Triumph International Finance India Ltd Management Discussions

PART OF DIRECTORS REPORT FOR THE YEAR ENDED 31 st MARCH, 2026

Your directors have pleasure in presenting the Management Discussion and Analysis report for the year ended on March, 31 2026.

1. OVERALL REVIEW:

The world economy continues to face challenges on the road to sustained recovery. Advanced Economies that seemed towards the fag-end of the year and this uncertainty is clouding the prospects for global growth during 2026. The growth momentum was impacted as the protracted debt crisis in the euro area.

The economic crisis and its ramifications have accelerated the shift of economic power from the developed to the emerging nations and exposed a fragile world with limited capacity to respond to systemic risks.

2. INDUSTRY STRUCTURE AND DEVELOPMENT:

Triumph International Finance India Limited was founded in 1985 with an aspiration to become one of the leading financial services groups in India. From initially providing advisory and investment banking services, Triumph has grown by consciously and strategically investing in expanding services in existing areas as well as adding a presence in adjacent markets to become a leading diversified financial services conglomerate.

3. OPPORTUNITIES & THREATS:

The global economy is reviving from slowdown and would offer better business opportunities in near future. Further, stable government placed in India would indicate positive growth signal for an Indian Industry though in near term some short term challenges. Likely increase in the Government spending towards various infrastructure sectors would create a rise in the demand in several sectors of the economy, of which the company would be a beneficiary.

4. OUTLOOK :

Indias growth story was, till recently, quite attractive in comparison with many other developed and developing economies. However, the nations adverse fiscal deficit and negative current account balance call for some bold rectification measures from the Government. The Government would be focusing on consolidation of the economic recovery through expeditious clearance of existing projects, selective disinvestment and accelerated foreign direct investment through policy reforms. Also, Governments emphasis on infrastructure projects would raise demand from Construction & Mining Equipment Industry in the domestic market. Reforms in global economy indicate positive signal for overseas market. Overall, the market seems to be going on the sluggish pace for the next few months and would have positive note thereafter.

5. RISK AND CONCERNS:

The Securities and Exchange Board of India have, vide order dated May 16, 2002 cancelled the registration of the Company as a Stock Broker. The Directors are hopeful that the Company will overcome its problems in due course of time and hence the company has prepared the accounts on the going concern basis.

The National Stock Exchange of India Limited (NSE) has declared the company as defaulter, with effect from May 3, 2002, due to failure of the company to resolve the investor complaints filed against the company.

6. SEGMENT OR PRODUCT WISE PERFORMANCE:

The Company has not carried out any major business during the year and operations of the Company has been standstill since the SEBIs order.

7. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

During the year, the Company has been scouting for a suitable professional to perform the Internal Audit and to conduct the Internal Control activities. Due to non availability of suitable Professional, the Company was not able to perform the Internal Control Systems and check its adequacy.

8. COMPLIANCE WITH INDIAN ACCOUNTING STANDARDS (IND-AS):

In the preparation of the financial statements, the Company has followed the Indian Accounting Standards (Ind-AS) notified by Ministry of Corporate Affairs from time to time. The significant accounting policies which are consistently applied have been set out in the Notes to the Financial Statements.

9. FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE (Rs. In000):

During the year under review, your Company has registered Other Income of at 4,19,46,311 against at 4,30,35,605 nthe previous year. The Company has earned net profit of at 3,90,90,017 n the current year as compared to net profit of at 3,66,67,374 in the previous year.

10. GOAL:

The main goal of the company to set and achieve highest standard in performance and quality. The goal is to align all sections of the organization internally to generate even better customer value propositions and returns for shareholders. The goal is also to set and maintain high safety and environment norms for the company.

11. SAFETY, HEALTH AND ENVIRONMENT:

Your Company as a matter of policy gives greater importance to safety, health and environment and also ensures compliance with applicable legislative requirements.

12. HUMAN RESOURCES:

Human resources are integral and important part for the Company. It has put in place sound policies for the growth and progress of its employees. During the year, Company maintained harmonious and cordial industrial relations. No man days were lost due to strike, lock out etc.

13. DISCLOSURE BY THE SENIOR MANAGEMENT PERSONNEL ONE LEVEL BELOWTHE BOARD INCLUDING ALL HODS:

None of the Senior Management Personnel has financial and commercial transaction with the Company, where they have personal interest that would have a potential conflict with the interest of the Company at large.

14. CAUTIONARY STATEMENT:

The statements in this management discussion and analysis describing the outlook may be forward looking statement within the meaning of applicable laws and regulations. Actual result might differ substantially or materially from those expected due to the developments that could affect the companys operations. The factors like significant change in political and economic environment, tax laws, litigation, technology, fluctuations in material cost etc.may deviate the outlook and result.

Annexure 1 Form AOC-1

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules,

2014)

Statement containing salient features of the financial statement of subsidiaries/associate

companies/joint ventures

Part A: Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in Rs. in 000)

Sl. No.	Particulars	Details
1.	Corporate identity number (CIN) or foreign company registration number (FCRN) or Limited Liability Partnership number (LLPIN) or Foreign Limited Liability Partnership number (FLLPIN) or Permanent Account Number (PAN)/Passport for individuals or any other registration number	U67190MH2000PLC124744
2.	Name of the Subsidiary	Triumph Retail Broking Services Limited
3.	Date since when subsidiary was acquired	08/03/2000
4.	Provisions pursuant to which the company has become a subsidiary (Section 2(87)(i)/Section 2(87)(ii))	2 (87) (ii)
3.	Reporting period for the subsidiary concerned, if different from the holding company\u2019s reporting Period	NA
4.	Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries	NA
5.	Share capital	35,000.00
6.	Reserves & surplus	(2,74,00,839)
7.	Total assets	85,23,546
8.	Total Liabilities	85,23,546
9.	Investments	-
10.	Turnover	-
11.	Profit before taxation	(21,400)
12.	Provision for taxation	-
13.	Profit after taxation	(21,400)
14.	Proposed Dividend	-
15.	Extent of shareholding (in percentage)	97.99%

Notes: The following information shall be furnished at the end of the statement:

1. Names of subsidiaries which are yet to commence operations. N.A

2. Names of subsidiaries which have been liquidated or sold during the year. N.A

Part B: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies

and Joint Ventures

Sr. No.	Particulars	Not Applicable company does not have any joint venture and associate company
1.	Name of Associate/Joint Venture
2.	Latest audited Balance Sheet Date
3.	Date on which the Associate or Joint Venture was associated or acquired
4.	Shares of Associate/Joint Ventures held by the company on the year end
	Number of Shares
	Amount of Investment in Associates/Joint Venture
	Extent of Holding %
5.	Description of how there is significant influence
6.	Reason why the Financials of Associates/Joint Venture is not consolidated
7.	Net worth attributable to Shareholding as per latest Audited Balance Sheet
8.	Profit / Loss for the year
A	Considered in Consolidation
B	Not Considered in Consolidation

1. Names of associates or joint ventures which are yet to commence operations. NIL

2. Names of associates or joint ventures which have been liquidated or sold during the year. NIL

Notes: This Form is to be certified in the same manner in which the Balance Sheet is to be certified.

Annexure 2 Form No. AOC-2

[Pursuant to clause (h) of sub- section (3) of section 134 of the Act and Rule 8 (2) of the Companies

(Accounts) Rules, 2014]

Form for Disclosure of particulars of contracts/ arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not at arms length basis:

(a) Name(s) of the related party and nature of relationship: NIL

(b) Nature of contracts/arrangements/transactions: NIL

(c) Duration of the contracts/arrangements/transactions: NIL

(d) Salient terms of the contracts or arrangements or transactions including the value, if any: NIL

(e) Justification for entering into such contracts or arrangements or transaction: NIL

(f) Date(s) of approval by the Board: NIL

(g) Amount paid as advances, if any: NIL

(h) Date on which the special resolution was passed in general meeting as required under first proviso to section 188: NIL

2. Details of material contracts or arrangement or transactions at arms length basis:

(a) Name(s) of the related party and nature of relationship:

(b) Nature of contracts/arrangements/Transactions:

(c) Duration of Contracts/ arrangements/transactions:

(d) Salient terms of the contracts or arrangements or transactions including the value, if any:

(e) Date(s) of approval by the Board, if any:

(f) Amount paid as advances, if any:

All related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business as mentioned in Note 35 of the Financials.