The Board of Directors is pleased to present the 38th Annual
Report of the Company for the financial year ended 31st March,
2025.

FINANCIAL RESULTS:

The Company’s financial performance for the year ended 31st
March, 2025 is summarized below:

(' in Lakhs )

COMPANY’S PERFORMANCE

During the financial year 2024-25 total revenue of the Company
on standalone basis is Rs. 1020.25 Lakh and on consolidated
basis is Rs. 594.44 Lakh. The net Profit/Loss for the year on
standalone basis is Rs. 199.97 Lakh and on consolidated basis
is Rs 743.42 Lakh. There is no material change in the nature of
business of the company.

DIVIDEND

Considering the financial position of the company, the Board of
Directors have not recommended any dividend for the financial
year 2024-25.

TRANSFER TO RESERVE

The Company has not transferred any amount to the reserves
during the current financial year.

TURNKEY PROJECT BUSINESS

The company has won a contract for making a 132 kw Electrical
sub-station. This is work in progress. The value of the project
is Rs. 15.26 Crs. In the year 2024-25 Rs. 2.30 Crs of work was
executed. The balance work is expected to be executed in the
financial year 2025-26. Based on this experience, the company
will decide its future course in this line of work.

POWER GENERATION

The Company owns Wind Turbine Generators (WTG) & Solar

Power Plants with total power generation capacity of 2.52 Mega
Watts contributed Rs. 112.14 Lakh in the total revenue of the
Company as compared to Rs. 114.73 Lakh in the previous year.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the applicable provisions of the Companies Act,
2013, read with the IEPF Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (“the IEPF Rules”), all unpaid or
unclaimed dividends are required to be transferred by the
Company to the IEPF established by the Government of India,
after the completion of seven years. Further, according to the
IEPF Rules, the shares on which dividend has not been paid
or claimed by the shareholders for seven consecutive years
or more shall also be transferred to the demat account of the
IEPF Authority. During the year, the Company has transferred
total unclaimed and unpaid Final dividend of Rs. 1,61,974/-
for the F.Y. 2016-2017 to IEPF Authority. Further 11,186
corresponding shares on which dividend were unclaimed for
seven consecutive years were transferred to IEPF Authority as
per the requirements of the IEPF Rules.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of the Act (hereinafter
referred to as “the Act”), Regulation 33 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter referred to as
“Listing Regulations”) and applicable Accounting Standards,
the Audited Consolidated Financial Statements of the Company
for the financial year 2024-25 together with the Auditor’s Report
forms part of this Annual Report.

SUBSIDIARY AND JOINT VENTURE COMPANIES

The Company has one subsidiary viz Hind Power Products
Private Limited and one joint venture Company viz Associated
Industries Limited SFZ as on March 31, 2025.

A separate statement containing the salient features of
financial statements of the subsidiary and Joint Venture of the
company in prescribed Form AOC-1 form a part of consolidated
financial statements in compliance with Section 129(3) and
other applicable provisions, if any, of the Companies Act, 2013
read with Rule 5 of the Companies (Accounts) Rules, 2014.

The Company has formulated a policy for determining Material
Subsidiaries. The Policy may be accessed at: https://www.
investors.hindaluminiumindustries.in

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Act (including any statutory
modification(s) or re-enactment(s) thereof for the time being in
force), the Directors of the Company state that:

a. in the preparation of Annual Accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;

b. the Directors had selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as
at 31st March, 2025 and of the profit/loss of the Company
for the said period;

c. the Directors have taken proper and sufficient care of
the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and
detecting fraud and other irregularities;

d. the Directors have prepared the Annual Accounts on a
going concern basis.

e. the Directors have laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and are operating
effectively; and

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

DIRECTORS & KEY MANAGERIAL PERSONNEL

Appointments / Re-appointments

In accordance with the provisions of the Act and the Articles of
Association of the Company, Shri Shailesh Daga, Director of the
Company is liable to retire by rotation at the ensuing Annual
General Meeting and being eligible has offered himself for
reappointment. Shri Shailesh Daga has vast experience of over
36 years in Aluminium Industry. He holds 2,50,982 equity shares
in the Company.

Shri. Shailesh Daga (DIN: 00074225) reappointed as a Managing
Director of the Company for a term of 3 (Three) years w.e.f.
June 01, 2024 and categorized as a Director liable to retire by
rotation.

Shri Ambarish Daga (DIN: 00897867) has appointed as a Non¬
Executive Independent Director of the Company w.e.f. May 30,
2024 and Shri Sudhir Goel (DIN: 00074455) (Shri Navinchandra
Shah (DIN: 01193927) & Shri Sundeep Mohta (DIN: 00426001)
has resigned w.e.f. May 30, 2024).

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Act, the Key
Managerial Personnel of the Company as on March 31, 2025 are
Shri Shailesh Daga, Managing Director, Shri Mahendra Kumar
Jain, Chief Financial Officer, Ms. Ankita Vishwakarma, Company
Secretary (Appointed w.e.f. May 31, 2024), CS Sakshi Sharma
resigned w.e.f. May 30, 2024.

Except the aforesaid director, no directors or key managerial
personnel were appointed or have resigned during the year.

DECLARATION BY THE INDEPENDENT DIRECTORS

The Company has received declarations from all the
Independent Directors confirming that they meet the criteria
of independence as prescribed under the provisions of the Act,
read with the Schedules and Rules issued thereunder, as well
as clause (b) of sub-regulation (1) of Regulation 16 of Listing
Regulations (including any statutory modification(s) or re-
enactment(s) thereof for the time being in force). In terms of
Regulation 25(8) of the Listing Regulations, the Independent
Directors have confirmed that they are not aware of any
circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to
discharge their duties.

MEETINGS OF THE BOARD

Total Nine meetings of the Board of Directors were held during
the financial year 2024-25. For details of meetings of the board
please refer to the corporate governance report, which forms
part of this Annual Report.

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 the
Listing Regulations.

The performance of the board was evaluated by the board after
seeking inputs from all the directors on the basis of criteria such
as the board composition and structure, effectiveness of board
processes, information and functioning, etc. as provided by the
Guidance Note on Board Evaluation issued by the Securities
and Exchange Board of India on January 5, 2017.

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

The Board and the Nomination and Remuneration Committee
reviewed the performance of individual director on the basis of
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 a separate meeting of independent directors, performance
of non-independent director and the board as a whole 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 director was also discussed.
Performance evaluation of independent directors was done
by the entire board, excluding the independent director being
evaluated.

CORPORATE GOVERNANCE REPORT

In compliance with Regulation 34 of the Listing Regulations,
a separate report on Corporate Governance along with a
certificate from the Practising Company Secretary on its
compliance forms an integral part of this Annual Report.

POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERA¬
TION AND OTHER DETAILS

The Company’s policy on directors’ appointment and
remuneration and other matter provided in Section 178(3) of
the Act has been disclosed in the corporate governance report,
which forms part of directors’ report.

INTERNAL FINANCIAL CONTROLS

The details in respect of internal financial control and their
adequacy are included in the Management Discussion and
Analysis, which is a part of this report.

RISK MANAGEMENT POLICY

The development and implementation of risk management
policy has been covered in the management discussion and
analysis, which forms part of this report.

PARTICULARS OF LOANS GIVEN, INVESTMENT MADE, GUAR¬
ANTEES GIVEN AND SECURITIES PROVIDED

The particulars of loans, guarantees and investments have
been disclosed in the financial statements of the Company.

VIGIL MECHANISM

The Company has established a robust Vigil Mechanism and
a Whistle-blower policy in accordance with provisions of the
Act and Listing Regulations and no personnel has been denied
access to the audit committee. The Vigil Mechanism and whistle¬
blower policy is put on the Company’s website and can be
accessed at: https://www.investors.hindaluminiumindustries.
in

CONTRACTS AND ARRANGEMENT WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the
Company during the financial year with related parties were in
the ordinary course of business and on arm’s length basis.

There were no materially significant related party transactions
as per the Regulation 23 of the Listing regulations, that may
have potential conflict with interest of the Company at large.

The Company draws attention of the members to Note no. 33 to
the Standalone Financial Statement which set out related party
transactions as per Ind AS 24. As there were no transactions
with related parties pursuant to section 134(3)(h) of the Act
read with Rule 8(2) of the Companies (Accounts) Rules, 2014,
Nil details are given in Annexure -II in Form AOC-2 and the same
forms part of this report.

ANNUAL RETURN

The Annual Return for financial year 2024-25 as per provisions
of the Act and Rules thereto, is available on the Company’s
website at https://www.investors.hindaluminiumindustries.in

AUDIT COMMITTEE

The Audit Committee was reconstituted on 30th May, 2024 and
it comprises members namely CA. Ambarish Daga (Chairman),
Mrs. Kiran Mundhra (Member) and Shri Lalit Kumar Daga
(Member).

All the members of the Audit Committee are financially literate
and have experience in financial management.

During the year, all the recommendations made by the Audit
Committee were accepted by the Board.

PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Act read with
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 (including any statutory modification(s)
or re-enactment(s) thereof for the time being in force) in
respect of Directors/employees of the Company is set out in the
Annexure III of this report.

AUDITORS AND AUDITORS’ REPORT
Statutory Auditor:

Karnavat & Company, Chartered Accountants were appointed
as Auditors of the Company, for a term of 5 (five) consecutive
years, from the conclusion of the 36th Annual General Meeting
held on September 06, 2023 till the conclusion of the 41st
Annual General Meeting of the Company, to be held in the
Calendar year 2028. They have confirmed that they are not
disqualified from continuing as Auditors of the Company.

The Auditors’ Report for the financial year ended 31st March,
2025 on the financial statements of the Company is a part of
this Annual Report. The Independent Audit Report does not
contain any qualification, reservation or adverse remark.

Secretarial Auditor:

The Secretarial Audit Report relating to Secretarial Audit
conducted by M/s Arun Dash & Associates, Company Secretaries,
for the financial year ended March 31, 2025 under the Act read
with Rules made thereunder is set out in the Annexure V to
this report. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.

DISCLOSURE REQUIREMENTS

Disclosure requirements as per SEBI Listing Regulations, the
Corporate Governance Report with the Practicing Company
Secretary’s Certificate thereon, and the Management
Discussion and Analysis are attached, which form part of this
report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required
to be disclosed under the Act, are provided in Annexure IV to
this Report.

OTHER DISCLOSURES

Ý 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 the financial statements relate and the date of the
report; NIL

Ý Your Company has not issued any shares with differential
voting rights.

Ý There was no revision in the financial statements.

Ý Your Company has not issued any sweat equity shares.

Ý There is no change in the nature of business.

Ý During the year under review, your Company has not
accepted any fixed deposits from the public falling under
Section 73 of the Act read with the Companies (Acceptance
of Deposits) Rules, 2014. Thus, as on March 31, 2025, there
were no deposits which were unpaid or unclaimed and
due for repayment.

Ý There are no significant and material orders passed by
the regulators or courts or tribunals impacting the going
concern status and company’s operations in future.

Ý There were no frauds reported by the Auditors u/s 143(12)
of the Act.

Ý As per the requirement of the Sexual Harassment of
Women at the Workplace (Prevention, Prohibition
and Redressal) Act, 2013, your Company has complied
with provisions relating to the constitution of Internal
Complaints Committee. There were no complaints
received during the year under review.

Ý The Company’s overall turnover as well as turnover from
individual product did not fall under the prescribed limits
mentioned under Section 148 of the Act read with Rule 3
of the Companies (Cost Records and Audit) Rules, 2014,
hence the provisions of maintenance of Cost Records and
Audit were not applicable to the Company during the
FY 2024-25.

Ý 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 - Not Applicable

Ý Details of difference between amount of the valuation
done at the time of one-time settlement and the
valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof - Not
Applicable

Ý The company does not fall under the criteria mentioned
under Section 135 (1) of the Act pertaining to applicability
of Corporate Social Responsibility.

Ý In accordance with the requirement of Regulation 34(3)
and Schedule V Part F of Listing Regulations, no share of
the company is in demat/unclaimed suspense account.

ACKNOWLEDGEMENT

The Board of Directors sincerely convey their gratitude and
place on record their appreciation for all the employees at
all levels for their hard work, solidarity, cooperation and
dedication during the year.

Further, the Board sincerely conveys its appreciation for its
customers, shareholders, suppliers as well as vendors, bankers,
business associates, regulatory and government authorities for
their continued support.

For and on behalf of the Board

Lalit Kumar Daga
Chairman

Place: Mumbai
Date: 21.05.2025