The Board of Directors is pleased to present your Company's report on business and operations along with audited
financial statements (standalone and consolidated) for the financial year ended March 31, 2025.

1. FINANCIAL HIGHLIGHTS & STATE OF AFFAIRS

The financial highlights of your Company for the year ended March 31, 2025 on Standalone and Consolidated basis
is summarized below:

(Amount in Lakhs, except for EPS data)

Standalone basis:

For the financial year 2024-25, your Company recorded a turnover of ^ 1,235.44 lakhs and earned a net profit of ^
32.00 lakhs as compared to the previous year's turnover of ^ 437.94 lakhs and net profit of ^ 66.03 lakhs.

Consolidated basis:

For the financial year 2024-25, your Company recorded a turnover of ^ 40,735.94 lakhs and earned a net profit of ^
3,524.56 lakhs as compared to the previous year's turnover of ^ 15,121.15 lakhs and net profit of ^ 1,081.51 lakhs.

2. COMPANY PERFORMANCE & BUSINESS REVIEW

The financial year 2024-25 marked a defining milestone in the transformation of String Metaverse Limited
(formerly Bio Green Papers Limited) into a next-generation global digital infrastructure and technology enterprise.
The Company is now strategically focused on delivering integrated Web 3.0, Online Gaming, Blockchain
Technologies, and FinTech solutions that enable a decentralized, interoperable, and immersive digital future.

Pursuant to the successful implementation of the NCLT-approved Resolution Plan and Scheme of Arrangement,
String Metaverse Limited (Transferor Company) was merged into Bio Green Papers Limited (now renamed String
Metaverse Limited) with effect from 28 May 2024. This strategic merger has infused the Company with cuttng-
edge capabilities, expanded its operational scope, and redefined its strategic direction, firmly positioning it as a
cross-border Web3 and digital innovation platform.

The Company now operates through a diversified, multi-vertical structure comprising:

• Web3 Infrastructure & Validator Operations - Deployment and management of decentralized validator
node networks across leading blockchain protocols, ensuring ecosystem integrity, scalability, and
performance.

• Digital Asset Management & FinTech - Establishment of regulated financial infrastructure via licensed
entities in key jurisdictions, including Canada and the UAE, enabling compliant asset management and
decentralized financial services.

• Immersive Technologies & Game-Fi - Development of interoperable gaming ecosystems powered by
blockchain-based economies, NFT-integrated gameplay, and immersive digital experiences.

To strengthen its global footprint, the Company has incorporated subsidiaries in strategically important locations
such as the United Arab Emirates, Singapore, and Canada. These entities are instrumental in advancing fintech
platforms, validator node operations, and treasury infrastructure.

During FY 2024-25 and the first quarter of FY 2025-26, the Company successfully enhanced its capital base
through fund-raising initiatives, including Preferential Allotment as part of the Resolution Plan and Scheme of
Arrangement. These capital infusions have fortified the balance sheet, provided resources for international
expansion, and accelerated product innovation.

Looking ahead, the Company remains committed to building foundational digital infrastructure and platforms that
empower enterprises and users globally. Backed by a future-ready technology roadmap, strong governance
frameworks, and a high-caliber leadership team, String Metaverse Limited is well-positioned to scale its operations
and deliver sustained long-term value across the blockchain, gaming, and financial technology domains.

3. TRANSFER TO RESERVES

During the financial year under review, the Company transferred a sum of ^410.91 lakhs to its reserves.

4. DIVIDEND AND DIVIDEND DISTRIBUTION POLICY

In line with the Company's ongoing strategic growth initiatives and capital allocation priorities, the Board of
Directors has decided not to recommend any dividend for the financial year ended March 31, 2025. This decision
has been taken to conserve internal resources and support continued investment in product development,
international expansion, and the scaling of infrastructure and operations. The Board believes that reinvesting
earnings at this stage will deliver greater long-term value to shareholders.

5. EARNINGS PER SHARE (EPS)

For the financial year ended March 31, 2025, the Basic Earnings Per Share (EPS) of the Company stood at ^0.03 on a
standalone basis and ^3.37 on a consolidated basis.

6. PUBLIC DEPOSITS:

Your Company has not accepted any deposits falling within the meaning of Section 73 or 74 of the Act during the
year under review and as such, no amount on account of principal or interest on deposits from public were
outstanding as on the date of the balance sheet.

7. LISTING OF EQUITY SHARES

The Company's equity shares are listed on the BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400
001, Maharashtra, India; having a nationwide trading terminal:

The Company has paid the Annual Listing Fees to the said Stock Exchange for the Financial Year 2024-25 & 2025-26

8. SHARE CAPITAL:

The Particulars of share caDital of the ComDanv are as follows:

Shares allotted during the FY 2024-2025:

a) Public Issue/ Rights Issue/ Preferential Issue:

During the financial year 2024-25, the Company allotted 50,00,000 (Fifty Lakh) equity shares of face value ^10
each, aggregating to ^5,00,00,000 (Rupees Five Crore), to Mr. Krishna Mohan Meenavalli, the Resolution
Applicant, on a preferential basis in consideration of the funds infused by him into the Company.

Additionally, the Company allotted a further 50,00,000 (Fifty Lakh) equity shares of face value ^10 each at an issue
price of ^15 per share, aggregating to ^7,50,00,000 (Rupees Seven Crore Fifty Lakhs), to strategic investors on a
preferential basis.

b) Issue of Shares under ESOP:

The Company did not issue any shares under the Employee Stock Option Plan (ESOP) during the financial year
2024-25.

c) Issue of Shares with Differential Rights:

The Company did not issue any equity shares with differential rights as to dividend, voting, or otherwise during the
financial year 2024-25.

d) Issue of Sweat Equity Shares:

No sweat equity shares were issued by the Company during the financial year 2024-25.

e) Issue of Bonus Shares:

The Company did not issue any bonus shares during the financial year 2024-25.

f) Buy-back of Shares:

The Company did not undertake any buy-back of its shares during the financial year 2024-25.

9.CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements for the financial year ended March 31, 2025 have been prepared in
compliance with the applicable provisions of the Companies Act, 2013, Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, and in accordance with the Indian Accounting Standards
(Ind AS) as prescribed under the Companies (Indian Accounting Standards) Rules, 2015, notified under Section 133
of the Companies Act, 2013, along with other relevant provisions of the Act.

These audited consolidated financial statements, together with the Independent Auditor's Report, form an
integral part of this Annual Report and provide a comprehensive overview of the financial position, performance,
and results of operations of the Company and its subsidiaries.

10.SUBSIDIARIES, ASSOCIATE COMPANIES AND JOINT VENTURES

The subsidiary companies situated in India and outside India continue to contribute to the business and overall
performance of your Company. As of March 31, 2025, your Company has the following subsidiaries:

1. String AI IFSC Private Limited (India)

2. String Fintech HK Limited (Hong Kong)

3. Torus Kling Fintech Private Limited (India)

4. Kling Digital Assets FZCO (United Arab Emirates (Dubai)

The status of the Company's subsidiaries as on March 31, 2025, is disclosed in the relevant section of this Annual
Report. Pursuant to the provisions of Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies
(Accounts) Rules, 2014, a statement containing the salient features of the financial statements of the subsidiary
company, in the prescribed Form AOC-1, is annexed herewith as Annexure- 11

The Company does not have any associate companies or joint ventures during the period under review

11. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the top 1,000 listed entities based on market capitalization are mandated to include a Business Responsibility and
Sustainability Report (BRSR) as part of their Annual Report.

As on the last day of the financial year ended March 31, 2025, your Company does not fall within the threshold of
the top 1,000 listed entities as prescribed by SEBI. Accordingly, the requirement to submit a BRSR is not applicable
to the Company for the financial year under review

12. CORPORATE SOCIAL RESPONSIBILITY

As per the provisions of Section 135 of the Companies Act, 2013, read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014, the requirement to constitute a Corporate Social Responsibility (CSR)
Committee and adopt a CSR Policy applies to companies that fulfill specific thresholds related to net worth,
turnover, or net profit.

During the financial year ended March 31, 2025, your Company did not cross any of the prescribed thresholds
under Section 135(1) of the Act. Consequently, the provisions pertaining to CSR were not applicable to the
Company for the financial year 2024-25.

13. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Board has adopted robust policies and procedures to ensure the orderly and efficient conduct of the
Company's business. These include adherence to the Company's policies, safeguarding of assets, prevention and
detection of frauds and errors, accuracy and completeness of accounting records, and the timely preparation of
reliable financial disclosures.

The Board has ensured that the Company maintains adequate Internal Financial Controls commensurate with its
size, nature of operations, and business requirements. These controls are periodically reviewed for their
effectiveness and are designed to provide reasonable assurance regarding the integrity and reliability of financial
reporting and operational efficiency.

14. BOARD OF DIRECTORS, KEY MANAGERIAL PERSONNEL (KMP), AND SENIOR MANAGEMENT
Board of Directors:

The Board of Directors of the Company is duly constituted in compliance with the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"). As on March 31,
2025, none of the Directors are disqualified from being appointed or continuing as directors under the applicable
legal provisions.

Board Diversity:

Your Company promotes a diverse and inclusive Board structure, considering a mix of skills, industry knowledge,
geographic and cultural backgrounds, gender, and professional experience. All Board appointments are made on
merit, in alignment with the Company's goals and strategic requirements.

Independent Directors - Composition and Compliance:

As on March 31, 2025, the Board comprises 50% Independent Directors, in accordance with the requirements laid
down under Section 149 of the Companies Act, 2013 and Regulation 17 of SEBI Listing Regulations. All
Independent Directors have submitted declarations under Section 149(6) of the Act and Regulation 16(1)(b) of the
SEBI Listing Regulations confirming their independence. Further, they are compliant with the Code for
Independent Directors as specified in Schedule IV of the Act and are registered in the Independent Directors'
databank maintained by IICA, as per Rule 6 of the Companies (Appointment and Qualification of Directors) Rules,
2014.

None of the Independent Directors are related to the promoters or the promoter group.

Board's Opinion on Integrity, Expertise, and Proficiency of Independent Directors:

The Board affirms that all Independent Directors appointed during the year possess integrity and bring the
requisite expertise, experience, and proficiency to effectively discharge their responsibilities.

Certificate from Company Secretary in Practice:

A Certificate from a Practicing Company Secretary, certifying that none of the Directors of the Company have been
debarred or disqualified from being appointed or continuing as Directors by SEBI or any other statutory authority,
is annexed to this Annual Report, pursuant to Regulation 34(3) and Schedule V, Para C, Clause 10(i) of SEBI Listing
Regulations.

Policy on Appointment and Remuneration of Directors:

The Nomination and Remuneration Committee (NRC) has framed a policy on Directors' appointment and
remuneration. The policy outlines the criteria for determining qualifications, positive attributes, independence of
directors, and other matters as provided under Section 178(3) of the Act and Regulation 19 of SEBI Listing
Regulations. The policy is available on the Company's website https://www.stringmetaverse.com/investor-
relations

• Mr. Ghanshyam Dass - Non-Executive, Non-Independent Director (w.e.f. June 5, 2024)

• Mr. Vivek Kumar Ratakonda - Non-Executive, Non-Independent Director (w.e.f. June 5, 2024)

• Mr. Rohit Reddy Samala - Non-Executive, Non-Independent Director (w.e.f. June 5, 2024)

• Mr. Sarat Kumar Malik - Independent Director (w.e.f. June 5, 2024)

• Ms. Naga Anusha Vegi - Independent Director (w.e.f. June 22, 2024)

• Mr. Deenadayal Tripurasetty - Independent Director (w.e.f. July 23, 2024)

• Mr. Arvind Jadhav - Independent Director (w.e.f. September 6, 2024)

• Ms. Anima Rajmohan Nair - Independent Director (w.e.f. September 6, 2024)

• Mr. Prathipati Parthasarathi - Independent Director (w.e.f. November 11, 2024)

• Mr. Meenavalli Krishna Mohan - Executive Director (w.e.f. May 31, 2024)

• Mr. Meenavalli Ganesh - Managing Director (w.e.f. May 31, 2024)

• Mr. Sai Santosh Althuru - Executive Director (w.e.f. May 31, 2024)

• Mrs. Sirisha Rani Singhu - Woman Independent Director (Non-Executive) (w.e.f. May 31, 2024)

Resignation from the Board:

During the year under review, Mrs. Sirisha Rani Singhu, Independent Director of the Company, resigned from the
office of Director with effect from 21st June, 2024, prior to the expiry of her tenure.

Retirements and Re-appointments at the AGM:

At the Annual General Meeting (AGM) held on September 30, 2024, Mr. Krishna Mohan Meenavalli retired by
rotation and was re-appointed. At the forthcoming AGM to be held in 2025, Mr. Sai Santosh Althuru, Executive
Director, will retire by rotation and, being eligible, has offered himself for re-appointment.

Re-appointment of Director:

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr.
Sai Santosh Althuru, Executive Director, is liable to retire by rotation at the ensuing Annual General Meeting and,
being eligible, has offered himself for re-appointment. The details of the Director proposed to be re-appointed, as
required under applicable regulations, are provided in the Notice convening the Annual General Meeting and form
part of the explanatory statement thereto.

Key Managerial Personnel (KMP) as on March 31, 2025:

In terms of Section 203 of the Act, the following are the Key Managerial Personnel ('KMPs') of the Company as on
the date of this Report:

Changes in Key Managerial Personnel (KMPs):

During the financial year 2024-25, the following changes occurred in the composition of Key Managerial
Personnel of the Company:

Appointments

• Mr. Meenavalli Ganesh was appointed as Managing Director (MD) w.e.f. 31st May, 2024.

• Mr. Meenavalli Krishna Mohan was appointed as Chief Financial Officer (CFO) w.e.f. 5th June, 2024.

• Mr. Sai Santosh Althuru was appointed as Chief Executive Officer (CEO) w.e.f. 5th June, 2024.

• Mr. Sai Suseela Rao Yerramseffi was appointed as Company Secretary and Compliance Officer w.e.f. 31st
May, 2024.

• Ms. Muskan Bhandari was appointed as Company Secretary and Compliance Officer w.e.f. 23rd July, 2024.

• Mr. M. Chowda Reddy was appointed as Company Secretary and Compliance Officer w.e.f. 12th November,
2024.

Resignations

• Mr. Sai Suseela Rao Yerramseffi resigned from the post of Company Secretary and Compliance Officer w.e.f.
2nd July, 2024.

• Ms. Muskan Bhandari resigned from the post of Company Secretary and Compliance Officer w.e.f. 12th
November, 2024.

The Board placed on record its appreciation for the valuable services rendered by the outgoing Key Managerial
Personnel during their tenure with the Company.

Directors and Officers Insurance (D&O):

The provisions of Regulation 25(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, relating to the requirement of taking a Directors and Officers (D&O) insurance policy for Independent
Directors, are not applicable to the Company. Accordingly, no such policy has been taken during the year under
review.

15. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

The Company has formulated a Policy on Directors' Appointment and Remuneration in compliance with the
provisions of Section 178(3) of the Companies Act, 2013. This policy outlines the criteria for determining
qualifications, positive attributes, independence of a director, and other matters relating to the appointment and
remuneration of Directors.

The details of the policy have been disclosed in the Corporate Governance Report, which forms an integral part of
this Board's Report. The criteria for payment of remuneration to Non-Executive Directors are also made available
on the website of the Company under the 'Corporate Governance' section.

16. BOARD MEETINGS DURING THE YEAR:

During the financial year ended March 31, 2025, the Board of Directors met Eight (08) times. The details of these
meetings, including dates and attendance of the Directors, are provided in the Corporate Governance Report,
which forms part of this Annual Report.

The Company has complied with the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, with respect to the conduct of Board meetings. The time gap
between any two consecutive meetings did not exceed the statutory limit of 120 days.

17. BOARD EVALUATION AND ASSESSMENT:

In accordance with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company conducted a formal evaluation of the performance of the Board as
a whole, its committees, individual Directors including Executive Directors and Independent Directors, and the
Chairperson.

The evaluation process was carried out through a structured internal questionnaire circulated among the
Directors, covering various aspects such as the composition, functioning, effectiveness, and contribution of the
Board, Committees, and individual members. Additionally, the Independent Directors, in their separate meeting,
evaluated the performance of the Chairperson, taking into account the views of Executive and Non-Executive
Directors.

The outcome of the evaluation process has been discussed by the Board and found to be satisfactory. Detailed
disclosures regarding the Board evaluation process are available in the Corporate Governance Report, which forms
part of this Annual Report.

18. COMMITTEES OF THE BOARD:

In compliance with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors has constituted the following Committees as on March
31, 2025:

(i) Audit Committee,

(ii) Nomination and Remuneration Committee, and

(iii) Stakeholders Relationship Committee.

During the financial year under review, all recommendations made by the respective Committees were duly
accepted and approved by the Board. Detailed information regarding the composition, roles, and responsibilities
of these Committees is provided in the Corporate Governance Report, which forms an integral part of this Annual
Report.

19. AUDIT AND AUDITORS' REPORT
Statutory Auditors:

At the 30th (Thirtieth) Annual General Meeting held on 30th September 2024, the shareholders approved the
appointment of M/s. Gorantla & Co., Chartered Accountants (Firm Registration No. 016943S), as the Statutory
Auditors of the Company. They have been appointed for a term of five years, to hold office from the conclusion of
the 30th AGM until the conclusion of the 35th (Thirty Fifth) AGM, as per the provisions of the Companies Act,
2013.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Regulation 24A(1) of the SEBI (LODR)
Regulations, 2015, and based on the recommendation of the Audit Committee, the Board has approved and
recommends the appointment of M/s. Pawan Jain & Associates, Company Secretaries (Membership No.
FCS13589, C.P. No. 23692, Peer Review No. 4017/2023) as the Secretarial Auditors of the Company. Their
appointment is proposed for a term of five consecutive years from the conclusion of the 31st (Thirty First) AGM
until the conclusion of the 36th (Thirty Sixth) AGM.

Internal Auditors:

The Board has appointed M/s. Bhanumurali & Co., Chartered Accountants, as the Internal Auditors of the
Company. The Internal Auditors will conduct audits of specific operational and financial areas as approved by the
Audit Committee, under the terms outlined in the engagement letter executed with the Company.

Statutory Auditors' Report:

The Notes to the financial statements, as referred to in the Statutory Auditors' Report, are self-explanatory and do
not require any further comments. The Statutory Auditors' Report for the financial year 2024-25 does not contain
any qualification, reservation, adverse remark, or disclaimer. The Report is annexed to the financial statements
forming part of this Annual Report.

The standalone and consolidated financial statements have been prepared in accordance with the Indian
Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013. The Statutory Auditors'
Reports on these financial statements do not contain any qualifications, reservations, adverse remarks, matters of
emphasis, or disclaimers.

Secretarial Auditors' Report:

The Company has undertaken a Secretarial Audit for the Financial Year 2024-25 as mandated under the
Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The
Secretarial Audit Report, issued by the Secretarial Auditors, does not contain any qualification, reservation, or
adverse remark and is annexed to this Report as Annexure - 5

Annual Secretarial Compliance Report:

The Company has obtained the Annual Secretarial Compliance Report for FY 2025 in accordance with the
applicable provisions of SEBI Regulations and circulars/guidelines issued thereunder. The Report, issued by Mr.
Pawan Jain (Membership No.: FCS 13589, CP No.: 23692) of M/s. Pawan Jain & Associates, Company Secretaries,
has been submitted to the Stock Exchanges within the prescribed timeline of 60 days from the end of the financial
year.

Instances of Fraud Reported by Auditors:

During the year under review, no instances of fraud committed by the officers or employees of the Company were
reported by the Statutory Auditors or the Secretarial Auditors under Section 143(12) of the Companies Act, 2013
to the Central Government or to the Audit Committee.

20. SECRETARIAL STANDARDS

The Company is in due compliance with all the applicable Secretarial Standards issued by the Institute of Company
Secretaries of India (ICSI) as prescribed under the Companies Act, 2013.

21. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism through the adoption of a comprehensive Whistle Blower Policy,
in compliance with the provisions of Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. This mechanism facilitates employees and other stakeholders to report genuine concerns
regarding unethical behavior, actual or suspected fraud, or violation of the Company's code of conduct. The policy
incorporates adequate safeguards against the victimization of individuals who use the mechanism in good faith. It
also ensures that no person has been denied direct access to the Chairman of the Audit Committee during the year
under review.

22. EMPLOYEE STOCK OPTION SCHEME (ESOP)

The Company recognizes that share-based employee benefit programs are a strategic instrument to foster a
culture of ownership, encourage long-term wealth creation, and align the interests of employees with those of the
Company and its shareholders. Such initiatives also enable the Company to attract, retain, and motivate high-
caliber talent in an increasingly competitive environment, thereby reducing attrition and strengthening
organizational performance.

In compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI (SBEB &
SE) Regulations"), the Company has framed the following Employee Stock Option Schemes:

• String Metaverse ESOP Scheme 2023: A scheme framed prior to the Scheme of Arrangement, proposed to
be implemented subject to shareholders' ratification and in alignment with the SEBI (SBEB & SE)
Regulations (Further details of this scheme are provided in Annexure-10 to this Report)

• String Metaverse ESOP Scheme 2025: A new scheme proposed for implementation, approval for which is
being sought from the shareholders at the 31st Annual General Meeting (AGM).

Both schemes shall be implemented post receipt of necessary approvals from shareholders at the 31st AGM and
subsequent approval from the stock exchanges.

In accordance with the SEBI (SBEB & SE) Regulations, requisite disclosures pertaining to the ESOP schemes are
made available on the Company's website and shall be accessible for electronic inspection by Members during the
AGM.

A certificate from the Secretarial Auditors, as required under SEBI (SBEB & SE) Regulations, is not applicable at
present, as the schemes are yet to be implemented following approvals.

Further, the information pursuant to Section 62 of the Companies Act, 2013, read with the applicable Rules, and
the details of the schemes as specified under Part F of Schedule I of the SEBI (SBEB & SE) Regulations, 2021, are
provided in Annexure - 10 to this Report and are also available on the Company's website at
https://www.stringmetaverse.com/investor-relations

During the financial year under review, no stock options were granted to any associates of the Company or its
subsidiaries under the above-mentioned schemes.

23. FIXED DEPOSITS

Your Company has neither accepted nor renewed any fixed deposits from the public within the meaning of Section
73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014.

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

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo
stipulated under Section 134(3)(m) of the Act read with Rule 8 of The Companies (Accounts) Rules, 2014, is
annexed herewith as Annexure - 8 to this report

25. MANAGEMENT DISCUSSION & ANALYSIS REPORT

Pursuant to the provisions of Regulation 34(2) of the Listing Regulations a report on Management Discussion &
Analysis is herewith annexed as Annexure -6 to this report.

26. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and
belief, hereby confirm that:

a) In the preparation of the annual financial statements, the applicable accounting standards have been
followed and there have been no material departures;

b) The Directors have selected such accounting policies and applied them consistently, making reasonable and
prudent judgments and estimates, so as to give a true and fair view of the state of affairs of the Company as
at the end of the financial year and of the profit of the Company for that period;

c) The Directors have 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 have prepared the annual accounts on a going concern basis;

e) The Directors have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and operating effectively; and

f) 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.

27. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Pursuant to the provisions of Section 186 of the Companies Act, 2013, the particulars of loans given, investments
made, guarantees given, and securities provided, along with the purpose for which such loan, guarantee, or
security is proposed to be utilized by the recipient, are disclosed in the notes to the Financial Statements, which
form an integral part of this Annual Report.

28. CHANGE IN THE NATURE OF BUSINESS

During the financial year 2024-25, your Company underwent a significant transformation, marking its evolution
from Bio Green Papers Limited into String Metaverse Limited, a next-generation global digital infrastructure and
technology enterprise. The Company is now strategically positioned to deliver integrated Web 3.0, Online Gaming,
Blockchain, and FinTech solutions, with a focus on enabling a decentralized, interoperable, and immersive digital
ecosystem.

Pursuant to the successful implementation of the NCLT-approved Resolution Plan and Scheme of Arrangement,
String Metaverse Limited (Transferor Company) was merged into Bio Green Papers Limited (now renamed String
Metaverse Limited) with effect from 28 May 2024. This merger has infused the Company with enhanced
technological capabilities, widened its operational scope, and redefined its strategic direction, firmly positioning it
as a cross-border Web3 and digital innovation platform.

Post-merger, the Company has adopted a multi-vertical operating structure, comprising:

• Web3 Infrastructure & Validator Operations - Deployment and management of decentralized validator
node networks across leading blockchain protocols.

• Digital Asset Management & FinTech - Establishment of regulated financial infrastructure through licensed
entities in Canada and the UAE, enabling compliant digital asset management and decentralized financial
services.

• Immersive Technologies & Game-Fi - Creation of blockchain-powered gaming ecosystems with NFT
integration and immersive digital experiences.

To further expand its global footprint, the Company has incorporated subsidiaries in the United Arab Emirates,
Singapore, and Canada, which serve as strategic hubs for fintech platforms, validator node operations, and
treasury management.

29. RELATED PARTY TRANSACTIONS

The Company has complied with the provisions of Section 188(1) of the Companies Act, 2013, relating to related
party transactions. All related party transactions entered into during the financial year were in the ordinary course
of business and on an arm's length basis.

In accordance with Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, the
particulars of material contracts or arrangements with related parties in Form AOC-2 are enclosed as Annexure -
12 to this Report.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions, as
approved by the Board, has been formulated in compliance with the provisions of the Companies Act, 2013 and
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said Policy ensures proper

governance and transparency in all related party dealings of the Company. The Policy is available on the Company's
website at: https://www.stringmetaverse.com/investor-relafons

30. ANNUAL RETURN

In accordance with the provisions of Section 134(3)(a) of the Companies Act, 2013, the Annual Return of the
Company for the financial year, prepared in the prescribed format (Form MGT-7), is made available on the website
of the Company and can be accessed at https://www.stringmetaverse.com/investor-relafons

31. STATEMENT OF PARTICULARS OF APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
are annexed to this Board's Report as Annexure - 7

32. LOANS AND ADVANCES IN THE NATURE OF LOANS TO FIRMS/COMPANIES IN WHICH DIRECTORS ARE
INTERESTED

Pursuant to Schedule V, Part C, Clause 10(m) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the relevant disclosures relating to loans and advances in the nature of loans to
firms/companies in which Directors are interested form part of the Report on Corporate Governance, which is
enclosed to the Annual Report.

33. DETAILS OF MATERIAL SUBSIDIARIES OF THE LISTED ENTITY

In compliance with Schedule V, Part C, Clause 10(n) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, it is hereby confirmed that the Company does not have any material subsidiary as on the date of
this Report. Accordingly, the disclosure requirements in respect of material subsidiaries are not applicable to the
Company.

34. RISK MANAGEMENT POLICY

While the provisions relating to the constitution of a Risk Management Committee are not applicable to the
Company, the Board of Directors assumes the responsibility of overseeing the risk management framework.

The Company has identified key business and operational risks and has put in place appropriate mitigation
strategies. Furthermore, a robust internal audit function has been established to evaluate and ensure the
effectiveness of the Company's internal financial controls through a systematic and disciplined approach.

35. CORPORATE GOVERNANCE

Your Company remains committed to upholding the highest standards of Corporate Governance, guided by the
principles of transparency, accountability, integrity, and ethical business practices. The governance framework of
the Company is designed to promote responsible management, safeguard stakeholder interests, and create
sustainable long-term value.

In compliance with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
a separate report on Corporate Governance forms part of this Annual Report. The report provides comprehensive
details of the Company's governance practices, including the framework, Board and Committee structures, and
other mandated disclosures.

The composition, roles, and responsibilities of the various Board Committees are elaborated in the Corporate
Governance Report annexed as Annexure - 1 to this Report.

Further, a certificate issued by the Practicing Company Secretary (PCS) confirming compliance with the conditions
of Corporate Governance as stipulated under the SEBI Listing Regulations is annexed to this Report as Annexure-3.

36. CYBER SECURITY INCIDENTS OR BREACHES OR LOSS OF DATA OR DOCUMENTS

There were no cyber security incidents, breaches, or loss of data/documents reported during the Financial Year
2024-25.

37. SIGNIFICANT AND MATERIAL ORDERS

During the financial year 2024-25, a major development in the corporate structure of the Company was effected in
accordance with the order of the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench."

The Hon'ble NCLT, vide its order dated May 28, 2024, in CP (IB) No. 97/7/HDB/2022, in the matter of Mr. Katepalli
Venkateswara Rao vs. M/s. Bio Green Papers Limited (presently String Metaverse Limited), approved the
Resolution Plan submitted by Mr. Krishna Mohan Meenavalli under the provisions of the Insolvency and
Bankruptcy Code, 2016.

The approved Resolution Plan envisaged a comprehensive Scheme of Arrangement, which, inter alia, provided for:

• The merger of M/s. String Metaverse Limited (Transferor Company) with M/s. Bio Green Papers Limited
(Transferee Company), along with all relevant addendums, annexures, and schedules forming part of the
Resolution Plan.

• The reconstitution of shareholding, involving the allotment of shares by the Transferee Company to the
shareholders of the Transferor Company in accordance with the approved Scheme.

• The consolidation of business operations, thereby creating a unified entity with enhanced technological,
financial, and operational capabilities.

Through this order, the Hon'ble NCLT formally sanctioned the Scheme of Arrangement, resulting in the effective
merger of String Metaverse Limited into Bio Green Papers Limited. Post-merger, the name of the Transferee
Company has been changed to String Metaverse Limited, reflecting its new identity as a next-generation global
digital infrastructure and technology enterprise.

This order represents a defining milestone in the corporate history of the Company, as it not only resolved the
insolvency proceedings but also repositioned the Company with a strengthened structure, wider strategic scope,
and a future-ready business model aligned with emerging opportunities in Web3, Blockchain, Gaming, and
FinTech domains

38. DECLARATION BY THE CEO

Pursuant to the provisions of Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a declaration by the CEO of the Company confirming that all members of the Board and senior
management personnel have affirmed compliance with the Company's Code of Conduct is attached to this report
and enclosed as Annexure-2

Further, the CEO and CFO certification to the Board as required under Regulation 17(8) of the SEBI Listing
Regulations is enclosed in corporate governance report.

39. MATERIAL CHANGES AND COMMITMENTS

During the financial year 2024-25, there were material changes and commitments affecting the financial position
and corporate structure of the Company, pursuant to the order of the Hon'ble National Company Law Tribunal
(NCLT), Hyderabad Bench.

The Hon'ble NCLT, vide its order dated May 28, 2024, in CP (IB) No. 97/7/HDB/2022, approved the Resolution Plan
submitted by Mr. Krishna Mohan Meenavalli, which included a Scheme of Arrangement for the merger of M/s.
String Metaverse Limited (Transferor Company) into M/s. Bio Green Papers Limited (Transferee Company).
Consequent to the approval, the merger became effective, and the Transferee Company was renamed String
Metaverse Limited. This transformational development concluded the insolvency proceedings and repositioned
the Company as a next-generation global digital infrastructure and technology enterprise.

Further, post completion of the financial year, the Company has successfully undertaken and completed a Rights
Issue of equity shares, thereby strengthening its capital base to support future growth and strategic initiatives.

Except for the above, there have been no other material changes and commitments affecting the financial position
of the Company between the end of the financial year under review and the date of this Report.

40. COST RECORDS AND COST AUDIT

The maintenance of cost records and the requirement of cost audit as prescribed under Section 148(1) of the
Companies Act, 2013 are not applicable to the Company's line of business for the financial year under review.

41. APPLICATION UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

Pursuant to an application filed under the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Katepalli
Venkateswara Rao, Financial Creditor, the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench, vide
its order dated May 30, 2023, in CP (IB) No. 97/7/HDB/2022, admitted the petition against M/s. Bio Green Papers
Limited (presently String Metaverse Limited), thereby initiating the Corporate Insolvency Resolution Process
(CIRP). A moratorium was declared and Mr. Machar Rao Meenavalli was appointed as the Interim Resolution
Professional in accordance with the provisions of the IBC.

Subsequently, the Hon'ble NCLT, Hyderabad Bench, vide its order dated May 28, 2024, approved the Resolution
Plan submitted by Mr. Krishna Mohan Meenavalli, which included a Scheme of Arrangement providing for the
merger of M/s. String Metaverse Limited (Transferor Company) with M/s. Bio Green Papers Limited (Transferee
Company), together with related addendums, annexures, and schedules forming part of the Plan.

With the sanction of the Resolution Plan and Scheme of Arrangement by the Hon'ble NCLT, the CIRP proceedings
stood concluded, and the Company emerged with a restructured corporate framework and renewed strategic
direction under its new identity as String Metaverse Limited.

42. VALUATION UNDER ONE-TIME SETTLEMENT VS BANK LOANS

During the financial year, there were no instances of one-time settlements with banks or financial institutions.
Hence, no comparison between such valuations and those done for loans was required.

43. TRANSFER OF AMOUNTS TO 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 Rules"), during the year
under review, there were no amounts of unclaimed or unpaid dividend, matured deposits, matured debentures,
application money due for refund, or interest thereon, which were required to be transferred to the Investor
Education and Protection Fund.

44. TRANSFER OF UNCLAIMED SHARES TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124(6) of the Companies Act, 2013 read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules"), no shares were
required to be transferred to the demat account of the IEPF Authority during the financial year under review.

45. INSURANCE

All properties and insurable interests of your Company have been fully insured.

46. HUMAN RESOURCES

Your Company considers its Human Resources as the key to achieve its objectives. Keeping this in view, your
Company takes utmost care to attract and retain quality employees.

The employees are sufficiently empowered, and the work environment propels them to achieve higher levels of
performance. The unflinching commitment of the employees is the driving force behind your Company's vision.
Your Company appreciates the spirit of its dedicated employees.

47. PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

Your Company strongly supports the rights of all its employees to work in an environment, free from all forms of
harassment.

Your Company has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace
as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 and the Rules made thereunder. The policy aims to provide protection to Employees at the workplace
and prevent and redress

complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a
safe working environment, where Employees feel secure

(a) Number of complaints of sexual harassment received in the year: Nil

(b) Number of complaints disposed off during the year: Nil

(c) Number of cases pending for more than ninety days: N.A.

48. COMPLIANCE WITH THE PROVISIONS OF THE MATERNITY BENEFIT ACT, 1961

Your Company fully complies with the provisions of the Maternity Benefit Act, 1961, extending all statutory
benefits to eligible women employees. These benefits include paid maternity leave, continuity of salary and
service during the leave period, as well as post-maternity support such as nursing breaks and flexible return-to-
work options, as applicable.

The Company remains committed to fostering an inclusive and supportive work environment that upholds the
rights, welfare, and well-being of its women employees in accordance with applicable laws.

49. DETAILS OF DIFFERENCE BETWEEN VALUATION AT THE TIME OF ONE-TIME SETTLEMENT AND
VALUATION AT THE TIME OF AVAILING LOAN

The requirement to provide details of the difference between the amount of valuation done at the time of one¬
time settlement and the valuation done while availing loans from Banks or Financial Institutions, along with the
reasons thereof, is not applicable to the Company during the financial year ended March 31, 2025.

50. GREEN INITIATIVE IN CORPORATE GOVERNANCE

The Ministry of Corporate Affairs (MCA) has undertaken a "Green Initiative" in Corporate Governance by allowing
paperless compliances by companies and permiffing the service of Annual Reports and other documents to
shareholders through electronic mode, subject to certain conditions.

In line with this initiative, your Company continues to send Annual Reports and other statutory communications in
electronic form to members who have registered their email addresses with the Company or its Registrar and

Transfer Agent (RTA). This practice not only supports environmental sustainability but also ensures prompt and
efficient communication with shareholders.

ACKNOWLEDGMENTS

The Board of Directors extends its sincere gratitude to all stakeholders, including the Company's customers,
shareholders, vendors, and bankers, for their unwavering support and trust throughout the year. The Board also
places on record its deep appreciation for the dedication, commitment, and valuable contributions made by
employees at all levels, whose efforts have been integral to the Company's consistent growth and success. The
Directors further acknowledge with gratitude the continued guidance and cooperation received from various
departments of the Central and State Governments, including the Ministry of Commerce, the Reserve Bank of
India, the Ministry of Corporate Affairs and the Registrar of Companies, the Securities and Exchange Board of India,
the Stock Exchanges, and the Direct and Indirect Tax Authorities, as well as other regulatory and statutory bodies.
Their assistance has played a pivotal role in enabling the Company to meet its compliance and governance
objectives. The Board looks forward to their continued support in the Company's future endeavors.

For and on behalf of the Board
String Metaverse Ltd

Sd/- Sd/-

Ghanshyam Dass Meenavalli Ganesh

Chairman & Non-Executive Director Managing Director

DIN:01807011 DIN:09330391

Place: Hyderabad
Date: 04th August,2025