Tirupati Forge Ltd Directors Report

To,

Members,

Tirupati Forge Limited

The Board of Directors takes pleasure in presenting their 13th Annual Report on the business and operations of the Company, together with the audited financial statements for the Financial Year (F.Y.) ended March 31,2025.

1. FINANCIAL PERFORMANCE:

The Audited Standalone Financial Statements of your Company as on 31st March, 2025, are prepared in accordance with the relevant applicable Ind AS and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and the provisions of the Companies Act, 2013 ("Act").

	F.Y. 2024-25	F.Y. 2023-24
1. Revenue from Operations	11498.30	11,000.15
2. Other Income	131.34	92.44
3. Total Revenue	11629.64	11,092.59
4. Cost of Materials Consumed	6,148 28	6,530.81
5. Purchase of traded goods	71661	749.65
6. (Increase) in inventories of finished goods, work-in-progress and scrap	(241.38)	(462.95)
7. Employees Benefit Expenses	632.49	483.98
8. Finance Costs	164.53	131.24
9. Depreciation and Amortization Expenses	437.01	345.47
10. Other Expenses	2,720.31	2,420.90
11. Total Expenses	10,577.85	10,199.10
12. Profit Before Tax	1051.79	893.49
Tax Expenses
Current Tax	268.03	222.97
Deferred Tax	(1.78)	6.31
13. Total Tax Expenses	266.25	229.28
14. NET PROFIT FOR THE YEAR	785.54	664.21
15. Other Comprehensive Income	-	-
16. Total Comprehensive Income for the Year attributable to equity holders	785.54	664.21
Earnings Per Share	0.74	0.67

i The standalone financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS).

2. OPERATIONAL RESULTS AND STATE OF COMPANYS AFFAIRS:

The Highlights of Companys performance for the year ended on March 31,2025: [In Lakhs]

During the financial year under review, the Company achieved a 4.84% growth in revenue from operations, which stood at Rs. 11,629.64 Lakhs as compared to Rs. 11,092.59 Lakhs in the previous financial year.

Total expenses increased to Rs. 10,577.85 Lakhs during the year from Rs. 10,199.10 Lakhs in the prior year, reflecting a disciplined approach to cost management while supporting business growth.

The Profit before Exceptional Items, Extraordinary Items, and Tax improved to Rs. 1,051.79 Lakhs, compared to Rs. 893.49 Lakhs recorded in the previous financial year, demonstrating enhanced operational efficiency

The Company reported a net profit of Rs.785.54 lakhs for the year under review, reflecting a good increase of approximately 18.24% compared to Rs.664.21 lakhs in the previous year.

Correspondingly, the Earnings per Share (EPS) improved to Rs. 0.74 for the financial year, as against Rs. 0.67 in the previous year, reflecting the Companys consistent focus on delivering value to its shareholders.

3. CHANGE IN THE NATURE OF BUSINESS:

There was no change in the nature of business of the Company during the financial year ended 31st March 2025.

4. DIVIDEND:

For the year under review, for furtherance of business and to meet day-to-day operational recommend any dividend for the F.Y.2025-26.

5. DIVIDEND DISTRIBUTION POLICY:

As per the provisions of Regulation 43A of the Securities and Exchanges Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), as amended, the Company is not required to formulate and disclose its Dividend Distribution Policy. However, for better governance practices, the Board of Directors (the "Board") of Tirupati Forge Limited (the "Company") had approved the Companys Dividend Distribution Policy. The Dividend Distribution Policy is attached as Annexure I, which form part of this Annual Report and s also available on the website of the Company at

https:/AiVww.tirupatiforae.com/file/Dividend%20Distribution%20Policv.pdf.

6. INVESTOR EDUCATION AND PROTECTION FUND flEPR:

During the year under review, there were no instances incurred pursuant to which Company would required to transfer any amount to Investor Education and Protection Fund. Hence no reporting under this is required.

7. TRANSFER TO RESERVE:

During the year under review, there was no amount transferred to any of the reserves by the Company. You may refer notes to the financial statements of the company.

8. SUBSIDIARIES/JOINT VENTURES/ASSOCIATES:

The Company does not have Subsidiary, Joint Venture and Associate Company as on 31st march, 2025.

9. LISTING:

• Your Company is listed at National Stock Exchange of India Limited:

Stock Exchange where Tirupati shares are listed	Scrip Symbol / Code
National Stock Exchange of India Ltd.	TIRUPATIFL

• Your Company has paid the requisite Annual Listing Fees to National Stock Exchange of India Limited), where its securities listed.

10. MATERIAL CHANGES AND COMMITMENTS. IF ANY. AFFECTING THE FINANCIAL POSITION OF THE COMPANY. HAVING OCCURRED SINCE THE END OF THE YEAR AND UNTIL THE DATE OF THE REPORT:

There have been no material changes and commitments affecting the financial position of the Company, which have occurred between March 31, 2025, and the date of this Report.

However, the following event has occurred which are as under:

The company will commence its 4.8 MW solar power project in the first quarter of FY26, which is expected to positively impact its financial position by reducing energy costs, generating additional revenue from surplus power, and benefiting from government subsidies and interest concessions.

11. SHARE CAPITAL:

Authorized, subscribed, paid-up share capital of the company as on 31st March, 2025 are as per the following:

• Authorised Share Capital:

The Authorised capital of the Company is Rs. Rs. 26,50,00,000/- (Rupees Twenty-Six Crores Fifty Lacs Only) comprising of 13,25,00,000 (Thirteen Crores Twenty-Five Lacs) equity shares of Rs. 2/- (Rupees Two Only) as on 31st March 2025.

During the year under review, Authorised Share Capital of the company increased from Rs. 24,00,00,000/- (Rupees Twenty-Four Crores Only) comprising of 12,00,00,000 (Twelve Crore) equity shares of Rs. 2/- (Rupees Two Only) each to Rs. 26,50,00,000/- (Rupees Twenty-Six Crores Fifty Lacs Only) comprising of 13,25,00,000 (Thirteen Crores Twenty-Five Lacs) equity shares of Rs. 2/- (Rupees Two Only) each by passing ordinary resolution at the Extra Ordinary General Meeting of the Company held on Saturday, November 16, 2024.

• Issued. Subscribed. Paid up Share Capital:

The issued, subscribed and fully paid-up share capital of the Company is Rs. 23,65,60,000 (Rupees Twenty-Three Crore Sixty-Five Lakh Sixty Thousand Only), divided into 11,82,80,000 (Eleven Crore Eighty-Two Lakh Eighty Thousand) equity shares of Rs. 2/- each. As on 31.03.2025

During the year under review, the Board of Directors, at its meeting held on Thursday, October 17,2024, approved the raising of the Companys share capital by approving the proposal to create, offer and issue 1,46,00,000 (One Crore Forty-Six Lakh) equity shares of face value Rs. 2/- each at an issue price of Rs. 32/- per share (including a premium of Rs. 30/- per share) to the non-promoters of the Company (hereinafter referred to as the "Proposed Allottees/lnvestors"), and further approved to create, offer and issue

1,17,60,000 (One Crore Seventeen Lakh Sixty Thousand) convertible warrants having face

value of Rs. 2/- each at an issue price of Rs. 32/- per warrant (including a premium of Rs. 30/- per warrant) on a preferential basis to the promoters and non-promoters of the Company.

Subsequently, the shareholders of the Company, at the Extraordinary General Meeting (EGM) held on Saturday, November 16, 2024, approved the proposed preferential allotment.

Further, the Board of Directors, at their meeting held on Wednesday, January 16, 2025, allotted the 1,46,00,000 (One Crore Forty-Six Lakh) equity shares of face value Rs. 2/- each at an issue price of Rs. 32/- per share (including a premium of Rs. 30/- per share) to the non-promoters and 1,17,60,000 (One Crore Seventeen Lakh Sixty Thousand) convertible warrants having face value of Rs. 2/- each at an issue price of Rs. 32/- per warrant (including a premium of Rs. 30/- per warrant) on a preferential basis to the promoters and non-promoters of the Company.

Accordingly, the issued, subscribed, and fully paid-up share capital of the Company increased from Rs. 20,73,60,000 (Rupees Twenty Crore Seventy-Three Lakh Sixty Thousand Only), divided into 10,36,80,000 (Ten Crore Thirty-Six Lakh Eighty Thousand) equity shares of Rs. 2/- each, to Rs. 23,65,60,000 (Rupees Twenty-Three Crore Sixty-Five Lakh Sixty Thousand Only), divided into 11,82,80,000 (Eleven Crore Eighty-Two Lakh Eighty Thousand) equity shares of Rs. 2/- each.

"Subsequent after the closure of the financial year, the Company allotted 10,00,000 (Ten Lakh) equity shares to Mr. Hiteshkumar Gordhanbhai Thummar by way of conversion of warrants. As a result, the paid-up share capital of the Company increased from Rs.

23.65.60.000 (Rupees Twenty-Three Crore Sixty-Five Lakh Sixty Thousand Only), divided into

11.82.80.000 (Eleven Crore Eighty-Two Lakh Eighty Thousand) equity shares of Rs. 2/- each, to Rs. 23,85,60,000 (Rupees Twenty-Three Crore Eighty-Five Lakh Sixty Thousand Only), divided into 11,92,80,000 (Eleven Crore Ninety-Two Lakh Eighty Thousand) equity shares of Rs. 2/- each."

• Details of Equity Shares and convertible warrants issued bv wav of Preferential Issue:

During the year under review, the Board of Directors, at its meeting held on Thursday, October 17,2024, approved the raising of the Companys share capital by approving the proposal to create, offer and issue 1,46,00,000 (One Crore Forty-Six Lakh) equity shares of face value Rs. 2/- each at an issue price of Rs. 32/- per share (including a premium of Rs. 30/- per share) to the non-promoters of the Company (hereinafter referred to as the "Proposed Allottees/lnvestors"), and further approved to create, offer and issue

1.17.60.000 (One Crore Seventeen Lakh Sixty Thousand) convertible warrants having face value of Rs. 2/- each at an issue price of Rs. 32/- per warrant (including a premium of Rs. 30/- per warrant) on a preferential basis to the promoters and non-promoters of the Company.

Subsequently, the shareholders of the Company, at the Extraordinary General Meeting (EGM) held on Saturday, November 16, 2024, approved the proposed preferential allotment.

Further, the Board of Directors, at their meeting held on Wednesday, January 16, 2025, allotted the 1,46,00,000 (One Crore Forty-Six Lakh) equity shares of face value Rs. 2/- each at an issue price of Rs. 32/- per share (including a premium of Rs. 30/- per share) to the non-promoters and 1,17,60,000 (One Crore Seventeen Lakh Sixty Thousand) convertible warrants having face value of Rs. 2/- each at an issue price of Rs. 32/- per warrant (including a premium of Rs. 30/- per warrant) on a preferential basis to the promoters and non-promoters of the Company.

Further, the Company has received the full amount of Rs.2,40,00,000/- (Rupees Two Crore Forty Lakhs only), representing 75% of the total consideration towards the conversion of warrants, from Mr. Hiteshkumar Gordhanbhai Thummar, a promoter of the Company. Accordingly, the Board has passed the necessary resolution for the allotment of 10,00,000 (Ten Lakh) equity shares of the Company to Mr. Hiteshkumar Gordhanbhai Thummar pursuant to the conversion of warrants into equity shares, in accordance with the applicable provisions of the Companies Act, 2013, and the rules made thereunder, as well as the terms of issue of warrants approved earlier.

12. CREDIT RATING:

For Financial year 2024-25, Credit rating is not applicable to the company.

13. Listing of Securities with Stock Exchange:

• Issue and Listed of Securities:

There has been one instances occurred in the year 2024-25 for requirement of listing of Securities with Stock exchange. Therefore, listed capital of the company is same at the end of 31st march, 2025.

Listed Shares on Exchange	Face Value	Listed Capital after listing of Securities
14600000	Rs. 2/-	118280000
(Issued through preferential Issue)		(The Listed Capital as mentioned above has been taken effect after the year end on 31/03/2025.)
(The Listed Capital as mentioned above has been admitted b the stock exchange after the year end on 31/03/2025.)

14. MANAGEMENT:

• DIRECTORS

The composition of the Board of Directors of the Company is in accordance with the provisions of Section 149 of the Act and Regulation 17 of the Listing Regulations, with an appropriate combination of Executive, Non-Executive and Independent Directors draws fine balance of business acumen and independent judgment on Boards decisions. The Board comprised of 6 (Six) Directors as at 31st March 2025, details of which are tabled below:

Sr. Name of Directors No.	Designation	Directors Identification Number (DIN)
1. Mr. Hiteshkumar G. Thummar	Chairman & Managing Director	02112952
2. Mr. Bhavesh T. Barasiya	Whole Time Director	05332180
3. Mrs. Darshna H. Thummar	Non-Executive & Non Independent Director	07869257
4. Mrs. Jagruti Nitinkumar Erda	Independent Director	09680025
5. Ms. Smita Sachin Ravani	Independent Director	10695275
6. Mr. Anand Mohan Shrivastava	Independent Director	08684010

-In accordance with the provisions of Companies Act, 2013, Shri. Bhaveshbhai Tulsibhai Barasiya, Whole-time Director [DIN: 05332180] shall liable to retire by rotation at the ensuing 13thAnnual General Meeting of the Company and being eligible, offer herself for re-appointment. The Board hereby recommends her re-appointment for approval of shareholders in the ensuing Annual general Meeting. Pursuant to Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards-2, the detailed information of the director being appointed is provided as an Annexure of the Notice of Annual General Meeting.

-The Company has received declarations from all the directors and with reference to that; there was no disqualification of any Director pursuant to Section 164 (2) of the Companies Act, 2013.

-In terms of Regulation 25(8) of the Listing Regulations, they have confirmed that they are not aware of any circumstances or situation, which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties. Based upon the declarations received from the Independent Directors, the Board of Directors has confirmed that they meet the criteria of independence as mentioned under section 149(6) of the Act and Regulation 16 (1) (b) of the Listing Regulations and that they are independent of the management. In accordance with the provisions of the Companies Act, 2013, none of the Independent Directors is liable to retire by rotation. They have

complied with the Code for Independent Directors prescribed in Schedule IV of the Companies Act, 2013.

-In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company have confirmed that they have included their names in the data bank with the Indian institute of corporate Affairs.

-In the opinion of Board, Independent Directors fulfill the conditions specified in Companies Act, 2013 read with schedules and rules thereto as well as SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Independent Directors are independent of management.

-The Company has a Code of Conduct for the Directors and Senior Management Personnel. This Code is a comprehensive code applicable to all Directors and members of the Senior Management. A copy of the Code has been put on the Companys website www.Tirupatiforae.com

-The Code has been circulated to all the Members of the Board and Senior Management Personnel and they have affirmed compliance of the same.

-The shareholders of the Company at their 12th AGM held on Friday, September 27, 2024, based on the recommendations of the Board of Directors, Nomination and Remuneration Committee and considering the expertise of Mr. Bhavesh T. Barasiya (DIN: 05332180) in the Companys business and his exceptional performance, had approved remuneration as the Whole-time Director of the Company up to limit of Rs. 3,00,000/- (Rs. Three Lacs Only) per month as whole-time director in the company.

• KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions of Section 2 (51) and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following have designated as the Key Managerial Personnel of the company:

Name of Directors No.	Designation	Directors Identification Number (DIN)
^ Mr. Hiteshkumar G. Thummar	Chairman &Managing Director	02112952
2. Mr. Bhavesh T. Barasiya	Whole Time Director	05332180
3. Mr. Atul L. Natu	Chief Financial Officer	-
4. Mr. Milan Sakhiya	Company secretary and compliance officer	-

-During the year under review, Ms. Chanchal Kumari had resigned as a Company Secretary and Compliance Officer of the Company at w.e.f closure of business hour of 06th September, 2024.

-Pursuant to the recommendation of Nomination and Remuneration Committee, the Board at its meeting held on September 8th, 2024 approved appointment of Mr. Milan P. Sakhiya as Company Secretary and Compliance Officer of the Company w.e.f. September 10th, 2024.

15. MEETINGS OF THE BOARD:

The Meetings of the Board are held at regular intervals to discuss, deliberate and decide on various business policies, strategies, governance, financial matters and other businesses. During the year under review, the Board of Directors met 14 times. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013, Secretarial Standards - 1 (SS-1) issued by the Institute of Company Secretaries of India and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. For details, please refer to the report on corporate governance, which forms part of this Annual Report in the form of Annexure-ll.

• COMMITTEES OF THE BOARD:

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority.

The following Committees constituted by the Board function according to their respective roles and defined scope in terms of the provisions of the Companies Act, 2013 & SEBI (LODR) Regulations 2015 read with rules framed thereunder:

• Audit Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Stakeholders Relationship Committee

• Complaints Committee for Sexual Harassment Complaints Redressal

Details of composition, terms of reference and number of meetings held for respective committees given in the Report on Corporate Governance, which forms a part of this Annual Report as Annexure-ll. During the year under review, the Board has accepted all recommendations made by the various committees.

• MEETING OF INDEPENDENT DIRECTORS:

In terms of requirements of Schedule IV of the Companies Act, 2013, The Independent Directors of your Company meet before the Board Meetings without the presence of the Executive Chairman or the Managing Director or other Non-Independent Director or Chief Financial Officer or any other Management Personnel. The Independent Directors of the Company met separately on to inter alia review the performance of Non-Independent Directors (including the Chairman), the entire Board and the quality, quantity and timeliness of the flow of information between the Management and the Board. All the Independent directors were attended the meeting.

• FAMILIARISATION PROGRAMME FOR INDEPENDENT PI RECTORS/NON-EXECUTIVE DIRECTORS:

All the Independent Directors of the Company are made aware of their roles and responsibilities at the time of their appointment through a formal letter of appointment, which also stipulates various terms and conditions of their engagement. Executive Directors and Senior Management provide an overview of the operations and familiarize the new Non-Executive Directors on matters related to the Companys values and commitments. The Directors are provided with all the documents to enable them to have a better understanding of the Company, its various operations and the industry in which it operates. The Director is also explained in detail the Compliance required from him/her under the Companies Act, 2013, the Listing Regulations and other relevant regulations and affirmation taken with respect to the same.

Pursuant to Regulation 25(7) of the Listing Regulations, the Company imparted various familiarization

programmes for its Directors including review of Industry Outlook at the Board Meetings, Regulatory updates at Board and Audit Committee Meetings covering changes with respect to the Companies Act, 2013, Listing Regulations, Taxation and other matters. Presentations on Internal Control over Financial Reporting, Operational Control over Financial Reporting, Prevention of Insider Trading Regulations, Framework for Related Party Transactions, Plant Visit, Meeting with Senior Executive(s) of your Company, etc. Pursuant to Regulation 46 of the Listing Regulations.

The details required are available on the website of your Company at https://www.tirupatiforge.com/file/lndependent%20Director%20Familiarisation%20prog ramme.pdf

16. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Company has framed a Nomination and Remuneration Policy for selection and appointment of Directors including determining qualifications and independence of a Director, Key Managerial Personnel (KMP), Senior Management Personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013.

The Nomination and Remuneration Policy Policy has been placed on the website of the Company at

http://www.tirupatiforge.com/file/Nomination%20and%20Remuneration%20Committee_

tirupati.pdf.

We affirm that the remuneration paid to Directors, senior management and other employees is in accordance with the remuneration policy of the Company.

The salient features of the Policy are described as per below:

a) Policy on Appointment of Directors, Key Managerial Personnel and Senior Management Personnel:

1. The policy is formulated to identify and ascertain the integrity, qualification, expertise and experience of the person for appointment as Director, Key Managerial Personnel and Senior Management personnel and recommend to the Board for his / her appointment.

2. A person should possess adequate qualification, expertise and experience for the position he/ she is considered for appointment.

3. In case of appointment of Independent Director, the Committee shall satisfy itself with regard to the independent nature of the Director vis-a-vis the Company to enable the Board to discharge its function and duties effectively.

b) Policy on remuneration of Directors, KMP and Senior Management Personnel:

The Companys remuneration policy is driven by the success and performance of Directors, KMP and Senior Management Personnel vis-a-vis the Company. The Companys philosophy is to align them with adequate compensation so that the compensation is used as a strategic tool that helps us to attract, retain and motivate highly talented individuals who are committed to the core value of the Company. The Company follows mixed pay of fixed, benefits and performance based variable pay. The Company pays remuneration by way of salary, benefits, perquisites and allowance. The remuneration paid by the Company are within the salary scale approved by the Board and Shareholders.

The details of remuneration paid during the financial year 2025-26 to the Directors of the Company is provided in notes forming part of Financial Statements and given in the Annexure-ll- Report on corporate Governance, which also part of the Annual report.

17. CODE FOR PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct to regulate, monitor and report trading by designated persons and their immediate relatives as per the requirements under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. This Code of Conduct also includes code for practices and procedures for fair disclosure of unpublished price sensitive information, which has been available on the Companys website at https://www.tirupatiforae.com/file/lnsider%20Tradina%20Policv Tirupati.pdf.

18. POLICY ON BOARD DIVERSITY:

The Nomination and Remuneration committee has framed a policy for Board Diversity, which lays down the criteria for appointment of Directors on the Board of your Company and guides organizations approach to Board Diversity.

Your Company believes that, Board diversity basis the gender, race, age will help build diversity of thought and will set the tone at the top. It is, therefore, imperative that the Board consists of individuals who together offer an optimal mix of skills, experiences and backgrounds. The Board of Directors is responsible for review of the policy from time to time. Policy on Board Diversity has been placed on the Companys website at https://www.tirupatiforae.com/file/Board-Diversitv-%20Policv.pdf.

19. POLICY FOR DETERMINATION OF MATERIALITY OF ANY EVENT/ INFORMATION:

This policy requires the Company to make disclosure of events or information, which are material to the Company as per the requirements of Regulation 30 of the Listing Regulations. Policy has been placed on the Companys website at

https://www.tirupatiforae.com/file/Materialitv%20Event Tirupati.pdf

20. POLICY FOR DETERMINING MATERIAL SUBSIDIARIES:

The policy is used to identify material subsidiaries of the Company and to provide a governance framework for such material subsidiaries. Policy on determining Material Subsidiaries has been placed on the Companys website at

https://www.tirupatiforae.com/file/material-subsidiaries.pdf

21. CODE OF CONDUCT:

The Board of your Company has laid down two separate Codes of Conduct, one for all the Board Members and the other for Employees of the Company. This Code is the central policy document, outlining the requirements that the employees working for and with the Company must comply with, regardless of their location. Policy on code of conduct has been placed on the Companys website at

https://www.tirupatiforge.com/file/Code%20of%20Conduct%20for%20Diretors%20and%20Senior%20 Management_Tirupati.pdf

22. ARCHIVAL POLICY:

As per the policy, the events or information which has been disclosed by the Company to the Stock Exchanges pursuant to Regulation 30 of the Listing Regulations shall be hosted on the website of the Company for a period of 5 years from the date ofhosting.

a. ANNUAL EVALUATION OF DIRECTORS. BOARD AND COMMITTEE PERFORMANCE

In line with Corporate Governance of the company, the Board generally performs the major roles such as give directions in the form of strategic decisions, provide control and support through advice to the management of the company. It becomes imperative to evaluate the performance of the board as they are perform their duties on behalf of stakeholders and protection of their interest is supremacy of any organization.

Further, the Board always emphasis the requirements of an effective Board Evaluation process and accordingly conducts the Performance Evaluation every year in respect of the following:

i. Board of Directors as a whole.

ii. Committees of the Board of Directors.

iii. Individual Directors including the Chairman of the Board of Directors.

Board Evaluation helps to identify areas for potential adjustment and provides an opportunity to remind directors of the importance of group dynamics and effective board and committee processes in fulfilling board and committee responsibilities.

The Main object of performance evaluation defined as per the below:

1. Improving the performance of Board towards corporate goals and objectives.

2. Assessing the balance of skills, knowledge and experience on the Board.

3. Identifying the areas of concern and areas to be focused for improvement.

4. Identifying and creating awareness about the role of Directors individually and collectively as Board.

5. Building Teamwork among Board members.

6. Effective Coordination between Board and Management.

7. Overall growth of the organization.

Performance evaluation of the Board based on criteria such as composition and role of the Board, Board communication and relationships, functioning of Board Committees, review of performance of Executive Directors, succession planning, strategic planning, etc.

Performance evaluation of Committees based on criteria such as adequate independence of each Committee, frequency of meetings and time allocated for discussions at meetings, functioning of Board Committees and effectiveness of its advice/recommendation to the Board, etc.

The meeting of Independent Directors held separately to evaluate 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 Director. The same was discussed in the Board Meeting that followed the meeting of the independent directors, at which the performance of the Board, its Committee sand Individual Directors was also discussed. The entire board, excluding the independent director being evaluated, did performance evaluation of Independent Directors.

23. REMUNERATION OF DIRECTORS AND EMPLOYEES:

Pursuant to Section 134(3)(q) and Section 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended March 31,2025 and forming part of the Directors Report for the said financial year is provided in "Annexure-IM".

24. PARTICULARS OF EMPLOYEES:

The Company has no employee who is in receipt of remuneration of Rs. 8,50,000/- per month or Rs. 1,02,00,000/- per annum and hence the Company is not required to give information under sub Rule 2 and 3 of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

25. DIRECTORS RESPONSIBILITY STATEMENT:

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

a. In the preparation of the annual accounts for the financial year ended March 31, 2025, the applicable accounting standards had been followed and there were no material departures;

b. They 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 31st March, 2025 and of the profit of the Company for that period;

c. They 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. The annual accounts have been prepared on a going concern basis;

e. They have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating effectively.

f. 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.

26. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System including Internal Financial Controls, commensurate with the size, scale and complexity of its operations as approved by the Audit Committee and the Board. The Company maintains a system of internal controls designed to provide reasonable assurance regarding:

• Effectiveness and efficiency of operations.

• Adequacy of safeguards for assets.

• Reliability of financial controls.

• Compliance with applicable laws and regulations.

The Company recognizes that the Internal Financial Controls cannot provide absolute assurance of achieving financial, operational and compliance reporting objectives because of its inherent limitations. In addition, projections of any evaluation of the Internal Financial Controls to future periods are subject to the risk that the Internal Financial Controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Further, the Internal Financial Control framework is under constant supervision of Audit Committee, Board of Directors and Independent Statutory Auditors. During the year, no reportable material weakness in the design or operations was observed. The stakeholder may refer to the Audit report for comment on internal control system and their adequacy.

27. Frauds reported bv the Auditor:

During the year under review, the Statutory Auditors and Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees, to the Audit Committee under Section 143(12) of the Act, details of which needs to be mentioned in Directors Report.

28. PUBLIC DEPOSITS

During the year under review, the Company has not accepted deposits within the meaning of Section 73 to 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014. The stakeholders may refer notes to the financial statements and audit report part of this report.

29. PARTICULARS OF LOANS GIVEN. INVESTMENTS MADE. GUARANTEES GIVEN AND SECURITIES PROVIDED:

The Company have not given any loans, made investments, given guarantees, or provided securities, directly or indirectly, to any person or body corporate during the year under review pursuant to the provisions of Section 186 of Companies Act, 2013. Further, it has not acquired by way of subscription, purchase or otherwise, the securities of any other body corporate and thus disclosures under Section 186 not required. The stakeholders may refer notes to the financial statements in this regard.

The Company has not advanced any loan to any of its Directors or any other person in whom the Director is interested or given any guarantee or provided any security in connection with any loan taken by him/her in terms of Section 185 of the Companies Act, 2013.

30. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

-Your board of directors informs that the Company has historically adopted the practice of undertaking related party transactions only in the ordinary and normal

course of business and at arms length as part of its philosophy of adhering to highest ethical standards, transparency and accountability.

-There were no materially significant related party transactions with the Promoters, Directors and Key Managerial Personnel, which may have a potential conflict with the interest of the Company at large.

-The Particulars of contracts, arrangements with related parties entered in ordinary course of business and on arms length basis referred to in Section 188 (1) and applicable rules of the Companies Act, 2013 in Form AOC-2 is provided as an Annexure-IV to this Board Report.

-In line with the provisions of the Companies Act, 2013 and the Listing Regulations, the Board has approved a policy on related party transactions. A policy on related party transactions has been placed on the Companys website at http://www.timDatiforae.com/fiie/ Reiated%20Partv%20Transaction Tirupati.pdf. Member may refer to note no. 32 and 33 to the standalone and consolidated financial statement respectively, which sets out related party disclosures pursuant to IND AS-24.

-Pursuant to Regulation 23(9) of SEBI Listing Obligation and Disclosure Requirements] Rules, 2015, your Company has filed the reports on related party transactions with the Stock Exchange [National Stock Exchange of India Limited].

31. INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION & REDRESSAL1 ACT. 2013:

Your Company is committed to promote a safe and professional work environment that fosters teamwork, diversity and trust across. Your Company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.

Your Company has constituted its Internal Complaints Committees, set up to redress complaints received in regards to sexual harassment at workplace.

During the year under review, no complaints with allegations of sexual harassment were received as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

32. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of Companies (Accounts) Rules, 2014 are as stated below:

(A) Conservation of energy-

Your Company is committed to sustainable business practices by contributing to environment protection and considers energy conservation as one of the strong pillars of preserving natural resources. This also helps in reducing carbon footprint across all its operations and improve the bottom-line under our ‘Mission Sustainability.

(i) The steps taken or impact on conservation of energy:-

The Company applies strict control system to monitor day-to-day power consumption in an effort to save energy. The Company ensures optimal use of energy with minimum extent of wastage as far as possible.

(ii) The steps taken by the company for utilizing alternate sources of energy;

The Company has not taken any step for utilizing alternate source of energy.

(iii) The capital investment on energy conservation equipment;

During the year under review, the Company has not made any capital investment on energy conservation equipment.

(B) Technology absorption-

Your Company is committed towards technology driven innovation and inculcating an innovation driven culture within the organization. Your Company continued to work on advanced technologies, upgrade of existing technology and capability development in the critical areas for current and future growth.

(i) The efforts made towards technology absorption;

The Company has not made any special effort towards technology absorption. However, company has always prepared for update its factory for new technology.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution: Not applicable

(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year: Not applicable

(iv) The details of technology imported: Not applicable

(v) The year of import: Not applicable

(vi) Whether the technology been fully absorbed: Not applicable

(vii) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof: Not applicable

(viii) The expenditure incurred on Research and Development- Not applicable

(C) Foreign exchange earnings and Outgo-

Particulars	F.Y. 2024-25	F.Y. 2023-24
Foreign Exchange Earnings	7,030.61/-	5,824.77/-
Foreign Exchange Outgo	977.16	733.24/-

33. RISK MANAGEMENT:

The Company is exposed to various potential risks like Economical Risk, Compliance Risk, Operational Risk, Environmental Risk and Financial Risk. The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. If any weaknesses identified in the process of review, the same are addressed to strengthen the internal controls, which are also revised at frequent intervals.

The elements of risk as identified by the Company with the impact and mitigation strategy are set out in the Management Discussion and Analysis Report.

The Risk Management Policy has been placed on the website of the Company at https://www.tirupatiforqe.com/file/Risk%20Mqnaqemenf%20Policv Tirupati.pdf

34. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM/WHISTLE BROWSER PLOICY FOR DIRECTORS AND EMPLOYEES:

As per the provisions of Section 177 (9) and (10) of the Companies Act, 2013, read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has established a vigil mechanism through which employees and business associates may report unethical behavior, wrong doing, malpractices, fraud, violation of Companys code of conduct, leak or suspected leak of unpublished price sensitive information without fear of reprisal.

The Audit Committee reviews the functioning of the Vigil Mechanism from time to time. None of the Directors or employees has been denied access to the Audit Committee of the Board.

The Policy provides that the Company investigates such reported matters in an impartial manner and takes appropriate action to ensure that requisite standards of confidentiality, professional and ethical conduct are always upheld. During the FY 2024-25, no complaint received under Whistle Blower Policy.

The policy on vigil mechanism of the company is also available on the website of the company

https://www.tirupatiforge.com/file/Vigil%20Mechanism_Whistle%20Blower_Tirupati.pdf.

35. MATERIAL ORDERS OF JUDICIAL BODIES /REGULATORS:

There were no significant and material Orders passed by the Regulators or Courts or Tribunals, which would impact the going concern status and Companys operations in future.

36. ANNUAL RETURN:

Pursuant to the provision of Section 134(3(a) and Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return for F.Y. 2024-25 is uploaded on the website of the Company at www.tiruDatiforae.com.

37. AUDITORS:

A. STATUTORY AUDITORS:

-M/s Kamlesh Rathod & Associates, Chartered Accountants (Firm Registration No. 117930W) were appointed as statutory auditor of the company for the first term to hold office for a period of 5 years starting from conclusion of 10th Annual General Meeting until the conclusion of the 15th Annual General Meeting of the company to be held in the year of 2027.

-The Statutory Auditors M/s Kamlesh Rathod & Associates, Chartered Accountants, [ICAI Firm Registration No. 124872W] have issued their reports on Financial Statements for the year ended March 31,2024. There are no adverse remarks or qualifications in the said report. The Notes on Accounts referred to in the Auditors Report are selfexplanatory and do not call for any further comments.

-As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

-Pursuant to Section 141 of the Act, the Auditors have represented that they are not disqualified and eligible to act as the Auditor of the Company and not taken up any prohibited non-audit assignments for the Company.

B. INTERNAL AUDITOR:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and The Companies (Accounts) Rules, 2014, during the year under review the Internal Audit of the functions and activities of the Company was undertaken by M/s. M. B. SARDHARA & ASSOCIATES (FRN: 127974W & Membership No: 120837), the Internal Auditors of the Company. There were no adverse remarks or qualification on accounts of the Company from the Internal Auditors.

The Board of Directors of the Company has re-appointed M/s. M. B. SARDHARA & ASSOCIATES (FRN: 127974W & Membership No: 120837) to conduct the Internal Audit as per Rule 13 of the Companies (Accounts) Rules, 2014 prescribed under Section 138 of the Companies Act, 2013 for the financial year 2025-26 to 2027-28 .

C. SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of SEBI Listing Regulations, the Company had appointed Mr. CS Piyush Jethva [ICSI Membership No.: F6377] [Proprietor], Company Secretary in Practice to conduct the Secretarial Audit of the Company for year ended March 31,2025. The Report of the Secretarial Auditor in the prescribed Form MR-3 annexed herewith as Annexure-V. The said Secretarial Audit Report contain the following remarks

1) The form MGT-14 for resolution passed on 27th September 2024 was not filed till 31st March 2025.

2) Form IEPF-2 was not filed by the Company.

3) The Remuneration of cost audit was not ratified by the Share Holder.

The Management clarifies following

1. The Company has already filed the Form MGT-14 for the resolution passed on 27th September 2024. The said form was filed on 10th June 2025, and the delay was unintentional.

2. The non-filing of Form IEPF-2 was due to certain technical issues and an inadvertent oversight. It was not a willful default on the part of the Company. The Company is taking necessary corrective steps and shall ensure that the form is filed at the earliest possible opportunity. Suitable measures are being implemented to avoid such occurrences in the future.

3. The appointment of the Cost Auditor for the Financial Year 2024-25 was made on 26th September 2024, which was after the issuance of the AGM notice for the previous year. Accordingly, the resolution for ratification of Cost Auditors remuneration was included in the current years AGM held on 5th August 2025

Further, The observation mentioned in the Annual Secretarial Compliance Report by the Secretarial Auditor has already been addressed and duly clarified by the management. The clarification has also been incorporated in the said Annual Secretarial Compliance Report itself.

Pursuant to the circular issued by the SEBI dated 8th February, 2019, Secretarial Auditor has issued the "Annual Secretarial Compliance Report" for the year ended 31st March, 2025, and the same was submitted to the stock exchanges in time.

Further, pursuant to provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of SEBI (LODR)2015, the Board of the Company at its meeting held on 04th July, 2025, has recommended to appointed Mr. CS Piyush Jethva [ICSI Membership No.: F6377] [Proprietor], Practicing Company Secretary to undertake the Secretarial Audit of the Company for the financial year 2025-26.

E. COST AUDITOR

As per the provisions of Section 148 of the Companies Act, 2013, and the rules made thereunder, the cost audit is applicable to our Company, and accordingly, the Board of Directors has approved the appointment of M/s. Mitesh Suvagiya & Co, Cost Accountants, Rajkot, as the Cost Auditors to conduct the cost audit for the financial year 2024-25.

38. SECRETARIAL STANDARDS:

Your Company is in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

39. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the financial year under review, as stipulated under Regulation 34(2) (e) of SEBI (LODR) Regulations is presented in a separate section as Annexure-VI forming part of the Annual Report.

40. CORPORATE GOVERNANCE:

At Tirupati Forge, we are committed to continuously evolving and adhering to the highest standards of corporate governance. We believe that sound governance practices are not only essential for enhancing long-term shareholder value but also play a vital role in safeguarding the rights and interests of minority shareholders. We view it as our core responsibility to ensure timely, transparent, and accurate disclosure of all material information concerning the Companys operations, financial performance, leadership, and governance framework.

In accordance with the requirements under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Report on Corporate Governance forms an integral part of this Annual Report. This report outlines the governance practices, board structure, committee functions, and compliance measures adopted by the Company during the year under review.

Additionally, a certificate issued by Mr. Piyush Jethva, a Practicing Company Secretary, confirming the Companys compliance with the conditions of corporate governance as stipulated under the SEBI Listing Regulations is annexed to this Report. The detailed Corporate Governance Report is attached herewith as Annexure II.

41. Corporate Social Responsibility;

In accordance with the provisions of the Companies Act, 2013, the Board has constituted a Corporate Social Responsibility ("CSR") Committee. Details of composition and meetings of the committee along with terms of reference is part of corporate governance report as Annexure-ll.

During the financial year 2024-25, the Company fulfilled its CSR obligation in compliance with the provisions of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The CSR obligation for the year amounted to Rs.19,54,501 /- . Against this, the Company spent ^1,86,315/- during the year and adjusted an excess amount of Rs.1,06,732.37/- carried forward from the previous year, thereby meeting the total CSR requirement. The Annual Report on CSR activities undertaken during the year, prepared in accordance with the applicable provisions is annexed as Annexure-VII to this Report. The Company has successfully completed its CSR obligation for the financial year 2024-25.

Further, the Chief Financial Officer of your Company has certified that CSR spends of your Company for the FY 2024-25 have been used for the purpose and in the manner approved by the Board of the Company.

The CSR policy is available on the website of the Company at https://www.tiruDatiforae.com/file/Corporate%20Social%20Responsibilitv%20Policv Tirupati%20Forae%20Limt ed.pdf

42. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR1:

Pursuant to Regulation 34 (2) (f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Business Responsibility and Sustainability Report ("BRSR") for the year ended 31st March, 2024 is not applicable to the company.

43. GENERAL DISCLOSURE:

The Directors state that no disclosure or reporting is required in respect of the following items, as there were no transactions/events related to these items during the financial year under review:

1. There was no revision made in Financial Statements or the Boards Report of the Company;

2. The Company has not come up with any Right issue, Qualified Institutional Placement, Issue of Employee Stock Options, Issue of Sweat Equity Shares, Issue of Debentures, issue of Bonds etc.

3. Issue of equity shares with differential rights as to dividend, voting or otherwise;

4. Made any change in voting rights;

5. Suspension of trading of equity shares of the Company;

6. One time settlement of loan obtained from the Banks or Financial Institutions;

7. No application for Bankruptcy under the Insolvency & Bankruptcy Code, 2016 was made against the Company during the financial year under review nor are there any pending proceedings for the same.

44. APPRECIATION AND ACKNOWLEDGEMENTS:

We thank our employees, core contributors to our goodwill and growth, for their dedicated efforts and unwavering commitment in achieving our shared goals and helping us to navigate every challenge.

The Directors likes to take this opportunity to thanks Shareholders, customers, vendors, dealers, suppliers, Bankers, government authorities for the support, encouragement and their confidence in the management during the year.