PERFORMANCE REVIEW
Standalone Results

During the year under review, your company has recorded total
income of Rs. 21,322.74 Lakhs as compared to previous year''s
revenue from operations of Rs.21,639.29 Lakhs. Net Profit after
taxation was Rs. 1,180.61 Lakhs as compared to Net Profit after
taxation of Rs. 1,230.11 Lakhs of previous year.

Consolidated Results

During the year under review, your company has recorded
consolidated revenue from operations of Rs. 21,323.53 Lakhs as
compared to previous year''s consolidated revenue from operations
of Rs. 21,639.30 Lakhs. Consolidated Net Profit after taxation was
Rs. 1,327.46 Lakhs as compared to Consolidated Net Profit after
taxation of Rs. 1,312.29 Lakhs of previous year.

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.

REGISTERED OFFICE OF THE COMPANY:

The Company has shifted its registered office of the Company from
5th Floor, Shop No. 511, Tangent Complex, Nr. Sargasan Circle,
Village Sargasan, Taluka and District Gandhinagar -382421, Gujarat
to 7th Floor, Office No. 701-706, 733 & 734, Swagat Twin City
Highstreet & Swagat Kingsland, Swagat Blossom Road, Sargasan,
Gandhinagar-382421, Gujarat w.e.f. January 29, 2026.

SHARE CAPITAL OF THE COMPANY:

Authorised Share Capital:

During the year under review, the Authorised share capital of the

Company has increased from Rs. 15,00,00,000 (Rupees Fifteen
Crore) divided into 1,50,00,000 (One Crore and Fifty Lakhs) Equity
Shares of Face Value Re. 10/- (Rupee Ten) each to Rs. 16,00,00,000/-
(Rupees Sixteen Crore only) divided into 1,60,00,000 (One Crore
and Sixty Lakhs only) Equity Shares of Face Value Re. 10/- (Rupee
Ten) each by way of Special resolution passed in the Extra-ordinary
General Meeting held on 18th December 2025.

Issued, Subscribed and Paid-up Share Capital:

During the year under review, the Board of Directors, at its meeting
held on 2nd March, 2026, has allotted 22,30,641 Equity Shares of
face value Rs. 10/- each at an issue price of Rs. 236/- per share
(including a premium of Rs. 226/- per share) on a preferential basis
to persons belonging to the Promoter and Promoter Group category,
for consideration other than cash, aggregating to Rs. 52,64,31,276/-,
in lieu of acquisition of 34.84% shareholding in Asawara Earthtech
Limited.

As on 31st March 2026, the Issued, Subscribed and Paid-up share
capital of the Company was Rs. 15,15,17,740/- (Rupees Fifteen
Crores Fifteen Lakhs Seventeen Thousand Seven hundred forty
only) divided into 1,51,51,774 (One Crore Fifty-one lakhs fifty-one
thousand seven hundred seventy-four only) Equity Shares of Face
Value Re. 10/- (Rupee Ten only) each.

The Members had approved the issuance of the aforesaid Equity
Shares by way of a Special Resolution passed at the Extra-Ordinary
General Meeting held on 18th December, 2025. Subsequently, the
said equity shares were made available for trading on BSE Limited
with effect from Friday, June 5, 2026.

The equity shares so allotted rank pari passu with the existing
equity shares of the Company in all respects and are subject to the
applicable lock-in requirements prescribed under the SEBI (Issue of
Capital and Disclosure Requirements) Regulations, 2018.

HOLDING, SUBSIDIARIES, JOINT VENTURE OR
ASSOCIATE COMPANIES:

• During the financial year under review, the Company

acquired 3,47,480 equity shares representing 34.84%
of the paid-up share capital of M/s. Asawara Earthtech
Limited. Consequently, M/s. Asawara Earthtech Limited
has become an Associate Company of the Company within
the meaning of Section 2(6) of the Companies Act, 2013.

• During the financial year under review, the Company

incorporated a wholly-owned subsidiary namely Beezaasan
Safetycord Limited, on 21.10.2025. The Company holds 100% of
the paid-up share capital of the said company and accordingly,
it has become a wholly-owned subsidiary of the Company.

• During the year under review, Asawara Industries Limited
has become wholly owned subsidiary of the Company, as the
Company has increased its stake from 51% to 100%.

• There has been no change in the nature of business of these
subsidiaries and associates.

Further, pursuant to the provisions of Section 136 of the Act,
the financial statements of the Company, consolidated financial
statements along with relevant documents and separate audited
financial statements in respect of subsidiaries are available on
the website of the Company at https://beezaasan.com

• 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:

Ms. Ankita Choudhary (Membership No. A59161) resigned from the
position of Whole Time Company Secretary of the Company w.e.f.
April 10, 2025. Subsequently, Mrs. Aakansha Kamley (Membership
No. A69141) was appointed as Whole Time Company Secretary of
the Company w.e.f. May 29, 2025.

Mr. Sanjay Shrivastava was appointed as an Additional Director of
the Company by the Board of Directors with effect from 25.11.2025,
pursuant to the provisions of Section 161 of the Companies Act, 2013
and the Articles of Association of the Company.

Further, his appointment as Whole time Director is approved by way
of postal ballot on 13.02.2026.

As on 31.03.2026 the Board of Directors consist as follows:

The term of Navneetkumar Somani (DIN: 01782793) as Chairman
and Managing director will be expiring on 21/08/2027. Based on

his skills, vast experience, knowledge, performance evaluation and
recommendation of the Nomination and Remuneration Committee
and approval of Audit Committee and the Board of Directors, it is
proposed to re-appoint him for the 3 (Three) years effective from
22/08/2027.

Further, the term of Mr. Sunilkumar Somani (DIN: 01766897) as a
Whole-time Director will be expiring on 21/08/2027. Based on his
skills, vast experience, knowledge, performance evaluation and
recommendation of the Nomination and Remuneration Committee
and approval of Audit Committee and the Board of Directors, it is
proposed to re-appoint him for the 3 (Three) years effective from
22/08/2027.

The proposed reappointment shall be subject to the approval
of the members at the ensuing 13th Annual General Meeting. His
brief resume, as required under Regulation 36 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, forms
part of the Notice AGM.

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. Rajan Somani and
Mr. Sunilkumar Somani will retire by rotation at the ensuing Annual
General Meeting and they being eligible have offered themselves
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 followed and that no
material departures have been made for the same.

b. 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 of the Company for that year.

c. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting 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 laid down proper internal financial controls to
be followed by the Company and that such internal financial
controls are adequate and operating effectively; and

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:

Declarations:

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.

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 Thursday, 29 May, 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.

In the opinion of the Board, all the Independent Directors possess

requisite qualifications, experience, expertise including Proficiency
and hold high standards of integrity for the purpose of Rule 8(5)(iiia)
of the Companies (Accounts) Rules, 2014.

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 Board recognizes the importance of familiarization for
Independent Directors and ensures that they receive adequate
exposure to the Company''s business operations, industry landscape
and the overall business model at the time of their induction. Upon
joining, Independent Directors are provided with an overview of the
Company, its industry, key operational processes, and other relevant
aspects to enable them to understand the business environment
effectively.

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.

CONSTITUTION OF COMMITTEES:

Various committees were constituted during the financial year 2025¬
26 which are as under:

• Audit Committee:

Audit Committee which comprised of following Directors as its
members:

Date of Meeting of Audit Committee- 29.05.2025, 04.08.2025,
02.09.2025, 13.10.2025 and 13.11.2025 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 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 -
29.05.2025 & 25.11.2025, 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:

Date of Meeting of Stakeholders Relationship Committee
- 29.05.2025 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 Rs. 2,04,20,052/- and at the close of
year was Nil.

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 2025-26.

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 2026-27 to audit the cost records

maintained by the Company.

Necessary resolution for ratification of remuneration of cost auditor
is proposed to be passed by shareholders in ensuing Annual General
Meeting. The Board of Directors recommends passing resolution.

PROCEEDINGS INITIATED/ PENDING AGAINST THE
COMPANY UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016:

There are no proceedings initiated/ pending against the Company
under the Insolvency and Bankruptcy Code, 2016.

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: Not Applicable

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS:

During the year under review, no significant and material orders were
passed by the regulators or courts or tribunals which impact the
going concern status and company''s operations.

CHANGE IN THE NATURE OF BUSINESS:

There is no change in the nature of business of the Company during
financial year under review.

ANNUAL RETURN:

A copy of the Annual Return of the company for the financial year
ended on March 31, 2026 as provided under section 92(3) of the
Act, in the prescribed form, will be hosted on the Company''s website
and can be accessed at https://www.beezaasan.com/.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
AND MATERNITY BENEFIT:

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 11th Annual General Meeting (AGM) held on
31st August, 2024, until the conclusion of the AGM to be held for the
financial year ending 31st March, 2029.

The Statutory Auditors'' Report issued by M/s. PSV Jain & Associates
for the financial year ended 31st March, 2026, does not contain any
qualification, reservation, adverse remark or disclaimer.

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 2025-2026 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.

Regarding the qualification mentioned by Secretarial Auditors,
Management would like to mention that it will remain more cautious
for ensuring compliance of applicable laws. Also, the Company has
initiated corrective steps for ratifying the composition of Board.

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''s internal control system commensurate with the size,
scale and complexity of its operations and they are well defined.
Management and the Internal Auditors monitor and evaluate the
efficacy and adequacy of internal control systems of the Company
with reference to the Financial Statement, its compliance with
standard operating procedures, accounting procedures and policies.
Internal Auditor''s reports are placed before the Audit Committee
for its review. Based on the report of Internal Auditors, process
owners undertake corrective actions in their respective areas and
thereby strengthening the controls continuously. Significant audit
observations, if any, and corrective actions suggested and taken are
presented to the Audit Committee.

Our internal control system, supports orderly and efficient conduct
of its business including adherence to Company''s policies,
safeguarding of its assets, prevention and detection of frauds and
errors, accuracy and completeness of the accounting records and
timely preparation of reliable financial information. During the year
under review, no material weakness is reported and observed.
Regular audit and review processes ensure that such systems are
reinforced on an ongoing basis.

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.

FOR AND ON BEHALF OF THE BOARD
BEEZAASAN EXPLOTECH LIMITED
(Formerly known as Beezaasan Explotech Private Limited)

Place: Gandhinagar Navneetkumar Somani Rajan Somani

Date: 24.08.2026 Chairman & Managing Director Director

DIN: 01782793 DIN: 10440137

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.