Saraswati Commercial (India) Ltd Directors Report

The Members,

Your Directors are pleased to present the 42nd Annual Report of Saraswati Commercial (India) Limited ("your Company/ the Company") together with the annual audited financial statement for the financial year ended 31st March, 2025. This report provides a comprehensive overview of the Companys strategic initiatives, financial performance, operational achievements key challenges faced during the fiscal year, along with insights into the Companys future growth trajectory.

1. FINANCIAL PERFORMANCE:

The summary of the Companys financial performance for the year under review along with previous year figures are given hereunder:

(Rs. in Lakhs except EPS)

Particulars	Standalone		Consolidated {Consolidation with Subsidiaries}
	Year ended 31.03.2025	Year ended 31.03.2024	Year ended 31.03.2025	Year ended 31.03.2024
Total Income (I)	7,541.58	12,833.57	7,544.58	12,834.29
Total Expenses (II)	661.47	486.51	662.49	487.49
Profit before tax (I-II=III)	6,880.11	12,347.06	6,882.09	12,346.80
Less: Tax Expenses (IV)	1,538.99	1,956.45	1,539.37	1,956.49
Profit after Tax (III-IV=V)	5,341.12	10,390.61	5,342.72	10,390.30
Other Comprehensive Income before tax (VI)	17,293.88	17,244.10	17,560.27	17,652.62
Less: Tax Expenses on Other Comprehensive Income (VII)	3,570.67	1,950.01	3,646.21	1,995.22
Other Comprehensive Income for the year (VI-VII= VIII)	13,723.21	15,294.10	13,914.06	15,657.40
Total Comprehensive Income (V+VIII= IX)	19,064.33	25,684.71	19,256.78	26,047.70
Net Profit attributable to:
Owners of the company	-	-	5,342.10	10,390.42
Non-controlling interest	-	-	0.62	(0.12)
Other comprehensive Income attributable to:
Owners of the company	-	-	13,839.89	15,516.26
Non-controlling interests	-	-	74.17	141.14
Total comprehensive Income attributable to:
Owners of the company	-	-	19,181.99	25,906.68
Non-controlling interests	-	-	74.79	141.02
Earnings per share (EPS)
Basic	517.41	1,008.87	517.51	1,008.85
Diluted	517.41	1,008.87	517.51	1,008.85

Note: figures are represented in Ind-AS

2. OPERATIONS AND OVERVIEW OF FINANCIAL PERFORMANCE:

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

Companies Act, 2013 (‘the Act) read together with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, other relevant provisions of the Act on an accrual basis.

• Revenues – Standalone:

The standalone revenue from operations and other income of the Company stood at Rs. 7,541.58 Lakhs (Includes a realised gain on financial instruments of Rs. 6,958.16 Lakhs and an unrealised gain of Rs. 77.55 Lakhs) for the financial year ended 31st March, 2025 as against Rs. 12,833.57 Lakhs in the previous financial year. After providing for Depreciation the Company has earned a profit before tax of Rs. 6,880.11 Lakhs as against Rs. 12,347.06 Lakhs. After making provision for tax for the year; the profit for the year amounted to Rs. 5,341.12 Lakhs as against Rs. 10,390.61 Lakhs.

The Companys other comprehensive income (net of tax) for the financial year ended 31st March, 2025 was Rs. 13,723.21 Lakhs (Includes a realised gain on financial instruments of Rs. 331.40 Lakhs and an unrealised gain of Rs. 16,962.48 Lakhs) as against Rs. 15,294.10 Lakhs in previous year. The companys total comprehensive income for the financial year ended 31st March, 2025 was profit of Rs. 19,064.33 Lakhs as against Rs. 25,684.71 Lakhs in the previous financial year.

• Revenues – Consolidated:

The Company has consolidated its subsidiaries in the financial statement as per Ind AS 110 "Consolidated Financial Statement".

The consolidated revenue from operations and other income of the Company stood at Rs. 7,544.58 Lakhs (Includes a realised gain on financial instruments of Rs. 6,958.16 Lakhs and an unrealised gain of Rs. 78.30 Lakhs) for the financial year ended 31st March, 2025 as against Rs. 12,834.29 Lakhs in the previous financial year. After providing for Depreciation the Company has earned a profit before tax of Rs. 6,882.09 Lakhs as against Rs. 12,346.80 Lakhs. After making provision for tax for the year; the profit for the year amounted to Rs. 5,342.72 Lakhs as against profit of Rs. 10,390.30 Lakhs in previous financial year.

Companys other comprehensive income (net of tax) for the financial year ended 31st March, 2025 was profit of Rs. 13,914.06 Lakhs (Iincludes a realised gain on financial instruments of Rs. 331.40 Lakhs and an unrealised gain of Rs. 17,228.87 Lakhs) as against Rs. 15,657.40 Lakhs in previous year. The Companys total comprehensive income for the financial year ended 31st March, 2025 was profit of Rs. 19,256.78 Lakhs as against Rs. 26,047.70 Lakhs in the previous financial year.

3. DIVIDEND:

The Company is a Non-Banking Financial Company (NBFC) primarily engaged in investment activities. Considering the capital-intensive nature of the business and in order to support the Companys future growth plans, the Board of Directors has deemed it prudent not to recommend any dividend for the financial year ended 31st March, 2025.

4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.

5. TRANSFER TO RESERVE:

Under section 45-IC(1) of the Reserve Bank of India Act, 1934, Non-Banking Financial Companies (NBFCs) are required to transfer a sum of not less than 20% of its net profit every year to the reserve fund. Your Company has transferred a sum of Rs. 1,068.22 Lakhs to Reserves u/s. 45-IC(1) of the Reserve Bank of India Act.

6. CHANGE IN THE NATURE OF BUSINESS, IF ANY

The Company is a non-banking financial company (NBFC) registered with the Reserve Bank of India under the category of Investment and Credit Company (NBFC-ICC). The Company is engaged in the business of investment and trading in shares and securities and lending activities.

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

7. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES:

Subsidiaries:

The following Companies are the Subsidiaries:

Sr. No.	Name of the subsidiaries	% of holding
1	Sareshwar Trading and Finance Private Limited	60.77
2	Arkaya Commercial Private Limited	61.83

Financial Highlights of Subsidiaries:

(Rs. in Lakhs Except EPS)

Particulars	Subsidiaries
	Sareshwar Trading and Finance Private Limited	Arkaya Commercial Private Limited
	Year ended 31st March, 2025 {Standalone figures}
Total Income (I)	1.75	1.25
Total Expenses (II)	0.48	0.55
Profit before share in profit/(loss) before tax (I-II= III)	1.27	0.70
Less: Tax expenses (IV)	0.38	0.00
Profit/ (loss) for the year (III-IV= V)	0.89	0.70
Other Comprehensive Income before tax (VI)	170.07	96.32
Less: Tax Expenses on other Comprehensive Income (VII)	45.30	30.24
Other Comprehensive Income (VI-VII= VIII) (Net of Tax)	124.77	66.08
Total Comprehensive Income (V+VIII= IX)	125.67	66.78
Earnings per Share (EPS)
Basic	0.58	2.44
Diluted	0.58	2.44

Associates:

The Company does not have any Associates.

Joint Ventures:

The Company does not have any Joint ventures.

Salient Features of Subsidiaries:

Pursuant to Section 129 (3) of the Companies Act, 2013 read with the Rules (5) of the Companies (Accounts) Rules, 2014 the salient feature of Financial Statement of Subsidiaries in Form AOC 1 which forms part of the annual report.

8. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

The composition of the Board is in accordance with provisions of Section 149 of the Companies Act, 2013 and Regulation 17 of the Listing Regulations, with an appropriate combination of Executive, Non-executive and Independent Directors. As on 31st March, 2025, the Board of Directors of the Company comprised of following Six (6) Directors including One (1) Whole Time Director and Three (3) Independent Directors.

Name of the Director	Date of appointment	Date of Resignation	Position held
Mrs. Rupal Vora	28.04.2021	-	Chairperson- Non- Executive Independent Director
Mrs. Vaishali Dhuri	09.10.2024	-	Whole Time Director
Mr. Hetal Khalpada	14.05.2021	-	Non-Executive Director
Mr. Sandeep Kumar Kejariwal	25.07.2019	-	Non-Executive Director
Mr. Vallabh Prasad Biyani	11.02.2022	-	Non-Executive Independent Director
Mrs. Neha Bandyopadhyay	11.02.2025	--	Non-Executive Independent Director
Mr. Ketan Desai	13.02.2015	11.02.2025 (Completion of Tenure)	Non-Executive Independent Director
Mr. Ritesh Zaveri	13.11.2017	09.10.2024	Non-Executive Director

None of the Directors is disqualified from being appointed as ‘Director, pursuant to Section 164 of the Act or under any other applicable laws. The Company has obtained a certificate from Avani Gandhi & Associates, Practicing Company Secretaries, that none of the directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India (the "SEBI")/ Ministry of Corporate Affairs (the "MCA") or any such statutory authorities as on 31st March, 2025. A copy of thesaid certificate is attached to the Corporate Governance Report, which is annexed hereto and forms part of this Report.

• Women Director:

In terms of the provision of Section 149 of the Companies Act, 2013 and Regulation 17 (1) of the Listing Regulations, a Company shall have at least one woman director on the board of the Company. Your Company has Three women directors on the Board.

Sr. No.	Name of the Director	Date of appointment
1	Mrs. Rupal Vora	Mrs. Rupal Vora was appointed as a Non-Executive Independent Director w.e.f. 28th April, 2021
2	Mrs. Vaishali Dhuri	Mrs. Vaishali Dhuri was appointed as a Whole Time Director w.e.f. 9th October, 2024
3	Mrs. Neha Bandyopadhyay	Mrs. Neha Bandyopadhyay was appointed as a Non-Executive Independent Director w.e.f. 11th February, 2025

• Retirement by rotation:

In accordance with the provisions of the Companies Act, 2013, Mr. Sandeep Kumar Kejariwal, Director, retires by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment. A brief profile of the Director proposed to be re-appointed is provided in the Notes to the Notice of the ensuing Annual General Meeting.

• Appointment and Re-Appointment:

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee at its meeting held on 29th July, 2024, proposed the appointment of Mrs. Vaishali Dhuri (DIN: 03607657) as a Whole-time Director of the Company for a period of three years, subject to the approval of the Members and the Reserve Bank of India (RBI). Pursuant to the approval of the Members at the Annual General Meeting held on 26th September, 2024, and the subsequent approval received from the RBI on 9th October, 2024, Mrs. Vaishali Dhuri was formally appointed as a Whole-time Director of the Company for a term of three consecutive years with effect from 9th October, 2024.

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, appointed Mrs. Neha Bandyopadhyay (DIN: 08591975) as an Additional (Non-Executive) Independent Director witheffect from 11th February, 2025. Her appointment was subsequently regularized as a Non-Executive Independent Director with effect from 16th March, 2025, through Postal Ballot. Mrs. Neha Bandyopadhyay is a science graduate with Honours in Textile Design from Delhi University and also holds an MBA, MSc. and B.Ed. She serves as a Director in the International Indian Folk Art Gallery, Australia, and is the National Executive and State Coordinator for SPICMACAY. The Board considers her appointment to be in the best interests of the Company, and her association is expected to bring immense value to the Company. She is independent of the management and fulfils the conditions specified under the Companies Act, 2013 and the rules made thereunder for appointment as an Independent Director.

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee its meeting held on 12th November, 2024, proposed the appointment of Mr. Rohit Kothari (DIN: 00054811) as an Additional Non-Executive Director of the Company. He was subsequently regularized as a Non-Executive Director with effect from 16th March, 2025, through Postal Ballot, subject to the approval of the Reserve Bank of India (RBI). Upon receipt of the RBI approval, Mr. Rohit Kothari was formally appointed as a Non-Executive Director of the Company with effect from 30th May, 2025.

• Resignation:

Mr. Ritesh Zaveri, Non- Executive Non Independent Director of the Company resigned from the directorship of the Company w.e.f. 9th October, 2024 due to his other professional commitments. He has further confirmed that there are no other material reasons apart from his aforesaid commitments.

• Cessation:

Mr. Ketan Desai (DIN: 07092422) Non-Executive Independent Director of the Company, completed his second term on 11th February, 2025. Accordingly, he ceased to be an Independent Director of the Company with effect from the close of business hours on the said date.

The Company has devised a policy on directors appointment and remuneration including criteria for deeming qualifications, independence of director and other matter provided under sub-section (3) of Section 178. Nomination & Remuneration policy devised by the company can be accessed on the website of the company- www.saraswaticommercial.com .

• Evaluation of Board, its committees & Directors:

Pursuant to the provisions of Companies Act, 2013 and Regulation 17 of the Listing Regulations, the Board carried out evaluation of its own as well as performance of that of its committees. The Board also carried out performance evaluation of all the individual directors. Additionally, the Nomination and Remuneration committee of the also carried out the evaluation of the performance of the individual directors. The performance evaluation was carried out by the way of obtaining feedback from the directors through a structured questionnaire prepared in accordance with the Board Evaluation Policy.

The structured questionnaire prepared to evaluate the performance of individual directors, the Board and committees contained various different parameters. The independent directors of the Company met separately at their meeting held on 12th March, 2025, without the attendance of non-independent directors and members of the management and reviewed the performance of non-independent directors, chairman and various committees of the Board and assessed the quality, quantity and timeliness of the flow of information between the Management and the Board. The independent directors expressed their satisfaction regarding the overall functioning of the Board and its Committees for the financial year 2024-25.

• Declaration from Independent Directors:

All the Independent Directors have confirmed to the Board they meet the criteria of Independence as specified under section 149(6) of the Companies Act, 2013, and that they qualify to be the Independent Directors pursuant to Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014. Further, they have also confirmed that they meet the requirements of Independent Directors as mentioned under Regulation 16(1)(b) of the Listing Regulations .

• Key Managerial Personnel & Senior Management Personnel:

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel (KMP) of the

Company are as follows:

Sr. No. Name Designation

Sr. No.	Name	Designation
1	Mr. Rajiv Pathak	Chief Executive Officer
2	Mrs. Vaishali Dhuri*	Whole Time Director & Chief Financial Officer
3	Mrs. Avani Sanghavi	Company Secretary & Compliance Officer

*Mrs. Vaishali Dhuri, who holds the position of Chief Financial Officer of the Company, has been additionally appointed as a Whole-Time Director of the Company with effect from 9 th October, 2024.

Pursuant to the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023, the Senior Management personnel (SMP) of the Company is as follows:

Sr. No.	Name	Designation
1	Mr. Sanket Baheti	Research Analyst & Chief Information Officer
2	Mrs. Meenakshi Bishnoi*	Chief Compliance Officer

*The Board of Directors, based on the recommendations of the Nomination & Remuneration Committee at meeting held on 27th May, 2025 designated Mrs. Meenakshi Bishnoi, Chief Compliance Officer of the Company the Senior Managerial Personnel of the Company w.e.f. 27th May, 2025.

9. CHANGES IN SHARE CAPITAL:

During the year under review, the Board of Directors of the Company at its meeting held on 11th February, 2025 had, subject to the approval of the shareholders of the Company by way of a special resolution through the postal ballot (by remote e-voting) and subject to receipt of approvals of statutory, regulatory or governmental authorities as may be required under applicable laws, approved issue of 66,000 equity shares of face value Rs. 10 each of the Company at an issue price of Rs. 11,913 per equity share (including premium of Rs. 11,903 per equity share) aggregating Rs. 78,62,58,000 on preferential basis.

Consequent to approval received from the shareholders of the Company & Stock Exchange, the allotment of shares were made on 19th March, 2025. Pursuant to the allotment, the paid-up share capital of the Company has increased from 10,29,928 equity shares to 10,95,928 equity shares.

10. STATEMENT OF DEVIATION AND VARIATION:

During the year under review, the Company issued 66,000 equity shares of face value Rs. 10 each at an issue price of Rs. 11,913 per equity share (including premium of Rs. 11,903 per equity share) aggregating Rs. 78,62,58,000 on preferential basis. Pursuant to Regulation 32 of the Listing Regulations, it is hereby confirmed that there have been no deviations or in the use of proceeds from the preferential issue as compared to the objects stated in the offer document.

11. RBI GUIDELINES:

The Company is registered as a non-deposit taking NBFC pursuant to the receipt of Certificate of Registration dated 27th April, 2007, issued by the RBI under Section 45-IA of the Reserve Bank of India Act, 1934.

Since the asset size of the Company as on the balance sheet date has exceeded Rs. 1,000 crores, pursuant to the Scale Based Regulatory Framework for NBFCs notified by the Reserve Bank of India (RBI), the Company, on a standalone basis, falls under the category of Middle Layer NBFC ("NBFC-ML").

The Company continues to comply with the Scale Based Regulations and all the applicable laws, regulations, guidelines, etc. prescribed by RBI from time to time. The Board periodically reviews the policies and approves amendments in linewith

RBI guidelines as and when necessary.

12. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements of Section 134 (3) (c) of the Companies Act, 2013, your Directors confirm the following that: a) in the preparation of the annual accounts for the year ended on 31st March, 2025, the applicable accounting standards have been followed; b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2025 and of the profit of the Company as on that date; c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records 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 Directors have prepared the annual accounts for the year ended 31st March, 2025 on a going concern basis. e) the Directors 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 have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

13. CORPORATE GOVERNANCE:

Since its inception, the Company has upheld the highest standards of corporate governance set out by the Securities and Exchange Board of India (SEBI). We demonstrate an unwavering commitment to transparency, integrity, and ethical conduct in all our business transactions. The Company is committed to transparency in all its transactions and places high emphasis on the business ethics.

The report on Corporate Governance as stipulated under the Listing Regulations forms an integral part of this report. The requisite certificate from M/s. Avani Gandhi & Associates, Practicing Company Secretaries confirming compliance with the conditions of Corporate Governance as stipulated under Regulation 27 of the Listing Regulations is included as a part this report.

14. COMMITTEES OF THE BOARD:

The Board has constituted the following Committees to oversee various aspects of governance and operations: i) Audit Committee ii) Nomination and Remuneration Committee iii) Stakeholders Relationship Committee iv) Corporate Social Responsibility Committee v) Risk Management Committee vi) Asset Liability Management Committee vii) IT Strategy Committee viii) IT Steering Committee ix) Information Security Committee x) Special Committee of the Board for Monitoring and Follow-Up of Cases of Frauds (SCBMF) A detailed overview of the composition, terms of reference, meetings held and attendance of members are provided in the Report on Corporate Governance, which forms part of this Report. The composition and terms of reference of all the Committees of the Board of the Company are in accordance with the applicable provisions of the Act, Listing Regulations & RBI Regulations.

15. REMUNERATION POLICIES:

• Nomination And Remuneration Policy:

Pursuant to Section 178(3) of the Companies Act, 2013 and regulation 19(4) read with Part D of schedule II of the SEBI Listing Regulations, the Board has framed a Nomination & Remuneration (NRC) Policy. This policy, inter alia, lays down:

• The criteria for determining appointment, removal, retirement, qualifications, positive attributes, and independence of directors; and

• Broad guidelines of structure & remuneration for executive- non-executive directors, key managerial personnel and other employees.

The policy is displayed on the website of the Company at – https://www.saraswaticommercial.com/policies/Policy%20-%20Nomination%20&%20Remuneration.pdf

• Compensation Policy:

In view of detailed RBI Guidelines for NBFCs concerning compensation of KMP and SMP, the Company has in place a specific Compensation Policy to this effect. Accordingly, this NRC policy has to be read along with this specific policy adopted pursuant to RBI Guidelines as regards compensation of KMP and SMP. The objective of this policy are:

• To lay down broad framework for payment of compensation to the directors (Executive and Non-Executive), Key Managerial Personnel, Senior Management and other employees;

• To ensure ‘fit and proper status of proposed/existing directors and that there is no conflict of interest in appointment of directors on Board of the Company, KMPs and senior management;

• To ensure that the compensation packages of whole-time directors (if any), key managerial personnel and senior management involves a balance between fixed and variable pay reflecting short and long term performance objectives appropriate to the working of the company and aligned with the regulatory requirements;

• The level and composition of compensation is reasonable and sufficient to attract, retain and directors, KPMs and SMPs of the quality required to efficiently run the company successfully.

The policy is displayed on the website of the Company at – https://saraswaticommercial.com/policies/Compensation%20Policy%20-%20SCIL.pdf

16. AUDITOR AND AUDIT REPORT: STATUTORY AUDIT:

M/s. Ajmera Ajmera & Associates, Chartered Accountants (FRN: 123989W) were appointed as the Statutory Auditors of the Company to hold office from the conclusion of the 39th Annual General Meeting (AGM) of the Company held on 22nd September 2022 until the conclusion of the 44th AGM of the Company, i.e., for a period of five years, commencing from the financial year 2022 23 (01.04.2022) to the financial year ending 2026 27 (31.03.2027).

The Company is an RBI-registered Non-Banking Financial Company (NBFC). As on 31st March, 2025, the Companys asset size has exceeded Rs. 1,000 crore. As per the RBI Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021, NBFCs having an asset size of more than Rs. 1,000 crore are required to appoint statutory auditors for a continuous period of three (3) years and to meet prescribed eligibility criteria for Statutory Auditors. These criteria include the minimum number of full-time partners, the minimum number of Fellow Chartered Accountant (FCA) partners associated with the firm for at least three years, the minimum number of full-time partners/paid CAs with CISA/ISA qualification, the minimum years of audit experience of the firm, and the minimum number of professional staff. Thereafter, the audit firm shall be eligible re-appointment only after a cooling-off period of six (6) years.

In accordance with the aforementioned Guidelines, M/s Ajmera Ajmera & Associates, the previous Statutory Auditors of the Company, did not meet the prescribed eligibility criteria. Consequently, they were unable to continue as the Statutory Auditors of the Company and tendered their resignation with effect from 13th August, 2025.

Accordingly it is proposed to appoint new statutory auditors and therefore, based on the recommendation of the Audit Committee, the Board of Directors of the Company, at their respective meetings held on 13th August, 2025, have approved the appointment of M/s. GBCA & Associates LLP, Chartered Accountants (FRN: 103142W/W100292) as the new Statutory Auditors of the company for a term of 3 consecutive years and to hold the office from the conclusion of this 42nd AGM until the conclusion of 45th AGM on such remuneration including out of pocket expenses and other expenses as may be mutually agreed by and between the Board of Directors and the Auditor.

The Auditors have confirmed that they have subjected themselves to the peer review process of Institute of Chartered Accountants of India (ICAI) and hold valid certificate issued by the Peer Review Board of the ICAI.

Explanation to Auditors Remarks:

There are no qualifications, reservations or adverse remarks made by M/s Ajmera Ajmera & Associates, Statutory Auditors in their report for the financial year ended 31st March, 2025. The Auditors Report is enclosed with the financial statements in this Annual Report.

SECRETARIAL AUDIT:

Due to the sudden demise of the Secretarial Auditor, Mr. Nishant Jawasa, proprietor of M/s. Nishant Jawasa & Associates, the Board of Directors, at its meeting held on 11th February 2025, appointed M/s. Avani Gandhi & Associates, Practising Company Secretaries (C.P. No. 16143 and Peer Review Certificate No. 1379/2021), to conduct the Secretarial Audit of the Company for the financial year 2024 2025.

In accordance with Section 204 of the Companies Act 2013, read with the rules framed thereunder, and Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), w.e.f 1st April every listed entity is required to undertake Secretarial Audit by a Peer Reviewed Secretarial Auditor who shall be appointed by the Members of the Company, on the recommendation of the Board of Directors, for a period of five consecutive years. Based on the recommendation of the Audit Committee, the Board, at its Meeting held on 27th May, 2025, subject to the approval of the Members of the Company, approved appointment of M/s. Avani Gandhi & Associates, Practicing Company Secretaries (Certificate of Practice No. 16143, Peer Review Certificate No. 1379/2021) as the Secretarial Auditor of Company, for a term of five (5) consecutive years, to hold office of the Secretarial Auditor from FY 2025-2026 FY 2029-2030.

The Secretarial Audit Report for the financial year ended 31st March, 2025 is appended to this Report in Form MR-3. The Secretarial Audit Report does not contain any qualifications, reservations or adverse remark. The Secretarial Audit Report (MR-3) forms part of this Annual Report as "(Annexure-1)" to the Directors Report.

Pursuant to Regulation 24A(2) of the Listing Regulations, a report on secretarial compliance has been issued by M/s Avani Gandhi & Associates for the financial year ended 31st March 2025 and the same has been submitted to stock exchanges. There are no observations, reservations or qualifications in the said report.

The Company does not have any material subsidiaries, therefore, the provisions of Regulation 24A of the SEBI Listing Regulations pertaining to secretarial audit is not applicable with respect to the subsidiaries of the Company.

INTERNAL AUDIT:

During the year under review, M/s. Rajiv A. Gupta & Associates, Chartered Accountants, were appointed as the Internal Auditors of the Company in accordance with the applicable provisions of the Act.

COST AUDIT AND MAINTANANCE OF COST RECORDS:

The Cost Audit as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, is not required and accordingly no such cost accounts and records are made and maintained by the Company.

SECRETARIAL STANDARDS:

The company has complied with the applicable secretarial standards issued by the Institute of Companies Secretaries of India on meeting of the Board of Directors and General Meeting.

17. DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. The policy is displayed on the website of the company at – https://saraswaticommercial.com/policies/Prevention%20of%20Sexual%20Harassment%20Policy-2014%20(2).pdf The provisions and guidelines of the Internal Complaints committee are not applicable to the Company. However, during the financial year 2024-25, the Company has not received any complaints on sexual harassment and no complaints remain pending as of 31st March, 2025.

Particulars	Complaints received on sexual Harassment
Number of complaints received during the year under review	NIL
Number of complaints disposed of during the year under review	NIL
Number of complaints remain pending for more than 90 days	NIL
Number of complaints remain pending at the year end	NIL

18. PUBLIC DEPOSITS:

The Company has not accepted any deposits from the public under Chapter V of the Companies Act, 2013 or the corresponding provisions of Section 58A of the Companies Act, 1956. Accordingly, no amount of principal or interest on public deposits was outstanding as on the balance sheet date.

19. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: A] Conservation of Energy and Technology Absorption: i) The step taken or impacts on conservation of energy The operation of your Company are not energy intensive. However, adequate measures have been initiated for conservation of energy. ii) The steps taken by the Company for utilizing alternative sources of energy though the operations of the Company are not energy intensive, the Company shall explore alternative sources of energy, as and when necessity arises. iii) The capital investment on energy conservation equipments - NIL

B] Foreign Exchange Earnings & Outgo: (Rs. In Lakhs)

PARTICULARS	2024-2025	2023-2024
Foreign Exchange Earning	Nil	Nil
Foreign Exchange Outgo	Nil	Nil

C] Technology Absorption: a. The Company primarily being an investment company and not involved in any industrial or manufacturing activities, has no particulars to report regarding technology absorption as required under section 134 of

Act and Rules made thereunder. b. The benefits derived like product improvement, cost reduction, product development: Not Applicable c. The Expenditure incurred in Research & Development: Nil

20. PARTICULARS OF REMUNERATION

The information required under Section 197(12) of the Companies Act, 2013 and the Rules made there-under, in respect of the employees of the Company a) The ratio of the remuneration of each director to the median remuneration of the employee of the Company & the percentage of increase/ (decrease) in remuneration of each Director & KMPs of the Company for the financial year 2024-2025:

Name of the Directors, KMP & their Designation	Remuneration for the FY 2024-2025 (Rs. In Lakhs)	Ratio of remuneration of each director to median remuneration of employees	% Increase / (Decrease) in remuneration in the financial year
Mrs. Vaishali Dhuri	17.53	1.23	13.49
- Whole Time Director & Chief Financial Officer
Mr. Rajiv Pathak	99.02	NA	30.88
- Chief Executive Officer
Mrs. Avani Sanghavi	14.20	NA	12.32
- Company Secretary & Compliance Officer

- No remuneration is been paid to the Non- Executive Directors of the Company.

- Remuneration to directors does not include sitting fees paid to them for attending Board and/or Committee meetings.

- However the details of remuneration paid to the Executive Director & the sitting fees paid to the Independent Directors for attending the meeting of the Board & committees are furnished in Form MGT- 7, which is available on the Companys website.

b) The percentage increase/ (decrease) in the median remuneration of employees in the financial year 10.42% c) The number of permanent employees on the rolls of company as on 31st March, 2025 9 (Nine) d) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: - The average increase in salaries of employees other than managerial personnel in 2024-25 was 15.95%.

Percentage increase in the managerial remuneration for the year was 18.90%. e) The key parameters for any variable component of remuneration availed by the directors:

- The variable component of remuneration for Executive Directors is determined based on the following key parameters:

• Individual performance and leadership contribution; and • Overall performance of the Company.

- For the financial year 2024 2025, Mrs. Vaishali Dhuri, Whole Time Director of the Company, was paid a bonus of Rs. 2.15 lakhs as the variable component of her remuneration. f) Affirmation that the remuneration is as per the remuneration policy of the Company: - The Companys remuneration policy is driven by the success and performance of the individual employees and the Company. Through the compensation package, the Company endeavours to attract, retain, develop and motivate a high performance staff. The Company follows a compensation mix of fixed pay, benefits performance based variable pay. Individual performance pay is determined by business performance and the performance of the individuals measured through the annual appraisal process. The Company affirms remuneration is as per the remuneration policy of the Company. g) Details Pertaining to remuneration as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 and forming part of the directors report for the year ended 31st March, 2025: - The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. In terms of the proviso to Section 136(1) of the Companies Act, 2013, the Report and Accounts are being sent to the Members excluding the aforesaid annexure. The said statement is available for inspection with the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary at saraswati.investor@gcvlin .

21. EXTRACT OF ANNUAL RETURN:

Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return as on 31st March, 2025 in Form No. MGT-7, is available on the Companys website and can be accessed - https://saraswaticommercial.com/corporate/Form_MGT_7%20for%20the%20y.e.%2031.03.2025.pdf

22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

The loan made, guarantee given or security provided in the ordinary course of business by a NBFC registered with RBI are exempt from the applicability of the provisions of Section 186 of the Companies Act, 2013.

23. INDEPENDENT DIRECTORS DECLARATION:

The Independent Directors hold office for a fixed term and are not liable to retire by Rotation. In accordance with 149(7) of the Companies Act, 2013 (Act) and Regulation 25(8) of the Listing Regulations, Mrs. Rupal Vora, Mr. Vallabh Prasad Biyani & Mrs. Neha Bandyopadhyay have given a written declaration to the Company confirming that they meet the criteria of Independence as mentioned under Section 149(6) of the Companies Act, 2013 and Listing Regulations and the same have been considered and taken on record by the Board.

Further, there has been no change in the circumstances which may affect their status as independent director during the year.

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 registered themselves with the databank maintained by the Indian Institute of Corporate Affairs, Manesar (‘IICA). The Independent Directors are also required to undertake online proficiency self-assessment test conducted by the IICA within a periodof 2 (two) years from the date of inclusion of their names in the data bank, unless they meet the criteria specified for exemption.

Mrs. Rupal Vora and Mr. Vallabh Prasad Biyani, Independent Directors of the Company are exempt from the requirement to undertake the online proficiency self-assessment test conducted by IICA. However Mrs. Neha Bandyopadhyay has undertaken online proficiency self-assessment test conducted by IICA and passed such test..

24. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The Company has familiarized its independent Directors to provide insights into the Company and to enable them to understand the Companys business in depth, to familiarize them with the processes and functionaries of the Company to assist them in understanding their roles and responsibilities. Further, the Independent Directors are provided with opportunity to interact with the Management of the Company and help them to understand the Companys strategy, their roles, rights, responsibilities in the Company, nature of the industry in which the company operates, business model of the company and such other areas as may arise from time to time through various programmes.

The said program was conducted for the familiarization of Independent directors. The details of the same can found on the website of the company – https://saraswaticommercial.com/id/final%20Details_of_Familiarisation_Programme_Saraswati%2012.03.2025.pdf

25. DISCLOSURES: l RELATED PARTY TRANSACTIONS:

All the related party transactions were placed before the Audit Committee for its review on a quarterly basis. An omnibus approval of the Audit Committee had been obtained for the related party transactions which were repetitive in nature. Further, as per applicable provisions of the Listing Regulations, necessary approvals of the members of the Company were also sought for the material related party transactions proposed to be entered with the related parties.

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. The details regarding materially significant related party transactions made by the Company are disclosed in Form AOC-2 "(Annexure-3)" which forms a part of this Annual report.

The Board has formulated Policy on Related Party Transactions, pursuant to the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations and the same is displayed on the Companys website at https://saraswaticommercial.com/policies/RPT%20Policy.pdf Further, the details on the transactions with related parties are provided in the accompanying financial statements. l CEO AND CFO CERTIFICATION:

The Chief Executive Officer and the Chief Financial Officer of the Company have given a Certificate to the contemplated in Regulation 17 of the Listing Regulations. The Certificate forms a part of this Annual Report. l CODE OF CONDUCT:

The Board of Directors have laid-down a "Code of Conduct" (Code) for all the Board Members and the

Senior Management Personnel of the Company and the same Code is displayed on the Website of the Company – www.saraswaticommercial.com. Annual declaration is obtained from every person covered by the Code. l MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis for the year under review as stipulated under Regulation 34(2) read with Schedule V of the Listing Regulations, is presented in a separate section forming part of this Annual Report. The shareholders may refer to the Management Discussion and Analysis section of this Annual Report for comprehensive insight into the Companys strategic outlook, including industry dynamics, various opportunities and threats in the industry, risk factors and the efficacy of internal control mechanisms.

26. POLICIES AND PROGRAMMES:

The Listing Regulations mandated the formulation of certain policies for all listed companies. All such policies which are applicable to the company are available on our website (https://saraswaticommercial.com/policies-and-codeasp).

The policies are reviewed by the Board and updated based on need and new compliance requirements.

The policies and programmes adopted by the Company along with their web links are as follows:

Sr. No.	Name of the policy	Web link
1	Document Retention and Archival Policy	https://saraswaticommercial.com/policies/Policy%20-%20 Document%20Retention%20and%20Archival%20Policy.pdf
2	Policy for determination of Materiality	https://saraswaticommercial.com/policies/Materiality%20 Policy.pdf
3	Policy on prevention of sexual harassment	https://www.saraswaticommercial.com/policies/Prevention%20 of%20Sexual%20Harassment%20Policy-2014%20(2).pdf
4	Nomination & Remuneration Policy	https://saraswaticommercial.com/policies/Policy%20-%20 Nomination%20&%20Remuneration.pdf
5	CSR Policy	https://www.saraswaticommercial.com/policies/CSR%20 Policy%20-%20SCIL.pdf
6	Vigil Mechanism Policy	https://saraswaticommercial.com/policies/Policy%20-%20 Whistle%20blower%20&%20Vigil%20Mechanism.pdf
7	Related Party Transaction Policy	https://saraswaticommercial.com/policies/RPT%20Policy.pdf
8	Board Evaluation Policy	https://saraswaticommercial.com/policies/Policy%20-%20 Board%20Evaluation.pdf
9	Board Diversity	https://saraswaticommercial.com/policies/Policy%20-%20 Diversity%20of%20the%20Board.pdf
10	Succession Policy	https://saraswaticommercial.com/policies/Policy%20-%20 Succession%20Policy.pdf
11	Familiarisation Programme for Independent Directors	https://saraswaticommercial.com/policies/final%20Details_of_ Familiarisation_Programme_Saraswati%2012.03.2025.pdf
		https://saraswaticommercial.com/policies/CODE%20OF%20
12	Code for Prevention of Insider Trading	CONDUCT%20FOR%20PREVENTION%20OF%20INSIDER%20 TRADING.pdf
13	Policy for Determining Material Subsidiaries	https://saraswaticommercial.com/policies/Policy%20on%20 Material%20Subsidiary.pdf

27. NUMBER OF MEETINGS OF THE BOARD, ANNUAL GENERAL MEETING AND EXTRA ORDINARY GENERAL MEETINGS & POSTAL BALLOTS:

During the year, Five (5) meetings of the Board of Directors were held. The maximum time gap between any two Meetings was not more than one hundred and twenty days. These Meetings were well attended. The 41st Annual General Meeting of the Company was held on 26th September, 2024. However, During the year under review, no Extraordinary General Meeting were held.

Detailed information on the Meetings of the Board, its Committees, the AGM/ EGM & Postal Ballots is included in the Report on Corporate Governance, which forms part of this Annual Report.

28. RISK MANAGEMENT & INTERNAL FINANCIAL CONTROLS: l Risk is an integral part of the business and almost every business decision requires the management to balance risk and reward. The Company has in place Risk Management committee and Risk Management Policy framed in accordance with the Risk Management framework as issued by Reserve Bank of India ("RBI") vide Master Direction Reserve Bank of India (Non-Banking Financial Company Scale Based Regulation) Directions, 2023 ("Scale Based Regulations") and amendments thereon. l The Company has in place adequate Internal Financial Controls with reference to financial statements. The Audit Committee actively reviews the adequacy and effectiveness of the internal control systems and is also apprised the internal audit findings and corrective actions. l The internal financial control system of the Company is supplemented with internal audits, regular reviews by the management and checks by external auditors. It provides reasonable assurance in respect of financial and operational information, compliance with applicable statutes safeguarding the assets of the Company, prevention and detection of frauds, accuracy and completeness of accounting records and also ensuring compliance with the

Companys policies. l The Statutory Auditors and the Internal Auditors of the Company also provide confirmation that the internal financial controls framework is operating effectively. During the year, no material or serious observations have highlighted for inefficiency or inadequacy of such controls.

Report of the Statutory Auditors on the Internal Financial Controls with reference to the financial statements as required under clause (i) of Sub-section 3 of Section 143 of the Companies Act,2013 ("the Act") forms part of this Annual Report as Annexure-A to the Auditors Report.

29. INSURANCE:

The company has adequately insured all its Assets and properties.

30. CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility (CSR) committee is established by the Board in accordance with section 135 of the Companies Act, 2013.

As per the provisions of Section 135 of the Companies Act, 2013, the Companys CSR liability for FY 2024-25 was Rs. 1,22,79,027. However, in the previous year, the Company had spent an excess amount of Rs. 1,04,10,321. After setting off the said excess expenditure of the previous year, the net amount required to be spent during FY 2024-25 was Rs. 18,68,706.

Against this requirement, the Company spent Rs. 19,00,000 towards Corporate Social Responsibility (CSR) in FY 2024-25. Consequently, an excess of Rs. 31,294 has been carried forward to the next year.

The Annual report on the CSR Activities of the Company during the year is enclosedas "(Annexure-2)" and forms part of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The CSR Policy outlines the activities that can be undertaken or supported by the Company within the applicable provisions of the Companies Act, 2013, ensuring the alignment with sustainable development goals and principles. Apart from the composition requirements of the CSR Committee, the CSR Policy, inter alia, sets forth key parameters, including:

1. Criteria for project and area selection;

2. Funding & Allocation;

3. Execution and implementation modalities;

4. Monitoring mechanisms for CSR initiatives;

5. Formulation of an annual action plan.

The Company has in place Corporate Social Responsibility policy which is displayed on the website of the Company at

(https://saraswaticommercial.com/).

The Chief Financial Officer has certified that the funds disbursed on the basis the annual action plan for the financial 2024-25 have been utilised for the purpose and in the manner as approved by the Board.

31. BOARD EVALUATION:

The annual evaluation process of the Board of Directors, the Committees thereof and individual directors was conducted in accordance with the provisions of the Companies Act, 2013 and Listing Regulations. The structured questionnaires used for assessing the performance of Board and its Committees were framed in accordance with the Board Evaluation Policy. The evaluation process focused on various aspects of the Board and Committees functioning including their composition, experience, competencies, performance of specific duties, obligations, monitoring of corporate governance practices, participation in the long-term strategic planning, attendance and contribution of individual directors and exercise independent judgement, including but not limited to, active participation at the Board and Committee meetings.

The performance evaluation of the Chairman and the Non-Independent Director was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

Additionally, a meeting of the independent directors of the Company was held on 12th March, 2025 without the presence of non-independent directors and members of the Management. During this meeting, the independent directors reviewed the performance of Non-Independent Directors, the Chairman and various Committees of the Board. They also assessed the quality, quantity and timeliness of the flow of information between the Management and the Board, while evaluating progress on the recommendations made during the previous year. The independent directors expressed their satisfaction regarding the overall functioning of the Board and its Committees for the financial year 2024-25.

32. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS:

During the financial year 2024-2025, there were no significant and material orders passed by any Regulator/ Court that would impact the ‘going concern status of the Company and its future operations.

33. VIGIL MECHANISM POLICY:

The Company promotes ethical behaviour in all its business activities and has established a vigil mechanism for its Directors, Employees and Stakeholders associated with the Company to report their genuine concerns. The Vigil

Mechanism as envisaged in the Companies Act, 2013 and the Rules prescribed thereunder and the Listing Regulations is implemented through the Whistle Blower Policy, to provide for adequate safeguards against victimisation of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee.

As per the Whistle Blower Policy implemented by the Company, the Employees, Directors, vendors or any Stakeholders associated with the Company are free to report illegal or unethical behaviour, actual or suspected fraud or violation of the Companys Codes of Conduct or Corporate Governance Policies or any improper activity to the Chairperson of the Audit Committee of the Company.

The Company has a Vigil Mechanism/ Whistle Blower policy to report genuine concerns or grievances pursuant to

Section 177 of Companies Act, 2013 and Regulation 22 of the SEBI Listing Regulations. The Vigil Mechanism/Whistle Blower policy has been posted on the website of the Company at- https://www.saraswaticommercial.com/policies/Policy%20-%20Whistle%20blower%20&%20Vigil%20Mechanism.pdf

34. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this Report. There has been no change in the nature of the business of the Company.

35. MATERNITY BENEFIT COMPLIANCE:

The Company is committed to ensuring the welfare and rights of its employees in accordance with the applicable laws. The Company has always complied with the provisions of the Maternity Benefit Act, 1961, as amended by the Maternity Benefit (Amendment) Act, 2017.

The Company ensures that all eligible women employees are provided the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

36. HUMAN RESOURCES:

At the company, we place paramount importance on our people, recognizing them as our most valuable strategic assets. We are deeply committed to comprehensive talent management, fostering a culture of continuous growth, and implementing effective performance management practices to empower our teams and drive long-term organizational success. Our company has built a dynamic and responsive organizational framework designed to drive clear and measurable business outcomes. We prioritize consistent communication and ongoing engagement to keep all team members aligned with shared goals. At the heart of our approach is a strong, value-driven culture rooted in trust, accountability, and mutual respect, ensuring every employee understands and embraces the principles that shape our decisions and actions.

The Board affirms that our remuneration practices are fully aligned with the Companys established policy, promoting fairness, ensuring equitable and transparent treatment throughout the organization.

The Company had a total of 9 employees as of 31st March, 2025.

37. GENDER-WISE COMPOSITION OF EMPLOYEES:

In alignment with the principles of diversity, equity, and inclusion (DEI), the Company discloses below the gender composition of its workforce as on 31st March, 2025.

Category	Number of Employees	Percentage (%)
Male	6	66.67
Female	3	33.33
Transgender	0	0.00
Total	9	100.00

38. GENERAL:

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under the review:

1. Details relating to deposits covered under Chapter V of the Act.

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

3. Issue of share (including sweat equity shares) to employees of the Company under any scheme.

4. None of the Non-Executive Directors of the company receives any remuneration or commission from the Company as well as from any of its subsidiaries except sitting fees paid to Independent Directors.

5. There was no application made or proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016.

6. Pursuant to provisions of the Section 143(12) of the Companies Act, 2013, neither the Statutory Auditors nor the Secretarial Auditor has reported any incident of fraud to the Audit Committee during the year under review.

7. During the year under review, there were no instances of one-time settlements with Banks or Financial Institutions. Accordingly, the reasons for any difference between the valuation at the time of such settlement and the valuation done while availing loans from Banks or Financial Institutions are not applicable and, therefore, not reported.

39. ACKNOWLEDGEMENTS:

Your Directors take this opportunity to express their gratitude for the support and co-operation from the Investors, Banks and Statutory Authorities. Your Directors express their deep appreciation to the Companys employees at all levels for their unstinted efforts and valuable contributions during the year.

	By order of the Board of Directors
	For Saraswati Commercial (India) Limited
Place: Mumbai	Vaishali Dhuri	Hetal Khalpada
Date: 13th August, 2025	Whole Time Director	Director
	DIN: 03607657	DIN: 00055823
Registered Office:
209-210, Arcadia Building, 195,
Nariman Point, Mumbai 400 021.