Essar Ports Ltd Directors Report

To the Members of Essar Ports Limited

Your Directors take pleasure in presenting the Forty Eighth Annual Report of your Company together with the Audited Financial Statements for the year ended March 31,2024.

1. FINANCIAL RESULTS

The summary of consolidated and standalone financial results of your Company for the year ended March 31,2024 are furnished below:

(Rs. in lakhs)

	Consolidated		Standalone
Particulars	For the year ended March 31, 2024	For the year ended March 31, 2023	For the year ended March 31, 2024	For the year ended March 31, 2023
Total Revenue	27,089.87	5,111.72	5,520.60	5,111.72
Total Expenses	2,251.91	1,960.56	2,251.91	1,955.92
EBITDA	25,297.77	3,807.84	3,728.50	3,805.89
Profit / (Loss) for the year	13,756.48	10,901.89	3,570.41	3,137.00

2. DIVIDEND

Considering the funds requirement for meeting the operations, the Board has not recommended any dividend for the financial year ended March 31,2024.

3. MANAGEMENT DISCUSSION & ANALYSIS

The discussion and analysis hereunder covers Companys financial performance and business outlook for the year 2023 - 2024. This outlook is based on assessment of the current business environment and Government policies. The change in future economic and other developments are likely to cause variation in this outlook.

Economic Outlook:

The global economic outlook is showing signs of improvement, albeit with modest growth while tighter monetary conditions persist, global activity demonstrates resilience, with inflation falling faster than expected and private sector confidence on the rise. Labor market imbalances are easing, with unemployment remaining near record lows. Real incomes are beginning to improve as inflation moderates, and trade growth has shifted to positive territory. Global GDP is projected to grow by 3.2% in 2024 and 2025, consistent with the pace seen in 2023. Advanced economies are expected to experience a slight acceleration in growth, while emerging market and developing economies may see a modest slowdown. However, the long-term forecast for global growth, at 3.1% five years from now, is at its lowest in decades. Global inflation is expected to decline steadily, from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025, with advanced economies reaching their inflation targets sooner than emerging market and developing economies.

In India, GDP growth is forecasted to reach 7.8% in FY 202324, followed by around 6.5% growth in each of the subsequent two fiscal years. Domestic demand will be bolstered by gross capital formation, mainly in the public sector, while private consumption growth is expected to remain subdued. Exports will maintain growth momentum, buoyed by foreign investment.

Headline inflation is anticipated to decline gradually, and foreign capital inflows into Indian stock markets are expected to persist. Additionally, there are indications of Indias increasing integration into global production networks, driven by trade in intermediary inputs and business services.

Industry Outlook:

Ports

Indian Scenario:

The overall cargo throughput at Indian ports has reached a new high, estimated at 1539 MMT (E) for the financial year ending March 31, 2024, marking a 7% growth over fY23. This growth is attributed to the revival in economic activity, increased demand and consumption of major commodities, and decreasing shipping freights. Indias coastal cargo has seen significant growth, with anticipation of a rise in the share of coastal cargo of coal to 42% by FY26.

Container volumes in India have shown a healthy CAGR of 6% from FY20-FY22, indicating a robust economic performance despite COVID-19-related challenges. Although container volumes remained flat at 3% in FY23, a strong recovery in EXIM trade is expected to drive healthy growth of 10% in FY24. However, disruptions in the Red Sea region have led to longer transit times and increased freight costs, prompting shipping liners to consider alternative routes. Going forward, growth in exports volume and stability on geopolitical conditions shall be key monitorable.

The launch of the Sagarmala Program has brought optimism for port-led area development, with the government envisioning 189 modernization projects involving an investment of 1.42 trillion (US$ 22 billion) by 2035. Additionally, several projects under the Sagarmala Programme are underway at non-major ports, with a significant portion being carried out through Public-Private Partnership (PPP) mode.

In 2024, the Union Minister of Ports, Shipping & Waterways and Mr. Sarbananda Sonowal, inaugurated major waterways projects in North East India, unveiling projects worth Rs. 308 crore (US$ 37.14 million) and announcing initiatives for improved connectivity and economic growth.

Overall, Increasing investment and cargo traffic point towards a healthy outlook for the Indian ports sector. Providers of services such as operation and maintenance (O&M), pilotage and harbouring and marine assets such as barges and dredgers are benefiting from these investments

Performance Overview:

The Company has successfully commissioned an all-weather terminal at Salaya Jetty, in Jamnagar, Gujarat, India in Q4 FY 2017 - 2018. The Salaya Port has a handling capacity of 20 MMT fully mechanized 380 m berth with one ship loader of rated capacity of 1500 TPH and two ship unloaders of rated capacity of 2500 TPH. The berth is connected to stockyard via 12.8 Km long conveyor belt. Salaya Jetty has a draft depth of 14 m in the Saurashtra region. The Company would continue to lead innovative practices, adoption of technology and setting examples in the regions. Company has handled 2.77 MMT Cargo in FY 2024.

Financial Highlights:

The Key Financials performance highlights for the year are as below:

Total Revenue contribution on consolidated basis was 270.89 cr.

EBITDA for the year on 252.97 cr.

Net Profit for the year 137.56 cr.

Awards:

Your Company has been awarded over the year by various institutions for best practices in Health, Safety, Environment and Quality related categories. Below is the list of awards and accolades won by your Company:

- Essar Ports Limited was conferred CII SCALE Award under Terminal Operator Category - 2016

- Essar Ports Limited was conferred second place at Indian Maritime Award for Dry Bulk Port - 2018.

- Essar Ports Limited was conferred Maritime & Logistics Award for CSR Activities

- Essar Ports Limited was conferred Maritime Standard Award, Dubai for CSR Activities

- Essar Vizag Terminals Limited was conferred Construction Times Award for Best Executed Port & Harbour Project - 2017

4. RISK, OPPORTUNITY AND THREATS:

The outbreak of coronavirus provides a good opportunity for India to follow an export-driven model. The movement of companies away from China to other less-developed countries have triggered a new wave of industrialization in India. Consequently, the expansion of the manufacturing hub linked with global supply chains would increase demand for port industry.

The robust growth in overall cargo throughput at Indian ports, reaching a record 1539 MMT (E) for the financial year ending March 31,2024, reflects a 7% increase over FY23. This growth is fueled by the resurgence in economic activity, heightened demand for major commodities, and declining shipping costs.

Notably, there has been significant growth in Indias coastal cargo, with expectations of coal accounting for 42% of coastal cargo by FY26.

In terms of cargo commodities, thermal coal, iron ore, fertilizers, POL, and finished fertilizers have experienced an upward trend in shipments, contributing to an 8.9% growth in FY23. Despite sluggish volume growth in most commodities, major ports have managed to achieve modest overall cargo throughput growth.

Although container volumes in India exhibited a healthy CAGR of 6% from FY20-FY22, FY23 saw flat growth at 3%. However, a strong recovery in EXIM trade is anticipated to drive a robust 10% growth in FY24.

Geopolitical tensions and disruptions in sea regions directly impact cargo traffic at ports, leading to prolonged transit times and increased freight costs.

The company has implemented a formal risk assessment and management system, periodically identifying risk areas, evaluating their consequences, and implementing mitigation strategies and corrective actions as necessary. The company has made consistent progress in addressing specific risks and threats through cargo diversification, strategic port capacities, long-term customer contracts, operational efficiency enhancements, cost optimization, and integrated logistics services provision.

At the domestic level, new business opportunities are emerging, particularly in the natural gas sector and container traffic handling. With the increasing size of vessels, shipping liners prefer ports with deep drafts, longer quays, high mechanization, and robust infrastructure. The company is closely monitoring these market trends and preparing many projects to capitalize on such opportunities at the appropriate time.

Investments in port infrastructure and technology are crucial for enhancing efficiency, reducing turnaround times, and accommodating larger vessels. Implementing state-of-the- art equipment, automation, and digital solutions can optimize port operations, improve customer experience, and strengthen competitiveness in the global market. Furthermore, sustainable practices such as shore power facilities, emission reduction initiatives, and eco-friendly port designs are becoming increasingly important to meet environmental regulations and attract environmentally conscious customers.

Internal Control systems and their adequacy:

The Company has put in place strong internal control systems and process to commensurate with its size and scale of operations. Some of the key features of the Companys internal control systems are:

- Adequate documentation of Financials, Company Policies and Guidelines.

- Preparation of Annual Budget plan through monthly review for all operating entities at Management level.

- The Company has a management system which runs on a one-on-one monitoring activities with all entities whenever required.

- The Company has a well-defined allocation of power with authority limits for approving revenue and Capex expenditure which is reviewed and suitably amended on an annual & monthly basis by the Senior Management.

5. HOLDING/ SUBSIDIARIES/ JOINT VENTURES/ ASSOCIATES

As on March 31, 2024, the following were the Holding, subsidiaries and associates of your Company:

Sl. No.	Name of the Companies	Holding/ Subsidiary/ Associate	% of Equity Capital
1.	Essar Ports & Terminals Limited	Holding	97.77%
2.	Essar Bulk Terminal (Salaya) Limited	Associates	34.22%*

* Percentage of holding calculated on diluted basis.

# Disinvestment of Essar Vizag Terminals Limited (100%) Subsidiary Company) on February 27, 2024.

A statement containing the salient features of the financial statements of the subsidiary/ associate companies, in Form AOC-1, has been enclosed as an annexure to this report.

6. RELATED PARTY TRANSACTIONS

All Related Party Transactions entered during the year were in ordinary course of the business and on an arms length basis. Details of material related party transaction entered during the financial year 2023-24 are provided in the prescribed form AOC-2 as an annexure to this report.

7. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which this financial statements relate and the date of this Report.

8. DEPOSITS

The Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, during the financial year.

9. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED / RESIGNED DURING THE YEAR

Composition of Board of Directors as on March 31, 2024:

Sl. No.	DIN	Name of the Directors	Designation
1.	00903635	Shri. Rajiv Agarwal	Managing Director
2.	00007339	Shri. Dilip J. Thakkar	Independent Director
3.	00284649	Capt. B. S. Kumar	Independent Director
4.	00202779	Shri Nikhil Naik	Nominee Director
5.	00008443	Shri Amit Bapna	Whole-time Director

The following Directors and Key Managerial Personnel were appointed/ got resigned / Change in designation during the financial year:

Sl. No.	Name of the Directors	DIN	Designation	Date of Appointment/ Resignation/ Change in Designation	Remarks
1	Shri Kamla Kant Sinha	00009113	Non Executive Director	June 19, 2023	Resignation
2	Capt. B. S. Kumar	00284649	Independent Director	September 24, 2023	Re appointment
3	Smt. Simran Ajmani		Company Secretary	December 29, 2023	Resignation

Your Board places on record its appreciation for the valuable contributions made by the Directors/ KMPs in the growth and progress of the Company during their tenure.

As on March 31, 2024, following are the Key Managerial Personnel of your Company:

• Shri. Rajiv Agarwal -- Managing Director

• Shri. Amit Bapna -- Whole time Director & Chief Financial Officer

The following Directors and Key Managerial Personnel were appointed/ got resigned after closure of the financial year:

Sl. No.	Name of the Directors	DIN	Designation	Date of Appointment/ Resignation	Remarks
1.	Smt. Ketki Belhe		Company Secretary	June 10, 2024.	Appointment
2.	Dr. Jose Paul	01256347	Additional Independent Director	July 24, 2024	Appointment

Approval of the members is being sought at the ensuing

Annual General Meeting of the Company for -

- Re-appointment of Shri. Amit Bapna (DIN: 00008443), who retires at the ensuing Annual General Meeting of the Company and offers himself for re-appointment;

- Re-appointment of Shri Amit Bapna as Whole-time Director for a period of 3 years w.e.f. August 30, 2025, and his appointment has been recommended by the Nomination and Remuneration Committee;

- Appointment of Dr. Jose Paul (DIN 01256347) as an Independent Director of the Company for 5 consecutive years commencing from the date of Annual General Meeting, and his appointment has been recommended by the Nomination and Remuneration Committee;

10. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

AND ATTENDANCE OF THE DIRECTORS

The Board of Directors of the Company had met 4 times during the financial year on the below mentioned dates:

- June 22, 2023;

- July 10, 2023;

- October 25, 2023; and

- February 15, 2024;

Name of the Director	Category of Director	Number of Board Meetings held and attended during the year
		Held during the year	Attended
Shri. Rajiv Agarwal	Managing Director	4	4
Shri. Dilip J. Thakkar	Independent Director	4	4
Capt B. S. Kumar	Independent Director	4	4
Shri Nikhil Naik	Nominee Director	4	4
Shri. Amit Bapna	Whole-time Director	4	4

The meetings of the Board have been held at regular intervals with a time gap of not more than 120 days between two consecutive meetings.

11. DECLARATION OF INDEPENDENCE

The Company has received Declarations of Independence as stipulated under Section 149(6) of the Companies Act, 2013 from Independent Directors.

12. COMPOSITION OF THE AUDIT COMMITTEE

As on March 31, 2024, the Audit Committee comprised of Shri. Dilip J. Thakkar as the Chairman of the Committee, Capt B.S. Kumar (Independent Director) and Shri Nikhil Naik (Nominee Director) were the other members of the Committee.

As on the date of this report the Audit Committee of the Board comprised of 3 Non-Executive Directors, out of them 2 are Independent. Capt. B. S. Kumar (Independent Director) as the Chairman of the Committee and Dr. Jose Paul (Independent Director) and Shri Nikhil Naik (Nominee Director) are the members of the Committee. All the recommendations of the Audit Committee have been accepted by the Board.

13. CORPORATE SOCIAL RESPONSIBILITY

As on March 31, 2024 and as on the date of this report, the Corporate Social Responsibility Committee comprised of Shri. Rajiv Agarwal as the Chairman of the Committee, Capt B.S. Kumar (Independent Director), Shri Nikhil Naik (Nominee Director) and Shri Amit Bapna (Whole-time Director) were the other members of the Committee.

The composition and terms of reference of the Corporate Social Responsibility Committee had been fixed by the Board of Directors of your Company. The CSR policy along with the Annual report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been appended as Annexure to this Report.

14. NOMINATION AND REMUNERATION COMMITTEE

As on March 31, 2024, the Nomination and Remuneration Committee comprised of Capt B.S. Kumar (Independent Director) as the Chairman of the Committee and Shri. Dilip Thakkar (Independent Director) and Shri Nikhil Naik (Nominee Director) were the other members of the Committee.

As on the date of this report the Nomination and Remuneration Committee comprised of Capt B.S. Kumar (Independent Director) as the Chairman of the Committee and Dr. Jose Paul (Independent Director) and Shri Nikhil Naik (Nominee Director) were the other members of the Committee.

The Committee has formulated a policy on the Directors appointment and remuneration including recommendation of remuneration of the Key Managerial Personnel and other employees. The said policy has been enclosed as an Annexure to this Report.

15. STAKEHOLDERS RELATIONSHIP COMMITTEE

As on March 31, 2024 and as on the date of this Report, the Stakeholders Relationship Committee of the Board comprised of 4 Directors. Shri. Rajiv Agarwal acts as the Chairman of the Committee and Shri Nikhil Naik (Nominee Director), and Capt. B. S. Kumar (Independent Director) are the other members of the Committee.

16. PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND DIRECTORS

All Directors responded through a structured questionnaire giving feedback about the performance of the Board, its Committees, individual Directors and the Chairman. The questionnaire included inputs on composition, functioning, information availability, effectiveness, etc. The questionnaire also covered, in the case of individual directors, qualitative assessment and in the case of Chairman additional criteria like leadership qualities and other key aspects of his role.

The inputs received were circulated to the members of the Nomination and Remuneration Committee of the Board.

17. EXTRACT OF ANNUAL RETURN

The extract of annual return in Form MGT-9 as required under Section 92(3) and Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as an Annexure to this Report.

18. INTERNAL CONTROL FRAMEWORK

Your Company conducts its business with integrity and high standards of ethical behavior and in compliance with the laws and regulations that govern its business. Your Company has a well-established framework of internal controls in its operations, including suitable monitoring procedures. In addition to an external audit, the financial and operating controls of your Company at various locations are reviewed by Internal Auditors, who report their observations to the Audit Committee of the Board.

19. HUMAN RESOURCE

Human resources focuses on maximizing employee productivity. Your HR professionals manage the human capital of our organization and focus on implementing policies and processes. Our HR is specialised on recruiting, training, employee-relations or benefits, recruiting specialists and hire top talent. Your HR always ensures that employees are trained and have continuous development. This is done through training programs, performance evaluations and reward programs. Employee relations deal with concerns of employees when policies are broken, such as in cases involving harassment or discrimination.

Human resources have always been the key to success of your Companys business. A balance of internal and external talent was maintained to ensure right skills are available to initiate project activities. Your Company is known for developing future leaders and having the best people practices. This coupled with the ability to attract the best talent, provides a competitive edge to the organization.

20. CONSOLIDATED FINANCIAL STATEMENTS

Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to Section 129(3) of the Companies Act, 2013 and prepared in accordance with the applicable Accounting Standards.

21. AUDITORS

Your Companys Auditors, Messrs. MSKA & Associates, Chartered Accountants (ICAI Form Registration Number: 105047W), were appointed as the Statutory Auditors of the Company to hold office from the conclusion of 45th Annual General Meeting (AGM) till the conclusion of the 50th AGM of the Company to be held in the year 2026.

There are no audit qualifications/adverse remarks in the Auditors Report to the shareholders on the Accounts of the Company for the year ended March 31,2024.

22. REPORTING OF FRAUD

There were no instances of fraud committed against the Company by its officers or employees as specified under Section 143(12) of the Companies Act, 2013 and accordingly no such reporting was done by the Auditors of the Company.

23. INFORMATION TECHNOLOGY

The field of information technology (IT) covers the design, administration and support of computer and telecommunications systems. Some of the positions in this field include database and network administrators, computer support specialists, computer scientists, software programmers and system analysts. The majority of career tracks in IT entail design and operational tasks related to computer hardware components, networks and software applications.

Professionals in the IT field work with businesses and organizations to set up and support viable computer networks that will keep systems efficient and reliable. IT encompasses all hardware and software used in the storing, creation and accessing of information. Examples of technologies that professionals work with are firewalls, databases, media storage devices, networks and the Internet.

Your Company successfully implemented SAP in its financial and related systems. For dry bulk, systems have been implemented to capture end-to-end workflow covering all activities from pre-arrival intimations to actual departure of vessels. Expected berth occupancy is being plotted, thereby optimising the berth utilisation and increasing berth efficiency. Various dashboard reports have been implemented in the system for berth performance and resource monitoring.

24. VIGIL MECHANISM

Your Company has adopted a Whistle Blower Policy, as part of the vigil mechanism to provide appropriate avenues to the Directors and employees to report their genuine concerns which is perceived to be in violation of or in conflict with the fundamental business principles of the Company.

25. PROTECTION OF WOMEN AT WORKPLACE

The Company has formulated a policy on Prevention of Sexual Harassment at workplace as per the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (‘Act) and Rules made thereunder. During the financial year no cases were reported under the above said Act. The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [Rule 8(5)(x) of Rules]

26. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The particulars of loans, guarantees and investments have been disclosed in the notes to the financial statements of the Company for the financial year 2023-2024.

27. STATEMENT OF DIRECTORS RESPONSIBILITIES

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013 and based on the information provided by the management, your Directors state that:

a) in the preparation of the Financial Statements, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) accounting policies selected were applied consistently and judgments and estimates were made 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 or loss of the Company for that period;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Financial Statements of the Company have been prepared on a going concern basis;

e) the Company has 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) proper systems are in place to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

28. AMOUNTS, IF ANY, PROPOSED TO BE CARRIED TO ANY RESERVES

Your Company has not transferred any amount to any reserves during the current financial year.

29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN ExCHANGE EARNINGS AND OUTGO

In view of the nature of activities that are being carried on by your Company, the particulars required under Section 134 of the Companies Act, 2013 and rules made thereunder regarding conservation of energy and technology absorption are not applicable to your Company.

The details of foreign exchange earnings and outgo as required under Section 134 and Rule 8(3) of Companies (Accounts) Rules, 2014 are mentioned below:

Foreign Exchange Earnings & Outgo

(Rs. Lakhs)

Particulars	For the year ended 31st March, 2024
Foreign Exchange earnings	NIL
Foreign Exchange outgo	13.11

30. QUALITY, SAFETY AND ENVIRONMENT

Your Company, in order to ensure highest standard of safety, has implemented and initiated various measures with respect to Quality, Safety and Environment Management Systems.

31. CORPORATE GOVERNANCE

Your Company is not listed on any Stock Exchanges and hence not covered under the listing regulations of SEBI. However, as a good practice, your Company follows the Corporate Governance practice in its business activities.

32. DISCLOSURES WITH RESPECT TO THE REMUNERATION UNDER SECTION 197 OF THE COMPANIES ACT, 2013

Since your Company is not a listed company, the statement of Disclosure of Remuneration under section 197 of Companies Act, 2013 and Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable.

33. AFFIRMATION AND DISCLOSURE

Your Company is not listed on any Stock Exchanges and hence not covered under the listing regulations of SEBI. Since the reporting under the Corporate Governance is not mandatory for your Company, the declaration in relation to the compliance with the Code of Conduct is not attached with the Annual Report.

34. MAINTENANCE OF COST RECORDS AS SPECIFIED BY THE CENTRAL GOVERNMENT UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT, 2013

The provisions of Section 148(1) of the Companies Act, 2013 are not applicable to the Company as the Central Government of India has not specified the maintenance of cost records for any of the products of the Company.

35. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.

36. THE 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 is no One Time Settlement and Valuation done during the year under review, therefore this clause is not applicable to your Company.

37. GENERAL DISCLOSURES

Your Directors hereby state and confirm that for the year ended March 31,2024:

• The Executive Director(s) did not receive any remuneration from the holding and/or subsidiary companies.

• The Company has neither revised the financial statements nor the report of Board of Directors.

• The Company has not issued equity shares with differential rights as to dividend, voting, or otherwise or sweat equity shares.

• No significant or material orders were passed by the Regulators or Courts or Tribunals, which impact the going concern status or Companys operations in future.

• There was no change in the nature of business of the Company.

38. APPRECIATION AND ACKNOWLEDGEMENTS

Your Directors express their sincere thanks and appreciation to all the employees for their commendable team work and contribution to the growth of the Company.

Your Directors also thank its bankers and other business associates for their continued support and co-operation during the year.

	For and on behalf of the Board
	Rajiv Agarwal	Amit Bapna
	Managing Director	Wholetime Director
	DIN: 00903635	DIN: 00008443
Mumbai
July 24, 2024