Gujarat Natural Resources Ltd

Dear Members,

Your Directors have pleasure in presenting the 34^th Annual Report on the business and operations of the Company and the Audited Accounts for the Financial Year ended 31^st March, 2025.

The Company has prepared the Standalone and Consolidated Financial Statements in accordance with the Companies (Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of the Companies Act, 2013.

Taking a conservative approach on account of current year's performance, the Board has decided not to recommend any dividend for the F.Y. 2024-25.

The Authorized Share Capital of the Company is Rs. 1,65,00,00,000/- divided into 16.50.00. 000 Equity Shares of Rs. 10/- each.

During the year under review, the members of the Company at their Extra-Ordinary General Meeting held on 12/07/2024 approved increase in Authorized Share Capital from Rs. 81.00. 00.000/- (Rupees Eighty One Crore) divided into 8,10,00,000 (Eight Crores Ten Lakh) Equity Shares of Rs. 10/- (Rupees Ten) each to Rs. 1,31,00,00,000/- (Rupees One Hundred Thirty One Crore) divided into 13,10,00,000 (Thirteen Crores Ten Lakh) Equity Shares of Rs. 10/- (Rupees Ten) each.

Subsequently, the members of the Company at their Extra-Ordinary General Meeting held on 26/03/2025 approved increase in Authorized Share Capital from Rs. 1,31,00,00,000/- (Rupees One Hundred Thirty One Crore), divided into 13,10,00,000 (Thirteen Crore Ten Lakh) Equity Shares of Rs. 10/- (Rupees Ten) each to Rs. 1,65,00,00,000/- (Rupees One Hundred Sixty Five Crores only) divided into 16,50,00,000 (Sixteen Crores Fifty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten) each.

During the year under review, the paid up share capital of the company increased from Rs. 80,25,16,450/- divided into 8,02,51,645 Equity Shares of Rs. 10/- each to Rs. 1,28,40,26,320/- divided into 12,84,02,632 Equity Shares of Rs. 10/- on account of issue and allotment of 4,81,50,987 Right Equity Shares at Rs. 10/- each.

The Board of Directors of the Company in its Board Meeting held on 20/02/2024 approved issue of 23500000 Equity Shares on Preferential Basis to the following allottees. Further, the Shareholders of the Company approved the same in their meeting held on 21/03/2024. Subsequently, the Board of Directors in their meeting held on 01/04/2024, unanimously decided to cancel the said preferential issue due to unwillingness of the proposed allottees to subscribe to the issue at the predetermined price.

The Board of Directors of the Company, in their meeting held on 10/06/2024, approved a fundraise of up to Rs. 50 Crore through the issuance of equity shares by way of a Rights Issue to eligible equity shareholders as of the Record Date. Following this, the Company allotted 4,81,50,987 Right Equity Shares at a issue price of Rs. 10/- each on 26/12/2024 to the eligible shareholders as of the Record Date, i.e. 03/12/2024, in the ratio of 3 Rights Equity Shares for every 5 existing Equity Shares held.

The Issue was kept open for the Eligible Equity Shareholders from 12/12/2024 to 20/12/2024 and the basis of allotment was approved by BSE Limited (being the designated Stock Exchange) on 26/12/2024. The Company subsequently received trading approval from BSE Limited, w.e.f. 03/01/2025. There are no variation/ deviation between the projections and actual utilization of the funds raised through Rights Issue by the Company during the year 2024-25.

The Board of Directors of the Company in their meeting held on 24/02/2025, approved issue and allotment of 3,50,00,000 equity warrants convertible into equity shares to the following non-promoters (public):

The members of the Company in their Extra-Ordinary General Meeting held on 26/03/2025 approved issue of upto 35000000 warrants convertible into equity shares at an issue price of Rs. 21.70/- each. Further, the Board of Directors in their meeting held on 26/05/2025 approved allotment of convertible warrants to the following upon receipt of upfront amount per warrant (25% of issue price)

Further, the Board of Directors in their meeting held on 29/05/2025 took note that that one of the proposed allottee of the preferential issue of convertible warrants i.e. Shanti Fuelpetro Chemtech Private Limited who was offered 1,00,00,000 Convertible Warrants has stated its intention not to subscribe to the issue. As a result, no allotment shall be made to it, and the total proceeds from the issue have been revised accordingly.

The table below presents the comparison between the originally proposed and revised fund allocation across the identified objects:

The Board of Directors in their meeting held on 07/02/2025 approved addition in the main object clause of memorandum of association related to the setting up Solar, Wind, or Hybrid Parks, and any other related projects that may be executed in the future, in recognition to the immense potential in the business of energy and power generation, subject to approval of members.

Further, the Board of Directors in their meeting held on 24/02/2025 approved replacement of the existing object in the main object clause of memorandum of association related to trading of chemicals, to further enable trading of polymeric chemical compounds, subject to the approval of members.

Both the above alterations were approved by the members in their Extra-Ordinary general meeting held on 26/03/2025.

Reserves & Surplus at the end of the year stood at Rs. 3990.47 Lakhs as compared to Rs. 3972.12 Lakhs at the beginning of the year.

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

During the period under review, several energy conservation initiatives were adopted and were taken by the Company and its subsidiaries. There are no plans to import any kind of technology for the project and hence information regarding its absorption is not applicable. There was no research activities carried out during the year as well as no foreign exchange income or outgo during the year.

There have been no material changes and commitments affecting the financial position of the Company since the close of financial year i.e. since 31^st March, 2025.

The Company is engaged in the business of Oil & Gas exploration.

The state of your Company's affairs is given under the heading 'Financial Summary/Highlights of performance of the Company.

The Company duly complies with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

Pursuant to provisions of Section 143(12) of the Companies Act, 2013, as amended from time to time, the Statutory Auditors have not reported any incident of fraud to the Company during the year under review.

No such orders have been passed by the Regulators/ Court or Tribunals which can impact the going concern status and Company's operation in future.

With a view to market the Company across the globe, your company has 1 Indian Wholly- owned subsidiary and 3 Step-down international subsidiaries. There are no associate companies or joint venture companies within the meaning of section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiaries.

Pursuant to the scheme of Amalgamation between GNRL Oil & Gas (I) Private Limited (Indian Wholly-owned subsidiary) and GNRL Oil & Gas Limited (Step-down international subsidiary), the said matter is pending before the Honorable National Company Law Tribunal (NCLT).

As required under Rule 8 (1) of the Companies (Accounts) Rules, 2014, the Board's Report has been prepared on standalone financial statements and a report on performance and financial position of each of the subsidiaries included in the consolidated financial statements is included in the financial statements in Form AOC - 1 and consolidated performance and financial position given here in above.

In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been placed on the website of the Company, www.gnrl.in. Shareholders interested in obtaining a copy of the audited annual accounts of the subsidiary companies may write to the Company Secretary at the Company's registered office.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with Rule 8(1) of the Companies (Accounts) Rules, 2014, a statement containing salient features of the Financial Statements of your Company's subsidiaries in Form AOC-1 is attached as ANNEXURE-I.

During the year under review, the transactions entered by the Company, with the related parties are at arm's length basis and in the ordinary course of business.

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

During the year under the review, 12 (Twelve) Board meetings were held, with gap between Meetings not exceeding the period prescribed under the Companies Act, 2013 and Rules made thereunder. Details of Board and Board committee meetings held during the year are given in the Corporate Governance Report.

Board meeting dates are finalized in consultation with all directors and agenda papers backed up by comprehensive notes and detailed background information are circulated well in advance before the date of the meeting thereby enabling the Board to take informed decisions.

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Companies Act, 2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are placed on the website of the Company and is accessible at the web link: https://gnrl.in/annual-returns/

There were related party transactions entered by the Company, Directors, management, or their relatives. Hence, disclosure in Form AOC-2 is provided as ANNEXURE -II.

All the contracts/arrangements/transactions entered into by the Company with the related parties during the financial year 2024-25 were in the ordinary course of business and on an arm's length basis as disclosed in the financial statements and were reviewed and approved by the Audit Committee. The details of related party disclosure form a part of the notes to the financial statements provided in the annual report.

In terms of Regulation 23 of the SEBI Listing Regulations, your Company submits details of related party transactions as per the format specified in the relevant accounting standards to the stock exchanges on a half-yearly basis.

The Company has received requisite declarations from the Independent Directors of the Company, confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 read with rules made thereunder and Regulation 16 of the SEBI Listing Regulations.

Independent Directors have also confirmed that they have complied with Schedule IV of the Act and the Company's Code of Conduct.

Further, the Independent Directors have also submitted their declaration in compliance with the provisions of Rule 6(3) of Companies (Appointment and Qualification of Directors) Rules,

2014, as amended from time to time, which mandated the inclusion of an Independent Director's name in the data bank of Indian Institute of Corporate Affairs ("IICA") for a period of one year or five years or life time till they continues to hold the office of an independent director.

The Board of Directors of your company has various executive and non-executive directors including Independent Directors who have extensive and diverse experience in different disciplines of corporate functioning.

In accordance with the provisions of Section 152 of the Companies Act, 2013 and Articles of Association of the Company, Mr. Hitesh Donga (DIN: 03393396), retires by rotation at the ensuing Annual General Meeting and being eligible in terms of Section 164 of the Act offers himself for re-appointment.

During the year under review, the Board of Directors approved reappointment of Mr. Shalin Shah, Managing Director of the Company in their meeting held on 14/08/2024 for a period of 5 years w.e.f. 22/01/2025 upto 21/01/2030 and approved payment of remuneration for a period of 3 years w.e.f. 22/01/2025 upto 21/01/2028., subject to approval of members. The same was approved by the members in their Annual General Meeting held on 27/09/2024.

Mr. Alpesh Swadas (DIN: 09512469), Independent Director of the Company resigned from the office of director w.e.f. 22/03/2025, citing personal reasons. The Company had received a confirmation from him that there are no material reasons for his resignation other than the reasons provided by him.

Ms. Mansi Shah (DIN: 09512573), Independent Director of the Company resigned from the office of director w.e.f. 22/03/2025, citing personal reasons. The Company had received a confirmation from her that there are no material reasons for her resignation other than the reasons provided by her.

The Company had, pursuant to the provisions of Section 149 of the Companies Act, 2013 and Regulation 17(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, appointed Mr. Yash Bodade (DIN: 10669649) as Additional (Independent) Directors of the Company w.e.f. 15/06/2024. His appointment was subsequently ratified by the shareholders of the Company in their Extra-Ordinary General Meeting held on 12/07/2024 as Independent Director.

The Company had, pursuant to the provisions of Section 149 of the Companies Act, 2013 and Regulation 17(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, appointed Mr. Paragkumar Raval (DIN: 10735752) as Additional (Independent) Directors of the Company w.e.f. 24/05/2025, subject to members' approval. The business of regularization of his appointment is being placed before the members at the Annual General Meeting.

The Company had, pursuant to the provisions of Section 149 of the Companies Act, 2013 and Regulation 17(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, appointed Mrs. Deepti Gavali (DIN: 10272798) as Additional (Independent) Directors of the Company w.e.f. 24/05/2025, subject to members' approval. The business of regularization of her appointment is being placed before the members at the Annual General Meeting.

In the opinion of the Board, all the Independent Directors on the Board of the Company are persons of integrity, expert and experienced (including the proficiency).

As required under Section 203 of the Companies Act, 2013, the Company has Mr. Shalin Shah (Managing Director), Mr. Hiteshkumar Donga (Chief Financial Officer) and Ms. Barkha Lakhani (Company Secretary & Compliance Officer) as Key Managerial Personnel of the Company.

Pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI Listing Regulations"), the Board had carried out performance evaluation of its own, the Board Committees and of the Independent directors. Independent Directors at a separate meeting evaluated performance of the Non-Independent Directors, Board as a whole and of the Chairman of the Board.

The following were the Evaluation Criteria:

- Knowledge and Skills

- Professional conduct

- Duties, Role and functions

- Performance as Team Leader/Member.

- Evaluating Business Opportunity and analysis of Risk Reward Scenarios

- Key set Goals and achievements

- Professional Conduct, Integrity

- Sharing of Information with the Board

The Directors expressed their satisfaction with the evaluation process.

The Board has on the recommendation of the Nomination & Remuneration Committee, formulated criteria for determining Qualifications, Positive Attributes and Independence of a Director and also a Policy for remuneration of Directors, Key managerial Personnel and senior management. The details of criteria laid down and the Remuneration Policy are given in the Corporate Governance Report.

The Company has paid Mr. Shalin Shah (Managing Director) Rs.18.00 Lakhs as managerial remuneration during the year.

Independent Directors of the Company had met on 12/03/2025 during the year, review details of which are given in the Corporate Governance Report.

There are currently

Three Committees of the Board, as follows:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

Details of all the Committees along with their charters, composition and meetings held during the year, are provided in the "Report on Corporate Governance", a part of this Annual Report.

The Board of Directors of the Company, at their Meeting held on 30^th August, 2022, on the recommendation of the Audit Committee, had reappointed M/s. GMCA & Co., Chartered Accountants (Firm Registration No.109850W) as the Statutory Auditors of the Company, and recommended their appointment for a second term of 5 (five) years from the conclusion of 31^st Annual General Meeting (AGM) held in 2022 till the conclusion of the 36^th Annual General Meeting to be held in 2027.

The Members may note that consequent to the changes in the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 by the Ministry of Corporate Affairs (MCA) vide notification dated May 7, 2018, the proviso to Section 139(1) of the Companies Act, 2013 read with explanation to sub-rule 7 of Rule 3 of the Companies (Audit and Auditors) Rules, 2014, the requirement of ratification of appointment of Auditors by the Members at every AGM has been done away with. Therefore, the Company is not seeking any ratification of reappointment of M/s. GMCA & Co., Chartered Accountants (Firm Reg. No. 109850W) as the Auditors of the Company, by the Members at the ensuing AGM.

The Report given by the Auditors, M/s. GMCA & Co., on the financial statements of the Company is a part of the Annual Report. The notes to the accounts referred to in the Auditors' Report are self-explanatory and therefore do not call for any further comments.

There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

The Board at its meeting held on 14^th August, 2024 had appointed Mr. Chintan K. Patel, Practicing Company Secretary, Ahmedabad, to conduct the Secretarial Audit for the F.Y. 2024-25. The Secretarial Audit Report in Form MR-3 for the financial year under review, as received from Mr. Chintan K. Patel, Practicing Company Secretary is attached as ANNEXURE- IV to the Board's Report. The observations of the Secretarial Auditor in the Secretarial Audit Report are self-explanatory and therefore do not call for any further comments.

Further, in terms of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Managerial Personnel) Rules, 2014, and Regulation 24A of the Securities and Exchange Board of India (Listing and Disclosure Requirements) Regulations, 2015, the Board recommended appointment of Mr. Chintan K. Patel, Practicing Company Secretary, Ahmedabad (having COP No. 11959 and Peer review No. 2175/2022) in their meeting held on 12^th July, 2025, as the Secretarial Auditor of the company for a term of 5 (five) consecutive years from F.Y. 2025-26 till F.Y. 2029-30, to hold office from the conclusion of this Annual General Meeting (AGM) till the conclusion of AGM to be held in the year 2030. Accordingly, the resolution seeking approval for the appointment of Secretarial Auditor by the members of the company is included in the Notice of the ensuing Annual General Meeting.

The Company has an internal financial Control System, commensurate with size, scale and complexity of its operations. The internal financial controls are adequate and are operating effectively so as to ensure orderly and efficient conduct of business operations. The Audit Committee formulates the scope, functioning, periodicity and methodology for conducting the internal audit. The internal auditors carry out audit, covering inter alia, monitoring and evaluating the efficiency & adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations and submit their periodical internal audit reports to the Audit Committee. Based on the internal audit report and review by the Audit committee, process owners undertake necessary actions in their respective areas. The internal auditors have expressed that the internal control system in the Company is robust and effective. The Board has also put in place requisite legal compliance framework to ensure compliance of all the applicable laws and that such systems are adequate and operating effectively.

Risk is an integral part of any business and therefore, Risk Management is an important function that the business management has to perform to ensure sustainable business growth. Company has implemented an integrated risk management approach through which it reviews and assesses significant risks on a regular basis to help ensure that there is a robust system of risk controls and mitigation in place. Senior management periodically reviews this risk management framework to keep updated and address emerging challenges. Major risks identified for the Company by the management are Compliances of various applicable Laws, Regulatory changes, Manufacturing & Supply, Litigation and Technological Changes. The management is however, of the view that none of the above risks may threaten the existence of the Company as robust Risk mitigation mechanism is put in place to ensure that there is nil or minimum impact on the Company in case any of these risks materialize.

In accordance with Section 177 of the Companies Act, 2013 and Regulation 22 of SEBI Listing Regulations, the Company has constituted a Whistle Blower Policy/Vigil Mechanism to establish a vigil mechanism for the directors and employees to report genuine concerns in such manner as may be prescribed and to report to the management instances of unethical behaviour, actual or suspected fraud or violation of the Company's code of conduct.

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ('Act') and Rules made thereunder, your Company has assigned the responsibilities to Audit Committee.

The details of complaint pertaining to sexual harassment are provided as under:

The Company affirms that it is in full compliance with the provisions of the Maternity Benefit Act, 1961, as amended from time to time. The Company is committed to fostering a supportive and inclusive work environment, and ensures that all relevant policies and practices are regularly reviewed and aligned with the applicable statutory requirements.

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company's shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code. Board of Directors and the designated employees have confirmed compliance with the Code.

The Company has adopted and amended its Code of Conduct for Prevention of Insider Trading w.e.f. April 1, 2019 pursuant to Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018.

The Board carries out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its committees. The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc. and the performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings etc.

In a separate meeting of independent directors, performance of non-independent directors, the chairman of the Company and the board as whole was evaluated, taking into account the views of executive directors and non-executive directors.

The Board reviewed the performance of individual directors on the basis of criteria laid by Nomination & Remuneration 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.

In the board meeting that followed the meeting of the independent directors, the performance of the board, its committees, and individual directors was also discussed. The performance evaluation of the Independent Directors was completed. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

In accordance with Section 134(5) of the Companies Act, 2013 and to the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors state that-

i. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii. The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year 31^st March, 2025 and of the profit and loss of the company for that period;

iii. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 and Rules made thereunder for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv. The directors had prepared the annual accounts on a going concern basis;

v. The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively, and

vi. The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

As required by the SEBI Listing Regulations, a detailed report on Corporate Governance is given as a part of the Annual Report. The Company is in full compliance with the requirements and disclosures that have to be made in this regard except for appointment of at least one independent director on the board of directors of an unlisted material subsidiaries i.e. (1) Heramec Oil & Gas (Singapore) Pte. Ltd. (2) GNRL Oil & Gas Limited. Report on Corporate Governance is attached as ANNEXURE-V.

The Practicing Company Secretary's Certificate of the compliance with Corporate Governance requirements by the Company is attached to the Report on Corporate Governance as ANNEXURE-VI.

General Shareholder Information is given in Report on Corporate Governance forming part of the Annual Report.

The Company is not required to constitute Corporate Social Responsibility Committee or spend on social responsibility pursuant to section 135 of the Companies Act, 2013.

The Report on Management Discussion and Analysis Report as required under SEBI Listing Regulations is included in this Report as ANNEXURE-III. Certain statements in the said report may be forward looking. Many factors may affect the actual results, which could be different from what the Directors envisage in terms of the future performance and outlook.

Disclosures pertaining to remuneration and other details as required under Section 197 (12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as ANNEXURE-VII.

The Equity Shares of the Company are listed on the BSE Limited (BSE) with scrip code No. 513536 & security id: GNRL. The Company confirms that the annual listing fee to the stock exchange for the financial year 2025-26 has been paid.

The Company had received requests under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from following Persons falling under Promoter and Promoter Group category seeking re-classification from 'Promoter and Promoter Group' Category to 'Public' Category on 05/07/2024:

The Board approved reclassification in their Board Meeting held on 10/07/2024. The Company has made application to BSE Limited for the same on 17/07/2024. The Company received the approval letter dated 24/12/2024 for Reclassification from the stock exchange i.e. BSE Limited.

Related Party disclosure under regulation 34(3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under:

Further, transactions if any of the Company with any person or entity belonging to the promoter/promoter group which hold(s) 10% or more shareholding in the listed entity are given in the notes to the Financial Statements.

During the year under review, no Corporate Insolvency Resolution Process/ proceedings were initiated by/against the company under Insolvency and Bankruptcy Code, 2016.

The disclosure is not applicable as the Company has not undertaken any one-time settlement with the banks or financial institutions during the year.

All the Properties of the Company are adequately insured.

No agreements have been entered/executed by the parties as mentioned under clause 5A of paragraph A of Part A of Schedule III of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 which, either directly or indirectly effect/impact the Management or Control of the Company or impose any restriction or create any liability upon the Company.

Your Directors take this opportunity to express their gratitude for the generous commitment, dedication, hard work and significant contribution made by employees at all levels in ensuring growth of the Company. Your Directors also sincerely thank to all the stakeholders, customers, vendors, bankers, business associates, government, other statutory bodies and look forward to their continued assistance, co-operation and support.