SBC Exports Ltd

Dear Members,

The Board of Directors hereby submits the report of the business and operations of your Company ("the Company" or "SBC"), along with the audited financial statements, for the financial year ended March 31, 2024. The consolidated performance of the Company and its subsidiary has been referred to wherever required.

The Company's financial performance for the financial year under review along with previous year's figures is given hereunder:-

OPERATIONS:-

The Company has reported Consolidated Revenue from Operations is 20940.57 Lakhs and Total Standalone Revenue from Operations is 19101.22 Lakhs against total Consolidated Revenue from Operations is 19572.60 Lakhs and Total Standalone Revenue from Operations is 18805.45 Lakhs for the previous year.

The consolidated Net profit for the year under review amounted to 944.50 Lakhs and Total standalone Net profit of 938.84 Lakhs in the current year as compared to Last Year's consolidated Net profit 690.93 Lakhs and Total standalone Profit 681.65 Lakhs Respectively.

The Company has reported Standalone IT Support-Segment Total Profit Before Tax as 549.09 Lakhs as comparing to last year's 362.63Lakhs. The Garment Sale-Segment Total Profit Before Tax as

1385.86 Lakhs as comparing to last year's

1100.52.

The Company has reported Consolidated IT Support-Segment Total Profit Before Tax as 549.09 Lakhs as comparing to last year's 362.63Lakhs. The Garment

Sale-Segment Total Profit Before Tax as 1385.86 Lakhs and Tour & Travel Services-Segment Profit Before Tax as

11.42 Lakhs as comparing to last year's 1100.52 and 12.43 lakhs.

DIVIDEND

Based on the Company's performance, wherein, it has earned a Net Profit of Rs. 938.84 Lakhs, The Board of Directors in its meeting held dated 26th July, 2024 recommended, a final dividend of 0.05/- per equity share (i.e 5% on the paid-up share capital of 31,74,60,000/-) amounting to 1,58,73,000/-, out of the profit for the year 2023-24, subject to the approval of shareholders in the AGM.

The dividend once approved by the Shareholders will be payable to those members whose name appear in the Register of members as on the record date.

The Register of Members and Share Transfer Books of the Company will remain closed from Tuesday, September 24, 2024 to Monday, September 30, 2024 (both days inclusive) and the record date will be Tuesday, September 19, 2023 for the purpose of payment of dividend for the financial year 2023-24.

TRASNFER TO RESERVES

The General Reserve of the Company stood at 1242.40 Lakhs as at March 31, 2024. During the year under review, the Company has transferred 938.19 Lakhs to reserves.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

Your Company does not have any Joint Ventures or Associate Company. The Company has 1 wholly Owned Subsidiary Company i.e. Mauji Trip Limited running a business of tour and travels.

Mauji Trip Limited is a wholly owned subsidiary of SBC Exports Ltd., specializing in providing a comprehensive range of travel and tourism services. Established in 2021, Mauji Trip Limited is swiftly becoming a leading player in the travel industry, offering bespoke travel experiences and tailored solutions for both leisure and corporate clients.

1. Leisure Travel: Mauji Trip Limited offers curated travel packages, including guided tours, adventure travel, and luxury vacations. Our services encompass everything from personalized itineraries to exclusive access to top destinations around the world.

2. Corporate Travel Management: We provide end-to-end travel management solutions for businesses, including flight bookings, accommodation arrangements, and travel policy compliance. Our dedicated team ensures seamless travel experiences for corporate clients, optimizing travel spend and enhancing convenience.

3. Specialized Travel Services: This includes niche services such as destination weddings, group travel arrangements, and custom travel experiences. We cater to specific client needs with precision and expertise.

4. Travel Consulting: Our consulting services help clients make informed travel decisions with access to expert advice on destinations, travel regulations, and best practices

Performance Highlights:

Revenue Growth: In 2023-24, Mauji Trip Limited achieved a revenue growth of 140.26%, driven by increased demand for customized travel solutions and expansion into new markets.

Market Expansion: We successfully expanded our operations into Middle East, broadening our market reach and establishing new partnerships with local travel providers.

Mauji Trip Limited is poised for continued growth with plans to further diversify our service offerings and enter emerging markets.

Our focus will remain on enhancing customer experiences through innovative solutions and maintaining our position as a leader in the travel industry.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY:-

There are no material changes or commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company i.e. March 31, 2024 and the date of this report.

During the year under review period, the Company has signed Mr. Gurmeet Choudhary (Indian Actor) and Ms. Rupali Bhushan (Indian Model and Ms. Jharkhand 2020) for the Company's Brand "F-route" promotion.

CHANGE IN SHARE CAPITAL

The Authorized Share Capital of your Company as at March 31, 2024 stands at Rs. 32,00,00,000 divided into 32,00,00,000 Equity Shares of Re. 1/- each.

As at March 31, 2024, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stood at Rs. 31, 74, 60,000 divided into 31,74,60,000 Equity Shares of Re. 1/- each.

Company in the last financial year issued Bonus equity shares of the Company of Re. 1/- (Rupee One only) each to the equity shareholders of the Company as on Record Date, in the proportion of (1:2) i.e. one new equity share for every two existing equity share .

The Authorized Share Capital, increased from Rs. 22,00,00,000/- to 32,00,00,000/- i.e. by Rs. 10,00,00,000/- and The Issued, Subscribed and Paid-up Equity Share Capital of the Company, after issue of Bonus Shares, increased from Rs. 21,16,40,000/- to Rs. 31,74,60,000/- i.e. by Rs. 10,58,20,000.

Apart from the above mentioned Bonus Equity Share, there were neither any issue of Equity shares with differential rights as to dividend, voting or otherwise nor grant of any stock options or sweat equity under any scheme during the year under review.

As on March 31, 2024, None of the Directors of the Company was holding any instrument convertible into Equity Shares of the Company.

As the Members are aware, the shares of the company are tradable compulsorily in electronic form and our Company has established connectivity with both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

In view of the numerous advantages offered by the depository system, the members are requested to avail the facility of Dematerialization of the Company's shares on NSDL & CDSL. The ISIN allotted to the Company's Equity shares is INE04AK01028. The details of Registrar and Share Transfer Agent of the company is provided in the Corporate Governance Column of this Annual Report. The Members are advised to contact the Registrar and Share Transfer Agent of the Company or the Company itself with relation to any question related to Dematerialisation & related aspects.

There is no change in the nature of the business of the company in the review period.

During the year under review an Assessment Order by the Income Tax Authority for the assessment year (AY) 2022-23 was passed which was in relation to demand under section 156 of the Income-Tax Act, 1961. There was no immediate impact on the financial, operations, or other activities of the Company. The Company is in the process of filing an appeal against the aforesaid Order.

Apart from above mentioned order there has been not any such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

As required under Regulation 34 of Securities and Exchange Board of India (Listing Obligations and

Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and Circular/ Notifications/

Directions issued by Reserve Bank of India from time to time, the Management Discussion and Analysis of the financial condition and result of consolidated operations of the Company for the year under review is presented in a separate section forming part of the Annual Report as Annexure-I.

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 134(3) (m) of the Companies (Accounts) Rules, 2014 forms the integral part of this Report.

The statement containing particulars of top 10 employees and the employees drawing remuneration in excess of limits prescribed under Section 197 (12) of the Act read with Rule 5 (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate Annexure forming part of the Report. In terms of proviso to Section 136(1) of the Act, the Report along with Accounts are being sent to the shareholders excluding the aforesaid Annexure.

The said Annexure is open for inspection at the Registered Office of the Company.

Any member interested in obtaining a copy of the same may write to the Company Secretary at the Registered Office of the company, 21 days before and upto the date of the ensuing Annual General Meeting during the business hours on working days.

None of the employees mentioned in the said statement is a relative of any Director of the Company.

And none of the employees hold (by himself or along with his spouse and dependent children) more than two percent of the equity shares of the Company.

The details of the policies approved and adopted by the Board as required under the Companies Act, 2013 and Securities and Exchange Board of India (SEBI) regulations are provided in Annexure-II to the Board's report.

During the year, the Company has neither accepted any deposits from the public, nor does it have any scheme to invite any such deposits.

Our Company has been practicing the principles of good corporate governance as it is committed to maintain the highest standards of Corporate Governance and believes in conducting its business with due compliance of the Regulation 34 (3) read with Schedule V of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 and other applicable laws. Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times. The Company has duly implemented the system of Corporate Governance and a separate report on Corporate Governance practices followed by the Company, together with a certificate from the Company's Auditors confirming compliance forms an integral part of this Report as Annexure-IV.

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were on an arm's length basis and in the ordinary course of business under the Companies Act 2013 and not material under the Listing Regulations and hence did not require members' prior approval under the Companies Act 2013 and the Listing Regulations. The particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 are attached as Annexure-III in the Form AOC-2.

M/s. STRG & Associates, Chartered Accountants (FRN 014826N), having its office at New Delhi was appointed as the Statutory Auditors of the Company on 2nd day of December, 2019 who held their office for (5) Five Years i.e. from the Financial Year 2019-20 to 2023-24. The same Auditors are going to be re-appointed at the ensuing AGM for another Term of 5 Years that is from 2024-25 to 2029-30.

Further, the Auditors' Report and Notes to the Accounts referred to in the Auditors' Report are self-explanatory and therefore, does not call for any further comments and explanations. The observations of the Statutory Auditors, when read together with the relevant notes to the accounts and accounting policies are self-explanatory and do not calls for any further comment.

CONSOLIDATED FINANCIAL STATEMENT

In accordance with the provisions notified under Section 133 of the companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 and Indian Accounting Standard ("Ind AS") 110 - Consolidated Financial Statements, the audited consolidated financial statement forms part of the Annual Report.

Pursuant to the provisions of Section 204 of Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel Rules) 2014, Company had appointed M/s. Kumar Mandal and Associates, Company Secretaries in Practice on 22nd Day of August, 2019 for the Financial Year 2019-20 and onwards, to undertake the Secretarial Audit of the Company. The Secretarial Audit Report for the financial year 2023-24 is attached as Annexure-V

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013 that they continue to confirm the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16 and 25 of of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further Mr. Akshat Gupta and Vinod Kumar Resigned from office with effect from 18.5.2023.

And Furthermore Mrs. Manupriya Mishra and Mr. Amit Jaiswal, and Mr. Manish Gupta Non- Executive Independent Directors of the Company has retired from their office on date 16.02.2024.

SEPARATE MEETING OF INDEPENDENT DIRECTORS

Pursuant to code of Independent Directors in compliance with Schedule IV the Companies Act, 2013 and rules made there under and regulation 25 (3) of the SEBI Listing Regulations, 2015, a separate meeting of the Independent Directors of the Company was held on August 28, 2023 to review the performance of Non-independent directors (including the Chairman) and the Board as a whole.

The Independent directors also reviewed the quality, content and timeliness of the flow of information between the Management and the Board and its committees which is necessary to effectively and reasonably perform and discharge their duties.

During the period under Review Following changes were there in the composition of the Board of Directors and KMPs.

Ms. Ruchi Choridia and Ms. Parul Singh were appointed with effect from 23^rd August, 2023.

Mr. Jasbir Singh Marjara and Ms.Pooja Solanki and Ms. Radha Kumari, were appointed on 9^th February, 2024.

Resignation/ Retirement: -

Mr. Akshat Gupta and Mr. Vinod Kumar resigned from the office from 18^th May, 2023.

Furthermore Mrs. Manupriya Mishra and Mr. Amit Jaiswal and Mr. Manish Gupta Non- Executive Independent Directors of the Company has retired from their office on date 16^th February, 2024.

RETIREMENT OF DIRECTOR BY ROTATION:

No Director is liable to retire by rotation at the ensuing Annual General Meeting.

BOARD'S INDEPENDENCE

Definition of ‘Independence' of Directors is in conformity with Section 149(6) of the Companies Act,

2013 and the requirements of Listing Regulations. Based on the confirmation / disclosures received from the Directors and on evaluation of the relationships disclosed, the following Non-Executive Directors are Independent in terms of Section 149(6) of the Companies Act, 2013 and the requirements of Listing Regulations :-

The independent directors have submitted the declaration of independence, as required under section 149(7) of the Companies Act, 2013, stating that they meet the criteria of independence as provided in section 149(6) of the Companies Act, 2013.

NUMBER OF BOARD MEETINGS HELD

The Board meets at regular intervals to discuss and decide on policy and strategy apart from other business discussions. However, in case of a special and urgent business need, if any, the Board's approval is taken by passing resolution(s) through circulation, as permitted by law, which is confirmed in the subsequent Board Meeting.

During the Financial Year 2023-2024, the Board met on 11 (Eleven) occasions viz.

The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, with respect to

Directors' Responsibility Statement, it is hereby stated that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been

followed along with proper explanation relating to material departures;

(b) the Directors have selected such accounting policies and applied them consistently and

made judgements 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 and loss of the company for that period;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate

accounting records in accordance with the provisions of this Act 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 financial controls are adequate and were operating effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions of all

applicable laws and that such systems were adequate and operating effectively.

The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 (‘SEBI Listing Regulations').

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.

The evaluation framework for assessing the performance of Directors comprises of the following key areas:

The evaluation involves Self-Evaluation by the Board Member and subsequent assessment by the Board of Directors. A member of the Board will not participate in the discussion of his/her evaluation. Accordingly, a process of evaluation was followed by the Board for its own performance and that of its Committees and individual Directors and also the necessary evaluation was carried out by Nomination and Remuneration Committee and Independent Director at their respective meetings held for the purpose.

PARTICULARS OF EMPLOYEES

There were no employee in receipt of remuneration of Rs. 1.02 crores Rupees per annum if employed for whole of the year or Rs. 8.50 Lakhs per month, if employed for part of the year, whose particulars are required to be given under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System which is commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Audit reports to the Chairman of the Audit Committee of the Board and to the Managing Director. The Internal Audit Department reviews the effectiveness and efficiency of these systems and procedures to ensure that all assets are protected against loss and that the financial and operational information is accurate and complete in all respects. Company policies, guidelines and procedures provide for adequate checks and balances and are meant to ensure that all transactions are authorized, recorded and reported correctly.

WHISTLE BLOWER POLICY /VIGIL MECHANISM

In compliance with the requirement of the Companies Act, 2013 and SEBI Listing Regulations, the Company has established a Whistle Blower Policy / Vigil Mechanism Policy that enables the Directors and Employees to report genuine concerns. The vigil mechanism provides for (a) adequate safeguards against victimization of persons who use the vigil mechanism; and (b) direct access to the Chairperson of the Audit Committee of the Board of Directors of the Company in appropriate or exceptional cases.

No complaint of this nature has been received by the Audit Committee during the year under review.

EXTRACT OF ANNUAL RETURN

The Company is maintaining a website where the extract of Annual Return can be accessible. The Link of the website is www.sbcexportslimited.com or you may Click Here to Access the Annual Returns.

There were no frauds as reported by the Statutory Auditors under sub-section 12 of Section 143 of the Companies Act, 2013 along with Rules made there-under other than those which are reportable to the Central Government.

CORPORATE SOCIAL RESPONSIBILITY

In the F.Y 2023-24, for the first time since incorporation, Your Company came under the purview of Section 135 of the Companies Act 2013.

We are pleased to inform your Company continues to uphold its commitment to corporate social responsibility (CSR) and sustainable development. As part of our ongoing efforts to contribute to the welfare of the community and environment, we have recently transferred the designated CSR amount in accordance with Schedule VII of the Companies Act, 2013.

This transfer is aligned with the regulatory requirements and reflects our dedication to engaging in activities that promote education, healthcare, environmental sustainability, and other socially beneficial initiatives as outlined in Schedule VII.

As part of our commitment to social responsibility and sustainable development, we have transferred an amount of 15,00,000/- (Rupees Fifteen Lakhs Only) to SETH LADHU KARA CHARITIES for the implementation of the aforementioned project.

This transfer aligns with the objectives outlined in Schedule VII, which include specific areas such as education, healthcare, environmental sustainability etc.

Which are directly linked to the objectives outlined in Schedule VII.

We trust that these funds will be used effectively to achieve the intended impact and contribute to the welfare of the community.

The primary objectives of this initiative include:

The view this partnership as the beginning of a long-term relationship focused on creating sustainable and meaningful change. We are open to exploring additional avenues of collaboration in the future, particularly in areas that align with our CSR vision.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The provisions/requirement of Sexual Harassment of Women at Workplace (Prevention, Prohibition

& Redressal) Act, 2013 and Rules made thereunder are being followed by the Company and the company is providing the proper environment of working to all employees and has proper internal control Mechanism for prevention, prohibition and redressal of sexual harassment at workplace. The

Company has complied with the provisions of constitution of Internal Complaints Committee under the Act. There were no cases/complaints filed under this Act during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The particulars of loans given or guarantees given or investments made or securities provided are given in notes to financial statements.

STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to Key business objectives. Major risks identified by the Board and systematically steps taken to mitigate on a continuous basis. The Company's internal control system is commensurate with the nature of its business and the size and complexity of operations.

Introduction

As a leading textile company committed to innovation and sustainability, SBC Exports Limited continuously explores and integrates cutting-edge technologies to enhance our operations, streamline processes, and deliver superior products to our customers. This year has been pivotal in advancing our technology adoption strategy, enabling us to maintain a competitive edge in a rapidly evolving market. The following report highlights key technological advancements and their impact on our business.

1. Automation in Manufacturing

This year, we invested significantly in automating our manufacturing processes. The implementation of advanced robotics and automated machinery has not only increased production efficiency but also improved product consistency and quality. Our new automated weaving and dyeing systems have reduced production time and minimized material waste contributing to both cost savings and environmental sustainability.

2. Smart Textile Technology

We have introduced smart textiles into our product lines, incorporating sensors and conductive fibers that enable garments to monitor and respond to environmental conditions. This innovation has positioned us as a leader in the functional apparel market, catering to the growing demand for wearable technology. Our smart textiles feature applications ranging from health monitoring to temperature regulation, offering enhanced value to our customers.

3. Digital Fabric Printing

Our new digital fabric printing technology has revolutionized our design capabilities. This state-of-the-art system allows for high-resolution prints with unparalleled color accuracy and design flexibility. By reducing the need for traditional screen printing, we have accelerated the design-to-production cycle and significantly cut down on resource consumption.

1. Advanced Analytics and AI

We have leveraged advanced analytics and artificial intelligence (AI) to optimize our supply chain management. Predictive analytics tools have improved demand forecasting accuracy, enabling us to better align production with market needs. AI-driven supply chain solutions have enhanced inventory management, reducing excess stock and minimizing supply chain disruptions.

2. Blockchain for Transparency

To enhance traceability and transparency, we have integrated blockchain technology into our supply chain operations. This initiative ensures the authenticity and ethical sourcing of our raw materials, building greater trust with our customers and stakeholders. The blockchain system provides an immutable record of each product's journey from source to finished garment, reinforcing our commitment to ethical practices.

1. Eco-Friendly Dyeing Processes

Our commitment to sustainability has led to the adoption of eco-friendly dyeing technologies. We have replaced conventional dyeing methods with waterless dyeing techniques that reduce water consumption and eliminate harmful chemical runoff. This transition supports our goal of minimizing our environmental footprint and aligns with global sustainability standards.

2. Recycling and Circular Economy

In line with our sustainability objectives, we have implemented a textile recycling program that repurposes post-consumer and post-industrial waste into new fabrics. Our closed-loop recycling system not only reduces waste but also conserves raw materials, supporting the circular economy model. This initiative has diverted over 50 tons of textile waste from landfills this year alone.

Looking ahead, The Company remains committed to exploring and adopting new technologies that drive innovation and efficiency. Our focus for the coming year includes further advancements in artificial intelligence for predictive maintenance, expansion of our smart textile product range, and continued investment in sustainable practices.

By staying at the forefront of technological advancements, we aim to enhance our operational excellence, deliver exceptional value to our customers, and contribute positively to the global textile industry.

As a forward-thinking textile company, we are dedicated to advancing energy conservation practices to enhance sustainability and operational efficiency. This year, our focus on integrating energy-efficient technologies has not only contributed to reducing our environmental footprint but has also resulted in significant cost savings.

We have made substantial investments in upgrading our manufacturing equipment to include energy-efficient technologies. Our new machinery, including high-efficiency looms and dyeing units, consumes comparatively less energy compared to our previous equipment. This upgrade has led to a notable reduction in our overall energy consumption, aligning with our sustainability goals. In line with our sustainability strategy, we have installed solar panels on the rooftops of our manufacturing facilities. This initiative has allowed us to generate approximately 30% of our electricity needs from renewable sources. The solar power system has significantly reduced our reliance on non-renewable energy sources, lowering our carbon footprint and providing a stable, cost-effective energy solution.

Looking ahead, we are committed to further advancing our energy conservation initiatives. Our plans for the coming year include expanding our renewable energy projects, investing in additional energy-efficient technologies, and continuing to engage our workforce in energy-saving practices. By prioritizing energy conservation, we aim to enhance our operational efficiency, reduce costs, and contribute positively to environmental sustainability.

STATEMENT OF CAUTION

Statements in this Directors' Report and Management Discussion and Analysis describing the Company's objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied. Important factors that could make difference to the Company's operations include raw material availability and its prices, cyclical demand and pricing in the Company's principal markets, changes in Government regulations, Tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors.

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Your Board of Directors would like to place on record their sincere appreciation for the wholehearted support and contributions made by all the employees of the Company as well as customers, dealers, agents, suppliers, Investors, consultants, bankers and other authorities for their continued support and faith reposed in the Company. The Directors also thank the Central and State Government of India and concerned Government Departments/ Agencies for their cooperation. The directors appreciate and value the contributions made by every member of the company.