Your directors are pleased to present the 39th Annual Report along with the Audited Financial Statements (Standalone & Consolidated) of your Company for the financial year ended March 31, 2025 ("Financial Year 2024-2025").

1. FINANCIAL RESULTS

The Audited Financial Statements of your Company as on March 31, 2025, are prepared in accordance with the relevant applicable Indian Accounting Standards ("Ind AS") and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("SEBI LODR Regulations 2015") and the provisions of the Companies Act, 2013 ("Act"):

(Rs. in Lakhs)

There are no material departures from the prescribed norms stipulated by the accounting standards in preparation of the annual accounts. Accounting policies have been consistently applied, except where a newly issued accounting standard, if initially adopted, or a revision to an existing accounting standard, required a change in the accounting policy hitherto in use.

The management evaluates all recently issued or revised accounting standards on an ongoing basis. The Company discloses consolidated and standalone financial results on a quarterly basis, which are subject to limited review and publishes consolidated and standalone audited financial results annually.

COMPANY'S PERFORMANCE

STANDALONE OPERATIONS

Total Revenue from Operations increased by 252.66 % to Rs. 6764.27 Lakhs against Rs.1918.05 Lakhs of the previous year.

Earnings before interest tax depreciation and amortisation (EBITDA) increased by 169.37 % to Rs.951 Lakhs against Rs. 353.04 Lakhs of the previous year.

Profit Before Tax (PBT) increased by 169.45 % to Rs.832.06 Lakhs against Rs. 308.80 Lakhs of the previous year.

Net Profit increased by 191.22 % to Rs.638.58 Lakhs against Rs. 219.27 Lakhs of the previous year

CONSOLIDATED OPERATIONS

Total Revenue from Operations increased by 307.02 % to Rs. 8963.64 Lakhs against Rs. 2202.25 Lakhs of the previous year.

Earnings before interest tax depreciation and amortisation (EBITDA) increased by 238.68 % to Rs. 1,156.82 Lakhs against Rs. 341.63 Lakhs of the previous year.

Profit Before Tax (PBT) increased by 244.37 % to Rs. 994.28 Lakhs against Rs. 288.73 Lakhs of the previous year.

Net Profit increased by 286.40 % to Rs. 769.70 Lakhs against Rs.199.20 Lakhs of the previous year.

2) AMOUNT TRANSFERRED TO RESERVES

The Board of Directors of your Company has decided not to transfer any amount to the General Reserve for the year under review.

3) CHANGE OF REGISTERED OFFICE:

During the year under review, there was change in address of Registered office of the Company, The Board of Directors of the Company in their meeting held on November 07,2024 has decided to shift the Registered Office and the Members of the Company in their meeting held on November 30,2024 has approved the shifting of Registered office of the Company from Plot No. 367-368, Por-Ramangamdi, Por GIDC, Vadodara, Gujarat to Block No. 28, Vill-Manglej, Ta-Karjan, Di-Vadodara, 391243 outside the local limits of the city but within same state.

4) SHARE CAPITAL

Authorised Share Capital

During the year under review, there is no change in the Authorised share capital of the Company. The Authorised share capital of the company is Rs. 48,00,00,000/- divided into 48,00,00,000 Equity Shares having face Value Rs.1/- Each .

Issued, Paid Up and Subscribed Share Capital

During the Financial year 2024-2025, the company had issued and allotted 1,44,25,666 equity shares on preferential basis on November 07, 2025 and the paid up share capital has been increased from Rs.17,55,47,392/- to Rs.18,99,73,058/-

The current issued, Paid up and subscribed share capital of the Company is Rs.18,99,73,058/- divided into 18,99,73,058 equity shares shares of face value of Rs.1/- each.

5) PREFRENTIAL ISSUE

During the year, the members of the company had passed Special resolution in the Extra Ordinary General Meeting held on October 12, 2024 and approved to issue and allotment of 4,53,00,000 Convertible warrants at a price of Rs. 75 /- per Warrant , convertible into, or exchangeable for, 1 (one) fully paid-up equity share of the Company having face value of Re.1/- (Rupee One Only) each at a premium of Rs. 74 /- per share.

The said warrants are yet to convert into the equity shares of the company.

Further the members of the company had passed Special resolution in the Extra Ordinary General Meeting held on October 12, 2024 and approved to issue and allotment of 1,44,25,666 Equity Shares at a price of Rs. 75/-per Equity shares having face Value of Re.1/- (Rupee One Only) each at Premium of Rs. 74 /- per share to the Promoters and Non -Promoter group.

Further the Company got Listing approval from BSE Limited for warrants and Equity shares on December 24,2024 and the Company had received Trading Approval for Equity shares on January 10,2025.

6) DIVIDEND

Your director feel that it is prudent to plough back the profits of the Company for future growth of the Company and therefore do not recommend any dividend for the year ended March 31, 2025.

7) DEPOSITS

The Company has neither accepted nor renewed any deposits falling within the purview of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time, during the year under review and therefore details mentioned in Rule 8(5)(v)& (vi) of Companies (Accounts) Rules, 2014 relating to deposits, covered under Chapter V of the Act is not required to be given.

8) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes forming part of the Financial Statements and forms a part of this Annual Report.

9) INSURANCE

The Company has a broad-banded approach towards insurance. Adequate cover has been taken for all movable and immovable assets against numerous risks and hazards.

10) ANNUAL SECRETARIAL COMPLIANCE REPORT

The Company has undertaken an audit for the Financial Year 2024-25 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report duly signed by Vishwas Sharma & Associates, Practicing Company Secretaries (Membership Number:- F12606 and COP Number:-16942 as a Secretarial Auditor has been submitted to the Stock Exchanges.

11) MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report as required under Regulation 34 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations, 2015") forms part of this Annual Report. The said comments are disclosed in Annexure-A.

12) DIRECTORS

As of March 31, 2025, your Company's ("Board") had Eight Directors comprising of 2 Executive Director and 6 Non-Executive Directors out of which 4 Directors are Independent Directors. The Board has One Woman Independent Director as on March 31,2025. The details of Board and Committees composition, tenure of Directors,areas of expertise and other details are available in the Corporate Governance Report, which forms part of this Annual Report.

The Brief Details regarding the Directors of the company are as follows:

The Board consists of following Directors as on 31.03.2025:

Ms. Mansi Jain was the Chairperson as on March 31,2025.Further she tendered her Resignation from the post of Independent Director. Pursuant to her Resignation Mr.Jayesh Raichandbhai Thakkar was appointed as Chairman of the Company w.e.f April 27,2025 & Mrs.Riya Sharma (DIN-11208483) was appointed as Independent Director of the company w.e.f July 24,2025.

Details of Key Managerial Personnel:

13) CHANGES IN DIRECTOR

1. During the year, Mr.Arif Rajjak Sayyad was appointed as Non-Executive & Non -Independent Director. Further pursuant to section 161 (1) of companies Act 2013 the term of Mr.Arif Rajjak Sayyad completed on September 30,2024 and was re-appointed in Board Meeting held on September 30,2024. Further, after end of Financial year, he had tendered his resignation on April 26, 2025.

2. During the year, Mr.Ajay Ramkrishna Shukla was appointed as Non-Executive & Independent Director. Further pursuant to section 161 (1) of companies Act 2013 the term of Mr. Ajay Ramkrishna Shukla completed on September 30,2024 and was re-appointed in Board Meeting held on September 30,2024.

3. During the year, Mr. Jayesh Raichandbhai Thakkar was appointed as a Managing Director of the Company, for a period of 3 (three) years with effect from November 07, 2024 to November 06, 2027.

4. Mr. Harit Gopal Shah had tendered his Resignation on November 14,2024 due to engagement in other assignments and continuous travelling schedule.

5. Mr Kavit Jayeshbhai Thakkar had tendered his Resignation on November 14,2024 due to pre-occupation.

6. After Completion of financial year 2024-2025 Ms. Manshi Jain has tendered her resignation on April 26, 2025.

14) RE-APPOINTMENT OF DIRECTORS WHO RETIRES BY ROTATION

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder and Articles of Association of the Company, Mr. Darshankumar Jitendra Shah (DIN: 08687729) is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and being eligible, offers himself for re-appointment.

15) DECLARATION FROM INDEPENDENT DIRECTORS

Pursuant to the provisions of Section 149 of the Companies Act, 2013, the Independent Directors have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015. There has been no change in the circumstances affecting their status of Independent Directors of the Company.

The Board is of the opinion that all the Independent Directors appointed are of integrity and possess the requisite expertise and experience (including the proficiency). In terms of Regulation 25(8) of the Listing

Regulations, they have confirmed that they are not aware of any circumstances or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties. Based on the declarations received from the Independent Directors, the Board has confirmed that they meet the criteria of independence as mentioned under Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 and that they are independent of the management.

16) COMMITTEES OF BOARD

Details of various committees constituted by the Board, including the committees mandated pursuant to the applicable provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, are given in the Corporate Governance Report, which forms part of this Annual Report.

17) BOARD EVALUATION

Pursuant to the Provisions of Section 134, 178 and Schedule IV of the Companies Act, 2013 and Regulation 17 of SEBI (LODR) Regulations, 2015, the Board has continued to adopt formal mechanism for evaluating its own performance as well as that of its Committees and individual Directors. The exercise has been carried out through a structured evaluation process covering various aspects of the functioning of the Board, such as composition of the Board and Committees, effectiveness of Board process, information and functioning, experience and competencies, performance of specific duties and obligations, governance issues etc. A separate exercise was carried out to evaluate the performance of individual Directors on the basis of questionnaire containing criteria such as level of participation by individual directors, independent judgement by the Director, understanding of the Company's business, etc.

The evaluation of the Independent Directors was carried out by the entire Board excluding the Director being evaluated and that of the Non-Independent Directors were carried out by the Independent Directors in their separate meeting.

The outcome of the performance evaluation as carried out on the basis of the above mechanism was noted to be satisfactory and it also reflected the commitment of the Board members and its Committees to the Company.

18) DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board, to the best of their knowledge and based on the information and explanations received from your Company, confirm that:

1. In the preparation of the annual financial statements, the applicable accounting standards accounts of the company has been prepared on a going concern basis by the directors of the company.

2. In the preparation of the accounts, the director of the company has followed the applicable accounting standards and has provided proper explanations for any material departures from those standards.

3. Proper accounting policies has been selected and applied them constantly by the directors of the company, further he has made reasonable and prudent judgements to give a true and fair view of the state of affairs of the company.

4. The directors of the company have selected and consistently applied proper accounting policies, and have made reasonable and prudent judgments in order to give a true and fair view of the state of affairs of the company at the end of the financial year.

5. Proper and sufficient care has been take by the directors of the company 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.

6. In the case of a listed company, the directors have established and implemented Internal Financial Controls that are adequate and operating effectively.

Internal financial control means the policies and procedures adopted by a company to provide reasonable assurance regarding the achievement of the following objectives:

• The reliability of financial reporting.

• The effectiveness and efficiency of operations.

• The compliance with applicable laws and regulations

• The director has devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

19) CORPORATE SOCIAL RESPONSIBILITY (CSR)

As per section 135 of Companies Act 2013, Corporate Social Responsibility is applicable to Companies having;

1. Turnover of Rupees 1000 Crore or more, or

2. Having Net Worth of Rupees 500 Crore or more, or

3. Having Net Profit of Rupees 5 Crore or more.

The Company does not fulfil any of the above criteria therefore provisions for related to Corporate Social Responsibility doesn't apply to Mercury EV-Tech Limited.

20) DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND

REDRESSAL) ACT, 2013.

The Company has zero tolerance with respect to Sexual Harassment at workplace. To this end, the Company has adopted the Prevention of Sexual Harassment ("POSH") policy to provide a safe, secure and enabling environment, free from sexual harassment. The Policy is gender neutral and the framework ensures complete anonymity and confidentiality. All employees (permanent, contractual, temporary, trainees) as defined under the POSH Act are covered in this Policy.

The Company has set up an Internal Complaints ("IC") Committee in compliance with the Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act"), to redress complaints received regarding sexual harassment.

The POSH Policy of the Company is published on website of the company.

The status of complaints received under POSH and redressed by the Company, during financial year 2024-25, are given below:

There was no complaint outstanding / received from any employee during the financial year 2024-25 and hence, no complaint is pending as on March 31, 2025 for Redressal.

(a) Number of complaints received during the financial year 2024-25 - 0

(b) Number of complaints resolved during the financial year 2024-25 - 0

(c) Number of complaints pending for resolution as at the end of the financial year 2024-25-0

21) CORPORATE GOVERNANCE REPORT

The Report on Corporate Governance as required under Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015, forms part of this Annual Report as Annexure-B.

The certificate from Practicing Company Secretaries required as per the aforesaid Schedule V, confirming compliance with the conditions of Corporate Governance as stipulated under the SEBI (LODR) Regulations, 2015 is attached to the Report on Corporate Governance.

22) BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

According to Regulation 34(2)(f) of SEBI (LODR) Regulations, 2015, Business Responsibility and Sustainability Report is mandatory for Top 1000 Listed Companies according to Market Capitalization.

Mercury EV-Tech Limited doesn't fulfil the above criteria therefore Business Responsibility and Sustainability Report is not applicable to the company.

23) ANNUAL RETURN

Pursuant to Section 134(3)(a) of the Companies Act 2013, the draft annual return as on 31st March, 2025 prepared in accordance with Section 92(3) of the Act is made available on the website of your Company.

24) TRANSACTIONS WITH RELATED PARTY

Kindly refer Form AOC-2, attached herewith as Annexure-C.

25) PARTICULARS OF VALUATION DONE AT THE TIME OF ONE-TIME SET TLEMENT AND VALUATION DONE WHILE

TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS

During the Financial period under review, there were no instances of any one-time settlement against loans taken from Banks or Financial Institutions.

26) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY :

Company has effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/ revised standard operating procedures. The Company's internal control system is commensurate with its size, scale and complexities of its operations.

Our management assessed the effectiveness of the Company's internal control over financial reporting (as defined in Regulation 17 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015) as of March 31st, 2025.

The internal control system provides for all documented policies, guidelines, authorization and approval procedures. The statutory auditors while conducting the statutory audit, review and evaluate the internal controls and their observations are discussed with the Audit Committee of the Board. Further the Company has in place adequate Internal Financial Controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operations were observed.

27) SEBI COMPLAINTS REDRESS SYSTEM (SCORES) :

The investor complaints are processed in a centralised web-based complaints redress system. The salient features of this system are: Centralised database of all complaints, online upload of Action Taken Reports (ATRs) by concerned companies and online viewing by investors of actions taken on the complaint and its current status.

28) DISPUTE RESOLUTION MECHANISM (SMART ODR):

In order to strengthen the dispute resolution mechanism for all disputes between a listed company and/or registrars & transfer agents and its shareholder(s)/investor(s), SEBI had issued a Standard Operating Procedure ('SOP') vide Circular dated 30 May 2022. As per this Circular, shareholder(s)/ investor(s) can opt for Stock Exchange Arbitration Mechanism for resolution of their disputes against the Company or its RTA. Further, SEBI vide Circular dated 31 July 2023 (updated as on 20 December 2023), introduced the Online Dispute Resolution (ODR) Portal. Through this ODR portal, the aggrieved party can initiate the mechanism, after exercising the primary options to resolve its issue, directly with the Company and through the SEBI Complaint Redress System (SCORES) platform. The Company has complied with the above circulars and the same are available at the website of the Company.

29) AUDITORS & THEIR REPORT

(i) STATUTORY AUDITORS & AUDITORS REPORT

Pursuant to Section 139 of the Companies Act, 2013 read with rules made thereunder, as amended, M/s. .Tejas K. Soni & Company, Chartered Accountants (FRN No- 135093W), were appointed as the Statutory Auditors of your Company in Financial Year 2024-2025 due to casual Vaccancy occurred due to Resignation of M/s . M Sahu & Co, Chartered Accountants (Firm Registration No. 130001W).

The Statutory Auditors have confirmed that they are not disqualified to continue as Statutory Auditors and are eligible to hold office as Statutory Auditors of your Company.

The Notes to the financial statements referred in the Auditors Report are self-explanatory. The Auditors Report is enclosed with the financial statements forming part of this Annual Report.

(ii) SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Act, read with the rules made thereunder, the Board had appointed M/s. Vishwas Sharma & Associates, Practicing Company Secretaries (Membership Number:- F12606 and COP Number:-16942 as a Secretarial Auditor, to undertake the Secretarial Audit of your Company for the FY 2024-25.

The Secretarial Audit Report for the year under review is provided as Annexure-D of this report. The qualifications, reservations or adverse remarks mentioned in the said report along with the response provided by the Management are as follows:

iii ) INTERNAL AUDITOR

The Board of Directors has on the recommendation of Audit Committee, and pursuant to the provision of Section138 of the Companies Act 2013, has appointed M/s Shital Samriya, as an Internal Auditor of the Company.

30) SECRETARIAL STANDARDS

During the year under review, your Company has complied with all the applicable provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the Institute of Company Secretaries of India.

31) INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Since there was no unpaid/unclaimed Dividend declared and paid in previous year, the provisions of Section 125 of the Companies Act, 2013 is not applicable to the Company.

32) DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016.

During the year under Review, neither any application was made, nor any proceedings were pending under Insolvency and Bankruptcy Code, 2016.

33) VIGIL MECHANISM/WHISTLE BLOWER POLICY :

Pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and Regulation 22 of the SEBI (LODR) Regulations, 2015, a Vigil Mechanism/ Whistle Blower Policy for directors, employees and other stakeholders to report genuine concerns has been established. The same is uploaded on the website of the Company.

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

Information related to conservation of energy, research and development, technology absorption, foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013 and Rule 8(3) of Companies (Accounts) Rules, 2014 is annexed herewith as Annexure-E and forms a part of this Report.

35) CODE OF CONDUCT

In compliance with the requirements of Regulation 17(5) of the SEBI Listing Regulations, the Board of Directors has laid down Code of Conduct for all Board Members and Senior Management of the Company. This code is also posted on the website of the Company at https://mercuryevtech.com/documents/Disclosures%20under%20Regulation/ (d)%20Code%20of%20Conduct%20of%20Board%20of%20Directors%20and%20Senior%20Management%20Personnel/ Code%20of%20Conduct.pdf

36) MATERIAL ORDERS PASSED BY REGULATORY/COURT

There were no significant and material orders passed by any regulators and/or courts and tribunals which may have the impact on the going concern status and company's operations in future.

37) FRAUD REPORTING

No fraud has been reported by the auditor under Section 143(12) of the Act to the Audit Committee of the Board.

38) CODE FOR PREVENTION OF INSIDER TRADING:

Your Company has adopted a Code of Conduct to regulate, monitor and report trading by designated persons and their immediate relatives ("Code") as per the requirements under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The Code, inter alia, lays down the procedures to be followed by designated persons while trading/ dealing in the Company's shares and sharing Unpublished Price Sensitive Information ("UPSI"). The Code covers Company's obligation to maintain a structured digital database ("SDD"), mechanism for prevention of insider trading and handling of UPSI, and the process to familiarize with the sensitivity of UPSI. To increase awareness on the prevention of insider trading in the organisation and to help the Designated Persons to identify and fulfil their obligations, regular trainings have been imparted to all designated persons by the Company.

39) MANAGERIAL REMUNERATION

Disclosures pursuant to Section 197(12) of The Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are enclosed herewith as per

Annexure-F.

40) SUBSIDIARIES, JOINT VENTURES, ASSOCIATE COMPANIES AND LLP ETC.

The Company has unlisted Subsidiaries and Associate Companies , details of which are as mentioned below, the company doesn't have any Joint Venture during the year.

Details of Subsidiary Company, Associate Companies and LLP's

Following are the subsidiary Company of Mercury EV-Tech Limited as on March 31, 2025: -

• POWERMETZ ENERGY PRIVATE LIMITED

• EV-NEST PRIVATE LIMITED

• TRACLAXX TRACTORS PRIVATE LIMITED

• HAITEK AUTOMATIVE PRIVATE LIMITED

• DC2 MERCURY CARS PRIVATE LIMITED

The annual accounts of Subsidiary Companies are available for inspection by any Member at the registered office of the Company and interested Member may obtain it by writing to the Company Secretary of the Company. During the year under review, Powermetz Energy Private Limited has been identified as Material Subsidiary in accordance with Regulation 16 of Listing Regulations.

The Financial Information of the Subsidiary Companies as required pursuant to section 129(3) of the Companies Act, 2013 read with applicable provisions of Companies (Account) Rules 2014 is set out in Form No. AOC-1 is annexed as an Annexure-G to this report.

41) AMALGAMTION / MERGERS

Scheme of Arrangement is filed between EV NEST PRIVATE LIMITED (Transferor Company) and MERCURY EV-TECH LIMITED (Transferee Company) before the national company law tribunal bench at Ahmedabad which was admitted on March 29th, 2024 EV NEST PRIVATE LIMITED (Transferor Company) a company incorporated under the provisions of Companies Act, 1956 (CIN: U45209GJ2015PTC083192) and having its Registered Office at 902, Galav Chambers Sayajigunj Baroda Vadodara GJ 390020, in the State of Gujarat.

In the above scheme of arrangement All the assets and liabilities of the Transferor Company transferred to and vested in the Transferee Company pursuant to this Scheme shall be recorded in the books of accounts of the Transferee. Also, please note on 12.09.2025, NCLT has approved the said scheme of amalgamation and the Company is in process of completing the rest of the procedures for making the scheme effective.

42) RISK MANAGEMENT

The Company has framed a risk management policy containing the elements of various risks and implementation strategy to mitigate those risks. The risk management framework is reviewed periodically by the Board.

43) POLICY ON DIRECTORS' APPOINTMENT & REMUNERATION

The Company's policy on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided in Section 178(3) and Section 134(3)(e) of the Act is available at https://mercuryevtech.com/documents/Disclosures%20under%20Regulation/ (b)%20Terms%20and%20conditions%20of%20appointment%20of%20independent%20directors/ Terms%20of%20Appointment%20of%20Independent%20Director.pdf

44) DIRECTORS & OFFICERS LIABILITY INSURANCE

Directors & Officers (D&O) Liability Insurance is not applicable to your company

45) MATERIAL CHANGES AFTER END OF FINANCIAL YEAR

There has been no material change and commitment, affecting the financial performance of the Company which occurred between the end of the Financial Year of the Company to which the financial statements relate and the date of this Report.

46) MATERNITY BENEFITS AND ENTITLEMENTS PROVIDED TO FEMALE EMPLOYEES

During the year under review, your Company has complied with the applicable provisions of the Maternity Benefit Act, 1961, including amendments thereto. Your Company remains committed to creating an inclusive and supportive environment for women, especially during and after pregnancy, to ensure their health, dignity, and continued career growth.

47) CHANGE IN NATURE OF BUSINESS, IF ANY

During the year under review, there has been no material change(s) in the business of the Company or in the nature of business carried by the Company.

ACKNOWLEDGMENT

Your directors are highly grateful for all the guidance, support and assistance received from the Government of India, Governments of various states in India, concerned Government departments, Financial Institutions and Banks. Your directors thank all the esteemed shareholders, customers, suppliers and business associates for their faith, trust and confidence reposed in your Company.

Your directors also wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by the employees at all levels, to ensure that your Company continues to grow and excel.