Alka Securities Ltd Directors Report

Dear Members,

Your directors have pleasure in presenting the 30^th Directors Report on the business and operations of Alka Securities Limited (The Company) together with the Audited Financial Statements of Accounts of the Company for the Financial Year ended 31^st March, 2025.

1. FINANCIAL RESULT:

(Amount in Lakhs)

Particulars	F.Y. 2024-25	F.Y.2023-24
	(In Lakhs)	(In Lakhs)
Revenue from Operations	32.39	27.48
Other Income	23.71	26.35
Total Income	56.10	53.83
Total Expenditure	55.00	52.18
Profit / (Loss) Before Tax	1.10	1.65
Less: Current Tax/Provision for Tax	0.28	0.43
Profit / (Loss)After Tax	0.82	1.22
Earnings Per Share
-Basic	0.01	0.01
-Diluted	0.01	0.01

2. PERFORMANCE HIGHLIGHTS:

During the year under review, the Company recorded a total operational income of ^32.39 Lakhs and achieved a net profit of ^1.10 Lakhs for the financial year ended March 31, 2025.

The Company remains focused on strengthening its position in the specialty segment, with particular emphasis on the embroidery business. Strategic efforts in this area are expected to yield positive results in the coming years. These initiatives are aligned with our long-term vision and are expected to accelerate business momentum and contribute to sustained growth in the future.

3. SHARE CAPITAL:

During the year under review, there was no change in the Companys issued, subscribed and paid-up equity share capital.

As on March 31, 2025 the Authorized Share Capital of the Company stood at Rs.

20,00,00,000/- (Rupees Twenty Crores only) divided into 20,00,00,000 (Twenty Crores) Equity Shares of Rs. 1 /- (Rupees One Only) each and issued, subscribed and paid-up share capital of your Company stood at

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Rs. 9,59,40,000/- (Rupees Nine Crores Fifty Nine Lakhs Forty Thousand Only) divided into 9,59,40,000 (Nine Crores Fifty Nine Lakhs Forty Thousand) Equity Share of Rs. 1 /- (Rupees One) each.

4. DIVIDEND:

The Board of Directors of the Company has not recommended any dividend during the year after reviewing Financial Statements of the Company.

5. RESERVE:

The Board of Directors has decided to retain the entire amount of profit in the profit and loss account. Accordingly, the Company has not transferred any amount to the Reserves for the year ended March 31, 2025.

6. DEPOSITS:

During the year under review, Company has not invited, accepted or renewed any deposit from the public in terms of the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules made there under. Accordingly, the requirement to furnish details relating to deposits covered under Chapter V of the Companies Act, 2013 does not arise.

7. CHANGE IN NATURE OF BUSINESS:

During the year under review, there was no significant changes was made in the nature of the company.

8. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

During the Year under review there were no material changes and commitments which affect the financial position of the Company. An ease of doing business can give an add on to the Company to create the sustainable growth and development.

9. SUBSIDIARY, ASSOCIATE AND JOINT VENTURE:

During the year under review, the Company does not have any Subsidiary, Associate and Joint Venture.

10. SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2, relating to ‘Meeting of the Board of Director and ‘General Meetings, respectively, have been duly followed by the Company.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Following are the details of Directors and Key Managerial Personnel (KMP) of the Company as on date of this Report:

DIN No./ ACS No.	Name of the Director/KMP	Designation	Date of Appointment	Date of Resignation
09022218	Mr. Sagar Ashok Rane	Independent Non- Executive Director	30/09/2021	-
00157790	Mr. Mahendra Pandey	Managing Director	19/05/2025	-
10204543	Mr. Kanwar Nitin Singh	Additional Independent NonExecutive Director	19/05/2025	-
10643307	Ms. Geetika Garg	Additional Independent NonExecutive Director	19/05/2025	-
08776329	Mr. Amit Bajaj	Additional Executive Director	19/05/2025	-
09372274	Ms.Sonal Anil Vichare	Independent Non-Executive Director	01/11/2021	19/05/2025
10427957	Mr. Rahul Lalit Kumar Sangani	Additional Independent NonExecutive Director	14/02/2024	19/05/2025
03385565	Mr. Abhay Gebilal Gandhi	Additional Independent NonExecutive Director	01/07/2023	21/09/2024
03059586	Mr. Upendra Ravidas	Additional Executive Director	07/11/2024	18/03/2025
09309402	Mr Jayesh Mehta	Additional Independent NonExecutive Director	07/11/2024	18/03/2025
03129309	Ms Bina Soti	Additional Independent NonExecutive Director	07/11/2024	18/03/2025
-	Ms. Nishi Jayantilal Jain	Company Secretary & Compliance Officer	01/02/2022	-
-	Mr. Mahendra Pandey	Whole Time Director & Chief Financial Officer	21/09/2020	-

CHANGE IN BOARD OF DIRECTORS DURING THE RELEVENT PERIOD:

i. Ms. Geetika Garg has been appointed as Additional Independent Women Director of the Company dated on 19^th May, 2025.

ii. Mr. Kanwar Nitin Singh has been appointed as Additional Independent Non -Executive Director of the Company dated on 19^th May, 2025.

iii. Mr. Amit Bajaj has been appointed as Additional Executive Director of the Company dated on 19^th May, 2025.

iv. Mr. Mahendra Pandey has been appointed as Managing Director of the Company dated on 19^th May, 2025.

v. Ms. Sonal Anil Vichare Independent Director of the Company has been resigned from the company dated on 19^th May, 2025.

vi. Mr. Abhay Gebilal Gandhi Additional Independent Non-Executive Director of the Company has been resigned from the company dated on 21^st September, 2024.

vii. Mr. Rahul Lalit Kumar Sangani Additional Independent Non-Executive Director of the Company has been resigned from the company dated on 19^th May, 2025.

viii. Mr. Upendra Ravidas has been appointed as Additional Executive Director of the Company dated on 07^th November, 2024 and has been resigned from the company dated on 18th March,2025.

ix. Mr. Jayesh Mehta has been appointed as Additional Independent Non-Executive Director of the Company dated on 07^th November, 2024 and has been resigned from the company dated on 18th March,2025.

x. Ms. Bina Soti has been appointed as Additional Independent Non-Executive Director of the Company dated on 07^th November, 2024 and has been resigned from the company dated on 18th March,2025.

CHANGE IN KEY MANAGERIAL PERSONNEL DURING THE RELEVENT PERIOD:

i. Ms. Nishi Jayantilal Jain Company Secretary and Compliance Officer of the company has been changed her name from Ms. Nishi Jain due to updation of the name on the official documents of the company dated on 19^th July, 2025.

12. DIVERSITY OF THE BOARD:

The Company believes that diversity is important to the work culture at any organization. In particular, a diverse Board, among others, will enhance the quality of decisions by utilizing different skills, qualifications and professional experience for achieving sustainable and balanced development.

All the Independent Directors of your Company have given declarations that they meet criteria of Independence as prescribed both under the Act and Securities and Exchange of Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015.

13. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

The Board meets at regular intervals to discuss and take a view of the Companys policies, strategy and other Board matters. The notice for Board Meetings is given well in advance to all the Directors.

During the reporting period 6(Six) meetings of the Board of Directors were held. The dates on which the said meetings were held:

• 30th May,2024

• 14th August,202 4

• 21th September,2024

• 14th Novemeber,2024

• 3rd December,2024

• 11th February,2025

The Details of Attendance of Each Director at the Board Meetings Are as Given Below:

Name of Director	Date of Original	Date of	Number of Board	Number of
	Appointment	Cessation	Meetings eligible to attend	Board Meetings attended
Mr. Sagar Ashok Rane	30/09/2021	-	6	6
Ms.Sonal Anil Vichare	01/11/2021	19/05/2025	6	6
Mr. Rahul Lalit Kumar Sangani	14/02/2024	19/05/2025	6	6
Mr. Abhay Gebilal Gandhi	01/07/2023	21/09/2024	3	3
Mr. Upendra Ravidas	07/11/2024	18/03/2025	3	3
Mr Jayesh Mehta	07/11/2024	18/03/2025	3	3
Ms Bina Soti	07/11/2024	18/03/2025	3	3

The intervening gap between any two Meetings was within the period prescribed under the SEBI (LODR) Regulations, 2015 and Companies Act, 2013.

14. COMMITTEES OF BOARDs:

The Company has duly constituted and reconstituted the following statutory Committees in terms of the provisions of the Act read with relevant rules framed thereunder during the reporting period and up to the date of this report:

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

• Audit Committee:

The Audit Committee of the Company is constituted/re-constituted in line with the provisions of Section 177 of the Companies Act, 2013.The Audit Committee is constituted in line to monitor and provide effective supervision of the managements financial reporting process, to ensure accurate and timely disclosures, with the highest level of transparency, integrity, and quality of Financial Reporting. The composition of Audit Committee as on 31st March 2025.

Sr. No.	Name of the Members	Designation	Nature of Directorship
1.	Sonal Anil Vichare	Chairman	Non-Executive Independent Director
2.	Sagar Ashok Rane	Member	Non-Executive Independent Director
3.	Lalit Kumar Sanghani	Member	Non-Executive Independent Director

All the members of the Committee have accounting and financial management expertise. The Company Secretary is the secretary to the committee.

The Audit Committee has been authorized to look after the following major functions:

i. To recommend for appointment, remuneration and terms of appointment of auditors of the company;

ii. To review and monitor the auditors independence and performance, and effectiveness of audit process;

iii. T o examine the financial statement and the auditors report thereon;

iv. T o approve or any subsequent modification of transactions of the company with related parties;

v. To conduct scrutiny of inter-corporate loans and investments;

vi. T o evaluate undertakings or assets of the company, wherever it is necessary;

vii. To evaluate internal financial controls and risk management systems;

viii. To monitor the end use of funds raised through public offers and related matters.

ix. To call for the comments of the auditors about internal control systems, the scope of audit, including the observations of the auditors and review of financial statement before their submission to the Board and to discuss any related issues with the internal and statutory auditors and the management of the company.

x. To investigate into any matter in relation to the items specified in or referred to it by the Board and for this purpose shall have power to obtain professional advice from external sources and have full access to information contained in the records of the company.

The Audit Committee functions in accordance with the terms of reference specified by the Board of Directors and ensures the integrity of the Companys financial reporting process, compliance with legal and regulatory requirements, and the adequacy of internal control systems.

During the year, all recommendations of the audit committee were approved by the Board of Directors.

Meeting of Audit Committee

During the Financial Year under review 04 (four) meetings of the Members of Audit Committee were held.

The dates on which the said meetings were held:

• 30th May, 2024

• 14^th August, 2024

• 14^th November, 2024

• 11^th February,2025

• Nomination and Remuneration Committee:

The Nomination and Remuneration Committee of the Company is constituted/re-constituted in line with the provisions of Section 178 of the Companies Act, 2013. The Nomination and Remuneration Committee recommends the appointment of Directors and remuneration of such Directors. The level and structure of appointment and remuneration of all Key Managerial personnel and Senior Management Personnel of the Company, as per the Remuneration Policy, is also overseen by this Committee.

The composition of Nomination and Remuneration Committee as on 31st March 2025.

Sr. No	Name of the Members	Designation	Nature of Directorship
1.	Sonal Anil Vichare	Chairman	Non-Executive Independent Director
2.	Sagar Ashok Rane	Member	Non-Executive Independent Director

The Committee has been authorized to look after following major functions:

1. To identify persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal and shall carry out evaluation of every directors performance.

2. To formulate the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees.

3. To ensure that—

(a.) The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors of the quality required to run the company successfully;

(b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and

(c) remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals.

(d) The policy so framed by the said Committee shall be disclosed in Boards Report to shareholders. Meeting of Nomination and Remuneration Committee:

During the Financial Year under review 02(Two) meetings of the Members of Nomination and Remuneration Committee were held.

The dates on which the said meetings were held:

• 21st September, 2024

• 07^th November, 2024

• Stakeholders Relationship Committee:

The Company has a Stakeholder Relationship Committee of Directors in compliance with provisions of the Companies Act, 2013 to look into the redressal of complaints of investors such as transfer or credit of shares, non-receipt of dividend/notices /annual reports, etc.

The composition of Stakeholder Relationship Committee as on 31st March 2025.

Sr. No.	Name of the Members	Designation	Nature of directorship
1.	Sonal Anil Vichare	Chairman	Non-Executive Independent Director
2.	Sagar Ashok Rane	Member	Non-Executive Independent Director
3.	Lalit Kumar Sanghani	Member	Non-Executive Independent Director

Meeting of Stakeholders Relationship Committee:

During the Financial Year under review 01 (One) meetings of the Members of Stakeholders Relationship Committee were held.

The dates on which the said meetings were held:

• 20^th January, 2024

SEPARATE MEETING OF INDEPENDENT DIRETORS:

Independent Directors of the Company held their Separate meeting under Regulation 25(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Schedule

IV of Companies Act, 2013 on 11^th February, 2025 at Registered office of the Company at Maitri, Plot No. 10, Road No. 10, JVPD Scheme, Juhu, Mumbai, Maharashtra, 400049 to evaluate their performance.

15. MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:

Managements Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”) is presented in a separate section, forming part of the Annual Report as an Annexure-A under the board report.

16. AUDITOR AND AUDITORS REPORT

> Statutory Auditors:

In terms of provisions of Section 139 of the Companies Act, 2013, M/S. PSV Jain & Associates (Firm Registration No. 131505W) are the Statutory Auditors of the Company. They were appointed as the Statutory Auditors of the Company in the 25 th Annual General Meeting for a period of 5 years i.e. till the conclusion of 30th Annual General Meeting to be held in the financial year 2025.

The reports of Statutory Auditors on Financial Statements for the FY 2024-25 forms part of the Annual Report. There are no qualifications, reservations, adverse remarks, disclaimer or emphasis of matter in the Auditors Reports.

> Secretarial Auditors:

In terms of the provision of the Section 204 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr Ankit Singhal M/s. Ankit Singhal & Associates, Company Secretaries in practice holding Membership No.41744 and COP No.21720, are the Secretarial Auditors of the Company pursuant to the provisions of Section 204 of the Companies Act, 2013.

The Report of the Secretarial Auditors (Form MR-3) for Financial Year ended on 31^st March, 2025 is being annexed to the Report as per Annexure-B under the board report.

> Internal Auditors:

M/s Vyom Advisors was appointed as Internal Auditor of the Company for the financial year 2024-2025 on August 14th, 2025 pursuant to the provisions of Section 138 of the Companies Act, 2013 read with the Rule 13 of the Companies (Accounts) Rules, 2014.

The Report of the Internal Auditors is reviewed by the Audit Committee.

17. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions contained in Section 134 (5) of the Companies Act, 2013, Your Directors, confirm that:

i) In the preparation of the annual accounts for the financial year ended on March 31, 2024 the

applicable Indian Accounting Standards have been followed and there are no material departures from the same;

ii) The selected accounting policies were applied consistently and the Directors made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the profit of the Company for that period.

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) The annual accounts have been prepared on a going concern basis.

v) The Internal financial controls have been laid by the Directors to be followed by the Company and such financial controls are adequate and were operating effectively.

vi) Proper systems had been devised in compliance with the provision of the all-applicable laws and such systems were adequate and operating effectively.

18. EXTRACT OF ANNUAL RETURN:

In accordance with the provisions of Companies (Amendment) Act, 2017, read with Section 134(3) of the Companies Act, 2013, the Annual Return, as on March 31, 2025 under Section 92 (3) of the Companies Act, 2013, is hosted on the website of the Company at www.aslventure.com.

19. CORPORATE SOCIAL RESPONSIBILITY (CSR):

As per section 135 of the companies Act 2013 Corporate Social Responsibility are not applicable for our company

In pursuance of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014, the above rules are not applicable to the company during the year as the company has not earned the adequate profit in this financial Year 2024-25.

20. PARTICULARS OF LOANS AND GUARANTEES AND INVESTMENTS:

Details of Loans, Guarantees and Investments cover under the Provisions of Section 186 of the Companies Act, 2013 are given in the accompanying Financial Statements.

21. CORPORATE GOVERNANCE:

Provisions of Para C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 are not applicable to the Company. Hence, report on Corporate

Governance is not annexed.

22. BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI Listing Regulations”).

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent directors, performance of non-independent directors, performance of the board as a whole and performance of the chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent directors, at which the performance of the board, its committees and individual directors was also discussed. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

The Board evaluated the performance of Independent Directors and Individual Directors considering various parameters such as their familiarity with the Companys vision, policies, values, code of conduct, their attendance at Board and Committee Meetings, whether they

participate in the meetings constructively by providing inputs and provide suggestions to the Management/Board in areas of domain expertise, whether they seek clarifications by raising appropriate issues on the presentations made by the Management/reports placed before the Board, practice confidentiality, etc. It was observed that the Directors discharged their responsibilities in an effective manner. The Directors possess integrity, expertise and experience in their respective fields.

23. INDEPENDENT DIRECTORS DECLARATION

Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in section 149(6) of the Companies Act,2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act,2013 and the relevant Rules.

These declarations confirm that they are independent of the management and possess the requisite integrity, expertise, and experience to serve on the Board as Independent Directors. The Board of Directors

places on record its deep appreciation for the valuable contributions made by the Independent Directors in guiding the Company towards sustained growth and governance excellence.

24. DISCLOSURE ON THE NOMINATION AND REMUNERATION POLICY OF THE COMPANY PURSUANT TO SECTION 134f3)fe) AND SECTION 17813!

The Companys Policy on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters as provided under Section 178(3) of the Companies Act, 2013 can be accessed on the Companys website at www.aslventure.com

• The Objective of the Policy is to ensure that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully.

• Relationship of remuneration to performance is clear and meets appropriate performance benchmarks and

• Remuneration to Directors, Key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short- and long-term performance objectives appropriate to the working of the Company and its goals.

25. POLICIES

Company has the following policies:

• Policy on Preservation of Documents and Archives Management as per Regulation 9 and 30(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Policy for Disclosure of events/ information and Determination of materiality as per Regulation 30(4)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Policy on Materiality of Related Party Transactions as per Regulation 23(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Policy for determining material subsidiary as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

26. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATEDPARTIES:

During the year, there is no transaction entered with related parties referred to in Section 188(1) of the Companies Act, 2013 read with Rule 8(2) of Companies (Accounts) Rules, 2014. Therefore, there is no requirement to attached Form AOC-2 in Annexure II Related party transactions if any, are disclosed in the notes to financial statements.

27. NO FRAUDS REPORTED BY STATUTORY AUDITORS

During the Financial Year 2024-25, the Auditors have not reported any matter under section 143(12) of the Companies Act, 2013, therefore no detail is required to be disclosed under section 134(3) (ca) of

the Companies Act, 2013.

28. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

Pursuant to Section 177(9) and (10) of the Companies Act, 2013, and Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, the Company has formulated Whistle Blower Policy for vigil mechanism of Directors and employees to report to the management about the unethical behavior, fraud or violation of Companys code of conduct. The mechanism provides for adequate safeguards against victimization of employees and Directors who use such mechanism and makes provision for direct access to the chairman of the Audit Committee in exceptional cases.

29. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

During the period under review no material orders have been passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

30. CODE OF CONDUCT:

Commitment to ethical professional conduct is a must for every employee, including Board Members and Senior Management Personnel of the Company. The Code is intended to serve as a basis for ethical decision-making in conduct of professional work. The Code of Conduct enjoins that each individual in the organization must know and respect existing laws, accept and provide appropriate professional views, and be upright in his conduct and observe corporate discipline. The duties of Directors including duties as an Independent Director as laid down in the Companies Act, 2013 also forms part of the Code of Conduct. All Board Members and Senior Management Personnel affirm compliance with the Code of Conduct annually.

31. INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT. 2013:

The Company has zero tolerance towards sexual harassment at the workplace and towards this end, has adopted a policy in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 which redresses complaints received on sexual harassment. During the financial year under review, the Company has not received any complaints of sexual harassment from any of the women employees of the Company.

32. DETAILS OF APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE. 2016 DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR:

During the reporting period, no application made or any proceeding is pending under the Insolvency

and Bankruptcy Code, 2016 (31 of 2016).

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

During the reporting period the Company established a fully integrated, modern, and fully automatic manufacturing unit but production yet to be commenced, Thus, the provisions related to conservation of energy and technology absorption are not applicable on the Company. However, Company makes all effort and committed to adopting best practices towards conservation of energy, protection of environment and ensuring safety.

34. RISK MANAGEMENT POLICY:

The Board of Directors of the Company are of the view that currently no significant risk factors are present which may threaten the existence of the company. During the year, your directors have an adequate risk management infrastructure in place capable of addressing those risks. The company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Audit Committee and Board of Directors review these procedures

periodically. The companys management systems, organizational structures, processes, standards, code of conduct and behavior together form a complete and effective Risk Management System (RMS).

35. PREVENTION OF INSIDER TRADING:

The Company has a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and certain designated employees of the Company. The Code requires preclearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the trading window is closed. The Board is responsible for implementation of the Code. All Board Directors and the designated employees have confirmed compliance with the Code.

36. DISCLOSURE OF RELATIONSHIP BETWEEN DIRECTOR INTER -SE:

None of the Directors are related to each other.

37. COMPLIANCE WITH SECRETARIAL STANDARDS:

Your Company complies with the Secretarial Standard on Meetings of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) whenever it has applicable. Your Company will comply with the other Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) as and when they are made mandatory.

38. CAUTIONARY NOTE:

The statements forming part of the Boards Report may contain certain forward-looking remarks within the meaning of applicable securities laws and regulations. Many factors could cause the actual results, performances or achievements of the Company to be materially different from any future results,

performances or achievements that may be expressed or implied by such forward looking statements.

39. STATEMENT ON OTHER COMPLIANCES:

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 reporting period:

(a.) Details relating to deposits covered under Chapter V of the Act.

(b.) Issue of equity shares with differential voting rights as to dividend, voting or otherwise;

(c.) Issue of shares (including sweat equity shares) to employees of the Company.

40. WEBSITE OF THE COMPANY:

Your Company maintains a website www.aslventure.com where detailed information of the Company and specified details in terms of the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 have been provided.

ACKNOWLEDGEMENT:

The Directors regret the loss of life are deeply grateful and have immense respect for every person. The Directors wish to convey their appreciation to all of the Companys employees for their contribution towards the Companys performance. The Directors would also like to thank the shareholders, employee unions, customers, dealers, suppliers, bankers, governments and all other business associates for their continuous support to the Company and their confidence in its management.

		For Alka Securities Limited
	Sd/-	Sd/
Date:04.09.2025	Sagar Ashok Rane	Mahendra Pandey
Place: Mumbai	Director	Managing Director
	DIN:09022218	DIN:00157790

In compliance of Regulation 34(3) and 54(f) read with Schedule V of Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find Management Discussion and Analysis Report forming part of Annual Report

INDUSTRY SCENARIO

The Indian capital markets witnessed steady growth in FY 2024-25, supported by continued investor participation, resilient macroeconomic fundamentals, and an expanding retail investor base. Regulatory reforms initiated by SEBI, enhanced digital adoption, and the deepening of capital markets have contributed to greater transparency and investor confidence.

The stock broking industry saw rising participation through digital platforms, particularly from Tier II and Tier III cities, driven by mobile trading apps and simplified KYC processes. While volatility in global markets and monetary policy uncertainty created intermittent headwinds, India remained one of the most attractive equity markets globally during the fiscal.

The financial consultancy segment, comprising investment advisory, wealth management, and corporate advisory services, has also grown in relevance. Businesses and high-net-worth individuals are increasingly seeking structured financial guidance amidst dynamic regulatory frameworks and evolving investment instruments.

Alka Securities Limited, with its longstanding presence in the Indian capital markets, continues to build on its core competencies in broking and consultancy services, offering personalized, tech-enabled, and compliant financial solutions to its growing clientele.

FUTURE OUTLOOK

The Company remains optimistic about the future of the Indian financial services sector. With increasing retail participation, improved financial literacy, and a growing appetite for wealth creation through capital markets, the demand for professional broking and advisory services is expected to remain strong.

Going forward, the Company aims to:

1. Enhance Digital Capabilities

Investing in robust trading platforms and AI-enabled advisory tools to deliver an intuitive and secure customer experience.

2. Expand Consultancy Services

Scaling corporate advisory, investment planning, and wealth management verticals, catering to SMEs, start-ups, and individual investors.

3. Client Base Diversification

Targeting under-served segments through financial literacy campaigns and partnership models with fintech and ecosystem players.

4. Strengthen Compliance & Governance

Adopting best-in-class practices in risk management, data security, and regulatory reporting in line with SEBI guidelines.

5. Invest in Talent Development

Recruiting and nurturing professionals with expertise in capital markets, research, and financial planning to enhance service quality.

The Company believes that its strategic roadmap, technology-first approach, and client-centric model

will drive sustainable growth and long-term stakeholder value.

OPPORTUNITIES. THREATS, RISKS & CONCERNS

Opportunities:

• Growing Retail Participation: Increasing penetration of equity investments in households, supported by digital access and financial inclusion.

• Digital Transformation: Emergence of AI, analytics, and robo-advisory is opening new avenues for tech-enabled investment services.

• Regulatory Push for Transparency: Strengthening of compliance frameworks enhances trust and creates a level playing field.

• Diversification into Advisory Services: Expanding demand for structured financial advice from individuals and corporates

Threats:

• Market Volatility: Geopolitical tensions, inflationary pressures, and global monetary shifts can impact investor sentiment.

• Competitive Pressure: Intense competition from discount brokers, fintech start-ups, and traditional players could impact margins.

• Cybersecurity Risks: Increasing reliance on digital systems heightens vulnerability to data breaches and technical disruptions.

• Regulatory Complexity: Frequent changes in SEBI guidelines, taxation norms, and compliance requirements pose operational challenges.

Risk & Concern:

• Revenue Concentration Risk: Over-reliance on transaction-based income may affect earnings in low-volatility periods.

• Compliance Risk: Non-adherence to evolving regulatory requirements can lead to reputational and financial penalties.

• Operational Risk: System downtime, trade execution errors, or back-office inefficiencies may impact service delivery and client trust.

• Human Capital Risk: Retention of skilled professionals in a competitive industry remains a key challenge.

The Company continues to address these concerns through robust internal controls, diversified revenue models, proactive compliance monitoring, and continual process upgrades.

HUMAN RESOURCE DEVELOPMENT / INDUSTRIAL RELATIONS

The Company recognizes that a committed and skilled workforce is central to sustaining leadership in the financial services sector. The HR function remains focused on attracting, retaining, and developing talent with relevant expertise in broking, compliance, research, and advisory services. Key initiatives during the year included:

• Structured training and certification programs in SEBI regulations, investment analysis, and client advisory.

• Introduction of performance-linked appraisal systems and professional development plans.

• Emphasis on digital upskilling to adapt to evolving technology platforms and client engagement models.

• Reinforcement of workplace ethics, compliance culture, and employee well-being.

Industrial relations remained cordial throughout the year, and the Company continued to maintain a collaborative and performance-oriented work environment.

APPRECIATIONS AND ACKNOWLEDGEMENTS

The Board of Directors places on record its sincere appreciation to all employees of the Company for their dedication, adaptability, and commitment to professional excellence. Their efforts have been instrumental in delivering consistent service quality and operational resilience in a highly competitive market.

The Board also acknowledges with gratitude the continued trust and support extended by clients, business partners, shareholders, and regulators. The cooperation received from SEBI, stock exchanges, depositories, auditors, and banking partners has been invaluable in ensuring effective governance and smooth operations.

With a strong leadership team, sound business strategy, and unwavering focus on customer-centricity and compliance, Alka Securities Limited remains committed to delivering sustainable shareholder value and contributing to the inclusive growth of Indias capital markets.

For Alka Securities Limited

Sd/- Sd/

Date: 04.09.2025 Sagar Ashok Rane Mahendra Pandey

Place: Mumbai Director Managing Director

DIN: 09022218 DIN:00157790