis Report
contain certain statements relating to the future and therefore are forward looking within the
meaning of applicable securities, laws and regulations. Various factors such as economic
conditions, changes in government regulations, tax regime, other statues, market forces and other
associated and incidental factors may however lead to variation in actual results.

Date: 26-08-2025 By Order of the Board

Place: Chennai For I Power Solutions India Limited

SD/- SD/-

VENUGOPALAN PARANDHAMAN Rajendra Naniwadekar

Director Managing Director

DIN: 00323551 DIN:00032107

---

Mar 31, 2024

Your directors have pleasure in presenting the 39^th Annual Report of M/S I POWER
SOLUTIONS INDIA LIMITED along with the Audited Statement of Accounts and the
Auditors'' Report for the Financial Year ended March 31, 2024. The Summarized financial
results for the Financial Year are as under:

FINANCIAL SUMMARY: (In Lakhs)

Particulars	31st March, 2024	31st March, 2023
Revenue from Operation	-	7.55
Other Income	0.13	0.32
Total Revenue	0.13	7.87
Finance Charges	0.03	0.28
Profit Before Depreciation and Tax	(14.72)	(17.37)
Provision for Depreciation	1.27	6.73
Net Profit Before Tax	(15.99)	(24.10)
Provision for Tax	(0.13)	(1.52)
Net Profit After Tax	(15.86)	(23.41)
Transfer to General Reserve	-	-
Surplus/(Deficit) carried to Balance Sheet	(15.86)	(23.41)

PERFORMANCE AND STATE OF AFFAIRS OF THE COMPANY:

During the year under review, the Company has incurred net loss of Rs. (15.86) Lakhs.

The previous year net loss was Rs. (23.41) lakhs. There are no changes in the operations of
business of the company. During the year under review there was no revenue from the
operations of the Company

SHARE CAPITAL:

The present paid up share capital of the company is Rs 4,44,90,000.

There are no changes in the share capital of the company during the financial year 2023-24.

However the Company has Proposed to issue 16,00,000 (Sixteen Lakhs) Equity Shares, having
face value of Rs.10/-(Rupees Ten Only) each at an issue price of Rs.20/- (including premium
of Rs.10/-) (Rupees Ten Only) aggregating to ? 3,20,00,000/- (Rupees Three Crore Twenty
Lakhs Only) ("Consideration")

DIVIDEND:

The Board of Directors did not recommend any dividend to the Shareholders for the financial
year 2023-24.

DEPOSITS FROM PUBLIC:

The Company has not accepted any deposits from public and as such, no amount on account
of principal or interest and deposits from public was outstanding as on date of the balance
sheet.

TRANSFER TO GENERAL RESERVE:

No transfer to General Reserve was made during the Year 2023-24 by the Company.

NUMBER OF MEETINGS OF THE BOARD AND BOARDS'' COMMITTEE:

The Board meets at regular intervals to discuss and decide on business strategies / policies
and review the financial performance of the Company. The Board Meetings are pre¬
scheduled, and a tentative annual calendar of the Board is circulated to the Directors well in
advance to facilitate the Directors to plan their schedules.

Meeting	No. of Meetings during the Financial Year 2023-24	Date of the Meeting
Board Meeting	5	15.05.2023, 25.05.2023, 10.08.2023, 14.11.2023 and 13.02.2024.
Audit Committee	4	25.05.2023, 10.08.2023, 14.11.2023 and 13.02.2024.
Nomination & Remuneration Committee	1	15.05.2023
Stakeholders Relationship Committee	1	12.02.2024
Independent Director''s Meeting	1	09.02.2024

The interval between two Board Meetings was well within the maximum period mentioned
under Section 173 of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

COMPOSITION OF COMMITTEES OF THE BOARD
Audit committee

• Punukollu Kodanda Rambabu - Independent Director (Chairman)

• Naresh Kumar Bhatt - Independent Director

• Sujata Jonnavittula - Independent Director

• Rajendra Naniwadekar - Promoter; Director

Nomination Remuneration committee

• Punukollu Kodanda Rambabu - Independent Director

• Naresh Kumar Bhatt - Independent Director (Chairman)

• Sujata Jonnavittula - Independent Director

Stakeholders Relationship committee

• Punukollu Kodanda Rambabu - Independent Director

• Naresh Kumar Bhatt - Independent Director (Chairman)

• Sujata Jonnavittula - Independent Director

• Venugopalan Parandhaman - Director

DETAILS OF POLICIES DEVELOPED BY THE COMPANY:

The Company has the following policies which are applicable as per the Companies Act, 2013
and SEBI (LODR) Regulations, 2015 which are placed on the website of the Company
www.ipwrs.com

(i) Code of conduct for Directors and Senior Management

(ii) Criteria of Making Payments to Non-Executive Directors

(iii) Policy Determining Materiality Disclosures

(iv) Nomination & Remuneration Committee Policy

(iv) Policy on Related Party Transactions

(v) Policy on sexual harassment of women at work place (Prevention, Prohibition and
redressal) Act, 2013

(vi) Risk Management Policy

(vii) Vigil Mechanism Policy

NOMINATION AND REMUNERATION POLICY:

Pursuant to Section 178(3) of the Companies Act, 2013, the Board of Directors has framed a
policy which lays down a framework in relation to remuneration of Directors, Key Managerial
Personnel and Senior Management of the company. The policy also lays down the criteria for

In accordance with the Nomination and Remuneration Policy, the Nomination and
Remuneration Committee has, inter alia, the following responsibilities:

1. The Committee had formulated the criteria for determining qualifications, positive
attributes, and independence of a director. and is available in the company website
www.ipwrs.com_ The Committee shall identify persons who are qualified to become
Director and persons who may be appointed in Key Managerial and Senior Management
positions in accordance with the criteria laid down in this policy.

2. Recommend to the Board, appointment, and removal of Director, KMP and Senior
Management Personnel.

3. The Board shall carry out evaluations of the performance of every Director, KMP and
Senior Management Personnel at regular intervals (yearly).

4. The remuneration/ compensation/ commission etc. to the Managerial Personnel, KMP
and Senior Management Personnel will be determined by the Committee and
recommended to the Board for approval. The remuneration/ compensation/ commission
etc. shall be subject to the prior/ post approval of the shareholders of the Company and
Central Government, wherever required.

5. Increments to the existing remuneration/ compensation structure may be recommended
by the Committee to the Board which should be within the slabs approved by the
Shareholders in the case of Managerial Personnel.

6. Where any insurance is taken by the Company on behalf of its Managerial Personnel, Chie
Executive Officer, Chief Financial Officer, the Company Secretary, and any other
employees for indemnifying them against any liability, the premium paid on such
insurance shall not be treated as part of the remuneration payable to any such personnel.
Provided that if such person is proved to be guilty, the premium paid on such insurance
shall be treated as part of the remuneration.

7. The Non-Executive/ Independent Director is not paid remuneration by way of fees for
attending meetings of the Board or Committee thereof.

8. Commission to Non-Executive/ Independent Directors If proposed may be paid within
the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the
net profits of the Company computed as per the applicable provisions of the Companies
Act, 2013.

MATERIAL CHANGE AND COMMITMENTS OF THE COMPANY:

There were no material changes and commitments 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

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has duly complied with the provision of Section 186 of the Companies Act,
2013 and it has not given any loans, guarantees and investments during the financial year.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company has no subsidiaries/ associate companies/ joint ventures.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mr. Rajendra Naniwadekar	Managing Director
Mr. Venugopalan Parandhaman	Executive Director
Mr. Punukollu Kodanda Rambabu	Independent Director
Mr. Naresh Kumar Bhatt	Independent Director
Mr. Sujata Jonnavittula	Women Independent Director

Company Secretary and Chief Financial Officer

Mr. P.K. Raghukumar	Company Secretary
Mr. G. Ramasubramaniam	Chief Financial Officer
(Resigned w.e.f. 10.05.2023)
Mr. Suresh Srinivasan	Chief Financial Officer
(Appointed w.e.f. 15.05.2023)

Director''s / Key Managerial personnal Appointment/Re-appointment:

• Appointment of a director in place of Mr. Rajendra Naniwadekar (having DIN
00032107) who retires from office by rotation and being eligible offers herself for
reappointment.

• Resignation of Mr. Ramasubramaniam Gurusamy, Chief Financial Officer of the
Company vide letter Dated 10^th May 2023.

• Appointment of Mr. Suresh Srinivasan, Chief Financial Officer of the Company w.e.f
15t^h May 2023.

BOARD DIVERSITY:

Since the Company falls under the exempted category as provided under Regulation 15 of
Securities Exchange Board of India (Listing Obligation and Disclosure Requirements)
Regulation, 2015 disclosure on Board diversity is not applicable.

PARTICULARS OF EMPLOYEES:

There are no employees falling within the provisions of section 197 of the Companies Act,
2013 read with Rule 5(2) and 5(3) of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014

AUDITORS:

M/s. ANANT RAO & MALLIK, Chartered Accountants, Hyderabad (Firm Registration No
006266 S) has been appointed as the statutory Auditor of the company for a period of 5 years
in place of M/s. Macharla & Associates, Chartered accountants who has tendered their
resignation dated 31-07-2022.

M/s. ANANT RAO & MALLIK, Chartered Accountants, Hyderabad will continue as the
statutory Auditor of the company till the 42^nd Annual General Meeting.

AUDITORS'' REPORT:

There are no qualifications, reservations or adverse remarks made by Statutory Auditors in
their report for the Financial Year ended 31st March, 2024.

SECRETARIAL AUDITOR:

Pursuant to the requirements of Section 204 (1) of the Companies Act, 2013 and Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board has appointed Secretarial Auditor for the financial year 2023-24.

The Secretarial Audit Report as received from Secretarial Auditor is annexed to this report
as Annexure-I.

QUALIFICATION GIVEN BY SECRETARIAL AUDITOR:

There are no material qualifications in the Secretarial Audit Report except as given in the
report.

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 officers or employees.

INTERNAL AUDITORS

Mr. V.R. SRIDHARAN, Chartered Accountants, are the Internal Auditors of the Company.
The Audit Committee determines the scope of internal Audit in line with regulatory and
business requirements.

COST AUDITOR:

Since the Company has no manufacturing activity at present, and the provisions of
Appointment of Cost Auditor pursuant to the Companies Act, 2013 is not applicable, No
Cost Auditor has been appointed by the Company during the year.

Details of cost audit are not provided as the commercial operations are very limited and no
cost audit is undertaken.

INTERNAL CONTROL AND ITS ADEQUACY:

The Company has formulated a Framework on Internal Financial Controls In accordance
with Rule 8 (5) (viii) of Companies (Accounts) Rules, 2014, the Company has adequate
internal control systems to monitor business processes, financial reporting and compliance
with applicable regulations and they are operating effectively.

The systems are periodically reviewed by the Audit Committee of the Board for
identification of deficiencies and necessary time-bound actions are taken to improve
efficiency at all the levels. The Committee also reviews the observations forming part of
internal auditors'' report, key issues and areas of improvement, significant processes and
accounting policies.

CORPORATE GOVERNANCE REPORT:

Since your Company''s paid-up Equity Capital, and Net worth is less than Rs. 10 Crores and
Rs. 25 Crores respectively, the provisions of SEBI (LODR), 2015 relating to Corporate
Governance, is not applicable to the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS:

There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations

SEPARATE MEETING OF THE INDEPENDENT DIRECTORS:

As required under Clause VII of Schedule IV of the Companies Act, 2013, the Independent
Directors held a Meeting on 09^th February 2024, without the attendance of Non-Independent
Directors and members of Management.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The familiarization program is to update the Directors on the roles, responsibilities, rights
and duties under the Act and other statutes and about the overall functioning and

INDEPENDENT DIRECTOR''S DECLARATION:

All Independent Directors have given declarations that they meet the Criteria of
independence laid down under Section 149 of the Companies Act, 2013 and Securities and
Exchange Board of India (Listing Obligations and Disclosure requirements) Regulations,
2015 in respect of financial year ended 31st March, 2024, which has been relied on by the
Company and placed at the Board Meeting

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 (2) (e) of SEBI (LODR) Regulations, 2015, a report on Management
Discussion & Analysis is herewith annexed as Annexure-II.

HUMAN RESOURCES:

The Management envisions trained and motivated employees as the backbone of the
Company. Special attention is given to recruit trained and experienced personnel not only in
the production department but also in marketing finance and accounts. The management
strives to retain and improve employee''s morale. The Company is in the process of
revamping the employer employee engagement program.

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

The Company informs that the disclosure of particulars under section 134(3)(m) of the
Companies act, 2013 read with Rule 8 (3) of Companies (Accounts) Rules, 2014 relating to
conservation of Energy etc is not applicable to the Company as no energy intensive works
are undertaken by the company.

Particulars relating to Technology Absorption etc., have not been furnished as the Company
has neither undertaken any Research & Development activities in the Field of operations nor
imported any technology thereto.

In respect of Foreign Exchange earnings and outgo (in US$), details are given below:

Foreign Exchange Earnings: US$ - Nil
Foreign Exchange Outgo: US$ - Nil

RELATED PARTY TRANSACTIONS:

There are no related party transactions during the financial year under review under section
188 of the Companies Act 2013 except as mentioned in note number 20 of Audited Financial
Statements

EXTRACT OF ANNUAL RETURN:

The Submission of Extract of Annual Return in MGT-9 is dispensed with in terms of
Companies (Management and Administration) Amendment rules, 2021 dated 5^th March,
2021. Hence, the question of attaching MGT-9 with this report does not arise. However, the
Annual return can be viewed in the website of the company www.ipwrs.com.

SECRETARIAL STANDARDS:

The Company has complied with the secretarial standards issued by the Institute of
Company Secretaries of India, to the extent as applicable.

RISK MANAGEMENT POLICY:

The Company has well defined Risk Management Policy in place. The fact that the Risks and
opportunities are inevitably intertwined, is well recognized policy by the Company and thus
aims to identify, manage and minimize, risks, strategically. It is committed to embedding
risk management throughout the organization and its systems and controls are designed to
ensure that exposure to significant risk is properly managed. With the predefined risk
management principles and policy, the Company identifies, categorizes, assess and
addresses risks.

Key Elements of Risks:

(i) Global Economic Situation: The Economic environment around the world is showing
sign of growth. Growth in the software industry has been fairly positive.

(ii) Cost pressure: Increasing operating cost may create a pressure on margin. The Company
is focusing to put up framework for cost management.

(iii) Regulatory risks: Any Change in regulations in the field of our operations, would have
an impact on the operations. The Company is vigilant on such changes for easy adaptability.

(iv) Emerging Trend: New technologies and trends used in software industry may impact
consumers'' behavior. The Company continuously scan business environment for early
detection of emerging trend.

INTERNAL COMPLAINTS COMMITTEE:

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy
on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints Committee ("ICC")
is in place for all works and offices of the Company to redress complaints received regarding
sexual harassment. The policy on Prohibition Prevention & Redressal of Sexual Harassment
is available on the website of the Company at www.ipwrs.com

During the Financial Year under review, no complaints with allegation of sexual harassment
were filed with the ICC.

Internal Complaint Committee Members:

1. Mrs. Sujata Jonnavittula

2. Mr. Venugopalan Parandhaman

BOARD EVALUATION

Pursuant to the provision of the Companies Act, 2013, a structured questionnaire was
prepared after taking into consideration of the various aspects of the Boards'' functioning, the
composition of the Board and its committees, culture, execution and performance of specific
duties, obligations, and governance.

The board and the committee were evaluated on various criteria as stated below:

1. Composition of the Board and Committee.

2. Understanding of the Company and its business by the Board.

3. Availability of information to the board and committee.

4. Effective Conduct of Board and Committee Meetings.

6. Monitoring by the Board management effectiveness in implementing strategies, managing
risks and achieving the goals.

The Board also carried out the evaluation of directors and chairman based on following
criteria:

1. Attendance of meetings.

2. Understanding and knowledge of the entity.

3. Maintaining Confidentiality of board discussion.

4. Contribution to the board by active participation.

5. Maintaining independent judgment in the decisions of the Board

CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT:

The Board of Directors has adopted a policy and procedure on Code of Conduct for the Board
Members and employees of the Company in accordance with the SEBI (Prohibition of Insiders
Trading) Regulations, 2015. This Code helps the Company to maintain the Standard of
Business Ethics and ensure compliance with the legal requirements of the Company.

The Code is aimed at preventing any wrong doing and promoting ethical conduct at the Board
and by employees. The Compliance Officer is responsible to ensure adherence to the Code by
all concerned.

The Code lays down the standard of Conduct which is expected to be followed by the
Directors and the designated employees in their business dealings and in particular on matters
relating to integrity in the workplace, in business practices and in dealing with stakeholders.

All the Board Members and the Senior Management Personnel have confirmed Compliance
with the Code.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

Pursuant to section 135 of the Companies Act, 2013, every company having net worth of Rs.
500 crore or more, or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or more
during the financial year shall constitute a CSR Committee. Our Company has not triggered
any of the above limits; hence, no committee in this has been constituted.

DIRECTORS'' RESPONSIBILITY STATEMENT

In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm
that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

(b) the directors had 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 and
loss of the company for that period;

(c) the directors had 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;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively.

(f) the directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively

DISCLOSURE REQUIREMENTS:

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
is of the view that such systems are adequate and operating effectively.

LISTING WITH STOCK EXCHANGES:

Shares of the Company are listed on BSE and the Company confirms that it has paid the
Annual Listing Fees for the year 2023-24.

CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS:

The Register of Members and Share Transfer books of the company will be closed with effect
from Friday, 20th September 2024 to Thursday, 16th September 2024 (Both days inclusive)

RATIO OF REMUNERATION TO EACH DIRECTOR:

At present Directors are not receiving any remuneration from the company in view of the
Financial constraints.

VIGIL MECHANISM:

Pursuant to Section 177(9) of the Companies Act, 2013, your Company has established a Vigil
Mechanism policy for directors and employees to report concerns about unethical behaviours,
actual or suspected fraud, violations of Code of Conduct of the Company etc. The mechanism
also provides for adequate safeguards against the victimization of employees who avail
themselves of the mechanism and also provides for direct access by the Whistle Blower to the
Audit Committee. It is affirmed that during the Financial Year 2023-24, no employee has been
denied access to the Audit Committee. The vigil mechanism policy is also available on the
Company''s website www.ipwrs.com

APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016 DURING THE YEAR:

There were no applications made nor any proceeding pending under the insolvency and
bankruptcy code, 2016 during the year

MAJOR THINGS HAPPENED DURING THE YEAR WHICH MADE THE IMPACT ON
THE OVERALL WORKINGS OF THE COMPANY & THE MAJOR ACTIONS TAKEN BY
THE COMPANY IN THAT RESPECT, SUCH AS COVID-19 PANDEMIC:

Nil

THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT
THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE
TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH
THE REASONS THEREOF:

During the year under review there was no instance of one-time settlement with any Bank or
Financial Institution.

ACKNOWLEDGEMENT:

Your directors thank and acknowledge the continuous co-operation and assistance extended
by Bank of Maharashtra, Indian Bank, BSE Limited, Cameo Corporate Services Ltd., our
employees and the various customers who are patronizing our products.

CAUTIONARY STATEMENT:

The statements contained in the Board''s Report and Management Discussion and Analysis
Report contain certain statements relating to the future and therefore are forward looking
within the meaning of applicable securities, laws and regulations. Various factors such as
economic conditions, changes in government regulations, tax regime, other statues, market
forces and other associated and incidental factors may however lead to variation in actual
results.

Date: 30-08-2024 By Order of the Board

Place: Chennai For I Power Solutions India Limited

SD/- SD/-

V Parandhaman Rajendra Naniwadekar

Director Managing Director

DIN: 00323551 DIN: 00032107

---

Mar 31, 2010

The directors have pleasure in presenting the Annual Report together with the Audited Accounts of the Company for the year ended 31st March 2010.

FINANCIAL PERFORMANCE

The performance of the Company has improved well during the year and the highlights are given below:



(in Rupees) PARTICULARS 2010 2009

Profit/ (Loss) before Interest and Finance Charges and Depreciation 10,53,558 11,33,751

Interest and Finance Charges 1,123 1,31,152

Profit / (Loss)before Depreciation 10,52,435 10,02,275

Depreciation 7,72,207 9,07,436

Profit / (Loss)after Depreciation before Tax 2,80,228 94,839

Preliminary Expenses Nil Nil

Profit / (Loss)before Tax 2,80,228 94,839

Provision for Income Tax, Current Tax, Deferred Tax Nil Nil

Profit / (Loss)after Tax but before dividend 2,80,228 94,839



BUSINESS PLAN

The Company has its presence spanning across USA, UK, Germany and UAE and its focus areas are web/ e-commerce solutions, software application development, information processing. The Company is planning to do software projects in Java and Net technologies and to market college campus automation software and its social networking portal.

DIRECTORS

Mr. R. Jayaprakash has been appointed as an independent Director of the Company in the place of Mr. CA VasudevanS who resigned from the Board. The Board of Directors places on record its appreciation of the services rendered and co-operation extended by Mr. CA Vasudevan S. during his tenure.

TAKE OVER AND OPEN OFFER PROCESS

During the year an agreement was signed between the Promoter Mr. V. Parandhaman and Mr. N. Ramamurthy, an acquirer from U.S.A to acquire Promoters shares and consequently an open offer for the Public shares was made by the acquirer as prescribed by SEBI. As the acquirer could not pay for the acquisition of promoters shares the promoter terminated the Equity share purchase agreement on 14th July, 2010 and informed Bombay Stock Exchange Limited and Merchant Banker accordingly.

CORPORATE GOVERNANCE

Your Company attaches considerable significance to good Corporate Governance as an important step towards building investor confidence and maximize long term shareholder value. Pursuant to Clause 49 of the Listing Agreement with the Stock exchange, a compliance report on Corporate Governance has been annexed as part of their Annual Report.

DEPOSITS

The Company has not accepted any Fixed Deposits from the public.

DIVIDEND

No dividend is recommended for the financial year ended 31st March 2010.

AUDITORS

Mr. W.S. Madhavann, FCA, Chartered Accountant, Chennai, Statutory Auditor of the Company retires at the ensuring Annual General Meeting. His re-appointment is recommended.

COMPLIANCE CERTIFICATE

As per the provisions of Companies Act, 1956 the Company has to circulate the Compliance Certificate. Accordingly, B. Prabakar, Practising Company Secretary has issued the certificate and the same is circulated along with this report.

DISCLOSURE OF PARTICULARS

Disclosure as per requirements of Section 217(2) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988, with respect to energy conservation, technology absorption is nil.

In respect of Foreign Exchange earnings and Outgo (in US $), details are given below -

Foreign Exchange Earnings: US $ 96.138

Foreign Exchange Outgo: US $ 63.400

PERSONNEL

There were no employees of the Company who were in receipt cf Rs.24,00,000 during the financial year ended 31.03.2010 as per the limit set under the provisions of Section 217 (2A) of the Companies Act, 1956 and the rules framed there under.

DIRECTORS RESPONSIBILITY STATEMENT

In compliance with the provisions of Section 217 (2AA) of the Companies Act, 1956 (the Act) your Directors hereby confirm that:

- In preparing the Annual Accounts for the year ended 31.03.2010 all the applicable standards have been followed.

- Accounting policies were adopted and applied 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 31.03.2010.

- Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing/detecting fraud and irregularities have been taken.

- The Annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT

Your directors thank and acknowledge the continuous co-operation and assistance extended by Bank of Maharashtra, Punjab National Bank, Indian Bank, State Bank of India, Bombay Stock Exchange Limited, Cameo Corporate Services Ltd., our employees and the various customers who are patronizing our products.

For and on behalf of the Board



Sd./-

V. PARANDHAMAN

Chairman

Date: 30.07.2010

Place: Chennai