To,
The Members,
Your Board of Directors have pleasure in presenting their 54th
Annual Report on the business and operations of the Company and the accounts for the
Financial Year ended March 31, 2025.

FINANCIAL SUMMARY 

The following table brings out the financial performance of the
Company during the F.Y. 2024-25: (` in '000)

  

    
Particulars
    
31-Mar-2025
    
31-Mar-2024
  
  

    
Income from Operations
    
3,18,29
    
1,56,55
  
  

    
Other Income
    
1,14,83
    
1,90,30
  
  

    
Total Income
    
4,33,12
    
3,46,85
  
  

    
Less: Operating Expenses
    
1,75,74
    
1,33,03
  
  

    
Less: Interest
    
3,70
    
3,78
  
  

    
Profit/(loss) before Depreciation
    
2,53,68
    
2,10,04
  
  

    
Less: Depreciation
    
35,28
    
34,80
  
  

    
Profit/(loss) after Depreciation before
    Tax
    
2,18,40
    
1,75,24
  
  

    
Less: Exceptional item
    
0
    
0
  
  

    
Profit/(loss) after Depreciation and
    

    

  
  

    
exceptional items and before Tax
    
2,18,40
    
1,75,24
  
  

    
Less: Provision for Income Tax
    
23,53
    
19,33
  
  

    
Less Deferred Tax
    
(4)
    
32
  
  

    
Profit/(loss) after Tax
    
1,94,91
    
1,55,59
  
  

    
Less: Income Tax for earlier years
    
1,13,53
    
0
  
  

    
Profit after adjustment
    
81,38
    
1,55,59
  
  

    
Opening balance of retained earnings
    
4,37,51
    
2,82,85
  
  

    
Profit / (loss) for the year[a]
    
81,38
    
1,55,59
  
  

    
Other comprehensive income/(loss) [b]
    
13
    
(93)
  
  

    
Total comprehensive income/(loss) [a+b]
    
81.51
    
1,54,66
  
  

    
Closing balance of retained earnings
    
5,19,02
    
4,37,51
  


COMPANIES STATE OF AFFAIRS

During the year under review the Company has earned income of `433.12
Lakhs as against `346.85 Lakhs in the corresponding previous year. The Income for the year
basically consists of Rental receipts, Commission from Insurance related activities,
Trading Activities of shares and debentures, Dividend and Interest. The operating expense
for the year is `175.74 Lakhs as against `133.03 Lakhs in the previous year. 
The Profit/(loss) after Tax for the year after taking the above stands
at `81.38 Lakhs as against Profit of`155.59 Lakhs in the Previous year.
The Net worth of the company (after deducting Revaluation Reserve) as
at March 31, 2025 stands increased to `1,768.32 Lakhs as against `1,678.66 Lakhs as at
March 31, 2024.

FUTURE BUSINESS PLANS

Your Company remains committed to exploring new opportunities and
aligning its business strategies with evolving regulatory expectations and market demands.
In furtherance of this commitment, the Company had submitted a fresh
application dated 21st March, 2025 to the Reserve Bank of 
India (RBI) of Registration (CoR) to operate as , seekingaCertificate
a Non-Deposit Taking Non-Banking Financial Company – Category Type-II, in
accordance with applicable provisions of the RBI Act and related regulatory guidelines.
Subsequently, the Company received a communication from the RBI stating
that the application could not be considered favourably at this stage. The observations
made by RBI include that the Company does not presently propose to meet the principal
business criteria applicable for NBFCs and that the current composition of the 
Board does not provide sufficient regulatory comfort.
While the application has been returned, the Board is actively
reviewing the concerns raised and remains committed to evaluating all available options to
realign the Company's structure and operations. Efforts are underway to strengthen
governance, revisit the business model, and address regulatory expectations
to enable a possible resubmission in the future.
The Company is a registered corporate agent for leading insurance
providers such as:
LIC of India
ICICI Lombard General Insurance Company Ltd.
Shriram General Insurance Company Ltd., and
Bajaj Allianz General Insurance Company Ltd.
This initiative is expected to enhance our market reach, boost policy
sales, and increase commission-based revenue, thereby contributing meaningfully to
the Company's overall growth trajectory. Simultaneously, your Company intends to
significantly expand its insurance distribution business, which has emerged as a
key area of focus. To this end, the Company plans to recruit young, energetic, and
knowledgeable professionals, who will be incentivised through a structure
comprising a fixed salary and commission-based earnings. These representatives will
be deployed across two districts initially to promote and sell life and non-life insurance
products.
Your Board is confident that the above steps will help the Company
build a stronger and more sustainable business model while maintaining compliance with
applicable regulatory frameworks.

LISTING OF COMPANY'S SHARES IN NSE & BSE

Company's Shares have been listed in both BSE Ltd and NSE Ltd.
Market price data has been covered in Corporate Governance Report forming part of the
Board's Report.

TRANSFER TO RESERVES

The Company has not transferred any amount to reserves during the
financial year.

DIVIDEND

In view of inadequacy of profitsyour Directors express their inability
to recommend dividend during the year under report.

SHARE CAPITAL

The paid-up Share Capital as on 31st March, 2025 was
`13,02,67,000. During the year under review, the Company has neither issued any shares nor
issued shares withdifferentialvoting rights. It has neither issued employee stock options
nor sweat equity shares and does not have any scheme to fund its employees to purchase the
shares of the Company.

DEPOSITS

The Company has not accepted any deposits from the public/ shareholders
during the year under review as per Section 73 of the Companies Act, 2013.

CORPORATE GOVERNANCE

Pursuant to the Regulation 34(3) read with Schedule V of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 
2015, Corporate Governance Report and Auditor's Certificate
regarding Compliance of conditions of Governance are made a part of this Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. Tonse Sachin Pai, [DIN 00795780] Non-Executive Director retire by
rotation at the forthcoming Annual General Meeting and being eligible, offer himself for
reappointment subject to approval of members at the ensuing AGM.
Mr. Jayaram Vittal Prabhu and Mr. Shrikanth Prabhu were appointed as
Independent Directors of the company with effect from 26th September, 2024 and
12th November, 2024 respectively. During the year under review, Mr. Shrikanth
Prabhu, Independent 
Director of the Company, tendered his resignation with effect from
1st August, 2025, owing to personal reasons. The Board
places on record its sincere appreciation for the valuable contributions, insights, and
guidance provided by Mr. Shrikanth Prabhu during his tenure as an Independent Director and
wishes him the very best in his future endeavours.
A brief profile of the Directors seeking confirmation/appointment,
nature of expertise in specific functional area, name of other public companies in which
he/she holds directorship and membership/ chairmanship of the committees of the Board of
Directors and the particulars of the shareholding as stipulated under Regulation 36(3) of
SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and Secretarial
Standards 2 (SS 2 on General Meetings) is appended to the Notice.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent 
Directors of the Company confirming that they meet the criteria of
independence as prescribed both under the Companies Act, 2013 and Regulations of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015.

MEETINGS 

A calendar of Meetings is prepared and circulated in advance to the
Directors. The intervening gap between the Meetings was within the period prescribed under
the Companies Act, 2013. During the year seven Board Meetings were convened and held. The
details of the Board Meetings conducted during the year are given below:

No. of Directors Date Board Strength
Present

27.05.2024 6 5 12.08.2024 6 5 26.09.2024 6 6 12.11.2024 7 6 12.02.2025
7 7 10.03.2025 7 7

AUDIT COMMITTEE

The Audit Committee comprises independent directors namely Mr. Jayaram
Vittal Prabhu (Chairperson) Mr. Tonse Sachin Pai, Non-Executive Non-Independent Director
and Mr. Katapady Bhujangesha Kamath, Independent Directors as other members. All the
recommendations made by the Audit Committee were accepted by the Board. Details of Audit
Committee meetings are enumerated in the Corporate Governance Report.
The role and terms of reference of Audit Committee cover the areas
mentioned in Regulation 72 of the SEBI (Listing Obligation & Disclosure Requirements)
Regulations, 2015 and Section 179 of the Companies Act, 2013, besides other terms referred
to by the Board of Directors from time to time. During the year, the Committee met on 27th
May, 2024, 12th August, 2024, 12th November, 2024, 12th
February, 2025 and 10th March, 2025. 

REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
INITIATIVES OF THE COMPANY

The Company has not developed and implemented any Corporate Social
Responsibility initiatives as per the provisions of Section 135(1) of the Companies Act,
2013 as the said provisions are not applicable to the Company for the time being.

PARTICULARS OF EMPLOYEES

During the year under review, the Company had no employees whose
remuneration exceeded the limit prescribed under Section 197 of the Companies Act, 2013
read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 and subsequent amendments thereto. Particulars of top ten employees
of the Company in terms of remuneration drawn during the year 2024-25 presented as an
annexure to the Board Report during the Board Meeting is preserved separately and in terms
of Section 136 of the Act, the said annexure is open for inspection, the same will be made
available to any shareholders on request made to the company in writing.
Particulars pursuant to Section 197(12) of the Companies Act, 2013 read
with Rule 5(1) of the Companies (Appointment & Remuneration of Managerial Personnel)
Rules, 2014 are provided as under: In line with the internal guidelines of the company, no
payment is made towards commission to the Non-Executive Directors of the company and hence
ratio to median remuneration is not stated. i) Percentage of increase in remuneration to
Chief financial Officer: 3.78% ii) Percentage of increase in remuneration to Company 
Secretary: 3.44% iii) The percentage increase in the median
remuneration of employees in the financial year: 3.73% iv) The number of permanent
employees on the rolls of Company: 6 v) Average percentile increase already made in
the salaries of employees other than the managerial personnel in the last financial year
and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for
increase in the managerial remuneration: The Managing director is not drawing any
remuneration.
remuneration is as per the remuneration vi) Affirmation policy of the
Company: The Remuneration is as per the policy of the Company.
Under Section 197(14) of the Companies Act, 2013, it is hereby informed
that none of the Directors are in receipt of commission from the Company and it's
Subsidiary. 

RISK MANAGEMENT 

Your Company recognizes that risk is an integral part of business and
is committed to managing the risks in a proactive and efficient manner. Your Company
through its risk management process strives to contain impact and likelihood of the risks
from time to time.

SUBSIDIARY / ASSOCIATE COMPANIES

The Company formulated a Policy for determining Material Subsidiaries.
The policy is available on the Company's website and can be accessed at
www.icdslimited.com. During the year under the review, Manipal Properties Limited is
material subsidiary of the Company, as per listing regulations. 
The Consolidated Financial Statements of the Company and its subsidiary
Manipal Properties Limited, prepared in accordance with Indian Accounting Standard issued
by the Institute of Chartered Accountants of India, form part of the Annual Report and are
reflected in the Consolidated Financial Statements of the Company.
The Annual Accounts of the subsidiary company and related detailed
information will be kept at the Registered Office of the Company, as and will be
alsoattheregistered available to investors seeking information at any time. 
Salient features of financial statements of subsidiary company pursuant
to Section 129(3) of the Companies Act, 2013 have been covered in the Financial Statements
in Form AOC-1.
Further, pursuant to the provisions of Section 136 of the Act, the
financial statements of the Company, consolidated financial statements along with relevant
documents and separate audited financial statements in respect of subsidiaries, are
available on 
Company's website on www.icdslimited.com.

RELATED PARTY TRANSACTION

In line with the provisions of the Companies Act, 2013 and the Listing
Regulations, the Board has approved a policy on related party transactions. The policy on
related party transactions has been placed on the Company's website. Prior omnibus
approval of the Audit Committee and the Board is obtained for the transactions which are
foreseeable and of a repetitive nature.
All related party transactions that were entered into were on an
arm's length basis, in the ordinary course of business and were in compliance with
the applicable provisions of Companies Act, 
2013 ("the Act"). There were nomateriallysignificantrelated
party transactions made by the Company during the year that would have required
shareholders' approval under the provisions of the Act. Details of the transactions
with related parties are provided in the Note No.33 of accompanying standalone financial
statements
<p >Accordingly, the disclosure of related party transactions as required
under Section 134(3)(h) of the Act in From AOC-2 is not applicable to the company for the
financial year 2024-25 and hence does not form part of this report. 

Pursuant to the SEBI Listing Regulations, the resolutions seeking
approval of the Members on material related party transactions forms part of the Notice of
the ensuing AGM.

BOARD EVALUATION

Pursuant to the provisions of Companies Act, 2013 and SEBI (LODR)
Regulations, 2015, Board has carried out an annual performance evaluation of its own
performance and the Directors individually. The manner in which the evaluation has been
carried out is detailed below: The performance evaluation of Chairman and Non-Independent
Directors was carried out by the Independent Directors. The Independent Directors
evaluated the parameters viz., level of engagement, duties, responsibilities, performance,
obligations and governance safeguarding the interest of the Company. The performance
evaluation of Independent directors was carried out by the entire Board.

STATUTORY AUDITORS

As per Section 139 of the Companies Act, 2013, read with the Companies
(Audit and Auditors) Rules, 2014, the term of 
M/s Chaturvedi & Shah LLP, Chartered Accountants, Mumbai (FRN:
101720W/W100355) as the Statutory Auditors of the
Company expires at the conclusion of 56th Annual General
Meeting (AGM) of the Company. 

STATUTORY AUDITORS' REPORT

Auditors report does not contain any qualifications, reservations or
adverse remarks. In respect of the observations made by the Auditors on the audit trail
(edit log) facility, as set out in Para 3(b) and Para 3(h) (vi) of the Report on Other
Legal and Regulatory Requirements to the Standalone Financial Statements, and Para 2(b)
and Para 2(h)(vi) of the corresponding Report to the Consolidated Financial Statements,
and as further referred to in Note No. 34 of the Standalone Financial Statements and Note
No. 36 of the Consolidated Financial Statements, the Board wishes to clarify as follows:
The Company operates a legacy COBOL-based software for maintaining its books of account.
This software is equipped with an audit trail (edit log) facility, which has been duly
enabled and operational since 22 November 2024 for all relevant transactions recorded
therein. The Company has ensured that the audit trail feature is preserved in accordance
with the statutory record-retention requirements from the date of its activation in the
accounting system.

SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed Mr. CS Shrinivas M Devadiga Practicing Company Secretary, to conduct
Secretarial Audit of the Company. The Report of the 
Secretarial Audit in Form MR-3 for the financial year ended March
31, 2025, is enclosed as Annexure I to this Report. There are no
qualifications, reservations or adverse remarks made by the
Secretarial Auditors in the report. 
In line with the amended Regulation 24A of the Listing Regulations, the
Board has approved the appointment of Mr. CS Shrinivas M Devadiga as the Secretarial
Auditor of the Company for a term of 
5 consecutive years with effect from FY 2025-26 to FY 2029-30, subject
to approval of the shareholders at the 54th AGM.

SECRETARIAL AUDIT REPORT

In terms of Section 204 of the Act and Rules made there under, CS.
Shrinivas M Devadiga, Practicing Company Secretary (Membership No.22381 CoP No.10372) from
Bangalore has been appointed as Secretarial Auditor of the Company. The report of the
Secretarial Auditor is enclosed as Annexure I to this report. Secretarial Auditors' 
Report does not contain any qualifications, reservations or adverse
remarks. The Comments made by the Secretarial Auditors are corresponding explanations
given by the Board are as under:

  

    
Sl. No. Comment by
    Secretarial Auditor
    
Board's Reply
  
  

    
1 Company has received show cause
    
Company has made an application for
  
  

    
notice in the earlier year by ROC
    
adjudication of penalties with Registrar
  
  

    
for violation of Section 203(1) R/W
    
of Companies, Karnataka and the
  
  

    
Section 203(4) of the Companies
    
matter is still pending with Registrar of
  
  

    
Act, 2013 for non-appointment
    
Companies, Karnataka.
  
  

    
of Company Secretary from
    

  
  

    
01/04/2014 to 08/08/2016.
    

  
  

    
2 During the period under review
    
The Company had submitted a revised
  
  

    
and as per the explanations
    
application to the Reserve Bank of
  
  

    
and clarifications given to me India (RBI) in
    March 2025 seeking a
  
  

    
and representation made by the
    
Certificate
  
  

    
Management, on 9 of Registration (CoR)
    to thOctober 2002 conduct NBFC business as a Non-
  
  

    
RBI had cancelled NBFC license of
    
Deposit Taking – Type II NBFC. The
  
  

    
the Company; hence Company is
    
application was duly acknowledged
  
  

    
not complying with RBI regulation,
    
by RBI.
  
  

    
guidelines and Direction to NBFC
    
Subsequently, the Company received
  
  

    
since suspension of its License.
    
a communication from RBI stating that
  
  

    

    
the application could not be considered
  
  

    

    
favourably at this stage, citing that the
  
  

    

    
Company does not intend to meet the
  
  

    

    
principal business criteria and that
  
  

    

    
the existing composition of the Board
  
  

    

    
does not provide adequate regulatory
  
  

    

    
comfort.
  
  

    

    
The Company is actively reviewing the
  
  

    

    
concerns raised by RBI and remains
  
  

    

    
committed to addressing the same.
  
  

    

    
Efforts are underway to realign the
  
  

    

    
Company's operations and governance
  
  

    

    
framework in accordance with RBI's
  
  

    

    
regulatory expectations, with a view
  
  

    

    
to resubmitting the application at an
  
  

    

    
appropriate time.
  
  

    

    
The Company continues to explore
  
  

    

    
viable business opportunities and
  
  

    

    
maintains its intent to operate in a fully
  
  

    

    
compliant manner under the applicable
  
  

    

    
regulatory framework.
  


INTERNAL FINANCIAL CONTROL

The Company has implemented and evaluated the Internal Financial
Controls which provide a reasonable assurance in respect of providing financial and
operational information complying with applicable statutes and policies safeguarding of
assets prevention and detection of frauds, accuracy and completeness of accounting
records. The Company has appointed Internal Auditor with dedicated internal audit team.
The internal audit reports were reviewed by the Audit Committee. Further the Audit
Committee annually reviews the effectiveness of the Company's internal control
system. The Directors and Management confirm that the Internal
Financial Controls (IFC) is adequate with respect to the operations of
the Company. A report of Auditors pursuant to Section 143(3)(i) of the Companies Act, 2013
certifying the adequacy of Internal Financial Controls is annexed with the Auditors
Report.

ANNUAL RETURN

The Annual Return of the Company as on March 31, 2025 in Form MGT - 7
in accordance with Section 92(3) of the Act read with the Companies (Management and
Administration) Rules, 2014, is available on the website of the Company at
www.icdslimited.com. 

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE
COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no such material changes to be reported in this regard.

CHANGE IN NATURE OF BUSINESS

There is no change in nature of business.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN
FUTURE

Your Directors wish to state that there have been no significant or
material orders that were passed by the Regulators or Courts or Tribunals which may impact
the going concern status and operations of the Company in future.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 

Details of Loans: Nil
Details of Guarantee / Security Provided: Company has not provided any
guarantee / Security during the financial year. Investments made are of the nature
quoted/unquoted equity shares and investment in property. Particulars of such investments
are provided in the financial statements vide NoteNo.5.

OBLIGATION OF COMPANY UNDER THE SEXUAL 
HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013

In order to prevent sexual harassment of Women at work place, a new Act
called The Sexual Harassment of Women at Work Place 
(Prevention, Prohibition & Redressal) Act, 2013 has been notified
on 9th December, 2013. In terms of the said Act, Your Company has constituted
an Internal Complaints Committee to look into complaints of sexual harassment at work
place of any women employee. The company has adopted a policy for prevention of sexual
harassment of women at work place and has set up internal committee for implementation of
the said policy. During the year, your Company has not received any complaint of sexual
harassment of any women employee.
The following is a summary of sexual harassment complaints received and
disposed off during the year 2024-25: a. No. of complaints at the beginning of financial
year : Nil b. No. of complaints filed during the financial year : Nil c. No. of
complaints disposed during the financial year : Nil d. No. of complaints pending at the
end of financial year : Nil

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

The company did not have any activity in relation to conservation of
energy or technology absorption. The company had no foreign exchange earnings or outgoings
during the year under report.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER
DETAILS

The Company's policy on directors' appointment and
remuneration and other matters provided in Section 178(3) of the Act has been disclosed in
the Corporate Governance Report, which is a part of this report and is also available on
website www.icdslimited.com Details of remuneration paid to the Directors and Key
Managerial Personnel are given in the Form MGT-7 which is available in the Company's
website under link https://icdslimited.com/annual-return.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors hereby report in terms of clause (c) of sub-section (3)
of Section 134 of the Companies Act, 2013, that –(a) in the preparation of the annual
accounts, the applicable Indian accounting standards have been followed along with proper
explanation relating to material departures; (b) the directors have selected such
accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit period;
(c) the directors have taken proper and 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 have prepared the annual accounts on a going concern basis; and (e) the
directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of the Investor Education Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the 
Company has already filed the necessary form and uploaded the details
of unpaid and unclaimed amounts lying with the Company, as on the date of last AGM (i.e.
27.09.2023), with the Ministry of 
Corporate Affairs.

DETAILS OF FRAUD REPORT BY AUDITOR

As per auditors' report, no fraud u/s 143(12) reported by the
auditor.

VIGIL MECHANISM

The Company has a Whistle Blower Policy for Directors and employees and
adopted the Whistle Blower Policy in terms of Section 177 (9) and (10) of the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to
report genuine concerns, if any about unethical behavior, wrongful conduct and violation
of Company's code of conduct or ethics. The Whistle Blower Policy is available on the
Company's website www.icdslimited.com.

SECRETARIAL STANDARDS

Secretarial Standards Pursuant to Section 118 of Companies Act, 2013,
The Company has complied with all the provisions of applicable Secretarial Standards
issued by Institute of Company 
Secretaries of India and notified by the Ministry of Corporate Affairs.
That is as follows: 1) Secretarial Standards – I for Board
Meeting.
2) Secretarial Standards – II for General Meeting.

THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY 
CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH
THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

There is no application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016.

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

There was and loss of the company for that no instance of onetime
settlement with any Bank or Financial Institution. care for the

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation of the
services and co-operation extended by our Bankers, Investors and 
Members of Staff of the Company, during the year under report.
Your directors also wish to thank the shareholders for their support.
Your directors also wish to place on record their deep sense of appreciation of the
services rendered by the staff members at all levels.
For and on behalf of the Board of Directors

Sd/-

SUJIR PRABHAKAR

Place : Manipal Chairman Date : 12.08.2025 DIN: 02577488