Omax Autos Ltd

Deer 5hare holders.

Your Board of Directors are oleased to present the 40^1fl Annual Report on the business and operations oF Cma? Autos Limited Ttne Company"/"^max"), togetner with the Audited Financial Statements for the flnancW yuat ended SI"-¹ March, 2021.

FINANCIAL SUMMARY

The Summary of the financial performance of the Company for the financial year ended 2V' March, 20Z3 as compared to the previous financial year is as below:

TRANSFER TO RESERVE

No amount is transferred to (he Gen erg I Reserve of the Companv for the financial year Z022-23.

DIVIDEND

Your Directors do not recommend any dividend during/For the Financial year 2022-23,

MATERrAt CHANGES AND COMMITMENTS IF ANY, AFFECTING THE FINANCIAL POSHTON OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR UNDER REVIEW TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THIS REPORT.

in opinion uf r/ii.- Boord, there hove been no material changes and commitments affcc\tng the financial position of the Company Lv.hj'ch .hrno ocoarreci between the end of the financial year under review to which the finandbl storemens relate ontf the date of fins Ffsport

CHANGE FN THE NATURE Of &U5FNESS

During the year under review, there has been no change In the nature oi business of the Company. The main business activity oF the Company primarily continues to be manufacturing

CHANGE IN THE NATURE OF BUSINESS

Pitring the year under review, there has been no Change- in the nature nf business of the Company. The main business activity of the Company primarily continues to be manufacturing end supply of sheet metal components. Tha Cocgpany is continuously exploring the possibility of venturing into new business areas to minimize its business risks.

STATE OF THE COMPANY'S AFFAIRS. OPERATIONS AND FUTURE PROSPECTS During the financial year 202223. the total ravenue of the Company was Rs, 31561,20 lacs as compared to total revenue of Rs. 25377,26 lacs of previous year. The Company has faced less fur the year under review Rs. (1641.06) Jacs as against the profit of Rs.2269.8T lacs for the previous financial year. The profit from year 2021- 22 included o one time exceptional gain of Rs 5994 lacs pertaining to the sale of land If we look at the profit from regular operations without exceptional income, the company is cosh positive from ope rations in 2022-23 as compared to each negative In 2021-22.

SHARE CAPITAL

The Authorized Shaje Capital of the Company is Rs. 30,00.00,009 (RupeesThirty Crores Only} divided in1d 2,05.00X'00 equity shares of Rs. 10 each; 20,00,COO equity shares with differential voting rights of Rs. 10 each and 1,50,000 Optionally Convertible Cumulative Preference Shores (12%) of Rs. 100 each. The pard up share capital of the Company, as on 31st March, 2022, was Rs. 21,38,82,130 divided into 2,13,06,210 equity shares of Rs. 10 each.

The Company has rot issued any sweat equity shares. As on 31^s! March, 2923. none of the Directors Of your Company hold instrument convertible inio equity Share of the Company.

During the year under review, there was no change in the share capital of the Company from the last financial year.

The shares are actively traded on BSE end NSE and have not been suspended from trading.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of Regulation 34(2 )(e) of SEBJ (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Mar ago me nt Discussion and Analysis Report has been appended separately, 'which forms part of the Annual Report.

CORPORATE GOVERNANCE

Corporate Governance is me application cf best Management Practices, Compliance Of Laws in true letter arid spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustain a bJe development of all stakeholders i.e. shareholders, management, employees, customers, vendors, regulators and the community at large. Your Company places prime importance on reliable financial information, integrity, transparency, empowerment and comp I.an ce with the law. In letter and spirit.

The rcg viators have also emphasised on Ihe nequirnmenl of good cdrpQESt& governance practices m corporate management. Your Company also takes proactive approach and revisits Us governance practices from time to time so as to meet business and regulatory requirements.

The provisions of SEBt (Listing Obligations 3rd Dsdpsure Requirements) Regulations, 20IS with respect to the Corporate Governance for the year 2022-23 has been provided in the Corporate Governance Report, which is attached here separately along with a Certificate from Practicing Company Secretary on compliance with corpora to governance norms, and forms part of the Annual Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of Directors of I he Company has optimum combination of executive and nonexecutive directors including independent directors and woman directors in compliance with the provisions of the Companies Act, 2013 ("the Act") and SEEI (Listing Obligations and Disclosure Requirements) Regulations. 2015 ("Listing Regulations")

During the year under review, the fblowing changes were taken place in the Directors and Key Managerial Personnel of I he Company-

Mr_r Oevashi&h Mehta was appointed as the Chief Financial Officer of the Company w.e.L 23^rd January, 2023,

Mr. Nipun Khurnna was appointed as the Non-executive Independent Director w.e,f. OS¹" August 2022,

- The tenure ship of 2 consecutive terms of 5 years of Dr. R a mesh Chandra Vaish & Dr. Triloki Nath Kapoor got over at the Annual General Meeting held on 30'¹' September 2022 and that they were not associated with the Company w.e f.Or¹ October, 2022.

in terms of the provisions of the Act end Article of Association of the Company, Mr, Tavinder Singh (DIN: 01175243), shall retire by rotation at the ersuing Annual General Meeting and being eligible, have offered himself for re-appointment. The Board recommends for this re-appoinluiem in the ensuing Annual Genera! Meeting of the Company.

The Company has received declarations from alE the Independent Directors of (he Company confirming that they continue to meet the criteria of independence, as presen bed under Section 149 of the Act read with rules made there under and Regulations 16 & ?5 of the Listing Regulations, 'fie Independent DirecLuis have also confirmed that Ihey have complied with the Company's cede uf conduct, fn the opinion of the Board of Directors cf (he Company, all Independent Directors of the Company have integrity, expertise, expcnence as prescribed under the Companies (Appointment and Disquafification of Directors) Rules. 2014 read with the Companies (Accounts) Rules, 2014 (including amendment thereof).

Ail Directors of the Company have also given declarations that they am net debarred from holding the office of Director by virtue of any SERI order or any other such statutory authority as required under the Circular dated 20"¹ June, 201fi issued by BSE Limited and National Stock Exchange of India Limited.

Board Diversity and Policy on Director's Appointment and Remuneration The Company believes that building a diverse and inclusive culture is integra: to its success. A diverse Board will be able to leverage different skills, qualifications, professional experiences perspectives and backgrounds, which is necessary tor achieving sustainable and balanced development. The Board has adopted a policy on 'Nomination and Remuneration for selection and appointment of Directors, Senior Management including Key Managerial Ptersoniiel's and other Senior Management and their remuneration, which sets out the criteria for determining qualifications, positive attributes and independence of a Director, The Salient features of the policy ere mentioned in the Corporate Governance Report which forms part of this report.

The detailed policy is available on the Company's website at hltflc ://www.offlaxauto com/Coties-PoliCBS asps .

Annual Board Evaluation and Familiarization Programme tor Board Members The Nomination and Remo deration CammlLLee has pul In place a framework for evaluation of the performance of the Board Board Committees and individual Directors inducing Chairperson. Customized forms were circulated, responses were analyzed and the results wars subsequently discussed by the Board. Recommendations arising from this entire process were deliberated updo by the Board to be used constructively to Further enhance its effectiveness A detailed update on the Performance Evaluation is pruvded in the report on Corporate Governance which forms pad of this repod

A note on the familiarization programme adopted by the Company for orieruatfon and training of tie Directors and the Board evaluation process undertaken in compliance vwtfi the provisions of the Act and the Listing Regulations is provided in the Report on Comnrate Gnvemance, which forms pad of this Report

Commitee, of Bo.ird_r MumkjDr of Moptingf. of the.in Board Committees Dunng the year under review, 6 {Six) meetings of the Board of Directors were held respectively on 09/05/2022, 30/05/2022, 00/03/2022. 31/05/2022. 10/11/2022 a 23/01/2023

Dunng the financial year Ended 31^s1 March, 2023, all the recommendations of/submissions by ihe Committees which were mandatory required, were accepted by the Board l he Committees of the Board are as follow:-

a) Aud it Committee

b} Nomination and Remuneration committee c) Stakeholders Relationship Committee d} Executive Committee

Details cf Board Meetings and Committee Meetings and attendance thereof is disclosed in the Corporate Governance Report attached separately to this report

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of the provisions of the Companies Act, 2013 the Board of Directors of your Company confirm thal

(a) in the preparation pf the annual accounts for the Financial year ended March 31, 2023. the applicable accounting standards had Peon totlowed along with proper explanation relating to material departures, though there is no material departure; (b}tha directors had selected such accounting policies and app:ied them consistently and made judgments and esl mates that are reasonable and prudent so as to give a treat and fair view of the stale of affairs of the company at the end of the financial year ended March 31.2023 and of the profits loss) of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Acl for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

id} the directors had prepared the annual accourtls for the Financial year ended March 31. 2023 on a going concern basis:

(ol'thc ci re dors, had laid down internal financial controls tc bo followed by tha company and toal such internal financial riontrols are adequate and were operating effectively; and

(f) 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.

VIGIL MECHANISM

The Company is committed to adhere lo the highest standards of elhicah moral and legal conduct of business operations The Company has established a vigil mechanism and has adopted the "Vigil Meehanism/Whistle Blower Policy". As per the poiicy objective, the Company encourages its employees who have concerns about suspected misconduct, to come forward and express these concerns without fear of punishment or unfair treatment. A vigil mechanism provides a channel to the employees and directors to report to the management concerns a Pout unetnical behavior, actua: or suspected Jraud or violation of Ihe Codes of conduct or policy. I he mechanism provides for adequate safeguards against victimization of employees and directors to avail the mechanism and a so provide for direct access tn (he Managing Directnr.'Chairnnan ofthe Audit Committee to oxoeplional cases. Such policy is available on the wobsitc of lho Company

. https;/i'www .omaxauto.comrCodes -Pol icies asp.

During the financial year under review, person has been denied access to the Managing Director, Chairman of the Audit Committee.

CORPORATE SOCfAL RESPONSIBILITY INITIATIVES

As a good corporate citizen, the Company understands the significance of inclusive growth and wellbeing of all stakeholders, including the society at large. Your Company has been taking initiatives under Corporate Social Responsibility {CSR) for solely at targe, well before it was prescribed under the Acl. The Company has a well-defined Policy on CSR as per the requirement of Sachem 135 of the Act which covers tha activities as prescribed under Schedule VII of the Act.

During tne year under review, due to loss suffered by the Company in the previous year, the re i s no habil i ty on the com pan y to spen d on Corpora ts Soci af Re spo nsi bil i ty Acti vities, But to mention that the CSR is not application Ihe Company for FY 2022-23

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The Board of Directors of :he Company has, adopted 3 policy a the Risk Manage tree t Policy of the Company with main objective (o ensure sustainable business growth with stability and to promote a pro-active; approach in :oporling, evaluating and resolving risks associated wth the business. The Board continuously identifies various risks to which the Company is subject to and which in the opinion of the Board may threaten the existence of ihe Company.

The implementation and mon-taring of (bis policy is currently assigned to the Audit Committee of the Board. Though ihe Board is striving to identify various elements of risk, however, in the op nion of ihe Board, there has beer no element of risk which may threaten the existence of the Company.

AUDITORS

Statutory Auditor

In terms of the provisions of Section 139 of the Companies Act, ?013, M/s. BGJC Associates LLP, Chartered Accountants {Firm Registration No. OQ3304N), were re- a ppoi nied as Stati itory Auditor of the Compa ny at the 39"¹ An nt& I Genera! Meeti ng [ AGM) to hold office till the condu&ion of 44^lh AGM gf the Company.

M's. BGJC Associates LLP, Chartered Accountants (firm Registration No. G03U04N), are eligible to continue as the Statutory Auditors of the company for another term in accordan ce wi th lh e provi sion a o f the Act read with njl e s made the reur der and app lica ble laws Accordingly, Ihe Board of Directors ol the Company has recommended the reappointment of M/s. BGJC Associates LLP. Chartered Accourtlants as Statutory Auditors of the Company.

Secretarial Auditor

tn terms of Section 204 of the Act read with the rules made thereunder, and upon the recommendation of the Audit Committee, the Board of Directors has appointed MNK Associates & LLP-the Secretariat Auditors for the financial year 2022-23 at the Board Meeting held on 23^(J January. 2023.

Further ft has been proposed that for FY 2023-24 also MNK Associates & LLF-rrte Secretarial Auditors will be appointed to conduct Secretarial Audit for FY 2023-24.

Internal Auditors

In terms of Section 133 of the Companies Act. 2013 mad with Companies (Accounts) Rules, 2014, (he Board of Directors, on recommendation of the Audit Committee, nas appointed M/&. Mis. Singhi Chugh & Kumar. Chartered Accountants, having FRN; 013S13N and M/s. JHS & Associates LLP (previously known N. Kochhar & Co.), having FRN: 1332BBW. Chartcrod Accountants as Internal Auditors of the Company for the financial year?023-24.

Cost Auditors

During the year under review, the turnover of the Company was more than the threshold as prescribed uncer SEctien 14& of ihe Arrt and rules made thereunder. For the Financialyear 2112324, the Company is required to make and maintain the Cost records as specified by the Central Government under sub-secticm (1) of section 148 of the Act,

The Board of Directors of rho Company, on the recommendations marls by the Audit Committee, has appointed M/&. JSN & Co,, Coat Accountants (Firm Registration No, 0CQ455) as the Cost Auditor of the Company to conduct the audit of the cost records for the financial year 2022-23. The remuneration proposed to be paid to the Cost Auditor, subject to ratification by the sharehodersef the Company at the ensuing 40^lh AGM, would not exceed Rs. 1,20,000 (One Lakh twenty thousand only) excluding (axes and out of pocket e xpenieS, i F any

The Company has received conseni from Mis. JSN & Co., Cost Accountants, (Firm Registration No, 000455} to act as the Cost Auditor for conducting audit of the cost records for the financial year 2023-24 along with a certificate confirming Lheir independence and arm's length relationship.

AUDITORS REPORT

Statutory Audit Report

M/s, BGJC Associates LLP, Chartered Accountants (Firm Registration No, GO03O4N}_t Statutory Auditors of the Company have submitted their reports on the financial state mento of the Company for the financial at year ended 31^st March. 2023. There has been no observation commonly while adverse effect on the functioning of the company; further, there is also no qualification reservation or adverse remarks in the Auditors Reports on the financial statement of the Company for the financial year ended 31^' March, 2023,

Further, the auditors have not reported any fraud under Secton 143(12) of the Act tor the financial year 2022-23,

Secretarial Audit Report

!n terms Of Section 204(1) Of the Act, a Secretarial Audit Report, given by M/s. MNK Associates & LLP the Secretarial Auditor of the Company, m prescribed form has been annexed as Annexure-2 hereto and forms pert of this Report. It is clan tied as mentioned in Iheir report for the financial year ended 31^5t March, 2023:

1. M&. Sakshi Kaura, Joint Managing Directorname is appearing under thecategory -defaulting status at the Ministry of Corporate Affairs (MCA}. Registrar of Companies (ROC) website at www.mca.qftv.in

Reply: Name of Ms. Sakshi Kaura, Joint Managing Director is appearing under defaulting status as apparent that the Annual filing (Form 8 and 11) of Mis SKM & Associates, LLP was not done for 3 continuous Financial Years i.e. (FY 2019-20, 2020-21 & 2021-22). This is to apprise that the annual filing of the 3 finarctal years have been riowcompieted on April 27. 2023 but the s'atos is yet to be updated on MCA portal.

2. Identifying and approving the list of Company Officers as part of Senior Management

Reply: The matter of the identification of the Senior Management has already been the part of the Minutes of the 199^ Board Meeting of the Company where the matter is considered in case of Performance Evaluation for FY 2015-16.

But further suggestion, the Company Has started to take at the list should the updated every time there is any change in the approved list and recommend it to the Board for its approval

3. Recoomdation of the re constitution of the commities by the respective commities to the Board.

Reply the authority to approve & reconstitute to commitee is only with the board and further we wish

to inform that all the respective commite members of the board as well and in most of the cases the agenda iteams of the commitee are also considared as the agenda iteams of the board meetings.

Further, the auditors have not reported any fraud under Section 143(12) of Ihe Act for ttie financial year 2022-23.

Cost Audit Report

M/s. JSN S Co., Cost Accountants (Firm Registration Mo. 000455), Cost Auditors of the Company have submitted their reports on the cost ^cords of the Company for the financial year ended 3l^il March, 2023. There has been no qualification., reservation or adverse remarks in the Auditors' Reports on the cost records of the Company for the financial year ended 3l^fl1 March, 2023

Further, the auditors have flOt reported any fraud under Section 143(12) of the Act for the financial year 2022-23.

SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES The Company does not have any subsidiary company or joint venture or associate company. There was no company which had be come or teased to be the subsidiary, jonl venture or associate company of the Company during the year tinder review.

DEPOSITS

During the year under review, the Company had not invited or accepted any deposits from- public under Chapter v of the Act and the Rules made thereunder. Further, no deposits are outstanding on the end of financial year 2022-23.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/ COURTS/ TRIBUNALS

There has been no significant and material order passed by ary regulator, courts or tribunals impacting the going concerr stains and operations of rhe Company in future.

INTERNAL FINANCIAL CONTROLS

The Company has established 3 framework for internal financial controls. The Company has in place adequate controls, procedures and policies, ensunng orderly and efficient conduct of its business, including adherence to the Company's polices, safeguarding of its assets, prevention and detection of frauds and errors accuracy and completeness of accounting records any timeIy preparation of reliable financial information. During the year under review, such controls were assessed and no reportage material weaknesses <n the design or operation were observed. Accordingly, the Board is of the opinion that ihe Company's internal Financial controls were adequate and effective during financial year 2022-23,

LOANS, GUARANTEES AND INVESTMENT

During the financial year under review the Company has nol g ven any oan or guarantee or security in connection with a loan or made any investment in terms of Section 1S6 of the Companies Act, 2013.

RELATED PARTY TRANSACTIONS

During the year under review, the Company has entered into- transactions with related parties falling under the purview of Section 106 of the Act. Ali the transactions with the related parties were in ordinary course or business and on arm's length basis, therefore die Company is not required to g:ve details of related party transactions in Form AOC-2. Al: transactions with related parties were duly reviewed by Ihe Audit Committee of the Board.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE OUTGO

in terms of Section 134(3 Km) of the Act read with Rule S of Companies (Accounts) Rules, 2014, a statement containing detail of conservation of energy technology absorption, foreign exchange earnings and outgo, in the manner as prescribed under the Companies (Accounts) Rules, 2314. is given in Annexure - 3 hereto and forms pan of this Report.

DISCLOSURE OF PRESCRIBED DETAILS OF DIRECTORS' REMUNERATION VI5- A VfS EMPLOYEES REMUNERATION

In terms of Section 197(12) or the Act read with Rule 5(1 )_h 5(2} and 5(3} of the Companies (Appointment and Remuneration of Managerial Personnel} Rules, 2014 the ratio of the remuneration or each director to the median employee's remuneration and such other details as are regained under such rules are attached separately as Annexure - 4, which forms part of this -report.

ANNUAL RETURN

Pursuant to Section 92(3} read with Sectior 134(3Xa) of the Act, the Annual Return in Form MGT-7 as on March 31, 2D 23 is aval able on the Companys websde.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESS AL) ACT_r 2013

The Company has in place a Policy on Prevention of Sexual Harassment at the Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &. Rcdrossal) Act, 2013 ("POSH"). The Company has constituted an Internal Coniplants Committee to redress complaints received regarding sexual harassment at the workplace

ENVIRONMENT HEALTH AND SAFETY (EHS)

Yout Company is committed for adhering to best Environmental, Safely & Health Practices during its manufacturing processes. It targets to achieve 10C% Environmental Lega i cu mpl i a r i ce s wi lb 100% cus turner's sa Lisfa etion alar rg with contir; uo us traini r i gs and

awareness programs on different Environmental Burning Issues from time to time. In order to ensure effective imptementation of OMAX's EHS Policy, the same is systomalicaLly communicated across all the levels and the employees are trained from time to time to not only build commlmenl at their levels but also encourage them to be effective promoters of this philosophy and take EHS as one of their key roles in day to day functioning. Environment. Health and Safety programs in the organization is the prime fOCU$ of top management fa make safe and healthy work environment. The EHS pfogre^rns protect the environment, conserve the natural resources, provide safe end healthy conditions for work, and comp y with applicable raws and regulations.

The Company is committed for adopting Zero Incident free work envronmentby following continuous workplace and classrooms trainings, work permit systems, third party safety audits and stringent safety standards in me workplace. Safety and health compliances, start from cur gates and occupy the topmost position In the y&orty goals of the Company

The Company largets to ma-ntain nurimum Zero Severity Rate and Frequency Rate to achieve Zero injury. All safety compliances being monitored via In-tiouse and third parly monthly safety audits to know r^ast non-conformance to ensure our 100% safely compliances for our employees, associates and machinery to improve productivity A dedicated EHS team is available in each unit under guidance of corporate E=H3 on day- to-day basis.

AI EHS activities fire monitored by monthly EHS MfS review mechanism with allocation of s lJ fi ci ent resou nces under separate cost centre for be tter a-cca unta btl i ty. T he C o mpa n y is also dedicated to save our precious natural resources with conservation of water by recycling our effluent after treatment by installing Reverse Osmosis Plants. For conlnuous monitoring and to operate our a-I ETPs at hgh&&t efficiency, we have established decicated ETP Labs at all major locations with dedicated ETP Chemists to achieve and fulfil our commitment towards Zero Liquid Discharge. The Company's strength is Employee engagement and under this, celebrations of Environment and Safety Day Fire & Mock Drills, EHS awareness training programs covering all employees and associates under scheduled classroom and floor level (wring are conducted EHS Legal Compliance training programs are organized fo' all sen or and middle management for betier understanding throughout the year to create more vibrant environment amongst Ihe employees 3a that each & every employee takes the resparisiLTIities & guices others about non polluted environment, T he Company also ensure^ 1Ub% disposal of fill generated Hazardous wastes as per Pollution Control guidelines. The Company has also started d spasm of E-waste to authorized re-cyclers

PROCEEDING UNDER INSOLVENCY AND BANKRUPTCY CODE. 2016 The Company nas not made atiy application or any proceed ng pending under the Insolvency and Bankruptcy Code. 2015 (31 of 2016) ("IBC Code") during the year. Further, at the end of the year, Company does not have aiy proceed ngs related to fBC Code.

THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

During the year under review, the Company has nol made one time settlement therefore, the same is net applicable.

WE0UWK TO IMPORTANT DOCUMENTS^! INFORMATION:

The Company has hosted certain policiesWocurnents/ information, including inter atia, Policy for determining 'Material Subsidiaries Policy on dealing with Related Party Transactions, Famfliarizatinn programmes for Independent Directors etc. as per the requirement of law or otherwise.

Following lint; oould be used for accessing such polices/ docurrtents/iriforiTiation: h /(p$<a ufo. d ftv'QHfts-Poffcies, aspx

For Regulation 46: https:f/w\MA/. omaxauto. com/reauiation 4 S.asox For Regulation 30: https://mm\ oinaxauto. com/reguiatlon 30. asm

COMPLIANCE OF SECRETARIAL STANDARDS ISSUED BY ICSt During the financial year 2022-23. the Directors have devised proper systems io ensure compliance with the provisions of all applicable Secreta-ial Standards and that the best efforts are being taken [fiat such systems being adequate and operated effectively.

ACKNOWLEDGEMENT APPRECIATION

The Directors wish to convoy their appreciation to business associates tor their support nnd contribution durng the year. The Directors woutd also Ike to thank the employees, shareholders, customers, suppliers, alliance partners, bankers and government agencies Tor the continued support given by them to the Company and their confidence reposed in the management We look forward for your continued support in the future.