Your Directors have pleasure in presenting Twenty Fifth 25^th Director's Report of Sanmit
Infra Limited ('The Company'), together with the Audited Financial Statements for the
Financial Year ended March 31, 2025.

1. HIGHLIGHTS OF FINANCIAL PERFORMANCE :

The standalone and consolidated financial highlights of the Company's operations are
summarized below :

During the year under review, the Revenue from operations of the Company for FY
2024-25 was Rs. 14,296.21 Lakhs as compared to Rs. 9,421.64 Lakhs for FY 2023-24. The
profit after tax (“PAT”) attributable to shareholder for FY 2024-25 was Rs. 154.80 Lakhs
as against Rs. 446.59 lakhs for FY 2023-24.

On a Standalone basis, Earnings per share was Rs. 0.10 (Basic) and (Diluted) stood at in
FY 2024-25 as compared to Rs.0.28 (Basic) and (Diluted) in FY 2023-24.

The company's Financial Statements have been prepared in compliance with the Indian
Accounting Standards (Ind-AS) as notified under the Companies (Indian Accounting
Standards) Rules, 2015, in accordance with Section 133 of the Companies Act, 2013, and
other applicable provisions of the Act. The annual accounts have been prepared without
any significant deviations from the prescribed accounting norms.

The company ensures timely adoption of new or amended Ind-AS as applicable, and any
material impact arising from such changes is appropriately disclosed in the financial
statements. The financial reporting process involves a thorough review by the finance
team and consultation with external auditors to ensure adherence to statutory
requirements.

2. TRANSFER TO RESERVES :

During the year under review, no amount has been transferred to the general reserve of
the Company.

3. DIVIDEND :

The Company has not recommended any dividend for the financial year 2024-25.

4. INCREASE IN ISSUED, SUBSCRIBED AND PAID UP EQUITY SHARE CAPITAL :

During the financial year under review, there was no change in Authorized Share Capital
as well as Paid up Share Capital of the Company.

5. LISTING OF EQUITY SHARES :

The Company's equity shares are listed on the following Stock Exchange:

BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001, Maharashtra,
India

6. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES :

The Company does not have any Subsidiaries, Associates and/or Joint Venture Companies.

7. NATURE OF BUSINESS:

During the Financial Year under review, there were no changes in nature of business of
the company. The company is mainly into the following businesses:

1. Bio-medical and other waste management

2. Infra and Real Estate Development

3. Trading in Petroleum Products

4. Bitumen Emulsion and other Road construction related materials

5. Microsurfacing and repair of roads and related services.

8. CHANGE IN NAME OF THE COMPANY:

During the Financial Year under review, the Company has not changed its name.

9. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL(KMP) :

Composition:

The Company recognizes that a diverse and well-balanced Board is fundamental to its
sustained success and effective governance. In alignment with the provisions of Section
149 of the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, the composition of the Board reflects an optimal
mix of Executive and Non-Executive Directors.

The Board comprises individuals with a wide spectrum of expertise, including industry
knowledge, financial acumen, legal insight, and operational experience. The Directors
also bring in diverse regional, cultural, and geographical perspectives, which contribute
meaningfully to informed decision-making and help maintain the Company's strategic
edge in a competitive environment.

As of March 31, 2025, the Board consisted of Eight (8) Directors, including:

• Four Executive Directors and

• Four Non-Executive Directors, wherein there are all Non Executive Independent
Directors (including one Independent Woman Director)

Appointment/Re-appointment/Cessation :

During the Financial Year 2024-25 and Financial Year 2025-26:

Mrs. Madhavi Patri Subramanian (DIN: 10592457) was appointed as an Additional Non¬
Executive Independent Director with effect from April 16, 2024 and was appointed as
Non-Executive Independent Director by Members in the Extra Ordinary General Meeting
held on July 13, 2024 for a period of Five Years.

Mrs. Priyanka Hirendra Moorjani (DIN: 10093028) resigned from the post of
Independent Director with effect from April 16, 2024 due to pre-occupation in other
activities as mentioned in his Resignation Letter. She had confirmed there are no
Material reasons for her resignation Letter.

Mr. Mukund Shivaram Biwalkar (DIN: 00865087) was appointed as an Additional Non¬
Executive Independent Director with effect from February 10, 2025 and was appointed
as Non-Executive Independent Director by Members in the Extra Ordinary General
Meeting held on April 30, 2025 for a period of Five Years.

Mr. Sanjay Vishindas Nasta (DIN: 00086708) second term as Non-Executive
Independent Director of the Company and Chairperson of the company has come to an
end with effect from February 10, 2025.

Mr. Sanjay Kanayalal Makhija (DIN: 00586770) Managing Director whose term is due to
expire on September 30, 2025. Based on the recommendation of the Nomination and
Remuneration Committee, the Board of Directors, at its meeting held on July 04, 2025,
considered and approved his re-appointment for a term of 3 Years w.e.f. 01.10.2025 to
30.09.2028, subject to approval of shareholders by way of Special Resolution at the
ensuing Annual General Meeting.

Mr. Kamal Kanayalal Makhija (DIN: 00586617) Whole Time Director and Mr. Haresh
Kanayalal Makhija (DIN: 00586720) Whole Time Director whose term was expired.
Based on the recommendation of the Nomination and Remuneration Committee, the
Board of Directors, at its meeting held on July 04, 2025, considered and approved his re¬
appointment for a term of 3 Years w.e.f. 04.07.2025 to 03.07.2028, subject to approval of
shareholders by way of Special Resolution at the ensuing Annual General Meeting.

Based on the recommendation of the Nomination and Remuneration Committee, Mr
Ashok Madhavrao Thorat (DIN: 11237722) was appointed as an Additional Non¬
Executive Independent Director with effect from August 13, 2025 for a period of Five
Years commencing from August 13, 2025 to August 12, 2030 subject to approval of
shareholders by way of Special Resolution at the ensuing Annual General Meeting.

Mr. Mukund Shivaram Biwalkar (DIN: 00865087) resigned from the post of
Independent Director with effect from August 13, 2024 due to Other Professional
Commitments as mentioned in his Resignation Letter. He had confirmed there are no
Material reasons for his resignation Letter.

Directors retiring by rotation

Pursuant to the provisions of Section 152 of the Act read with the relevant rules made
thereunder, Mr.Dinesh Kanayalal Makhija (DIN: 00586498) Executive Whole Time
Director being longest in the office is liable to retire by rotation at the ensuing Annual
General Meeting (“AGM”) and being eligible, has sought re-appointment.

Based on recommendation of the Nomination and Remuneration Committee, the Board
of Directors has recommended their re-appointment and the matter is being placed for
seeking approval of members at the ensuing Annual General Meeting of the Company.

Pursuant to Regulation 36 of the SEBI Listing Regulations read with Secretarial
Standard-2 on General Meetings, necessary details of Mr.Dinesh Kanayalal Makhija, are
provided as an Annexure to the Notice of the Annual General Meeting.

None of the Directors of the Company are disqualified for being appointed as Directors
as specified in Section 164(2) of the Companies Act, 2013 and Rule 14(1) of the
Companies (Appointment and Qualification of Directors) Rules, 2014.

Key Managerial Personnel

There was no change in the Key Managerial Personnel of the Company during the year
under review.

10. INDEPENDENT DIRECTORS :

Statement on Declaration given by Independent Directors :

The Company had 6 Independent Directors during the year under review, namely Mr.
Sanjay Vishindas Nasta, Mrs. Priyanka Hirendra Moorjani, Mrs. Madhavi Patri
Subramanian, Mr. Mohan Mallu Rathod, Mr. Ajay Nanik Chandwani and Mr. Mukund
Shivaram Biwalkar. Each of them has submitted the requisite declarations under Section
149(7) of the Act, affirming that they meet the criteria of independence as outlined in
Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations.

In accordance with Regulation 25(8) of the SEBI Listing Regulations, all Independent
Directors have further confirmed that they are not aware of any circumstances or
situations that could impair their independence or affect their ability to exercise
objective judgment free from external influence.

The Board of Directors has reviewed and duly noted these declarations and
confirmations after conducting a thorough assessment of their accuracy. The
Independent Directors have also affirmed compliance with the provisions of Schedule IV
of the Act (Code for Independent Directors) and the Company's Code of Conduct. There
has been no change in the status or circumstances that would affect their designation as
Independent Directors during the reporting period.

Additionally, the Company has received confirmation from all Independent Directors
regarding their registration in the Independent Directors' databank, maintained by the
Indian Institute of Corporate Affairs, in accordance with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014.

The terms and conditions of appointment of the Independent Directors are placed on the
website of the Company at the https://sanmitinfraltd.com/wp-
content/uploads/2023/08/16.-TFRMS-AND-CONDITIONS-FOR-APPOINTMFNT-OF-
ID.pdf .

Familiarization Programme for Independent Directors :

Your Company has adopted a formal Familiarisation Programme for Independent
Directors to support their effective participation on the Board. As part of the
familiarisation process, the Company provides detailed insights into its business
operations, industry dynamics, organizational structure, and group-level businesses.
Independent Directors are also informed about the regulatory and compliance
obligations under the Companies Act, 2013 and the SEBI Listing Regulations.

The details of Familiarization Programmes are placed on the website of the company and
the web link thereto is https://sanmitinfraltd.com/wp-content/uploads/2023/08/5.-
FAMILARIZATION-PROGRAMME-FOR-INDEPENDENT-DIRECTORS.pdf .

11. DIRECTORS' RESPONSIBILITIES STATEMENT:

Pursuant to the requirement under Section 134 (5) of Companies Act, 2013, with respect
to Directors' Responsibility Statement, it is hereby confirmed that:

1. In the preparation of the annual accounts, the applicable accounting standard
had been followed along with proper explanation relating to material departures

2. the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the company at the end
of the financial year and of the Profit or Loss of the Company for that period.

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

4. The Directors have prepared the Annual accounts on a going concern basis.

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

6. The directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and
operating.

12. NUMBER OF MEETINGS OF THE BOARD :

During the year under review, the Board has demonstrated a high level of involvement in
guiding the Company, supported by detailed discussions and timely decisions. During the
financial year, Seven (7) meetings of the Board of Directors were held, the details of
which are given in the Corporate Governance Report of the Company, which forms a part
of the Annual Report. The intervening gap between the meetings was within the
prescribed period under the Act and the SEBI Listing Regulations.

INDEPENDENT DIRECTORS MEETING :

During the year under review, the Independent Directors of the Company met 1 (one)
time on February 10, 2025.

13. ANNUAL BOARD EVALUATION :

The Company has established a comprehensive framework for evaluating the
performance of the Board of Directors, its Committees, and individual Directors, in line
with the requirements of Sections 134 and 178 of the Act, Regulation 17(10) of the SEBI

Listing Regulations, and the Company's Nomination and Remuneration Policy.

As part of this evaluation process, structured and confidential questionnaires were
circulated to all Directors to obtain feedback on various aspects of the Board's
functioning, the effectiveness of its Committees, and the performance of each Director.
The observations and responses received were compiled, analyzed, and subsequently
presented to the Chairman of the Board for review and discussion.

The evaluation of Directors covered several aspects, including their attendance and
participation in meetings, understanding of the Company's operations and business
environment, application of knowledge and expertise, quality of contributions to
discussions, maintenance of confidentiality, integrity, and independent judgment.
Directors were also evaluated on their alignment with the Company's core values,
commitment to f iduciary responsibilities, and adherence to the Code of Conduct.

The Board's performance was assessed based on criteria such as the effectiveness of its
oversight on compliance and governance matters, clarity in the roles of the Chairman
and Executive/Non Executive Directors, the diversity and mix of skills and expertise,
strategic involvement, and overall guidance in areas such as risk management, financial
reporting, ethics, and succession planning. Particular emphasis was placed on the
Board's ability to provide strategic foresight and review the implementation of key
initiatives and policies.

The evaluation of Committees considered their structure, independence, frequency of
meetings, adherence to defined procedures, effectiveness in fulfilling their
responsibilities, and the extent of their contribution to Board decisions. The Committees
were also assessed on their ability to engage meaningfully with internal and external
auditors, and their role in supporting oversight functions.

Based on the outcome, the Board concluded that the overall performance of the Board,
its Committees, and individual Directors, including Independent Directors, was found to
be satisfactory.

14. COMMITTEES OF THE BOARD :

As on March 31, 2025, the Board has constituted the following committees:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholder's Relationship Committee

• Risk Management Committee

• Corporate Social Responsibility

• Business Responsibility And Sustainability Committee

During the year, all recommendations made by the committees were approved by the
Board.

Details of all the Committees such as terms of reference, composition and meetings held
during the year under review are disclosed in the Corporate Governance Report, which
forms part of this Annual Report.

15. PERFORMANCE OF THE BOARD AND COMMITTEES:

During the year under review, the performance of the Board & Committees and
Individual Director(s) based on the below parameters was satisfactory:

(i) All Directors had attended the Board meetings;

(ii) The remunerations paid to Executive Directors are strictly as per the Company
and industry policy.

(iii) The Independent Directors only received sitting fees.

(iv) The Independent Directors contributed significantly in the Board and committee
deliberation and business and operations of the Company and subsidiaries based
on their experience and knowledge and Independent views.

(v) The compliances were reviewed periodically;

(vi) Risk Management Policy was implemented at all critical levels and monitored by
the Internal Audit team who places report with the Board and Audit committee.

16. CORPORATE SOCIAL RESPONSIBILITY:

In compliance with the requirements of section 135 of the Act read with Companies
(Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time, the
Board of Directors of the Company has duly constituted a Corporate Social Responsibility
(CSR) Committee. The Company remains firmly committed to sustainable development
through the implementation of a well defined Corporate Social Responsibility (CSR)
strategy. This strategy places strong emphasis on respecting local communities and
cultures, protecting the environment, and conserving natural resources and energy.

The Company's Corporate Social Responsibility (CSR) initiatives are fully aligned with
the provisions of Section 135 of the Companies Act, 2013. A brief summary of the CSR
activities carried out during the year, along with the Company's CSR Policy, is provided
in Annexure- VI of this Report, in the format prescribed under the Companies
(Corporate Social Responsibility Policy) Rules, 2014. The complete CSR Policy, as
approved by the Board of Directors, is available on the Company's website and can be
accessed via the following link: https://sanmitinfraltd.com/wp-

content/uploads/2023/08/8.-CSR-POLICY.pdf

Further details regarding the CSR Committee, including its composition and
responsibilities, are included in the Corporate Governance Report, which forms an
integral part of the Company's Annual Report.

17. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS
FRONT:

The HR function is strategically integrated with the Company's long-term vision and is
geared towards enhancing employee experience, performance, and future readiness.
This year, Sanmit Infra Limited remained committed to nurturing an inclusive and
collaborative workplace culture that encourages transparency, creativity, and mutual
respect. The Company actively promotes a learning oriented environment by investing in
skill-building, leadership development, and cross-functional exposure, ensuring
employees continue to grow and thrive within the organization.

In addition to professional growth, the Company places great value on employee well¬
being and work-life balance, striving to create a healthy, engaging, and performance-
driven culture. Through various initiatives and feedback mechanisms, the Company
ensures continuous dialogue with its workforce, reinforcing its commitment to building

long-term, fulfilling relationships with employees.

To enhance team spirit and cultivate a welcoming environment, the Company also
organized various interactive sessions and team-building activities, which encouraged
open communication, collaboration, and relationship-building across departments.
These initiatives played a significant role in reinforcing team spirit and enhancing
organizational cohesion.

18. NOMINATION AND REMUNERATION POLICY :

The Company has established a comprehensive Policy on Director Appointment and
Remuneration, which also encompasses Key Managerial Personnel and other employees.
This policy serves as a framework for the Nomination and Remuneration Committee to
identify and recommend individuals who possess the necessary qualifications, skills, and
experience to serve as Directors. It also lays down clear criteria for assessing the
independence of Directors in accordance with regulatory requirements and the
Company's governance standards.

Furthermore, the policy ensures that the Company's remuneration strategy is aligned
with its overarching business objectives. Remuneration packages are designed to reward
individual contributions as well as overall organizational performance, while remaining
competitive and in line with industry benchmarks. This approach not only motivates
Directors and employees to deliver sustainable value but also supports the retention of
high-caliber talent.

In addition to fixed and variable pay components, the policy emphasizes transparency,
fairness, and alignment with shareholder interests. The Committee regularly reviews the
policy to adapt to changing regulatory landscapes and evolving best practices in
corporate governance. This enables the Company to maintain a balanced and
performance-driven reward system that fosters long term growth and accountability.

The remuneration policy approved by the board of Directors is available on the website
of the Company https://sanmitinfraltd.com/wp-content/uploads/2023/08/2.-
NOMINATION-AND-REMUNERATION-POLICY.pdf .

19. BOARD POLICIES:

The Company has the following policies which are applicable as per the Companies Act,
2013 and SEBI (LODR) Regulations, 2015 which are placed on the website of the
Company https://sanmitinfraltd.com/index.php/infrastructure/policies-code-of-

conduct/

a) Risk Management Policy

b) Code of Conduct for Directors and Senior Management Personeel

c) Nomination and Remuneration Policy

d) Familarization Programme for Independent Directors

e) Terms and Conditions for Appointment of Independent Director

f) Code of Conduct for Non Executive Director

g) Policy on Disclosure of Material Events

h) Policy for determining Material Subsidiaries

i) CSR Policy

j) Policy on preservation of Documents

k) Policy on archival of data

l) Whistle Blower Policy and Vigil Mechanism

m) Policy on Related Party T ransactions

n) Dividend Distribution Policy

o) Human Rights Policy

20. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENT RELATE AND THE DATE OF THE REPORT:

During the year under review, there were no material changes and commitments'
affecting the financial position of the Company.

21. INTERNAL FINANCIAL CONTROL SYSTEMS THEIR ADEQUACY AND RISK
MANAGEMENT:

The Company has in place a robust internal control system, commensurate with the size,
scale, and complexity of its operations. These controls are supported by well-
documented policies and standard operating procedures that govern key business
processes. The internal control framework is designed to ensure the orderly and efficient
conduct of business, including adherence to internal policies, safeguarding of assets,
prevention and detection of frauds and errors, accuracy and completeness of accounting
records, and timely preparation of reliable financial information.

In compliance with Section 138 of the Act and the applicable provisions of the SEBI
Listing Regulations, the Company has established a structured Internal Audit function.
The scope, authority, and functioning of the internal audit are defined and reviewed
periodically by the Audit Committee. Internal audits are conducted at regular intervals to
assess the effectiveness of operational and financial controls and to provide assurance on
the design and operating effectiveness of internal systems.

The internal audits during the year focused on key functional areas such as inventory
management, stock, Human Resources, IT systems, and operational efficiency. The audit
findings were presented to the Audit Committee on a quarterly basis, along with
management's responses and action plans. Follow-up mechanisms are in place to ensure
the timely implementation of corrective measures.

The internal control environment of the Company is dynamic and responsive to evolving
business needs. It is reviewed periodically and strengthened as required to ensure high
standards of governance, transparency, and accountability are maintained throughout
the organization.

The internal and operational audit responsibilities are assigned to M/s. Manas Dash &
Co, which function independently and report directly to the Audit Committee to ensure
objectivity and transparency in the audit process. The primary focus of their audit
activities is to conduct a comprehensive assessment of business risks, evaluate the
effectiveness of internal controls, and review core business processes for efficiency,
compliance, and alignment with industry best practices.

22. INVESTOR EDUCATION AND PROTECTION FUND (IEPF) :

There is no amount due to be transferred to the IEPF account.

23. RELATED PARTY TRANSACTIONS :

Your Company has in place a Policy on Related Party Transactions for purpose of
identification and monitoring of Related Party Transactions and is published on the
Company's website at https://sanmitinfraltd.eom/wp-content/uploads/2023/08/4.-
POLTCY-FOR-RELATED-PARTY-TRANSACTTON.pdf .

The Company has established a robust and transparent framework for the review,
approval, and monitoring of Related Party Transactions (RPTs). This framework ensures
that all transactions with related parties are conducted in a fair, arm's-length manner
and are aligned with the Company's commitment to ethical business practices and
regulatory compliance.

In accordance with the provisions of the Companies Act, 2013, the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, and the Company's Policy
on Materiality and Dealing with Related Party Transactions, all relevant information
pertaining to proposed RPTs—including transaction details, nature of the relationship,
commercial rationale, and pricing justification—is submitted for prior review and
approval of the Audit Committee.

The Audit Committee plays a critical oversight role by ensuring that such transactions
are in the best interest of the Company and its stakeholders, and do not result in any
conflict of interest. For material RPTs and those requiring shareholder approval, the
Company ensures timely disclosure and compliance with all applicable regulatory
requirements and SEBI circulars.

Additionally, the Company periodically updates its Related Party Transaction policy to
incorporate changes in law and evolving governance best practices. The Company has
entered into transactions with related parties during the year under review which
requires reporting in Form AOC-2 in terms of Section 134(3) and 188(1) of the Act read
with Rule 8(1) of the Companies (Accounts) Rules, 2014.

24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The company has neither given any loans or guarantees nor made any investments as
covered under the provisions of section 186 of the Companies Act, 2013 during the
financial year 2024-25.

25. DEPOSITS:

During the financial year, The Company has not accepted any deposits within the
meaning of Section 73 and 76 of the Companies Act, 2013 of the Act, read with the Rules
made thereunder, and therefore, no amount of principal or interest on deposit was
outstanding as of the Balance Sheet date. The Company does not have any deposits which
are not in compliance with the requirements of Chapter V of the Act.

26. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND
COMPANY'S OPERATIONS IN FUTURE:

There are no significant material orders passed by the Regulators / Courts which would

impact the going concern status of the Company and its future operations, except:

During the year under review, the Company received the mail dated 21^st August, 2024
and 6^th September, 2024 from BSE for payment of SOP Fine for Non- Compliance of
Regulation 17(1) of SEBI (LODR) Regulation, 2015 and the company paid the fine of Rs.
88,500/- on 20^th September, 2024.The company had already complied with Regulation
17(1) of SEBI (LODR) Regulation, 2015 but inadvertently failed to include the details in
Corporate Governance Report. After mail received from BSE, Company filed Revised
Corporate Governance for quarter ended June 2024 on 24^th September,2024.The
company also has made Waiver Application dated 29^th November, 2024 to BSE.The
company has also made an Appeal to SAT for the fine levied by BSE. BSE through its
email dated 21^st April, 2025 informed that it has waived the fine of Rs. 88,500/-.

During the year under review, the Company received the mail dated 1^st October, 2024
from BSE for payment of SOP Fine for Non - Compliance with Regulation 23(9) and Late
Submissions of other Regulations of SEBI (LODR) Regulation, 2015 amounting to Rs.
1,54,42,622/-.The company had earlier mailed to BSE about Non Applicability of Related
Party Transaction..The company had filed RPT XBRL on 14^th November, 2024 for
Quarter September 2020 and March 2021. and the company paid the fine of Rs. 15,340/-
on 04^th September, 2024. The company also has made Waiver Application dated 12^th
December, 2024 to BSE.BSE through its email dated 23^rd April, 2025 informed that it
has waived the fine of Regulation 23(9) of SEBI (LODR) Regulation, 2015 of Rs.
1,55,46,500/- for Quarter September 2020 of Rs. 84,48,800/- and for Quarter March
2021 of Rs. 70,97,700/- respectively.

There is no Corporate Insolvency Resolution Process initiated under the Insolvency and
Bankruptcy Code, 2016.

27. ENVIRONMENT, HEALTH AND SAFETY :

Your Company remains fully committed to upholding the highest standards of legal
compliance and operational excellence in all aspects of Health, Safety, and Environmental
(HSE) management. During the year under review, the Company continued to focus on
energy and water conservation, enhanced utilization of renewable energy sources, and
efforts to minimize waste generation across operations. These initiatives are in
alignment with the Company's broader goals of sustainable development and
environmental stewardship.

In line with this commitment, the management has actively fostered a culture of safety
and well-being across the organization. The Company organizes routine fire safety drills,
along with periodic health check-ups for both permanent and contractual employees,
ensuring proactive care and risk prevention at the workplace.

The Company recognizes that safety is not a one-time initiative but an ongoing journey of
continuous improvement. Accordingly, it has outlined future plans aimed at further
enhancing the overall workforce well-being, promoting a proactive approach to health
and safety, and embedding a strong safety-first culture throughout all operational sites.

Additionally, your Company reaffirms its commitment to providing a safe, healthy, and
secure working environment across all manufacturing units and office, thereby ensuring

a responsible and people-centric approach to organizational growth.

28. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

Your Company is committed to fostering a work environment that upholds the highest
standards of safety, ethics, and legal compliance across all levels of its operations. To this
end, a structured Vigil Mechanism and Whistle blower Policy have been implemented in
line with the provisions of the Companies Act, 2013 and the SEBI Listing Regulations.

These mechanisms are designed to enable employees and other stakeholders to
confidentially report concerns regarding actual or suspected misconduct, including
unethical behavior, violations of legal or regulatory requirements, and breaches of the
Company's Code of Conduct. The system ensures that disclosures are handled in a fair,
transparent, and secure manner, without fear of retaliation. Comprehensive information
on the Company's Vigil Mechanism and Whistle blower Policy is provided in the
Corporate Governance Report, which forms an integral part of this Integrated Annual
Report. The Policy is also available on the Company's official website at
https://sanmitinfraltd.com/wp-content/uploads/2023/08/10.-WHISTLE-BLOWER-
POLICY-AND-VIGIL-MECHANISM-POLICY.pdf.

There were no Complaints received for the financial year ended March 31, 2025.

29. RISK MANAGEMENT POLICY:

The Company continues to have an effective Risk Management process in place. The
Company has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed also discussed at the meetings of the Audit Committee and
the Board of Directors of the Company. Major risks, if any, identified by the business and
functions are systematically addressed through mitigating action on a continuous basis.

30. AUDITORS AND REPORT:

a) STATUTORY AUDITORS:

At the 23^rd Annual General Meeting (AGM) of the Company held on July 20, 2023
Members had approved the re-appointment of M/S. PAMS & ASSOCIATES Chartered
Accountants (Firm Registration No. (FRN: 316079E) as statutory Auditors of the
Company for the second term from the conclusion of 23^rd Annual General Meeting to
the Conclusion of 28^th Annual General Meeting to be held in the year 2028.

The Auditor's Report on the Financial Statements for the year ended March 31, 2025, is
unqualified and free from any adverse remarks, qualifications, disclaimers, or
reservations. The notes accompanying the financial statements are comprehensive and
self-explanatory, requiring no additional clarifications. Furthermore, the Auditors have
not reported any instances of fraud under Section 143(12) of the Companies Act, and
consequently, no disclosures are necessary under Section 134(3)(ca) of the Act.

b) SECRETARIAL AUDITOR & REPORT:

Pursuant to the requirements of Section 204 (1) of the Companies Act, 2013 and Rule 9
of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
M/s. Ramesh Chandra Mishra & Associates, Practising Company Secretaries, Mr.
Ramesh Chandra Mishra (Membership No. F5477 and COP. 3987) was appointed to
conduct secretarial audit for the financial year 2024-25.

Further, pursuant to the provisions of Regulation 24A of the Securities and Exchange

Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Board of Directors of the Company has approved, subject to the approval of the
shareholders at the ensuing Annual General Meeting of the Company, appointment of
M/s. Ramesh Chandra Mishra & Associates, Practicing Company Secretaries, Mr.
Ramesh Chandra Mishra (Membership No. F5477 and COP. 3987), as Secretarial
Auditors of the Company for a term of 5 years starting from FY 25-26. The Company
has received a consent letter from Mr. Ramesh Chandra Mishra, that they are not
disqualified and are eligible to hold the office as Auditors of the Company, if appointed.

The Secretarial Audit Report, provided by the Secretarial Auditor, is annexed as
Annexure-III and forms an integral part of this Report. The observations made in the
Report are self-explanatory and do not warrant any further comments or explanations
from the Board. Furthermore, the Secretarial Auditor has not reported any instances of
fraud under Section 143(12) of the Companies Act, 2013. Accordingly, there are no
disclosures required under Section 134(3)(ca) of the Act.

c) INTERNAL AUDITORS:

The Company has appointed M/s. Manas Dash & Co, as the Internal Auditors of the
company for the Financial Year 2024-25. The Audit Committee determines the scope of
Internal Audit in line with regulatory and business requirements.

31. REPORTING OF FRAUDS BY AUDITORS:

During the year under review, neither the Statutory Auditors nor the Secretarial Auditor
has reported to the Audit Committee under Section 143 (12) of the Companies Act, 2013,
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.

32. ACCOUNTING STANDARDS :

The Company has followed Indian Accounting Standards (Ind AS) issued by the Ministry
of Corporate Affairs in the preparation of its financial statements.

33. ANNUAL RETURN :

In accordance with the provisions of Section 92(3) of the Companies Act, 2013 and Rule
12 of the Companies (Management and Administration) Rules, 2014, the Annual Return
of the Company has been made available on the Company's official website
https://sanmitinfraltd.com/ .

34. CORPORATE GOVERNANCE :

The Company remains steadfast in its commitment to upholding the highest standards of
Corporate Governance, emphasizing transparency, accountability, and ethical business
practices in all aspects of its operations. In accordance with Regulation 34 read with
Schedule V of the SEBI Listing Regulations, a separate report on Corporate Governance
has been included as part of this Integrated Annual Report as Annexure-I.

Additionally, a certificate issued by Mr. Ramesh Chandra Mishra, Practising Company
Secretaries, Secretarial Auditor of the Company, confirming compliance with the
Corporate Governance requirements as prescribed under the Listing Regulations is
annexed as Annexure- I.

35. MANAGEMENT DISCUSSION AND ANALYSIS REPORT :

The Management Discussion and Analysis Report for the year under review, as stipulated
under the Regulation 34 read with Schedule V of SEBI Listing Regulations, forms part of
this Annual Report and is annexed as Annexure-II.

The state of the affairs of the business along with the financial and operational
developments have been discussed in detail in the Management Discussion and Analysis
Report.

36. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013:

The Company is firmly committed to fostering a safe, respectful, and inclusive workplace
and maintains a zero-tolerance policy towards any form of discrimination or harassment.
In alignment with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, the Company has implemented a
comprehensive Anti-Harassment and Grievance Redressal Policy.

To ensure proper handling of such matters, an Internal Complaints Committee (ICC) is
constituted at the Group level to address and resolve complaints related to sexual
harassment in a timely and fair manner. The policy clearly outlines the procedures, roles,
and responsibilities involved in addressing such concerns and aims to offer guidance and
support to employees across all offices of the Company.The policy covers all women
employees, including those who are permanent, temporary, or contractual. It is
introduced to all employees during their induction.

During the financial year under review, the Company has not received any complaints
pertaining to sexual harassment.

The details of complaints reported under Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 during FY 2024-25 are as follows:

37. PARTICULARS OF CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO

In accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013, read
with Rule 8(3) of the Companies (Accounts) Rules, 2014, the relevant information
pertaining to conservation of energy, technology absorption, and foreign exchange
earnings and outgo is as follows:

> Conservation of energy: -

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

2. The steps taken by the Company for utilizing alternate sources of energy: N.A.

3. The capital investment on energy conservation equipment: N.A.

> Technology absorption:

1. The efforts made towards technology absorption: N.A.

2. The benefits derived like product improvement, cost reduction product
development or import substitution: N.A.

3. In case of imported technology (imported during the last three years reckoned
from the beginning of the financial year) -

• The details of technology imported: N.A

• The year of import: N.A.

• Whether the technology been fully absorbed. N.A.

4. If not fully absorbed, areas where absorption has not taken place and the reasons
thereof; and: N.A.

5. The expenditure incurred on Research and Development. N.A.

> Foreign Exchange Earnings and Outgo: N.A.

38. SECRETARIAL STANDARDS COMPLIANCES:

Your Company has complied with the Secretarial Standards issued by the Institute of
Company Secretaries of India on Meetings of the Board of Directors (SS-1) and General
Meetings (SS-2).

39. DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE
TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE
BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

The Company has not made any one-time settlement for loans taken from the Banks or
Financial Institutions, and hence the details of difference between amount of the
valuation done at the time of one-time settlement and the valuation done while taking
loan from the Banks or Financial Institutions along with the reasons thereof is not
applicable.

40. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961:

The Company affirms that it has duly complied with all provisions of the Maternity
Benefit Act, 1961, and has extended all statutory benefits to eligible women employees
during the year.

41. LISTING WITH STOCK EXCHANGES:

Shares of the Company are listed on BSE Limited and the Company confirms that it has
paid the annual Listing Fees for the year 2024-25.

42. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT:

The Board of Directors has adopted a policy and procedure on Code of Conduct for the
Board Members and employees of the Company in accordance with the SEBI (Prohibition
of Insiders Trading) Regulations, 2015. This Code helps the Company to maintain the
Standard of Business Ethics and ensure compliance with the legal requirements of the
Company.

The Code is aimed at preventing any wrong doing and promoting ethical conduct at the
Board and by employees. The Compliance Officer is responsible to ensure adherence to
the Code by all concerned.The Code lays down the standard of Conduct which is expected
to be followed by the Directors and the designated employees in their business dealings

and in particular on matters relating to integrity in the workplace, in business practices
and in dealing with stakeholders.

All the Board Members and the Senior Management Personnel have confirmed
Compliance with the Code. Declaration of Code of Conduct is annexed as Annexure-VIII.

43. DISCLOSURE REQUIREMENTS:

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 is of the view that such systems are adequate and operating effectively.

44. MAINTAINANCE OF COST RECORDS:

The Company is not required to maintain cost records as specified by the Central
Government under sub-section (1) of section 148 of the Companies Act, 2013.

45. CAUTIONARY STATEMENT:

Certain statements made in this Report, including those under Management Discussion
and Analysis, Corporate Governance, the Notice to Shareholders, and other sections of
the Annual Report, may constitute “forward-looking statements” as per applicable laws
and regulations. These statements reflect the Company's current intentions,
expectations, projections, or forecasts regarding future performance.

However, actual outcomes may vary materially from those expressed or implied, owing
to changes in market conditions, economic developments, or unforeseen circumstances.
The Company does not assume any obligation or responsibility for the accuracy or
completeness of such forward-looking statements, which may be subject to revision
based on future events, developments, or the availability of new information.

46. ACKNOWLEDGEMENTS:

The Directors acknowledge and sincerely appreciate the dedication, perseverance, and
hard work demonstrated by all employees across the Company. They also extend their
heartfelt thanks to the shareholders, government bodies, regulatory authorities, banks,
stock exchanges, depositories, auditors, customers, vendors, business associates,
suppliers, distributors, and the communities surrounding the Company's operations. The
Directors are grateful for their continued support, trust, and confidence in the Company's
Management.

For and behalf of Board of Directors
SANMIT INFRA LIMITED

Sd/- Sd/-

Sanjay Makhija Kamal Makhija

Date: 04.07.2025 Managing Director Whole Time Director

Place: Mumbai DIN: 00586770 DIN: 00586617