alankit ltd Directors report

REVIEW OF OPERATIONS

Your Companys Net Sales/Income from Operation has increased by 5.09%. The Directors are making continuous e orts to increase Pro itability of the Company.

STANDALONE

During the year, your Company recorded total revenue of Rs. 10,993.46 lakhs as compared to Rs. 10,654.36 lakhs in previous year. The Pro it after tax for the year stood at Rs. (418.91) lakhs as against previous years Rs. 1,006.30 lakhs.

CONSOLIDATED

During the year, consolidated revenue was Rs. 32,177.66 lakhs as compared to Rs. 13,667.35 lakhs in previous year. The Pro_it after Tax for the year stood at Rs. (3,512.66) lakhs as against the previous years Rs. 287.10 lakhs. DIVIDEND

With a view to conserve the resources for the future plans of the company, no dividend is recommended by the Board of Directors for the inancial year ended 31st March, 2023.

TRANSFER TO RESERVES

The Company has not transferred any sum to General Reserve from retained earnings.

PUBLIC DEPOSITS

During the Financial Year 2022-23, the Company has not accepted any deposit within the meaning of Sections 73 and 76 of the Act, read together with the Companies (Acceptance of Deposits) Rules, 2014.

SHARE CAPITAL

During the _inancial year under review, the Authorised Share Capital of the Company increased from Rs. 20,00,00,000/- comprising of 20,00,00,000 Equity Shares of Re. 1.00 each to Rs. 26,00,00,000/- comprising of 26,00,00,000 Equity Shares of Re 1.00 each at an Extra-Ordinary General Meeting held on 28th December, 2022.

During the year under review, the Company had issued and allotted 8,16,00,000 Equity Shares @Rs. 12.50 each (including premium of Rs. 11.50 each), fully paid-up, pursuant to conversion of loans, on preferential basis, to Promoter and non-promoter, for an aggregate amount of approx. Rs. 102 Crores, on 16th January, 2023. Pursuant to the above allotment, the Issued, Subscribed and Paid-up Share Capital of the Company has increased to Rs. 22,45,58,100/- comprising of 22,45,58,100 Equity Shares of Re. 1.00 each.

The Company has not issued shares with di erential voting rights. It has neither issued employee stock options nor sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company. As on 31 March, 2023, none of the Directors of the Company hold instruments convertible into Equity Shares of the Company. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report forms an integral part of this Report and gives details of the industry structure, developments, opportunities, threats, performance and state of a airs of the Companys business, internal controls and their adequacy, risk management systems and other material developments during the Financial Year 2022-23, and is annexed as

LISTING WITH STOCK EXCHANGES

Equity Shares of the Company are listed on Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE). The Company is regular in paying Annual Listing Fees to both the stock exchanges.

EVALUATION OF PERFORMANCE OF BOARD OF DIRECTORS

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations 2015, the Board has carried out an Annual Performance Evaluation of its own performance, the Directors individually as well as the Evaluation of the working of its various Committees. Based on the same 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 at the meetings, independence of judgment, corporate governance practices, safeguarding the interest of the Company and its minority shareholders etc.

The performance evaluation of the Directors was carried out by the entire Board excluding the Independent Directors. being evaluated.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole was evaluated, taking into account the views of Executive Directors and Non-Executive Directors.

DIRECTORS RESPONSIBILITY STATEMENT

Based on the framework of Internal Financial controls established and maintained by the Company, work performed by the Internal, Statutory, Secretarial Auditors and external agencies including audit of internal _inancial controls over _inancial reporting by the statutory auditors and the reviews undertaken by the Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Companys internal _inancial controls were adequate and e ective during the Financial Year 2022-23.

Pursuant to the provisions of Section 134 of the Act, the Directors state that:

a) in the preparation of annual accounts for the Financial Year ended 31 March, 2023, the applicable accounting standards have been followed and there were no material departures requiring any explanation;

b) they 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 a airs of the Company at the end of the Financial Year and of the pro it of the Company for that period;

c) they have taken proper and su icient 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) they have prepared annual accounts on a ‘going concern basis;

e) they have laid down internal _inancial controls to be followed by the Company and such internal inancial controls are adequate and are operating e ectively; and

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating e ectively.

CORPORATE SOCIAL RESPONSIBILITY

In accordance with the requirements of Section 135 of the Act, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, the Company has a Corporate Social Responsibility (‘CSR) Committee in place. The CSR Committee has formulated and recommended to the Board, the Corporate Social Responsibility Policy of the Company which has been approved by the Board. The Annual Report on CSR activities/initiatives which includes the contents of the CSR Policy, composition of the Committee and other particulars as specified in Section 135 of the Act, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, are disclosed in Annexure 2 to this Report.

CORPORATE GOVERNANCE

In compliance with Regulation 34 of the Listing Regulations, a separate report on Corporate Governance for the year under review, along with the Certi icate from the Auditors con_irming compliance with the conditions of Corporate Governance, is annexed as Annexure 3, forming part of this Report.

We ensure that we evolve and follow the corporate governance guidelines and best practices diligently, not just to boost long term shareholder value but also to respect the rights of minority. We consider it our inherent responsibility to disclose timely and accurate information regarding the operations and performance, leadership and governance of the company.

CFO CERTIFICATION

The Chief Financial Of icer has duly given a certificate to the Board as contemplated in Regulation 17(viii) of the listing agreement.

Pursuant to Regulation 33(2)(a) the CFO is required to sign the Certi_icate of the Company certifying that the _inancial results do not contain any false or misleading statement or _igures and do not omit any material fact, which may make the statements or _igures contained therein misleading. The CFO has given the Certi icate to ful ill the SEBI Listing Regulations, 2015 requirement is annexed as Annexure 4, forming part of this Report.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE

The Audited Annual Consolidated Financial Statements forming part of the Annual Report have been prepared in accordance with the Companies Act, 2013 (‘the Act), Indian Accounting Standards (Ind AS) 110 ‘Consolidated Financial Statements and Indian Accounting Standards (Ind AS) 28 ‘Investments in Associates and Joint Ventures, noti ied under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.

A Report on the highlights of the performance of each of the Companys subsidiaries and their contribution to the overall performance of the Company for the Financial Year ended 31 March, 2023, pursuant to the provisions of Section 134(3) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, a statement containing the salient features of the Financial Statements of Subsidiary Companies in prescribed Format AOC 1 is annexed herewith in Annexure 5 to this Report.

In accordance with Section 136 of the Act, the Audited Financial Statements, including the Consolidated Financial Statements and related information of the Company, and Audited Accounts of each of its subsidiaries are available on the website of the Company, www.alankit.in. Members who wish to inspect these documents can send an e-mail to investor@alankit.com.

MATERIAL SUBSIDIARY

Alankit Imaginations Limited, Verasys Technologies Private Limited and Alankit Forex India Limited are material subsidiaries of the Company as per provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors of the Company has approved a Policy for determining material subsidiary which is in line with the Listing Regulations and the same is hosted on the website of the Company at https://www.alankit.in/pdf/Policy/Policy_on_material_subsidiary.pdf.

Secretarial Audit Reports of material subsidiaries, as required under Regulation 24A of SEBI (Listing Obligations and Disclosure on the operations of the Company Requirements) Regulations, 2015 are given in Annexure 6 to this Report.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The Company is having an adequate Internal Financial Control system, commensurate with the size, scale and complexity of its operations. The internal control systems, comprising of policies and procedures are designed to ensure sound management of your Companys operations, safe keeping of its assets, optimal utilization of resources, reliability of its _inancial information and compliance. Based on the report of Internal Audit function, corrective actions are undertaken in the respective areas and thereby strengthen the controls.

During the Financial year, no material or serious observations were received from the Internal Auditors of the Company for ine iciency or inadequacy of such controls.

MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY

A Search and seizure operation u/s 132 of the Income Tax Act, 1961 was conducted by the Income Tax department from 18.10.2019 to 23.10.2019 on the company. The assessment proceedings u/s 153A and 143(3) of the I.T. Act, 1961 were completed on 24.05.2022. The company received demand notices under section 156 of the Income Tax Act, 1961 with respect to assessment years 2010-11 to 2020-21 amounting to Rs.17460.95 Lacs. The company has filed appeal with Commissioner of Appeals on 21.06.2022 against the additions made. The management is of the opinion that no liability is likely to arise from these additions after decision of the appellate authorities.

Apart from the above, there have been no material changes and commitments, a ecting the _inancial position of the Company which has occurred between the end of the financial year of the Company to which the _inancial statements relate and the date of this Report other than as mentioned in the ‘Operations section of this Directors Report.

Even while facing adverse situations, the Company is taking all adequate steps to honour all its commitments.

There has been no change in the nature of business.

DECLARATION AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT BY INDEPENDENT DIRECTORS

Mr. Yash Jeet Basrar, Mr. Ashok Shantilal Bhuta and Dr. Mathew Thomas, Independent Directors, have given declarations that they meet the criteria of independence as laid down in the Act and the Listing Regulations.

Further, in terms of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014, as amended, the Board of Directors states that in the opinion of the Board, Dr. Mathew Thomas, whose appointment as an Independent Director of the Company has been approved by the Shareholders during the year, is person of integrity and possesses relevant expertise and experience. Further, Dr. Mathew Thomas has successfully quali ied the online pro iciency self-assessment test conducted by the Indian Institute of Corporate A airs. BOARD MEETINGS

During the Financial Year 2022-23, 6 (Six) Board Meetings were held, the details of which are given in the Corporate Governance Report, forming part of this Report and annexed as Annexure 3.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Nomination and Remuneration Committee and the Board of Directors at their Meetings held on 7th June, 2022, have appointed Dr. Mathew Thomas (DIN: 08991251) as an Additional (Independent) Director of the Company, with e ect from 7th June, 2022 to hold of ice for a term of one year, i.e., upto 6th June, 2023.

Dr. Mathew Thomas (DIN: 08991251), has resigned from the Board of Directors of the Company, with e ect from 21st July, 2022, due to some personal reasons. The Board places on record its appreciation and gratitude for the valuable contributions made by him during his tenure as Director on the Board of the Company.

The Nomination and Remuneration Committee and the Board of Directors at their Meetings held on 10th August, 2022, have re-appointed Dr. Mathew Thomas (DIN: 08991251) as an Additional (Independent) Director of the Company, with e ect from 10th August, 2022 to hold of ice for a term of one year, i.e., upto 9th August, 2023.

The Members of the Company at their Annual General Meeting held on 29th September, 2022, based on the recommendation of the Nomination and Remuneration Committee and the Board of Directors at their Meetings held on 10th August, 2022, have re-appointed Dr. Mathew Thomas (DIN: 08991251) as an Independent Non-Executive Director of the Company, with e ect from 10th August, 2022 to hold of ice for a term of one year, i.e., upto 9th August, 2023.

Dr. Mathew Thomas (DIN: 08991251) ceased to be the Independent Director of the Company w.e.f. 09th August, 2023.

Mrs. Meera Lal (DIN: 08689247) retires by rotation at the forthcoming AGM and being eligible, has o ered herself for re-appointment.

Mr. Sachin Narang (ACS: 65535), has resigned from the post of Company Secretary and Compliance Of icer of the Company, with e ect from 10th October, 2022, due to some personal reasons. The Board places on record its appreciation and gratitude for the valuable contributions made by him during his tenure as Company Secretary of the Company.

The Nomination and Remuneration Committee and the Management Committee of the Board of Directors at their Meetings held on 29th October, 2022, have appointed Mrs. Suchita Kabra (ACS: 56741) as the Company Secretary and Compliance Of icer of the Company, with e ect from 29th October, 2022 and due to her personal reasons, she has resigned from the post of Company Secretary and Compliance Of_icer of the Company, with e ect from 12th May, 2023.

The Management Committee of the Board of Directors has appointed Ms. Manisha Sharma (ACS 58430) as the Company Secretary and Compliance Of icer of the Company, with e ect from 01st August, 2023. The Nomination and Remuneration Committee and the Board of Directors have approved the appointment of Ms. Manisha Sharma at their meetings held on 11th August, 2023.

In compliance with Regulation 36(3) of the Listing Regulations and Secretarial Standard-2 on General Meetings, brief resume and other information of all the Directors proposed to be appointed/re-appointed are given in the Notice of the forthcoming AGM.

There were no other changes in the Board and the Key Managerial Personnel during the year.

M/s. Nemani Garg Agarwal & Co., Chartered Accountants, (having FRN: 010192N), New Delhi were appointed as the Statutory Auditors of the Company at an Extra Ordinary General Meeting dated 28.12.2022 to _ill in the casual vacancy caused due to the resignation of M/s. B K Shro & Co, Chartered Accountants, (having FRN: 302166E) dated 30.09.2022, to hold the of ice till the conclusion of 34th Annual General Meeting. M/s. Kanodia Sanyal & Associates, Chartered Accountants, (having FRN: 08396N), New Delhi was appointed as the Statutory Auditors of the Company at Board Meeting dated 11.08.2023 to _ill in the casual vacancy caused due to the resignation of M/s. Nemani Garg Agarwal & Co, Chartered Accountants, (having FRN: 010192N) dated 11.08.2023, to hold the of ice till the conclusion of ensuing Annual General Meeting. The Board recommends to the member of the Company to re-appoint M/s. Kanodia Sanyal & Associates, Chartered Accountants, (having FRN: 08396N), for ive years from the conclusion of ensuing 34th Annual General Meeting till the conclusion of 39th Annual General Meeting of the Company to be held for the _inancial year 2027-28.

The Notes on _inancial statement referred to in the Auditors Report are self-explanatory and do not call for any further comments. The Statutory Auditors have submitted an unmodi_ied opinion on the audit of financial statements for the Financial Year 2022-23 and there is no quali_ication, adverse remark or disclaimer given by the Auditors in their Report.

During the year under review, the Auditors had not reported any matter under Section 143(12) of the Act, therefore, no detail is required to be disclosed under Section 134(3)(ca) of the Act. SECRETARIAL AUDITORS

In terms of Section 204 of the Act and Rules framed thereunder, M/s. N. C. Khanna, Practicing Company Secretaries, were appointed to conduct the Secretarial Audit of the Company for the Financial Year 2022-23. The report of the Secretarial Auditor in Form MR-3 is annexed as Annexure 6 to this Report. The Secretarial Audit Report is self-explanatory and does not contain any quali ication, reservation or adverse remark. The Company complies with all applicable secretarial standards.

AUDITORS STATEMENT

During the year under review, neither the Statutory Auditors nor the Secretarial Auditors have reported to the audit committee, under section 143(12) of the Companies Act, 2013 any instances of fraud committed against the Company by its o icers or employees. STATE OF COMPANYS AFFAIRS

Alankit Limited is listed on both the premier exchanges of the Country i.e. National Stock Exchange of India (NSE) and Bombay Stock Exchange of India (BSE). Alankit Limited has managed to become an eminent name in the E-governance Sector.

With 25 regional of ices spread nationwide and a total of over 10000 plus business locations. Alankit has carved a niche for itself in the market. The Company has achieved several notable milestones to ornate its journey of well-de ined vision steered skillfully into practice.

The present state of Companys a airs is progressive enough viz-a-viz the industry and there is no other development which could result in an adverse situation for the Company in the near future.

Alankit excels at promptly delivering e-governance solutions to millions of citizens in the country through a strong network across more than 673 cities and 10000 business locations. The company e ectively liaises with various government departments in India to ensure transparency and ef iciency in the delivery of various services to people. Having over two decades of experience, Alankit has evolved over the years and emerged as an industry leader by building a robust infrastructure and competent workforce to keep pace with the changing times as well as to ful ill the needs of customers.

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO A. Conservation of Energy

The Company is engaged in providing e-governance services and e-governance products and such operations do not account for substantial Electricity, Gas & Steam, Power, Water or any other kind of energy consumption. However, the company is taking all possible measures to conserve the energy.

Your company is continuously looking for new ways of conservation of energy and wastes minimization for the protection of environment. The eco-friendly initiatives adopted by your company are: Installation of LED lights in all the o ices nationwide. Implementing energy conservation schemes. Awareness programs for employees at all levels and for community. Promoting the use of alternative fuels and materials.

B. Technology Absorption and Research & Development

Since the Company is not involved in manufacturing activity, hence the research & development and technology absorption is not applicable.

The Company has not incurred any expenditure on Research & Development. Your company has not imported technology during the last 10 years reckoned from the beginning of the _inancial year.

PARTICULARS OF EMPLOYEES

None of the employees including key managerial personnel draws in excess of the limits prescribed under Section 197(12) of the Companies Act, 2013 read with rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is amended and is annexed as Annexure 7 of this report.

COMPOSITION OF VARIOUS COMMITTEES OF THE BOARD

RELATED PARTY TRANSACTIONS

The Company has formulated and put in place policy on materiality of related party transactions and also a policy on dealing with related party transactions with the Company. For Related Party Transactions, please refer note no. 35 of Financial Statements of the Company for the financial year 2022-23.The information on transactions with related parties pursuant to Section 134(3) (h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form No. AOC-2, is annexed as Annexure 8 of this report.

PARTICULARS OF LOANS, GUARANTEE OR INVESTMENTS

Details of Loans, Guarantees or investments covered under section 186 of the Companies Act, 2013 are provided in the notes to the Financial Statements. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is in compliance with the Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2).

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has adopted Whistle Blower Policy and established a Vigil Mechanism in compliance with provisions of the Act and the Listing Regulations for the Directors and employees to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Codes of Conduct or policy. The mechanism provides for adequate safeguards against victimization of Directors and employees to avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in exceptional cases. The said Policy is available at the Companys website and can be accessed at: https://www.alankit.in/policiespage.aspx

NOMINATION, REMUNERATION AND BOARD DIVERSITY POLICY

The Board has adopted a Nomination and Remuneration Policy recommended by Nomination and Remuneration Committee in terms of the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations, read with Part D of Schedule II thereto. The Policy governs the criteria to pay equitable remuneration to the Directors, Key Managerial Personnel (KMP), senior management (as de ined below) and other employees of the Company and to harmonise the aspirations of human resources with the goals of the Company.

Transfer of Shares to the Demat Account of Investor Education and Protection Fund Authority

In terms of the provisions of Section 124(6) of the Act, read with the relevant Rules made thereunder, 396744 Equity Shares and 4800 Equity Shares of the Company, in respect of which dividend was unpaid or unclaimed for the Financial Year 2014-15 (Final) and 2015-16 (Interim) respectively, has been transferred to the Demat Account of the IEPF Authority maintained with National Securities Depository Limited, during the Financial Year 2022-23.

Further, the voting rights in respect of shares transferred to the Demat Account of the IEPF Authority shall remain frozen, until the rightful owner claims the shares. Members may note that shares as well as unclaimed dividend transferred to the IEPF Authority can be claimed back. Concerned shareholders are advised to visit http://www.iepf.gov.in/IEPF/refund.html for lodging claim for refund of shares or dividend from the IEPF Authority.

ANNUAL RETURN

Pursuant to the amendments to Section 134(3)(a) and Section 92(3) of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return (Form MGT-7) for the _inancial year ended March 31, 2023, is available on the website of the company at https://www.alankit.in/annual-return.aspx.

APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPT CODE, 2016

The Company has neither made any application nor any proceedings pending under the Insolvency and Bankrupt Code, 2016, during the year under review.

THE 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 above clause is not applicable as no valuation was done, during the year under review.

APPRECIATION

Your Directors take this opportunity to express their grateful appreciation for the continued support and co-operation received from the companys valued customers and esteemed shareholders for the support and con idence reposed by them in the management of the Company and look forward to the continuance of this mutually supportive relationship in future.

Your Directors also place on record their appreciation and gratitude to all the Departments of Government of India, Central Government, State Government, Tax Authorities, Reserve Bank of India, Ministry of Corporate A airs, Financial Institutions, Stock Exchanges, Banks and other governmental/ Semi governmental bodies and look forward to their continued support in all future endeavors.

Your Directors also wish to place on record their appreciation for the continued cooperation received from all the vendors, dealers, investors and business associates for the support provided by the financial institutions, bankers and stock exchanges.

Your Directors also wish to place on record their sincere appreciation for the diligent e orts, hard work and commitment put in by all ALANKIT employees.

Inspired by this Vision, driven by Values and powered by internal Vitality, we look forward to delivering another year of value adding growth.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Alankit Limited, a blue-chip player among the FinTech Service Providers, engages in expeditious delivery of vital citizen services. It is the _lagship company of Alankit Group which specialises in delivering a wide range of products & services in the Financial, RegTech, Channel Business, Managed Services, and Technology Solution domains. It brings an extensive experience of 27+ years with a national and international presence.

The Company drives digital transformation by capitalising on modern core technology, harnessing artificial intelligence, and automating business operations to help clients grow and thrive in the digital age. Having created an unrivalled platform by achieving milestones, Alankit has been duly recognised by well-known organisations for its diligent e orts toward attaining success through its key prospect competitive advantage of excellent customer service.

The Company e ectively liaises with various government departments in India to ensure transparency and ef iciency in delivering multiple services to people.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Alankit is a well-diversi_ied consortium of multiple group companies in the major verticals that straddle the entire FinTech sector as a host of Financial Services, RegTech, Channel Business, Managed Services, and Technology Solutions verticals. Alankit Limited, the _lagship company of the Group, prides itself on being a leading FinTech service provider in the country. To help customers develop and prosper in the digital age, the Company fosters digital transformation by capitalising on contemporary core technology, utilising arti_icial intelligence, and automating business operations. Well-known organisations have recognised Alankit for its hard work towards creating the breakthrough moment that drove it from early-stage problems into a wave of success, having developed an unequalled platform by accomplishing the milestones.

With 25 regional of_ices spread nationwide with a total of over 10000 business locations, and a notable global presence in various countries, Alankit has carved a niche for itself in the market. Alankits strength over the 27+ years has stemmed from its customer-centric solid approach, which helps facilitate operations through a wide Pan India Network catering to 100+ million retail customers. As a result, the Company has achieved several notable milestones to ornate its journey of well-de ined vision steered skillfully into practice.

Having won the Best Brand Award for being a ‘Symbol of Excellence by the Economic Times, it is also recognised as a Star Performer Award, Top Performer Asset Value by NSDL during its extensive tenure of 27+ years, Alankit prides itself on making remarkable strides. Our approach to seizing business opportunities through seamless cross-platform functionality, rigorous understanding of customer needs, and paving a fail-proof transformation path serve as a laudable secret to how we thrive and how our clients grow and lead.

Alankit has retained the pace of progress without any compromise on our superior level of quality services by providing a single consolidated platform to all the conspicuous services for the ease of our clients while growing steadily in both the domestic and global market, having plans of further expansion to capture more cities in India as well as associate with more number of countries abroad.

The Company e ectively liaises with various government departments in India to ensure transparency and ef iciency in delivering multiple services to people. Having over two decades of experience Alankit Limited is known for:

Identity and Access Management (IAM) - Smart ID, the primary means of authentication for individuals, has grown fastly and persistently in the country. In keeping with the signi icant demand in the system for plastic cards, Alankit, the national distributor and deemed OEM for IDP, provides instant printing solutions for plastic ID Cards. The Company o ers the distribution of millions of multiple card types like voter ID cards, Aadhaar cards, and Health cards and has accomplished tremendous sales of printers over several _inancial years in the past. The Company strives to work ef iciently by ensuring your data safety and error-free printing with the focused use of advanced technology with strong security authentication features and guaranteed time-bound supply.

Attestation Services (MEA) - The Ministry of External A airs (MEA), Govt. of India, has entrusted Alankit to manage the administrative function of the Attestation/Apostille services on the Pan India level. We provide services such as MEA Attestation, Apostille Attestation, and HRD Attestation to name a few. These services are essential for our clients for multiple reasons, including work visas, student visas, resident visas, executing business from a foreign country, etc. Moreover, Alankit extends a helping hand to our customers in case the documents are not validated for authenticity; one can face dif_iculty or rejection in staying in a foreign country. We take care of end-to-end procedures involved in the attestation/apostille services and provide a time and cost-e icient solution.

Business Correspondent (Kiosk Banking) - The global advancement in technology and a swift revolution in the digital payment system create opportunities for underprivileged people and help the banks s business growth and Financial Inclusion of the nation. As a Business Correspondent, Alankit made a foray into the needed Financial Inclusion regime with Indias leading banks - Industrial Development Bank of India (IDBI), State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India (CBI), Bank of Baroda (BoB), Union Bank of India (UBI), and UCO Bank. Alankit helps banks to expand their outreach to the underserved population at a substantially lower cost. In addition, the Company delivers mainstream _inancial services by enrolling customers and enabling their transactions at Customer Service Points (CSPs) using remote- biometric-enabled Technology for Kiosk Banking.

PAN Services - With over a decade of industry exposure, Alankit delivers PAN Card services through digital channels. The Company helps reduce the complexities of operations for the Government by o ering services such as acceptance of Fresh PAN Applications, acceptance of change or corrections in PAN particulars applications, and services for instant PAN cost-e ectively and conveniently on the Pan India level.

Manpower and Staf ing Management - With the ever-changing talent needs in todays professional world, the demand for competitive talent has enormously increased. Managing manpower requirements can be challenging for organisations regardless of size or industry. Alankit understands how essential it is to _ind the right employee with veracious skill sets who can contribute to the success of your business. Therefore, it provides customised solutions for all types of manpower & staf ing services. Our competent staf_ing services division assists majorly Government departments in inding people who will meet the unique needs of their organisations and enhance business agility. Alankit is a name to reckon with when it comes to providing exemplary Manpower & Staf ing services.

Alankit o ers learning & development training programs to create an e ective organisational learning strategy matched with a business strategy. Our team of experts has designed the course to empower you to acquire strategies to deliver compelling learning solutions. Through our re ined role and competencies of the T&D function, we nurture talents and help you achieve your goals.

Digital Signature Certi icate - The advanced digital world has revolutionised our lives and has made daily business and personal activities simple. In an era where Digital Signatures paved the way globally, there is no limitation in our professional or personal lives. Digital Signatures play a vital role in authenticating electronic documents. Alankit, via one of its subsidiary companies, Verasys Technologies, provides path-breaking and maverick eSign or electronic signature-related solutions. At Alankit, the dedicated team of professionals strives to stay relevant with a market-driven approach to execute solutions that address our customers needs and enhance their ease of operations.

Payment Solutions - In order to harness our cutting-edge technology and ensure a smooth gateway process, Alankit specialises in providing card payment solutions to businesses of all sizes. Having years of expertise and sound knowledge in the payment domain, we have established a standard of excellence in state-of-the-art technology and innovation.

Alankit takes pride in mentioning that is is an enlisted credential partner with MOSIP and have become part of an ecosystem invested in building foundational digital ID systems that are trustworthy, secure, ef_icient, and interoperable, while being customised to speci_ic needs.

National Insurance Repository (NIR) - Everyone wants to attain financial security in their lives, and saving alone is not enough; safeguarding assets with insurance policies has become critical. Alankit is a pioneer in the insurance broking industry, providing a full range of insurance services, from satisfying clients insurance needs to advising, settling claims, and managing risk. The Company has the requisite scale to deliver solutions by addressing the specific insurance needs of the clients. As a leading Insurance Broker, we aim to be the best in our chosen _ields by making an individuals life and corporate processes less risky by letting out higher risk through insurance coverage. Our commitment is to provide a simple and ef icient service for accessing all insurance policies through a single portal, as well as a secure payment gateway. The two major types of insurance that are catered under our umbrella are:

Paper-To-Follow (P2F) - Alankit assists in implementing and maintaining the Paper to Follow (P2F) Process for the Cheque Truncation System through its extensive network of o ices, which is an NPCI initiative to condense the clearing cycle for swifter cheque clearance. In order to maintain CTS running smoothly, NPCI has recommended using an agency structure to manage the P2F process at each of the Grid CTS facilities on its behalf. In addition, in times of need, the _irm simpli ies the procedures enabling Indian individuals to have easier access to their money. OPPORTUNITIES

Digital Transformation

As consumers increasingly rely on digital platforms for easy access, querying and engagement with prospective brands and services, ensuring meaningful presence across online channels is critical. Your Company is investing substantial time and resources to develop compelling content and presence across various social media platforms, web and mobile applications. These engagements are viewed as meaningful investments to convince and retain consumers towards our brand and services and build long-term relationships.

Expanding Market Reach

Increasing the reach in rural markets by putting sharper focus on increasing mind share and market share will be important. Companies would need to expedite their rural distribution strategy, keep consumers engaged with new o erings and drive the premiumization strategy to adapt to the changing landscape. Through the cluster-based approach, that is powered by data and technology, your Company has made deeper penetration into newer markets, unleashed growth potential and created a transparent planning process.

RISKS AND CONCERNS

Your Companys risk management structure works on identifying with the distinguishing proof, investigation, assessment, treatment, moderation, and observing of the vital, operational, and legal, and consistent threats to accomplish its key business goals. At Alankit, Risk Management is used to limit the hostile e ects of such threats thus empowering the Company to review and improve the risk involved successfully. The focal point of the management executives is to identify risks and look for relief measures. This is done through intermittent audit gatherings of the administration.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company is having an adequate Internal Financial Control system, commensurate with the size, scale and complexity of its operations. The internal control systems, comprising of policies and procedures are designed to ensure sound management of your Companys operations, safe keeping of its assets, optimal utilization of resources, reliability of its _inancial information and compliance. Based on the report of Internal Audit function, corrective actions are undertaken in the respective areas and thereby strengthen the controls.

During the Financial year, no material or serious observations were received from the Internal Auditors of the Company for ine iciency or inadequacy of such controls.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the _inancial year under review, the Companys total income is Rs. 10,993.46 Lakhs. However, _inancials depict loss of Rs. 418.91 lakhs as on 31 st March, 2023 due to de-recoginition of Goodwil of Rs. 2459.22 Lakhs of the Company. Your Company is looking for an opportunity for future growth prospects.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Company lays signi icant importance for all round developments of its Human Resources with special emphasis to train the employees at all levels to enhance their e ectiveness in their contribution to the overall performance of the Company through skill up-gradation, knowledge improvement and attitudinal change. These enable the employees at all levels to cope with the competitive environment through which the Company is passing at present and to achieve the desired corporate objective. There has been no material development on human resources and industrial relations front. The relationship with employees and workers continued to be cordial at all levels. Various welfare measures and recreational activities are also being continued side-by side of production to maintain such relations. The Company had 302 employees on the roll (excluding manpower on contractual basis) at the end of the year under review as against 322 (excluding manpower on contractual basis) of previous year.

SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

The key _inancial ratio for the _inancial year 2022-23 and changes therein as compared to the immediately preceding inancial year are as under: a. Trade Receivables Turnover ratio: Net credit sales/Average Account Receivable. The ratio for the year was 1.76 (times) as against 2.38 (times) in the previous _inancial year. This year this ratio is lower as compared to previous year due to delay in export realisation. b. Debt Service Coverage ratio: EBIT / Interest Expense. The ratio for the year was 1.73 (times) as against 7.03 (times) in the previous year. This ratio has become negative in the current year due to reducing Pro it before interest and tax. c. Current Ratio: Current Assets/ Current Liabilities. This ratio for the current _inancial year was 1.85 (times) as compared to 1.54 (times) in the previous year. The ratio is higher as compare to the previous _inancial year due to repayment of loan. d. Debt-Equity ratio: Total Debt/ Shareholders Equity. This ratio for the year was 0.07 (times) as against 0.20 (times) in the previous year. This ratio has decrease due to repayment of loans during the _inancial year and issue of equity shares and application money received against the convertible warrants. e. Net Pro it Margin: Net Pro it/Total Revenue from operations for the current _inancial year was -3.84 % as against 9.40 % in the previous _inancial year. due to lower pro it in the current _inancial year, as in the previous _inancial year higher realization products were sold due to increase in demand.

OUTLOOK

Alankit Limited is focused on its vision and committed to ful_illing its mission through ensuring consistent delivery of quality products, unsurpassed service, and premium value to its esteemed customers. It also aims to work diligently as a team with high standards of integrity, across borders as well as emerge a winner in the marketplace in all aspects of its business.

CAUTIONERY STATEMENT

The statements in the "Management Discussion and Analysis Report" describes Companys objectives, estimates, and expectations which may be "Forward Looking Statement" within the meaning of applicable laws and regulations. The actual results could di er materially from those expressed or implied, depending upon the economic and climate conditions, government policies, taxation and other incidental factors.