Alfa Transformers Ltd — Board Meeting, 27-05-2025: Board Meeting

Plant at Bhubaneswar: Plot No. 3337, Mancheswar Industrial Estate, Bhubaneswar- 751010

Plant at Vadodara : Plot No. 1046, 1047 & 1048, G.I.D.C Estate, Waghodia, Vadodara- 391760, Gujarat

Date: 27/05/2025

To,

The Department of Corporate Services,

BSE Limited.

P. J. Tower, Dalal Street,

Mumbai- 400 001

Scrip Code: 517546

Sub: Outcome of the Board Meeting

Ref: Regulation 30 and Regulation 33 read with Schedule III of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

With reference to our intimation dated May 20, 2025 and with reference to the above captioned

subject and Pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, we would like to inform that the Board of Directors of the

Company at its meeting held on today, i.e. Tuesday, May 27, 2025, inter alia, considered and

approved:

• The Audited Standalone Financial Statements for the financial year ended March 31, 2025 and

Audited Financial Results for the quarter and financial year ended March 31, 2025 along with

Independent Auditor’s Report.

A copy of the Financial Statements and Results along with the Independent Auditor’s Report

are enclosed herewith as Annexure A.

M/s. PAMS & Associates, Statutory Auditors of the Company have issued the Independent

Auditor’s Report on the Audited Financial Statements and Results of the Company for the

quarter and financial year ended March 31, 2025, with an unmodified opinion. This

declaration is enclosed herewith pursuant to Regulations 33(3)(d) of the Listing Regulations

as Annexure B.

• On the recommendation of the Audit Committee, Re-appointed the Auditors as per Regulation

30 under SEBI Listing Regulations, 2015 are as following:

i. Re-appointed M/s. PAMS & Associates, Chartered Accountants (Firm Registration No.

316079E) as the Statutory Auditors of the Company for a period of one year, starting

from the conclusion of 43rd Annual General Meeting (AGM) till the conclusion of 44th

AGM of the Company. The said re-appointment shall be subject to the approval of the

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Plant at Bhubaneswar: Plot No. 3337, Mancheswar Industrial Estate, Bhubaneswar- 751010

Plant at Vadodara : Plot No. 1046, 1047 & 1048, G.I.D.C Estate, Waghodia, Vadodara- 391760, Gujarat

Shareholders which shall be taken in the ensuing AGM of the Company. - Annexure

C.

ii. Re-appointed M/s. Saroj Ray & Associates, Practicing Company Secretaries as the

Secretarial Auditor of the Company for FY2025-26 – Annexure C.

iii. Re-appointed M/s Goutam & Co., Chartered Accountants, as an Internal Auditor of the

Company for FY2025-26 – Annexure C.

Details as required under Regulation 30 of the Listing Regulations read with SEBI circular

SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, are Annexed as mentioned above.

The meeting commenced at 11:30 a.m. (IST) and concluded at 4.30 p.m. (IST).

The aforesaid Financial Statements and Results and information shall be made available on the

Company's website at www.alfa.in.

Kindly take the aforesaid information on your records.

Thanking You,

Yours Faithfully,

For Alfa Transformers Limited

Rajesh Kumar Sundarray

Company Secretary & Compliance officer

Encl: As above

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PAMS&ASSOCIATES

CHAR:TE R.Ef) AC C OIJNI:TANT:T S

Head Office :Plot No: - 506' Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhuban eswat -781022

Telephone No: 0624- 3514102, Mobile: +91_9437076636

E-mail : jeetrnishra36@gmail.com itpams@gmail.com

Independent Auditor's Report

To the Members of

ALFA TRANSFORMERS LIMITED

Report on the Financial Statements

OPINION

We have audited the accompanying Ind AS financial statements of ALFA TRANSFORMERS

LIMITED ("hereinafter referred to as the Company") comprise the Balance Sheet as at March

31, 2025, the Statement of Profit and Loss, including the statement of Other Comprehensive

Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then

ended, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the

aforesaid financial statements give the information required by the Companies Act, 2013 ("the

Act") in the manner so rbquired and give a true and fair view in conformity with the lndian

Accounting Standards prescribed under section 133 of the Act read with the Companies (lndian

Accounting Standards) Rules, 2015, as amended, ("lnd AS") and other accounting principles

generally accepted in lndia, of the state of affairs of the Company as at March 31, 2025, the Profit

and total comprehensive Profit, changes in equity and its cash flows for the year ended on that

date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing

specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are

further described in the Audito/s Responsibilities for the Audit of the Financial Statements section

of our report. We are independent of the Company in accordance with the Code of Ethics issued

by the lnstitute of Chartered Accountants of India (lCAl) together with the independence

requirdments that are relevant to our audit of the financial statements under the provisions of the

Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in

accordance with these requirements and the lCAl's Code of Ethics. We believe that the audit

evidence we have obtained are sufficient and appropriate to provide a basis for our audit opinion

on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of utmost

significance in our audit of the financial statements for the current period. These matters were

addressed in the context of our audit of the flnancial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these matters. We have

determined the matters described below to be the key audit matters to be communicated in our#ss

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report.

Bronch Offices ol Cutlock,Bhuboneswor, puri ond New Delhi

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PAM s & AssocrATES

rm]ffirnffiils

Headornce'"''*:51i.6i,*='!fr P*tf*:"?"HTfr *ilH:,."."-u,-7s1022ffi%#

Telephone No : 0674_ tSt+tOZ, Mobile: iSt_g+Siliii:re

E-mail : iectnqishra36@glqadcarq itp"*.@g-"ii."o*

Sr. NoKey Audit MattersAuditor's Response

1Accuracy

of recognition,

measurement, presentation and

disclosures of revenues and

other related balances in view

of adoption of Ind AS 1'15

We have assessed the Company's process to

identify the impact of adoption of the revenue

accounting standard.

Our audit approach consisted testing of the

design and operating effectiveness of the internal

controls and substantive testing as follows:(i)

Verification of purchase order w.r.t.

quantity, rate etc.(ii)

Delivery of the material, Collection w.r.t the

billetc.(iii)

Recognition of future obligation towards

warranty repairing liability based on thepast

trend as measured by the

management.

2Valuation of the lnventory in

view of adoption of Ind AS 2 "

Inventories"

We have assessed the Company's process to

identify the impact of adoption of the inventory

accounting standard.

Our audit approach consisted testing of the

design and operating effectiveness of the internal

controls and substantive testing as follows:

(i)Verifying the records available with the

company for movement of stocks.(ii)

Obtaining valuation certificate from the

company.

(iii)Relying on the InternalAudit Report. \

(iv)Relvinq on the phvsical verification reoort.

3Recognition and Confirmation

of Balances of Sundry Debtors

We have assessed the Company's process to

identify the balance of Sundry Debtors in Books

of Accounts.Our

audit approach consisted testing of the

design and operating effectiveness of the internal

controls and substantive testing as follows:

:i) The transactions are verified by corresponding

bills, and payments.

ii) We have relied on the accounting and

balancing figures as per financials approved by

management.

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PAM

S & ASSOCIATE,S

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CHAR.:rEREID AccotrNT:rANr:rs !4{-!q-qr*!{divJ-r*

Head office :Pfot No: - 506, unit- IX, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswar- 751022 #t{UWlAtA*

Telephone No I 0674_ 3574102, Mobile: igt_gqSlOrceza

E-mail : jqqtrnishra36@gmail.com itpams@gmail.com

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information

comprises the information included in the Management Discussion and Analysis, Board's Report

including Annexures to Board's Report, Business Responsibility Report, Coiporate Governance

and Shareholder's Information, but does not include the finaniial siatements and our auditor's

report thereon. Our opinion on the financial statements does not cover the other information and

we do not express any form of assurance conclusion thereon. ln connection with our audit of the

financial statements, our responsibility is to read the other information and, in doing so, consider

whether the other information is materially inconsistent with the financial statements or our

knowledge obtained during the course of our audit or otherwise appears to be materially

misstated. lf, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Management's Responsi bil ity for the F inan cial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(S) of the

Act with respect to the preparation of these financial statements that give a true and fair view of

the financial position, financial performance, total comprehensive income, changes in equity and

cash flows of the Company in accordance with the lnd AS and other acco-unting priniiples

generally accepted in lndia. This responsibility also includes maintenance oi adequate

accounting records in accordance with the provisions of the Act for safeguarding the assets of

the Company and for preventing and detecting frauds and other irregrilarities; selection and

application of appropriate accounting policies; making judgments and estimates that are

reasonable and prudent; and design, implementation and maintenance of adequate internal

financial contr,ols, that were operating effectively for ensuring the accuracy and completenbss of

the accounting records, relevant to the preparation and presentation of the financial statements

that give a true and fair view and are free from material misstatement, whether due to fraud or

error. In preparing the financial statements, management is responsible for assessing the

Company's ability to continue as going concern, disclosing, as applicable, matters related to

going concern and using the going concern basis of accounting unless management either

intends to liquidate the Company or to cease operations, or has no realistic alternative but to do

so. The Board of Directors are responsible for overseeing the Company's financial reporting

process.

Auditor's Responsibilities for the Audit of the Financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatemen! whether due to fraud or error, and to issue an

auditor's report that includes our opinion. Reasonable assurance is a high levei of assurance, but

is not a guarantee that an audit conducted in accordance with SAs will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.m

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PAMS&ASS()CIATES

C HAR:TE R.E f) AC C O UNTTANT:T S

Head Office :Plot No: - 506' Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswar - ?51022

Telephone No : 0674- 3574102, Mobile: +9t-9437076636

E-mail : @ itpams@gmail.com

tffiffi*s

As paft of an audit in accordance with SAs, we exercise professional judgment and maintain

professional skepticism throughout the audit. We also:.

Identify and assess the risks of material misstatement of the financial statements, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for

one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control..

Obtain an understanding of internal financial controls relevant to the audit in order to

design audit procedures that are appropriate in the circumstances. Under section 143(3Xi)

of the Act, we are also responsible for expressing our opinion on whether the Company

has adequate internal financial controls system in place and the operating effectiveness of

such controls.o

Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.o

Conclude on the appropriateness of management's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast significant doubt on the Company's

ability to continue as a going concern. If we conclude that a material uncertainty exists,

we are required to draw attention in our auditor's repoft to the related disclosures in the

financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor's

report. However, future events or conditions may cause the Company to cease to continue

as a going concern.o

Evaluate the overall presentation, structure and content of the financial statements,

including the disclosures, and whether the financial statements represent the underlying

transactions and events in a manner that achieves fair presentation,

Materiality is the magnitude of misstatements in the financial statements that individually or

in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable

user of the financial statements may be influenced. We have considered quantitative

materiality and qualitative factors in (i) planning the scope of our audit work and in

evaluating the results of our work; and (ii) to evaluate the effect of any identified

misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied

with relevant ethical requirements regarding independence, and to communicate with them

all relationships and other matters that may reasonably be thought to bear on our

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PAMS&ASSOCIATES

C HAR:TE R.E f) AC C O LTNT:TANT:T S

Head Office :PIot No: - 506, Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhuban eswat - 7ElO22.

Telephone No: 06?4- 3514102, Mobile: +91-9437076636

E-mail : @ itpams@grnail.com

***ffi**h

independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those

matters that were of most significance in the audit of the financial statements of the current

period and are therefore the key audit matters. We describe these matters in our auditor/s

repoft unless law or regulation precludes public disclosure about the matter or when, in

e*remely rare circumstances, we determine that a matter should not be communicated in

our report because the adverse consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such communication.

Other Matters :

Confirmation of Debtors and Creditors :

In some of the cases the pafi conformation from Sundry Creditors and Sundry Debtors

specifically from Gujurat Power sector companies and also from TPCODL etc. are yet to be

received as on 31-03-2025. The Debtors/ creditors balances have been considered as per

the figures appearing in the book of accounts of the Company in absence of conformation

from the parties.

Our opinion is not qualified in respect of these matters.

Report on Other Legaland Regulatory Requirements

1, As required by section 143 (3) of the Act, we report that: \

a. we have sought and obtained all the information and explanations which to the best of

our knowledge and belief were necessary for the purpose of our audit.

b. in our opinion proper books of account as required by law have been kept by the

f.

Company so far as it appears from our examination of those books.

the Balance Sheet, the Statement of Profit and Loss including the other Comprehensive

income, the statement of Cash Flow and statement of changes in Equity dealt with by

this Report are in agreement with the books of account.

in our opinion, the aforesaid Ind AS financial statements comply with the Accounting

Standards specified under section 133 of the Act.

On the basis of written representation received from the directors of the company as

on March 31,2025 taken on record bythe Board of Directors of the company, none of

the continuing directors of the company, are disqualified as on March 31, 2025 from

being appointed as a director in terms of Section 164 (2) of the Act .

With respect to the adequacy of the internal financial controls over financial reporting of

d.

e.

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PAMS&ASS()CIATES

C HAR:TE R.E[D AC C O UNT:TANI:T S

Head Office :Plot No: - 506' Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswar - ?51022

Telephone No : 0674- 3514102, Mobile: +91-9437076636

E-mail : iselnqish&36@eg0arLeam itpams@.grnail.com

the Company and the operating effectiveness of such controls, refer to our separate

Report in "Annexure A" to this report. Our report expresses an unmodified opinion on the

adequacy and operating effectiveness of the Company's internal financial over financial

reporting.

g. With respect to the other matters to be included in the Auditor's Report in accordance

with the requirements of Section 197(16) of the Act as amended:

ln our opinion and to the best of our information and according to the explanations given

to us, the Remuneration paid by the company to its Directors during the year is in

accordance with the provisions of Section 197 of the Act.

h. With respect to the other matters to be included in the Auditor's Report in accordance

with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to

the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position

in its financial statements.

ii. The Company did not have any longterm contracts including derivative contracts

for which there were any material foreseeable losses.

iii. The company needs to deposit for Rs.60,000/- outstanding as on 31.03.2025 in

lnvestor Education and Protection Fund since the promoter group had traded the

shares during the trading closure window period.

iv. (a) The Management has represented that, to the best of its knowledge and belief,

no funds (which are material either individually or in the aggregate) have been

advanced or loaned or invested (either from borrowed funds or share premium or any

other sources or kind of funds) by the Company to or in any other person or entity,

including foreign entity ("lntermediaries"), with the understanding, whether recorded

in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend

or invest in other persons or entities identified in any manner whatsoever by or on

behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security

or the like on behalf of the Ultimate Beneficiaries:

(b) The Management has represented, that, to the best of its knowledge and belief,

no funds (which are material either individually or in the aggregate) have been

received by the Company from any person or entity, including foreign entity ("Funding

Parties"), with the understanding, whether recorded in writing or otherwise, that the

Company shall, whether, directly or indirectly, lend or invest in other persons or

entities identified in any manner whatsoever by or on behalf of the Funding Party

("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of

the Ultimate Beneficiaries:

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PAMS&ASS,OCIATTS

C I{AR:TE RED AC C O UNI:TANT:T S

Head Office :Plot No: - 506, Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhubanesstat -781022

Telephone No : 06?4- 3514102, Mobile: +97-9437076636

E-mail : iaetnaish(a36@grqail,esm itpams@gmail.com

(c ) Based on the audit procedures that have been considered reasonable and'

appropriate in the circumstances, nothing has come to our notice that has caused us

to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)' as

provided under and (b) above, contain any material misstatement'

V. The company has not proposed, declared and paid any interim as well as final

dividend.

vi, The company has used such accounting sofhrvare for maintaining its books of

account which has a feature of recording audit trail (edit log) facility and the same

has been operated throughout the year for all transactions recorded in the software'

2. As required by the Companies (Auditor's Report) O1der, 2020 C'the OlOerl issued by !l'e

Central Government.in terms of Section r+i(rri of the Act, we give in "Annexure B" a

statement on the matters specified in paragraphs 3 and 4 of the Order'

Place: Bhubaneswar

Date.27lQ5l2O25

'JOR

PAM$ A ASSOS{ATES

CI{ARTERED ACCOUIITTANTS

F.R. No.:316079E

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cA.sArYAJr ilrsFl*i[Ef;

,M.N0-057293

uDf N: 26a57 213Br!xVJqlE6

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PAMS&ASS()CIATES

C HAR.:TE, R.ED AC C O UNTTANIT S

Head Office :Plot No: - 506' Unit - fX, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswar - ?51022

Telephone No : 0674- 3514102, Mobile: +91-9437076636

E-mail: ieetrniitpams@gmail.com

"Annexure A" to the rndependen:i;tiT?Fi1"Jr$_"ilElgrliri?J$ standarone Financial

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of

Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ALFA

TRANSFORMERS LIMITED ("the Company") as of March 31, 2025 in conjunction with our audit

of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Gontrols

The Board of Directors of the company is responsible for establishing and maintaining internal

financial controls based on "the internal control over financial reporting criteria established by

the Company considering thg essential components of internal control stated in the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of

Chartered Accountants of lndia". These responsibilities include the design, implementation and

maintenance of adequate internal financial controls that were operating effectively for ensuring

the orderly and efficient conduct of its business, including adherence to company's policies, the

safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy

and completeness of the accounting records, and the timely preparation of reliable financial

information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Group's internal financial controls or,ier

financial reporting based on our audit. We conducted our audit in accordance with the Guidance

Note on Audit of lnternal Financial Controls Over Financial Reporting (the "Guidance Note") and

the Standards on Auditing, issued by lCAl and deemed to be prescribed under section 143(10)

of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls,

both applicable to an audit of lnternal Financial Controls and, both issued by the Institute of

Chartered Accountants of India. Those Standards and the Guidance Note require that we

comply with ethical requirements and plan and perform the audit to obtain reasonable

assurance about whether adequate internal financial controls over financial reporting was

established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the

internal financial controls system over financial reporting and their operating effectiveness. Our

audit of internal financial controls over financial reporting included obtaining an understanding

of internal flnancial controls over financial reporting, assessing the risk that a material weakness

exists, and testing and evaluating the design and operating effectiveness of internal control

based on the assessed risk. The procedures selected depend on the auditor's judgement,

including the assessment of the risks of material misstatement of the financial statements,

whether due to fraud or eror.

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PAMS&ASSOCIATES

C HAR:TE R.E D AC C O IJNT:TAI\T:T S

Head Office :Plot No: - 506, Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswar -751022

Telephone No : 0674- 3514102, Mobile: +97-9437076636

E-mail : iecftqish&36@gpqatlsslq itPams@gmail.com

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion on the Company's internal financial controls system over financial

reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide

reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with generally accepted accounting

principles. A company's internal financial control over financial reporting includes those policies

and procedures that (1) pertain to the maintenance of records that, in reasonable detail,

accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)

provide reasonable assurance that transactions are recorded as necessary to permit preparation

of financial statements in accordance with generally accepted accounting principles, and that

receipts and expenditures of the company are being made only in accordance with

authorizations of management and directors of the company; and (3) provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial

statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting,

including the possibility of collusion or improper management override of controls, material

misstatements due to error or fraud may occur and not be detected. Also, projections of any

evaluation of the internal financial controls over financial reporting to future periods are subject

to the risk that,the internal financial control over financial reporting may become inadequBte

because of changes in conditions, or that the degree of compliance with the policies or

procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial

controls system over financial reporting and such internal financial controls over financial

reporting were operating effectively as at March 31, 2025, based on "the internal control over

financial reporting criteria established by the Company considering the essential

components of internal control stated in the Guidance Note on Audit of Internal Financial

Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India".

Place: Bhubaneswar

Date: 2710512025

r':oR PAMS & ASSSC|/\TES

CI{ARTERE D ACCCIU NTANTS

F.R. No.: 316679E+/f>+

GA.SATYAJ d'tVtlf,X nl, r(.p

PARTTERtrt.N0{57283

UDI N : 2, o 5 n%BM l+xuJ7,36

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PAMS&ASSOCIATES

*ffi#rAC

HAR:TE RED AC COUNT:TANT:I S

Head office :Plot No: - 506, unit - Ix, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswat -7570?2

Telephone No : 0674- 3514102, Mobile: +91-9437076636

E-mail : @ itpams@gmail.com

Annexure B

(Referred to in paragraph 2 of Report on Other Legal and Regulatory Requirements of our

report of even date).

Referred to in paragraph 2 under the heading 'Report on Other Legal & Regulatory

Requirement' of our report of even date to the financial statements of the Company for the year

ended March 31,2025:

(i) In respect of Company's Property, Plant and Equipment and Intangible Assets

:(a)

The Company has maintained proper records showing full particulars, including

quantitative details and situation of Property, Plant and Equipment.

(b) The Company has maintained proper records showing full particulars of intangible

assets.

(c) The company has a regular program of physical verification of its Property, Plant

and

Equipment (PPE) by which PPEs are verified in a phased manner by the Management

through lnternal.Process during the year. In our opinion, this periodicity of physical

verification is reasonable having regards to the size of company and the nature of its

assets.

(d) Based on our examination of the property tax receipts and lease agreement for land

on

which building is constructed, registered sale deed / transfer deed / conveyance deed

provided to us, we report that, the title in respect of self-constructed buildings and title

deeds of all other immovable properties (other than properties where the company is

the lessee and the lease agreements are duly executed in favour of the lessee),

disclosed in the financial statements included under Property, Plant and Equipment are

held in the name of the Company as at the balance sheet date.

(e) The Gompany has not revalued any of its Property, Plant and Equipment and intanlible

assets during the year.

f0 No proceedings have been initiated during the year or are pending against the

" Company as at March 31,2025 for holding any benami property under the

Benami

Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(iii) (a)As explained to us, the inventories were physically verified during the year. In our

opinion and according to the information and explanations given to us, the inventories

have been verified by the management at reasonable intervals in relation to size of the

company and we have relied on the valuation of inventory.

(b)The Company's Fund Based and Non Fund Based working capital limits is in excess

of { 5 crore, in aggregate, during the current financial year, from banks or financial

institutions. On the basis information provided to us and on the basis our verification of

stock records and valuation there off there is no material discrepancy noticed.

(iv) During the previous year the company has not made investments in, provided

any

guarantee or security or granted any loans or advances in the nature of loans,

unsecured, to companies, firms, Limited Liability Partnerships or any other

hence reporting under clause 3(iixb) of the Order is not applicable.

Bronch Offices of Cutlqck,Bhuboneswor, Puri ond New Delhi

----------------Page (11) Break----------------

PAMS&ASSOCIATES

C HAR:TE RE D AC C O TJNT:TANT:T S

Head Office :Plot No: - 506, Unit - fX, Bhoi Nagar, Behind Baya Baba Math, Bhubaneswar - ?51022

Telephone No : 06?4- 3574102, Mobile: +9L-9437076636

E-mail : jeetrnishra36@gmail.com itpams@.gmail.com

il{ffi*A

(v) In our opinion and according to the information and explanations given to us, the

Company has complied with the provisions of Sections 185 and 186 of the Companies Act,

2013 in respect of loans granted, investments made and guarantees and securities

provided, as aPPlicable.(vi)

The company has not accepted any deposits. However the company has received

intercorporate loans from Director and company in which directors are interested.

(vii) We have reviewed that the cost records maintained by the company includes the records

prescribed by the Central Government under section 148(1) of the Act. for the products of

the company and are of the opinion that prima facie, the prescribed cost records have been

made and maintained. We have, however not made a details examination of the cost

records with a view to determine whether they are accurate or complete.

(viii)(a) The Company has generally been regular in depositing undispu_ted statutory dues,

including Piovident Fund, Employees' State lnsurance, Income Tax, GST, Customs Duty,

Excise Duty, Cess and other material statutory dues applicable to it with the appropriate

authorities.

b) There were no undisputed amounts payable in respect of Provident Fund, Employees' State

Insurance, lncome Tax, GST, Excise Duty, Cess and other material statutory dues in arrears

as at March 91,2025 for a period of more than six months from the date they became.

payable.

c) Details of pending cases and disputed statutory dues are as follows:

Name of the

Statute ,FinancialYearDispute (in brief)

Demand

Amount

(Rs.)

Forum where

dispute

is pending

The Orissa Entry

Tax Act, 1999

2005-06,

2006-07,

2007-08

Demand on

Purchase of Raw

Materials87,06,714

Orissa High Court,

Cuttack

Goods & Service

Tax

01-07-2017 to

31-03-2021

Mismatch of ITC

GSTR 38 Vs GSTR

2A

26,00,383

Asst

Commissioner

Division - Vll

Vadodara -l

Goods & Service

Tax

2018-19

TO

2020-21

Non Payment of

Dues to Supplier

within 180 days

57,32,051

Asst

Commissioner

Division - Vll

Vadodara -l

to previously unrecorded

during the year in the tax

income that have beenThere were no transactions relating

surrendered or disclosed as income

lncome Tax Act, 1961 (43 of 1961).

assessments

(a) The Company has not defaulted in repayment of dues to any financial

bankl and debenture holders.

ilF>alTq

Bronch offices ol cuttock,Bhuboneswor, Puri ond New Delhi

----------------Page (12) Break----------------

PAMS&ASSOCIATES

C I{AR:TE RED AC C OU\I:TANT:T S

Head Office :Plot No: - 506, Unit - IX, Bhoi Nagar, Behind BaVa Ballllath' Bhubaneswat -7E70?2Telephone No : 06?4- 3574102, Mobile: +97-9437076636

n-mait : ieetmishra36@gmail.com itPams@gmail'com

(b) The Company has not been declared willful defaulter by any bank or financial institution

or government or any government authorities.

(c) The Company has not taken any term loan during the year and there are no

outstanding term loans at the beginning of the year and hence, reporting under clause

3(ix)(c) of the Order is not applicabte.

(d) On an overall examination of the financial statements of the Company, funds raised on

short- term basis have, prima facie, not been used during the year for long-term purposes

by the Company.

(e) On an overall examination of the financial statements of the Company, the Company

has not taken any funds from any entity or person on account of or to meet the obligations

of its subsidiaries.

(f) The company has not raised loans during the year on the pledge of securities held in its

subsidiaries, joint ventures or associate companies.

(xi) (a) The Company has not raised moneys by

way of initial public offer or further public offer

(including debt instruments) during the year and hence reporting under clause 3(x)(a)

of the Order is not applicable.

(b)During the year, the Company has not made any preferential allotment or private

placement of shares or convertible debentures (fully or partly or optionally) and hence

reporting under clause 3(xXb) of the Order is not applicable.

(xi)

a) No fraud by the Company and no material fraud on the Company has been noticed or

reported during the year. \

b) No report under sub-section (12) of section 143 of the Companies Act has been filed in

Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules,

2014 with the Central Government, during the year and upto the date of this report.

c) According to the information and explanations given to us, there are no whistle blower

complaints during the year.

(xii) ln our opinion, the Company is not a Nidhi Company.

Therefore, the provisions of clause

(xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, the

Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where

applicable, for all transactions with the related parties and the details of related party

transactions have been disclosed in the financial statements as required by the

applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with

the size and the nature of its business.

(b) We have considered, the internal audit reports for the year under audit,

Company during the year, in determining the nature, timing and extent

procedures.

issued to the

of our

In our opinion during the year

transactions with its Directors or

the Company has not entered into any

persons connected with its directors.

(xv)

Bronch offices ol cuitqck,Bhuboneswor, Puri ond New Delhi

----------------Page (13) Break----------------

PAM s &ASSOCTATES

ffiFtximftr€.HAR:'EREDAccorJNT:rANT:rs

s_ffi**

Head Office :Plot No: - 506' Unit - IX, Bhoi Nagar, Behind Baya Baba Math, Bhuban eswat -751022

Telephone No : 06?4- 3574102, Mobile: +gl-943707663i6

E-mail : ieetrnishra36@gmail.com itpams@gmail.com

provisions of section 192 of the Companies Act, 2013 are not applicable to the

Company.

(xvi) As per information and explanations given to us, the company is not required to be

registered under section 4s-lA of the Reserve Bank of India Act, 1g34.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of

realisation of financial

assets and payment of financial liabilities, other information accompanying the financial

statements and our knowledge of the Board of Directors and Management plans and

based on our examination of the evidence supporting the assumptions, nothing has come

to our attention, which causes us to believe that any material uncertainty exists as on the

date of the audit report indicating that Company is not capable of meeting its liabilities

existing at the date of balance sheet as and when they fall due.

(xx) ln respect to Corporate Social

Responsibility of the Company the provisions of CSR

obligation is not applicable to the company as per the companies Act, 2013.

(>o<i) The Order is not applicable as the report pertains to standalone financial

statements of the Company.

Place: Bhubaneswar

Date: 2710512A25

r.ioR PAtvts & AssoctATES

C'{ARTERED ACCOU hifnnrrs

F.R. No.: 3160798

cA.sAwAJr6srffi, rca

'' ^rsr;;i?5

UD|N: 26oE12qZBM F}XUJ9q36

Bronch offices of cultqck,Bhubqneswer, puri ond New Delhi

----------------Page (14) Break----------------

A

Regd. Offioe : 3337, Mancheswar Industrial Estate,

Bhubaneswar _ 7Si0iO.

CIN NO : L3{1020Ri982pLCO0iiSl

E-mail : info@alfa.in Website : www.alfa.in

. srAreruNr u! AUpr.llIDFINANCIAL RESULTS TORTHE eUTIRIERAI\D YEAR

Quarter Ended

ENDIlD 31st MARCH,2025

[ (n Lokhs]

Year Ended3lst March,

2025

3lst December,

202431st March,20243lst Marctt,202531st March,2024

(Audlted)(Unaudited)(Audited)(Audited)(Audited)

2

3

4

5

6

7

E

9

a) lnevenue fiom operations

bl lother tncome

I ,rtat Income la+b)

IEXPENDIURE:rl

lCost

of Materials Consumed

r) lChantes In Inventories of Flnished Goods workln-protress

:l lEmnloVee beneftts expense

l) lFlnanceCosts

D lDecreciatlon and Amortlzatlon expense

l) lother ExpensesI

rotat erpensesltl

I

rrofft/(t oss) sefore Excepttonat ttems and Tax lt-2) |

lExceptional

ttems

I

lProfit/(ross) BeforeTax

(341

|

lTax

Expenses:

I

l(1) current

rax

I

l(2) Deferred rax essets/(uabtlttes) INett I

lProft/(tosslforthepertod

(5-6| I

lOther Comprehenstve

Income

I

la1l nems ttratwtil not be reclassified to prof,t ortoss I

I ,,,, ,n.or" ,"r ,"latint to tt€ms that will not be II

reclasslffed to profit or loss I

l, U,

n"..,n",*,,, be rectasstfted to proflt or toss

I

I l,,l ,n.o." ,", ,.latint to ttems that wilt be I

I rectassrfleo to proftt or toss I

fro,",.o.or"n"nrive

Income for the year (z+8) |

lEarnlnt pe. equlty share (for continunlng operatlonl I

l(r) Basic

1-1 |

l(21 Dlluted I

1248.7t

39.42

L249.72

10.95

tLl5.27

19.85

502112

51.29

5Gt7.31

55.581282.t51260.68

1155.135078.415152.E9

7 .73

95.E7

,44

42.3t

27.0L

194.15

1(r3.s2

(16s.831

88.27

40.65

28.10

ltL.a2

929,L6

133.32)

68.51

t6.12

26.65

126-8S

37s9.88

1121.931357.4

173.t3

tLo.27

605.01

3937.50

130.43

259.54

L44.L2

107.11

rt09.851254.51t226.53

tL5t.974883.7649E8.55

27.64:14.151.16194.65t6434

27.il

139.181

:!4.15

s.47

1.16

10.96

194.65

lgt.77l

w.?4

598.98(11.54139.6212.L2

100.88763.t2

o.42(11.43)o.42111.431

(11.12139.620.69r0L29751.89

10

(0.12)0.430.0r1.118.X2

IThe activities of rh;

The figures for the quarter endedofthe

full financial year and the published unaudited year to date figurei up to the fourth qu"i", to, tt e ,"teuant financial yeae

fhe flsures for tha ;rs6reupEurresEsstl|eq wnerevetconsuered nel

current year.;essary to confirm to the figures represented in thr

/2"--:--\

(t

'(!Lv

tr

Kou'n1

TRANSFORMERS tIMITED'\

H

v^,

4t\0

LUP KUM*filPAsl

'NAGING DIREETOR

tface: Bhubaneswat, I

)ate I May 27,2025.

wB$E

----------------Page (15) Break----------------

ALFA TRANSFORMERS TIMITED

Regd. Office : 3337, Mancheswar Industriat Estate,

Bhubaneswar - 751010.

. CIN NO: t311020R1982p1C0011S1

E-mail : info@alfa.in Website: www.alfa.in

STATEMENT OF ASSETS AND LtABtLtTtES AS AT 31st MARCH, 2025

(7 in Lokhs)

D.

ParticularsAs at 31st March, 2025As at 31st March,2024

(Audited)(Audited)

il.ASSETS

Non-Current Assetsa)

Property, Plant and Equipmentsb)

CapltalWork-in-Progressc)

Investment Prop€rtyc)

IntangibleAssetsd)

Financial Assets

--lnvestmentse)

Other Non-Current Assetsf)

Deferred Tax Assets (Net)

Current assets(a)

Inventories(b)

Financial Assets

(i) Investments

(ii) Trade Receivables

(iii) Cash and Cash equivalents

(iv) Other Bank Balances

k)

(d)

(v) Loans

(vi) Other Financial Assets

Current Tax Assets (Net)

Other Current Assets

2010.46

84.03

0.00

0.84

49.58

2144.92

t826.47

2047.67

17.32

2.48

0.85

46.80

86.50

224L.62

t757.85

819.20

"s47.76

0.84

293.04

60.70

104.93

593.08

574.49

1.19

289.44

60.09

iir.'.

TOTAT ASSETS3971.394009.47

t.

1

2

4

IEr{ur r Y ANU LtAtflLt I tE5lEquity

(a)Equity Share Capital

Other Equity(b)

Non-Qurrent Liabilities

(a) FinancialLiabilities

(i) Borrowings

(ii) Trade Payables.

a) Dues to Micro and Small Enterprise

b) Dues to other than Micro and Small Enterprise

(iii) Other Financial Llabilities

(b)Provisions(c)

Deferred Tax tlabilities (Net)(d)

Other Non-Current liabilities

Current Liabilities

(a) FinancialLiabilities

(i) Borrowings

(ii) Trade Payables

a) Dues to Micro and Smalt Enterprise

b) Dues to other than Micro and Small Enterprise

(iii) Other Financial liabilities

(b) Other Current Liabiities

"(c)Provisions

Current Tax Uabilities (Net)(d)

915.06

1389.00

23(n.06

634.57

1032.65

915.06

1288.31

2203.37\

540.34

1265.76

563.29

il.Lt

0.00

0.00

478.00

t.;;

0.00

t2.02

378.2t

122.24

248.O4

60.39

214.94

8.82

456.33

242.50

333.54

52,t7

163.89

!7.33

TOTAT EQUITY AND LIABILITIESI3971.39,4009.47

PIACE: BHUBANESWAR

)ATE: May27,2025

----------------Page (16) Break----------------

tIRegd. Office : 3337, Mancheswar Industrial Estate

Bhubanewar-7S1O1O

CtN NO : t3Xt02OR1982pLCOO1151E-mail:info@alfa.in

Website:www.alfa.in

STATEMENT oF cAsH Ftows FoR THE YEAR ENDED 31st MARcH,2ozs

For the Year Ended3lst

March, ZO2S

CASH FLOW FROM OPERARTING ACIIVITIES

amortisation and impairment of assets

Debts Written off/provisions & tiguidated Damages etc.

;

Profit / (t oss) before Worklng Capital Changes

for changes ln Working Capital :

(lncrease)/Decrease in Other Current Assets

in Short Term Borrowings

in Trade payables '

in Short Term Financial tiability

in Other Current tiability

in Short Term provision

(used in)/generated from operating actiVities before taxes

taxes paid (Net of refunds/adjustments)

rt cash (used in)/ generated from operatlng actlvities

CASH FIOW FROM INVESTTNG ACTTVITIES

of Fixed Assets/Capital Work-tn-progress

in Fixed Deposits

in Other Non Current Asset

194.65

1t0.27

0.00

18.97

164.34

to7.tt

7.O7

9.66

275.tt

(t26.r21

7.76

(0.61)

44.63

(78.r21

(187.ss)

8.22

39.05

s.28

241,41

(32.ee)

(333.02)

(r1.24l

(31.1s)

180.22

(42.s41

(11.10)

39.34

(4.2e)

CASH FIOW FROM FINANCING AST|VMES

GENERATED FROM FINANCING ACNVITIES

Increase in cash and cash eguivalents(A+B+C)

and cash equivalents at the beginning of the year

& CASH EeUtvAtEMS at the end of the year

: cash and Cash equivatents include:

TE ; May 27, 2025

----------------Page (17) Break----------------

ALFATRANSFORMERS LTD.

ctN-131 I 020R1 982PtC001 1 51

Regd. Office: Plot No. 3337,

Mancheswar Industrial Estate

Bhubaneswar-75 1 0l 0, Odisha, India

Tel.; 9l -674-2580484

Email : info@alfa.in / Sales@alfa.in

URL : http://www.alfa.in

ISO 9001 :2O15

Certificate Registration No. 99 100 11745

@i

mi@

Date:27 /05/202s

To,

The Department of Corporate Services,

BSE Limited.

P. J. Tower, Dalal Street,

Mumbai- 400 001

Scrip Code 5t7546

Dear Sir/Madam,

Sub: Unmodified opinion in the Auditor's Report for the FV2024-25

Ref: Declaration pursuant to Regulations 33(3)(d) of the SEBI (Listing Obligations &

Disclosures Requirements) Regulations, 2015.

Pursuant to Regulations 33(3)[d) of the SEBI flisting Obligations & Disclosures Requirements)

Regulations,20LS, we hereby declare that, M/s PAMS & Associates, the Statutory Auditors of the

Company have issued the Auditor's Report with unmodified opinion in respect to the Audited

financial results for the financial year ended March 3L,2025.

\

Kindly take the aforesaid information on your records.

Thanking You,

Yours Faithfully,

For Alfa Transformers Limited

Dillip KumarBikash Kumar Dutt

Chief Financial OfficerManaging Direc

Plant at Bhubaneswar:Plot No.3337,Mancheswar IndustrialEstate, Bhubaneswar-751 010

Plant at Vadodara : Plot No. 1046,1047 & 1048, G.I.D.C, Estate, Waghodia, Vadodara - 391760, Gujurat

----------------Page (18) Break----------------

Plant at Bhubaneswar: Plot No. 3337, Mancheswar Industrial Estate, Bhubaneswar- 751010

Plant at Vadodara : Plot No. 1046, 1047 & 1048, G.I.D.C Estate, Waghodia, Vadodara- 391760, Gujarat

Annexure C

Detailed disclosures under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 read along with SEBI Circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated

July 13, 2023:

Sl

No.

Particulars Information about the

change

Information about the

change

Information about the

change

Name of the

Auditor

M/s. PAMS & Associates,

Chartered Accountants

(FRN: 316079E)

M/s. Goutam & Co,

Chartered Accountants

(FRN: 326869E)

M/s. Saroj Ray &

Associates, Practising

Company Secretaries (FRN:

P2001OR013200)

1 Reason for

change viz.,

appointment

Appointment to comply

with the provisions of the

Companies Act, 2013 and

the requirements under

SEBI (Listing Obligations

and Disclosure

Requirements)

Regulations, 2015.

Appointment to comply

with the provisions of

the Companies Act, 2013

and the requirements

under SEBI (Listing

Obligations and

Disclosure

Requirements)

Regulations, 2015.

Appointment to comply

with the provisions of the

the Companies Act, 2013

and the requirements

under SEBI (Listing

Obligations and Disclosure

Requirements)

Regulations, 2015.

2 Date of

appointment

& term of

appointment

Date: May 27, 2025.

M/s. PAMS & Associates,

Practising Chartered

Accountants as Statutory

Auditors of the Company

for the Financial Year

2025-26 for a term of one-

year w.e.f. April 01, 2025,

subject to approval of

shareholders in the

ensuing AGM.

Date: May 27, 2025.

M/s. Goutam & Co.,

Practising Chartered

Accountants as Internal

Auditors of the Company

for the Financial Year

2025-26 for a term of

one-year w.e.f. April 01,

2025.

Date: May 27, 2025.

M/s. Saroj Ray &

Associates, Practising

Company Secretaries as

Secretarial Auditors of the

Company for the Financial

Year 2025-26 for a term of

one-year w.e.f. April 01,

2025.

3 Brief Profile

(in case of

Appointment)

PAMS &

Associates headquartered

at Sahid Nagar,

Bhubaneswar, the heart of

the state capital of Orissa

with branches in Joda,

Titilagarh, Cuttack and

New Delhi. At present, the

firm has 10 partners and

over hundred qualified,

semi-qualified staff. In the

last 24 years of practice the

firm has experienced

exponential growth in both

M/s. Goutam & Co. (FRN:

326869E) is a firm of

Practising Chartered

Accountants having rich

experience in the field of

Company Audit, Tax

Audit and Internal Audit,

Accounting, GST,

Company Law Matters,

Income Tax Matters etc..

Saroj Ray & Associates

(FRN: P2001OR013200) is

a firm of Practising

Company Secretaries

provides professional

services in the field of

Corporate Laws, Securities

Laws, FEMA Regulations

including carrying out

Secretarial Audits, Due

Diligence Audits and

Compliance Audits.

----------------Page (19) Break----------------

Plant at Bhubaneswar: Plot No. 3337, Mancheswar Industrial Estate, Bhubaneswar- 751010

Plant at Vadodara : Plot No. 1046, 1047 & 1048, G.I.D.C Estate, Waghodia, Vadodara- 391760, Gujarat

size and value.The service

portfolio of PAMS &

Associates includes Audit,

Taxation, Advisory,

Management Consulting,

Project Finance, Financial

restructuring and

Secretarial Services. The

industry experience

of PAMS &

Associates includes the

core sectors of Steel, Retail,

Banking, Mining, Energy

and Automobiles.

The firm has over 20+

years of experience and the

Firm is peer reviewed by

the Institute of the

Company Secretaries of

India.

4 Disclosure of

Relationships

between

Directors (in

case of

appointment

of Director)

Not Applicable Not Applicable Not Applicable

----------------Page (20) Break----------------