Ravinder Heights Ltd

Dear Members,

The Board of Directors take pleasure in presenting their 05^th Annual Report on the business and operations of the Company together with Audited Standalone and Consolidated Financial Statements and Auditors' Report thereon for the financial year ended March 31,2024.

Financial and Operational Highlights

(Amount in Lakhs)

*Include figures for the discontinued operations State of Company's Affairs

During the year under review, your Company's consolidated Total revenue (including other income) stood at Rs. 987.52 Lakhs as compared to Rs. 1,654.32 Lakhs for the previous year; Loss before Tax stood at Rs. 210.99 Lakhs as compared to profit of Rs. 426.93 Lakhs for the previous year.

During the year under review, your Company's Standalone Total revenue (including other income) stood at Rs. 147.83 Lakhs as compared to Rs. 147.50 Lakhs for the previous year; Loss incurred by the company stood at Rs. 49.75 Lakhs as compared to Rs. 92.15 Lakhs for the previous year.

Financial Statements

These standalone and consolidated financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the 'Ind AS') as notified by Ministry of Corporate Affairs ('MCA') under Section 133 of the Companies Act, 2013 ('Act') read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and presentation requirements, relevant provisions of the Act and other

accounting principles generally accepted in India. As the demerger of the Real Estate Business Undertaking is on a going concern basis, under common control and accounted by applying Appendix C of Ind AS 103: Business Combinations, the accounting policies followed for the said Real Estate Business Undertaking by the demerged company have been consistently applied except where a newly issued accounting standard initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use and the disclosures in respect of significant accounting policies are made accordingly. On approval of the composite scheme of arrangement, the Company has become a "Core Investment Company" and is not required to get registered under section 45IA of the Reserve Bank of India Act, 1934. Accordingly, the Company has presented the financial statements in the format prescribed for NBFCs i.e., Division III of Schedule III to the Companies Act, 2013 with necessary additional disclosures wherever required.

Dividend and Transfer to Reserves

During the year under review, in view of losses the Board of Directors has not recommended any dividend on the equity shares as well as preference shares of the Company. Accordingly, the Company has not transferred any amount to general reserves. The closing balance of the retained earnings of your Company for FY 2023-24 after all appropriations and adjustments was (836.95 Lakhs).

Public Deposits

During the year under review, the Company has neither invited nor accepted/ renewed any deposits from the public within the meaning of Section 73 and 74 of the Companies Act, 2013 (the 'Act') read with the Companies (Acceptance of Deposits) Rules, 2014.

Particulars of Loans, Guarantees or Investments

Particulars of loans, guarantees, securities and investments have been disclosed in the notes to the Standalone Financial Statements.

Related Party Transaction

The Company has robust processes and procedures for identification and monitoring related party (ies) and related party transactions.

All contracts, arrangements and transactions entered into by the Company during the Financial Year under review with related parties were on an arm's length basis and in the ordinary course of business.

There were no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons, which could have potential conflict with the interest of the Company at large. The Company's major related party transactions are generally with its subsidiary companies.

During the year, the Company has not entered into any contract/ arrangement/transaction with related parties which could be considered material in accordance with the policy of Company on materiality of related party

transactions (transactions where the value exceeds 10% of the annual Consolidated turnover) or which is required to be reported in Form AOC - 2 in terms of section 134 (3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules 2014.

All Related Party Transactions were placed before the Audit Committee for approval. Omnibus approval of the Audit Committee was obtained for the transactions which were of a repetitive nature. The transactions entered into pursuant to the omnibus approval so granted were reviewed and statements giving details of all related party transactions were placed before the Audit Committee on a quarterly basis. The policy on Related Party Transactions as approved by the Board is uploaded on the Company's website at the link:

https://ravinderheights.com/rvhl/docs/Policv-on-Related- Partv-Transactions.pdf

Your Directors draw attention of the Members to Note 27 to the standalone financial statement which sets out related party disclosures pursuant to Ind-AS and Schedule V of Listing Regulations.

Significant Events during the year under review

During the financial year 2023-24, the Company has received request letters from the below mentioned "erstwhile Promoter and Promoter group" of the Company ("Outgoing Promoters"), for their reclassification from 'Promoter and Promoter Group' category to 'Public' category in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, the Stock Exchanges vide their letters dated April 10, 2024, for the Second Lucre Partnership Co. and dated May 07, 2024 for the remaining Erstwhile Promoter and Promoter group, approved the application submitted by the Company, on the request of "erstwhile Promoter and Promoter group" of the Company ("Outgoing Promoters"), for their reclassification from 'Promoter and Promoter Group' category to 'Public' category in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consequently, w.e.f. April 10, 2024, and May 07, 2024, respectively, the Outgoing Promoters (erstwhile 'Promoter and Promoter group' of the Company) were reclassified as 'Public' shareholders.

Share Capital

The issued, subscribed and paid-up Share Capital of the

Company as on March 31, 2024, is Rs. 6,29,00,746 comprising of Rs. 6,12,50,746 equity share capital divided into 6,12,50,746 Equity Shares of Re. 1 each and Rs. 16,50,000 preference share capital divided into 1,65,000 - 0.01% Compulsory Convertible Non-Cumulative Preference Shares (CCPS) of Rs. 10/- each.

During the financial year 2023-24, the Company has not issued any equity shares with differential rights/sweat equity shares under Rule 4 and Rule 8 of Companies (Share Capital and Debentures Rules, 2014). Also, the Company has not offered shares under employee stock option scheme during the financial year.

Directors' Responsibility Statement

Pursuant to the requirements under Section 134 (5) of the Act with respect to Directors' Responsibility Statement, your directors confirm that for the year ended 31^st March 2024:

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) they 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 as at March 31, 2024 and of the loss of the company for the year ended on that date;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual financial statement for the Financial Year ended March 31, 2024 on a going concern basis;

e) they have laid down proper internal financial controls to be followed by the company and such internal financial controls are adequate and are operating effectively; and

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

Annual Return

Pursuant to section 92 (3) read with Section 134 (3) (a) of the Act, the Annual Return as on March 31, 2024 is available on the Company's website and can be accessed at https://ravinderheights.com/rvhl/docs/Annual-Return- for-the-Financial-Year-ended-March-31,-2024-(Form-MGT- Zlpdf

a) Retirement by Rotation: In terms of the provisions of Section 152(6) of the Companies Act, 2013, Mr. Sumit Jain (DIN: 00014236), retires by rotation at this Annual General Meeting, and being eligible, offers himself for reappointment as director. The resolution seeking members' approval for his re-appointment form part of the AGM Notice. The Board of Directors of your

Company has recommended his re-appointment.

b) Declaration by Independent Directors: The

Independent Directors in their respective disclosures have confirmed that they are independent of the Management and not aware of any circumstances or situation, which exists or may be reasonably anticipated that could impair or Impact their ability to discharge their duties. Based on the disclosures received from Independent Directors, the Board of Directors has confirmed that they fulfill conditions specified in Section 149(6) of the Act and Regulation 16(1)(b) and 25(8) of the SEBI Listing Regulations.

Further, the Board is of the opinion that the Independent Directors of the Company uphold the highest standards of integrity and possess the requisite expertise and experience required to fulfill their duties as Independent Directors.

c) Registration on Independent Directors' Data Bank:

Pursuant to the requirements issued by Ministry of Corporate Affairs ("MCA") vide its notification dated October 22, 2019, the details of all the independent directors of the Company are registered in the databank of Indian Institute of Corporate Affairs ("IICA"). Requisite disclosures under Section 149(6) of the Act have also been received from the independent directors in this regard.

d) Confirmation by Directors regarding Directorship(s)/Committee Position(s)

Based on the disclosures received, number of Directorship(s), Committee Membership(s), and Chairmanship of all the Directors are within respective limits prescribed under the Act and SEBI Listing Regulations. Further, none of the Executive Directors of the Company served as an Independent Director in any other listed company. Necessary disclosures regarding Committee positions in other public companies as on 31 March 2024, have been made by the Directors and reported in the Corporate Governance Report which forms part of the Annual Report.

e) Change in Directors and Key Managerial Personnel:

Except this, there is no other change in the directors and Key Managerial Personnel ("KMP") of the Company till the date of this report.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy was devised in accordance with Section 178 of the Act read with SEBI Listing Regulations.

The Nomination and Remuneration Policy includes matters related to Director's appointment and remuneration including the criteria for determining qualifications, positive attributes, independence of a Director and other related matters. The Nomination and Remuneration Policy of the Company is aimed at inculcating a performance-driven culture. Through its comprehensive compensation program, the Company endeavors to attract, retain, develop and motivate a high-performance workforce. The said policy is available on the Company's website at https://ravinderheights.com/rvhl/docs/Nomination-and- Remuneration-Policv.pdf .

Annual Evaluation of the Board, its Committees and Individual Directors

The Board of Directors of our Company has on the basis of recommendation of Nomination and Remuneration Committee has devised a policy for performance evaluation of the Directors, Board and its Committees, which include criteria for performance evaluation. Pursuant to the provisions of the Act and Listing Regulations, the Board has carried out an annual performance evaluation of the Board collectively, the Directors individually as well as the evaluation of the working of the Committees of the Board. The Board performance was evaluated based on inputs received from all the Directors after considering the criteria such as Board Composition and structure, effectiveness of Board/Committee processes and information provided to the Board, etc. Pursuant to the Listing Regulations, performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

The Independent Directors of the Board also reviewed the performance of the Non-independent Directors and the Board, pursuant to Schedule IV of the Act and Regulation 25 of the SEBI Listing Regulations.

Board and its Committees

The Board of Directors met 5 (five) times during FY 2023-24. Details of the composition of the Board, terms of reference, meetings held and attendance thereat are provided in the Corporate Governance Report forming part of the Annual Report.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee of Board of

Directors of the Company has been duly constituted in accordance with the provisions of sub-section (1) of Section 178 of the Companies Act, 2013 and Regulation 19 of Securities Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 consisting of 3 Directors, which are Independent Directors.

The details of compositions, number of Meetings, functions and the remuneration policy formulated by this Committee are furnished in the Corporate Governance Report, forming part of this Annual Report.

Audit Committee

The Audit Committee of Board of Directors of the Company has been duly constituted in accordance with Section 177 of the Companies Act, 2013 and Regulation 18 of Securities Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 consisting of 3 Directors, 2/3rd of which are independent Directors.

The details of compositions and number of Meetings of the Audit Committee are furnished in the Corporate Governance Report, forming part of this Annual Report.

During the Financial Year, all the recommendations made by the Audit Committee were accepted by the Board.

Stakeholder Relationship Committee

The Stakeholders Relationship Committee of the Company is constituted in line with the Regulation 20 of the Listing Regulations read with Section 178 of the Companies Act, 2013 consisting of 3 Directors, 1/3rd of which are independent Directors.

The Stakeholders' Relationship Committee was constituted to redress the shareholders' grievances/complaints relating to transfer & transmission of shares, non-receipt of annual report, dividend, share certif?cate etc. and to provide the responses to the queries, if any, raised by the investors.

The details of compositions and number of Meetings of the Stakeholder Relationship Committee are furnished in the Corporate Governance Report, forming part of this Annual Report.

Corporate Governance Report

The Company is committed to sound corporate governance practices as well as compliance with all applicable laws and regulations. The Board believes that adopting the highest level of ethical principles would ensure that RVHL continues to be the leading Company in the real estate sector. The Corporate Governance Report, as stipulated under Regulation 17 to 27 and Clause (b) to (i) and (t) of Regulation 46(2) and Paragraph C, D and E of Schedule V of the SEBI Listing Regulations, forms part of the Annual Report.

A certif?cate from M/s. RAA & Associates, Company Secretaries in Practice, confirming compliance of conditions of Corporate Governance as stipulated under Para E of Schedule V of the Listing Regulations, is annexed to the Corporate Governance Report.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report, as required under Regulation 34 read with Schedule V of the SEBI Listing Regulations, forms part of the Annual Report.

Risk Management Policy

The Company has a defined Risk Management Policy applicable to the business of the company. This helps in identifying, assessing and mitigating the risk that could impact the Company's performance and achievement of its business objectives. The risks are viewed on an ongoing basis by respective department heads and functional heads across the organization.

Risk management forms an integral part of the management policies and is an ongoing process, integrated deeply into everyday operations. The development and implementation of the Risk Management Policy has been covered in the Management Discussion and Analysis Report, which forms part of the Annual Report.

Internal Financial Controls

The Company has a robust and well embedded system of internal financial controls. This ensures that all assets are safeguarded and protected against loss from unauthorized use or disposition and all transactions are authorised, recorded and reported correctly. An extensive risk-based programme of internal audit and management reviews provides assurance on the effectiveness of internal financial controls, which are continuously monitored through management reviews, self-assessment, and functional experts as also by the Statutory / Internal Auditors during the course of their audits.

The internal control system ensures compliance with all applicable laws and regulations and facilitates optimum utilization of available resources and protects the interests of all stakeholders.

The internal audit plan is also aligned to the business objectives of the Company, which is reviewed and approved by the Audit Committee. Further, the Audit Committee monitors the adequacy and effectiveness of your Company's internal control framework. Significant audit observations are followed-up and the actions taken are reported to the Audit Committee. The internal control system is commensurate with the nature, size and complexities of operations of your Company.

Particulars of Employees and Related Disclosures

During the year under review, the remuneration paid to Mrs. Sunanda Jain, Chairperson cum Managing Director is Rs. 2.30 Lakhs per month. Further, there was no employee in the Company who:

i) if employed throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, more than or equals to one crore and two lakh rupees;

ii) if employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which,

in the aggregate, more than of equals to eight lakh and fifty thousand rupees per month;

iii) if employed throughout the financial year or part thereof, was in receipt of remuneration in excess of that drawn by the managing director or whole-time director or manager and holds by himself/herself or along with his spouse and dependent children, more than or equals to two percent of the equity shares of the company.

Disclosures pertaining to remuneration and other detai ls 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 ("Managerial Personnel Rules") are provided in Annexure - A hereto and the same forms part of this Report.

Accordingly, disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable on the Company.

Subsidiaries, Joint Ventures, Associate Companies and Consolidated Financial Statements

Your Company has One (1) Wholly Owned Subsidiary Company, viz. Radhika Heights Limited ("RHL") and Five (5) Step-down Wholly Owned Subsidiaries ("WOS"), viz. Nirmala Buildwell Private Limited, Nirmala Organic Farms & Resorts Private Limited, Cabana Construction Private Limited, Radicura Infra Limited and Sunanda Infra Limited.

RHL (along with its four WOSs) which are also engaged in real estate business currently owns 105.62 approx. acres of land at village Harsaru Sector 89A, Patudi Road, Gurgoan, Haryana. Radhika Heights Limited ("WOS of the Company") along with its Wholly owned subsidiaries i.e. Radicura Infra Limited, Cabana Construction Private Limited, Nirmala Buildwell Private Limited, Sunanda Infra Limited ("Step- down WOS of the Company") entered into a Collaboration Agreement with Bestech India Private Limited ("Developer") for its land situated in Sector 89A, Gurgaon for affordable plotted colony project under Deen Dayal Jan Awas Yojna from DTCP Haryana.

Further they had received the License(s) from Directorate of Town and Country Planning, Haryana on 17.09.2021 for 12.3812 Acres of land and 08.10.2021 for 39.43125 Acres of Land situated in the village Harsaru, Sector 89A, Pataudi Road, Gurugram, Haryana for setting up an Affordable Plotted Colony under Deen Dayal Jan Awas Yojna ("DDJAY") Scheme.

Pursuant to the provisions of Section 129(3) of the Act and SEBI Listing Regulations, the Consolidated Financial Statements of the Company were prepared in accordance with the applicable Ind AS and form part of the Annual Report. A statement containing the salient features of the financial statements of the Subsidiaries, Joint Ventures and Associates of the Company in Form AOC-1, as required under the Companies (Accounts) Rules, 2014, as amended, also form part of the Notes to the financial statements.

In accordance with the provisions of Section 136 of the Companies Act, 2013 and read with Regulation 46 of SEBI Listing Regulations, Audited Financial Statements of the Company, including Consolidated Financial Statements, other documents required to be attached thereto and Audited Financial Statements of each of the Subsidiaries, are available on the website of the Company and may be accessed at https://ravinderheights.com/rvhl/investor-zone/ Audited Financial Statements/.

Material unlisted Subsidiary (ies)

The Company has formulated a Policy for determining material subsidiaries which may be accessed on the Company's website at the link:

https://ravinderheights.com/rvhl/docs/Policv-for- Determining-Material-Subsidiaries.pdf.

As on March 31,2024 Radhika Heights Limited and Radicura Infra Limited was the material subsidiary of the Company pursuant to Securities Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015.

a) Statutory Auditors and their report: M/s. Dewan P.N. Chopra & Co., Chartered Accountants were appointed as Statutory Auditor of the Company at the 1st Annual General Meeting of the Company held on September 8, 2020 to hold office for a term of 5 years until the conclusion of 6^th Annual General Meeting of the Company.

The Company has received confirmation from M/s. Dewan P.N. Chopra & Co., Chartered Accountants that they are not disqualified from continuing as Auditor of the Company.

The Auditors' Report does not contain any qualification, reservation, adverse remark or disclaimer of opinion. The Notes to the Financial Statements (including the Consolidated Financial Statements) referred to in the Auditors' Report are self-explanatory and do not call for any further comments.

Report: M/s. RAA & Associates LLP, Company

Secretaries in Practice was appointed as Secretarial Auditor of the Company for FY 2023-24. The Secretarial Audit Report(s) for FY ended 31 March 2024 are annexed at Annexure-B. The Secretarial Audit and Compliance Report(s) does not contain any qualification, reservation, adverse remark or disclaimer, if any, and that the report is self-explanatory. Further, as per the applicable provisions of the SEBI Listing Regulations, the Secretarial Compliance Report was filed with the stock exchanges, within the stipulated timeframe.

Radhika Heights Limited and Radicura Infra Limited material subsidiaries of the Company have also undergone Secretarial Audit as per Section 204 of the Act and Regulation 24A of the SEBI Listing Regulations. The said reports are self-explanatory and do not contain any qualification, reservation, adverse remark or disclaimer.

c) Cost Records and Cost Audit: The provisions of

Section 148 (1) of the Act is not applicable on the Company for the financial year ended March 31, 2024 and the Company has therefore not maintained any cost account and records in respect of the same.

Reporting of Fraud by Auditors

During the year under review, the Statutory Auditors and Secretarial Auditor have not reported any instance of fraud in respect of the Company, by its officers or employees under Section 143(12) of the Act.

Significant and Material Order, if any, passed by the regulator or courts or tribunals

No significant and material orders have been passed during the Financial Year 2023-24 by the regulators or courts or tribunals affecting the going concern status and Company's operations in the future.

Material changes and commitments if any, affecting the financial position of the Company

Except as disclosed elsewhere in the report, no material changes and commitments which could affect the Company's financial position have occurred between the end of the financial year 2023-2024 and the date of this Report.

Compliance with Secretarial Standards

The Company has complied with the provisions of Secretarial Standard - 1 (Secretarial Standard on meetings of Board of Directors) and Secretarial Standard - 2 (Secretarial Standard on General Meetings) issued by the Institute of Company Secretaries of India.

Conservation of Energy, Technology Absorption & Foreign Exchange earnings and outgo

The particulars as required to be disclosed in terms of Section 134 (3) (m) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014 forming part of this Report are as follows:

a) Conservation of Energy:

The Company is making all efforts to conserve energy by monitoring energy costs and periodically reviewing the consumption of energy. It also takes appropriate steps to reduce the consumption through efficiency in usage and timely maintenance/installation/up gradation of energy saving devices.

b) Foreign Exchange Earnings and Outgo: There were no foreign exchange earnings and outgoes during the period under review.

c) Technology Absorption:

The Company uses latest technology and equipment in its business. Further the Company is not engaged in any

manufacturing activity.

Though the Company has not spent any amount during the year towards research and developmental activities, it has been active in harnessing and tapping the latest and best technology in the industry.

Whistle Blower Policy/Vigil Mechanism

The Company has established the necessary vigil mechanism for Directors and employees in compliance with Section 177(9) of the Act read with Regulation 22 of SEBI Listing Regulations, to report their genuine concerns or grievances regarding any unethical behavior at the workplace. The Company's Whistle Blower Policy is available on the website of the Company at https://ravinderheights.com/rvhl/docs/Vigil-Mechanism- Policy.pdf

Corporate Social Responsibility

As per Section 135 of Companies Act, 2013, companies are required to undertake CSR activities if they meet certain financial criteria i.e. net worth of Rs. 500 Crores or more, or turnover of Rs. 1000 crores or more, or a net profit (as defined under section 198 of the Companies Act, 2013) of Rs. 5 Crores or more during the financial year.

Our Company's financial metrics, including turnover and net profit, fall below the prescribed threshold limits specified by law. Given our financial standing, we are exempt from the mandatory CSR provisions.

Policy for Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace

The Company continues to follow a robust anti-sexual harassment policy on 'Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace' ('POSH') in accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and Rules made thereunder. The Company has set-up an Internal Complaints Committee ('ICC') for redressal of complaints relating to sexual harassment.

All employees, including those of subsidiaries (permanent, contractual and trainees) are covered under this policy. The policy is gender neutral.

During FY 2023-24, neither any complaint was reported nor was any complaint pending for disposal.

Statement on compliance of code of conduct

The Company has adopted the Code of Conduct (Code) and ethics for Directors, Senior Management and employees. The Code has been circulated to all the Members of the Board, senior management, employees and the same has been put on the Company's website at web link: https://ravinderheights.com/rvhl/docs/Code-of- Conduct.pdf .

The Board Members, Senior Management and employees have affirmed their compliance with the code and a

declaration signed by the Chairperson cum Managing Director of the Company and forms a part of Corporate Governance Report.

Other Information

During the year under review;

a. There has been no change in the nature of business of the Company;

b. There was no instance of one-time settlement with any Bank or Financial Institution; and

c. The equity shares of the Company have not been suspended from trading by the SEBI and/ or Stock Exchanges.

d. There were not any applications made, or the case was pending under the Insolvency and Bankruptcy Code, 2016.

Acknowledgement

The Board of Directors wishes to place on record their sincere appreciation to all the employees for their dedication and commitment. Their hard work and unstinted efforts enabled the Company to sustain its performance and its sectoral leadership.

The Board of Directors would also like to express their sincere appreciation for assistance and co-operation received stakeholders, including Vendors, Banks, other authorities, other business associates, who continued to extend their valuable support during the year under review and to the esteemed investors for showing their confidence and faith in the management of the Company. It will be the Company's endeavor to nurture these relationships in strengthening business sustainability.