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Aryaman Capital Markets Ltd.

BSE: 538716 Sector: Financials
NSE: N.A. ISIN Code: INE229R01011
BSE 00:00 | 08 Dec Aryaman Capital Markets Ltd
NSE 05:30 | 01 Jan Aryaman Capital Markets Ltd
OPEN 31.50
PREVIOUS CLOSE 34.00
VOLUME 190000
52-Week high 56.00
52-Week low 25.05
P/E 161.90
Mkt Cap.(Rs cr) 41
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 31.50
CLOSE 34.00
VOLUME 190000
52-Week high 56.00
52-Week low 25.05
P/E 161.90
Mkt Cap.(Rs cr) 41
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aryaman Capital Markets Ltd. (ARYAMANCAPITAL) - Director Report

Company director report

To

The Members

Your Directors take pleasure in presenting their Thirteenth Annual Report on theBusiness and Operations of the Company and the Accounts for the Financial Year ended 31stMarch 2021 (period under review).

1. FINANCIAL PERFORMANCE OF THE COMPANY:

The summitry of die financial performance for the financial year ended March 31 2021and the previous financial year ended March 31 2020 is given below:

Particulars 31-Mar-21 31-Mar-20
Total Income 13.509.61 8462.35
Less: Expenditure 13474.64 8451.89
Profit before Depreciation 40.67 16.68
Less: Depreciation 5.62 6.22
Profit before Tax 35.05 10.46
Provision for Taxation 9.64 0.97
Profit after Tax 25.41 9.48
Other Comprehensive Income (32.09) (200.72)
Total Comprehensive Income (6.68) (191.24)
Earnings Per Share (FV of Rs.10/- per share)
(1) Basic 0.21 0.08
(2) Diluted 0.21 0.08

Being a Market Making Company most of the Company's investments are in the securitiesof listed companies. Accordingly most of its revenue is in nature of trade income oninvestments in listed companies. On account of resilient growth in the capital markets andincreased investor interest in SME listed stocks; Company witnessed a Top line growth.

2. RKVIKW OK OPERATIONS

The Total Income of the Company stood at ? 13509.61 lacs for the year" endedMarch 31 2021 as against 8462.35 lacs in the previous year. The Company made a net profitof 25.41 lacs for the year ended March 31 2021 as compared to the net profit of f 9.48lacs in the previous year.

3. CASH FLOW AM) CONSOLIDATED FINANCIAL STATEMENTS:

As required under regulation 34 of the SEBI (LODR) Regulations 2015 a Cash FlowStatement forms part of Annual Report.

4. TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) ( I) OF THE COMPANIES ACT. 2013

The Board has decided not to transfer any amount to the Reserves for the year underreview.

5. DIVIDEND:

The dividend policy for the year under review' has been formulated taking intoconsideration of growth of the company and to conserve resources the Directors do notrecommend any dividend for year ended March 312021.

6. TRANSFER OF UNPAID AND UNCLAIMED DIVIDENDS TO INVESTOR EDI CATION AND PROTECTIONFUND

The Ministry of Corporate Affairs under Sections 124 and 125 of the Companies Act 2013requires dividends that are not encashed/ claimed by the shareholders for a period ofseven consecutive years to be transferred to the Investor Education and Protection Fund(IEPF). In FY 2020-21 there was no amount due for transfer to IEPF.

7. SHARE CAPITAL

The authorized share capital of the company is Rs. 120000000/- divided into12000000 equity shares of Rs. 10/- The Paid up capital of the Company is Rs.119771000/- divided into 11977100 Equity shares of Rs. 10/- Company has appointedM/s Bigshare Services Private Limited as the Registrar and Transfer Agent of the Company.

8. MANAGEMENT'S 1MSC1 JSSION AM) ANALYSIS REPORT:

Management's Discussion and Analysis Report for the year under review in terms of theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 (the "Listing Regulations") and SEBI (Listing Obligations andDisclosure Requirements) (Amendment) Regulations 2018 (the "Amended ListingRegulations") is presented in a separate section forming part of the Annual Report.

9. CHANGE IN NATURE OF BUSINESS. IE AN Y

There has been no change in nature of business of the Company during the FY underreview.

10. DISCLOSURES BY DIRECTORS

The Board of Directors have submitted notice of interest in Form MBP 1 under Section184(l)as well as intimation by directors in Form DIR 8 under Section 164(2) anddeclarations as to compliance with the Code of Conduct of the Company.

11. SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY

The Company does not have any Subsidiaiy Joint venture or an Associate Company.

12. MATERIAL CHANGED AND COMMITMENTS

There have been no material changes and commitments which affect the Financialposition of the Company which have occurred between the end of the FY and the date of thisReport.

13. EXTRACT OF ANNUAL RETURN:

The Annual Return of the Company as on 31s' March 2021 is available on thewebsite of the Company at http://www.afsl.co.in/Acml.

14. CHANGE IN SHARE CAPITAL:

There was no change in Share Capital for year ended March 31 2021.

15. FAMILIARISATION PROGRAMME FOR DIRECTORS

As a practice all Directors (including Independent Directors) inducted to the Board gothrough a structured orientation programme. Presentations are made by Senior Managementgiving an overview of the operations to familiarise the new Directors with the Company'sbusiness operations. The Directors are given an orientation on the products of thebusiness

group structure and subsidiaries Board constitution and procedures matters reservedfor the Board and the major risks and risk management strategy of the Company.

During the year under review no new Independent Directors were inducted to the Board.

16. DIRECTORS AM) KEY MANAGERIAL PERSONNEL;

i. Charme in Directors

During the period under review there were no changes in Directors;

ii. Committees ot' Board of Directors

There has been no change in Committees of Board of Directors during period underreview.

iii. Retirement In Rotation of the Directors

In accordance wife the provisions of the Companies Act 2013 and fee Articles ofAssociation of the Company Mr. Shreyas Shah Executive Director of fee Company retriesby rotation and offers himself for re- appointment.

The brief resume of Mr. Shreyas Shah the nature of his expertise in specificfunctional areas names of the companies in which he has held directorships hershareholding etc. are furnished in the Annexure - A to the notice of the ensuing AGM.

iv. Independent Direc tors

Gur Company has received annual declarations from all the Independent Directors of theCompany confirming that they meet with fee criteria of Independence provided in Section149(6) of fee Companies Act 2013 and Regulations 16(l)(b) & 25 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 and there has been no change inthe circumstances which may affect their status as Independent Director during the year.

The Independent Directors met on 23rd March 2021 without fee attendance ofNon-Independent Directors and members of the Management. The Independent Directorsreviewed the performance of Non-Independent Directors and the Board as a whole; theperformance of the Chairman of the Company taking into account the views of ExecutiveDirectors and Non-Executive Directors and assessed fee quality quantity and timeliness offlow of information between the Company Management and fee Board feat is necessary for theBoard to effectively and reasonably perform their duties.

17. BOARD MEETINGS:

The Company held Eight meetings of its Board of Directors during the year on July 302020 August 21 2020 August 31 2020 October 012020 November 05 2020 November 112020 January 14 2021 and February 03 2021.

Mr. Shripal Shah and Mr. Shreyas Shah are related to each other. Mr. Shripal Shah andMr. Shreyas Shah hold One share each of Aryaman Capital Markets Limited as Nominee ofAryaman Financial Services Limited.

18. COMMITTEES OF THF. BOARD:

(a) Audit Committee:

The Audit Committee as per Section 177 of Companies Act 2013 continued working underChairmanship of Mr. Ram Gaud. During the year the committee met three times with fullattendance of all the members. The composition of the Audit Committee as at March 31 2021and details of the Members participation at the Meetings of the Committee are as under:

Name of Director

Category

Position in the committee

Attendance at the Audit Committee Meetings held on

30.07.2020 12.11.2020
Mr. Ram Gaud Independent Director Chairman Yes Yes
Mr. Shripal Shah Executive Director Member Yes Yes
Mrs. Supriya Tatkar Independent Director Member Yes Yes

The Committee is governed by a Charter which is in line with the regulatoryrequirements mandated by the Companies Act 2013. Some of the important functionsperformed by the Committee are:

Financial Reporting and Related Processes:

• Oversight of the Company's financial reporting process and financial informationsubmitted to the Stock Exchanges regulatory authorities or the public.

• Reviewing with the Management the Half Yearly Unaudited Financial Statementsand the Auditor's Limited Review Report thereon / Audited Annual Financial Statements andAuditors' Report thereon before submission to the Board for approval. This would interalia include reviewing changes in the accounting policies and reasons for the same majoraccounting estimates based on exercise of judgement by the Management significantadjustments made in the Financial Statements and / or recommendation if any made by theStatutory' Auditors in this regard.

• Review' the Management Discussion & Analysis of financial and operationalperformance.

• Discuss with the Statutory Auditors its judgement about the quality'' andappropriateness of the Company's accounting principles with reference to the AccountingStandard Policy.

• Review' the investments made by the Company.

All the Members on the Audit Committee have the requisite qualification for appointmenton the Committee and possess sound knowledge of finance accounting practices and internalcontrols.

The Auditors Internal Auditors Chief Financial Officer are invited to attend themeetings of the Committee. Tire Company Secretary acts as the Secretary to the Committee.Mr. Ram Gaud the Chairman of the Committee was present at the last Annual GeneralMeeting (AGM) held on September 28 2020.

(h) Nomination and Remuneration Committee:

The Nomination and Remuneration Committee as per Section 178(1) of Companies Act2013 continued working under Chairmanship of Mr. Ram Gaud. During the year the committeemet two times with full attendance of all the members. The composition of the Nominationand Remuneration Committee as at March 31 2021 and details of the Members participationat the Meetings of the Committee are as under:

Name of Director Category Position in the committee Attendance at the Remuneration Committee held on 30.07.2020
Mr. Ram Gaud Independent Director Chairman Yes
Mrs. Supriya Tatkar Independent Director Member Yes
Mr. Darsliit Parikh Independent Director Member Yes

The terms of reference of the Committee inter alia include the following:

• Succession planning of the Board of Directors and Senior Management Employees;

• Identifying and selection of candidates for appointment as Directors /Independent Directors based on certain laid down criteria;

• Identifying potential individuals for appointment as Key Managerial Personneland to other Senior Management positions;

• Formulate and review from time to time the policy for selection and appointmentof Directors Key Managerial Personnel and senior management employees and theirremuneration;

• Review the performance of the Board of Directors and Senior Management Employeesbased on certain criteria as approved by the Board.

The Company has formulated a Remuneration Policy which is annexed to the Board's Reportin '"Annexure 1 (c) Stakeholders Relationship Committee:

The Stakeholders Relationship Committee as per Section 178 (5) of Companies Act 2013continued working under Chairmanship of Ms. Supriya Tatkar. The Committee is governed by aCharter which is in line with the regulatory requirements mandated by the Companies Act2013. During the year the committee met one time with full attendance of all the members.The composition of the Stakeholders Relationship Committee as at March 31 2021 anddetails of the Members participation at the Meetings of the Committee are as under:

Name of Director Category Position in the committee Attendance at the Stakeholders' Relationship Committee held on 30.07.2020
Ms. Supriya Tatkar Independent Director Chairperson Yes
Mr. Shripal Shah Executive Director Member Yes
Mr. Ram Gaud Independent Director Member Yes

The terms of reference of the Committee are:

• transfer/transmission of shares/debentures and such other securities as may beissued by the Company from time to time;

• issue of duplicate share certificates for shares/debentures and other securitiesreported lost defaced or destroyed as per the laid down procedure;

• issue new certificates against subdivision of shares renewal split orconsolidation of share certificates / certificates relating to other securities;

• issue and allot right shares / bonus shares pursuant to a Rights Issue / BonusIssue made by the Company subject to such approvals as may be required;

• to grant Employee Stock Options pursuant to approved Employees' Stock OptionScheme(s) if any and to allot shares pursuant to options exercised;

• to issue and allot debentures bonds and other securities subject to suchapprovals as may be required;

• to approve and monitor dematerialization of shares / debentures / othersecurities and all matters incidental or related thereto;

• to authorize the Company Secretary and Elead Compliance / other Officers of theShare Department to attend to matters relating to non-receipt of annual reports noticesnon-receipt of declared dividend / interest change of address for correspondence etc. andto monitor action taken;

• monitoring expeditious redressal of investors / stakeholders grievances;

• all other matters incidental or related to shares debenture

During the year no complaints were received from shareholders. There are no balancecomplaints. The Company had no share transfers pending as on March 31 2021.

Ms. Chaitali Pansari Company Secretary of the Company is the Compliance Officer.

19. BOARD'S PERFORMANCE EVALUATION:

The Board of Directors carried out an annual evaluation of the Board itself itsCommittees and individual Directors. The entire Board carried out performance evaluationof each Independent Director excluding the Independent Director being evaluated. TheNomination Remuneration Committee also carried out evaluation of every director'sperformance.

The evaluation was done after taking into consideration inputs received from theDirectors setting out parameters of evaluation. Evaluation parameters of the Board andCommittees were mainly based on Disclosure of Information Key functions of the Board andCommittees Responsibilities of the Board and Committees etc. Evaluation parameters ofIndividual Directors including the Chairman of the Board and Independent Directors werebased on Knowledge to Perform the Role Time and Level of Participation Performance ofDuties and Level of Oversight and Professional Conduct etc.

Independent Directors in their separate meeting evaluated the performance ofNon-Independent Directors Chairman of the Board and the Board as a whole.

20. CORPORATE SOCIAL RESPONSIBILITY

The Company does not fall under the criteria laid under the provisions of Section 135of the Act and rules framed there under. Therefore the provisions of Corporate SocialResponsibility are not applicable to the Company.

21. AUDITORS:

i. Statutory Auditors:

Subject to the amendment stated in The Companies Amendment Act 2017 read withNotification S.O. 1833(E) dated 8* May 2018 deleting the provision of annual ratificationof the appointment of auditor the requirement to place the matter relating to appointmentof Auditors for ratification by members at every Annual General Meeting is done away withand no resolution has been proposed for the same.

ii. Secretarial Auditor:

Pursuant to the provisions of Section 204 of die Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed JNG & CO. a firm of Company Secretaries in Practice (CP No. 8108) toundertake the Secretarial Audit of the Company for the F.Y. 2020-21. The Secretarial AuditReport for F.Y. 2020-21 is annexed herewith as "AnnexureII".

iii. Cost Auditor:

Your Company is principally engaged into Market making of SME Listed Scrips andProprietary Investments in shares securities and funds. Therefore Section 148 of theCompanies Act 2013 is not applicable to die Company.

iv. Internal Auditor:

The Board of Directors based on the recommendation of the Audit Committee and pursuantto the provisions of section 138 of the Act read with the Companies (Accounts) Rules2014 has reappointed M/s Sandeep R. Maheshwari & Co Chartered Accountants Mumbai asthe Internal Auditors of your Company for the financial year 2021-2022 . The InternalAuditor conducts die internal audit of die functions and operations of the Company andreports to the Audit Committee and Board from me to me

22. MiDI IOR'S REPORT:

The Auditor's Report and Secretarial Auditor's Report does not contain anyqualifications reservations or adverse remarks. Report of the Secretarial Auditor isgiven as an Annexure which forms part of this report.

23. VIGIL MECHANISM:

In pursuant to the provisions of section 177 (9) & (10) of the Companies Act 2013a Vigil Mechanism for Directors and Employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Company athttp://www.afsl.co.in/Acml/.

24. INTERNAL AUDIT & CONTROLS:

Pursuant to provisions of Section 138 read with rules made there under the Board hasappointed M/s Sandeep R. Maheshwari & Co. Chartered Accountants as an InternalAuditors of the Company to check tire internal controls and functioning of the activitiesand recommend ways of improvement. The Internal Audit is carried out quarterly basis; thereport is placed in die Audit Committee Meeting and the Board Meeting for theirconsideration and direction.

The Internal Financial Controls with reference to financial statements as designed andimplemented by the Company are adequate. During the year under review no material orserious observation has been received from the Internal Auditors of the Company forinefficiency or inadequacy of such controls.

25. RISK ASSESSMENT AND MANAGEMENT:

Your Company has been on a continuous basis reviewing and streamlining its variousoperational and business risks involved in its business as part of its risk managementpolicy. Your Company also takes all efforts to train its employees from time to time tohandle and minimize these risks.

26. LISTING WITH STOCK EXCHANGES:

Aryaman Capital Markets Limited is listed on the SME Platform of the BSE Limited. Ithas paid the Annual Listing Fees for the year 2021-22 to BSE Limited.

27. COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company is fully compliant with the applicable Secretarial Standards (SS) viz. SS-1& SS-2 on Meetings of the Board of Directors and General Meetings respectively.

28. ^PARTICULARS OF EMPLOYEES AM) REMUNERATION'

The information required under Section 197 & Rule 5 of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 is given below'.

a) The median remuneration of employees of the Company during the financial year wasRs. 241350.

b) Percentage increase in the median remuneration of employees in the financial year2020-21: 1.58%

c) Number of permanent employees on the rolls of die Company as on March 312021:6(Six)

d) It is hereby affirmed that the remuneration paid during the year is as per theRemuneration policy of the Company.

e) There is no employee covered under the provisions of section 197(14) of dieCompanies Act 2013.

There was no employee in the Company who drew remuneration of Rs. 10200000/ - perannum during the period under review. Hence the Company is not required to disclose anyinformation as per Rule 5(2) of the Companies (Appointment and Remuneration) Rules 2014.

* Since the Executive Directors and KMP's of the company are on the payroll of AryamanFinancial Sendees Limited (Holding Company) and do not draw' any remuneration in AryamanCapital Markets Limited only employee remuneration median is calculated.

29. POLICIES AND DISCLOSURE REQUIREMENTS:

In terms of provisions of the Companies Act 2013 the Company has adopted followingpolicies which are available on its website http://www.afsl.co.in/Acmiy.

30. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AM) FOREIGN EXCHANGE EARNINGS ANDOUTGO;

i. Conservation of Enerav

a) The steps taken or impact on conservation of energy - The Operations of the Companyare not energy intensive. However adequate measures have been initiated for conservationof energy.

b) The steps taken by the Company for utilizing alternate source of energy - Companyshall consider on adoption of alternate source of energy as and when necessities.

c) The Capital Investment on energy conversation equipment - No Capital Investment yet.

ii. Technology Absorption

a) The efforts made towards technology absorption. Minimum technology required forBusiness is absorbed.

b) The henetits derived like product improvement cost reduction product developmentor import substitution - Not Applicable.

c) In case of imported technology (imported during the last three years reckoned fromthe beginning of the financial year) Not Applicable.

1. the details of technology imported;

2. the year of import;

3. whether the technology been fully absorbed;

4. if not fully absorbed areas where absorption has not taken place and the reasonsthereof

iii. The expenditure incurred on Research and Development Not Applicable.

31. PARTICULARS OF LOANS. INVESTMENTS AND GUARANTEES-

Particulars of loans given investments made guarantees given and securities providedare provided in the financial statements.

32. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

No contracts / arrangements / transactions entered by die Company during the financialyear w-ith related parties. Thus Disclosure in form AOC-2 is not required. Further duringthe year the Company had not entered into any contract / arrangement /transaction withrelated parties which could be considered material in accordance with the policy of theCompany on materiality of related party transactions. All related party transactions areplaced before the Audit Committee and Board for approval. The details of the relatedparty' transactions as required under Indian Accounting Standard (IND-AS) - 24 are set outin Note to the financial statements forming part of this Annual Report.

33. DEPOSITS:

Your Company did not accept / hold any deposits from public / shareholders during theyear under review'.

34. PREVENTION OK INSIDER TRADING:

In compliance with the provisions of the Securities and Exchange Board of India(Prohibition of Insider Trading) Regulations 2015 as amended the Company has formulatedand adopted the revised ‘‘Code of Conduct for Prevention of InsiderTrading'" ("the insider Trading Code"). The object of the Insider TradingCode is to set framework rules and procedures which all concerned persons should followwhile trading in listed or proposed to be listed securities of the Company. During theyear the Company has also adopted the Code of Practice and Procedures for Fair Disclosureof

Unpublished Price Sensitive Information ("the Code") in line with the SEBI(Prohibition of Insider Trading) Amendment Regulations 2018. The Code is available on theCompany's website http://www.afsl.co.in/Acml/investor.php

35. RELATED PARTY TRANSACTION'S

All transactions entered into with related parties as defined under the Act during theFT' were in the ordinary course of business and on an arm's length pricing basis and donot attract the provisions of Section 188 of the Act. There were no materially significanttransactions with the related parties during the FY which were in conflict with dieinterest of the Company.

36. SIGNIFICANT AM) MATERIAL ORDERS:

There are no significant and material orders passed by the Regulators or Courts orTribunals impacting the going concern status and Company's operations in future.

37. FRAUD REPORTING

There have been no frauds reported by the Auditors of the Company to the AuditCommittee or the Board of Directors under sub-section (12) of section 143 of die CompaniesAct 2013 during the financial year.

38. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OK WOV1KN AT WORKPLACE(PREVENTIONPROHIBITION AM) REDRESSALj ACT 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the Requirementsof the Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressal) Act 2013and an Internal Complaints Committee has been set up to redresscomplaints received regarding Sexual Harassment at workplace with a mechanism of lodging& redress the complaints. All employees (permanent contractual temporary traineesetc.) are covered under this policy.

Your Directors further state that pursuant to the requirements of Section 22 of SexualHarassment of Women at Work place (Prevention Prohibition & Redressal) Act 2013 readwith Rules there under the Company has not received any complaint of sexual harassmentduring the year under review.

39. HUMAN RESOURCES:

Your Company has established an organization structure that is agile and focused ondelivering business results. With regular communication and sustained efforts it isensuring that employees are aligned on common objectives and have the right information onbusiness evoludon.

40. CORPORATE GOV ERNANCE:

In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015exempts companies which have listed their specified securities on SME Exchange fromcompliance with corporate governance provisions.

Since die equity share capital of your Company is listed exclusively on the SMEPlatform of BSE the Company is exempted from compliance with Corporate Governancerequirements and accordingly the reporting requirements like Corporate Governance ReportBusiness Responsibility Report etc. are not applicable to the Company.

41. DIRECTORS' RESPONSIBILITY STATEMENT;

Pursuant to Section 134(5) of the Companies Act 2013 the board of directors to thebest of their knowledge and ability confirm that:

i. In the preparation of the annual accounts the applicable accounting standards havebeen followed and there are no material departures.

ii. They have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of die Company at the end of the financial year and of the profitof the Company for that period.

iii. They have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.

iv. They have prepared the annual accounts on a going concern basis.

v. They have laid down internal financial controls to be followed by the Company andsuch internal financial controls are adequate and operating effectively.

vi. They have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively.

42. INTERNAL FINANCIAL CONTROLS:

Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the internal statutory andsecretarial auditors and external consultants and the reviews performed by management andthe relevant hoard committees including the audit committee the board is of the opinionthat the Company's internal financial controls were adequate and effective during thefinancial year 2020-21.

43. CAUTIONARY STATEMENTS:

Statements in this Annual Report particularly those which relate to ManagementDiscussion and Analysis as explained in the Corporate Governance Report describing theCompany's objectives projections estimates and expectations may constitute ‘forwardlooking statements' within the meaning of applicable laws and regulations. Actual resultsmight differ materially from those cither expressed or implied in the statement dependingon the circumstances.

44. ACKNOWLEDGEMENTS:

Your Directors would like to express deep sense of appreciation for the assistance andco-operation received from the Financial Institutions Banks Government Authorities andShareholders and for the devoted service by the Executives staff and workers of theCompany. The Directors express their gratitude towards each one of them.

Registered Office:

60 Khatau Building Ground. Floor

Alkesh Dinesh Modi Marg

Fort Mumbai - 400 001

Tel: 022-6216 6999

Fax: 022 - 2263 0434

CIN: L65999MH2008PLC184939

Website: httn://www.afsl.co.in/Acml/

Email: arvacat>m@smail.com

On Behalf of The Board Of Directors

FOR ARYAMAN CAPITAL MARKETS LIMITED

Sd/-

Shripal Shah

DIN:01628855

(Chairman & Executive Director)

Mumbai Wednesday August 25 2021

.