Indian Sucrose Ltd

To,

The Members,

Your Directors are pleased to present the 33^rd Annual Report together with the Audited Financial Statements of the Company for the financial year ended on 31^st March, 2024.

FINANCIAL PERFORMANCE

The Audited Financial Statements of the Company as on 31^st March, 2024 are prepared in accordance with the relevant applicable IND AS and provisions of the Companies Act, 2013.

The summarized financial highlight is depicted below

(? in Lakhs)

PERFORMANCE REVIEW

During the year under review, your company has achieved revenue of ?52862.09 Lakhs as compared to previous year revenue of ?45,176.97 Lakhs and has earned Profit for the year of ?3274.35 Lakhs as compared to previous year net profit after Tax of ?3001.00 Lakhs.

During the year under review, your company has crushed 10717256.47 QTLS of Sugarcane and produced 1065160 QTLS of Sugar as compared to previous year crushing of 10864105.49 QTLS of sugarcane and production of 1126920 QTLS of Sugar.

During the year under review, your company has generated total power of 92280 MWH out of which total power consumed inhouse was 41843 MWH and exported 50437 MWH to grid as compared to previous year genration of total power was 65387 MWH out of which total power consumed in-house was 39424 MWH and Power exported stands at 25963 MWH to grid.

The capacity utilization of the plant during the year under review was 83.88% and the average recovery was 9.93% as compared to capacity utilization of 85.21% and average recovery of 10.38% in the previous year.

DIVIDEND & TRANSFER TO RESERVES

No amount is proposed to be transferred to the reserve(s) and your Directors have not recommended payment of any dividend for the year under review.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year, there was no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENT

There were no material changes and commitments affecting financial position of the company during the year.

SHARE CAPITAL

During the year under review, there was no change in the Authorized Share Capital of the Company. At present the Authorized Share Capital of the company is ?75,00,00,000/- (Rupees Seventy-Five Crores Only) divided into 6,80,00,000 (Six Crore Eighty Lakh only) Equity Shares of ?10/- (Rupees Ten) each and 70,00,000 (Seventy Lakh) Preference Shares of ?10/- (Rupees Ten) each.

The paid -up Equity Share Capital of the company at 31^st March, 2024 stood at 1,73,76,701 Equity Shares of ?10/- each aggregating to ?17,37,67,010/- (Rupees Seventeen Crores Thirty-Seven Lakhs Sixty-Seven Thousand and Ten only).

ALTERATION OF MEMORANDUM OF ASSOCIATION

During the year, the Memorandum of Association of the Company were altered by inserting a new clause related to Bio CNG/CBG, Ethanol, Oil, gas and various other chemical/petroleum products and to operate petroleum or any other oil-bearing pumps/stations etc. and leasing of immovable and movable properties of all kinds of goods and articles for commercial, industrial or business use or use for any other purpose whatsoever in the Board Meeting held on January 4^th, 2024 subject to the shareholder's approval, which was duly obtained through postal ballot dated February, 14^th, 2024.

DEPOSITS

During the period under review, your Company has not accepted any deposits from public within the meaning of Sections 73 and 74 of the Companies Act, 2013 (the "Act") and the Companies (Acceptance of Deposits) Rules, 2014.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

There was no amount required to be transferred to IEPF.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements, wherever applicable.

CORPORATE SOCIAL RESPONSIBILITY

CSR is a company's sense of responsibility towards the community and environment in which it operates. It is the continuing commitment by business to behave ethically and contribute to economic development of the society at large and building capacity for sustainable livelihoods. The Company believes in conducting its business responsibility, fairly and in a most transparent manner. It continually seeks ways to bring about an overall positive impact on the society and environment where it operates and as a part of its social objectives. This policy has been formally formulated and adopted in terms of Section 135 of the Act and Rules framed there under to undertake CSR activities.

The Company has always made consistent efforts to maintain an active corporate social responsibility portfolio.

Composition of Corporate Social Responsibility Committee (CSR Committee):

During the reporting period,

The responsibilities of the CSR Committee include:

a) To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company in areas or subject specified in Schedule VII of the Act.

b) To recommend the amount of expenditure to be incurred on the activities as mentioned above and;

c) To monitor the Corporate Social Responsibility Policy of the Company from time to time.

d) To prepare a transparent monitoring mechanism for ensuring implementation of the projects / programmes/ activities proposed to be undertaken by the Company and to do all such acts, deeds and things as may be required in connection with the CSR activities.

The details of committee meetings held during the year are provided in the Corporate Governance Report.

As per the provisions of the Companies Act, 2013, all companies having a net worth of ?500 crore or more, or a turnover of ?1,000 crore or more or a net profit of ?5 crore or more during the immediately preceding financial year are required to constitute a CSR committee of the Board of Directors comprising three or more directors, at least one of whom should be an independent director. All such companies are required to spend at least 2% of the average net profits of their three immediately preceding financial years on CSR-related activities.

Accordingly, the company has invested ?75.61 Lakhs towards CSR activities during the financial year as required to invest pursuant to specified Schedule VII of the Companies Act, 2013. The Annual Report on corporate social responsibility activities is attached and marked as Annexure -A and forms part of this report. The CSR Policy of the company as approved by the Board can be accessed on the Company's website at https://www.muksug.in/about us/policy.

HUMAN RESOURCES

The Company's HR philosophy is to establish and build a high performing organization, where each individual is motivated to perform to the fullest capacity to contribute to developing and achieving individual excellence and departmental objectives and continuously improve performance to realize the full potential of our personnel. The company has structured induction process at all locations and management development programs to update skills of managers.

INDUSTRIAL RELATIONS

The Company maintained healthy, cordial and harmonious industrial relations at all levels. Despite severe competition, the enthusiasm and unstinting efforts of the employees have enabled the company to remain at the forefront of the Industry. It has taken various steps to improve productivity across organization.

Your company continued to receive co-operation and unstinted support from the distributors, retailers, stockiest, suppliers and others associated with the company as its trading partners. The directors wish to place on record their appreciation for the same and your company will continue in its endeavor to build and nurture strong links with trade, based on mutuality, respect and cooperation with each other and consistent with consumer interest.

RISK MANAGEMENT

The Company has developed and implemented a Risk Management Policy. The policy identifies the threat of such events as "Risks" which if occurred will adversely affect value to shareholders, ability of company to achieve objectives, ability to implement business strategies, the manner in which the Company operates and reputation. Such risks are categorized into Strategic Risks, Operating Risks and Regulatory Risks.

The framework defines the process for identification of risks, its assessment, mitigation measures, monitoring and reporting. While the company, through its employees and Executive Management, continuously assess the identified Risks, the Audit Committee reviews the identified Risks and its mitigation measures Quarterly.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has formulated and implemented the Whistle Blower/Vigil Mechanism Policy which ensures the employee to report any instance of fraud, unethical behavior and mismanagement, if any, to the Chairman of the Audit Committee. The Vigil Mechanism policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern. The policy has been uploaded in the website of the company at https://www. muksug.in/about us/policy.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES COMPANIES

The Company does not have any Subsidiary, Joint Venture or Associate companies within the meaning of Sections 2(6) and 2(87) of the Companies Act, 2013 as on 31^st March, 2024. The Company has framed a policy for determining material subsidiaries, which has been uploaded on website of the company at https://www.muksug.in/about us/policy.

(a) Appointment/Resignation of Directors/KMPs

During the Financial Year 2023-24 there were following Changes in the Board of Directors of the Company: -

(i) Mr. Ved Gupta, was appointed as Executive Non-Independent Director in the Board of the Company on 30^th September 2023.

(ii) Mr. Ved Gupta, Executive Non-Independent Director, ceased to be director of the company consequent to his resignation effective from 29^th December, 2023, due to personal and professional Commitments with some other projects.

(iii) Ms. Anamika Raju, Company Secretary and Compliance Officer of the Company resigned from the designation with effect from 15^th May, 2023, due to personal reason and commitment.

(iv) Mr. Sanjay Kumar Aggarwal was appointed as Company Secretary and Compliance Officer of the Company on 15^th May, 2023.

(v) Mr. Sanjay Kumar Aggarwal, Company Secretary and Compliance Officer of the Company resigned from the designation on 15^th June, 2023, due to other professional commitments.

(vi) Ms. Anamika Raju was appointed as Company Secretary and Compliance Officer of the Company w.e.f. 15^th June, 2023. All the Directors have made requisite disclosure under provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

(b) Retirement by Rotation

Pursuant to the provisions of Section 152 of the Act, Mrs. Geeta Sharma (DIN: 08905164), Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re - appointment. The Board of Directors recommends her re - appointment at the forthcoming Annual General Meeting. Brief resume of Mrs. Geeta Sharma is circulated to the members as part of the AGM Notice.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an Annual Evaluation of its performance as well as that of its Committees and individual directors. The manner in which the evaluation has been carried out has been explained in the Corporate Governance

Requirements as prescribed by SEBI (LODR) Regulations, 2015.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Board has on the recommendation of the Nomination and Remuneration Committee (NRC), framed a policy for the selection and appointment of Directors, Key Managerial Personnel and Senior Management and the criteria for determining the qualifications, positive attributes and independence of directors, including fixing their remuneration.

The Remuneration Policy and criteria for Board nominations are available on the company's website at htttps://www.muksug.in/ about us/policy.

FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying it in their appointment letter along with necessary documents, reports and internal policies to enable them to familiarize with the Company's procedures and practices. The Company has through presentations, at regular intervals, familiarized and updated the Independent Directors with the strategy, operations and functions of the Company and Sugar Industry as a whole. The details of such familiarization programs for Independent Directors are explained in the Corporate Governance Report and posted on the website of the Company at https://www.muksug.in /about us/policy.

EXPERTISE OF INDEPENDENT DIRECTORS

In terms of the requirement of Listing Regulations, and Rule 8(5) (iiia) of the Companies (Accounts) Rules, 2014, the Board has identified core skills, expertise and competencies of the directors in the context of the company's business for effective functioning and how the current board of directors is fulfilling the required skills and competences. This is detailed at length in the Corporate Governance Report.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received 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 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and amendment thereto and they have complied with the Code for Independent Directors as prescribed in Schedule IV to the Companies Act, 2013.

The Company has also received confirmation from all the Independent Directors that they have not been disqualified under section 164 (1) and 164 (2) of the Companies Act, 2013 in any of the Companies, in the previous financial year, and that they are at present free from any disqualification from being a director. The Independent Directors have also confirmed their compliance with the code for Independent Directors, as prescribed in Schedule IV of the Companies Act, 2013, and the Code of Conduct and Business ethics for Board Members and Senior Management of the Company.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

Seven (7) Meetings of the Board of Directors during the financial year ended 31st March, 2024 were held on 15^th May 2023, 15^th June 2023, 14^th August 2023, 31^st August 2023, 16^th November 2023, 04^th January 2024 and 14^th February 2024. The intervening gap between two consecutive meetings was within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of meeting held and attended by the Directors during the year is provided in the Corporate Governance Report forming part of this Report.

COMMITTEES OF THE BOARD

The Board of Directors has following committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee (CSR Committee)

The details of the Committees alongwith their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report forming part of this report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors, to the best of their knowledge, belief and according to information and explanations obtained from the management, confirm that:

(a) In the preparation of the annual accounts for the financial year ended March 31,2024, the applicable accounting standards have been followed along with proper explanation and there are no material departures therefrom;

(b) the directors 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 as at March 31,2024 and of the profit and loss of the company for that period;

(c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

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

(e) they have laid down proper internal financial controls to be followed by the company and such controls are adequate and operating effectively and;

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

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements/ transactions entered into by the company during the year with the related parties were on arm's length basis and were in the ordinary course of business.

All Related Party Transactions are placed before the Audit Committee for approval. Prior Omnibus approval of the Audit committee is obtained on a yearly/quarterly basis for the transactions which are of a forseen and repetitive nature. The Transactions entered into pursuant to the omnibus approval so granted are placed on quarterly basis before the Audit Committee for their review. The necessary details for each of the related party transactions are provided to the Audit Committee as required under SEBI Master Circular dated 11^th July, 2023. The Material Related Party Transactions approved by the members of the Company are also reviewed/ monitored on quarterly basis by the Audit Committee of the Company as per Regulation 23 of the Listing Regulations and section 177 of the Companies Act, 2013.

During the year under review, your company has entered into Material Related Party Transactions as previously approved by the members under Regulation 23 of the Listing Regulations. The company also intends to enter into new Material Related Party Transactions for which the approval of members is being sought.

During the year, the company has not entered into Material Related Party Transactions as per the provisions of the Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for FY 2023-2024 and hence does not form part of this report.

The Policy on materiality of and dealing with Related Party Transactions as approved by the Board is uploaded on the Company's website and can be accessed at the web link https://www.muksug.in/about us/policy.

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

During the year under review, there were no such orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operation in future.

A) Statutory Auditors

M/s SSVS & Co., Chartered Accountants (FRN: 021648C), Ghaziabad, U.P., appointed as a Statutory Auditor of the Company for a period of five years, at the Annual General Meeting held on September 30, 2021 from the conclusion of 30th AGM till the conclusion of the 35th AGM.

The Report given by the Statutory Auditors M/s SSVS & Co., on the financial statements along with the notes to the financial statements of the Company for the financial year 2023-24 is forming part of the Annual Report. The observations and comments given by Auditors in their report read together with notes to Accounts are self-explanatory and hence do not call for any further comments under section 134 of the Act. However, the clarification/explanation on the qualifications in the Auditors' Report are as under: -

(b) Cost Auditors

In terms of the section 148 of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, Cost Audit is applicable to company's businesses of sugar, distillery, and co-generation of power. The accounts and records for the above applicable businesses are prepared and maintained by the company as specified by the Central Government under sub-section (1) of section 148 of the Act.

The Board of Directors, on the recommendation of the Audit Committee, have appointed M/s Khushwinder Kumar & Co., Cost Accountants, Jalandhar (Firm Registration No. 100123), as the Cost Auditors to audit the cost accounting records maintained by the company for the financial year 2024-25 on a remuneration of ?1,00,000/- (plus applicable taxes and reimbursement of out-of-pocket expenses).

A resolution seeking members' ratification for the remuneration payable to the Cost Auditor forms part of the notice convening the Annual General Meeting.

The Cost Audit Report for the financial year 2022-23 has been filed with the Ministry of Corporate Affairs.

The Cost Audit Report for the financial year 2023-24 would be filed with the Ministry of Corporate Affairs as per the provisions of the Act.

(c) 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 Board has appointed Mr. Lalan Kumar Singh Company Secretary in practice (Membership No. FCS -7837, C.P. No.-8544) Delhi, as the Secretarial Auditors to undertake the Secretarial Audit of the Company for the financial year 2023-24. The Secretarial Audit Report is provided in Annexure - B to this Report.

There are no qualifications, reservations or adverse remarks or disclaimer made by the Secretarial Auditors in their report for the year 2023-24.

(d) Internal Auditors

In accordance with the provisions of section 138 of the Companies Act, 2013, the Company has appointed M/s Davinder Pal Singh & Co., Chartered Accountants as Internal Auditors for carrying out the Internal Audit of the Company for the Financial Year 2024-25.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Company has an Internal Audit department with adequate experience and expertise in internal controls, operating system and procedures. The system is supported by documented policies, guidelines and procedures to monitor business and operational performance which are aimed at ensuring business integrity and promoting operational efficiency.

The Internal Audit Department reviews the adequacy of internal control system in the Company, its compliance with operating systems and laid down policies and procedures. Based on the report of internal audit function, process owners undertake corrective actions in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board of Directors from time to time.

Effective mechanism has been developed for Communication between the Units and the Officials to keep various establishments abreast of regulatory changes and ensure compliances.

DETAILS IN RESPECT OF FRAUD REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

The Auditors of the company have not reported any fraud in terms of the second proviso to section 143(12) of the Companies Act, 2013 and therefore no detail is required to be disclosed under section 134(3)(ca) of the Companies Act, 2013.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on the Operations of the Company, as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in a separate section and forms an integral part of this report.

CORPORATE GOVERNANCE

The report on Corporate Governance along with certificate from a practicing Company Secretary regarding compliance of conditions of Corporate Governance as stipulated under the Listing Regulations is annexed to this report. The report also contains details required to be provided on the board evaluation, remuneration policy/vigil mechanism, etc.

The Managing Director and the Chief Financial Officer have submitted a certificate to the Board regarding the financial statements and other matters as required under Regulation 17(8) read with Schedule II of Part B of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

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

Details of conservation of energy, technology absorption, foreign exchange earnings and outgo pursuant to section 134(3)(m) of the Companies Act, 2013 read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure-C and forms an integral part of this report.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect to the remuneration of the employees of the Company, are not applicable to the company.

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 are given in Annexure-D to this report.

LISTING

The shares of the company have been listed in Bombay Stock Exchange Limited (BSE Limited).

ANNUAL RETURN

In terms of section 92 of the Act, the Annual Return of the Company in Form MGT-7 is placed on the website of the Company and can be accessed at https://www.muksug.com/annualreturn.

SECRETARIAL STANDARDS

The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India(ICSI) and approved by the Central Government as required under section 118(10) of the Act.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company has in place a policy on the prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaint Committee is in place to redress the complaints received regarding sexual harassment. All employees are covered under this policy. During the year, no complaints were received.

SUSPENSE ESCROW DEMAT ACCOUNT

Escrow Demat Account had been opened by the Company with a Depository Participant for crediting unclaimed shares in dematerialised form lying for more than 120 days from the date of issue of Letter of Confirmation(s) to the shareholders in lieu of physical share certificates to enable them to make a request to DP for dematerialising their shares. _

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

In terms of Regulations 34(2)(f) of the SEBI Listing Regulations, the Annual Report of top One Thousand listed entities based on market capitalization, shall contain the Business Responsibility and Sustainability Report ("BRSR") describing the initiatives taken by the entity from an environmental, social and governance ('ESG') perspective. As your company does not fall under the above threshold, it is not required to annex Business Responsibilities and Sustainability Report.

CREDIT RATING

The details of Credit Rating assigned to the company during the year are given in the Corporate Governance Report.

GENERAL DISCLOSURES

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:

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

2. Issue of shares (including sweat equity shares or warrants or any stock option) to employees of the company under any scheme.

3. Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.

4. One-time settlement of loan obtained from the Banks or Financial Institutions.

5. The requirements to disclose the 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_alongwith the reasons thereof.

6. Revision of financial statements and Directors' Report of your company.

7. The Managing Director of the company does not receive any remuneration or commission from any of Company's subsidiary.

ENHANCING SHAREHOLDERS VALUE

Your Company believes that its Members are among its most important stakeholders. Accordingly, your Company's operations are committed to the pursuit of achieving high levels of operating performance and zero cost competitiveness, consolidating and building for growth, enhancing the productive asset and resource base and nurturing overall corporate reputation. Your Company is also committed to creating value for its other stakeholders by ensuring that its corporate actions positively impact the socioeconomic and environmental dimensions and contribute to sustainable growth and development.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the assistance and co-operation received from the Company's customers, vendors, bankers, auditors, investors, Government authorities and stock exchanges during the year under review. Your Directors place on records their appreciation of the contributions made by employees at all levels. Your Company's consistent growth was made possible by their hard work, solidarity, co-operation and support.