Equity Analysis

To the Members of

Your Directors have immense pleasure in presenting the 30^th (Thirtieth) Annual Report on the business and operations of the Company together with the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2024.

Your Company's performance during the financial year as compared to the previous financial year is summarized as below: ( in Lakhs)

Your Company is engaged in the business of manufacturing Stainless-Steel Corrugated Flexible Hoses and Hose assemblies. During the financial year, the Company recorded revenue from operations of 31,784.40 Lakhs (previous financial year 26,937.88 Lakhs) and earned a net profit of 4,175.15 Lakhs (previous year 3,015.60 Lakhs) on Standalone basis. The Company has earned consolidated revenue of

31,790.73 Lakhs (previous year 26,946.10 Lakhs) and consolidated net profit of 4,173.40 Lakhs (previous year

3,015.21 Lakhs), during the financial year under review. The Company's strong product portfolio along with superior consumer insights and a strategy of continuous innovation and value creation has, once again, helped in delivery of superior competitive performance during the financial year, notwithstanding the extremely challenging operating environment. It is a matter of deep satisfaction that the Company consolidated its leadership position in the industry during the financial year and continues to improve its standing in key competitive markets across the country.

Your Directors have pleasure in recommending payment of final dividend 0.25/- (Twenty-five paisa Only) being

12.5% per share on Equity Share of 2/- for the financial year ended March 31, 2024. This will absorb total cash outflow of 3,23,30,093/-. The final dividend, if approved by shareholders in the ensuing Annual General meeting, will be paid to those members whose names shall appear on the Register of Members/List of Beneficiaries. The Board of Directors of the Company has approved a Dividend Distribution Policy in line with Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This has been uploaded on the Company's website at https://www.aeroflexindia.com/wp-content/uploads/Dividend-Distribution-Policy.pdf.

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statement relates and the date of report except: The Company on April 04, 2024 acquired 2,924 (Two Thousand Nine Hundred and Twenty Four) equity shares equivalent to 100% of the issued and paid-up share capital of Hyd-Air Engineering Private Limited. Consequently, Hyd-Air Engineering Private Limited has now become Wholly owned Subsidiary of the Company.

During the year under review there is no change in the business of the Company.

During the year under review, the Company successfully completed its Initial Public Offer (IPO) of 3,25,00,000 equity shares of face value of 2/- each for cash at a price of 108/- per equity share (including share premium of 106/- per equity share) aggregating to 3,51,00,00,000 ("the offer"), comprising of an offer for sale of 1,75,00,000 equity shares aggregating to

1,89,00,00,000/- by SAT Industries Limited ("Promoter Selling Shareholder")

The offer was open to the public from August 22, 2023 and closed on August 24, 2023 and received overwhelming response, was over-subscribed by 97.11 times. The Anchor Investors Bid/Offer period was one Working Day prior to the Bid/Offer Opening Date. The allotment for Aeroflex Industries IPO was finalized on August 29, 2023. The equity shares of the Company were listed on BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE") effective from

Link Intime India Private Limited (LIIPL) is the Registrar and Share Transfer Agent of the Company.

During the year no amount was transferred to any Reserves.

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act, read along with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure-A.

Disclosures pertaining to 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 (‘Rules') are annexed to this report as Annexure-B.

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Rules, a statement showing the names and other particulars of employees drawing remuneration in excess of the limits set out in the said Rules forms part of this report. Further, the report and the annual accounts are being sent to the Members excluding the aforesaid statement. In terms of Section 136 of the Act, the said statement will be open for inspection upon request by the Members. Any Member interested in obtaining such particulars may write to the Company Secretary and Compliance officer at corporate@aeroflexindia.com.

Based on the framework of internal financial controls and compliance system established and maintained by the Company, work performed by the internal, statutory, cost, and secretarial auditors and external agencies including audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during financial year 2023-24. Accordingly, pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of its knowledge and ability confirms that: i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to the material departures; ii) they have selected such accounting policies and applied them consistently and made judgment 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 of the Company for that period; iii) they have taken proper and sufficient care for the maintenance of adequate accounting records, and the adequate steps have been taken to make it afresh, in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) they have prepared the annual accounts on a going concern basis; v) they have had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and vi) they have had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

As on March 31, 2024, the Board comprised of 7 (Seven) Directors including 4(Four) Independent Directors. The Board has an appropriate mix of Executive, Non-Executive and Independent Directors, which is in compliance with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is also aligned with the best practices of Corporate Governance.

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014 and Articles of Association of the Company, Mr. Mustafa Abid Kachwala (DIN: 03124453) Director of the Company, retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment and your Board recommends his re-appointment.

During the year under review, Mr. Mustafa Abid Kachwala (DIN: 03124453) was re-appointed as the Whole-Time Director of the Company for a period of 3 years w.e.f April 01, 2023. The appointment was approved by Members at their Extra Ordinary General Meeting held on February 15, 2023. Ms. Shilpa Bhatia (DIN: 08695595) was re-appointed as a Women Independent Director of the Company to hold office for a second term of five consecutive years commencing from July 08, 2023 upto the date of 34^th Annual General Meeting to be held in the year 2028. Aforesaid appointment was approved by the Members at the 29^th AGM held on July 08, 2023. Moreover, the first term of Mr. Ramesh Chandra Soni as Independent Director of the Company expires on October 14, 2024.The Board placed on record its appreciation for the valuable services rendered by Mr. Ramesh Chandra Soni with his association as an independent director of the Company and proposes to re-appoint him as an Independent Director for the second term of 5 (five) consecutive years commencing from October 15, 2024 to October 14, 2029 subject to approval of the shareholders. Brief details of directors proposed to be reappointed/ remuneration to be approved as stipulated under Regulation 36(3) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and Secretarial Standard-2 (SS-2) issued by the Institute of Company Secretaries of India (ICSI), are provided in Notice of Annual General Meeting of the Company.

During the year under review, there has been no cessation or resignation of any Director.

During the financial year ended March 31, 2024, the following persons were acting as Key Managerial Personnel of the

Company in compliance with the provisions of Section 203 of the Companies Act, 2013:

All Independent Directors of the Company have given 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 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In terms of Regulation 25(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. The Independent Directors of the Company have undertaken requisite steps towards the inclusion of their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs, in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014. In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are independent of the management. The Company had sought a certificate from the M/s. S.K. Jain

& Co, Secretarial Auditor of the Company confirming that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed and/or continuing as Directors by the SEBI/MCA or any other such statutory authority.

The annual evaluation process of the Board of Directors, individual Directors and Committees was conducted in accordance with the provision of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board evaluated its performance after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc.The performance of the Committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc. The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India.

The Board and the NRC 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. In a separate meeting of Independent Directors, performance of Non-Independent Directors and the Board as a whole was evaluated. Additionally, they also evaluated the Chairman of the Board, taking into account the views of Executive and Non-Executive Directors in the aforesaid Meeting. The Board also assessed 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 above evaluations were then discussed in the Board Meeting and performance evaluation of Independent directors was done by the entire Board, excluding the Independent Director being evaluated.

The Company has adopted a framework, duly approved by the Board of Directors for Familiarization Programmes for Independent Directors. The objective of the framework is to ensure that the Independent Directors have a greater insight into the business of the Company, enabling them to contribute more effectively to decision making. During the year under review, the Company has conducted a Familiarization Programme for Independent Directors. The details of Familiarization Programme have been uploaded on the website of the Company at www.aeroflexindia.com.

Aeroflex Industries Limited, U.K is a wholly owned subsidiary of the Company. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of Aeroflex Industries Limited, U.K. in Form AOC-1, is annexed as Annexure-C. Moreover, after the end of the financial year under review till the date of this report, the Company acquired 100% equity shares of Hyd-Air Engineering Private Limited vide Share Purchase Agreement dated April 02, 2024, consequent to this, Hyd-Air Engineering Private Limited has become a wholly owned subsidiary of the Company.

Your Company is a subsidiary of SAT Industries Limited with a holding of 61.23%.

The Company had no Joint Venture or Associate Company during the financial year under review.

The Consolidated Financial Statements required pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 6 of the Companies (Accounts) Rule, 2014 have been prepared in accordance with the relevant accounting standards as per the Companies (Indian Accounting Standard) Rules, 2015. The audited consolidated financial statement is provided along with the Standalone Financial Statement.

The Company has not accepted any Deposit within the meaning of Section 73 of the Companies Act, 2013 and rules made there under. As such, no amount of principal or interest was outstanding as of the Balance Sheet date, nor is there any deposit in non-compliance of Chapter V of the Companies Act, 2013.

Seven meetings of the Board of Directors were held during the year. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance Report forming part of the Annual Report.

During the year under review a separate meeting of the Independent Directors of the Company was held on March 12, 2024, without the presence of other Directors and members of Management. The Independent Directors reviewed the performance of Non-Independent Directors and the Board as a whole, performance of Chairperson of the Company and assessed the quality, quantity and timeliness of flow of information between the Company management and the Board.

The Company has not given any loan or guarantee or provided any security during the year under review. Particulars of investments made are provided in the Standalone Financial Statement. Members may refer to Note 5 to the Standalone Financial Statement.

All the transactions with related parties entered into during the financial year were in ordinary course of business and on arm's length basis. No Material Related Party Transactions were entered into during the financial year under review by the Company. Accordingly, the disclosure on Related Party Transactions, as required under Section 134(3) of the Companies Act, 2013, in Form AOC-2 is not applicable. The Company has formulated a policy on dealing with Related Party Transactions. The same is available on the Company's website at https://www.aeroflexindia. com/wp-content/uploads/Policy-on-Related-Party-Transaction.pdf.

The details of all the transactions with Related Parties are provided in the accompanying financial statements. Members may refer to Note 38 to the Standalone Financial Statement which sets out related party disclosures pursuant to Ind AS-24.

Pursuant to the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and on recommendation of the Nomination & Remuneration Committee, the Board of Directors have adopted a policy for selection and appointment of Directors, Key Managerial Personnel (‘KMPs'), Senior Management Personnel (‘SMPs') and their remuneration including criteria for determining qualifications, positive attributes, independence of a director and other related matters, the key features of which is as follows: The Committee shall identify and ascertain the integrity, qualification, expertise and experience of the person proposed to be appointed as Director, KMP or Senior Managerial Personnel and recommend to the Board his/her appointment. A person should possess adequate qualification, expertise and experience for the position for which appointment is considered. The Committee has discretion to decide whether qualification, expertise and experience possessed by the person is sufficient as per the requirement of the concerned position. The Company shall not appoint or continue employment of any person as Managing Director, Whole-Time Director or Manager who has attained the age of seventy years provided that the term of person holding this position may be extended beyond the age of seventy years with the approval of the shareholders by passing a special resolution based on the justification stating reasons/ clarification for extension of appointment beyond seventy years. Additionally in compliance with Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; the Company shall not appoint or continue the appointment of a Non-Executive Director who has attained the age of seventy-five years, unless a special resolution is passed by the shareholders, to that effect, in which case the explanatory statement annexed to such motion shall indicate the justification appointing such person. The Nomination and Remuneration Policy has been placed on the website of the Company viz. https://www. aeroflexindia.com/wp-content/uploads/Nomination-and-Remuneration-Policy.pdf.

Pursuant of the provisions of Section 135 read with Companies (Corporate Social Responsibility) Rules, 2014, the Company has formed Corporate Social Responsibility committee and Corporate Social Responsibility (CSR) Policy. The brief outline of the Corporate Social Responsibility (CSR) Policy of your Company along with the initiative taken by it are set out in Annexure-D of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on the website of the Company, https://www.aeroflexindia. com/wp-content/uploads/Policy-on-Corporate-Social-Responsibility.pdf During the financial year under review, the Company was required to spend 57,46,929/- towards claiming CSR activity. The Company has made a contribution amounting to 57,50,000/- to SAT FOUNDATION (formerly known as TAHA Charitable Trust) (CSR Registration No: CSR00011731) Udaipur, Rajasthan which is permissible CSR activity. As on the year ended March 31, 2024, the composition of the CSR Committee is as follows:

During the year under review there has been no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

As required under Section 92(3) read with the Section 134(3)(a) of the Companies Act, 2013 and the Companies (Management and Administration) Rules, 2014, the copy of Annual Return in Form MGT-7 as on March 31, 2024 will be placed on the website of the Company and can be accessed at www.aeroflexindia.com.

In line with the requirements of the Companies Act 2013, at the 27^th Annual General Meeting M/s. Shweta Jain & Co., Chartered Accountants (FRN: 127673W) were appointed as the Statutory Auditors of the Company to hold the office for a period of 5 consecutive years., from the conclusion of 27^th Annual General Meeting till the conclusion of 32^nd Annual General Meeting of the Company. M/s. Shweta Jain & Co., Chartered Accountants have furnished written confirmation to the effect that they are not disqualified from acting as the Statutory Auditors of the Company in terms of the provisions of Sections 139 and 141 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014.

The Auditor's Reports on the Standalone and the Consolidated Financial Statements for the financial year ended March 31, 2024 do not contain any qualification, reservation or adverse remark requiring any explanations/ comments by the Board of Directors.

The Statutory Auditors and the Secretarial Auditors have not made any qualifications, observation or adverse remark in their Reports. Further, none of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143(12) of the Act.

Our corporate governance practices are a reflection of our value system encompassing our culture, policies, and relationships with our stakeholders. Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times. Corporate governance is about maximizing shareholder value legally, ethically and sustainably. The Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 17 to 27 and 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A separate report on Corporate Governance along with the certificate from Dr. S.K. Jain from M/s. S.K. Jain & Co., Practicing Company Secretaries confirming the compliance of Corporate Governance requirements is annexed as Annexure-E to the Board report.

Your Company has also been enlisted in the new SEBI compliant redressal system (SCORES) enabling the investors to register their complaints, if any, for speedy redressal.

As on March 31, 2024, the Audit Committee comprised of Mr. Ramesh Chandra Soni, Mr. Arpit Khandelwal, Independent Directors and Mr. Asad Daud, Managing Director of the Company. Mr. Ramesh Chandra Soni is the Chairman of Audit Committee of the Company. The Company Secretary and Compliance Officer of the Company acts as Secretary of the Audit Committee. All the recommendations made by the Audit Committee were accepted by the Board of Directors of the Company. Other details with respect to Audit Committee are given in Report of Corporate Governance, forming part of this Report. The Audit Committee of the Company reviews the reports to be submitted with the Board of Directors with respect to auditing and accounting matters. It also supervises the Company's internal control and financial reporting process and vigil mechanism.

In accordance with the provisions of the Companies Act, 2013, the Company has constituted Five committees of the Board, namely:

1. Audit Committee;

2. Stakeholders' Relationship Committee;

3. Nomination and Remuneration Committee;

4. Corporate Social Responsibility Committee; and

5. *IPO Committee.

A detailed note on the composition of the Board and its committees, including its terms of reference, is provided in the Corporate Governance Report. The composition and terms of reference of all the Statutory Committee(s) of the Board of Directors of the Company is in line with the provisions of the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management's Discussion and Analysis Report is set out in this Annual Report.

As on March 31, 2024, the Authorized Share Capital of the Company was 56,00,00,000 /- (Rupees Fifty Six Crores only) divided into 17,50,00,000 (Seventeen Crore Fifty Lakhs only) Equity Shares of 2/- each (Rupees Two only), 10,00,000 (Ten Lakhs) Series "A" Compulsorily Convertible Preference Shares of 10/- each (Rupees Ten only) and 10,00,000 (Ten Lakhs) Series "A" Compulsorily Convertible Preference Shares of 200/- each (Rupees Two Hundred only) respectively. During the year under review, the Company raised capital by way of issue of 15,000,000 equity shares of face value 2/-each through initial public offer. Upon the initial public offer, the issued, subscribed and paid-up equity share capital of your Company as on March 31, 2024, stands increased to 25,86,40,740/- divided into 12,93,20,370 Equity shares of 2/- each. The Equity Shares issued during the year rank pari passu with the existing Equity Shares of your Company.

Pursuant to the provisions of Section 138 of the Act read with Companies (Accounts) Rules, 2014, the Board, on recommendation of the Audit Committee, appointed M/s. D.M. Jain & Co., Chartered Accountants, Mumbai, as

Internal Auditors of the Company for the financial year 2023-24. The Internal Auditors monitor and evaluate the effectiveness and adequacy of internal control systems in the Company, its compliances with the operating systems, accounting procedure and polices at all locations of the Company and reports to the Audit Committee on the quarterly basis.

The Company has laid down a well-defined Risk Management Policy covering the risk mapping, trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is carried out to identify, evaluate, manage and monitor both business and non-business risks. The Board periodically reviews the risks and suggests the steps to be taken to control and mitigate the same through a properly defined framework. The Policy is displayed on the website of the Company at https://www.aeroflexindia.com/wp-content/uploads/Risk-Management-Plan.pdf

The Company has in place proper and adequate internal control systems commensurate with the nature of its business, size and complexity of its operations. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, compliance with policies, procedures, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

During the year under review none of the companies became or ceased to be subsidiaries, joint venture or associate companies of your Company.

Pursuant to Section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Amendment Rules, 2014, appointment of cost auditor is not applicable to the Company.

It is stated that the Company has constituted Internal Complaints Committee and complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual

Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Company has adopted Vigil Mechanism/Whistle Blower Policy, which was approved and adopted by the Board of Directors of the Company as per the provisions of Section 177(9) and (10) of the Act, Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 9A of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The said policy provides a formal mechanism for all Directors and employees of the Company to approach Chairperson of the Audit Committee of the Company and make protective disclosures about the unethical behaviour, actual or suspected fraud and violation of the Company's Code of Conduct and Business Ethics. Under the Policy, each Director/employee of the Company has an assured access to the Chairperson of the Audit Committee. The Policy is displayed on the website of the Company at https://www.aeroflexindia.com/wp-content/uploads/Vigil-Mechanism-policy.pdf.

Pursuant to the provisions of Section 204(1) of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. S.K. Jain & Co., Practicing Company Secretaries to undertake Secretarial Audit of the Company for the financial year 2023-24. The Secretarial Audit Report is appended as Annexure-F and forms part of this Report.

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and your directors confirm compliance of the same during the financial year under review.

During the financial year under review, there was no instance of one-time settlement of loans/financial assistance taken from Banks or Financial Institutions, hence the Company was not required to carry out valuation of its assets for the said purpose.

The Company has approved the "Aeroflex Industries Limited-Employee Stock Option Plan 2022 ("ESOP 2022")" in its 28^th Annual General Meeting held in the year 2022. Under this Plan no options are granted.

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 as to dividend, voting or otherwise; (b) Issue of shares (including sweat equity shares) to employees of the Company under any scheme; (c) None of the Whole-Time Director or Managing Director of the Company received any remuneration or commission from any of its holding or subsidiary; (d) No application was filed under the Insolvency and Bankruptcy Code, 2016.

The Board of Directors wish to place on record its deep sense of appreciation for the committed services by all the employees of the Company. The Board of Directors would also like to express their sincere appreciation for the assistance and co-operation received from the government and regulatory authorities, stock exchanges, depositories, banks, customers, vendors and members during the year under review.