TGB Banquets & Hotels Ltd Directors Report

To,

The Members of,

TGB BANQUETS AND HOTELS LIMITED

Ahmedabad

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under section 133 of the Companies Act, 2013 read with Rule 7 of the (Companies Accounts) Rules, 2014.

Your directors have pleasure in presenting their 27th Annual Report with the Audited Financial Statements for the financial year ended March 31, 2026.

1. FINANCIAL RESULTS

A summary of the comparative financial performance of the Company for Financial Year 2025-26 and Financial Year 2024-25:

Particulars	Year ended 31st March,2026	Year ended 31stMarch, 2025
Revenue from Operation	3847.83	3749.18
Other Income	115.85	219.10
Total Revenue	3963.68	3968.28
Less : Total Expenditure	3823.95	3775.59
Profit from Operations before Exceptional Items and Tax	139.73	192.68
Add : Exceptional Items	-	-
Profit before tax	139.73	192.68
Add current Tax	-	-
Less : Provision for taxation	-	-
Less : Deferred tax Liability	(3.74)	(1.68)
Profit after tax	143.47	194.37
Other Comprehensive Income	-	-
Items that will not be reclassified to P &L	3.95	0.46
Re-measurement of defined benefits plans (net of tax)	-	-
Total Comprehensive Income	147.42	194.83

* Previous year figures have been regrouped & rearranged wherever consider necessary.

2. CHANGE IN THE NATURE OF BUSINESS:

There is no change in the nature ofthe business ofthe Company done during the year.

3. REVIEW OF OPERATIONS:

During the financial year 2025-26, your company booked total revenue of ^ 3963.68 Lakh as compared to ^ 3968.28 Lakh in financial year 2024-25. This year, your company booked Profit after Tax ^ 147.42 Lakh as compared to ^ 194.37 Lakh in the previous financial year.

4. DIVIDEND:

In view of the planned business growth, your Directors deem it proper to preserve the resources of the Company for its future and therefore do not propose any dividend for the Financial Year ended 31st March, 2026.

5. MANAGEMENT DISCUSSION AND ANALYSIS:

In compliance with Regulation 34(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a separate section on the Management Discussion and Analysis giving details of overall industry structure, developments, performance and state of affairs of the Companys business, is annexed as an Annexure-"A".

6. DETAILS OF FRAUD REPORTED BY AUDITORS:

As per Auditor Report, no fraud u/s. 143(12) reported by auditor. The Auditors Report for the financial year ended, 31st March, 2026 is annexed herewith for your kind perusal and information. The Auditors Report does not contain any qualification. Notes to Accounts and Auditors remarks in their report are self- explanatory and hence do not require any further explanations.

7. BOARDS COMMENT ON THE AUDITORS REPORT:

The Observation of the Statutory Auditors, when read together with the relevant notes to the Accounts and accounting policies are self-explanatory and do not needed any further explanations

8. WEB LINK OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company is available on the Companys website http://thegrandbhagwati.com/investors.php

9. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND:

The provisions of Section 125(2) of the Companies Act, 2013 are not applicable to the Company as there was no dividend declared and paid during the year under review.

10. SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE:

There were no significant events afterthe Balance Sheet Date.

11. RELATED PARTY TRANSACTIONS:

All transactions entered by the Company during the financial year 2025-26 with related parties were in the ordinary course of business and on an arms length basis. All related party transactions are placed before the Audit Committee for review and approval. Prior omnibus approval is obtained for transactions, which are of a repetitive nature and are in the ordinary course of business and at arms length pricing. There are no materially significant Related Party transactions made by the Company with promoter, Directors, Key Managerial Personnel or other designated persons, which may have a potential conflict with the interest of the Company at large.

Accordingly, particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Act along with the justification for entering into such a contract or arrangement in Form AOC-2, does notform part ofthis Integrated Annual Report.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website at the link:

https://www.thegrandbhagwati.com/assets/pdfs/policies/related-partv-transaction-policy.pdf

Disclosures on related party transactions are set out in note no. 37 to the financial statements.

12. DEPOSIT:

The Company has not invited/ accepted any deposit within the meaning of Chapter V other than the exempted deposit as prescribed under the provisions of the Companies Act, 2013 and the rules framed thereunder, as amended from time to time. Hence, there are no particulars to report about the deposit falling under Rule 8 (5)(v) and (vi) ofthe Companies (Accounts) Rules, 2014

13. STATE OF COMPANYS AFFAIRS AND FUTURE OUTLOOK:

Kindly refer to Management Discussion and Analysis Report which forms part of this Annual Report.

14. PARTICULARS OF LOAN. GUARANTEE OR INVESTMENT UNDER SECTION 186 OF THE COMPANIES ACT. 2013:

During the period under review, the Company has not granted any Loans, given any Guarantees or provide Security or made Investments in terms of provisions of section 186 of the Companies Act, 2013.

15. TRANSFER TO RESERVES:

No amount has been transferred to Reserves for the Financial Year under review.

16. DETAILS OF SUBSIDIARY. JOINT VENTURE OR ASSOCIATES COMPANIES AND ITS PERFORMANCE AND FINANCIAL POSITION:

The Company does not have any Subsidiary, Joint venture or Associate Company.

17. SECRETARIAL STANDARDS:

The Directors state that the applicable Secretarial Standards i.e SS-1 and SS-2, issued by the Institute of Company Secretaries of India, relating to Meeting of Board of Directors and General Meetings respectively have been duly complied with.

18. SHARE CAPITAL:

There is no change in the Authorized and Paid up Share Capital of the Company during the year under review. Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

A) Issue of equity shares with differential rights

B) Issue of sweat equity shares

C) Issue of employee stock options

D) Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees.

19. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

• Changes In Directors:

i) Appointment/Cessation/Resignation:

There was no change in the composition of the Board of Directors during the year under review.

• Changes In KMP:

1. During the financial year 2025-26 Mr. Jaydeepsinh Chavda the Chief Financial Officer of the Company has been tendered his resignation to the board as Chief Financial Officer of the Company, with effect from November 25, 2025.

2. During the financial year 2025-26, Board has appointed Mr. Prakash Shrivastav in place of Mr. Jaydeepsinh Chavda, a Chief Financial Officer of the Company on their board meeting dated February 13, 2026 w.e.f. February 13, 2026.

20. MATERIAL CHANGES & COMMITMENT:

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

21. COST RECORD:

In terms ofSection 148 ofthe Companies Act, 2013, the Company is not required to maintain cost records.

22. DETAILS UNDER SECTION 67(3) OF THE COMPANIES ACT. 2013 (HEREINAFTER REFERRED TO AS THE ACT) IN RESPECT OF ANY SCHEME OF PROVISIONS OF MONEY FOR PURCHASE OF OWN SHARES BY EMPLOYEES OR BY TRUSTEES FOR THE BENEFIT OF EMPLOYEES:

There were no such instances during the year under review.

23. DETAILS RELATING TO MATERIAL VARIATIONS :

The Company has not issued any prospectus or letter of offer during the last five years and raised no money from public and as such the requirement for providing the details relating to material variation is not applicable to the Company for the year under review.

24. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

Pursuant to Regulation 34(2)(f) of the Listing Regulations as amended from time to time, the Business Responsibility and Sustainability Report is to be given by top 1000 listed companies based on market capitalization, therefore the same is not applicable to the Company as on March 31, 2026.

25. INSOLVENCY AND BANKRUPTCY CODE:

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.

26. PENDING LITIGATION:

The case against Company was filed by M/s. Rajshah enterprise Private Limited and other at the NCLT Ahmedabad alleging that there is oppression and mismanagement under section 241 (1) and 242 (4) of the companies Act, 2013 and Accordingly Company has filed reply and now matter pending at NCLT Ahmedabad.

27. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

During the year under review, there has been no one time settlement of loans taken from banks and financial institution

28. INTERNAL CONTROL SYSTEMS AND ADEQUACY:

The Company has appropriate internal control systems for business processes with regard to its operations, financial reporting and compliance with applicable laws and regulations. It has documented policies and procedures covering financial and operating functions and processes. These policies and procedures are updated from time to time and compliance is monitored by the internal audit function as per the audit plan. The Company continues its efforts to align all its processes and controls with best practices. Details of the internal controls system are given in the Management Discussion and Analysis Report, which forms part ofthe Boards Report.

29. DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL:

I. COMPOSITION OF BOARD OF DIRECTOR

The composition ofthe board of directors ofthe Company is in compliance with the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in accordance with good corporate governance practices. The composition is described in the Corporate Governance Report attached with this Annual Report 2025-26.

II. INDEPENDENTDIRECTORS

The Independent Directors have submitted their declarations of independence as required pursuant to the Section 149(7) ofthe Companies Act, 2013 stating that they meet the criteria of independence as provided in Section 149(6) ofthe Companies Act, 2013.

During the year, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company.

III. RETIREMENT BY ROTATION

In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Devanand G. Somani (DIN: 00515959) retires by rotation as a Director at the AGM and being eligible, offers himself for reappointment.

A detailed profile of Mr. Devanand G. Somani(DIN: 00515959) along with additional information required under Regulation 36(3) of the Listing Regulations and Secretarial Standard on General Meetings is provided separately by way of an Annexure to the Notice of the AGM which forms part of this Annual Report.

IV. PROFILE OF THE DIRECTORS SEEKING APPOINTMENT / RE-APPOINTMENT

As required under Regulation 36 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, Particulars of the Director retiring by rotation and seeking appointment / re- appointment at the ensuing Annual General Meeting is annexed to the notice convening 27th Annual General Meeting.

V. STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO PROFICIENCY, INTEGRITY OF INDEPENDENT DIRECTORS APPOINTED DURING THE FINANCIAL YEAR.

Subject to the provisions contained in sub-section (5) of section 149, an independent directors proposed to be appointed on the board are selected from a data bank containing names, addresses and qualifications of persons who are eligible and willing to act as independent directors, maintained by Indian Institute of Corporate Affairs as notified by the Central Government, having expertise in creation and maintenance of such data bank. Board has given their opinion and received recommendation from its Nomination and Remuneration Committee for such appointments.

30. PERFORMANCE EVALUATION CRITERIA FOR DIRECTORS:

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, the Nomination and Remuneration Committee has carried out an annual performance evaluation of the Board as well as the working of its Committees. The manner in which the evaluation has been carried out is explained in the Corporate Governance Report.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. The performance evaluation of the Chairman and the Non- Independent Directors was carried out by the Independent Directors, who also reviewed the performance of the Board as a whole. The Nomination and remuneration Committee has also reviewed the performance of the Board, its Committees and ofthe Directors.

In a separate meeting of independent Directors, performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company and Whole time Directors was evaluated.

31. INDEPENDENT DIRECTORS DECLARATION:

The Company has received declarations from all Independent Directors that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 (the Act) and the Listing Regulations.

32. AUDIT COMMITTEE:

Details pertaining to composition of the Audit Committee are included in the Report on Corporate Governance. All the recommendations made by the Audit Committee were accepted by the Board. There is no such incidence where Board has not accepted the recommendation of the Audit Committee during the year under review.

33. BOARD AND COMMITTEE MEETINGS:

During the financial year ended 31st March 2026, Four Board meetings were held. Further details of the meetings ofthe Board and its Committees are given in the Corporate Governance Report, forming part of this Annual Report.

The maximum time gap between any two Board Meetings was not more than 120 days as required under Regulation 17 ofthe Listing Regulations, Section 173 ofthe Act and Secretarial Standard on Meetings ofthe Board of Directors.

34. MEETING OF INDEPENDENT DIRECTORS:

A separate meeting of Independent Directors as required under the Schedule IV of the Companies Act, 2013 was held on 13th February, 2026 without presence of Executive Directors. Such meeting was conducted to review and evaluate (a) the performance of Non-Independent Directors and the Board as a whole, (b) the performance of the Chairperson ofthe company, taking into account the views of Executive Directors and Non-Executive Directors and (c) assess the quality, quantity and timeliness of flow of information between the company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

The Independent Directors expressed their satisfaction with the performance of Non-Independent Directors and the Board as a whole and the Chairman of the Independent Directors meeting briefed the outcome ofthe meeting to the Chairman ofthe Board. The Independent Directors expressed satisfaction with the overall performance ofthe Directors and the Board as a whole.

35. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions ofthe Section 134 (5) ofthe Companies Act, 2013, the directors confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2026 the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss ofthe Company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f) They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

36. AUDITORS:

> STATUTORY AUDITORS

At the Annual General Meeting held on Friday, September, 29, 2023 the members approved the re- appointment of M/s. Prakash Tekwani & Associates, Chartered Accountants (Firm Registration No: 120253W) Ahmedabad as Statutory Auditor(s) to hold office from the conclusion of 23rd Annual General Meeting till the conclusion of the 28th Annual General Meeting of the Company.

The Statutory Auditors issued their Standalone Auditors Report for the financial year ended 31st March, 2026 and there are no qualifications, reservations or adverse remarks in the Auditors Report.

> INTERNAL AUDITORS

The Board of Directors ofthe Company has appointed M/s. Labadiya & Mehta {Firm Registration Number: 125591W) Chartered Accountants, Ahmedabad, as an Internal Auditors to conduct Internal Audit of the Company for the Financial Year 2025-26 and the Internal Auditors have presented the observations to the Audit Committee at their meeting held quarterly basis.

> SECRETARIAL AUDITOR(S):

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company with the approval of its Board, appointed M/s. Umesh Ved & Associates (Firm Registration: 4411) Practicing Company Secretary to undertake the Secretarial Audit of the Company for the financial year ended March 31, 2026.

The Secretarial Audit Report in Form MR- 3 for the financial year ended 31st March, 2026 is annexed herewith as Annexure- "B".

The Secretarial Audit Report for the year ended on March 31, 2026 does not contain any qualifications, reservations or adverse remarks which requires the clarification ofthe Management ofthe Company.

The Board has appointed M/s. Umesh Ved & Associates, Practicing Company Secretary as the Secretarial Auditor of your Company for 5 years from the Financial Year 2025-26 to 2029-30.

37. THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS:

There were no instances of non-compliance by the company and no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

38. CORPORATE GOVERNANCE:

The Company has complied with the Corporate Governance requirements under the Act and as stipulated under the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. A separate section on detailed report on the Corporate Governance practices followed by the Company along with a certificate from M/s. Umesh Ved & Associates, Practicing Company Secretaries, Ahmedabad confirming the compliance is part ofthe Annual Report.

39. CORPORATE SOCIAL RESPONSIBILITY fCSRI:

The compliance with section 135 is applicable to specific class or classes of the Companies falling under the threshold mentioned under the Act and rules framed there under. However, the Company does not fall under the requisite threshold as mentioned under Section 135 during the financial year under review and thus the compliance with the relevant provision of the Companies Act, 2013 is not applicable.

40. MANAGING THE RISKS OF FRAUD. CORRUPTION AND UNETHICAL BUSINESS PRACTICES POLICIES UNDER COMPANIES ACT. 2013/SEBiqODR) REGULATIONS:

I. Code of Conduct and Vigil Mechanism/Whistle Blower Policy

The Company has in place a mechanism for employees for reporting genuine concerns from reprisal and victimization. During the year under review, the Company has Code of Conduct and Vigil Mechanism/Whistle Blower Policy which has been disseminated to all the Directors, Officers, Employees and Associates and they are free to report undesirable practices, events, violations/suspected violations of the TGB Code in terms of the policy. The policy is also available in the Investor Relations section at the Companys website www.tgbhotels.com During the year under review, no concerns have been received by the Company from any of the Directors, Officers, Employees and Associates pertaining to the Code and Vigil Mechanism.

Vigil Mechanism/Whistle Blower Policy is disclosed on the website of the Company at http://thegrandbhagwati.com/uploads/policies/whistle blower policy.pdf

II. NOMINATION AND REMUNERATION POLICY

The Company has in place the Nomination & Remuneration Policy which lays down the criteria for appointment, evaluation of performance of Directors and remuneration of Directors, Key Managerial Personnel, Senior Management Personnel and other employees and Company has taken necessary approval/recommendation, wherever required, from Nomination and Remuneration Committee in terms of the policy. Nomination and Remuneration Policy is disclosed on the website of the Company At http://thegrandbhagwati.com/uploads/policies/remuneration policy.pdf

III. UNPUBLISHED PRICE SENSITIVE INFORMATION POLICY

The Company has established Unpublished Price Sensitive Information policy (UPSI) framed by the Board of Directors of the Company pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 , the amendment in the Regulations, in 2018 and is part of "TGB Code of Corporate Disclosure Practices. The Policy shall be reviewed periodically in accordance with review of internal control and check as well as changes or any regulatory requirements from time to time. In the events of inconsistency of this Policy with any legal provisions, the provisions of the law shall override this Policy. Unpublished Price Sensitive Information policy (UPSI) is disclosed on the website of the Company at http://thegrandbhagwati.com/uploads/policies/tgb policy on determination of legitimate purpose.pdf

IV. CORPORATE SOCIAL RESPONSIBILITY ("CSR") POLICY

The Company has in place CSR policy, formulated in terms of provisions of Section 135(4) of the Act read with Rule 6 ofthe Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available in the Investor Relations section at the Companys website www.tgbhotels.com. Corporate Social Responsibility ("CSR") Policy is disclosed on the website of the Company at http://thegrandbhagwati.com/uploads/policies/corporate social responsibility policy.pdf

V. TGB BUSINESS CONDUCT POLICY

The Company has framed "TGB Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the Policy. The objective ofthe Policy is to conduct the business in an honest, transparent and in an ethical manner.

VI. BUSINESS RISK MANAGEMENT

A well-defined risk management mechanism covering the risk mapping, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. Discussion on risks and concerns are covered in the Management Discussion and Analysis Report, which forms part of this Annual Report

VII. INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION & REDRESSAL) ACT. 2013

The Company has a policy against sexual harassment and a formal process for dealing with complaints of harassment or discrimination. The said policy is in line with relevant Act passed by the Parliament in 2013. The Company, through the policy ensures that all such complaints are resolved within defined timelines. During the year, no cases were reported to the Company. Sexual Harassment Policy is disclosed on the website of the Company at

http://www.thegrandbhagwati.com/uploads/policies/Sexual Harassment Policy new.pdf.

To ensure a prompt and confidential resolution process, TGBBHL has established Internal Complaints Committee dedicated to monitoring and addressing complaints related to harassment. This committee is responsible for taking appropriate action in a timely manner while maintaining the utmost confidentiality.

VIII. DETAILS OF THE NODAL OFFICER

Mrs. Arpita Shah, Company Secretary & Compliance officer of the company is a nodal officer under the provisions of IEPF and the web-address on which the said details are available as follows http://thegrandbhagwati.com/uploads/Email address for Grievance Redressal new.pdf.

41. INFORMATION TO BE FURNISHED UNDER RULE 5(1) OF COMPANEIS (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES. 2014:

Disclosure of information under Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in the Directors Report is annexed to this Report.

42. STATEMENT UNDER RULE 5(2) OF COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES. 2014:

No employee of the Company was in receipt of the remuneration exceeding the limits prescribed in the rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

43. PARTICULARS OF EMPLOYEES:

The information required under Section 197 of the Act read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure-"C".

44. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under Section 134[3][m] of the Act read with the Companies [Accounts] Rules, 2014, are provided in the Annexure-"D" and forms part of this Report.

45. STATEMENT ON COMPLIANCE WITH THE MATERNITY BENEFIT ACT. 1961:

Your Company is fully committed to complying with the Maternity Benefit Act, 1961. We recognize and uphold the rights of our women employees to maternity benefits as enshrined under the Act.

Number of employees as on the closure of financial year
Female	5
Male	94
Transgender	0

ACKNOWLEDGMENTS

TGB Banquets and Hotels Limited is grateful to the Financial Institutions, Banks, and Government Authorities for their continued cooperation, support and guidance. The Company would like to take this opportunity to express sincere thanks to its valued customers for their continued patronage. The Directors express their deep sense of appreciation to all the employees, whose outstanding professionalism, commitment and initiative have made the organizations growth and success possible and continue to drive its progress. Finally, the Directors wish to express their gratitude to the Members for their trust and support.

	By Order of the Board of Directors
	For and on behalf of the Board
	Sd/-
Place: Ahmedabad	Narendra G. Somani
Date: July 27, 2026	Chairman & Managing Director
	(DIN: 00054229)