Pulsar International Ltd Directors Report

To The Members,

Your directors present herewith their 35^th Annual Report of your Company comprising the Audited Financial Statements for the year ended 31^st March 2026.

FINANCIAL RESULTS

(Rs. Lakhs)

	Year ended on 31-03-2026	Year ended on 31-03-2025
Total Income	12879.35	3117.04
Gross Profit before Depreciation and Tax	55.08	176.57
Less: Depreciation	41.01	0.11
Profit / (Loss) before Tax	14.07	176.57
Less: Provision for Current Taxation	3.62	-
Less : Short and Excess Provisions for Earlier years	-	-
Less: Deferred Tax Asset	-	-
Profit/(Loss) after Taxation	10.45	176.57
Balance carried forward to Balance Sheet	10.45	176.57

OPERATIONS & STATE OF AFFAIRS OF THE COMPANY

During the current year of operation, your Company has registered revenue from operation of Rs. 12879.35/- Lakhs, as compared to Rs.3117.04/- Lakhs in the previous financial year. Your company has earned net profit of Rs.10.45/- Lakhs as compared to net profit of Rs.176.57/- Lakhs in the previous financial year.

CHANGE IN NATURE OF BUSINESS

During the financial year 2025-26, The Company has not changed its nature of business and had been continuing with the same line of business.

RIGHT ISSUE OF EQUITY SHARES

During the year under review, the Company made an issue of 35,69,50,000 (Thirty-Five Crore Sixty-Nine Lakh Fifty Thousand) Equity Shares on a rights basis to the existing equity shareholders of the Company in the ratio of 5:1, i.e. 5 (Five) Rights Equity Shares for every 1 (One) fully paid-up Equity Share held by the eligible shareholders as on the record date. The Rights Issue was made in accordance with the applicable provisions of Section 62(1)(a) of the Companies Act, 2013 and other applicable rules and regulations. The aforesaid 35,69,50,000 Equity Shares were duly allotted to the eligible applicants pursuant to the Rights Issue.

DETAILS OF NEW SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

Your Company does not have any subsidiary, joint Venture or associate Company.

DIVIDEND AND TRANSFER TO RESERVES

During the year the company has transferred all the amount to general reserve and the board has not recommended any dividend for the current year.

DEPOSITS

During the year under review, your Company has neither accepted nor renewed any deposits within the meaning of Section 73 of the Companies Act, 2013.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF FINANCIAL YEAR AND DATE OF REPORT

There is no occurrence of material change and commitment made between the end of the financial year and date of this report which has affected the financial position of the company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the financial year 2025-26, the following changes took place in the composition of the Board of Directors of the Company:

Mr. Jayesh Patel, Non-Executive Director, ceased to be a Director of the Company with effect from 11 April 2025. Mr. Arvindkumar Parmar was appointed as Managing Director of the Company with effect from 03 October 2025. Mr. Kaushik Modi was appointed as an Independent Director of the Company with effect from 11 September 2025 and ceased to be an Independent Director with effect from 18 December 2025.

Mr. Rupabhai Patel was appointed as a Non-Executive Director of the Company with effect from 11 September 2025. Mr. Sohil Patel was appointed as an Executive Director of the Company with effect from 16 March 2026.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declaration from the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under the applicable provisions of section 149(6) of the Companies Act, 2013.

COMMITTEES OF BOARD

Audit Committee Details
Name of Committee members	Designation
Payalben Bharatkumar Sadhu	Chairperson
2 Devendrasinh Dalpatsinh Umat	Member
3 Rupabhai Maganbhai Patel	Member
Nomination and remuneration committee
Name of Committee members	Designation
1 Payalben Bharatkumar Sadhu	Chairperson
2 Devendrasinh Dalpatsinh Umat	Member
3 Rupabhai Maganbhai Patel	Member
Stakeholders Relationship Committee
Name of Committee members	Designation
1 Rupabhai Maganbhai Patel	Chairperson
2 Payalben Bharatkumar Sadhu	Member
3 Devendrasinh Dalpatsinh Umat	Member

During the financial year under review, the constitution of the Committees of the Board of Directors of the Company was reviewed and reconstituted, wherever applicable, in accordance with the provisions of the Companies Act, 2013 and the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

INDEPENDENT DIRECTORS MEETING

The Independent Directors met on March 17, 2026, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of Non-Independent Directors, the Committees and the Board as a whole along with the performance of the Chairman of your Company, taking into account the views of Executive Directors and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

Pursuant to Section 178(3) of the Act, your Company has framed a policy on Directors appointment and remuneration and other matters (“Remuneration Policy”) which is available on the website of your Company and link for the same. https://pulsarinternational.co.in/.

CORPORATE GOVERNANCE REPORT

Your Company is committed to maintain highest standards of corporate governance practices. The Corporate Governance Report, as stipulated by SEBI Listing Regulations, forms part of this Integrated Annual Report, regarding compliance of the conditions of corporate governance, as stipulated. In compliance with corporate governance requirements as per the SEBI Listing Regulations, your Company has formulated and implemented a Code of Conduct for all Board members and senior management personnel of your Company (“Code of Conduct”), who have affirmed the compliance thereto. The Code of Conduct is available on the website of your Company and the link for the same is https://pulsarinternational.co.in/.

CODE FOR PREVENTION OF INSIDER TRADING

Your Company has adopted a Code of Conduct (“PIT Code”) to regulate, monitor and report trading in Companys shares by Companys designated persons and their immediate relatives as per the requirements under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The PIT Code, inter alia, lays down the procedures to be followed by designated persons while trading/ dealing in Companys shares and sharing Unpublished

Price Sensitive Information (“UPSI”). The PIT Code covers Companys obligation to maintain a digital database, mechanism for prevention of insider trading and handling of UPSI, and the process to familiarise with the sensitivity of UPSI. Further, it also includes code for practices and procedures for fair disclosure of unpublished price sensitive information which has been made available on your Companys website and link for the same https://pulsarinternational.co.in.

EXTRACT OF ANNUAL RETURN

Pursuant to section 92(3) and 134(3)(a) of the Act read with Rule 12 of Companies (Management and Administration) Rules, 2014 as substituted by the Companies (Management and Administration amendment) Rules, 2021 a Draft copy of the Annual Return is made available on the Website of the Company at https://pulsarinternational.co.in.

MEETINGS

During the year, 18 (Eighteen) meetings of the Board of Directors of the Company were convened and held. The details of date of meetings and the attendance of each director at the Board Meetings and Committees Meetings are available in Corporate Governance Report in detail.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards had been followed and that there were no material departure. ii. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the Company for the period; iii. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. the directors have prepared the annual accounts on a going concern basis; v. 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; vi. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY

The provision of Section 135 pertaining to Corporate Social Responsibility is not applicable to the Company for the financial year ended 2025-26.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year, the company has given loans to the corporate incompliance of Section 186 of the Companys Act 2013. Further note that the company did not give any guarantee, nor any security nor made any investments within the meaning of Section 186 of the Companies Act, 2013.

RELATED PARTY CONTRACTS

During the financial year, your Company entered into related party transactions which were on arms length basis and in ordinary course of business. There are no material transactions with any related party as referred in sub-section (1) of section 188 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014. Your directors draw attention to Note no. S of Notes forming part of financial statement which sets out related party disclosure.

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

The information relating to energy conservation, technology absorption and research & development pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is as follows:

A. Conservation of Energy:

i. Steps taken or impact on conservation of energy: Since the Company is not carrying out any manufacturing activities, it is not energy intensive. Adequate measures have been taken to conserve the energy utilized.

ii. Steps taken by the Company for utilizing alternate sources of energy: The Company has not utilized any alternate source of energy during the year.

iii. Capital investment on energy conservation equipments: Nil

B. Technology absorption:

i. Efforts made towards technology absorption: Nil

ii. Benefits derived like product improvement, cost reduction, product development or import substitution: Nil

iii. Imported technology (imported during the last three years reckoned from the beginning of the financial year):

a) Details of technology imported - No technology was imported.

b) Year of import - Not Applicable

c) Whether the technology been fully absorbed- Not Applicable

d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof - Not Applicable iv.Expenditure incurred on Research and Development - Not Applicable

C. Foreign Exchange earnings and outgo:

During the year 2025-26, there have been no foreign exchange earnings or outgo.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

RISK MANAGEMENT

The Company has adequate systems to identify major risks which may threaten the existence of the Company. The same is subject to review from time to time. Mitigation measures for the identified risks are taken based on the type of risks.

FORMAL ANNUAL EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other individual Directors which include criteria for performance evaluation of the non executive directors and executive directors.

On the basis of the Policy for performance evaluation of Independent Directors, Board, Committees and other individual Directors, a process of evaluation was followed by the Board for its own performance and that of its committees and individual Directors.

Independent Director evaluated the performance of non-independent directors, performance of the Board as a whole and performance of the Chairman, taking into account the views of executive directors and non-executive directors.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by the Regulators/Courts that would impact the going concern status of the Company and its future operations.

INTERNAL FINANCIAL CONTROL

Your Company has Internal Control system to ensure an effective internal control environment that provides assurance on the efficiency of conducting business, including adherence to the Companys policies, the safe guarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of accounting records and the timely preparation of reliable financial disclosures.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT, 2013.

Your directors state that during the year under review, there were no cases reported pursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act, 2013 as amended.

ESTABLISHMENT OF VIGIL MECHANISM

The Company has a Vigil Mechanism to deal with the instances of fraud and mismanagement, if any. The Vigil Mechanism Policy had been recommended by the Audit Committee and thereafter approved and adopted by the Board of Directors of the Company.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to remuneration and other details are appended as ‘Annexure I to the Directors Report.

None of the employees of the Company employed throughout the year were in receipt of remuneration in excess of the limits set out in Rule 5(2) of the said rules.

AUDITORS

Statutory Auditors Report

M/s. Sweta Jain and Co., Chartered Accountants, Mumbai, Statutory Auditors of the Company have given their report on the Financial Statements of the Company is part of the Annual Report.

Secretarial Auditor

M/s. Ankurkumar Dineshchandra Gandhi & Associates, Practising Company Secretaries, were appointed as Secretarial Auditor of your Company to conduct a Secretarial Audit of records and documents of the Company for the financial year ended 31^st March, 2026. The Secretarial Audit Report for the financial year ended 31^st March, 2026 is annexed herewith as “Annexure II”.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report as required under Regulation 34(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in ‘Annexure III and forms a part of the Annual Report.

REPORTING OF FRAUD BY THE AUDITOR UNDER SECTION 143(12) OF THE COMPANIES ACT, 2013

The Board of Directors state that M/s. Sweta Jain & Co., Chartered Accountants Statutory Auditors have not reported of any fraud involving any amount committed by the Company to the Central Government, Audit Committee or to the Board of Directors of the Company.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the continued support and cooperation received from various customers, banks, employees and other stakeholders of the company.

For and on behalf of the Board of Directors,

Arvind Parmar

Chairman and Director

DIN: 09356562

Place: Ahmedabad

Date: 04/09/2026