Your Directors have immense pleasure in presenting the 50^th Annual Report on the business and operations of your Company
together with Consolidated and Standalone Audited Financial Statements of the Company for the financial year ended March
31, 2025.

1. Financial Highlights

The highlights of the financial position for the year as compared to the corresponding period in the previous year are given
below; (Rs. In Lakhs)

The financial statements for the financial year 2024-25 of the company are prepared in accordance with relevant Indian
Accounting Standards (Ind-AS) issued by the Institute of Chartered Accountants of India and form part of this Annual Report as
notified by the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 and other relevant provisions of the Act and
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("The SEBI Listing
Regulations").

Standalone Financial Results

During the Financial Year (FY) 2024-25, the Company has achieved a total income of ^ 2082.17 Lakhs as compared to ^ 2185.78
Lakhs in FY 2023-24. The profit before interest & tax for FY 2024-25 stood at ^ 173.59 Lakhs compared to ^ 145.3 Lakhs achieved
in FY 2023-24. The net profit after tax stood at ^ 114.44 Lakhs for FY 2024-25 as compared to ^ 97.62 Lakhs for the previous
year.

Consolidated Financial Results

During the Financial Year (FY) 2024-25, the Company has achieved a total income of ^ 2082.17 Lakhs as compared to ^ 2185.78
Lakhs in FY 2023-24. The profit before tax & Extraordinary item for FY 2024-25 stood at ^ 407.56 Lakhs compared to ^ 343.75
Lakhs achieved in FY 2023-24. The profit after tax stood at ^ 369.01 Lakhs for FY 2024-25 as compared to ^ 316.85 Lakhs for the
previous year.

I. Change in the Nature of Business, if any

During the financial year 2024-25, the Objects Clause of the Memorandum of Association of the Company was amended, by way
of a Special Resolution passed by the Shareholders at the last Annual General Meeting of the Company held on September 26,
2024. The amendment was done with a view to, inter-alia, enable the Company to enlarge its area of operations and carry on
business economically and efficiently.

i. Share Capital

Authorized Share Capital

As on the date of this report the Authorised Share Capital of the Company is ^ 11,00,00,000/- divided into 1,10,00,000 Equity
shares of ^ 10 each.

The authorized share capital of the company was increased from ^ 8,00,00,000/- divided into 80,00,000 Equity shares of ^ 10 each to ^
11,00,00,000/- divided into 1,10,00,000 Equity shares of ^ 10 each in the Annual General Meeting held on September 26, 2024.

Paid-up Share Capital

Pursuant to the shareholders' approval received at the 49^th Annual General Meeting held on September 26, 2024, your company has
issued 9,75,000 Equity shares and 22,25,000 Warrants convertible into 1 (one) fully paid-up equity share of the Company of face value
of INR 10/- each for an aggregate consideration of up to ^ 16.32 crore.

Your Company had received minimum 25% of the funds towards warrant subscription and the funds received from proceeds of issue
of equity shares and warrants were fully utilized as per the Objects stated in the Offer Document.

During the year under review, the company has made following allotment of equity shares through conversion of Warrants into Equity
Shares on preferential basis to non-Promoter Category:

a) 975000 equity shares of Rs. 10/- each at a price of Rs. 51/- per share on October 14, 2024 to non-promoters

b) 200000 equity shares of Rs. 10/- each at a price of Rs. 51/- per share on November 14, 2024 to non-promoters

c) 305000 equity shares of Rs. 10/- each at a price of Rs. 51/- per share on December 7, 2024 to non-promoters

d) 820000 equity shares of Rs. 10/- each at a price of Rs. 51/- per share on December 31, 2024 to non-promoters

e) 300000 equity shares of Rs. 10/- each at a price of Rs. 51/- per share on February 7, 2025 to non-promoters

f) 25000 equity shares of Rs. 10/- each at a price of Rs. 51/- per share on February 14, 2025 to non-promoters

The issued, subscribed and paid-up equity share capital of the Company as on March 31, 2025 was Rs. 10,30,92,370/- divided into
103,09,237 Equity shares of ^ 10/- each.

The Company has not issued shares with differential voting right neither granted any stock options nor sweat equity shares
during the financial year under review.

4. Change in the Name of Company

The shareholders of your company by means of Special Resolution passed in 49^th Annual General Meeting of Company held on
September 26, 2024 approved change in name of the Company from 'Beekay Niryat Limited' to Agribio Spirits Limited'. The
name change symbolizes the Company's broader vision, emphasizing growth and transformation in alcohol manufacturing
sector.

The Ministry of Corporate Affairs, Central Processing Centre, Manesar, has issued a fresh certificate of incorporation dated
November 15, 2024 confirming change in the name of your Company from 'Beekay Niryat Limited' to 'Agribio Spirits Limited'
effective from November 15, 2024.

5. Dividend

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, ('Listing Regulations') the Board of Directors of the Company (the 'Board') has adopted a Dividend
Distribution Policy which sets out the parameters and circumstances to be considered by the Board in determining the
distribution of dividend to shareholders and/or retaining profits earned by the Company. The Policy is available on the
Company's website at https://beekavnirvat.com/downloads.html.

In line with the above policy, your directors have recommended a final dividend of 0.25 paise (i.e. 2.5%) per equity share of face
value of ^ 10 each for FY25. The proposed final dividend pay-out will amount to ^ 27.21 Lacs. The payment of final dividend is
subject to approval of the shareholders at the 50th Annual General Meeting ("AGM") of the Company. The dividend payout is in
accordance with the Company's dividend distribution policy.

In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the
Company shall be taxable in the hands of the shareholders. Your Company shall, accordingly, make the payment of the dividend
after deduction of tax at source.

6. Transfer to Reserves:

As permitted under the provisions of Companies Act, 2013, (the Act), the Board does not propose to transfer any amount to
general reserve for the Financial Year 2024-25.

7. Scheme of Arrangement/Amalgamation

The Board of Directors has approved the Scheme of Merger by Absorption of Agribiotech Industries Limited ("ABIL" or the
"Transferor Company") with Agribio Spirits Limited ("ASL" or the "Transferee Company") and their respective shareholders, at
its meeting held on December 31, 2024. The Scheme has been approved in accordance with the provisions of Sections 230 to
232 and other applicable provisions of the Companies Act, 2013, read with the rules framed thereunder, with effect from the
Appointed Date of October 1, 2024. The Company has filed stock exchange application with BSE to obtain their No-objection
letters. The No Objection Certificate (NOC) from SEBI and the Stock Exchanges is currently awaited.

8. Disclosure Regarding Shares

The Company has not issued any Sweat Equity, Bonus Shares, ESOPS, equity shares with differential rights and also not bought
back any of its securities during the year under review.

9. Board of Directors & Key Managerial Personnel

Effective from April 01, 2025 your Company's Board has 6 (six) members comprising of One Executive Director, Three Non¬
Executive & Non-Independent Directors including one Woman Director and Two Independent Directors. The details of Board
and Committee composition, tenure of Directors, and other details are available in the Corporate Governance Report, which
forms part of this Annual Report.

In terms of the requirement of the SEBI Listing Regulations, the Board has identified core skills, expertise, and competencies of
the Directors in the context of your Company's business for effective functioning. The key skills, expertise and core
competencies of the members of Board are detailed in the Board of Directors section of this Annual Report.

a) Appointment/ Cessation of Directors/KMPs:

Based on the recommendation of the Nomination and Remuneration Committee, the Audit Committee, and the Board of
Directors of the Company and subject to such other sanctions/approvals, as may be necessary or required, members of the
Company through Postal Ballot held on November 25, 2024 have appointed Mr. Ratan Singh (DIN: 06818520) as a Managing
Director, liable to retire by rotation, for a period of Five years with effect from November 28, 2024.

The Board of Directors based on the recommendation of the Nomination and Remuneration Committee has appointed Mr.
Ashutosh Bajoria (DIN: 01399944) as Non-Executive & Non -Independent Director of the company and appointment of Mr.
Kamal Kishor Sharma (DIN: 10611254) as Non-Executive & Independent Director of the company w.e.f. May 15, 2024 through the
Postal Ballot of the company.

Mr. Pankaj Sharma has resigned from the position of Chairman and Non-Executive Director w.e.f May 30, 2025.

The list of Directors of the company is provided below:

*Change in Designation of Mrs. Puja Bajoria from Managing Director (Executive) to Non-Executive Director on October 19, 2024

**Mr. Ratan Singh was appointed as the Managing Director of the company w.e.f November 28, 2024

*** Mr. Ashutosh Bajoria was appointed as the Non-Executive Director of the company w.e.f May 15, 2024

**** Mr. Kamal Kishor Sharma was appointed as the Independent Director of the company w.e.f May 15, 2024

***** Mr. Pankaj Sharma has resigned from the position of Chairman and Non-Executive Director w.e.f May 30, 2025

b) Woman Director

The Company have Mrs. Puja Bajoria (DIN: 07018123) as Woman Director in the Board of the Company as per the requirement
of Section 149 of the Companies Act, 2013 read with Rule 3 of the Companies (Appointment and Qualification of Directors)
Rules, 2014.

c) Key Managerial Personnel

As on the date of this report, following are the Key Managerial Personnel ("KMPs") of your Company as per Sections 2(51) and
203 of the Act:

* Mr. Ratan Singh appointed as Managing Director of the company w.e.f. November 28, 2024 and designation of Mrs. Puja
Bajoria from Executive- Managing Director of the company to Non-Executive Non- Independent Director of the Company w.e.f.
October 19, 2024.

**Mrs. Suman Agrawal resigned from the post of Chief Financial Officer of the company w.e.f. October 24, 2024 and Mr. Gaurav
Somani were appointed as Chief Financial Officer of the Company w.e.f. October 24, 2024.

***Ms. Versha Goyal resigned from the post of Company Secretary and Compliance Officer of the company w.e.f. March 28,
2025 and Ms. Madhuri Dhanopia were appointed as Company Secretary and Compliance Officer of the Company w.e.f. June 10,
2025.

d) Director retire by rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mrs. Puja Bajoria
(DIN: 07018123), Director of the Company shall retire by rotation at the ensuing Annual General Meeting and being eligible has
offered herself for re-appointment. The Board and Nomination and Remuneration Committee recommended her re¬
appointment to the shareholders of the Company at the ensuing Annual General Meeting.

10. Deposits:

During the year under review, your Company has not accepted any deposit covered under Chapter V of the Act and neither has
accepted any deposits which are not in compliance with the requirements of Chapter V of the Act; and within the meaning of
Section 73 and 74 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014. There are no
outstanding deposits as on 31st March, 2025.

11. Listing of Equity Shares

The equity shares of the Company are listed on BSE Limited and the Annual Listing Fee for the Financial Year 2025-26 has been
paid. ISIN of the equity shares of your Company is INE679E01015.

12. Particulars of loans, guarantees or investments:

During the year under review, the particulars of any loan, investments, guarantee or Security for the loans availed by others,
pursuant to provision of Section 186 of the Act read with the Companies (Meetings of Board and its powers) Rules, 2014 are
given under notes to the financial statements, which forms part of this Annual report. The loans given, investments made,
guarantees given or security provided are for business purpose.

13. Particulars of contracts or arrangements made with related parties:

All Related Party Transactions entered during the year were in the ordinary course of business and on arm's length basis. The
Company had not entered into any contract, arrangement and transaction with related party (ies) which could be considered
material in accordance with the policy of the Company on materiality of related party transactions. Accordingly, the disclosure
of Related Party Transactions as required under Section 134 (3) (h) of the Companies Act, 2013 in Form AOC -2 is not applicable.

The policy on materiality of related party transactions and dealing with related party transaction as approved by the Board may
be accessed on the Company's website https://beekavnirvat.com/policies

14. Management's Discussion and Analysis Report:

The Management Discussion and Analysis Report of the financial conditions and results of operations of the Company for the
year under review, as required under regulation 34 (2) (e) read with Schedule V of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) is presented in the separate section
forming part of this Annual Report as "Annexure- IV".

15. Director's Responsibility Statement:

The Board of Directors acknowledge the responsibility for ensuring compliance with the provisions of Section 134(3) (c) read
with Section 134(5) of the Companies Act, 2013, in preparation of annual accounts for the financial year ended 31st March,
2025 and state that:

a. In the preparation of the Annual Accounts for the Financial Year ended 31st March, 2025, the applicable accounting
standards had been followed with proper explanation relating to material departures.

b. The Directors had 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 profit and loss of the Company for that period.

c. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.

d. The Directors had prepared the annual accounts for the financial year ended 31st March, 2025 on a going concern basis.

e. The Directors had laid down proper internal financial controls to be followed by the company and that such internal financial
controls are, adequate and are operating effectively.

f. That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the
work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of internal
financial controls over financial reporting by the statutory auditors and the reviews performed by management and the relevant
board committees, including the audit committee, the Board is of the opinion that the Company's internal financial controls
were adequate and effective during FY 2024-2025.

16. Recommendations of the Audit Committee:

During the year under review, all the recommendations made by the Audit Committee were accepted by the Board.

17. Human Resource Management:

To ensure good human resources management at Agribio Spirits Limited, we focus on all aspects of the employee lifecycle. This
provides a holistic experience for the employee as well. During their tenure at the Company, employees are motivated through
various skill-development, engagement and volunteering programs. All the while, we create effective dialogs through our
communication channels to ensure that the feedback reach the relevant teams, including the leadership.

18. Particulars of employees:

Information pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read
with Rule 5(1), 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended
from time to time has been given as "Annexure - II" which forms a part of this Report.

Remuneration Paid to Managing Director during 2024-25 (In Rupees):-

1. None of the Directors had the pecuniary relationship with the company.

2. The non-executive Directors of the company are not paid any remuneration during the year 2024-25.

3. The company enters into service contracts with all executive directors till the duration of their tenure. The services of the
Executive Directors may be terminated by either party, giving the other party three months' notice or the company paying
three months' salary in lieu thereof. There is no separate provision for payment of severance fees.

4. The company does not have any stock option/Employees Stock Option Scheme.

There are no employees who were in receipt of remuneration in excess of the ceiling prescribed in the Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

19. Corporate Governance:

Your Company is committed to maintain high standards of corporate governance practices. The Corporate Governance Report,
as stipulated by SEBI Listing Regulations, forms part of this Integrated Annual Report as Annexure-V along with the required
certificate from a Practicing Company Secretary, regarding compliance of the conditions of corporate governance, as stipulated.
In compliance with corporate governance requirements as per the SEBI Listing Regulations, your Company has formulated and
implemented a Code of Conduct for all Board members and senior management personnel of your Company ("Code of

Conduct"), who have affirmed the compliance thereto. The Code of Conduct is available on the website of your Company and
the link for the same is given in Annexure - A of this report.

Corporate governance is an ethically driven business process that is committed to values aimed at enhancing an organization's
brand and reputation. This is ensured by taking ethical business decisions and conducting business with a firm commitment to
values, while meeting stakeholders' expectations. At Agribio Spirits Limited, it is imperative that our company affairs are
managed in a fair and transparent manner. This is vital to gain and retain the trust of our stakeholders.

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance
requirements set out by SEBI. The Company has also implemented several best corporate governance practices as prevalent
globally.

20. Auditor's Certificate on Corporate Governance:

As required by the Listing Regulations the Auditors' certificate on corporate governance is enclosed as Annexure- IX to the
Board's Report. The company has obtained a Compliance Certificate on Corporate Governance from Practicing Company
Secretary M/s Abhishek S & Associates. The Auditors' certificate for the financial year 2024-25 does not contain any
qualification, reservation or adverse remark.

21. Corporate Social Responsibility:

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the company does not fall
under the ambit as provided under Section 135 of the Companies Act, 2013 read-with Rules made thereunder.

22. Risk Management Policy:

In compliance with the applicable provisions of Companies Act, 2013, the Board has framed and adopted the Risk Management
Policy of the company in order to ensure that the Company's affairs shall be carried out in a sound and prudent manner by
managing its business, operating and financial risk by adopting appropriate risk identification, assessment, and control and
mitigation measures. The Risk Management Policy defines the risk management approach across the enterprise at various levels
including documentation and reporting.

23. Vigil Mechanism/ Whistle Blower Policy:

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations. To
maintain these standards, the Company encourages its directors and employees who have concerns about suspected
misconduct to come forward and express these concerns without fear of punishment or unfair treatment. Your Company has
established a vigil mechanism for grievances Redressal of the Directors and employees of the Company which will help in
reporting genuine concerns or grievances of Directors and employees, actual or suspected fraud and it provides adequate
safeguards against victimization. The Whistle Blower shall also have right to access to the Chairman of the Audit Committee
directly in exceptional cases. The Whistle Blower Policy is available on our website https://beekayniryat.com/policies.html
During the year under review, the Company has not received any complaint under this policy.

24. Disclosure under the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has in place Prevention of Sexual Harassment at Workplace - Policy in line with the requirements of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual,
temporary and trainees) are covered under this policy. Further, it is hereby stated that the company has complied with
provisions relating to the constitution of Internal Complaints Committee which is responsible for redressal of complaints related
to sexual harassment at the workplace. The policy covers all employees (permanent, contractual, temporary, trainees)
irrespective of their nature of employment and also applicable in respect of all allegations of sexual harassment made by an
outsider against an employee. The policy is available on the Company's website at the https://beekavnirvat.com/policies.html
During the year 2024-25, no case of Sexual Harassment was reported. The following is the summary for the F.Y 2024-25.

25. Details of application made or proceeding, pending under Insolvency and Bankruptcy Code 2016 (31 of 2016) during the FY:

During the year under review, there were no application made or proceeding pending in the name of the company under the
Insolvency and Bankruptcy Code 2016.

26. Subsidiaries/Joint Venture/ Associate Company

Subsidiaries: Your Company doesn't have any Subsidiary company.

Joint Venture: Your Company doesn't have any Join Venture.

Associate: Your Company has one associate company named Agribiotech Industries Limited having investment of 29.76% as

on March 31, 2025.

27. Board Meetings

Board met Twenty (20) times during the financial year 2024-25, in respect of which proper notices were given and the
proceedings were properly recorded, signed and maintained in the Minutes book kept by the Company for the purpose. The
intervening gap between two meetings was not more than 120 days. Detailed information on the Board Meetings is included in
the Report on Corporate Governance Report, forming part of this Annual Report.

28. Meeting of Independent Directors

Independent Director plays a pivotal role in governance process of the Board and Schedule IV of the Companies Act 2013 and
rules made thereunder mandates that the Independent Directors of the Company should hold at least one meeting in a year
without the attendance of Non-Independent Directors.

The Independent Directors met once during the financial year ended 31st March, 2025 i.e. on December 31, 2024 without the
attendance of Non-Independent Directors in an informal and flexible manner to enable the Independent Directors to discuss
matters pertaining to, inter alia, evaluation of performance of Non-Independent Directors, the Board as a whole and evaluation
of performance of the Chairperson of the Company, taking into account the views of Executive Directors and Non-Executive
Directors. The Independent Directors also reviewed the quality, quantity and timeliness of the flow of information between the
Company Management and the Board and its' Committees which is necessary to effectively and reasonably perform and
discharge their duties.

All the Independent Director of the Company has registered themselves with the Indian Institute of Corporate Affairs ("IICA")
towards the inclusion of names in the data bank and they meet the requirements of proficiency self-assessment test. The
Company has received declarations of independence in accordance with the provisions of the Act as well as the LODR
Regulations from all the Independent Directors.

29. Familiarization Programme for Independent Directors

A formal induction programme for new Directors and an ongoing familiarization process with respect to the business/working of
the Company for all Directors is important to familiarize the directors with the dynamics of the industry to increase their ability
to take informed decisions. In compliance with the requirements of SEBI (Listing Obligation and Disclosure Requirements)
Regulation, 2015, the Company has put in place a familiarization programme for Independent Directors as a guide for
Independent Directors from time-to-time for better understanding of the Company's operations. The details of such
familiarization programs for Independent Directors are posted on the website of the Company http://www.beekayniryat.com

30. Investor Education and Protection Fund (IEPF)

Pursuant to the provisions of Sections 124 and 125 of the Companies Act, 2013 read with the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company is required to transfer to the IEPF all
unpaid/unclaimed dividends and the corresponding shares after completion of seven years from the date of declaration of
dividend.

During the financial year under review, no amounts were required to be transferred to the IEPF, as the period of seven years has
not yet elapsed in respect of any unpaid or unclaimed dividend or other amounts.

31. Adequacy of Internal control and Compliance with Laws

The Company implemented suitable controls to ensure its operational, compliance and reporting objectives. The Company has
adequate policies and procedures in place for its current size as well as the future growing needs. These policies and procedures
play a pivotal role in the deployment of the internal controls. They are regularly reviewed to ensure both relevance and
comprehensiveness and compliance is in grained into the management review process.

The Board has adopted policies and procedures for ensuring that all transactions are authorized, recorded and correctly
reported, all assets are safeguarded and protected against loss from unauthorized use or disposition, reducing wastage and
maintenance of proper accounting records for ensuring accuracy and reliability of its financial information. The Board has
constituted an Audit Committee which meets periodically to review the financial performance and the accuracy of financial
records and accordingly appropriate actions are taken by the management. The significant findings, along with management
response and status of action plans are also periodically shared with and reviewed by the Audit Committee.

Adequacy of controls of the key processes is also being reviewed by the Internal Audit team. Suggestions to further strengthen
the process are shared with the process owners and changes are suitably made. Significant findings, along with management
response and status of action plans are also periodically shared with and reviewed by the Audit Committee. It ensures adequate
internal financial control exist in design and operation financial disclosures. When found necessary, the Committee also gives
suggestions on this manner. The audit committee regularly evaluates the execution of the Audit plan, the relevance and impact
of the internal audit systems, oversees the implementation of internal audit recommendations including those which help
reinforce the company's risk management policies and systems.

32. Secretarial Standards

Your Directors states that they have devised proper systems to ensure compliance with the provisions of all applicable
Secretarial Standards and that such system are adequate and operating effectively and the applicable Secretarial Standards
notified by the Institute of Company Secretaries of India (ICSI) have been duly complied by your Company.

33. Details in respect of fraud reported by auditors under sub-section (12) of section 143 of Companies Act, 2013

As specified under Section 143 (12) of Companies Act, 2013 including any statutory amendments or modifications, if any, the
auditor of the company has not reported any fraud in the course of the performance of his duties as auditor.

34. Performance Evaluation of the Board, its committees and individual Directors

In terms of requirements of Listing Regulations and provisions of the Companies Act, Nomination cum Remuneration Committee
of the Board of Directors of the Company specified the manner for effective evaluation of performance of Board, its Committees
and Individual Directors. Based on the same, annual evaluation of its own performance, performance of its Committees,
Individual Directors including Independent Directors was carried out during the reporting period. The Company had adopted the
evaluation parameters as suggested by ICSI and SEBI with suitable changes from Company's perspective.

The Board has carried out an annual evaluation of its own performance and that of its committees as well as performance of the
Directors individually including Independent Directors (excluding the director being evaluated) has been made.

Performance evaluation of Directors was carried out by Board and Nomination and Remuneration Committee on parameters
such as appropriateness of qualification, knowledge, skills and experience, time devoted to Board, deliberations and
participation level in board functioning, extent of diversity in the knowledge and related industry expertise, attendance and
participations in the meetings and workings thereof and Initiative to maintain high level of integrity and ethics and the same was
apprised to the Board of Directors.

Independent Directors had carried out performance evaluation of Non-Independent Directors in their separate meeting, the
Board as a whole and performance evaluation of Chairman was carried out, taking into account the views of Executive and Non¬
Executive Directors. The Board/Directors expressed their satisfaction with the evaluation process.

35. Remuneration Policy

Your Company has a well-defined policy for selection, appointment and remuneration of the Directors, Key Managerial
Personnel and Senior Management. The main objective of the said policy is to ensure that the level and composition of
remuneration is reasonable and sufficient to attract, retain and motivate the Directors, Key Managerial Personnel and Senior
Management employees. The web link of the policy is http://www.beekayniryat.com

The Nomination and Remuneration Policy of Directors, Key Managerial Personnel and Senior Management employees includes
the criteria for determining qualifications, positive attributes, independence of director and other matters as per section 178(3)
of the Companies Act, 2013 is stated in the "Annexure III" which form part to this report.

36. Non-Executive Directors' Compensation and Disclosures

None of the Independent/Non-Executive Directors have and pecuniary relationship or transactions with the company which in
the judgement of the Board may affect the independence of the Directors.

37. Statutory Auditors:

M/s R P Khandelwal & Associates, Practicing Chartered Accountants, Jaipur (Firm Registration No.: 001795C), Statutory Auditor
of the Company, hold office till the conclusion of the Annual General Meeting to be held in 2025. They have confirmed their
eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under the Act and that they are
not disqualified for re-appointment.

As required under the provisions of Section 139 of the Companies Act, 2013, the company has obtained a written consent and
certificate from the above-mentioned Auditors to the effect that they confirm with the limits specified in the said Section and
they had also given their eligibility certificate stating that they are not disqualified for appointment within the meaning of
Section 141 of Companies Act, 2013.

Therefore, being eligible, the Board of Directors has re-appointed M/s R P Khandelwal & Associates as Statutory Auditors to hold
the office for the 2nd term of five years beginning from the conclusion of the 51st Annual General Meeting till the conclusion of
the 56th Annual General Meeting of the Company subject to approval of member in the Annual General Meeting.

Further, in accordance with the Companies Amendment Act, 2017, enforced on 7th May, 2018 by Ministry of Corporate Affairs,
the appointment of Statutory Auditors is not required to be ratified at every AGM.

The Auditor's report contain following reservation, qualification or adverse remark. Information referred to in the Auditor's
Report are self-explanatory and do not call for any further comments.

38. Secretarial Auditor:

Pursuant to the provisions of section 204 of the Companies Act, 2013 and the rules made thereunder, Mr. Abhishek Sharma,
Proprietor at M/s Abhishek S & Associates, Practicing Company Secretaries having ICSI Membership No. ACS 59433 and C.O.P.
No. 25039 were appointed as Secretarial Auditor to conduct secretarial audit of the Company for the financial year 2024-25. The
Secretarial Audit Report for the financial year 2024-25 is attached herewith as "Annexure - /" along with Annexure A and B to
this report. The report does not contain any reservation, qualification or adverse remark. Information referred to in the
Secretarial Auditor Report are self-explanatory and do not call for any further comments.

Pursuant to Regulation 24A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and SEBI Circular no. CIR/CFD/CMD 1/27/2019 dated February 08, 2019, we are enclosing herewith
Secretarial Compliance Report in "Annexure B" for the year ended 31st March, 2025 issued by Mr. Abhishek Sharma, Practicing
Company Secretary, Jaipur.

39. Cost Auditor :

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

40. Internal Auditor:

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with The Companies (Accounts) Rules, 2014, the
Board has appointed M/s Ashish NK Agrawal & Associates, Chartered Accountants, Jaipur as Internal Auditor of the Company to
carry out the internal audit of the company for the F.Y. 2024-25.

The internal audit report received from the internal auditors were reviewed by the Audit Committee and Board of Directors and
the observations, if any, mentioned in the Internal Audit Report received for the financial year 2024-25 were duly looked into by
the Management from time to time.

During the financial year 2024-25, no fraud was reported by the Internal Auditor of the Company in their Audit Report.

41. Prevention of Insider Trading:

The Company has also adopted a code of conduct for prevention of insider trading. All the Directors, senior management
employees and other employees who have access to the unpublished price sensitive information of the Company are governed
by this code.

During the year under Report, there has been due compliance with the said code of conduct for prevention of insider trading.
The Board has already adopted a revised Code of Prevention of Insider Trading based on the SEBI (Prohibition of Insider Trading)
Regulations, 2015. The same has been placed on the website of the Company http://www.beekayniryat.com

42. Declaration by the independent directors:

As per declaration received from Independent Directors, they meet the criteria of independence as laid down under Section

149(6) of the Companies Act, 2013 and have complied with Rule 6 of the companies (Appointment and Qualification of
Directors) Rules, 2014, as amended as on date. As per evaluation done by the Nomination and Remuneration Committee and by
the Board of all the Independent Directors by considering the parameters such as whether the Directors uphold ethical
standards of integrity and probity, the ability of the directors to exercise objective and independent judgment in the best
interest of Company, the level of confidentiality maintained, adherence to the applicable code of conduct for Independent
Directors and their role in bringing independent judgment during Board deliberations on strategy, performance, risk
management, expertise and experience etc. all the Independent Directors have maintained the integrity, expertise and have
vast experience in the industry.

All the Independent Directors have registered themselves in the Independent Directors data bank and all Independent directors
of the company has exempted to pass self-assessment test so no need to pass self-assessment test by the independent directors
of the company as conducted by the IICA . They possess required qualification, skills, expertise and experience to be appointed
as Independent Directors of the Company. Moreover, the independent directors have complied with the code of conduct as
prescribed in Schedule IV to the Companies Act, 2013.

During the reporting period, none of the Directors of the Company are disqualified in terms of sub-section (2) of Section 164 of the
Companies Act, 2013.

The Company has devised the Terms and Conditions for appointment of Independent Directors available on the following web link
http://www.beekayniryat.com Code of Conduct of Independent Directors available on the following web link
http://www.beekayniryat.coim

43. Green Initiative for Paperless Communication

Ministry of Corporate Affairs ("MCA"), Government of India has announced "Green Initiative in Corporate Governance" by
allowing Companies to send Notices / Documents / Annual Reports and other communication to its shareholders by electronic
mode i.e. by e-mail.

In line with the initiatives taken by MCA, AGRIBIO SPIRITS LIMITED proposes to send documents such as Notices of General
Meeting(s), other Notices, Annual Report and all other communications to its Shareholders through electronic mode i.e. on the
e-mail address provided by you. To support this green initiative in full measure, members who have not registered their e-mail
addresses so far, are requested to register their e-mail addresses, in respect of electronic holdings with the Depository through
their concerned Depository Participant. Members who hold shares in physical form are requested to fill in the Registration form
which can be obtained from Company's Registrar Niche Technologies Private Limited

Please note that all such documents shall be made available on the Company's website and the same shall also be kept open for
inspection at the Registered Office of the Company during the business hours.

44. Committees of Board of Directors:

The Company has several Committees which have been established as part of the best Corporate Governance practices and are in
compliance with the requirements of the relevant provisions of applicable laws and statutes. The following are Committees of the
Board of Directors:

1) Audit Committee

2) Stakeholders Relationship Committee

3) Nomination and Remuneration Committee

The details with respect to the composition, powers, terms of reference, other information and the number of meetings of relevant
committees held during the financial year 2024-25 are given in the Report on Corporate Governance Report, forming part of this
Annual Report.

45. Extract of Annual Return:

Pursuant to the amendments to Section 134(3)(a) and Section 92(3) of the Act read with Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return (Form MGT-7) for the financial year ended March 31, 2025, is
available on the Company's website and can be accessed at http://www.beekayniryat.com

46. Significant and Material Orders passed by the Regulators or Courts:

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status
of the Company and Company's operations in future.

47. The conservation of energy, technology absorption, foreign exchange earnings and outgo:

The particulars as prescribed under sub - section 3(m) of Section 134 of the Companies Act, 2013, read with the Companies
(Accounts) Rules, 2014 are enclosed as "Annexure- X" to this Board's Report.

48. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation of the support which the Company has received from its promoters,
shareholders, lenders, business associates, vendors, customers, media the employees and other stakeholders of the Company.

By Order of Board of Directors

For Agribio Spirits Limited

(Formerly known as Beekay Niryat Limited)

Sd/- Sd/-

Ratan Singh ^{Ashutosh Bajoria}

(Managing Director) ^(Director)

(DIN: 06818520) ^{(DIN: 01399944)}

Date: 05.09.2025
Place: Jaipur

Registered Office:

111, Signature Tower, DC-2,

Lal Kothi Scheme, Tonk Road,

Jaipur-302015