Your Directors take great pleasure in presenting their Twenty Ninth (29^th) ANNUAL REPORT together with the
Audited Standalone and Consolidated financial statements of your Company for the year ended 31^st March, 2025.

1. FINANCIAL SUMMARY:

The Financial Results of the Company for FY 2024-25 are summarized as under:

(Amt. in Millions)

5. CHANGES IN CAPITAL OF THE COMPANY:

During the period under consideration there were no changes in the Capital structure of the Company.
At the financial year ended 31^st March, 2025, the capital structure of the Company stood as under:

The Hong Kong and Shanghai Banking Corporation Limited, Gift City Branch, on private placement basis in
accordance with the terms and conditions as set out in the private placement offer cum application letter in
form PAS 4 dated 24^th March, 2025 (“PPOAL”). The Company has paid interest up to 24^th June, 2025.

Redemption of outstanding NCDs:

The Company has made timely payment of interest and repayment of principle in respect of the Rated,
Listed, Secured, Redeemable Non-Convertible Debentures (“NCDs”), which was due on 29^th August, 2024
and 23^rd December, 2024 respectively and same has been redeemed as under:

During the period under review, the Company has fully redeemed tranche 3 and tranche 4 NCDs as per
redemption date and accordingly the Company has been unlisted debt Company.

During the year, the Composition of the Board of Directors is as under:

Meetings of the Board of Directors:

During the year under review, the Board met Nine (09) times during the financial year, the details of which are
given in the "Corporate Governance Report Annexure V” and forms part of this Annual Report. The intervening
gap between any two meetings were within the period prescribed under the Companies Act, 2013.

Confirmation on Integrity, Expertise and Experience of Independent Directors

Your Board of Directors hereby confirm that in their opinion, the Independent Directors of the Company possess
the requisite integrity, expertise and experience (including proficiency) required to effectively discharge their
duties as Independent Directors of the Company.

Further, pursuant to the provisions of Section 134(3) of the Companies Act, 2013 read with Rule 8(5)(iiia) of the
Companies (Accounts) Rules, 2014, During the year under review, the Board appointed Ms. Sangeeta Singh
as a Non-Executive Independent Director of the Company. The Board further confirms that in its opinion, the
integrity, expertise and experience (including proficiency) of Ms. Sangeeta Singh is commensurate with the
role and responsibilities of an Independent Director.

12. AUDIT COMMITTEE:

The Company has a duly constituted and reconstituted Audit Committee. The composition of the Audit
Committee of the Board pursuant to Section 177(2) of the Companies Act, 2013 and Rule 6 of the Companies
(Meetings of Board and its Powers) Rules, 2014 is given as under:

*Cessation on completion of two terms of five years each.

Meetings of Audit Committee:

During the year under review, the Members of the Audit Committee of the Board of Directors met six (06)
times during the reporting Financial Year given in the "Corporate Governance Report Annexure V” and forms
part of this Annual Report.

13. NOMINATION AND REMUNERATION COMMITTEE:

The Company has a duly constituted and reconstituted Nomination and Remuneration Committee
comprising proper mix of Non-executive and Independent Directors. The composition of the Nomination
and Remuneration Committee of the Company for FY 2024-25 is as under:

was subsequently adopted by it and is being implemented by the Company. The content of CSR Policy of
the Company is placed on Company's website at https://belriseindustries.com/investor-relation#corporate-
governance.

The composition of the CSR committee of the Board is as under:

The Composition of the Banking and Finance Committee is given as under

Meetings of Banking and Finance Committee:

During the year under review, the Members of Banking and Finance Committee of Board of Directors met 13
times during the reporting Financial Year the details is given in the "Corporate Governance Report” and forms
part of this Annual Report.

16. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Company has constituted the Stakeholders Relationship Committee on dated 09^th November, 2023 for
better Corporate Governance and also in compliance ofwith and Regulation 20 and other applicable provisions,
if any of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, each as amended (“SEBI Listing Regulations”).

The Composition of the Stakeholders Relationship Committee was as under:

Meetings of Stakeholders Committee:

During the year under review, the Members of Stakeholders Committee of Board of Directors met one time
(01) during the reporting Financial Year and the details are given in the "Corporate Governance Report” and
forms part of this Annual Report.

17. FUNDRAISING COMMITTEE:

The Company has constituted the Fund Raising Committee on dated 09^th November, 2023 inter alia but not
limited to analyze different modes of fresh issuance of the equity shares (the “Equity Shares”) and other
funds by debt, Private Equity, Venture capital etc., either in India or in the course of international offering(s)
in one or more foreign markets. Further, the Board of Directors of the Company in their meeting held on 16^th
November, 2025 has dissolved the Fund Raising Committee.

The Composition of the Fund Raising Committee was as under:

Meetings of Fund Raising Committee:

During the year under review, there was no meeting of the fund raising committee.

18. IPO COMMITTEE:

The Board of Directors of the Company has constituted the IPO Committee in its meeting held on 16^th
November, 2024 to oversee the IPO activities of the Company. Post IPO and listing of the equity shares of the
Company, the Board of Directors of the Company in their meeting held on 2^nd June, 2025 has dissolved the
IPO Committee.

Meetings of IPO Committee:

During the year under review, there was no meeting of the IPO Committee.

19. RISK MANAGEMENT COMMITTEE:

The Board of Directors of the Company has constituted and reconstituted Risk Management Committee
for better Corporate Governance in its meeting held on in their meeting held on 16^th November, 2024and in
compliance of with the Regulation 21 and other applicable provisions, if any of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”)
prior to filing of the draft red herring prospectus in relation to the Issue.

The composition of the Risk Management Committee is as under -

* Cessation on completion of two terms
Meetings of Committee of Independent Directors:

During the year under review, the committee of Independent Directors was not met.

21. MEETING OF INDEPENDENT DIRECTORS:

During the year under review, as per Schedule IV of the Companies Act, 2013 the independent Directors
conducted the sole separate meeting of the Independent Directors was held on 14^th February, 2025. The
details of the meeting and attendance are given below:

22. PERFORMANCE EVALUATION OF THE BOARD,
ITS COMMITTEES AND DIRECTORS:

In compliance with the provisions of Section
178 of the Companies Act, Nomination and
Remuneration Policy (“NR Policy”) of the
Company, inter alia, specifies that the Board will
conduct performance evaluation of the Board as
a whole and its Committees and the individual
Directors.

Performance evaluation of Directors shall be done
by the entire Board (excluding the director being
evaluated). The Nomination and Remuneration
Committee shall continue to be responsible for
implementation of the methodology followed
by the Company in this regard. The NR Policy of
the Company is hosted on Company's website
at https://belriseindustries.com/assets/site/docs/

BII__Nomination%20and%20Remuneration%20

Policy.pdf

Performance of the Board is evaluated after
seeking inputs from all the directors on the
basis of criteria such as board composition and
structure, effectiveness of board processes,
information and functioning, its contribution
in effective management of the Company, etc.
Based on the assessment, observations on the
performance of the Board are discussed and
key action areas for the Board, Committees and
Directors are noted. During the period under
review, the annual performance evaluation of the
Board, its Committees and individual Directors
for the financial year ended 31^st March, 2025
was conducted by the Board. The Independent
Directors carried out annual performance
evaluation of the non-independent directors
and the Board as a whole. The Chairman of
the respective Committees shared the report
on evaluation with the respective Committee

members. The performance of each Committee
was evaluated by the Board, based on the report
of evaluation received from the respective
Committees. A consolidated report was shared
with the Chairman of the Board Meeting held on
14^th February, 2025 for his review and feedback
was given to each Director.

23. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act,
2013, Directors confirm that

(i) in the preparation of the annual accounts
for the year ended 31^st March, 2025, the
applicable accounting standards have been
followed along with proper explanation
relating to material departures;

(ii) 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 and loss of the Company for that
period;

(iii) 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;

(iv) the directors have prepared the annual
accounts on a going concern basis;

(v) the directors have laid down internal financial
controls to be followed by the Company and
such internal financial controls are adequate
and operating effectively; and

(vi) the directors have devised proper systems
to ensure compliance with the provisions of
all applicable laws and that such systems are
adequate and operating effectively

24. AUDITORS:

A) STATUTORY AUDITORS:

The Board of Directors, based on the
recommendation of the Audit Committee
and post approval of shareholders of the

Company, had re-appointed M/s. GSA &
Associates LLP, Chartered Accountants, (Firm
registration number 000257N/N500339) as
the Statutory Auditors of the Company for a
second term of 5 years, from the conclusion
of the 25^th Annual General Meeting of the
Company held on 17^th September, 2021,
till the conclusion of 30^th Annual General
Meeting, to be held in 2026.

B) SECRETARIAL AUDITOR:

Pursuant to the provisions of section 204 of
the Companies Act, 2013 and the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the
Company has appointed M/s. Makarand Lele
& Co., Practicing Company Secretaries, (Pune)
duly represented by Mr. Makarand Lele, (ICSI
registration Number: FCS 3453 and COP No.:
2074) to undertake the Secretarial Audit of
the Company.

In terms of provisions of sub-section 1 of
Section 204 of the Companies Act, 2013, the
Company has obtained the Secretarial Audit
Report by the Secretarial Auditor in Form MR
3 for the period under review and annexed it
to this Report.

Further, pursuant to the provisions of
Regulation 24A of the Securities and
Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations,
2015 (“SEBI Listing Regulations”) and
provisions of Section 204 of the Act and
Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel)
Rules, 2014 (“Rules”), the Audit Committee
and the Board of Directors at their
respective meetings held on 11^th August,
2025, have approved and recommended
the appointment of M/s Makarand Lele &
Co (FRN. P2025MH104000, Peer Review No.
6616/2025), a Practicing Company Secretary
as the Secretarial Auditor.

C) COST AUDITORS:

Pursuant to the provisions of Section 148 of
the Companies Act, 2013, the Companies
(Cost Records and Audit) Rules, 2014, the
Companies (Audit and Auditors) Rules, 2014
(including amendments thereto from time

to time) and such other provisions as may
be applicable, M/s. Rajput & Associates, cost
Accountant (Registration no. M- 103903) be
and is hereby appointed as cost Auditor of
the Company for FY 2025-26, to undertake
audit of its cost accounting records.

25. EXPLANATIONS OR COMMENTS BY THE
BOARD ON QUALIFICATIONS, RESERVATIONS
OR ADVERSE REMARKS OR DISCLAIMER IN
AUDITOR'S REPORT:

Management's Response to Remarks/
Qualifications of Statutory and Secretarial
Auditor

The remarks and qualifications issued by the
Statutory Auditor and the Secretarial Auditor
are self-explanatory. For ease of reference, the
explanations are provided below:

Delay in submission of Financial Results
(Regulation 52(1) & (2) of SEBI LODR Regulations,
2015)

The Audited Financial Statements for the
quarter and year ended 31^st March, 2024 and the
Unaudited Financial Statements for the quarter
ended 30^th September, 2024 were delayed due to
adjournment of the Board Meeting on account of
insufficient quorum.

Further, in view of the Company's DRHP filing
in November 2024, there was also a delay in the
approval and submission of unaudited financial
results for the quarter ended 30^th September,
2024.

Intimation of Board Meeting dated 5^th June, 2024
(Regulation 50(1) of SEBI LODR Regulations, 2015)

The intimation of the Board Meeting held on 5^th
June, 2024 was not filed since no agenda items
requiring prior intimation under Regulation 50(1)
were transacted in the said meeting.

Delay in filing of Structured Digital Database
(SDD) Compliance Certificate (Regulation 3(5) of
SEBI PIT Regulations, 2015)

The filing of the SDD Compliance Certificate for
the quarter ended 30^th June, 2024 was delayed by
one (1) day due to inadvertence.

The Company has strengthened internal
processes and shall ensure timely compliance in
the future.

Delay in Registration / Modification of Charges
(Section 77 of the Companies Act, 2013)

The registration / modification of charges relating
to certain bank facilities is pending on account
of completion of security creation and other
documentation formalities.

The Company assures that the delay does not
prejudice the interests of the charge holders,
shareholders, or creditors.

Delay in filing of Form MGT-14 (Section 117 of the
Companies Act, 2013)

The filing of Form MGT-14 in respect of the Special
Resolution passed at the Extra-Ordinary General
Meeting held on 6^th June, 2024 was inadvertently
delayed and is now being complied with.

Loans and Advances under Section 185(2) of the
Companies Act, 2013

Certain loans and advances extended to a private
limited company were, for a limited period, in
excess of the earlier approval limits. The revised
shareholder approval was duly obtained on 6^th
June, 2024. The said advances were in the nature
of routine reimbursements.

26. EVENTS OCCURRED AFTER AUDIT PERIOD:

The Company has successfully undertaken an
Initial Public Offering (IPO) of its equity shares
of face value of INR 5 each (the “Equity Shares”)
amounting to INR 21,500 millions by way of a fresh
issue of Equity Shares (the “Fresh Issue”) and filed
its draft red herring prospectus, subsequently
filed the red herring prospectus and prospectus
with the Registrar of Companies, Maharashtra
at Mumbai, SEBI and relevant stock exchange(s)
where the Equity Shares are proposed to be listed.
The Company got listed on both the exchanges
on 28^th May, 2025. The Company IPO was received
very well by the investors community with the
IPO oversubscribed almost 42 times overall
and on retain 4.27 and 108 times on Qualified
Institutional Investors (“QIB”) portion and 38.33
times Non Institutional Investors(“NIIS”).

DETAILS IN RESPECT OF FRAUDS REPORTED
BY AUDITORS UNDER SECTION 143(12):

During the year under review, there were no
frauds reported by the auditors to the Audit
Committee or the Board under section 143(12) of
the Companies Act, 2013.

27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO:

(A) Conservation of Energy-

(C) Foreign Exchange Earnings and outgo:

The details relating to the foreign exchange earnings and outgo are as under-

28. PARTICULARS OF LOANS, GUARANTEES,
SECURITIES OR INVESTMENTS:

Information regarding loans, guarantees and
investments covered under the provisions of
section 186 of the Act, are detailed in Note No.
19 of audited financial statements for the year
ended on 31^st March, 2025.

29. DEPOSITS:

During the year under review the Company has
not invited, accepted or renewed any deposits
within the meaning of Section 73 of the Companies
Act, 2013 read with the Companies (Acceptance
of Deposits) Rules, 2014 and company does not
have any outstanding deposits falling within the
purview of section 73 to section 76 of the Act.

30. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES:

All Related Party Transactions entered during
the year were carried in the Ordinary Course of
Business on Arm's Length basis. Accordingly, the
disclosure of Related Party Transactions to be
provided under section 134(3)(h) of the Companies
Act, 2013 and the same has been annexed in form
AOC- 2 as Annexure - I to this Board Report.

31. INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO FINANCIAL STATEMENTS:

The Company has adequate internal financial
controls over financial reporting on criteria based
on or considering the essential components of
internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered
Accountants of India with reference to the
Financial Statements commensurate with the
size, scale and complexity of operations and the
nature of its business.

The members of the Audit Committee have
evaluated the effectiveness of internal financial
control systems of the Company pertaining to
financial statements, reviewed major transactions
and no reportable material weaknesses in the
design or operation were observed. The Company
has established Internal Financial Controls and
the Statutory Auditors of the Company has
shown their satisfaction on the effectiveness on
the same.

32. EXTRACT OF ANNUAL RETURN:

A copy of the annual return as provided under
sub-section (3) of section 92 of the Companies
Act, 2013 (the "Act”), in the prescribed form, is
be hosted on the Company's website and can
be accessed at https://belriseindustries.com/
investor-relation#annual-reports.

33. VIGIL MECHANISM:

The Company has established a Vigil Mechanism
for directors and employees to report their
genuine concerns and to provide adequate
safeguards against victimization of persons who
use such mechanism. During the period under
consideration, the Company has not received any
complaints or concerns.

Pursuant to the provisions of Section 177(9)
of the Act, read with Rule 7 of the Companies
(Meetings of Board and its Powers) Rules, 2014
and Regulation 22 of the Listing Regulations and
in accordance with the requirements of Securities
and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015, the Board
of Directors had approved the Policy on Vigil
Mechanism/Whistle Blower and the same has
been hosted on the website of the Company
at https://belriseindustries.com/investor-

relation#corporate-governance.

34. SUBSIDIARY COMPANIES, JOINT VENTURE OR
ASSOCIATE COMPANIES

As on 31^st March, 2025 the Company has two
subsidiary(s) as under:

A. Badve Engineering Trading FZE, wholly
owned subsidiary in Dubai, UAE

B. H-One India Private Limited, a 93.37 %
subsidiary. Further, the Company has
become a wholly owned subsidiary on 30^th
June, 2025.

There are no associate or Joint Venture
companies within the meaning of Section 2(6)
of the Companies Act, 2013 ("Act”). Further, there
has been no material change in the nature of
business of the subsidiaries during FY 2024-25.
The policy for determination of material subsidiary
is available on company's website at Company's
website at https://belriseindustries.com/assets/
site/docs/Policv%20on%20Materalitv%20of%20
RPT%20BELRISE%2015012024.pdf

The Report on the performance and financial
position of the above two subsidiary companies,
in Form AOC-1 pursuant to first proviso to sub¬
section (3) of Section 129 of the Companies Act,

2013 and Rule 5 of Companies (Accounts) Rules,

2014 is annexed as Annexure-III to this Report.

The audited financial statements Badve
Engineering Trading FZE and H-One India
Private Limited being subsidiary Companies
of the Company are available on Company's
website at https://belriseindustries.com/investor-
relation#financial-results

35. PARTICULARS OF EMPLOYEE AND RELATED
DISCLOSURE:

Details as required under the provisions of
section 197(12) of the Act, read with rule 5(1) of
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as amended,
containing, inter alia, ratio of remuneration of
directors to median remuneration of employees,
median remuneration, % increase in the median
remuneration and number employees are
annexed to this Report as Annexure-IV.

The percentage increase in the median
remuneration and details of top ten employees
in terms of the remuneration and employees in

receipt of remuneration as required under the
provisions of section 197(12) of the Act, read with
rule 5(1), 5(2) and 5(3) of Companies (Appointment
and Remuneration of Managerial Personnel)
Rules, 2014, as amended, which form part of
the Directors” Report, will be made available to
any shareholder on request, as per provisions of
section 136(1) of the said Act.

36. SECRETARIAL STANDARDS:

The Company complied with the Secretarial
Standards on Meetings of Board of Directors
(SS-1) and General Meetings (SS-2).

37. SEGEMENT REPORTING:

Your Company is engaged and focused on single
activity of 'auto components manufacture' and is
a tier 1 supplier to the major Original Equipments
Manufacturer (OEMs).

38. CODE OF CONDUCT FOR PREVENTION OF
INSIDER TRADING:

Your Company has adopted a Code of Conduct
for Prevention of Insider Trading with a view to
regulate trading in securities by the Directors
and designated employees of the Company. The
Code requires pre-clearance for dealing in the
Company's shares and prohibits the purchase
or sale of Company shares by the Directors and
the designated employees while in possession of
Unpublished Price Sensitive Information (“UPSI”)
in relation to the Company and during the period
when the Trading Window is closed. The Board is
responsible for implementation of the Code. All
Board Directors and the designated employees
have confirmed compliance with the Code.

The said Code of Conduct is available on
Company's website at https://belriseindustries.
com/investor-relation.

39. MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:

As required by Regulation 34 read with Para B
of Schedule V of Securities and Exchange Board
of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, your Company
has prepared Management Discussion and
Analysis Report (“MDA”) is attached as a separate
section forming part of the Annual Report. The
MDA details on operations and a view on the
outlook for the current year and future.

40. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT:

The Business Responsibility and Sustainability
Report ofyour Company for FY 2024-25 as required
under Regulation 34(2)(f) of the Securities and
Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015
is not applicable the Company given the your
Company listed on 28^th May, 2025.

41. HEALTH, SAFETY AND ENVIRONMENT
PROTECTION REPORT:

Your Company has complied with all the
applicable environmental laws and labour
laws. Your Company has 17 operational plants
including its subsidiary(s). The Company has
been complying with the relevant laws and has
been taking all necessary measures to protect the
environment and maximize worker protection
and safety.

42. ORDER PASSED BY REGULATOR OR COURTS
OR TRIBUNALS:

During the period under review, the Company has
not received any order passed by the Regulator or
Courts or Tribunals are prohibitory.

Insolvency and Bankruptcy Proceedings

During the year under review, no application was
made nor any proceeding was pending under the
Insolvency and Bankruptcy Code, 2016. However,
in respect of a pending proceeding before NCLAT,
the Company has entered into settlement in 20^th
August, 2024

One Time Settlement (OTS) Valuation

During the year under review, the Company has
not entered into any One Time Settlement with
any Bank or Financial Institution and accordingly,
the requirement to disclose valuation differences
does not arise.

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

The Company has in place an Anti-Sexual
Harassment Policy in line with the requirements
of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
The Policy is gender neutral.

Disclosures in relation to the Sexual Harassment
of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013:

a. The number of sexual harassment complaints
received during the financial year : Nil

b. Number of such complaints disposed of
during the financial year: N.A.

c. Number of complaints pending for a period
exceeding ninety days: Nil

44. STATEMENT BY THE COMPANY WITH RESPECT
TO THE COMPLIANCE TO THE PROVISIONS
RELATING TO THE MATERNITY BENEFITS ACT,
1961.

During the period under review the Company
is in compliance with respect to the provisions
relating to the Maternity Benefits Act, 1961.

45. DISCLOSURE UNDER REGULATION 53 OF THE
SEBI (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015 (“LISTING
REGULATIONS”):

a) The audited financial statements i.e. balance
sheets, profit and loss accounts etc., both
standalone and consolidated together
with the report of auditors thereon with
unmodified opinion are included and given
at the end of this report.

b) The cash flow statement under the indirect
method as prescribed in Accounting
Standard-3/ Indian Accounting Standard
7, mandated under Section 133 of the
Companies Act, 2013 read with relevant rules
framed thereunder or by the Institute of
Chartered Accountants of India, is part of the
above audited financial statements.

c) The auditor's report with unmodified opinion
is also being provided with the above
financial statements.

d) name of the debenture trustees and Registrar and Transfer Agent with full contact details is given
hereunder:

e) Related party disclosures as specified in Para A of Schedule V are being made in the Financial Statements
of the Company disclosures, as applicable, in related notes to accounts forming part of the financial
statements included in this report.

46. ACKNOWLEDGEMENT:

The Board of Directors of the Company acknowledges with gratitude the co-operation and assistance provided
to your Company by its bankers, financial institutions, government and other agencies. Your Directors thank
the customers, vendors and other business associates for their continued support in the company's growth.

Your Directors also wish to place on record their appreciation to the contribution made by the employees
and workers of the Company, because of which, the Company has achieved impressive growth through the
competence, hard work, solidarity and co-operation at all levels. The Board would like to place its sincere
gratitude to its valued shareholders for their continued support to the Company and its trust and confidence
on the Board of Directors.

For and on Behalf of the Board of Directors
For Belrise Industries Limited

Sd/- Sd/-

Shrikant Shankar Badve Supriya Shrikant Badve

Managing director Whole Time Director

DIN: 00295505 DIN: 00366164

Date: 11^th August, 2025
Place: Pune

1

Cessation on completion of two terms of five years each.

Meetings of Nomination and Remuneration Committee:

During the year under review, the members of the Nomination and Remuneration Committee met four (04)
times during the reporting Financial Year given in the "Corporate Governance Report” and forms part of this
Annual Report.

14. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The Company has constituted and reconstituted the Corporate Social Responsibility (“CSR”) Committee had
formulated and recommended a Corporate Social Responsibility Policy to the Board of the Company, which

2

Cessation on completion of two terms of five years each.

Meetings of Risk Management Committee:

During the year under review, the Members of Risk Management Committee of Board of Directors met One
time (01) during the reporting Financial Year and the details are given in the "Corporate Governance Report”
and forms part of this Annual Report.

20. COMMITTEE OF INDEPENDENT DIRECTORS:

The Board of Directors of the Company in their meeting held on 16^th November, 2024 has constituted
Committee of independent Directors in relation to proposed public issue and completion of various legal,
statutory and procedural formalities, including price band advertisement and other matters incidental
thereto.