The Board of Directors hereby submits the report of the business and operations of your Company ("the
Company"), along with the Standalone Audited Financial Statements for the Financial Year ended on 31^st
March, 2025.

FINANCIAL RESULTS:

The Company's financial performance for the year ended on 31^st March, 2025 is summarized below:

DIVIDEND:

For the Financial Year 2024-25, based on the Company's performance, the Board of Directors have not
recommended any dividend.

TRANSFER TO RESERVES:

During the year, the Company has not transferred any amount to Reserve and Surplus.

BUSINESS DESCRIPTION:

We are engaged in the business of providing specialized services of operation and maintenance of
substation up to 66 KV (kilovolt), testing and commissioning of electrical substation up to 220 KV (kilovolt)
and solar power generation park of 1.5 MW (Megawatts) capacity, and within our scope, it includes erection
of EHV class equipments, structures and equipments, earthing, control cable works and other associated
works for substations up to 220 KV (D Class).

CHANGE IN NATURE OF BUSINESS:

During the year, your Company has not changed its business or object and continues to be in the same line
of business as per main object of the Company.

THE REGISTERED OFFICE:

The registered office of the company is situated at Shop No.113,114, Sakar Building Opp. Petrol Pump, Near
Railway Fatak, Palanpur, Gujarat, India, 385001.

SHARE CAPITAL:

During the year under review, the authorized and paid-up share capital of the Company are as follows:

> AUTHORIZED CAPITAL:

The Authorised Capital of the Company is ? 11,60,00,000/- divided into 1,16,00,000 Equity Shares of ?
10/- (Rupees Ten Only) each.

During the Financial year, the Company has increased the authorized Share capital of the Company as
below:

> ISSUED, SUBSCRIBED & PAID-UP CAPITAL:

As on 31^st March, 2025, the issued, subscribed and paid-up capital of the Company is ? 11,00,45,940/-
divided into 1,10,04,594 Equity Shares of ? 10/- (Rupees Ten Only) each.

During the Financial year, the Company has increased issued, subscribed and paid-up capital of the
Company as per table below.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Aq on fho rl>3to of thic moor t tho RoprrH rorrmricAC of followimr Dirprtore pmrl T^oa⁷ \/T>3n aoori>31 Ppr^onnpl•

Pursuant to the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the
Company, Mr. Natvarbhai Karsanbhai Rathod will retire by rotation at the ensuing Annual General Meeting
of the Company and being eligible, offers himself for re-appointment.

None of the Directors of the Company are disqualified under the provisions of Section 164(2) of the
Companies Act, 2013.

DISCLOSURE BY DIRECTORS:

The Directors on the Board have submitted notice of interest under Section 184(1) i.e. in Form MBP 1,
intimation under Section 164(2) i.e. in Form DIR 8, List of relatives and declaration as to compliance with the
Code of Conduct of the Company.

BOARD MEETING:

Regular meetings of the Board are held at least once in a quarter. Additional Board meetings are convened,
as and when require, to discuss and decide on various business policies, strategies and other businesses. The
Board meetings are generally held at the registered office of the Company.

During the year under review, Board of Directors of the Company met 14 times. Details of Meeting and their
attendance as below:

The meetings of the Board of the Companies within the intervals provided in section 173 of the Companies
Act, 2013 (120 days) were compiled between two Board Meetings.

INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director under Section 149 (7) of
the Companies Act, 2013 that they meet the criteria of independence laid down in Section 149 (6) of the Act.
A separate meeting of Independent Directors was held to review the performance of Non-Independent
Directors and Board as whole and performance of Chairperson of the Company including assessment of
quality, quantity and timeliness of flow of information between Company management and Board.

The terms and conditions of appointment of Independent Directors and Code for Independent Director are
incorporated on the website of the Company viz. www.chamundaconst.com.

DETAILS OF KEY MANAGERIAL PERSONNEL:

In terms of Section 203 of the Companies Act, 2013, Mr. Chiragbhai Natvarlal Rathod is Managing Director
& CFO, Mr. Natvarbhai Karsanbhai Rathod is Whole-time Director, Mr. Zeel Chiragkumar Patel is Chief
Technology Officer and Mrs. Asha Sharma is a Company Secretary & Compliance Officer of the Company.

UTILIZATION OF FUND RAISED FROM INITIAL PUBLIC OFFERING:

During the period under review, the Company has raised moneys by way of Initial public Offering by
issuing 29,19,000 equity shares of ? 10 each at a premium of ? 40 per share. The money as raised have been
applied for the purposes for which those are raised till March 31, 2025 as follows:

PERFORMANCE EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performance board committees and
individual directors pursuant to the provisions of the Act. The performance of the board was evaluated by
the board after seeking inputs from all the directors on the basis of the 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 the criteria such as the composition of committees, effectiveness of committee
meetings etc. In addition, the performance of chairman was also evaluated on the key aspects of his role.

The Board has reviewed the performance of the individual Directors on the basis of the criteria such as the
contribution of the individual Director to the Board and Committee Meetings like preparedness on the
issues to be discussed meaningful and constructive contribution and inputs in meetings etc.

DIRECTORS' RESPONSIBILITY STATEMENT:

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

a) In preparation of Annual Accounts for the year ended 31^st March, 2025; the applicable accounting
standards have been followed and that no material departures have been made from the same;

b) The Directors have selected such accounting policies and applied them consistently and have 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 or loss of the Company for that
year;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the Annual Accounts for the year ended 31^st March, 2025 on going concern
basis;

e) The Directors have laid down the internal financial controls to be followed by the Company and that
such Internal Financial Controls are adequate and were operating effectively; and

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems were adequate and operating effectively.

COMMITTEE OF BOARD:

The Board of Directors in line with the requirement of the Companies Act, 2013 has formed various
committees, details of which are given hereunder:

Vigil Mechanism:

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The
policy enables the employees to report to the management instances of unethical behavior actual or
suspected fraud or violation of Company's Code of Conduct.

Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns
or grievances and provide for adequate safeguards against victimization of the Whistle Blower who avails of
such mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional
cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of
the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy
of the Company is available on the website of the Company.

B. STAKEHOLDER'S RELATIONSHIP COMMITTEE:

C. NOMINATION AND REMUNERATION COMMITTEE:

CODE OF CONDUCT

Pursuant to the provisions of Regulations 8 & 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015,
the Board of Directors has formulated, implemented and has in place a comprehensive "Code of Fair
Disclosure of Unpublished Price Sensitive Information" & "Code of Conduct for Prevention of the Insider
Trading" for regulating, monitoring and reporting the trading by Designated persons of the Company
which exemplifies the spirit of good ethics and governance and is applicable to the Designated personnel of
the Company which includes Promoters, Promoter Group, Key Managerial Personnel's, Directors, Senior
Management and such other employees of the Company and others in fiduciary relationships and as may be
approved by the Board of Directors, from time to time, based on the fact of having access to unpublished
price sensitive information. The referred Code(s) lays down guidelines advising the Designated Personnel
on procedures to be followed and disclosures to be made while dealing with the securities of the Company.

Further, the Board Members and Senior Management Personnel have affirmed compliance with the code of
conduct. A declaration with regards to compliance with the Code of Conduct for the Financial Year 2024¬
2025 has been received by the Company from the Managing Director.

NOMINATION AND REMUNERATION POLICY:

Nomination and Remuneration Policy in the Company is designed to create a high-performance culture. It
enables the Company to attract motivated and retained manpower in competitive market, and to harmonize
the aspirations of human resources consistent with the goals of the Company. The Company pays
remuneration by way of salary, benefits, perquisites and allowances to its Executive Directors and Key
Managerial Personnel.

The Nomination and Remuneration Policy is placed on the website of the Company viz.
https: / / www.chamundaconst.com/Content/chamundaconst.com/Document/52712. % 20Nomination% 20a
nd% 20Remuneration% 20Policy.pdf

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

During the financial year 2024-25, there was no materially significant related party transaction undertaken
by the Company under Section 188 of the Companies Act, 2013 read with rules framed there under and
Regulation 23 of SEBI (LODR) Regulations, 2015 that may have potential conflict with the interest of the
Company. Disclosure on related party transactions is annexed to the financial statement of the Company in
AOC-2 attached as Annexure A.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:

The information on conservation of energy technology absorption and foreign exchange earnings and outgo
stipulated under Section 134(3)(m) of the Act read with Rule 8 of The Companies (Accounts) Rules 2014 as
amended from time to time is annexed to this Report as Annexure - B.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In terms of Regulation 34 and Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015 a review of the performance of the Company for the year under review Management
Discussion and Analysis Report is presented in a separate section which is annexed to this Report as
Annexure - C.

SECRETARIAL AUDITOR AND THEIR REPORT:

The Board of Directors has officially appointed M/s. SS Lunkad & Associates, Practicing Company Secretary
to serve as the Secretarial Auditor for out esteemed Company for Financial Year 2024-25. The Secretarial
Audit Report received from M/s. SS Lunkad & Associates, Practicing Company Secretary, is attached
herewith as ANNEXURE - D.

The Secretarial Audit Report does not contain any qualification reservation or adverse remark.
PARTICULARS OF EMPLOYEES U/S 197(12) OF THE COMPANIES ACT, 2013:

The Information & Statement of Particulars of employees pursuant to Section 197 of the Companies Act,
2013 and Rule 5 (1) & 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is annexed to this report as Annexure - E.

REMUNERATION OF DIRECTORS:

During the financial year, the Directors have drawn salary as mentioned in Annexure E.

PUBLIC DEPOSIT:

The company has not accepted any deposits from the public. Hence the directives issued by the Reserve
Bank of India & the Provision of Section 73 to 76 of the Company Act 2013 or any other relevant provisions
of the Act and the Rules there under are not applicable.

PARTICULARS OF LOANS GUARANTEES INVESTMENTS & SECURITY:

Details of Loans Guarantees Investments and Security covered under the provisions of Section 186 of the
Companies Act, 2013 are given in the notes to the Financial Statement and the same is complied.

ANNUAL RETURN:

Pursuant to the amendments to Section 134(3)(a) and Section 92(3) of the Act read with Rule 12 of the
Companies (Management and Administration) Rules, 2014, the Annual Return (Form MGT-7) for the
financial year ended March 31, 2025, is available on the Company's website viz. www. chamundaconst. com.

SUBSIDIARIES OF THE COMPANY:

During the year under review, the Company does not have any subsidiary Company.

ASSOCIATES AND JOINT VENTURE OF THE COMPANY:

During the year under review, the Company does not have any Associate or Joint Venture.

MATERIAL CHANGES AND COMMITMENT:

There are no material changes and commitments affecting the financial position of the Company have
occurred between the ends of Financial Year of the Company i.e. 31^st March, 2025 to the date of this Report
other than as stated above.

SIGNIFICANT AND MATERIAL ORDERS:

There are no significant and material orders passed by the regulators or courts or tribunals which impact the
going concern status and the Company's operations in future.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

To foster a positive workplace environment free from harassment of any nature we have framed Prevention
of Sexual Harassment Policy through which we address complaints of sexual harassment at all workplaces
of the Company. Our policy assures discretion and guarantees non-retaliation to complainants. We follow a
gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of
the land where we operate.

Number of sexual harassment complaints received- Nil

Number of sexual harassment complaints Disposed-off during the year- Nil

Number of sexual harassment cases pending for a period exceeding ninety days- Nil

SECRETARIAL STANDARDS OF ICSI:

The Company is in compliance with the Secretarial Standard on Meetings of the Board of Directors (SS-1)
and General Meeting (SS-2) issued by the Institute of Company Secretaries of India and approved by the
Central Government.

RISK MANAGEMENT:

A well-defined risk management mechanism covering the risk mapping and trend analysis risk exposure
potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the
impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles
of probability of occurrence and impact if triggered. A detailed exercise is being carried out to identify
evaluate monitor and manage both business and non-business risks.

MAINTENANCE OF COST RECORD

During the Financial Year 2024-25, the Company is not required to maintain cost records as specified by the
Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

LISTING

The Equity Shares of the Company remain listed on "NSE Limited". The Company has already paid the
annual listing fees for the Financial Year 2024-2025 to maintain its listing status on BSE Limited. In addition
to that, the Company has also paid the Annual Custody Charges for the Financial Year 2024- 2025 to
National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has adequate and efficient internal and external control system, which provides protection to
all its assets against loss from unauthorized use and ensures correct reporting of transactions. The internal
control systems are further supplemented by internal audits carried out by the respective Internal Auditors
of the Company and Periodical review by the management. The Company has put in place proper controls,
which are reviewed at regular intervals to ensure that transactions are properly authorised, correctly
reported and assets are safeguarded.

CORPORATE GOVERNANCE:

Integrity and transparency are key factors to our corporate governance practices to ensure that we achieve
and will retain the trust of our stakeholders at all times. Corporate governance is about maximizing
shareholder value legally, ethically and sustainably. Our Board exercises its fiduciary responsibilities in the
widest sense of the term. Our disclosures seek to attain the best practices in international corporate
governance. We also endeavor to enhance long-term shareholder value and respect minority rights in all our
business decisions.

The Company is listed on NSE EMERGE Platform. Hence, filing of Corporate Governance report for the
year ended March 31, 2025 is not applicable to Company.

STATUTORY AUDITOR AND THEIR REPORT:

At the 11^th Annual General Meeting held on September 30, 2024, the members approved appointment of
M/ s. Goyal Goyal & Co., Chartered Accountants, Ahmedabad (Registration No. 015069C) as Statutory
Auditors of the Company to hold office for a period of one years from the conclusion of 11^th AGM up to the
conclusion of 12^th AGM. The Board has taken note and M/s. Goyal Goyal & Co., Chartered Accountants,
have confirmed their eligibility under section 141 of the Companies Act, 2013 and the Rules framed
thereunder as Statutory Auditors of the Company. As required under Listing Regulations, the Auditors
have also confirmed that they hold a valid certificate issued by the peer review Board of the Institute of
Chartered Accountants of India.

There are no qualifications, reservations or adverse remarks or disclaimers made by the auditors in their
report on the financial statements of the Company for the Financial Year ended March 31, 2025. The notes on
the Financial Statements referred to in the Auditors' Report are self-explanatory and do not call for any
comments or explanations.

INTERNAL AUDITOR

The Board of Directors has officially appointed Mr. Nikunj Modi, as an Internal Auditor of the Company for
the Financial Year 2024-2025 to conduct the Internal Audit of the Company. This strategic decision
demonstrates our commitment to upholding and enhancing proper and effective internal financial control.

With his expertise and experience, Mr. Nikunj Modi plays a crucial role in evaluating and improving our
internal financial processes and systems.

REPORTING OF FRAUD:

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the
Companies Act, 2013.

CORPORATE SOCIAL RESPONSIBILITY:

The Company has not developed and implemented any Corporate Social Responsibility Initiatives as
provisions of section 135(1) of the Companies Act, 2013 read with Companies (Corporate Social
Responsibility Policy) Rules, 2014.

WEBSITE:

As per Regulation 46 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 the
Company has maintained a functional website containing basic information about the Company. The
website of the Company is containing information like Policies, Shareholding Pattern, Financial and
information of the designated officials of the Company who are responsible for assisting and handling
investor grievances for the benefit of all stakeholders of the Company etc.

ADHERENCE TO STATUTORY COMPLIANCES

During the Financial Year under review, the Company diligently adhered to all the relevant statutory
compliances of the Act, Listing Regulations, Secretarial Standards issued by ICSI, and other laws,
provisions, and Acts that are applicable to the Company. This unwavering commitment to compliance
ensures that the Company operates within the legal framework, maintaining transparency and
accountability in its operations. By upholding these standards, the Company strives to build trust among its
stakeholders while fostering a culture of responsible corporate governance.

MATERNITY BENEFIT COMPLIANCE

The Company has complied with the provisions of the Maternity Benefit Act, 1961, as amended from time
to time. Adequate facilities and support, including paid maternity leave and nursing breaks, have been
extended to eligible women employees during the financial year. The Company remains committed to
ensuring a safe, supportive, and inclusive workplace for all its employees.

GENERAL DISCLOSURE:

Your Directors state that the Company has made disclosures in this report for the items prescribed in section
134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules 2014 and other applicable provisions of the
act and listing regulations to the extent the transactions took place on those items during the year. Your
directors further 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 review.

(I) Issue of Equity Shares with differential rights as to dividend, voting or otherwise;

(II) Issue of shares (including sweat equity shares) to employees of the Company under any scheme and
ESOS;

(III) Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.

(IV) There is no revision in the Board Report or Financial Statement;

The details of difference between amount of the valuation done at the time of one-time settlement and the
valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

ACKNOWLEDGEMENT:

Your Director acknowledge the dedicated service of the employees of the Company during the year. They
would also like to place on record their appreciation for the continued co-operation and support received by
the Company during the year from bankers, business partners and other stakeholders.

For and on behalf of Board of Directors
Chamunda Electrical Limited

Date: 28^th August, 2025 Mr. Chiragkumar N. Patel Mr. Natvarbhai K. Rathod

Place: Palanpur Managing Director Whole-time Director

DIN: 06601915 DIN: 06601995