The Board of Directors (the "Board") of Aditya Ultra Steel Limited ("your Company"/ "the Company") is pleased to present the 14^th
(fourteenth) Annual Report and the Audited Financial Statements of your Company for the financial year ended 31^st March, 2025 ("financial
year under review").

FINANCIALS SUMMARY AND HIGHLIGHTS:

('. in Lakhs)

The demand for TMT bars is growing due to the construction industry's expansion and the need for steel in infrastructure development. India's
TMT bar market is expected to grow significantly between 2022 and 2030. In FY25, India consumed 53.3 million tonnes of TMT bars, which
is up from 50.3 million tonnes in the previous fiscal year. The Company is engaged in the iron and steel industry.

THE STATE OF THE COMPANY'S AFFAIRS;

The Company was incorporated on 27^th July, 2011. The Company is engaged in the business of manufacturing of rolled steel product i.e.
TMT bars under the Kamdhenu brand catering mainly to the construction industry and for infrastructure development. The Company
manufactures TMT bars from billets through reheating furnace and rolling mill. Your company have a history of more than 13 (Thirteen)
years in manufacturing of TMT bars industry. Your company design and manufacture TMT bars and sell it on B2B Basis. The company's
customer base is mainly spread across the State of Gujarat. Manufacturing plant of the company located in Survey No-48, Wankarner
Boudry, Bhalgam, National Highway 8-A, Wankaner, Rajkot, Wankaner, Gujarat-363621, India which is equipped with testing laboratories,
workers' accommodation, canteen and well-connected transport facilities.

During the Financial year, under review, the Company has made remarkable growth as mentioned below in terms of Revenue and Profit.

i. The total revenue from operation of the Company slightly reduced by 0.42 % and stood at '. 58,531.72 Lakhs in the current year as
compare to previous year '. 58,780.08 Lakhs.

ii. The Profit before Tax increased by 3.36% and stood at '. 1,108.93 Lakhs against the previous year Profit of '. 1,072.92 Lakhs.

iii. The Net Profit after Tax remarkably increased by 21.32% and stood at '. 932.89 Lakhs for the year 2023-24 compare to previous year
Net Profit after tax was '. 768.94 Lakhs.

GRAND OPENING OF INITIAL PUBLIC OFFER AND LISTING OF EQUITY SHARES:

The Board of Directors and Members had, their its meeting held on May 17, 2024 and May 18, 2024 respectively, proposed and approved
the Initial Public Offer not exceeding 74,00,000 Equity Shares at '. 62/- per equity shares, (Issuer price per share as decided through Book
Building Process in consultation with the Book Running Lead Manager) aggregating of '. 4,588.00 Lakhs.

Pursuant to the authority granted by the Members of the Company, the Board of Directors appointed Swastika Investmart Limited as Lead
Manager and Cameo Corporate Services Limited as Registrar to the Issue and Share Transfer Agent for the Initial Public Issue.

The Company applied to SME Platform of National Stock Exchange Limited ("NSE") for In-principal approval for listing its equity shares on
the SME Platform of the NSE. National Stock Exchange Limited has, vide its letter dated, August 27, 2024 granted it's In- Principal Approval
to the Company.

The Company applied for listing of its equity shares to NSE and it has granted its approval vide its letter dated September 13, 2024. The
trading of equity shares of the Company commenced w.e.f. September 16, 2024 at Emerge Platform of NSE.

The Equity Shares of the Company are listed on the Emerge Platform of NSE. The Company confirms that the annual listing fees to the stock
exchange for FY 2025-26 have been paid.

Details of Utilization of Fund raised through Initial Public Offer:

There is no deviation / Variation in the utilized of money raised through public issue.

CAPITAL STRUCTURE OF THE COMPANY:

Authorized share capital of the Company of '. 25,00,00,000/- (Rupees Twenty Five Crores) i.e. 2,50,00,000 (Two Fifty Lakhs Crores) shares of
'. 10/- (Rupees Ten) each and Paid up share capital of '. 24,83,55,680/- (Rupees Twenty Four Crores Eighty Three lakhs fifty five thousand six
hundred and eighty only) i.e. 2,48,35,568 (Two Forty Eight lakhs Thirty Five thousand five hundred sixty eight only) shares of '. 10/- (Rupees
Ten) each.

During the financial year paid up share capital increased by 76,00,000 equity shares in which 74,00,000 equity shares issued through initial
public offer and 2,00,000 equity shares issued through preferential issuer.

TRANSFER TO RESERVE:

During the financial year under review no amount transferred to reserves.

DIVIDEND:

Your Directors in order to conserve the resources do not recommend any dividend for the year 2024-25 under review.

CHANGE IN NATURE OF COMPANY'S BUSINESS:

During the year under review, there is no change in the nature of company's Business.

DETAILS OF DIRECTORS / KEY MANAGERIAL PERSONNEL APPOINTED / RESIGNED:

i. Retirement by Rotation:

Pursuant to the provisions of Section 152(6) of the Companies Act, 2013, Mr. Sunny Sunil Singhi (DIN: 07210706), retires by rotation
at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Your directors recommend his re¬
appointment.

ii. Appointment/Cessation:

• During the year under review, there was no change in the constitution of the Board of Directors of the Company.

Key Managerial Personnel:

• During the year, the following changes occurred:

DETAILS OF HOLDING / SUBSIDIARY COMPANIES / JOINT VENTURES / ASSOCIATE COMPANIES:

The Company doesn't have any Holding/ Subsidiary/ Joint Ventures/ Associate Companies at the start of the year, during the year or at
the end of the year and hence there is no requirement of giving the statement containing the salient feature of the financial statement
of the company's subsidiary or subsidiaries, associate company or companies and joint venture or ventures.

DECLARATION BY INDEPENDENT DIRECTORS:

During the Financial year under review, Declarations were received from all the Independent Directors of the Company stating that
they satisfy the "criteria of Independence" as defined under Regulation 16(b) & 25(8) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 read with the provisions of Section 149(6) of the Companies Act, 2013, any other applicable Schedules
and Rules framed there-under.

Further in the opinion of the Board, the independent directors possess requisite expertise, experience and integrity. All the independent
directors on the Board of the Company are registered with the Indian Institute of Corporate Affairs, Manesar, Gurgaon as notified by
the Central Government under Section 150(1) of the Companies Act, 2013 and as applicable shall undergo online proficiency self¬
assessment test within the time prescribed by the IICA.

DISCLOSURE UNDER SECTION 164(2) OF THE COMPANIES ACT, 2013:

The Company has received the disclosure in Form DIR-8 from its Directors being appointed or re-appointed and has noted that none of
the Directors are disqualified under Section 164(2) of the Companies Act, 2013 read with Rule 14(1) of Companies (Appointment and
Qualification of Directors) Rules, 2014.

DEPOSIT:

The Company has not invited/accepted any Deposit within the meaning of Chapter V of the Companies Act, 2013 other than exempted
deposit as prescribed under the Companies Act, 2013. Hence there are no particulars to report about the deposit falling under Rule 8
(5) (v) and (vi) of Companies (Accounts) Rules, 2014.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS:

During the year under review, there were no significant and material orders passed by any Regulators or Court or Tribunals which may
have impact on the going concern status or which may have impact on the Company's operation in future.

Pending material litigations against our Company:

An application bearing Company Petition No. CP/19(AHM) of 2022 has been filed under sections 73(4) and 76(2) of the Companies Act,
2013 read along with Companies (Acceptance of Deposits) Rules, 2014 ("Application") by Mr. Mujlibhai Karamshibhai Patel and Mr.
Sandipkumar Karamshibhai Patel (collectively, "Applicants") against our Company before the Hon'ble National Company Law Tribunal,
Ahmedabad Bench at Ahmedabad ("NCLT"). The matter is relating to a dispute arising out of the deposit amounts ("Deposits") that
are payable to the Applicants by our Company. The Applicants in the Application have prayed for payment of Deposits made by the
Applicants amounting to ^ 48.13 lakh along with interest on account of its default in repayment of amounts given as Deposits in the
form of unsecured loan by the Applicants at an agreed rate of interest. Further, the Applicants alleged that since our Company had not
replied to certain letters sent to it by the Applicants seeking repayment, the Applicants had filed a complaint under investor compliant
form with the RoC for default in repayment of Deposits. Thereafter, the RoC had issued a notice dated July 31, 2020 ("Notice") to our
Company in relation to the aforementioned complaint. The Applicants stated that since no reply was received by them from the RoC,
the Applicant has filed the Application before the NCLT. However, our Company had duly sent a reply to the Notice on October 10,
2020 denying all the claims of the Applicants, including the receipt of Deposits from the Applicants, and the existence of any liability
with respect to the repayment of any dues to the Applicants in view of a memorandum of understanding ("MoU") executed on May
1, 2016 by and between the promoters, shareholders, and past directors of our Company, including the Applicants on one part, and
our Company, including the present shareholders and directors, on the other part. The MoU lays down certain terms and conditions
pertaining to transfer of 100% shareholding of our Company from the past directors to the present directors of our Company. Through
the MoU, the Applicants, being the erstwhile directors, had waived-off all past liabilities of our Company with respect to payment of
dues except an amount of ^11.75 Cr not attributable to the Applicants. The MoU further lays down that the liability with respect to all
dues payable before the date of execution of the MoU (inclusive) would be that of the transferors of the shareholding, i.e., the past
directors, including the Applicants themselves, who had resigned from the directorship of our Company before the execution of the
MoU. The matter is presently pending.

INTERNAL FINANCIAL CONTROLS:

The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of
the Company. The Company has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business,
including adherence to Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information.

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

Pursuant to Rule 8 (3) of Companies (Accounts) Rules, 2014 and section 134 of the Companies Act, 2013, the Company has effectively
taken steps for conservation of resources and all effective measures have been taken to save energy.

(A) Conservation of energy-

The proposed capital investment on energy conservation equipment:

(B) Technology absorption-

The Company has taken precautionary steps for technology absorption by implementing various measures & efforts which
improve the productivity of the machineries, improve quality of a product, reduce the cost of a manufacturing and no specific
investment has been made in reduction in technology absorption.

(C) Foreign exchange earnings and Outgo-

During the period under review foreign exchange earnings or out flow reported as follow: ('. in Lacs)

VIGIL MECHANISM

Pursuant to Section 177(9) of the Companies Act, 2013, the company has adopted Whistle Blower Policy to deal with any instance
of fraud and mismanagement. The employees of the company are free to report violations of any laws, rules, regulations and
concerns about unethical conduct to the Audit Committee under this policy. The policy ensures that strict confidentiality is
maintained whilst dealing with concerns and also that no discrimination with any person for a genuinely raised concern.

NUMBER OF BOARD MEETINGS:

During the year, Nineteen (19) Board Meetings were on 24.04.2024, 10.05.2024, 15.05.2024, 17.05.2024, 20.05.2024, 31.05.2024,

01.06.2024, 12.06.2024, 27.07.2024, 02.09.2024, 11.09.2024, 12.09.2024, 13.09.2024, 27.09.2024, 26.10.2024, 14.11.2024,

02.01.2025, 10.01.2025 and 31.03.2025. The Company has observed the provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 regarding meeting of Board of Directors and that the time gap between two consecutive board
meetings was not more than one hundred and twenty days. The necessary quorum was present in all the meetings.

AUDIT COMMITTEE

The Committee comprises of 3 Non-Executive Director and the Chairman being an Independent Director. The Composition of the
Committee as on 31^st March 2025 and attendance of the members is given hereunder:

During the Financial year 2024-25, 6 meetings of the Audit Committee were held on following dates:
20.05.2024, 31.05.2024, 01.06.2024, 02.09.2024, 14.11.2024, 10.01.2025.

Requisite quorum was present during the meetings.

The primary objective of the Audit Committee is to monitor and provide effective supervision of the management's financial
reporting process to ensure accurate and timely disclosures, integrity and quality of financial reporting. The Committee oversees
related party transactions, the work carried out in the financial reporting process by the management, the Statutory Auditors,
Internal Auditor, the Cost Auditor, the Secretarial Auditor and notes the processes and safeguards employed by each of them.

The Company Secretary of the Company acts as Secretary of the Committee.

NOMINATION & REMUNERATIO N COMMITTEE:

The Committee comprises of 3 Non-Executive Director and the Chairman being an Independent Director. The Composition of the
Committee as on 31^st March, 2025 and attendance of the members is given hereunder:

During the Financial year 2024-25, 1 meeting dated 01.06.2024 of the Nomination and Remuneration Committee were held.
Requisite quorum was present during all the meetings.

The primary objective of the Nomination and Remuneration Committee ("NRC") is to identify persons who are qualified to become
directors and who may be appointed in senior management in accordance with the criteria laid down including remuneration
payable to the senior management, recommend to the Board their appointment and carry out evaluation of every director's
performance.

STAKEHOLDER RELATIONSHIP COMMITTEE:

The Committee comprises of 2 Non-Executive Director and 1 Executive Director, the Chairman being An Independent Director. The
Composition of the Committee and attendance of the members is given hereunder:

During the Financial year 2024-25, 1 meeting dated 01.06.2024 of the Stakeholder Relationship Committee was held. Requisite
quorum was present during the meetings.

The Committee looks into the grievances of the Shareholders related to transfer of shares, and non-receipt of annual report
and recommends measure for expeditious and effective investor service. However, there were no Complaints received to the
Company during the financial year 2024-25.

The Company Secretary of the Company acts as Secretary of the Committee.

The Company has duly appointed Registrar and Share Transfer Agent (R&T Agent) for servicing the shareholders holding shares in
physical or dematerialized form. All requests for dematerialization of shares are likewise processed and confirmations thereof are
communicated to the investors within the prescribed time. There were no complaints received during the year ended 31^st March
2025.

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE:

The CSR Committee comprises of 2 Executive Director and 1 Executive Director, the Chairman being an Independent Director. The
Composition of the Committee and attendance of the members is given hereunder:

CSR Committee:

During the Financial year 2024-25, 2 (Two) meeting of the CSR Committee was held on 01.06.2024 and 10.01.2025. Requisite
quorum was present during the meetings.

The primary objective of the committee is to develop and implement the company's CSR strategy, ensuring that it aligns with
the company's values, goals, and business objectives. The committee sets priorities for CSR initiatives and decide on the areas
of focus, such as environmental sustainability, social equity, or community development. It is also responsible for creating and
updating CSR policies and guidelines. This includes defining the principles and standards the company will follow to ensure ethical
behavior and positive social impact.

Further, the committee monitors the execution of CSR programs and projects to ensure they meet the defined objectives. They
assess the effectiveness of these initiatives and provide recommendations for improvement.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT:

A report on Management Discussion and Analysis Report (MDAR) is annexed to this report as Annexure A, inter-alia deals
adequately with the operations and also current and future outlook of the Company.

RELATED PARTY TRANSACTIONS:

All the transactions/contracts/arrangements of the nature as specified in Section 188(1) of the Companies Act, 2013 entered by
the Company during the year under review with related party (ies) are in ordinary course of business and on arm's length. AOC-2
is forming part of this report as Annexure B.

The Details of the Transactions with related parties as per accounting standards are given in the Financial Statement to the note
forming part of the accounts.

CORPORATE SOCIAL RESPONSIBILITY:

The Board in compliance with the provisions of Section 135(1) of the Companies Act, 2013, and rules made thereunder has
constituted CSR Committee consisting of Mr. Varun Jain, Mr. Sunil Singhi and Ms. Sapna Jain. A brief outline of the CSR Policy and
the CSR initiatives undertaken by the Company during the year is given in Annual Report on Corporate Social Responsibility (CSR)
activities in the Annexure C, which forms part of this report.

POLICIES

In accordance with the requirements of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Board of Directors of the
Company has framed the following policies:

1. Policy on materiality of dealing with Related Party Transactions.

2. Policy for Preservation of Documents

3. Whistle Blower Policy

4. Policy for procedure of inquiry in case of leak of Unpublished Price Sensitive Information (UPSI)

5. Content Archiving Policy

6. Criteria for making payments to Non- Executive Directors

7. Dividend Distribution Policy

8. Familiarization Programme for independent directors.

9. Code of conduct to regulate, monitor and report trading by insiders.

10. Policy for determining Material Subsidiary

11. Policy on disclosure of material events or information

12. Board Diversity Policy

13. Policy on identification of Group Companies, Material Creditors and Material Litigations.

14. Policy on prevention of sexual harassment

15. Terms and conditions for appointment of Independent Directors.

16. Nomination & Remuneration Policy (NR Policy)

17. Code of Conduct for board members and senior management.

18. Corporate Social Responsibility Policy (CSR Policy)

19. Code of Practices and Procedures for fair disclosure of upsi

All the above policies have been displayed on the website of the Company viz. https://www.adityaultrasteel.com/.

SALIENT FEATURES OF THE NOMINATION & REMUNERATION POLICY:

Nomination & Remuneration Policy contain following Salient Features:

1. Scope of the policy - Policy applicable to Directors, KMPs and other employees

2. Criteria for determining qualifications, positive attributes, independence of a director

3. Composition of Nomination and Remuneration Committee

4. Power and functions of Nomination and Remuneration Committee

5. Senior Management, Succession plans, Evaluation of performance, Board Diversity

6. Remuneration, retirement, Sitting Fees, Tenure, Removal etc.

There is no changes in the Nomination and Remuneration policy during the financial year under review.

SALIENT FEATURES OF CSR POLICY:

CSR Policy contain following Salient Features:

1. Objective of the CSR Policy

2. Composition of CSR Committee

3. Power and Functions of CSR Committee

4. CSR Programmes

5. Monitoring and Evaluation Mechanisms

6. CSR Annual Action Plan (CAAP) Preparation, Approval and implementation
There is no changes in the CSR policy during the financial year under review.

AUDITORS:

i. Statutory Auditor and their Report

M/s. S N Shah & Associates, Chartered Accountants, (Firm Registration No. 0109782W) were re-appointed as statutory auditor
of the Company at the Extra- Ordinary General Meeting held on 31^st May, 2023, to hold the office till the conclusion of Annual
General Meeting to be held in the year 2025. The term of appointment of M/s. S N Shah & Associates, Chartered Accountants
to be valid till the ensuing Annual General Meeting pursuant to Section 139(2) of the Companies Act, 2013 read with rules made
thereunder hence they are not eligible for reappointment for ensuing five consecutive financial years.

Further Board has recommended the appointment of M/s. S N D K & Associates LLP, Chartered Accountants (Firm Reg. No.
W100060) as the Statutory Auditors of the Company in place of M/s. S N Shah & Associates, Chartered Accountants, (Firm
Registration No. 0109782W), for a term of five consecutive years to hold office from the conclusion of this Annual General
Meeting (AGM) till the conclusion of the AGM to be held for the financial year ending on March 31, 2030, on the remuneration
as may be decided by Board in consultation with the Statutory Auditors. Written consent cum certificate of the proposed auditors
containing that the appointment, if made, shall be in accordance with the conditions specified in Rule 4 of the Companies (Audit
and Auditors) Rules, 2014 has been received.

Auditors Report:

The Notes on financial statements referred to in the Auditors' Report are self-explanatory and do not call for any further comments.
The report does not contain any qualification, reservation or adverse remark.

ii. INTERNAL AUDITOR

The Board of Directors had appointed M/s. N R Kalal & Associates, Chartered Accountants (FRN: 149215W), as Internal Auditors
of the Company for the Financial Year 2024-25.

iii. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

The Board of Directors of the Company has in compliance with the provisions of Section 204(1) of the Companies Act, 2013 and
rules made therein appointed M/s. Umesh Ved & Associates, Company Secretaries as Secretarial Auditor, to carry out Secretarial
Audit of the Company for the financial year 2024-25.

The Report of the Secretarial Auditor is annexed to this Report as "Annexure D" which is self-explanatory and gives complete
information. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

iv. COST RECORDS AND COST AUDITORS:

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with relevant rules made thereunder, maintenance of
cost records is required and accordingly such accounts and records are made and maintained by the Company.

Further, in accordance with the said applicable provisions, M/s. Anuj Aggarwal & Co., Cost Accountants, (FRN: 102409) appointed
as cost auditor to audit the cost records of the Company for the financial year 2024-25.

DIRECTORS RESPONSIBITLY STATEMENT:

As required under the provisions of Section 134 of the Act, to the best of their knowledge and belief the Board of Directors report that:

a. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation
relating to material departures.

b. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and
of the profits 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 Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. The Directors have prepared the annual accounts on a going concern basis.

e. The Directors have laid down Internal Financial Controls as required by Explanation to Section 134(5)(e) of the Act) to be followed
by the Company and such internal financial controls are adequate and are operating effectively.

f. The Directors have devised proper systems to ensure compliance with the provisions of applicable laws and such systems are
adequate and operating effectively.

PARTICULARS OF EMPLOYEES:

Details pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure E of this report.

The statement containing particulars of employees as required under Section 197 of the Companies Act, 2013 read with Rule 5(2) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, will be provided upon request. In terms of
Section 136 of the Companies Act, 2013, the Report and accounts are being sent to the members and others entitled thereto, excluding
the information on employees' particulars which is available for inspection by members at the registered office of the Company during
business hours on working days of the Company up to the ensuing Annual General Meeting. If any member is interested in obtaining a
copy thereof, such member may write to the Company Secretary in this regard at cs@aditya-ultra-steel.com.

COMPLIANCE WITH THE SECRETARIAL STANDARDS:

The Company has complied with all the provisions of Secretarial Standards on Board Meetings and General Meetings issued by the
Institute of Company Secretaries of India.

ENVIRONMENT AND SAFETY:

The company understands the value of operating in an ecologically friendly and safe manner. The Company's philosophy mandates that
activities be carried out in such a way that all parties involved are safe, environmental standards are followed, and natural resources
are preserved.

PARTICULARS OF LOANS / GUARANTEES / INVESTMENT:

The Particulars of loans, guarantee or investment made under Section 186 of the Companies Act, 2013 are forming part to the Financial
Statements for the year ended 31^st March 2025.

EXTRACT OF THE ANNUAL RETURN

Pursuant to section 92(3) of the Companies Act, 2013 ('the Act') and rule 12(1) of the Companies (Management and Administration)
Rules, 2014, extract of annual return is placed on the website of the company www.aditya-ultra-steel.com.

RISK MANAGEMENT POLICY

The Company has a structured risk management policy. The Risk management process is designed to safeguard the organization from
various risks through adequate and timely actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize its
impact on the business. The potential risks are inventoried and integrated with the management process such that they receive the
necessary consideration during decision making. In the opinion of the Board there has been no identification of element of risk that
may threaten the existence of the Company.

ANNUAL PERFORMANCE EVALUATION:

In compliance with the provisions of the Act and voluntarily under SEBI (LODR) Regulations, 2015, the performance evaluation was
carried out as under:

Board:

In accordance with the criteria suggested by the Nomination and Remuneration Committee, the Board of Directors evaluated the
performance of the Board, having regard to various criteria such as Board composition, Board processes, Board dynamics etc. The
Independent Directors at their separate meetings, also evaluated the performance of the Board as a whole based on various criteria.
The Board and the Independent Directors were of the unanimous view that performance of the Board of Directors on a whole was
satisfactory.

Committees of the Board:

The performance of the Audit Committee, the Nomination and Remuneration Committee, Stakeholders Relationship Committee and
CSR Committee was evaluated by the Board having regard to various criteria such as committee composition, committee, processes,
committee dynamics etc. The Board was of the unanimous view that all the committees were performing their functions satisfactorily
and according to the mandate prescribed by the Board under the regulatory requirements including the provisions of the Act, the Rules
framed thereunder and the Listing Agreement.

Individual Directors:

(a) Independent Directors: In accordance with the criteria suggested by the Nomination and Remuneration Committee, the
performance of each independent director was evaluated by the entire Board of Directors (excluding the director being evaluated)
on various parameters like engagement, leadership, analysis, decision making, communication, governance and interest of
stakeholders. The Board was of the unanimous view that each independent director was a reputed professional and brought his/
her rich experience to the deliberations of the Board. The Board also appreciated the contribution made by all the independent
directors in guiding the management in achieving higher growth and concluded that continuance of each independent director
on the Board will be in the interest of the Company. Performance of the Independent Directors was satisfactory.

(b) Non-Independent Directors: The performance of each of the non-independent directors was evaluated by the Independent
Directors at their separate meeting. Further, their performance was also evaluated by the Board of Directors. The various criteria
considered for the purpose of evaluation included leadership, engagement, transparency, analysis, decision making, functional
knowledge, governance and interest of stakeholders. The Independent Directors and the Board were of the unanimous view that
each of the non-independent directors was providing good business and people leadership. Performance of the Non-independent
Directors was satisfactory.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED
BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF
THE REPORT;

There are no material changes and commitments, which may have affect the financial position of the Company between the end of the
financial year of the company to which the financial statements relate and the date of the report.

SEXUAL HARASSMENT:

The Company has constituted an Internal Complaint Committee as required under Section 4 of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressed) Act, 2013 and the Rules made thereunder. During the year under review, no
complaints were reported.

TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND:

During the year under review, the provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend
declared and paid in last seven years so the Company was not required to transfer any amount to the Investor Education and Protection
Fund (IEPF) established by the Central Government pursuant to the provision of Section 125 (e) of the Companies Act, 2013 as there is
no amounts unclaimed for a period of 7 years from the date it became due for repayment.

REPORTING OF FRAUD:

During the year under review there was no instance of any fraud which has been reported by any Auditor to the Audit Committee or
the Board.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, there were no applications made or proceedings pending in the name of Company under the Insolvency
and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE TAKING LOAN FROM
THE BANKS OR FINANCIAL INSTITUTIONS

During the year under review, there has been no one time settlement of loans taken from the Banks or Financial Institutions.
COMPLIANCE OF THE PROVISIONS RELATING TO THE MATERNITY BENEFIT ACT 1961:

Provisions relating to the Maternity Benefit Act, 1961 not applicable to the company during the financial year under review.
APPRECIATION:

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the employees,
Banks, Financial Institutions, Customers, Business Associates, Government Departments, suppliers, and other stakeholders who have
extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by
all executive officers and staff at all levels of the company. We look forward for the continued support of all stakeholders in the future
and we are very thankful for the confidence shown in the Company.

Regd Office: By order of Board of Directors of

Survey No-48, Wankarner Boudry, ADITYA ULTRA STEEL LIMITED

Bhalgam, National Highway 8-A,

Wankaner, Rajkot- 363621

Sunny Sunil Singhi

Date: 04/08/2025 Chairman & Managing Director

Place: Rajkot DIN: 07210706