Raja Bahadur International Ltd Directors Report

Your Directors have pleasure in submitting their 100 ^th Annual Report together with the Audited Statement of Accounts for the year ended 31^st March, 2026.

FINANCIAL RESULTS

The financial results of the Company (Standalone) are summarized as under:

Particular	Year ended 31.03.2026	Year ended 31.03.2025
Gross Profit/(Loss) before Depreciation, Finance Cost, Taxation and Extra Ordinary Items	2145.03	2028.72
Finance Cost	1513.32	1667.34
Profit /(Loss) before Depreciation, Taxation & Extra Ordinary Items	631.71	361.37
Depreciation	192.43	207.39
Profit /(Loss) before Taxation	439.28	153.98
Provision for Taxation:
- Current Tax (MAT)
- Deferred Tax	308.37	248.76
- Income Tax (excess) Provision of Earlier Years
- MAT Credit Written Off of Earlier Years
Profit/ (Loss) after Tax	130.91	(94.78)
Other Comprehensive Income (net of tax)	(3.09)	(1.83)
Total Comprehensive Income	134.00	(92.95)

STATE OF COMPANYS AFFAIRS

Your Directors are pleased to state that:

1. The Companys project, RB-101 (Wing A), is progressing satisfactorily and is at an advanced stage of construction. The Occupancy Certificate (OC) is likely to be received very shortly.

The project is expected to be completed in all respects during the financial year 2026-27. The project has witnessed encouraging market response, and as on the date of this Report, the Company has entered into leave and licence/lease arrangements with various clients at construction stage, reflecting healthy demand for the project.

2. The Company is also in the process of launching RB-101 (Wing B). The launch is expected shortly, subject to the receipt of the necessary regulatory approvals and prevailing market conditions.

The Board remains confident that these projects will strengthen the Companys project portfolio and contribute to its long-term growth and value creation for stakeholders.

MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR 2025-26

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of the report.

TRANSFER TO RESERVES

There was no transfer of amount to any Reserves during the year FY 2025-26.

DIVIDEND

In order to conserve the resources, your directors do not recommend dividend on the equity shares of the Company for the financial year 2025-26.

MANAGEMENT DISCUSSION AND ANALYSIS

i. Industry Review, Developments and Outlook

India sustained strong economic momentum during FY 2025-26, holding its position as the worlds fastest-growing major economy. Indias real estate sector, the second-largest employment generator after agriculture, is poised for remarkable growth. It stands at the cusp of a transformative era, driven by rapid urbanisation, digital reforms, and strong investor participation. With growing demand this sector is set to remain a key pillar of Indias economic expansion. As modern infrastructure, policy support, and sustainable development converge, Indias real estate market is well-positioned to emerge as a global powerhouse shaping vibrant cities and enabling inclusive growth in the decades ahead.

The Indian economy recorded a real GDP growth of 7.7% in FY 2025-26, compared to 7.1% in FY 2024-25, driven by strong consumption and increasing investments, reaffirming Indias position as one of the fastest-growing major economies globally.

As per market reports, Punes office real estate market witnessed robust growth during FY 202526, recording a historic net absorption of approximately 9.9 million square feet, reflecting sustained occupier demand and strong market fundamentals. Demand was primarily driven by Global Capability Centres (GCCs), Banking, Financial Services and Insurance (BFSI), IT/ITeS, Financial Services, and Life Sciences companies. In addition, the growing adoption of flexible and managed workspaces continued to contribute meaningfully to leasing activity.

The supply of Grade-A office space also remained healthy, with Pune making a significant contribution to new office completions across India. This trend underscores continued developer confidence in the citys long-term commercial real estate prospects, supported by a diversified occupier base and favourable business ecosystem.

The Company remains well positioned to benefit from the sustained demand in the commercial real estate sector and continues to focus on the development and management of high-quality commercial assets, with particular emphasis on the office and retail segments.

ii. Opportunities and Threats Opportunities:

Indias favourable economic outlook, increasing urbanisation, rising corporate investments, expansion of Global Capability Centres (GCCs), and continued infrastructure development are expected to support sustained demand for commercial real estate over the medium to long term. Further, anticipated policy initiatives, ease of doing business, and increasing institutional investments in the real estate sector are expected to provide additional impetus to the industrys long-term growth.

Threats:

The real estate sector continues to operate in a dynamic business environment and is exposed to various external and industry-specific risks including advent of AI. Delays in obtaining statutory approvals, changes in the regulatory framework, or prolonged approval timelines may impact project execution and overall business performance.

The industry is also highly dependent on the availability of skilled and semi-skilled labour. Any shortage of labour or disruption in the supply of an adequately trained workforce may adversely affect project timelines and execution.

Further, the Companys operations are exposed to market-related risks, including fluctuations in interest rates, inflationary pressures leading to higher construction and input costs, supply chain disruptions, and changes in overall economic conditions. The Company continues to monitor these risks closely and adopts appropriate mitigation measures, including prudent project planning, cost optimization initiatives, and robust risk management practices.

iii. Segment Wise Performance:

Your Company has only one segment i.e. Construction and Real Estate Development. Revenue and expenses have been identified on the basis of accounting standard as applicable and guidance note issued by Institute of Chartered Accountant of India for this sector.

iv. Key Financial Ratios Analysis

Key Financial Ratios	For the year ended 31/03/2026	For the year ended 31/03/2025	Increase / Decrease (in % terms)	Reason for variances
Current Ratio	1.23	1.60	-23%	Compression due to increase in short term project payables and loan obligations.
Debt-Equity Ratio	24.55	18.72	31%	Highly skewed as per financials due to historical value of assets of the company.
Debt Service Coverage Ratio	1.17	0.74	58%	Robust turnaround above 1.0x mark driven by lower interest burden and higher operational income.
Return on Equity Ratio	0.10	-0.08	-224%	Due to increase in operational profit
Inventory turnover ratio	NA	NA	NA	NA
Debtors turnover ratio	2.48	2.84	-13%	Marginal drop in collection speed; extended credit terms provided to major anchor commercial tenants due to current economic situatuion.
Interest Coverage Ratio	1.29	1.03	25.24%	Due to an improvement in the Companys operating profitability
Operating Profit Margin (%)	0.68	0.66	3.03%	-
Trade payables turnover ratio	10.24	7.92	29%	Increased due to provision of bills for completed work under verification
Net capital turnover ratio	1.99	2.23	-11%	-
Net profit (%)	0.05	-0.03	-234%	Turned positive due to increase in the other income of the company
Return on Net Worth	0.10	-0.08	0.18	Due to an increase in profitability
Return on investment (Capital Employed)	0.06	0.08	- 2 6 %	Due to long-term deployment into active Capital Work-InProgress (CWIP) yet to fully yield active revenue.

v. Risks and Concerns

The real estate industry is exposed to various operational, financial and regulatory risks that may affect project execution and business performance. Timely completion of projects depends on factors such as availability of labour, fluctuations in raw material prices, receipt of statutory approvals and regulatory clearances, access to essential utilities, favourable weather conditions, and the absence of legal or contractual disputes.

The Company seeks to mitigate these risks through prudent planning, effective project monitoring, and engagement of experienced contractors.

The industry also faces challenges arising from the prevailing interest rate environment and elevated construction input costs, which may impact project costs and margins. The Company continues to monitor these risks and adopts appropriate cost optimisation and risk management measures.

Further, evolving environmental regulations and climate-related considerations may increase development costs and impact project execution. The Company remains committed to integrating sustainable practices into its operations to enhance long-term resilience.

vi. Internal Control Systems and their Adequacy

The Company has an adequate internal control system commensurate with the nature, size and complexity of its business. It has a well-defined organisational structure, documented policies and procedures, and clearly defined authority levels to ensure the orderly and efficient conduct of its operations.

The internal audit function is carried out by an independent firm of Chartered Accountants, which reviews the adequacy and effectiveness of the internal control framework, compliance with applicable laws and regulations, and adherence to the Companys policies and procedures. The observations and recommendations of the internal auditors are reviewed by the Audit Committee.

vii. Financial Performance

During the year under review Companys operational income is Rs.2,865.13 lakhs (previous year 2,774.66 lakhs) and other income is Rs. 831.97 lakhs (previous year Rs. 281.71 lakhs). The Company has earned a profit of Rs. 134.00 lakhs during the year (previous year loss of Rs. 92.95 lakhs).

viii. Material development in Human Resources including number of people employed.

Your Company firmly believes that success of a company comes from good Human Resources. Employees are considered an important asset and key to its success. The employees relation continued to be satisfactory.

As of March 31, 2026, we had 45 permanent employees, as compared to 43 as on March 31, 2025.

DETAILS OF CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

? Mr. Nayankumar Mirani (DIN No.: 00045197) was appointed as Non-Executive Non- Independent Director by the Board on 14^th February, 2025 and his appointment was approved by the members at the Annual General Meeting (AGM) of the Company held on September 23, 2025.

? Mr. Narayan V. Kamath (DIN 10913871) who was appointed as an Independent Director of the Company for a period of five years commencing from February 14, 2025 to February 13, 2030 and his appointment was approved at the AGM of the company held on 23^rd September, 2025.

? Mr. Sandeep Gokhale (DIN: 00693885), Non-Executive Independent Director holds office up to 11^th November, 2026 and being eligible, is proposed to be appointed as Independent Director for second term of five (5) consecutive years from 11^th November, 2026 to 10th November, 2031 at the ensuing AGM.

? Mr. Umang Pittie (DIN: 05322022) and Mr. Vaibhav Pittie (DIN: 07643342) were appointed by the Board of Directors on 22^nd May, 2025 as an Additional & Whole time Directors designated as Executive Directors for a period of 3 (three) years with effect from May 22, 2025 and their appointment was approved at the AGM of the Company held on September 23, 2025.

? Mr. Nayan Chandrasinh Mirani (DIN: 00045197), Director of the Company retires by rotation in accordance with the provisions of Section 152 of the Companies Act, 2013 (Act) at the ensuing Annual General Meeting (AGM) and is eligible for reappointment.

? Mr. Akash Joshi (Membership No.: A40356) resigned from his office as Company Secretary and Compliance Officer of the Company w.e.f August 31, 2025 and in his place, Mrs. Tanaya Tulsi Daryanani (Membership No: A37181) was appointed as Company Secretary and Compliance Officer w.e.f September 01, 2025.

? In terms of Section 203 of the Act, the following are the Key Managerial Personnel (KMP) of the Company:

? Mr. Shridhar Pittie- Chairman & Managing Director

? Mr. Umang Pittie - Executive Director

? Mr. Vaibhav Pittie - Executive Director

? Mr. Sajjan Kumar Jhunjhunwala- Chief Financial Officer

? Mr. Akash Joshi- Company Secretary & Compliance Officer till 31.08.2025

? Mrs. Tanaya Daryanani -Company Secretary & Compliance Officer w.e.f. 01.09.2025

DECLARATION FROM INDEPENDENT DIRECTORS

Mr. Mohan V. Tanksale (DIN: 02971181), Mr. Sandeep G. Gokhale (DIN: 00693885), Mr. Narayan Vinayak Kamath (DIN: 10913871) and Mrs. Ranjana Kaul (DIN No.: 07122917) Independent directors of the Company had submitted declarations that each of them meet the criteria of independence as provided in sub Section (6) of Section 149 of the Act and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations" and there has been no change in the circumstances which may affect their status as Independent Director during the year. In the opinion of the Board, the Independent Directors possess appropriate balance of skills, experience and knowledge, as required. In terms of Regulation 25(8) of SEBI Listing Regulations, independent directors have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties.

NUMBERS OF MEETINGS OF THE BOARD

During the year 2025-26, five (5) board meetings were convened and held i.e on 22.05.2025, 13.08.2025, 14.11.2025, 13.01.2026 and 13.02.2026. The maximum interval between the meetings did not exceed the period prescribed under Companies Act, 2013. Details of attendance are attached and form part of the Annual Report.

COMMITTEE OF BOARD OF DIRECTORS

The Committees of the Board have been constituted/ reconstituted in accordance with the provisions of the Companies Act, 2013. Currently, the Board has the following Committees:

Audit Committee, Nomination & Remuneration Committee and Stakeholder Relationship Committee. The details pertaining to composition of meetings held during the year and the attendance of directors in respect of the meetings of these Committees are attached and form part of the Annual Report.

WHISTLE BLOWER POLICY / VIGIL MECHANISM

The Company has formulated and published a Whistle Blower Policy to provide a mechanism ("Vigil Mechanism") for employees including directors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of the Section 177 (9) of the Act. The Whistle Blower Policy (Vigil Mechanism) is uploaded on the

Companys website:- http://www.rajabahadur.com

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND CRITERIA FOR INDEPENDENT DIRECTORS

The remuneration policy for directors and senior management and the criteria for selection of candidates for appointment as directors, independent directors, senior management as adopted by the Board of Directors are placed on the Companys website at (https://www.rajabahadur.com/coc.php). There has been no change in the policies since the last fiscal year.

The Board of Directors affirm that the remuneration paid to the directors is as per the terms laid out in the remuneration policy of the Company.

EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

An annual evaluation of the Boards own performance, Board Committees and Individual Directors was carried out pursuant to the provisions of the Act in the following manner:

Performance evaluation of	Performance evaluation performed by	Criteria
1. Each Individual Directors	Nomination and Remuneration Committee	Attendance, contribution to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and guidance provided, key performance aspects in case of executive directors etc.
2. Independent Directors	Entire Board of Directors excluding the Director who is being evaluated	Attendance, contribution to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution, and guidance provided etc.
3. Board, and its Committees	All Directors	Board composition and structure, effectiveness of Board processes, Evaluation of risk, look into governance and compliance, review grievance of investor, check availability of sufficient funds, information and functioning, fulfilment of key responsibilities, performance of specific duties and obligations, timely flow of information, contribution to the discussion, etc. The assessment of committees based on the terms of reference of the committees and effectiveness of the meetings.

RISK MANAGEMENT POLICY

The Board of Directors of the Company has framed a risk management policy and 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 businesses and functions are systematically addressed through mitigating actions on a continuing basis. More details on risk management are covered in the Management Discussion and Analysis, forming a part of the Annual Report.

DIRECTORS RESPONSIBILTY STATEMENT

To the best of their knowledge and belief and according to the information and explanation obtained, your Directors make the following statements in terms of Section 134(5) of the Companies Act, 2013:

i. that in the preparation of the annual accounts for year ended March 31, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. that such accounting policies have been selected 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 on March 31, 2026 and of the loss of the Company for the year ended on that date;

iii. that proper and sufficient care have 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. that the annual accounts have been prepared on a ‘going concern basis;

v. that proper internal financial controls were in place and that such internal financial controls are adequate and were operating effectively;

vi. that systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate system of internal financial controls over financial reporting as required under the Act. Internal control systems comprising of policies and procedures are designed to ensure sound management of your Companys operations, safekeeping of its assets, optimal utilization of resources, reliability of its financial information and compliance. The Audit Committee of the Board reviews the internal control systems with the Management, Internal Auditors and Statutory Auditors.

DETAILS OF SUBSIDIARIES/ JOINT VENTURES/ ASSOCIATES

During the year under review, the Company incorporated the Wholly Owned Subsidiary (WOS) in terms of Section 2(87) of the Companies Act, 2013 on December 06, 2025 with the name "SAMVURDHANA REALTY PRIVATE LIMITED (CIN: U68200MH2025PTC462114) with the Registrar of Companies, Mumbai. The Company subscribed for total 1,000 equity shares of Rs. 100/- each amounting to Rs. 1,00,000/-

Raja Bahadurs Realty Limited & Samvurdhana Realty Private Limited, wholly owned subsidiaries of the Company are engaged in the business of real estate and property development activities. The salient features of the financial summary statement in Form AOC - 1 is enclosed as "Annexure - D."

The Company does not have any Joint Ventures / Associates.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared in accordance with the provisions of the Section 129 of the Act, read with the Companies (Accounts) Rules, 2014, applicable Indian Accounting Standards (IND-AS) and the provisions of the Listing Regulations and forms part of the Annual Report.

DEPOSITS

During the year, the Company has not accepted any public deposits in terms of Section 73 of the Companies Act, 2013 and the Rules framed thereunder. The requisite return with respect to amount(s) not considered as deposits has been filed.

ANNUAL RETURN

Pursuant to the provisions of Section 134(3)(a) and Section 92 of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014 Annual Return of the Company as at March 31, 2026 is uploaded on the website of the Company at Web link: https: //www.rajabahadur.com/invinfo.php

STATUTORY AUDITORS AND AUDITORS REPORT

Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, M/s. Jain P.C. & Associates, Chartered Accountants (FRN No. 126313W) were appointed as Statutory Auditors of the Company for second term for a period of five years at the 96^th AGM held on 08.08.2022 to hold office till the conclusion of the AGM to be held in the year 2027.

M/s. Jain P.C. & Associates, Statutory Auditors have confirmed that they are not disqualified to act as Auditors and are eligible to hold office as Statutory Auditors of your Company and they would continue to hold the office of Statutory Auditors for the financial year 2026-27.

During the year under review, the statutory Auditors had not reported any matter under Section 143 (12) of the Act, therefore no detail is required to be disclosed under Section 134 (3)(f) of the Act.

There were no qualification/ adverse remark/ observation of the statutory Auditors relating to financial statement and they have given unmodified opinion report.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 and other applicable provisions of the Companies Act, 2013, Parikh & Associates, Practicing Company Secretaries, Secretarial Auditors of the company have issued the Secretarial Auditors Report and their report is attached hereto as "Annexure-A".

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.

COST AUDITORS

The provisions of section 148 are not applicable to the Company for the year under review and accordingly the maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is not required.

PARTICULARS OF REMUNERATION TO EMPLOYEES

Disclosures with respect to the remuneration of Directors, KMPs and employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in "Annexure-B" to this Report.

Details of employees remuneration as required under provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available on your Companys website at (https://www.rajabahadur.com/Dis.php).

RELATED PARTY TRANSACTIONS

The Board has framed a policy for related party transactions. Particulars of transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and the same forms part of this report as "Annexure-C".

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The provisions of Section 135 of the Companies Act, 2013 ("the Act") read with Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to your Company during the year under review.

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 Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules made thereunder. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

In accordance with the provisions of the Act, the details of complaints for the financial year are as follows:

(a) Number of complaints of sexual harassment received during the year: Nil

(b) Number of complaints disposed of during the year: Nil

(c) Number of cases pending for more than ninety days: Nil

The Company has complied with the provisions relating to constitution of Internal Complaints Committee under POSH Act

LISTING FEES

The Company has paid the listing fees to BSE Limited for the year 2026-2027.

INSIDER TRADING REGULATIONS AND CODE OF DISCLOSURE

The Board of Directors has adopted the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information and Code of Internal Procedures and Conduct for Regulating, Monitoring and reporting of Trading by Insiders in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 and is available on our website (www.rajabahadur.com)

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The Company has not given any loans or guarantees or made investments in contravention of the provisions of the Section 186 of the Companies Act, 2013. The details of the loans and guarantees given and investments made by the Company are provided in the notes to the financial statements.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

In view of nature of business of the Company, particulars regarding conservation of energy and technology absorption are not given. However, the Company has taken various measures to conserve energy at all levels.

There were no foreign exchange earnings and outgo during the year under report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant or material orders were passed by any regulator or court that would impact the going concern status of the Company and its future operations.

DESIGNATED PERSON FOR FURNISHING INFORMATION AND EXTENDING COOPERATION TO REGISTRAR OF COMPANIES (ROC) IN RESPECT OF BENEFICIAL INTEREST IN SHARES OF THE COMPANY:

Mr. Shridhar Pittie, Chairman & Managing Director of the Company, is the designated person responsible for furnishing information and extending cooperation to the ROC in respect of beneficial interest in the Companys shares

MATERNITY BENEFITS:

The Company complies with the provisions of the Maternity Benefit Act, 1961, and provides maternity benefits to eligible women employees. Adequate facilities and support are provided in line with statutory requirements.

CORPORATE GOVERNANCE REPORT

Pursuant to Regulation 15(2)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the provisions relating to Corporate Governance specified under Regulations 17 to 27 and clauses (b) to (i) and clause (t) of sub-regulation (2) of Regulation 46 of the SEBI Listing Regulations are not applicable to the Company, since the paid-up equity share capital of the Company does not exceed ?10 crore and the net worth of the Company does not exceed ?25 crore as on the last day of the previous financial year.

Accordingly, the Company is exempt from compliance with the aforesaid Corporate Governance provisions, including the requirement of furnishing a separate Corporate Governance Report under Schedule V of the SEBI Listing Regulations.

Nevertheless, the Company recognizes the importance of good corporate governance practices and remains committed to maintaining the highest standards of transparency, integrity, accountability and ethical conduct in all its business operations. The Board of Directors continues to adopt governance practices that are appropriate to the size, scale and nature of the Companys business activities and in the best interests of all stakeholders.

ACKNOWLEDGEMENT

The Board of Directors are thankful to its Bankers and Institutions for the support and financial assistance from time to time.

Your Directors are pleased to place on record their sincere appreciation to all the employees of the Company whose untiring efforts have made achieving its goal possible. Your Directors wish to thank the Central and State Governments, customers, suppliers, business associates, shareholders for their continued support and for the faith reposed in your Company.