Asian Hotels (East) Ltd

Dear ^Members,

Your Board takes pleasure in presenting the 17^th Annual Report of the Company along with the audited financial statements of the Company for the financial year ended on 31^st March, 2024.

FINANCIAL HIGHLIGHTS:

Your Company's performance for the financial year ended on 31^st March, 2024 along with the previous year figures is summarised as under:

Rs. in lakhs

*Previous Year figures have been regrouped/reclassified, wherever necessary.

TRANSFER TO RESERVES:

During the financial year 2023-24, an amount of Rs. 200 lakhs have been transferred to General Reserve out of the amount available for appropriation.

DIVIDEND:

The Board of Directors is pleased to recommend a dividend of Rs 2.50/- per equity share (previous year at Rs. 2.50/-) on 1,72,91,696 equity shares of Rs 10/- each for the year ended on 31 March, 2024. The total cost to the Company on account of dividend payment will be Rs 432.29 lakhs resulting in a payout of 15.04% of the standalone profits after tax of the Company.

BUSINESS OVERVIEW AND OPERATING PERFORMANCE / STATE OF COMPANY'S AFFAIRS:

During the financial year ended 2023- 24, Hyatt Regency, Kolkata (the hotel) closed the year-end occupancy at 76.3% which is a year- on-year increase of 0.2% compared to the competition average closure of 76.2%. The hotel has shown an ADR closing of Rs7,505 which is a growth of 17.30% as compared to the competition average closure of Rs7,367 which is a year-on-year growth of 12.90%.

The hotel has shown agility by changing business mix based on market needs. The hotel focused on brand.com and online distributors to drive high priced demand while traditional corporate business had been prospected for driving base business. Group business share was driven by wedding, corporate MICE and sports blocks.

The hotel has been largely successful in booking all the relevant wedding dates during the last year. The hotel improved its market share in spite of low market demand and have ended the year at rank 2 in RevPAR.

During the financial year 2023-24, there were no material changes and commitments affecting the financial position of the Company. Further, there has been no change in the nature of business of the Company since its incorporation.

SUBSIDIARY COMPANIES:

The Company has two wholly owned and unlisted Indian subsidiaries, namely, Novak Hotels Private Limited, Mumbai and GJS Hotels Limited, Kolkata.

i) NOVAK HOTELS PRIVATE LIMITED

Novak Hotels Private Limited (Novak Hotels)was incorporated on 1st November, 2023 with the Registrar of Companies, Mumbai bearing Corporate Identification Number (CIN)-U55101MH2023PTC413138, having registered office at Unit No. F 8, Plot no. 4B, Shantinagar Industrial Estate Ltd, Shantinagar, Vakola, Santacruz (East), Mumbai-400055and with directors and promoters namely Mr. Arun K Saraf and Mr. Varun Saraf. Novak Hotels became the wholly owned subsidiary of your Company on 9th November, 2023.

ii) GJS HOTELS LIMITED

GJS Hotels Ltd. has been in contact with the government officials of Odisha regarding the extension/renewal of the lease period to start construction and raise funds from banks and financial institutions.

The Government of Odisha has informed IDBI Bank, Shakespeare Sarani Branch, Kolkata to forfeit the two Performance Bank Guarantees aggregating to Rs. 3.50 crores on 15th May, 2024.

GJS Hotels Ltd. has received a show-cause notice dated 28th May, 2024 from the Government of Odisha as to why they should not determine the lease and resume the possession of land and the management has decided to take necessary legal steps to protect its interest.

In accordance with Section 129(3)of the Companies Act, 2013, a statement containing salient features of the financial statement of the subsidiaries of the Company in Form AOC-1 is annexed herewith marked as Annexure-I to this Report. The audited financial statements of the Company and of its subsidiaries have also been uploaded on the website of the Company http://www.ahleast.com/ reports.html.

The Consolidated Financial Statements of the Company are prepared in accordance with Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) and forms an integral part of this report.

The Policy for determining material subsidiaries of the Company has been provided in the following link: http://www.ahleast.com/ policiespdf/Policy%20on%20Material%20Subsidiary.pdf.

AUDITORS & AUDITORS' REPORT:

Statutory Auditors:

M/s. Singhi & Co., Chartered Accountants, (Firm Registration No. 302049E), was appointed as the Statutory Auditors of the Company at the Annual General Meeting (AGM) held on 28th September, 2022 for a period of five (5) consecutive years. It has submitted a certificate confirming that its appointment is in accordance with Section 139 read with Section 141 of the Companies Act, 2013.

The Statutory Auditors' Report on the Financial Statements of the Company for the financial year ended 2023-24 does not contain any qualifications, reservations, adverse remarks or disclaimer.

The Statutory Auditors of the Company have not reported any fraud as specified under Section 143(12)of the Act, in the year under review.

Internal Auditor:

Pursuant to Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014, and other applicable provisions, if any, of the Companies Act, 2013 your Board based on the recommendation of the Audit Committee appointed M/s. S.K. Agarwal & Co to conduct an internal audit for the financial year 2024-25.

Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies Act, 2013, your Board appointed M/s. Abhijit Majumdar, Practicing Company Secretary (COP No. 18995), to undertake the Secretarial Audit of your Company for the financial year 2023-2024.

Pursuant to Regulation 24A of SEBI Listing Regulations, 2015, the Secretarial Audit Report of the Company is annexed to this Board Report, collectively as Annexure II.

directors and KEY MANAGERIAL PERSONNEL:

Directors

Pursuant to Section 149(11) of the Companies Act, 2013, the second term of office of Mr. Amal Chandra Chakrabortti (DIN:00015622) and Mr. Padam Kumar Khaitan (DIN:00019700), independent directors of the Company, who were appointed in the 11^th Annual General Meeting held on 27th August, 2018 for a term of five (5) consecutive years, were expired on 31st March, 2024 and they ceased to be independent directors of the Company with effect from 1st April, 2024.

Pursuant to Section 149, 152, 161(1) read with Schedule IV of the Companies Act, 2013 and Regulation 16 (1)(b) and 17 of SEBI Listing Regulations, 2015, the Board of Directors of the Company, upon recommendation of the Nomination and Remuneration Committee of the Company at its meeting held on 29th March, 2024 has appointed Mr. Shourya Sengupta (DIN: 09216561) as a NonExecutive Independent Director of the Company for a term of five (5) consecutive years commencing from 29th March, 2024 till 28th March, 2029 subject to the approval of the members by way of Special Resolution to be obtained through Postal Ballot.

Pursuant to Section 152, 161(1) of the Companies Act, 2013 and Regulation 17 of SEBI Listing Regulations, 2015, the Board of Directors of the Company, upon recommendation of the Nomination and Remuneration Committee of the Company at its meeting held on 29th March, 2024 has appointed Mr. Devesh Saraf (DIN:07778585) as a Non-Executive & Non-Independent Director of the Company commencing from 29th March, 2024 subject to the approval of the members by way of Ordinary Resolution to be obtained through Postal Ballot and he is liable to retire by rotation.

Further, in terms of Regulation 17(1 A) of the SEBI Listing Regulations, 2015, the continuation of directorship of Mr. Sandipan Chakravortty (DIN: 00053550) as a Non-Executive Independent Director of the Company after the attainment of the age of 75 years, is recommended for the approval of members by way of Special Resolution to be obtained through Postal Ballot.

Pursuant to the provisions of Section 152 of the Companies Act, 2013, and the Articles of Association of the Company, none of the directors of the Company is liable to retire by rotation at the 17th AGM of the Company except Mr. Devesh Saraf (DIN:07778585), Additional Non-Executive & Non- Independent Director of the Company. He shall be liable to retire by rotation from the 18th AGM of the Company.

Your directors would like to confirm that the Company has received annual declarations from all the independent directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013, Rule 6(3) of the Companies (Appointment and Qualifications of Directors) Rules, 2014 and Regulations 16(1)(b) and 25of the SEBI Listing Regulations, 2015 and there has been no change in the circumstances, which may affect their status as independent director during the year.

Key Managerial Personnel

During the year under review, there has been no change in the Key Managerial Personnel of the Company. In terms of Section 203 read with Section 2(51) of the Companies Act, 2013, the Key Managerial Personnel of the Company are:

• Mr. Arun Kr. Saraf, Jt. Managing Director

• Mr. Umesh Saraf, Jt. Managing Director

• Mr. Bimal K. Jhunjhunwala, Chief Financial Officer

• Mr. Saumen Chatterjee, Chief Legal Officer & Company Secretary

EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES AND DIRECTORS:

The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations 2015.

The evaluation of the Board of Directors was based on criteria such as appropriateness of Board composition and structure, decisions passed by the Board of Directors, awareness on Industry operations, compliance with applicable laws, succession planning, strategic planning, implementation of guidelines or strategies decided by the Board of Directors etc.

The evaluation of the Committees was based on criteria such as composition, functioning, competencies of the members, frequency of meetings, procedures, monitoring, advisory role, timely reporting to Board of Directors, etc.

NOMINATION AND REMUNERATION POLICY:

In line with the requirements of section 178 of the Companies Act, 2013 and the SEBI Listing Regulations, 2015, the Company has formulated a Nomination & Remuneration Policy which can be accessed on the Company's website at https://www.ahleast.com/ policiespdf/Nomination%20&%20Remuneration%20Policy.pdf.

BOARD DIVERSITY:

The Company recognizes and believes that a diverse Board will enhance the quality of the decisions made by utilizing different skills, qualifications, professional experiences, knowledge, gender, ethnicity, background and other distinguished qualities etc. of the members of the Board, necessary for effective corporate governance, sustainable and balanced development.

The Board has adopted a Board Diversity Policy as required under Regulation 19 read with Part D of Schedule II of SEBI Listing Regulations, 2015which sets out the approach to diversity. The Board diversity policy is available on our weblink: http://www.ahleast. com/policiespdf/Board%20Diversity%20Policy.pdf

DIRECTORS' RESPONSIBILITY STATEMENT:

In accordance with the provisions of Sections 134(5) of the Companies Act, 2013 in the preparation of annual accounts for the financial year ended 31^st March, 2024 and based upon representations from the Management, the Board states that:

a) in the preparation of the annexed accounts for the year ended 31^st March, 2024, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) the Directors 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 under review and of the profit of the Company for that year;

c) the Directors have taken proper and sufficient care 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;

d) the said accounts has been prepared on a going concern basis;

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

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

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information required pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, pertaining to conservation of energy, technology absorption and foreign exchanges earning and outgo to the extent possible in the opinion of your Directors, is annexed hereto as Annexure-III and formspart of this Report.

PARTICULARS OF PERSONNEL:

The disclosure on the details of remuneration to Directors and other employees pursuant to Section 197read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. With respect to the statement containing information under Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the report and the accounts are being sent to the Members excluding the aforesaid statement. In terms of Section 136 of the Act, the said statement is open for inspection at the registered office of the Company during working hours and any Member interested in obtaining a copy of the same may write to the Chief legal Officer & Company Secretary at the email id:saumen.chatterjee@ahleast.com.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All related party transactions that were entered into by the Company during the financial year under review were in the ordinary course of business and on arm's length basis. There were no contracts or arrangements entered into by the Company which falls under the purview of Section 188 of the Companies Act, 2013 and there were no material related party transactions in terms of Regulation 23 of the SEBI Listing Regulations, 2015. Thus, disclosure as required in Form AOC-2 in terms of Section 134 of the Companies Act, 2013 is not applicable to the Company. Prior omnibus approval was obtained for related party transactions which are repetitive in nature and entered in the ordinary course of business and were at arm's length. All related party transactions were placed before the Audit Committee for review every quarter.

The Policy on related party transactions and dealing with related party transactions, as approved by the Board,can be accessed on the Company's weblink: http://www.ahleast.com/policiespdf/Policy%20on%20Related%20Party%20Transaction.pdf. The policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.

The details of the transactions with related parties are set out in Notes to the Standalone and Consolidated Financial Statements pursuant to Ind AS.

MANAGEMENT DISCUSSION AND ANALYSIS AND CORPORATE GOVERNANCE:

Pursuant to Schedule V of Regulation 34(3) of the Listing Regulations, 2015, report on Management Discussion and Analysis as Annexure-IV and Corporate Governance Report as per Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, 2015 as Annexure-V and Compliance Certificate on Corporate Governance from the Practicing Company Secretaries are annexed to this Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As required under Section 135 of the Companies Act, 2013, the Company had spent Rs.16,00,000/- (Rupees Sixteen lakhs only)as CSR expenditure,for the financial year ended 2023-24. The details of the CSR Committee, CSR projects,CSR amount spent, etc., for the financial year ended 2023-24 are annexed and marked as Annexure-VI to this report.

The Company's CSR Policy formulated in accordance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 is available on the Company's weblink:https://ahleast.com/CSR%20Policy_19052021.pdf.

Apart from the corporate side, Hyatt Regency, Kolkata hotel being an operator also separately does its CSR activities regularly. Living by the ethos of Hyatt, care has been the core strength of the hotel. Last year,the hotel took multiple initiatives based on wellness, environment sustainability, career and economic development. As a part of Hyatt's RiseHY initiative,an industry visit was organized for the youths of LP4Y NGO which helped them get acquainted with the hospitality industry. A health check-up session was organized for the associates as Well-being is one of the values we live by. To promote economic development, the hotel hosted a workshop by the ladies of the Little Big Help organization as they sold handmade artifact products and jewellery. The workshop helped them earn a revenue of Rs25,840/- which went towards the development of their NGO. The hotel's executives paid a visit to Help Age India and spent quality time with the elderly ladies of the NGO and offered a month's groceries as a gesture. It ended the year with a beautiful initiative of celebrating Christmas with the Children of Little Big Help NGO and gifted them goodies of their choice and spending an evening with them. This year Women's Day, we organized a Bakery workshop with the young ladies of Little Big Help Organization under the guidance of the Chefs and the revenue generated by the sale of those products was dedicated towards the development of their NGO.

The hotel contributed approximately 122 volunteer hours and Rs 1,35,000 (approx.) towards CSR activity last year.

INTERNAL FINANCIAL CONTROL SYSTEMS And IT'S ADEQuACY:

Your Company, has in place, an adequate system of internal controls, with documented procedures covering all corporate functions and hotel operating units. Systems of internal controls are designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls, and compliance with applicable laws

and regulations. Adequate internal control measures are in the form of various policies and procedures issued by the Management covering all critical activities viz. Revenue Management, Hotel Operations, Purchase, Finance, Human Resources, Safety, etc. These policies and procedures are updated from time to time and compliance is monitored by Internal Audit.

The effectiveness of internal controls is reviewed through the internal audit process, which is undertaken for every operational unit and all major corporate functions under the direction of the Operations department. The Audit Committee of the Board oversees the adequacy of the internal control environment through regular reviews of the audit findings and monitoring implementations of internal audit recommendations through the compliance reports submitted to them. The Statutory Auditors of your Company have opined in their report that your Company has adequate internal controls over financial reporting.

RISK MANAGEMENT:

Your Company has adopted a Risk Management Policy pursuant to the provisions of Section 134(3)(n)of the Companies Act, 2013 to identify and evaluate business risks and opportunities for mitigation of the same on a continual basis. This framework seeks to create transparency, minimize adverse impact on business objective and enhance your Company's competitive advantage. In your company, risks are carefully mapped and a risk management framework is involved.

Your Company is faced with risks of different types, each of which needs varying approaches for mitigation. Details of various risks faced by your Company and their mitigation are provided in the Management Discussion and Analysis Report. The Company's risk management policy formulated in accordance with Section 134(3)(n) of the Companies Act, 2013 as approved by the Board is available on Company's weblink: http://www.ahleast.com/policiespdf/Risk%20Management%20Policy.pdf.

DISCLOSURES:

A) ANNUAL RETURN

Pursuant to Section 92(3) and 134(3)(a) of the Act, read with Rule 12 of Chapter VII, Companies (Management and Administration) Amendment Rules, 2020, Annual Return of the Company in Form MGT-7 for financial year ended 2023-24 is available under the Company's weblink: https://ahleast.com/notice-agm.html.

B) MEETINGS OF THE BOARD

During the financial year 2023-24, the Board of Directors had six(6) meetings. These meetings were held on 22ndMay, 2023, 11th August 2023, 9thNovember,2023, 8thJanuary,2024, 13th February, 2024 and 29th March, 2024. The details in relation to attendance at the meetings are disclosed in the Corporate Governance section which forms a part of this report.

C) COMPOSITION OF AUDIT COMMITTEE

The Audit Committee comprised of three (3) Directors amongst which two (2) were Independent Directors, namely Mr. Amal Chandra Chakrabortti and Ms. Rita Bhimani and one (1) is Jt. Managing Director namely Mr. Umesh Saraf as on 31st March, 2024.

Upon completion of the second term of office as an independent director of the Company, Mr. Amal Chandra Chakrabortti ceased to be the Chairman of the Audit Committee with effect from 1st April, 2024.

Further, with effect from 1st April, 2024 the Audit Committee stood reconstituted with the following three (3) directors:

1. Mr. Shourya Sengupta, Independent Director - Chairman

2. Ms. Rita Bhimani, Independent Director - Member

3. Mr. Umesh Saraf, Jt. Managing Director- Member

There have been no instances during the financial year when recommendations made by the Audit Committee were not accepted by the Board. The details of the Committees along with their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report.

D) SECRETARIAL STANDARDS

The Company is in compliance with 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 and approved by the Central Government.

E) EXTRA ORDINARY GENERAL MEETING AND POSTAL BALLOT

During the financial year ended 2023-24, the Company had called an Extra-Ordinary General Meeting on 1st February, 2024 to revise:

i. the existing borrowing limit under Section 180(1)(c);

ii. the existing limit for sale/ lease/ mortgage/ charge/ hypothecation of Company's assets/properties under Section 180(1)(a);

iii. the existing loans and investments limits under Section 186; and to obtain approval for:

iv. advancing any loan/giving guarantee/providing security under Section 185;and

v. related Party Transactions under Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Company has approved the Notice dated 29th March, 2024 to pass the following resolutions through Postal Ballot:

i. Appointment of Mr. Shourya Sengupta (DIN: 09216561) as a Non-Executive Independent Director of the Company for a term of five (5) consecutive years commencing from 1st April, 2024 till 31st March, 2029;

ii. Appointment of Mr. Devesh Saraf (DIN:07778585) as a Non-Executive & Non-Independent Director of the Company commencing from 1st April,2024; and

iii. Continuation of the directorship of Mr. Sandipan Chakravortty (DIN: 00053550) who shall attain the age of 75 years of age as on 23rd September, 2024.

The cut-off date for members eligible to vote was Friday, 10th May, 2024 and the notice has been sent to the eligible members on Thursday, 16th May, 2024. The remote e-voting period will be open for 30 days commencing from Monday, 20th May, 2024 09:00 A.M. IST to Tuesday, 18th June, 2024 05:00 P.M. The date of declaration of results will be within 48 hours of the conclusion of the remote e-voting.

F) VIGIL MECHANISM/WHISTLE BLOWER POLICY

Your Company has adopted a Whistle Blower Policy to provide a mechanism for the Directors and employees to report genuine concerns about any unethical behaviour, actual and suspected fraud or violation of your Company's Code of Conduct. The Policy provides for adequate safeguards against victimization of director(s)/employee(s) who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in appropriate or exceptional cases. The provisions of the policy are in line with the provisions of Section 177 of the Companies Act, 2013 read with Regulation 22 of the SEBI Listing Regulations, 2015. The vigil mechanism/whistle blower policy can be accessed on the Company's weblink: http://www.ahleast. com/policiespdf/Vigil%20Mechanism%20%20Whistle%20Blower%20Policy.pdf.

Further, during the year under review, no Complaint was received by the Company under the policy.

G) DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has always shown concern for every employee working in the organization. It has zero tolerance towards sexual harassment in the workplace and has an Internal Complaints Committee to consider and redress complaints of sexual harassment. The Company has also adopted a policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder to provide safe working environment for the benefit of the employees.

Status of complaints as on March 31, 2024:

H) PARTICULARS OF LOANS GIVEN, INVESTMENT MADE, GUARANTEES GIVEN AND SECURITY PROVIDED

Pursuant to the provisions of Section 134(3)(g) of the Companies Act, 2013, particulars of loans, guarantees, investments and securities given under Section 186 of the Companies Act, 2013 are given in the notes to the financial statements forming part of this Annual report.

I) PARTICULARS OF REMUNERATION

Disclosures pertaining to remuneration and other details, as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended, are provided in Annexure-VII to this report.

J) MAINTAINANCE Of COST RECORDS

The maintenance of cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 is not applicable to the Company.

K) GENERAL

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 financial year 2023-24 under review:

i) Details relating to deposits covered under Chapter V of the Companies Act, 2013.

ii) Issue of equity shares with differential rights as to dividend, voting or otherwise.

iii) Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

iv) The Jt. Managing Directors of the Company did not receive any remuneration or commission from any of its subsidiaries.

v) No significant or material orders were passed by the Regulators or Courts or Tribunals which could impact the going concern status and Company's operations in future.

vi) There has been no change in the nature of business of the Company.

vii) There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

ACKNOWLEDGEMENT

Your Board express their deep sense of appreciation for the contribution made by the employees to the significant improvement in _ the operations of the Company.

The Directors also thank all associates including customers, the Government of India, Government of West Bengal, Government Agencies, Hyatt Hotels Corporation, U.S.A., Bankers, Suppliers, Shareholders and others for their continuous co-operation and support.