Dear Members of EVERESTIMS TECHNOLOGIES PVT LTD
Your Directors have pleasure in presenting this Seventh Annual Report
on the affairs of the Company together with the Audited Statement of Accounts for the year
ended on 31st March, 2024

1. FINANCIAL RESULTS
(Amount in Rs Thousands)

  

    
PARTICULARS
    
YEAR ENDED 31.03.2024
    
YEAR ENDED 31.03.2023
  
  

    
Revenue from Operations
    
4,49,467
    
3,30,120
  
  

    
Other Income
    
3.886
    
2,913
  
  

    
Total Income
    
4,53,353
    
3,33,038
  
  

    
Profit before Depreciation Amortization and Taxation
    
1,83,023
    
88,452
  
  

    
Less: Depreciation and Amortization
    
25,784
    
18,003
  
  

    
Profit before Taxation
    
1,57,239
    
70,448
  
  

    
Less : Provision for Taxation
    
40,235
    
20,613
  
  

    
Profit after Taxation
    
1,17,004
    
49,835
  


2. OPERATIONS & STATE OF AFFAIRS
The Company has earned a Profit before tax of Rs. 1572.39 lakh and
Profit after tax Rs. 1170.04 lakh for the financial year ended 31 March 2024 and has
accumulated profit of Rs 3038.00 lakh; whereas for the previous financial year, the profit
before tax was Rs. 704.48 lakh and Profit after tax was Rs. 498.35 Lakh.

3. TRANSFER TO RESERVES
The Company has not transferred any amount to reserves for the said
financial year.

4. DIVIDEND
In view to conserve the resources, your directors have not declared
dividend during the year under consideration.

5. NATURE OF BUSINESS
The Company is engaged in the business of Information Technology
Software business. There has been no change in the business of the Company during the
financial year ended 31st March, 2024.

6. DIRECTORS
There were no Directors who got appointed or resigned during the year
under review.

7. STATUTORY AUDITORS & BOARD'S COMMENT ON THE AUDITORS'
REPORT
S H & CO, Chartered Accountants, who was appointed at 6th Annual
General Meeting for a term of five years continued to be statutory auditors of the
company.
The observations of the Statutory Auditors, when read together with the
relevant notes to the accounts and accounting policies are self-explanatory and do not
call for any further comment.

8. CONSOLIDATED FINANCIAL STATEMENT
In accordance with the provisions of Companies Act, 2013 and the
Accounting Standard 21 on Consolidated Financial Statement, the audited consolidated
financial statement is provided in the Annual Report.

9. SUBSIDIARIES
INFRAON CORP is a wholly owned Subsidiary Company incorporated in
United States of America. The Company did not have any Joint Venture or Associate Company
during the year under review.

10. MEETINGS OF BOARD OF DIRECTORS
Total Ten Board Meetings, on 01-06-2023, 01-08-2023, 18-08-2023,
18-09-2023, 09-01-2024, 27- 02-2024, 18-03-2024, 29-03-2024, 30-03-2024 were held during
the Financial Year ended March 31,2024.

11. WEB LINK OF ANNUAL RETURN. IF ANY.
The Company is having website i.e. www.everetsims.com and annual return
of Company has been published on such website. Link of the same is given below:
https://www.everestims.com/statutorv

12. MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which this financial
statement relates and the date of this report.

13. LOANS. GUARANTEES AND INVESTMENTS
The company in reference with the provisions of Sec 186 of the Act has
not advanced any loan or given guarantee or provided security during the said financial
year.

14. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company is not an energy consumption-oriented production unit.
Nevertheless, your company has taken sufficient measures to conserve the energy whenever
possible.
The foreign exchange earnings and outgo during the year Foreign
exchange earnings: Rs 3,34,03,289/- Foreign exchange outgo: Rs 58,53,116/-

15. RISK MANAGEMENT POLICY
The Company does not have any Risk Management Policy as the elements of
risk threatening the Company's existence is very minimal.

16. INTERNAL FINANCIAL CONTROL
The Company has in place adequate internal financial controls, with
reference to financial statement and detection of frauds and errors for ensuring accuracy
and completeness of accounting records.

17. MAINTENANCE OF COST RECORDS
The company is not falling within the class of companies required to
maintain cost records as specified by the Central Government under sub-section (1) of
section 148 of the Companies Act, 2013.

18. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS. COURTS AND TRIBUNALS
No significant and material order has been passed by the regulators,
courts, tribunals impacting the going concern status and Company's operations in
future.

19. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that-
a) In the preparation of the annual accounts for the year ended March
31, 2024, the applicable accounting standards read with requirements set out under
Schedule III to the Act, have been followed and there are no material departures from the
same.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at March 31,2024
and of the profit of the Company for the year ended on that date.
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities.
d) The Directors have prepared the annual accounts on a ‘going
concern' basis.
e) The Company being unlisted, sub clause (e) of section 134(3) of the
Companies Act, 2013 pertaining to laying down internal financial controls is not
applicable to the Company.
f) The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such system are adequate and operating
effectively.

20. EMPLOYEE STOCK OPTION SCHEME
Your company has issued stock option to employees of the company as per
the scheme named as EverestIMS Stock Option Plan -2017 and also under EverestfMS
Technologies Pvt Ltd Employees Stock option Plan RSU 2022. Following are the details of
such options as at the end of financial year :-

  

    
Particulars
    
Stock Option Plan-2017
    
Stock Option Plan RSU 2022
  
  

    
Options Granted till date
    
5,80,000 options
    
3,79,494 Options
  
  

    
Options Granted during the year
    
Nil
    
64,950 Options
  
  

    
Options Vested and exercised during the year
    
Nil
    
Nil
  
  

    
Options Vested and exercised previous years
    
5,80,000 options
    
Nil
  
  

    
The Total number of shares arising as a result of exercising
    of option during the year
    
Nil
    
Nil
  
  

    
Options lapsed
    
Nil
    
18,696 Options
  
  

    
The exercise price
    
Rs 5/- per share
    
Re 1 per share or such higher amount as per
    ESOP committee
  
  

    
Variation of terms of options
    
Nil
    
Nil
  
  

    
Money realized by exercise of options
    
Nil
    
Nil
  
  

    
Total Number of options in force
    
Nil
    
3,60,798
  
  

    
Options granted to Key Managerial Personnel - Employee-wise
    
Nil
    
Nil
  
  

    
Any other employee who were granted option, during any one
    year of option amounting to 5% or more of options granted during that year - Employee Wise
    
No such options during the year
    
No such options during the year
  
  

    
Identified employees who were granted option, during any one
    year, equal to or exceeding 1% of the issued capital of the company at the time of grant
    
No such options during the year
    
No such options during the year
  


2L CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has a Corporate Social Responsibility Policy as per the
requirements of the Act and the same is available on the website of the Company. In view
of the amount to be spent on CSR activities not exceeding Rs 50 lakh, no separate CSR
Committee is formed, and your Board of Directors shall discharge the functions of CSR
Committee. Your Board of Directors have spent the amount as per provisions of section 135
of Companies Act read with Companies (CSR Policy) Rules,2014. The Annual Report on CSR
activities pursuant to Section 135 read with Rule 8 of
Companies (Corporate Social Responsibility Policy) Rules, 2014 is
enclosed as Annexure to this Report.

22. OTHERS
During the year under review:
i. All Contracts/arrangements/transactions entered by the Company
during the financial year with related parties were in the ordinary course of business and
on arm's length basis. Your directors draw attention of the members to notes to the
Financial Statements which sets out related party disclosures.
ii. The Company has not invited/ accepted any deposits from the public.
There were no unclaimed or unpaid deposits as on March 31, 2024.
iii. Your Directors further state that during the year under review,
there were no cases filed pursuant to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

23. ACKNOWLEDGEMENT
The Directors wish to convey their appreciation to business associates
for their support and contribution during the year. The Directors would also like to thank
the employees, customers, and bankers for their continued support given by them to the
Company and their confidence reposed in the management.