EKI Energy Services Ltd Directors Report

Dear Members,

Your directors are pleased to present the 14th Annual Report on business and operations of your Company along with the audited financial statements for the year ended March 31, 2025.

Financial Highlits

Particular	Standalone	Consolidated
	2024-25	2023-24	2024-25	2023-24
Income
Revenue from Operation	16,461.47	25,885.17	40,637.41	26,339.22
Other Income	1,692.13	1,056.04	1,769.18	1,075.88
Total Revenue	18,153.60	26,941.21	42,406.59	27,415.10
Profit before finance cost, depreciation & amortisation, and tax.	2,893.41	(11,897.99)	1,773.23	(12,087.32)
Less: Finance Cost	83.64	278.47	97.54	302.78
Less: Depreciation and amortigation expenses	1,159.51	317.32	1,655.45	528.14
Profit before tax	1,650.26	(12,493.78)	20.25	(12,918.51)
Less: Tax Expenses
Current Tax	0	0	20.96	3.48
Deferred Tax (Assets/Liability)	124.32	(16.57)	76.78	(2.8)
Profit for the year	1525.94	(12,477.21)	(84.12)	(12,920.04)
Other Comprehensive Income	3.17	(3.24)	(1.51)	1.80
Total Comprehensive Income	1,529.11	(12,480.45)	(85.72)	(12,918.2)
Earning per equity share
Basic	5.55	(45.34)	(0.31)	(46.93)
Diluted	5.53	(45.25)	(0.31)	(46.84)

COMPANY PERFORMANCE (Rs. in Lakhs)

Standalone

• Value of sales and services was Rs. 16,461.47 Lakhs

• Export for the year was Rs. 13,622.28 Lakhs

• EBITDA for the year was Rs. 1,201.28 Lakhs

• Net Profit for the year was at Rs. 1,529.11 Lakhs

Consolidated

• Value of sales and services was Rs. 40,637.41 Lakhs

• Export for the year was Rs. 13,622.28 Lakhs

• EBITDA for the year was Rs. (2.66) Lakhs

• Net Profit for the year was at Rs. (85.72) Lakhs

SHARE CAPITAL

During the year under review, the authorised share capital of the Company has been increased from Rs. 30,00,00,000 comprising of 3,00,00,000 Equity Shares of Rs. 10 each to Rs. 50,00,00,000 comprising of 5,00,00,000 Equity Shares of Rs. 10 each.

The authorised share capital of the Company for the year ended is Rs. 50,00,00,000 comprising of 5,00,00,000 Equity Shares of Rs. 10 each. The issued, subscribed and paid-up share capital of the Company stood at Rs. 27,60,36,940 as at March 31, 2025 comprising of 2,76,03,694 Equity Shares of Rs. 10 each fully paid-up.

RESERVE

During the year under review, no fund has been transferred to general reserve of the Company.

DEMERGER

During the year under review, EKI Energy Services Limited ("EKI") filed an application under Sections 230-232 of the Companies Act, 2013 ("the Act") for the demerger of its Generation Segment, which comprises projects implemented, developed, and owned by the Company from which carbon credits are issued. As per the proposed scheme, this business undertaking will be transferred to EKI One Community Projects Limited ("EKI One"), a 100% wholly owned subsidiary of EKI. The demerger is aimed at sharpening the strategic focus of both entities, ensuring dedicated resources for project development and carbon credit generation while enabling EKI to strengthen its core carbon asset management, trading and allied businesses. This restructuring is expected to provide operational efficiency, improve governance, and unlock long term value for shareholders by allowing each entity to grow independently with greater clarity of purpose.

STATE OF COMPANYS AFFAIRS

The year 2024-25 marked a critical period for the global carbon markets as well as for EKI Energy. Amid evolving international climate policies, growing corporate climate commitments, and increased scrutiny over the integrity of carbon credits, the voluntary carbon market (VCM) continues to mature. A record number of carbon offsets were retired globally, and carbon pricing mechanisms expanded to over 75 instruments worldwide, including recent programs in Chile, Canada, and Kagakhstan. Compliance markets also moved toward greater flexibility in accepting verified offsets, narrowing the divide between voluntary and compliance prices and presenting new opportunities for organisations like EKI.

Despite prevailing challenges in market liquidity, reputational scrutiny, and evolving regulatory frameworks, EKI took decisive steps to consolidate its business and strengthen long-term fundamentals. The company adopted a disciplined strategy focused on liquidity preservation, cost optimisation, and manpower retention - ensuring organisational resilience and agility for future growth. These efforts were further supported by a conscious shift in operational structure, including divestment of non-core subsidiaries and recalibration of strategic priorities.

In FY 2024-25, EKI deepened its core focus on high-quality carbon credit development, scaling GHG mitigation projects through diversified funding sources. The Company continued to strengthen its sustainability vertical by offering ESG advisory, climate risk assessment, and compliance services aligned with the evolving Business Responsibility and Sustainability Reporting (BRSR) framework. The firms continued engagement with global platforms like the Integrity Council for the Voluntary Carbon Market (ICVCM) underlines its commitment to credible and high-integrity offsets.

EKIs leadership in climate-positive project development remained evident, with key highlights including:

• Registration and issuance of Asias first improved cookstove project under VERRAs SD VISta standard.

• Distribution and commitment of over 300,000 clean cookstoves across African countries, reinforcing social and climate impact.

• A pilot initiative with Indian Oil Corporation for the indoor solar cooking device ‘Surya Nutan, aimed at rural households in India.

• Biomass briquette production at its Dindori plant, supporting both clean energy and rural livelihoods.

On the consulting front, EKI supported over 70 organisations in GHG inventory assessments, enabled more than 15 clients to adopt Science-Based Targets (SBTi), and facilitated GreenCo ratings for 38 facilities. The Company also extended its services to financial institutions for portfolio-level emissions analysis and net-gero strategy development. Its inclusive approach continued to democratige sustainability by offering affordable consulting for MSMEs and SMEs, contributing to a broader low-carbon transition.

EKI also began laying the groundwork for a potential demerger strategy aimed at unlocking shareholder value by segregating business verticals and realigning resources for more focused value creation.

While the Company reported a consolidated revenue of Rs.27,415.10 lakh and a net loss of Rs.12,920.04 lakh, the years performance reflects a period of strategic realignment and investment in long-term capabilities. The short-term financial impact stems from ongoing market corrections, regulatory uncertainties, and measured restructuring. However, the decisions taken this year are expected to enhance operational efficiency and position the Company favourably for future opportunities as carbon markets mature and demand for verified offsets surges.

Indias launch of its domestic carbon trading market is expected to accelerate national-level demand for carbon credits and raise global pricing benchmarks. EKI is well- positioned to leverage this momentum through its robust portfolio, innovative approach, and trusted execution model.

Looking ahead, EKI remains committed to delivering scalable, transparent, and inclusive climate solutions. With strengthened business fundamentals, diversified services, and a future-ready strategy, the Company is focused on leading the decarbonigation movement- driving measurable environmental, social, and economic outcomes.

BUSINESS OPERATIONS/PERFORMANCE OF THE COMPANY AND ITS MAJOR SUBSIDIARIES:

Our subsidiaries have played a pivotal role in our overall growth and success throughout the year.

GHG Reduction Technologies Private Limited:

During the year under review, the performance of GHG Reduction Technologies Private Limited ("GHG")was adversely impacted due to the ongoing turmoil in the carbon market. In light of the uncertain market conditions, the company proceeded temporarily halt operations at its manufacturing facility. To ensure business continuity and cost efficiency, the company has adopted a ‘Just-in- Time strategy—wherein it will manufacture cookstoves, surya nutan, water filter on an order basis or procure them externally to meet client requirements. The company also continues to face operational challenges arising from the highly unorganised structure of the biomass segment, which has affected sourcing and supply chain stability. Despite these constraints, the management maintains a positive outlook and remains committed to resuming full- scale operations once market conditions stabilise.

Amrut Nature Solutions Private Limited:

Amrut Nature Solutions Private Limited ("Amrut") specialises in developing and consulting on carbon sequestration projects within the Nature-based Solutions (NbS) sector, ensuring compliance with relevant quality standards. NbS encompasses activities aimed at mitigating greenhouse gas emissions by conserving and restoring natural ecosystems such as forests, agriculture, grasslands, wetlands, mangroves and coastal gones, as well as improving agricultural practices. Amrut is actively involved in developing and providing advisory services for a range of NbS projects, including Sustainable Agriculture Landscape Management (SALM), Afforestation, Reforestation and Revegetation (ARR), among others.

Amrut specialises in the origination, implementation, and management of high-quality Nature-Based Solutions (NbS) projects. With a deep commitment to environmental sustainability, Amrut brings technical expertise and innovation to every stage of the project lifecycle, from initial planning through to completion. The organisations projects adhere to the most rigorous international standards, including Gold Standard, VERRA, and Climate, Community Si Biodiversity (CCB) Standards ensuring that each project generates meaningful impacts in carbon sequestration,

community development and biodiversity conservation.

EKI Sustainability Services Private Limited:

(Formerly known as Glofix Advisory Services Private Limited)

EKI Sustainability Services Private Limited ("ESSPL"), —a wholly owned subsidiary of EKI Energy Services Ltd.— represents a pivotal leap in the groups mission to drive global sustainability leadership. With a team of over 40 dedicated professionals, the company delivers cutting-edge advisory and consulting solutions across key areas including climate change, ESG and sustainability, carbon offsetting, biodiversity, health and safety, and legal compliance.

Backed by a strong legacy of delivering high-impact sustainability projects across diverse manufacturing and service sectors, ESSPL crafts data-driven, customiged ESG strategies that lead to measurable, long-term transformation. As an extension of EKI Energy Services Ltd.s core strengths in carbon project development and offset trading, ESSPL delivers end-to-end sustainability solutions grounded in innovation, integrity, and measurable impact.

In just its inaugural year, ESSPL has emerged as a trusted partner in sustainability, having supported over 350 impactful projects—empowering organigations in their journey towards net gero, ESG excellence, and climate resilience.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company and its subsidiary and associate companies prepared in accordance with the Act and applicable Accounting Standards along with all relevant documents and the Auditors Report forms a part of this Annual Report.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year under review.

• Glofix Advisory Services Private Limited, wholly owned subsidiary of the Company has changed its name to EKI Sustainability Services Private Limited.

• The Company has acquired 49% stakes of EKI Sustainability Services Private Limited (formerly known as Glofix Advisory Services Private Limited). Resulting in conversion into wholly owned subsidiary of the Company

• EKI One Community Projects Limited has been converted from Private Limited Company to Public Limited Company.

• The Company has filed application for strike off of following subsidiary and associate companies and the same has been struck off with effect from dates as mentioned below:

- EKI Two Community Projects Private Limited (w.e.f., June 17, 2025)

- EKI Power Trading Private Limited (w.e.f., June 17, 2025)

- ClimaCool Projects $ EduTech Limited (w.e.f., April 16, 2025)

Detailed list of subsidiaries, associates and joint ventures are annexed as Annexure A to this report.

In accordance with the provisions of Section 129(3) of the Act, read with the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the subsidiaries, associates and joint venture companies is provided, prescribed in the Form AOC-1, in Annexure B to this Report.

In accordance with the provisions of Section 136 of the Act, the annual report, annual financial statement and the related documents of the subsidiaries are placed on the website of the Company. Shareholders may download the annual financial statements and detailed information of the subsidiary companies from the Companys website at: https://enkingint.org/investor-relations/

The Company has formulated a Policy for determining Material Subsidiaries. The Policy is available on the Companys website and can be accessed at https:// enkingint.org/wp-content/uploads/2022/07/Material- Unlisted-Subsidiary-Policy.pdf.

During the year under review, no subsidiary was identified as material subsidiary of the Company as perthe Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

DIVIDEND

During the year under review, the Board of Directors, in its meeting held on February 10, 2025 declared interim dividend of Rs. 2/- per share of face value Rs. 10/.- per share, to all the shareholders who were recorded on the Register of Members as on February 14, 2025, being the record date fixed for this purpose.

The dividend declared is in accordance with the Companys Dividend Distribution Policy. The said Policy is available on the Companys website and can be accessed at https:// enkingint.org/wp-content/uploads/2022/05/Dividend- Distribution-Policy.pdf

DEPOSITS

During the year under review, your Company has not accepted any deposits from public, in accordance with the Provisions of Section 73 and 74 of the Act $ rules made thereunder.

CORPORATE GOVERNANCE

At EKI, we are committed to upholding the highest standards of corporate governance. Our core values, reflected in the Spirit of EKI, serve as the foundation for how we manage and oversee our business, ensuring long-term sustainability and profitability. These principles are embedded in our Code of Conduct, Statutory Policies, and sub-committee charters. As we deepen our understanding of the impacts of climate change and the urgency of climate action, we continue to evolve and strengthen our governance framework to effectively respond to these critical challenges.

As per Regulation 34 of the Listing Regulations, a separate section on corporate governance practices together with a certificate from the Secretarial Auditors of the Company regarding the compliances of conditions of Corporate Governance, forms part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As stipulated under the provisions of Regulation 34 of the Listing Regulations, Management Discussion $ Analysis Report forms an integral part of this Report and provides details on overall industry structure and developments, financial and operational performance and other material developments during financial year under review

CORPORATE SOCIAL RESPONSIBILITY

The Companys Corporate Social Responsibility (CSR) objective is to actively contribute to societys well being and support the nations development through its various initiatives.

To execute its CSR initiatives, the Company established EnKing International Foundation and EKI Community Development Foundation as its dedicated CSR arms. The entities focuses on livelihood, education, empowerment of girl child through education, and healthcare for the backward sections of the society.

During the year under review, the Company was exempted from CSR Obligation under Section 135 of The Act. Flowever, the Company voluntarily contributed Rs. 1,50,000/- towards its CSR goal of community development through two of its foundation mentioned above and Lean Management Society.

As per Section 135 of the Act and rules made thereunder the Company has formed a CSR Committee of the Board and implemented a CSR Policy in compliance with the relevant provisions. This Committee oversees and monitors the Companys various CSR initiatives and activities. The CSR Policy may be accessed on the Companys website at the link https://enkingint.Org/wp-content/uploads/2023/05/5.- Corporate-Social-Responsibility-CSR-Policy.pdf

The policy includes the following key aspects:

a. CSR Philosophy

b. Composition of CSR Committee

c. Roles and responsibilities of the CSR Committee

d. Implementation of CSR Projects, Programs, and Activities

e. Allocation of Budget

f. Monitoring and Review Mechanism

g. Management Commitment

Mr. Naveen Sharma, Whole Time Director and member of the CSR Committee has resigned w.e.f., December 3, 2024 and ceased to be member of CSR Committee.

Mr. Mohit Kumar Agarwal, Chief Financial Officer, was appointed as Whole Time Director of the Company and designated as WTD $ CFO. Mr. Mohit Kumar Agarwal appointed as member of the Committee w.e.f. December 21, 2024.

As of March 31, 2025, the CSR Committee of the Company consists of three (3) Members: Mr. Ritesh

Gupta (Chairman), Mr. Manish Kumar Dabkara (Member) and Mr. Mohit Kumar Agarwal (Member).

The requirement for Annual Report on CSR, as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, is not applicable on the Company for the year under consideration.

PARTICULAR OF EMPLOYEES

Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure C to this Report.

In accordance with the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the name and other particulars of the employees drawing remuneration in excess of the limits set out in the said Rule forms part of this report. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members of the Company excluding information on employees particulars which is available for inspection by the Members at the Registered Office/ Corporate Office of the Company during the business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining such information, he/she may write to the Company Secretary at the Registered Office of the Company and may address their email to cs@ enkingint.org.

DETAILS OFSIGNIFICANT AND MATERIAL ORDERS

No significant or material orders have been passed by the regulators or courts or tribunals impacting the going concern status of the Company and the Companys operations in future.

PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF EMPLOYEE AT THE WORKPLACE

The Company upholds a strong commitment to preventing sexual harassment and fostering a positive work environment for all its employees. In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013, the Company has implemented a comprehensive Prevention of Sexual Harassment Policy.

The primary objective of this policy is to create a secure and inclusive workplace where employees can thrive and contribute their best without any hindrance or fear. To ensure the effective implementation of this policy, the Company has established an Internal Complaints Committee (ICC) as mandated by the Act.

It is encouraging to note that no complaints were reported during the reviewed period under the provisions of the Sexual Harassment of Women at Workplace (Prevention,

Prohibition, and Redressal) Act of 2013. This signifies the Companys dedication to maintaining a respectful and harassment-free work environment.

Details of complaints, if any, received during the year;

(a) number of complaints of sexual harassment received in the year - NIL

(b) number of complaints disposed off during the year - NIL

(c) number of cases pending for more than ninety days - NIL

COMPLIANCE WITH MATERNITY BENEFIT ACT 1961

The organisation remains fully compliant with the provisions of the Maternity Benefit Act, 1961. All eligible women employees were granted maternity leave as per the statutory guidelines, along with all entitled benefits including paid leave, nursing breaks, and protection from dismissal during the leave period. Regular awareness sessions were conducted to ensure employees are informed of their rights under the Act. No instances of non-compliance or grievances related to maternity benefits were reported during the financial year.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES

Pursuant to Section 186 of the Act read with the Companies (Meetings of the Board and its Powers) Rules, 2014, disclosures relating to loans, advances and investments as on March 31, 2025, are given in the Note No. 35 and 49 of the Financial Statements. There are no guarantees issued or securities provided by your Company in terms of Section 186 of the Act read with the Rules issued thereunder.

PARTICUALR OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the year under review:

a) all contracts / arrangements / transactions entered by the Company with related parties were in its ordinary course of business and on an arms length basis;

b) The Company had not entered into any contract / arrangement / transaction with related parties which are re material and are required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is available on the Companys website and can be accessed at https://enkingint.org/wp-content/ uploads/2023/04/Policy-Related-Party-Transaction.pdf

There were no materially significant related party transactions which could have potential conflict with the interests of the Company at large.

The related party transactions have been set out in Note No. 35 to the financial statement.

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

Conservation of Energy and Technology absorption

As the Company focused on climate change, sustainability, and carbon offsetting, our operations prioritige energy efficiency and conservation. We recognige the significance of adopting measures to achieve optimal energy utiligation.

Considering the nature of our activities, as stated under Section 134(3)(m) of the Act, in conjunction with Rule 8(3) of the Companies (Accounts) Rules, 2014, the concept of technology absorption and conservation does not apply to our Company. Our primary focus lies in mitigating climate change and promoting sustainable practices rather than technology absorption.

Foreign exchange earnings and outgo

During the year under review, the Company received earnings of Rs. 15,282.65 Lakhs in foreign currency, with corresponding outgo of Rs. 1,861.28 Lakhs in foreign currency throughout the year.

RISK MANAGEMENT

Risk Management is one of the critical elements in operating business. For your Company, Risk Management is an integral and important aspect of Corporate Governance. Your Company believes that a robust Risk Management ensures adequate controls and monitoring mechanisms for a smooth and efficient running of the business.

The Company has voluntarily adopted the Risk Management Policy as per Regulation 21 of the Listing Regulations. The Companys ‘Risk Management Policy provides for identification, assessment, and control of risks that the Company would face in the normal course of business and mitigation measures associated with them. The Management identifies and controls risks through a properly defined framework in terms of the aforesaid Policy.

EMPLOYEE STOCK OPTION PLAN (ESOP)

The Nomination and Remuneration Committee, ("NRC") of the Board of Directors, inter alia, administers and monitors the Employees Stock Option Plan, 2021 of the Company "the ESOP". The ESOP is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

The Company has granted 2,91,837 ESOP till the date of this report out of the same 1,07,694 options has been exercised.

The details as required to be disclosed under the SBEB Regulations are available on the Companys website and can be accessed at https://enkingint.org/wp-content/ uploads/2025/08/2.-ESOP_DISCLOSURE_2024-25.pdf

The Company has received a certificate dated June 12, 2025 from the Secretarial Auditors of the Company that the Schemes have been implemented in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and resolution passed by the shareholders. The certificate shall be available for inspection by members in electronic mode during the Annual General Meeting of the Company.

UNCLAIMED DIVIDEND ANDTRANSFERTO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124(5) and 125 of the Act read with the rules framed thereunder, the dividend lying in the Unpaid Dividend Account which remains unpaid or unclaimed for a period of seven consecutive years along with underlying shares are transferred by the Company to Investor Education and Protection Fund (IEPF). During the year, unclaimed dividend amounting to Rs. 33,408 lying in the unclaimed dividend account of the Company for which the Company has taken various initiatives to reduce the quantum of unclaimed dividend. Furthermore, the last date to claim unclaimed / unpaid dividends before transfer to IEPF, for the financial year 2020-21 and 2021-22 is September 07, 2028 and May 03, 2029, respectively.

The Company has uploaded on its website, the details of unpaid and unclaimed amounts lying with the Company as on March 31, 2025.

The procedure for claiming underlying shares and unpaid / unclaimed dividend from IEPF Authority is covered in the Investor Section available on the website of the Company.

Further, in accordance with the IEPF Rules, the Board of Directors have appointed Mr. Manish Kumar Dabkara as

Nodal Officer of the Company forthe purposes of verification of claims of shareholders pertaining to shares transferred to IEPF and / or refund of dividend from IEPF Authority and for coordination with IEPF Authority. The details of the Nodal Officer are available on the website of the Company.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED/RESIGNED DURING THE FINANCIAL YEAR

DIRECTORS

The composition of Board of Directors is in conformity with the applicable provisions of the Act and Listing Regulations.

During the year under review, Mr. Naveen Sharma and Ms. Sonali Sheikh, Whole Time Directors of the Company have resigned with effect from end of business hours of December 3, 2024 and January 3, 2025, respectively.

The Board of Directors of the Company, based on the recommendation of the NRC recommended appointment of Mr. Mohit Kumar Agarwal, Chief Financial Officer of the Company to be appointed and designated as Whole Time Director and Chief Financial Officer of the Company with effect from December 21, 2024, and that the shareholder of the Company approved his appointment on January 15, 2025.

The Board of Directors of the Company, based on the recommendation of the NRC further recommended appointment of Ms. Priyanka Dabkara to be appointed as Non-Executive Non-Independent Director of the Company with effect from February 10, 2025, and that the shareholder of the Company approved her appointment through postal ballot on May 3, 2025.

In accordance with the provisions of Section 152 of the Act and the Articles of Association of the Company, Mr. Manish

Kumar Dabkara, Chairman and Managing Director, who is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The said Director is not disqualified from being re- appointed as a Director of a Company as per the disclosure received from him pursuant to Section 164(2) of the Act.

A brief profile of Mr. Manish Kumar Dabkara is provided in the Notice of the ensuing Annual General Meeting of the Company.

Pursuant to the provisions of the Act, the Directors of the Company as on date are Mr. Manish Kumar Dabkara - Chairman and Managing Director, Mr. Mohit Kumar Agarwal - Whole Time Director and Chief Financial Officer, Ms. Priyanka Dabkara - Non-Executive Non Independent Director, Ms. Astha Pareek - Non-Executive Women Independent Director, Mr. Ritesh Gupta - Non-Executive Independent Director, and Mr. Burhanuddin Ali Husain Maksi Wala - Non-Executive Independent Director.

All the Independent Directors on the Board have given a declaration of their independence to the Company as required under Section 149(6) of the Act and Regulation 16(1) (b) of the Listing Regulations. In the opinion of the Board, all the Independent Directors possess the integrity, expertise and experience including the proficiency required to be Independent Directors of the Company, meets the criteria of independence as specified in the Act and the Listing Regulations and are independent of the management and have also complied with the Code for Independent Directors as prescribed in Schedule IV of the Act.

The Independent Directors of the Company have confirmed that they have registered themselves with the Indian Institute of Corporate Affairs, Manesar for the inclusion of their name in the data bank of independent directors, pursuant to the provision of Rule 6 (1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of section 203 of the Act, the key managerial personnel of the Company as on date are Mr. Manish Kumar Dabkara - Chairman and Managing Director, Mr. Mohit Kumar Agarwal - Whole Time Director and Chief Financial Officer and Ms. Itisha Sahu - Company Secretary and Compliance Officer.

PERFORMANCE EVALUATION OF THE BOARD

In accordance with legal requirements and the guidelines outlined in the Listing Regulations, the Board of Directors has conducted a comprehensive yearly assessment of its performance, the performance of its Committees, Independent Directors, Non-Executive Directors, Executive Director, and the Chairman of the Board.

The Nomination and Remuneration Committee (‘NRC), a part of the Board, has established a clear process for conducting formal annual evaluations of the Boards performance, its Committees, and Individual Directors. This process involves distributing separate evaluation forms for the Board and its Committees, as well as for Independent Directors, Non-Executive Directors, the Executive Directors, and the Chairman of the Company.

The evaluation process was carried out by Independent Directors in a dedicated meeting. During this meeting, the performance of Non-Independent Directors, the overall Board, and its committees were appraised. Additionally, the Independent Directors evaluated the performance of the Chairman of the Company, taking into consideration feedback from the Executive Director and Non-Executive Directors. The outcome of this evaluation by Independent Directors were shared with the NRC and subsequently presented to the entire Board.

Subsequently, the Board convened a meeting to discuss the performance of the Board as a whole, its Committees, and Individual Directors. During this discussion, the Board expressed its contentment with the effective functioning of both the Board and its Committees. The Directors contributions in their respective roles were acknowledged as satisfactory, signifying their active involvement and commitment.

The Company has also adopted a policy for remunerating directors, key managerial personnel, and other employees. This policy includes criteria for determining the qualifications, positive attributes, and independence of directors. The complete details of this policy are provided in this report and attached as Annexure D.

MEETING OFTHE BOARD

The Board of Directors met 5 (Five) times during the financial year ended March 31, 2025 in accordance with the provisions of the Act and rules made thereunder. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

STATUTORY COMMITTEES OFTHE BOARD

Your Company has duly constituted the Committees required under the Act read with applicable Rules made thereunder and Listing Regulations.

Audit Committee

During the year under review, Ms. Astha Parek, Non- Executive Women Independent Director, appointed as member of Audit Committee with effect from July 23,

2024.

The Audit Committee of Directors was constituted pursuant to the provisions of Section 177 of the Act and Regulation 18 of Listing Regulations, comprises of Mr. Ritesh Gupta (Chairman), Mr. Burhanuddin Ali Husain Maksi Wala, Ms. Astha Pareek and Mr. Manish Kumar Dabkara as its members. Majority of the members including Chairman of Audit Committee are Independent Directors.

All the recommendations made by the Audit Committee were accepted by the Board of Directors.

The Audit Committee met 5 (Five) times during the financial year ended March 31, 2025. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee of Directors was constituted pursuant to the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations, comprises of Mr. Burhanuddin Ali Husain Maksi Wala (Chairman), Mr. Ritesh Gupta and Ms. Astha Pareek as its members. All the members of NRC are independent directors.

All the recommendations made by the Nomination and Remuneration Committee were accepted by the Board of Directors.

The Nomination and Remuneration Committee met 6 (Six) times during the financial year ended March 31, 2025. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Stakeholders Relationship Committee

Mr. Naveen Sharma cease to become member of the committee w.e.f., December 3, 2024, pursuant to his resignation as whole time director of the Company.

Mr. Mohit Kumar Agarwal has been appointed as a member of the committee w.e.f., December 21, 2024.

The Stakeholder Relationship Committee was constituted pursuant to the provisions of Section 178 of the Act and Regulation 20 of Listing Regulations, presently comprise of Mr. Burhanuddin Ali Hussain Maksiwala, Chairman, Mr. Ritesh Gupta and Mr. Mohit Kumar Agarwal, Members.

All the recommendations made by the Stakeholders Relationship Committee were accepted by the Board of Directors.

The Stakeholders Relationship Committee met 4 (Four) times during the financial year ended March 31, 2025. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Corporate Social Responsibility Committee

Mr. Naveen Sharma cease to become member of the committee w.e.f., December 3, 2024, pursuant to his resignation as whole time director of the Company.

Mr. Mohit Kumar Agarwal has been appointed as a member of the committee w.e.f., December 21, 2024.

As per the provisions of Section 135 of the Act read with Companies (Corporate

Social Responsibility Policy) Rules, 2014, the Board of Directors has constituted a Corporate Social Responsibility (CSR) Committee, presently comprises of Mr. Ritesh Gupta (Chairman), Mr. Manish Kumar Dabkara and Mr. Mohit Kumar Agarwal as members.

All the recommendations made by the Corporate Social Responsibility (CSR) Committee were accepted by the Board of Directors.

The Corporate Social Responsibility (CSR) Committee met 1 (One) time during the financial year ended March 31, 2025. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Risk Management Committee

During the year under review, the provisions of Regulation 21 of the Listing Regulations were not applicable to the Company. Nevertheless, the Board of Directors, as a measure of good governance, has voluntarily continued with the Risk Management Committee.

Mr. Naveen Sharma cease to become member of the committee w.e.f., December 3, 2024, pursuant to his resignation as whole time director of the Company.

Mr. Mohit Kumar Agarwal has been appointed as a member of the committee w.e.f., December 21, 2024.

The Risk Management Committee presently comprise of Mr. Mohit Kumar Agarwal (Chairman), Mr. Burhanuddin Ali

Hussain Maksiwala and Mr. Manish Kumar Dabkara as members.

All the recommendations made by the Risk Management Committee were accepted by the Board of Directors.

The Risk Management Committee met 4 (four) times during the financial year ended March 31, 2025. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

AUDITORS Statutory Auditor

M/s Dassani $ Associates LLP, Chartered Accountant (FRN: 009096C), were appointed as Statutory Auditors of the Company at the 12th Annual General Meeting ("AGM") held on October 27, 2023, for a second term of 5 (five) consecutive years from the conclusion of 12th AGM till the conclusion of 17th AGM of the Company.

The Auditors Report does not contain any qualification, reservation or adverse remark or disclaimer, and no explanation on part of the Board of Directors is called for.

There were no instances of fraud reported by the auditors

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and regulation 24A of Listing Regulations, the Board of Directors of the Company on the recommendation of audit committee of the Company, has appointed M/s Agrawal Mundra $ Associates, Practicing Company Secretaries (FRN: P2019MP077600) for a first term of 5 (five) years beginning from financial year 2025-26.

The Secretarial Audit Report, issued by M/s Ruchi Joshi Meratia $ Associates, Practicing Company Secretary, in Form MR-3 for the financial year 2024-25 which forms part of the Directors Report as Annexure E. The report does not contain any qualification, reservation, disclaimer or adverse remark.

The Secretarial Compliance Report issued by M/s Ruchi Joshi Meratia $ Associates, Practicing Company Secretary for the financial year ended March 31, 2025, in relation to compliance of all applicable SEBI Regulations/ circulars/ guidelines issued thereunder, pursuant to the requirement of Regulation 24A of the Listing Regulations, is available on the website of the Company at: https://enkingint.org/wp- content/uploads/2025/06/lntimation_Annual-Secretarial- Compliance-Report_March-2025_Signed.pdf

Internal Auditor

In compliance with the provisions of Section 138 of the Act, read with the Companies (Accounts) Rules, 2014, the Internal Audit of the Company, for the FY 2024-25 was carried out by M/s Mahesh C Solanki $ Co., (FRN: 006228C), Chartered Accountants.

The Board in their meeting held on May 07, 2025 has appointed M/s Agarwal $ Dhoot, Chartered Accountants as an Internal Auditor of the Company for 3 (three) years beginning from financial year 2025-26.

Cost Auditor

The provisions of section 148 of the Act, read with Rule 14 of the Companies (Audit $ Auditors) Rules, 2014 relating to the cost audit are not applicable to the Company during the period under review.

VIGIL MECHANISM/ WHISTLE - BLOWER POLICY

In accordance with Section 177(9) of the Act, and Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, it is mandatory for a listed company and certain prescribed classes of companies to establish a Vigil Mechanism. This mechanism ensures adequate protection to employees and directors who raise concerns about violations of legal or regulatory requirements, misrepresentation of financial statements, and other related matters.

Our company has developed a Vigil Mechanism known as the Whistle Blower Policy, which is designed to uphold the highest standards of ethical, moral, and legal conduct in our business operations. Throughout the year, there were no instances where individuals were denied access to the Audit Committee.

The details of the Vigil Mechanism can be found in the Corporate Governance Report, included in this Annual Report. Additionally, the Whistle-Blower Policy is available on our companys website at : https://enkingint.org/wp- content/uploads/2024/02/Whistle-Blower-Policy.pdf

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

In accordance with the market capitalisation as of Financial Year 2024-25, the requirement to submit a Business Responsibility and Sustainability Report (BRSR) under Regulation 34(2)(f) of the Listing Regulations was not applicable to the Company. However, as part of its commitment to responsible business practices, the Company has voluntarily continued to comply with the BRSR framework.

A separate section on BRSR, detailing the Companys initiatives from an environmental, social, and governance (ESG) perspective forms an integral part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as stipulated under the Listing Regulations is presented in a separate section, and forms an integral part of this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of provisions of Section 134(3) (c) read with Section 134 (5) of the Act, in relation to the audited financial statements of the Company for the year ended March 31, 2025, the Board of Directors hereby confirms that:

a) In the preparation of the annual accounts for the year ended March 31, 2025 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, 2025 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 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 Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f) 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.

INTERNAL FINANCIAL CONTROL

The Company has implemented a strong and integrated system of internal controls to ensure the reliability of financial reporting, the smooth and efficient operation of business activities, compliance with policies and procedures, safeguarding of assets, and the economical and efficient utilisation of resources. To ensure the effectiveness and sufficiency of these control systems, appropriate review and monitoring mechanisms are established.

The Company adheres to accounting policies that align with the Indian Accounting Standards specified under Section 133 of the Act, in accordance with the Companies (Indian Accounting Standard) Rules, 2015.

The evaluation of internal controls and assurance of their adequacy and effectiveness are conducted through the Internal Audit, which is carried out by external auditing firms. The Internal Audit Reports are actively reviewed by the Audit Committee, and any necessary remedial measures are taken. The Board of Directors also periodically reviews the Internal Audit Reports. Notably, there were no significant weaknesses identified in the design or operation of the controls during the year.

The Standalone and Consolidated Financial Statements of the Company undergo quarterly reviews by its Statutory Auditors.

ANNUAL RETURN

Pursuant to the provisions of Section 92(3) and Section 134(3)(a) of the Act, the Annual Return of the Company as on March 31, 2025 is placed on the website of the company at the following web -address: https://enkingint.org/wp- content/uploads/2025/08/Form_MGT_7_EKIESL-2025_- for-website_final.pdf

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Act.

HUMAN RESOURCES

The foundation of your Companys success lies in its human resources, which opens up countless possibilities for its business. Our dedicated workforce drives efficient operations, fuels market development, and expands our range of services. By prioritising continuous learning and development, and implementing effective talent management practices, we ensure that the Organisations talent needs are met. The exceptional employee engagement score demonstrates the strong commitment and pride our employees feel as valued members of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY, BETWEEN THE END OFTHE FINANCIAL YEAR ANDTHE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of the Company which have occurred after March 31, 2025 till date of this report.

OTHER DISCLOSURE

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts) Rules, 2014 are furnished as under:

1. The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

2. During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code, 2016.

3. During the year under review, there has been no one time settlement of Loans taken from Banks and Financial Institutions.

4. There was no failure to implement any Corporate Action.

5. During the year under review, there was no change in the nature of business of the Company.

ACKNOWLEDGEMENTS AND APPRECIATION

Your Directors take this opportunity to thank the Companys customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and various regulatory authorities including Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), Ministry of Corporate Affairs (MCA), Registrar of Companies (ROC), National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for their consistent support and encouragement to the Company. The Directors extend their sincere appreciation to all employees of the Company and its subsidiaries and associates for their hard work and commitment. Their dedication and competence have ensured that the Company continues to be a significant and leading player in the industry.

	For and on behalf of Board of Directors
	Mr. Manish Kumar Dabkara	Mr. Mohit Kumar Agarwal
	Chairman and	Whole Time Director and
Place: Indore	Managing Director	Chief Financial Officer
	DIN:03496566	DIN:09459334
Date: August 5, 2025