Jay Bee Laminations Ltd Directors Report

Dear Members,

Your Directors have pleasure in presenting the 37^th Annual Report of the Company together with the Audited financial
statements for the financial year ended March 31, 2025.

FINANCIAL RESULTS:

The audited financial statements of the Company for the Financial Year ended on March 31, 2025 prepared in accordance with the
relevant applicable Accounting Standards (AS)* notified under section 133 of the Companies Act, 2013 (the Act), read with Rule 7
of the Companies (Accounts) Rules, 2014.

The Companys financial performance for the year ended March 31, 2025 is summarized below:

(^ in Lakhs)

PARTICULARS	2024-2025	2023-2024
Revenue from Operations	36,745.45	30,291.28
Other income	92.22	58.28
Total Income	36,837.67	30,349.56
Profit Before exceptional and extraordinary items and tax	3,433.60	2,493.64
Exceptional items	-	-
Profit Before tax	3,433.60	2,493.64
Current Tax	854.45	677.00
Deferred Tax	(13.59)	47.43
Previous year Taxes	54.13	(71.46)
Net Profit/ (Loss) after Tax for the period	2,538.62	1,935.52
Earnings per share )	12.31	10.75

*Companies whose Securities are listed or in the process of listing on the SME exchanges WILL NOT REQUIRED TO APPLY IND AS. Such Companies can
continue applying with Accounting Standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) unless they choose to
apply IND AS on voluntary basis.

STATE OF THE COMPANYS AFFAIRS/OPERATIONS:

Review of Operations:

The total income of the Company for the year ended March 31, 2025 was ^36,837.67 Lakhs as against the total income of ^30,349.56
Lakhs for the previous year ended March 31, 2024. The Total Income of the company was increased by 21% over previous year.

The Company has earned a Net Profit after Tax of ^2,538.62 Lakhs for the year under review as compared to Net Profit of ^1,935.52
Lakhs in the previous financial year. The profit of the Company increased about 31% as compared to previous financial year. The
increase in profit is due to increase in revenue from operations of the company as compared to previous year.

Total Production:

During the financial year 2024-25, your Company achieved a total production of 12,400 metric tons per annum out of which Noida
unit (Unit-1) produced 5,604 metric tons per annum. Greater Noida unit (Unit-ll) produced 6,796 metric tons per annum, against the
last years total production of 9,389 metric tons per annum.

Greenfield expansion:

As part of the Companys growth strategy, the Company has entered into a lease agreement for a property admeasuring approximately
3,662.97 sq. mtrs in Noida, Uttar Pradesh to establish a new manufacturing facility, referred to as Unit-Ill, to support future
expansion, growth, and new projects. The capital expenditure (CAPEX) for this project will be funded from internal accruals.

DIVIDEND:

No dividend has been declared by the Company for the year ended March 31, 2025. This decision aligns with our forward-looking
strategy to retain earnings within the business, enabling us to fund expansion initiatives from internal accruals and support the
Companys growth.

TRANSFER TO RESERVES & SURPLUS:

The Company has achieved profitability during the financial year, and the resulting profit has been transferred to the Profit & Loss
Account under the Reserve & Surplus section of the Balance Sheet as of March 31, 2025.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Pursuant to provisions of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016, as amended, (Rules), the dividend which remains unclaimed or unpaid for a period of seven years from
the date of transfer to the Unpaid Dividend Account of the Company and shares on which dividend are unclaimed or unpaid for a
consecutive period of seven years or more are liable to be transferred to IEPF. No amount was transferred to Investor Education and
Protection Fund as there is no unclaimed dividend.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments, affecting the financial position of the Company which have occurred
between the end of the financial year of the Company to which the financial statements relate and the date of Directors report.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year under review, your Company has not changed its business or object and continues to be in the same line of business
as per main objects of the Company.

STATUS OF THE COMPANY AND INTIAL PUBLIC OFFER AND LISTING OF EQUITY SHARES:

"Jay Bee Laminations Limited" (Formerly known as Jay Bee Laminations Private Limited) (herein after referred to as "the company")
is a public company domiciled in India, incorporated under the provisions of the Companies Act, 1956. Its shares are listed on NSE
EMERGE. The Registered office of the Company is located at 26/36, Upper Ground Floor, East Patel Nagar, New Delhi-110008, India
and Corporate office A-18,19 & 21, Phase-ll, Noida, Distt Gautam buddha Nagar, Noida, Uttar Pradesh, India, 201301.

The company manufactures and supplies range of products such as electrical laminations, slit coils, and assembled cores made of
Cold Rolled Grain Oriented Silicon steel for applications in transformers, UPS, and inverters, for end-use in power industry.

Jay Bee Laminations Limited (Formerly known as Jay Bee Laminations Private Limited), was originally incorporated as a Private
Limited under the name "Jay Bee Laminations Private Limited" under the provisions of the Companies Act, 1956 on March 22,
1988. The Company was converted into a Public Limited Company pursuant to approval of the Shareholders at the Extraordinary
General Meeting of our Company held on October 23, 2023, and consequently, the name of our Company was changed to "Jay Bee
Laminations Limited" and a Fresh Certificate of Incorporation consequent to conversion from Private Company to Public Company
was issued by Registrar of Companies, Delhi on November 03, 2023. The Corporate Identification Number of our Company is
L22222DL1988PLC031038.

The Board of Directors in its meeting held on February 15,2024 proposed the Initial Public Offer of equity shares in consultation with
the Merchant Banker. The Members of the Company had also approved the proposal of the Board of Directors in their Extra-Ordinary
General Meeting held on February 29, 2024.

Pursuant to the authority granted by the Members of the Company, the Board of Directors appointed Swaraj Shares and Securities
Private Limited as Lead Manager and Bigshare Services Private Limited as Registrar to the Issue and Share Transfer Agent for the
proposed Public Issue.

The Company applied to National Stock Exchange of India Limited ("NSE") for in principle approval for listing its equity shares on the
Emerge Platform of the NSE. National Stock Exchange of India Limited vide its letter dated August 13, 2024 granted its In-principle
Approval to the Company. The Company had filed Prospectus to the Registrar of the Company, New Delhi dated August 30, 2024.
The Public Issue was opened on August 27, 2024 and closed on August 29, 2024.

The Company has applied for listing of its total equity shares to NSE and it has granted its approval vide its letter dated August 30,
2024. The trading of equity shares of the Company commenced on September 3, 2024 at Emerge Platform of NSE. The Equity Shares
of the Company are listed on the Emerge Platform of NSE. The ISIN No. of the Company is INE0SMY01017.

SHARE CAPITAL:

During the Financial Year 2023-24, the following were the changes in the Share Capital of the Company:

Authorized Share Capital:

During the year under review, no change was made in Authorized Share capital of the Company and it stands at
R 25,00,00,000/- (Rupees Twenty-Five Crore) divided into 2,50,00,000 (Two Crore Fifty Lakh) equity shares of R10/- (Rupees Ten) each.

Paid up Share Capital:

During the year under review, Paid up Share Capital of the company was increased during the year through Initial Public Issue of
45,70,000 Equity Shares (Face Value of R10/- (Rupees Ten) each.) at a Price of R146/- Per Equity Share (Including a Share Premium of
R136/- Per Equity Share), aggregating to R 6,672.20 Lakhs dated August 30, 2024.

The same stands at ^ 22,56,76,000/- (Rupees Twenty-two Crore Fifty-Six Lakh Seventy-Six Thousand) divided into 2,25,67,600 (Two
Crore Twenty-Five Lakh Sixty-Seven Thousand Six Hundred) equity shares of R10/- (Rupees Ten) each.

Accordingly, the capital structure of the Company as on 31st March, 2025 is as follows:

Type of Capital	Face Value per Share	No. of Shares	Value of Shares (in Lakhs)
Authorized	10/-	2,50,00,000	2,500.00
Issued & subscribed	10/-	2,25,67,600	2,256.76
Paid up	10/-	2,25,67,600	2,256.76

UTILIZATION OF FUNDS RAISED THROUGH PUBLIC ISSUE:

Pursuant to the Initial Public Offer (IPO), the Company had raised funds on August 30, 2024, where the equity shares were listed on
NSE EMERGE Platform of National Stock Exchange of India Ltd dated September 3, 2024. The proceeds of aforesaid issue are being
utilized, for the purpose for which it was raised by the Company in accordance with the terms of the issue. The Utilization of proceeds
of Initial Public Offer (IPO) are summarized as below:

Sr. No. Original Object	Original Allocation* (in Lakhs)	Funds Utilized (in Lakhs)	Unutilized Amount (Rs. In Lakhs)
1. Funding Working Capital Requirements	4,300.00	4812.09	(512.09)
2. General Corporate Purpose (GCP)#	1,421.02	908.93	512.09
3. Issue related Expenses**	951.18	988.74	Nil

*

**Wef issue expenses as finalised are adjusted with Securities Premium.

# As stated in the prospectus, if actual utilisation towards any of the objects is lower than the proposed deployment, such fund can be utilised for
the other stated objects. We have utilized the shortfall in GCP towards the working capital which is in compliance with the prospectus.

DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:

Your Company has no Subsidiary/Joint Ventures/Associate Companies.

PUBLIC DEPOSITS:

The Company has neither accepted nor invited any deposit from public, falling within the ambit of Section 73 and Section 76 of the
Act, read with the Companies (Acceptance of Deposits) Rules, 2014. Hence, no disclosure is required under Rule 8(5) (v) and (vi) of
the Companies (Accounts) Rules, 2014.

PARTICULARS OF LOANS. GUARANTEES AND INVESTMENTS:

Provision of Section 186 in respect of loans and advances given. Guarantees given and investments made have been complied with
by the Company. Details of the same are given in notes to the financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All the related party transactions that were entered during the financial year were in the Ordinary course of business of the Company
and were on arms length basis. There were no materially significant related party transactions entered by the Company with its
Promoters, Directors, Key Managerial Personnel or other persons which may have potential conflict with the interest of the Company.

All Related Party transactions are placed before the Audit Committee for approval, wherever applicable. Prior omnibus approval for
normal business transactions is also obtained from the Audit Committee for the related party transactions which are of repetitive

nature and accordingly the required disclosures are made to the Committee on quarterly basis in terms of the approval of the
Committee.

The policy on materiality of related party transactions duly approved by the Board of Directors of the Company has been posted on
the website of the Company www.iavbeelaminations.co.in .

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, as
prescribed in Form AOC - 2 which forms part of this Board of Directors Report as Annexure-I.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS I MPACTING
THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

During the year 2024-25, no significant and material orders were passed by any regulatory authority, court or tribunal impacting the
going concern status and Companys operations in future.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Directors liable to retire by rotation:

In accordance with the provisions of Section 152 of the Companies Act, 2013, Ms. Sunita Aggarwal (DIN:00465983), Executive
Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, has offered herself
for re-appointment. Details of Director seeking re-appointment as required under the Listing Regulations are provided in the Notice
forming part of this Annual Report.

Composition of the Board & KMPs:

The Board of Directors of your Company comprises of Six (6) Directors of which Three (3) are Executive Directors and Three (3) are
Non-Executive and Independent Directors as on 31st March, 2025.

Your Company has the following Board of Directors and KMPs as on 31^st March, 2025:

S.No. Name of the Directors & KMPs	Designation
1 Mr. Munish Kumar Aggarwal	Chairman & Whole-Time Director
2 Mr. Mudit Aggarwal	Managing Director
3 Ms. Sunita Aggarwal	Executive Director
4 Mr. AtulLadha	Non-Executive & Independent Director
5 Mr. Arun Kumar Verma	Non-Executive & Independent Director
6 Mr. Yogendra Kumar Gupta	Non-Executive & Independent Director
7 Mr. Subhash Raghav	Chief Financial Officer (CFO)
8 Ms. Arti Chauhan	Company Secretary

The composition of the Board is in conformity with the Act and consists of a combination of Executive and Non-Executive Directors
and not less than l/3rd of the Board comprising of Independent Directors as required under the Act.

During the Year under review, there has been no changes in the composition of the Board and Key Managerial Personnel (KMPs).

None of the Directors of the Company is disqualified for being appointed as Director as specified in Section 164 (2) of the Companies
Act, 2013.

A certificate from the Practising Company Secretary, confirming that the directors on the Board of the Company have not been
debarred or disqualified from being appointed or continuing as directors by the Securities and Exchange Board of India (SEBI), the
Ministry of Corporate Affairs, or any other statutory authority, forms part of this Directors Report.

Declaration by Independent directors:

The Independent Directors have confirmed that they meet the criteria of independence laid down under Section 149(6) read
with Schedule IV of the Act and Regulation 16(l)(b) of the Listing Regulations and that they are not aware of any circumstance or
situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an
objective independent judgement and without any external influence. The board of directors have taken on record the declaration
and confirmation submitted by the independent directors after undertaking due assessment of the veracity of the same and is of
the opinion that they fulfil the conditions specified in the Act and the Listing Regulations and that they are independent of the
management. The terms and conditions of the appointment of Independent Directors have been disclosed on the website of the
Company .

Familiarization Programme for Independent Directors:

The Independent Directors are provided with a comprehensive overview of their roles, rights, and responsibilities within the
Company through their appointment letter, which includes relevant documents, reports, and internal policies. This ensures they are
well-acquainted with the Companys procedures and practices. Additionally, the Company has formulated a dedicated policy for the
familiarization of Independent Directors, which is available on its website .

NUMBER OF MEETINGS CONDUCTED DURING THE YEAR:

Board Meetings:

The Board of Directors of the Company regularly meets to discuss various business policies, strategies, important operational &
financials matters, expansions and acquisitions. The Board meetings were convened, as and when required to discuss and decide on
various matters. During the year under review, the Board of Directors of the Company duly met 26 (Twenty-six) times respectively on:

06-04-2024	09-04-2024	16-04-2024	09-05-2024	21-05-2024	22-05-2024	29-05-2024	18-06-2024
01-08-2024	02-08-2024	14-08-2024	16-08-2024	20-08-2024	26-08-2024	30-08-2024	30-08-2024
06-09-2024	10-09-2024	30-09-2024	24-10-2024	03-12-2024	06-12-2024	30-01-2025

The intervening gap between two consecutive meetings was within the limit prescribed under the Companies Act, 2013 and SEBI
Listing Regulations.

The details of meetings attended by its members are given below:

S.No. Name of the Director	Number of Board meeting entitled to attend	Number of meetings attended
1	26	25
2 Mr. Mudit Aggarwal	26	25
3	26	25
4 Mr. Atul Ladha	26	3
5	26	3
6 Mr. Yogendra Kumar Gupta	26	3

Annual General Meeting:

The Annual General Meeting (AGM) of the Company for the financial year 2023-24 was held on September 28, 2024.
Extra-Ordinary General Meetings:

During the financial year 2024-25, an Extra-Ordinary General Meeting (EGM) held on May 21, 2024.

BOARD COMMITTEES:

The Board Committees play a vital role in strengthening the Corporate Governance practices and focus effectively on the issues
and ensure expedient resolution of the diverse matters. The Committees also make specific recommendations to the Board on
various matters when required. All observations, recommendations and decisions of the Committees are placed before the Board
for information or for approval.

The Company has following Statutory Committees in accordance with Companies Act, 2013:

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

4. Corporate Social Responsibility Committee

The constitution and terms of reference of all the mandatory committees are decided by the Board in line with the applicable
provisions of the Act, Rules. These committees meet at the frequency, if any, prescribed under the Act and additionally as and when
the need arises and the minutes of their meetings are placed before the Board in its next meeting for the Board to take note thereof.

The Company Secretary of the Company act as the Secretary of all committees of the Board.

Audit Committee:

The Audit Committee was constituted in line with the provisions of Section 177 of the Companies Act, 2013 read with Companies

(Meetings of Board and its Powers) Rules, 2014 and Regulation 18 of SEBI Listing Regulations as may have amended from time to
time. During the financial year 2024-25, the Audit Committee convened five meetings, on April 9, 2024, July 23, 2024, August 16,
2024, October 24, 2024 and February 19, 2025.

As of March 31, 2025, the Audit Committee comprises of the following members:

Sr. No. Name of the Directors	Nature of Directorship	Designation in Committee	Number of meetings attended
1. Mr. Atul Ladha	Non-Executive Independent Director	Chairman	5/5
2. Mr. Arun Kumar Verma	Non-Executive Independent Director	Member	5/5
3. Mr. Munish Kumar Aggarwal	Chairman & Whole-Time Director	Member	5/5

All the members of the Audit Committee are financially literate. During the year under review, all the recommendation made by
the Audit Committee were accepted by the Board.

Stakeholders Relationship Committee:

In compliance with Section 178 of the Companies Act, 2013, a Stakeholders Relationship Committee of the Board has been
constituted on November 9, 2023. During the year, the committee met once on October 3, 2024.

The Composition of the Committee as on March 31, 2025 is as follows:

Sr. No. Name of the Directors	Nature of Directorship	Designation in Committee	Number of meetings attended
1. Mr. Atul Ladha	Non-Executive Independent Director	Chairman	1/1
2. Mr. Arun Kumar Verma	Non-Executive Independent Director	Member	1/1
3. Mr. Mudit Aggarwal	Managing Director	Member	1/1

Nomination and Remuneration Committee:

The Nomination and Remuneration committee was constituted by the board of directors of the Company on November 9, 2023.
During the year financial year 2024-25, the committee met twice on April 6, 2024 and July 23, 2024.

The Composition of the Committee as on March 31, 2025 is as follows:

Sr. No. Name of the Directors	Nature of Directorship	Designation in Committee	Number of meetings attended
1. Mr. Atul Ladha	Non-Executive Independent Director	Chairman	2/2
2. Mr. Arun Kumar Verma	Non-Executive Independent Director	Member	2/2
3. Mr. Yogendra Kumar Gupta	Non-Executive Independent Director	Member	2/2

Corporate Social Responsibility Committee:

In compliance with the section 135 of the Companies Act 2013 Corporate Social Responsibility (CSR) Committee of the Board has
been constituted. During the year financial year 2024-25, the committee met once on July 23, 2024.

The Composition of the Committee as on March 31, 2025 is as follows:

Sr. No. Name of the Directors	Nature of Directorship	Designation in Committee	Number of meetings attended
1. Mr. Munish Kumar Aggarwal	Chairman & Whole-Time Director	Chairman	1/1
2. Mr. Mudit Aggarwal	Managing Director	Member	1/1
3. Mr. Yogendra Kumar Gupta	Non-Executive Independent Director	Member	1/1

AUDITORS:
Statutory Auditors:

Pursuant to provisions of Section 139 of the Act and Rules there under M/s Oswal Sunil & Company, Chartered Accountants, (Firm
Registration No. 016520N) were appointed as Statutory Auditors of the Company for 5 years from the conclusion of Annual General
Meeting of financial year 2023-24 until the conclusion of Annual General Meeting to be held for the financial year 2028-29. The
auditors have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under.

Statutory Auditors Report:

The Statutory Auditors Report on the accounts of the Company for the accounting year ended March 31, 2025 is self-explanatory
and do not call for further explanations or comments that may be treated as adequate compliance of Section 134 of the Companies
Act, 2013. There is no qualification, reservation or adverse remark made by the Statutory Auditors in their report for FY 2024-25.

Reporting of Frauds by Statutory Auditors under Section 143(12)

There were no incidences of reporting of frauds by Statutory Auditors of the Company u/s 143(12) of the Act read with Companies
(Accounts) Rules, 2014.

Cost Records and Cost Audit:

During the year under review, in accordance with Section 148 of the Companies Act, 2013 and rules framed thereunder, the Board of
Directors had appointed M/s MM & Associates, Cost Accountants, (Firm Registration No. 000454), as Cost Auditors of the Company
for the financial year 2024-25 to audit the cost records for the financial year ended March 31, 2025. The Cost Auditor conducts the
audit of the functions and operations of the Company and reports to the Audit Committee and Board from time to time.

Further, M/s MM & Associates, Cost Accountants, (Firm Registration No. 000454), as Cost Auditors of the Company for the financial
year 2025-26 to conduct the audit for the financial year ending March 31, 2026. The necessary resolution for ratification of
remuneration of the Cost Auditor for the financial year 2025-26 will be placed before the members for ratification/approval at the
37^th Annual General Meeting of the Company.

The Cost Audit Report for the year ended March 31, 2025, does not contain any qualification, reservation and adverse remarks.
Secretarial Auditor and their Report:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, M/s Pankaj Nigam & Associates, Practicing Company Secretaries (FCS No. 7343), were appointed as Secretarial Auditors
of the Company for the financial year 2024-25. The Secretarial Audit Report submitted by them in the prescribed form MR- 3 is
attached as Annexure-ll to this report. There are no qualifications or adverse remarks of the Secretarial Auditors in the Report issued
by them for the Financial Year 2024-25 which calls for any explanation from the Board of Directors.

In terms of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Audit Committee recommended, and the Board of Directors appointed M/s Pankaj Nigam & Associates,
Practicing Company Secretaries (FCS No. 7343), as the Secretarial Auditor of the Company for the financial year ending March 31,
2026. The Company has received their written consent that the appointment is in accordance with the applicable provisions of the
Act and rules framed thereunder.

Internal Auditor and their Report:

Pursuant to the provisions of the section 138 of the Companies Act, 2013 and rule 13 of the Companies (Accounts Rules) 2014,
and other applicable provisions, if any, of the Companies Act, 2013 read with rules made thereunder (including any statutory
modification(s) or enactment thereof for the time being in force), and on recommendation of Audit Committee M/s SJC & Co.,
Chartered Accountants (FRN: 031696N), has been appointed as Internal Auditor of the company to conduct an internal audit of
the functions and activities of the company for the Financial Year 2024-25 at such remuneration as may be mutually agreed upon
between the Board of Directors, Audit Committee and Internal Auditors.

The Internal Auditor conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee
and Board from time to time. There are no qualifications or adverse remarks of the Internal Auditor in the Report issued by them for
the Financial Year 2024-25 which calls for any explanation from the Board of Directors.

During the year under review, neither the Statutory Auditor, Cost Auditor, Internal Auditor nor the Secretarial Auditor has reported
any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned
in the Boards report in terms of Section 143 (12) of the Companies Act, 2013.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL
GOVERNMENT:

During the year under review, neither the Statutory Auditor, Cost Auditor, Internal Auditor nor the Secretarial Auditor of the Company

has reported any frauds to the Audit Committee or to the Board of Directors under section 143(12) of the Act, including rules made
there under.

SECERETARIAL STANDARDS:

The Company has complied with all applicable Secretarial Standards i.e. SS-1 and SS-2, relating to Meetings of the Board of Directors
and General Meetings, respectively issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central
Government under Section 118 (10) of the Act for the Financial Year ended 2024-25.

INTERNAL FINANCIAL CONTROL SYSTEM:

The Company has put in place an effective internal financial control system to synchronize its business processes, operations, financial
reporting, fraud control, and compliance with extant regulatory guidelines and compliance parameters. The Company ensures that
a standard and effective internal control framework operates throughout the organization, providing assurance about the safe
keeping of the assets and the execution of transactions as per the authorization in compliance with the internal control policies
of the Company. The internal control system is supplemented by extensive internal audits, regular reviews by the management,
and guidelines that ensure the reliability of financial and all other records. The management periodically reviews the framework,
efficiency and operating effectiveness of the Internal Financial Controls of the Company. The Internal Audit reports are periodically
reviewed by the Audit Committee. The Company has, in material respects, adequate internal financial control over financial reporting,
and such controls are operating effectively. Internal Audits are carried out to review the adequacy of the internal control systems
and compliance with policies and procedures. Internal Audit areas are planned based on inherent risk assessment, risk score, and
other factors such as probability, impact, significance, and strength of the control environment. Its adequacy was assessed, and its
operating effectiveness was also tested.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

In compliance with Section 135 of the Companies Act, 2013 read with the Rules made thereunder, the Company has formed Corporate
Social Responsibility ("CSR") Committee. The Company has framed a CSR Policy as required under Section 135 of the Companies Act,
2013 read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, to oversee the CSR activities initiated
by the Company. The CSR Committee has adopted a CSR Policy in accordance with the provisions of Section 135 of the Companies
Act, 2013 and rules made there under, which is also available on the website of the Company httos://iavbeelaminations.co.in/ima/
Final CSR%20Policv V2 Nov%202023.odf

The detailed report about initiatives taken by the Company on Corporate Social Responsibility (CSR) during the year is appended as
Annexure-lll to this report.

RISK MANAGEMENT:

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks in achieving key objectives of the
Company. The Company has developed and implemented Risk Management procedures to identify and evaluate business risks and
opportunities. The key risks identified by the Company which may threaten its existence are Industry Risks, Legal & Regulatory Policy
Risks, Forex Fluctuation Risk, Operational and Financial Risks. The Company constantly endeavors to minimize this risk and also has
in place adequate mitigation plans for the aforesaid risks. This framework seeks to create transparency, minimize adverse impact
on the business objectives and enhance the Companys competitive advantage to ensure sustainable business growth with stability.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is presented in a separate section,
forming part of the Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR):

The Business Responsibility and Sustainability Report pursuant to Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is not applicable to the Company for the financial year ended on March 31, 2025.

Reason for not Applicable BRSR:

In accordance with current regulatory guidelines, our company, being listed on the SME Exchange and not within the top 1,000
listed companies, is not mandated to submit a Business Responsibility and Sustainability Report (BRSR). However, we recognize the
value of transparency and commitment to sustainable practices. While the submission of BRSR is voluntary for our category, we are
evaluating the potential benefits of adopting such reporting to further enhance our accountability and align with best practices in
business responsibility.