The Board of Directors have the pleasure in presenting the Companies 40^th Annual Report together with
the Audited Financial Statements for the financial year ended 31^st March, 2026 along with the
Auditor's Report thereon.

The financial highlights of the Company for F.Y. 2025-2026 are given below:

Financial Results (Amount in Lakhs!

Performance

The Total Income for the financial year under review is Rs. 3.72 Lakh against Rs. 0.72 Lakh in previous
year. The Net loss after taxation generated by the company during the year under review was Rs.
(16.87) Lakh as compared to loss of Rs. (20.11) Lakh during the previous year.

Operation

The Company has been continuously focusing on its existing line of business to improve its profitability
in near future.

Dividend

Your Company intends to conserve available resources to invest in the growth of the business and pursue
strategic growth opportunities. Accordingly, your Directors do not recommend any dividend for the year.

Transfer to Reserve

There has been no transfer to Reserves during the Financial Year 2025-2026.

Compliance with the Indian Accounting Standards

As mandated by the Ministry of Corporate Affairs, the financial statements for the year ended on March 31,
2026 has been prepared in accordance with the Indian Accounting Standards (IND AS) notified under
Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

Change in the nature of business

There is no change in the nature of business of the Company during the year under review.

Public Deposits

During the year under review, your Company neither accepted any deposits nor there were any amounts outstanding
at the beginning of the year which were classified as 'Deposits' in terms of Section 73 of the Companies Act, 2013 read
with the Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details of
deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

Directors and Key Management Personnel (KMP)

The Board of Directors of your Company comprised of Four (4) Directors one of whom is the
Managing Director & CEO, 1 Director is Non-Executive Director and remaining two (2) directors
are Non-Executive Independent directors including One Woman Director.

During the year, the following Directors were appointed / re-appointed at the 39^th Annual General
Meeting of the Company held on Tuesday, August 12, 2025:

1. Mr. Netra Bahadur Ranabhat (DIN: 06716666) a Managing Director & Chief Executive Officer who
retires by rotation in terms of Section 152 Companies Act, 2013 and being eligible has offered
himself and approved by the members at 39^th AGM.

2. Mr. Netra Bahadur Ranabhat (DIN: 06716666) was appointed as Managing Director and Chief
Executive Officer of the Company for a period of five years with effect from August 19, 2025 to
August 18, 2030.

3. Mrs. Priti Abhay Vakhare (DIN: 09048290) was re-appointed as Independent Director (Non¬
Executive) of the Company for her second term of five consecutive years with effect from February 4,
2026 to February 3, 2031.

Further, after the closure of F.Y. 2025-2026, Mr. Sanjoy Kumar Basu (DIN: 10172874), a Non-Executive
Director who retires by rotation in terms of Section 152 Companies Act, 2013 and being eligible has
offered himself for re-appointment at this 40^th AGM.

Appropriate resolutions for appointment /re-appointment are being placed for the approval of the
shareholders of the Company at the ensuing AGM. The brief resume of directors appointed/re-
appointed and other related information has been detailed in the Notice read along with the
explanatory statement convening the 40^th AGM of the Company in accordance with the provisions of
the Companies Act, 2013 read with the Rules issued there under and the Regulation 36 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

All Independent directors have given the Declarations that they meet the criteria of Independence as
laid down under Section 149(6) of the Companies Act, 2013, and Clause 16(b) of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, all the
Independent Directors are persons of integrity, and possess expertise and experience including the
proficiency required to be Independent Directors of the Company and they are independent of the
management and have also complied with the Code for Independent Directors as prescribed in
Schedule IV of the said Act.

All Independent Directors of the Company have confirmed that they have already registered their
names with the data bank maintained by the Indian Institute of Corporate Affairs [“IICA”] as prescribed
by the Ministry of Corporate Affairs under the relevant Rules, and that they would give the online
proficiency self-assessment test conducted by IICA which is prescribed under the relevant Rules, if
applicable.

Pursuant to the requirement prescribed under the Companies (Appointment and Qualification of
Directors) Rules, 2014, the Directors with active Director Identification Number need to file an e-Form
DIR-3 KYC annually on the MCA portal verifying their mobile number and personal e-mail address. All
the Directors of the Company have complied with the KYC registration on the MCA portal for the FY
2025-2026.

Appropriate resolutions for appointment/ re-appointment are being placed for the approval of the
shareholders of the Company at the ensuing AGM. The brief resume of directors appointed/re-
appointed and other related information has been detailed in the Notice read along with the explanatory
statement convening the 40^th AGM of the Company in accordance with the provisions of the Companies
Act, 2013 read with the Rules issued there under and the Regulation 36 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended from time to time.

Disclosure under Section 197(12) of the Companies Act, 2013

The Company has not employed any employees whose remuneration falls within the purview of the
limits prescribed under the provisions of Section 197 of the Companies Act, 2013, read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Subsidiaries, Joint Ventures and Associate Companies

The Company does not have any Subsidiary, Joint venture or Associate Company.

Policy on Directors, Key Managerial Personnel - Appointment & Remuneration including
Nomination & Remuneration Committee

The Board of Directors has framed a comprehensive Policy on Appointment and Remuneration of
Directors, Key Managerial Personnel (KMP) and Senior Management and has duly constituted the
Nomination and Remuneration Committee pursuant to the provisions of Section 178 of the Companies
Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.

The Policy inter alia provides for the criteria and process for selection and appointment of Directors,
Senior Management and KMP, their remuneration, and the evaluation framework. It also lays down the
criteria for determining qualifications, positive attributes, and independence of a Director.

The Remuneration Policy for Directors, Key Managerial Personnel, Senior Management, and other
employees is hosted on the Company's website atwww.tspiritualworld.com.

Details of the composition of the Nomination and Remuneration Committee, its terms of reference, and
the number of meetings held during the year are given in the Corporate Governance Report, which
forms part of this Annual Report.

Declaration of Independent Directors

The Company has obtained declarations from all the Independent Directors pursuant to Section 149(7)
of the Companies Act, 2013, stating that they fulfil the independence criteria as prescribed under Section
149(6) of the Companies Act, 2013 and the Rules made thereunder, as well as Regulation 16(1)(b) and
Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Directors Responsibility Statement

Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013, the Board of
Directors, to the best of their knowledge and ability, confirm that:

i. in the preparation of the annual accounts for the year ended 31^st March, 2026, the applicable
Indian Accounting Standards have been followed along with proper explanation relating to
material departures, if any;

ii. 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 at the end of the financial year 31^st March, 2026 and of the loss of
the company for the year ended on that date;

iii. the directors 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. the annual accounts have been prepared on a going concern basis;

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

vi. 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 the Board

The Board of Directors has following Committee

1. Audit Committee

2. Nomination & Remuneration Committee

3. Stakeholder Relationship Committee

4. Risk Management Committee

The details of the Committees along with their composition, number of meetings and attendance at the
meetings are provided in the Corporate Governance Report.

Number of Meeting of the Board

During the year under review, Five (5) Meetings of the Board of Directors of the Company were held.

The Board meetings were held in compliance with the provisions of the Companies Act, 2013 and
Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The
maximum gap between any two consecutive Board meetings did not exceed one hundred and twenty
(120) days.

The details of the Board meetings held during the financial year, along with the attendance of each
Director, are provided in the Corporate Governance Report, which forms part of this Annual Report.

Statement concerning development and implementation of Risk Management Policy of the
Company

Risk is an integral part of the business and your Company is committed to managing the risks in a
proactive and efficient manner. Your Company assesses risks in the internal and external environment
along with the cost of treating risks and incorporates risk treatment plans in its strategy, business and
operational plans.

The Board of Directors of the Company has constituted a Risk Management Committee to frame,
implement and monitor the risk management plan for the Company. The Committee is responsible for
reviewing the risk management plan and ensuring its effectiveness. The Committee has additional
oversight in the area of financial risks and controls. Major risks identified by the business and functions
are systematically address through mitigation action on a continuing basis.

The details of Committee and its terms of reference are set out in the Corporate Governance Report
forming part of the Board Report.

Extract of Annual Return

Pursuant to the provisions of Section 92(3) and Section 134(3) (a) of the Companies Act, 2013 read
with Rule 12(1) of the Companies (Management and administration) Rules, 2014, the Annual Return is
available on the website of the Companywww.tspiritualworld.com.

Disclosure regarding Company's policies under Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015

The Company has framed various policies as per SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 & Companies Act, 2013; viz i) Remuneration Policy for the Directors, Key Managerial
Personnel and other Employees ii) Policy for material subsidiary iii) Related Party transactions Policy, v)
Whistle Blower/vigil Mechanism vi) Archival Policy for disclosure vii) Code of Conduct for Board of
Directors & Senior Management viii) Policy of Preservation of Documents ix) Policy on Criteria for
Determining Materiality of Events ix) Code of Conduct for Independent Director / Information are
displayed on the website of the Company

http:// www.tspiritualworld.com/ Codes%2 0&%20Policies/ Codes%2 0and%20Policies.html.

Internal Financial Control and their adequacy

The Company has an Internal Control System, commensurate with the size, scale and complexity of its
operations. The Company has developed well-defined internal control mechanisms and comprehensive
internal audit programme with the activities of the entire organization under its ambit

Further, based on the report of Internal Audit function, corrective action are undertaken in the
respective areas and thereby strengthen the controls. Significant audit observations and corrective
actions thereon are presented to the Audit Committee of the Board.

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.

Details of policy developed and implemented by the Company on its Corporate Social
Responsibility Initiatives

Since the Company does not qualify any of the criteria as laid down in Section 135(1) of the Companies
Act, 2013 with regard to Corporate Social Responsibility, provisions of Section 135 are not applicable to
the Company.

Vigil Mechanism/ Whistle Blower Policy

In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and Regulation 22 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Vigil Mechanism for
Directors and Employees to report genuine concerns has been established.

The Company has put in place a system through which the Directors and Employees may report
concerns about unethical behaviour, actual or suspected fraud or violation of the Company's Code of
Conduct & Ethics without fear of reprisal. The Employees and Directors may report to the Compliance
Officer and have direct access to the Chairman of the Audit Committee.

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:

During the financial year under review, there were no instances of one-time settlement with any bank or
financial institution.

Material Changes and Commitments, if any, affecting the financial position of the Company
occurred between the ends of the financial year to which this financial statement relates and the
date of the report

No material changes and commitments affecting the financial position of the Company occurred between
ends of the financial year to which this financial statement relates on the date of this report.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 read with Rules issued there under and
Regulation 17 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Board of
Directors has carried out an annual performance evaluation of its own performance, the directors
individually as well as the evaluation of its various committee. A separate exercise was carried out to
evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated
on parameters such as level of engagement and contribution, independence of judgment, safeguarding the
interest of the Company and its minority shareholders etc. The performance evaluation of the
Independent Directors was carried out by the entire Board excluding the Directors being evaluated. The
Performance evaluation of the Chairman and Non-Independent Directors was carried out by the
Independent Directors at their separate Meeting. The Board of Directors expressed its satisfaction with
the evaluation process.

Particulars of Loans, Guarantees or Investments made under Section 186 of the Companies Act,
2013

The Company has complied with the provisions of Section 186 of the Companies Act, 2013 in respect of
investments made and outstanding at the year-end, details of which are given in the Financial
Statements. There were no loans or guarantees made by the Company during the year under review.

Particulars of Contracts or Arrangements made with Related Parties

During the Financial Year 2025-2026, all contracts/ arrangements/ transactions entered into by your
Company with related parties under Section 188(1) of the Companies Act, 2013 and Regulation 23 of
SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 were in the ordinary course
of business and at arm's length basis. Your Company has not entered into any contracts /arrangements
/transactions with related parties which could be considered 'material'. Thus, there are no transactions
required to be reported in form AOC-2 under Section 134(3) of the Companies Act. There were no
materially significant related party transactions made by your Company with the Promoters, Directors,
Key Managerial Personnel or other designated persons, which might have potential conflict with the
interest of the Company at large. The Company has developed a Related Party Transactions Policy for
the purpose of identification and monitoring of such type of transactions. Attention of the members is
drawn to the disclosures of transactions with the related parties is set out in Notes to Accounts forming
part of the financial statement for the year 2025-2026.

Corporate Governance

The Company conforms to the norms of Corporate Governance as envisaged in the Listing Regulations
with the Stock Exchange. Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements), Regulations 2015, and a detailed Compliance Note on
Corporate Governance together with the Auditors Certificate on Corporate Governance is annexed to
this report.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the year under review, as stipulated under the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”) are given in a separate section and forms part of the Annual Report.

Details of significant and material orders passed by the Regulators or Courts or Tribunals
impacting the Going Concern status and Company's operation in future

No significant and material orders have been passed by any Regulator or Court or Tribunal which can
have impact on the going concern status and the Company's operations in future. Hence, disclosure
pursuant to Rule 8 (5) (vii) of Companies (Accounts) Rules, 2014 is not required.

Listing of Securities

The Equity Shares of the Company are listed on The Calcutta Stock Exchange Limited (CSE) and BSE
Limited. The Company has been suspended from CSE w.e.f. 29/06/2017. However, the Company is in
process for revocation of suspension.

Auditors & Auditors Observations

The matter related to Auditors and their Reports are as under:

1. Statutory Auditor and their Report

M/s. Mohindra Arora & Co., Chartered Accountants (FRN: 006551N), was re-appointed as the
statutory auditors of the Company to hold office for a period of five consecutive year from the
conclusion of the 36^th Annual General Meeting till the conclusion of the 41^st Annual General
Meeting Auditors have confirmed that they are not disqualified from continuing as Auditors of the
Company.

The requirement to place the matter relating to appointment of Auditors for ratification by
members at every AGM is done away with vide notification dated 7^th May, 2018 issued by the
Ministry of Corporate Affairs, New Delhi.

Explanations or Comments on Qualifications. Reservations or Adverse Remarks or
Disclaimers made by the Statutory Auditors in their Report

The Report given by the Statutory Auditors for the Financial Statements for the year ended 31^st
March, 2026 read with explanatory notes thereon do not call for any explanation or comments
from the Board under Section 134(3) of the Companies Act, 2013. The remarks, if any, made by
the Auditors in their Report are properly explained in the Note no. 14 of the Financial Statement.

2. Secretarial Auditors and their Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Regulation 24A of SEBI
LODR Regulations read with Companies (Appointment and Remuneration of Managerial
Personnel) Rules 2014, the members of the Company at the 39^th Annual General Meeting held on
August 12, 2025 appointed M/s. Veenit Pal & Associates, Practicing Company Secretary (Firm
Registration No. S2014MH257800), as the Secretarial Auditors for a term of 5 consecutive years
i.e from FY 2025-2026 till FY 2029-2030.

The report of the Secretarial Auditors in Form MR-3 is enclosed as Annexure-I to this report.

The report confirms that the Company had complied with the statutory provisions listed under
Form MR -3 and the Company also has proper board processes and compliance mechanism. The
report does not contain qualification, reservation or adverse remark or disclaimer.

3. Internal Auditor

The Members of Board has appointed M/s. Jain N K & Co Chartered Accountant, as Internal
Auditors of the Company for Financial Year 2025-2026 at their meeting on 26^th June, 2025 under
provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies
(Accounts) Rules, 2014 as recommended by Audit Committee.

The Suggestions made by the Internal Auditor in their Report were properly implemented.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The statement of particulars under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts), 2014 regarding conservation of energy, technology absorption and Foreign
Exchange earnings and outgo are given below:

> Your Company has not consumed energy of any significant level. Accordingly, no measures were
taken for energy conservation and no investment is required to be for reduction of energy
consumption.

> No comment is made on technology absorption, considering the nature of activities undertaken by
your Company during the year under review.

> No Expenditure has been made for research and development during the year under review.

> There were no Foreign Exchange earnings or out go during the year under review.

Shares

The authorized Share capital and the paid-up Equity Share Capital have remained unchanged during
the year under review. The Company has neither issued shares & Securities or any other instruments
nor any corporate benefits during the year under review.

> The Company has not bought back any of its securities during the year under review

> The Company has not issued any Sweat Equity Shares during the year under review.

> No Bonus Shares were issued during the year under review.

> The Company has not provided any Stock Option Scheme to the employees.

Human Resources

Your Directors want to place on record their appreciation for the contribution made by employees at all
levels, who through their steadfastness, solidarity and with their co-operation and support have made it
possible for the Company to achieve its current status.

Employees are the key resource for the Company. The Company has been able to create and continuously
improve a favourable work environment that encourages novelty and meritocracy at all levels. The
Company has been built on the foundations of people being the key drivers to growth of the organization.
People are at the core of its Vision, which espouses mutual positive regard, career building and providing
opportunities for learning, thinking, innovation and growth. The Company offers an environment where
all-round development is as much of a goal as realization of career ambitions. The Company conducted
various programs to focus on improving people productivity, through training and development of its
people.

Reporting of Frauds

During the year under review, the Statutory Auditors and Secretarial Auditors have not reported to the
Audit Committee and / or Board any instances of fraud committed in the Company by its officers or
employees under Section 143(12) of the Companies Act, 2013.

Additional Information to Shareholders

All important and pertinent investor information such as financial results, investor presentations, press
releases are made available on the Company's website i.e.www.tspiritualworld.comon a regular basis.

Special window of one year shall be open from February 05, 2026 to February 04, 2027, has been
introduced to facilitate transfer and Dematerialization of physical securities which were sold/
purchased prior to April 01, 2019

Pursuant to SEBI Circular No. HO/38/13/11(2)/2026-MIRSD-POD/I/3750/2026 dated January 30, 2026,
a special window of one year shall be open from February 05, 2026 to February 04, 2027, has been
introduced to facilitate transfer and Dematerialization of physical securities which were sold/ purchased
prior to April 01, 2019.

The said Special window shall also be available for such transfer requests which were submitted earlier
and were rejected / returned / not attended to due to deficiency in the documents / process/ or
otherwise .

Further, the securities so transferred shall be mandatorily credited to the transferee only in demat mode
and shall be under lock in for a period of one year from the date of registration of transfer. Such Securities
shall not be transferred/ lien-marked/ pledged during the said lock in period.

The applicability of this special window is clarified in the referred SEBI circular, which is available on the
Company's websitehttps://tspiritualworld.com/index.htmlalong with this Notice to Investors.

Eligible investors are requested to contact the Company's Registrar and Transfer Agent (RTA), M/s.
Bigshare Services Private Limited, Email -investor@bigshareonline.com. Website:
www.bigshareonline.com

Shareholders are further requested to update their KYC details, including PAN, email ID, address, mobile
number, and bank details, with the Depository Participant (DP) if shares are held in demat form, or with
the RTA if shares are held in physical form.

In pursuant above mentioned circular our company is doing advertisement in Newspaper once every two
months during the one-year period from the date of with effect from of this aforesaid circular.

Code of Conduct

As prescribed under Listing Regulation, a declaration signed by the Managing Director & CEO affirming
compliance with the Code of Conduct by the Directors and Senior Management Personnel of the
Company for the financial year 2025-2026 forms part of the Corporate Governance Report.

Board Diversity Policy

In compliances with the provision of the Listing Regulations, 2015, the Board through its Nomination and
Remuneration Committee has devised a Policy on Board Diversity.

The objective of the Policy is to ensure that the Board comprises adequate number of members with
diverse experience and skills, experience, such that it best serves the governance and strategic needs of
the Company leading to competitive advantage. The Board composition is mentioned in available in the
Corporate Governance report that forms part of this Annual Report.

Familiarization Program

Whenever any person joins the Board of the Company as an Independent Director, an induction
programme is arranged for the new appointee, wherein the appointee is familiarized with the Company,
his/her roles, rights and responsibilities in the Company, the Code of Conduct of the Company to be
adhered, nature of the industry in which the Company operates, and business model of the Company etc.
The details of such familiarization programmes have been disclosed on the Company website i.e.
https://www.tspiritualworld.com/Familiarization%20Programmes.html

Secretarial standards

The Company complies with all applicable secretarial standards issued by the Institute of Company
Secretaries of India.

Disclosure under the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and
Redressal) Act, 2013

The Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 i.e.
POSH (Prevention of Sexual Harassment), Our Company does not fall under this compliance. There were
no need to constitute Internal Complaints Committee (ICC). All employees (permanent, contractual,
temporary, trainees) are covered under this Act.

However our Company not received and disposed off sexual harassment complaints during the year
2025-2026.

No of complaints received : Nil

No of complaints disposed off : Nil

No of complaints pending as on end of the financial year : Nil

Disclosure under Maternity Benefit Act, 1961

The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act, 1961, as
amended, and has extended all statutory benefits to eligible women employees during the year ended
31s^t March, 2026.

Disclosures

> The Company has not accepted any fixed deposits during the year under review and accordingly,
no amount on account of principal or interest on deposits from public and/or Members were
outstanding as at March 31, 2026.

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

> During the year under review, the Company has not issued any Debentures.

> No material changes have taken place that could have an impact on the financial position of the
Company from the date of closure of financial year under review till the date of signing of Accounts.

> There is no change in the nature of business of the Company.

> Maintenance of cost records and requirement of cost Audit as prescribed under the provisions of
Section 148(1) of the Act are not applicable to the business activities carried out by the Company.

> There is no proceeding initiated or pending against the company under the Insolvency and
Bankruptcy Code, 2016.

> During the year under review, the Company has not required transferred any shares in IEPF
(Investors Education & Protection Fund).

> During the year under review Company does not come under failure of implement any Corporate
Action.

> During the year under review, the Company has not required the Compliance of Regulation 32 of
SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and is of the view that the
same is not applicable to company as the Company has not issued any share by way of public issue,
Right Issue, Preferential Issue etc.

> There is no 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.

> During the year under review, the Company has not required take Credit Rating of Securities from
any agency.

Acknowledgement

The Directors wish to place on record their appreciation for the contributions made by the employees at
all levels, whose continued commitment and dedication helped the Company achieve better results. The
Directors also wish to thank customers, bankers, Central and State Governments for their continued
support. Finally, your directors would like to express their sincere & whole-hearted gratitude to all of
you for your faith in us and your Co-operation & never failing support.

By Order of the Board
For T. Spiritual World Limited

Netra Bahadur Ranabhat Biswajit Barua
(Managing Director & CEO) (Director)
(DIN: 06716666) (DIN: 06992250)

Regd. Office : 4, Netaji Subhas Road, 1^st Floor,

Kolkata - 700 001

CIN : L63040WB1986PLC040796

Email : complianceofficer@tspiritualworld.com

Website : www.tspiritualworld.com

Date : 06/07/2026