Euro Leder Fashion Ltd Directors Report

TO THE MEMBERS

Your directors have pleasure in presenting to you their 34 th Annual Report together with the audited accounts of the Company for the year ended 31 st March, 2026 and the Auditors Report thereon

1. FINANCIAL RESULTS:

The summarized working results for the year ended 31.03.2026 as compared with the previous financial are as under:

(Rs. in lakhs)

PARTICULARS	2025-26	2024-25
Total Income	2970.14	2024.73
Less: Total Expenses	2913.88	1965.37
Profit before Depreciation and
Taxation	92.84	59.36
Less: Depreciation	36.59	37.89
Profit before Tax	56.25	21.47
Provision for Tax	54.47	2.03
Profit after Tax	1.77	19.44
Profit brought forward	1070.23	1050.78
Profit available for appropriation	1072.01	1070.23
Profit/Loss carried to Balance
Sheet	1072.01	1070.23

2. PERFORMANCE:

During the financial year 2025 26, the Company recorded a total income of Rs 2,970.14 lakhs and reported a Profit Before Tax of Rs 56.25 lakhs as compared to Rs. 21.47 lakhs in the previous financial year. The improvement in profitability was supported by higher export revenues, operational efficiencies, and sustained demand from key international markets. The global leather industry continues to benefit from rising disposable incomes, changing consumer lifestyles, and evolving fashion preferences, which have led to increased demand for quality leather products across major markets, including China, Europe, and North America. These factors are expected to support the growth of the leather sector and create further opportunities for the Company in the coming years.

3. CHANGE IN THE NATURE OF BUSINESS:

Your Company is engaged in the Business of Manufacturing of Leather Garments. There has been no change in the nature of business during the year under review.

4. DIVIDEND:

In order to strengthen the Companys financial position and support future growth initiatives, the Board of Directors has decided to retain the profits earned during the financial year. Accordingly, the Board has not recommended any dividend for the year under review.

5. TRANSFER TO RESERVE

Your Directors do not propose to transfer any amount to the reserves for the year.

6. SHARE CAPITAL:

The Company during the year under review has not issued any Sweat Equity Shares or Shares with Differential Rights or under Employee Stock Option Scheme nor did it Buy Back any shares. The Authorised share Capital remained the same as previous year. The company during the year had not received any amount towards the calls in arrears and the Paid-Up capital as on 31 st March, 2026 is Rs.3,90,98,250/-.

7. SUBSIDIARIES, JOINT VENTURE AND ASSOCIATE COMPANIES & PERFORMANCE THEREOF:

Your Company does not have any subsidiary, joint venture or associate company as at March 31, 2026. Hence, the details and performance thereof do not arise.

8. DEPOSITS:

The Company has neither accepted nor renewed any deposits during the period under review. Hence, the details relating to deposits covered under the Chapter V is not required to disclose.

9. LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

During the year under review, the Company did not advance any loans, offer guarantees, or provide security as outlined in Section 186 of the Companies Act. However, the Company invested Rs. 0.09 lakhs in quoted shares, all within the limits specified under Section 186. For further details on these investments, please refer to the Company s financial statements.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of the Company comprises five Directors: Three Non-Executive, Independent Directors; one Non-Executive Director; and one Managing Director.

In accordance with Section 203 of the Companies Act, 2013, the Whole-Time Key Managerial Personnel (KMP) as of the date of this report are: Mr. RM Lakshmanan, Managing Director; Mr. M. Nagendra, Chief Financial Officer; and Mrs. Ritu Sharma, Company Secretary.

11. BOARD MEETINGS:

During the financial year under review, Four Board Meetings were held on the following dates: May 28, 2025; August 06, 2025; November 13, 2025; and February 12, 2026. The intervals between these meetings were within the limits prescribed by the Companies Act, 2013. Details of the meetings and directors attendance are provided below:

S.No	Name	of	the	Designation	and	No.	of	No.	of	Attendance
	Director			Category		Board		Board		of	Last
						Meetings		Meetings		AGM
						held		attended
						during	the	during
						year		the year
1				Executive,		4		4		Yes
	Mr. RM			Managing Director
	Lakshmanan
2	Mrs.P.Shanmathy			Director, Non-		4		4		Yes
				Executive,
				Independent
3	Mr.	Ravindran		Director, Non-		4		4		Yes
	Varadarajan			Executive,
				Independent
						4		4		Yes
4	Mr Kavinesan I.M			Non executive
				Director
				Director, Non-		4		2		Yes
5	Mrs.Ashitha K #			Executive,
				Independent

# Mrs. Ashitha K (DIN: 07233606) was appointed as a Non-Executive, Independent Director of the Company effect from 6th August, 2025, in accordance with the applicable provisions of the Companies Act, 2013 and the recommendations of the Nomination and Remuneration Committee.

12. DECLARATION RECEIVED FROM INDEPENDENT DIRECTOR ON ANNUAL BASIS:

The Company has received necessary declaration from all the Independent Directors of the Company under Section 149(7) of the Companies Act, 2013 ( the Act ) that the

Independent Directors of the Company meet with the criteria of their Independence laid down in Section 149(6). All the Independent Directors have registered themselves in the

Independent Director s Database managed by the Indian Institute of Corporate Affairs.

13. COMMITTEES OF THE BOARD:

A) AUDIT COMMITTEE:

The Audit Committee consists of Four (4) Directors. All the members of the Audit Committee have accounting, financial and management expertise. The composition, powers, role and terms of reference of the Committee are constituted as per the Section 177 mentioned under the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015).

The Audit Committee reviews the audit reports submitted by the Internal Auditors and Statutory Auditors, financial results, effectiveness of internal audit processes and the Company s risk management strategy. It reviews the Company s established systems and the Committee is governed by a Charter which is in line with the regulatory requirements mandated by the Companies Act, 2013 read with Schedule II of the SEBI Regulations, 2015. The Committee is vested with the necessary powers as defined in its Charter, to achieve its objectives.

During the financial year under review, Four (4) Audit Committee meetings were held on the following dates: May 28, 2025; August 06, 2025; November 13, 2025; and February 12, 2026. All recommendations made by the Audit Committee were accepted by the Board of Directors.

The present Audit Committee consists of the following Directors. Details of the meetings and directors attendance are provided below:

Name of the Member	Category	Status	Meetings
			Held	Attended
Mrs.P.Shanmathy	Non executive, Independent	Chairman	4	4
	Director
Mr. Ravindran	Non executive, Independent	Member	4	4
Varadarajan	Director
Mr Kavinesan I.M	Non executive, Director	Member	4	4
Mrs.Ashitha K $	Non executive, Independent	Member	4	2
	Director
Mr. RM Lakshmanan	Executive, Managing Director	Member	4	4

$ Mrs. Ashitha K (DIN: 07233606) was appointed as a Member of the Audit Committee with effect from 6th August, 2025, in accordance with the applicable provisions of the Companies Act, 2013 and the recommendations of the Board of Directors.

B) NOMINATION AND REMUNERATION COMMITTEE:

Term of reference:

The Nomination and Remuneration Committee has been empowered and authorized to exercise powers as entrusted under the provisions of Section 178 of the Companies Act, 2013.

The Board has framed a policy to determine and identify the persons, who are qualified to become Directors of the Company / who may be appointed in Senior Management in accordance with the criteria laid down, recommend to the Board their appointment and removal and also shall carry out evaluation of every director s performance. Committee shall also formulate the criteria for determining qualifications, positive attributes, independent of the Directors and recommend to the Board a Policy, relating to the remuneration for the Directors and Key Managerial Personnel. The Committee met one time during the year under review on 06 th August, 2025 to review and recommend the appointment of Independent Directors

The present Nomination and Remuneration Committee consists of the following members. Details of the meetings and directors attendance are as follows:

			Status		Meetings
Sl
	Name of the			Held	Attended
No.	Member	Category
1	Mrs.P.Shanmathy	Non executive,	Chairman	1	1
		Independent
		Director
2	Mr. Ravindran	Non executive,	Member	1	1
	Varadarajan
		Independent
		Director
	Mr Kavinesan I.M	Non executive	Member	1	1
3
		Director
		Non executive,	Member	1	0
4
	Mrs.Ashitha K &	Independent
		Director

& Mrs. Ashitha K (DIN: 07233606) was appointed as a Member of the Nomination and Remuneration Committee with effect from 6th August, 2025, in accordance with the applicable provisions of the Companies Act, 2013 and the recommendations of the Board of Directors

C) STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee oversees, inter alia, the redressal of shareholders and investors grievances, transfer, transmission and transposition of shares, subdivision and consolidation of shares, issue of duplicate share certificates, recording of dematerialisation and rematerialisation of shares, non-receipt of Annual Reports and other matters relating to the interests of security holders.

The Committee has been constituted in accordance with the provisions of Regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 178 of the Companies Act, 2013, with the following key responsibilities:

To consider and resolve the grievances and complaints of shareholders and other security holders. To consider and approve matters relating to the issue of share certificates, transfer and transmission of securities and other related matters.

During the year under review, the Committee met three times on 12.11.2025, 02.02.2026 and 03.03.2026. All the members of the Committee attended the meetings. The Company did not receive any grievances or complaints from shareholders or security holders during the year under review.

The present composition of the Committee, along with the details of the meetings held and attendance of its members, is set out below

				Meetings
Sl
	Name of the		Status
				Held	Attended
No.	Member	Category
2	Mrs.P.Shanmathy	Non executive,	Chairman	3	3
		Independent
		Director
3	Mr. Ravindran	Non executive,	Member	3	3
	Varadarajan	Independent
		Director
4	Mr. Kavinesan I.M	Non executive	Member	3	3
		Director
5		Executive,	Member	3	3
	Mr. RM Lakshmanan
		Managing Director
		Non executive,	Member	3	3
6	Mrs. Ashitha K #(1)	Independent
		Director

# Mrs. Ashitha K (DIN: 07233606) was appointed as a Member of Stakeholders Relationship Committee effective from 6 th August, 2025

14. CODE OF CONDUCT:

The Board of Directors has adopted a Code of Ethics and Business Conduct for the Directors and Senior Personnel. The Code is a comprehensive one applicable to all Directors, Executive and Non-Executive, and members of Senior Management. The Code has been circulated to all the members of the Board and senior personnel and they have affirmed compliance of the same.

15 . DIRECTOR S RESPONSIBILITY STATEMENT :

Pursuant to the requirement of Section 134 (5) of the Companies Act, 2013 with respect to Directors Responsibility Statement, your Directors confirm that they have:

a) Followed in the preparation of financial statements, the applicable accounting standards and given proper explanation relating to material departures, if any; b) selected appropriate 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 at the end of the financial year 31 st March, 2026 and of the profit and Loss Account of the Company for that period.

c) taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of this Act so as to safeguard the assets of the company and to prevent and detect fraud and other irregularities; d) prepared the annual accounts on a going concern basis. e) laid down proper internal financial controls in the Company that are adequate and were operating effectively; and. f) devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

16. STATUTORY AUDITORS:

M/s.Darpan & Associates, Chartered Accountants, [Firm Registration No. 016156S], were appointed as Statutory Auditors of the Company at the 31 st Annual General Meeting held on 27 th September, 2023 to hold office for a period of five years till the conclusion of 36 th Annual General Meeting of the Company. The Board was authorized to fix such remuneration as may be recommended by the Audit Committee in consultation with the Auditors.

Accordingly, no resolution is being proposed for ratification of appointment of statutory auditors at the ensuing AGM. The Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company and the remuneration for the financial year 2025-26 is as per notes to the financial statement.

There are no qualifications or adverse remarks in the Auditors Report which require any clarification/explanation. The Notes on financial statements are self-explanatory, and needs no further explanation. The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company during the year under review.

17. INTERNAL AUDITOR:

The primary objective of the Audit Committee is to oversee and ensure the effectiveness of the Management s financial reporting process. This involves ensuring accurate and timely disclosures with the highest standards of transparency, integrity, and quality in financial reporting. The Committee supervises the work conducted by Management, as well as the internal and statutory auditors. For the year 2025-26, a qualified Chartered Accountant has been appointed as the Internal Auditor to carry out the internal audit functions and activities of the Company.

18. COST AUDIT:

In terms of Section 148 of the Companies Act, 2013 read with Companies (Cost records and Audits) Rules, 2014, as amended from time to time, the business activities of the company do not fall under the scope of mandatory cost audit.

19. SECRETARIAL AUDIT:

Pursuant to provisions of Section 204 and other applicable provisions of the companies Act, 2013 and in terms of Regulation 24A of the Listing Regulations, with effect from 1 st April, 2025, Mr. S. Ganesan, Company Secretary in practice (Membership Number FCS: 4779) was appointed as a Secretarial Auditor of the company for a period five years to hold office till the conclusion of 38 th (Thirty Eighth) AGM of the Company to be held in the Year 2030 covering the period from the financial year ending 31st March 2026 till the financial year ending 31st March 2030 and the same has been approved by the Members of at its 33 rd Annual General Meeting held on 26 th September, 2025 ,.

The Secretarial Auditors have confirmed that they have subjected themselves to the peer review process of Institute of Company Secretaries of India (ICSI) and hold valid certificate issued by the Peer Review Board of the ICSI. The Board/ Audit Committee reviews the independence and objectivity of the Secretarial Auditors and the effectiveness of the Audit process.

The report of the Secretarial Auditors for FY 2025-26 is enclosed as Annexure A forming part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Secretarial Auditors in their Report.

20. EXTRACTS OF THE ANNUAL RETURN:

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 https://www.euroleder.com

21. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:

There are no significant and material orders were passed by the regulators or courts or tribunals against the Company, impacting the going concern status and Company s operation in future.

22. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

No material changes and commitments have occurred, affecting the financial position of the Company between the end of the financial year of the Company to which the financial statements relate and the date of the report.

23. PARTICULARS OF EMPLOYEES:

None of the employees draws remuneration above ceiling limits as per the provisions of Companies Act, 2013. Hence, details of the employees of the Company as required pursuant to rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are not furnished. Having regard to the provisions of Section 136(1) read with its relevant proviso of the Companies Act, 2013, the disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, forming part of the Annual Report, is available for inspection at the registered office of the company during working hours.

24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith as

Annexure B.

25. RELATED PARTY TRANSACTIONS:

All transactions entered into by the Company with related parties during the period under review were in the ordinary course of business and undertaken on an arm s length basis.

Prior omnibus approval was obtained for related party transactions of a repetitive nature that were entered into in the ordinary course of business and on an arm s length basis.

All related party transactions were placed before the Audit Committee for its review and approval. The details of related party transactions pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013, are enclosed in Form AOC-2 as Annexure C .

26. MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis Report, emphasizing the business details, is attached and forms part of the report as Annexure - D .

27. CORPORATE GOVERNANCE:

Compliance with the corporate governance provisions outlined in Parts C, D, and E of Schedule V of SEBI (LODR) Regulations, 2015, is not applicable to the Company, as its paid-up equity share capital did not exceed Rs.10 crores and its net worth did not exceed Rs. 25 crores as of the end of the previous financial year. Therefore, a Report on Corporate Governance is not provided.

Regarding Part F of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, there are no shares held in the demat suspense account or unclaimed suspense account.

28. LISTING WITH STOCK EXCHANGE:

The Company confirms that it has paid the Annual Listing fees for the year 2026-27 to the BSE Limited where the Company s share are listed

29. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of Section 135 of the Companies Act, 2013, relating to Corporate Social Responsibility (CSR), are not applicable to the Company during the period under review.

30. WHISTLE BLOWER POLICY/ VIGIL MECHANISM:

In compliance with provisions of Section 177 of the Act read with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company has constituted Vigil Mechanism/Whistle Blower Policy for Directors, employees and vendors of the Company. The Whistle Blower Policy enables the Directors, employees and vendors to report concerns about unethical behavior, actual or suspected fraud or violation of the Code of Conduct or ethics Policy, thereby ensuring that the activities of the Company are conducted in a fair and transparent manner. The said policy is available at the Company s website at https://www.euroleder.com

We further affirm that no employee has been denied access to the audit committee during the year 2025- 26.

31. RISK MANAGEMENT POLICY AND INTERNAL FINANCIAL CONTROL:

Pursuant to Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended with effect from 10 January 2020, the requirement relating to the constitution of a Risk Management Committee is applicable only to the top 1,000 listed entities determined on the basis of market capitalization as at the end of the immediately preceding financial year. As the Company does not fall within the category of the top 1,000 listed entities, the provisions of Regulation 21 are not applicable to the Company.

Nevertheless, the Audit Committee and the Board of Directors periodically review the various risks associated with the Companys business and operations. The Board discusses the key risk factors affecting the Company and takes appropriate measures to identify, assess, monitor, and mitigate such risks to ensure the continued growth and sustainability of the business.

32. ANNUAL EVALUATION:

Pursuant to the provisions of Section 134 of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors conducted an annual evaluation of its own performance, the performance of its Committees, and that of the individual Directors. The evaluation was carried out in accordance with the criteria and framework approved by the Nomination and Remuneration Committee.

Further, in compliance with the provisions of Schedule IV to the Companies Act, 2013, the Independent Directors, at their separate meeting, evaluated the performance of the Non-Independent Directors, the Board as a whole, and the Chairman of the Company. The Independent Directors also assessed the quality, quantity, and timeliness of the flow of information between the Management and the Board, which is necessary for the Board to effectively and reasonably perform its duties.

33. SECRETARIAL STANDARDS:

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

34 . CERTIFICATE UNDER REGULATION 34 OF SEBI (LODR) REGULATIONS, 2015

Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 a certificate received from a Company Secretary in practice is enclosed as Annexure- E

35. GENERAL SHAREHOLDER INFORMATION:

Annual General Meeting		Thursday, September 24, 2026 at 11.00 am							(through
		VC/OAVM facility)
Deemed Venue		No.11,First Floor, K.M.Adam					Street,		Nagelkeni,
		Chrompet, Chennai - 600 044, India.
Financial year		April 1, 2025 to March 31, 2026
		Friday, 18 th September, 2026 to
Book Closure		Thursday, 24 th September, 2026 (both days inclusive)
E-Voting Period			From 9.00 a.m. (IST) on Monday, 21 st September, 2026
			up to 5.00 p.m. (IST) on Wednesday, 23 rd					September,
			2026
Cut-off date			17 th September, 2026 (Thursday)
Listing on Stock Exchange			BSE Limited
Registrar and Share Transfer
			Cameo Corporate Services Limited
Agent
ISIN/Scrip code			INE940E01011		Scrip Code :526468

During the year 2025-26, we continued the sustainability initiative with the aim of going green and minimizing our impact on the environment. Like the previous year, this year too, we are publishing only the statutory disclosures in the print version of the Annual Report. Additional information is available on our website, https://www.euroleder.com Electronic copies of the Annual Report 2025-26 and Notice of the 34 th AGM are sent to all members whose email addresses are registered with the Company / Depository Participant(s)

Pursuant to the various circulars issued by the Ministry of Corporate Affairs in 2021, 2022,2023, 2024 and 2025 collectively named as MCA circulars in respect of holding of AGM through Video Conferencing and SEBI Circulars also in respect of holding of AGM through Video Conferencing and in the recent Circular dated 25th September 2023 and

19th September 2024, respectively, and other circulars issued in this respect ( MCA Circulars ) allowed, inter-alia, to conduct AGM through VC/ OAVM facility Hence we conduct our 34 th AGM through video conferencing. The deemed venue for the 34 th AGM shall be the Registered Office of the Company.

In terms of the MCA Circulars since the physical attendance of Members has been dispensed with, there is no requirement of appointment of proxies. Accordingly, the facility of appointment of proxies by Members under Section 105 of the Act will not be available for the 34 th AGM. However, in pursuance of Section 112 and Section 113 of the Act, representatives of the Members maybe appointed for the purpose of voting through remote e-Voting, for participation in the 34 th AGM through VC/OAVM Facility and E-Voting during the 34 th AGM.

The Notice of the 34 th AGM and Annual Report for the year 2026 will be available on the website of the Company at www.euroleder.com and on the website of the BSE Limited at www.bseindia.com for download

The Company is providing remote E-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in the Notice. This is pursuant to section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The instructions for remote E-voting are provided in the Notice.

Members are requested to read the general instructions for accessing and participating in the 34 th AGM through VC/OAVM Facility and voting through electronic means including remote e-Voting as set out in the Notice of 34 th AGM

36. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROBHITION AND REDRESSAL), ACT, 2013:

The Company has in place an anti-Sexual Harassment Policy in line with the requirement of the Prevention of Sexual Harassment of Women at Workplace (Prohibition, Prevention and Redressal) Act, 2013. Internal complaints committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary and trainees) are covered under this policy. The Company has not received any complaint of Sexual harassment during the year 2025-26 under review.

37. NON APPLICABILITY OF STATEMENT OF DEVIATION(S) OR VARIATION(S) UNDER REGULATION 32 OF SEBI (LODR) REGULATION, 2015

Your Company confirms that there have been no deviations or variations in the use of the proceeds from the Initial Public Offer (IPO), as required under Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company also affirms that the IPO proceeds have been utilized for the purposes outlined in the prospectus. Consequently, the Statement of Deviation(s) or Variation(s) is not applicable to the Company.

38. CAUTIONARY STATEMENT:

The cautionary Statement in this Report, more particularly those which relate to Management Discussion and Analysis as explained in the Directors Report, describing the

Company s business overview, projections, operational performances, estimates and expectations may constitute forward looking statements within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied in the statement depending on the circumstances

39. ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their thanks to the Shareholders, Customers, Suppliers, Banks and Government for their valuable assistance and support.

Your Directors wish to place on record their appreciation of the sincere efforts put in by the employees of the Company at all levels for the growth of the Company.