CMM Infraprojects Ltd Directors Report

Dear Members,

The Company was under Corporate Insolvency Resolution Process ("GRP") with effect from December 15, 2022 under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) by an Order passed by Honble National Company Law Tribunal, Indore Bench (NCLT) and Mr. Naveen Khandelwal having Registration No: IBBI/IPA-001/IP-P00703/2017-2018/11301 was appointed as an IRP and thereafter Mr. Satyendra Prasad Khorania having Registration No. IBBI/IPA- 002/IP-N00002/2016-17/10002 was appointed as RP (Resolution Professional). The NCLT vide its order dated November 11, 2024 approved the Resolution Plan submitted by M/s. Effulgence Trading and Services Private Limited and Shree Naivedya Fincom Private Limited (Jointly) under Section 31 of the IBC, 2016.

The powers of the Board of Directors and its Committees were suspended from the date of commencement of CIRP and declaration of moratorium i.e. 15.12.2022 until the approval of the resolution plan. The Board and Committees of the Company were re-constituted on December 06, 2024.

As per the approved Resolution Plan, a Monitoring Committee was constituted for the implementation of the Resolution Plan until the reconstitution of Board of Director and all the decisions which could otherwise have been taken by the Companys Board of Directors, were taken by the Monitoring Committee. Pursuant to implementation of Resolution Plan, erstwhile suspended Board of Directors of the Company was replaced with the new board of directors with effect. from December 06, 2024

The Resolution Professional did not comply with the some of the provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 during the CIRP period.

The current Board of Directors is presenting this 20^th Annual Report based on the status of the Company in the Financial Year 2024-25 without assuming any liability whatsoever which may arise due to any non-compliance done by the RP during the CIRP.

The Board of Directors hereby submits the report of the business and operation of your Company ("The Company" or "CMM INFRAPROJECTS LIMITED") along with the Audited financial Statements, for the financial year ended March 31, 2025.

1. FINANCIAL SUMMARY/HIGHLIGHTS

The summarized financial result for the year areas under:

Particulars	F.Y.2024-25	F.Y.2023-24
Revenue from Operations	4609.68	13,318.73
Other Income	120.32	40.94
Total Revenue	4730.00	13,359.67
Total Expenses	4695.26	13,295.31
Profit /(Loss) before interest, depreciation, amortization and taxes (EBITDA)	123.01	242.44
Depreciation and Amortization	73.45	165.92
Financial Cost	14.82	12.16
Profit/(Loss) before Tax (PBT)	34.74	64.36
Less Tax: a) Current Tax	0.00	0.00
b) Deferred Tax	4.18	(13.62)
Net Profit/ (Loss) after tax for the period	30.56	21.16
Basic & Diluted EPS per equity share of face value Rs. 10 each (in Rs.)	0.19	0.14

2. COMPANYS PERFORMANCE REVIEW

In financial year 2024-25 we have generated the total revenue of Rs. 4730.00 lacs as compared to Rs. 13,359.67 Lacs in the previous year. The Net Profit before Tax for the year under review has amounted to Rs. 34.74 lacs as compared to previous year profit of Rs. 64.36.16 Lacs, the exceptional Items remains NIL this year as well, and Net profit after tax for the year is Rs. 30.56 lacs as compared to previous year profit of Rs. 21.16 lacs.

3. ANNUAL RETURN

Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return will be made available on the website of the Company on the following link (http://www.cmminfra.co.in).

4. DIVIDEND

No Dividend is declared for the financial year ending March 31, 2025, due to financial position of the company.

5. PERFORMANCE EVALUATION OF BOARD, COMMITTEE AND DIRECTORS BOARD EVALUATION

During the year under review, the Company was under the Corporate Insolvency Resolution Process (CIRP) pursuant to the order of the Honble National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. Accordingly, the powers of the Board of Directors remained suspended and were exercised by the Resolution Professional. Upon approval of the Resolution Plan, a new Board of Directors was constituted and the statutory Committees were reconstituted, following which the Board resumed its normal functioning.

Owing to the CIRP proceedings and the transition thereafter, the annual evaluation of the performance of the Board, its Committees, and individual Directors, as required under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, could not be undertaken during the financial year. The Board affirms that the evaluation process covering the effectiveness of the Board as a whole, the functioning of its Committees, and the contribution of individual Directors will be duly carried out in the next financial year.

6. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis forms an integral part of this Report (Annexure I) and gives detail of the overall industry structure, developments, performance and state of affairs of the Companys various businesses viz., the decorative business international operations, industrial and home improvement business, internal controls and their adequacy, risk management systems and other material developments during the financial year.

7. MATERIAL CHANGES AND COMMITMENTS

During FY 2024-25, the Honble NCLT approved the Resolution Plan on 11th November 2024 under the Insolvency and Bankruptcy Code, 2016. Consequently, the powers of the Board, earlier vested with the Resolution Professional during CIRP, were restored, and a new Board of Directors was appointed. The Company continued to operate as a going concern during the CIRP period.

8. SHARE CAPITAL

The paid-up Equity share capital as on March 31, 2025, was Rs. 156,73,260. During the year under review the company has not issued any share to public, rights, preferential including and/or convertible debentures.

9. CHANGE IN THE NATURE OF BUSINESS IF ANY.

During the financial year 2024-25, there has been no change in the nature of business of the Company. Despite the initiation of the Corporate Insolvency Resolution Process (CIRP) on 15th December 2022 and the subsequent approval of the Resolution Plan on 11th November 2024, the Company has continued to operate in its existing line of business.

10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO.

A. Conservation of Energy

Your Company has been continuously making efforts to reduce energy consumption. Necessary measures are taken to ensure optimum utilization of energy in operations. The Board affirms that though the Companys operations are not energy-intensive, adequate steps are taken to minimize energy usage wherever possible.

B. Technology Absorption

The Company has not imported any technology during the year under review. However, efforts are made towards improvement in processes and efficiency through better operational practices and upgradation, wherever feasible. The Company continues to focus on the optimum utilization of available resources.

C. Foreign Exchange Earnings and Outgo

During the financial year 2024-25, the Company did not have any foreign exchange earnings or outgo.

11. GOVERNANCE AND ETHICS

a. Corporate Governance

Corporate Governance is an ethically driven business process that is committed to values aimed at enhancing an organization brand and reputation. The Companies Act, 2013 and amended SEBI (Listing obligation and Disclosure Requirements) Regulations, 2015 have strengthened the governance regime in the country. The Company being undergoing CIRP, the Company is in compliance with the governance requirements provided under the new law to the extent possible. The Company endeavored to maintain the standards of corporate governance and adhere to the corporate governance requirements as set out by SEBI. Integrity and transparency are keys to our corporate governance practices to ensure that we gain and retain the trust to four stakeholders at all the times.

b. Directors & Key Managerial Personnel

Pursuant to the approval of the Resolution Plan by the Honble National Company Law Tribunal (NCLT) on 11th November, 2024, a new Board of Directors was constituted and the powers of the Board were reinstated. The Board now comprises:

Name of Director	Position
Mr. Tanay Maheshwari	Whole-time Director
Ms. Yashaswi Jharbade	Independent Director
Mr. Deoki Nandan Muchhal	Independent Director
Mrs. Shobha Lohia	Non-Executive Director
Mr. Gouri Shankar Lohia	Executive Director

Further, Mrs. Monika Budhani was appointed as the Company Secretary and Compliance Officer of the Company with effect from 28th December, 2024.

c. Number of Board Meetings

During the financial year 2024-25, the powers of the Board of Directors were reinstated upon approval of the Resolution Plan under the Insolvency and Bankruptcy Code, 2016, and a new Board was constituted. Thereafter, two (2) meetings of the Board of Directors were held on: 28th December, 2024 and 22nd March, 2025.

Prior to approval of the Resolution Plan, the Committee of Creditors (CoC) met two (2) times during the year under review, on:

7th September, 2024 and 30th September, 2024.

Additionally, a Monitoring Committee Meeting was held on 6th December, 2024 for reconstitution of the new Board of Directors.

d. Secretarial Standards

The company complies with all the applicable Mandatory Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

e. Committee of Board

Pursuant to the approval of the Resolution Plan on 11th November, 2024 and reinstatement of the Board of Directors, the statutory Committees of the Board were duly reconstituted. One meeting each of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee was held on 22nd March, 2025. The Company has complied with the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 regarding the constitution and functioning of these Committees.

f. Contracts and Arrangements with Related Parties

During the financial year 2024-25, the Company did not enter into any related party transactions that qualified as material transactions under the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 188 of the Companies Act, 2013.

The Company continues to maintain a robust framework to ensure that all related party transactions are appropriately reported, reviewed, approved, and disclosed in compliance with the statutory requirements.

12. PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The statement containing particulars of employees as required under Section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, will be provided upon request. In terms of Section 134 and 136 of the Companies Act, 2013, the Report and Accounts are being sent to the Members and others entitled there to, excluding the information on employees particulars which is available for inspection by the members at the Registered Office of the Company during business hours on working days of the Company. If any member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

The Company remains committed to enhancing service quality while complying with all regulatory requirements and environmental protection standards in its operations.

13. INTERNAL FINANCIAL CONTROL

The Company has adequate system of internal controls to ensure that all the assets are safeguarded and are productive. Necessary checks and controls are in place to ensure that transactions are properly verified, adequately authorized, correctly recorded and properly reported. The Internal Auditors of the Company conducts Audit of various departments to ensure that internal controls are in place.

14. NOMINATION AND REMUNERATION POLICY

The Company regards its human resources as its most valuable asset. The Nomination and Remuneration Policy is framed to ensure fair, transparent, and competitive remuneration to Directors, Key Managerial Personnel, and employees. It aims to attract and retain talent, motivate performance, and align individual contributions with the long-term goals and vision of the Company.

15. WHISTLE BLOWER POLICY

The Company has in place a Whistle Blower/Vigil Mechanism through which its Stakeholders, Directors, and Employees can report genuine concerns about unethical behavior and actual or suspected fraud or violation of the Companys Code of Business Conduct and Ethics. The said policy provides for adequate safeguards against victimization and direct access to the Audit Committee. The e-mail id for reporting genuine concerns is cmm.secretarial@gmail.com. During the year, no complaint was received in terms of the policy.

16. RISK MANAGEMENT POLICY

In line with the regulatory requirements, the Company has framed a Risk Management Policy to identify and access the key business risk areas and a risk mitigation process. A detailed exercise is being carried out at regular intervals to identify, evaluate, manage and monitor all business risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a proper defined framework.

17. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

The Honble National Company Law Tribunal (NCLT), by its order dated December 15, 2022, admitted the Company into Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Subsequently, the Resolution Plan has been approved, and all pending litigations prior to CIRP now stand extinguished.

Further, as disclosed in the audited financial statements, the following litigation matters were pending prior to the initiation of CIRP:

Particulars	Amount in lakhs)	Reason for Litigation Claim
Atman Infra LLP vs. CMM Infraprojects Ltd.	368.43	Demand notice u/s 138 of the Negotiable Instruments Act, 1881
Office of the Commissioner, CGST & Central Excise	3,397.17	Show cause notice - service tax payable
M/s Sourabh Singh Bhadoriya	120.00	Cheque return due to insufficient funds
M/s Brajesh Kumar Gupta	>21.77	Soochna Patra
ICICI Bank	75.43	Loan recall notice
Office of Labour Court	2.76	Gratuity claim by ex-employee
ICICI Bank, Malav Parisar, Indore	135.40	Non-liquidation of outstanding dues despite recall notice

18. PARTICULARS OF HOLDING, SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES.

The Company does not have any Holding or Subsidiary Company. Further, the Company has not entered into any Joint Venture arrangement with any person nor does it have any Associate Company as defined under Section 2(6) of the Companies Act, 2013 during the year.

19. DIRECTORS RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134(3) (c) of the Act:

a. in the preparation of the annual accounts for the year ended March 31, 2023, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b. the Directors had 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;

c. the Directors had 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. 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 are operating effectively; and

f. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such.

20. LISTING ON STOCK EXCHANGE

The Companys shares are listed on The National Stock Exchange of India Limited.

21. STATUTORY AUDITORS

M/s. S P A R K & Associates, Chartered Accountants LLP (ICAI FRN: 005313C/C400311) were reappointed as the Statutory Auditors of the Company in the 10th meeting of the Committee of Creditors held on 11th September, 2023, on the same terms and conditions as their previous appointment. The rectification of their appointment shall be placed before the Members in the ensuing Annual General Meeting, in accordance with the provisions of the Companies Act, 2013.

The Auditors have confirmed that they continue to remain eligible and are not disqualified from continuing as Statutory Auditors of the Company in terms of Section 141 of the Companies Act, 2013.

The Report of the Statutory Audit for the year 2022-23 is annexed herewith as "Annexure III". The Auditors Report for the FY 2024-25 contain following qualifications and management reply for the same as follow:

Matter	Auditors Qualifications	Management Reply
Details of Audit Qualification	a. Regarding non confirmation of Advance to supplier Rs. 742.62/- Lacs, Long term Liability Rs. 930.43/- Lacs, Other Non-Current Liability Rs. 726.30/- Lacs, Long term Loans & Advances of Rs. 1462.17/- Lacs and Current Liabilities of Rs 574.36/- Lacs and any consequential adjustment thereof in the books of accounts and their monetary impact on the respective assets, liabilities and the Profit/Loss of the year, which is presently unascertainable because of Moratorium u/s 14 of IBC, 2016 is in force.	The Corporate Insolvency Resolution Process (CIRP) under the National Company Law Tribunal (NCLT) significantly impacted our ability to obtain routine confirmations. Following the NCLT order dated November 11, 2024, the current management has been working diligently to reconstruct financial records and establish communication channels with creditors and debtors. The actual liability will be determined based on claims admitted by the Resolution Professional and final settlement terms.
	b. Borrowings: As per the information and explanations provided to us, a resolution plan under CIRP has been approved by NCLT and is currently under implementation. In accordance with the provisions of the CIRP, claims filed by financial creditor with Resolution Professional (RP) are being addressed as per the terms of the approved plan. Consequently, the actual settlement amounts are being dealt with in line with the plan, and due to non-availability of historical records, we are unable to comment on the non-provisioning of interest liability.
	c. Regarding non-confirmation of Trade Payable Rs. 833.87/- lacs and any consequential adjustment thereof in books of accounts and their monetary impact on the respective Assets, Liabilities and Profit/Loss for the year, which is presently unascertainable Further certain parties have submitted their claims under CIRP. Pending final outcome of the CIRP, no adjustment has been made in the books of the differential amount, if any, in the claims admitted. Accordingly, we are unable to comment on the financial impact of the same.	While the CIRP process created significant challenges in maintaining regular accounting procedures, the current management is taking comprehensive steps to address all concerns raised by the auditors. The Company remains committed to financial transparency and regulatory compliance as it moves forward with its business operations.
	d. As stated in Note 16 of the financial statements, Companys Trade receivables of Rs. 4513.22/- Lacs are classified under doubtful, as they are pending for a long time and are covered under the provisions of the Limitations Act, 1963, Due to which trade receivables are over stated by Rs. 4513.22/- Lacs and profit is overstated by Rs 4513.22/- Lacs. In our opinion 100% provision against recovery of the same needs to be made in financial statements. However, no such provision has been made in the financial statements. Further, balances are not confirmed and not reconciled.	The Board requests stakeholders to note that many of these issues stem from the extraordinary circumstances of the CIRP process, and the management is working diligently to resolve them systematically.
	(e) Interest on secured loan to Bankers/Institutions has not been provided in the financial statements. This is in contravention to the provisions to the Accounting Standard (AS) 29 regarding the "Provisions, Contingent Liabilities and Contingent Assets". The Company has incurred a net profit of Rs. 34.74/- lacs during the period ended 31st March 2025 without providing the Interest for the current year is Rs. 207.62/- Lacs and accumulated interest of Rs. 612.38/- Lacs till 31st March 2025. Hence, liabilities have been understated and profit has been overstated by Rs. 207.62/- lacs.
	(f) The provisions contained in section 135 of The Companies Act, 2013 as applicable which is related to CSR activities has not been complied by the company Unspent accumulated CSR amount is Rs. 14.05 Lacs till 31st March 2024.
	(g) Inventories amounting to Rs 3370 Lacs is related to disputed work in progress of various projects terminated during the year. Currently this work in progress is valued at cost which is in contravention to the provision of the accounting standard (AS-2) which states that inventory should be valued at cost or NRV whichever is lower. Accordingly, inventory has been overvalued by Rs 3370 Lacs and Profit has been overstated by Rs. 3370 Lacs.
	(h) In respect of Property, Plant and Equipment, as stated in Note no 11 amounting to Rs 531.26 Lacs, out of which most Plant and Machinery and vehicles are not in companys possession. Furthermore, management has not provided physical verification reports to prove ownership. Hence impact of the same is unascertainable.
	(i) As stated in Note 12 to the financial statements, the Company has charged depreciation on fixed assets amounting Rs. 73.07 Lacs only for a period of six months, i.e., up to 30th September 2024, for the financial year ended 31st March 2025. No depreciation has been charged on fixed assets for the second half of the financial year, except for assets acquired after 11th November 2024. The management has represented that this treatment is based on the fact that, pursuant to the order of the Honble National Company Law Tribunal (NCLT), the Company ceased to be under the Corporate Insolvency Resolution Process (CIRP) effective 11th November 2024, and the control and management of the Company were transferred to the successful resolution applicant. It is further represented that the new management did not have actual possession or control over the fixed assets during the second half of the financial year and accordingly did not charge depreciation on such assets.
	In our opinion, this accounting treatment is not in compliance with the applicable accounting standards, which require depreciation to be provided on a systematic basis over the useful life of an asset,
regardless of whether the asset is under active use or not. Consequently, fixed assets are overstated and depreciation expense is understated to the extent of the depreciation i.e., Rs 61.37 Lacs not charged for the second half of the financial year. As a result, the profit is also overstated by Rs 61.37. The impact of this departure from the applicable accounting standards on the financial statements has not been quantified by the management.
(j) We observed a mismatch between the bank balance as per the books of accounts of the Company and the balance as per bank statements for the year ended March 31, 2025. The Company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016. During the CIRP period, the bank-being one of the financial creditors-has independently recorded certain transactions by parking entries in the Companys bank account. These entries, however, were not recorded or recognized by the Company in its books of accounts.

22. SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company appointed Mrs. Dipika Kataria, Practicing Company Secretary (Membership No. 8078, C.P. No. 9526) as the Secretarial Auditor for the financial year 2024-25. The Secretarial Audit Report in Form MR-3 is annexed herewith as "Annexure II".

The Report confirms compliance with the applicable provisions and does not contain any adverse remark.

23. INTERNAL AUDITORS

In compliance with the provisions of Section 138 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, the Company has appointed M/s. APT & Co. LLP, Chartered Accountants (FRN: 014621C/N50008) as the Internal Auditors of the Company for the financial year 2024-25.

The appointment was made by the Board of Directors at its meeting held on 22nd March, 2025, following the approval of the Resolution Plan and restoration of the management of the Company.

24. RELATED PARTY TRANSACTIONS

In compliance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has framed a Policy on Related

Party Transactions. All such transactions are placed before the Audit Committee for review and approval on a quarterly basis, with omnibus approvals obtained for repetitive transactions in the ordinary course of business and at arms length.

During the financial year, all related party transactions were conducted at arms length and in the ordinary course of business. The Company did not enter into any material related party transactions as defined under Section 188 of the Companies Act, 2013 and applicable SEBI regulations.

25. ISSUE OF SHARES WITH DIFFERENTIAL VOTING RIGHTS

The Company has not issued any shares with differential Voting Rights pursuant to the provisions of Rule 4 of the Companies (Share Capital and Debenture) Rules, 2014.

26. ISSUE OF SWEAT EQUITY SHARES

During the year under review, the Company has not issued any sweat equity shares to any of its employees, pursuant to the provisions of Rule 8 of the Companies (Share Capital and Debenture) Rules, 2014.

27. EMPLOYEE STOCK OPTION

The company do not have any Employee Stock Option Scheme for its employee.

28. OTHER DISCLOSURES

a. Particulars of Loans, Guarantees or Investments:

The particulars of loans, guarantees, and investments made by the Company as on 31st March 2025, as required under Section 186 of the Companies Act, 2013, are provided in the Notes to the Financial Statements forming part of this Annual Report.

The Corporate Insolvency Resolution Process (CIRP) of the Company was initiated on 15th December 2022 under the Insolvency and Bankruptcy Code, 2016. However, as on the date of this report, there have been no significant or material orders passed by any Regulators, Courts, or Tribunals which would adversely affect the going concern status of the Company or its future operations.

b. Details of Fixed Deposits

During the year under review, the Company has not accepted any Deposit under Section 73 of The Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014. It is further stated that the Company does not have any deposits which are not in compliance with the requirements of Chapter V of The Companies Act, 2013.

c. Prevention of Sexual Harassment at Workplace:

The company has a Policy for prevention of Sexual Harassment at the Workplace in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review, there were no complaints pertaining to sexual harassment.

d. Business Responsibility Report

Regulation 34 (2) of the Listing Regulations, provides that the Annual Report of the Top 1000 listed entities based on market capitalization (calculated as on March 31 of every financial year), shall include a Business Responsibility Report("BRR"). Since your Company, does not feature in the Top 1000 listed entities as per market capitalization as on March 31,2025, the Business Responsibility Report for the financial year 2024-2025 does not form a part of this Annual Report.

e. Health and Safety

Health and Safety issues are addressed systematically, effectively and proactively. Your Company takes pride in providing various forms of medical assistance to its employees. Periodic health check-ups are carried out for all employees and regular training programs are organized on safety and precautionary measures. Firefighting training programs and first aid training camps are organized regularly educate workers and employees at the plant locations and corporate office.

29. ACKNOWLEDGMENT

We would like to thank to all our Stakeholders, Investors Bankers, customers, Suppliers, Government agencies, stock exchanges and depositories, Auditors, legal advisors, consultants, business associates, service providers for their continued commitment, and invincible enthusiasm which made this year productive and pleasurable.

The Board also places on record, their deep sense of appreciation towards all its Employees at all levels for adopting the values of the Company and their hard work during the year.