Sealmatic India Ltd

To,

The Members,

The Board of Directors has pleasure in presenting the 15^th Annual Report of Sealmatic India Limited (formerly known as Sealmatic India Pvt. Ltd (hereinafter referred to as "Sealmatic", "SIL" or "the Company") alongwith the Audited Financial Statements for the Financial Year ended 31^st March, 2024 ("the year/period under review")

I. Financial Summary

(Rs. In Lakhs)

Notes:

1. The above figures are extracted from the audited financial statements prepared as per Indian Generally Accepted Accounting Principles (GAPP).

2. Equity Shares are at Face Value of Rs. 10 per share.

3. The Board of Directors propose a final dividend of Rs. 1.10 per share of Rs.10 each. (11%)

REVIEW:

Our performance in 2023 - 2024 demonstrates the value of our solutions and expertise towards essential sealing technology. Demand for our critical services and products is strong in both our domestic and evolving markets.

Annual Report 2023-24

As a leading sealing technology company with an ultra-modern manufacturing unit in Mumbai and an additional capacity expansion is under commissioning in Kaman (by June 2024) both the manufacturing facilities are geared to deliver cutting edge sealing products to the global market. Sealmatic is working with partners including end users and OEMs alongwith EPCs, LSTKs and other stake holders in the oil & gas, refinery, petrochemical, chemical, pharmaceutical, fertilizer, power, mining, pulp & paper, aerospace, marine and many more industrial applications.

Based on the PTRs that we have as credentials, we have been selected and are a sought after company to deliver high critical mechanical seals, to name a few: The Rumaila Oil Fields which involved high critical API 682 mechanical seals, The Lift Irrigation Project in Andhra Pradesh which involved the largest split mechanical seals ever produced in the country, The IOCL Mathura Refinery OISD project which involved intricate and demanding application in a refinery, coupled with installation and commissioning of mechanical seals for high temperature applications, exceeding 350 degree celsius, these projects are to name a few and the body of work undertaken by Sealmatic is commendable and respected globally.

The footprint of Sealmatic is ever expanding with key assets being deployed at strategic locations, viz: Pune (a team of 5), Chennai (a team of 3), Kolkata (a team of 3), Baroda (a team of 3) and Mumbai (a team of 11). In addition, we have established sales offices in Dublin (Ireland) to oversee the market in Europe and in Houston (USA) to oversee the market in North America, the collective potential of both these regions is USD 2.25 Billion and we are making a very serious commitment in these territories. We see a long-term potential and we have put our best foot forward in these highly competitive but huge markets. To pursue the market in USA it is mandatory that a company needs to have ASME U Stamp, a certificate which Sealmatic has achieved and the doors are now open to pursue this highly competitive market in the USA.

Strategic partnerships have been arrived upon in high growth areas, viz: in the UAE we have signed an agreement with Habshan in October 2023 to look after the UAE market (market potential of USD 60 Million), in Thailand we have signed an agreement with PSS Group in August 2023 to look after the market in Thailand (market potential of USD 40 Million), in the USA we have signed an agreement with EcoTech in September 2023 to look after the USA market (market potential of USD 1.25 Billion).

The market in the Middle East has presented us with many opportunities due to the approval of ADNOC, which Sealmatic attained in the shortest possible time frame and this opens doors for us to participate in the projects that are envisaged in excess of USD 50 Billion, spread over a period of five years, similar efforts are put in by our team in Oman, Qatar, Kuwait and Saudi Arabia, where initial reports and findings encourage us to make strategic partnerships and long term investments in these regions as well.

Most importantly the market in Russia was closed because of its very protective nature, but due to the conflict in Ukraine, that market is now open for us and we have made significant progress over there, thus participating in exhibitions such as: NEFTEGAZ (April 2024) in Moscow and PCV (October 2023) in Moscow, the response that we have garnered at both these exhibitions was overwhelming, we see a lot of traction in Russia in the coming years with profitable business. Additionally, to put a strong thrust, Sealmatic also has got the Russian certifications of TRCU 032 and TRCU 012 which is mandatory to be accepted as a mechanical seal company in the oil & gas and refineries in Russia.

The business area of Defence and Nuclear is now well covered by achieving the certification of ISO 19443 (Nuclear) and the DGQA (Defence), it would be noteworthy to mention that Sealmatic was the second company in India to get the ISO 19443 certification and also to get the coveted DGQA certification for Defence through a very stringent process, having achieved both these certificates it has paved way for us to penetrate the coveted markets, which are long term, profitable and sustainable.

We have established a team of engineers who will exclusively pursue this business in the Defence and Nuclear sector.

Sealmatic in the past year has invested and will keep investing heavily in reaching out to markets and geographies, for which it has participated and will keep participating in important industrial exhibitions viz: Defence Technology Expo (Chennai September 2023), Pump Symposium (Houston USA September 2023) , ADIPEC (UAE October 2023), Dahej Industrial Expo (Dahej December 2023), EGYPES (Egypt February 2024) , OTC (Houston USA May 2024), Chemtech (Mumbai March 2024), ACHEMA (Frankfurt Germany 2024) and many other efforts in the market place.

Participation in such industrial exhibitions allow Sealmatic to demonstrate Sealmatic's passion about offering cutting edge solutions for rotating equipment to run more efficiently, consume less energy and operate efficiently with improved performance across many industrial applications.

We are committed to serving the needs of the industry and continue to invest in our global presence and infrastructure to be close to our customers.

2. PERFORMANCE DURING THE YEAR UNDER REVIEW

The Financial year 2023-2024 was the year of achieving a substantial growth in respect of revenue, profits after tax and EBIDTA. A gist of the achievements during the year is as under:

3. DEPOSITS

The Company has not accepted any deposits from the public during the year under review.

4. CHANGES IN SHARE CAPITAL

During the year under the review there was no change in Authorised Share Capital and Paid Up Share Capital. As on 31^st March, 2024 the Authorised Share Capital of the Company is Rs. 10 Crores.

During the year under review there was no change in Issued, Subscribed and Paid Up Capital. The Paid- Up Share Capital as on 31^st March, 2024 is Rs. 9,05,00,000/- divided into 90,50,000 Equity Shares of Rs. 10/ - each.

As on 31^st March, 2024 all the Equity Shares of the Company were traded in electronic form as all the Equity Shares are held in Dematerialized Form.

The Company has not issued any Equity Shares with differential voting rights, sweat equity shares, employees stock option and did not purchase its own shares. Hence there is no information to be provided as required under Rule 4(4), Rule 8(13), Rule 12(9) and Rule 16(4) of the Companies (Share Capital and Debenture) Rules, 2014 and Section 62 of Companies Act, 2013.

5. RESERVES

The Board of Directors has decided to retain the entire amount of profits in the profit and loss account.

6. DIVIDEND

Your directors recommend a Dividend of Rs.1.10 per equity share, i.e., @ 11%, as Final Dividend for the financial year ended on 31^st March,2024.

7. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND ("IEPF")

During the year under review, no amount towards the unclaimed dividends was required to be transferred to the Investor Education and Protection Fund established by the Central Government in accordance with section 125 of the Companies Act, 2013 ("the Act").

Pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules 2016 ("IEPF Rules"), as amended from time to time, the shares on which dividend remains unpaid / unclaimed for seven consecutive years or more shall be transferred to the Investor's Education and Protection Fund (IEPF). During the year under review, the Company has not transferred any equity share to the IEPF.

8. CHANGE IN NATURE OF BUSINESS

During the year under review there was no change in nature of Business of Company and no changes were made to Main Object of Memorandum of Association.

9. SUBSIDIARY AND ASSOCIATE OF THE COMPANY

The Company does not have any subsidiary as on 31^st March, 2024. In view of this fact, provisions of Section 129 (3) of the Act and Regulation 34 (2) (b) of Listing Regulations, 2015 are not applicable to the Company as on 31^st March, 2024 and hence the prescribed form AOC-1 is not annexed to this Report.

10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Annexed to this report as Annexure I.

11. DIVIDEND DISTRIBUTION POLICY

In accordance with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016, the Company is not required to prepare Dividend Distribution Policy.

12. ANNUAL RETURN

In accordance with the provisions of the Act, the Annual Return of the Company for the year ended 2023-24 is hosted on website of the Company at: www.sealmaticindia.com

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

Contracts or arrangements with related parties referred to under Section 188 of the Act, entered into during the year under review, were on an arm's length basis. No material contracts or arrangements with related parties were entered into during the year under review. Accordingly, no transactions are being reported in form AOC- 2 in terms of section 134 of the Act.

14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the year under review neither any loans nor any guarantees were extended to Company in which Directors are interested, which were covered under Section 186 of the Act.

15. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has established a vigil mechanism to provide avenues to the stakeholders to bring to the attention of the management, the concerns about behaviors employees that raise concerns including fraud by using the mechanism provided in the Whistle Blower Policy.

16. STATEMENT REGARDING THE DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY

The Company has not developed and implemented any risk management policy as the risk threatening the business activity carried out by the Company during the year are minimal.

17. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

To signiOcant or material order was passed during the year under review by any regulators, courts or tribunals impacting the going concern status of the Company or its future operations. The Company has not Oled any application or no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016, during the year under review.

18. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments aOecting the Onancial position of the Company which have occurred between the end of the Onancial year of the Company to which the Onancial statements relate and the date of this Report.

19. CHANGE OF NAME

During the year under review the name of the Company has not been changed.

20. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder, to redress complaints received regarding sexual harassment. The Company has in place a policy in line with the requirements of the said Act. During the year under review, nil complaint with allegations of sexual harassment was received by the Company.

21. DECLARATIONS BY INDEPENDENT DIRECTORS

The Independent Directors have given a declaration to the Company that they meet the criteria of independence as per Section 149(6) of the Act and Regulation 25 of the Listing Regulations, 2015.

22. DIRECTORS & KEY MANAGEMENT PERSONNEL

I. Composition of Board & Board Meetings

The Board of Directors of the Company has an optimum combination of Executive, Non-Executive and Independent Directors. As on the 31^st March, 2024, the Board comprises of 5 (Five) Directors, out of which 2 are Executive Directors and 3 are non-Executive that includes one Woman Director. The Chairman of the Board is an Non-Executive Director.

The Board of Directors duly met 6 times during the year. The Composition, category and attendance of each Director at the Board and Annual General Meeting of each Director is as follows: -

II. INDUCTIONS

During the year there were no inductions made on the Board.

III. CESSATIONS:

During the year there were no cessations on the Board.

IV. Retirement by Rotation

Mr. Mohammed Hanif S. Chaudhari is liable to retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

V. Familiarization Program of Independent Directors

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying them in their appointment letter along with necessary documents, reports and internal policies to enable them to familiarize with the Company's procedures and practices. The Company endeavors, through presentations at regular intervals, to familiarize the Independent Directors with the strategy, operations and functioning of the Company and also with changes in the regulatory environment having a significant impact on the operations of the Company and the industry as a whole The Independent Directors also meet with senior management team of the Company in informal gatherings. During the year 2023-24, the Company has conducted 4 programs for familiarizing the Directors for a total duration of 6 hours.

VI. Profile of Directors seeking appointment / re-appointment

Since there are no appointment / re-appointment as required under regulation 36(3) of SEBI (LODR), 2015, particulars of the Directors retiring and seeking reappointment and appointment at the ensuing Annual General Meeting is not annexed.

VII. Key Managerial Personnel

As on the date of this report, the following persons are the Key Managerial Personnel(s) of the Company:

a) Mr. Umar Abdulkarim Balwa, Chairman & Managing Director;

b) Mr. Mohamed Hanif Sharifbhai Chaudhari, Whole Time Director;

c) CA Ratan Bhabutlal Kandare, Chief Financial Officer;

d) CS Neha Chheda, Company Secretary And Compliance Officer.

VIII. Declaration from Independent Director

All the Independent Directors of the Company have given their declarations stating that they meet the criteria of independence as prescribed under the Section 149(6) of the Companies Act, 2013 read with the rules made there under and in the opinion of the Board, the Independent Directors meet the said criteria.

During the year under review the Independent Directors duly met pursuant to the provisions as specified in Schedule IV of the Companies Act, 2013 and the quorum was present throughout the meeting.

23. AUDIT COMMITTEE

The Audit Committee is duly constituted in accordance Section 177 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 as amended from time to time. It adheres to the terms of reference which is prepared in compliance with Section 177 of the Companies Act, 2013, and SEBI (LODR) Regulations 2015.

The Audit Committee was constituted on 03/01/2023.

The Company Secretary acts as the Secretary to the committee and the Committee Members are:

Two third of the members are Independent Directors and all the members are financially literate. The composition, role, functions and powers of the Audit Committee are in line with the requirements of applicable laws and regulations. The Audit Committee shall oversee financial reporting process and disclosures, review financial statements, internal audit reports, related party transactions, financial and risk management policies, auditors' qualifications, compliance with Accounting Standards etc. and oversee compliance with Stock Exchanges and legal requirements concerning financial statements and fixation of audit fee as well as payment for other services etc.

During the year under review Four Audit Committee Meetings were held on 29.05.2023, 21.08.2023, 10.11.2023 and 07.02.2024.

24. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee is constituted in accordance with Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 as amended from time to time.

The Nomination and Remuneration Committee was constituted on 03/01/2023.

The Company Secretary acts as the Secretary to the committee and the Committee Members are:

During the year under review Two Nomination and Remuneration Committee Meetings were held on 29.04.2023 and 29.05.2023.

The Board has in accordance with the provisions of sub-section (3) of Section 178 of the Companies Act, 2013, formulated the policy setting out the criteria for determining qualifications, positive attributes, independence of a Director and policy relating to remuneration of Directors, Key Managerial Personnel and other employees. The said policy is available on the website of the Company (www.sealmaticindia.com).

25. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee is constituted in accordance with Section 135 of the Companies Act, 2013 read with applicable rules as amended from time to time. The members of the committee are as follows:

The meeting of Corporate Social Responsibility Committee were held on 29.05.2023 and 10.11.2023.

26. STAKEHOLDERS' RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee was constituted on 3^rd January, 2023 and is in compliance with the requirements of Section 178 of the Companies Act, 2013. Company Secretary is the Compliance Officer, who acts as the Secretary to the Committee and the Members of the Committee are:

The Stakeholders Relationship Committee looks into shareholders' complaints related to transfer of shares, non-receipts of balance sheet besides complaints from SEBI, Stock Exchanges, Court and various Investor Forums. It oversees the performance of the Registrars and Transfer Agent, and recommends measures for overall improvement in the quality of investor services. The Company is in compliance with the SCORES, which has initiated by SEBI for processing the investor complaints in a centralized web-based redress system and online redressal of all the shareholders complaints.

The meeting of Stakeholders Relationship Committee was held on 29/05/2023.

During the year under review no grievances were received based on the reports from Kfin Technologies Limited.

27. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The policy on Director's appointment and remuneration including criteria for determining qualiOcations, positive attributes, independence of Director, and other matters forms part of report on Corporate Governance. The detailed policy is available on the Company's website at: www.sealmaticindia.com

28. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors report that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) it has 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 aOairs of the Company at the end of the Onancial year and of the proOt or loss of the Company for that period;

(c) proper and suOcient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the annual accounts are prepared on a going concern basis;

(e) proper internal Onancial controls are in place and that such internal Onancial controls are adequate and are operating eOectively; and

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

29. PARTICULARS OF EMPLOYEES AND RELATED INFORMATION

In terms of the provisions of Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement containing the disclosures pertaining to remuneration and other details as required under the Act and the above Rules are provided in the Annual Report. The disclosures as speciOed under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed to this Report as Annexure II.

30. STATUTORY AUDITORS

M/s. R.R. Shah & Associates (Firm Registration Number: 112007W) Chartered Accountants, the present Statutory Auditors ("Auditors") of the Company. The Auditors were initially appointed as Auditors of the Company for the financial year 2014-15 and were re-appointed from time to time as Auditors of the Company until the conclusion of Annual General Meeting ("AGM") to be held for financial year ending on 31st March, 2026, as the provisions of Section 139(2) the Act read with Rule 5 of the Companies (Audit and Auditors) Rules, 2014 were not applicable at the time of appointment/reappointment of the Auditors.

The Auditors' Report for the financial year 2023-24 does not contain any qualification, reservation, adverse remark or disclaimer. The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company during the Onancial year 2023-24.

31. SECRETARIAL AUDITOR

Pitroda Nayan & Co., Company Secretaries, Ahmedabad were appointed as Secretarial Auditor of the Company to conduct secretarial audit pursuant to the provisions of Section 204 of the Companies Act, 2013. The secretarial audit of the Company has been conducted on a concurrent basis in respect of the matters as set out in the said rules and Secretarial Audit Report given by Pitroda Nayan & Co., Company Secretaries, Ahmedabad, Secretarial Auditor of the Company forms part of this report and is marked as Annexure-‘III'.

There are no qualifications, reservations or adverse remarks made by Pitroda Nayan & Co., Company Secretaries, Ahmedabad, Secretarial Auditor of the Company, in their report.

32. COST AUDITORS

As the overall turnover from all the products and services was not more than Rs. 100.00 crores during the immediately preceding financial year 2022-23, the provisions in respect of Cost Audit are not applicable to the Company in terms of Rule 4 of the Companies (Cost Records and Audit) Rules,2014.

33. INTERNAL AUDITOR

The Company has appointed M/s. MAKK & Co., Chartered Accountants, Mumbai (FRN 117246W) as Internal Auditor for the financial year 2024- 2025.

34. STATEMENT REGARDING THE DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY

The Company has not developed and implemented any risk management policy since the same is not applicable to the company as the risk threatening the business activity carried out during the year are minimal.

35. VIGIL MECHANISM

The Company believes in the conduct of its affairs in a fair and transparent manner to foster professionalism, honesty, integrity and ethical behavior in its employees & stakeholders. The Company has adopted a Whistle Blower Policy as a part of vigil mechanism.

Also, the Code of Business Conduct (Code) lays down important corporate ethical practices that shape the Company's value system and business functions and represents cherished values of the Company.

36. ADEQUACY OF INTERNAL FINANCIAL CONTROL

The Company has designed and implemented a process driven framework for Internal Financial Controls (‘IFC') within the meaning of the explanation to Section 134(5) (e) of the Act. For the year ended March 31, 2024, the Board is of the opinion that the Company has sound IFC commensurate with the nature and size of its business operations and operating effectively and no material weaknesses exist. The

Company has a process in place to continuously monitor the same and identify gaps, if any, and implement new and / or improved controls wherever the effect of such gaps would have a material effect on the Company's operations. During the year, no reportable material weakness was observed.

37. COMPLIANCE OFFICER

The Compliance Officer of the Company is Mrs. Neha Chheda who is the designated Company Secretary of the Company.

38. SECRETARIAL STANDARDS

During the year under review, the Company has generally complied with applicable Secretarial Standards issued by the Institute of the Company Secretaries of India.

39. INSURANCE

All the insurable interest of the Company including Plant & Machinery, Furniture and Fixtures, Inventory and other insurable interest have been adequately insured.

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

Information as required to be given under Section 134(3) (m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in the annexure to this report as Annexure IV.

41. LISTING FEES

The Equity Shares of the Company are listed on BSE - SME Segment and the Company has paid the annual listing fees for the year 2024-2025.

42. STATEMENT ON FORMAL ANNUAL EVALUATION OF BOARD

Nomination and Remuneration Committee annually evaluates the performance of individual Directors, Committees, and of the Board as a whole in accordance with the formal system adopted by it. Further, the Board also regularly in their meetings held for various purposes evaluates the performance of all the Directors, committees and the Board as a whole. The Board considers the recommendation made by Nomination and Remuneration Committee in regard to the evaluation of board members and also tries to discharge its duties more effectively. Each Board member's contribution, their participation was evaluated and the domain knowledge they bring. They also evaluated the manner in which the information flows between the Board and the Management and the manner in which the board papers and other documents are prepared and furnished.

43. 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:

During the year under review, there was no instance of one-time settlement with any Bank/Financial Institution. Hence, the disclosure relating to difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks/Financial Institutions is not applicable to the Company.

44. CSR EPENDITURE

During the year Company was required to spend an amount of Rs. 23,18,310/- towards CSR (Corporate Social Responsibility) and it has spent Rs. 23,19,000/- in Promoting Education, Promoting Healthcare, Preventive Healthcare etc. which are covered under Section 135 read with Schedule VII of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The annual report on Corporate Social Responsibility activities, as required under Sections 134 and 135 of the Companies Act, 2013 read with (Corporate Social Responsibility Policy) Rules, 2014 is provided in Annexure V which forms the part of this Report.

45. REGISTRAR AND SHARE TRANSFER AGENT

The Company has appointed Kfin Technologies Limited as its Registrar and Share Transfer Agent and executed post IPO Agreement for availing its various services.

46. HUMAN RESOURCE

Your Company considers its Human Resource as the key to achieve its objective. Keeping this in view, your Company takes utmost care to attract and retain quality employees. Your Company appreciates the spirit of its dedicated employees.

47. COMMENT ON NOCLAR

The management has not come across any non compliance of any rule and regulation nor it has been reported by Senior professional accountants in service.

As per the Section 260 of Companies Act, 2013, the company has complied with guidance as required to be under taken in accounts for NOCLART.

48. ACKNOWLEDGEMENTS

The Board of Directors is grateful and wish to record its appreciation for the co-operation and support of the shareholders of the Company, Bankers of the Company, clients of the Company and all employees including the workers, staff and management and all others concerned with the Company's business.

Your Directors gratefully acknowledge the on-going support and co-operation provided by Central and State Government, Stock Exchange, SEBI, NSDL, CDSL and other regulatory bodies.

On behalf of the Board of Directors