We have pleasure in presenting the 34th Annual Report of the Company along with the audited statement of accounts for the year
ended March 31, 2025. The financial results for the year are shown below. The working and operational parameters of all the plants
of the Company were quite satisfactory during the year.

FINANCIAL HIGHLIGHTS

(Amount in Lakhs)

SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2025 is Rs
'40,400,000. During the year under review, the Company has
not issued any shares.

RESULT OF OPERATIONS AND THE STATE OF COMPANY'S
AFFAIRS

During the year under review, total revenue of the Company s
is Rs.7943.23 lakhs as against to Rs 6931.51lakhs in the
previous year. Profit for the year 2024-25 is Rs . 143.79 lakhs
as against Rs 167.93 lakhs the previous year.

TRANSFER TO RESERVES

Company has not proposed any amount to be carried to any
reserves.

EXPORT

The total exports of the Company amounted to Rs.5959.50
lakhs (Previous year Rs 5160.79 lakhs) representing about
75.86 percent of the sales. The Company is trying to locate
new export markets for its products and see good potential for
growth in the export business.

DIVIDEND

The Directors have not recommended dividend for the
Financial Year 2024-25.

PUBLIC DEPOSITS

During the year under review, your Company has not accepted
any deposit within the meaning of Section73 and74 of the
Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014 (including any statutory modification(s)
or re-enactment(s) for the time being in force).

CREDIT RATINGS

During the year under review, your company has got
reaffirmation on credit ratings from CARE Rating Limited, a
reputed Credit Rating Agency for its Long term and Short term
Bank Facilities. The Credit Rating Agency has reaffirmed and
assigned its rating of CARE BBB; Stable / CARE A3(Triple B ;
Outlook: Stable / A Three Long-term/ Short term Bank
Facilities and CARE A3 (A Three)] for its Short-term Bank
Facilities.

SUBSIDIARY COMPANIES

Your Company does not have any subsidiary company during
the year; hence consolidation of financial data of the
subsidiary company is also not applicable to the Company for
the financial year 2024-25.

EVALUATION OF THE PERFORMANCE OF THE BOARD,
COMMITTEES AND INDIVIDUAL DIRECTORS

Pursuant to the provisions of the Companies Act, 2013 read
with Rules framed there under and incompliance with the

requirements of SEBI(LODR)Regulations,2015, the Board has
carried out the annual evaluation of its own performance,
performance of the Directors individually as well as the
performance of the working of its Audit, Nomination &
Remuneration and other Committees of the Board. At the
meeting of the Board, all the relevant factors that are material
for evaluating the performance of individual Directors, the
Board and its various Committees, were discussed in detail. A
structured questionnaire each, for evaluation of the Board, its
various Committees and individual Directors, was prepared
and recommended to the Board by the Nomination &
Remuneration Committee, for doing the required evaluation,
after taking into consideration the input received from the
Directors, covering various aspects of the Board's functioning,
such as adequacy of the composition of the Board and its
Committees ,execution and performance of specific duties,
obligations and governance, etc.

A separate exercise was carried out to evaluate the
performance of individual Directors, including the Chairman of
the Board, who were evaluated on parameters such as level of
engagement and contribution, independence of judgment,
safeguarding the interest of the Company and its minority
Shareholders, etc. The performance evaluation of the
independent Directors was carried out by the entire Board.
The performance evaluation of the Chairman and non¬
independent Directors was also carried out by the
Independent Directors at their separate meeting. The
Directors expressed their satisfaction with the evaluation
process.

BOARD MEETINGS AND COMMITTEEES

During the year, seven Board Meetings were held. seven Audit
committee's meetings & three Nomination & Remuneration
committee meetings were convened and held. The intervening
gap between the Meetings was within the period prescribed
under the Act and the Listing Regulations.

The Audit Committee comprises of Mr Ayush Kedia
Independent Director as Chairman, Mr. Shyamal Raval Non
executive Director and Mr. Rishi Tikmani, Whole-time Director,
Ms. Poonam Panchal Independent Director as Members. The
Nomination and remuneration Committee comprises of, Mr.
Ayush Kedia Independent Director as Chairman, Mr Shyamal
Raval Independent Director, Ms. Poonam Panchal Independent
Director as Members The Stakeholder relationship Committee
comprises of Mr Shyamal Raval, Non executive Director as
Chairman, Mr. Ayush Kedia, Independent Director and Mr.
Rishi Tikmani, Whole-time Director as Members.

Further, as per section 177(8) of the Companies Act, 2013
there was not any case during the period under review that
any recommendation is made by the Audit Committee and the
Board has not accepted it.

BUSINESS ACTIVITY

The Company is presently engaged in the process of
manufacturing High Pressure Laminate (H.P.L) Sheets &
Compacts which are available in several Colours, Designs and
Textures. Alfa range consists of more than 600 design decors
and more than 50 textures. Company has also spreading its
footprints globally, producing more than 6 Million sq. mts.
Laminates. With more decors and more finishes, our
innovation brings you beautiful, high quality environmental
friendly decorative solutions. These High Pressure Laminates
are recognized and appreciated by architects, interiors and
fitters. The Laminate sheets are used for various applications
in many areas such as furniture covering, wall paneling,
partitions, door covering, shower panels, interior wall
paneling, exterior wall cladding, green chalk board, white
marker board, dry wipe boards, kitchen top and backsplash,
cubicle partition panel, green chalk board/white market, anti¬
fingerprint laminate, table top , fire retardant and many other
areas.

MANAGEMENT DISCUSSION AND ANALYSIS (MDA)

The annexed Management Discussion and Analysis forms a
part of this report and covers, amongst other matters, the
performance of the Company during the Financial Year 2023¬
24 as well as the future outlook.

DECLARATION OF INDEPENDENCE

All Independent Directors have given declarations as required
under Section 149(7) of the Companies Act, 2013 that they
meet the criteria of independence as provided in Section
149(6) of the Companies Act, 2013 and qualify to act as
Independent Director of the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Ms. Pooja Tikmani (DIN: 00638644), Women Joint Managing
director will retire by rotation at the ensuing Annual General
Meeting pursuant to the provisions of Section 152 of the
Companies Act, 2013 read with the Companies (Appointment
and Qualification of Directors) Rules, 2014 and being eligible
offers herself for re-appointment. The Board recommends her
re-appointment. An appropriate resolution for his re¬
appointment is being placed for your approval at the ensuing
AGM. The brief resume of the Directors and other related
information has been detailed in the Notice convening the
34th AGM of your Company.

During the Financial year, the tenure of two consecutive terms
of 5 years each of two independent Directors namely Mr.
Sanjeev Sharma and Mr. Inderchand Nahta had expired on
05/09/2024 accordingly they had resigned as Directors.

During the year under review, the Board of Directors
appointed the following individuals:

• Mr. Shyamal Raval was appointed as a Non-Executive
Director.

• Ms. Poonam Panchal was appointed as an Independent
Director.

Additionally, there was a change in the designation of Mr.
Ayush Kedia, who was re-designated from a Non-Executive
Director to an Independent Director with effect from August 8,
2024.

Details of Directors seeking appointment as required under
the Listing Regulations are provided in the Notice forming part
of this Annual Report. Their appointments are appropriate and
in the best interest of the Company

In accordance with Section 203 of the Companies Act, 2013,
the Company have Mr. Rishi Tikmani, managing Director, Ms.
Pooja Tikmani , Women Joint Managing Director, Mr. Hansraj
Sekhani, CFO, Ms. Himadri Trivedi, Company Secretary as a Key
Managerial Personnel at the end of the financial year and as
on date of the Board Report.

Your Company in accordance with the provisions of Section
2(51), 203 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 (including any statutory modification(s) or re-
enactment(s) for the time being in force).

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS,
KEY MANAGERIAL PERSONNEL AND PARTICULARS OF
EMPLOYEES

In accordance with Section 178 and other applicable provisions
if any, of the Companies Act, 2013 read with the Rules framed
there under and Regulation 19 of the SEBI (LODR) Regulations,
2015, the Board of Directors formulated the Remuneration
Policy of your Company on the recommendations of the
Nomination and Remuneration Committee. The salient aspects
covered in the Remuneration Policy, covering the policy on
appointment and remuneration of Directors, key managerial
personnel and employees.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134 (3) (c) of the
Companies Act, 2013 your Directors confirm that:

a) in the preparation of the financial statements for the
financial year ended March 31, 2025 ,as far as possible
and to the extent, if any, accounting standards
mentioned by the auditors in their report are complied
with, all other applicable accounting standards have
been followed along with proper explanation relating to
material departure;

b) such accounting policies have been selected and applied
them consistently and judgments and estimates made
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 profit of the Company for
the year ended on that date;

c) the Directors have taken proper and sufficient care has
been taken for maintenance of adequate accounting
records in accordance with the provisions of this Act for

safeguarding the assets of the Company and for
prevention and detection of fraud and other
irregularities;

d) the Directors have prepared the annual accounts on a
going concern basis; and

e) Proper internal financial controls are in place and that
such internal financial controls are adequate and were
operating effectively.

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

CORPORATE GOVERNANCE REPORT

The Company is exempted from providing report on Corporate
Governance in accordance with Regulation 15 of the SEBI
(Listing Obligation and Disclosure Requirements) Regulations,
2015 the compliance with the corporate Governance
provisions as specified in regulation 17 to 27 and Clause (b) to
(i) of sub regulation (2) of Regulation 46 and Para C D and E of
Schedule V are not applicable to the company.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act, 2013 read
with the Companies (Corporate Social Responsibility Policy)
Rules, 2014 are not applicable to your Company.

STATUTORY AUDITORS

At the 31st Annual General Meeting of the Company held in
the year 2022 the shareholders had approved the
appointment of M/S. O.P. bhandari & co., Chartered
Accountants, Ahmedabad (Firm Registration No. 112633W) as
Statutory Auditors of the Company for a term of 5 (five)
consecutive years from the conclusion of 31st AGM to the
conclusion of 36th AGM.

Proviso (1) of sub-section (1) of Section 139 of the Act which
mandates that the Company shall place matter relating to such
appointment for ratification by Shareholders at every Annua
General Meeting has been omitted by the Companies
(Amendment) Act, 2017 effective May 07, 2018. Therefore, for
the Financial Year 2021-22 and thereafter, ratification of
Auditors appointment every year at the Annual General
Meeting is no longer required.

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

In terms of Section 204 of the Companies Act,2013,your
Company has appointed M/s. Kamlesh M Shah & Co.,
Practicing Company Secretary (Certificate of Practice No.

2072), as the Secretarial Auditor to conduct an audit of the
secretarial records, for the financial year 2024-25.

The Secretarial Audit Report for the financial year ended
March 31, 2025 is annexed herewith as "ANNEXURE A" to this
report. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.

INTERNAL AUDITOR

In terms of Section 138 of the Companies Act,2013, your
Company has reappointed M/s Biren Shah & Co, Chartered
Accountants (Firm Registration No. 132301W) as Internal
Auditor of the company for the financial year for the financial
year 2024-25.

COST RECORD

Pursuant to Rule 3 of Companies (Cost Records and Audit)
Rules, 2014 as amended from time to time, your Company is
required to maintain cost records and accordingly, such
records are made and records have been maintained. Your
company is obtained certificate from M/s J. B. Mistry & Co,
Cost Accountant, Ahmedabad (FRN: 101067).

RISK MANAGEMENT

Your Company has robust Risk Management policy. The
Company through Board and Audit Committee oversees the
Risk Management process including risk identification, impact
assessment, effective implementation of the mitigation plans
and risk reporting. Risk Management forms an integral part of
the Company's planning process. There are no risks, which in
the opinion of the Board threaten the existence of your
Company.

ADEQUCY OF INTERNAL FINANCIAL CONTROLS

The Company has in place robust internal control procedures
commensurate with its size and operations. Company has the
internal controls Department headed by Internal Auditor of
the company. The Board of Directors is also responsible for the
internal control system, sets the guidelines, verifying its
adequacy, effectiveness and application. The Company's
internal control system is designed to ensure management
efficiency, measurability and verifiability, reliability of
accounting and management information, compliance with all
applicable laws and regulations, and the protection of the
Company's assets so that the company's main risks
(operational, compliance-related, economic and financial) are
properly identified and managed over time.

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING
In terms of Regulation 8 of SEBI (Prohibition of Insider Trading)
Regulations, 2015, the Company has adopted Code of Conduct
prohibiting, regulating and monitoring the dealings in the
securities of the Company by Directors, Designated Employees
and Connected Persons while in possession of unpublished
price sensitive information in relation to the securities of the
Company. The code of conduct is available at the Company's
website at www.alfaica.com under investor segment.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

In accordance with the Section 177(9)& (10) of the Companies
Act,2013 and rules framed there under read with Regulation
22 of the Listing Regulations, the Company has a
Whistleblower Policy in place for its Directors and Employees
to report concerns about the unethical behavior, actual or
suspected fraud or violation of the Company's Code of
Conduct. The Policy provides for protected disclosures that can
be a whistle blower through e-mail or letter or to the
Chairperson of the Audit Committee. Whistle Blower Policy is
disclosed on the website of the Company. During the year
ended on March 31, 2022, the Company did not receive any
information under the scheme.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013

The Company has in place an anti-sexual harassment policy in
line with the requirement of the Sexual Harassment of Women
at the Workplace (Prevention, Prohibition and Redressal) Act,
2013.There is no such instance reported during the year under
review.

Maternity Benefit Act, 1961

The Company complies with the provisions of Maternity
Benefit Act, 1961, as and when it becomes applicable.

EXTRACT OF ANNUAL REPORT

In accordance with the provisions enshrined in the Act, annual
return in the prescribed format is available at web-link viz
https://www.alfaica.com/investors-relation.html pursuant to
the provisions of clause (a) of sub-section (3) of Section 134 of
the Act.

PARTICULARS OF THE EMPLOYEES

The information required under Section 197(12) of the
Companies Act, 2013 read with Rule 5(1) of Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of Directors/employees of your
Company is set out in "Annexure - C" of this report. The
statement containing the information of the top ten
employees in terms of remuneration drawn 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 to any
Member on a written request to the Company Secretary. In
terms of Section136 of the Act, the Reports and Accounts are
being sent to the Members and others entitled thereto,
excluding the aforesaid information of top ten employees
which is available for inspection by the members at the
Registered office of the Company during business hours on
working days of the Company up to the date of the ensuing
Annual General Meeting. There was no employee who was in
receipt of remuneration in excess of ' 8.5Lacs per month
during the year or '1.2Crore per annum in the aggregate if
employed part of the year.

STATUTORY DISCLOSURES REQUIRED UNDER RULE 8 (3) OF
THE COMPANIES (ACCOUNTS) RULES, 2014:

The information pertaining to conservation of energy,
technology absorption, Foreign exchange Earnings and outgo
as required under Section134(3)(m) of the Companies Act,
2013 read with Rule8(3) of the Companies (Accounts)
Rules,2014 is furnished in Annexure to Directors Report and is
attached to this report. [Annexure-C]

LOAN, GUARANTEES OR INVESTMENTS
During the year, the Company has not made any investment
nor given any loan or guarantees under Section 186 of
Companies Act, 2013.

RELATED PARTIES TRANSACTIONS

During the financial year 2023-24, there was no materially
significant related party transaction undertaken by the
Company under Section 188 of the Companies Act, 2013 read
with rules framed there under and Regulation 23 of SEBI
(LODR) Regulations, 2015 that may have potential conflict with
the interest of the Company. Disclosure on related party
transactions is set out in financial statements.

MATERIAL CHANGES / INFORMATION

There is no material changes have taken place after the
closure of the financial year up to the date of this report which
may have substantial effect on the business and financial of
the Company.

DETAILS OF SIGNIFICANT AND MATERIAL OR DERSPASSED BY
THE REGULATORS / COURTS / TRIBUNALS

IMPACTING THE GOING CONCERN STATUS AND THE
COMPANY'S OPERATIONS IN FUTURE

No significant and material orders have been passed by any of
the regulators or courts or tribunals impacting the going
concern status and companies operations in future.

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

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

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON
ONE TIME SETTLEMENT AND VALUATION WHILE AVAILING
LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

During the year under review, there were no one time
settlement of loan taken banks and financial Institutions

GENERAL DISCLOSURE

Your Directors state that the Company has made disclosures in
this report for the items prescribed in section 134(3) of the Act
and Rule 8 of the Companies (Accounts) Rules,2014 to the
extent the transactions took place on those items during the
year.

APPRECIATION

Your Director stake this opportunity to express their sincere
appreciation to the shareholders, customers, bankers,
suppliers, employees and other business associates for the
excellent support and co-operation extended by them.

By Order of the Board of Directors
Mr. Shyamal Raval

Place: Ahmedabad Chairman

Date:23/08/2025 (DIN: 10722558)