Iware Supplychain Services Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2026

w Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be
made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present
value and are determined based on best estimate required to settle the obligation at the balance sheet date.
These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent
liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in
the financial statements.

x Policy for Contingencies and Events Occurring After the Balance Sheet Date

Contingent liabilities are disclosed when there is a present obligation arising from past events, the settlement of
which is dependent on uncertain future events not wholly within the control of the Company, or when a present
obligation cannot be measured reliably. Contingent assets are not recognized in the financial statements but are
disclosed when an inflow of economic benefits is probable.

The Company recognizes and adjusts material events occurring after the Balance Sheet date that provide
additional evidence of conditions existing at the reporting date (adjusting events).

Non-adjusting events, which are indicative of conditions arising after the Balance Sheet date, are disclosed in the
financial statements if they are material and could influence the economic decisions of users.

This policy is in compliance with the applicable provisions of enerally Accepted Accounting Principles in India
(''Indian GAAP'') , Events after the Reporting Period, as notified under the Companies (Indian Accounting Standards)
Rules, 2015.

y Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be
made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present
value and are determined based on best estimate required to settle the obligation at the balance sheet date.
These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent
liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in
the financial statements.
z Segment Reporting

The Company prepares its segment reporting in accordance with enerally Accepted Accounting Principles in India
(''Indian GAAP'') , Operating Segments, as notified under the Companies (Indian Accounting Standards) Rules, 2015.

The basic factor for Business segment is the nature of the products for the Company. which is a distinguishable
component that is engaged in providing an individual product or a group of related products and that is subject to
risks and returns that are different from those of other business segments or as a whole business.

The basic factor Geographical segment, for the Company, is relationships between operations in different
geographical areas in terms of India and Outside India., which is a distinguishable component that is engaged in
providing products or within a particular economic environment and that is subject to risks and returns that are
different from those of components operating in other economic environments.

aa Foreign Currency Transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the
transaction. Foreign currency monetary assets and liabilities other than net investments in non-integral foreign
operations are translated at the exchange rate prevailing on the balance sheet date and exchange gains and
losses are recognised in the statement of profit and loss. Exchange difference arising on a monetary item that, in
substance, forms part of an enterprise''s net investments in a non-integral foreign operation are accumulated in a
foreign currency translation reserve.

ab Business Acquisition / Takeover of Firm

During the year, the Company has acquired the business undertaking of M/s AKT Logistics LLP (a LLP partnership
firm) as a going concern with effect from 16/01/2026 pursuant to the Business Transfer Agreement dated
16/01/2026. The assets and liabilities of the said business have been incorporated in the books of the Company at
their respective carrying values / fair values as agreed between the parties.

The purchase consideration exceeded the net assets acquired by Rs. 1,98,43,502 which has been recognised as
Goodwill under Intangible Assets.

ac Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of

cash that are subject to an insignificant risk of change in value and having original maturities of three months or

less from the date of purchase, to be cash equivalents.

Cash Balance is taken as valued & certified by management.

In absence of external evidence in possession of assessee it could not be verified whether payment exceeding
10,000 has been made otherwise than account payee cheque / draft.

1. During the financial year ended 31st March, 2025, the Company in its meeting of shareholders through Extra Ordinary General
Meeting dated 28th September 2024, resolved in pursuance of the provisions of Section 61 and 64 and other applicable provisions,
if any, of the Companies Act, 2013 (including any amendment thereto or re-enactment thereof) and the rules framed there under,
the consent of the shareholders was accorded to increase the Authorized Share Capital of the Company from existing Rs. 1,00,000
(Rupees One 1 Lakhs only) divided into 10,000 (Ten Thousand) Equity Shares of Rs. 10/- each to Rs. 12,50,00,000 (Rupees Twelve
Crores Fifty Lacs only) divided into 1,25,00,000 (One Crore Twenty-Five Lacs) Equity Shares of Rs. 10/- each by creation of
additional of Rs. 12,49,00,000 (Rupees Twelve Fifty-Nine Lacs only) devided into 1,24,90,000 (One Crore Twenty-Four Lacs Ninety
Thousands) Equity Shares of Rs. 10/- each ranking pari passu in all respect with the existing Equity Shares of the Company.

2. During the financial year ended 31st March, 2025, the Board of Directors, at its meeting held on 28th September, 2024, approved
and recommended the issue of Bonus Shares in the ratio of 785:1. Accordingly, 78,50,000 fully paid-up equity shares were allotted
as Bonus Shares on 28th September, 2024 by capitalization of the surplus available in the Statement of Profit and Loss.

3. During the financial year ended 31st March, 2026, the Company completed its Initial Public Offer (“IPO") on the SME Platform of
BSE Limited through a Book Built Issue. Pursuant to the Red Herring Prospectus dated 22nd April, 2025, the Company allotted
28,56,000 Equity Shares of face value 510/- each at an issue price of 595/- per equity share, including a securities premium of
585/- per equity share, aggregating to gross proceeds of 527,13,20,000/-. The equity shares of the Company were listed on the
SME Platform of BSE Limited with effect from 5th May, 2025. Consequent to the aforesaid allotment, the issued, subscribed and
paid-up equity share capital of the Company increased from 57,86,00,000/- divided into 78,60,000 equity shares to 510,71,60,000/-
divided into 1,07,16,000 equity shares of 510/- each.

1. The Bonus Shares were recommended by the Board of Directors at their meeting held on 28th September 2024, 78,50,000 Fully
paid up Equity shares were issued as Bonus Shares at a ratio of 785:1 by capitalization of Surplus in Profit and Loss Account, and
were allotted on 28th September 2024.

2. The Company has issued and allotted 28,56000 equity shares through its Initial Public Offer (“IPO”) on the SME Platform of BSE
Limited through a Book Built Issue by Capitalising securities premium & Reserves. The EPS figures for the year ended 31st March,
2026 have been adjusted to give effect to the allotment of IPO Issue shares as required by AS 20.

Securities Premium

During the financial year ended 31st March, 2026, the Company completed its Initial Public Offer (“IPO”) on the SME Platform of BSE
Limited pursuant to the approval of the Board of Directors and shareholders of the Company. Accordingly, 28,56,000 fully paid-up
Equity Shares of face value 510/- each were issued at an issue price of 595/- per share, including a securities premium of 585/-
per share, aggregating to 527,13,20,000/-. The equity shares were allotted to the successful applicants in accordance with the
Basis of Allotment approved by the designated stock exchange, and the shares were listed on the SME Platform of BSE Limited on
5th May, 2025. The necessary entries in respect of the allotment have been made in the Register of Members of the Company.

1. As required by Accounting Standard 20 issued by the ICAI, the reporting done in respect of Earning per share (EPS).

2. The Bonus Shares were recommended by the Board of Directors at their meeting held on 28th September 2024,
78,50,000 Fully paid up Equity shares were issued as Bonus Shares at a ratio of 785:1 by capitalization of Surplus in
Profit and Loss Account, and were allotted on 28th September 2024.

3. The Company has issued and allotted 28,56000 equity shares through its Initial Public Offer (“IPO") on the SME
Platform of BSE Limited through a Book Built Issue by Capitalising securities premium & Reserves. The EPS figures for the
year ended 31st March, 2026 have been adjusted to give effect to the allotment of IPO Issue shares as required by AS
20.

1. The Company has received income tax demand notices aggregating to Rs. 24,05,476/- pertaining to Assessment
Year 2024-25. The management has disputed the said demands and appellate proceedings have been initiated
before the relevant authorities. Based on the assessment of facts and legal advice obtained, the management
believes that the ultimate outcome of these matters will not have a material adverse effect on the financial position of
the Company and accordingly, no provision has been recognised in the financial statements in accordance with Ind
AS 37.

2. The Company has received an Order in Form GST DRC-07 from the GST Department in relation to alleged unlawful
availment of Input Tax Credit pertaining to FY 2019-20 for Haryana Branch GSTN 06AAECI7449C1ZN. The demand raised
by the department is disputed by the management and appropriate appellate / legal proceedings are being initiated
before the competent authorities.

Based on the assessment of facts, available records and legal opinion obtained, the management believes that the
Company has a reasonably strong case on merits and accordingly no provision has been recognised in the financial
statements in accordance with the requirements of Ind AS 37.

Note:

i. Earning available for Debt Service = Net Profit before taxes Non-cash operating expenses Interest other
exceptional item

ii. Debt service = Interest & Lease Payments Principal Repayments

iii. Capital Employed = Tangible Net Worth Total Debt Deferred Tax Liability

Cost of Goods Sold = Cost of Material Consumed Purchases Purchases Changes in Inventories Other Direct
expenses

Reasons for Variances1. Debt-Equity Ratio:

The debt-equity ratio improved from 1.84 to 1.26 despite total debt growing by 540.43 Cr ( 136%) to fund business
expansion and capital expenditure. The improvement is attributable to the shareholders'' equity expanding at a far
higher rate of 244% — from 516.19 Cr to 555.72 Cr — driven by: (i) fresh equity capital raised during the year (share
capital increased from 57.86 Cr to 510.72 Cr); and (ii) large accretion to Reserves & Surplus (545.01 Cr vs 58.33 Cr),
reflecting the profit earned during the year and securities premium on the fresh equity issuance. Since equity grew
proportionally faster than debt, the financial leverage of the Company improved, reflecting a strengthened capital
structure notwithstanding the overall business scale-up.

Key reason: Shareholders'' equity surged 244% via fresh capital raise and profit retention, outpacing total debt growth
of 136% — resulting in a significantly improved leverage position.

2. Debt Service Coverage Ratio

The Debt Service Coverage Ratio improved from 2.33 to 2.95, indicating that the Company''s earnings available for
debt service have grown at a faster rate than the debt repayment obligations. Earnings available for debt service (PAT
Depreciation Finance Costs) increased significantly — driven primarily by the growth in Profit After Tax from 58.02
Cr to 515.06 Cr ( 88%) and increased depreciation from 53.54 Cr to 55.42 Cr ( 53%). While finance costs also
increased from 52.90 Cr to 54.43 Cr ( 53%) due to higher borrowings, the earnings growth outpaced the increase in
debt service obligations. A DSCR of 2.95 signals healthy debt serviceability — for every 51 of debt service obligation, the
Company generates 52.95 in earnings, providing a comfortable margin of safety to lenders. The improvement reflects
the Company''s strong operating performance in FY2026.

Key reason: PAT nearly doubled ( 88%) and non-cash charges increased ( 53%), growing earnings available for debt
service faster than the rise in actual debt repayment obligations.

3. Return on Equity Ratio

Despite the Company nearly doubling its Profit After Tax (58.02 Cr to 515.06 Cr, 88%), the Return on Equity declined
sharply from 65.00% to 41.89%. The primary cause is that the average equity base expanded at a far greater rate of
~191% — rising from approximately 512.34 Cr to 535.95 Cr — due to: (i) fresh equity shares issued during the year
(share capital increased from 57.86 Cr to 510.72 Cr, implying additional shares at a likely premium added to reserves);
and (ii) large accretion to Reserves & Surplus (545.01 Cr vs 58.33 Cr). When a company raises substantial equity mid¬
year, the average equity denominator inflates significantly, creating an inherent lag before the deployed capital
generates proportionate returns. This is characteristic of a strategic capacity-building and growth phase, and ROE is
expected to recover as profits scale with the expanded equity base.

Key reason: Average equity base expanded ~191% through fresh capital infusion and profit retention, while PAT grew
only ~88% — a capital deployment lag effect in a high-growth year.

4. Net Capital Turnover Ratio:

The net capital turnover ratio declined from 13.94 to 9.29 because closing net working capital grew at ~350% (from §6.16 Cr to
§27.75 Cr), significantly outpacing revenue growth of ~200%. The working capital expansion was driven by:

(i) a fourfold increase in trade receivables (§59.96 Cr vs §14.06 Cr) as the Company onboarded a substantially larger client base
on extended credit terms;

(ii) a 155% increase in short-term loans & advances (§20.87 Cr vs §8.18 Cr) representing vendor advances and security deposits
required to support the expanded operations; and (iii) an increase in other current assets (§4.78 Cr vs §1.04 Cr). The
disproportionate growth in working capital is characteristic of a high-growth service business investing ahead of revenue
normalisation, and is expected to improve as collection cycles mature and credit terms stabilise.

Key reason: Net working capital expanded ~350% due to a large build-up in trade receivables and vendor advances required to

5. Net Profit Ratio:

The net profit margin contracted from 9.34% to 5.85% despite PAT growing from §8.02 Cr to §15.06 Cr. The compression in margin is
primarily attributable to Other Expenses rising disproportionately — from §60.77 Cr (70.8% of revenue) to §215.19 Cr (83.5% of
revenue) — an increase of ~254%, exceeding the revenue growth of ~200%. As the Company operates in supply chain services,
"Other Expenses" represents the cost of outsourced logistics/supply chain services rendered to clients, which have a lower margin
structure at higher business volumes due to competitive pricing on larger contracts. Additionally, increased Finance Costs (§4.43 Cr
vs §2.90 Cr, 53%) due to higher borrowings for business expansion, and higher Depreciation (§5.42 Cr vs §3.54 Cr, 53%)
consequent to significant fixed asset additions (gross PPE increased from §25.69 Cr to §46.18 Cr), further contributed to the margin
decline. In absolute terms, PAT grew by 88%, confirming strong operational performance despite the margin contraction.

Key reason: Other Expenses as a proportion of revenue increased from 70.8% to 83.5%, reflecting lower margin on higher-volume
contracts, combined with increased fixed costs (finance charges depreciation) from business-scale investments.

6. Return on Capital Employed:

The Return on Capital Employed declined from 29.95% to 19.37% as capital employed grew at ~162% — significantly faster than EBIT
growth of ~70%. Capital employed expanded from §35.59 Cr to §93.17 Cr driven by:

(i) large additions to Property, Plant & Equipment (gross block grew from §25.69 Cr to §46.18 Cr) including intangible assets of
§1.98 Cr;

(ii) Capital Work-in-Progress of §12.21 Cr (vs §2.41 Cr), representing assets under construction not yet generating returns;

(iii) significant long-term borrowings (§37.24 Cr vs §18.56 Cr) deployed for expansion; and

(iv) growth in other non-current assets. Assets under construction (cwip) are by nature non-productive capital — once
commissioned, they will contribute to earnings, which should improve ROCE in subsequent periods. The decline in ROCE reflects a
transitional investment phase where capital has been deployed ahead of the full corresponding revenue and earnings realisation.
Key reason: Capital employed nearly tripled due to large capex additions (including §12.21 Cr of work-in-progress assets not yet
productive), fresh equity, and higher borrowings deployed for business expansion, with EBIT growth lagging capital deployment — a
characteristic of a growth-phase capital investment cycle.

Reason for shortfall
Nature of CSR activities

1. In FY 2024-2025 Payment made to Shree Gujarat Valand Seva Sangh, Ahmedabad of Rs. 5,32,879

2. In FY 2025-2026 paument made to Shree Gaushala Seva Samiti of Rs, 2,51,000 on 07/07/2025; Shree Niswarth Seva Samiti of Rs.
1,00,000 on 22/07/2025; Agrawal Samaj for Ramlila of Rs. 21,000 on 17/09/2025; Vedi Devi Foundation of Rs. 2,00,000 on 23/02/2026;
Vedi Devi Foundation of Rs. 2,00,000 on 03/03/2026; Vedi Devi Foundation of Rs. 2,00,000 on 06/03/2026; Vedi Devi Foundation of
Rs. 2,00,000 on 30/03/2026.

Details of related party transactions

1. During the Year ended on 31st March, 2026 Company has made Payment to Vedi Devi Foundation of Rs. 8,00,000.

34 Other Statutory Disclosures as per the Companies Act, 2013

1. The Company does not have any Benami Property, where any proceeding has been initiated or pending against the company for
holding any Benami property.

2. The Company has not Advanced any loans or advances in the nature of loans to specified persons viz. promoters, Directors,
KMPs, related parties; which are repayable on demand or where the agreement does not specify any terms or period of repayment.

3. The Company has not raised any fund from issue of securities or borrowings from banks and financial institutions for the specific
purposes for which they were issued/taken.

4. The Company has utilised funds raised from borrowings from banks and financial institutions for the specific purposes for which
they were taken.

5. The Company has not obtained borrowings from banks or financial institutions on the basis of security of current assets.

6. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful
defaulter at any time during the financial year or after the end of reporting period but before the date when financial statements
are approved.

7. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities(intermediaries) with the understanding that the intermediary shall:

(a) Directly or Indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

(b) Provide any gaurantee, Security or the like to or on behalf of the Ultimate Beneficiaries.

8. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or Indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(b) Provide any gaurantee, Security or the like to or on behalf of the Ultimate Beneficiaries.

9. The Company does not have any transactions with struck-off Companies.

10. The Company does not have any transaction which is not recorded in the books of accounts but has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961).

11. The Company has not traded or Invested in Crypto Currancy or virtual Currency during the financial Year.

12. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the companies Act, 2013
read with Companies (Restriction on number of Laywers) Rules, 2017.

34 Subsequent Events35 Regrouping

Previous year''s figures have been regrouped / reclassified/ rearranged, wherever necessary, to confirm to current year''s
classification.

36 Other Disclosures

1. The Property, Plant and Equipment have not been physically verified during the year by the management, but there is a regular
program of physical verification.

2. All the compliances related to charge on assets or any liabilities are fulfilled as on the date of this report.

---

Mar 31, 2025

2.22 Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding retirement benefits and
compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at
the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities
are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.

2.23 Policy for Contingencies and Events Occurring After the Balance Sheet Date

Contingent liabilities are disclosed when there is a present obligation arising from past events, the settlement of which is dependent on
uncertain future events not wholly within the control of the Company, or when a present obligation cannot be measured reliably. Contingent
assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.

The Company recognizes and adjusts material events occurring after the Balance Sheet date that provide additional evidence of conditions
existing at the reporting date (adjusting events).

Non-adjusting events, which are indicative of conditions arising after the Balance Sheet date, are disclosed in the financial statements if they
are material and could influence the economic decisions of users.

This policy is in compliance with the applicable provisions of enerally Accepted Accounting Principles in India OIndian GAAP''), Events after the
Reporting Period, as notified under the Companies (Indian Accounting Standards) Rules, 2015.

2.24 Policy for Contingencies and Events Occurring After the Balance Sheet Date
a Net Profit or Loss for the Period

The net profit or loss for the period is calculated in accordance with the applicable accounting standards, taking into account all revenue,
expenses, gains, and losses recognized during the reporting period. It includes the effect of extraordinary items, if any, disclosed separately to
reflect the performance of the period accurately.
b Prior Period Items:

Material adjustments related to income or expenses of prior periodsarising from errors or omissions in preparation of the financial statements
are classified as prior period items. These are disclosed separately in the financial statements, ensuring comparability and transparency.

c Changes in Accounting Policies:

Changes in accounting policies are made only if:

Required by a statutory mandate or accounting standard, or

It results in the financial statements providing more reliable and relevant information about the effects of transactions, events, or condition
The effect of any change in accounting policy is reflected retrospectively by restating the comparative figures of prior periods in accordance
with enerally Accepted Accounting Principles in India OIndian GAAP''), Accounting Policies, Changes in Accounting Estimates, and Errors. The
nature and reason for the change, along with its financial impact, are disclosed in the financial statements.

2.25 Segment Reporting

The Company prepares its segment reporting in accordance with enerally Accepted Accounting Principles in India OIndian GAAP''), Operating
Segments, as notified under the Companies (Indian Accounting Standards) Rules, 2015.

The basic factor for Business segment is the nature of the products for the Company. which is a distinguishable component that is engaged in
providing an individual product or a group of related products and that is subject to risks and returns that are different from those of other
business segments or as a whole business.

The basic factor Geographical segment, for the Company, is relationships between operations in different geographical areas in terms of India
and Outside India., which is a distinguishable component that is engaged in providing products or within a particular economic environment
and that is subject to risks and returns that are different from those of components operating in other economic environments.

2.26 Foreign Currency Transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities other than net investments in non-integral foreign operations are translated at the exchange rate prevailing on the balance
sheet date and exchange gains and losses are recognised in the statement of profit and loss. Exchange difference arising on a monetary item
that, in substance, forms part of an enterprise''s net investments in a non-integral foreign operation are accumulated in a foreign currency
translation reserv

2.27 Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an
insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalent:

Cash Balance is taken as valued & certified by management.

In absence of external evidence in possession ofassessee itcould not be verified whether payment exceeding 10,000 has been made otherwise
than account payee cheque / draft.

As per our report of even date

For J A Y A M & Associates LLP For and on behalf of the Board of

Chartered Accountants IWARE SUPPLYCHAIN SERVICES LIMITED

Firm''s Registration No. 130968W/W100605

CA Rachit Shah Krishnakumar Tanwar Rajnish Gautam Twinkle Tanwar

Designated Partner Director Director Chief Executive Officer

Membership No. 157588 0349482! 0349483(

Place: Ahmedabad

Date: 16th April,2025 Shweta Sharma Gagan Verma

Company Secretary Chief Financial Officer

Place: Ahmedabad

Equity Shares: The Company has one class of equity shares having par value of Rs. 10 per Share. Accordingly, all equity shares r
equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend decla
from time to time.

As per the records of the company, including its register of shareholders/members and other declarations received from the share
regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

42 Other Statutory Disclosures as per the Companies Act, 2013, as per restated financials

1. The Company does not have any Benami Property, where any proceeding has been initiated or pending against the company for holding any Benami property.

2. The Company has not Advanced any loans or advances in the nature of loans to specified persons viz. promoters, Directors, KMPs, related parties; which are
repayable on demand or where the agreement does not specify any terms or period of repayment.

3. The Company has not raised any fund from issue of securities or borrowings from banks and financial institutions for the specific purposes for which they
were issued/taken.

4. The Company has utilised funds raised from borrowings from banks and financial institutions for the specific purposes for which they were taken.

5. The Company has not obtained borrowings from banks or financial institutions on the basis of security of current assets.

6. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter at any time during the
financial year or after the end of reporting period but before the date when financial statements are approved.

7. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities(intermediaries) with the
understanding that the intermediary shall:

(a) Directly or Indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) Provide any gaurantee, Security or the like to or on behalf of the Ultimate Beneficiaries.

8. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded
in writing or otherwise) that the Company shall:

(a) Directly or Indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or

(b) Provide any gaurantee, Security or the like to or on behalf of the Ultimate Beneficiaries.

9. The Company does not have any transactions with struck-off Companies.

10. The Company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

11. The Company has not traded or Invested in Crypto Currancy or virtual Currency during the financial Year.

12. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the companies Act, 2013 read with Companies
(Restriction on number of Laywers) Rules, 2017.

43 Other Disclosures

1. The Property, Plant and Equipment have not been physically verified during the year by the management, but there is a regular program of physical
verification.

2. All the compliances related to charge on assets or any liabilities are fulfilled as on the date of this report.

44 Regrouping

Previous year''s figures have been regrouped / reclassified/ rearranged, wherever necessary, to confirm to current year''s classification.

As per our report of even date For and on behalf of the Board of

For J A Y A M & Associates LLP WARE SUPPLYCHAIN SERVICES LIMITED

Chartered Accountants
Firm''s Registration No. 130968W/W100605

Krishnakumar Tanwar Rajnish Gautam Twinkle Tanwar

CA Rachit Shah Director Director Chief Executive Officer

Designated Partner 03494825 03494830

Membership No. 157588

Shweta Sharma Gagan Verma

Date: 16th April,2025 Company Secretary Chief Financial Officer

Place: Ahmedabad