Your Directors have pleasure in presenting the thirty-sixth Annual
Report and the Audited Financial Statements for the financial year
ended March 31, 2025.

FINANCIAL HIGHLIGHTS (Rs. in Lakhs)

OPERATIONS

During the year under review, the total income of the Company
was Rs. 4,214.61 lakh as compared to Rs. 3086.05 Lakhs during
the comparable previous year. The total comprehensive income for
the year was Rs. 1,829.43 lakh as compared to Rs. 1082.14 Lakhs
during the comparable previous year.

TRANSFER TO RESERVES

During the year, the Company has not transferred any amount to
General Reserves.

DIVIDEND

The Board of Directors of the Company had declared Dividend
twice during the FY 2024-25 as below:

1. 1^st interim dividend of Rs. 1.00/- (One Rupee only) on each
fully paid equity shares of Rs. 12,75,02,680 to those members
whose name appear in the register of members as on 19^th
November, 2024 being the record date for the payment of
interim dividend during the Financial Year 2024-25.

2. 2^nd interim dividend of Rs. 1.50/- (One Rupee Fifty Paisa only)
on each fully paid equity shares of Rs. 12,75,02,680 to those
members whose name appear in the register of members as on
14^th February, 2025 being the record date for the payment of
interim dividend during the Financial Year 2024-25.

The interim dividend(s) was paid to those members of the Company
whose names appeared in the Register of Members of the Company
as on November 19, 2024 and February 14, 2025 respectively.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Companies Act, 2013
(‘Act’) and Articles of Association of the Company, Ms. Rahael
Shobhana Joseph, Director of the Company, retires by rotation and
being eligible, offers herself, for re-appointment.

The Independent Directors have given Declaration pursuant
to Section 149(7) of the Act & Regulation 25(8) of (‘Listing
Regulations’) stating that they meet the criteria of independence.

The Board is assured that the Independent Directors of the Company
posses adequate proficiency, experience, expertise and integrity. The
annual performance evaluation has been done by the Board of its
own performance and that of its committees and individual Directors
based on the criteria for evaluation of performance of Independent
Directors and the Board of Directors and its Committees, as approved
by the Nomination and Remuneration Committee which the Board
found to be satisfactory.

The details of familiarization program of Independent Directors,
their roles, rights, responsibilities in the Company, nature of the
industry in which the Company operates, business model of the
Company & related matters are put up on the Company’s website:
www.taal.co.in.

SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE
COMPANIES

As on the date of this report, the Company has one subsidiary
company. In accordance with Section 129 (3) of the Act, a statement
containing salient features of the financial statement of the subsidiary
company in Form AOC-1 is provided in financial statements forming
part of this Annual Report.

A report on the performance and financial position of the subsidiary
company is provided in the Financial Statements forming part of this
Annual Report for the Financial Year 2024-25.

The Company has framed a Policy for determining Material
Subsidiaries which is available on its website: www.taal.co.in

PUBLIC DEPOSITS

Your Company has not accepted any deposits from the public falling
within the purview of Section 73 of the Act read with the Companies
(Acceptance of Deposits) Rules, 2014.

MANAGEMENT DISCUSSION & ANALYSIS

Pursuant to the Listing Regulations, a separate section on
Management Discussion & Analysis is forming part of this Report.

CORPORATE GOVERNANCE REPORT

In terms of Regulation 34 of the Listing Regulations, a separate
section on Corporate Governance Report together with Certificates
is forming part of this Report.

The Managing Director and Chief Financial Officer have certified to
the Board with regard to the financial statements and other matters
as required under Regulation 17(8) of the Listing Regulations.

Certificate from Practicing Company Secretary regarding
compliance of conditions of Corporate Governance is annexed to
this Report.

MEETINGS OF THE BOARD

The Board met 5 times during the financial year. The meeting details
are provided in the Corporate Governance Report that forms part of
this Annual Report.

The intervening gap between the Meetings was within the period
prescribed under the Act / Listing Regulations.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(3) (c) read with Section 134(5) of the Act,
your Directors make the following statement:

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

ii) that the Directors have selected such accounting policies &
applied them consistently & made judgments & estimates, that
are reasonable & prudent so as to give a true and fair view
of the state of affairs of the Company at end of the financial
year March 31, 2025 and of the profit of the Company for that
period;

iii) that 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 & other
irregularities;

iv) that the Directors have prepared the annual accounts on a
going concern basis;

v) that 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

vi) that the directors have devised proper systems to ensure
compliance with provisions of all applicable laws & that such
systems were adequate & operating effectively.

ANNUAL RETURN

As per Section 134(3)(a) of the Act, the Annual Return referred to
in Section 92(3) has been placed on the website of the Company at
www.taal.co.in

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

The particulars as required under Section 134(3)(m) of the Act is
forming part of this Report as Annexure ‘A’.

POLICY ON NOMINATION & REMUNERATION OF
DIRECTORS

The Nomination & Remuneration Policy of the Company on
Director’s appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a
Director & other matters is available on the website at www.taal.
co.in

The criteria for performance evaluation as laid down by Nomination
& Remuneration Committee (‘NRC’) have been defined in the
Nomination & Remuneration Policy.

Details pertaining to remuneration of Directors and employees

required under Section 197(12) of the Act read with Rules framed
thereunder are forming part of this Report as Annexure ‘B’.

A statement showing details of employees in terms of Rule 5(2)
and (3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this Report.

However, in terms of Section 136 of the Act, the Annual Report
excluding the aforesaid information is being sent to the members
and others entitled there to. The said statement is available for
inspection by the Members at the Registered Office and other office
as mentioned on the Company Master data during business hours on
working days up to the date of the ensuing Annual General Meeting
(‘AGM’). If any Member is interested in obtaining a copy thereof,
such Member may write to the Company Secretary in this regard at
secretarial@taal.co.in.

AUDITORS

a. STATUTORY AUDITORS

M/s. KKC & Associates LLP, Chartered Accountants (Firm
Registration No. 105146W/ W100621) was appointed as the
Statutory Auditors of the Company in the 33^rd AGM held
on September 27, 2022 for a period of five years i.e. till the
conclusion of the 38^th AGM of the Company. Accordingly M/s.
KKC & Associates LLP, Chartered Accountants holds office of
Statutory Auditors till conclusion of 38^th AGM.

b. SECRETARIAL AUDITOR

Pursuant to Section 204 of the Act and the Rules made
thereunder, the Board of Directors has appointed Anuj Nema,
Practicing Company Secretary as Secretarial Auditor to
undertake Secretarial Audit of the Company for the period
ended March 31, 2025.

The Report of the Secretarial Auditors in Form MR 3 is
annexed herewith as an Annexure ‘C’ to this Report.

There are no observations made by the Secretarial Auditor in
their audit report for the year ended March 31,2025, the Report
is self-explanatory and do not call for any further comments.

c. REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither the Statutory Auditors
nor the Secretarial Auditor have reported to the Audit
Committee, under Section 143(12) of the Act, any instances
of fraud committed against the Company by its officers or
employees, the details of which would need to be mentioned in
the Board’s Report.

PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS

Particulars of Loans, Guarantees & Investments covered under
Section 186 of the Act has been given in Notes to Financial
Statements forming part of this Annual Report.

RISK MANAGEMENT

The Company faces both internal and external risks. Also, we focus
on risks in the short, medium as well as long term. Risk management
is an integrated aspect of Company’s business operations. On a
regular basis, an extensive risk assessment is conducted in which
business lines and corporate functions identify all significant risks.
The risks are then consolidated and assessed on their potential impact
and probability, which is then reported to the Board of Directors.
Responsibilities are assigned for significant risks and mitigating
initiatives are established and tracked.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has duly constituted CSR Committee in compliance
with the Section 135 of the Act and the applicable Rules.

The composition of CSR Committee is mentioned in Report on
Corporate Governance forming part of this Report.

Annual Report on CSR Activities for the Financial Year ended
March 31, 2024 forms part of this Report as Annexure ‘D’.

INTERNAL FINANCIAL CONTROLS

The Internal Financial Controls with reference to the Financial
Statements are commensurate with the size and nature of business
by virtue of internal audit of the Company. Internal Audits are
periodically conducted by an external firm of Chartered Accountants
who monitor and evaluate the efficiency and adequacy of internal
control systems in the Company, its compliance with operating
systems, accounting procedures and policies of the Company. Board
also takes review of internal audit functioning and accounting
systems, in order to take suitable corrective actions in case of any
deviations.

During the year, such controls were tested by the Statutory Auditors
and no material weakness in control design of operations was
observed by them.

AUDIT COMMITTEE AND VIGIL MECHANISM

The details pertaining to the composition, terms of reference, and
other details of the Audit Committee of the Board of Directors of
your Company and the meetings thereof held during the Financial
Year 2024-25 are given in the Report on Corporate Governance
forming part of this Annual Report.

The Whistle Blower Policy / Vigil Mechanism of the Company as
established by the Board is available on its website of the Company
at www.taal.co.in

CONTRACTS AND ARRANGEMENTS WITH RELATED
PARTIES

All transactions entered into by the Company with Related Parties
for the year under review were on arm’s length basis. The related
party transactions are entered into based on considerations of various
business requirements. Pursuant to section 177 of the Companies

Act, 2013 and regulation 23 of SEBI LODR Regulations, 2015, all
Related Party Transactions were placed before the Audit Committee
for its approval.

As stipulated by Section 134(3)(h) of the Act read with Rule 8(2) of
the Companies (Accounts) Rules, 2014, particulars of Related Party
Transactions are given in Form No. AOC - 2 as Annexure ‘E’ and
the same form an integral part of this report.

Policy on Materiality of Related Party Transactions and Dealing
with Related Party Transactions as approved by the Board may be
accessed on the Company’s website: www.taal.co.in

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE

The Company has in place policy for Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The
Board of Directors of the Company has also constituted an Internal
Complaint Committee in this regard to redress complaints. During
the year under review, there were no complaints received pursuant
to the aforesaid Act. The details and Members of the Committee are
displayed on the website of the Company www.taal.co.in

KEY MANAGERIAL PERSONNEL (KMP)

COMPANY’S POLICIES

The Board ensured that all Company policies are in line with the
changes in legislation. The updated policies have been hosted on the
official website of the Company www.taal.co.in

SECRETARIAL STANDARDS

The Ministry of Corporate Affairs notified the Secretarial Standard
on Meetings of the Board of Directors (SS- 1), Secretarial Standard
on General Meetings (SS-2), Secretarial Standard on Dividend
(SS-3) and Secretarial Standard on Report of the Board of Directors
(SS-4). The Company complies with Secretarial Standards and
guidelines issued by the Institute of Company Secretaries of India
(ICSI).

GENERAL

1. No significant or material orders were passed by the Regulators
or Courts or Tribunals which impact the going concern status
and Company’s operations in future.

2. There is no change in the nature of business of the Company.

3. There was no change in the authorized as well as paid up share
capital of the Company during the year under review.

4. There have been no material changes and commitment, if
any affecting the financial position of the Company which
have occurred between the ends of the financial year of the
Company to which the financial report relates and the date of
the report.

5. In terms of provisions of Section 148 of the Act read with Rule
3 of Companies (Cost Record and Audit) Rules, 2014, the
Company is not required to maintain the cost records for the
Financial Year 2024-25.

ACKNOWLEDGEMENTS

Your Directors express their appreciation for the continued support
and co-operation received by the Company from its employees,
Customers, Bankers, Shareholders, Suppliers, Business Partners,
Defence Research and Developmental Organizations, Aviation
Authorities and other Indian Services and the Central and State
Governments. The Directors also express their gratitude and
sincere appreciation to all the employees of the Company for their
contribution, hard work and commitment.

For and on behalf of the Board of Directors

Date: May 13, 2025 Dr. Prahlada Ramarao

Place: Bengaluru Chairman