Lakshmi Finance & Industrial Corporation Ltd Directors Report

To,

The Members of

Lakshmi Finance & Industrial Corporation Limited

The Board of Directors have pleasure in presenting the Companys One Hundred and Two (102nd) Annual Report and the Companys Audited Financial Statements for the financial year ended March 31,2026.

1) FINANCIAL HIGHLIGHTS:

The summarized financial results of the Company for the financial year ended March 31, 2026 are presented below:

Particulars	2025-26	2024-25
Gross Income	701.67	771.91
Profit before Depreciation and Tax	(105.45)	263.88
Depreciation	19.58	20.63
Profit for the year before taxation	(125.04)	243.25
Provision for Taxation	78.00	151.00
Profit/(Loss) after tax	(47.04)	92.26
Prior year taxes	1.39	(1.40)
Net Profit/(Loss) after Tax	(48.43)	93.66
Deferred tax	(132.97)	(200.59)
MAT Credit Entitlement	-	(63.73)
Profit/(Loss) for the year after Tax	(71.45)	357.98
Profit brought Forward	2,228..64	2,065.67
Total Profit available for appropriation	2,157.20	2,423.65
Dividend pertaining to previous year paid during the year	(90.00)	(120.00)
Corporate Dividend Tax	-
Transferto Reserve Fund (per RBI Guide Lines)	-	(75.00)
Balance carried over to Balance Sheet	2,067.18	2,228.64

2. OPERATIONAL PERFORMANCE

During the financial year under review, the Company operated in a challenging economic environment marked by heightened geopolitical tensions and increased volatility in the global financial markets. These developments adversely impacted capital market sentiment during the latter part of the financial year, resulting in significant fluctuations in the valuation of equity shares and mutual fund investments held by the Company.

The decline in the market indices during March 2026 led to a reduction in the fair value of the Companys investment portfolio, resulting in notional mark-to-market losses in accordance with the applicable Indian Accounting Standards (Ind AS). These losses are unrealised in nature and primarily represent changes in the carrying value of investments as at the balance sheet date.

Despite the above challenges, market sentiment improved during the course of the year, supported by strengthening of economic fundamentals and improved investor confidence. The benchmark BSE Sensex, which stood at 77,414.92 as on 31 March 2025, increased to 7,194.65 as on 31 March 2026. The Board believes that the outlookforthe Economy and the capital markets remains positive, providing opportunities forsustained growth in the coming years.

The Company recorded a Gross Income of 701.62 lakhs during the year under review as against 771.91 lakhs in the previous financial year. The Profit / Loss after Tax for the year stood at (71.46) lakhs, after providing current tax (including MAT, wherever applicable) of 132.97 lakhs, as compared to a Profit / Loss after Tax of 357.98 lakhs in the previous year.

The decrease in the Companys financial performance was primarily attributable to the unfavourable movements in the capital markets during the year, resulting in notional loss in the value of the investment portfolio and decrease in investment income. The Company will continue to adopt a prudent investment strategy, closely monitor its portfolio, and focus on generating optimum returns through capital appreciation, dividend income and effective risk management, while maintaining a balanced investment approach.

3) DIVIDEND:

Your Company has a dividend policy that, inter alia balances the objectives appropriately rewarding shareholders and retaining capital in order to fund future growth. The Company has a consistent track record of dividend distribution to Company Shareholders. In recognition of the overall performance during the year under review, your Directors are pleased to recommend a dividend at the rate of 25% (i.e., 2.50.ps. per Equity Share of 10/- each ) for the financial year 2025-26 as against 30% dividend rate in the previous year (2024-25). The proposed dividend, if approved at the 102^nd Annual General Meeting by the Members, will be paid to all those Equity Shareholders whose names appear in the Register of Members as on 22.09.2026 and also to those whose names appear as beneficial owners as furnished by the National Securities Depository Limited and Central Depository Services (India) Limited. The Company has not appropriated proposed dividend from Statement of Profit and Loss for the year ended March 31, 2026. The outflow on account of the dividend payout would be 75.00 lakhs.

TRANSFER OF UNPAID/UNCLAIMED DIVIDEND TO IEPF:

In terms of the provisions of Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 and Rules, 2001, unpaid/unclaimed dividend amount of 8,62,276/- was transferred to Investor Education and Protection Fund on 14.10.2025 pertaining to the financial year 2018-19.

4) TRANSFER TO RESERVES:

The Company proposed to transfers sum of NIL lakhs it be Reserve Fund in terms of Sec 45-1c of the RBI Act, 1934. As the Company incurred losses for the year 2025-26

5) DETAILS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:

Your Company does not have any subsidiaries, associates and joint ventures

6) BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

(i) Composition of Board: The Company has an optimum combination of Executive and Non-Executive Directors. More than half of the Board of Directors are Non-Executive Directors. The Board comprises of four Independent Directors, One Executive Director, One non-Executive non Independent Director.

(ii) Board and Committee positions: None of the Directors on the Board is a Member of more than 10 committees or Chairman of more than 5 committees across all the Companies in which he is a Director. Necessary disclosures regarding committee positions in other public Companies as at 31^st March 2026 has been made by the Directors.

(iii) Director (s) retiring by rotation: Pursuant to the provisions of section 152 of the Companies Act, 2013 (‘the Act), the office of Directorship of Mr.K.Kapil Prasad is due for retirement by rotation at the ensuing 102^nd AGM ofthe Company; and he being eligible, offers himselffor re-appointment. The Board of Directors recommends his re-appointment. His brief profile has been provided in the Explanatory Statement to the Notice of Annual General Meeting.

(iv) Key Managerial Personnel (KMP): Pursuant to the provisions of section 203 of Companies Act, 2013, the KMP of the Company as at the end of the financial year (31.03.2026) are:

(i) Shri K.Harishchandra Prasad, Managing Director;

(ii) Mr. U.Vijaya Kumar, Chief Financial Officer; and

(iii) Mrs. Deepa Gussain, Company Secretary and Compliance Officer

(v) Boards opinion on expertise of Independent Directors

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunderand are independentofthe Management.

Changes in Directors and KMP

During the year under review, the following changes have occurred among the Directors and KMP of the Company:

? The tenure of office (2^nd term) of Smt.Madhurika Nalluri Venkat, Independent Director was completed on 28.08.2025. Accordingly, she ceased to be Director pursuant to Section 149 (11) of the Companies Act, 2013.

? Shri Chalasani Rama Prasad was appointed as an Independent Director for a term of five years by the shareholders at the 101st AGM held on 27.09.2025.

? Mr. U.Vijaya Kumar, Chief Financial Officer has tendered his resignation w.e.f 31.03.2026. The Board has appointed Mrs. M.Madhavi Latha as Chief Financial Officerw.e.f28.05.2026

7) STATEMENT ON DECLARATIONS GIVEN BY INDEPENDET DIRECTORS:

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations) which have been relied on by the Company and were placed at the Board Meeting held on May 28, 2026.

8) EVALUATION OF THE BOARDS PERFORMANCE:

In compliance with the Companies Act, 2013 and Regulation 17 (10) of SEBI Listing Regulations, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as evaluation of the working of its Board Committees during the year under review.

The Board has a formal mechanism for evaluating Boards performance and as well as that of its Committees and Individual Directors, including the Chairman of the Board based on the criteria laid down by Nomination and Remuneration Committee which included attendance, contribution at the Meetings and otherwise, Independent judgment, safeguarding of minority shareholders interest, adherence to Code of Conduct and Business ethics, monitoring of regulatory compliance, risk assessment and review of Internal Control Systems etc.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Independent Director being evaluated.

Aseparate Meeting of the Independent Directors was held on 11^th February, 2026 which reviewed the performance of Non-Independent Directors, the Board as a whole Chairman and the quality of the information and follow up action is being taken on suggestions made therein.

9) POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

The Company follows a policy on remuneration of Directors and Senior Management Employees. The Policy is approved by the Nomination and Remuneration Committee and the Board. More details on the same are given in the Corporate Governance Report.

Familiarization programme for Independent Directors

Familiarization programmes were conducted for Independent Directors to provide an updated information about the amendments in the Companies Act, Rules made thereunder, Listing Regulations and all other applicable laws. The Directors were also apprised about the business activities of the Company.

Directors and Officers Insurance (‘D&O)

The provisions of Regulation 25 (10) of the Listing Regulations pertaining to ‘Directors & Officers insurance for Independent Directors are not applicable to your Company for the financial year under review.

10) NUMBER OF BOARD MEETINGS HELD:

The Board of Directors duly met 4 times during the financial year under review, on 26^th May, 2025, 11^th August, 2025, 13^th November, 2025 and 11^th February, 2026.

11) AUDIT COMMITTEE

The details pertaining to composition and term of reference of the Audit Committee Members, dates of Meeting held and attendance of the Directors are given separately in the Corporate Governance Report, which forms part of this report.

12) LISTING OF COMPANYS SHARES:

The Companys shares are listed at The National Stock Exchange of India Limited (NSE) w.e.f. 15.04.2015 and the Annual Listing Fees for the year 2026-27 have been paid. The Companys shares are listed and traded at NSE with ISIN code ‘INE 850E01012 and Stock Code is ‘LFIC with effectfrom 15.04.2015.

13) DEMATERIALISATION OF SHARES:

Your Companys shares have been made available for dematerialization through the National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). As on 31^st March 2026, 84.44% of the Companys shares have been dematerialized.

14) UNPAID / UNCLAIMED DIVIDEND:

Pursuant to Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), dividend, if not claimed for a period of seven years from the date of transfer to Unpaid Dividend Account of the Company, are liable to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Government.

Further, all the shares in respect of which dividend has remained unclaimed for seven consecutive years or more from the date of transfer to unpaid dividend account shall also be transferred to IEPF Authority. The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transferofthe shares.

In the interest of the shareholders, the Company sends periodical reminders to the shareholders to claim their dividends in order to avoid transfer of dividends/shares to IEPF Authority. Notices in this regard are also published in the newspapers and the details of unclaimed dividends and shareholders whose shares are liable to be transferred to the IEPF Authority, are uploaded on the Companys website: lakshmifinance.org.in

The details of unclaimed dividends and shares to IEPF during FY 2025 are as follows:

Financial year

	Amount of unclaimed dividend transferred	Number of shares transferred transferred
2017-18	5,81,560	-
Total	5,81,560	-

The Members who have a claim on above dividends and/or shares are requested to follow the below process:

1. Submit self-attested copies of documents provided in IEPF 5 helpkit, which is available on IEPF website (www.iepf.gov.in) to the Company / Registrar and Transfer Agent (RTA).

2. After verification of the aforesaid documents submitted, Company will issue an entitlement letter.

3. File Form IEPF-5 on IEPF website and send self-attested copies of IEPF-5 form along with the acknowledgement (SRN), Indemnity Bond and entitlement letter to Company.

4. On receipt of the physical documents mentioned above, Company will submite-Verification report, for further processing by the IEPF Authority.

Members are requested to note that no claims shall lie against the Company in respect of the dividend/ shares transferred to IEPF.

The following table gives the information relating to various outstanding dividends and the dates by which they can be claimed by the shareholders from the Companys RTA:

Financial Year	Date of declaration	Last date for claiming unpaid dividend
31.03.2019	09.08.2019	14.09.2026
31.03.2020	29.08.2020	03.09.2027
31.03.2021	26.08.2021	01.10.2028
31.03.2022	28.09.2022	03.11.2029
31.03.2023	09.08.2023	14.09.2030
31.03.2024	22.08.2024	27.09.2031
31.03.2025	27.09.2025	02.11.2032

Further, the Members are hereby informed that the 7 years period for payment of the dividend pertaining to financial year 2018-2019 will expire on October 14^th, 2026 and thereafter the amount standing to the credit in the said account will be transferred to the "Investor Education and Protection Fund" of the Central Government (IEPF).

15) AUDITORS:

i) Statutory Auditors:

At the Annual General Meeting held on 28.09.2022, M/s. Brahmayya & Co., Chartered Accountants,

Hyderabad were appointed as Statutory Auditors of the Company to hold the office for a period of 5 years commencing from the conclusion of 98rd Annual General Meeting till the conclusion of 103rd Annual General Meeting. Accordingly, they continue to be Auditors of the Company.

The Auditors Report for financial year 2025-26 does not contain any qualifications. The Auditors Report is enclosed with the Financial Statements in this Annual Report.

ii) Internal Auditors:

M/s M. Bhaskara Rao & Co., Chartered Accountants, Hyderabad are the Internal Auditors of the Company and their reports are reviewed by the Audit Committee on a half-yearly basis.

iii) Secretarial Auditors:

At the 101^st Annual General Meeting of the Company held on 27.09.2025, M/s. N.Madhavi & Associates, Practicing Company Secretaries, Hyderabad were appointed as Secretarial Auditors (Unique Code No.S2024TS964000 and Peer Review Certificate No.5479/2024) of the Company to hold office for a period of 5 years from the conclusion of 101^st Annual General Meeting till the conclusion of 106^th Annual General Meeting the F.Y, 2029-30. The Report of the Secretarial Auditor is annexed to this report.

16) DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has in place proper and adequate internal control systems commensurate with the nature of its business, and size and complexity of its operations. Internal control systems comprising of policies and procedures designed to ensure reliability of financial reporting timely feedback on achievement of operational and strategic goals, compliance with policies procedure, applicable laws and regulations, and that all assets and resources are acquired are used economically.

17) DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors confirm that to the best of their knowledge and beliefand according to the information and explanation obtained by them.

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. Such accounting policies as mentioned in the notes to the financial statements have been selected and applied consistently and judgments and estimates that are reasonable and prudent made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 2025-26 and of the statement of Profit or Loss of the Company for that period.

Hi. 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.

iv. The annual accounts for the year 2025-26 have been prepared on a going concern basis.

v. That the proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

vi. That systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and effectively mentioned under various heads of the departments which are in then reporting to the Managing Director.

18) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has not given Loans, Guarantees and Investments covered under the provisions of section 186 of the Companies Act, 2013

LOAN FROM DIRECTOR / RELATIVE OF DIRECTOR

During the year under review, the Company has not accepted any loan from Director(s) or their relative (s).

19) PUBLIC DEPOSITS / NBFC Regestration with RBI:

Your Company has not accepted any deposits from the public during the year under review and there are no outstanding deposits as on 3l^st March 2026. Further, the Company is registered with RBI as a ‘Non-Banking Financial Institution without accepting public Deposits.

Subsequently, on April 29th, 2026, the Reserve Bank of India issued Circularvide: RBI/2026-27/43;

DOR FIN REC. NO 67/03.10.001/2026-27 titled

"Reserve Bank of India (Non-Banking Financial Companies- Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions 2026. These Amendments shall come into force with effect from 1^st July 2026.

Based on the said Amendments, one of the regulatory requirements for "NBFC not accepting Public deposits and not having customer interface is as under"

NBFCs not availing public funds and not having any customer interface and having asset base of less than Rs. 1,000 Crore as per the latest audited balance sheet are exempted from the provisions of section 45IA and 45IC of the RBI Act, 1934, In terms of paragraph 65 A of these Directions with effect from July 1^st, 2026. Existing NBFCs not availing public funds and not having any customer interface, including those holding Certificate of Registration as Type 1 NBFC, and fulfilling the prescribed criteria for exemption, may apply to the Reserve Bank for deregistration within a period of six months i.e., by December 1^st, 2026.

The Company is in the process of making on application for deregistration through PRAVAAH on the Companys letter head, complying with the said Directions. The Company is committed to complying with all the provisions and directions of the RBI Act, 1934.

20) CHANGE IN NATURE OF BUSINESS:

There is no change in the nature of business during the year under review.

21) VIGIL MECHANISM:

In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for Directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at www.lakshmifinance.org.in.

DETAILS IN RESPECT OF FRAUD REPORTED BY THE AUDITORS U/S.143(12) OF THE COMPANIES ACT, 2013

During the year under review, there was no instance of fraud, misappropriation which required the Statutory Auditors to report to the Audit Committee and/or Board under Section 143(12) of the Companies Act, 2013 and the rules made thereunder.

22) RELATED PARTY TRANSACTIONS:

Related party transactions that were entered during the financial year were on an arms length basis and were in the ordinary course of business. There were no materially significant related party transactions with the Companys Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company. Transactions with related parties entered by the Company in the normal course of business are periodically placed before the Audit Committee for its omnibus approval and the particulars of contracts entered during the year as per Form AOC-2 is enclosed as Annexure-I.

The policy on related party transactions as approved by the Board is uploaded on the website of the Company at www.lakshmifinance.org.in.

23) ANNUAL RETURN:

In accordance with Section 134 (3) (a) of the Companies Act, 2013, copy of Annual Return in the prescribed Form MGT-7 is placed on the website of your Company and may be accessed at the following link: lakshmifinance.org.in.

24) MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In terms of the provisions of Regulation 34 of the Securities and Exchange Board of India, (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Managements discussion and analysis is set out in this Annual Report.

25) CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:

Your Company has taken adequate steps to adhere to all the stipulations laid down in the SEBI Listing Regulations. Areporton Corporate Governance is included as a part of this Annual Report. Certificate from the Statutory Auditors of the Company M/s. Brahmayya & Co., Chartered Accountants confirming the compliance with the conditions of Corporate Governance as stipulated under SEBI Listing Regulations is included as a part of this report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The provisions of Regulation 34 (2) (f) of the SEBI Listing Regulations requiring inclusion of a Business Responsibility and Sustainability Report in the Companys Annual report is not applicable to the Company. Hence, the same is not provided.

26) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information required under section 134 (3) (m) read with Rule 8 of the Companies (Accounts) Rules, 2014, of the Companies Act, was not given as the same is not applicable owing to the nature of activities of the Company.

in foreign Currency is Nil.

27) CORPORATE SOCIAL RESPONSIBILITY (CSR):

In terms of section 135 and Schedule VII of the Companies Act, 2013, the Board of Directors of your Company has constituted a CSR Committee. The Committee Comprises of four Members namely, Dr. D. Nageswara Rao, Sri. S. Suryanarayana, Sri. Ch. Ramaprasad, Independent Directors and Sri. K. Harishchandra Prasad, Managing Director. CSR Committee of the Board developed a CSR Policy and the functions of Committee include review of CSR initiatives undertaken by the Company, formation and recommendation to the Board of a CSR policy indicating the activities to be undertaken by the Company and recommendation of the amount of the expenditure to be incurred for such activities.

However, during the year under review Section 135 of the Companies Act, 2013, relating to the Corporate Social Responsibility is not applicable to the Company and hence, the same is not adopted.

28) REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES:

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in respect of employees of the Company and Directors is given in Annexure-II

29) EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS

Pursuant to the provisions Sec. 134(3)(l) of the Companies Act, 2013, there were no material changes and commitments affecting financial position of the Company occurred between the end of the financial year to which this Financial Statements relate and the date of this Report.

30) RISK MANAGEMENT COMMITTEE:

The Board of Directors of the Company has constituted a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuing basis. The details of Risk Management Committee and its composition are given in the Corporate Governance Report which form part of this report.

31) SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

32) DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints

Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed off during the Financial Year under review:

(i) Number of complaints received: Nil

(ii) Number of complaints disposed off: Nil

(iii) Number of cases pending for more than 90 days: NA DISCLOSURE UNDER MATERNITY BENEFIT ACT, 1961

Our Company complies with the provisions relating to the Maternity Benefit Act, 1961.

HUMAN RESOURCE

Our Company considers its Human Resources as the key to achieve its objectives. Keeping this in view, our Company takes utmost care to attract and retain quality employees. The employees are sufficiently empowered and such work environment propels them to achieve higher levels of performance. The unflinching commitment of employees is the driving force behind the Companys vision. Our Company appreciates the spirit of its dedicated employees.

DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, there were no applications made or proceedings pending in the name of Company under the Insolvency and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON VALUATION AND ONE-TIME SETTLEMENT (OTS) WHILE AVAILING LOAN FROM BANKS OR FINANCIAL INSTITUTIONS

Not applicable.

COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of cost audit as prescribed by the Central government under the provisions of Section 148 (1)ofthe Act are not applicable to the Company as the Company is not engaged in activities requiring maintenance of cost records.

COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, your Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India as applicable.

33) ACKNOWLEDGEMENTS:

Directors take this opportunity to express their thanks to various departments of the Central and State Government, Banks and Shareholders for their continued support and guidance.

The Directors wish to place on record their appreciation for the dedicated efforts put in by the Employees of the Company at all levels.