Triton Valves Ltd Directors Report

To Members of Triton Valves Limited

Your Directors take pleasure in presenting the 48^th Annual Report on the business and operations of your Company, including the summary of standalone and consolidated financial statements for the year ended March 31,2024. The financial highlights of the Company for FY 2023-24 is furnished below:

1. PERFORMANCE HIGHLIGHTS

INR lakhs	FY 2023-24		FY 2022-23		Movement
All expenses/ losses in red font	Consolidated	Standalone	Consolidated	Standalone	Consolidated	Standalone
Total Income	42,898.59	35,163.20	36,303.94	32,948.30	6,594.65	2,214.90
Revenue from Operations	42,831.59	34,326.27	36,249.05	32,310.33	6,582.54	2,015.94
Other Income	67.00	836.93	54.89	637.97	12.11	198.96
Operating Expenses	(39,761.22)	(32,590.74)	(34,821.04)	(31,691.47)	(4,940.18)	(899.27)
EBITDA	3,137.37	2,572.46	1,482.90	1,256.83	1,654.47	1,315.63
Finance costs	(1,289.87)	(776.05)	(1,170.95)	(677.50)	(118.92)	(98.55)
Depreciation and Amortisation Expenses	(1,323.18)	(857.90)	(1,264.94)	(910.03)	(58.24)	52.13
PBT	524.32	938.51	(952.99)	(330.70)	1,477.31	1,269.21
Net income tax expense	(242.98)	(246.69)	87.03	98.53	(330.01)	(345.22)
PAT	281.34	691.82	(865.96)	(232.17)	1,147.30	923.99
Other Comprehensive income (expense), net of income tax impact	(64.53)	(64.72)	11.62	8.28	(76.15)	(73.00)
Total Comprehensive Income	216.81	627.10	(854.34)	(223.89)	1,071.15	850.99

2. OVERVIEW OF THE FINANCIAL PERFORMANCE

The financial performance highlights for the year ended March 31, 2024, is as follows:

Revenue from operation from the Group level increased by 15.3% to INR 428 crores and the growth of INR 65 crores was contributed by the external sales of the standalone by INR 20 crores and INR 45 crores by subsidiary company. EBITDA at the group level climbed by INR 16 crores to end at INR 31 crores; while at the standalone level, the Company contributed INR 13 crores. Increase in the balance INR 3 crores were contributed by the subsidiaries. The company Profit Before Tax (PBT) was INR 4.4 crores at the Group Level and INR 8.8 crores at Entity level. The members may note that their Company at a group level

reported its maiden profit by reversing the trend; this was made possible by improving flow through profitability of the existing business and the profit generated by the incremental revenue.

Viewed from the Group level, the three operating Companies, viz. Triton Valves Limited (TVL), Tritonvalves Future Tech Private Limited (TVFT) and Tritonvalves Climatech Private Limited (TVCT) are strongly poised for reaching INR 500 crores of Revenue target set by your Board. In TVL, the management will be pursuing a new product and export markets for growth and higher profitability and in the case of TVFT, the management will be pursuing revenue growth by adding new customer and by introducing new alloys to its product portfolios. In the case of TVCT, the management is focussing on increasing sales to existing Customers and fast tracking - tracking new accounts. From the ensuing year, you will also see the management working on group level synergies in this space of manufacturing, NPD, cross-selling and the tailwind benefit out of recent fundraising.

3. DIVIDEND

Your Board continues to view dividend payment as one of the key deliverables to its Shareholders. Based on the financial performance of the Company during the year FY 2023-2024 and the available cash flow, your Board recommends dividend of INR 10 on the Equity Shares on the existing 10,40,027 Equity Shares and a proportional dividend of 0.11 which was newly created on March 28, 2024, totalling to INR 1,04,16,055 which will be appropriate from the profit for the year.

4. CREDIT RATING

For the consolidated loan of INR 115 crores, the following ratings were assigned:

Long-Term Rating	CRISIL BBB/ (Stable)
Short-Term Rating	CRISIL A3 Positive

On the basis of the business performance during the year and improved leverage ratio, your Company expects this rating to improve when it shares the key financial with CRISIL.

5. AMOUNT, IF ANY, PROPOSED TO BE TRANSFERRED TO RESERVES

The Board of Directors of your Company has decided not to transfer any amount to the Reserves for the year under review.

6. PROSPECTS FOR THE FINANCIAL YEAR 2024-25

Your Companys prospects are closely linked to the performance of the automobile and tyre industries, which are expected to show improved performance in the upcoming year. With this positive outlook, we are well- positioned to seize opportunities and meet the growing demand. By aligning our strategies with industry trends and prioritizing innovation and customer satisfaction, we are confident in our ability to navigate the market dynamics and achieve success in the year ahead.

7. MATERIAL CHANGES AND COMMITMENTS

During the year Company has filed Amalgamation application before National Company Law Tribuna (NCLT), Bangalore, seeking amalgamation of its fully owned subsidiary Tritonvalves Climatech Private Limited with the Company. Your Company expects to improve its cost and customer focus due to the proposed amalgamation.

8. SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS

No significant material orders have been passed during the year under review by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in the future.

9. CHANGE IN THE NATURE OF BUSINESS,

IF ANY

The nature of business of your Company remains the same, during the year under review.

10. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS

The Company has raised funds amounting to 29.19 crores through preferential issue and allotted the shares on 28.03.2024 and subsequently the Company has obtained listing and trading approvals dated May 06, 2024 and May 14, 2024 respectively.

11. DEPOSITS

During the year under review, your Company has neither accepted nor renewed any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

12. SUBSIDIARIES/ASSOCIATES/

JOINT VENTURES

In accordance with the general circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, the Statement of Profit & Loss and other documents of the Subsidiary Companies are not being attached to the Balance Sheet of the Company. The consolidated financial statements presented by the Company include the financial results of its Subsidiary Companies. The Company does not have any Associate or Joint Venture Companies.

INR lakhs	FY 2023-24			FY 2022-23			Movement
All expenses/ losses in red font	TritonValves Future Tech Private Limited	TritonValves Climatech Private Limited	Triton Valves HongKong Limited	TritonValves Future Tech Private Limited	TritonValves Climatech Private Limited	Triton Valves HongKong Limited	TritonValves Future Tech Private Limited	TritonValves Climatech Private Limited	Triton Valves HongKong Limited
	INR lakhs	INR lakhs	USD	INR lakhs	INR lakhs	USD	INR lakhs	INR lakhs	USD
Total Income	28,766.93	1,973.93	10,000.00	24,499.78	1,687.99	4,675,310	4,267.15	285.94	(4,665,310)
Revenue from Operations	28,755.76	1,704.36		24,488.69	1,678.60	4,675,309	4,267.07	25.76	(4,675,309)
Other Income	11.17	269.57	10,000.00	11.09	9.39	1	0.08	260.18	9,999
Operating Expenses	(27,548.51)	(1,873.82)	4,907.00	(23,406.77)	(2,078.07)	(4,579,865)	(4,141.74)	204.25	4,584,772
EBITDA	1,218.42	100.11	14,907.00	1,093.01	(390.08)	95,445	125.41	490.19	(80,538)
Finance costs	(590.52)	(417.58)	(6,807.00)	(537.41)	(253.36)	(93,634)	(53.11)	(164.22)	86,827
Depreciation and Amortisation Expenses	(394.22)	(310.65)		(432.13)	(171.72)		37.91	(138.93)
PBT	233.68	(628.12)	8,100.00	123.47	(815.16)	1,811	110.21	187.04	6,289
Net income tax expense	(39.88)	44.10	(607.00)	(15.39)	3.21	1,135	(24.49)	40.89	(1,742)
PAT	193.80	(584.02)	7,493.00	108.08	(811.95)	2,946	85.72	227.93	4,547
Other Comprehensive income (expense), net of income tax impact	(0.74)						(0.74)
Total Comprehensive Income	193.06	(584.02)	7,493.00	108.08	(811.95)	2,946	84.98	227.93	4,547

A statement containing the salient features of the Financial Statement of Subsidiary Companies in the prescribed format AOC-1 is annexed herewith as Annexure-I to this Report. The statement also provides the details of the performance and financial position of the Subsidiary Companies.

13. CONSOLIDATED FINANCIAL STATEMENTS:

Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to the requirement of Regulation 33 & Regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (hereinafter referred to as Listing Regulations) read with other applicable provisions and prepared in accordance with applicable IND AS, for Financial Year ended March 31, 2024.

14. CORPORATE GOVERNANCE REPORT

The Company is committed to maintaining the highest standards of Corporate Governance and adhering to the Corporate Governance requirements set out by SEBI. The report on Corporate Governance under Regulation 34 of the SEBI Listing Regulations read with Schedule V of the said Regulations, forms an integral part of the Annual Report. The requisite certificate from the Secretarial Auditor of the Company confirming compliance with the conditions of Corporate Governance is attached to the Report on Corporate Governance as Annexure-IX.

15. MANAGEMENT DISCUSSION AND ANALYSIS

In terms of Regulation 34 (2) (e) of the Listing Regulations, 2015 read with other applicable provisions, the detailed review of the operations, performance and future outlook of the Company and its business is given in the Managements Discussion and Analysis Report (MD&A) which forms part of this Annual Report and is incorporated herein by reference and forms an integral part of this report. The Management Discussion and Analysis Report is annexed herewith as Annexure-VIII.

16. BOARD OF DIRECTORS

A. Appointment/ Re-appointment of Directors

In accordance with the provisions of Section 152 of the Act and the Articles of Association, Mr. Koothanda Bheemaiah Appaiah (DIN: 10053407), Whole-time Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for reappointment. The Board recommends his reappointment.

The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience, and expertise and hold the highest standards of integrity.

None of the aforesaid Directors is disqualified under Section 164(2) of the Companies Act, 2013. Further, they are not debarred from holding the office of the Director pursuant to an order of SEBI or any other authority.

B. Changes in Directors and Key Managerial Personnel

Mr. Appaiah K B was appointed as an Additional & Wholetime Director on the Board of Directors of the Company w.e.f March 6, 2023. His appointment was regularized through Postal Ballot dated June 07, 2023.

Key Managerial Personnel (KMP)

In terms of Section 203 of the Act, the following are the Key Managerial Personnel of the Company:

• Mr. Aditya Maruti Gokarn - Managing Director

• Mr. Appaiah K B - Whole - Time Director

• Mr. Naresh Varadarajan - Chief Financial Officer

• Mr. Bibhuti Bhusan Mishra - Company Secretary and Compliance Officer ( W.e.f. February 13, 2024)

• Mr. Vishwa Hegde - Company Secretary and Compliance Officer (Till December 29, 2023)

C. Declaration by Independent Directors

In terms of Section 149 (7) of the Companies Act, 2013, Independent Directors of the Company have submitted declarations that they meet the criteria of Independence as provided in Section 149(6) of the Companies Act, 2013 and also Regulation 16(I)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have also complied with the Code for Independent Directors as per Schedule IV of the Companies Act, 2013. All our Independent Directors are registered on the Independent Directors Databank.

D. Formal Annual Evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board is required to carry out an annual evaluation of its own performance and that of its Committees and individual Directors. The Nomination and Remuneration Committee (NRC) of the Board also carries out an evaluation of every Directors performance. Accordingly, the Board and NRC of your Company have carried out the performance evaluation during the year under review. For the annual performance evaluation of the Board as a whole, its Committee(s), and individual Directors including the Chairman of the Board, the Company has formulated a questionnaire to assist in the evaluation of the performance. Every Director has to fill out the questionnaire related to the performance of the Board, its Committees and individual Directors except himself by rating the performance on each question on a scale of 1 to 5, 1 being Unacceptable and 5 being Exceptionally Good. On the basis of the response to the questionnaire, a matrix reflecting the ratings was formulated and placed before the Board for formal annual evaluation by the Board of its own performance and that of its Committees and individual Directors. The Board was satisfied with the evaluation results.

E. Separate Meeting of Independent Directors

In terms of requirements under Schedule IV of the Companies Act, 2013 and Regulation 25(3) of SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015, a separate meeting of the Independent Directors was held on March 30, 2024.

The Independent Directors at the meeting, inter alia, reviewed the following:-

• Performance of Non- Independent Directors and Board as a whole

• Performance of the Chairman of the Company, taking into account the views of Executive Directors and NonExecutive Directors

• Assessed the quality, quantity, and timeliness of the flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties

F. Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee, laid down a Nomination & Remuneration Policy for the selection and appointment of the Directors, Key Managerial Personnel, and Senior Management, and their remuneration. The extract of the Nomination and Remuneration Policy covering the salient features is provided in the Corporate Governance Report forming part of the Boards Report. The Nomination & Remuneration Policy of the Company is available on the website of the Company and the web link is https://www. tritonvalves.com/investors/.

G. Code of Conduct for Directors and Senior Management

The Company has formulated a Code of Conduct for Directors and Senior Management Personnel and has complied with all the requirements mentioned in the aforesaid code. For further details, please refer to the Corporate Governance Report.

H. DISCLOSURES RELATED TO BOARD, COMMITTEES, AND POLICIES

A. Board Meetings

The Board of Directors met Six (6) times during the year ended March 31, 2024, in accordance with the provisions of the Companies Act, 2013 and rules made thereunder. The details thereof are given in the Corporate Governance Report.

Pursuant to the requirements of Schedule IV to the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate Meeting of the Independent Directors of the Company was also held on March 30, 2024, without the presence of Non-Independent Directors and members of the management, to review the performance of NonIndependent Directors and the Board as a whole, the performance of the Chairman of the Company, taking into account the views of Executive Directors, Non-Executive Non-Independent Directors and also to assess the quality, quantity, and timeliness of the flow of information between the Company management and the Board.

B. Committees of the Board

In accordance with the Companies Act, 2013 and the Listing requirements, the following five Committees of the Board continued to discharge their respective functions and duties:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee (Not Mandatory)

Details of all the Committees along with their charters, composition and Meetings held during the year, are provided in the "Corporate Governance Report" which forms part of this Annual Report as Annexure-IX.

C. Board Performance Evaluation

Pursuant to the applicable provisions of the Act and the Listing Regulations, the Board has carried out an Annual Evaluation of its own performance, the performance of the Directors, and the working of its Committees, based on the evaluation criteria defined by Nomination and Remuneration Committee (NRC) for the performance evaluation process of the Board, its Committees and Directors.

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on the basis of criteria such as the composition of committees, effectiveness of Committee meetings, etc.

The performance assessment of Non-Independent Directors, the Board as a whole, and the Chairman were evaluated at a separate meeting of Independent Directors. The same was also discussed in the meetings of NRC and the Board. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

Evaluation of the performance of all Directors is undertaken annually. The Company has implemented a system of evaluating the performance of the Board of Directors and of its Committees and individual Directors on the basis of a structured questionnaire that comprises evaluation criteria, taking into consideration various performance- related aspects. The Board of Directors has expressed its satisfaction with the evaluation process.

The Company has laid down criteria and policy on the evaluation of the performance of the Board, its Committees, and Independent Directors as per the Companies Act, 2013 and the same is available on the Companys website at https://www.tritonvalves.com/downloads/policy/ Policy for evaluation of performamance of Board.

D. Remuneration Policy

The Policy has been laid down by the Nomination and Remuneration Committee for determining the remuneration of Directors, KMP, and other employees, and the criteria formulated by the Committee for determining qualifications, and positive attributes of Independent Directors and the same is available on the Companys website at www.tritonvalves.com.

E. Dividend Distribution Policy

The Board has, on the recommendation of the Audit Committee, laid down a Divined Distribution Policy. The extract of the Dividend Distribution Policy covering the salient features is provided in the Corporate Governance Report forming part of the Boards Report. The Dividend Distribution Policy of the Company is available on the website of the Company and the web link is https://www. tritonvalves.com/investors/ and annexed herewith as Annexure-VI.

F. Related Party Transaction Policy.

The Board has, on the recommendation of the Audit Committee, reviewed the Related Party Transaction Policy. The extract of the Related Party Transaction Policy covering the salient features is available on the website of the Company and the web link is https://www.tritonvalves. com/investors/.

G. Risk Management Committee Policy

The Board has, on the recommendation of the Audit Committee, reviewed the Risk Management Committee Policy. The extract of the Risk Management Committee Policy covering the salient features is available on the website of the Company and the web link is https://www. tritonvalves.com/investors/.

17. DIRECTORS RESPONSIBILITY STATEMENT

Based on the framework of Internal Financial Controls and compliance systems established and maintained by the Company, the work performed by the Internal Auditors, Statutory Auditors, and Secretarial Auditors, including the Audit of Internal Financial Controls over financial reporting by the Statutory Auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Companys internal financial controls were adequate and effective during Financial Year 2023-24.

Accordingly, pursuant to Sections 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:

i. in the preparation of the annual accounts for the Financial Year ended March 31,2024, the applicable accounting standards have been followed and there are no material departures;

ii. 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 at the end of the Financial Year and of the profit of the Company for that period;

iii. they 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. they have prepared the Annual Accounts for the Financial Year ended March 31, 2024, on a going concern basis;

v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

18. STATUTORY AUDITORS

Pursuant to provisions of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Messrs. Deloitte Haskins & Sells LLP having ICAI Firm Reg. No. 117366W/W-100018 were

re-appointed as Statutory Auditors of the Company for a term of 5 years and to hold the office up to the conclusion of the 51^st Annual General Meeting of the Company to be held in the year 2027.

19. AUDITORS REPORT

The report given by Messrs. Deloitte Haskins & Sells LLP, Chartered Accountants, Statutory Auditors on financial statements of the Company for FY 2023-24 is part of the Annual Report. The comments on statements of accounts referred to in the report of the Auditors are selfexplanatory. The Auditors Report does not contain any qualification, reservation, or adverse remark.

During the year under review, the Auditors had not reported any matter under Section 143(12) of the Companies Act,

2013. Therefore, no detail is required to be disclosed under Section 134 (3) (ca) of the Companies Act, 2013.

20. COST AUDIT

In terms of the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the Board of Directors, on the recommendation of the Audit Committee, has appointed Messrs. Rao, Murthy and Associates, Cost Accountants, (Firm Registration No. 000065) as Cost Auditor of the Company, for the financial year ended March 31,2025, on remuneration as mentioned in the Notice convening the 48^th Annual General Meeting, for conducting the audit of the cost records maintained by the Company. A resolution seeking Members approval for remuneration payable to the Cost Auditor forms part of the Notice of the 48^th Annual General Meeting of the Company and the same is recommended for your consideration.

During the year under review, the Cost Auditors had not reported any matter under provisions of the Companies Act, 2013

The Company is required to maintain Cost Records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Accordingly, the Company has made and maintained such accounts and records.

21. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014, the Board has appointed Mr. Parameshwar G Bhat, Practising Company Secretary, to conduct Secretarial Audit for the financial year ended March 31, 2024.

The Secretarial Audit Report issued by Mr. Parameshwar G Bhat in Form MR-3 forms part of this report as Annexure-IV.

Explanations by the Board on the comments of Secretarial Auditor:

Sl. Qualifications made by No. the Secretarial Auditor	Explanations by the Board
a. The Company should take steps to implement the Structural Digital Database (SDD) internally under the provisions of SEBI (PIT) Regulations, 2015	Company have already initiated the process to identify & finalise the vendors to obtain Structural Digital Database (SDD)

Apart from the above, the Secretarial Auditor has suggested a few working-level improvements to strengthen the compliance under the Companies Act further. These have been accepted by the Board and implemented.

The Board of Directors has appointed Mr. Parameshwar G Bhat, Practising Company Secretary to conduct the Secretarial Audit for FY 2024-25.

22. PARTICULARS OF LOANS, GUARANTEES, OR INVESTMENTS

During the year under review, the Company has given Loans, Guarantees, and Investments in compliance with the provisions of Section 186 of the Companies Act, 2013, Details of the same are given in Schedules 15 & 19 of the Notes to the Financial Statements.

23. INDUSTRIAL RELATIONS

The industrial relations of the Company have been cordial.

24. RELATED PARTY TRANSACTIONS

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, as prescribed in Form AOC - 2 of the rules prescribed under Chapter IX relating to Accounts of Companies under the Companies Act, 2013, is appended in Annexure-II to this report.

The Company has formulated a policy on determining the materiality of related party transactions and the same is available on the Companys website at www.tritonvalves.com.

25. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNING / OUTGO

Information on the conservation of energy, technology absorption, foreign exchange earnings, and outgo is required to be given pursuant to Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure-V to this report.

26. RISK MANAGEMENT POLICY

In compliance with the provisions of Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Risk Management Committee has been constituted by the Board. However, provisions of Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are not applicable to the Company.

Risk Assessment is done by the Senior Management team and documented in the Risk Register. Action is taken based on the possible impact of the identified risk.

27. SECRETARIAL COMPLIANCE CERTIFICATE

SEBI (LODR) (Amendment) Regulations, 2018 required the Company to obtain a Secretarial Compliance Certificate in the prescribed format from a practicing Company Secretary which has been obtained and filed with the Stock Exchange.

28. VIGIL MECHANISM

The Company has established a Vigil Mechanism, which includes a Whistle Blower Policy, for its Directors and Employees, to provide a framework to facilitate responsible and secure reporting of concerns of unethical behaviour, actual or suspected fraud, or violation of the Companys Code of Conduct & Ethics. The Whistle Blower Policy is available on the website of the Company at www.tritonvalves.com.

29. ANNUAL RETURN

As required under Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014 read with the Companies (Amendment) Act, 2020, an Annual Return in MGT-7 is placed in the website of the Company athttps://www. tritonvalves.com/investors/.

30. SHARE CAPITAL

The Board provides the following disclosures pertaining to the Companies (Share Capital and Debentures) Rules, 2014.

Sl. Particulars No.	Disclosure
1. Issue of Equity shares with differential rights	Nil
2. Issue of Sweat Equity shares	Nil
3. Issue of employee stock option	Nil
4. Provision of money by the company for the purchase of its own shares by trustees for the benefit of employees	Nil

The Authorized Share Capital of the Company is 5,00,00,000/- consisting of 50,00,000 Equity Shares of 10/- each and paid up equity share capital of the Company is 1,18,35,270/- consisting of 11,83,527 equity shares of 10/- each as on March 31, 2024.

During the year company has issued 143500 Equity shares at face value of 10/- each and 97,000 convertible Share Warrants at face value of INR 10/- each to identified investors on preferential issue basis.

31. CAPITAL INVESTMENTS

Capital Investments during the financial year 2023-24 were at 2.66 crores (Net of capital work-in-progress and capital advances).

32. FAILURE TO IMPLEMENT ANY CORPORATE ACTION

No such events took place during the year under consideration.

33. EMPLOYEE RELATIONS

During the year under review, your Company maintained cordial relationships with employees at all levels.

34. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The prescribed particulars of Employees required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Details/Disclosures of Ratio of Remuneration to each Director to the median employees remuneration is annexed herewith as Annexure-VII to this Report.

Further, the statement showing details in respect of employees of the Company is given in Annexure-VII forming part of the Report.

35. LISTING WITH STOCK EXCHANGES

The Company confirms that it has paid the Annual Listing Fees for the financial year 2023-24 to BSE Limited where the Companys Shares are listed.

36. INVESTORS EDUCATION AND PROTECTION FUND

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed Dividends are required to be transferred by the Company to the IEPF, established by the Government of India, after the completion of seven years. Further, according to the Rules, the Shares on which the Dividend has not been paid or claimed by the Shareholders for seven consecutive years or more shall also be transferred to the Demat account of the IEPF Authority.

For the year under review, unclaimed dividends amounting to 150748/- were required to be transferred to the IEPF account; have since been transferred during the month of May 2024.

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

Your Company has always believed in providing a safe and harassment-free workplace for every individual working on the Companys premises through various interventions and practices. The Company always endeavours to create and provide an environment that is free from discrimination and harassment including sexual harassment.

Policy on the Prevention of Sexual Harassment in the Workplace has already been implemented as per the directives of the Supreme Court. Further, the same policy had been amended recently in line with the recent amendments. The policy aims at the prevention of harassment of employees and lays down the guidelines for the identification, reporting, and prevention of undesired behaviour.

As required under law, an Internal Complaints Committee has been constituted for reporting and conducting inquiries into the complaints made by the victim on the harassment at the workplace.

During the year under review, no cases were filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013.

38. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company is well-equipped with adequate internal financial controls. The Company has a continuous monitoring mechanism that enables the Organization to maintain the same standard of the control systems and in managing any default on a timely basis because of the strong reporting mechanisms followed by the Company.

During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

An independent firm of reputed Chartered Accountants being Internal Auditors, monitor and evaluate the efficacy of Internal Financial Control systems in the Company, its compliance with the operating system, accounting procedures & policies at all the locations of the Company. Based on their report of the Internal Audit function, corrective actions in the respective areas are undertaken & controls are strengthened. Significant audit observations and corrective actions suggested are presented to the Audit Committee.

39. CORPORATE SOCIAL RESPONSIBILITY

The Company has formulated CSR Policy pursuant to the provisions of Section 135 of the Companies Act, 2013.The Company has constituted a Corporate Social Responsibility (CSR) Committee comprising the following Members:

Mr. Shrihari Udupa - Chairman

Mr. S.K.Welling - Member

Mrs. Anuradha M. Gokarn - Member

Owing to loss reported while during the Company in FY 2022-23 and in the absence of any brought forward of committed unspent amount into the year, there is no mandated expenditure on CSR. However Company has made a notable voluntary CSR expenditure, demonstrating its commitment to social responsibility beyond the minimum regulatory requirements. The details of expenditure are attached as Annexure-III to this report.

40. COMPLIANCE WITH THE APPLICABLE SECRETARIAL STANDARDS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and Annual General Meetings.

41. REPORTING OF FRAUD

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013. Further, no case of Fraud has been reported to the Management from any other sources.

42. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE,

2016 (IBC)

This is not applicable to your Company.

43. REVISION OF FINANCIAL STATEMENT OR THE REPORT

As per the Secretarial Standards-4, in case the Company has revised its financial statements or the Report in respect of any of the three preceding financial years either voluntarily or pursuant to the order of judicial authority, the detailed reasons for such revision shall be disclosed in the Report for that year, as well as in the Report of the relevant financial year in which such revision is made.

There is no revision of the Financial Statements of the Company.

44. ACKNOWLEDGEMENTS

The Board of Directors wishes to express its gratitude and record its sincere appreciation for the commitment and dedicated efforts put in by all the employees. Your Directors take this opportunity to express their grateful appreciation for the encouragement, cooperation, and support received by the Company from the local authorities, bankers, customers, suppliers, and business associates. The Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its management.

For and on behalf of the Board of Directors
	Triton Valves Limited
	S.K. Welling
	Chairman
	DIN:00050943
Place: Bengaluru
Date: August 09, 2024
	Regd. Office:
	Triton Valves Limited
	Sunrise Chambers, 22, Ulsoor Road,
	Bengaluru - 560 042
	CIN:L25119KA1975PLC002867