Mercantile Ventures Ltd Directors Report

Dear Shareholders,

The Board of Directors of your Company take pleasure in presenting the Annual Report of the Company together with the audited consolidated & standalone financial statements and the auditor s report thereon for the financial year ended 31st March 2026.

1. FINANCIAL RESULTS

	Standalone		Consolidated
Description
	2025-26	2024-25	2025-26	2024-25
Revenue from Operations	4,293.24	3,656.07	9,333.69	7,218.53
Other Income	250.01	232.19	301.08	1,286.99
Profit/(Loss) Before Interest & Depreciation	261.06	358.11	350.36	1,422.93
Interest	10.65	20.36	10.68	20.40
Depreciation	83.04	84.00	90.05	93.32
Profit/(Loss) before Exceptional Items and Tax	167.37	253.75	249.63	1,309.21
Exceptional Items	-	-	-	-
Profit (Loss) before tax and after Exceptional	167.37	253.75	249.63	1,309.21
items
Provision for taxation Current tax	151.33	176.82	197.63	368.75
Deferred tax	(115.94)	(617.22)	(152.17)	(686.08)
Profit/(Loss) After Tax	131.98	694.15	204.17	1,626.54
Share of profit/(loss) from LLP/Partnership	(5.36)	(4.99)	(5.36)	(4.98)
Firms
Share of profit/(loss) from associate	-	-	-	-
Net Profit/(Loss) for the period from discontinued	-	-	-	1.06
operations
Minority Interest	-	-	(491.25)	(109.00)
Net Profit/(Loss) for the period	126.62	689.16	690.06	1731.62
Pre-Acquisition (Profit)/Loss for the period	-	-	-	-
Other Comprehensive Income (Net)	(5,520.18)	16.93	(6,529.84)	(471.69)
Total Comprehensive Income for the year	(5,393.56)	706.09	(5,839.78)	1,259.93

2. Highlights of the Company s financial performance for the year ended March 31, 2026

Standalone

Revenue from operations was Rs. 4,293.24 lakhs (previous year Rs. 3,656.07 lakhs)

Profit after tax for the year was Rs. 131.98 lakhs (previous year Rs. 694.15 lakhs)

Total Comprehensive Income was a loss of Rs. 5,393.56 lakhs (previous year profit of Rs. 706.10 lakhs)

Consolidated

Revenue from operations was Rs. 9,333.69 lakhs (previous year Rs. 7,218.53 lakhs)

Profit after tax for the year was Rs. 204.17 lakhs (previous year Rs. 1,626.54 lakhs)

Total Comprehensive Income was a loss of Rs. 5,839.78 lakhs (previous year Rs. 1,259.93 lakhs)

3. Amount, if any, which the Board proposes to carry to any reserves

The Company has not transferred any amount to the Reserves for the year ended 31st March 2026.

4. Dividend

The Board of Directors has not recommended any dividend for the year.

5. Major events occurred during the year and till the date of the report

Scheme of Amalgamation of India Radiators Limited with Mercantile Ventures Limited:

During the year under review, the Board of Directors of the Company approved the Scheme of Amalgamation between India Radiators Limited (Transferor Company) and Mercantile Ventures Limited (Transferee Company/Company) and their respective Shareholders and Creditors at its meeting held on 8th April 2025. Pursuant to the approval of the Board, the Company filed an application under Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with BSE Limited seeking its observation/no-objection to the proposed Scheme. BSE Limited issued its No-Objection Letter dated 14th October 2025 permitting the Company to proceed with the Scheme in accordance with applicable laws and regulatory requirements.

Subsequent to obtaining the No-Objection Letter from BSE Limited, the Company filed the requisite petition/application before the Hon ble National Company Law Tribunal (NCLT), Chennai. Pursuant to the directions of the Hon ble NCLT, meetings of the shareholders and unsecured creditors were convened and held on 13th March 2026 in accordance with the Tribunal s order. The Scheme was duly approved by the shareholders and unsecured creditors with requisite majority. Thereafter, upon completion of the regulatory process and scrutiny of all documents and submissions, the Hon ble NCLT sanctioned the

Scheme and pronounced its order on 2nd July 2026.

The Company received the certified copy of the NCLT Order on 8th July 2026 and subsequently filed the same with the Registrar of Companies (ROC) on 23rd July 2026. Upon filing of the certified copy of the NCLT Order with the ROC, the Scheme became effective on 23rd July 2026 ( Effective Date ) with 01st January 2025 as the Appointed date. In terms of the Scheme, the Board of Directors of the Transferee Company and the Transferor Company had, mutually, fixed

24th July 2026 as the Record Date for the purpose of determining the shareholders of the Transferor Company who would be entitled to receive equity shares of the Company pursuant to the Scheme. In accordance with the approved share exchange ratio, 10 (Ten) fully paid-up equity shares of face value 10/- each of the Transferee Company for every 36 (Thirty-Six) fully paid-up equity shares of face value 10/- each held in the Transferor Company by the eligible shareholders as on the Record Date , the Company allotted 1,53,161 number equity shares of Rs.10 each, fully paid-up, to the eligible shareholders of the

Transferor Company.

Consequent to the allotment, the number of paid-up equity share capital of the Company has increased from 11,19,18,195 to 11,20,71,356 of face value of Rs. 10 each.

As provided in the Scheme, all equity shares and preference shares held by the Company in the transferor company stand cancelled automatically without any further act or deed.

Scheme of Amalgamation of Walery Security Management Limited with i3 Security Private Limited:

The Hon ble National Company Law Tribunal, Division Bench - II, Chennai, vide its Order pronounced on 13th July 2026 has approved the Scheme of Amalgamation Between Walery Security Management Limited (Transferor Company), a subsidiary of the Company, and i3 Security Private Limited (Transferee Company), a wholly owned subsidiary of the

Company and their respective Shareholders .

The Appointed Date for the Scheme is January 01, 2024. The Scheme will be effective from the date on which the copy of the sanction order of Hon ble NCLT is filed with Registrar of Companies, Chennai in Form INC 28. The Transferor

Company is in process of filing Form INC 28. On the scheme coming into effect, i.e. on filing the Form INC 28, the Transferor Company shall, without any further act or deed, stand dissolved without winding up.

The amalgamation does not involve any change in the shareholding pattern of the listed company.

6. Change in Nature of Business, If Any;

There has been no change in the nature of business during the financial year.

7. Material Changes and Commitments

There are no material changes or commitments during the Financial Year.

8. Changes in the capital structure of the company during the year

M/s. Trinity Auto Points Ltd s ( Trinity ) (Promoter Group) equity shareholding has increased from 2,09,56,000 shares (18.72%) to 3,53,52,000 shares (31.58%). This increase is a result of the amalgamation of Golden Star Assets Consultants Private Limited (the Transferor Company) into Trinity (the Transferee Company), as sanctioned by the Hon ble National Company Law Tribunal (NCLT) via its order pronounced on July 24, 2025, under Sections 230 to 232 of the Companies Act, 2013. The scheme has become effective on 19th August 2025.

Further, the aforesaid acquisition will not result in any change in the overall shareholding of the promoter and promoter Group of the Company and there was no change in the capital structure of the company during the year.

9. Issue of shares or other convertible securities

During the year, the company has not issued any equity shares or preference shares or any securities which carry a right or option to convert such securities into shares.

10. Investor Education and Protection Fund (IEPF)

There were no such instances requiring any transfer of any amount by the company to the IEPF as required under Sections

124 and 125 of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

11. Details of Employee Stock Options

There are no Employee Stock Options Scheme(s) implemented by the Company during the year.

12. Directors

Ms. M S Niranjhan (DIN: 01650785) as Non-Executive- Independent Director

Mr. M S Niranjhan (DIN: 01650785) Non-Executive- Independent Director of the Company resigned from his office with effect from the closing business hours of 31st July 2025.

Appointment of Mr. N Umasankar (DIN: 07975664) as Whole time Director (Finance) & CFO.

Mr. N Umasankar (DIN: 07975664), was appointed as Whole time Director (Finance) of the Company for a term of Two (2) years i.e. from 27th October 2025 to 26th October 2027 by the shareholders through postal ballot on 16th December 2025 and continues to work as Chief Financial Officer (CFO) of the Company and he was designated as Whole-time Director

(Finance) & CFO.

Directors who retire by rotation

Mr. K Gopalakrishnan (DIN: 00621061), Non - Executive Director Non Independent Director who retires by rotation and being eligible, offers himself for re-appointment.

13. Key Managerial Personnel

In terms of Section 203 of the Act, the Key Managerial Personnel ( KMPs ) of the Company during the financial year are: Mr. E N Rangaswami, Whole time Director Mr. N Umasankar, Whole time Director (Finance) & Chief Financial Officer Mr. Oberoi Jangit M, Company Secretary.

14. Declaration of Independent Directors and statement on compliance of code of conduct

The Independent Directors have submitted their declarations with respect to their independence to the Board as required under Section 149(6) of the Companies Act, 2013 so as to qualify themselves for the continuance as independent directors under the provisions of the Companies Act, 2013 and the relevant rules and they have complied with the Code for Independent

Directors prescribed in Schedule IV to the Act.

15. Board Meetings

The Company had 6 (Six) board meetings on 08-04-2025, 28-05-2025, 04-08-2025, 27-10-2025, 06-02-2026 and 31-03-2026 during the financial year under review.

The intervening gap between the meetings were within the period prescribed under the Companies Act, 2013. Details of meetings held and attendance of directors are mentioned in the Corporate Governance Report, which forms part of this

Report.

16. Board Committees

The following statutory Committees constituted by the Board function according to their respective roles and defined scope:

- Audit Committee

- Nomination and Remuneration Committee

- Stakeholders Relationship Committee

- Corporate Social Responsibility Committee

The Composition of Committees, changes in committee positions number and dates of meetings of such committees held during the year are given in the Corporate Governance Report

17. Company s Policy on Directors appointment and remuneration

The Company s Policies relating to appointment of directors, payment of managerial remuneration, directors qualifications, positive attributes, independence of directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 are uploaded in the website of the Company in the following link. https://www.mercantileventures.co.in/index.php/policies/

18. Familiarization Program

The details of the familiarization programme for Independent Directors are available at the Company s website.

19. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, the Boards performance and performance of the non-independent Directors were considered/evaluated by the independent directors at their meeting without the participation of the non-independent director and key managerial personnel.

These Meetings are conducted to assess the quality, quantity and timeliness of flow of information between the Company s Management and the Board that are necessary for the Board to effectively and reasonably perform its duties. Pursuant to the provisions of the Companies act, 2013 and Regulation 17 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the

Directors individually as well as the evaluation of the working of its various Committees.

20. Remuneration of Directors and Employees

Disclosures with respect to the remuneration of directors, employees as required under 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, are given in

Annexure - I to this report.

21. Remuneration received by Whole time Director from subsidiary companies

The Whole time Directors does not receive any remuneration in any of the subsidiary companies.

22. Directors Responsibility Statement

In accordance with the provisions of section 134(5) of the Companies Act, 2013 the Board hereby submits its Responsibility

Statement: a. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates

that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for the year ended 31st March 2026; c. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d. The Directors had prepared the annual accounts on a going concern basis; e. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such

systems are adequate and operating effectively; f. The Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and operating effectively.

23. Internal Control Systems & their adequacy

Company s Internal Control System has been designed for providing accurate recording of transactions with internal checks and prompt reporting, adherence to applicable accounting standards and policies, compliance with applicable statutes, management policies and procedures, effective use of resources and safeguarding of assets.

The Internal audit was carried out periodically through a practicing chartered accountant. The observations arising out of the audit were periodically reviewed and compliance ensured. The summary of the internal audit observations and management responses were submitted to the Board after review by the Audit Committee.

24. Frauds Reported by Auditors as per Sec 143 (12) other than those which are reportable to the Central Government.

There were no fraud reported by Statutory Auditor, Secretarial Auditor to the Audit Committee/ Board.

25. Consolidated Financial Statements

In accordance with the section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, Listing regulations and Ind AS 110, the consolidated audited financial statement forms part of the Annual Report in addition to the standalone audited financial statement of the company.

26. Disclosures relating to Subsidiaries

A Report on performance and financial position of the subsidiaries highlighting the performance of each and their contribution to the overall performance of the company forms part of the financial statement in Form AOC-1. There are no associates /

Joint Ventures.

27. Companies which have become or ceased to be subsidiaries, associates and joint ventures

During the financial year, no companies have become or ceased to be subsidiaries, associates and joint ventures.

28. Deposits

The Company has neither accepted nor renewed any deposits during the year under review.

29. Particulars of Loans, Guarantees or Investments

The particulars of Loans, guarantees and investments covered under section 186 of the Companies Act 2013 are provided in the notes to the financial statements.

30. Particulars of Contracts or Arrangements made with Related Parties.

All transactions entered by the Company with related parties were in the ordinary course of business and at arm s length pricing basis. There were no materially significant transactions with related parties during the financial year 2025-26 which were in conflict with the interests of the Company.

The Board has approved the policy on related party transactions.

Details of transactions with related parties as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies

(Accounts) Rules, 2014 are provided in Form AOC-2 in Annexure-II.

The policy has been uploaded on the Company s website, under the web link: http://mercantileventures.co.in.

31. Corporate Social Responsibility

CSR was not applicable for the financial year 2025-26 pursuant to applicability criteria specified under Section 135 of the

Companies Act 2013. The company has complied with the provisions with respect to the unspent amount remaining in the

Unspent CSR account of the Company. The details of CSR activities containing details of CSR Committee Members, brief outline of the CSR policy, overview of the CSR initiatives, prescribed expenditure, amount spent etc. that form part of this

Report are furnished in Annexure-III.

The CSR policy is available in the website of the Company.

32. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The business of the Company is leasing of immovable properties and Manpower supply services. The particulars prescribed under Section 134 (3) (m) of the Companies Act, 2013 read with rule 8 (3) of the Companies (Accounts) Rules, 2014, relating to conservation of energy and technology absorption are not applicable to the business operations of the Company.

Foreign Exchange Earnings and Outgo:

Foreign Exchange Inflow: Nil Foreign Exchange Outflow: Nil

33. Risk Management.

As per the Provision of SEBI (LODR), the constitution of Risk Management Committee is applicable only to the top 1000 listed entities. This provision is not applicable to M/s. Mercantile Ventures Limited, as it does not come under the top 1000 listed entities.

34. Vigil Mechanism

Pursuant to Section 177(9) of the Act, a vigil mechanism was established for Directors and employees to report to the Management instances of unethical behaviour, actual or suspected, fraud or violation of the Company s code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for employees of the Company to approach the Chairman of the

Audit Committee for redressal. No person has been denied access to the Chairman of the Audit Committee of Directors and provides adequate safeguards against victimization, if any.

The Whistle Blower policy has been uploaded in the following web link. https://www.mercantileventures.co.in/ wp-content/ uploads/2019/07/Whistle-blower-policy.pdf

35. Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the company

There are no significant, and material orders passed by the regulators or courts or tribunals which would impact on the going concern status of the Company and its future operations.

36. Auditors

Statutory Auditors

M/s. Venkatesh & Co., Chartered Accountants (Firm Registration No.004636S) were appointed as statutory auditors of the

Company by the Members in the 21st Annual General Meeting held on 22nd September 2022 pursuant to the provisions of

Sections 139, 142 and other applicable provisions of the Companies Act 2013 and shall hold office till the conclusion of the 26th AGM to be held in the year 2027, at a remuneration of Rs. 5,25,000/- (Rupees Five Lakhs and Twenty Five Thousand only) plus reimbursement of out of pocket expenses and applicable taxes.

Secretarial Auditor

M/s. KRA & Associates, Practicing Company Secretaries (Firm Registration No. P2020TN082800) were appointed as the Secretarial Auditors of the Company for the first term of 5 consecutive years i.e., for the audit period from the financial year 2025-26 till the financial year 2029-30, by the shareholders of the Company in the Annual General Meeting held on 25th

September 2025.

And pursuant to Regulation 24A of Listing Regulations, the Secretarial Audit reports (Form MR -3) in respect of the Secretarial Audit of the Company and its Material Unlisted Company i3 Security Private Limited and Walery Security Management Limited for FY 2025-26 carried out by M/s. KRA & Associates, Practicing Company Secretaries, forms part to this report in

Annexure - IV.

Cost Auditor

The business activity of the Company is not covered under rule 3 of the Companies (Cost Records and Audit) Rules, 2014. Hence, the maintenance of cost records and requirement of cost audit under section 148(1) of the Companies Act, 2013 are not applicable.

37. Qualifications, reservations or adverse remarks or disclaimers made by the statutory auditor company secretary in their reports

Observations/Qualification in Statutory Audit report on the consolidated Financial Statements for the financial year ended March 31, 2026 provided by M/s. Venkatesh & Co, Statutory Auditors of the Company: Basis for Qualified Opinion:

We draw your attention to the following qualification to the audit opinion of the financial statements of M/s Walery Security Management Limited, Subsidiary of the Holding company (M/s Mercantile Ventures Limited) issued by an Independent firm of Chartered Accountants (R.G.N Price & Co) vide report dated 04-05-2026 reproduced by us as under:

During the year, The Company holds, 10%/9% 2.20 crores nos. redeemable cumulative preference shares of nominal value Rs. 10 per share aggregating to Rs. 22 crores of a company, purchased at par, in respect of which dividends remain unpaid since FY 2019-20.

In the absence of valuation reports in support of the fair-market value of these investments, we were unable to assess either the arm s length nature of this acquisition or the carrying value of these investments in terms of the principles outlined in Ind AS 109 Financial Instruments and Ind AS 113 - Fair Value Measurement and its consequential impact on the results of the

Company for the year ended March 31, 2026.

Further, during the previous year, the issuer company had raised a request for roll over for a further five-year term and the same has been agreed upon by the Company.

Explanations in response to Statutory Auditor Qualifications:

The investment by Walery Security Management Ltd relates to Redeemable Cumulative Preference Shares. The valuation of preference shares is not required under current regulations and the preference shares have been transferred at par and on arm s length basis considering the short maturity periods. In our opinion, the carrying value of the investments is appropriate and is in compliance with IND AS 109 on financial instruments and IND AS 113 on fair value measurement.

Observations in Secretarial Audit Report (MR-3) provided by M/s. KRA & Associates, Secretarial Auditors of the

Company:

One promoter company, First Leasing Company of India Limited, holding 0.16% of shareholding could not dematerialize the shares since the company is under liquidation.

Explanations in response to Secretarial Auditor Qualifications:

Dematerialisation of the shares could not be done by the promoter company since the company is in liquidation.

38. Disclosure on Compliance with Secretarial Standards

Your Directors confirm that the Secretarial Standards issued by the Institute of Company Secretaries of India, have been complied with.

39. Corporate Insolvency Resolution Process Initiated under the Insolvency and Bankruptcy Code, 2016 (IBC)

There are no applications filed for corporate insolvency resolution process, by any financial or operational creditor or by the company itself under the IBC before the NCLT during the financial year.

40. Annual Return

The copy of annual return of the Company as on March 31, 2026 is available on the Company s website under the web link: http://mercantileventures.co.in.

41. Certificate on Compliance of Conditions of Corporate Governance

A report on Corporate Governance as stipulated under Schedule V and Regulation 34(3) of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 forms part of this Annual Report. The requisite certificate from a practicing company secretary confirming compliance with the conditions of corporate governance as stipulated is annexed to this

Report.

42. Sexual Harassment

The Company has zero tolerance for sexual harassment at workplace. A policy is in place and an Internal Complaints Committee has been constituted which is monitoring the prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of POSH and the Rules made there under. There were no complaints reported under the POSH during the year under review.

43. Management Discussion and Analysis Report a) Industry Structure and developments

The supply of manpower and flexi-staffing business in India during FY 2025-26 experienced rapid expansion. Driven by robust manufacturing growth and a booming services sector, the contract staffing market reached an estimated 2.58 lakh crore. The formal flexi-workforce surpassed 1.91 million workers, fueled by high demand across IT, BFSI, and logistics. India s real estate sector stands at a pivotal inflection point, defined not merely by its scale and economic relevance, but by the structural shifts reshaping how value is generated, captured and sustained. As one of the largest contributors to employment generation, capital formation and urban development, the sector s demonstrated resilience continues to reinforce strong growth prospects, with the potential to scale beyond USD5 trillion by 2047. With the country advancing towards the Viksit Bharat 2047 vision, real estate is emerging as a critical catalyst for growth, productivity and job creation, underpinned by a progressively enabling policy framework, expanding digital penetration and deepening participation from institutional and capital markets b) Opportunities and Threats

The real estate boom is still significantly influenced by urbanization. The need for both commercial and residential real estate has surged as more people move from rural to urban areas in pursuit of better possibilities. The Indian Census projects that by 2031, there will be 600 million people living in India s cities. The need for both commercial and residential real estate being driven by this fast urbanization as developers scramble to satisfy the expanding demands of a population that is becoming more and more urbanized.

Notwithstanding its expansion, the Indian real estate sector is confronted with obstacles that may affect its course of progress. Complicated site acquisition procedures, approval hold-ups and the regulatory environment are the most significant obstacles. Additionally, developers profits are still being strained by growing construction expenses and shifting raw material prices. Tenants continue to have serious concerns about affordability because of inflationary pressures and growing interest rates. To ensure businesses always have the right people at the right time, manpower services have become an indispensable partner.

These services help companies recruit, train, and manage employees, from entry-level workers to specialized professionals. But while their importance is growing, manpower service providers themselves are facing unprecedented challenges. Rapidly changing workforce expectations, digital disruption, and global uncertainties are forcing manpower firms to rethink how they operate. c) Segment-wise or produce-wise performance

The company is operating in the segment of leasing of immovable properties and Manpower supply services.

The outlook for this business segment remains positive, with the company well-positioned to earn steady revenue from these operations going forward. d) Future Outlook and state of the company s affairs

The Company primarily engages in property investments for leasing purposes and provides manpower supply services.

Moving forward, the industry is poised for continued expansion, as organizations increasingly prioritize workplace wellness, and intelligent, future-ready office environments. e) Risk and concerns

The Company has a robust and well-structured framework that actively identifies and evaluates potential risks, ensuring that mitigation strategies are implemented and periodically reviewed for effectiveness. The Board regularly monitors and assesses key risks, emerging threats, and areas of concern to safeguard the organization s interests. f) Internal control systems and their adequacy.

The company has an adequate internal control system. g) Discussion on financial performance with respect to operational performance

A review of the financial performance is given under review of operations.

h) Material developments in Human Resources / Industrial Relations front, including number of people employed. Nil i) Details of significant changes in key financial ratios (Change of 25% or more as compared to the immediately previous financial year)

During the year, on a standalone basis, the significant changes in the financial ratios of the Company, which are more than 25% as compared to the previous year, are summarized below:

	Standalone
Financial ratio	2025-26	2024-25	Variance	Reason for variance exceeding 25%
Current ratio	4.85	3.73	30.05%	Reductions in Tax provisions & Tax asset &
				Investment in Mutual fund.
Return on Equity	0.48%	2.11 %	(77.26)%	Due to Reversal of Deferred Tax in the
				Previous year and on account of fair value
				revi-sions.
Net capital turnover ratio	1.28	1.01	27.05%	Due to Increase in Turnover and Reduction
				in Tax Provi-sions.
Net profit ratio	0.03	0.19	(83.81)%	Due to Increase in Cost of services.
Return on capital employed	0.48%	2.02 %	(76.43)%	Due to Reduction in Profits, Tax Provisions,
				Loans and Advances and Reversal of
				Deferred Tax in the Previous year.
Return on Investment	0.46%	1.95 %	76.27%	Due to Reduction in Profits, and Reversal
				of Deferred Tax in the Previous year.

j) Any change in return of net worth as compared to the immediately preceding financial year.

The details of return of net worth as compared to the immediately preceding financial year are provided as given below:

S. No.	Net worth FY 2025-26	Net worth FY 2024-25 (previous financial year)	Changes	Explanation
1	27,450.77	32,827.06	(5,376.29)	Due to comprehensive income.

44. Acknowledgement

Your directors express their grateful thanks for the assistance, co-operation and support extended to the Company by promoters, shareholders and the bankers for their continued support. The Directors also place on record their appreciation of the good work put in by the employees of the company.

	For and on behalf of the Board of Directors
	Sd/-	Sd/-
	E N Rangaswami	B. Narendran
Place: Chennai	Whole Time Director	Director
Date: 14th August, 2026	DIN: 06463753	DIN: 01159394