Narmada Gelatines Ltd

To the Members,

The Board of Directors is delighted to present the 63^rd Annual Report on the business and operations of the company Narmada Gelatines Limited (the Company) along with the audited financial statements for the financial year ended 31^st March, 2024.

(Rs lacs)

Operating Performance

During the financial year 2023-24, the revenue from operations dropped by 4.89% from Rs 191.14 crores in the previous year, to Rs 181.79 crores. Profit after tax for the year was almost similar to the previous year i.e. Rs 15.33 crores vs. ^15.28 crores in the previous year.

Earnings before interest, taxes and depreciation and amortisation (EBITDA) stood at Rs 22.87 crores (previous year Rs22.04 crores), higher than the previous year by 3.78% and Earnings per share stood at Rs 25.34 as compared to ^ 25.26 in 2022-23.

Dividends

The Board is pleased to recommend a dividend of Rs10.00 (i.e @ of 100%) per Equity Share of Rs 10 each of the company (previous year 100.00 per Equity Share i.e. 1000%) for the financial year ended 31st March, 2024. The total outflow on account of the proposed dividend will be ^ 604.96 lacs (previous year ^ 6049.58 lacs).

The said dividend on equity shares is subject to the approval of the Shareholders at the ensuing Annual General Meeting ("AGM") scheduled to be held on 24^th September, 2024.

In order to determine the eligibility of shareholders to receive the dividend for the fiscal year ending on March 31, 2024, the Register of Members and Share Transfer Books of the Company will be closed from 18^th September, 2024 to 24^th September,2024 (both days inclusive).

According to the Finance Act, 2020, dividend income will be taxable in the hands of the Members w.e.f. April 1,2020, and the Company is required to deduct tax at source from the dividend paid to the Members at prescribed rates as per the Income Tax Act, 1961.

Transfer to Reserves

As permitted under the Act, the Board does not propose to transfer any amount to General Reserve, but has decided to retain the entire amount of profit for the financial year 2023-24 in the profit and loss account.

Share Capital

The Paid-up Equity Share Capital of the Company as on 31st March 2024 was Rs 604.96 lacs comprising 60,49,587 equity shares

of Rs 10/- each. During the year under review, your company has neither issued any shares with differential voting rights nor granted any stock options or sweat equity shares. The Company has paid listing fees for the financial year 2023-24 to the Bombay Stock Exchange Ltd., where its equity shares are listed.

Transfer of shares by Alfamont (Mauritius) Limited (Holding Company)

Pursuant to the Share Purchase Agreement executed on June 9, 2023, by and between Alfamont (Mauritius) Limited, Promoter of the Company, with Pioneer Jellice India Private Limited ("PJIPL") and Ashok Matches and Timber Industries Private Ltd. (("AMTIPL") for sale of the entire stake of 45,37,189 fully paid up equity shares of Rs 10/- each, held by the Promoter, constituting 75% of the share capital in the Company, and with the transfer of 24,95,454 equity shares of Rs10 each to PJIPL and 20,41,735 equity shares to AMTIPL on 14th July, 2023 your company became the associate company of PJIPL and AMTIPL.

Quality initiatives

The Company is committed to the highest levels of quality for its products and customer services. During the financial year 202324, the Company retained its ISO certification for Quality Management (ISO 9001:2015), EDQM Certification from European Directorate for the Quality of Medicines and Healthcare, DNV Management System Certification for Food Safety Management System Standard (ISO 22000:2005), KOSHER Certification and Halal Assurance System Certification.

Deposits from public

During the year under review, the Company has not accepted any deposits from public as defined under Chapter V of the Companies Act, 2013. No amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

Corporate Social Responsibility (CSR)

In compliance with Section 135 of the Act, the Company has undertaken CSR activities and programs, excluding activities undertaken in pursuance of its normal course of business. Under Section 135 of the Act, the Company was required to spend Rs.26.00 lacs (2%) of the average qualifying net profits of the last three financial years on CSR activities in financial year 2023-24. During the year under review, the Company has spent X 25.22 lacs and balance Rs 0.81 lacs has been setoff from the previous year's excess spent on CSR activities as approved by the Board of Directors. Accordingly, the Company has met its obligation of spending Rs 26.00 lacs for financial year 2023-24.

The Annual Report on CSR containing the composition of the CSR Committee, salient features of the CSR Policy, details of activities, and other information as required under Companies (Corporate Social Responsibility Policy) Rules, 2014 are provided in Annexure -I attached to this Report. Since the average CSR obligation for the preceding three financial years i.e. financial year, 2020-21,2021 -22 and 2022-23 was less than ^: 10 crores, the impact assessment report was not applicable for the year 202324. The CSR Policy may be accessed on the Company's website at the link: https://www.narmadagelatines.com.

Risk Management

The Risk Management Committee has been entrusted with the responsibility to assist the Board in (a) approving the Company's Risk Management Framework and (b) overseeing strategic, operational, financial, liquidity, security, regulatory, legal, environmental, human recourse, and other risks that have been identified and assessed to ensure that there is a sound Risk Management Policy in place to address such concerns/risks.

The Audit Committee has exercised additional oversight in the area of financial risks and controls. Major risks identified by the business and functions are systematically addressed through mitigating actions. The details of the Risk Management Committee, its terms of reference, key business risks identified and mitigation plans are set out in the Corporate Governance Report.

Vigil Mechanism / Whistle Blower Policy

The Company has a Vigil mechanism / Whistle-blower Policy in place to encourage and facilitate employees to report concerns about unethical behavior, actual/ suspected frauds and violation of Company's Code of Conduct or Ethics. The policy provides for adequate safeguards against victimisation of persons who avail the same and provides for direct access to the chairperson of the Audit Committee. The Audit Committee of the Company oversees the implementation of the WhistleBlower Policy. The Committee affirms that no complaint has been received under the Whistle-Blower Policy/ Vigil Mechanism and no personnel had been denied access to the Chairman of the Audit Committee.

Information on Whistle-Blower Policy is available on the website of the Company at https://www.narmadagelatines.com and in the Corporate Governance Report.

Reporting of Frauds

There were no instances of fraud or suspected frauds reported during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143( 12) of the Act and the rules made thereunder.

Subsidiaries, Joint Ventures and Associate Companies

On March 31,2024, the Company has no subsidiaries, associate or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act").

Nomination and Remuneration Policy

The policy of the Company is to have an appropriate number of executive and independent directors on the board. The policy of the Company on directors' appointment and remuneration, etc. as required under Section 178 of the Companies Act, 2013, is available on the website (www.narmadagelatines.com) and in the Corporate Governance Report. The remuneration paid to directors is as per the terms laid down in the Nomination & Remuneration Policy of the Company.

The Company has a Nomination and Remuneration Committee which makes recommendation to the Board with regard to the appointment of new Directors and Key Managerial Personnel. This policy on nomination and remuneration of Directors, Key Managerial Personnel and Senior Management has been formulated in terms of the provisions of the Companies Act, 2013 and the Listing Regulations as amended from time to time.

The main objectives of the policy are:

• To lay down criteria and terms and conditions with regard to identifying persons who are qualified to become Directors (Executive and Non-Executive) and persons who may be appointed in senior management and key managerial positions.

• To determine remuneration based on the Company's size and financial position and trends and practices on remuneration prevailing in peer companies and in the industry.

• To carry out evaluation of the performance of Directors, as well as key managerial and senior management personnel.

• To provide them rewards linked directly to their effort, performance, dedication and achievement relating to the Company's operations.

• To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and to create competitive advantage.

Directors and Key Managerial Personnel

The Board of the Company is comprised of eminent persons with proven competence and integrity. Besides the experience, strong financial acumen, strategic astuteness, and leadership qualities, they have a significant degree of commitment towards the Company and devote adequate time to the meetings and preparation.

Directors¹ appointment / re-appointment / cessation during the FY 2023-24

The following changes have been reported in the addendum to the Board's Report for the FY 2022-23, as these changes took place during the FY 2023-24, the same are disclosed again:

Mr. Prakash M Nene (DIN: 00164133) independent director, have resigned from the office of an Independent Director of the Company with effect from closure of business hours on 14^th July, 2023, due to some personal reasons and commitments. There were no other material reasons for the resignation. The Board places on record its appreciation for his invaluable contribution and guidance during his tenure.

Mr. Ravindra K. Raje (DIN: 00112003) director, have resigned from the office of Non-Executive Non-Independent Director of the Company with effect from 14^th July, 2023. The Board places on record its appreciation for his invaluable contribution and guidance during his tenure.

Mr. Gaurang Shah (DIN: 07561877) director, have resigned from the office of Non-Executive Non-Independent Director of the Company with effect from 14^th July, 2023. The Board places on record its appreciation for his invaluable contribution and guidance during his tenure.

Mrs. Drushti R Desai (DIN: 00294249) director, have resigned from the office of Non-Executive Non-Independent Director of the Company with effect from 14^th July, 2023. The Board places on record its appreciation for her invaluable contribution and guidance during her tenure.

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment / re-appointment of the following Directors, during the FY 2023-24 and such appointment / re-appointment were also approved by the Members at the 62^nd Annual General Meeting held on 25^th September, 2023:

Mr. S. Annamalai (DIN: 0001381), who was appointed by the Board as an Additional Director with effect from July 14, 2023, was appointed as a Non- Executive Non-Independent Director of the Company at the 62^nd AGM by passing a special resolution in accordance with Regulation 17(1 A) of the Listing Regulations as he has attained the age of 75 (seventy-five) years.

Mr. S. Maheswaran (DIN: 00143046), who was appointed by the Board as an Additional Director with effect from July 14, 2023, was appointed as a Non- Executive Non-Independent Director of the Company at the 62^nd AGM by passing a special resolution in accordance with Regulation 17(1 A) of the Listing Regulations as he has attained the age of 75 (seventy-five) years.

Mr. B Vijayadurai (DIN: 07403509), who was appointed by the board as an independent director with effect from 14th July, 2023, the members also approved in its meeting held on 25^th September, 2023 the appointment of Mr. Vijaydurai as an Independent Director of the company for a term of five years commencing from 14^th July 2023 to 13^th July, 2028.

Mrs. Manimegalai Thangamani (DIN: 10234123), who was appointed by the board as an independent director with effect from 14th July, 2023, the members also approved in its meeting held on 25^th September, 2023 the appointment of Mrs. Manimegalai Thangamani as an Independent Director of the company for a term of five years commencing from 14^th July 2023 to 13^th July, 2028.

Re-appointment and re-designation of the Whole-time / Managing Director

Mr. Ashok K Kapur was re-appointed as the Whole-time Director of the Company w.e.f. 01^st June, 2023 by the Board of Directors in its meeting held on 16^th May, 2023 and further the Board revised the terms of re-appointment and re-designated as the Managing Director of the company at their meeting held on 14^th August, 2023, which was approved by the members in its meeting held on 25^th September, 2023 by passing a Special Resolution for a period of three years commencing from 1 st June, 2023 to 31st May, 2026.

Re-appointment of Directors retiring by rotation

In terms of the provisions of the Companies Act, 2013, Mr. S. Maheswaran (DIN: 00143046) Non-Executive (NonIndependent) Director of the Company, retires at the ensuing AGM and being eligible, seeks reappointment. As Mr. S. Maheswaran has attained the age of 75 (seventy-five) years a special resolution in accordance with Regulation 17(1 A) of the Listing Regulations seeking the re-appointment of Mr. S. Maheswaran forms part of the Notice convening the ensuing Annual General Meeting scheduled to be held on 24^th September, 2024.

In the opinion of the Board, all the directors, as well as the directors appointed / re-appointed during the year possess the requisite qualifications, experience and expertise and hold high standards of integrity.

In terms of requirement of Listing Regulations, the Board has identified core skills, expertise and competencies of the Directors in the context of the Company's businesses for effective functioning, which are detailed in the Corporate Governance Report.

Attention of Shareholders is invited to the relevant items of the Notice of the Annual General Meeting and the Notes thereto. Brief resume of the Directors proposed to be appointed/ reappointed, nature of their expertise in specific functional areas and names of companies in which they hold directorship and membership/ chairmanship of committees of the Board, as stipulated under Regulation 36 of the Listing Regulations are given in the section on Corporate Governance in this Annual Report.

Pecuniary relationship or transactions with the Company

During the year under review, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board/Committee of the Company.

Declaration from directors

The Company has received necessary declarations under Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of the SEBI Listing Regulations, from the Independent Directors stating that they meet the prescribed criteria for independence. All Independent Directors have affirmed compliance to the code of conduct for Independent Directors as prescribed in Schedule IV to the Companies Act, 2013.

The Company has also received from them declaration to compliance of Rule 6(1) & (2) of the Companies (Appointment and Qualifications of Directors) Rules, 2014, regarding online registration with the 'Indian Institute of Corporate Affairs', for inclusion/ renewal of their names in the data bank of Independent Directors.

With regard to integrity, expertise and experience (including the proficiency) of the Independent Directors appointed/re- appointed during the Financial year 2023-24, the Board of Directors have taken on record the declarations and confirmations submitted by the independent directors and is of the opinion that all the Independent Directors are persons of integrity and possess relevant expertise and experience and their association as Directors will be of immense benefit to the Company.

With regard to proficiency of the Independent Directors, ascertained from the online proficiency self-assessment test conducted by the institute, as notified under Sub-Section (1) of Section 150 of the Act, the Board of Directors has taken on record the declarations submitted by Independent Directors that they are exempt from appearing in the test, except Mrs. Manimegalai Thangamani who had cleared the online proficiency self-assessment test.

None of the Directors of the Company are related inter-se except Mr. S Annamalai and Mr. S Maheswaran, in terms of Section 2(77) of the Companies Act, 2013, including Rules thereunder. The Company has not issued any convertible instruments hence, disclosure in this respect is not applicable.

None of the Directors of the Company are disqualified for being appointed as directors as specified under Section 164(2) of the Act and Rules there under.

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Companies Act, 2013, Mr. Ashok K Kapur, Managing Director, Mr. Mahesh Verma, Chief Financial Officer and Ms. Meenu Sharma, Company Secretary are the Key Managerial Personnel of the Company as on 31^st March, 2024.

Ms. Meenu Sharma, Company Secretary, have resigned from the office with effect from 28^th June, 2024. The Board places on record its appreciation for her invaluable contribution to the company during her tenure.

Ms Mahima Patkar (ACS No. 72544) has been appointed as the Company Secretary and Compliance Officer of the company with effect from 7^th August, 2024

Board Evaluation

The Nomination & Remuneration Committee and the Board have laid down the manner in which a formal annual evaluation of the performance of the Board, Committees, Chairman and individual directors has to be made. The Board of Directors has carried out an annual evaluation of its own performance, Board committees, and individual directors pursuant to the provisions of the Act, SEBI Listing Regulations and the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India.

The Board evaluated its own performance, Board Committees as well as the individual director's performance after seeking inputs from all the directors/members and also on the basis of criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc.

The independent directors at their separate meeting reviewed the performance of non-independent directors, the Board as a whole and Chairman of the Company, taking into account the views of executive directors and non-executive directors.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

Performance evaluation of independent directors was done by the entire Board, excluding the independent director being evaluated. The manner in which the evaluation was carried out is covered in the Corporate Governance Report.

Board and Committee Meetings

The Board meets at regular intervals to discuss and decide on company's business policies and strategies. In case of special and urgent business, the Board/Committee's approval is taken by passing resolutions through circulation, or by calling Board/Committee meetings at a shorter notice, as permitted by law.

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board meetings and Annual General Meetings. The agenda for the Board and Committee meetings includes detailed notes on the items to be discussed to enable the Directors to take an informed decision.

During the financial year under review, eight Board Meetings and six Audit Committee Meetings were convened and held, the details of which are given in the Corporate Governance Report. The intervening gap between two Meetings was within the period prescribed under the Companies Act, 2013.

A detailed note on the composition of the Board and its committees is provided in the Corporate Governance Report.

Meeting of Independent Directors

As per provisions of Schedule IV to the Companies Act, 2013, the Independent Directors are required to hold at least one meeting in a financial year, without the attendance of Non-independent Directors and members of management. During the financial year 2023-24, the Independent Directors met two times on 16^th August, 2023 and 14th February , 2024.

Directors¹ Responsibility Statement

Pursuant to the requirement of Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:

a. in the preparation of the annual financial statements for the year ended March 31, 2024, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. appropriate accounting policies have been selected and applied consistently and judgements and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the profit of the Company for the year ended on that date;

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

d. the annual financial statements have been prepared on a going concern basis;

e. proper internal financial controls have been followed and that such financial controls are adequate and are operating effectively; and

f. proper systems to ensure compliance with the provisions of all applicable laws are in place and were adequate and operating effectively.

Related Party Transactions

The transactions with related parties entered into during the financial year were on 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 of the Company at large.

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 in Form AOC-2 are set out in the Notes to Financial Statements forming part of the Annual Report.

Statutory Auditors

Pursuant to the provisions of Section 139 of the Act read with Companies (Audit and Auditors) Rules, 2014, as amended from time to time, M/s Lodha and Company, Mumbai, Chartered Accountants (Firm Registration No.301051E), were appointed as the statutory auditors of the company at the 61^st Annual General Meeting of the company held on 22^nd September, 2022, to hold office for the second term of five years from the conclusion of 61^st Annual General Meeting of the Company, till the conclusion of 66th Annual General Meeting to be held in the year 2027.

During the year the M/s Lodha and Company the erstwhile partnership firm has been converted to a Limited Liability Partnership (LLP) by the name "Lodha & Co LLP" with effect from 27^th December, 2023. Lodha & Co LLP shall be the Statutory Auditors of the Company with effect from 27^th December, 2023 in terms of Section 58(4) of the LLP Act, 2008 and will continue to function and discharge their obligations as Statutory Auditors for the remaining period of the tenure of appointment of Lodha & Co as Statutory Auditors.

The requirement for the annual ratification of auditors' appointment at the AGM has been omitted pursuant to Companies (Amendment) Act, 2017, notified on May 7,2018.

Report of Statutory Auditors

The Statutory Auditors, M/s Lodha and Company, Mumbai, Chartered Accountants, have submitted their Report on the Financial Statements of the Company for the financial year 2023-24, which forms part of this Annual Report. The Notes on Financial Statements referred to in the Auditors' Report for the year 2023-24 are self-explanatory. There are no observations, qualifications, reservations or adverse remarks in the Auditor's Report that call for any explanation.

Cost records and cost audit

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the products manufactured by the Company.

Secretarial Auditor and their report

Dr. Asim Kumar Chattopadhyay, Company Secretary, was appointed as Secretarial Auditor of your Company for the financial year 2023-24 pursuant to Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The Secretarial Audit Report is annexed to this Report as Annexure- II.

There are no qualifications, observations or adverse remarks of the Secretarial Auditors in the Report issued by them for the financial year 2023-24 which call for any explanation from the Board of Directors.

Transfer of Unpaid and Unclaimed amounts to IEPF

Pursuant to the applicable provisions of the Act, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ('the Rules') as amended, all unpaid or unclaimed dividends which were required to be transferred by the Company to the IEPF were transferred to IEPF Authority.

The Company has also transferred shares in respect of which dividend amount remained unpaid/ unclaimed for a consecutive period of seven years or more to IEPF Authority within stipulated time.

Pursuant to the provisions of Section 124 of the Companies Act, 2013, during the financial year, the declared dividends which remained unpaid or unclaimed for a period of 7 years have been transferred by the Company to the Investor Education and Protection Fund (IEPF) established by the Central Government, as detailed in the Corporate Governance Report.

The details of unpaid / unclaimed dividend and the shares transferred to IEPF Authority are available on the website of the company at https://www.narmadagelatines.com.

Significant and Material Order passed by the Regulators

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

Corporate Governance Report

The Report on Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual Report. The Managing Director's declaration regarding compliance with the Company's Code of Business Conduct and Ethics for Directors and Management Personnel forms part of the Corporate Governance Report. As required by the Listing Regulations the certificate on Corporate Governance for the year ended 31^st March, 2024 issued by Dr. Asim Kumar Chattopadhyay, Company Secretary in Practice, is annexed to this Report.

Management Discussion and Analysis

Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, detailed review of operation, performance and future outlook of the Company is presented under Management Discussion and Analysis Report in a separate section and forms part of the Annual Report.

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars relating to energy conservation, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014 is annexed to this Report as Annexure - III.

Annual Return

As provided under Section 92(3) & 134(3)(a) of the Act, the Annual Return for FY 2022-23 is available on the website of the Company at https://www.narmadagelatines.com.

Particulars of Employees

None of the employees of the Company is in receipt of remuneration exceeding the limits prescribed under Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Disclosures pertaining to remuneration and other details in respect of directors and employees of the Company as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as Annexure - IV.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

All the employees in the Company are considered equal. There is no discrimination between individuals at any point on the basis of race, colour, gender, religion, origin, sexual orientation or age. Every individual is expected to treat his/her colleagues with respect and dignity.

The Company has in place a policy for prevention of sexual harassment at workplace. This policy of the Company is in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees (permanent, contractual, temporary and trainees) are covered under this policy. An Internal Complaints Committee is in place to redress the complaints received regarding sexual harassment. No complaint was received by the Company during the financial year ended 31^st March, 2024.

Material changes and commitments affecting the financial position of the Company

There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report.

Appreciation

The Directors wish to convey their deep appreciation to all the employees, customers, vendors, investors, and consultants/ advisors of the Company for their sincere and dedicated services as well as their collective contribution to the Company's performance.

The Directors also thank the Central and the State Governments, statutory authorities, bankers, and business associates and all the stakeholders for their continued interest and valued support

For and on behalf of the Board