Trident Ltd

Dear Members,

Your Directors are pleased to present the 35^th Annual Report (1^st Integrated Annual Report) on the affairs of the Company along with Audited Financial Statements of the Company for the Financial Year ended on March 31, 2025

The Company operates in diversified business segments viz. Bed Linen, Bath Linen, Yarn, Paper and Chemicals. The Company also has a captive power plant to cater the needs of its various business segments.

The audited financial statements (standalone and consolidated) prepared by the Company, in accordance with the Indian Accounting Standards (Ind AS), are provided in the Annual Report of the Company. The highlights of financial performance (standalone and consolidated) of the Company for the Financial Year ended March 31, 2025 is as under:

(Rs. Million)

A detailed discussion on financial and operational performance of the Company is given under "Management Discussion and Analysis Report" forming part of the Annual Report.

Your Company has a dividend distribution policy that balances the dual objectives of rewarding shareholders through dividends whilst also ensuring the availability of sufficient funds for growth of the Company. The web link of the Dividend Distribution Policy is https://assets. tridentindia.com/DDP_Dividend_Policy.pdf In line with the dividend distribution policy, considering the sense of shareholders' expectations and past dividend history, the Company has declared and paid an interim dividend Rs. 0.36 per share (i.e. 36%) on face value of Rs. 1/- each, during the Financial Year under review. The dividend pay-out for FY 2024-25 was Rs. 1,834.5 Million.

The Board of Directors did not recommend any final dividend for the financial year ended March 31, 2025.

During the year under review, the Company transferred an amount of Rs. 5.8 Million to the ‘General Reserve' on account of Employee Stock Option Scheme. Details of the same are provided in note 15 of financial statements. Further, no profits are transferred to general reserves and entire amount of profit for the year forms part of the ‘Retained Earnings'.

During the period under review, there is no change in share capital of the Company.

The Company has successfully expanded its solar power capacity by aggregating 23.5 MWp during the year under review, which is a step to significantly reducing the carbon footprint for the Company. The overall installed captive solar power capacity after abovementioned enhancement reached to 51.9 MWp.

This capacity enhancement showcases Company's commitment towards reducing its carbon emissions and ensuring sustainability.

The details on Credit Rating are set out in the Corporate Governance Report, which forms part of this report.

The consolidated financial statements of the Company and all its subsidiaries form a part of this Annual Report and have been prepared in accordance with Section 129(3) of the Companies Act, 2013. The statement containing highlights of performance of each Subsidiary, salient features of the financial statements for the financial year ended on March 31, 2025 (Form AOC – I) is annexed to the Financial Statements.

The audited accounts of the Subsidiary Companies are available on the official website of the Company at https://www.tridentindia.com/financial-statements-of-subsidiaries The annual accounts of the Company and of the Subsidiary Companies are open for inspection by any shareholder at the Registered Office of the Company. The Company will also make available copies of these documents to shareholders upon receipt of request from them.

AsonMarch31,2025,theCompanyhasfollowingSubsidiaries:

a) Trident Home Textiles Limited, Indian, wholly-owned Subsidiary

b) Trident Group Enterprises Pte. Ltd., Singapore, wholly owned Subsidiary

a) Trident Global Inc., USA, wholly-owned step down Subsidiary

b) Trident Europe Limited, UK, wholly-owned step down Subsidiary

c) THTL Trading LLC, UAE, wholly-owned step down Subsidiary None of the Subsidiary or Step-down Subsidiary fall under the criteria of Material Subsidiary as defined under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations").

During the year under review, Trident Group Enterprises Pte. Ltd. (TGEPL) was incorporated in Singapore by the Company on September 13, 2024, with the objective to diversify and expand the current business operations in global market, explore the future business opportunities and carry out treasury, investment & financing activities. Further, TGEPL has acquired entire 100% shareholding of THTL Trading LLC., a Limited Liability Company incorporated in the emirate of Dubai, United Arab Emirates (‘UAE'), on January 14, 2025, with the objective to diversify and expand the current business operations in global market, explore the future business opportunities and/or to employ talent to manage business activities of the Company.

Further, Trident Group Enterprises Pte. Ltd. has acquired the entire shareholding held in Trident Global Inc. (‘TGI') and Trident Europe Limited (‘TEL') from the Company and other shareholders on January 23, 2025. Resultantly, TGI and TEL became wholly-owned Subsidiaries of Trident Group Enterprises Pte. Ltd and step-down subsidiaries of Trident Limited. This restructuring in shareholding of TGI and TEL shall help in simplification of the Company's subsidiary structure, optimisation of cost of governance & compliance.

Trident Global B.V., the step-down subsidiary of the Company incorporated in Netherlands, has been voluntarily dissolved and accordingly ceased as step-down subsidiary of the Company on September 17, 2024.

There is no associate company within the meaning of Section 2(6) of the Companies Act, 2013 (hereinafter referred to as ‘the Act'). There have been no material changes in the nature of the business of the subsidiaries during the year under review.

Pursuant to provisions of Companies Act, 2013 (‘the Act') and the Articles of Association of the Company, Mr. Deepak Nanda (DIN: 00403335) is liable to retire by rotation and being eligible, offers himself for re-appointment. The Nomination and Remuneration Committee and Board of Directors have recommended his re-appointment for the approval of the shareholders of the Company in the forthcoming Annual General Meeting of the Company.

During the year under review, Mr. Rajiv Dewan has completed his second term as Non-Executive/Independent Director of the Company on September 29, 2024. Considering his immense business knowledge, leadership, strategic thinking and sound Judgement approach, the Board believed that the continuation of Mr. Rajiv Dewan on the Board of the Company shall strengthen the overall Board's skills and governance, and shall provide continuous benefit to the Company. Therefore, basis the recommendations of Nomination and Remuneration Committee and the Board, the shareholders vide their resolution passed by Postal Ballot dated December 12, 2024, has appointed Mr. Rajiv Dewan as Non-Executive/Non-Independent of the Company w.e.f. September 30, 2024, liable to retire by rotation. Further, the shareholders vide their resolution passed in 34^th Annual General Meeting of the Company dated August 06, 2024, have re-appointed Mr. Raj Kamal and Prof. Rajeev Ahuja as Independent Directors, for a second term of one year, with effect from August 09, 2024 and approved the reappointment of Mr. Deepak Nanda (DIN: 00403335) retired by rotation.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulations 16(1)(b) and 25(8) of SEBI LODR Regulations that they are independent from the Management of the Company and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. Further, all the Independent Directors have given declarations that they complied with the provisions of Companies (Appointment and Qualifications of Directors) Rules, 2014 and has also affirmed that they comply with the Code for Independent Directors prescribed in Schedule IV to the Act and the Code of Business Conduct and Ethics of the Company.

During the year under review, a separate Meeting of Independent Directors was held on March 01, 2025.

Pursuanttosection203oftheCompaniesAct,2013,Mr.Deepak Nanda, Manging Director, Mr. Samir Prabodhchandra Joshipura, Chief Executive Officer, Mr. Avneesh Barua, Chief Financial Officer and Mr. Sushil Sharma, Company Secretary, are the designated KMP of the Company as on March 31, 2025.

During the year under review, the Board met 7 times. The maximum gap between any two consecutive Board meetings did not exceed 120 days. The details of the Board meetings are set out in the ‘Corporate Governance Report' which forms part of this Report.

The Company has duly constituted Board level Committees as mandated by the applicable laws and as per the business requirements. Details of the committees, along with their composition, charters and meetings held during the year, are provided in the ‘Corporate Governance Report', forms a part of this Report. During the FY 2024-25, the Board has accepted all the recommendations of its committees.

The Company has duly approved Nomination and Remuneration Policy prescribing inter-alia the criteria for appointment, remuneration and performance evaluation of the directors. As mandated by Section 134 & 178, read with Schedule IV of the Act and Regulation 25 of the SEBI LODR Regulations, the Independent Directors in their separate meeting held on March 01, 2025 have reviewed the performance of Non-Independent Directors, Chairperson and the Board as a whole including review of quality, quantity and timeliness of flow of information between Board and Management.

Further the Board, during the year under review, has also evaluated the performance of the Board, its Committees and all Individual Directors including Chairman of the Company. The evaluation was carried out on the basis of a structured questionnaire circulated in advance to all the Directors. The Board expressed its satisfaction on the same and is of the opinion that all the independent directors of the company are persons of high repute & possess the relevant expertise & experience in their respective fields.

The Company recognises and embraces the benefits of having a diverse Board of Directors to enhance the quality of its performance. The Company considers increasing diversity at Board level as an essential element in maintaining a competitive advantage in the complex business that it operates. The identified key skills / expertise / competencies of the Board and mapping with individual Director are provided in the ‘Corporate Governance Report', which forms a part of this Report.

At the time of appointing a Director, a formal letter of appointment is given, which inter-alia includes the role, function, duties and responsibilities expected from him/her as a Director of the Company and necessary documents, reports and internal policies to enable him/ her to familiarise with the Company and it's procedures and practices. Periodic presentations are made at the Board, Committees, Strategy meetings, on business and performance updates of the Company, global business environment, business strategy and risks involved etc. Updates on relevant statutory changes on important laws are periodically presented or circulated to the Board. The Directors are also explained in detail the compliances required from them under the Act, the SEBI Regulations and other relevant Laws and Regulations.

Details of Familiarisation of Directors are disclosed on the Company's website and are also provided in the ‘Corporate Governance Report' of the Company which forms part of this report.

The disclosures to be made under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are as under:

Your Company has taken various initiatives as listed below, for energy conservation:

• Installation of Rooftop Solar Power Plant.

• Programmes for improving energy efficiency and energy productivity across all operations.

• Installation of energy efficient equipment in yarn comber waste collection process.

• Optimisation of equipment energy efficiency by analysing the energy data.

• Replacement of old conventional fan with BLDC Fan.

• Installation of Motion sensor.

ii. StepstakenbytheCompanyforutilisingalternate sources of energy:

During the year under review, the Company has successfully expanded its solar power capacity aggregated by 23.5 MWp i.e.

1.1 MWp on April 10, 2024, 5.5 MWp on May 03, 2024, 5.9 MWp on May 20, 2024 and 11.02 MWp on March 29, 2025.

This capacit y enhancement showcases Company's commitment towards reducing its carbon emissions and ensuring sustainability.

iii. Capital investment on energy conservation equipment: Rs. 285.37 Million.

During the year under review, your Company continued to work on upgradation of its renewable energy to reduce its carbon footprint. In this regard, the equipment imported for the installation of solar panels were duly commissioned by the Company and accordingly, the technology has been duly absorbed in previous year.

a) During the Year under review, the expansion of Sheeting Cut, Stitch, Pack (‘CSP') & Process House, Capacity enhancement of looms were imported by the Company. Details of Technology imported during the last three financial years are mentioned in the respective Annual Reports

b) Year of Import: 2024-25

c) Whether the technology has been fully absorbed: Yes

d) If not fully absorbed, areas where the absorption has not taken place and reasons thereof: Not Applicable iii. Expenditure incurred on Research and Development: Nil

During the year under review, the Foreign Exchange earnings of the company were Rs. 37,865.0 Million (Previous Year Rs. 40,608.0 Million) and Foreign Exchange outgo was Rs. 3,768.7 Million (Previous Year Rs. 3,722.7 Million).

The Board of Directors and the Shareholders of the Company have approved the ‘Trident Limited Employee Stock Option Scheme – 2020' (‘ESOS Scheme') at their Meetings held on May 16, 2020, and July 9, 2020, respectively. This scheme has been effective from July 9, 2020. Pursuant to the Schemes, the Company had constituted Trident Limited Employees Welfare Trust (‘Trust') to acquire, hold and allocate/transfer equity shares of the Company to eligible employees from time to time on the terms and conditions specified under the Scheme.

The details of ESOS vested, exercised or lapsed during the year are duly provided in Note 42 to Standalone Financial Statement of the Company and the same is not repeated here for the sake of brevity.

Further, the Board of Directors and the Shareholders of the Company have also approved the ‘Trident Limited General Employee Benefit Scheme – 2023' (‘GEBS Scheme') at their Meetings held on May 24, 2023 and August 12, 2023 respectively.

The Disclosure as per SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 has been given on the website of the Company under the following link: https://w w w.tridentindia.com/other-statutory-disclosures. The said Scheme is available on the website of the Company https://assets.tridentindia.com/SEBI_SBEB_ SE_E_fe40a293ce_55e261095b.pdf Pursuant to Regulation 13 of Employee Benefits Regulations, a certificate from Secretarial Auditors of the Company, with respect to the implementation of the schemes, will be made available during the ensuing Annual General Meeting ("AGM").

In compliance with Section 178 of the Companies Act, 2013, the Nomination and Remuneration Policy of the Company has been designed to keep pace with the dynamic business environment and market linked positioning. The Policy has been duly approved and adopted by the Board pursuant to recommendations of Nomination and Remuneration Committee of the Company. During the year under review, the Policy was amended on November 06, 2024 and January

24, 2025 to align the policy with the statutory amendments and the updated policy is duly available on the website of the Company at following link: https://assets.tridentindia. com/NRC_Policy.pdf As mandated by proviso to Section 178(4) of the Companies Act, 2013, salient features of Nomination and Remuneration Policy are annexed as ‘Annexure I' hereto and forms part of this report. The details of the remuneration paid to the directors during the year are provided in the ‘Corporate Governance Report' which forms a part of this Report.

The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in ‘Annexure II'

Information required under Section 197(12) of the Act read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate exhibit forming part of this report and is available on the website of the Company at https:// www.tridentindia.com/other-statutory-disclosures. If any Shareholder is interested in obtaining information as described under first proviso to the Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, he/she may, before the date of forthcoming Annual General Meeting, write to the Company Secretary in this regard.

The Company has implemented Vigil Mechanism & Whistle Blower policy and the oversight of the same is with Audit committee of the Company. The policy inter-alia provides that any Director, Employee who observes any unethical behaviour, actual or suspected fraud or violation of the Company's code of conduct or ethics, policies, improper practices or alleged wrongful conduct in the Company may report the same to Chairman of the Audit Committee or e-mail on the email Id: whistleblower@tridentindia.com. Identity of the Whistle Blower shall be kept confidential to the greatest extent possible. The detailed procedure is provided in the policy and the same is available on official website of the Company at following link: https://assets. tridentindia.com/vigil_mechanism_policy.pdf During the year under review, there were no instances of fraud reported to the Audit Committee/Board.

CSR Committee comprises of Mr. Rajiv Dewan (Chairman of the Committee), Dr. Anthony DeSa and Mr. Deepak Nanda as Members. The disclosure of the contents of CSR Policy as prescribed and amount spent on CSR activities during the year under review are disclosed in ‘Annual Report on CSR activities' annexed hereto as ‘Annexure III' and forms part of this Report.

The CSR Committee overseas the Business Responsibility and Sustainability Reporting of the Company. The Business Responsibility and Sustainability Report describing the initiatives taken from an environmental, social and governance perspective, in the prescribed format is included in this Annual Report of the Company.

The Company has adopted a Risk Management Policy with the objective of ensuring sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues. The Risk Management framework has been provided in the Management Discussion and Analysis Report of the Company and Integrated Annual Report.

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weaknesses in the design or operation were observed. Your Company's Financial Statements are prepared on the basis of the Significant Accounting Policies and approved by the Audit Committee and the Board. These Accounting policies are reviewed and updated from time to time. These systems and controls are subjected to Internal Audit and their findings and recommendations are reviewed by the Audit Committee which ensures the implementation. During the year under review, Deloitte Touche Tohmatsu India LLP and M/s. Mahajan & Aibara were engaged as Internal Auditors of the Company. They carried out the internal audit of the Company's operations and reported its findings to the Audit Committee. Internal auditors also evaluated the functioning and quality of internal controls and provided assurance of its adequacy and effectiveness through periodic reporting. Internal audit was carried out as per risk-based internal audit plan, which was reviewed by the Audit Committee of the Company. The Audit Committee periodically reviewed the findings and suggestions for improvement and was apprised of the implementation status in respect of the actionable items. For more details, please refer ‘Internal Control' section of the Management Discussion and Analysis Report, a part of this Report.

The Company has not defaulted in payment of interest and / or repayment of loans to any of the financial institutions and / or banks during the year under review.

Your Company is committed to adhere to the best practices & highest standards of Corporate Governance. It is always ensured that the practices being followed by the Company are in alignment with its philosophy towards corporate governance. The well-defined vision and values of the Company drive it towards meeting the business objectives while ensuring ethical conduct with all stakeholders and in all systems and processes.

Your Company proactively works towards strengthening relationship with constituents of system through corporate fairness, transparency and accountability. In your Company, prime importance is given to reliable financial information, integrity, transparency, fairness, empowerment and compliance with law in letter & spirit. Your Company proactively revisits its governance principles and practices as to meet the business and regulatory needs.

Detailed compliances with the provisions of the SEBI LODR Regulations and the Act for the FY 2024-25 are given in Corporate Governance Report, which forms part of the Annual Report. The certificate of Practising Company Secretary on compliance with Corporate Governance norms is also annexed with the ‘Corporate Governance Report'.

M/s S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the Company have submitted Auditors' Report on the financial statements of the Company for the financial year ended on March 31, 2025. There has been no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditors in their Report. The information referred to in the Auditors' Report is self-explanatory and do not call for any further comments.

The Company is maintaining the Cost Records, as specified by the Central Government under section 148(1) of the Act. The Board of Directors of your Company, on the recommendations of the Audit Committee, have reappointed M/s Ramanath Iyer & Co., Cost Accountants, as Cost Auditors for the FY 2025-26 to carry out an audit of cost records of the Company in respect of Textiles, Paper and Chemical divisions. The Cost Audit Report for the financial year ended March 31, 2025 is under finalisation and shall be filed with the Central Government within the prescribed time limit.

M/s Mehta & Mehta, Practising Company Secretaries, have submitted Secretarial Audit Report for the financial year ended on March 31, 2025 and same is annexed as ‘Annexure IV'and forms part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Secretarial Auditors in their Report. Information referred to in the Secretarial Auditors' Report is self-explanatory and do not call for any further comments.

A Secretarial Compliance Repor t, pursuant to regulation 24A of the SEBI LODR Regulations, for the FY 2024-25 on compliance with all applicable SEBI Regulations and circulars/ guidelines issued thereunder, shall be obtained from M/s. Mehta & Mehta, Practising Company Secretaries, and shall be placed on the website of the Company and be submitted to Stock Exchanges.

Further, the Indian Subsidiaries neither fall under the criteria of secretarial audit as prescribed under Section 204 of the Act nor fall within the ambit of Annual Secretarial Compliance Report under regulation 24A of the SEBI LODR Regulations.

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the link: https://www. tridentindia.com/annual-reports

The Particulars of loans, guarantees or investments have been disclosed in the financial statements and the Company has duly complied with Section 186 of the Act, in relation to Loans, Guarantee and Investments, during the FY 2024-25.

All contracts / arrangements / transactions entered by the Company, during the year under review, with related parties were in the ordinary course of business and on arm's length basis. During the period under review, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the Policy on Materiality and

Dealing with Related Party Transactions and hence, the disclosures in Form No. AOC-2 is not applicable. The related party disclosures are provided in the notes to financial statements.

All related party transactions are placed before the Audit Committee for its review and approval. Prior omnibus approval of the Audit Committee are being obtained on an annual basis for the transactions which are planned/ repetitive in nature, and omnibus approvals are taken as per the policy laid down for unforeseen transactions. Related party transactions entered into pursuant to the omnibus approval so granted are placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions etc. of the transactions. The Policy on Materiality of and Dealing with Related Party Transactions as approved by the Board is available on the website of the Company at the following link: https://assets. tridentindia.com/rpt_policy.pdf

The Company has complied with all the applicable secretarial standards issued by the Institute of Company Secretaries of India.

Pursuant to Regulation 50B of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) read with Chapter XII of the NCS Master Circular dated May 22, 2024 relating to ‘Fund raising by issuance of debt securities by large corporates', the Company was not required to raise funds by way of issuance of debt securities during the FY 2024-25.

Directors' Responsibility Statement pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Act on the annual accounts of the Company for the year ended on March 31, 2025 is provided below:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed alongwith proper explanation relating to material departures from the same;

b) The Directors had 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 as at end of the financial year and of the profit/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 Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts on a going concern basis;

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

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.

a) During the year under review, your Company has neither accepted any fixed deposits nor any amount was outstanding as principal or interest as on balance sheet date and disclosures prescribed in this regard under Companies (Accounts) Rules, 2014 are not applicable.

b) The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All women employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year, no complaints were received by the Company under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Further, the Company has also complied with all the provisions relating to the Maternity Benefits Acts, 1961.

c) All Policies as required under the Act or the SEBI LODR Regulations are available on the website of the Company i.e. https://www.tridentindia.com/. Links of the Policies are provided in the ‘Corporate Governance Report', which forms part of this report.

d) Your directors state that no disclosure or reporting is required with respect to the following items as there were no transactions on these items during the year under review:

• Material changes and commitments after the closure of the financial year till the date of this Report, which affects the financial position of the Company.

• Change in the nature of business of the Company.

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of sweat equity shares to its directors or Employees.

• Any remuneration or commission received by Managing Director of the Company, from any of its subsidiary.

• Significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

• No fraud has been reported by the Auditors to the Audit Committee or the Board.

• No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year alongwith their status as at the end of the financial year is not applicable; and

• The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

The human resources development function of the Company is guided by a strong set of values and policies. Your Company strives to provide the best work environment with ample opportunities to grow and explore. Your Company maintains a work environment that is free from physical, verbal and sexual harassment. The details of initiatives taken by the Company for development of human resources are given in ‘Management Discussion and Analysis Report' forms a part of this Report.

The Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under review.

It is our strong belief that caring for our business constituents has ensured our success in the past and will do so in future. Your Directors acknowledge with sincere gratitude the co-operation and assistance extended by the Central Government, Government of Punjab, Government of Madhya Pradesh, Financial Institution(s), Bank(s), Customers, Dealers, Vendors and Society at large.

Your Directors also wish to convey their appreciation for collective contribution & hard work of employees across all levels. The Board also takes this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders and their confidence in management and look forward to their continued support in future too.

For and on behalf of the Board