Mangalore Chemicals & Fertilizers Ltd

To the Members,

Your Directors have pleasure in presenting the Fifty Seventh Annual Report of Mangalore Chemicals & Fertilizers Limited ("Company") together with the Audited Financial Statements for the financial year ended March 31, 2024.

1. FINANCIAL HIGHLIGHTS

2. DIVIDEND

The Board of Directors recommended a dividend of INR 1.50 per equity share of INR 10 each. The Dividend Distribution Policy is available on the website of the Company i.e. https://www.mangalorechemicals.com/assets/frontend/pdf s/16DividendDistributionPolicyNew.pdf

3. REVIEW OF OPERATIONS

The revenue from operations for the year ended March 31, 2024 was INR 3,795.44 crore as compared to INR 3,641.52 crore for the year ended March 31, 2023.

The profit before tax for the year ended March 31, 2024 was INR 240.67 crore as compared to INR 176.03 crore for the year ended March 31, 2023. Total Comprehensive Income stood at INR 154.27 crore for the year ended March 31, 2024 compared to INR 134.34 crore for the previous year.

4. PRODUCTION

Urea

Your Company achieved production of 4,34,697 MTs during the year against the reassessed capacity of 3,79,500 MTs compared to 3,31,690 MTs during the previous year with necessary approval.

Di-Ammonium Phosphate (DAP) and Complex Fertilizers

Your Company produced 3,20,423 MTs of Phosphatic Fertilizers during the year compared to 2,29,826 MTs in the previous year, based on the availability of raw materials. Ammonium Bi-Carbonate (ABC)

Production of ABC at 12,490 MTs during the year compared to 11,004 MTs in the previous year.

5. SALES

During the year, your Company sold 4,34,700 MTs of Urea compared to 3,30,934 MTs in the previous year. Sale of manufactured Phosphatic Fertilizers were 3,20,425 MTs compared to 2,53,116 MTs in the previous year. Sale of imported fertilizers were 1,16,403 MTs against 30,180 MTs in the previous year.

Sulphonated Naphthalene Formaldehyde (SNF)

The Company sold 13,800 MTs of SNF during the year, compared to 17,081 MTs in the previous year. The Company has continued with new product variants for applications in newer areas to improve plant utilization, in order to de-risk its focus on construction chemical industry.

Agri Advisory Service

The Company provides a comprehensive range of Agri Advisory Services designed to educate and inform farmers and Agri input dealers on various topics, including fertilizer use efficiencies, integrated health and other agricultural techniques. To accomplish this, it regularly organize market development programs that cater to both farmers and dealers. These programs include its Farmer-Connect initiatives such as Soil Health Days, Farmers Meetings, Crop Seminars, Method Demonstrations, Field Days and Intensive Farmer Connect Programs. Additionally, the Company actively engage with rural school children through its "Mangala Raitha Prathibe" project, aiming to educate them about farming and modern agriculture, thereby inspiring them to pursue agriculture as a profession or develop a connection with the agricultural sector.

Expansion of Sulphuric Acid Production Capacity

Your Company has taken up project to expand its sulphuric acid production capacity from 100 to 400 t/d. It is scheduled for completion in August 2025. The sulphuric acid shall be used for captive consumption for production of NP 20:20:00:13 and other products, substituting import/ purchase of the acid significantly. Surplus steam from the sulphuric acid plant shall be utilized in urea production.

6. WORKING CAPITAL

The subsidy receivables decreased during the year on account of reduction in commodity prices despite depreciation of rupee. The estimated interest cost on account of delay in subsidy payment was INR 7.33 crore for the year 2023-24.

7. FERTILIZER POLICY

The New Pricing Scheme is notified by Government of India [GOI] for Urea and various policies are issued from time to time under the Scheme and we are governed by the extant policy guidelines.

The Nutrient Based Subsidy Scheme (NBS) was introduced by

1, 2010 after de-controlling the theGOIwitheffect

DAP/complex fertilizers, where annual/bi-annual concession rates are announced leaving the market realization to reflect the fluctuations in respective commodity prices. However, the GOI is monitoring the market realization with guidelines and its reasonableness.

8. SAFETY, HEALTH, ENVIRONMENT AND POLLUTION CONTROL

Safety

During the year, periodic audits of Safety, Health and Environment Management System were carried out by M/s. Det Norske Veritas. Your Company has taken measures to further strengthen safety systems inside the factory including the following:

New version of awareness film explaining our manufacturing facility, safety, health and environmental management systems has been produced incorporating the latest details, in both English and Kannada languages.

This film will be screened during MCF's Public Awareness

Programs.

A visitor safety orientation film has been made to explain about the basic safety requirements to the visitors to the factory.

• 2 Nos. Trolley Mounted Breathing Apparatus sets have nutrient management,been procured for providing respiratory protection to thesoil personnel during online maintenance jobs.

• Pneumatic leak sealing kits have been procured for any emergency sealing of leaks in pipelines, road tanker body etc.

• Emergency water spray system coverage has been expanded further based on safety audit.

• Safety facilities are strengthened by adding more Emergency Life Breathing Apparatus (ELBA), horizontal fixed anchorage life line system for fuel oil tanker unloading area in DAP plant, High Velocity Water Spray System (HVWS) for 4 numbers of transformers.

Third party safety audit of the entire factory was carried out. Extensive training programs related to fire prevention and basic firefighting, usage of breathing apparatus, usage of personal protective equipment, emergency management, work permit system, Safety, Health and Environment management system, were organized for employees. In-house HAZOP workshop was conducted for all managers and engineers involved in the change management process. Regular mock drills were conducted to check the emergency preparedness. Promotional campaigns like National Safety Day, Fire Service Week and Chemical Disaster Prevention Week were undertaken.

Firefighting training is being conducted regularly to train the employees and also contractors' workman. MCF received ‘Unnatha Suraksha Puraskara' - the "1st prize'' in the state level safety awards instituted by National Safety Council, Karnataka Chapter for the category of industries involved in the manufacture of Iron, Steel, Aluminium, Cement & Fertilizers, for the best management systems and safety performance in the years 2021 and 2022.

MCF was awarded Safety award for the "Best Safe Industry (1st Prize) - Mega Industries category" in the Mysore Region Safety Awards - 2024 instituted by the Department of Factories, Boilers, Industrial Safety and Health, Govt. of

Karnataka.

MCF team won the 1^st prize in the Mysore Region Safety Quiz Competition - 2024, organized by the Department of Factories, Boilers, Industrial Safety and Health, Govt. of Karnataka on the occasion of 53^rd National Safety Day celebrations and 3^rd prize in the Inter Industry Safety Quiz Competition, conducted by the National Safety Council, Karnataka Chapter, Mangaluru Action Centre for the industries in Dakshina Kannada and Udupi Districts.

Medical services

Annual medical examinations for 2023-24 were conducted for all employees which included general physical examination, systemic examination and laboratory investigations and employees with abnormal findings were advised accordingly.

Special tests like Pulmonary Function test, Audiometry and

Vision test were also conducted for identified employees as per Statutory requirement. Health data of all the employees were recorded in Health Register-Form No.16 as per the requirement.

Medical examination of the canteen workers was conducted covering tests for any communicable diseases. Employees of Ammonium Bi Carbonate Plant were examined for any communicable/skin diseases and were immunized against diseases like Hepatitis B and Tetanus as per schedule. Health awareness programme on subjects like kidney stones - causes, management & treatment, family planning were conducted by experts for employees and contract employees.

First aid training programmes were conducted for employees and contract workers regularly by Professional Faculty. Awareness programmes on "Health and Personal Hygiene" were conducted regularly for canteen workers and ABC Plant employees. Voluntary blood donation camp was organized at OHC in the month of March 2024 in association with Blood Bank, KMC Hospital, Mangalore.

Free Eye Check-up camps were conducted at Konaje, Kavoor and Hosabettu (Dakshina Kannada District), Karkala (Udupi District) and Shanthalli (Kodagu District) in association with Justice K.S. Hegde Charitable Hospital, Deralakatte.

Artificial Limbs were distributed to 15 beneficiaries and 6 people received Hearing Aids. Medical equipment worth about INR 10 Lakhs were distributed to Govt. Ladygoschen Hospital, Govt. TB & Chest diseases Hospital and Govt.

Health Centres at Kulai and Bejai, Mangalore.

Environmental management

As an ISO 14001 certified Company, many environmental management programs have been implemented to improve the environmental performance of the Company. The Company has changed its Feedstock and Fuel from

Naphtha to cleaner Natural Gas which has significantly reduced Sulphur Dioxide emissions.

Your Company has achieved zero liquid discharge status in 2010 by upgrading its effluent and sewage treatment plants to recover and reuse the treated waters. The rainwater harvesting system and sewage treatment plants are already installed at township for employees. In addition to the existing 64 acres of green belt in manufacturing site, your Company has planted 3,000 saplings during 2023-24. Environmental Management System (EMS) in line with the new version, ISO 14001:2015 was adopted during the year 2017 and was recertified by M/s. Det Norske Veritas,

Bangalore during the year 2020. Your Company has installed Continuous Ambient Air Quality Monitoring (CAAQM) station inside factory premises for continuous monitoring of ambient air quality. Ambient air quality data from CAAQM station is being displayed in LED display board at the entrance of the factory facing National highway for public information. Your Company has also installed Continuous Online Monitoring Systems in Urea prill tower, Di Ammonium Phosphate plant stack, Sulphuric Acid plant stack. Online analyser for NOx measurement in Captive Power Plant stacks and main plant Boiler stacks were installed and commissioned during the year 2020-21 as per the Central Pollution Control Board (CPCB) guidelines. Data from all the online analysers are continuously being transmitted to CPCB.

In-house Environment Laboratory at factory has been assessed and accredited in accordance with standard ISO/ IEC 17025:2017 by National Accreditation Board for Testing and Calibration Laboratories (NABL). Lighting in the entire complex including hazardous area lighting has been now converted to LED lighting. The Company has installed roof top solar PV plant of capacity 251.23 KWP. "E-waste Collection Facility" has been provided inside factory and also at MCF Township for collection and disposal of E-waste generated in a scientific manner. A Biogas plant installed to generate cooking gas from canteen food waste is operational and is contributing towards savings of natural resources. Company has installed Organic waste composting facility at its township to treat the wet waste generated in the colony houses.

The Company has registered itself with CPCB with respect to Plastic Waste Management Rule 2016 as Brand Owner and has engaged a Waste Management Agency for collection, transportation and recycling of the plastic waste generated in the market. EPR requirements under Plastic Waste Management Rules notified by CPCB is being complied with.

The Company has installed and commissioned highly efficient oxidizing biocide generating system based on most advanced technology available in market to produce Chlorine dioxide for treatment of circulating water of cooling tower, replacing the conventional generators. It has improved the circulating water quality further, reduced blow down quantity and hence generation of trade effluent.

Green Power

Your Company has taken up initiative by commissioning Roof Top Solar Photo Voltaic System with a capacity of 251.23 kWp at plant in Mangalore in January 2019. During the year, 3,08,392 kWh and since commissioning, 16,35,948 kWh, of solar power was generated.

9. ANNUAL RETURN

Annual Return referred to in Section 92(3) of the Companies Act, 2013 will be available on the website of the Company i.e. https://www.mangalorechemicals.com/investor/annual_ return

10. a) BOARD MEETINGS

During the year, six Board Meetings were held on May

11, 2023, August 07, 2023, October 20, 2023, October 30, 2023, February 02, 2024 and February 07, 2024. The details of the composition of the Board and attendance of the Directors at the Board Meetings are provided in the Corporate Governance Report attached as Annexure 5.

b) AUDIT COMMITTEE

During the year under review, seven Audit Committee Meetings were held and all the recommendations of the Audit Committee were accepted by the Board. The details of the composition of the Audit Committee and details of committee meetings are given in the

Corporate Governance Report attached as Annexure 5.

11. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, your Directors confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) the Directors have 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 and of the profit of the Company for that period; sufficient

c) theDirectorshavetakenproperand 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 Directors have prepared the annual accounts on a going concern basis;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financialcontrols are adequate and operating effectively;

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

12. STATEMENT ON DECLARATION BY INDEPENDENT DIRECTORS & MEETING OF THE INDEPENDENT DIRECTORS

The Company has received declaration of independence from the Independent Directors and the same have been noted by the Board of Directors in its meeting held on May 23, 2024. A separate meeting of the Independent Directors was held on April 27, 2023.

13. DIRECTORS & KEY MANAGERIAL PERSONNEL

Mr. N Suresh Krishnan (DIN: 00021965) was appointed as

Additional Director (Non-Executive Director) with effect from March 25, 2023 and his appointment was approved by the shareholders through postal ballot on May 31, 2023 (last date of e-voting).

Mr. N Suresh Krishnan is retiring by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

Mrs. Kiran Dhingra (DIN: 00425602) was appointed as Additional Director in the capacity of Non-executive Independent Director with effect her appointment was approved by the shareholders at the Annual General Meering held on September 26, 2023. Mrs. Rita Menon (DIN: 00064714), Non-executive Independent Director, has completed her term as an Independent Director of the Company on July 28, 2023 and accordingly, retired from the said position.

Mr. Vijayamahantesh Khannur, Company Secretary & Compliance Officer, resigned from the services of theCompany from the closing hours of July 31, 2023.

Mr. Vighneshwar G Bhat has been appointed as Company Secretary & Compliance Officer w.e.f October 20, 2023.

In the opinion of the Board of Directors, all the Independent Directors possess requisite expertise and experience on the roles, rights and responsibilities of Independent Directors.

14. DIRECTORS TRAINING & FAMILIARIZATION

The Company, in compliance with Regulation 25(7) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, formulates programs to familiarize new Independent Directors inducted on the Board with the Company, nature of the industry, business model and their roles and responsibilities.

15. PERFORMANCE EVALUATION

Pursuant to the provisions of the Section 134, 178 and Schedule IV of the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the following performance evaluations were carried out:

a. Performance evaluation of the Board, Chairman and non-Independent Directors by the Independent Directors;

b. Performance evaluation of the Board, its committees and Independent Directors by the Board of Directors; and

c. Performance evaluation of every Director by the Nomination and Remuneration Committee.

The evaluation process covered adequacy of the composition of the Board and its Committees, disclosure of information to the Board and Committees, performance of duties and obligations, governance parameters, participation of the members of the Board/Committees and fulfilment of independence criteria and maintaining independence from the management by the Independent Directors. Based on the evaluation done by the Directors, the performance of the Board, its Committees and the Directors was satisfactory and the quality, quantity and timeliness of flow of information between the management and the Board was appreciable.

Based on the recommendation of the Nomination and Remuneration Committee, the Board has approved the Nomination and Remuneration Policy. The Nomination and Remuneration Policy provides for constitution & role of Nomination and Remuneration Committee, guidelines on procedure for appointment/removal of Director, Key Managerial Personnel or at Senior Management level, recommendation for remuneration, compensation and commission to be paid to the Managing Director/Whole-time Director/Non Executive Directors and carrying out evaluation of performance of every Director and Key Managerial Personnel. The Nomination and Remuneration Policy is placed on the website of the Company i.e. https://www.mangalorechemicals.com/assets/frontend/pdf s/8NominationandRemunerationPolicyNew.pdf

17. SUBSIDIARIES, ASSOCIATE COMPANIES AND JOINT VENTURES

The Company does not have any subsidiary, associate or joint venture.

18. CORPORATE SOCIAL RESPONSIBILITY (CSR)

As per the provisions of the Companies Act, 2013 the Board of Directors have constituted a CSR Committee. Based on the recommendation of the CSR Committee, the Company has formulated a comprehensive CSR policy. During the year under review, two CSR Committee Meetings were held. The details of the composition of the CSR Committee and details of committee meetings are given in the Corporate

Governance Report attached as Annexure 5.

A report on the Corporate Social Responsibility activities carried out by the Company during the year 2023-24 is attached to this report as Annexure 1.

19. WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company has established a vigil mechanism through Whistle Blower Policy and the Audit Committee of the Company is responsible to review periodically the efficient and effective functioning of the vigil mechanism, to deal with instances of fraud and mismanagement and suspected violations of the Company's Code of Business Conduct and Ethics, if any.

The Whistle Blower Policy provides for adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of the employees and the Company. The Whistle Blower Policy is placed on the website of the Company i.e., https://www.mangalorechemicals. com/assets/frontend/pdfs/11WhistleBlowerPolicynew.pdf

20. RISK MANAGEMENT

The Company has the requisite processes and procedures in place to identify and assist in minimizing exposure to risk that threaten the existence of the Company. Based on the recommendation of the Risk Management Committee, the Board has put in place a risk management policy to monitor and review potential risks. The heads of departments regularly review and assess the departmental policies/procedures and identify risks, perform analysis of the frequency and severity of potential risks, select the best techniques to manage risk, implement appropriate risk management techniques and monitor, evaluate and document results.

21. LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loans or guarantees covered under the provisions of Section 186 of the Companies Act, 2013 during the year. The details of the investments made by Company are given in the notes to the financial statements.

22. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the year were at arm's length. All related party transactions were approved by the Audit Committee and the Board of Directors. The details of related party transactions as per Form AOC 2 is enclosed as Annexure 2 to the Directors' Report. There were no related party transactions made by the Company with the Promoters, Directors and Key Managerial Personnel which may have a potential conflict with the interest of the Company at large.

23. DEPOSITS

The Company has not accepted any deposits in the past or during the year.

24. STATUTORY AUDIT

The Statutory Auditors, M/s. PKF Sridhar & Santhanam LLP, were appointed to hold office from the conclusion 55^th Annual General Meeting till the conclusion of 60^th Annual General Meeting of the Company.

25. SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company appointed M/s. Kedarnath & Karthik, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the year 2023-24. The Secretarial Audit report is annexed herewith as Annexure 3.

26. COST RECORDS & COST AUDIT

The Company is required to maintain cost records as per Section 148(1) of the Companies Act, 2013, and accordingly such accounts & records are made and maintained. The Company appointed Mr. Y K Venkatesh, Cost Accountant, Membership No. 5294, as the Cost Auditor for the year 2023-24. The Cost Audit Report for the year ended March 31, 2023 was filed by the Company with the Ministry of Corporate Affairs on August 22, 2023.

27. AUDITORS' REPORT

There were no qualifications, reservations or adverse remarks made by the Statutory Auditor, Secretarial Auditor and Cost Auditor in their respective reports. No frauds have been reported by the Auditors during the year.

28. MATERIAL CHANGES & COMMITMENTS

There were 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.

29. SIGNIFICANT & MATERIAL ORDERS

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

30. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

The Company has adequate systems of internal control in place, which is commensurate with its size and the nature of its operations. The Company has designed and put in place adequate Standard Operating Procedures and Limits of Authority Manuals for conduct of its business, including adherence to Company's policies, safeguarding its assets, prevention and detection of fraud and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.

These documents are reviewed and updated on an ongoing basis to improve the internal control systems and operational efficiency. The Company uses a state-of-the-art ERP (SAP) system to record data for accounting and managing information with adequate security procedure and controls.

31. COMPLIANCE OF SECRETARIAL STANDARDS

The Company has complied with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India.

32. DETAILS PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013

Details pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, are provided in Annuexure 7 to this report. However, in terms of Section 136 of the Companies Act, 2013, this report is being sent to all the members of the Company excluding the information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The said particulars are available for inspection by the Members at the Registered Office of the Company.

33. DISCLOSURE AS PER SECTION 22 OF THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. No complaint has been filed or pending before the Committee during the year.

ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure 4 attached to this report.

35. OTHER DISCLOSURES UNDER RULE 8 OF THE COMPANIES (ACCOUNTS) RULES, 2014 AND SCHEDULE V OF SEBI (LISTING OBLIGATIONS & DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

No application was made or any proceedings filed against the Company under the Insolvency and Bankruptcy Code, 2016 during the Financial Year 2023-24. The Company has not given any Loans and advances in the nature of loans to firms/companies in which Directors are interested. There were no one time settlement against any of the loan availed by the Company from the Banks or Financial Institutions during the Financial Year 2023-24.

36. CORPORATE GOVERNANCE

The Company is committed to good corporate governance practices. The Board endeavors to adhere to the standards set out by the Securities and Exchange Board of India (SEBI) on corporate governance practices and accordingly has implemented all the mandatory stipulations.

A detailed Corporate Governance Report in line with the requirements of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 regarding the corporate governance practices followed by the Company and the certificate from Practicing Company Secretary relating to compliance of mandatory requirements along with Management Discussion and Analysis report are given as Annexure 5 and 6 respectively. A statement regarding opinion of the Board, with regard to integrity, expertise and experience (including proficiency) of the Independent Directors appointed during the year is given in Corporate Governance Report annexed as Annexure 5.

37. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to amended Regulation 34(2)(f) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, business responsibility and sustainability report is annexed as Annexure 8.

The Board of directors at its meeting held on 7^th February, 2024, approved the proposal of composite scheme of arrangement amongst the Company, Paradeep Phosphates Limited ("Transferee Company") and their respective shareholders and creditors ("Scheme") under Sections 230 to 232 of the Companies Act, 2013.

The copy of the proposed Scheme along with the relevant documents are available on the website of the Company. Currently, the regulatory approvals are in progress.

39. ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation for the guidance and advice given by Mrs. Rita Menon and Mr. Vijayamahantesh Khannur.

Your Directors thank the Company's clients, vendors, investors and bankers for their support. Your Directors also wish to place on record their appreciation of the excellent performance of the employees.

Your Directors express their gratitude to the Government of India, the State Governments, the Customs and Excise

Departments and other government agencies for their support and look forward to their continued support in the future.