HVAX Technologies Ltd Directors Report

Dear Members,

The directors are pleased to present this 15^th Annual report on the business and operations of your company along with the Audited Financial Statement for the year ended on 31^st March, 2025.

1. FINANCIAL RESULTS:

The financial performance of your company for the Financial Year ended on 31^st March, 2025, is given below:

Particulars	FY 2024-25	FY 2023-24
Revenue from Operations	13,103.19	10,606.13
Add: Other Income	38.90	140.86
Total Revenue (A)	13,142.09	10,746.99
EXPENSES
Cost of Materials and Services Consumed	7,916.75	6,753.00
Employee Benefit Expenses	1,302.19	1,111.17
Finance Cost	247.05	157.65
Depreciation	154.29	107.27
Other Expenses	2,025.80	1440.18
Total Expenses (B)	11,646.08	9,569.27
Profit before Exceptional/Prior period and Extraordinary items and tax	1,496.01	1,177.72
Exceptional/Prior Period and Extraordinary items	-	(35.98)
Profit before Tax (A) - (B)	1,496.01	1,141.74
Less: TAX Expense	391.60	290.15
Profit after Tax	1,104.41	851.59
Earnings per Share
(1) Basic/Diluted (in )	45.90	137.49
(2) Basic/Diluted (in ) after Bonus Issue	45.90	42.95

2. FINANCIAL HIGHLIGHTS AND STATE OF AFFAIRS OF THE COMPANY:

During the financial year ended 31^st March, 2025, your Company achieved a total income of 13,103.19 Lakhs as compared to 10,606.13 Lakhs in the previous financial year ended 31^st March, 2024, registering a growth of 23.54%. The Net Profit After Tax for the year under review stood at 1,104.41 Lakhs as against 851.59 Lakhs in the previous year, reflecting an increase of 29.69%. This consistent growth in both revenue and profitability demonstrates the robust operational performance and financial stability of your Company.

3. CAPITAL STRUCTURE:

A. AUTHORISED CAPITAL

The Authorised Share Capital of the Company as on 31^st March, 2025 was 25,00,00,000/- (Rupees Twenty-Five Crores) in the following manner:

S. No. Type of Share issued	No. of Shares Issued	Value per share (in	Total Amount (in )
1 Equity	2,50,00,000	10	25,00,00,000/-
2 Preference Share	0	0	0.00
Total			25,00,00,000/-

During the year under review, there was no change in the Authorised Capital of the Company.

B. PAID UP CAPITAL

During the year under review, the paid-up share capital of the Company underwent the following changes-

• During the year under review, the Company allotted 13,63,250 equity shares as fully paid-up bonus shares on 1^st April, 2024, in the ratio of 2:1 to the existing shareholders.

• Subsequently, the Company was listed on the EMERGE SME platform of the National Stock Exchange of India Limited (NSE) w.e.f. 7^th October, 2024, and successfully came out with its Initial Public Offer (IPO). Pursuant to the IPO, the Company issued and allotted 7,32,000 equity shares of face value 10/- each at a price of 458/- per share (including share premium of 448/- per share).

Consequent to the aforesaid allotments, the paid-up equity share capital of the Company as on 31^st March, 2025 is as follows:

Type of Share	No. of Shares	Value per share (in )	Total Amount (in
Equity Shares	27,76,875	10	2,77,68,750/-
		Total	2,77,68,750/-

C. BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.

D. SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the year under review.

E. BONUS SHARES

During the year under review, the Company allotted Bonus Shares in the ratio of 2:1 (i.e., two fully paid-up equity shares for every one equity share held) to the existing shareholders of the Company.

F. EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees.

G. SHARES WITH DIFFERENTIAL RIGHTS

The Company has not issued any shares with differential rights during the year under review.

4. DIVIDEND:

In order to conserve the resources of the Company and strengthen its financial position, your directors have not recommended any dividend on the equity shares for the financial year 2024-25. However, considering the growth prospects and accumulated profits, the Board may recommend the declaration of dividend(s) in the forthcoming financial year.

5. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There were no changes in the nature of business of your company during the year under review.

6. ANNUAL RETURN

Pursuant to amendments in Sections 92, 134(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the copy of the annual return is available on the website of the Company viz; https://www. hvax.in.

7. BOARD MEETINGS AND ATTENDANCE:

The Directors of your company met at regular intervals with the gap between two meetings not exceeding 120 days to review companys policies and strategies apart from the Board matters. The notices of the meeting were given in advance. Additional meetings were held on the basis of the requirements of the company. Proper quorum was present in each meeting as per the Companies Act requirement.

8. DIRECTORS RESPONSIBILITY STATEMENT:

To the best of knowledge and belief and according to the information and explanations obtained by them, your directors make the following statement in terms of Section 134(3)(c) of the Companies Act, 2013 that:

a) In the preparation of the annual accounts for the financial year ended 31^st March, 2025, the applicable accounting standards have been followed and there are no material departures for the same;

b) The directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give true and fair view of the state of affairs of the company as on 31^st March, 2025 and of the profits of the company for the year ended on that date;

c) Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) Directors have prepared the annual accounts on a going concern basis;

e) Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system were adequate and 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.

9. INTERNAL FINANCIAL CONTROL SYSTEMS AND ITS ADEQUACY:

Your Company has its internal financial control systems commensurate with the size of its operations, the management regularly monitors the safeguarding of its assets, prevention and detection of frauds and errors, and the accuracy and completeness of the accounting records including optimal utilization of resources, reliability of its financial information and compliance and timely preparation of reliable financial information.

Internal Audit Reports and significant audit observations are brought to the attention of the Audit Committee of the Company. The internal controls existing in the Company are considered to be adequate vis-a-vis the business requirements. Your Company ensures adequacy, commensurate with its current size and business, to ensure operational efficiency, protection and conservation of resources, accuracy and promptness in financial reporting and compliance of laws and regulations. It is supported by the internal audit process and will be enlarged to be adequate with the growth in business activity.

For more details on internal financial control system and their adequacy kindly refer Management Discussion and Analysis Report.

10. TRANSFER TO RESERVE:

The Directors do not propose to transfer any amount to Free Reserves. The Accounting Standards permit that the amount that stands at profit/ loss after tax is included in reserves & surplus schedule i.e Other Equity.

11. DEPOSITS:

Your company has not accepted any deposits from the public falling within the purview of Section 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposit) Rules, 2014; therefore, there was no principal or interest outstanding as on the date of the balance sheet.

12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year under review, the Company has not made any investments or provided any guarantees. However, the Company has advanced loans which are well within the limits approved by the Members of the Company and in compliance with the provisions of Section 186 of the Companies Act, 2013 ("the Act”) and the rules made thereunder. The details of loans, guarantees and investments covered under Section 186 of the Act are disclosed in the Notes to the Standalone Financial Statements forming part of this Annual Report.

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

In line with the requirements of the Companies Act, 2013 and Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is also available on the Companys website at https://www.hvax.in. The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.

All transactions entered into with related parties during the financial year were on an ordinary course of business and at arms length basis, which were approved by the Audit Committee. There were no material related party transactions, i.e. transactions exceeding 10% of the annual consolidated turnover as per the last audited financial statement, were entered during the year by your Company. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013, in Form AOC-2 is not applicable.

14. HOLDING, SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANY / IES:

The Company has no Holding, Subsidiary, Associate or Joint Venture Companies as on 31^st March, 2025

15. MATERIAL CHANGES AND COMMITMENT, IF ANY BETWEEN THE DATE OF THE BOARD REPORT AND END OF FINANCIAL YEAR, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There were no Material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these Financial Statements relate and on the date of this report.

16. COMPLIANCE OF SECRETARIAL STANDARD:

During the year under review, the Company has complied with applicable Secretarial Standards.

17. CORPORATE SOCIAL RESPONSIBILITY:

As per Companies Act, 2013, all the Companies having net worth of 500 crore or more, or a turnover of 1000 Crores or more or net profit of 5 Crores or more during any financial year are required to constitute a CSR Committee comprising three or more Directors, at least one of whom should be independent Director. All such Companies are required to spend 2% of the average profits of last three preceding financial years on CSR activities.

The Company adopted its CSR initiatives during the financial year ended 31^st March, 2025, the Company incurred CSR expenditure of 15,52,893/- (Rupees Fifteen Lakh Fifty-Two Thousand Eight Hundred Ninety-Three).

The Companys CSR initiatives were in accordance with Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014 and details of the same is set out in amended Annual Report on CSR Activities and is annexed herewith as ANNEXURE - I.

18. AUDITORS & AUDIT REPORT:

> STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s. Keyur Shah & Associates, Chartered Accountants, Ahmedabad (ICAI Firm Registration No. 333288W) has been appointed as statutory auditors of the Company till the conclusion of 19^th (Nineteenth) AGM to be held in FY 202829, in the previous Annual General Meeting held on 30^th September, 2024.

The Auditors Report for FY 2024-25 does not contain any qualification, reservation, or adverse remark. The report is enclosed with the financial statements in this Integrated Annual Report.

> SECRETARIAL AUDITOR:

Your Company had appointed M/s. Parth Nair & Associates, Ahmedabad as Secretarial Auditor for the Financial Year ended 31^st March, 2025 in accordance to the provisions of Section 204 of Companies Act, 2013 read with rules framed thereunder. The Secretarial Audit Report in the Form MR-3 issued by the Secretarial Auditor forms part of this Report as ANNEXURE - II.

> INTERNAL AUDITOR:

In accordance with the provisions of Section 138 of the Companies Act, 2013 your Company has appointed M/s CHK & Associates, Chartered Accountants, Mumbai as the Internal Auditors for the Financial Year 2025-26.

> BOARDS RESPONSE ON AUDITORS QUALIFICATION, RESERVATION OR ADVERSE REMARKS OR DISCLAIMER MADE:

There are no qualifications, reservations or adverse remarks made by the Secretarial Auditors in their report for the year ended 31^st March, 2025. The Statutory Auditors of the Company have submitted the Audit Report for the financial year 2024-25. The Auditors report does not contain any qualification, reservation or adverse remarks. The notes on financial statement referred to in the Auditors report are self-explanatory and do not call for any comments.

During the year, there were no instances of fraud reported by auditors under Section 143(12) of the Companies Act, 2013.

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

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014 is annexed herewith as ANNEXURE - III.

20. DIRECTOR AND KEY MANAGERIAL PERSONNEL:

In terms of Section 152(6) of the Companies Act, 2013, Mr. Prayagdatt Vijaykumar Mishra (DIN- 03306298) Director of the Company is liable to retire by rotation in the ensuing Annual General Meeting and being eligible offers himself for re-appointment

The Directors and KMPS of the Company as on 31^st March 2025 were as below:

Sr. No. Name of the Director	DIN/PAN	Designation & Category
1. Nirbhaynarayan Sudarshan Singh	02709947	Chairman & Wholetime Director
2. Prayagdatt Vijaykumar Mishra	03306298	Managing Director
3. Shiv Kumar Mittal	02578461	Non-Executive Director
4. Brinda Jitendrakumar Soni	10474209	Independent Director
5. Renuka Kunal Bajaj	10475413	Independent Director
6. Anandan Jayachandran Sengundamudaliar	FZLPS7921B	Company Secretary
7. Siddharth Patel	APDPP2133H	CFO

Particular of Changes in directorship & KMP during the year: -

Name	DIN/PAN	Nature of Change	Designation	Date
Priyank Vijaykumar Goradia	BPXPG5288R	Cessation	Chief Financial Officer	30/01/2025
Siddharth Patel	APDPP2133H	Appointment	Chief Financial Officer	30/01/2025

21. DECLARATION BY INDEPENDENT DIRECTORS:

Pursuant to the provisions of Section 149 of the Companies Act, 2013, the Independent Directors have submitted declarations that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013 along with Rules framed thereunder and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. There was no change in the circumstances affecting their status of Independent Directors of the Company.

The Board of Directors is of the opinion that the Independent Directors of the Company holds highest standards of integrity and

possess requisite expertise and experience required to fulfil their duties as Independent Directors. The Independent Directors have confirmed that they have registered themselves with Independent Directors database of The Indian Institute of Corporate Affairs (IICA) and have cleared online proficiency test as applicable.

22. COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION 178:

Your Company has framed a Nomination and Remuneration Policy to formulate the criteria for determining qualifications, competencies, positive attributes and independence for appointment of a director (executive/ non-executive/ independent), Senior Management and other employees.

The Nomination and Remuneration Committee (NRC) identifies and recommends eminent professionals with relevant expertise and independent standing for appointment as Independent Directors, in line with the Companys Policy on Selection of Directors and Determining Independence. The Policy, revised during the year, sets guiding principles for assessing qualifications, attributes, diversity and independence of Directors.

The Remuneration Policy, framed under Section 178 of the Companies Act, 2013, is performance-driven, aligned with industry practices and designed to reward achievement and contribution.

23. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

Pursuant to the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Board carried out the annual performance evaluation of the Board, its committees and individual Directors. The evaluation was conducted through a structured questionnaire covering aspects such as Board composition, culture, effectiveness, governance and discharge of duties.

The performance of individual Directors, including the Chairman, was assessed on parameters like level of engagement, independence of judgement and safeguarding of stakeholders interests. The evaluation of Independent Directors was done by the entire Board, while the Independent Directors reviewed the performance of the Chairman, Non-Independent Directors and the Secretarial Department. The Directors expressed satisfaction with the overall evaluation process.

24. CORPORATE GOVERNANCE:

Since the Companys securities are listed on the NSE Emerge SME Platform, in terms of Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the provisions relating to Corporate Governance under Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2) and paras C, D and E of Schedule V are not applicable. Accordingly, the Corporate Governance Report does not form part of this Annual Report.

25. COMMITTEES:

The Board has constituted 3 main Committees, viz. Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee. The Board is authorized to constitute other functional Committees, from time to time, depending on business needs. The recommendations of the Committees are submitted to the Board for approval. During the year, all the recommendations of the Committees were accepted by the Board. The Composition of various Committees of your Company as on 31^th March, 2025 was as below:

> Audit Committee:

In compliance with the requirement of Section 177, as applicable to the Company, the Board of Directors has constituted Audit Committee. The members of the Audit Committee possess financial/accounting expertise/ exposure. The Audit Committee assists the Board in its responsibility for overseeing the quality and integrity of the accounting, auditing and reporting practices of the Company and its compliance with the legal and regulatory requirements. Apart from the matters provided under Section 177(4) of the Companies Act, 2013, the Audit Committee also review the significant legal cases pending and all material developments are reported to the Board.

The Company has constituted an Audit Committee of the Company on 01^st April 2024. The Audit Committee comprises of the following Directors of the Company;

Sr No. Name of Director	Designation	Position on the Committee
1 Mrs. Brinda Jitendrakumar Soni	Independent Director	Chairman
2 Mr. Nirbhaynarayan Sudarshan Singh	Executive Director	Member
3 Mrs. Renuka Kunal Bajaj	Independent Director	Member

> Nomination and Remuneration Committee:

The Company constituted a Nomination & Remuneration Committee (NRC) of the Company on 01^st April 2024 in line with the provision of Section 178 of the Act.

The Nomination & Remuneration Committee comprises of the Independent/Non-Executive Directors of the Company as mentioned below.

Sr No. Name of Director	Designation	Position on the Committee
1 Mrs. Brinda Jitendrakumar Soni	Independent Director	Chairman
2 Mr. Shiv Kumar Mittal	Non-Executive Director	Member
3 Mrs. Renuka Kunal Bajaj	Independent Director	Member

A Copy of the NRC Committee Policy will be available at the Companys website https ://www.hvax.in

> Stakeholders Relationship Committee:

The Company has constituted a Stakeholders Relationship Committee of the Company on 01^st April 2024 in line with the provision of Section 178 of the Act.

The Stakeholders Relationship Committee comprises of the Independent/Non-Executive Directors of the Company as mentioned below.

Sr No. Name of Director	Designation	Position on the Committee
1 Mrs. Renuka Kunal Bajaj	Independent Director	Chairman
2 Mr. Nirbhaynarayan Sudarshan Singh	Executive Director	Member
3 Mrs. Brinda Jitendrakumar Soni	Independent Director	Member

A Copy of the Stakeholders Relationship Committee Policy will be available at the Companys website https://www. hvax.in

26. POLICIES:

> RISK MANAGEMENT POLICY:

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks towards the key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Board of Directors of the Company. Although, Board is of the opinion that there are no major risks affecting the existence of the Company.

> ESTABLISHMENT OF VIGIL MECHANISM / WHISTLE BLOWER POLICY FOR DIRECTORS AND EMPLOYEES:

Your Company promotes ethical behaviors in all its business activities and has put in place a mechanism wherein the employees are free to report illegal or unethical behavior, actual or suspected fraud or violation of the Companys Codes of Conduct or Corporate Governance Policies or any improper activity to the Chairman of the Audit Committee of the Company or Chairman of the Board. The Whistle Blower Policy has been duly communicated within your Company.

Under the Whistle Blower Policy, the confidentiality of those reporting violation(s) is protected, and they are not subject to any discriminatory practices. No personnel have been denied access to the Audit Committee in this regard. The Vigil Mechanism and Whistle Blower Policy may be accessed on the Companys website https://www.hvax.in.

> SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

Your Company has in place a Prevention of sexual harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

Your Company did not receive any sexual harassment complaints during the year ended on 31^st March, 2025

The Company is committed to provide safe and conducive work environment to all its employees and associates The policy adopted by the Company for Prevention of Sexual Harassment is available on its website at https://www.hvax.in.

27. PARTICULARS OF EMPLOYEES:

The remuneration paid to the Directors is in accordance with the Nomination and Remuneration Policy of the Company formulated pursuant to Section 178 of the Companies Act, 2013.

The disclosures required under Section 197 of the Companies Act, 2013 read with the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, including any statutory modifications or re-enactments thereof, have been duly complied with and form part of this Report in accordance with the applicable provisions.

28. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

A detailed analysis of the Companys performance is made in the Management Discussion and Analysis Report, which forms part of this Annual Report. (ANNEXURE - IV)

29. INSURANCE

The properties and insurable assets of the Company such as buildings, plants, machinery and stocks among others are adequately insured.

30. CEO AND CFO CERTIFICATION:

Since your Companys securities are listed on NSE SME Platform, by virtue of Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Compliance with CEO and CFO Certification as provided under Sub- regulation 8 of Regulation 17 is not applicable. Hence, the same does not form part of this report.

31. DEMATERIALISATION OF EQUITY SHARES:

The entire Shareholding of the Company is in DEMAT mode. The ISIN No. allotted is INE0TO501019. The Companys Equity Shares are compulsorily tradable in electronic form.

32. LISTING AND DEPOSITORY FEES:

Your Company has paid Annual Listing Fee for the financial year 2025-26 to NSE Ltd. according to the prescribed norms & regulations. Company has also paid Annual Custody Fee to National Securities Depository Limited and Issuer Fee to Central Depository Services (India) Limited for the financial year 2025-26.

33. DISCLOSURE OF ACCOUNTING TREATMENT:

In the preparation of the financial statements, the Company has followed the Accounting Standards referred to in Section 133 of the Companies Act, 2013. The significant accounting policies which are consistently applied are set out in the Notes to the Financial Statements.

34. ENVIRONMENT, HEALTH AND SAFETY:

The Company considers it is essential to protect the Earth and limited natural resources as well as the health and wellbeing of every person. The Company strives to achieve safety, health and environmental excellence in all aspects of its business activities. Acting responsibly with a focus on safety,

health and the environment is a part of the Companys DNA.

35. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

Your Company lays emphasis on competence and commitment of its human capital, recognizing its pivotal role for organizational growth. During the year, the Company maintained a record of peaceful employee relations. Your directors wish to place on record their appreciation for the commitment shown by the employees throughout the year.

36. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

During the year under review there has been no such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

37. 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:

During the year under review, neither there is any application made, nor any proceedings are pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).

38. 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 REASONSTHEREOF:

During the year under review, no such exercise has happened.

39. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

The Company was not required to transfer any amounts to Investor Education and Protection Fund (IEPF).

40. CREDIT RATING:

During the year under review the Company has not obtained any credit rating.

41. GENERAL DISCLOSURES:

Your directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the financial year under review:

• There were no material changes in commitments affecting the financial position of your Company between the end of financial year (March 31, 2025) and the date of the report.

• During the period under review, none of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143 (12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force);

• The Company is not required to maintain cost records and cost audit not applicable as your company does not fall under the purview of Section 148 of Companies Act, 2013.

APPRECIATIONS & ACKNOWLEDGMENT:

Your directors wish to place on record their gratitude to Shareholders for the confidence reposed by them and thank all the Clients, Dealers and other business associates for their contribution to your Companys growth. The Directors also wish to place on record their appreciation of the valuable services rendered by the executive, staff and workers of the Company.

Your Board expresses its gratitude for the assistance and co-operation extended by SEBI, NSE, NSDL, CDSL, MCA, ROC, Central Government and Government of various States and other Regulatory Authorities including Local Governing Bodies.

Your Board appreciates the precious support provided by the Auditors, Lawyers and Consultants. We place on record our appreciation for the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.

The Management is deeply grateful for the confidence and faith that all the stakeholders have reposed in them. Your directors look forward for their continued support in the future for the consistent growth of the Company.

	By Orders of the Board of Directors
	For, Hvax Technologies LImited
	Sd/-
	Prayagdatt Vijaykumar Mishra
	Managing Director
	DIN: 03306298
Date: 2nd September, 2025
Place: Ahmedabad
Registered Office:
CIN: L74999MH2010PLC210329
601, Lodha Supremus, I-Think Techno Campus,
Kanjurmarg (East), Mumbai City, Mumbai,
Maharashtra, India, 400042