Your Directors pleased to present the 31^st Annual Report on the Business and Operations of the
Company together with the Audited Financial Statement for the Financial Year ended on 31^st March,
2025.

1. FINANCIAL RESULTS:

The financial performance of the Company for the Financial Year ended on 31^st March, 2025 and for
the previous financial year ended on 31^st March, 2024 is given below:

2. OPERATIONS:

Total revenue for Financial Year 2024-25 is Rs. 366.96 Lakhs compared to the total revenue of Rs.
9.70 Lakhs of previous Financial Year. The Company has incurred profit before tax for the Financial
Year 2024-25 of Rs. 288.57 Lakhs as compared to Loss before tax of Rs. (22.61) Lakhs of previous
Financial Year. Net Profit after Tax for the Financial Year 2024-25 is Rs. 216.27 Lakhs as against Net
Loss after tax of Rs. (22.61) Lakhs of previous Financial Year. The Directors are continuously looking
for the new avenues for future growth of the Company and expect more growth in the future period.

3. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Financial Year 2024-25, there was no change in the nature of business of the Company.

4. DIVIDEND:

To conserve the resources for future prospect and growth of the Company, your Directors do not
recommend any dividend for the Financial Year 2024-25 (Previous year - Nil).

5. SHARE CAPITAL:

A. Authorised Share Capital:

The Authorised Share Capital of the Company as on 31^st March, 2025 is Rs. 7,00,00,000/-
(Rupees Seven Crores Only) divided into 7,00,00,000 (Seven Crores) Equity Shares of Rs.
1.00/- (Rupee One Only)

• After Completion of Financial Year:

On 9^th June 2025, with the approval of the Shareholders of the Company be and is
hereby accorded for alter and increase the Authorized Share Capital of the Company
from existing Rs. 7,00,00,000/- (Rupees Seven Crores Only) divided into 70,00,000
(Seventy Lakhs) Equity Shares of Rs. 10/- (Rupees Ten) each to Rs 95,00,00,000/-
(Rupees Ninety five Crores Only) divided into 9,50,00,000 (Nine Crores fifty lakhs)
Equity Shares of Rs. 10/- (Rupees Ten) each.

B. Paid-up Share Capital:

The Paid-up share capital of the Company as on 31^st March, 2025 is Rs. 3,30,00,000/- (Rupees
Three Crores Thirty Lakhs Only) divided into 3,30,00,000 (Three Crores Thirty Lakhs) Equity
Shares of Re. 1.00/- (Rupee One Only).

• After Completion of Financial Year:

1. On 9^th June 2025, with the approval of the Members of the Company be and is
hereby accorded to, issue, , on a preferential basis, up to 5,07,75,761 (Five Crores
Seven Lakhs Seventy-five Thousand Seven Hundred Sixty-One)) Equity Shares of
face value of t10/- (Rupees Ten) fully paid up, to persons belonging to Non
Promoter Group, towards conversion of outstanding unsecured loan into equity
shares to the extent of t81,64,74,310/- (Rupees Eighty-One Crores Sixty-Four
Lakhs Seventy-Four Thousand Three Hundred Ten Only) or at an issue price of t
16.08 /- (Rupees Sixteen and Paise Eight Only) per equity share

2. On 9^th June 2025, with the approval of the Members of the Company be and is
hereby accorded to, issue, , on a preferential basis, up to 93,28,358 (Ninety three
lakhs twenty eight thousand Three hundred fifty eight) Equity Shares at a price of
Rupees 16.08/- (Rupees Sixteen eight paise Only) each, aggregating up to Rs.
15,00,00,000/- (Rupees Fifteen Crores Only) to the entities of non-promoter
category

6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or
unclaimed for a period of seven years shall be transferred to the Investor Education and Protection
Fund (“IEPF”). During the year under review, there was no unpaid or unclaimed dividend in the
“Unpaid Dividend Account” lying for a period of seven years from the date of transfer of such unpaid
dividend to the said account. Therefore, there were no funds which were required to be transferred
to Investor Education and Protection Fund.

7. TRANSFER TO RESERVES:

The Profit of the Company for the Financial Year ending on 31^st March, 2025 is transferred to profit
and loss account of the Company under Reserves and Surplus.

8. WEBLINK OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31,
2025 is available on the Company's website at www.cmbl.co.in

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

• Change in Registered Office of the Company:

The Board of Directors of the Company, at its meeting held on Friday, 24^th May, 2024
considered and approved the changed of the Company's registered Office from UG-24,
Vishwadeep Tower, District Centre, Janak Puri, West Delhi, New Delhi, Delhi, India, 110058 to
A-19, Ground Floor, FIEEE Complex, Suite # 1257, Okhla Industrial Area Phase-2, New Delhi-
110020 i.e. within the local limits of city, w.e.f. 24^th May, 2024.

10. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS:

There is no significant material orders passed by the Regulators or Courts or Tribunal, which would
impact the going concern status of the Company and its future operation.

11. MEETINGS OF THE BOARD OF DIRECTORS:

The Directors of the Company met at regular intervals at least once in a quarter with the gap
between two meetings not exceeding 120 days to take a view of the Company's policies and
strategies apart from the Board Matters.

During the year under the review, the Board of Directors met 6 (Six) times viz. 24^th May 2024,15^th
July 2024, 12^th August 2024, 18^th October 2024, 14^th November 2024 and 10^th February 2025.

12. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of the Companies Act,
2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

a. In the preparation of the Annual Accounts, for the year ended on 31^st March, 2025 the applicable
accounting standards have been followed and there are no material departure from the same;

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 at the end of financial year and of the loss of the Company for
the financial year ended on 31^st March, 2025.

c The Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;

d. The Directors had prepared the Annual Accounts on a going concern basis;

e. The Directors had 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 had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

13. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of section 135 of the Companies Act, 2013 is not applicable to Company as the
Company does not fall under the criteria limits mentioned in the said section of the Act.

Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate
Social Responsibility.

14. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the
SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of
this Report, and provides the Company's current working and future outlook as per "Annexure -1".

15. DISCLOSURES RELATING TO HOLDING / SUBSIDIARY, ASSOCIATE COMPANY AND JOINT
VENTURES:

The Company does not have any Holding / Subsidiary/Associate Company and Joint Venture.

16. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial Standards
issued by The Institute of Company Secretaries of India (ICSI). The Company has devised proper
systems to ensure compliance with its provisions and is in compliance with the same.

17. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK
MANAGEMENT POLICY OF THE COMPANY:

The Company has framed formal Risk Management framework for risk assessment and risk
minimization for Indian operation which is periodically reviewed by the Board of Directors to ensure
smooth operations and effective management control. The Audit Committee also reviews the
adequacy of the risk management frame work of the Company, the key risks associated with the
business and measures and steps in place to minimize the same.

18. STATEMENT ON ANNUAL EVALUATION MADE BY THE BOARD OF DIRECTORS:

The Board evaluated the effectiveness of its functioning, that of the Committees and of individual
Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the
feedback of Directors on various parameters including:

• Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring
corporate governance practices, participation in the long-term strategic planning, etc.);

• Structure, composition, and role clarity of the Board and Committees;

• Extent of co-ordination and cohesiveness between the Board and its Committees;

• Effectiveness of the deliberations and process management;

• Board / Committee culture and dynamics; and

• Quality of relationship between Board Members and the Management.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the
Securities and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with each Independent Director and the
Chairman of NRC had one-on-one meetings with each Executive and Non-Executive, Non¬
Independent Directors. These meetings were intended to obtain Directors' inputs on effectiveness of
the Board/ Committee processes.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the
Board as a whole, and the Chairman of the Company was evaluated, taking into account the views of
Executive Directors and Non-Executive Directors.

The Nomination and Remuneration Committee reviewed the performance of the individual directors
and the Board as a whole.

In the Board meeting that followed the meeting of the independent directors and the meeting of
Nomination and Remuneration Committee, the performance of the Board, its committees, and
individual directors was discussed.

The evaluation process endorsed the Board Members' confidence in the ethical standards of the
Company, the resilience of the Board and the Management in navigating the Company during
challenging times, cohesiveness amongst the Board Members, constructive relationship between the
Board and the Management, and the openness of the Management in sharing strategic information to
enable Board Members to discharge their responsibilities and fiduciary duties.

The Board carried out an annual performance evaluation of its own performance and that of its
committees and individual directors as per the formal mechanism for such evaluation adopted by the
Board. The performance evaluation of all the Directors was carried out by the Nomination and
Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a
whole was carried out by the Independent Directors. The exercise of performance evaluation was
carried out through a structured evaluation process covering various aspects of the Board
functioning such as composition of the Board & committees, experience & competencies,
performance of specific duties & obligations, contribution at the meetings and otherwise,
independent judgment, governance issues etc.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of
the Directors individually as well as evaluation of the working of the Board by way of individual
feedback from directors.

The evaluation frameworks were the following key areas:

a) For Non-Executive & Independent Directors:

• Knowledge

• Professional Conduct

• Comply Secretarial Standard issued by ICSI Duties

• Role and functions

b) For Executive Directors:

• Performance as leader

• Evaluating Business Opportunity and analysis of Risk Reward Scenarios

• Key set investment goal

• Professional conduct and integrity

• Sharing of information with Board.

• Adherence applicable government law

The Directors expressed their satisfaction with the evaluation process.

19. DETAILS OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL
CONTROL:

The Company has in place adequate internal financial controls with reference to financial statement
across the organization. The same is subject to review periodically by the internal audit cell for its
effectiveness. During the financial year, such controls were tested and no reportable material
weaknesses in the design or operations were observed. The Statutory Auditors of the Company also
test the effectiveness of Internal Financial Controls in accordance with the requisite standards
prescribed by ICAI. Their expressed opinion forms part of the Independent Auditor's report.

Internal Financial Controls are an integrated part of the risk management process, addressing
financial and financial reporting risks. The internal financial controls have been documented,
digitized and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management
reviews, control self-assessment, continuous monitoring by functional experts. We believe that these
systems provide reasonable assurance that our internal financial controls are designed effectively
and are operating as intended.

During the year, no reportable material weakness was observed.

20. REPORTING OF FRAUDS BY THE AUDITORS:

During the year under review, neither the Statutory nor the Secretarial Auditors has reported to the
Audit Committee under Section 143(12) of the Companies Act, 2013, any instances of fraud
committed against the Company by its officers or employees, the details of which would need to be
mentioned in the Board's Report.

21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF
THE COMPANIES ACT,2013:

The details of loans, investment, guarantees and securities covered under the provisions of section
186 of the Companies Act, 2013 are provided in the financial statement.

22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

During the year under review, Company has not entered in any Related Party Transactions.

Pursuant to Section 188 of the Act read with rules made thereunder and Regulation 23 of the Listing
Regulations, all Material Related Party Transactions (“material RPTs”) require prior approval of the
shareholders of the Company vide ordinary resolution.

The Company has formulated and adopted a policy on dealing with related party transactions, in line
with Regulation 23 of the Listing Regulations, which is available on the website of the Company.

As a part of the mandate under the Listing Regulations and the terms of reference, the Audit
Committee undertakes quarterly review of related party transactions entered into by the Company

with its related parties. Pursuant to Regulation 23 of Listing Regulations and Section 177 of the Act,
the Audit Committee has granted omnibus approval in respect of transactions which are repetitive in
nature, which may or may not be foreseen, not exceeding the limits specified thereunder. The
transactions under the purview of omnibus approval are reviewed on quarterly basis by the Audit
Committee. Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed the
disclosures on Related Party Transactions in prescribed format with the Stock Exchanges.

23. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:

a) Vigil Mechanism / Whistle Blower Policy:

The Company has established vigil mechanism and framed whistle blower policy for Directors
and employees to report concerns about unethical behavior, actual or suspected fraud or
violation of Company's Code of Conduct or Ethics Policy.

b) Business Conduct Policy:

The Company has framed “Business Conduct Policy”. Every employee is required to review
and sign the policy at the time of joining and an undertaking shall be given for adherence to
the Policy. The objective of the Policy is to conduct the business in an honest, transparent and
in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption
practices by the employees of the Company.

24. RESERVES & SURPLUS:

(Riinees in Lakhs)

25. CONSERVATION OF ENERGY, TECHNLOGY, ASBSORPOTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:

The details of conservation of energy, technology absorption etc. as required to be given under
section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014, is
not given as the Company has not taken any major step to conserve the energy etc.

Export revenue constituted 0 % of the total revenue in FY 2024-25;

26. PARTICULARS OF EMPLOYEES:

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Company

has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the financial year 2024¬
25.

27. LOANS FROM DIRECTOR / RELATIVE OF DIRECTOR:

During the year under review, the Company has not entered into any materially significant related
party transactions which may have potential conflict with the interest of the Company at large.
Suitable disclosures as required are provided in AS-18 which is forming the part of the notes to
financial statement.

28. DIRECTORS AND KEY MANAGERIALPERSONNEL:

The Directors and Key Managerial Personnel of the Company are summarized below as on date:

1. Mr. Niravkumar Chandreshkumar Parikh has been resigned from the post of Managing Director and Chief Financial Officer of the
company w.e.f. 18^th October 2024

2. Ms. Sunitha Thumu has resigned from the post of Non-Executive and Independent Director of the company w.e.f. 15^th July 2024

3. Mr. Subramanyam Bommireddy Gari has been resigned from the post of Non-Executive Non-Independent Director of the
company w.e.f. 2^nd July 2025

4. Ms. Sukanya Pittala has resigned from the post of Executive Director of the company w.e.f. 15^th July 2024.

5. Mr. Manoj Purushottam Rasania has been appointed as Managing Director and Chief Financial Officer of the company w.e.f. 18^th
October 2024 and has been resigned from the post of Managing Director and Chief Financial Officer of the company w.e.f. 2^nd
May 2025

6. Mr. Vishal Jethabhai Nayak has been appointed as Managing Director of the company w.e.f. 11^th April 2025

7. Mr. Vishal Jethabhai Nayak has been appointed as Managing Director of the compay w.e.f. 11^th April 2025

8. Mr. Manoj Purushottam Rasania

Apart from the above changes, there were no other changes in the composition of the Board of
Directors of the Company during the Financial Year 2024-25 and till the date of Board's Report.

As per Companies Act, 2013 the Independent Directors are not liable to retire by rotation.

29. DECLARATION BY INDEPENDENT DIRECTORS:

Ms. Saloni Mehra, Ms. Renu Kaur and Mr. Amit Bajaj Independent Directors of the Company has
confirmed to the Board that he meets the criteria of Independence as specified under Section 149 (6)
of the Companies Act, 2013 and he qualifies to be an Independent Director. He has also confirmed
that he meets the requirement of Independent Director as mentioned under Regulation 16 (1) (b) of
SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were
noted by the Board.

30. CORPORATE GOVERNANCE:

As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, quarterly compliance report on requirement Corporate Governance is not applicable to the
Company.

31. DEPOSITS:

As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor renewed any
deposits during the financial year. Hence, the Company has not defaulted in repayment of deposits or
payment of interest during the financial year.

32. AUDITORS AND THEIR REPORTS:

A. Statutory Auditor:

M/s. J Singh & Associates, Chartered Accountants, Ahmedabad, were appointed as the Statutory
Auditors of the Company. The Auditor's report for the Financial Year ended 31st March, 2025 has
been issued with a qualified opinion by the Statutory Auditors

The Auditors have also furnished a declaration confirming their independence as well as their
arm's length relationship with your Company as well as declaring that they have not taken up any
prohibited non-audit assignments for your Company. The Audit Committee reviews the
independence of the Auditors and the effectiveness of the Audit Process.

The Auditor's report for the Financial Year ended 31^st March, 2025 has been issued with an
unmodified opinion, by the Statutory Auditor.

B. Secretarial Auditor:

The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has
appointed Mr. Monika Shekhawat, Proprietor of M/s Shekhawat & Associates, Company
Secretaries, Ahmedabad (FRN: S2024GJ963300) as a Secretarial Auditor of the Company to
conduct Secretarial Audit for the Financial Year 2024-25.

The Secretarial Audit Report for the Financial Year 2024-25 is annexed herewith as "Annexure -
II" in Form MR-3.

The report of the Secretarial auditor has not made any adverse remark in their Audit Report

C. INTERNAL AUDITOR:

The Board of directors has appointed Mr. Bharat Mundra, Proprietor of M/s. B M Mundra & Co.,
Chartered Accountant, Ahmedabad as the internal auditor of the Company. The Internal Auditor
conducts the internal audit of the functions and operations of the Company and reports to the
Audit Committee and Board from time to time.

33. DISCLOSURES

A. Composition of Audit Committee:

During the year under review, meetings of members of the Audit committee as tabulated below,
was held on 24^th May 2024, 12^th August 2024, 14^th November, 2025 and 10^th February 2025the
attendance records of the members of the Committee are as follows:

1. Ms. Sukanya Pittala has been resigned from the post of Chairperson of Audit Committee w.e.f. 15^th July 2024

2. Mrs. Sunitha Thumu has been resigned from the post member of Audit Committee w.e.f. 15^th July 2024

3. Mr. Subramanyam Bommireddy Gari has been resigned from the post of Member of Audit Committee w.e.f. 2^nd July 2025

4. Mrs. Renu Kaur has been appointed as Chairperson of Audit committee w.e.f. 15th July 2024

5. Mr. Amit Bajaj has been appointed as member of Audit Committee w.e.f. 15th July 2024.

6. Mr. Manoj Purushottam Rasania has been appointed as member of Audit Committee w.e.f. 2^nd July 2025 and has been resigned .
as member of Audit Committee w.e.f. 11^th April, 2025

7. Mr. Vishal Jethabhai Nayak has been appointed as Member of Audit Committee w.e.f. 11^th April, 2025

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

B. Composition of Stakeholders' Relationship Committee:

During the year under review, meetings of members of Stakeholders' Relationship committee as
tabulated below, was held on 24^th May 2024 the attendance records of the members of the
Committee are as follows:

1. Ms. Sukanya Pittala has been resigned from the post of Chairperson of Stakeholders' Relationship Committee w.e.f. 15^th July
2024

2. Mrs. Sunitha Thumu has been resigned from the post member of Stakeholders' Relationship Committee w.e.f. 15^th July 2024

3. Mr. Subramanyam Bommireddy Gari has been resigned from the post of Member of Stakeholders' Relationship Committee w.e.f.
2^nd July 2025

4. Mrs. Saloni Mehra has been appointed as Chairperson of Stakeholders' Relationship Committee w.ef. 15th July 2024

5. Mrs. Renu Kaur has been appointed as Member of Stakeholders' Relationship Committee w.e.f. 15th July 2024

6. Mr. Amit Bajaj has been appointed as member of Stakeholders' Relationship Committee w.e.f.2^nd July 2025

C. Composition of Nomination and Remuneration Committee:

During the year under review, meetings of members of Nomination and Remuneration
committee as tabulated below, was held on 15^th July 2024 and 18^th October 2024the attendance
records of the members of the Committee are as follows:

1. Ms. Sukanya Pittala has been resigned from the post of Chairperson of Nomination and Remuneration Committee w.e.f. 15^th
July 2024

2. Mrs. Sunitha Thumu has been resigned from the post member of Nomination and Remuneration Committee w.e.f. 15^th July
2024

3. Mr. Subramanyam Bommireddy Gari has been resigned from the post of Member of Nomination and Remuneration
Committee w.e.f. 2^nd July 2025

4. Mrs. Saloni Mehra has been appointed as Chairperson of Nomination and Remuneration Committee w.ef. 15^th July 2024

5. Mrs. Renu Kaur has been appointed as Member of Nomination and Remuneration Committee w.e.f. 15^th July 2024

6. Mr. Amit Bajaj has been appointed as member of Nomination and Remuneration Committee w.e.f. 2^nd July 2025.

34. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT,2013:

The Company has always been committed to provide a safe and conducive work environment to its
employees. Your Directors further state that during the year under review there were no cases filed
pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.

The following no. of complaints was received under the POSH Act and the rules framed thereunder
during the year:

a. Number of complaints filed during the financial year - NIL

b. Number of complaints disposed of during the financial year - NIL

c. Number of complaints pending as on end of the financial year - NIL

35. DEMATERIALISATION OF EQUITY SHARES:

As per direction of the SEBI, the shares of the Company are under compulsory demat form. The
Company has established connectivity with both the Depositories i.e. National Securities Depository
Limited (“NSDL”) and Central Depository Services (India) limited (“CDSL”) and the Demat activation
number allotted to the Company is ISIN: INE850R01014 Presently shares are held in electronic and
physical mode.

36. INDUSTRIAL RELATIONS:

The Directors are pleased to report that the relations between the employees and the management
continued to remain cordial during the year under review

37. MAINTENANCE OF COST RECORDS:

The provisions relating to maintenance of cost records as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013, are not applicable to the Company and
accordingly such accounts and records are not required to be maintained.

38. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND
BANKRUPTCY CODE:

During the year under review, there were no application made or any proceeding pending in the
name of the company under the Insolvency and Bankruptcy Code, 2016.

39. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION:

The Remuneration policy is directed towards rewarding performance based on review of
achievements on a periodical basis. The remuneration policy is in consonance with the existing
industry practice and is designed to create a high-performance culture. It enables the Company to
attract, retain and motivate employees to achieve results. The Company has made adequate
disclosures to the members on the remuneration paid to Directors from time to time. The Company's

Policy on director's appointment and remuneration including criteria for determining qualifications,
positive attributes, independence of a director and other matters provided under Section 178 (3) of
the Act is available on the website of the Company at www.cmbl.co.in

40. STATE OF COMPANY'S AFFAIRS:

Management Discussion and Analysis Report for the year under review, as stipulated in Regulation
34(2) (e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a
detailed write up and explanation about the performance of the Company.

41. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has
carried the evaluation of its own performance, performance of Individual Directors, Board
Committees, including the Chairman of the Board on the basis of attendance, contribution towards
development of the Business and various other criteria as recommended by the Nomination and
Remuneration Committee of the Company. The evaluation of the working of the Board, its
committees, experience and expertise, performance of specific duties and obligations etc. were
carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

In a separate meeting of Independent Directors i.e. held on Monday, 20^th January, 2025, the
performances of Executive and Non-Executive Directors were evaluated in terms of their
contribution towards the growth and development of the Company. The achievements of the
targeted goals and the achievements of the expansion plans were too observed and evaluated, the
outcome of which was satisfactory for all the Directors of the Company.

42. THE DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ONE TIME SETTLEMENT
AND THE VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL
INSTITUTIONS:

During the year under review, there has been no one time settlement of Loans taken from Banks and
Financial Institutions.

43. ACKNOWLEDGEMENTS:

Your Directors would like to express their sincere appreciation for the co-operation and assistance
received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions,
Suppliers, Customers and other business associates who have extended their valuable sustained
support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and
appreciation for the commitment displayed by all executives, officers and staff at all levels of the
Company. We look forward for the continued support of every stakeholder in the future.

Registered Office: By the Order of the Board

A-19, Ground Floor, Okhla Phase-2, Fiee Complex, Corporate Merchant Bankers Limited

Kartar Tower, Okhla Industrial Estate, South Delhi,

New Delhi, Delhi, India, 110020
Corporate Office:

A-828, West Bank Building, Opp. City Gold Cinema,

Ashram Road, Ashram Road P.O, Ahmedabad, City

Ahmedabad, Gujarat, India, 380009 Sd/ Sd/-

Amit Bajaj Vishal Jethalal Nayak
Place: Ahmedabad Director Managing Director

Date: 6^th September, 2025 DIN: 10122918 DIN: 11047209