MF HOLDING

Your Directors present you the 32^ndAnnual Report of your Company and the Audited Financial Statements
for the financial yearended31^stMarch, 2026.

1. FINANCIAL SUMMARY

Financial Summary and performance Highlights of your Company, for the financial year ended 31^st
March, 2026 are as follows:

Financial Highlights:

2. RESULTS OF OPERATIONS

The Company has not generated any revenue for the financial year 2025-26. The Net Loss after tax
stood for F.Y. 2025-26 at Rs. 15,97,400/- (Rupees Fifteen Lakhs Ninety-Seven Thousand and Four
Hundred Only) as against Net Loss after Tax Rs. 66,32,800 (Rupees Sixty-Six Thirty-Two Thousand
and Eight Hundred Only) in the previous year

3. DIVIDEND AND TRANSFER TO RESERVES

The Company has suffered loss in the year 2025-26 hence it is not in the position to recommend any
dividend and there has been no transfer to General Reserve for the period ended March 31, 2026.

4. CAPITAL STRUCTURE
Authorised Share Capital

The Authorised Share Capital of the Company as at March 31, 2026 was Rs. 10, 00, 00,000/- (Rupees
Ten Crore Only).

Paid up Share Capital

The Paid-up share capital as at March 31, 2026 stands at Rs. 9,16,09,000/- (Rupees Nine Crore Sixteen
Lakhs Nine Thousand Only) comprising of 91,60,900 equity shares of Rs. 10/- each fully paid up.

5. CHANGE IN THE NATURE OF BUSINESS

During the year, there was no change in the nature of business of the Company.

6. MATERIAL CHANGES AND COMMITMENT

Following material changes and commitments affecting the financial position of the company and
occurring between the date of balance sheet and the date of report. Hence the report containing followed
material changes pertaining to the post -financial statement event impacting the operations and
performance of the company.

• Ms. Deepali Mahapatra was appointed and subsequently resigned from the position of Company
Secretary & Compliance Officer of the Company with effect from July 10^th, 2025 and September
09, 2025, respectively.

• Ms. Nidhika Bharti was appointed and subsequently resigned from the position of Company
Secretary & Compliance Officer of the Company with effect from November 14^th, 2025 and July
13, 2026, respectively.

• Mrs. Sushma Jain has resigned from the position of Director w.e.f November 14, 2025.

• Ms. Ruchi Sharma has resigned from the position of Director w.e.f September 09, 2025.

• Mr. Prasanna Laxmidhar Mohapatra has been appointed as Independent Director of the Company
w.e.f November 14^th, 2025 and resigned w.e.f. May 18^th, 2026.

• Mrs. Himani Sharma has resigned from the position of Director w.e.f April 14, 2026.

• Mrs. Anubha Chauhan has appointed as Independent Director of the Company w.e.f 10.07.2025.

• Mr. Rohan Mohan Agarwal has been appointed as Managing Director & CFO of the Company
w.e.f. 28.08.2025.

• Mr. Ramanuj Murlinarayan Darak was appointed as Independent Director of the Company w.e.f
28.08.2025 and subsequently resigned from the position of Independent Director w.e.f
27.07.2026.

• Mrs. Payal Sharma has appointed as Independent Director of the Company w.e.f 27.05.2026.

• Mr. Pranshu Poddar has appointed as Independent Director of the Company w.e.f 27.07.2026.

7. PARTICULARS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED OR
RESIGNED DURING THE FINANCIAL YEAR ENDED MARCH 31, 2026.

Appointment, Re-appointment and Resignation of Directors & Key Managerial Personnel-

• Ms. Deepali Mahapatra was appointed and subsequently resigned from the position of Company
Secretary & Compliance Officer of the Company with effect from July 10^th, 2025 and September
09, 2025, respectively.

• Ms. Nidhika Bharti was appointed and subsequently resigned from the position of Company
Secretary & Compliance Officer of the Company with effect from November 14^th, 2025 and July
13, 2026, respectively.

• Mrs. Sushma Jain has resigned from the position of Director w.e.f November 14, 2025.

• Ms. Ruchi Sharma has resigned from the position of Director w.e.f September 09, 2025.

• Mr. Prasanna Laxmidhar Mohapatra has been appointed as Independent Director of the Company
w.e.f November 14^th, 2025 and resigned w.e.f. May 18^th, 2026.

• Mrs. Himani Sharma has resigned from the position of Director w.e.f April 14, 2026.

• Mrs. Anubha Chauhan has appointed as Independent Director of the Company w.e.f 10.07.2025.

• Mr. Rohan Mohan Agarwal has been appointed as Managing Director & CFO of the Company
w.e.f. 28.08.2025.

• Mr. Ramanuj Murlinarayan Darak was appointed as Independent Director of the Company w.e.f
28.08.2025 and subsequently resigned from the position of Independent Director w.e.f
27.07.2026.

• Mrs. Payal Sharma has appointed as Independent Director of the Company w.e.f 27.05.2026.

• Mr. Pranshu Poddar has appointed as Independent Director of the Company w.e.f 27.07.2026.

8. ANNUAL RETURN

The Annual Return pursuant to the provisions of Section 92(3) of The Companies Act, 2013 read with
Rule 12 of the Companies (Management and administration) Rules, 2014 shall be published on the
website of the company at www.aceedutrend.co.in

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013

There were no loans, guarantees or investments made by the Company under Section 186 of the
Companies Act, 2013 during the year under review and hence the said provision is not applicable.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
REFERRED TO IN SECTION 188(1) OF THE COMPANIES ACT, 2013.

During the year under review, the Company has not entered into any contracts or arrangements with
related parties as referred to in Section 188(1) of the Companies Act, 2013. Accordingly, there are no
transactions with Promoters, Directors, Key Managerial Personnel or other related parties that could
have had a potential conflict with the interests of the Company at large.

Hence, the disclosure in Form AOC-2 is not applicable and has not been annexed.

11. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

There were four meetings of the Board held during the year:

The gap between any two meetings has been less than one hundred and twenty days and one meeting in
each quarter has been held.

12. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013 ("the Act"), the Board of
Directors hereby confirms that:

In the preparation of the Annual Financial Statements for the financial year ended 31st March, 2026,
the applicable Accounting Standards prescribed under Section 133 of the Act, read with the relevant
rules framed thereunder and the requirements of Schedule III to the Act, have been duly complied with.
Wherever applicable, appropriate explanations have been provided for any material departures.

The Directors have selected and consistently applied appropriate accounting policies and exercised
reasonable and prudent judgments and estimates to ensure that the Annual Financial Statements present
a true and fair view of the state of affairs of the Company as at 31st March, 2026, and of its profit for
the financial year ended on that date.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.

The Annual Financial Statements have been prepared on a going concern basis.

The Directors have laid down adequate internal financial controls to be followed by the Company and
have ensured that such internal financial controls were operating effectively throughout the financial
year.

The Directors have devised and implemented appropriate systems to ensure compliance with the
provisions of all applicable laws and regulations, and are satisfied that such systems were adequate and
operating effectively during the financial year.

13. STATUTORY AUDITOR

M/s Asha & Associates, Chartered Accountants (Firm Registration No. 000369N), were appointment as
the statutory auditors of the Company based on their consent and certificate furnished by them in terms
of Section 141 of the Companies Act, 2013, up to the conclusion of Annual General Meeting to be held
in the year 2027.

The requirement for the annual ratification of the auditor’s appointment at the AGM has been omitted
pursuant to Companies(amendment) Act, 2017 notified on May 7, 2018.

14. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

Pursuant to Section 204 of the Companies Act, 2013, the Company appointed Mr. Chandan Jha, a
Practicing Company Secretary as its Secretarial Auditor to conduct the Secretarial Audit of the
Company for FY 2025-26. The Report of Secretarial Auditor (Form MR-3) for the FY 2025-26 is
annexed to the report as Annexure-1.

15. INTERNAL AUDITOR

The Company has appointed M/s Chandni Singla & Associates, Chartered Accountants as internal
auditors of the company pursuant to section 138 of the Companies Act, 2013 read with Rule 13 of
Companies (Accounts) Rules, 2014.

16. COMMENTS BY THE BOARD ON AUDIT QUALIFICATION

The Auditors’ Report for the financial year ended 31st March, 2026 on the financial statements of the
Company forms a part of this Annual Report. There is no qualification in the Auditors’ Reports.

17. RISK MANAGEMENT POLICY

Your Directors have adopted a Risk Management Policy for the Company. The Audit Committee and
the Board of Directors of the Company review the risks, if any involved in the Company from time to
time, and take appropriate measures to minimize the same. The Audit Committee ensures that the
Policy for Risk Management is adopted across the Company in an inclusive manner.

18. ORDERS PASSED BY THE REGULATORS OR COURTS, IF ANY

No significant and material orders were passed by the Regulators, Courts or Tribunals impacting the
going concern status and Company's operations in future.

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

The Company's internal control systems are supplemented by an extensive programme of internal audit
by an independent professional agency and periodically reviewed by the Audit Committee and Board of
Directors. The internal control system is designed to ensure that all financial and other records are
reliable for preparing financial statements, other data and for maintaining accountability of assets.

20. DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that they fulfill all the
requirements as stipulated in Section 149(6) of the Companies Act, 2013 and Regulation 16B of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 so as to qualify themselves to be
appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant
rules.

21. COMPANY’S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES

The Company has adopted a Nomination and Remuneration Policy on Directors' Appointment and
Remuneration including criteria for determining qualifications, positive attributes, independence of a
director and other matters as provided under Section 178(3) of the Companies Act, 2013. The Policy is
enclosed as a part of this report in compliance with Section 134(3) of the Companies Act, 2013 as
Annexure-4.

22. COMPOSITION DETAILS & NNUMBER OF BOARD MEETINGS AND COMMITTEE
MEETINGS CONDUCTED DURING THE YEAR

The composition of Board of Directors is following Regulation 17 of the Listing Regulations as well as
the Companies Act, 2013 read with the Rules issued thereunder. The Company have optimum
composition of Executive and Non-Executive Directors as on 31stMarch, 2026.

On an annual basis, the Company obtains from each Director details of the Board and Board Committee
position she / he occupies in other Companies and changes, if any, regarding their Directorships. In
addition, the Independent Directors provide an annual confirmation that they meet the criteria of
independence as defined under Section 149(6) on an annual basis under the Companies Act, 2013.

The maximum tenure of Independent Directors is up to five consecutive years from the date of their
appointment. However, they can be re-appointed for another term of five consecutive years from the date
of their re-appointment.

The Board of Directors along with its committees provides effective leadership and strategic guidance to
the Company’s management while discharging its fiduciary responsibilities, thereby ensuring that the
management adheres to high standards of ethics, transparency and disclosures.

Meetings of the Board

The Company has held such minimum number of Board in Calendar Year with maximum interval of 120
days between any two consecutive board meetings which is following the provisions of the Companies
Act, 2013 (the ‘Act’), Secretarial Standand-1 and Listing Regulations.

Composition of the Board of Directors as on March 31, 2026 and attendance in Board Meeting held
during the year

RELATIONSHIP BETWEEN DIRECTORS

Mr. Monendra Srivastava and Mrs. Himani Sharma are related as husband and wife. No other Director is
related to any other Director.

INDEPENDENT DIRECTOR’S MEETING

Independent Directors meet time to time without the attendance of Non-Independent Directors and
members of the management of the Company inter alia, evaluated performance of the Non-Independent
Directors, Chairman of the Company and the Board of Directors as a whole. They also assessed the
quality, content and timeliness of flow of information between the Management and the Board that is
necessary for the Board to effectively and reasonably perform its duties.

Familiarization Programme for Independent Directors

The Company has in place a structured induction and familiarization program for the Independent
Directors. The Company familiarizes its Independent Directors with the Company’s corporate profile, its
Vision and Values Statement, organizational structure, the Company’s history and milestones, latest
Annual Report, Code of Conduct applicable to Directors/Senior Management employees of the Company
Code of Conduct for Prevention of Insider Trading and other applicable codes along with the
Sustainability Reports of the Company. They are also updated on all business-related issues and new
initiatives.

At the time of appointment, an appointment letter setting out the role, duties & responsibilities, details
regarding remuneration, performance evaluation process, among others, is given to the Directors. The
Directors are also explained in detail the compliances required from them under the Act, Listing
Regulations and other relevant regulations and their individual affirmations are taken with respect to the
same.

Brief details of the familiarization program are uploaded and can be accessed on the Company’s website.
www.aceedutrend.co.in

COMMITTEES OF THE BOARD

To focus effectively on the issues and ensure expedient resolution of diverse matters, the Board has
constituted several Committees of Directors with specific terms of reference. The Committees operate as
empowered agents of the Board as per their terms of reference that set forth the purposes, goals and
responsibilities. Committee members are appointed by the Board with the consent of individual Directors.
The Committees meet as often as required or as statutorily required.

Committees that are constituted voluntarily for effective governance of the affairs of the Company may
also include Company executives.

Details of the committees of the Board as on March 31, 2026.

AUDIT COMMITTEE

The composition of the Audit Committee is in alignment with provisions of Section 177 of the
Companies Act, 2013 read with the Rules issued there under and Regulation 18 of the Listing
Regulations. The members of the Audit Committee are financially literate and have experience in
financial management. The Committee through regular interaction with external and internal auditors and
review of financial statements ensures that the interests of stakeholders are properly protected.

(i) Terms of reference

The Audit Committee functions according to its terms of reference that define its composition, authority,
responsibility and reporting functions in accordance with the provisions of the Companies Act and
Regulation 18 of Listing Regulations which, inter-alia, currently include the following:

1. Oversight of the Company’s financial reporting process and the disclosure of its financial information
to ensure that the financial statement is correct, sufficient and credible;

2. Recommendation for appointment, remuneration, terms of appointment of auditor of the Company;

3. Approval of payment to statutory auditors for any other permitted services rendered by the statutory
auditors;

4. Reviewing and examining, with the management, the annual financial statements before submission
to the Board for approval, with particular reference to:

a) Matters required to be included in the Director’s Responsibility Statement to be included in the
Board’s Report.

b) Changes, if any, in accounting policies and practices and reasons for the same.

c) Major accounting entries involving estimates based on the exercise of judgment by management.

d) Significant adjustments made in the financial statements arising out of audit findings.

e) Draft Auditors’ report including qualifications, if any

5. Reviewing, with the management, the quarterly financial statements before submission to the Board
for approval;

6. Reviewing and monitoring, with the management, the statement of uses/ application of funds raised
through an issue/ public offers (public issue, rights issue, preferential issue, etc.), the statement of
funds utilized for purposes other than those stated in the offer document/ prospectus/ notice and the
report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights
issue, and making appropriate recommendations to the Board to take up steps in this matter;

7. Reviewing and monitoring with the management, independence and performance of statutory and
internal auditors, adequacy of the internal control systems, and effectiveness of the audit processes;

8. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure, coverage
and frequency of internal audit;

9. Discussion with internal auditors of any significant findings and follow up thereon;

10. Reviewing the findings of any internal investigations by internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and
reporting the matter to the Board;

11. Any other role as prescribed by the Companies Act, 2013 and the Listing Regulations.
ii) Composition and Meetings

During the period from 1^st April, 2025 to 31^st March, 2026, the committee met 4 (four) times. The details

of the composition of Audit Committee & the attendance at the meeting held during the year ended 31^st

March, 2026 is as follows;

NOMINATION & REMUNERATION COMMITTEE

The Nomination and Remuneration Committee, constituted under Section 178 of the Act and Regulation
19 read with Part D of Schedule II of the Listing Regulations, functions according to its terms of
reference that define its composition, authority, responsibility and reporting functions which, inter alia,
include the following:

(i) Terms of Reference

1. Recommend to the board the set up and composition of the board and its committees including the
formulation of the criteria for determining qualifications, positive attributes and independence of a
director”. The committee will consider periodically reviewing the composition of the board with the
objective of achieving an optimum balance of size, skills, independence, knowledge, age, gender and
experience.

2. Recommend to the board the appointment or re-appointment of directors.

3. Devise a policy on board diversity.

4. Recommend to the board appointment of key managerial personnel (“KMP” as defined by the Act) and
executive team members of the Company (as defined by this committee).

5. Recommend to the board the remuneration policy for directors, executive team or key managerial
personnel as well as the rest of the employees.

(ii) Meetings

During the period from 1^st April, 2025 to 31^st March, 2026, the committee met 5 (five) times. The details
of the composition of Nomination & Remuneration Committee & the attendance at the meeting held
during the year ended 31^st March, 2026 is as follows;

Investors’ Grievances/Complaints

During the year, the Company didn’t receive any complaint/grievance from the investors. No complaint
was pending as on March 31, 2026.

Transfers, Transmissions etc. approved

During the year under review, no request had been received for share transfer/transmission. The has
3623 shareholders as on March 31, 2026.

REMUNERATION OF DIRECTORS

The Company has no stock option plans for the directors and hence, it does not form a part of the
remuneration package payable to any executive and/or non-executive director.

In 2025-26, the Company did not advance any loans to any of the executive and/or nonexecutive
directors

(i) Remuneration to Executive Directors

The Company has not paid any remuneration to the Executive directors for the Financial year 2025-26.

(ii) Remuneration to Non-Executive Directors

During the FY 2025-26, the Company has not paid any remuneration to the non-executive directors.

(iii) Criteria for making payment to Non-Executive Directors

Criteria for making payment to Non-Executive Director has been disseminated on our website at
www.aceedutrend.co.in

23. GENERAL BODY MEETINGSThe details of last three Annual General Meetings (AGM) of the Company are as follows:

24. PERFORMANCE EVALUATION OF THE BOARD

Regulation 4 of SEBI (Listing Obligations and Disclosure Requirements) 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 and
regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
states that the performance evaluation of Independent Directors shall be done by the entire Board of
Directors, excluding the director being evaluated.

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 actual evaluation process shall remain confidential and shall be a
constructive mechanism to improve the effectiveness of the Board/ Committee.

25. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The criteria of Corporate Social Responsibility as prescribed under Section 135 of the Companies Act,
2013 is not applicable on the Company. Thus, there is no requirement to constitute a committee,
formulate the policy and spent amount on Corporate Social Responsibility.

26. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism/ Whistle Blower Policy and overseas through the
committee, the genuine concerns expressed by the employees and other Directors. The Company has
also provided adequate safeguards against victimization of employees and Directors who express their
concerns. The Company has also provided direct access to the chairman of the Audit Committee on
reporting issues concerning the interests of co-employees and the Company. The Whistle Blower policy
as approved by the Board has been uploaded on the website of the Company i.e. www.aceedutrend.co.in

27. DISCLOSURES UNDER SECTION 197 OF THE COMPANIES ACT, 2013 AND RULE 5
OFTHE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014.

In accordance with the provisions of Section 197(12) of the Companies Act, 2013 and Rule 5(2) of
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and
other particulars of employees should be set out in the annexure to the Directors' Report. As the
Company has not paid any remuneration to the Directors, therefore, there is no requirement to comply
with the provisions of this section.

28. DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company is committed to fostering an open, inclusive, and safe work environment where every
employee feels valued and empowered, regardless of gender, sexual orientation, or any other personal
attributes. In line with this commitment, the Company has adopted a policy for the prevention of sexual
harassment, in accordance with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act,2013 (“POSH Act”).

While the Company has framed an Anti-Sexual Harassment Policy in compliance with the POSH Act,
it is currently not required to constitute an Internal Complaints Committee (ICC) under the said
legislation, as the provisions relating to its constitution are not applicable to the Company during the
year under review.

Furthermore, the Company has not received any complaints relating to workplace misconduct,
including sexual harassment, during the financial year.

29. COMPLIANCE WITH THE MATERNITY BENEFIT ACT

The Company affirms its full awareness of and commitment to complying with the provisions of the
Maternity Benefit Act, 1961. Although there are currently no women employees on the Company’s
rolls who are eligible under the Act, appropriate systems and policies have been established to ensure
that all statutory benefits—such as paid maternity leave, continuity of salary and service during the
leave period, nursing breaks, and flexible return-to-work arrangements—are duly extended to eligible
women employees as and when applicable. The Company remains dedicated to fostering an inclusive,
supportive, and legally compliant workplace environment.

30. SHARES

(a) Buy Back of Securities

The Company has not bought back any of its securities during the year under review.

(b) Sweat Equity

The Company has not issued any Sweat Equity Shares during the year under review.

(c) Bonus Shares

No Bonus Shares were issued during the year under review.

(d) Employees Stock Option Plan

The Company has not provided any Stock Option Scheme to the employees.

31. FIXED DEPOSITS

The Company has not accepted any deposit during the Financial Year 2025-26 and, as such, no amount
of principal and interest was outstanding as on Balance Sheet date.

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

The particulars as required under Section 134(1)(m) of the Act read with Companies’ (Disclosures of
Particulars in the Report of the Board of Directors) Rules, 2014 regarding Conservation of Energy and
Technology Absorption have not been furnished considering the nature of activities undertaken by the
Company during the year under review. Further there was no Foreign Exchange earnings and outgo
during the Financial Year 2025-26.

33. MANAGEMENT DISCUSSION AND ANALYSIS

A separate report on Management Discussion and Analysis relating to business and economic
environment surrounding your company is enclosed as a part of the Annual Report.

34. SUBSIDIARIES /JOINT VENTURES/ASSOCIATE COMPANIES

The Company doesn’t have any subsidiary, joint venture or associate Company.

35. CORPORATE GOVERNANCE

The Company is not required to submit Corporate Governance Report as the equity share capital and net
worth of the Company is less than required limits as on the last date of the previous financial year. But
the company has provided Corporate Governance Report for information purpose.

36. LISTING OF SHARES

Your Company’s shares are listed on the Bombay Stock Exchange of India Limited.

37. NO DEFAULT

The Company has not defaulted in payment of interest and repayment of loan to any of the financial
institutions and /or banks during the period under review.

38. DISCLOSURE REQUIREMENTS

As per SEBI Listing Regulations, the Corporate Governance Report with the Auditors’ Certificate
thereon, and the integrated Management Discussion and Analysis are attached, which forms part of this
report. The Company has devised proper systems to ensure compliance with the provisions of all

applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such
systems are adequate and operating effectively

39. CERTIFICATION FROM COMPANY SECRETARY IN PRACTICE FOR NON¬
DISQUALIFICATION OF DIRECTORS

A certificate has been received from Chandan Jha, Company Secretaries in practice that none of the
Directors on the Board of the Company had been debarred or disqualified from being appointed or
continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of
Corporate Affairs or any such other statutory/ regulatory authority. The same has been enclosed as
herewith as part of Annual Report.

CAUTIONARY NOTE

Certain statements in the 'Management Discussion and Analysis' section may be forward-looking and
are stated as required by applicable laws and regulations. Many factors may affect the actual results,
which would be different from what the Directors envisage in terms of the future performance and
outlook. Investors are cautioned that this discussion contains forward looking statement that involve
risks and uncertainties including, but not limited to, risks inherent in the Company's growth strategy,
dependence on certain businesses, dependence on availability of qualified and trained manpower and
other factors discussed. The discussion and analysis should be read in conjunction with the Company's
financial statements and notes on accounts.

APPRECIATION

Your Directors wish to place on record their appreciation for the contribution made by employees at all
levels to the continued growth and prosperity of your Company. Your Directors also wish to place on
record their appreciation to the bankers, financial institutions, shareholders, dealers and customers for
their continued support, assistance, without this appreciable support it not possible for the company to
stands in competitive market, therefore company seeks this support in future too.

By order of the Board of Directors
For ACE EDUTREND LIMITEDSd/-Rohan Mohan Agarwal

^Date^{: 27}.⁰⁷.²⁰²⁶ Managing Director

Place: New Delhi DIN: 08592184