Dear Shareholders,
Your Directors have pleasure in presenting the 15th Annual Report of Emami
Realty Limited along with the financial statements for the financial year ended March 31,
2023.
1. OPERATING RESULTS:
Certain key aspects of the Companys performance (on a standalone basis) during the
financial year ended March 31, 2023, as compared to the previous financial year are
summarized below: ( in Lakhs)
Particulars |
Financial Year 2022-23 |
Financial Year 2021-22 |
| Revenue from Operations |
6,742 |
17,098 |
| Other Income |
3,508 |
4,611 |
Total Revenue |
10,250 |
21,709 |
| Total Expenses |
16,088 |
20,030 |
Profit / (Loss) before Tax |
(5,838) |
1,679 |
| Tax Expense |
|
|
| -Current Tax |
- |
19 |
| -Deferred Tax |
(1,453) |
281 |
| -Income Tax for Earlier years |
- |
54 |
Profit/ (Loss) for the Year |
(4,385) |
1,325 |
| Other Comprehensive Income/(Loss) for the year |
3 |
(7) |
Total Comprehensive Gain/(Loss) for the year |
(4,382) |
1,318 |
Your Company reported a total revenue of 10,250 Lakhs in 2022-23 against 21,709 Lakhs
in 2021-22 and EBITDA of 55 Lakhs against 8,507 Lakhs in the previous year. The Company
incurred Loss after tax of 4,385 Lakhs in the current year as compared to profit of 1,325
Lakhs in the previous year.
Your Companys consolidated revenues stood at 13,129 Lakhs for the year under review
against 24,169 Lakhs in the previous year, and EBITDA of
495 Lakhs in 2022-23 as compared to 8,636 Lakhs reported in the previous year. The
Company incurred a consolidated Loss of 3,863 Lakhs in 2022-23 as compared to profit of
1,504 Lakhs in the previous year. Like the last fiscal, your Company continued to witness
good response to its newly launched projects - "Emami Business Bay", an IT/ITES
& commercial development in Sector V of Kolkata and "Emami Aastha" in Joka,
Kolkata, premium Bungalow township nestled in an urban forest. In our Project, Emami
Business Bay, the Company secured additional sanction of 2 floors, leading to increase in
saleable area from 2.56 lakhs sq.ft to 2.9 lakhs sq.ft. The Company achieved booking of
176 units (81%) in Emami Business Bay and 253 units (67%) in Emami Aastha. Total bookings
during the year across all launches was 451 units representing 9.85 lakhs sq.ft., having
sales value of 303 Crores. The construction of both the projects are in full swing. In the
given market scenario, your Company is well positioned to capitalize the opportunities and
plans to launch new projects in the next eight quarters, having total saleable area of 11
mn sq.ft and revenue potential of 6000 Crores. These projects are at various stages of
design and development. Cash flow from operations continues to remain strong and the
operating debt has reduced by 30% to only 83 Crores.
In our other ongoing Projects - Emami Nature, Jhansi, the Company has achieved sales of
more than 94% and in Emami Aerocity, Coimbatore, the Company has achieved sales of more
than 82%. In our Projects- Emami City, Kolkata and Emami Tejomaya, Tamil Nadu, more than
99% of the Units have already been sold.
2. DIVIDEND:
Your Directors have not recommended any dividend for the year ended March 31, 2023.
3. TRANSFER TO RESERVES:
Your Directors do not propose to transfer any amount to the Reserves for the year under
review.
4. SHARE CAPITAL:
As on March 31, 2023, the issued, subscribed and paid-up equity share capital of the
Company stands at 756.88 Lakhs. The Company has neither issued shares with differential
rights as to dividend, voting or otherwise nor issued shares (including sweat equity
shares) to the employees or Directors of the Company under any Scheme.
5. CREDIT RATING
India Ratings and Research Private Limited (Ind-Ra) has assigned and upgraded Credit
Rating of Emami Realty Limiteds Long-Term Bank Facilities at "IND A-/Stable
(‘IND A-; Outlook Stable)".
6. AWARDS & ACCOLADES
We received several recognitions during the year, notable among them are as under:
• At the 15th Realty+ Conclave & Excellence Awards 2023 (East), our
Project - Emami Aastha, Joka was awarded under various categories - "Themed Project
of the Year", "Design Project of the Year" and "Consumer Connect
Initiative of the Year". Our Projects, Emami Aastha was recognized as the
"Residential Project – Theme Based (Metro: Ongoing)" and "Residential
Project – Villa (Metro: Ongoing)" and Emami City was recognized under the
category "Architectural Project – Residential (Metro)" at the Real Estate
Conclave & Awards 2022 (East) by The Economic Times.
• Our Managing Director & CEO, Dr. Nitesh Kumar Gupta was honored with the
prestigious title "Sustainable- Business Leader of the Year" at 15th
Realty+ Conclave & Excellence Awards 2023 (East) and as the "Realty Personality
of the Year" at Real Estate Conclave & Awards 2022 (East).
• Our Company was presented with "Real Estate Company of the Year East"
at Construction Week India Awards 2022.
7. CHANGE IN NATURE OF BUSINESS, IF ANY
During the year under review, there has been no change in the nature of business of
your Company.
8. MATERIAL CHANGES AND COMMITMENTS AFTER THE BALANCE SHEET DATE
There have been no material changes and commitments, affecting the financial position
of the Company which have occurred between March 31, 2023 and the date of this Report,
other than those disclosed in this Report.
9. SUBSIDIARIES AND ASSOCIATES
As at March 31, 2023, the Company had 3 subsidiaries, namely, Sneha Ashiana Private
Limited, Delta PV Private Limited and New Age Realty Private Limited and 4 associates,
namely, Roseview Developers Private Limited, Bengal Emami Housing Limited, Prajay Urban
Private Limited and Swanhousing & Infra Private Limited. The Company is a 10% partner
in Lohitka Properties LLP, as on March 31, 2023.
In compliance with the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations") and Section 129 of the Companies
Act, 2013 ("the Act"), your Company has prepared Consolidated Financial
Statements in accordance with the applicable accounting standards, which forms part of
this Annual Report. A statement containing the salient features of the Financial
Statements of the subsidiaries & associates in Form AOC-1 as required under Rule 5 of
the Companies (Accounts) Rules, 2014 form part of this Annual Report. The highlights of
performance of subsidiaries & associate companies and their contribution to the
overall performance of the Company is given in Annexure A in Consolidated Financial
Statements. The Company does not have any joint venture.
The audited financial statements of the Company along with separate audited financial
statements of the subsidiaries are available on the Companys website www.emamirealty.com.
The Company will make these documents available to Members upon request made by them.
As at March 31, 2022, Sneha Ashiana Private Limited is considered as material unlisted
Indian subsidiary under Regulation 24 of SEBI Listing Regulations. A
Policy has been formulated for determining the Material Subsidiaries of the Company in
compliance with the SEBI Listing Regulations, as amended. The said Policy is available at
the Companys website at the weblink: https://www.emamirealty.com/ investors/.
10. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The provisions of Section 186 of the Act in relation to loans or guarantees or
securities or investments are not applicable to the Company, being an infrastructure
company as defined under Schedule VI to the Act. The details of loans given, investments
made, guarantees given and securities provided have been disclosed in the Notes to the
Audited Financial Statements.
11. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the financial year, the Company has not entered into transaction with Related
Parties referred to in Section 188(1) of the Act, which could be considered material.
Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)
of the Act in Form AOC-2 is not applicable. All transactions entered into during the
financial year 2022-23 with Related Parties as defined under the Act and SEBI Listing
Regulations were in the ordinary course of business and at arms length basis. The
attention of Members is drawn to the disclosures of transactions with related parties set
out in Notes to Accounts (Note No. 42) forming part of the standalone financial
statements. The transactions with persons or entities belonging to the promoter/ promoter
group which holds 10% or more shareholding in the Company as required under Schedule V,
Part A (2A) of SEBI Listing Regulations are given as Note No. 42 (on Related Party
Transaction) forming part of the standalone financial statements. A policy on
‘Materiality of and Dealing with Related Party Transactions has been devised by the
Board of Directors and the same may be referred to, at the Companys website at the
weblink: https://www. emamirealty.com/investors/.
12. PUBLIC DEPOSITS
The Company has not invited or accepted deposits from the public covered under Section
73 of the Act and The Companies (Acceptance of Deposits) Rules, 2014, as amended.
13. AUDITORS & AUDITORS REPORT
At the Annual General Meeting held on September 19, 2019, M/S Agarwal Tondon & Co.,
Chartered Accountants, (Firm Registration No. 329088E) has been appointed as the Statutory
Auditors of the Company to hold office till the conclusion of the 16th Annual
General Meeting of the Company. The Statutory Auditors have confirmed that they are not
disqualified from continuing as Auditors of the Company.
The Auditors Report to the shareholders for the year under review does not contain any
qualification, reservation or adverse remark.
14. SECRETARIAL AUDIT REPORT
The Board of Directors have appointed M/S MKB
& Associates, Practising Company Secretaries as Secretarial Auditor of the Company
to conduct Secretarial Audit and their Report is annexed as Annexure 1. The
Secretarial Auditor, in their Report, has remarked that the Company has not obtained
in-principle approval of stock exchanges before issuing unlisted Zero Coupon Unsecured
Optionally Convertible Debentures, resulting in non-compliance with provisions of
Regulation 28(1) of the SEBI Listing Regulations. The shareholders may kindly note that
the Company has converted the unlisted Zero Coupon Unsecured Optionally Convertible
Debentures into 7.5% Unsecured Unlisted Non-Convertible Debentures since certain concerns
were raised by NSE.
The Companys unlisted material subsidiary company – Sneha Ashiana Private Limited
has also undergone Secretarial Audit as per Section 204 of the Act and Regulation 24A of
the SEBI Listing Regulations. A copy of the Secretarial Audit Report of Sneha Ashiana
Private Limited is also annexed as Annexure 1. The said report does not contain any
qualifications, reservations, adverse remarks or disclaimers.
The Annual Secretarial Compliance Report as required under Regulation 24A of SEBI LODR
Regulations has been submitted to the stock exchanges within 60 days of the end of the
financial year.
15. COST RECORDS AND COST AUDITORS
As required under Rule 8(5)(ix) of the Companies (Accounts) Rules, 2014, the Company
confirms that it has prepared and maintained cost records as specified by the Central
Government under subsection (1) of Section 148 of the Act for the financial year ended
March 31, 2023. In terms of Section 148 of the Act read with the Companies (Cost Records
and Audit) Rules, 2014, the Board of Directors of the Company has, on recommendation of
the Audit Committee, appointed M/s V.K. Jain & Co., as Cost Auditors for the financial
year 2023-24, and fixed their remuneration subject to ratification by the members in the
ensuing Annual General Meeting. The Company has received written consent that their
appointment is in accordance with the applicable provisions of the Act and rules framed
thereunder. The Cost Auditors have confirmed that they are not disqualified to be
appointed as Cost Auditors of the Company for the financial year 2023– 24. As
required, a resolution seeking members ratification for the remuneration payable to the
Cost Auditors is included in the Notice convening the Annual General Meeting. The Board
recommends the same for approval by members.
M/s V.K. Jain & Co. have confirmed that the cost records for the financial year
ended March 31, 2023 are free from any disqualification.
16. DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the Articles of Association of the Company and the provisions of
Section 152(6) (c) of the Act, Mr. Rajesh Bansal (DIN: 00645035) will retire by rotation
at the ensuing Annual General Meeting and being eligible, has offered himself for
re-appointment. The Board of Directors of your Company has recommended his re-appointment
at the ensuing AGM.
The Board of Directors, upon recommendation of the Nomination and Remuneration
Committee, appointed Mr. Amit Kiran Deb (DIN: 02107792) as an Additional Independent
Director on the Board of the Company with effect from August 07, 2023. The Board
recommends for the approval of the Members, the appointment of Mr. Amit Kiran Deb as a
Director and also as an Independent Director of your Company for a period of five years
with effect from August 07, 2023. Mr. Amit Kiran Deb has the required integrity, expertise
and experience for appointment as an Independent Director of your Company. Appropriate
resolutions seeking your approval to the above are appearing in the Notice convening the
15th Annual General Meeting of your Company.
Key Managerial Personnel
Dr. Nitesh Kumar Gupta (DIN: 08756907) - Managing Director & CEO, Mr. Rajesh Bansal
(DIN: 00645035) – Whole-time Director, Mr. Rajendra Agarwal - CFO and Mrs. Payel
Agarwal – Company Secretary
& Compliance Officer are the Key Managerial Personnel of the Company as at the date
of this Report.
17. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as laid down under Section 149(6)
of the Act and Regulation 16 of the SEBI Listing Regulations, as amended. In the opinion
of the Board, the Independent Directors fulfill the conditions specified in these
regulations and are independent of the management. There has been no change in the
circumstances affecting their status as Independent Directors of the Company.
The Board is also of the opinion that the Independent Directors of the Company possess
requisite qualifications, experience and expertise in relevant fields and they hold the
highest standards of integrity. In compliance with rule 6(1) of the Companies (Appointment
and Qualification of Directors) Rules, 2014, all the Independent Directors have registered
themselves with the Indian Institute of Corporate Affairs. Since all the Independent
Directors of the Company have served as directors in listed companies for a period not
less than three years, they are not required to undertake the proficiency test as per rule
6(4) of the Companies (Appointment and Qualification of Directors) Rules, 2014.
18. POLICY ON DIRECTORS AND KEY MANAGERIAL PERSONNELS APPOINTMENT AND REMUNERATION
Your Companys Remuneration Policy enumerates the criteria for appointment and
remuneration of Directors, Key Managerial Personnel and Senior Management Personnel on the
basis of their qualifications, positive attributes and independence of a Director and
other matters as required under Section 178(3) of the Companies Act, 2013. The Policy was
amended during the year, primarily to give effect to the amendments made in the SEBI
Listing Regulations, 2015. The amended policy is available on the website of the Company
at https://www.emamirealty.com/investors/. The salient features of the policy are provided
in the Corporate Governance Report forming part of the Annual Report.
19. BOARD EVALUATION
Pursuant to the provisions of the Act and the SEBI Listing Regulations read with
Guidance Note issued by SEBI, the Nomination and Remuneration Committee evaluated the
performance of all Directors on criteria such as qualification, level of governance in
meetings, preparedness for the meeting, experience, knowledge and competence, fulfilment
of functions, ability to function as a team, initiative, availability and attendance,
integrity, adherence to the code of conduct, etc. Independent Directors were additionally
evaluated on criteria like independence of views and judgement and the Chairman of the
Board was additionally evaluated on criteria like effectiveness of leadership and ability
to steer the meeting, impartiality, commitment and ability to keep shareholders interest
in mind. The Independent Directors of the Company in their separate meeting, reviewed the
performance of Non-Independent Directors, the Board as a whole and of the Chairperson of
the Company.
The Board, after taking into consideration the evaluation exercise carried out by the
Nomination and Remuneration Committee and by the Independent Directors, carried out an
evaluation of its own performance and that of its Committees. The evaluation of individual
performance of all Directors (including the Independent Directors) was also carried out by
the entire Board (excluding the director being evaluated).
The Directors expressed their satisfaction over the evaluation process and results
thereof.
20. NUMBER OF MEETINGS OF BOARD OF DIRECTORS
During the financial year ended March 31, 2023, the Board met 6 (Six) times, on May 24,
2022, August 09, 2022, November 14, 2022, January 12, 2023, February 14, 2023 and March
31, 2023. The details of the meetings of the Board of Directors held and attended by the
Directors during the financial year 2022-23 are given in the Corporate Governance Report.
21. MEETING OF INDEPENDENT DIRECTORS
During the year under review, a meeting of Independent Directors was held on February
14, 2023 wherein the performance of the non-independent directors and the Board as a whole
was reviewed. The Independent Directors at their meeting also assessed the quality,
quantity and timeliness of flow of information between the Company management and the
Board of Directors of the Company.
22. PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are attached as Annexure 2. In terms of the
provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing
the names and other particulars of the employees drawing remuneration in excess of the
limits set out in the said rules is provided in the Annual Report, which forms part of
this Report. As per the second proviso to Section 136(1) of the Act, the Annual Report
(excluding the aforesaid information) is being sent to the members of the Company. If any
member interested in obtaining a copy thereof, such member may write to the Company
Secretary, whereupon a copy would be sent to such member.
23. CORPORATE SOCIAL RESPONSIBILITY
The Corporate Social Responsibility Committee of your Company comprises of Mrs. Karabi
Sengupta as the Chairperson and Mr. Debasish Bhaumik and Dr. Nitesh Kumar Gupta, as
members. The details required under the Companies (Corporate Social Responsibility Policy)
Rules, 2014, as amended, are given in Annual Report on CSR activities appended as Annexure
3 to this Report. The CSR Policy is available on the website of the Company at the
weblink: https://www.emamirealty.com/investors/
24. DIRECTORS RESPONSIBILITY STATEMENT
The Directors hereby confirm that:-
(i) In the preparation of the annual financial statements for the financial year ended
March 31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any; (ii) They have selected such
accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at the end of the financial year and of the loss of the Company for that
period;
(iii) They have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act and rules made
thereunder, for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities; (iv) They have prepared the annual financial statements
for the financial year ended March 31, 2023 on a ‘going concern basis; (v) They have
laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and have been operating effectively; (vi) They have
devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
25. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report for the year under review, as stipulated
under Regulation 34(2) of SEBI Listing Regulations, is appended to this Report.
26. CORPORATE GOVERNANCE
The Company is committed to maintaining highest standards of Corporate Governance and
adhering to the Corporate Governance requirements as set out by the SEBI. The Report on
Corporate Governance as stipulated under SEBI Listing Regulations forms part of this
Report. A certificate from M/s. Agrawal Tondon & Co., Chartered Accountants,
confirming compliance with the conditions of Corporate Governance as stipulated under
Schedule V to SEBI Listing Regulations and applicable provisions of the Act forms part of
the Corporate Governance Report.
27. CEO & CFO CERTIFICATION
As required by Regulation 17(8) of the SEBI Listing Regulations, the CEO & CFO
certification has been submitted to the Board and a copy thereof is contained elsewhere in
this Annual Report.
28. INTERNAL FINANCIAL CONTROL SYSTEM
The Company has an internal financial control system, commensurate with its size, scale
and complexity of its operations. The Companys system of internal control has been
designed to provide a reasonable assurance with regard to maintenance of proper accounting
controls, monitoring of operations, protecting assets from unauthorized use or losses,
compliance with regulations and for ensuring reliability of financial reporting. The
internal controls over financial reporting have been identified by the management and are
checked for effectiveness across all locations and functions by the management and tested
by the Auditors on sample basis. The controls are reviewed by the management periodically
and deviations, if any, are reported to the Audit Committee periodically.
29. AUDIT COMMITTEE
The composition and terms of reference of the Audit Committee has been furnished in the
Corporate Governance Report forming a part of this Annual Report. During the Financial
Year under review, the recommendations made by the Audit Committee were accepted by the
Board.
30. NOMINATION AND REMUNERATION COMMITTEE
The composition and terms of reference of the Nomination and Remuneration Committee has
been furnished in the Corporate Governance Report forming a part of this Annual Report.
31. STAKEHOLDERS RELATIONSHIP COMMITTEE
The composition and terms of reference of the Stakeholders Relationship Committee has
been furnished in the Corporate Governance Report forming a part of this Annual Report.
32. VIGIL MECHANISM
The Company has established a vigil mechanism as required under Section 177 of the Act
and Regulation 22 of the SEBI Listing Regulations, to report to the management, concerns
about unethical behavior, actual or suspected fraud or violation of the Codes of Conduct
or policy. The mechanism provides for adequate safeguards against victimization of
employees and Directors who avail of the mechanism and also provide for direct access to
the Chairman of the Audit Committee in exceptional cases. The said policy may be referred
to, at the Companys website at the weblink: https:// www.emamirealty.com/investors/
33. RISK MANAGEMENT
The Company has a defined Risk Management framework to identify, assess, monitor and
mitigate various risks to key business objectives. Major risks identified by the
businesses and functions are systematically addressed through mitigating actions on a
continuing basis. It provides for identification of risk, its assessment and procedures to
minimize risk and is being periodically reviewed to ensure that the executive management
controls the risk as per decided policy.
34. COMPLIANCE WITH SECRETARIAL STANDARDS
During the Financial Year, your Company has complied with applicable Secretarial
Standards i.e. SS-1 and SS-2, relating to "Meetings of the Board of Directors"
and "General Meetings", respectively.
35. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
Your Company is committed to provide a work environment which ensures that every woman
employee is treated with dignity, respect and equality. There is zero-tolerance towards
sexual harassment and any act of sexual harassment invites serious disciplinary action.
The Company has established a policy against Sexual Harassment for its employees. The
policy allows every employee to freely report any such act and prompt action will be taken
thereon. The Policy lays down severe punishment for any such act. The Company has complied
with provisions relating to the constitution of Internal Complaints Committee. Further,
your Directors state that during the year under review, there was no case of sexual
harassment reported to the Company pursuant to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
36. ANNUAL RETURN
As required under Section 92(3) of the Act read with Section 134(3)(a), the Annual
Return for the financial year ended March 31, 2023 is available on the Companys website
at the weblink: https://www. emamirealty.com/investors/
37. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNALS
There are no significant material orders passed by the Regulators / Courts/ Tribunals
which would impact the going concern status of the Company and its future operations.
38. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING & OUTGO
A. The operations of the Company are not energy intensive as the Company is not engaged
in any manufacturing activity and hence reporting under this Section does not arise.
B. No technology has been developed and / or imported by way of foreign collaboration.
C. Foreign exchange inflow and outflow is NIL during the year under review (P.Y.: Inflows:
Nil; Outflows: Nil).
39. REPORTING OF FRAUDS BY AUDITORS
During the financial year under review, the Statutory Auditors, Cost Auditors and
Secretarial Auditors have not reported any instances of fraud committed in the Company by
its officers or employees to the Audit Committee or to the Central Government under
section 143(12) of the Act, details of which needs to be mentioned in this Report.
40. STATEMENT ON INVESTOR EDUCATION AND PROTECTION FUND
There is no amount lying unpaid/ unclaimed with the Company.
41. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016
There are no applications made or any proceeding pending against the Company under
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year.
42. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF
There are no instances of one-time settlement during the financial year.
43. ACKNOWLEDGEMENTS
The Directors wish to extend their thanks and appreciation for the valuable and
continued support received from the Customers, Shareholders,
CompanysBankers,financialinstitutions,Centraland State Government Authorities, Stock
Exchange(s), Depositories and all other business associates for the growth of the
organization. The Directors also acknowledge the hard work, dedication and commitment of
the employees for the growth of the Company and look forward to their continued
involvement and support.
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