CLC Industries

CLC Industries Ltd Directors Report

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Jan 11, 2024|12:00:00 AM

CLC Industries Ltd Share Price directors Report

To,

The Members, CLC Industries Limited

We are delighted to present the 33^rd Boards Report and the Audited Financial Statements of the Company for the financial year ended 31^st March 2025.

In this report, we highlight the key achievements, challenges, and progress made by our Company during the reporting financial year. We delve into the core aspects of our business, including our financial performance, operational activities, governance practices, and our contributions to the environment, society, and stakeholders.

1. FINANCIAL RESULTS AND STATE OF AFFAIRS:

Your Directors are pleased to inform, that the Company had started its business operations w.e.f. 13^th October, 2024. Summary of the financial performance of the Company for the financial year ended 31^st March, 2025 (compared to the previous year ended on 31^st March, 2024) as follows:

	Particulars	2	202324
Revenue from operation		6162.30
Other Income		1045.55	789.34
Profit /(Loss) before finance cost, depreciation and amortization		3945.09	1,944.94
Finance cost		329.20	370.72
Profit/(Loss) before depreciation and amortization		4274.29	2,315.66
Depreciation and amortization		350.53	1,001.72
Profit/(Loss) before tax		4624.82	3,317.39
Tax Expenses		0	110.69
Net Profit/(Loss) for the period		4624.82	3,428.08
EPS (Basic & Diluted)		44.49	4.97

The financial statements have been prepared in accordance with the Indian Accounting Standard (Ind AS). Adhering to Ind AS ensures compliance, transparency, and reliability in financial reporting, accurately presenting the Companys financial position, performance, and cash flows.

2. CAPITAL STRUCTURE:

The Capital Structure of the Company as on 31^st March, 2025 is as follows:

The Authorized Share Capital of the Company is 1,21,00,00,000 (Rupees One Hundred TwentyOne Crore) divided into 1,14,00,00,000 (Rupees One Hundred Fourteen Crores) Equity Shares of 10/ each and 7,00,00,000 (Rupees Seven Crores) Redeemable preference shares of 10/ each.

The Issued, subscribed and Paidup Equity Share Capital of the Company is 10,39,46,800 (Rupees Ten Crore ThirtyNine Lakhs FortySix Thousand Eight Hundred) divided into 1,03,94,680 (One Crore Thirty Lakhs NinetyFour Thousand Six Hundred Eighty) Equity Shares of 10/ each.

During the year under review, the Company has not issued any shares. The Company has not issued any shares with differential voting rights or sweat equity or granted stock options.

3. DIVIDEND:

The Board of Directors does not recommend dividend for the Financial Year ended on 31 ^st March, 2025 in view of losses suffered by the Company for the year under review.

4. TRANSFER TO RESERVES:

During the year under review the company has not transferred any amount to the reserves.

5. SUBSIDIARY / JOINT VENTURE / ASSOCIATE COMPANY:

The Company does not have any subsidiary, associate or joint venture during the financial year 202425 as well as at the beginning or closing of the financial year. Therefore, the financial statement is prepared on standalone basis and not required to prepare on consolidated basis and the requirement for disclosure in the Form AOC1 is not applicable.

6. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(3) (c) of the Act, the Board of Directors confirm that:

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

(b) they have 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 at the end of the Financial Year and of the Profit and Loss of the Company for that period;

(c) they have taken proper and sufficient care 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) they have prepared the annual accounts on a going concern basis;

(e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

(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;

7. BOARD OF DIRECTORS, THEIR MEETINGS & KMP(s):

Change in Directors and Key Managerial Personnel:

During the year, the Members approved the following appointment and reappointment of Directors: Mr. Amit Ramanlal Bhandari was appointed through circulation resolution passed by majority of Directors on 13^th June, 2024 as an Additional Independent Director and subsequently approved by the shareholders of the Company at the Annual General Meeting of the Company held on 11^th September, 2024 for a term of 5 years effective from 13^th June, 2024.

Mr. Rajendra Singh Rajpal was appointed through circulation resolution passed by majority of Directors on 13^th June, 2024 as an Additional Director and subsequently he has resigned from the Board with effect from 19^th July, 2024 due to his personal reasons.

Mr. Shrutisheel Jhanwar was appointed as an Additional Director of the Company on the basis of recommendation made by Nomination and Remuneration Committee to the Board of Director with effect from 19^th July, 2024 and subsequently his appointment as Whole Time Director and CFO was approved by the Shareholders of the Company at the Annual General Meeting of the Company held on 11^th September, 2024; for a term of 5 years effective from 19^th July, 2024.

Key Managerial Personnel:

Mrs. Koyal Gehani was appointed as Company Secretary and Compliance officer of the Company with effect from 18^th April, 2024 on the basis of recommendation made by Nomination and Remuneration Committee of the Board of Director.

Board Independence:

Our definition of ‘Independence of Directors is derived from Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015 and Section 149(6) of the Companies Act, 2013. The Company is having following independent directors:

(i) Mr. Gautam Nandawat (DIN:02601413) (ii) Mrs. Satinder Kaaur (DIN:10283851) (iii) Mr. Amit Ramanlal Bhandari (DIN:10666532)

As per provisions of the Companies Act, 2013, Independent Directors were appointed for a term of 5 (five) consecutive years and shall not be liable to retire by rotation. No alternate Director has been appointed during the period under review.

Declaration by the Independent Directors:

All the Independent Directors have given their declaration of Independence stating that they meet the criteria of independence as prescribed under section 149(6) of the Companies Act, 2013.

Further that the Board is of the opinion that all the independent directors fulfil the criteria as laid down under the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015 during the year 202425.

Separate Meeting of Independent Directors:

As stipulated by the Code of Independent Directors under the Companies Act, 2013, a separate meeting of the Independent Directors of the Company was held on 27^th March, 2025 to review the performance of NonIndependent Directors (including the Chairman) and the entire Board. The Independent Directors also reviewed the quality, content and timeliness of the flow of information between the Management and the Board and its Committees which is necessary to effectively and reasonably perform and discharge their duties.

Annual evaluation by the board:

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Nomination and Remuneration Committee has laid down the criteria for evaluation of the performance of individual Directors and the Board as a whole. The performance evaluation of the Chairman and the NonIndependent Directors was carried out by the Independent Director. The performance of the Independent Directors was carried out by the entire Board (excluding the Director being evaluated). The Directors expressed their satisfaction with the evaluation process.

Familiarization Program for the Independent Directors:

In compliance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has put in place a familiarization programme for the Independent Directors to familiarize them with their role, rights and responsibility as Directors, the working of the Company, nature of the industry in which the Company operates, business model etc. The details of the familiarization programme are explained in the Corporate Governance Report and policy was disclosed on the Companys website at http://www.clcindia.com/disclosure.php

Directors liable to retire by rotation:

In accordance with the provisions of the Companies Act, 2013 and in terms of the Articles of Association of the Company, Mr. Bhupendra Singh Rajpal (DIN: 00311202), Chairman and WholeTime Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment.

8. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND

OTHER DETAILS:

The Policy of the Company on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided u n d er section 1 7 8 (3), u p loaded o n http://www.clcindia.com/policy.php.

9. NUMBER OF MEETINGS OF THE BOARD:

The Board met 6 (Five) times in the Financial Year 202425 for details of meetings of the Board, please refer to the Corporate Governance Report, which is a part of this report.

10. MEETINGS OF THE MEMBERS:

During the year under review the Annual General Meeting of the Company was held on 11 ^th September, 2024, Postal ballot was conducted and approved on 20^th December, 2024 and Extra Ordinary General meeting held on 28^th January,2025 during the year.

11. COMMITTEES OF BOARD:

In view of the changes in the composition of the Board and to strengthen corporate governance practices and executing smooth business operations of the Company, the Board of Directors has constituted/ reconstituted the following Committees: Audit Committee:

The details pertaining to the composition, meeting, attendance and others of the Audit Committee are included in the Corporate Governance Report, which is a part of this report.

Nomination and Remuneration Committee:

The details pertaining to the composition, meeting, attendance and others of the Nomination and Remuneration Committee are included in the Corporate Governance Report, which is a part of this report.

Stakeholders Relationship Committee:

The details pertaining to the composition, meeting, attendance and others of the Stakeholders Relationship Committee are included in the Corporate Governance Report, which is a part of this report.

12. AUDITORS AND THEIR REPORTS: Statutory Auditor:

In terms of provisions of Companies Act 2013 read with Companies (Audit & Auditors) Rules 2014 M/s. Ashok R. Majethia & Co., Chartered Accountants (Firm Registration No. 127769W), have been appointed as Statutory Auditors for the first term of 5 consecutive years by the shareholders with effect from the conclusion of 31^st Annual General Meeting till the conclusion of 36^th Annual General Meeting. As required under Regulation 33(d) of the SEBI (LODR) Regulation, 2015, the auditor has confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. There are no cases of fraud detected and reported by the Auditor under Section 143(12) during the Financial Year. The auditors have not reported any fraud during the year and hence information under Section 134(3) (ca) may be treated as NIL. During the Financial Year under review, there is qualification made by the Statutory Auditor on the Standalone Financial Statements of the Company.

BOARDS EXPLANATION OR COMMENTS ON QUALIFICATIONS MADE BY THE AUDITOR IN HIS REPORT ARE AS UNDER: a. The company has not provided/ paid interest on delayed payment to parties covered under the provisions of Micro, Small and Medium Enterprises Development Act, 2006. Amount presently not ascertainable. None of the MSME parties has demanded interest, it shall be duly paid as and when demanded by the parties.

Cost Auditor:

As per the provisions of Section 148 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 framed thereunder, the maintenance of Cost records and appointment of Cost Auditor is not applicable to the Company during the year under review.

Secretarial Auditor:

Section 204 of the Companies Act, 2013 read with Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 interalia requires every listed Company to undertake Secretarial Audit and shall annex with its Boards Report a Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form.

In line with the requirement of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with Regulation 24A of the Listing Regulations and other applicable provisions, if any, the Board of Directors of the Company in its meeting held on May 30, 2024 had appointed M/s Ajit Kumar & Associates, Company Secretaries, New Delhi, to conduct Secretarial Audit of the Company for the financial year 202425. The Secretarial Audit Report as issued by Secretarial Auditor forms part of the Annual Report as “Annexure A” to the Boards report.

13. CORPORATE SOCIAL RESPONSIBILITY (CSR):

As the average net profit of the Company during previous three Financial Years is negative, the Company is not required to spend any amount for the CSR purpose during the year under review. The policy on CSR as approved by the Board of Directors is also hosted on the website of the Company and can be accessed from web link: http://www.clcindia.com/disclosure.php#

14. ADEQUACY OF INTERNAL FINANCIAL CONTROL SYSTEM:

Your Company has in place an adequate internal financial control system, commensurate with the size and complexity of its operations. Necessary checks and controls are in place to ensure that all assets are safeguarded, to detect and prevent errors and frauds and that the transactions are properly verified, adequately authorised, correctly recorded and properly reported. The Statutory Auditors/ Internal Auditors of the Company conduct Audit of various departments to ensure that internal controls are in place and submit Reports to the Audit Committee. The Audit Committee regularly reviews these Reports and the Company when needed takes corrective actions. The Statutory Auditors also audit the effectiveness of the Companys internal financial control system. No major inefficiencies were reported. A report on the Internal Financial Controls under clause (i) of subsection 3 of section 143 of the Companies Act, 2013 as given by the Statutory Auditors of the Company forms part of Independent Auditors Report on Standalone Financial Statements.

15. RISK MANAGEMENT:

In line with the regulatory requirements, the Company has framed a Risk Management Policy to identify and assess the key business risk areas and to put in place a mechanism for mitigation of risk. A detailed exercise is being carried out at regular intervals to identify, evaluate, manage and monitor all business risks. The Risk Management Committee as well as the Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.

16. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Your Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177 (9) of the Companies Act, 2013 and the regulation 22 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, The Company has adopted a WhistleBlower Policy for Directors and employees to report genuine concerns and to provide for adequate safeguards against victimization of persons who may use such mechanism.

The details of the Vigil Mechanism Policy have posted on the website of the Company at following link: http://www.clcindia.com/disclosure.php. During the year, no personnel was denied access to the Chairman of the Audit Committee.

17. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The particulars of loans, guarantees and investments as per Section 186 of the Act by the Company, have been disclosed in the financial statements.

18. TRANSACTIONS WITH RELATED PARTIES:

All related party transactions that were entered during the financial year, were on the arms length basis and were in the ordinary course of business and as per the provisions of section 188 of the Companies Act, 2013. Therefore, the disclosure requirement under Section 134(3)(h) of the Companies Act, 2013, in Form AOC2 does not apply. All Related Party Transactions were placed before the Audit Committee, Board and Shareholders for approval. A policy on the related party Transitions was framed & approved by the Board and posted on the Companys website at below link: http://www.clcindia.com/policy.php.

However, you may refer to Related Party transactions, as per the Accounting Standards, in the Note No45 forming part of financial statements.

19. WEB ADDRESS FOR ANNUAL RETURN AND OTHER POLICIES / DOCUMENTS:

The Company has a fully functional website viz www.clcindia.com. All the Policies/documents are available on the website of the Company as per the statutory requirements. In terms of Section 92(3) read with Section 134(3)(a) of the Act and rules thereto, the Annual Return of the Company in Form MGT 7 for the financial year ended on March 31, 2025 will be made available on the Website o f the Company after Conclusion o f the AGM in b elow link: http://www.clcindia.com/disclosure.php.

20. PARTICULARS OF EMPLOYEES:

The information under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

a) The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary in the financial year:

Name	Remuneration ( in Lakhs)	Ratio to median remuneration	% increase in remuneration in the financial year
*Non Executive Directors:
Mr Gautam Nandawat
Mr. Amit Ramanlal Bhandari
Mr. Satinder Kaaur
Executive Directors:
#Mr. Bhupendra Singh Rajpal
#Mr. Sanchit Singh Rajpal
Mr. Shrutisheel Jhanwar
Chief Financial Officer:
Mr. Shrutisheel Jhanwar	37.08	6.38
Company Secretary:
Mrs. Koyal Gehani	8.97	1.62

hence unstated.

# Chairman and Managing Director has given waiver remuneration letter to the Board. Hence, no remuneration was being paid to them.

b) The percentage increase in the median remuneration of employees in the financial year is Nil. c) The number of permanent employees on the rolls of Company are 24. d) Average percentile increases already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: Average % increase in the salary of employees other than Managerial Personnel: Nil Average % increase/(Decrease) in the Salary of the Managerial Personnel: Nil Increase in the managerial remuneration for the year was Nil. e) The Company affirms that the remuneration is as per the remuneration policy of the Company.

21. DEPOSITS FROM PUBLIC:

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

22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN

EXCHANGE EARNING AND OUTGO:

In pursuant of section 134(3)(m) of the Companies Act, 2013 read together with Rule 8 of the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 2014, the relevant information is provided herein below:

PARTICULARS	Current Year (202425)	Previous Year(202324)
1. CONSERVATION OF ENERGY:	Electrical Energy:
The steps taken or impact on conservation	Reducing the maximum demand by evenly distributing
of energy:	the loads throughout the day and increasing efficiency of
	plant and equipment.
	Improving power factor by optimum choice of power
	factor improvement capacitors.
	Monitoring the overall energy consumption by reducing
	losses and improvement of efficiency of all Class A
	utilities.
	Fuel Oil Consumption:
	The Company is carrying out at all its plants regular
	maintenance of steam lines/steam traps and user
	equipment to ensure high efficiency levels throughout the
	year. The new improvements are reviewed regularly and
	implemented wherever found suitable.
A: POWER & FUEL CONSUMPTION
1. Electricity
a. Units Consumed (in Lacs)	5	0
Total Amount ( in Lacs)	5	7
Avg. Rate/Unit (Amount in )	1	1
b. Generation
(I) Through Diesel generator
Unit ( In Lacs)
Unit Per ltr. of diesel oil
Cost / Unit ( )
(II) Through HFO Generator
Unit ( In Lacs)
Unit Per ltr. of diesel oil,
Cost / Unit ( ).
B. Consumption per unit of production
Electricity Unit per Kg.	4.06
TECHNOLOGY ABSORPTION
Efforts made in technology absorption	inhouse Research and
	Development Department (R & D) which carries out
	activities such as product and quality improvement,
	development of new designs, new products, cost control
	and energy conservation.
	been d eveloping
	modifications/improvements in process technology in its
	various manufacturing sections which, when found
	suitable, are integrated into the regular manufacturing
	operation.
The benefits derived as a result of the above:
a) Quality improvement
b) Energy Conservation
c)The R & D activities have resulted into development of
new designs and products.
Expenditure incurred on R & D ( in Lacs)
2. FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of foreign exchange earnings and
outgo during the year are as under:
Earnings ( in Lacs)
Outgo: ( in Lacs)
Capital Goods
Recurring

23. CHANGE IN THE NATURE OF BUSINESS:

During the year under review, there has been no material change in the nature of business of the Company.

24. MATERIAL CHANGES BETWEEN THE DATE OF THE BOARD REPORT AND END OF FINANCIAL YEAR:

There have been no 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 except change in registered office from one state to another state.

25. PREVENTION OF INSIDER TRADING:

In view of the SEBI (Prohibition of Insider Trading) Regulation, 2015 the Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The details of the Insider Trading Policy h ave p o sted o n the website o f the Company at following http://www.clcindia.com/policy.php.

The Code requires Trading Plan, preclearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. However, there were no such instances in the Company during the year 202425.

26. CERTIFICATE ON CORPORATE GOVERANANCE:

Your Directors are pleased to report that your Company has duly complied with the SEBI Guidelines on Corporate Governance for the year 202425 relating to the Listing Regulations. A Certificate from M/s. Ajit Kumar & Associates, Company Secretaries, New Delhi, (Membership No.: FCS 9320 & COP No.: 10990) confirming compliance with conditions as stipulated under Listing Regulations is annexed to the Corporate Governance Report of the Company. The Corporate Governance report for the financial 202425 attached as “AnnexureB”.

27. INVESTORS EDUCATION AND PROTECTION FUND:

During the financial year 20242025 ended 31^st March 2025 under review, there were no amount/s which is required to be transferred to the Investor Education and Protection Fund by the Company. As such, no specific details are required to be given or provided.

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

During the year under review there has been no such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

29. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Corporate Governance Report and Management Discussion & Analysis, which form part of this Report, together with the Certificate from the Practicing Company Secretary of the Company regarding compliance of conditions of Corporate Governance as stipulated in Schedule V of Regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the declaration by the Chairman regarding affirmations for compliance with the Companys Code of Conduct are annexed to this report as “Annexure C”.

30. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the provisions of Secretarial Standard1 and Secretarial Standard 2 issued by the Institute of Company Secretaries of India.

31. DISCLOSURES UNDER SEXUAL HARASSMENT OF W OMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

As per Section 134(3) of the Act read with Rule 8 of Companies (Accounts) Rules, 2014, a “Statement that the Company has complied with the provisions related to Constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)” has to be included in the Boards Report.

In accordance with the abovementioned provisions of POSH, the Company is in compliance with and has adopted the “Policy on Prevention of Sexual Harassment of Women at Workplace” and matters connected therewith or incidental thereto covering all the related aspects. The constitution of ICC is as per the provisions of POSH and includes external Members from NGO or those individuals having relevant experience.

The Committee meets as and when required and provides a platform for female employees for registration of concerns and complaints, if any. During the year under review i.e. FY 202425, four meetings and awareness sessions were held in the manufacturing unit to discuss on strengthening the safety of employees at workplace.

In addition, the awareness about the Policy and the provisions of Prevention of Sexual Harassment Act was also carried out in the said meetings. We are pleased to inform you that no complaints related to sexual harassment were reported during the year under the POSH Act.

32. LISTING:

Your Companys shares were listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE); however, trading was suspended due to procedural reasons.

33. GENERAL:

The Board of Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions or applicability pertaining to these matters during the year under review: a. Payment of remuneration or commission from any of its subsidiary company to the Managing Director/ Whole Time Director of the Company, as there is no subsidiary company of the Company. b. Voting rights which are not directly exercised by the employees in respect of shares for the subscription/ purchase of which loan was given by the Company (as there is no scheme pursuant to which such persons can bene cially hold shares as envisaged under section 67(3)(c) of the Companies Act, 2013). c. Details of any application filed for corporate insolvency under Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. d. One time settlement of loan obtained from the banks or financial institutions.

e. There was no revision of financial statements and Boards Report of the Company during the year under review.

ACKNOWLEDGEMENTS

The Directors thank the Companys employees, bankers, customers, vendors, investors and academic partners for their continuous support. The Directors also thank the Government authorities, concerned Government departments and other Stakeholders for their cooperation. The Directors appreciate and value the contribution made by every member of the CLC family.

On behalf of the Board of Directors

Sd/

Bhupendra Singh Rajpal

Chairman DIN: 00311202 Place: Chhatrapati Sambhajinagar Date: 30^th July, 2025

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