Your directors are pleased to present herewith the 12^th ANNUAL REPORT together with the Audited Financial Statements
and Auditors' report thereon for the year ended 31^st March, 2025.

FINANCIAL RESULTS / STATE OF COMPANY AFFAIRS:

The Financial Results of the Company for the year ended on 31^st March, 2025 are as follows:

PERFORMANCE REVIEW

During the year under review, your company has recorded
total income of C 216,39,28,735 as compared to previous
year's revenue from operations of C 187,49,25,922. Net
Profit after taxation was C 12,30,11,180 as compared to Net
Profit after taxation of C 5,09,14,351 of previous year.

During the year under review, your company has recorded
consolidated revenue from operations of C 216,39,29,817
as compared to previous year's consolidated revenue from
operations of C 187,89,63,752. Consolidated Net Profit after
taxation was C 13,12,28,084 as compared to Consolidated
Net Profit after taxation of C 5,11,36,277 of previous year.

Your Directors are hopeful to keep the momentum of
increased revenue and profitability.

DIVIDEND AND TRANSFER TO RESERVES:

To conserve the resources, your directors do not
recommend any payment of dividend for the year under
review. Further, the Company has not transferred any
amount to reserves during the year.

MATERIAL CHANGES AFFECTING
FINANCIAL POSITION OF THE COMPANY:

There have been no material changes or commitments
affecting the financial position of the Company which
have occurred between the end of the financial year under
review and the date of this Report.

CONVERSION OF COMPANY:

As approved by shareholders at the Extra Ordinary General
Meeting held on 15^th May, 2024, the Company has been
converted into Public Limited Company from Private
Limited Company and necessary fresh certificate to that
effect has been issued by Registrar of Companies, Central
Processing Centre on 30^th July, 2024.

SHARE CAPITAL OF THE COMPANY:

Board would like to appraise that the Company has issued
and allotted 34,24,800 equity shares of ?10/- each at an
issue price of ? 175/- per share (including a premium of
? 165/- per share) through Initial Public Offering (IPO). Your
Directors are pleased to inform you that the Company's
securities have been listed on the SME Platform of BSE
Limited (BSE) with effect from 03^rd March, 2025.

Post the IPO, the issued, subscribed and paid-up equity
share capital of the Company stood at C 12,92,11,330/-
comprising 1,29,21,133 equity shares of ?10/- each as on
31^st March, 2025.

Board is thankful to the public shareholder for the
overwhelming support by subscribing to the IPO of
the Company.

HOLDING, SUBSIDIARIES, JOINT VENTURE
OR ASSOCIATE COMPANIES:

• On 30^th June, 2025, the Company acquired the
remaining 49% equity stake (4,900 equity shares) in
its Subsidiary Company- Asawara Industries Limited,
thereby increasing its shareholding from 51% to 100%.

Pursuant to this acquisition, Asawara Industries
Limited has become a Wholly Owned Subsidiary of
the Company.

• During the year under review, Asawara Industries
Limited and Beezaasan Defence Industries Limited
continues to be a subsidiary of the Company.

• The Company does not have any Joint Venture or
Associate Company.

• The details of subsidiaries in prescribed form of AOC-
1 are given as Annexure-I.

DIRECTORS/KEY MANAGERIAL
PERSONNEL:

During the year under review, the following changes took

place in the Board:

1. Mr. Sabber Mohammad (DIN: 10442935) has been
appointed as an Additional Director and further
appointed as Whole time Director of the Company for
the term of 3 years w.e.f. 9^th May, 2024. Shareholders
at the Extra Ordinary General Meeting held on 15^th
May, 2024 has approved his appointment. He resigned
as the Whole time Director of the Company w.e.f. 22^nd
August, 2024 and was appointed as the Non-Executive
Director on the same date. He, then resigned as Non¬
Executive Director w.e.f. 11^th November, 2024.

2. Mr. Navneet Somani (DIN: 01782793) has been
appointed as Chairman & Managing Director of the
Company for the term of 3 years from 9^th May, 2024.
Shareholders at the Extra Ordinary General Meeting
held on 15^th May, 2024 has approved his appointment.

3. Mr. Kamleshkumar Panchal (PAN: ANVPP8092P) has
been appointed as Chief Financial Officer of the
Company w.e.f. 24^th July, 2024.

4. Mr. Sunilkumar Somani (DIN: 01766897) has been
appointed as Whole-time director of the Company
w.e.f. 22^nd August, 2024.

5. Mrs. Ankita Choudhary (PAN: AQPHC8331R) has been
appointed as the Company Secretary & Compliance
Officer of the Company w.e.f. 22^nd August, 2024.

6. Mr. Suraj Sharma (DIN: 10519814) has been appointed
as an Independent Director of the Company w.e.f. 22^nd
August, 2024.

7. Mr. Mukesh Kumar Rathi (DIN: 10788856) has been
appointed as an Independent Director of the Company
w.e.f. 27^th September, 2024.

8. Ms. Ritika Bajaj (DIN: 09652308) has been appointed
as an Independent Director of the Company w.e.f.
5^th August, 2024 and resigned from the position
w.e.f 26^th August, 2024. She was then appointed as

a Non-Executive Director of the Company w.e.f 18^th
October, 2024.

After the closure of the year, the following changes

took place:

1. Mrs. Ankita Choudhary (PAN: AQPHC8331R) has
resigned as the Company Secretary & Compliance
Officer of the Company w.e.f. closure of business
hours of 12^th May, 2025. The Board places appreciation
for the services rendered by her, during her tenure
with the Company.

2. Mrs. Aakansha Kamley (PAN: EAHPK6778L) has been
appointed as the Company Secretary & Compliance
Officer of the Company w.e.f. 29^th May, 2025.

As on 31.03.2025 the Board of Directors consist
as follows:

DIRECTORS LIABLE TO RETIRE BY
ROTATION

In accordance with the provisions of Section 152 of the
Companies Act, 2013 and the Rules framed hereunder,
Mr. Navneetkumar Somani will retire by rotation at the
ensuing Annual General Meeting and he being eligible
have offered himself for re-appointment. The Board
recommends passing necessary resolution.

MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:

Pursuant to Regulation 34 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the
Management Discussion and Analysis Report highlighting
inter alia the business performance, risk management,
internal control and affairs of the Company for the
reporting year is attached as Annexure - II to this Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

It is hereby stated that:

(a) In the preparation of the annual financial statement,
the applicable accounting standards had been

The gap between two Board Meetings was well within
the limit as prescribed in the Companies Act, 2013. In
respect of the meetings, proper notice was given and the
proceedings were recorded and signed. Minutes Book was
maintained for the purpose.

INDEPENDENT DIRECTORS' MEETING:

Pursuant to the Act and SEBI Listing Regulations, the
independent directors must hold at least one meeting in
financial year without attendance of Non-Independent
directors and members of the Management. Accordingly,
Independent Directors of the Company met on Friday, 22
March, 2025 and:

• reviewed the performance of Non-Independent
directors of the company and the board as a whole;

• assessed the quality, quantity and timeliness of flow
of information between the Company's Management
and the Board that is necessary for the Board to
effectively and reasonably perform their duties.

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
going concern basis.

(e) 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.

CORPORATE GOVERNANCE:

Since the company is listed on SME platform of BSE, the
compliance with the Corporate Governance provisions
as specified in Regulation 17 to 27 and Clauses (b) to (i)
of Regulation 46(2) and para-C, D and E of Schedule V of
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, shall not apply to the Company. Hence
no Corporate Governance Report is disclosed in this
Annual Report.

However, as a good corporate governance practice, the
Company has been complying some of the important
compliance in connection with the aforesaid provisions /
regulations voluntarily.

FAMILIARIZATION POLICY:

The policy and details of familiarization programme
imparted to the Independent Directors of the Company
are available on the website of the Company at the www.
beezaasan.com.

DECLARATION BY INDEPENDENT
DIRECTORS:

The Independent directors have submitted a declaration
of independence, stating that they meet the criteria
of independence provided under section 149(6) of the
Companies Act, 2013. The independent directors have
also confirmed compliance with the provisions of Rule 6 of
Companies (Appointment and Qualifications of Directors)
Rules, 2014, as amended, relating to inclusion of their
name in the databank of Independent Directors.

CONSTITUTION OF COMMITTEES:

Various committees were constituted during the financial
year 2024-25 which are as under:

• Audit Committee:

Audit Committee which comprised of following
Directors as its members:

Date of Meeting of Audit Committee- 22.10.2024 which
has been attended by all the committee members.

The very purpose of the Audit Committee is to assist
the Board in fulfilling its oversight responsibilities of
monitoring financial reporting processes, reviewing
the Company's established systems and processes for
Internal financial controls, governance and reviewing
the Company's Statutory and Internal Audit activities.
The Committee is in compliance with the provisions
of Regulation 18 of the SEBI (LODR) Regulations, 2015
and Section 177 of the Companies Act, 2013.

The Company has established a vigil mechanism
and oversee 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.

• Nomination & Remuneration Committee:

Nomination & Remuneration Committee which
comprised of following Directors as its members:

Date of Meeting of Nomination & Remuneration
Committee - 22.10.2024 which has been attended by
all the committee members.

POLICY ON DIRECTORS' APPOINTMENT
AND REMUNERATION:

Pursuant to the requirements of Section 134 and 178 of
the Company Act, 2013, read with relevant rules framed
thereunder, the Board has framed a Remuneration Policy.
The policy on appointment of Board Members and policy
on remuneration of the Directors, KMPs and Senior
Managerial Personnel is attached as per Annexure - III
and can be accessed at the company's website at www.
beezaasan.com.

This policy inter-alia, provides

a) The criteria for determining qualifications, positive
attributes and independence of directors; and

b) Policy on remuneration of directors, key managerial
personnel and other employees.

The policy is directed towards a compensation philosophy
and structure that will reward and retain talent; and
provides for a balance between fixed and incentive pay
reflecting short and long-term performance objectives
appropriate to the working of the Company and its goals.

Terms of Reference

The Terms of Reference of the Nomination and
Remuneration Committee are as under:

1. To identify persons who are qualified to become
Directors and who may be appointed in senior
management in accordance with the criteria laid
down, recommend to the Board their appointment
and removal and shall carry out evaluation of every
Director's performance.

2. To formulate the criteria for determining
qualifications, positive attributes and independence
of a Director and recommend to the Board a policy,
relating to the remuneration for the Directors, Key
Managerial Personnel and other employees.

3. The Nomination and Remuneration Committee shall,
while formulating the policy ensure that:

a. the level and composition of remuneration is
reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run
the Company successfully;

b. relationship of remuneration to performance
is clear and meets appropriate performance
benchmarks; and

c. remuneration to Directors, Key Managerial
Personnel and senior management involves
a balance between fixed and incentive pay
reflecting short and long-term performance
objectives appropriate to the working of the
company and its goals:

4. Regularly review the Human Resource function of
the Company

5. Discharge such other function(s) or exercise such
power(s) as may be delegated to the Committee by the
Board from time to time.

6. Make reports to the Board as appropriate.

7. Review and reassess the adequacy of this charter
periodically and recommend any proposed changes
to the Board for approval from time to time.

8. Any other work and policy, related and incidental to
the objectives of the committee as per provisions of
the Act and rules made there under.

• Stakeholders Relationship Committee:

Stakeholders Relationship Committee which
comprised of following Directors as its members:

* Ms. Ritika Bajaj was appointed as a Chairman in Stakeholders
Relationship Committee w.e.f 16.11.2024

* Mr. Sabber Mohammad tendered resignation w.e.f 16.11.2024

Date of Meeting of Stakeholders Relationship
Committee - 22.10.2024 which has been attended by
all the committee members.

FORMAL ANNUAL EVALUATION:

Pursuant to section 178 of the Act, the Nomination and
Remuneration Committee and the Board has decided that
the evaluation shall be carried out by the Board only and
the Nomination Remuneration Committee will only review
its implementation and compliance.

Further, as per Schedule IV of the Act and provisions of
SEBI Listing Regulations, the performance evaluation of
independent directors shall be done by the entire Board
excluding the directors being evaluated, on the basis of
performance and fulfillment of criteria of independence
and their independence from Management. On the basis
of the report of the performance evaluation, it shall be

determined whether to extend or continue the term of
appointment of independent director.

Accordingly, the Board has carried out an annual
performance evaluation of its own performance, that of its
Committees, Chairman and individual directors.

DEPOSITS:

The Company has not accepted any deposit within the
meaning of Section 73 of the Companies Act, 2013 during
the period under review.

LOANS FROM DIRECTOR:

The balances of monies accepted by the Company from
Directors at the beginning of the year was C 4,71,09,515/-
and at the close of year was C 2,04,20,052/-

LOANS, GUARANTEES & INVESTMENTS U/S
186:

Particulars of loans given, guarantees provided and of the
investments made by the Company, if any during the year
under review are as mentioned in the Notes forming part of
the Financial Statements.

MAINTENANCE OF COST RECORDS AND
COST AUDIT:

Pursuant to the provisions of Section 148(1) of the
Companies Act, 2013 read with the Companies (Cost
Records and Audit) Rules, 2014, the Company has
maintained the cost records as prescribed under the said
Rules for the financial year 2024-25.

The Board of Directors, on the recommendation of the
Audit Committee, had appointed M/s. Ashish Bhavsar
& Associates, Cost Accountants (Firm Registration No.
000387), as the Cost Auditors of the Company for the
financial year 2025-26 to audit the cost records maintained
by the Company.

In accordance with the provisions of Section 148(3) of the
Companies Act, 2013 read with Rule 14 of the Companies
(Audit and Auditors) Rules, 2014, a resolution seeking
ratification of the remuneration payable to the Cost
Auditors for the financial year 2025-26 is included in the
Notice convening the ensuing Annual General Meeting.

ANNUAL RETURN:

A copy of the Annual Return of the company for the
financial year ended on March 31, 2025 as provided under
section 92(3) of the Act, in the prescribed form, is hosted
on the Company's website and can be accessed at https://
www.beezaasan.com/.

PREVENTION OF SEXUAL HARASSMENT AT
WORKPLACE:

The Company is committed to provide a safe and
conducive work environment to its employees during the
year under review.

An Internal Complaints Committee (ICC) has been set
up to redress complaints received regarding sexual
harassment. Your directors further state that during the
year under review, there were no cases filed pursuant to the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

The Company is also in compliance of applicable provisions
of Maternity Benefit Act, 2017.

CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES:

Details of contracts or arrangements with related parties
referred to in 188 (1) are as per Annexure - IV.

SECRETARIAL STANDARDS:

The Board of Directors of the company confirms to the
best of their knowledge and belief that the Company has
complied with the applicable provisions of the Secretarial
Standards issued by the Institute of Company Secretaries
of India as amended from time to time and made applicable
by the Ministry of Corporate Affairs during the financial
year under review.

STATUTORY AUDITORS AND THEIR
OBSERVATION:

M/s. PSV Jain & Associates, Chartered Accountants
(Firm Registration No. 131505W), were appointed as the
Statutory Auditors of the Company to hold office for a term
of five consecutive years from the conclusion of the 11^th
Annual General Meeting (AGM) held on 31^st August, 2024,
until the conclusion of the AGM to be held for the financial
year ending 31^st March, 2029.

The Statutory Auditors' Report issued by M/s. PSV Jain &
Associates for the financial year ended 31^st March, 2025,
does not contain any qualification, reservation, adverse
remark or disclaimer.

APPOINTMENT OF INTERNAL AUDITOR:

Mrs Sonal Bikaneria (employee of the Company) appointed
as an Internal Auditor of the Company at remuneration as
may be mutually agreed between the Internal Auditor and
Board of Directors for the Financial Year 2024-2025.

APPOINTMENT OF SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 M/s. Parikh Dave & Associates, A Peer Reviewed

Firm of Practicing Company Secretaries, Ahmedabad were
appointed as Secretarial Auditors of the Company for
conduct Secretarial Audit for Financial Year 2024-2025
at remuneration as may be mutually agreed between the
Practicing Company Secretary and Board of Directors.

Secretarial Audit Report submitted by them in prescribed
form MR-3 is attached as Annexure - V to this report
and the qualification mentioned in their report are self¬
explanatory.

DETAILS IN RESPECT OF FRAUDS
REPORTED BY AUDITORS UNDER SUB¬
SECTION (12) OF SECTION 143 OTHER
THAN THOSE WHICH ARE REPORTABLE TO
THE CENTRAL GOVERNMENT:

There was no instance of fraud during the year under
review, which required the Statutory Auditors to report
to the Board under Section 143(12) of Act and Rules
framed thereunder.

INTERNAL FINANCIAL CONTROL SYSTEM:

The Company has an Internal Financial Control System,
commensurate with the size, scale and complexity of
its operations. The scope and authority of the Internal
Financial Control function is well defined.

WHISTLE BLOWER POLICY/VIGIL
MECHANISM:

The Company has established a Vigil Mechanism /
Whistle Blower Policy to deal with instances of fraud
and mismanagement, if any. The Policy has a systematic
mechanism for directors and employees to report concerns
about unethical behavior, actual or suspected fraud or
violation of the Company's Code of Conduct or policy.

INTERNAL AUDIT:

The internal audit function provides an independent view
to the Board of Directors, the Audit Committee and the
Senior Management on the quality and efficacy of the
internal controls, governance systems and processes.

An audit plan is rolled out after approval of the Audit
Committee. Pursuant to Risk Based Internal Audit
Framework, internal audit is aligned in such a manner that
assurance is provided to the Audit Committee and Board
of Directors on quality and effectiveness of the internal
controls, and governance related systems and processes.

PARTICULARS OF EMPLOYEES:

The disclosure required under Section 197 (12) of the
Companies Act, 2013 read with Rule 5 (1) of the Companies
(Appointment and Remuneration of Managerial Personnel)

Rules, 2014 is annexed as Annexure- VI; and forms an
integral part of this Report.

The statement containing particulars of employees as
required under section 197 of the Companies Act, 2013
read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, will
be provided upon request. In terms of Section 136 of
the Companies Act, 2013, the Report and accounts are
being sent to the members and others entitled thereto,
excluding the information on employees' particulars which
is available for inspection by members at the Registered
office of the Company during business hours on working
days of the Company between 11:00 A.M. to 4:00 P.M. up to
the date of ensuing Annual General Meeting. If any member
is interested in obtaining a copy thereof, such member
may write to the Company Secretary in this regard.

RISK MANAGEMENT POLICY:

The Management regularly reviews the risk and took
appropriate steps to mitigate the risk. The company
has in place the Risk Management policy. The Company
has a robust Business Risk Management (BRM) frame
work to identify, evaluate, business risks, financial risk,
Competition risk, Human resource risk. In the opinion of
the Board, no risk has been identified that may threaten
the existence of the Company.

CORPORATE SOCIAL RESPONSIBILITY:

In compliance with the requirements of Section 135 and
Schedule VII of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules,
2014, as amended, the Board of Directors have adopted
a policy on CSR as recommended by the CSR committee
duly constituted and the said policy is available on the
Company's website www.beezaasan.com.

Report on CSR activities as required under the Companies
(Corporate Social Responsibility Policy) Rules, 2014, as
amended, is given in Annexure VII, which forms part of
this Report.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO:

The information on conservation of energy, technology
absorption and foreign exchange earnings and outgo as
stipulated hereunder: -

Conservation of Energy:

1. The steps taken or impact on conservation of
energy:

The Company has taken measures and applied
strict control system to monitor day to day power
consumption, to endeavor to ensure the optimal use
of energy with minimum extent possible wastage
as far as possible. The day-to-day consumption is
monitored and various ways and means are adopted
to reduce the power consumption in an effort to
save energy.

2. The steps taken by the company for utilizing alternate
sources of energy.

Company has not taken any step for utilizing alternate
sources of energy.

3. The capital investment on energy
conservation equipments.

Company has not made any capital investment on
energy conservation equipments.

Technology Absorption

Company has not imported any technology and hence
there is nothing to be reported here.

Foreign Exchange Earning and Outgo: NIL

HEALTH, SAFETY AND ENVIRONMENT
PROTECTION:

Company's Health and Safety Policy commits to comply
with applicable legal and other requirements connected
with occupational Health, Safety and Environment matters
and provide a healthy and safe work environment to all
employees of the Company.

ACKNOWLEDGMENT:

Your directors are thankful to regulatory and Government
authorities, bankers, clients, and suppliers of the Company
for their co-operation and also wish to place on record the
contribution made by the all the workers, members of the
staff and executives of the Company at all levels for the
progress of the Company.