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SEL Manufacturing Company Ltd.

BSE: 532886 Sector: Industrials
NSE: SELMCL ISIN Code: INE105I01012
BSE 00:00 | 19 Feb 1.02 -0.03
(-2.86%)
OPEN

1.03

HIGH

1.03

LOW

1.01

NSE 00:00 | 19 Feb 1.05 0
(0.00%)
OPEN

1.00

HIGH

1.10

LOW

1.00

OPEN 1.03
PREVIOUS CLOSE 1.05
VOLUME 11100
52-Week high 3.25
52-Week low 0.97
P/E
Mkt Cap.(Rs cr) 34
Buy Price 1.00
Buy Qty 10.00
Sell Price 1.08
Sell Qty 2500.00
OPEN 1.03
CLOSE 1.05
VOLUME 11100
52-Week high 3.25
52-Week low 0.97
P/E
Mkt Cap.(Rs cr) 34
Buy Price 1.00
Buy Qty 10.00
Sell Price 1.08
Sell Qty 2500.00

SEL Manufacturing Company Ltd. (SELMCL) - Chairman Speech

Company chairman speech

Dear Shareholders

I am pleased to come with you amid a steady revival in the Indian economy as well asthe global industry. Last year was a year of consolidation and structural reforms in theIndian economy including the implementation of the goods and services tax (GST)) whichwill ena6le to eliminate internal 6arriers to trade increase efficiency and improve taxcompliance. Despite a slowdown in investment momentum Indian economy was supported 6y astrong private consumption and registered an expansion of appx 6.7% during P.Y.2018. Inaddition to GSf the Indian government undertook^ num6er of initiatives such asrecapitalisation ofhanks which is aimed to improve business environment and to supportgrowth.

However we have been facing difficult operating environment due to liquidity crunch asthe credit facilities envisaged and sanctioned under CDRpackage were not released 6y thelenders to the Company which resulted in suit-optimum utilization of manufacturingfacilities. Due to non-disbursement of funds the Company coudlnot complete one ofitsspinning projects where substantial amount was already incurred. Allthis has led toadverse financialperformance and erosion in net worth of the Company.

The Corporate Insolvency Resolution Process (CIRP) under "Insolvency andBankruptcy Code 2016" (IBC) has been initiated for the Company after the petitionfiled by State Bank.of India in its capacity as financial creditor was admitted by theHon'He National Company Law Tribunal Chandigarh Bench (NCLf). However the CorporateInsolvency Resolution Process (CIRP) has been kept in abeyance vide orderdt. 22ndJune2018 ofHon'He High Court ofPunjab &Haryana.

I would like to take this opportunity to thank^all our stakeholdersfor their continuoussupport and belief in the Company. I would also like to sincerely appreciate alltheemployeesfor their passion and dedication towards the Company. Thankyoufor your supportandwe hope you continue your association with us.

With best wishes

Ram Saran Saluja

Chairman