Your Directors have a great pleasure in presenting the 43rd Annual Report on the business &
operations together with the Audited Financial Statements of the Company for the financial
yearended March 31,2025.

FINANCIAL HIGHLIGHTS:

The financial performance for the financial year (FY) 2024-25 is summarized in the following
table:

STATE OF COMPANY AFFAIRS & REVIEW OF BUSINESS OPERATIONS:

During the year under review,

the Company recorded Total Revenue of ?5,078.41 Lakhs, remaining slightly consistent with
the previous year. Revenue from operations stood at ?5,021.12 Lakhs compared to ?5,097.31
Lakhs in the previous financial year, indicating a marginal dip of 1.49%. However, the Company
continues to maintain a stable revenue base despite challenging market dynamics and
competitive industry pressures.

The Total Expenses for the year stood at 4,883.77 Lakhs, reflecting a reduction of 104.78
Lakhs compared to 4,988.55 Lakhs in the previous year. This improvement is primarily
attributable to effective cost control measures and operational efficiency enhancements
undertaken during theyear.

As a result, the Company achieved a Profit before Tax (PBT) of 194.65 Lakhs, as against
164.34 Lakhs in the previous year, reflecting a growth of approximately 18.45%.

However, due to a net deferred tax impact of (93.77) Lakhs, as compared to a significant
deferred tax gain of 598.98 Lakhs in the previous year, the Profit after Tax (PAT) for LY
2024-25 stood at 100.88 Lakhs, compared to 763.32 Lakhs in LY 2023-24. The previous
year's PAT was exceptionally high due to recognition of deferred tax assets in line with IND AS
principlesand improved profitability outlook.

Accordingly, the Earnings per Share (EPS) for the year stood at 1.11 as compared to 8.22 in
the previous year.

Despite a relatively stable top-line performance, the net profit was moderated primarily due
to the absence of deferred tax gain which had positively impacted the bottom line in the prior
year. The operational performance, however, continues to reflect resilience and sustained
efforts toward cost management, customer retention, and product optimization.

The Company remains focused on strengthening its core competencies, exploring new
business opportunities, and improving operational efficiencies to deliver long-term
shareholdervalue.

BUSINESS OUTLOOK:

Our Company stands on a robust and promising foundation, driven by the global uptrend in
demand for efficient energy infrastructure and renewable energy solutions. As
industrialization and urbanization continue to accelerate, the need for reliable electrical
transmission and distribution systems becomes increasingly critical—placing transformer
manufacturers like us at the core of this transformation.

Furthermore, government-led initiatives aimed at modernizing aging power grids and
enhancing energy efficiency are expected to significantly contribute to market expansion. In
this evolving landscape, our Company is well-positioned to capitalize on these opportunities
by leveraging innovation, upholding the highest quality standards, and strategically
expanding into emerging markets. These focused efforts are expected to drive sustainable
growth and strengthen our competitive edge in the dynamic energy sector.

REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES OR JOINT VENTURE
COMPANIES:

During the year under review, the company did not have any Subsidiaries, Associates, or Joint
Venture Companies as of March 31, 2025. Consequently, Form AOC-1, which contains the
salient features of Subsidiaries, Associate, and Joint Venture Companies, is not required to be
annexed to theAnnual Report.

CHANGE IN THE NATURE OF BUSINESS:

The Company primarily engaged in the business of manufacturing and repairing of Electrical
equipment mainly transformers. There has been no change in the nature of the business of the
Company during the year under review.

TRANSFER TO RESERVES:

During the year under review, the company has not transferred any amount to the general
reserves.

DIVIDEND:

Your directors did not have recommended any Dividend during this financial year.

SHARE CAPITAL:

The Authorised Share Capital of the Company is Rs. 12,00,00,000/- comprising of 1,20,00,000
equity shares of Rs. 10/- each. Further the Paid-up share Capital of the Company stood at Rs.
9,15,06,450/- consisting of 9150645 of equity shares of Rs. 10/- each. During the year under
review, the company did not have issued any fresh securities.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR 31.03.2025 OF THE COMPANY TO WHICH THE FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the
Company that have occurred between the end of the financial year of the Company to which
the financial statements relate and the date of the Report i.e. between March 31, 2025 to July
01,2025.

DEPOSITS:

Your Company has not accepted any deposit during the year and there was no deposit at the
beginning of the year. Therefore, Section 73 to 76 of the Companies Act, 2013 read with
Companies (Acceptance of Deposits) Rules, 2014 made under Chapter VI of the Companies
Act 2013 relating to acceptance of deposits are not applicable to the Company and hence, no
detail of the deposit is given in the report.

LISTING INFORMATION:

The Equity Shares of your Company is listed on Bombay Stock Exchange (BSE) Limited and
Calcutta Stock Exchange Limited (CSE). The Company confirms that it has paid the Annual
Listing Fees to the Exchanges where the Company's Shares are listed.

DIRECTORS:

• In accordance with the provisions of Section 152(6) of the Companies Act, 2013 read with
the Companies Appointment and Qualification of Directors) Rules, 2014 and other
applicable provisions of the Companies Act, 2013, Mr. Debasis Das (DIN: 00402790),
Director of the Company is liable to retire by rotation at the forthcoming 43rd Annual
General Meeting (AGM) being eligible, has offered himself for reappointment.

• During the year under review Mr. Balmukunda Das, Independent Director of the Company,
has resigned due to his personal reason and the Board taken the note of the same with
effect from November 13,2024.

• Pursuant to the provisions of the Sections 149, 152, 161(1) read with Schedule IV of the
Companies Act, 2013, Mr. Prem Sagar Mishra (DIN:10931842) and Mr. Rashmi Ranjan
Satapathy (DIN: 06371240) have been appointed as additional Independent Director of the
company with effect from February 03,2025 and their appointment as directors are subject
to approval of shareholders in the ensuing Annual General meeting of the Company.

• During the year under review Mr. Suryakanta Das, Independent Director of the Company
has resigned from the position due to his personal reason with effect from January 18,
2025, and the Board has taken the note of the Same in their meeting held on February 03,
2025.

• During the year under review Mr. Sandip Kumar Mohanty (DIN: 01787995), Independent
Director of the Company, has resigned due to his personal reason and the Board taken the
note of the same with effect from February 12,2025.

Resolutions seeking the appointment/ re-appointment of the Directors along with their
profile as required under Regulation 36(3) of SEBI Listing Regulations forms part of the Notice
of the ensuing Annual General Meeting.

KEY MANAGERIAL PERSONNEL (KMP):

The following are the Key Managerial Personnel (KMP) of your Company pursuant to the
provisions of Section 203 of the Companies Act, 2013, as on March 31,2025: -

1. Mr. Dillip Kumar Das (DIN: 00402931), Managing Director

2. Mr. Debasis Das (DIN: 00402790), Whole-Time Director

3. Mr. Bikash Kumar Dutt- Chief Financial Officer

4. Mr. Rajesh Kumar Sundarray, Company Secretary & Compliance Officer

• During the year under review Mr. Ranjit Kumar Biswal chief financial officer of the Company
has retired from the company upon reaching superannuation age with effect from May 27,
2024 and the Board has taken note of the same.

• Pursuant to the Section 203 read with rule 8 of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 and other applicable provisions of the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015 and on the recommendation by
the Nomination and Remuneration Committee, the Board has appointed Mr. Bikash Kumar
Dutt, as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the
Company w.e.f. May 28,2024.

MEETINGS OFTHE BOARD OF DIRECTORS:

The Board of Directors of your Company met 7 (Seven) times during Financial Year 2024-25 on
17/05/2024,27/05/2024,24/07/2024,14/08/2024,13/11/2024,03/02/2025, and 12/02/2025.
The details of Board Meetings and the attendance of the Directors, are provided in the
Corporate Governance Report. The intervening time gap between two consecutive Meetings
of the Board was within the limit prescribed under the Companies Act, 2013.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act 2013 and the SEBI (LODR) Regulations, 2015,
the performance evaluation of Independent Directors has been done by all Directors except
Director being evaluated and performance evaluation of the Committees of the Board and
individual Directors has been done by the entire Board of Directors as a whole. The Structured
Rating sheets for evaluation of Independent Directors, its own performance, and that of its
committees and individual Directors were placed down before the Directors. Directors
assigned the specific ratings in Rating Sheets after taking into consideration various aspects
and vital feedback was received from them on how the Board currently operates and how it
might improve its effectiveness. The Board of Directors has expressed its satisfaction with the
evaluation process.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Companies Act,
2013, the Directors of the Company to the best of their knowledge and ability, confirm that:

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

ii) the directors have selected such accounting policies and applied them consistently and
madejudgments and estimates that are reasonable and prudent so as to give a true and
fair view of state of affairs of company at end of Financial Year of Profit and Loss of
company forthat period.

iii) 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 company and for preventing and detecting fraud and other irregularities.

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

v) the directors had laid down internal financial controls to be followed by company and that
such internal financial controls are adequate and were operating effectively and

vi) the Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

INDEPENDENT DIRECTORS:

The Company had following three Independent Directors as on March 31,2025:

1. Mr. Prem Sagar Mishra (DIN: 10931842)

2. Mr. Rashmi Ranjan Satapathy (DIN: 06371240)

All the Independent Directors of your Company had registered themselves with the databank
maintained by the Indian Institute of Corporate Affairs, in terms of the provisions of Rule 6 of
the Companies (Appointment and Qualification of Directors) Rules, 2019 and the Companies
(Creation and Maintenance of Databank of Independent Directors) Rules, 2019.

Your Company has received declarations from all the above-named Independent Directors
confirming that they meet the criteria of independence as prescribed under Section 149(6) of
the Companies Act, 2013, read with the Schedules and Rules issued thereunder, as well as
clause (b) of sub-regulation (1) of Regulation 16(1)(b) of the Listing Regulations (including any
statutory modification(s) or re-enactment(s) thereof for the time being in force) and the same
have been taken on record by the Board after undertaking due assessment of the veracity of
the same.

All the Independent Directors of the Company have complied with the Code for Independent
Directors prescribed in Schedule IV to the Companies Act, 2013.

The criteria for determining qualifications, positive attributes and independence of Directors
and the policy on familiarization programmes are available on the Company's website, viz.,
www.alfa.in attheweb link https://www.alfa.in/policies.htm.

The Independent Directors met once during the financial year 2024-25, i.e., on March 28, 2025
in terms of provisions of Schedule IV of the Companies Act, 2013. All the independent
directors of the Company were present at the meeting.

COMMITTEES OFTHE BOARD:

TheCompany's Board hasthefollowing Committees:

A.AUDIT COMMITTEE

Pursuant to the provisions of Section 177 of the Companies Act, 2013, your Company has
constituted/reconstituted its Audit Committee from time to time. As on March 31, 2025, the
Composition of Audit Committee was as follow:

There are changes in the Composition of the Audit Committee during the Financial Year 2024¬
25 and theAudit committee has reconstituted on February 03,2025.

Audit Committee Meetings were held Four (4) times on 27/05/2024,14/08/2024,13/11/2024,
and 12/02/2025 during financial year 2024-25. The Company Secretary and Compliance
Officer acts as Secretary to the Audit Committee. The Board has accepted all the
recommendations of the Audit Committee.

B. NOMINATION AND REMUNERATION COMMITTEE:

Pursuant to the provisions of Section 178 of the Companies Act, 2013, your Company has
constituted/reconstituted its Nomination and Remuneration Committee from time to time. As
on March 31, 2024, the Composition of Nomination and Remuneration Committee was as
follow:

There are changes in the Composition of the Nomination and Remuneration Committee
during the Financial Year 2024-25 and the committee has reconstituted on February 03, 2025.
Nomination and Remuneration Committee Meeting held Two (2) Times on 27/05/2024 and
12/02/2025 during the Financial Year.

C. SHARE TRANSFERANDINVESTORGRIEVANCECOMMITTEE:

Pursuant to the provisions of Section 178 of the Companies Act, 2013, your Company has
constituted/reconstituted its Stakeholders Relationship Committee from time to time. As on
March 31,2025, the Composition of Stakeholders Relationship Committee was as follow:

Share Transfer and Investor Grievance Committee Meeting held Two (1) Time on 28/03/2025
during the Financial Year.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT, 2013:

The details of Loans, Investments and Guarantees covered under Section 186 of the
Companies Act, 2013 form a part of the Notes to the Financial Statements provided in this
Annual Report.

RELATED PARTY TRANSACTIONS:

All Related Party Transactions entered into by your Company during the Financial Year 2024¬
25 were on arm's length basis and in the ordinary course of business. There were no materials
significant Related Party Transactions entered into by the Company which may have a
potential conflict with the interest of the Company. Accordingly, as per provisions of Sections
134(3)(h) and 188 of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts)
Rules, 2014, disclosure of Related Party Transactions in Form AOC-2 is not applicable.

CORPORATE SOCIAL RESPONSIBILITY:

The provisions of Section 135 of the Companies Act, 2013 and rules made thereunder for
contribution of Corporate Social Responsibility and the constitution of Corporate Social
Responsibility Committee, is not applicable to the Company for the year during review.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO:

A. CONSERVATION OF ENERGY:

Energy conservation continues to be accorded high priority by your Company. The Company
has already taken up steps for implementing Energy Conservation measures byreplacing of all
conventional machineries, creating awareness among employees, regulated usage of plant,
machinery and other equipment's and use of energy saving equipment's. Company continues
its efforts to reduce and optimize the energy consumption at all manufacturing facilities,
including corporate office through continuous monitoring and high degree of awareness for
energy conservation.

The Company is in the process of taking steps for utilising alternate sources of energy.
Company has not made any capital investment on energy conservation equipments.

B. TECHNOLOGY ABSORPTION:

Efforts, in brief, made towards technology absorption and innovation: The Company
continues to use the latest technologies for improving the productivity and quality of its
services and products.

Benefits derived as a result of the above efforts: Improvement in product quality.

Technology imported during last years: The Company has not imported technology during
the last three years and no research work has been carried out and therefore there is no
expenditure on thisaccount.

C. FOREIGN EXCHANGE EARNINGS & OUTGO:

Foreign exchange earnings: Nil
Foreign exchange outgo: Nil

RISK MANAGEMENT:

Risk management policy and processes enable the Company to proactively manage
uncertainty and changes in the internal and external environment to limit negative impacts
and capitalize on opportunities. Risk Management is a central part of a firm's strategic
management. Risk Management is a continuous process. There are four fundamental
approaches:

• Identity • Take action

• Assess & Evaluate • Review & report

The Company has developed and implemented the Risk Management Policy of the Company
to identify, evaluate business risks and opportunities. This framework seeks to create
transparency, minimize adverse impact on the business objectives and enhance the
Company's competitive advantage.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has in place adequate internal financial controls with reference to financial
statements. The Company has also appointed an Internal Auditor to ensure compliance and
effectiveness of the Internal Control Systems in place.

ANTI SEXUAL HARASSMENT POLICY:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of
the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act
2013. Internal Complaint Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are
covered under this policy. During the year under review no complaints were reported to the
Board.

VIGIL MECHANISM:

The company has established Vigil Mechanism through its whistle Blower Policy approved
and adopted by the Board of Directors in Compliance with Section 177 of the Companies Act,
2013.

The Vigil Mechanism provides a proper platform to the directors and employees to report
their genuine concerns or any instances of illegal or unethical practices, actual or suspected
fraud or violation of the Company's code of conduct or ethics policy and disclosure/leak of
unpublished price sensitive information to audit Committee or its Chairperson.

The Policy also provides adequate safeguards against victimization of director(s) or
employee(s) or any other person who avail the mechanism and also provides for direct access
to the chairperson of the Audit Committee in appropriate or exceptional cases. During FY
2024-25, no incidents have been reported under Whistle Blower Policy. No personnel of the
Company were denied access to the Audit Committee. The Whistle Blower Policy of the
Company can be accessed at the website of the Company at https://www.alfa.in.

* The percentage increase in remuneration of Mr. Dillip Kumar Das and Mr. Debasis Das
have been doubled in the Annual General Meeting held on August 21,2024.

B. The percentage increase in the median remuneration of employees in the financial
year 2024-25:

C. The number of permanent employees on the rolls of Company: Total permanent
employees as on 31.03.2025 were 118 excluding Directors.

D. Average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if
there are any exceptional circumstances for increase in the managerial
remuneration:

During the year under review, there is no increase in the median remuneration of Employees.

The increase in remuneration is in line with the market trends, cost of living and to ensure the

retention of skilled staff and compliance of Minimum wages Act.

There are no exceptional circumstances for increase in the managerial remuneration.

E. Affirmation that the remuneration is as per the remuneration policy of the
Company:

The Company affirms that the remuneration is as per the remuneration policy of the Company.

F. Statement containing the particulars of employees in accordance with Rule 5 (2) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 for financial year ended March 31,2024:

3) Employee employed throughout the financial year or the part thereof, was in receipt of
remuneration that year which, in the aggregate, or the case may be, at a rate which, in the
aggregate, is in excess of that drawn by the managing director or whole-time director or
manager and holds by himself or along with his spouse and dependent children, not less
than 2% of the equity shares of the company: Nil

REMUNERATION POLICY:

The remuneration policy as recommended by the Nomination and Remuneration Committee
and approved by Board in Board meeting is presented in the Corporate Governance report
forming part of the Annual report.

SHARES IN SUSPENSE ACCOUNT:

There are no shares in suspense account during the year under review.

SHARES IN UNCLAIMED SUSPENSE ACCOUNT:

There are no shares in unclaimed suspense account during the year under review.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND:

In terms of the applicable provisions of the Act read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF
Rules"), dividend(s) which are unpaid and unclaimed for the period of seven years are required
to be transferred to the Investor Education and Protection Fund ("IEPF") administered by the
Central Government.

During the year under review, there was no unpaid / unclaimed dividend to be transferred to
IEPFAccount.

COMPULSORY TRANSFER OF EQUITY SHARES TO INVESTOR EDUCATION AND
PROTECTION FUND ("IEPF") SUSPENSE ACCOUNT:

Pursuant to the provisions of Sections 124 and 125 of the Companies Act, 2013 and the
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016 (as amended), all Equity Shares on which dividend has not been paid or claimed for
7 (seven) consecutive years or more shall be transferred to the Investor Education and
Protection Fund (IEPF) authority after complying with the procedure laid down under the said
Rules.

During the year under review, there were no equity shares to be transferred to IEPFAccount.

CODE OF CONDUCT:

Pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 requires listed companies to laydown a Code of Conduct for
its directors and senior management, incorporating duties of directors as laid down in the
Companies Act, 2013. As required the said code has been posted on the website of the
Company http://www.alfa.in. All the Board members and Senior Management personnel have
affirmed compliance with the code for the year ended March 31, 2025. A declaration to this
effect signed by the Managing Director forms part of the Corporate Governance report.

POLICIES OF THE COMPANY:

The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI (LODR) Regulations, 2015") mandated the formulation of certain
policies for all listed companies. All our Corporate Governance Policies are available on the
Company's website, www.alfa.in. The Policies are reviewed periodically by the Board and its
Committees and are updated based on the need and new compliance requirement.

The key Policies that have been adopted by the Company are as follows:

1. Policy on Familiarization Programmesfor Independent Directors

2. Nomination and Remuneration Policy

3. Whistle Blower Policy/Vigil Mechanism

4. Policy on Prevention of Sexual Harassment at Workplace

5. Policy on Materiality of Related Party Transactions and dealing with Related Party
Transactions.

6. Code of Conduct for Insider Trading (Prohibition of Insider Trading)

7. Policy on Criteria for determining Materiality of Events

8. Archival Policy

9. Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information (UPSI)

10. Code of Conduct for the Board of Directors and Senior Management Personnel
STATUTORY AUDITORS:

In terms of the provisions of Section 139 of the Companies Act, 2013, the members of the
Company at its 41st Annual General Meeting (AGM) held on August 21, 2024 had appointed
M/s. PAMS & Associates, Chartered Accountants, (FR No. 316079E), as the Statutory Auditors
of the Company for a period of one year starting from the conclusion of 42rd AGM till the
Conclusion of 44th AGM and confirmed that they are not disqualified from continuing as
Auditors of the Company.

There are no qualifications or adverse remarks in the Auditors Report given by M/s. PAMS &
Associates, Chartered Accountants, which required any clarification/explanation. The notes
on financial statements are self-explanatory, and needs no further explanation. Further the
Auditors' Report for the financial year ended, March 31,2025 is annexed to this annual report.

SECRETARIAL AUDITORS:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Board of
Directors had, on recommendation of the Audit Committee, at its Meeting held on May 27,
2024, appointed M/s. SarojRay & Associates, Company Secretaries, Bhubaneswar to
undertake the Secretarial Audit of the Company for the Financial Year 2024-25. M/s. SarojRay
& Associates, Secretarial Auditors has issued Secretarial Audit Report in prescribed format
MR-3 for the Financial Year ended March 31, 2025, and is annexed herewith as 'Annexure A¹ to
this Board's Report.

COST AUDIT:

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Audit and
Auditors) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014, the cost
records are required to be maintained by your Company and the same are maintained.
However, Cost Audit was not applicable to the Company during the year under review.

BOARD'S COMMENT ON THE QUALIFICATION OR RESERVATIONS, IF ANY GIVEN BY
THE STATUTORY AUDITOR AND SECRETARIAL AUDITOR:

Since there were no qualification and reservation marks in the reports from the Auditors of the
Company, there were comments received from the Board. Moreover, the Board of Directors
states that the Company has always adhered to the Companies Act, SEBI Laws, its rules and
regulations and all other laws applicable to it.

COMPLIANCE WITH SECRETARIAL STANDARDS:

Your Company is in compliance with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India (TCST).

MANAGEMENT DISCUSSION & ANALYSIS:

Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('Listing Regulations'), the Management Discussion and Analysis Report is
presented in a separate section forming part of this Annual Report highlighting the detailed
review of operations, performance and future outlook of your Company.

CORPORATE GOVERNANCE:

It has been the endeavor of your Company to follow and implement best practices in
Corporate Governance, in letter and spirit. The following forms part of this Annual Report:

(I) Declaration regarding compliance of Code of Conduct by Board Members and Senior
Management Personnel;

(ii) Management Discussion and Analysis Report;

(iii) Report on Corporate Governance and;

(iv) Practicing Company Secretary Certificate regarding compliance of conditions of
Corporate Governance.

ANNUAL RETURN:

Pursuant to the provisions of 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 of your
Company for the Financial Year March 31, 2025 will be uploaded on the website of your
Company and can be accessed at www.alfa.in.

DETAILS OF FRAUDS REPORTABLE U/S 143(12):

During the year under review, there is no fraud being or has been committed in the Company
or against the Company by officers or employees of the Company, which are reportable by the
Auditors to the Central Government or to the Board or to the Audit Committee under Section
143(12) of the Companies Act, 2013; therefore, no disclosure required in this regard.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATION IN FUTURE:

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

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

No applications have been made and no proceedings are pending against the Company
under the Insolvency and Bankruptcy Code, 2016, during the year under review.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM
THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

The disclosure under this clause is not applicable as the Company has not undertaken any
one-time settlement with the banks or financial institutions during the year under review.

HUMAN RESOURCES:

Your Company treats its "human resources" as one of its most important assets. Your
Company continuously invests in attraction, retention and development of talent on an
ongoing basis. A number of programs that provide focused people's attention are currently
underway. Your Company thrust is on the promotion of talent internally throughjob rotation
andjob enlargement.

GENERAL DISCLOSURES:

Your directors state that no disclosure or reporting is required in respect of the following items
as there were no transactions on these items during the year under review:

1. Issue of Bonus Shares and/or Right Shares.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Issue of shares to employees of the Company under Employee stock option Scheme.

4. Issue of shares (including sweat equity shares) to directors or employees of the Company
underany scheme.

5. BuyBackofShares

APPRECIATION & ACKNOWLEDGEMENT:

The Board sincerely thanks the Government of India, SEBI, RBI, the Government of Odisha, the
Government of Gujarat, other State Governments and various government agencies for their
continued support, co-operation and advice.

The Board of Directors place on record sincere gratitude and appreciation for all the
employees at all levels for their hard work, solidarity, cooperation and dedication during the
year. The Board conveys its appreciation for its customers, shareholders, suppliers as well as
vendors, bankers, business associates, regulatory and government authorities for their
continued support.

Place: Bhubaneswar DillipKumarDas DebasisDas

Date: 01stJuly2024 ManagingDirector Whole-TimeDirector

DIN:00402931 DIN:00402790