To
The Member(s)
YATHARTH HOSPITAL AND TRAUMA CARE SERVICES LIMITED
Your Directors have the pleasure of presenting the 17th Annual Report together with the audited Statement of
Accounts for the financial year ended 31st March, 2024.
1. FINANCIAL SUMMARY
The Company's financial performances for the year under review along with previous year's figures are given hereunder:
For the year ended
Standalone
Consolidated
2. STATE OF COMPANY AFFAIRS
The past fiscal year has been a period of significant progress and strategic development for your Company. We have made considerable advancementsinourmissiontoprovidehigh-quality healthcare services while navigating the challenges posed by the evolving healthcare landscape.
Despite a challenging economic environment, your Company has maintained a stable financial position,and recorded a turnover of H 4197.91Million during the 2023-2024 year as against H3715.14
Million in the previous financial year and the Company has earned profit after tax of H 839.94 Million as compared to the profit earned by the company of H 641.74 Million in the previous financial year.
3. RESERVES
It is not proposed to carry any amount to reserves from the profits of the Company. As a result, there is no requirement for disclosure under Section 134 (3) (j) of the Companies Act, 2013. The decision regarding reserve treatment has been made after careful consideration of the Company's financial position and strategic priorities.
4. DIVIDEND
The Board of Directors of your company, after considering holistically the relevant circumstances and keeping in view the company's dividend distribution policy, has decided that it would be prudent, not to recommend any Dividend for the year under review.
Further Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations'), the Board of Directors of the Company had formulated a Dividend Distribution Policy (‘the Policy'). The Policy is available on the Company's website https://www. yatharthhospitals.com/investors
5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.
6. SHARES
PAID UP AND AUTHORISED SHARE CAPITAL
The Authorised Share Capital of the Company as on 31st March 2024 is H 115,00,00,000/-(Rupees One
Hundred Fifteen Crore Only). The Paid-Up Equity Share Capital of the Company on 31stMarch, 2024, is H85,85,02,330/- (Rupees Eighty-Five Crore Eighty FiveLakhTwoThousandThreeHundredThirtyOnly).
During the current year FY 2023-24, the Company had completed its Initial Public Offer (IPO) Fresh issue of 16,333,333 Equity Shares aggregating to 4,900.00 million by our Company ("Fresh Issue") Offer for sale of 6,551,690 Equity Shares aggregating to H 1,965.51 million by the Selling Shareholders
("Offer for Sale"). Further Company has undertaken a Pre-IPO Placement by way of private placement of 4,000,000 Equity Shares for cash at a price of H 300 per Equity Share aggregating to H 1,200.00 million, in consultation with the BRLMs, pursuant to the resolution of the Board dated July 6, 2023. The size of the Fresh Issue of Equity Shares has been adjusted to 4,900.00 million. The Company got listed on National Stock Exchange of India ("NSE") and BSE Ltd on 7th August 2023.
7. DIRECTORS AND KEY MANAGERIAL PERSONNAL
A. Change in Directorate
During the year under review there were no changes in the Composition of the Board of Directors
B. Directors liable to retire by rotation
Dr.Ajay Kumar Tyagi, Executive Director (DIN: 01792886) retires by rotation at the ensuing AGM, being eligible, offers himself for re-appointment. Necessary details for re-appointment as required under the Act, Secretarial Standard and SEBI Listing Regulations is given in the notice of 17th Annual General Meeting.
C. Key Managerial Personnel
Pursuant to Section 203 of the Act, the Key Managerial Personnel of the Company as on 31st March 2024 are:
a. Kapil Kumar – Managing Director
b. Amit Kumar Singh – Chief Executive Officer c. Pankaj Prabhakar – Chief Financial Officer
d. Ritesh Mishra – Company Secretary and Compliance Officer
8. DECLARATION OF INDEPENDENT DIRECTORS
All the Independent Directors have given necessary declarations under Section 149(7) of the Act, that they meet the criteria of independence as laid down under Section 149 (6) of the Act, as amended, and Regulation 16 read with Regulation 25(8) of the SEBI Listing Regulations, as amended.
The independent directors have also confirmed compliance with the provisions of rule 6 of Companies (Appointment and Qualifications of Directors) Rules, 2014, as amended, relating to the inclusion of their name in the databank of independent directors.
In the opinion of the Board, they fulfil the conditions of independence as specified in the Act, Rules, and Regulations made there under and are independent of the management and the Board is satisfied of the integrity, expertise, and experience of all Independent Directors on the Board.
The terms and conditions of appointment of the Independent Directors are placed on the website of the Company under the link: https:// www.yatharthhospitals.com/investors; then go to Corporate Policies Tab.
Statement of Board of Directors
The Board of Directors of the Company are of the opinion that all the Independent Director of the Company appointed/re-appointed during the year possesses integrity, relevant expertise and experience required to best serve the interest of the Company. The Independent Directors have confirmed compliance of relevant provisions of Rule 6 of the Companies (Appointments and Qualifications of Directors) Rules, 2014.
9. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have Joint Venture and Associate Company but it has four Subsidiary Companies. Details of which is enclosed as Annexure – A:
AKS Medical & Research Centre Private Limited (WOS)
Ramraja Multispeciality Hospital & Trauma Centre Pvt. Ltd. (WOS)
Pristine Infracon Private Limited (WOS)
Sanskar Medica India Limited (WOS)
10. DEPOSITS
During the year, the Company has not accepted any deposits from its members in terms of Section 73 of the Companies Act, 2013, and as per Acceptance of Deposit Rules 2014.
11. EXTRACTS OF ANNUAL RETURN
The annual return of your Company as on 31st March, 2024, in accordance with Section 92(3) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, is available on your Company's website https:// yatharthhospitals.com.
12. BOARD AND COMMITTEE MEETINGS
Details of the composition of the Board and its Committees and of the Meetings held and attendance of the Directors at such Meetings, are provided in the Corporate Governance Report. The intervening gap between the Meetings were within the prescribed period.
13. LOANS, GUARANTEE AND INVESTMENT
Particulars of Loans given/Investments made/ Guarantees given/Securities provided as per Section 186 of the Companies Act, 2013, along with the purpose for which the Loan or Guarantee or Security is proposed to be utilized by the Company. The Company has made the investment to acquire M/s. Pristine Infracon Private Limited, the said company owns and operates 200 bedded hospital in Faridabad, Haryana.
14. PARTICULARS OF RELATED PARTY TRANSACTION
All contracts/arrangement/transactions entered by the Company during FY 2023-24 with related parties were in compliance with the applicable provisions of the Act. Prior omnibus approval of the Audit Committee is obtained for all related party transactions which are foreseen and of repetitive nature. Pursuant to the said omnibus approval, details of transaction entered into is also reviewed by the Audit Committee on a half yearly basis.
All related party transactions entered during FY 2023-24 were on arm's length basis and in the ordinary course of business of the Company under the Act.
The Company has adopted a Related Party Transactions Policy. The policy, as approved by the Board, is uploaded on the Company's website at the web link:https://www. yatharthhospitals.com/investors
No material transactions were entered with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 read with Schedule V of Listing Regulations during the financial year of the Company. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is not applicable.
15. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ANDFOREIGNEXCHANGEEARNINGSAND
OUTGO
The provisions of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies {The Companies (Accounts)} Rules, 2014 are given as below:
A) Conservation of energy
The provisions of Section 134(m) of the Companies Act, 2013 with respect to Conservation of energy applies to our Company. Proper steps have been taken by the Company for the optimal utilization of energy like installation of LED Bulbs, low electric consuming air conditioning, auto sleep mode of systems if isolate for few minutes and approach to use upto 5 star rated appliances and equipments etc.
During the year under review there has been capital investment on energy conservation. The Company has entered into an agreement with Fourth Partner Energy Private Limited and Fourth Partner Solar Power Private Limited captive user for the electricity consumption. This has been our milestone achievement towards conservation of energy.
(B) Technology absorption
During the year under review there has been significant import of new technologies like Import and installation of Onco Equipment along with PET CT Machine, Robotic-assisted surgery for knee replacement incorporatesthe placement and alignment of a knee implant with the helpof a robotic system, Davinci Robotic system to perform multiple procedures and such other high end medical equipments.
(C) Foreign Exchange Earnings and Outgo
During the financial year under review,all the foreign exchange inflow and outflow have been disclosed in the Audited Financial Statement of the Company.
16. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report for the yearunder review as stipulated under Regulation 34(2) of the Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements) Regulations, 2015, as amended,("Listing Regulations"), is presented in a separate section forming part of this Annual Report.
17. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Business Responsibility and Sustainability Report for FY2023-24, as stipulated under the SEBI Listing Regulations, forms part of the Annual Report.
18. STATEMENT BY DIRECTOR RESPONSIBLE FOR THE BUSINESS RESPONSIBILITY REPORT, HIGHLIGHTING ESG RELATED CHALLENGES, TARGETS AND ACHIEVEMENTS
We recognise that the healthcare sector has a significant environmental footprint, and we believe that adopting sustainable practices is not only essential for the environment but also contributes to long-term business success and the well-being of the larger society we serve.
We have undertaken a comprehensive approach to ESG, focusing on optimising energy consumption, water usage, responsible bio-medical waste management, achieving employee welfare through human-first policies and robust corporate governance. This multifaceted approach ensures a holistic sustainability strategy, championing Environmental, Social & Governance parameters.
Our group is committed to responsible bio-medical waste management. We closely monitor the bio-medical waste generated and safely disposed as per guidelines outlined by the Government of India as per the Bio-Medical Waste Management guidelines, 2016. This rigorous monitoring ensures proper segregation, treatment, and disposal of bio-medical waste, minimising environmental and health risks.
Our directors and all our employees, including senior management, conduct themselves in accordance with the highest moral and ethical standards. We are committed to ensuring a fair workplace for our employees as well as partners with whom we do business. We have strict policies to protect against unlawful discrimination and harassment. Our Values and business principles encourage honest and direct communication to resolve issues and concerns in an expeditious manner. We also have a channel that provides an alternative and anonymous method of reporting suspected compliance violations, unlawful or unethical behavior or fraud.
Our consistent efforts reflect our commitment to sustainability, responsible management, and making a positive impact on society and the environment. As we move forward, we will continue to focus on innovation and excellence in healthcare while keeping sustainability at the heart of our operations.
19. CORPORATE GOVERNANCE
The Company has adopted the Corporate Governance Policies and Code of Conduct which sets out the systems, processes and policies conforming to the international standards. The reportonCorporateGovernanceasstipulatedunder Regulation 34(3) read with para C of Schedule V of the Listing Regulations is presented in a separate section forming part of this Annual Report.
A certificate from M/s MKP & ASSOCIATES, Company Secretaries in Practice, confirming compliance of conditions of Corporate Governance as stipulated under Para E of Schedule V of the Listing Regulations, is enclosed with this Report.
20. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
In terms of the provisions of Section 197(12) of the Act read with rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said Rules are provided in the Annual Report.
Disclosures relating to the remuneration and other details as required under Section 197(12) of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, also forms part of this Annual Report Annexure-B.
However, having regard to the provisions of second proviso to Section 136(1) of the Act, the Annual Report, excluding the aforesaid information is being sent to all the Members of the Company and others entitled thereto. Any Member interested in obtaining the same may write to the Company Secretary and the same will be furnished on request.
21. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES
The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee is applicable to the Company and hence the Company has adopted a policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013.
The Nomination & Remuneration Policy of the Company is in place and is attached as Annexure – C to this Report.
22. STATUTORY AUDITOR
In terms of Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, Members of the Company in 14th Annual General Meeting held on August 31, 2021, approved the appointment of M/s. R. Nagpal Associates, Chartered Accountants, (FRN: 002626N), as the Statutory Auditors of the Company from the conclusion of the 14th AGM till the conclusion of the 19th AGM of the Company to be held in the year 2026. The Statutory Auditors have confirmed they are not disqualified from continuing as Auditors of the Company.
Pursuant to the notification dated May 7, 2018 issued by the Ministry of Corporate Affairs, the requirement for ratification of the appointment of Auditors by the shareholders at every Annual General Meeting has been done away with.
The Report given by M/s. R. Nagpal Associates Chartered Accountants, on the financial statement of the Company for the financial year 2023-24 is part of the Annual Report. The Notes on financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation, adverse remark or disclaimer.
23. SECRETARIAL AUDITORS
In accordance with the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s MKP & ASSOCIATES, Practicing Company Secretaries, to undertake the Secretarial Audit of the company. The Secretarial Audit report is annexed herewith as Annexure-D.
There is no qualification, reservation or adverse remark made by theSecretarial Auditors in the Secretarial Audit Report for the Financial Year ended March 31, 2024.
Pursuant to Regulation 24A of the Listing Regulations, the Company has obtained Secretarial Compliance Report from a Practicing Company Secretary on compliance of all applicable SEBI Regulations and circulars/ guidelines issued there under.
The observations and comments given by the Secretarial Auditors in their report are self-explanatory and hence do not call for any further comments under Section 134 of the Act.
24. INTERNAL AUDITOR
Pursuant to the provisions of section 138(1) of the Companies Act, 2013 read with Rule 13 of the_ Companies (Accounts) Rules, 2014, the Company has appointed Mr. Singh RK & Associates, Chartered Accountant (Certificate of Practice Number: 532096) to undertake the Internal Audit of the Company. Further the Internal Auditor resigned from being Internal Auditor w.e.f. 3rd February 2024.
25. COST AUDITOR
Pursuant to section 148 (3) of the Companies Act, 2013 and Rule 6(2) of the companies (Cost records and Audit Rules) 2014 the Board has appointed M/s Subodh Kumar & Co. Cost Accountant (Registration No. 104250) to undertake the Cost Audit of the Company for the financial year 2023-24. The remuneration payable to the cost auditors is required to be ratified by the shareholders at the AGM. Accordingly, resolution ratifying the remuneration payable to M/s Subodh Kumar & Co., Cost Accountants, (Registration No. 104250) shall be placed for the approval of the shareholders at the ensuing AGM.
The Company has maintained the necessary accounts and records as specified by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013.
The Company had filed the cost audit report for financial year 2022-23 on 3rd October, 2023, in compliance under the Companies (Cost Records and Audit) Amendment Rules, 2014.
26. DETAIL OF_ FRAUD AS PER AUDITORS REPORT
No fraud has been noticed or reported in the Company by its employees and officers during the Financial Year 2023-24.
27. COMPLIANCE OF SECRETARIAL STANDARDS
During the year under review, the Company has complied with the applicable provisions of the Secretarial Standards on meetings of the Board of Directors (SS-1) and General Meetings (SS-2), issued by the Institute of Company Secretaries of India.
28. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Your Company believes that CSR initiatives has played pivotal role in improving the lives of the communities and society at large. Your Company has been actively working on Infrastructure development, health, education, Livelihood and Employability, Social & cultural growth.
In compliance with the requirements of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board has constituted a Corporate Social Responsibility Committee and alsohas in place a CSR Policy.
The Composition of CSR Committee is as under:
The Annual Report on CSR activities as required to be given under Section 135 of the Companies Act, 2013 and Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is attached in Annexure-E.
The Company has adopted a CSR Policy. The policy, as approved by the Board, is uploaded on the Company's website at the web link:https://www. yatharthhospitals.com/investors
29. INTERNAL FINANCIAL CONTROLS AND SYSTEMS
Your Company has a robust and well embedded system of internal controls. This ensures that all assets are safeguarded and protected against loss from unauthorized use or disposition and all financial transactions are authorized, recorded and reported correctly.
The internal auditors evaluate the efficacy and adequacy of the internal control system, its compliance with operating systems and policies of the Company at all the locations of the Company. Based on the report of internal audit function, the process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions, thereon, are reported to the audit committee.
The Company has an effective and reliable internal financial control system commensurate with the nature of its business, size, and complexity of its operations.
This also identifies opportunities for improvement and ensures good practices are imbibed in the processes that develop and strengthen the internal financial control systems and enhance the reliability of the Company's financial statements.
The audit committee reviews the internal audit plan, adequacy, and effectiveness of the internal control system.
30. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
The Company on February 10th 2024 entered into a definitive agreement with M/s Pristine lnfracon Pvt. Ltd. and its shareholders to acquire 100% equity shares of Pristine lnfracon Pvt. Ltd. On March 28th 2024 the Company entered into share purchase agreement with M/s Pristine lnfracon Pvt. Ltd. and its shareholders to acquire 100% equity shares of M/s Pristine lnfracon Pvt.Ltd. a 200 bed hospital in the city of Faridabad, Haryana.The hospital has become operational w.e.f. May 12th 2024.
31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE.
The Income tax department conducted search under section 132 of the Income tax act at the premises belonging to the company, subsidiary companies and the Key Managerial Persons of the Company. The Company provided necessary information and data, as required by the Income Tax department and provided the fullest co-operation. The Income tax departmenttook data back-ups and other information. The business operations of the Company continued without any disruptions and the department has so far not raised any income tax demand. The Company shall continue to provide the required co-operation and information to the department.
32. RISK MANAGEMENT
The Company has established risk management framework that enables regular and active monitoring of business activities for identification, assessment and mitigation of potential internal or external risks. The respective functional / business head(s) are entrusted with the responsibility of identifying, mitigating and monitoring of risk in their respective areas. Risk management forms an integral part of the management and is an ongoing process integrated with the operations.
The Company has a risk management policy for identification of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company. The Company's risk management processes focus on ensuring that risks are identified promptly, and mitigation action plan is formulated and executed timely.
33. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
Prevention and control of sexual harassment at workplace constitutes an important part of corporate culture while aligning with best practices and improving management processes. The Company has zero tolerance for sexual harassment at the workplace and has adopted a policy on prevention, prohibition, and redressal of sexual harassment at the workplace with a mechanism of lodging complaints and has constituted an Internal Complaints Committee in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under. No complaints were received by the Board for sexual harassment of women at workplace during the financial year 2023-24.
34. DIRECTORS'RESPONSIBILITYSTATEMENT
In compliance of section 134(3) (c) of the Act, the Directors, to the best of their knowledge and belief, confirm that: a. In the preparation of the annual financial statements for the year under reporting, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b. Appropriate accounting policies have been selected, applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at reporting date and of the profit of the company for the year ended on that date;
c. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d. The annual financial statements have been prepared on a going concern basis;
e. Proper internal financial controls were in place and the internal financial controls were adequate and operating effectively; and
f. Proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
35. INVESTOR RELATIONS
Your Company always endeavours to keep the time of response to shareholder's request/grievances at the minimum. Priority is accorded to address all the issues raised by the shareholders and provide them with a satisfactory reply at the earliest possible time. The Shareholders Grievances Committee of the Board meets periodically and reviews the status of the Shareholders Grievances.
36. BOARD EVALUATION
The Nomination and Remuneration Committee to conduct a Board evaluation for the year. The evaluation of all the directors, committees, Chairman of the Board, and the Board as a whole, was conducted based on the criteria and framework adopted by the Board. The Board evaluation process was completed during fiscal 2024. The evaluation parameters and the process have been explained in the Corporate governance report.
37. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code, 2016.
38. 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-
During the year under review, there has been no one-time settlement of loans taken from Banks and Financial Institutions
39. ELECTRONIC COMMUNICATION
As a responsible corporate citizen, the Company supports the ‘Green Initiative' undertaken by the Ministry of Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual Report etc. to shareholders at their e-mail address registered with the Depository Participants and Registrar & Transfer Agent. To support the ‘Green Initiative' and in compliance of Rule 18 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, Members who have not yet registered their email addresses or want to update a fresh email id are requested to register the same with their Depository Participant in case the shares are held by them in electronic form and with Company's RTA in case the shares are held by them in physical form for receiving all communications, including Annual Report, Notices, Circulars, etc., from the Company electronically.
Further, as permitted by MCA Circulars and SEBI Circulars issued from time to time, Notice of the AGM and the Annual Report of the Company for the financial year ended 31st March, 2024 including therein the Audited Financial Statements for the year 2023-24, the above documents are being sent only by email to the Members. This Annual Report, along with other documents, is also available on the Company's website at https:// yatharthhospitals.com.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record appreciation for the co-operation and support extended by various departments of the Central and the State Government(s), Stock Exchanges, Bankers and Business associates.
Your Directors also wish to express their deepest appreciation to the employees at all levels, whose dedicated efforts, cooperation and unending support helped the Company in delivering results despite the challenges. We are also grateful to all the shareholders, customers, dealers, agents, suppliers and bankers of the Company for reposing continued trust, support and confidence in the management of the Company.