Your Directors have pleasure in presenting the 44th Annual Report together with the Audited Accounts of the Company for the Financial Year ended 31^st March, 2025.

FINANCIAL PERFORMANCE:

The Standalone and Consolidated Financial Highlights for the year ended 31^st March, 2025:

*Note:-

Hon'ble National Company Law Tribunal, Mumbai Bench has, vide Order dated 4th January, 2024 sanctioned the Scheme of Amalgamation between Zip Express & Logistics Private Limited and East West Freight Carriers Limited with the East West Holdings Limited. The Company has received approval from ROC on 12th April, 2024 & effect of the same has been considered on financials.

Previous period figures have been regrouped/reclassified as considered necessary to facilitate comparison. After approval of amalgamation, figures of M/s East West Holdings Limited, M/s East West Freight Carriers Ltd and M/s ZIP Express & Logistics Private Ltd have been merged as Standalone Figures.

REVIEW OF PERFORMANCE:

Standalone:

The Revenue from operations for FY 2024-2025 was Rs. 27,167.93/- lakhs (Previous Year Rs 20,842.94/.The Company earned profit after tax of Rs. 63.41/-lakhs (Previous Year Profit Rs. 567.45/-). Total Comprehensive Income for the period was Rs. 56.71/- (Previous Year Loss Rs. 658.71/-)

Consolidated:

The Revenue from operations for FY 2024-2025 was Rs. 28,668.88/- lakhs (Previous Year Rs. 21,748.50/-). The Company earned profit after Tax of Rs. 151.84/-lakhs (Previous Year Loss Rs. 672.76/-). Total Comprehensive Income for the period was Rs. 123.79/- (Previous Year Loss Rs. 729.26/-)

INDUSTRIAL SCENARIO:

India stands as the fourth-largest economy in the world. Different sectors, including the service, manufacturing, and agriculture, led India's strong recovery after the pandemic in 2021 and 2022, resulting in 15.3% growth over the two years. India has since maintained its status as the world's fastest-growing major economy, with a real GDP growth rate (at constant prices) of 6.5% in the year 2024-2025. Stronger supply chains today mean a stronger, more resilient India tomorrow. The government's push for infrastructure development and digitalization has further accelerated growth, establishing India as a key logistics hub in Asia. Further details on Industrial Scenario is provided in Management Discussion and Analysis report forming part of this Board Report

DIVIDEND:

The Directors do not recommend dividend for the financial year 2024-2025.

TRANSFER TO RESERVES:

During the financial year, there was no amount proposed to be transferred to the Reserves.

MAJOR EVENTS OCCURED DURING THE YEAR:Ý Changes in the Nature of Business, if any

During the year under review the Company continued to provide total logistics services to its customers and there was no change in the nature of business or operations of the Company which impacted the financial position of the Company

Ý Material Changes and Commitments Affecting 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 the date of this report.

RECLASSIFICATION OF SHARE CAPITAL OF THE COMPANY BY CONSOLIDATING:

Ý The Board of Directors of the Company at their meeting held on 14^th February, 2025 considered it desirable to consolidate the face value of the Equity portion of the authorized share capital of the Company pursuant to the provisions of Sections 61 (1) (b) and other applicable provisions of the Companies Act, 2013 ("the Act"), (including any statutory modification or re-enactment thereof) as may be applicable.

Ý Further the Shareholders of the Company on 28^th March, 2025 through Postal Ballot Notice dated 14^th February, 2025 approved the Reclassification of Share capital of the Company by consolidating face value of shares from Rs. 2/ - to Rs. 10/- each.

Ý The Company has filed Petition/ application in accordance with the provisions of Section 61(1)(b) of the Companies Act, 2013 read with Rule 71 of the National Company Law Tribunals Rules, 2016 and other applicable provisions of the Companies Act, 2013 to obtain sanction of The Hon'ble National Company Law Tribunal, Bench at Mumbai ("NCLT") for the consolidation of Equity Shares and the said Petition is under process.

The Rationale for undertaking the Consolidation of Equity Shares by the Company:

Ý Many shareholders have expressed their willingness to the management from time to time to seek an exit from the Company by way of selling their shares. The management of the Company deliberated on the same and considering the mutual benefits of consolidation to the shareholders and the Company, and it was proposed to consolidate the Equity Share Capital by increasing its face value from Rs. 2/- to Rs. 10/-, pursuant to the provisions of section 61(1)(b) of the Companies Act, 2013.

Ý The proposed consolidation will result in increase in share price which will attract institutional investors, fund managers and the retail investors.

Ý The consolidation of shares would result in reduction of the overhead costs incurred on servicing the fragmented shareholders and improve the liquidity of the company's shares in the stock market and rebuild the investor confidence.

SCHEME OF AMALGAMATION Approval of the Scheme:

Ý The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench vide Order dated 4th January, 2024 sanctioned the Scheme of Amalgamation between Zip Express & Logistics Private Limited (ZIP) (First Transferor Company) and East West Freight Carriers Limited (EWFCL) (Second Transferor Company) with the East West Holdings Limited (EWHL) (Transferee Company) under Sections 230 to 232 of Companies Act, 2013.

Ý The Copy of the NCLT order was filed with the Registrar of Companies, Maharashtra at Mumbai and the said order was registered and approved by the Registrar of Companies on 12^th April, 2024 and with effect from this date Zip Express & Logistics Private Limited and East West Freight Carriers Limited stands Amalgamated.

Change in Name of the Company

Ý The Scheme of Amalgamation as sanctioned by The Hon'ble National Company Law Tribunal (NCLT) included the change of name of the Company from ''East West Holdings Limited' to 'East West Freight Carriers Limited".

Ý Accordingly an application for change in name of the company from 'East West Holdings Limited' to 'East West Freight Carriers Limited' was filed with Government of India, Ministry of Corporate Affairs, Office of the Registrar of Companies, Central Registration Centre, and the same was approved on 9th July, 2024.

Ý Therefore as on the date mentioned above the name of the company stands changed to East West Freight Carriers Limited

SHARE CAPITAL:

During the year under review, there was change in the Authorized, Issued, Subscribed and Paid-up Share Capital of the Company as under:

Authorized Share Capital*

The Authorized Share Capital of the Company is Rs.33,00,00,000/ - divided into 16,50,00,000 Equity Shares of Rs.2/- (Rupees Two only) each."

Issued, Subscribed and Paid-up Share Capital*

- The Issued, Subscribed and Paid-up Share Capital of the Company is Rs. 25,51,50,000/- divided into 12,75,75,000 Equity Shares of face value of Rs.2/- each.

Ý The Company has not issued any Equity Share with differential rights, sweat equity shares during the year under review.

Note:

*The Shareholders of the Company on 28th March, 2025 through Postal Ballot Notice dated 14th February, 2025 approved the Reclassification of Share capital of the Company by consolidating face value of shares from Rs. 2/- to Rs. 10/- each, accordingly Authorised Share Capital of the Company will be consolidated into 3,30,00,000 Equity Shares of Rs. 10/- each and Issued, Subscribed and Paid-up Share Capital of the Company will be consolidated into

2,55,15,000 Equity Shares of the face value Rs. 10/- each subject to approval of The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench.

TRANSFER OF UNPAID AND UNCLAIMED AMOUNT TO IEPF:

The Ministry of Corporate Affairs under Section 124 and 125 of the Companies Act, 2013 requires dividends that are not encased/ claimed by the shareholders for a period of seven consecutive years, to be transferred to the Investor Education and Protection Fund (IEPF).

During the year under consideration, Rs. 9269.50/- towards unclaimed or unpaid dividend pertaining to financial FY 2017-2018 is required to be transferred to IEPF in accordance with Section 125 of the Companies Act, 2013.

MANAGEMENT:Key Managerial Personnel

As on 31st March, 2025, the following persons have been designated as Key Managerial Personnel ("KMP") of the Company pursuant to the provisions of Sections 2(51) and 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

1. Mr. Ajaz Shafi Mohammed, Managing Director& CEO;

2. Mr. Huzefa Wapani, Chief Financial Officer ("CFO");

3. Mr. Fulchand Kanojia, Company Secretary ("CS").

Changes in KMP during the financial year:

During the year under review there was no change in the Key Managerial Personnel ("KMP") of the Company.

PARTICULARS OF EMPLOYEES:

Disclosure pertaining to the remuneration and other details as required under Section 197(12) of The Companies Act, 2013 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 form part of the Directors report and is enclosed as Annexure I.

BOARD & COMMITTEES

As on 31st March, 2025, the Board of the Company consisted of Six Directors comprising of a Three Executive Directors and Three Non-Executive Independent Directors, of whom two are Women Independent Director.

Appointments, Reappointments and Cessation of Directors

Based on the recommendation of the Nomination & Remuneration Committee and in accordance with provisions of the Act and the Listing Regulations;

Ý During the year under review there was appointment of Director as under.

- Appointment of Mr. Rajesh Thakrar (DIN-10886640) as Additional Director in the category of NonExecutive Independent Director of the Company in the Board Meeting held on 10/01/2025 and approved by the Shareholders of the Company vide special resolution passed through Postal Ballot on 28/03/2025.

Ý During the year under review there was 1 (One) resignation as given below:

- Mr. Mohammad Saoodul Hasan (DIN: 08144468) resigned as Independent Director of the Company with effect from 06/03/2025 due to personal engagement and difficult in travelling and attending meeting.

RECONSTITUION OF COMMITTEES

The Board of Directors of the Company at its meeting held 24/03/2025 have re-constituted the Audit Committee and Nomination and Remuneration Committee due to the appointment, reappointment, cessation and resignation as mentioned above and the details of the same is provided in the corporate governance report forming part of this report.

Committee Position

The details of the composition of the Committees, meeting held, attendance of Committee Members at such meetings and other relevant details are provided in the 'Corporate Governance Report'.

Director Retiring by Rotation

Mr. Shafi Mohammad (DIN: 00198984) - Executive Director

In terms of Section 152 of the Act, Mr. Shafi Mohammad (DIN: 00198984) - Executive Director retires by rotation at the ensuing AGM and being eligible, has offered himself for re-appointment at the ensuing 44th AGM scheduled to be held on Monday 29^th September, 2025. Mr. Shafi Mohammad - Executive Director has consented to and is not disqualified from being re-appointed as Executive Director in terms of Section 164 of the Act read with applicable rules made thereunder. He is not debarred from holding the office of Director by virtue of any order issued by SEBI or any other such authority. He is related to Mr. Ajaz Shafi Mohammed and not with any KMPs of the Company.

Brief profile and other disclosures and details required as per the Act and the SEBI Listing Regulations are given in the additional information section of the AGM Notice.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

Fourteen (14) meetings of the Board of Directors of the Company were held during the year. The Directors actively participated in the meetings and contributed valuable inputs on the matters brought before the Board from time to time. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013. Detailed information is given in the Corporate Governance Report.

Declaration from Independent Directors

The Company has received from all Independent Directors declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there is no change in their status of independence as required under Section 149(7) of the Companies Act, 2013.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Board has, on the recommendation of the Nomination & Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management and their remuneration including criteria for determining qualifications, positive attributes and other matters provided under sub section (3) of section 178 of the Companies Act 2013.

The said policy alternatively can also be accessed on the website of the Company at the following link: chromeextension://oemmndcbldboiebfnladdacbdfmadadm/https://docs.ewhl.in/wpcontent/uploads /2021/09/ NOMINATION-AND-REMUNERATION.pdf

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations, the annual performance of the Board, its Committees, Chairperson and Individual Directors including Independent Directors was evaluated based on the framework that has been designed in compliance with the requirements of the Act and the SEBI Listing Regulations and in consonance with Guidance Note on Board Evaluation issued by SEBI.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134 3 (c) of the Companies Act, 2013, with respect to Directors Responsibilities Statement, it is hereby confirmed:

a. that in the preparation of the annual accounts for the financial year ended 31st March, 2025 the applicable accounting standards had been followed along with proper explanation relating to material departures.

b. that the Directors has selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year review.

c. that the Directors had 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, and,

d. The Directors had prepared the accounts for the financial year ended 31st March, 2025 on a going concern basis.

e. The Company being unlisted, sub clause (e) of section 134(3) of the Companies Act, 2013 pertaining to laying down internal financial controls is not applicable to the Company.

SUBSIDIARIES, JOINT VENTURES ANDASSOCIATE COMPANIES:

As on 31st March, 2025 following are the Subsidiaries/Associates/Joint ventures of the Company:

- Unique Airfreight & Logistics Private Ltd is the subsidiary of the Company.

A statement containing the salient feature of the financial statement of the Company's Subsidiary and the Associate company, pursuant to the first proviso to sub-section (3) of Section 129 has been given in Form AOC-1 and is enclosed as Annexure II.

The Company has formulated a Policy for determining Material Subsidiaries. The Policy is placed on the Company's website at the link chrome-

extension:/ / oemmndcbldboiebfnladdacbdfmadadm/https://docs.ewhl.in/ wpcontent/ uploads/2021/ 09 / POLICY-FOR-DETERMINATION.pdf

DEPOSITS:

During the year under review, Your Company has neither accepted/ invited any deposits from public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 nor did any deposits remain unpaid or unclaimed during the year under review.

LOANS, GUARANTEES OR INVESTMENTS:

The details of loans, guarantees and investments covered under Section 186 of the Act form part of the Notes to the financial statements and are provided in this Annual Report.

RELATED PARTY TRANSACTIONS:

Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and forms part of this report as Annexure- III.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board from time to time is available on the Company's website at the link: chrome-extension:/ / oemmndcbldboiebfnladdacbdfmadadm/https://docs.ewhl.in/ wpcontent/ uploads/2021/ 09/ dealing.pdf

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

Information in accordance with the provisions of Section 134 (3)(m) of the Act read with the Companies (Accounts )Rules, 2014 regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo during the reporting period is enclosed herewith as Annexure- IV.

IMPLEMENTATION OF RISK MANAGEMENT POLICY:

The Company has formulated a policy and process for risk Management. The Company has set up a core group of leadership team, which identifies, assesses the risks and the trends, exposure and potential impact analysis at different level and lays down the procedure for minimization of risks. Risk Management forms an integral part of Management policy and is an ongoing process integrated with the operations.Company has identified various strategic, operational and financial risks which may impact Company adversely. However management believes that the mitigation plans for identified risks are in place and may not threaten the existence of the Company.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

Your Company believes in promoting a fair, transparent, ethical and professional work environment. The Company pursuant to the provisions of Section 177 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has established a vigil mechanism for Directors and employees and the same has been communicated to the Directors and employees of the Company. The Policy aims to provide an avenue for Employees and Directors to raise their concerns about unethical behavior, actual or suspected fraud or violation of the company's code of conduct and it also empowers the Audit Committee of the Board of Directors to investigate the concerns raised by the employees.

The Whistle Blower Policy is hosted on the Company's website chrome-extension:/ / oemmndcbldboiebfnladdacbdfmadadm/https://docs.ewhl.in/wp-content/uploads/2021/09/Details-of-establishment.pdf

MATERIAL CHANGES AND COMMITMENTS IF ANY, AFFECTING FINANCIAL POSITION BETWEEN END OF THE FINANCIAL YEAR AND DATE OF REPORT:

There were no material changes and commitments, which affected the financial position of the company between the end of the financial year to which the financial statements relates and the date of the report.

SIGNIFICANT AND MATERIAL ORDERS:

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

AUDITORS:Statutory Auditor

M/s. Mittal & Associates, Chartered Accountants (Firm Reg. No. 106456W) were appointed as the Statutory Auditor of the Company in the AGM held on Thursday, 30th September, 2021 in for a period of 5 years.

The Report given by the Auditors M/ s. Mittal & Associates, Chartered Accountants on the financial statements of the Company is part of this Annual Report. There is no qualification, reservation, adverse remark, disclaimer given by the Auditors in their Report

Secretarial Auditor

The Secretarial Audit Report issued by M/s. Nuren Lodaya & Co. Practicing Company Secretary contains remarks for which the Board has provided explanation as under:

1. The Company has filed Corporate governance compliance report for quarter ended September 2024 after due date and has paid the Fine amount.

Reply by the Board:

The delay in submission of the aforesaid disclosure was inadvertent and occurred on account of an unintentional oversight.

2. The company has not complied with the quorum requirements as per Regulation 17(2A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 applicable for top 2000 listed companies and has paid the fine amount.

Reply by the Board:

The Board informed that as per Companies Act, 2013 there was Quorum for the Board Meeting held in Nov, 2024 but as per Regulation 17(2A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 applicable for top 2000 listed, 1 independent director should be present in the Meeting. However there was no independent director present for just 1 Meeting in Nov, 2024 and the Company took note of the same and paid fine. Further for the information of the Shareholders, the Company now does not comes into top 2000 listed companies criteria as on the date of this report.

REAPPOINTMENT OF SECRETARIAL AUDITOR:

Pursuant to Regulation 24A(1)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) A Listed Entity shall appoint or re-appoint Secretarial Auditor for a term of 5 (five) consecutive years subject to the approval of shareholder. Accordingly the Board of Directors in its Meeting held on 30/05/2025 recommend the Reappointment of CS Nuren Lodaya of M/s. Nuren Lodaya & Co Practicing Company Secretary as the Secretarial Auditor of the Company for a term of 5 years subject to the approval of shareholders in the ensuing AGM.

COST RECORDS AND COST AUDITORS:

The provisions of Cost Audit and Records as prescribed under Section 148 of the Act, are not applicable to the Company.

REPORTING FRAUD:

During the year under review, the Statutory Auditor and Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees, to the Audit Committee under Section 143(12) of the Act details of which needs to be mentioned in this Report.

INTERNAL AUDITOR

Pursuant to Section 138 of the Act & rules made thereunder M/s. Bhumika C. Agarwal & Associates Chartered is the Internal Auditor of the Company as on the date of this report.

MANAGEMENT DISCUSSION ANALYSIS REPORT:

In terms of the provisions of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (SEBI Listing Regulations) the Management discussion and Analysis is set out & forms part of the Annual Report.

INTERNAL CONTROL SYSTEM:

The Company has in place well defined and adequate internal controls commensurate with the size of the Company and same were operating throughout the year. Pursuant to the provisions of Section 138 of the Companies Act, 2013, the Board of Directors of the Company reappointed M/s. Bhumika C. Agarwal & Associates Chartered as the Internal Auditor of the Company for FY 2025-2026. The audit committee of the Board of Directors in consultation with the Internal Auditor formulates the scope, functioning, periodicity and methodology for conducting the internal audit.

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

Your Company has always believed in providing a safe and harassment free workplace for every individual working in the Company's premises through various interventions and practices. The Company always endeavours to create and provide an environment that is free from discrimination and harassment including sexual harassment. The Company has adopted the Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 and the Rules thereunder. The Company is in the process of constituting an Internal Complaints Committee, known as the Prevention of Sexual Harassment ("POSH") Committee, to inquire into complaints of sexual harassment and recommend appropriate action. During the year ended March 31, 2025, there was Nil complaints recorded pertaining to sexual harassment.

ANNUAL RETURN

The Annual Return of the Company for the financial year ended 31st March, 2025 prepared in compliance with Section 92(3) of the Act and Rules framed thereunder in prescribed Form No. MGT-7 is placed on the website of the Company and can be accessed at the weblink: https://www.ewfcpl.com/blank-1.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provision of Section 135 and Schedule VII of the Companies Act, 2013 related to corporate social responsibility (CSR) is not yet applicable to the Company.

CORPORATE GOVERNANCE:

A separate section on the Corporate Governance together with requisite certificate obtained from the Practicing Company Secretary, confirming compliance with the provisions of Corporate Governance as stipulated in Regulation 34 read along with Schedule V of the Listing Regulations, forms part of the Annual Report as Annexure - V.

CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements of the Company and its subsidiary, prepared in accordance with Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015 ('Ind AS'), form part of the Annual Report and are reflected in the Consolidated Financial Statements of the Company.

THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, there is no application made/proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016.

SECRETARIAL STANDARDS

The applicable Secretarial Standards have been duly followed by the Company.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their appreciation of the support which the Company has received from its promoters, shareholders, lenders, business associates, vendors, customers, media and the employees of the Company.