Shashank Traders Ltd Management Discussions

Global Economic Overview

Global growth is projected at 3.0 percent for 2025 and 3.1 percent in 2026. The forecast for 2025 is 0.2 percentage point higher than that in the reference forecast of the April 2025 World Economic Outlook (WEO) and 0.1 percentage point higher for 2026. This reflects stronger-than-expected front-loading in anticipation of higher tariffs; lower average effective US tariff rates than announced in April; an improvement in financial conditions, including due to a weaker US dollar; and fiscal expansion in some major jurisdictions. Global headline inflation is expected to fall to 4.2 percent in 2025 and 3.6 percent in 2026, a path similar to the one projected in April. The overall picture hides notable cross-country differences, with forecasts predicting inflation will remain above target in the United States and be more subdued in other large economies.

Risks to the outlook are tilted to the downside, as they were in the April 2025 WEO. A rebound in effective tariff rates could lead to weaker growth. Elevated uncertainty could start weighing more heavily on activity, also as deadlines for additional tariffs expire without progress on substantial, permanent agreements. Geopolitical tensions could disrupt global supply chains and push commodity prices up. Larger fiscal deficits or increased risk aversion could raise long-term interest rates and tighten global financial conditions. Combined with fragmentation concerns, this could reignite volatility in financial markets. On the upside, global growth could be lifted if trade negotiations lead to a predictable framework and to a decline in tariffs. Policies need to bring confidence, predictability, and sustainability by calming tensions, preserving price and financial stability, restoring fiscal buffers, and implementing much-needed structural reforms.

Global Growth Outlook Projection (In %)

	Estimate	Projections
	2024	2025	2026
World Output	3.3	3.0	3.1
Advanced Economies	1.8	1.5	1.6
United States	2.8	1.9	2.0
Euro Area	0.9	1.0	1.2
Germany	(0.2)	0.1	0.9
France	1.1	0.6	1.3
Italy	0.7	0.5	0.9
Spain	3.2	2.5	2.0
Japan	0.2	0.7	1.0
United Kingdom	1.1	1.2	1.0
Canada	1.6	1.6	1.4
Other Advanced Economies	2.2	1.6	2.3
Emerging Market and Developing Economies	4.3	4.1	4.0
Emerging and Developing Asia	5.3	5.1	4.7
China	5.0	4.8	4.2
India	6.5	6.4	6.4
Emerging and Developing Europe	3.5	1.8	2.2
Russia	4.3	0.9	1.0
Latin America and the Caribbean	2.4	2.2	2.4
Brazil	3.4	2.3	2.1
Mexico	1.4	0.2	1.4
Middle East and Central Asia	2.4	3.4	3.5
Saudi Arabia	2.0	3.6	3.9
Sub-Saharan Africa	4.0	4.0	4.3
Nigeria	3.4	3.4	3.2
South Africa	0.5	1.0	1.3
Memorandum
Emerging Market and Middle-Income Economies	4.3	4.0	3.9
Low-Income Developing Economies	4.0	4.4	5.0
Source: International Monetary Fund, World Economic Outlook, July 2023 Update

Forces Shaping the Outlook

Since the April 2025 WEO, uncertainty has remained elevated even as effective tariff rates have come down. Most notably, China and the United States on May 12 agreed to lower for 90 days (until August 12) tariffs that had resulted from post-April 2 escalation. The US pause on higher tariffs for most of its trading partners is now set to expire on August 1, pushing back the original deadline of July 9. Letters issued by the US administration in July to some trading partners threaten to impose tariffs even higher than those announced on April 2. Legal proceedings are currently underway in the United States concerning the use of the International Emergency Economic Powers Act as a legal basis for the imposition of tariffs. Although the passage of the One Big Beautiful Bill Act (OBBBA) in July brought clarity to the near-term path of US fiscal policy, it has added to uncertainty about longer-term fiscal sustainability

Global financial conditions have eased. US equity markets have largely rebounded, erasing losses from the April 2 tariff fallout and reaching new heights. Other global equity markets have also rallied, swayed by tariff-related announcements and releases of macroeconomic data that turned out to be better than expected. Notably, the US dollar has depreciated further, defying expectations that tariffs and larger fiscal deficits would cause the currency to appreciate. Implied paths for policy rates have flattened for advanced economies, while continued dollar weakness has provided some monetary policy space for emerging market and developing economies. Yield curves have steepened in the context of fiscal concerns, although the steepening thus far is not unusual by historical standards despite very high debt and deficit levels in many countries.

With these forces in place, the global economy has continued to hold steady, but the composition of activity points to distortions from tariffs, rather than underlying robustness. Global growth in the first quarter of 2025 was 0.3 percentage point above that predicted in the April WEO. International trade and investment drove activity, while private consumption was more subdued across major jurisdictions. Real GDP decreased in the United States, at an annualized rate of 0.5 percent, marking the first quarterly contraction in three years. Consumer spending rose only by 0.5 percent, but this came after remarkably fast growth of 4.0 percent in the fourth quarter of 2024. Imports and business investment surged — especially in information processing equipment. Taken together, these patterns were consistent with aggressive frontloading by US firms and households ahead of expected higher prices induced by tariffs. In the euro area, GDP accelerated to 2.5 percent, driven by investment and net exports, even as private consumption lost steam. Ireland largely led the spurt, with growth shrinking to 1.4 percent when Ireland is excluded. Chinas real GDP growth, at an annualized rate of 6.0 percent, exceeded expectations. This was mainly driven by exports, propped up by a depreciating renminbi closely tracking the dollar and with declining sales to the United States more than offset by strong sales to the rest of the world (Figure 2), and, to a smaller extent, by consumption, supported by fiscal measures. Japans economy contracted by an annualized 0.2 percent, as soft private consumption and weak net exports weighed on growth while strong private investment helped cushion the decline. Global trade grew robustly in the first quarter, but high-frequency indicators point to an unwinding of front-loading in the second quarter.

Global inflation is showing mixed signs. The global median of sequential headline inflation has increased a notch, but core inflation has eased considerably and is now below 2 percent. Several economies, including the euro area, have seen downside surprises. In the United States, inflation has ticked up, with tentative signs of pass-through from tariffs and a weaker dollar to consumer prices in some import-sensitive categories, and intermediate goods costs for producers have risen.

Still, the revision is more pronounced in some countries, such as China, than in others. Front-loading is expected to unwind in the coming quarters, with the payback weighing on activity in 2026 but offset by other developments, so growth overall is revised slightly upward.

Growth in advanced economies is projected to be 1.5 percent in 2025 and 1.6 percent in 2026. In the United States, with tariff rates settling at lower levels than those announced on April 2 and looser financial conditions, the economy is projected to expand at a rate of 1.9 percent in 2025. This is 0.1 percentage point higher than the April reference forecast, with some offset from private demand cooling faster than expected and weaker immigration. Growth is projected to pick up slightly to 2.0 percent in 2026, with a near-term boost from the OBBBA kicking in primarily through tax incentives for corporate investment. This is 0.3 percentage point higher than the April reference forecast. The IMF staff estimates that the OBBBA could raise US output by about 0.5 percent on average over the WEO horizon through 2030, relative to a baseline without this fiscal package.

In the euro area, growth is expected to accelerate to 1.0 percent in 2025 and to 1.2 percent in 2026. This is an upward revision of 0.2 percentage point for 2025, but it is largely driven by the strong GDP outturn in Ireland in the first quarter of the year, although Ireland represents less than 5 percent of euro area GDP. The upward revision for 2025 reflects a historically large increase in Irish pharmaceutical exports to the United States resulting from front-loading and the opening of new production facilities. Without Ireland, the revision would be only 0.1 percentage point. The forecast for 2026 is unchanged from that in April, with the effects of front-loading fading and the economy growing at potential. Revised defense spending commitments are expected to have an impact in subsequent years, given the projected gradual increase to target levels by 2035.

In other advanced economies, growth is projected to decelerate to 1.6 percent in 2025 and pick up to 2.1 percent in 2026. In some cases, currency appreciation offsets the favorable effects of more accommodative financial conditions, while the effective tariff rates are the same or slightly higher than in the April WEO reference forecast because of new tariffs imposed on imports of vehicle parts in May and a doubling of tariffs on steel and aluminum in June.

In emerging market and developing economies, growth is expected to be 4.1 percent in 2025 and 4.0 percent in 2026. Relative to the forecast in April, growth in 2025 for China is revised upward by 0.8 percentage point to 4.8 percent. This revision reflects stronger-than-expected activity in the first half of 2025 and the significant reduction in US-China tariffs. The GDP outturn in the first quarter of 2025 alone implies a mechanical upgrade to the growth rate for the year of 0.6 percentage point. A recovery in inventory accumulation is expected to partly offset payback from front-loading in the second half of 2025. Growth in 2026 is also revised upward by 0.2 percentage point to 4.2 percent, again reflecting the lower effective tariff rates. In India, growth is projected to be 6.4 percent in 2025 and 2026, with both numbers revised slightly upward, reflecting a more benign external environment than assumed in the April reference forecast.

In the Middle East and Central Asia, growth is projected to accelerate to 3.4 percent in 2025 and 3.5 percent in 2026. Growth is expected to be relatively stable in 2025 in sub-Saharan Africa at 4.0 percent, before picking up to 4.3 percent in 2026. In Latin America and the Caribbean, growth is projected to slow to 2.2 percent in 2025 and recover back to 2.4 percent in 2026. Growth in emerging and developing Europe is also expected to slow and remain sluggish at 1.8 percent in 2025 and 2.2 percent in 2026.

World trade volume is revised upward by 0.9 percentage point for 2025 and downward by 0.6 percentage point for 2026. The near-term offset provided by front-loading of some trade flows in view of elevated trade policy uncertainty and in anticipation of tighter trade restrictions is expected to fade in the second half of 2025, with the associated payback expected to materialize through 2026. A weaker dollar amplifies the tariff shock instead of absorbing it, leading to a positive impact of tariffs on the US current account balance, which the expansionary fiscal stance more than offsets. Over the medium term, expansionary fiscal packages in economies with current account surpluses are expected to contribute to declining global imbalances.

Global inflation is expected to continue to decline, with headline inflation falling to 4.2 percent in 2025 and 3.6 percent in 2026. This is virtually unchanged from the April WEO, with trends of cooling demand and

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falling energy prices remaining in place. The overall picture hides cross-country variation in forecasts, however. The tariffs, acting as a supply shock, are expected to pass through to US consumer prices gradually and hit inflation in the second half of 2025. Elsewhere, the tariffs constitute a negative demand shock, lowering inflationary pressures. Inflation is projected to remain above the 2 percent target through 2026 in the United States, whereas in the euro area inflationary dynamics are expected to be more subdued, in part on account of currency appreciation and one-off fiscal measures. Although headline inflation in China is projected to remain broadly unchanged from the forecast in April because domestic energy prices have been lower than forecast then, core inflation is revised upward slightly to 0.5 percent in 2025 and to 0.8 percent in 2026. These revisions reflect recent higher-than-expected readings and the reduced tariffs.

Source: World Economic Outlook, July 2025

Indian Economic Overview

• Real GDP has been estimated to grow by 7.8% in Q1 of FY 2025-26 over the growth rate of 6.5% during Q1 of FY 2024-25.

• Nominal GDP has witnessed a growth rate of 8.8% in Q1 of FY 2025-26.

• Agriculture and Allied Sector has observed the Real GVA growth rate of 3.7%, as compared to the growth rate of 1.5% registered in Q1 of last financial year.

• Secondary Sectors, prominently Manufacturing (7.7%) and Construction (7.6%). Sector has registered above 7.5% growth rate at Constant Prices in this quarter.

• Mining & Quarrying (-3.1%) and Electricity, Gas, Water Supply and Other Utility. Services Sector (0.5%) has seen moderated Real growth rate during Q1 of FY 2025-26.

• Tertiary Sector (9.3%) has recorded substantial growth rate at Constant Prices in Q1 of FY 202526, over the growth rate of 6.8% in Q1 of FY 2024-25.

• ^Government Final Consumption Expenditure (GFCE) has bounced back, registering 9.7% growth rate in Nominal terms during Q1 of FY 2025-26, over the growth rate of 4.0% in Q1 of FY 2024-25

• Real Private Final Consumption Expenditure (PFCE) has reported 7.0% growth rate during Q1 of FY 2025-26 as compared to the 8.3% growth rate in the corresponding period of previous financial year.

• Gross Fixed Capital Formation (GFCF) has recorded 7.8% growth rate at Constant Prices, over the growth rate of 6.7% in Q1 of FY 2024-25.

Real GDP or GDP at Constant Prices in Q1 of FY 2025-26 is estimated at ^47.89 lakh crore, against ^44.42 lakh crore in Q1 of FY 2024-25, registering a growth rate of 7.8%. Nominal GDP or GDP at Current Prices in Q1 of FY 2025-26 is estimated at ^86.05 lakh crore, against ^79.08 lakh crore in Q1 of FY 2024-25, showing a growth rate of 8.8%. Real GVA in Q1 of FY 2025-26 is estimated at ^44.64 lakh crore, against ^41.47 lakh crore in Q1 of FY 2024-25, registering a growth rate of 7.6%. Nominal GVA in Q1 of FY 2025- 26 is estimated

at ^78.25 lakh crore, against ^71.95 lakh crore in Q1 of FY 2024-25, showing a growth rate of 8.8%.Source: MOSPI

Industry Outlook

Indias Rs. 1,71,860 crore (US$ 20 billion) cosmetics and beauty market are poised to benefit from the India- UK free trade agreement (FTA), which will reduce duties on cosmetics and other products. The FTA will directly benefit retailers like Nykaa, Reliance Tira, and Shoppers Stop, as well as e-commerce platforms like Amazon and Myntra, which sell premium beauty products.

Indias direct selling industry achieved sales of Rs. 22,142 crore (US$ 2.58 billion) in FY24, reflecting a 4.4% YoY growth, as per the Indian Direct Selling Association (IDSA). Over the last five years, the industry has grown at a compound annual growth rate (CAGR) of 7.15%.

Indias private consumption has nearly doubled to Rs. 1,83,30,900 crore (US$ 2.1 trillion) in 2024 from Rs. 87,29,000 crore (US$ 1 trillion) in 2013, growing at a 7.2% Compound Annual Growth Rate (CAGR), outpacing the US, China, and Germany, according to a Deloitte India and Retailers Association of India report. By 2030, Indias per capita income is expected to exceed Rs. 3.49 lakh (US$ 4,000), unlocking new business opportunities across sectors. Expanding digital commerce, growing access to credit, and fintech-driven financial inclusion further accelerate this consumption boom.

Indias seven major cities are set to receive 16.6 million square feet (sq. ft.) of prime retail space in new shopping malls by the end of 2026, as per Anarocks data.

The Indian retail sector recorded a 5% sales growth in December 2024 compared to the previous years festive period, with South India leading at 6%, followed by West and North India at 5% and East India at 4%.

The Indian retail sector in 2024 saw the opening of over 750 new stores and a total of Rs. 12,000 crore (US$ 1.38 billion) raised, as per the data compiled by IndiaRetailing Insights.

Indias retail trading sector attracted US$ 4.74 billion FDIs between April 2000-September 2024.

10		8%		10%		12%
Contribution to India \u2019 s GDP		Shares in India \u2019 s Employment		Growth of Retail Sector over 2022-32		Share of Organized Retail of Total Retail Market

Government Initiative

• In July 2021, the Andhra Pradesh government announced retail parks policy 2021-26, anticipating targeted retail investment of Rs. 5,000 crore (US$ 674.89 million) in the next five years.

• Government may change Foreign Direct Investment (FDI) rules in food processing in a bid to permit E-commerce companies and foreign retailers to sell Made in India consumer products.

• Government of India has allowed 100% FDI in online retail of goods and services through the automatic route, thereby providing clarity on the existing businesses of E-commerce companies operating in India.

Source: Retail Industry Report May 2025, IBEF

Growth Drivers

• Favourable Demographics: Indias large and young population, Rising Middle Class, Urbanization, Changing Lifestyle and Consumption Patterns and favourable government initiatives prove to be a growth engine for the retail industry.

• Rise in income and purchasing power: As of the most recent Purchasing Power Parity (PPP) calculations by the World Bank and the International Comparison Programme (ICP), India ranks

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3rd in the world in terms of GDP by PPP. Along with improvements in general purchasing power of the middle class, and a low cost of living, India has also almost completely eradicated extreme poverty at the global PPP poverty level of US$ 1.9. Indias luxury market is set for strong growth, driven by a projected doubling of high-income households earning over Rs. 34,20,420 (US$ 40,000) from 15 million in 2022 to 30 million by 2030. Bain & Company estimates the market could reach Rs. 7,26,835-7,69,590 crore (US$ 85-90 billion).

• Change in consumer mindset: The transition from traditional retail to online platforms in India has spurred a shift in consumer mindset. This change is characterized by a prioritization of convenience, a wider product selection, increased price sensitivity, growing trust in online transactions, reliance on reviews and recommendations, evolving loyalty dynamics, a greater embrace of technology, and heightened expectations for fast delivery. A new CBRE & Invest India survey has revealed a significant shift in Indias retail landscape, driven by a growing consumer demand for experience-based entertainment. Over 70% of respondents across various age groups prefer participatory activities such as bowling, amusement parks, rock climbing, escape rooms, and childrens play zones over passive options like museums or art exhibitions. Minisized beauty products are gaining traction in India, driven by affordability, convenience, and the desire for experimentation, particularly among Gen Z. These small packs, often called minis, are reshaping the Indian beauty market as more consumers look to experiment with makeup at the right price.

• Brand consciousness: Brand consciousness in India is a multifaceted phenomenon shaped by economic, cultural, and technological factors. As consumer expectations continue to evolve, brands must remain agile and responsive to changing trends, ensuring that they deliver value, innovation, and authenticity to maintain their competitive edge in the market.

• Easy consumer credit and increase in quality products: Share of unsecured retail loans grew to 25.2% from 22.9% in March 2021-2023, while secured loans eased from 77.1% to 74.8%. Banks unsecured loan portfolio amounted to close to Rs. 12 lakh crore (US$ 144.58 billion) as of July 2025.

Source: Retail & E-Commerce Sector, Invest India COMPANY OVERVIEW

SHASHAK TRADERS LIMITED is in well diversified business as powered by Memorandum of Association. The Company is in the business of providing financial consultancy to varied clientele and trading in goods and services as empowered by its main object clause of the Memorandum of Association.

Shashank Traders Limited (STL) was incorporated on 29th May, 1985 under the Companies Act, 1956. Certificate of incorporation was issued by Registrar of Companies, National Capital Territory of Delhi and Haryana. Further the Company obtained the Commencement of Business Certificate from the Registrar of Companies, Delhi & Haryana on June 11, 1985.

Shashank currently involve in Metal & Minerals, Manufacture, Import & Export, Consulting, Trading, Textile Industry, Dealer & Supplier of Agriculture, Commodities & Merchandise, etc.

Financial Performance & Analysis

The Financial statements of the company have been prepared in accordance with Indian Accounting Standard (Ind AS) notified under the Companies (Indian Accounting Standards) Rules 2015 as amended from time to time by the Ministry of Corporate Affairs (MCA), the provisions of Companies Act, 2013, and guidelines issued by the Securities and Exchange Board of India (SEBI). Financial statements of the company

are prepared under the historical cost convention except for the certain financial assets and liabilities measured at fair value as mentioned in applicable accounting policies.

(^ in Lakhs unless specified otherwise)
Particulars	FY24-25	FY23-24	Variation%
Revenue From Operations	4.84	-	N/A
Other Income	-	-	N/A
T otal Revenue	4.84	-	N/A
Profit Before Interest, Exceptional items & tax	(13.47)	(15.85)	(0.15)
EBIT Margin %	(2.78)	N/A
Profit Before Taxation	(13.47)	(15.85)	(0.15)
Tax Expense	-	-	-
Net Profit/(Loss For the year)	(13.48)	(15.85)	(0.15)
Net Profit Margin %	(2.78)	N/A

Particulars	FY25	FY24
Profitability Ratios (%)
EBITDA Margin	(2.78)	N/A
EBIT Margin	(2.78)	N/A
Net Profit Margin	(2.79)	N/A
Growth Ratios (%)
Total Revenue	4.84	-
ebitda	(13.47)	(15.81)
EBIT	(13.47)	(15.81)
Net Profit	(13.48)	(15.85)
Liquidity Ratio(times)
Current Ratio	0.93x	0.97x
Return Ratios
Return on Equity	-	-
Return on Capital Employed	-	-
Return on Assets	-	-
Efficiency Ratio
Asset Turnover(times)	0.009x	-
Receivable Turnover(times)	0.16x	-
Receivable Days	2,239	-
Inventory Turnover(times)	-	-
Inventory Days	-	-
Payable Turnover(times)	0.20x	-
Payable Days	1,749	-
Cash Conversion Cycle	490	-
Leverage Ratios
Debt Equity Ratio	1.29x	1.21x
Debt to Assets Ratio	0.53x	0.52x
Interest Coverage Ratio - -

Negative Ratios have not been calculated

EBIT and Margin: Earnings Before Interest and Tax (EBIT) also improved, with a loss of ^13.48 Lakhs in FY24-25, compared to a loss of ^15.81 Lakhs in FY23-24. The EBIT margin percentage couldnt be calculated due to no revenue recognition in FY23-24.

Net Profit/Loss: The Company reported a net loss of ^13.48 Lakhs in FY24-25, which is an increase from the net loss of ^15.81 Lakhs in FY23-24. This reinforces the financial difficulties the company faced during the year.

Liquidity Ratios: Current ratios of 0.93x FY25 and 0.97x FY24 indicate that the companys liquidity deteriorated slightly in FY23, with both ratios below 1, implying the ability to meet short-term obligations are slightly concerning.

SEGMENT WISE OR PRODUCT WISE PERFORMANCE

The Company has not undertaken any major operational activities during the year.

Outlook

During the period under review, due to some financial constraints and gloomy global economy scenario your Company could not start its operations throughout the year.

RISK & CONCERNS

The Companys success largely depends upon the quality and competence of its management team and key personnel. Attracting and retaining talented professionals is therefore a key element of the companys strategy. The resignation or loss of key management personnel may have an adverse impact on the Companys business, its future financial performance and the result of its operations.

Moreover, any slowdown in the economic growth in India could cause the business of the Company to suffer. Recently, the growth of industrial production has been variable. Any slowdown in Indian economy could adversely affect the Companys business.

FINANCIAL PERFORMANCE & ANALYSIS

Ratios	2024-25	2023-24	% Change	Detailed Explanation in case change is more than 25%
Net Worth	220	234	(6)%	-
RoNW %	-	-	-	-
Current Ratio	0.93x	0.97x	N/A	-
Debtors Turnover Ratio	0.16x	-	N/A	Debtor Turnover ratio increased due to increase in the sales for the year ending 2025
Inventory Turnover Ratio	-	-	N/A	-
Interest Coverage Ratio	-	-	N/A	-
Debt-Equity Ratio	1.29x	1.21x	6%	-
Operating Profit Margin (%)	(2.78)	N/A	N/A	-
Net Profit Margin (%)	(2.79)	N/A	N/A	-

Ratio have not been calculated as the company has not conducted any business activity and there is no sales income

INTERNAL CONTROL SYSTEM

The Company has adequate internal audit and control systems. Internal auditors comprising of professional firm of Chartered Accountants has been entrusted with the job to regular conduct the internal audit and report to the management the lapses, if any. Both internal auditors and statutory auditors independently evaluate the adequacy of internal control system. Based on the audit observations and suggestions, follow up, remedial measures are being taken including review thereof. The Audit Committee of Directors in its periodical meetings, review the adequacy of internal control systems and procedures and suggests areas of improvements.

In view of the changes in Companies Act, the Company has taken additional measures from the financial year 2014-15 to strengthen its internal control systems. Some of the additional measures in this regard are strengthening background verification process of new joiners, whistle blower policy and strengthening the process of risk assessment.

The organization is well structured and the policy guidelines are well documented with pre-defined authority. The Company has also implemented suitable controls to ensure that all resources are utilized optimally, financial transactions are reported with accuracy and there is strict adherence to applicable laws and regulations. The Company has put in place adequate systems to ensure that assets are safeguarded against loss from unauthorized use or disposition and that transactions are authorized, recorded and reported.

The Audit Committee of Directors in its periodical meetings, reviews the adequacy of internal control systems and procedures and suggests areas of improvements. Needless to mention, that ensuring maintenance of proper accounting records, safeguarding assets against loss and misappropriation, compliance of applicable laws, rules and regulations and providing reasonable assurance against fraud and errors will continue to remain central point of the entire control system.

HUMAN RESOURCES

Human resource is considered as key to the future growth strategy of the Company and looks upon to focus its efforts to further align human resource policies and processes to meet its business needs. The Company aims to develop the potential of every individual associated with the Company as a part of its business goal. Respecting the experienced and mentoring the young talent has been the bedrock for the Companys growth. Human resources are the principal drivers of change. They push the levers that take futuristic businesses to the next level of excellence and achievement.

CAUTIONARY STATEMENT

Investors are cautioned that this discussion contains statements that involve risks and uncertainties. Words like anticipate, believe, estimate intend, will, expect and other similar expressions are intended to identify Forward Looking Statements . The company assumes no responsibility to amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events. Actual results could differ materially from those expressed or implied. Important factors that could make the difference to the Companys operations include cyclical demand and pricing in the Companys principal markets, changes in Government Regulations, tax regimes, economic developments within India and other incidental factors.