To,

The Members,

The Board of Directors hereby submits the 44^th Annual report of the business and operations of the Company together with the audited financial statements for the financial year ended March 31^st, 2024.

FINANCIAL PERFORMANCE OF THE COMPANY:

The summary of the financial performance of the Company for the year ended 31^st March, 2024 as compared to the previous year is as below:

RESULT HIGHLIGHTS:

The bottom line has also shown Standalone Profit (after tax) for the year ended 31.03.2024 is Rs.119.19 Lakhs as compared to Standalone profit of last year as on 31.03.2023 Rs. 56.28/-. The company has Consolidated profit for the year ended 31.03.2024 Rs. 119.04/- Lakhs and previous year 31.03.2023 profit of Rs. 59.23/- Lakh Further, there are no significant and material events impacting the going concern status and Company's operations in future.

Financial comparative data for March 2023 & March 2024 are as follows:

The company has indeed shown significant improvement in its profitability and growth, as evidenced by the substantial increase in both standalone and consolidated profits over the year.

* Standalone Profit: The profit rose from Rs. 56.28 lakhs in the financial year ending 31.03.2023 to Rs. 119.19 lakhs in the financial year ending 31.03.2024, reflecting a remarkable growth of over 111%.

* Consolidated Profit: Similarly, the consolidated profit increased from Rs. 59.23 lakhs in 2023 to Rs. 119.04 lakhs in 2024, nearly doubling from the previous year.

This impressive growth highlights the company's successful strategies and operational efficiency, reinforcing its positive trajectory and strong financial health moving forward.

DIVIDEND

During the year the company earned minimal profits hence the directors have not recommended any dividend.

RESERVES

The Directors have not proposed to transfer any amount to Reserves during the year.

BOARD OF DIRECTORS:

The Composition of the Board during the year was as per the provisions of Regulation 17 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the Companies Act, 2013.

None of the Directors are disqualified for appointment/ re-appointment under Section 164 of the Act. As required by law, this position is also reflected in the Auditors' Report.

As required under Regulation 36(3) of the Listing Regulations with the stock exchanges, the information on the particulars of Directors proposed for appointment/re appointment has been given in the notice of Annual General Meeting.

DECLARATION BY AN INDEPENDENT DIRECTOR(S) AND RE- APPOINTMENT

Mr. Kishor Anil Kokate, Mrs. Prajakta Anil Gangurde and Mrs. Khushboo Vasudev, Independent Directors of the Company have confirmed that they fulfilled all the conditions of the Independent Directorship as laid down in sub-section (6) of Section 149 of the Companies Act, 2013 and the rules made there under and the SEBI (LODR) Regulations, 2015 and the same have been noted by the Board. All the Independent Directors are also registered with the databank maintained by the IICA as per the requirement of the Companies Act, 2013.

FORMAL ANNUAL EVALUATION:

The annual evaluation process for the Board of Directors, individual Directors, and Committees was conducted in accordance with the provisions of the Companies Act and the Listing Regulations.

The Board carried out a comprehensive self-assessment, gathering input from all Directors. The evaluation focused on criteria such as board composition and structure, the effectiveness of board processes, information flow, and overall functioning.

Similarly, the performance of the Committees was assessed by the Board, taking into account feedback from committee members. The evaluation considered aspects like committee composition and the effectiveness of meetings. These criteria were largely based on the guidance note on Board Evaluation issued by the Securities and Exchange Board of India (SEBI) on January 5, 2017.

The Chairman of the Board held one-on-one meetings with Independent Directors (IDs), while the Chairman of the Nomination and Remuneration Committee (NRC) conducted individual meetings with the Executive Directors. In a separate meeting of the IDs, the performance of Non-Independent Directors, the Board as a whole, and the Chairman of the Company was evaluated, incorporating the perspectives of the Executive Director and Non-Executive Directors (NEDs).

The NRC reviewed the performance of individual Directors based on criteria such as their contribution to Board and committee meetings, preparedness on key issues, and the meaningful and constructive input they provided during discussions. The performance of the Board as a whole was also assessed.

In the subsequent Board meeting, which followed the meetings of the IDs and the NRC, the overall performance of the Board, its Committees, and individual Directors was discussed.

The evaluation process reinforced the Board's confidence in the Company's ethical standards, the cohesiveness among Board members, the Board and management's adaptability in addressing various challenges, and the openness of the management in sharing strategic information with the Board.

CHANGE OF CAPITAL:

The Company has not issued shares with differential voting rights in the F.Y. 2023-2024. It has neither issued employee stock option nor sweat equity shares as on March 31, 2024.

During the year the Paid-up Share Capital of the Company was increased due to Equity Convertible warrants exercised by the warrant holder. The Paid up Share Capital of the Company was increase from Rs. 8,00,00,000/- (Rupees Eight Crores Only) divide into 1,60,00,000 (One Crore Sixty Lakh) Equity Shares of Face Value of Rs. 5/- each to Rs. 12,00,00,000/- (Rupees Twelve Crores Only) divided into 2,40,00,000 (Two Crores Forty Lacs) Equity Shares of Face Value of Rs. 5/- each by addition of Rs. 4,00,00,000 (Rupees Four Crore Eighty Lacs) divided in to 80,00,000 (Eighty Lacs) Equity Shares of Face Value of Rs. 5/- each.

The utilizations of funds raised have been mentioned hereunder:

(Amount in Rs.)

1. As on 01.04.2024 unutilized balance fund of Rs. 1,20,705 was available with company, and during the F.Y. company has received Rs. 5,52,00,000 against conversion of 80,00,000 @ Rs. 6.90/- per equity warrants in to Equity Shares, out of total receipt including opening balance of Rs. 5,53,20,705 the company has utilized Rs. 5,52,54,015 for the object of the issue, and balance Rs. 66,690/- is balance amount in the books of company and carry forward to next FY.

There has been no deviation in the use of proceeds of the preferential Issue of warrant from the objects stated in the letter of offer as per Regulation 32 of SEBI Listing Regulations. The Company has been disclosing on a quarterly basis to the Audit Committee, the usage & application of proceeds of the funds raised from preferential Issue and also intimate the Stock Exchange(s) on a quarterly basis, as applicable.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The policies of the Company on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of Section 178 of the Act is available on the website on this link: www.mayukh.co.in

The policy of the Company on directors' appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of Section 178 of the Companies Act, 2013, adopted by the Board, are stated in this Board report. We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

TRAINING OF INDEPENDENT DIRECTORS:

Every new independent director of the Board attended an orientation program to familiarize the new inductees with the strategy, operations and functions of our company, the executive directors / senior managerial personnel make presentations to the inductees about the company's strategy, operations, product and service offerings, markets, software delivery, organization structure, finance, human resources, technology, quality, facilities and risk management.

Further, at the time of appointment of an independent director, the company issues a formal letter of appointment outlining his/her role, functions, duties and responsibilities as a director.

CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of Energy, Technology, Absorption, Foreign Exchange Earnings and Outgo are as under:

Since the company is not engaged in any manufacturing activity, issues relating to conservation of energy are not quite relevant to its functioning.

Since the company is not engaged in any manufacturing activity, issues relating to Technology Absorption are not quite relevant to its functioning.

PARTICULARS OF LOAN, GUARANTEE AND INVESTMENTS UNDER SECTION 186

During the period under review, the loans, advance and guarantees if any, were provided by the Company according to limit approved by the members of the company by passing a special resolution in the shareholders meeting in compliance of the provisions of Section 186 of Companies Act, 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIESUNDER SECTION 188

The particulars of contracts or arrangements with related parties referred to in Section 188(1), as prescribed in Form AOC - 2 are appended as Annexure - II.

MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY

Save as mentioned elsewhere in this Report, no material changes and commitments affecting the financial position of the Company has occurred between the ends of the financial year of the Company 31^st March, 2023 till the date of this report.

STOCK SPLIT OF SHARES

No such case of Stock Split of Shares happens during the year 31^st March, 2024.

RISK MANAGEMENT POLICY

The Board of Directors of the Company are of the view that currently no significant risk factors are present which may threaten the existence of the company.

The Audit Committee and Board of Directors review these procedures periodically. The company's management systems, organizational structures, processes, standards, code of conduct and behavior together form a complete and effective Risk Management System (RMS).

DIRECTORS

BOARD EVALUATION

Reg. 17 of SEBI (LODR) Regulations, 2015 mandates that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors.

Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. Pursuant to the provisions of section 134(3) (p) of the Companies Act, 2013 the evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The evaluation process has been explained in the corporate governance report section in this Annual Report. The Board approved the evaluation results as collated by the nomination and remuneration committee.

NUMBER OF MEETINGS OF THE BOARD

The Board of Directors duly meeting 07 (Seven) times respectively on 22/05/2023, 10/08/2023, 29/08/2023, 11/10/2023, 11/11/2023, 19/01/2024, 27/03/2024 in respect of which proper Notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose.

Preferential allotment committee Meeting 10/04/2023, 22/05/2023, 09/06/2023, 18/08/2023, 23/08/2023, 13/10/2023, 31/10/2023, 28/11/2023, 05/12/2023, 14/12/2023, 19/01/2024, 27/01/2024.

The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.

MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

The annual evaluation process of the Board of Directors, individual Directors and Committees was conducted in accordance with the provisions of the Act and the Listing Regulations.

The Board evaluated its performance after seeking inputs from all the directors based on criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the committee members based on criteria such as the composition of committees, effectiveness of committee meetings, etc.

The above criteria are broadly based on the Guidance note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with the IDs and the Chairman of the NRC had one-on-one meetings with the Executive and Non-Executive, Non-Independent Directors.

In a separate meeting of IDs, performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company was evaluated, taking into account the views of the Executive Director and NEDs.

The NRC reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. and the Board as a whole.

In the Board meeting that followed the meeting of the IDs and meeting of the NRC, the performance of the Board, its committees and individual Directors was also discussed.

The evaluation process endorsed the Board's confidence in the ethics standards of the Company, cohesiveness amongst the Board members, flexibility of the Board and management in navigating the various challenges faced from time to time and openness of the management in sharing strategic information with the Board.

CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, there is following changes took place in Board of Directors and KMP of the Company:

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive and non-executive, independent directors to maintain the independence of the Board and separate its functions of governance and management.

The policy of the Company on directors' appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Subsection (3) of Section 178 of the Companies Act, 2013, adopted by the Board, are stated in this Board report. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

TRAINING OF INDEPENDENT DIRECTORS

Every new independent director of the Board attended an orientation program. To familiarize the new inductees with the strategy, operations and functions of our Company, the executive directors / senior managerial personnel make presentations to the inductees about the Company's strategy, operations, product and service offerings, markets, software delivery, organization structure, finance, human resources, technology, quality, facilities and risk management.

The Company has organized the following workshops for the benefit of Directors and Independent Directors:

Further, at the time of appointment of an independent director, the Company issues a formal letter of appointment outlining his/her role, functions, duties and responsibilities as a director.

A detailed note on the Board and its committees is provided under the corporate governance report section in this Annual Report.

DECLARATION BY INDEPENDENT DIRECTORS

Mrs. Prajakta Anil Gangurde, Mr. Kishor Anil Kokate and Ms. Khushboo Vasudev, Independent Directors of the Company have confirmed that they fulfilled all the conditions of the Independent Directorship as laid down in sub- section (6) of Section 149 of the Companies Act, 2013 and the rules made there under and the same have been noted by the Board Conservation of energy, Technology absorption and Foreign exchange earnings and Outgo.

The provisions of section 134(m) of the Companies Act 2013 regarding the disclosure of particulars of conservation of energy and technology absorption prescribed by the rules are not applicable to our company. The company does not have any Foreign Exchange transactions during the financial year.

INDEPENDENT DIRECTORS DECLARATIONS:

In the opinion of the Board, the independent directors are, individually, person of integrity and possess relevant expertise and experience.

The Independent Directors under section 149(6) of the Companies Act, 2013 declared that:

1. They are not a promoter of the Company or its holding, subsidiary or associate company;

2. They are the directors in the company;

3. The independent Directors have/had no pecuniary relationship with company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;

4. None of the relatives of the Independent Directors have or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two percent. or more of its gross turnover or total income or Fifty Lakhs rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

5. Independent Director, neither himself nor any of his relatives

holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;

is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;

a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or

ANNUAL RETURN:

The extract of the Annual Return pursuant to the provisions of section 92 read with Rule 12 of the Companies (Rules), 2014 is furnished in Annexure I (MGT 9) and is attached to this Report.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

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

DETAILS OF SUBSIDIARY/ JOINT VENTURE/ASSOCIATE COMPANIES:

Mayukh Trading Private Limited (incorporated on 29^th October, 2021), the subsidiary of the Mayukh Dealtrade Limited by investment in 60 % Equity Shares of Mayukh Trading Private Limited.

During the F.Y. 2023-24 the name of subsidiary company has been changed from Mayukh Medicare Private Limited to Mayukh Trading Private Limited.

There is no Joint Venture or Associate Company as on 31^st March, 2024.

ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS:

The company has not issued any of its securities with differential rights during the year under review.

AUDITORS & THEIR REPORTS:

In terms of section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, M/s. SSRV & Associates, Chartered Accountants, (Firm Registration No. 112187W) was appointed as the statutory auditors of the Company.

The Standalone & consolidated Auditors Report and the Notes on financial statement for the year 2023-24 referred to in the Auditor's Report are self-explanatory and does not contain any qualification, reservation or an adverse remark, therefore, do not call for any further comments.

Pursuant to Section 204 of the Companies Act and the Companies (Appointment and Remuneration of Managerial Personnel), 2014 the Board of Directors of the Company has appointed M/s. Mr. Brajesh Gupta (Mem No: 33070 & COP: 21306) Practicing Company Secretary, to conduct the Secretarial Audit of the Company for the financial year 2023-24. The Secretarial Auditors have submitted their report as provided under Annexure-III to this Board's Report, confirming compliance by the Company of all the provisions of applicable laws.

The Secretarial Audit Report contains three observation remarks as follow.

i) The Bombay Stock exchange Limited (BSE Ltd.) has imposed penalty of Rs. 3,30,400/- including GST for delay filing of listing application beyond 20 days of issue of equity shares allotted pursuant to conversion of Warrants in to equity shares, within the time limit therefore BSE Ltd. imposed Penalty of on the Company:

ii) The Company has received a notice of Fine SOP Fine under regulation 6(1) of SEBI LODR Regulations, 2015.

Management Reply:

As per the information given by the company's management, the Company is in process of finding suitable candidature for appointment as Company Secretary & Compliance Officer of the Company.

iii) The BSE Ltd. has sought clarification vide email/letter dated 29^th January, 2024 from the company during the year for significant price movement in the shares of the company and the Company has also received communication from BSE Ltd. for Youtube channel video on the shares of the company and therefore the securities of the company was gone under GSM IV w.e.f. 30.01.2024.

The Company has appointed M/s Ashwin Mantri & Co, Chartered accountants as Internal Auditor of the company in terms of section 138 of the Companies Act, 2013 for the financial year 2023-24 and internal Auditor has conducted the audit for F.Y. 2023-24 Auditor's Report are self-explanatory and does not contain any qualification, reservation or an adverse remark, therefore, do not call for any further comments.

Appointment of Cost Auditor is not applicable to the Company. Hence, the company has not appointed any Cost Auditor and cost accounts and records are not required to maintain by the company.

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.

SEXUAL HARASSMENT OF WOMEN AT WORK PLACE

The Company has in place a policy in line with the requirements of the Sexual Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this Policy. There were nil complaints received during the year under review.

RISK MANAGEMENT POLICY:

The Board of Directors of the Company are of the view that currently no significant risk factors are present which may threaten the existence of the company.

During the year, your Directors have an adequate risk management policy in place capable of addressing those risks. The company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Audit Committee and Board of Directors review these procedures periodically. The company's management systems, organizational structures, processes, standards, code of conduct and behavior together form a complete and effective Risk Management System (RMS).

MANAGERIAL REMUNERATION

The company earned minimal profit during the year so the company has provided limited Managerial Remuneration to the Directors.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

We view responsible conduct as a necessary input for long term business success. We accept responsibility for our business, or employees and society. That is how we define our corporate responsibility. But as per Section 135 of Companies Act, 2013 your company is out of the preview of this responsibility.

CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the members of the Board and all employees in the course of day to day business operations of the company. The Company believes in "Zero Tolerance" against bribery, corruption and unethical dealings / behaviors of any form and the Board has laid down the directives to counter such acts. The Code has been posted on the Company's website.

The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behavior from an employee in a given situation and the reporting structure.

All the board members and the senior management personnel have confirmed compliance with the code. All management staff were given appropriate training in this regard. The declaration on Code of Conduct is annexed as Annexure V.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a vigil mechanism named Fraud and Risk Management Policy to deal with instance of fraud and mismanagement, if any, in staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and Stakeholder Responsibility.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the directors and designated employees of the Company. The Code requires pre- clearance for dealing in the Company's shares and prohibits the purchase or sale of company shares by the directors and the designated employees while in possession of unpublished price sensitive information in relation to the company and during the period when the trading window is closed. The Board is responsible for implementation of the Code. All Board of Directors and the designated employees have confirmed compliance with the Code.

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.

CFO CERTIFICATION

The Chief Financial Officer Certification as required under Regulation 17(8) read with Part B of Schedule II of the SEBI (LODR) Regulation, 2015 have been appended to this report in Annexure- VI.

PARTICULARS OF EMPLOYEES AND RELATED INFORMATION

In terms of the provisions of Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement containing the disclosures pertaining to remuneration and other details as required under the Act and the above Rules are provided in the Annual Report. The disclosures as specified under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Attached as Annexure - ANNEXURE-II

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, your Directors confirm that

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

(b) 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 and of the profit and loss of the company for that period;

(c) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The directors have prepared the annual accounts on a going concern basis;

(e) The directors, have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively, and

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

DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE 2016:

During the year under review, there were no applications made or proceeding pending in the name of the company under the Insolvency Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

During the year under review, there has no one-time settlement of Loans taken from Banks and Financial Institutions.

ACKNOWLEDGEMENTS:

Your Directors would like to acknowledge and place on record their sincere appreciation to all Stakeholders,

Clients, Financial Institutions, Banks, Central and State Governments, the Company's valued investors and all other business partners for their continued co-operation and excellent support received during the year.

Your Directors recognize and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to its growth.