Ushakiran Finance Ltd Directors Report

2. OPERATING RESULTS

Your company has generated total Gross Income of Rs.55.40 lakhs during the financial year 2024-2025 as against Rs.45.91 lakhs during the financial year 2023-2024 and has earned a net profit of Rs.24.38 lakhs as against net profit of Rs.8.16 lakhs respectively as per Indian Accounting Standards (Ind AS).

3. DIVIDEND

With a view to conserve resources for long term needs of the Company, your directors do not recommend any dividend for the Financial Year 2024-2025.

4. TRANSFER TO RESERVE

The Company did not transfer any amount to the General Reserve for the Financial Year ended 31^st March, 2025.

5. CHANGE IN THE NATURE OF BUSINESS

During the year under review, there has been no change in the nature of business of the Company.

6. CHANGES IN THE SHARE CAPITAL

The paidup share capital of the company as on 31^st March, 2025 is Rs.2,54,45,000/- consisting of 25,44,500 Equity Shares of Rs.10/- each. During the year under review, the company has not issued any fresh shares.

7. DIRECTORS

During the year under review, Sri. T. Adinarayana, Director will retire at the ensuing Annual General Meeting and being eligible offers himself for reappointment and the Board recommends his reappointment. The members have approved the appointment of Sri. T. Govardhana Rao (DIN:07162634) and Ms. Sridevi Madati (DIN:02446610) as Independent Directors for a period of five consecutive years with effect from 27.9.2024 to 26.9.2029 at the 38^th AGM held on 9.9.2024.

All the Independent Directors of your Company have given declarations under Section 149 (7) of the Companies Act, 2013, that they meet the criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013 and the Rules made there under and also as per applicable regulations of the SEBI (LODR) Regulations, 2015. Further, they have also confirmed that they are not aware of any circumstances or situations, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge the duties with an independent judgment and without any external influence.

None of the Directors are disqualified from being appointed or holding office as Directors, as stipulated under Section 164 of the Companies Act, 2013.

8. BOARD MEETINGS

During the financial year 2024-2025, Six Board Meetings were properly convened and held on 25^th May, 2024, 9^th August, 2024, 25^th September, 2024, 13^th November, 2024, 8^th February, 2025 and 28^th March, 2025. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015.

9. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Board and has carried out the annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration and all other committees.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of your Company and its minority shareholders etc.,The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Independent Director being evaluated.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole and the Chairman of your Company was evaluated, taking into account the views of the Manager & Non-Executive Directors. The Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings etc.,

10. FAMILIARIZATION PROGRAMMES IMPARTED TO INDEPENDENT DIRECTORS

The Members of the Board have been provided opportunities to familiarize themselves with the Company, its Management and its operations. All the Independent Directors of the Company are made aware of their roles and responsibilities at the time of their appointment through a formal letter of appointment, which also stipulates various terms and conditions of their engagement. Manager and Senior Management provide an overview of the operations and familiarize the Directors with matters related to the Companys values and commitments. They are also introduced to the organization structure, constitution of various committees, board procedures etc.,

11. KEY MANAGERIAL PERSONNEL

The Board designated the following as Key Managerial personnel of the Company under the provisions of the Companies Act, 2013: Mr. Omprakash Koyalkar - Manager Mr. T. Ramesh Babu - Chief Financial Officer Mrs. Sanjana Jain - Company Secretary and Compliance officer There were no changes in the office of Key Managerial personnel of the company during the year 2024-2025. The Board at its meeting held on 25.5.2024, had reappointed Mr. Omprakash Koyalkar, as Manager of the Company for a period of three years with effect from 10.7.2024 and the members have approved the reappointment of manager at the 38^th AGM held on 9.9.2024.

12. NAMES OF THE COMPANIES WHICH HAVE BECOME/CEASED TO BE SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR

The Company did not have any subsidiaries, associates or joint ventures during the year.

13. FIXED DEPOSITS

The Company has not accepted any Fixed Deposits and as such no principal or interest was outstanding as on the date of the balance sheet.

14. SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the regulators or courts which would impact going concern status and its operations in future.

15. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has in place proper and adequate internal control systems commensurate with the nature of its business and size and complexity of its operations. Internal control systems comprising of policies and procedures designed to ensure reliability of financial reporting, timely feedback, compliance with policies, procedures, applicable laws and regulations. The Company is following all the applicable Accounting Standards (Ind AS) for properly maintaining the books of accounts and reporting financial statements. The Audit committee actively reviews the adequacy and effectiveness of the Internal Financial control and suggests the improvements for the same.

16. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013, in respect of Directors responsibility statement, Your Directors state that: (i) In the preparation of the annual accounts for the financial year ended 31^st March, 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures; (ii) Appropriate accounting policies had 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 31^st March, 2025 and of the Profit and Loss of the Company for that period; (iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the

Company and for preventing and detecting fraud and other irregularities; (iv) The annual accounts have been prepared on a going concern basis; (v) Internal financial controls have been laid down to be followed by the company and that such internal financial controls are adequate and were operating effectively,and (vi) That proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

17. AUDITORS

M/s. NSVR & Associates LLP, Chartered Accountants, Hyderabad (ICAI Firm Registration No. 008801S/S200060),were appointed as statutory auditors of the Company for a period of 5 years at the 36^thAnnual General Meeting held on 28^th September, 2022, till the conclusion of 41^st Annual General Meeting.

18. AUDITORS REPORT

There are no qualifications,or adverse remarks made by M/s. NSVR & Associates LLP,Chartered Accountants, Statutory Auditors in their report for the Financial Year ended 31^st March, 2025.

The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company under sub-section (12) of section 143 of the Companies Act, 2013, during the year under review.

19. SECRETARIAL AUDITORS

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 has reappointed M/s. P.S. Rao & Associates, Company Secretaries, a firm of Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the year 2024-2025. The Secretarial Audit report for the financial year 2024-2025 is annexed herewith as Annexure - I to this Report.

20. SECRETARIAL AUDIT REPORT

There are no qualifications, reservations or adverse remarks made by M/s. P.S. Rao & Associates, Practicing Company Secretaries in their report for the financial year ended 31^st March, 2025.

21. INTERNAL AUDITORS

M/s. Suresh and Babu, Chartered Accountants are the internal auditors of the Company for the financial year 2024-2025 and they have not given consent for reappointment. The Board on the recommendation of the Audit Committee has appointed M/s. Venkataratnam & Associates, Chartered Accountants (Firm Regn No.029497S) as internal auditors of the Company for the financial year 2025-2026. The Internal Auditors are submitting the reports on quarterly basis.

22. AUDIT COMMITTEE

The audit committee of the Company is constituted in line with the provisions of Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Section 177 of the Companies Act, 2013.During the year, the board has reconstituted the composition of the audit committee of the company.

The following is the composition of Audit Committee as at 31^st March, 2025:

All the recommendations made by the Audit Committee of the Company have been considered and accepted by the Board of Directors of the Company.

23. NOMINATION AND REMUNERATION COMMITTEE

The following is the constitution of Nomination and Remuneration Committee as at 31^st March, 2025:

The Nomination and Remuneration Committee has been constituted to recommend a policy of the company on directors appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of director and other matters and to frame proper systems for identification, appointment of Directors and KMPs, payment of remuneration to them and evaluation of their performance and to recommend the same to the board from time to time and any other function as may be mandated by the Board or stipulated by the Companies Act, 2013, SEBI, Stock Exchanges or any other regulatory authorities from time to time. The policy is also posted on the companys website www.uflfinance.com.

24. STAKE HOLDERS RELATIONSHIP COMMITTEE

The following is the composition of Stake Holders Relationship Committee as at 31^st March, 2025:

The Committee focuses on shareholders grievances and strengthening of investor relations. The committee looks after the services of the Registrars and share transfer agents and recommends measures for providing efficient services to investors. The Committee specifically looks into investor complaints like transfer/transmission/transposition of shares, and other related issues. There were no complaints pending for redressal as at 31^st March, 2025.

25. CORPORATE SOCIAL RESPONSIBILITY

The Company was not required to constitute Corporate Social Responsibility (CSR) Committee as the company has not met any of the thresholds mentioned in section 135 of the Companies Act, 2013 during the financial year under review. Hence reporting about the policy on Corporate Social Responsibility and initiatives taken are not applicable to the company.

26. MEETING OF INDEPENDENT DIRECTORS

The Independent Directors of the company have met separately on 31^st March, 2025 inter-alia, reviewed the performance of the Chairman, Non Independent Directors and Manager.

The Independent Directors in the said meeting also assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board to effectively and reasonably perform its duties.

27. RISK MANAGEMENT POLICY

The Company has developed and is implementing a risk management policy which includes the identification therein of elements of risk, which in the opinion of the board may threaten the existence of the Company.

28. VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES OF THE COMPANY

Pursuant to the applicable provisions of the Companies Act, 2013 and applicable Regulations of SEBI (LODR) Regulations, 2015, a Vigil Mechanism for directors and employees to report genuine concerns has been established.

The Company has a Whistle Blower Policy to deal with instances of fraud and mismanagement, if any in the Company. The Vigil Mechanism/Whistle Blower policy may be accessed on the Companys website at www.uflfinance.com.

29. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Your Company has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder. The policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure.

(a) Number of complaints of sexual harassment received in the year: Nil (b) Number of complaints disposed off during the year: Nil (c) Number of cases pending for more than ninety days: N.A. During the financial year 2024-2025, the Company has not received any complaint of sexual harassment against any employees of the Company.

30. ANNUAL RETURN

As required pursuant to Section 92(3) read with section 134 (4)(a) of the Companies Act, 2013, a copy of the Annual Return of the Company has been placed on the Website of the Company at www.uflfinance.com.

31. RELATED PARTY TRANSACTIONS

As a matter of policy, your company carries out transactions with related parties on an arms-length basis. Disclosures as required under form AOC-2 are annexed as Annexure II and also contained in Notes to Financial Statements. There are no materially significant related party transactions made by the company with promoters, directors, key managerial personnel which may have a potential conflict with the interests of the company at large, except payment of remuneration to Key Managerial Personnel.The policy on the related party transactions is also posted at the Companys website www.uflfinance.com.

32. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company being a non banking finance company registered with Reserve Bank of India, mainly deals in the business of Investments and financing activities, is exempt from complying with the provisions of Section 186 of the Companies Act, 2013. Accordingly, the disclosures of the loans given and Investments made as required under the aforesaid section have not been given in this report. However, information regarding loans and investments are detailed in the notes to the financial statements.

33. LISTING OF EQUITY SHARES

Your company shares are listed with the BSE Limited. The listing fee has been paid for the financial year 2025-2026.

34. CORPORATE GOVERNANCE

Since the paid up capital of the company is less than Rs.10 Crores and the net worth of the Company is less than Rs.25 Crores, the provisions of Regulations 17,17A,18,19,20,21,22,23,24,24A,25,26,27 and clauses (b) to (i) and (t) of sub-regulation 2 of Regulation 46 and para C, D & E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, are not applicable to the Company, hence corporate governance report has not been enclosed to directors report.

35. INSIDER TRADING REGULATIONS

The Company has adopted an ‘Internal Code of Conduct for Regulating, Monitoring and Reporting of Trades by Insiders (“the Code”) in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 (The PIT Regulations).

The Code is applicable to all Directors and such Designated Employees and other connected persons who are expected to have access to unpublished price sensitive information relating to the Company. The Company Secretary is the Compliance Officer for monitoring adherence to the SEBI (Prohibition of Insider Trading) Regulations, 2015.

The Company has also formulated ‘The Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) in compliance with the PIT Regulations. This Code is displayed on the Companys website viz., www.uflfinance.com.

36. DECLARATION OF COMPLIANCE OF CODE OF CONDUCT

The Company has adopted a Code of Business Conduct (the Code) which applies to all the employees and Directors of the Company. Under the Code, it is the responsibility of all the employees and directors to familiarize themselves with the code and comply with its standards and that the Board of Directors and Senior Management Personnel of the Company have affirmed compliance with the Code of Conduct of the Company for the year 2024-2025.A Declaration in this regard is annexed as Annexure -III.

37. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The global economy remained tough in the year 2024 (Calendar Year 2024), expanding at 3.2% (as per IMF World economic outlook, Apr25). The rapid rise in trade tensions and heightened policy uncertainty are likely to exert a substantial drag on global economic activity. At the start of Fiscal year 2025, global economy was facing challenges in the form of unresolved and ongoing geopolitical tensions between Russia and Ukraine. Strength in the labour market coincided with easing inflationary pressures which reflected in strong economic growth mainly on the back of robust consumption demand.

Industry Structure and Developments

Your company is essentially an investment and finance company and registered with the Reserve Bank of India under the category of Non-Systematically Important Non-Deposit taking NBFC i.e., Non-Deposit taking NBFC with assets less than Rs.100 Crores. The value of the stocks, shares and bonds depends on the prevailing capital markets scenario. The future success of the Company continues to depend on its ability to anticipate the volatility of the financial markets, minimizing risks and increasing returns through prudent investment decisions.

Our Country to remain relatively insulated against the global shocks in the near future and continue to grow strongly. The operational long-term growth story for India remains intact driven by favorable demographics and stable governance. India is expected to maintain its position as the fastest-growing major economy, Growth will be driven by continued expansion in the services sector and a boost in manufacturing, supported by government efforts to enhance infrastructure and streamline tax policies.

The Indian economy demonstrated resilience amidst global uncertainties during FY 2024-2025, supported by robust domestic growth drivers and sound macroeconomic fundamentals. Despite external headwinds from escalating trade tensions and a weakening global outlook.

Opportunities and Threats

Effective utilization of digital data to improve credit assessments and operational efficiency. The interest of equity investors remains strong and there is vast pool of debt capital overseas which is largely untapped. With such a stable foundation, the sector remains well-positioned to navigate the evolving regulatory environment while maintaining momentum. NBFCs are increasingly leveraging digital technologies to enhance operational efficiency, manage fraud, and improve customer engagement. Business specific threats such as increased intensity of competition from players across the Industry creating downward pressure on yields, fees, commissions and brokerages, regulatory challenges, technology innovations, amongst others and the most significant threat for any lending activity is to constantly exhibit operational excellence and contain the loss and mitigate the risks.

Business Outlook

Indias NBFC sector is poised for sustained growth, supported by a thriving economy, robust balance sheets, and diverse portfolio offerings. Its resilience, adaptability, and niche focus on last-mile credit delivery remain key strengths, enabling it to drive significant contributions to Indias economic development.

The investments of the Company are typically long-term in nature and predominantly in the equity markets so as to yield greater revenue for its stakeholders. The company is also having exposure to financing. Risks and areas of concerns In the normal course of business, finance and investment companies are exposed to various risks, namely, Credit Risk, Market Risk and Operational Risk, besides other residual risks such as Liquidity Risk, Interest Rate Risk, Strategic Risk etc., any company which is in the business of lending, the entire proposition of the Company (providing finance to various segments of the economy) is on the fundamentals of managing the risk rather than avoiding it. Further the risk of market fluctuations will be a major risk associated with the company.

As your companys business is mainly into investment activities, the capital market developments may affect the gains and profitability of the Company. The company is also undertaking financing activity and defaults and NPAs may adversely affect profitability of the Company.

Internal Control Systems and Adequacy

The Company has satisfactory internal control system. The adequacy of the internal control system is reviewed by the Audit Committee of the Board of Directors. Your Company has taken proper and sufficient care for the maintenance of adequate accounting records as required by various Statutes. Internal Auditors, the Audit Committee and Statutory Auditors have full and free access to all the information and records as considered necessary to carry out their responsibilities.

Human Resources

The current activities of the company may not require significant human resources, however to the extent possible requisite personnel have been engaged to take care of organization need of human resources. The Company will engage requisite human resource as and when required. Future Outlook Inflation is anticipated to decline gradually; however, risks persist due to supply chain disruptions and volatile commodity prices and US Tariffs and volatility in capital markets. Faster progress on disinflation and stronger demand in key economies could result in greater-than-expected global activity. While uncertainties surrounding trade policies and inflation persist, proactive fiscal measures and international collaboration are expected to mitigate risks. By leveraging innovation, strategic investments, and policy realignments, the global economy remains well positioned to sustain growth and unlock new opportunities.

PERFORMANCE HIGHLIGHTS:

During the year 2024-2025 the company has earned Gross Income of Rs.55.40 lakhs as against Rs.45.91 lakhs during the financial year 2023-2024 and has earned a net profit of Rs.24.38 lakhs for financial year 2024-2025 as against net profit of Rs.8.16 lakhs during the financial year 2023-2024 respectively.

Details of Key Financial Ratios:

The following are the reasons for changes by more than 25% during the Financial Year 2024-2025:

CAUTIONARY STATEMENT:

Statements in the Management Discussion and Analysis that addresses expectations about the future, including but not limited to statement about Companys strategy for growth, expenditures and financial results are forward looking statements and these forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations, include among others, economic conditions affecting demand/ supply and price conditions in global and domestic markets, changes in government regulations, Tax laws and other statutes and incidental factors.

38. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

The Company has not engaged in any manufacturing activity and thus its operations are not energy intensive. However, adequate measures are always taken to ensure optimum utilization and maximum possible saving of energy.

There were no Foreign Exchange earnings and out go during the year.

39. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the company is annexed as Annexure - IV.

In terms of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company does not have any employee who is employed throughout the financial year and in receipt of remuneration of Rs.102 Lakhs or more, or employees who are employed for a part of the year and in receipt of Rs.8.50 Lakhs or more per month.

40. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments, affecting the financial position of the company which occurred during and between the end of the financial year to which the financial statements relate and the date of this report.

41. BOARD DIVERSITY

The Company has over the years been fortunate to have good people from diverse fields to serve as Directors on its Board. Pursuant to the SEBI Listing Regulations, the Nomination & Remuneration Committee of the Board ensured diversity of the Board in terms of experience, knowledge, perspective, background, gender, age and culture.

42. REGISTRATION OF INDEPENDENT DIRECTORS IN INDEPENDENT DIRECTORS DATA BANK

All the Independent Directors of your Company have been registered and are members of Independent Directors Data bank maintained by the Indian Institute of Corporate Affairs (IICA).

43. MAINTENANCE OF COST RECORDS

The Company is not required to maintain cost records as specified by the

Central Government under sub-section (1) of section 148 of the Companies Act, 2013.

44. SECRETARIAL STANDARDS

Your Company complies with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India.

45. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

There is no proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016 (IBC Code).

46. STATUTORY DISCLAIMER

RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the Company or for the correctness of any of the statements or representations made or opinions expressed by the Company and discharge of liabilities by the Company.

47. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

Not Applicable.

48. STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

In the opinion of Board of Directors of the Company, Independent Directors on the Board of Company hold highest standards of integrity and are qualified, recognized and respected individuals in their respective fields. Its an optimum mix of expertise (including financial expertise), leadership and professionalism.

49. OTHER DISCLOSURES

The Company has not issued equity shares with differential rights as to dividend, voting or otherwise. Additionally, the Company has not issued any sweat equity shares during the year.

50. ACKNOWLEDGEMENTS

Your Directors gratefully acknowledge the continued assistance and cooperation extended by various Government Authorities, RBI, SEBI, Stock

Exchange, other regulatory authorities and bankers. The Board expresses its appreciation of the understanding, dedication and support extended by the employees of the Company. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders in the Company.