Shriram Transport Finance Company Ltd Management Discussions.


Indian economy recorded a negative growth rate of 24.4 percent and 7.3 percent in Q1 FY 2021 and Q2 FY 2021 due to lockdown measures. However, the lifting of lockdown measures brought the GDP growth into positive territory of 0.4 percent in Q3 FY2021, which again fell into a negative territory of 1.1 percent in Q4 FY2021 due to the reimposition of certain lockdown type restrictions in certain states. Hence, the overall growth is expected to be in negative territory by 8.0% in FY2021 compared to the growth rate of 4.2 percent in 2019-20. However, agriculture sector growth was estimated at 3.4 percent in FY 2021 due to lower COVID-19 incidence in rural areas and the Government measures to support the sector. Index of Industrial Production (IIP) reported a negative growth rate of 11.3% for Apr 20-Feb21. However, confidence was evident as a result of the rebound, with several key figures turning favourable. The manufacturing Purchasing Managers Index (PMI) reading turned positive in August 2020 and remained above the expansionary mark of 50 for the balance fiscal. The GST collections rose above the key Rs. 100,000 crores mark in October 2020 and retained the position for each month till March 2021. number of e-way bills generated increased by 21% in H2FY 2021 to 38.41 crores compared to 31.64 crores in H2FY 2020. Average lead railway freight tra_c increased by 5% from 529 km in March 2020 to 556 km in March 2021. food grain production increased from 2975 lac tonnes in FY 2020 to 3033 lac tonnes in FY 2021. CPI inflation started increasing from June 2020 and was above the RBIs targeted band of 6% till November 2020. However, it fell in December 2020 due to easing in supply chain restrictions and remained within the 6% band till February 2021. Due to higher crude oil and non-oil product prices, high fuel, and other taxes post-COVID, CPI inflation pressures are still high due to higher operating costs. Professional forecasters surveyed by the Reserve Bank in March 2021 expect CPI inflation to ease from 4.9-5.0 percent in H1:2021-22 to 4.3 percent in Q3 FY 2022 and then revert to 5.0 percent in Q4 FY2022 on the back of the success of vaccination drive and return of economic activity.

Food inflation slowed post December 2020, owing to a drop in vegetable prices and a slowdown in cereal prices. It is expected that a robust Kharif and rabi harvest, continued improvement in supply chains, and a forecasted normal monsoon could further moderate food inflation in FY 2022.

global crude oil prices rose from an average of US$ 25 per barrel in April 2020 to an average of US$ 65 per barrel in March 2021. is unevenness increased inflation in India; however, it is expected that going forward, the Indian basket of crude price imports will remain stable at US$65 barrel. Indian Rupee came under pressure in April 2020 due to _ight to safe havens like the US dollar on account of increase in COVID cases. It showed an appreciating bias from December

2020 onwards after being mostly range-bound in May-July due to an increase in portfolio flows and rising indicators of an economic recovery. It again turned volatile in February 2021 due to increased bond yields in advanced economies leading to some _ight of portfolio flows.

rebound in both demand and supply channels, the continued rollout of the vaccine programme, growth-enhancing proposals in the Union Budget, and highly accommodative monetary conditions are all expected to help boost economic activity in the latter half of FY 2022.

India remained a preferred investment destination in FY 2020-21 for foreign investors. Foreign Direct Investment

(FDI) inflows were US$ 72.12 billion in Apr-Jan21, being 15% higher than Apr-Jan20 on account of policy reforms and ease of doing business. Net FPI inflows into equity and debt were positive Rs 267,101 crores in FY 2021 compared to a negative Rs 27,528 crores in FY 2020 on the back of increased appetite for Indian equities.

Bank credit remained subdued in FY 2020-21 amid risk aversion and muted credit appetite. Non-food bank credit growth recorded a stable rate of 6.5 percent in February 2021 compared to 7.3 percent in February 2020. Credit growth to agriculture and allied activities accelerated to 10.2 percent in February 2021 from 5.8 percent in February 2020. Industry credit was marginally negative at 0.2 percent in February 2021 compared to 0.7 percent in February 2020. Credit growth to the services sector accelerated to 9.3 percent in February 2021 from 6.9 percent in February 2020 on healthy credit growth to trade and transport operators.

On the non-bank financing side, assets under management (AUM) of mutual funds grew by 41% percent to Rs 31.43 lac crores in FY 2021. These funds faced aggressive redemption pressures during the first quarter of the year amid a liquidity crunch in debt markets. However, RBIs special liquidity window for mutual funds helped them to tide over this difficult period. RBIs liquidity-enhancing measures also boosted Commercial Paper (CP) issuances and eased spreads. CP issuances were Rs 17.44 lakh crores in FY 2021, and an easing of rates was observed between July to February 2021. However, in March 2021, interest rates on CPs rose slightly above the reverse repo rate, reflecting the year-end demand for credit.


The financial year 2020-21 began with ongoing COVID19 pandemic that led to nationwide lockdown; the first phase started on March 24, 2020, till the second week of April 2020.

lockdown was relaxed in a phased manner depending upon the severity and magnitude of the spread of the pandemic.

e Government permitted NBFCs and e-commerce delivery to begin operating, albeit in a limited capacity. Agricultural farming and related businesses, freight movement, and construction activity were allowed in rural areas. During this time, production in special economic zones was permitted, and taxi cab aggregators were authorized to operate in the orange zone. From June onwards, the Government announced a phased reopening. These included prohibitions being lifted on the inter-state and intra-state movement of commodities and people. Besides, most of the operations were authorized in non-containment areas in July, excluding entertainment, leisure, meetings, and educational facilities. From July 2020 onwards, lockdown measures were maintained only in the containment zone. A night-time curfew was enforced in all areas from 10 p.m. to 5 a.m. State borders were reopened, allowing interstate and intrastate travel. Shopping was permitted with more than five people at the same time. The night curfews were lifted in August, and in September, metro rail services and social gatherings were permitted with some restrictions. Corona infections started declining after reaching peak levels in September 2020.

Furthermore, the economic recovery accelerated, helped by a strong recovery rate of 96 percent by December 2020. second wave of COVID-19 started in February 2021 in Maharashtra, Kerala, Punjab, Madhya Pradesh, Chhattisgarh. It then spread to other states, including the National Capital Region (NCR), leading to the reimposition of various restrictions on the free movement of people by some state governments. Central Government, in response, rapidly rolled out the vaccine, initially for medical personnel, which was later extended to senior citizens and citizens above 45 years of age.

Government Policy Measures To Combat COVID_19

Central Government, state governments announced a series of fiscal stimulus measures to support and stimulate economic recovery. Government announced a Rs 1.70 lac crores relief package under Pradhan Mantri Garib

Kalyan Yojana for the poor. The Government also increased its emphasis on the rural economy by raising the minimum support price and increasing the budgetary allocation to the Mahatma Gandhi National Rural Employment Guarantee Scheme, or MGNREGA, to Rs.1 lakh crore. It also announced Rs 30,000 crores additional emergency working capital for farmers to be refinanced by NABARD.

Time limits for filing compliance and return documents under various laws, including Income Tax Act, CGST Act, and Companies Act, were extended.

Private sector participation was allowed in the coal sector. In the mining industry, it was declared that blocks would be put up for auction and that stamp duty on mining lease allocation would be reduced. Foreign direct investment (FDI) ceiling in defence production was increased from 49 percent to 74 percent. Certain arms imports were banned to promote local manufacturing. An Emergency Credit Line Guarantee Scheme of Rs 3 lac crores for eligible MSMEs was announced and further extended till June 2021.

task force on the national infrastructure pipeline increased Indias infrastructure expenditure target for the next five years from Rs.102 trillion to Rs.111 trillion. This is expected to result in additional infrastructure spending in the FY 2022. The Government also sanctioned a PLI policy, or performance related incentive scheme, to stimulate economic growth at the cost of Rs 1.97 lakh crores, with pharma, pharmacy, electronics, and telecom among the major industries involved. The PM Awas Yojana was approved with a budget of Rs 18,000 crores to assist in constructing 12 lakh houses.

In agriculture, the Government announced Rs. 2 lac crore of concessional credit to be extended via the Kisan Credit Cards scheme. Government further announced the setting up of an Agriculture Infrastructure Fund amounting to Rs. 1 lakh crore for post-harvest farm-gate infrastructure. ree agriculture-related bills were passed by Parliament, which included many amendments such as the unlimited selling of farm produce, farmers unrestricted ability to conduct contract farming, and the abolition of stocking caps on traders for a wide range of commodities. These bills are expected to facilitate enhancement of agricultural production and farm product transportation at the regional and national level.

Reserve Bank of India (RBI) Policy Measures

RBI also announced various measures. To ensure liquidity to the tune of 4.7 percent of Indian GDP, it took standard and innovative steps. Its measures ensured Indian corporate bond issuances were higher by 11% at Rs 6.8 lac crores. It announced relief measures for MSMEs including new restructuring guidelines to retain loans from banks and

NBFCs to such qualifying MSMEs classified as standard within the regulatory framework. It stated that incremental loans disbursed in low credit flow districts would receive a higher PSL weighting. PSL guidelines were updated to include new forms of renewable energy plants used in agriculture. Bank lending targets for small farmers were revised upwards. RTGS settlements were allowed on a round the clock basis for all days.

Government and RBI established an SBI Capital Market administered Special Purpose Vehicle (SPV) to acquire eligible NBFCs short-term papers for repayment of their short-term liabilities.

RBI released draft measures on securitisation proposing allowance of single asset securitisations. Exposures which may be purchased from other lenders was also proposed to allowed for securitisation.

The Reserve Bank of India (RBI) released a draft discussion paper on the revised legislative structure for NBFCs. However, the proposed quantitative norms, such as capital adequacy ratio, regular asset provisioning, and NPA classification, are not expected to have a significant effect on STFC because we are already well above the minimum compliance steps.


Indias financial services sector comprises of commercial banks/co-operative banks, non-banking financial companies, insurance companies, pension / mutual funds and other various entities. India is expected to be fourth largest private wealth market globally by 2028.

NBFC sector plays important role in financial inclusion by meeting credit needs of retail and MSME sector. NBFC sector provides efficient credit distribution reach to untapped and under-penetrated regions and customer class. NBFCs bring the much needed diversity to the financial sector by providing consumer credit, including automobile finance, home finance and consumer durable products finance, wholesale finance products such as bills discounting for small and medium companies and fee based services such as investment banking and underwriting. NBFCs have carved niche business areas for them within the financial sector space and are also popular for providing customized products. credit delivery of NBFC sector constituted 11.6 per cent of GDP.

Credit growth (YoY) of the NBFC sector was close to 3 per cent in June 2020. Further, the credit growth contracted in

September 2020 with a YoY growth of -6.6 per cent.

Bank credit to the NBFC sector was Rs.7.05 lakh crore in June 2020, Rs 8.0 lakh crores in September 2020 and Rs 7.9 lakh crores in December 2020 and Rs 8.9 lakh crores in February 2021. However, mutual funds lending to NBFCs continued to contract in 2020-21 as well.

NBFCs with asset size of Rs.100 crore are now eligible for debt recovery under SARFAESI Act and can pursue loan recovery under SARFAESI Act for loans starting at Rs.20 lakhs which was earlier Rs.50 lakhs.


Sr. No. Particulars 2020_21 2019_20 Change
1 Total Income (including exceptional items) 17,436.40 16,575.76 5.19%
2 Net Interest Income 8,167.10 8,106.98 0.74%
3 Assets Under Management 117,242.82 109,749.24 6.83%
4 Securitization done during the year 13,622.00 16,581.13 -17.85%
5 Net worth 21,540.73 17,977.52 19.82%
6 Profit after tax 2,487.26 2,501.84 -0.58%
7 Capital Adequacy Ratio 22.50% 21.99% 2.32%
8 Return on total assets 1.98% 2.17% -8.80%
9 Debt equity ratio 4.92 5.24 -6.06%
10 Net Interest margin 6.70% 7.16% -6.53%
11 Interest coverage ratio 1.90 1.98 -4.04%
12 Net profit margin 14.26% 15.09% -5.49%
13 Return on Net Worth 12.59% 14.81% -15.00%
14 Stage 3 assets 7.06% 8.36% -15.55%
15 Net stage 3 4.22% 5.62% -24.91%
16 Return on equity 12.57% 14.71% -14.55%

During the FY 2020-21, the Stage 3 Assets was 7.06% as compared to 8.36% in FY 2019-20. The Stage 3 Assets net of Stage 3 Provision was 4.22% in FY 2020-21 as compared to 5.62% in FY 2019-20 due to more provision made on stage 3 assets during the year. There are no significant changes in key financial ratios of the Company for FY 2020-21 as compared to FY 2019-20. The return on equity was 12.57% as on March 31, 2021 as against 14.71% as on March 31, 2020 due to additional expected credit loss provision of Rs. 1,681.84 crores for FY 2020-21 on account of COVID-19 impact in the financial statement.


In the financial year FY20-21, there was a de-growth in sales of all segments compared to the previous years. (-) 2.24% for Passenger Vehicles with sales of 27.11 Lakhs units; (-) 13.19% for Two-Wheelers with sales of 151.19 Lakhs units; (-) 20.77% for Commercial Vehicles with sales 5.69 Lakhs units and (-) 66.06% for ree-Wheelers with sales of 2.16 Lakhs units. automobile industry produced a total 18,19,692 units including Passenger Vehicles, ree Wheelers, Two Wheelers and Quadricycle in the month of March 2021, as against 10,29,518 units in March 2020 marking a growth of 76.7%. Passenger Vehicles sales was 2,90,939 units in March 2021, compared to 135,196 units in March 2020, marking a growth of 115.2%. ree-wheeler sales was 32,000 units in March 2021 compared to 28,000 units in March 2020 marking a increase by 14.00%. Two-wheeler sales was 14,97,000 units in March 2021, compared to 867,000 units in March 2020, with a growth of 72.6%.


The pre-owned commercial vehicles financing continued to be focus area for the Company ever since its inception.

e pre-owned commercial vehicles are affordable to aspiring owner-cum-drivers who are small road transport operators with limited banking habits and credit history for verification of creditworthiness. The market for pre-owned commercial vehicle financing is fragmented and dominated by private financiers in the unorganized sector.

Company has taken initiative to corporatize the pre-owned CV financing business. The Companys key strengths enables providing finance to pre-owned commercial vehicle operators at favourable interest rates and repayment terms as compared to private financiers in the unorganised sector. The credit evaluation techniques, relationship-based approach, extensive branch network and strong valuation skills make the Companys business model unique and sustainable as compared to other financiers. Further, the business model is easily scalable at local levels throughout India.

Company has an established track record of developing and training recruits on the internally developed valuation techniques, substantial customer knowledge and relationship culture the Company have developed over the past four decades.

Company has established its leadership in the segment and created sustainable competitive advantage through deep understanding of the borrower profile and their credit behaviour.


Company believes that strong internal control system and processes play a critical role in the health of the Company.

The Companys well-defined organizational structure, documented policy guidelines, defined authority matrix and internal controls ensure efficiency of operations, compliance with internal policies and applicable laws and regulations as well as protection of resources. Moreover, the Company continuously upgrades these processes and systems in line with the best available practices.

internal control system is supplemented by extensive internal audits, regular reviews by the management and standard policies and guidelines which ensure reliability of financial and all other records.

Internal Audit reports are periodically reviewed by the Audit Committee.

Company has, in material respect, an adequate internal financial control over financial reporting and such controls are operating effectively.

e Companys Internal Auditor performed regular reviews of business processes to assess the effectiveness of internal controls. Internal Audits were carried out to review the adequacy of the internal control systems, compliance with policies and procedures. Internal Audit areas are planned based on inherent risk assessment, risk score and other factors such as probability, impact, significance and strength of the control environment. Further, each area processes/sub-processes risks were properly adequacy is assessed and the operating effectiveness was also tested.


pandemic has brought impactful changes in all our lives highlighting importance of social distancing, wearing of masks, use of sanitizers, maintaining cleanliness to mitigate spread of Corona virus and developing habits of living with the Corona virus, the longevity of which is not yet known.

Company continued to create awareness amongst employees to strictly follow the Social Distancing protocol and mitigate the health risks during the pandemic by adapting to new methods of efficient working, striking work-life balance, switching to Work From Home (WFH) whenever necessary.

‘Lockdown gave many new learnings, ideas and experience with respect to effective communication techniques, efficient time management, thereby improving overall efficiency, cost optimization.

importance of focusing on digital payment and use of advanced techniques for customer services has gained much prominence. Our Company is well prepared to adapt and switch to hybrid work culture – a combination of WOF and Work from Office/field, as and when necessary, to face the challenge of dynamic pandemic conditions.

As recommended by the Nomination and Remuneration Committee and approved by the Board of Directors, the Company made one time ex-gratia payment equivalent to 15 days salary of employees as a token of appreciation of their commitment to work during challenging pandemic period, involving outgo of Rs. 22 crore.

total strength of employees as on March 31, 2021 was 24,452.

average age of the employees is about 31 years. For further details, please refer to the Business Responsibility Report.


Pioneer in the pre-owned commercial vehicles financing sector

Asset Financing Company in India with Pan-India presence with 1,817 branch offices and 800+ Rural centres for deeper penetration Unique relationship-based business model with extensive experience and expertise in credit appraisal and collection process

entire Loan portfolio is guaranteed either by an existing customer of the Company or by a customer from the CV industry. Strong brand name

A well-defined and scalable organizational structure based on product, territory and process knowledge

Consistent financial track record with rapid growth in AUMs with mitigating controls. Its

Experienced senior management team

Strong relationships with public, private as well as foreign banks, institutions and investors, 2.12 million customers across India


Business and growth directly linked with the GDP growth of the country Companys Customers-SRTOs and FTUs are more vulnerable to negative effects of economic downturn


Growth in the commercial vehicles, passenger vehicles and tractors market Meeting working capital needs of persons in commercial vehicles eco-system

Partnershipswithprivatefinanciers for enhancement of reach without significant investments

Penetration into rural markets for financing cargo light commercial vehicles and Farm equipment On boarding customers on technology platform and effectively used for extending credit on their working capital needs and for also enhancing our digital footprint on recovery

Higher budgetary allocation by the Government to give boost to infrastructure sector involving construction of roads, new airports, ports etc. creating huge demand for Commercial Vehicle Cross selling of insurance products, invoice discounting etc.

Huge opportunity to customers are likely to go for Technology upgradation


All risks associated with pandemic

Competition from captive finance companies, small banks

Inadequate availability of bank borrowing cost


Budget for 2021-22 contains a voluntary vehicle scrappage policy aimed at phasing out cars and commercial vehicles older than 20 or 15 years, respectively.

policys objective is to help in encouraging fuel-e_cient, environment-friendly vehicles, thereby reducing vehicular pollution and oil import bill. Under the policy, any private vehicle thats older than 20 years will have to undergo a fitness test.

On March 18, 2021, the Road Transport, Highways and MSMEs Minister unveiled the vehicle scrappage policy in the Lok Sabha, Rules for fitness tests and scrapping centres to be applicable from October 1, 2021, while scrapping of government and PSU vehicles which are older than 15 years to come into effect from April 1, 2022.

mandatory fitness testing for heavy commercial vehicles to be in force from April 1, 2023, and the same will be in place in a phased manner for other categories from June 1, 2024.

scrap value for the old vehicle given by the scrapping center is approximately 4-6% of the ex-showroom price of a new car. OEMs are advised to provide a 5% discount on the purchase of a new vehicle against the scrapping certificate.

State governments announced to offer a road tax rebate of up to 25% for personal vehicles and up to 15% for commercial vehicles. Registration fees to be waived off for the purchase of a new vehicle against the scrapping certificate.


Company is exposed to various risks such as pandemic risk, credit risk, economic risk, interest rate risk, liquidity risk, and cash management risk, technology risks, etc.

Company has an Enterprise Risk Management Framework and risk thatinvolvesrisk mitigation planning.

pandemic risk was unprecedented and caused many disruptions and uncertainties globally.

Company swiftly activated the Business Continuity to face the challenges of a pandemic. BCP is reviewed periodically.

Board of Directors has constituted a Risk Management Committee consisting of the majority of Directors.

terms of reference of the Risk Management Committee include a periodical review of the risk management policy, risk management plan, implementing and monitoring the risk management plan, and mitigation of the key risks.

Risk owners are accountable to the Risk Committee for identifying, assessing, aggregating, reporting, and monitoring the risk related to their respective areas/functions. We have taken Directors and Officers insurance policy cover to mitigate legal risks to directors and senior management.

Company has taken steps to mitigate the risk of the operation by use of Artificial Intelligence and Machine

Learning for automatedandupsurge lending, customer-centric approach, upskilling, and re-skilling of its human resources. Our expertise in credit appraisal and collections developed over the past three decades helps in mitigating credit risk. We lend on a relationship-based model applying advanced credit assessment procedures and maintain regular contact with customers. To reduce operation risk, we continuously monitor our internal processes and systems.

To mitigate liquidity risk, we ensure that the short-term and long-term fund resources are favourably matched with deployment. We resort to long-term funding instruments and securitization. We continue to enjoy the trust and support from our investors, security holders, depositors, banks, and financial institutions, due to our impeccable record in servicing its debt obligations on time.

To mitigate interest rate risk, we have developed innovative resource mobilization techniques. To reduce liquidity risks, we have diversified the source of fundraising and widened the borrowing options to exploit opportunities and appetite in the international market for bonds of reputed Indian companies. We issued US Dollar senior secured notes in the global market, which are fully hedged. We have adopted prudent fund management practices.

Companys Asset Liability Management Committee regularly reviews, among others, the interest rate and liquidity risks. We are diversifying our assets portfolio focusing on passenger vehicles and tractors segment. We have also started financing the working capital needs of petrol pumps, tyre dealers, vehicle body builders and workshops forming part of ecosystem of commercial vehicle operations.

In order to mitigate cash management risk associated with collection of loan instalments, we have initiated steps to on boarding our customers on technology platform. Historically, substantial part of our loan recovery was in the form of cash due to peculiar profile and business pattern of our customers.

We have effectively used the Digital mode during the initial lock down period and cash component of the collections has significantly dropped during last couple of months. Our loan instalment collection process is efficient and secured through a robust cash management network. We have been making continuous efforts to achieve efficient cash/cheque collection systems by availing Cash Management Service from private and public sector banks. It is not necessary for our customer to visit our branches to deposit the cash/cheque for making payment of loan instalment.

Customers can visit any of our tie-up banks and deposit money into our account against their Loan accounts.

We ensure that cash collected from our customers by the Field staff is deposited into the Companys Account on same/ next day. We have tied up with Post office in few states for as a part of efficient cash management. We are also working with Fino Money, Airtel. Our Field staff is enabled with MNOVA Mobile Application in which the collections can be accounted. Some of our branches are also equipped with Cash Deposit Machines for the customers. We are educating and encouraging our customers to adopt advanced methods of payment. We have started engaging with the customers actively with Digital mode of collections using our MyShriram Mobile Application. We have enabled various modes including BBPS (Wallets) through which the customer can make the payment against his/her Loan accounts. We have also collected NACH mandates from some of the customers.

NACH mandates are sent to the Bank on respective due dates with an intimation to the customers. We have adopted stringent checks and internal controls across all branches. At the regional level, the branch collections are monitored and reconciled on a daily basis.


Board has determined the following medium-term and long term strategies to achieve its corporate goals over a period of next 3-5 years: Periodical review of pandemic risks, Business Continuity plan, liquidity management To focus on digital initiatives to effectively service customers and to educate customers on the digital payment of EMIs Effective use and implementation of data analytics in the process of loan disbursement and loan recovery Further strengthening the leadership position in financing vehicles

Further enhancing quality of loan portfolio

Maintaining customer loyalty through winning relationship and customer satisfaction.

Promoting Work From Home, innovative method of working culture, employee up-skilling and re-skilling


According to the long-range forecast for the monsoon season by the India Meteorological Department (IMD) the southwest monsoon rainfall over India is most likely to be normal. The Company will continue focusing on financing of pre-owned commercial and passenger vehicles, further strengthening its presence, reach and penetration into rural and urban centres through large network of branches and rural centres.

Companys business model offers multiple financing opportunities. The Company would continue to explore various options to strengthen its capital base and to augment the long term resources for meeting funding requirements of its business activities, financing the future growth opportunities, general corporate purposes and other purposes including effectively facing challenges of the uncertainties and disruptions caused by COVID-19 pandemic.

pandemic continues to pose major challenge to the entire world including India. However, it appears that the countries have now learnt the technique of adapting to the new normal- the new way of life.

duration and severity of spread of second wave of pandemic, roll out of two new vaccines (as per the recent announcement made by the Union Health Department) in addition to the existing two vaccines rolled out in February, 2021, the scale and effectiveness of implementation of the ongoing vaccination program and the efficacy of monetary and fiscal policy actions of Indian

Government are the important factors to impacting the pace of economic recovery.


is report contains forward-looking statements extracted from reports of Government Authorities / Bodies, Industry Associations etc., available in the public domain, which may involve risks and uncertainties including, but not limited to, economic conditions, government policies, dependence on certain businesses, and other factors. Actual results, performance, or achievements could differ materially from those expressed or implied in such forward-looking statements. is report should be read in conjunction with the financial statements included herein and the notes thereto. Company does not undertake to update these statements.