59th AGM Transcript 2022-123

CORPORATE PARTICIPANTS

Mr. Vinay Girdhar Bansod

Executive Director & CEO

Mr. Jayant Mahiendra Thakur

Non – Executive Director

Mr. Mahendra Kumar Arora

Ind. & Non – Executive Director

Mr. Shishir Vasant Dalal

Ind. & Non – Executive Director

Ms. Mahua Roy Chowdhury

Ind. & Non – Executive Director

Mr. Manoj Lalchand Lodha

Ind. & Non – Executive Director

Mr. Deepak Vyas

Company Secretary & Compliance Officer

Mr. Anand Jain

Chief Financial Officer

JBTM & Associates

Statutory Auditor

Mr. Kashyap R. Mehta

Secretarial Auditor

Ms. Rama Subramanian

Scrutinizer

Other Key Executives & Senior Management

Shareholders

REGISTERED OFFICE

102/103, Devmilan Co. Op Housing Soc., Next to Tip Top Plaza, L.B.S. Road Thane West, Maharashtra -400604

Welcome Speech by Mr. Deepak Vyas, Company Secretary:

Good Morning all,

I am Deepak Vyas, the Company Secretary of your company. I welcome you all to the 59th Annual General

Meeting of your company being held through video conference in accordance with the circulars issued by the MCA and SEBI.

The requisite quorum is present and the meeting is in order.

Before starting the proceedings, let me introduce you to all the dignitaries present at the meeting.

Mr. Vinay Bansod, Executive Director & CEO,

Mr. Shishir Dalal, Independent Director and Chairman of the Audit & NRC Committees.

Mr. Jayant Thakur, Non-Executive Director and Chairman of the Stakeholders Relationship Committee,

Mr. M. K. Arora, Mrs. Mahua Roy Chowdhury, Mr. Manoj Lodha, Independent Directors and Mr. Anand Jain CFO of the company

I also wish to inform you that Ms. Yashika Jain, Statutory Auditor and Mr. Kashyap R. Mehta, Secretarial

Auditor are also present.

Now I explain few important points that

Your company availed e voting facility from CDSL which commenced from September 27, 2022 to

September 29, 2022 and who has not casted their vote during said e-voting period may cast the vote now as per the instructions provided in the Notice.

The Statutory Registers are available for inspection in electronic mode. If any Members wants to do the inspection, may send email to [email protected]

Your Company has appointed Mrs. Rama Subramanian as the scrutinizer for scrutinizing the e-voting process in fair and transparent manner and scrutinizer report will be uploaded on the Company’s website and Stock Exchange within the permitted time.

The Name of members will be announced by the chairman who has registered as a speaker to ask questions during the AGM.

Now I would like to request the Directors to elect one of them as the Chairman of this meeting and commence the proceedings.

Thank you.

Mr. Vinay Bansod, Executive Director & CEO:

With the permission of all, I would like to chair this meeting and hope you all agree.

The other Directors

Yes, Please go ahead, Please carry on.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Okay, we start the proceedings.

Dear shareholders, a very good morning to all of you.

I warmly welcome each one of you to the 59th annual meeting of your company Windsor Machines

Limited being held through video conferencing. It is always a pleasure to connect with you all. I thank you for your continued trust, encouragement and support to the company and its management.

Page | 2 WINDSOR MACHINES LIMITED

There were no qualifications, observations or adverse comments on financial statements and matters which have any material bearings on the functioning of the company. Therefore, it is not required to read the

Auditor’s Report.

I am sure that all of you have received and gone through the Annual Report for the financial year 21-22.

We have tried to lay out the Business performance and outlook of the company with an aim to help you in gaining a sense of the future direction in which the company is headed. With your permission, I take the notice conveying this meeting Directors reports and Auditors report, which have been already circulated to you as read.

Before taking up the agenda, I would like to brief on the company’s performance for 21-22 and the way forward for your company.

The year gone by was full of challenges in terms of the deadly second Covid wave in Q1, Omicron in Q2 &

Q3, supply chain troubles in terms of container unavailability, soaring air & sea freight charges, ferrous and non-ferrous material price rise, semiconductor shortages and bank loan disbursals etc. But on a positive note, with rigorous vaccination drive across the globe, the effect of Covid has faded away with every passing day and the life has returned to normalcy now. As plastics have saved precious lives of mankind, it’s importance has grown globally and now people’s perspective has completely changed towards Plastics. In FY2022, we witnessed the world emerge from the pandemic, reiterating the importance of resilience, team work and foresight.

As a moral responsibility of the company, we have not only ensured timely vaccination for our employees, but also ensured vaccination for their eligible family members.

As an economy, India continued to grow as one of the fastest rebounding economies post pandemic.

Furthermore, a dynamic, self-reliant and digital India is in the making through Atmanirbhar Bharat, which is a cause for optimism for all of us. If FY21 was all about retooling mindsets, strategies and businesses,

FY22 was about recovery and as we move forward, all I see is hope, positivity and gratitude.

Despite the uncertain business environment, in FY22, the Company accomplished several milestones including improved financial performance metrics, strengthened businesses and revisited strategic priorities for the next phase of growth. We also expanded the leadership team and got on board well- experienced new talent in order to meet our future business aspirations. The smart work by all the employees has resulted into a revenue growth of 18% and an EBITDA growth of 28% (37 Cr as compared to 29 Cr in the previous year). This cash is utilized to pay 20 Cr of the bank loan (15Cr TL & 5Cr WC).

Injection division has achieved the highest ever turnover in FY 21-22 and it will continue.

Our machines excel in performance and efficiency to cater to the customers' changing needs. As a long term and sustainable strategy, we are continuing product developments both at Injection and Extrusion divisions. Our latest developments in Injection Moulding Machines (like SPRINT800 for furniture, WINX for high weight HDPE fittings & higher tonnage KL two platen machines for Automotive & White Goods) and Extrusion divisions (high output PVC, PE pipe plants and multilayer film plants) are helping us to cater to the growing needs of our customers. We are also enhancing the capacities to take care of the future growth.

At the Company level, we continued to focus on further cost reduction, optimum utilization of existing capacity and enhancing operational efficiency.

It gives me immense pleasure to inform you that the Board of Directors has recommended a final dividend of ₹ 1.00 per share (50% of face value of the share) for FY 21-22. We will continue to work towards getting maximum value for our shareholders in the coming years.

I sincerely thank all our shareholders, associates, partners, regulators, employees, Yes bank and other stakeholders for their undeterred support and continued faith in the Company’s capabilities. We shall continue to work towards taking the Company to greater heights and achieve many more milestones and business goals.

Page | 3 WINDSOR MACHINES LIMITED

Thank you for your attention.

Now, with this I commence to transact the business contained in the Notice of the AGM.

We come to the First resolution

The first item of the Business is to receive, consider and adopt the Audited Financial Statements of the

Company on Standalone & Consolidated basis for the Financial year ended March 31, 2022 together with the Reports of the Board of Directors and the Auditors thereon.

I would like to put the said resolution to E-Voting.

We move resolution number two to adopt a director in place of Mr. Jayant Thakur, having the DIN number

(01328746), who retire by rotation and being eligible offers himself for re-appointment.

I would like to put the said resolution to E-voting.

Now we come to resolution number three, Declare the final dividend on equity share for the FY 21-22.

I would like to put the said resolution to E-voting.

I move to resolution number four, Approval of the Windsor Machines Limited Employee Stock Exchange

Option Plan 2022 (Windsor ESOP 2022) and its implementation.

I would like to put the said resolution to e-voting.

I move to resolution number five, Ratification of Cost Auditor Remuneration.

I would like to put the said resolution to e-voting.

The text of the resolution along with statement are provided in the notice circulated to all the members. I request the member to treat the resolutions as read.

Now we'll come to move to question answer session. So we have question from one of our shareholder, Mr.

Mahesh Bohra who has sent his question by email. I read the question and the response on that. The question is what are the growth for FY 22-23 and onward and how you are going to achieve?

Mahesh Ji First of all, Thank you for the question and my response on that is if you look at our last two financial year performance, Means FY 21 and 22 we posted a growth of 18% revenue in every year. Means in both years we posted 18% and we did quite well in challenging times. Now with normalized situation, our sales targets for this FY are more than what we have achieved in the last two years. If we look at future outlook India is the fastest growing economy and the third largest consumer of plastics in the world. So many global companies are investing in India. The use of plastic is increasing due to Electric vehicles,

Renewable energy, Toys, Electronic and Medical equipments. Government initiatives like Swachh Bharat,

Skill India, Smart Cities, Defence equipment production, Digital India, Jal Jeevan mission to supply tap water to every individual etc combined with AtmanirbharBharat and to find and alternate to China are fueling continual future growth opportunities for various plastic machinaries. We are focused on new product developments, order new CNC machines to enhance our production manufacturing capacities, increasing the production capacities as well as adding personal for addressing the basic big application segment and territories in the domestic & export region. So I want to assure that we are making the company future ready to solve the growing needs of the market.

Hope Mahesh Ji to have clarified your questions.

Page | 4 WINDSOR MACHINES LIMITED

Now we have registration from the Six speakers. So I will allow each, I will name the speaker and allow two minutes to speak because since we have limited time, so I request each speaker to please contain their question in two minutes and I would like to respond on them or probably you can also put your point of view.

So the first speaker I call up on first speaker. Mrs. Vasudha Dakwe

Can we have question from Mrs. Vasudha Dakwe?

Alkesh Patel (Host):

Vinay Ji, I don't see her on the attendee list.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Okay. So in case if we get Mrs. Vasudha Dakwe, we again move to them.

So I call upon the next speaker Ms. Lekha Shah

Alkesh Patel (Host):

Sorry, She is also not available.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Okay. We move to the third speaker, Mr. Yusuf Yunus Rangwala.

Alkesh Patel (Host):

I don't see him as well.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Okay. Then we move to the fourth speaker. Mr. Dinesh Amrutlal Kotecha.

Mr. Dinesh Amrutlal Kotecha (Speaker):

Yes, sir. Can you, can you hear me? Yes, Okay, Good morning, Good afternoon to all of you. Sir, I have received the Balance sheet and thanks for your Company Assistant Priyanka for sending me the Annual

Report as requested. Sir, our annual report theme is future next and you are very nicely and concisely explaining in your Chairman's speech. What we are doing, Sir some observations about the company and some queries. First is that our Injection molding has gone up from 138 crores to 176 crores, and that is much more than our Extrusion machinery, which was more last year. So how, how do you see, I mean the, both the businesses now progressing and which business will progress more compared to one each other.

So second question is that we have got four plants three in India, and one in Italy. So out the three plan that we are got in India Thane, Vatva and Chattral. What is the production capacity installed and what is the production production capacity that we are able to utilize right now and at hundred percent capacity, what can be the turnovers sir?

Sir, I'm also happy that the dividends flow is good this year. 50% dividend on two Rupees one Rupee year paid, so very good. I'm happy about it. Sir, sir, coming to your page number, 83, 81, 80, 81, I find that promoters are holding 58.52% stake. So are there any plans to increase the stake by creeping Acquisition? If you can tell me, because you can take as per the SEBI and BSE guidelines Upto 75%. So is there any plans, again public holding is 21.92. I am from the public shareholding. So I would like to have from the

Company's Secretary the list of top 10 shareholders from my categories Sir.

Other than that, I, really wish that the company does fantastically well in the next, in the future as you are laid out in your Chairman speech. Only thing is Sir I mean what is the CapEx for the current year and how are we going to fund it? If the funds are required, you can come out with a small Rights issue or that will be better, sir. And another way of increasing your Promoters stake is by doing a buyback. If you can do a buyback, then the Promoters Stake can increase tremendously. Wish you all the best, And I expect answers from all my questions. And thank you very much

Page | 5 WINDSOR MACHINES LIMITED

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Dinesh Ji first of all., Thank you very much for the appreciation, for all the Management staff. It really means a lot to us. I will try to explain few question and some of the other information we will share with you on email. So coming to injection molding and extrusion Business portfolio. So in case if you look at

Indian market or worldwide market injection molding holds the maximum share of business. So there are a lot of opportunities for injection molding business to really go up and that's how the injection molding projections will be much more in the coming future as well as compared to Extrusion business. So I'll just give you a small brief that Injection molding business is almost close to 70% and Extrusion business is 10 to

15%, rest are other plastic machiney manufacturer. So injection business will grow more as compared to extrusion.

Now coming to the Plant capacity, if we utilize complete plant capacities of all our Plant, We can do more than 500CR without adding anything. So this is one thing.

Now coming to our CapEx expansion, there are, there is a good amount of CapEx plan for the next three years, which I have also explained in the last AGM as well. And we have ordered a few machines this year and next year also. So all the CapEx machineries will come and that will make us future ready, rest, Other information. What you have asked, we will share with you on email. Thank you so much.

We now move to the next speaker. Mr. Omprakas Kejriwal.

Alkesh Patel (Host):

Mr. Omprakash

Mr. Omprakas Kejriwal (Speaker):

Hello? Am I Audible ?

Alkesh Patel (Host):

Yes

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Yes, Sir.

Mr. Omprakash Kejriwal (Speaker):

Please provide the video feature (Video dedijiye sirji )

Mr. Omprakash Kejriwal (Speaker):

Video isn’t coming (Video nahi aa rha hai)

Alkesh Patel (Host):

You have to turn your video on.

Mr. Omprakash Kejriwal (Speaker):

Okay. Thank you.

Thank you Sir ji. Good afternoon Sir ji. Sorry now it’s good morning.

(sorry abhi to good morning hai).

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Good morning

Mr. Omprakash Kejriwal (Speaker):

Good morning Sir ji and good morning to everybody attending this AGM. Myself Omprakash Kejriwal your Equity shareholders from Kolkata the city of joy. Thank you Sir ji for providing me the platform to speak something before you, thanks to your secretary department for registering me as a speaker shareholder. Sir ji this is my First AGM only due to virtual. It is just an opportunity for me to attend this

AGM sitting in Kokata, it’s all beacause of the wonders of new technology(new technology ka kamaal he

Sir ji). If possible, please follow this virtual AGM next year also. Sir ji you are a profit making Company.

Page | 6 WINDSOR MACHINES LIMITED

Every year you earn profit and every year you are paying dividend, 1 Rupee per share means 50% of 50% dividend because your face value is 2. very good pay out Sir ji, Very good. Must be appreciated for this excellent distribution. Sir ji I can’t understand one thing which is why there is a variation in the Turnover of each of the Quarter (Sir ji ek baat mereko ni samajh arhi he ki, ham log har quarter me Turnover me variation kyun hota he).

Since June Quarter FY 21-22, the total income is 43 crore on standalone basis. In September quarter, total income is Rupees 63 crore. In December quarter, total income is Rupees 91 crore, And in March quarter, total income is Rupess 122 Crore. Why So variation in our business?, Please tell Something.

In June Quarter FY 22-23 you incurred loss for 1.37 crore, which is must less than last corresponding quarter. It is good. Will you expect in balance three quarter we deliver good result, please say something.

And what do you think for future project, what do you think of the future projects (Future project kesa lagta he voh thoda btaiyega sir) and Promoters holding which in 58% currently, and is the Company going to increase the Promoters holding (or Promoters holding jo presently ham log ka 58% he, 58.52% usko ham log badane jarhe he kya? Voh thoda btaiyega Sir) And please tell how much is the Company affected by

Russia-Ukraine war, and how mch is it affecting the Turnover and Profitability of the Company (Or ye

Russia-Ukraine war se hum kitna affect hua he voh btaiyega or hum logo ka Turnover or Profitability pe kitna farq pad rha, voh thoda btaiega).

And I have another request Sir ji, if you can get me a Factory visit because it has always been in my mind and try to hold an early AGM, as it is the last day of September so it creates a lot of trouble, we are not able to have proper interaction with you, There is already 2 AGM going on alongside, Can you please provide a

Physical copy of the Annual report and please tell who are your peer groups from whom you are facing competition, tell something about it.

(or ek- do request he Sir ji ki ek Factory visit agar mujhe kradete to acha rhega kyoki mujhe man me rheta he ki factory dekhna he kesi chl rahi he aur ek thoda early AGM karni ki chestha kijiye kyoki ye last day of

September month he to isse bada dikkat hota he apse proper interaction nahi ho pata he, abhi do do AGM iske sath chal rahi he aur ek Physical copy of Annual report agar aap bhej sakte ho to bhejiyega sir aur aapke secretary kon kon Peer group he jisse apko competition ho rha hai voh thoda btaiyega).

At last Sir ji, please maintain your smile, and be cheerful we are with you always as a long term investor

Thank you sir ji, Thank you. Happy Navaratra Sir ji, Thank you.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Om Ji First of all for the question you have asked( apka jo question, apne jo question pucha he) Happy

Navratra also to you and your family. You must be in Kolkata so there would have been a great Durga puja festival, So I congratulate you and you family (aap Kolkata me hoge to Durga Puja ka to kaafi acha festival hua hoga to me aap sab ko badhai deta hu or aap sabke family members ko). Now coming to the question that you ask. I would like to answer few of them(unka me kuch ka answer dena chahunga).

That our Quarter vise performace is as per the Indian business performance (ki hamara quarter wise performance jo he, voh quarter vise performance vary jo he voh Indian business ke hisaab se hi chal rha he)

So, if you look at our first quarter i.e. April which comes after March so the benefit on the Investment of every business house is really high. So the March quarter for all we are no exception here is the highest and the quarter after that is low. What is important to know here is which is a good point as compared to the last year we are growing in each quarter it means that as conmpared to the performance that we gave in last quarter or last FY we are growing more than it. So, I would like to assure you that the targets we have set we will be working according to them and we are working according to it currently. So, now coming to the question what the future holds for the company as I have talked about it in my speech and while answered to Mahesh ji’s question that any future requirements which is required to increase the capacity.

The market is really big. With the Government initiatives, Growing requirement of the country because of all these factors the market is increasing. We are increasing the manufacturing capacity of the company and product development of the company because of which we can go into different markets we are working for that too. Now, coming to Russia-ukraine war we didn’t have direct problem because of that, but we have some problems indirectly. As Russia is a big Gas supplier to European countries because of the war the supply to such countries have been halt or has become very costly because of which our manufacturing

Page | 7 WINDSOR MACHINES LIMITED costs have increased and because of the high manufacturing costs our input cost has risen which effects our margins but to be assure that such an effect doesn’t arise we order all our employees to follow cost reduction activities and apply product innovation. Which assures us that because of the external forces our margins and profitability doesn’t get affected we accordingly and we’ll keep on working accordingly. We would like to assure you that we wil grow in the current year and keep on growing with your blessings

(So, if you look at hmara first quarter jo April hota he to march ke badd me sab ka jo he investment or jo benefit milte he to voh sab business houses really goes for it. To march ka jo quarter hota he uska quarter sabke liye we are not exception kelin sabhi ke liye joh he machinery manufacturer unke liye business sabse jada hota he or uske badd ka jo quarter hota he voh kam hota he what is important here yha pe jo achi cheez jo dekhne ki he ki ham har quarter me last year ke comparison me he voh grow horhe he iska matlab kya he ki jo hamne last quarter ya last FY me jo performance di he usse hamara growth jo he voh jada horha he to apko me yeh ashwasan dena chahta hu ki ye saal bhi jo hamara growth jo hamne targets liye uske hisaab se hi ham challenge or ussi hisaab se ham abhi tak chl rhe the. So now coming to the future me kesa he to jesa mene speech me bhi btaya or Mahesh ji ka bi question ko reply kia tha ki hamara future se related jo requirement he jo hamari capacity ko increase krna ka he market jo he market kaafi he joh

Govenment initiative joh he, India ka requirement jo bad rha he to usse market joh he voh market kaafi he usko ham company ko manufacturing capacity joh he voh bada rhe he product ka joh development he voh kar rhe he so that ham dusre dusre market me jaah ske uske liye bhi joh ham he voh tyaari kar rhe he or companies ko future ready bana rhe he. Coming to Ukraine or Russia ka war se hame problem direct to nahi hua he lekin indirect hua he indirect is vajah se ki Russia joh kaafi bada Gas supply karta tha

European Countries ko to European countries ko gas supply, ya to band hua yaa to bhut mehenge daamo me milte he us vajahse unka joh manufacturing cost he voh manufacturing cost kafi bad gya he or voh manufacturing cost badne se hamara jo input cost he voh ultimately bad gya he ab input cost jab badta he tab hame thoda margins or usme bhi effect to aata he but voh effect naah aaye uske liye ham companies me sabhi employees ko aadesh dete he ki voh cost reduction ki activities jo hai, usme dhyaan de product Ki innovation jo he unhe krke thode cost reduction jo he voh krte he to ye ongoing process rheta he jiski vajah se external forces ki vajahse margin ya toh profitability pe effect naah aye uske liye ham log kaam karte rhte he or voh hi hisaab se ham kaam krte rhtenge to aapko ashvasan dena chahte he ki is saal bhi hamlog growth krenge or aap sabke ashirvaad se joh future hai voh future me ham growth hi krte rhenge)

Thank you very much.

Now we move to our last speaker, Mr. Saket Kapoor.

Mr. Saket Kapoor (Speaker):

Namaste Sir, The AGM on 30th is really a hassle for the investors, it looks like we are just conducting AGM just for name sake just to get it done, Please try to not conduct AGM on 30th, If the secretarial team is having a lot of pressure than its understandable

(Namashkar Sir ji sir ye joh 30th ki joh AGM hoti he voh investors ke liye sirf bagha dodhi ki AGM ho jati he aaj mene ab isko kha jaahe bas apne koh complete karana he kaam try ye kijiye sir ki 30th ko AGM nah rakhiye sir agar bhut pressure he secretary team pe to samajh aata he)

Anyway this should not be the point of discussion. Sir we have posted loss in the first quarter can you comment on that and secondly from what I have heard you have mentioned about growth and growth to happen in the future and you are building more growth, Sir I would like to request to give me chance and a platform to discuss about things as I can’ take more than 2 minutes of yours and the teams time. After the

AGM or after the financial result please provide me a platform to have a discussion I would request that.

You Through this Platform you can’t have a conference call but you can have 1 on 1 call and give a disclosure about this to the exchanges that your shareholders wants to talk, and I’ll only talk about things in member’s domain and you can also provide us the link. Your Annual report of this year is really elaborate and I have requested for a hard copy which I haven’t received till now I would like to request the company secretary to look into this. Please give some clarity over growth aspects of the company and you have is CNG comparable with MAC Power in terms of product profile other than that oi don’t think this platform is adequate to talk about numbers in detail and keep on asking questions here so please provide me an opportunity for a platform where ican speak to you and let you know that I am an interested

Page | 8 WINDSOR MACHINES LIMITED investor who wants to know much more about the company. I can come down and visit the facility so please let me know in this regard and how do you think the growth will be maintained

(Sir hamne first quarter me loss post kiye uspe sir aap kuch tippani karna chahe and sir secondly jo me sun rha hu usme aap current year me growth ko factor kar rhe he or coming years me bhi growth ko factor kar rhe he ki growth he or growth or build krne vale he sir me sirf yahi request rkhunga ki me AGM platform pe sirf 2 minute se jada apka samay nahi le sakta poori team ka samay nahi le sakta yadi AGM ke upraant mujhe sir discussion krna ke liye yaa financial results ke bad mujhe discussion krne ka ek platform mile yahi anumati aapse mangunga is platform ke through sir aap conference call nahi kar he lekin aapka ye bhi system he ki 1 on 1 call kijiye aap disclosure me dedijiye exhanges me ki aapke shareholder baat krna chahte he me vohi baate krunga joh hamare domain me he hamare members ke domain me he uski link bhi bhej sakte he sir me company ke Vishay me or janna chahta hu aapki Annual report kaafi elaborate he is bar mene hard copy ke liye request kia tha lekin mujhe abhi tak nhi mili he to me Company secretary shaab se bolna chahunga ki voh ek bar dekh le isko plus sir growth ke aspect pe clearity chahiye or apne

CNC MAC power se comparable he in terms of product profile baki to sir numbers ki detailing me I don’t think this is platform is adequate to keep on asking questions here so please provide me an opportunity, I just requested this for a platform if I can just speak to you and let you know that I am interested investor who wants to know much more about the company I can come down and visit the facility please let me know what is the procedure? Aur sir growth kese ban rhihe us par kuch )

Not accused, I get both pressure. This would not be the point of discussion. The first quarter numbers even coming years, maybe growth co seal, Mac powers it comparable in terms of product profile. But user numbers get detailing method. I don't think so. The platform is adequate to ask and keep on asking questions here. So please provide me an opportunity. Sir, I'm, I've just requested this to those platforms where interested speaker to just speak to you and let you know that I'm an interested investor who want to know much more about the company. I can come down and visit the facility. Please let know what's the procedure.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Thank you Saket ji, Thank for your question. Well noted all your points and we will respond, our, our team will give you the hard copy very soon. I think they must have sent you would soon receive it (lekin aapko milne me hi rahegi) now coming to your question on growth. I have talked about growth in my speech as well as while answering questions of Mahesh and Om Ji, After the war between India and China and the tentions in the border the world have realized the needto find an alternate of China and that alternate can be no one than India because we are English speaking country, we have hard working people we don’t have issues related to labour so that works in our benefit because of which growth prospect in India will be really good as well as for our company, Now, coming to your question whether our Machines are like

MAC power- No our Machines are not like MAC Power even though the category of our machine falls in tools but the products of our machines are Plastic moulding and extrusion machine and the MAC Power are for CNC machines. We can use MAC machines in the making of our products but still our machine and

MAC power machines are different. We again want to assure you that our Company will keep on growing in the coming future for which our Management is working reaaly hard and we get good support and guidance from our Board members, I only wish that you all keep on supporting us which really supports us to bring positive results

(growth to mene speech me bhi diya he Mahesh ji ne question pucha usme bhi diya he Om ji ne question pucha usme bhi diya he ki India or China ka jo hamara war hua he ya thodi gadbad hui border pe uske baad me world ne bhi yeh dekha hua ki China ka alternate dhundha jaaye or voh alternate India ke alawa ho nahi sakta he because English speaking country log honest he kaafi intelligent he to voh joh cheez he toh voh hame benefit milta he log kaafi he labour vgera related issue nahi he toh ye joh cheez he hame kaafi achi cheez hamare favour me milte he jiski vajah se India me growth joh he voh kaafi growth prospect voh bhut aage rahega or hamare company ke liye bhi growth prospect kaafi jaada rahega now coming to aapka question ki hamara machine MAC power jesa he kya nahi hamara machine MAC power nahi he matlab means hamara machine ka category machine tool bhale hi aata he but hamare machine ka product joh he voh plastic injection moulding and extrusion machine related he or MAC power jo he are only for CNC machines sirf CNC machines banate he MAC power ka machine ham hamare product banana ke liye use kar skte he but MAC power aur hamara machine ka machine vese alag he to ham firse aapko vishwas dena chahte he ki hamara company ka growth jo he voh future me hota hi rhega uske liye

Page | 9 WINDSOR MACHINES LIMITED management team tatpar he or hamko kaafi support joh he voh Board members se milta he or guidance jo he voh time to time milta he me yahi chahte hu ki aap sabka support he voh ese hi continue krte rhiye future me voh hame kaafi support krta he ache ache result lane ke liye).

With this we come to the end So with this all the 6 speakers have spoken. So, we can quickly check if Mrs.

Vasudha Vikas Dakwe, Mrs. Lekha Shah and Mr. Yusuf Yunus Rangwala is available.

Alkesh Patel (Host):

Sir, Mr. Yusuf is available.

Mr. Vinay Bansod, Chairman (Executive Director & CEO):

Okay, so we give him the chance.

Mr. Yusuf Yunus Rangwala (Speaker):

Good Morning sir can you hear me, Chairman sir I am Yusuf Yunus Rangwala from Mumbai first of all I want to know that what is the competition between GG Dandekar and our company? We are also manufacturing machines You have a factory in Thane so I am really interested for a factory visit I request you to please to please arrange a visit for me, if possible. You can arrange it after October or after the

Diwali whenever you get the time because the things that you learn from seeing can’t be acquired through talks, I specially want to congratulate you Chairman Sir as your speech was really good and I am proud to be the shareholder of this excellent Company and the Secretarial Department of the Company is really great I don’t have to words to describe them, They are excellent people and very hardworking. Sir keep it up nothing more to add sir, Thank you, Jai Hind sir, Sir Just a Second, can see my photo, Leave it, Jai Hind

Sir!

(Good Morning Sir aapko mera aawaj arha he Chairman sir Mumbai se Yusuf Yunus Rangwala pehle to janna chahta hu ki GG Dandekar aur apna company me kya competition hai? We are also manufacturing machines. Thane me apka factory he chairman sir mujhe visit krne ka bhut interest he sir me apko haath jod ke vinti krta hu sir ho sake to mujhe ek baar Factory visit kradijiye sir kyoki dekhnee se apko joh knowledge hoti he voh baat krne se nahi hoti sir aap ye october ke baad yaa Diwali ke bad jab bhi time mile tab kriye sir me apko special dhnyavad deta hu o Chairman sir apki speech bhut achi thi is company ka shareholder hoke I am very proud to be the shareholder of this excellent company or apna CS

Department to lajwaab he sir mere koi shabd hi nhi he unke liye they are very excellent people and they are hardworking sir keep it up sir nothing more to add sir thank you and Jai Hind sir, Just a Second dekhai chhe maro photo, Java do, Jai Hind Sir!

So with this all the speakers have spoken and we have answered their questions (or unke jo questions the unka answer kia), So, with this concludes the business of the 59th Annual General Meeting. I take this opportunity to thank all the shareholders present for their kind attention, cooperation, and valuable support.

The e voting facility will remain open for 30 minutes from now at the end of the AGM, to those we have not casted their vote and would like to cast their vote now.

The combined result of the through remote e-voting and e-voting during the AGM on all the resolutions would be uploaded on the company's website and will be intimidated to the stock exchange as for the SEBI

Listing regulations,

Thank you again for your co-operation and support.

See you next year.

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Page | 10 WINDSOR MACHINES LIMITED