The Directors present their One Hundred Fifth Annual Report with the Audited Financial Statements for the year ended March
31, 2025. The Financial Results are as under:

Accounts for the year ended 31st March 2025 have been
prepared in conformity with Indian Accounting Standards
('Ind AS') notified under section 133 of Companies Act,
2013("the Act") read with Companies (Indian Accounting
Standards) Rules, 2015 as amended by Companies (Indian
Accounting Standards) Rules, 2016 from 1st April, 2019,
leading to major changes in the Accounting policies.

OPERATIONS

The Standalone Operating Income of the Company is derived
from a mix of dividend, interest income, rental income and
capital gains from sale of investment property.

The Company's gross income for the financial year ended 31st
March 2025 stood at Rs. 1025.23 lakhs as against Rs. 195.05
lakhs in 2023-24. Profit before tax stood at Rs. 695.22 lakhs in
2024-25 as against Rs. 52.71 lakhs profit before tax in 2023¬
24. Profit after tax of the Company stood at Rs. 623.04 lakhs
as against Rs. 72.26 lakhs in 2023-24. As on 31st March,
2025 other comprehensive income net of tax amounted to Rs.
(686.33) lakhs for the year. The profit realized on sale of some
non-current investments was transferred to Retained earnings
in conformity with the Accounting Standards.

The Company has completed development of its property
in Kolkata and has received the completion certificate from
Kolkata Municipal Corporation dated 30th May, 2024.
Though the building was initially constructed for own use by
the company, after careful consideration of the requirements
it was decided that some floors of the same may be sold
to unlock value. Accordingly, one floor of the building was

sold during the period under review.The Building has been
certified as Platinum Green Building by LEED.

DIVIDEND

Your Directors take pleasure in recommending for approval
of the payment of Dividend of Rs. 5 (per share) on 7,71,429
Equity Shares of the Company for the year ended 31 st March,
2025 subject to the approval of the Members in the 105th
Annual General Meeting of the Company.

TRANSFER TO RESERVES

The Company has transferred Rs.100 lakhs to the General
Reserve Account and Rs. 124.61 lakhs to the Special Reserve
Account.

CHANGE IN NATURE OF BUSINESS

There has been no change in the nature of business of the
Company during the financial year 2024-25.

MEETINGS OF THE BOARD

Four meetings of the Board were held during the year under
review. For details of meetings of the Board, please refer to
the Corporate Governance Report, which is a part of this
report. The intervening gap between the meetings was within
the period prescribed under the Companies Act, 2013.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the
Act, the Annual Return as on March 31, 2025 is available on
the Company's website at www.alfredherbert.co.in.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of the Companies Act, 2013, Mr.
A. V. Lodha, Director, retires by rotation and being eligible,
offers himself for re-appointment. Based on the performance
evaluation and recommendation of the Nomination and
Remuneration Committee, the Board recommends his
reappointment. A resolution seeking shareholders' approval
for his re-appointment forms part of the notice.

During the year under review, the following changes took
place in the Office of Key Managerial Personnel (KMP)

• Mr. Vikram Matta ceased to be the CEO of the Company
with effect from 31.05.2024 and Mr. Partha Pratim Das
was appointed in his place with effect from 01.06.2024

• Mrs. Shobhana Sethi ceased to be the CFO and Company
Secretary of the Company with effect from 08.11.2024 and
Mr. Ananda Bhattacharyya was appointed in her place with
effect from 09.11.2024

Pursuant to the Provisions of Section 203 of the Companies
Act 2013, the Key Managerial Personnels of the Company as
on March 31,2025 are

- Mr. Partha Pratim Das - Chief Executive Officer

- Mr. Ananda Bhattacharyya - Chief Financial Officer and
Company Secretary

INDEPENDENT DIRECTORS AND THEIR DECLARATION OF
INDEPENDENCE

As on 31st March, 2025, Mr. Ashish Poddar, Mr. P K Madappa
and Mrs. Alka Bhandari are the Independent Directors of the
Company appointed pursuant to the provisions of Section
149 of the Companies Act 2013 and Listing Regulations as
per SEBI. Each Independent Director has confirmed to the
Company that he or she meets the criteria of independence
as provided in Section 149(6) of the Companies Act, 2013
and Regulation 16 (1)(b) of the Listing Regulations. There
has been no change in circumstances which may affect their
status as an Independent Director during the year, which had
been considered and taken on record by the Board.

All the Independent Directors are registered in the database
maintained with Indian Institute of Corporate Affairs (IICA).
In the opinion of the board, all the Independent Directors are
persons of integrity and possess the relevant expertise and
experience (including proficiency) as required under the Act
and the Rules made thereunder.

MANAGEMENT DISCUSSION & ANALYSIS:

The Shareholders have been aware that since Financial
Year 2019-2020 the Presentation of your Company's
Financial Statements have significantly changed with the
implementation of IND AS. Under IND AS, profit or loss on
actual sale of Equity Investments and net gain or loss on fair
value changer are recorded in Other Comprehensive Income
[OCI] instead of being routed through the Statement of
Profit and Loss. These gains [net of taxes] are subsequently
reclassified from OCI to retained earnings. Thus, the income
from Operations of our Company, being an Investment
Company, includes mainly Dividends and Interest Income. To

augment the Operating Income over the medium term your
Company plans to let out a part of the property in Strand
Road and increase its investments significantly for greater
dividend and interest income. This forms part of our endeavor
to increase operating income earning capacity.

GLOBAL ECONOMIC OUTLOOK 2025:

The "WORLD ECONOMIC OUTLOOK UPDATE" Report by the
IMF of January 2025, stated that global growth is projected
to remain stable at about 3.3% both in 2025 and 2026.
However, the potential ramification of policies proposed by
United States [US] has given rise to considerable uncertainty
leading to lower expectations of global growth.

The volatility in the global economic scenario has become
a defining feature of recent years, driven by factors such as
geopolitical tensions, fluctuating energy prices, inflationary
pressures, climate events and shifting monetary policies.
Such volatility disrupts global supply chains, impacts investor
confidence and leads to uncertainty in financial markets.
For businesses and Government alike, it complicates long¬
term planning and increases the cost of capital. Currency
fluctuations and trade imbalances can further strain emerging
economies. Overall, global economic volatility heightens
the risks associated with investment, slows down growth
trajectories and requires more resilient and adaptive economic
strategies to safeguard stability.

INDIAN ECONOMIC SCENERIO:

India continues to stand out as a beacon of economic
strength and resilience in the global landscape. As the world's
fifth-largest economy, it is well-positioned to maintain its
status as the fastest-growing major economy, with GDP
growth projected at a robust 6.5% for FY26. This momentum
is supported by strong domestic consumption, a stable
macroeconomic environment, and healthy foreign exchange
reserves. Inflation remains within manageable levels, and the
interest rate environment has stabilized, fostering a conducive
backdrop for both public and private sector investment.

India's growth story is underpinned by structural drivers that
offer long-term sustainability. The country is capitalizing on
its demographic dividend, with a young and aspirational
workforce driving productivity and innovation. Continued
enhancements in physical and digital infrastructure are
accelerating connectivity, improving supply chains, and
fostering greater economic integration. The government's
increased capital expenditure, along with targeted initiatives
such as the Production Linked Incentive (PLI) schemes, are
catalysing manufacturing growth, fostering self-reliance, and
attracting both domestic and foreign investment.

The International Monetary Fund (IMF) has acknowledged
India's economic resilience, highlighting its progress in
formalization, digital inclusion, and robust institutional
frameworks. As India continues to advance reforms, embrace
technology, and strengthen its global trade linkages, it
remains poised to be a key engine of global growth in the
coming decades.

COMPANY'S OUTLOOK:

Given this background, the Directors affirm that the Company's
investments are guided by a long-term vision, with a focus on

sustainable value creation. These investments are strategic in
nature, aligned with the Company's commitment to building
enduring value over time rather than pursuing short-term
gains.

As part of the Company's capital allocation strategy, there is a
clear emphasis on unlocking intrinsic value across its portfolio
to enable greater value creation in the years ahead. The
Company will continue to adopt a disciplined, patient capital
approach—deploying funds prudently across a diversified mix
of equities, real estate, fixed income instruments, alternative
assets and/or operating businesses. Notably, subsequent to
the financial year-end, the Company divested its stake in
the property in Whitefield, representing a significant step
towards unlocking value and strengthening the base for
future growth.

Equities: The Company maintains a positive long-term outlook
on equity markets, underpinned by improving macroeconomic
indicators, a stable political environment, and strong
corporate earnings momentum. India's structural growth
drivers—such as formalization of the economy, rising digital
adoption, infrastructure expansion, and robust domestic
consumption—are expected to continue supporting equity
valuations. Easing inflationary trends and potential monetary
policy easing by global and domestic central banks further
enhance the outlook. Over the long term, equities remain
a key driver of capital appreciation and are well-positioned
to benefit from both cyclical and structural tailwinds in the
Indian economy.

Fixed Income (Debt): The outlook for fixed income
investments remains favorable, particularly as interest rate
cuts are increasingly anticipated in response to a moderating
inflation trajectory and slower global growth. In India, the
Reserve Bank of India is expected to shift towards a more
accommodative stance in the coming quarters, which could
translate into lower yields and a corresponding rise in bond
prices. Long-duration Indian Government Bonds (IGBs) are
especially well-placed to benefit from this environment.
Additionally, the inclusion of Indian government securities
in global bond indices is likely to attract sustained foreign
inflows, enhancing market depth and liquidity. The Company
continues to view high-quality debt instruments as a stable
component of its long-term portfolio, offering both income
and capital preservation.

Real Estate: The real estate sector, after a prolonged period
of subdued performance, is exhibiting signs of a structural
recovery, supported by improving demand fundamentals and
increased institutional participation. Urbanization trends,
a revival in housing demand—particularly in mid-income
and premium segments—and regulatory reforms such as
RERA have enhanced transparency and investor confidence.
Additionally, favourable borrowing conditions and improved
affordability are driving real estate activity across both
residential and commercial segments. The Company is
actively evaluating select opportunities within this asset class,
with a view to participating in its long-term growth trajectory.
Real estate is expected to serve as both a store of value and
a potential source of capital appreciation over time, thereby
complementing the Company's broader investment strategy.

Looking ahead, the Company will also evaluate opportunities
across alternative asset classes and select operating
businesses, with a view to further diversifying its investment
portfolio and enhancing long-term value creation. This
includes potential allocations to private equity, infrastructure
platforms, and other high-conviction alternatives that
offer differentiated return profiles and lower correlation to
traditional asset classes. Investments in operating businesses
may also be considered where strategic alignment, scalability,
and sustainable cash flow generation can be achieved. These
opportunities will be pursued with a disciplined and selective
approach, consistent with the Company's philosophy of
deploying patient capital to unlock long-term growth.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013
and Regulation 4(2)(f) and Regulation 17 of SEBI (Listing
Obligations & Disclosure Requirements) 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 committees.

COMMITTEES OF THE BOARD

As on March 31, 2025, the Board has three Committees:
the Audit Committee, the Nomination and Remuneration
Committee, and the Stakeholders Relationship Committee.
The Audit Committee and The Stake Holders Relationship
Committee are constituted entirely with Independent
Directors. During the year 4 meetings of Audit Committee,
1 meeting of Stakeholders Relationship Committee and
3 meetings of Nomination and Remuneration Committee
were also held, the details of which viz., dates and number
of meetings attended by each director etc., are given in the
Corporate Governance Report. Also, all recommendations
made by the committees were approved by the Board.
A detailed note on the composition of the Board and its
committees is provided in the Corporate Governance Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Provisions of Section 186 of the Companies Act, 2013
pertaining to Investments, Loans and Guarantees is not
applicable to the Company since the Company is a Non¬
Banking Financial Company.

SHARE CAPITAL

The Paid -Up Equity Share Capital of the Company as on
31st March 2025 was Rs.77.14 lakhs. During the year under
review, the Company has not issued shares with differential
voting rights nor granted stock options nor sweat equity.

DISCLOSURE ON DEPOSIT UNDER CHAPTER V

The Company has not accepted any deposit from public and
as such, no amount on account of principal or interest on
deposits from public was outstanding as on the date of the
Balance Sheet.

SECRETARIAL STANDARDS

The Company complies with all applicable mandatory
Secretarial Standards issued by the Institute of Company
Secretaries of India.

LISTING ON STOCK EXCHANGE

The Company's shares are listed on Bombay Stock Exchange
(BSE) Limited.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS

There are no significant and material orders passed by the
regulators or courts or tribunals for the period under review.

DIRECTORS' RESPONSIBILITY STATEMENT

As stipulated in Section 134(3) (C) of the Companies Act,
2013, your Directors subscribe to the "Directors' Responsibility
Statement" and confirm as under:

a) that in the preparation of the annual financial statements
for the year ended 31st March 2025, the applicable
accounting standards have been followed along with
proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Note
No.1 of the Notes to the Financial Statements have
been selected and applied consistently and judgment
and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of
affairs of the Company as at 31st March 2025 and of the
profit of the Company for the year ended on that date.

c) that 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;

d) that the annual financial statements have been prepared
on a going concern basis;

e) that proper internal financial controls were in place
and that the financial controls were adequate and were
operating effectively;

f) that systems to ensure compliance with the provisions of
all applicable laws were in place and were adequate
and operating effectively.

AUDITORS AND AUDITORS' REMARKS
STATUTORY AUDITORS

M/s. ALPS & Co. Chartered Accountants (Firm Registration No.
FRN 313132E) existing Auditors of the Company were appointed
for a period of 5(five) years by the Members of the Company in
the 102nd Annual General Meeting held on 12th August, 2022
from the conclusion of the 102nd Annual General Meeting till
the conclusion of 107th Annual General Meeting.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Companies
Act, 2013 and the Companies (Accounts) Rules, 2014, the
Company has appointed M/s. Chaudhuri P & Associates,
Chartered Accountants as Internal Auditor of the Company
for the financial year 2024-25.

SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act,
2013 and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Company has
appointed Mr. Suprabhat Chakraborty, Practicing Company

Secretary as Secretarial Auditor of the Company for the
financial year 2024-25.

AUDIT REPORTS

The Auditors' Report for financial year 2024-25 does not
contain any qualification, reservation or adverse remark.
The Report is enclosed with the financial statements in this
Annual Report.

As required by the Listing Regulations, the Practicing
Company Secretary's certificate on corporate governance for
financial year 2024-25 is enclosed to the Board's report. The
certificate does not contain any qualification, reservation or
adverse remark.

The Secretarial Auditors' Report for financial year 2024-25
does not contain any qualification, reservation or adverse
remark. The Secretarial Auditors' Report is enclosed as
'Annexure A' to the Board's report in this Annual Report.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS
UNDER SECTION 143(12) OF THE COMPANIES ACT, 2013

During the year under review, no frauds were reported by the
auditors to the Audit Committee or the Board under Section
143(12) of the Companies Act, 2013 read with Rule 13 of the
Companies (Audit and Auditors) Rules, 2014.

CORPORATE SOCIAL RESPONSIBILITY:

The Provisions of Section 135 of the Companies Act, 2013
did not apply to the Company. Thus no furtherance regarding
formation of CSR Committee and framing of its policy was
done.

PARTICULARS REGARDING CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT
AND FOREIGN EXCHANGE EARNINGS AND OUTGO

There were no foreign exchange earnings and expenditure
during the year. The other particulars relating to Conservation
of Energy and Technology Absorption stipulated under
Section 134(3)(m) of the Companies Act, 2013 read with Rule
8 of Companies (Accounts) Rules, 2014, are not applicable.

CORPORATE GOVERNANCE

The Company has complied with the Corporate Governance
code as stipulated under the Listing Agreement with the Stock
Exchange. A separate section on Corporate Governance, along
with Certificate from the Auditors confirming the compliance,
is annexed and forms part of the Annual Report.

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

The company has entered into a definitive registered Deed
of Conveyance dated 8th May, 2025 for sale of its property
situated at Whitefield Road, Bangalore, Karnataka, for a total
sale consideration amount of Rs. 485,90,00,000/- (Rupees
Four Hundred Eighty-Five Crores and Ninety Lakhs) only.

SUBSIDIARY COMPANIES, JOINT VENTURES AND ASSOCIATE
COMPANIES

The Company has two Wholly Owned Subsidiaries (WOS)
as on 31st March, 2025. There are no associate or Joint
Venture Companies within the meaning of Section 2(6) of the

Companies Act, 2013. There has been no material change in
the nature of business of the Subsidiaries.

In accordance with the General Circular issued by the Ministry
of Corporate Affairs, Government of India, the Balance Sheet,
Statement of Profit & Loss and other documents of the
Subsidiary Companies are not being attached with the Balance
Sheet of the Company. However, the financial information of
the Subsidiary Companies is disclosed in the Annual Report in
compliance with the said circular in Form AOC 1.

The consolidated financial statements presented by the Company
include financial results of its Subsidiary Companies, Alfred
Herbert Limited and Herbert Holdings Limited and is available
on the website of the Company www.alfredherbert.co.in

CONSOLIDATED FINANCIAL STATEMENT

The consolidated financial statements have been prepared by the
Company in accordance with the applicable accounting standards.
The Audited Consolidated Financial Statements, together with
the Auditors' Report, form a part of the Annual Report.

A report on the performance and financial position of each of the
subsidiaries included in the consolidated financial statements is
presented in a separate section in this Annual Report.

RISK MANAGEMENT

The main identified risks at the Company are Commercial
Risks, Financial Risks, Operational Risks and Legal & Regulatory
Risks. Your Company has established a comprehensive Risk
Management System to ensure that risk to the Company's
continued existence as a going concern and to its
development are identified and addressed on timely basis.
Risk Management strategy as approved by the Board of
Directors is implemented by the Company Management

REMUNERATION DETAILS UNDER RULE 5[1] OF THE
COMPANIES [APPOINTMENT AND REMUNERATION OF
MANAGEMENT PERSONNEL] RULES 2014, AS AMENDED,
FOR THE FINANCIAL YEAR ENDED 31_st MARCH 7075

Notes:

1. No employee falls under the purview of the Provisions
of Rule 5(2) and (3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
Thus no information regarding to the same needs to be
disclosed.

2. Sitting Fees paid to the Directors for attending Board
and/or Committee Meetings have not been considered.

3. The remuneration paid to the Key Managerial Personnel
is as per the recommendation of the Nomination and
Remuneration Committees and approved by the Board.

MAINTENANCE OF COST RECORDS

The provisions of Section 148 of the Companies Act, 2013
relating to Cost Audit is not applicable to the business
activities carried out by the Company and hence no cost record
is required to be maintained and cost audit be conducted.

DEFAULT IN PAYMENT OF LOAN

The company is neither enjoying nor has availed any credit
facility. Hence default in payment of loan facility availed from
Bank or Financial Institution, details of difference between
amount of valuation done at the time of one-time settlement
and valuation done while taking loan from bank or financial
institutions is not applicable.

VIGIL MECHANISM

Pursuant to the provisions of revised Regulation 22 of SEBI
(Listing Obligations & Disclosure Requirements) Regulations,
2015 and Section 166 (9) & (10) of the Companies Act, 2013,
the Company had established a Vigil Mechanism for Directors
and Employees to report concerns of unethical behaviour,
actual or suspected fraud or violation of the Company's Code
of Conduct. This policy is available on the Company's website
at www.alfredherbert.co.in .

NOMINATION & REMUNERATION POLICY

The Board has, on the recommendation of the Nomination
& Remuneration Committee framed a policy for selection
and appointment of Directors, Senior Management and their
remuneration.

INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY

The Company has an Internal Control System commensurate
with the size and scale of its operations. The Company has
in place internal control systems and procedures which are
commensurate with its size and nature of business. The
objective of these procedures is to ensure efficient use and
protection of the Company's resources, accuracy in financial
reporting and due compliance with statutes, corporate policies
and procedures. Internal Audit is conducted periodically by
Chartered Accountant/ Audit firms who verify and report on
the efficiency and effectiveness of internal controls.

RELATED PARTY TRANSACTIONS

All the related party transactions that were entered during the
year, were in the ordinary course of business. The Company

had not entered into any contract/arrangement/transaction
with related parties which could be considered material in
accordance with the policy of the Company materiality of
related party transactions. Hence, the provisions of Section
188 of the Companies Act, 2013 are not attracted. Thus,
disclosure in Form AOC-2 is not required.

Further, there are no materially significant Related Party
Transactions during the year under review made by the
Company with Promoters, Directors, Key Managerial Personnel
or other designated persons.

The Policy on materiality of related party transaction as
approved by the Board may be accessed on the Company's
Website, www.alfredherbert.co.in. Your directors drew
attention of the members to Note 36 to the Standalone
financial statement which sets out related party disclosures.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE
WORKPLACE

The Company is not required to set up an Internal Complaints
Committee as per the provisions of Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. The employees have however been informed
about lodging their complaints if any, before the Board as
well as before the Local Complaints Committee (LCC) formed
by the Government in the district. We affirm that adequate
access has been provided to any complainant who wish to
register a complaint.

No complaint was received during the year.

APPLICATION UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016

No application has been made under the Insolvency and
Bankruptcy Code either by or against the company, hence the
requirement to disclose the details of application made or
any proceeding pending under the Insolvency and Bankruptcy
Code, 2016 during the year along with their status as at the
end of the financial year is not applicable.

TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO
INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 125 of the Companies
Act, 2013, the declared dividend for the financial year 2016¬
17, which remained unpaid or unclaimed for a period of
seven years, have been transferred by the Company on 6th
September, 2024 to the IEPF established by the Central
Government pursuant to Section 125 of the said Act. As on
31 st March, 2025, the Company has transferred Rs 27,520.00
to Investor Education and Protection Fund. Pursuant to the
provisions of Section 125 of the Companies Act, 2013, the
declared dividend for the financial year 2016-17, which
remained unpaid or unclaimed for a period of seven years,

will be transferred by the Company to the IEPF established
by the Central Government pursuant to Section 125 of the
said Act. The company has uploaded the full details of Unpaid
Dividend on its website at https://www.alfredherbert.co.in/
investors.

TRANSFER OF UNPAID SHARES TO INVESTOR EDUCATION
AND PROTECTION FUND

The Company, in pursuance to the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016 ("IEPF Rules 2016"), had transferred
all shares in respect of which dividend has not been paid or
claimed by the shareholders for seven consecutive years in
the name of designated demat account of the IEPF Authority.
A notice had been sent to all concerned shareholders at their
registered address. The Company had also published such
notice in English Newspaper i.e. 'The Financial Express' and
in Bengali Newspaper i.e. Ekdin informing the concerned
shareholders about the same. The company has uploaded the
full details of such shareholders and shares transferred to IEPF
account on its website at www.alfredherbert.co.in

As on 31st March, 2025, the Company has transferred 1340
no. of shares to IEPF Demat Account which accounts to 0.17%
of total shareholding of the company.

CAUTIONERY STATEMENT

Statements in this Report, particularly those which relate
to Management Discussion & Analysis, describing the
Company's objectives, projections, estimates, expectations
or predictions and the Economic Scenario may be 'forward
looking statements' within the meaning of applicable laws
or regulations. Actual results could however differ materially
from those expressed or implied.

PERSONNEL

Your Directors wish to place on record their appreciation
for the services rendered by the employees of the Company
during the year.

It was an exciting year and during our journey through the
same we consolidated our position as an NBFC. We firmly
believe that financial services will continue to play a crucial
role in India's growth story with the GDP growth expected to
significantly outpace the global growth in near future. Moving
into the next Fiscal we are confident of scaling new heights
of growth and fulfillment of obligations to our esteemed
shareholders.

For & on behalf of the Board of Directors

H. V. Lodha P. K. Madappa

Place: Kolkata Director Director

Date: 23th May, 2025 DIN: 00394094 DIN: 00058822