To,

The Members GEE LIMITED

Yourdirectors have pleasure in presenting the 64th Annual Report of GEE
Limited togetherwith the Audited Statement of Accounts forthe financial year ended 31st
March 2025.


1. FINANCIAL STATEMENTS&RESULTS:

a. Finandal Results


GEE Limited's performance during the financial year ended 31a March 2025 as
compared to the previous financial year, is summarized below


  

    
Particulars
    
For the financial year ended 31s1 March, 2025
    
For the financial year ended 31" March, 2024
  
  

    
Income
    
33,410.71
    
36,987.20
  
  

    
Less: Expenses
    
34,607.10
    
35,180.51
  
  

    
Profit/ (Loss) before tax
    
(1,196.39)
    
1,806.69
  
  

    
Less: Provision for tax
    
0.00
    
532.88
  
  

    
Previous Years Tax
    
(53.48)
    
0.19
  
  

    
Deferred tax
    
(218.88)
    
(11.96)
  
  

    
Profit after Tax
    
(924.03)
    
1,285.57
  



b. OPERATIONS: GEE Limited continues to be engaged in activities pertaining to
manufacturing and dealing in all kinds of welding consumables and allied equipment and
appliances.

There was no change in the nature of the business of GEE Limited, during the year under
review.

During the financial year under review, the Company has posted total revenue of INR
33,410.71 Lakhs as against INR 36,987.20 Lakhs for the corresponding previous year.

Further, the Company has incurred a loss after tax of INR 924.03 Lakhs as against net
profit after tax INR 1,285.57 Lakhs for the corresponding previous year.

The Company reported losses for the financial year 2024-25. The profitability was
adversely impacted due to multiple factors. The primary factor contributing to this
downturn has been a significant dispute within the management team. The internal
disagreement unfortunately led to a series of suboptimal decision-making processes, which
directly impacted our operational efficiency and strategic direction. Furthermore, we
observed a consistent trend of below optimum capacity utilization, meaning the company's
resources were lot being utilized to their full potential. This, combined with a reduction
in sales realization, where the actual revenue generated from sales was lower than
anticipated, significantly narrowed the company profit margins.

The above reasons led to under-absorption of fixed overheads and increased per unit
costs. Further, certain trade advances were considered irrecoverable and charged as
impairment loss under 'Other expenses' in the Statement of Profit and Loss as per
applicable Accounting Standards.

The Promoters of the company have mutually agreed to amicably resolve all past issues
among the concerned parties through a family settlement formalized by way of consent terms
executed on 19th April, 2025.

The said consent terms and a withdrawal memo was placed on record before NCLT, Mumbai,
on 9th May 2025.

The recent settlement between the promoter management has provided the company with a
fresh strategic direction, which will undoubtedly lead to significant improvements across
the board.

This new direction has renewed our company with a laser-sharp focus on our core
objectives and a more efficient operational matrix. We are actively working on addressing
these issues to restore our profitability and ensure the long-term financial health of the
company. We are confident that these changes will enable us to enhance our performance,
streamline our processes, and ultimately achieve greater success. We will be sharing more
details about these strategic initiatives in the coming weeks and lookforward to your
support as we embark on this new chapter


c. DIVIDEND:


The Board of Directors after considering the business needs and to consolidate
financial strength of GEE Limited have decided not to recommend any dividend to equity
shareholders of GEE Limited forthe financial year 2024-25.


d. UNPAIDDIVIDEND&IEPF:


The amount lying in Unpaid Dividend Account of GEE Limited in respect of the last seven
years along with the dates when it is due for transferto Investor Education &
Protection Fund (IEPF) is as follows: -


  

    
Year
    
Amount unpaid
    
Due date of transfer to IEPF
  
  

    
2017-18
    
29,355.30
    
26-Oct-25
  



e. TRANSFERTO RESERVES:


During the financial year under review, Board of Directors have not transferred any
amounts to General reserve account. However, the Reserves & Surplus comprise of
balance in Securities Premium account and Profits of previous years.


f. REPORTON PERFORMANCE OF SUBSIDIARIES. ASSOCIATES ANDJOINTVENTURE COMPANIES:


During the financial year under review, GEE Limited did not have any subsidiary,
associate or joint venture company.


g. DEPOSITS:


GEE Limited has not accepted or renewed any amount falling within the purview of
provisions of Section 73 of the Companies Act 2013 ("the Act") read with the
Companies (Acceptance of Deposit) Rules, 2014 during the year under review.

Hence, the requirement for furnishing of details relating to deposits covered under
Chapter V of the Act or the details of deposits which are not in compliance with Chapter V
of the Act is not applicable.


h. LOANS FROM DIRECTORSORPIRECTORS' RELATIVES:


During the financial year under review, GEE Limited has not borrowed any amount(s) from
the directors' relatives.


i. CONSERVATIONOFENERGY.TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGSANDOUTGO:


The particulars as required under the provisions of Section 134(3)(m) of the Act read
with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy,
technology absorption, foreign exchange earnings and outgo are furnished in Annexure I which
forms part of this report.


j. ANNUAL RETURN:


In terms of Section 92(3) ofthe Companies Act,2013 and Rule 12 ofthe Companies
(Management and Administration) Rules, 2014, a copy of the Annual Return of the Company is
availableon the website ofthe Company at the below link:
https://www.geelimited.com/key_finances.


k. PARTICULAROFCONTRACTSORARRANGEMENTWITH RELATED PARTIES:


Related party transactions, if any, that were entered into during the period ended
March 31,2025, were on an arm's length basis and were in the ordinary course of business.
There are no materially significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest ofthe Company at large.

None ofthe Directors has any pecuniary relationships or transactions vis-a-vis the
Company.

The detailsofthe related party transactions as per Indian Accounting Standard 24arealso
set out in Note No. 46 to the Significant Accounting policies part of this report.

Further all the necessary details of transaction entered with the related parties
pursuant to provisions of Section 188(1) ofthe Companies Act, 2013 are attached herewith
in Form AOC-2 for your kind perusal and information as Annexure-ll.


l. PARTICULARSOF INVESTMENTS. LOANS. GUARANTEES ANDSECURITIES:


The particulars of loans, guarantees and investments covered under Section 186 ofthe
Act provided during the financial year under review has been furnished in the financial
statements which forms part of this report.


m. PISCLOSU RES UNDER SECTION 134(3)f I) OF TH E COMPANIES ACT. 2013:


During and after the year ended March 31,2025, the Company witnessed several material
developments. A dispute among the members of the promoter group arose, which had an impact
on the overall governance and management dynamics of the Company. However, the promoters
mutually agreed toamicably resolve all past issues through a comprehensive settlement,
which wasformalized by way of consent terms. Pursuant to the settlement, an inter se
transfer of shares took place among the promoters, without altering the aggregate promoter
shareholding. In alignment with the revised understanding and strategic direction, there
was a change in the management of the Company. Additionally, certain directors associated
with the previous management tendered their resignations, leading to a reconstitution of
the Board. These developments were duly disclosed to the relevant regulatory authorities
and were undertaken in compliance with applicable lawsand governance standards.

Except as disclosed elsewhere in this report, no material changes and commitments which
could affect GEE Limited's financial position have occurred between the end ofthe
financial year of GEE Limited and date of this report.


n. PISCLOSU RE OF INTERNAL FINANCIAL CONTROLS:


The Internal Financial Controls with reference to financial statements as designed and
implemented by GEE Limited are adequate. During the financial year under review, no
material or serious observation has been received from the Statutory Auditors of GEE
Limited for inefficiency or inadequacy of such controls.


2. MATTERS RELATEDTO DIRECTORS ANDKEYMANAGERIAL PERSONNEL:

a. B0ARD0FDIRECTORS &KEYMANAGERIALPERSONNEL 


The changes in Directorships Key Managerial Personnel ofGEE Limited during thefinancial
year under reviewareasfollows: i. Appointment and Cessation



- Mr. Pradip Kumar Das (DIN: 06593113) was appointed as an Non-Executive Nominee
Director and Chairman ofthe Company by the Hon'ble NCLT (Mumbai Bench) vide its Order
dated 9th May, 2024.

- Ms. Neelam Tater (DIN: 07653773) was appointed as an Additional Non-Executive
Independent Director by the Board of Directors w.e.f 14th August, 2024and
regularised in the Annual General Meeting held on 28th September, 2024.


ii. Retirement by rotation


In accordance with the provisions ofthe Act, none ofthe Independent Directors are
liable to retire by rotation.

Mr.Om Prakash Agarwal (DIN:01261429), Whole Time Director (designated as Joint Managing
Director) of GEE Limited, being the longest in office since last appointment, is liable to
retire by rotation and being eligible offers himself for re-appointment subject to the
approval of shareholders in ensuing Annual General Meeting .The Board recomends his
reappointment

The changes in the Board of Directors of Directors after the end ofthe Financial Year
is asfollows:

- Mr. Pradip Kumar Das has ceased to be associated with thecompany vide his resignation
tendered on June 21,2025.

- Mr. Shankarlal Agarwal has tendered his resignation from the post ofWholeTime
Director on May 27,2025.

- Mr. Sanwarmal Agarwal has resignedfrom the post of Managing Directoron May 27,2025.

- Mr. Vinod Kumar Aggarwal has resignedasthe Non-Executive Independent
Directorofthecompany w.e.fMay 20,2025.

- Mr. Sujit Sen has resigned from the post of Non-Executive Independent Director w.e.f
May 20,2025.

- Mrs. Neelam Tater has tendered her resignation from the post of Non-Executive
Independent Directoron May 20,2025.

- Mrs. Vineeta Agrawal was appointed as an Additional Non-Executive Independent Woman
Director w.e.f June 02.2025 and regularized as Non-Executive Independent Woman Director in
the Extra Ordinary General Meeting held on June 27,2025.

- Mr. Aditya Jalan, Company Secretary and Compliance Officer ofthe company resigned
w.e.f May20,2025.

- Ms. SeemaVyaswasappointed astheCompany Secretary and Complianceofficerofthecompany
w.e.f June 18,2025.

- Mr. Umesh Agarwal and Mr. Omprakash Agarwal were designated as Joint Managing
Director of the Company w.e.fJune o2, 2025 as approved by members in the Extra Ordinary
General Meeting held on June 27, 2025


b. DECLARATIONS BYINDEPENDENTDIRECTORS:


GEE Limited has received dedarationsfrom all the Independent Directors under Section
149(6) of the Act confirming their independence.

Further, the Board of Directors is of the opinion that all the Independent Directors of
GEE Limited possess requisite qualification, experience, and expertiseand hold high
standards of integrity.


3. DISCLOSURES RELATEDTO BOARD OF DIRECTORS.COMMITTEES AND POLICIES

a. BOARDOF PI RECTORS M E ETINGS:


The Board of Directors met 5 (Five) times during the financial year ended 31st
March 2025 in accordance with the provisions of the Act and rules made thereunder. GEE
Limited has complied with theSecretarial Standards-1 in respect ofalltheabove Board of
Directors meetings.


b. COMMITTEES OF THE BOARD


As required under the Act and the listing Regulations, the company has constituted Four
(4) statutory committees : Audit Committee, Nomination and Remuneration Committee,
Corporate Social Responsibility Committee an Stakeholders Relationship Committee. The
details relating to the composition of the committees, including its terms of reference,
powers, details of meetings held during the year and attendance of members are provided in
the Corporate Governance Report, forming part of this Annual Report and it is in line with
the provisions of the Act and the Listing Regulations. Further, the Board has accepted all
the recommendations made by the Committees during the year.


c. VIGIL MECHANISM P0LICYF0RTHE DIRECTORS AND EMPLOYEES:


The Board of Directors ofGEE Limited has, pursuant to the provisions of Section 177(9)
of the Act read with Rule7oftheCompanies (Meetings of Board of Directors and its Powers)
Rules, 2014, framed "Vigil Mechanism Policy" for directors and employees ofGEE
Limited to provide a mechanism which ensures adequate safeguards to directors and
employees from any victimization or raising concerns of any violations of legal
orregulatory requirements, incorrect or misrepresentation ofany, financial statementsand
reports, etc.

The employees ofGEE Limited have the right/option to report theirconcern/grievance to
the Chairman of the Audit Committee.

GEE Limited is committed to adhering to the highest standards of ethical, moral and
legal conduct of business operations.


d. RISK MANAGEMENT POLICY:


The Board of Directors ofGEE Limited have designed the Risk Management Policy and
guidelines to avoid events, situations or circumstances which may lead to negative
consequences on GEE Limited's businesses and define a structured approach to manage
uncertainty and to make use of these in their decision-making pertaining to all business
divisions and corporate functions. Key business risks and their mitigation are considered
in theannual/strategic business plans and in periodic management reviews.


e. CORPORATE SOCIAL RESPONSIBILITY POLICY:


In accordance with the requirements of the section 135 of the Companies Act, 2013, the
Company has a Corporate Social Responsibility Committee, the terms of reference and other
details of which are provided in the corporate governance report. The CSR Policy has been
framed and posted on the website of the company, httDs://www.aeelimited.com/code of
conduct.

As required by Section 134(3)(o) of the Companies Act,2013 and rule 9 of the Companies
(Corporate Social Responsibility) Rules,2014, Annual Report on CSR activities is annexed
as"Annexure-lll"and forms integral part of this report.


f. ANNUAL EVALUATION OF PIRECTORS.COMMITTEE AND BOARD:


The Board of Directors has carried outanannual performance evaluation of its own
performance, and of the directors individually, along with evaluation of all the
committees i.e. Audit, Nomination and Remuneration, Stakeholders Relationship and CSR
Committee.

This exercise was carried out by a feedback survey from each director covering the
Board of Directors's functioning such as composition of Board of Directors and its
Committees, experience and competencies, governance issues, etc. Separate exercise was
carried out to evaluate the performance of individual directors including the Chairman of
the Board of Directors who were evaluated on parameters such as attendance, contribution
in meetings, etc.


4. AUDITORS AND REPORTS


The matters related to Auditors and their Reports are as under:


a. STATUTORY AUDITORS ANDTHEIRREP0RT0NACC0UNTSF0RTHEYEARENDED3rMARCH 2025:


Pursuant to the provisions of Section 139 of the Act and the Companies (Audit and
Auditors) Rules, 2014, M/s R. Dokania & Co., Chartered Accountants, having
ICAIFRN: 322739E were appointed as the Statutory Auditors of GEE Limited at the 62nd
Annual General Meeting (AGM) held on 12"' April, 2024 till the conclusion ofthe67tllAGM
to be held in theyear2028. However, they had tendered their resignation on May 13, 2025.
Therefore, the Board at their meeting held on June 02,2025, appointed M/s.
SAPD&Associates, Chartered Accountants (FRN:327271E) as the Statutory Auditors of the
Company for the FY 2024-25 to fill the casual vacancy caused by the resignation of M/s R.
Dokania & Co. Chartered Accountants and to hold the office till ensuing Annual General
Meeting which was approved by members in an Extra- ordinary General Meeting held on June
27,2025.

The Board of Directors of the Company ('the Board'), on recommendation of the Audit
Committee has proposed to re-appoint M/s. SAPD & Associates, Chartered Accountants
(FRN: 327271E), as the Statutory Auditors of the Company for a period of five years from
the conclusion of ensuing AGM till the conclusion of the AGM to be heldfor the FY 2029-30
subject to members approval.

The Auditor's report on the audited standalone financial statements of the Company for
the year ended 31 March, 2025 issued by M/s. SAPD & Associates, Chartered Accountants
(FRN: 327271E), Statutory Auditors of the Company forms part of the Annual Report. The
Auditors' Report does not contain any qualifications, reservations, adverse remarks or
disclaimer. In terms of the provisions of Section 143(12) of the Act, no frauds have been
reported by the Statutory Auditors in their report for the year under review. Notes to the
Financial Statements are self-explanatory and do not call forany further comments.


b. SECRETARIAL AUDIT REPORT FORTHEYEARENDEDSI^MARCH 2025:


Section 204 read with Section 134(3) of the Act, mandates obtaining of Secretarial
Audit Report from a Practicing Company Secretary. Mr. Deep Shukla, Proprietor of M/s. Deep
Shukla & Associates (FCS No.5652) had been appointed to issue the Secretarial Audit
Report for the financial year 2024-25 afterthe resignation tendered by Mrs. Chandni
Maheswari (ACS No. 42292).


Secretarial Audit Report in Form MR-3 and Annual Secretarial Compliance Report pursuant
to regulation 24A of SEBI (Listing Obligation and Disclosure Requirements) Regulations,
2015, issued by Mr. Deep Shukla (FCS No.5652), Practicing Company Secretary, are enclosed
in Annexure-IV for the financial year 2024-25. The said reports contain certain
observations or qualification requiring expla natio n or co m m ents from th e Boa rd of
Di recto rs u n d er Secti o n 1 34(3) ofthe Act, which have been elaborated upon in the
Secreterial Audit Report and Annual Secretarial Compliance report respectively forming
part of this Annual Report. 0


c. MAINTENANCEOF COST RECORDS:


Pursuant to the provisions of Section 148 of the Act read with the Companies (Cost
Records and Audit) Rules, 2014, as amended from time to time, GEE Limited is required to
maintain Cost Records under Rule 3 of the said Rules. Accordingly, GEE Limited has duly
maintained the Cost Records in the format prescribed in Form CRA-1 under Rule 5 of the
said Rules.


d. COST AUDITORS:


The Board of Directors, in its meeting held on September 06, 2024 has re-appointed M/s.
S. Chhaparia & Associates, Cost Accountants, as the Cost Auditorof GEE Limited forthe
financial year 2024-25.


e. REPORTING OF FRAUDS BYSTATUTORY AUDITORSUNDERSECTION 143(12):


There were no instances of fraud to be reported by Statutory Auditors of GEE Limited
under Section 143(12) of the Act read with Companies (Accounts) Rules, 2014.


5. OTHER DISCLOSURES


Other disclosures as per provisions of Section 134 of the Act read with Companies
(Accounts) Rules, 2014 are furnished as under:


a. CHANGEINSHARECAPITALOFGEE LIMITED


There were no changes in the share capital of GEE Limited during the financial year
under review.


b. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL


A Petition was filed in NCLT, Mumbai Bench by Mr. Om Prakash Agarwal and Mr.Umesh
Ramkishan Agarwal the whole time directors and Mrs. Payal Agarwal, chief finance officer,
vide case no. CP/306(MB) 2023 of oppression and mismanagement against the Company, With
reference to the above matter, the Promoters of the Company have mutually agreed to
amicably resolve all past issues among the concerned parties through a settlement
formalized by way of consent terms executed on 19th April, 2025.

The said consent terms and a withdrawal memo was placed on record before NCLT, Mumbai,
on 9th May, 2025, whereby applicants seek withdrawal of the Company petition.
In view thereof, the NCLT, Mumbai has disposed of CP No. 306/MB/2023 as settled. All
interlocutory applications filed thereunder stand disposed of consequently. Any interim
relief granted to either of the parties in terms of earlier order(s) stand vacated.


c. DIRECTOR'S RESPONSIBILITYSTATEMENT:


In terms of Section 134(5) of the Act, in relation to the audited financial statements
of GEE Limited forthe financial year ended 31st March, 2025, the Board of
Directors hereby confirm that:

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

b. such accounting policies have been selected and applied consistently and the
directors have made judgments and estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of GEE Limited as of 31 March, 2025 and of
the profit/loss of GEE Limited forthe financial year;

c. proper and sufficient care was taken for maintenance of adequate accounting records
in accordance with the provisions of the Act, for safeguarding assets of GEE Limited and
for preventing and detecting fraud and other irregularities;

d. the annual accounts of GEE Limited have been prepared on a going concern basis;

e. proper systems have been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operate effectively.


d. DISCLOSURE REGARDING INTERNAL COMPLAI NTS COMMITTEE:


GEE Limited has complied with the provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. Further, the company has in place a policy for
prevention of sexual harassment in accordance with the requirements of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the financial year ended 31st March, 2025, there were no cases
filed/reported pursuant to the Sexual Harassment of women at workplace (Prevention,
Prohibition and Redressal) Act, 2013.


  

    

    
Particulars
    
No. of Complaints
  
  

    
a.
    
Complaints filed during the financial year
    
Nil
  
  

    
b.
    
Complaints disposed of during the financial year
    
Nil
  
  

    
c.
    
Complaints pending as on end of the financial year
    
Nil
  



e. DISCLOSURE REGARDINGOBLIGATION OF COMPANYUNDERTHEMATERNITYBENEFITACT, 1961:


The Company has complied with the provisions of the Maternity Benefit Act, 1961 and the
HR department of the company is responsible for the same. All permanentwomen employees
(exceptcontractual, temporary,trainees)arecovered underthissystem.


f. PARTICULAROF REMUNERATION OF DIRECTOR'S. KMP'S ANPEMPLOYEES:


This information as per Section 197(12) of the Act read with Rule 5(1) Companies
(Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended from time to
time, forms part of this report as perAnnexure-V.



g. MANAGEMENT DISCUSSION ANDANALYSIS REPORT:

In compliance with regulation 34(2) read with Schedule V (B) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 a report on Management Discussion & Analysis as Annexure -VI forms part of this
Board Report.


h. CORPORATE GOVERNANCE:


We ensure that, we evolve and follow the corporate governance guidelines and best
practices sincerely, not only to boost longterm shareholder value, but also to respect
minority rights. We consider it our inherent responsibility to disclose timely and
accurate information regarding our operations and performance, as well as the leadership
and governance of GEE Limited.

In compliance with Regulation 34(3) read with Schedule V (C) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, a report on Corporate Governance enclosed as Annexure-VII forms part of this
Board Report.

i. DISCLOSURE UNDERSECTION43fa)(ii)0FTHEC0MPANIESACT.2013:



GEE Limited has not issued any shares with differential rights and hence no information
as per provisions of Section 43(a) (ii) of the Act read with Rule 4(4) of the Companies
(Share Capital and Debenture) Rules, 2014 is furnished.

j. DISCLOSURE UNDERSECTION 54(1)(d)0FTHEC0MPANIESACT.2013:



GEE Limited has not issued any sweat equity shares during the year under review and
hence no information as per provisions of Section 54(1 )(d) of the Act read with Rule
8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.


k. DISCLOSURE UNDER SECTION 62f1 Kb) OFTHE COMPANIES ACT. 2013:


GEE Limited has not issued any equity shares under Employees Stock Option Scheme during
the year under review and hence no information as per provisions of Section 62(1 )(b) of
the Act read with Rule 12(9) of the Companies (Share Capital and Debenture)

Rules, 2014 is furnished.


l. DISCLOSURE UNPERSECTION67f3)OFTHECOMPANIES ACT.2013:


During the year under review, there were no instances of exercising of voting rights in
respect of shares purchased directly by employees undera scheme pursuant to Section 67(3)
of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)

Rules, 2014.


m. STATEMENTOF DEVIATION OR REGULATION


During the year under review, there were no instances of any such deviations or
variations as there were no issue of securities during the year.

n. SUSPENSIONOFTRADING



There was no such instance of suspension of trading of securities of the Company from
the Stock Exchange.


o. FAILURE TO IMPLEMENT ANYCORPORATE ACTION


There were no instances of any corporate actions initiated by the Company.


P. PR0CEEDINGSUNDERINS0LVENCYANDBANKRUPTCYC0DE2016.


No application has been made under the Insolvency and Bankruptcy code; hence the
requirement to disclose details of application made or any proceeding pending under the
IBC, 2016, during the year along with their status as all the end of the financial year is
not applicable.


q. DETAHSOFONETIMESETTLEMENTWITHTHEBANKS


GEE Limited has not made any one-time settlement for loans taken from the Banks or
Financial Institutions, and hence the details of difference between amount of the
valuation done at the time of one-time settlement and the valuation done while taking loan
from the Banks or Financial Institutions along with the reasons thereof is not applicable.


6. ACKNOWLEDGEMENTS ANDAPPRECIATION:


Your directors take this opportunity to thank the
customers,shareholders,employees,suppliers,bankers,business parteners/associates,
financial institutions and Central and State Governments for their consistent support and
encouragement to GEE Limited