The Board of Directors hereby submits the report of the business and operations of the company ("the
company or "Indus Fila"), along with the audited financial statements, for the financial year ended March
31, 2025.

1. FINANCIAL POSITION AND STATE OF AFFAIRS

The summary of the financial results of the Company for the year ended March 31, 2025, are as follows:

(^ In Lakhs)

2. HIGHLIGHTS OF THE YEAR & OUTLOOK

In 2017, company's operational creditor filed an application with NCLT, Bangalore for initiating CIRP under
IBC. On 20-02-2018, NCLT admitted the application and directed the order of moratorium to take effect
from the said date. Vide order dated 10-05-2019, Resolution Plan was approved. The company was
delisted by both BSE & NSE during the moratorium period approved by NCLT in its order. The final order
of NCLT concluding the IBC was passed on 21-04-2022. Pursuant to the aforesaid process under NCLT
order, reduction of capital of the company was carried out and allotment of new shares were made to
M/s Vision Textile upon infusion of funds from the said entity. This resulted in M/s Vision Textile
(Promoter) holding 97.88% shares of the company and remaining (public) holding 2.12%. The aforesaid
change in shareholding of the company occurred due to implementation of Resolution Plan as per NCLT
order.

The new management under M/s Vision Textile is in the process of reviving the company's operations. The
new management expects to materialize new opportunities being explored in the current financial year.

The company was moved to "suspended" category from delisted category by both stock exchanges in the
month of February / March 2024.

3. DIVIDEND

Due to losses, the Company is unable to pay the Dividend.

Dividend Distribution Policy

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('SEBI LODR'), the Board of Directors has formulated and
adopted a Dividend Distribution Policy ('the Policy').

4. BOOK CLOSURE AND RECORD DATE:

The Register of Members and Share Transfer Books of the Company will be closed from Saturday,
September 27, 2025, to Monday, September 29, 2025 (both days inclusive) and the Company has fixed
Monday, September 22, 2025 as the "Record Date" for the purpose of determining the entitlement of
Members to vote at the ensuing Annual General Meeting.

5. TRANSFER TO RESERVES

During the year under review, the Board of Directors of the Company, could not transfer any amounts to
the Reserves.

6. CHANGE IN THE NATURE OF BUSINESS

There is no change in nature of business by the company during the period under review.

7. SHARE CAPITAL

The Paid-up Equity Share Capital as at March 31, 2025 stood at Rs. 510.84 Lakhs (in actual Rs. 5,10,83,700/-

8. CREDIT RATING

The Company has neither issued any debt instruments nor undertaken any fixed deposit programme or
any scheme or proposal involving mobilisation of funds, whether in India or abroad. Hence, credit rating
is not applicable for the financial year 2024-25.

9. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF
THE FINANCIAL YEAR AND THE DATE OF THE REPORT

There have been no material changes and commitments, which affect the financial position of the
Company, after the close of financial year 2024-25 till the date of this report.

10. INTERNAL FINANCIAL CONTROLS

The company has in place adequate financial controls with reference to financial statements. During the
year, such controls were tested and no reportable material weakness in the design or operation was
observed as required under The Companies (Accounts) Rules, 2014.

11. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND
TRIBUNALS

During the year under review, there were no such significant and material orders passed by the regulators,
courts, tribunals impacting the going concern status and company's operations in future.

12. SUBSIDIARIES, JOINT VENTURE AND ASSOCIATE COMPANIES

As on March 31, 2025, the Company does not have any Subsidiary or Joint Venture.

13. DEPOSITS

The Company has not accepted any deposits from the public and as such, no amount on account of
principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In terms of Section 149 of the Act, Mr. Harshvardhan Manish Chandak and Mr. Aman Bachhawat are the
independent directors of the Company as on the date of this report. All the independent directors of the
Company have provided requisite declarations under Section 149(7) of the Act, that they meet the criteria
of independence as laid down under Section 149(6) of the Act along with Rules framed thereunder, Code
for independent directors of the Act and Regulation 16(1)(b) of the Listing Regulations.

In the opinion of the Board of Directors, the independent directors have relevant proficiency, expertise,
and experience. During the year, the non-executive directors of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees, commission, and reimbursement
of expenses incurred by them to attend the meetings of the Company.

In accordance with Section 152 of the Companies Act, 2013, Mr. Himmatsingh Dasharathsingh Shekhawat,
(DIN: 02625197), retire by rotation at the ensuing Annual General Meeting and being eligible, offers
themselves for re-appointment. A resolution seeking shareholders' approval for their re-appointment
forms a part of the Notice.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on
March 31, 2025, are: Mr. Himmatsingh Dasharathsingh Shekhawat, Executive Director and Chairperson.

15. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The company's policy is to have an appropriate mix of executive, non-executive and independent directors
to maintain the independence of the Board and separate its functions of governance and management.
As of March 31, 2025, the Board had three members, consisting of one non-executive and non¬
independent director and two independent directors. The details of Board and committee composition,
tenure of directors, areas of expertise.

The policy of the Company on directors' appointment and remuneration, including the criteria for
determining qualifications, positive attributes, independence of a director and other matters, as required
under sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website, at
https://indusfila.com/home/.

The company's "Policy on Board Diversity" is available on our website https://indusfila.com/home/.

16. PARTICULARS OF EMPLOYEES

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Act read
with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is not applicable.

17. HUMAN RESOURCES DEVELOPMENT

Currently the Company does not have any employees.

18. PREVENTION OF SEXUAL HARASSMENT (POSH)

In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 (hereinafter referred to as the 'Act') and the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Rules, 2013 (hereinafter referred to as the 'Rules'), the
organisation has framed the Anti-Sexual Harassment Policy for prevention of sexual harassment at the
workplace.

The same can be accessed on our website https://indusfila.com/home/.

19. EMPLOYEES STOCK OPTION PLAN / RESTRICTED STOCK UNIT PLAN

The Company has not provided any stocks under its Stock Option Scheme to the employees during the
financial year under review.

20. AUDIT REPORTS AND AUDITORS
AUDIT REPORTS

The Auditors' Report for financial year 2024-25 contains few qualified opinions and the reply of the Board
is annexed.

The Secretarial Auditors' Report for financial year 2024-25 contains few qualified opinions and the reply
of the Board is annexed.

AUDITORS

• Statutory Auditor

M/s CAAG and Associates, Chartered Accountants (Firm Registration No.: 0124944W), were appointed as
the statutory auditors of the Company, to hold office for period of three consecutive years from the
conclusion of the 26^th AGM of the Company till the 28^th AGM as required under Section 139 of the
Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014. They resigned on
February 04, 2025 due to pre-occupation with other assignments.

Due to casual vacancy created to due to the resignation, M/s Tolwani & Associates, Chartered
Accountants, (Firm Registration No. 143638W) were appointed by the Board in their meeting held on
February 04, 2025 as statutory auditors who shall hold the office of auditor until the conclusion of the
ensuing annual general meeting. M/s Tolwani & Associates is appointed as statutory auditor of the
company to conduct the audit for the financial year 2024-25.

In the ensuing Annual General Meeting, M/s Tolwani & Associates, Chartered Accountants, (Firm
Registration No. 143638W), shall be proposed for appointment as Statutory Auditors of the Company for
the term of five consecutive financial year who shall hold office from the conclusion of the ensuing annual
general meeting till the conclusion of the 31^st annual general meeting to be held in the year 2029 (i.e., FY
2025-26 to 2028-29).

• Secretarial Auditor

Pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
(Third Amendment) Regulations, 2024, w.e.f. 13.12.2024 all listed entities incorporated in India shall
appoint Secretarial Auditor for not more than one term of five consecutive years; or a firm of Secretarial
Auditors for not more than two terms of five consecutive years, with the approval of its shareholders in
its Annual General Meeting.

Pursuant to the above, the Board in their meeting held on May 30, 2025 proposed to appoint Mr.
Madhwesh Krishnamurthy, Practising Company Secretary as the Secretarial Auditor for the financial year
2024-25.

21. REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither the statutory auditors nor the secretarial auditor has reported to
the Audit Committee, under Section 143 (12) of the Companies Act, 2013, any instances of
fraud committed against the Company by its officers or employees, the details of which would need to be
mentioned in the Board's report.

22. COMMITTEES OF THE BOARD

As of March 31, 2025, the Company has duly constituted Audit Committee, Corporate Social Responsibility
Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, each of
which is duly constituted to discharge its respective functions in accordance with applicable laws,
regulations, and corporate governance standards.

During the year, all recommendations made by the committees were approved by the Board.

A detailed note on the composition of the Board and its committees is provided in the Corporate
governance report, which forms part of this Annual Report.

23. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Company's annual return is
available on its website at https://indusfila.com/home/.

24. DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF
CONDUCT

The Company has received necessary declaration from each independent director under Section 149(7) of
the Companies Act,2013, that he / she meets the criteria of independence laid down in Section 149(6),
Code for independent directors of the Companies Act, 2013 and of the Listing Regulations. The said
declarations are provided in Annexure.

25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The company is being revived by the new management as explained in the beginning of this report.
Operations of the company will start any time soon and this segment will be provided from the current
financial year onwards.

26. RISK MANAGEMENT

The Company believes that risks should be managed and monitored on a continuous basis. As a result, the
Company has designed a dynamic risk management framework to manage risks effectively and efficiently.

The Company's Risk Management framework is supported by the Board of Directors, the management of
the Company and the Committee. The Committee is delegated with responsibilities in relation to risk
management and the financial reporting process of the Company.

The Company has formulated a risk management policy and put in place a mechanism to apprise the Board
on risk assessment, minimization procedures and periodic review. The main objective of this Policy is to
ensure sustainable business growth with stability and to promote a proactive approach in reporting,
evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy
establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk
related issues.

The company's "Risk Management Policy" is available on our website https://indusfila.com/home/.

27. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has in place a whistle-blower policy to provide a mechanism for its employees to report any
concern to the Compliance Officer or the Chairman of the Company's Audit Committee.

Complaints can be received through various channels established by the company, including an online
reporting portal and a dedicated hotline for anonymous reporting, both managed by a third-party service
provider, complaints received via a designated email address cs@indusfila.com, in-person reporting with
designated individuals, traditional mail to a designated postal address, or emails sent directly to the Audit
Committee Chairman at accounts@indusfila.com.

The company's "Whistle Blower Policy" is available on our website https://indusfila.com/home/.

28. CORPORATE GOVERNANCE REPORT

Our corporate governance practices are a reflection of our value system encompassing our culture,
policies, and relationships with our stakeholders. Integrity and transparency are key to our corporate
governance practices to ensure that we gain and retain the trust of our stakeholders at all times. Corporate
governance is about maximizing shareholder value legally, ethically and sustainably. At Indus Fila, the
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 endeavour to enhance long-term

shareholder value and respect minority rights in all our business decisions. Our Corporate governance
report along with a certificate from the Secretarial Auditors, confirming compliance for the year ended
March 31, 2025, as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, is placed in a separate section forms part of this Annual Report.

29. BOARD EVALUATION

In line with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors has carried out an annual evaluation of its own
performance, the performance of its Committees, and of individual Directors.

The evaluation was conducted through a structured process, which involved circulation of detailed
questionnaires and feedback forms designed to assess various aspects, including the composition and
structure of the Board, effectiveness of Board processes, availability and quality of information, and
overall functioning.

The performance of the Committees was similarly evaluated by the Board, based on inputs received from
the respective Committee members, taking into account parameters such as the Committee's
composition, effectiveness of its meetings, and fulfilment of its roles and responsibilities.

The entire evaluation process was carried out under the supervision and guidance of the Nomination and
Remuneration Committee. The criteria and methodology adopted for the evaluation are detailed in the
"Policy for Evaluation of the Performance of the Board of Directors," which is available on the Company's
website https://indusfila.com/home/.

30. CORPORATE SOCIAL RESPONSIBILITY (CSR)

At Indus Fila, we believe that our corporate mission "to create and deliver solutions for health care and
life sciences today and tomorrow by integrating our expertise in technology, medical science, and
communications" not only drives our business activities but also represents the essence of how we can
contribute to the social development and betterment of our community, country and the world.

CSR Provisions are not applicable for the Company for the Financial year 2024-25.

For other details regarding CSR Committee, please refer Corporate Governance Report, which is a part of
this report. The CSR policy is available on our website https://indusfila.com/home/.

31. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the Financial year 2024-25 and as on 31-03-2025 no Loans, Guarantees or Investments are given.

32. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY

No Related party Contracts or Agreements were entered in the Financial year 2024-25.

33. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO:

In the context of Indus Fila Limited's sustainability efforts, conservation of energy and technology
absorption are pivotal components of our strategy to enhance environmental responsibility and
operational efficiency.

Conservation of Energy

Indus Fila is committed to reducing its greenhouse gas emissions and conserving resources by embracing
sustainable practices across its business operations.

Technology Absorption

This item is not applicable.

Foreign Exchange Earnings & Outgo - NIL

34. BOARD MEETINGS

The Board met 4 times during the financial year under review. The meeting details are provided in the
corporate governance report that forms part of the Annual Report. The maximum interval between any
two meetings did not exceed 120 days, as prescribed by the Companies Act, 2013.

35. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability,
confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

ii. they 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 year and of the profit and loss of the company for that
period;

iii. they have taken proper and sufficient care towards 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.

iv. they have prepared the annual accounts on a going concern basis.

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

vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws,
and such systems are adequate and operating effectively.

36. COMPLIANCE WITH SECRETARIAL STANDARDS

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

37. REVISION OF FINANCIAL STATEMENT OR THE REPORT

The company has not revised its financial statement and board's report.

38. FAILURE TO IMPLEMENT ANY CORPORATE ACTION

There were no instances during the financial year 2024-25 where the company has failed to implement
any corporate action.

39. COST AUDIT

Provisions pertaining to Cost Audit is not applicable to the Company.

40. IBC

No applications were made or any proceedings are pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) during the year.

41. DIFFERENCE IN VALUATION

This disclosure is not applicable.

42. MATERNITY BENEFIT

Company did not have employees during the financial year 2024-25.

43. APPRECIATIONS / ACKNOWLEDGEMENTS

The Board express their earnest gratitude to all the customers, business partners, bankers, and auditors
for their continued support and association with the Company. We also wish to thank the Government
and all statutory authorities for their unwavering support and co-operation.

The Board would like to particularly thank and place on record their gratitude to all the members of the
Company for their faith in the management and continued affiliation with the Company.

The Board also extends its sincere thanks to Tolwani & Associates, Chartered Accountants, and Mr.
Madhwesh Krishnamurthy, Practising Company Secretary, for their services to the Company.

The Board places on record its deep sense of appreciation for the committed services of all the employees
and partners of the Company at all levels. The consistent growth was made possible by their hard work,
solidarity, cooperation and support.

By order of the Board of Directors
for Indus Fila Limited

Harshvardhan Chandak
Chairperson & Director
DIN:07626203

Date: September 08, 2025
Place: Bangalore