Modi Naturals Ltd

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Management Analysis

Your Directors have pleasure in presenting the Fiftieth Annual Report and audited financial statements for the financial year ended 31st March 2024.

FINANCIAL PERFORMANCE

The summarized financial results of the Company are presented below as per LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015. The summarized financial results of the Company are presented below:

Rs (in lakhs)

DIVIDEND

No dividend is proposed for the financial year ended 31st March 2024.

TRANSFER TO RESERVES

No amount is proposed to be transferred to reserves.

STATE OF OF AFFAIRS AND REVIEW OF OPERATIONS

Your Company, during the fiscal 2024, recorded revenue from operations of Rs. 35776.61 lac, a decline of 14% over previous year. The Profit Before Tax (PBT) was Rs.95.02 lac against f196.66 lac in the previous year. The Profit After Tax (PAT) was Rs.91.15 lac against Rs.117.04 lac in the previous year. Overall revenue and profitability impacted on the back of continued reduction in oil prices in bulk division in FY24. Increase in finance cost owing to capital expenditure of Ethanol plant and increased working capital requirement.

Segment, Products wise Performance

Modi Naturals is today one of India's leading consumer goods companies operating in the wellness and foods category.

The company is poised to grow exponentially in the next few years with its three verticals namely a). consumer goods vertical, b). bulk edible oil and feeds vertical and c). alcohol manufacturing vertical.

Modi Naturals' Branded /Consumer Division includes a range of products that includes healthy & premium edible oil, Popcorn, Pasta, Peanut Butter, Instant Drink Mix etc.

• In healthy and premium edible oil category - the company's branded product portfolio includes Oleev Olive oil, Oleev Active oil (healthy Olive oil and Rice Bran Oil blend), Oleev Health Oil (Multisource Oil) Oleev Smart Oil (Multisource oil), Rizolo Rice bran oil, Miller Canola Oil and Olivana Wellness Oil (100% natural versatile oil with goodness of pure olives - can be used for cooking, hair, skin care and baby care). We are the only player making Multi-Source Olive oil.

Your Company's flagship brand, "OLEEV" is a leading name in the edible oil market, and it caters to the premium segment of the market. In the multisource edible oil category, 'Oleev Active' has continued to increase its dominance. Volume has recovered after removal of stock limits, and we expect to see growth pick up in subsequent quarters.

In healthy Indulgent snacking category - the company's branded product portfolio includes :

• 'Pasta' (100% Wheat Semolina & 0% Maida) with three variants, under the sub-brand OLEEV KITCHEN.

We are extending our range of ready-to-cook pasta and introducing new shapes, i.e. macaroni and spaghetti. With our commitment to food innovation, we have launched a one-of-its-kind multigrain pasta with the goodness of four grains in the premium category.

• 'Peanut Butter' with two variants Creamy & Crunchy under the sub-brand OLEEV KITCHEN.

In Peanut Butter, we are creating a vertical segmentation wherein we have launched Oleev Junior Peanut Butter specifically targeted for children in the age bracket of 4-13 years. Additionally, Oleev Junior Peanut Butter will be available in chocolate flavour as well and is currently being piloted. We will scale up the distribution in subsequent quarters.

• PIPO Popcorn and unique Taste Bomb sachets inside with exciting flavours Peri Peri, Tomato Salsa, Cheese Burst, Tandoori Twist, to suit the Indian palate better compared to the regular butter/cheese flavours available in the market.

Under PIPO, we are extending our product portfolio and getting into the ready-to-eat (RTE) space, we have launched on a pilot basis our range of flavoured roasted peanuts. These RTE peanuts are available in five flavours, including Periperi, BBQ, heeng-jeera, and others.

• Taste Bomb, PIPO's sub-brand, is being separately launched in the instant masala/seasoning category, with six variants i.e. Magic masala, pasta masala, peri peri, Oregano, Italian herbs, and Tandoori.

• Ready To Mix Beverages: New category of powdered ready-to-mix beverages marketed under new brand "Jynx" with the following flavours- mango, orange, iced tea-lemon and mojito has been soft launched this summer and the response is heartening. We hope to scale it up over the course of the next one year. This will help us enter an exciting new category which is doing well with Gen-Z and will also offset some of the seasonality in oil demand in summer months.

Consumer Division Performance for FY24 was moderate owing to a significant reduction in branded oil prices. Demand has started picking up in the branded oil and food division. EBITDA has improved on the back of Improved supply chain efficiency, optimisation of manpower cost and reduced A&P spends.

• In the bulk edible oil segment, the company manufactures and markets Rice Bran oil, Rice Bran wax and De-oiled cakes.

Revenue has been impacted by inventory loss due to a reduction in oil prices. EBITDA loss was mainly due to inventory loss, but losses significantly reduced to Rs -2.3 cr in Q4FY24 from Rs -4.1 cr in Q3FY24 and Rs -5.5 cr in Q4FY23. We expect to further reduce our losses in this division in FY25.

The Company has created niche, premium and differentiated brands in highly competitive categories of edible oils and healthy foods. Our strong focus on quality, innovation, product differentiation and brand building has helped us stand out in a cluttered retail market, with 'Oleev' becoming the No.1 "Goodness of Olive Oil" brand in India, with fully backward- integrated portfolio of products. Over the last decade, we have developed a pan-India distribution network across all channels of FMCG, including the upcoming Q-Commerce, serving our consumers through all modes of online and offline retail across the country. We are a proud Indian company, manufacturing, and marketing world-class food products in India.

The Company is present on all e-commerce platforms including Amazon, Blinkit (Big Basket), Flipkart, Grofers and Jio Mart. Further, the company is widely distributed in 3,000 organized modern retail outlets and also has around 450 distributors pan India with a direct reach of about 50,000 retail stores, which will be used to penetrate further in healthy snaking foods category. Recently, the Company has started food business with a few more large retail players like Spencer's which will reflect in numbers in the coming quarters.

• Ethanol Business: A step towards sustainable growth, Modi Naturals has diversified into ethanol manufacturing, with a state-of-the-art greenfield Ethanol Plant being established in the State of Chhattisgarh under its 100% subsidiary, Modi Biotech Private Limited. This project is in line with the company's core values & commitment towards sustainable growth and will also help the company have a diversified portfolio of businesses. This project is also in line with the Honourable Prime Minister of India Shri Narendra Modi's vision & roadmap for the Ethanol Blended Petrol (EBP) program with a target of 20% blending by 2025.

• Commercial production began at the end of Q3 FY24, and Q4 FY24 was a full quarter for operations. However, the plant was undergoing a stabilisation process, which resulted in a reduced level of production and an increase in the cost of running the plant. The plant has now fully stabilised and is working at optimum capacity. The commissioning of our Ethanol Plant represents an important moment in India's drive for sustainable biofuels. Modi Biotech is committed to influencing the nation's energy future. Biofuel is certainly the key to India's automotive sector. Our Ethanol facility demonstrates our commitment to sustainability, energy security, environmental responsibility, and increasing farm income simultaneously at the same time. Furthermore, it has enabled us to diversify our company portfolios and build a green-field unit with significant growth potential.

Your Company is placed competitively in the industry and is determined to grow its market share and profitability sustainably through focus on developing top-notch products coupled with extensive advertising and promotional campaigns.

• Indian Economy

Even as the global conflict remained geographically distant from India, ripples comprised increased oil import bills, inflation, cautious government and a sluggish equity market. India's economic growth was 7.2% in FY 2023-24. India overtook UK to become the fifth largest global economy. India surpassed China to become the world's most populous nation. (Source: IMF, World Bank)

India is widely acknowledged as one of the most dynamic major economies in the world with immense headroom for growth over the medium and long term. A favourable demographic profile, increasing affluence, rapid urbanization and accelerated digital adoption represent some of the key structural drivers of growth of the Indian Economy.

• FMCG Industry

The FMCG sector continues to remain an exciting sector with continued growth potential driven by India's economic growth. The FMCG industry in India has been reporting good growth even during the COVID years, when most other industries were reeling under a demand crunch, riding on strong consumer shift in favour of natural healthcare products. The frequent price increases and an overall slump in economic activity put pressure on the purchasing power of consumers particularly in Rural India. Despite near term consumption pressure, there are some green shoots which are emerging such as moderating inflation, improving consumer confidence and increase in government spending coupled with a good monsoon thu year. This should help revive demand and drive consumption of consumer goods in the future.

• Indian edible oils Industry

India's per capita consumption of edible oil is relatively low at 19-19.80 kg per year, compared to the global average of 24 kg per year. However, with a growing population and increasing per capita consumption, demand for edible oils is expected to increase. (Source: Technopak)

• Ready to cook & ready to eat segments in India

The market for both the segments put together is estimated to be approximately 8,400 Crore in FY 2024-25 and is expected to grow at a high CAGR of 16% doubling itself by FY 2029-30.

Outlook

The fast-moving consumer goods (FMCG) industry is expected to grow at a CAGR of 27.9% from 2021 to 2027, reaching nearly US$ 615.87 bn. This gain will be ascribed to the projected rise in rural demand as inflation slowly starts to decline. Urban demand is also anticipated to remain steady, supporting the sector's expansion. By 2025, the number of internet users in India is also projected to reach 1 bn. As an estimated 40% of all FMCG consumption in India is done online, the e- commerce share of total FMCG sales is expected to increase by 11% by 2030. (Source: CRISIL, IBEF)

The Company strives to leverage these opportunities and create innovative products that meet diverse consumer requirements. Further, the Company's expenditure on marketing and advertising would help to reinforce its brands.

SUBSIDIARIES, JOINT VENTURES, OR ASSOCIATE COMPANIES

1. Modi Biotech Private Limited - wholly owned subsidiary

Modi Biotech Private Limited (MBPL) was formed on 27th April 2021 to set up a greenfield Ethanol Distillery at Raipur, Chhattisgarh.

MBPL has started its commercial production in November 2023.

The Company does not have any Joint Ventures or Associate Companies.

Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules made thereunder and Regulation 33 of the SEBI Listing Regulations, the Company has prepared consolidated financial statements of the Company and a separate statement containing the salient features of financial statement of subsidiaries in Form AOC-1, which forms part of this Annual Report.

In accordance with Section 136 of the Act, the audited financial statements, including consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries, are available on website of the Company (www.modinaturals.com).

Internal Control Systems and its adequacy

The Company has adequate Internal Control System consistent with the nature of business and size of the operations, to effectively provide for safety of its assets, reliability of financial transactions with adequate checks and balances, adherence to applicable statues, accounting policies, approval procedures and to ensure optimum use of available resources. These systems are reviewed and improved on a regular basis. It has a comprehensive budgetary control system to monitor revenue and expenditure against approved budget on an ongoing basis.

The Internal Auditor, the Audit Committee as well as the Board of Directors conduct from time to time an evaluation of the adequacy and effectiveness of the system of internal controls for financial reporting with respect to financial statements.

Risk Management

The Company has adopted Risk Management Policy to proactively take care of the internal and external risks of the company and ensure smooth business operations. The company's risk management policy ensures that all its material and compliance risk exposures are properly covered, and the company's business growth and financial stability is assured.

Human Resource and Industrial Relations

The Company lays great emphasis on proper management of human resources and believes that this is the most important ingredient for achieving excellence in performance and sustainable growth. The Management of your Company put utmost efforts to strengthen the existing work force and retaining them to enhance the human resource capability in the Company.

As on 31st March 2024, the Company had 517 employees on its payroll. The Company's industrial relations are cordial at all locations.

The Directors of your Company deeply appreciate the spirit and commitment of its dedicated team of employees.

SHARE CAPITAL

During the year under review, the Company has allotted fully paid-up 650000 equity shares upon conversion of warrants on preferential basis. The Company has applied for Listing approval with the BSE in respect of the aforesaid shares. However, the said Equity shares, subject to the terms and conditions stipulated at the time of their issue, are under a Lock-in for eighteen months from the date of trading approval. The paid-up equity share capital as on March 31, 2024 stood at Rs. 13,30,63,970 comprising of 13306397 equity shares of face value of Rs. 10/- each.

There was no public issue, rights issue, bonus issue. During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity. As on March 31, 2024, none of the directors of the Company holds any convertible instruments of the company.

PUBLIC DEPOSITS

During the year the Company has not accepted / renewed any deposit from public. The total deposits remained unpaid or unclaimed as at 31st March, 2024 is Nil. There is no default in repayment of deposits or payment of interest thereon during the year.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. During the year, there were no materially significant related party transactions made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with the interest of the Company.

There were no materially significant related party transactions made by the Company during the year that required shareholders' approval under Regulation 23 of the Listing Regulations. The details of related party transactions are provided in Note 36 to Standalone Financial Statements in accordance with the Accounting Standards.

The Policy on RPTs as approved by the Board is uploaded on the Company's website https://modinaturals.com/investor- relations/

STATUTORY AUDITORS

M/s. Doogar & Associates, Chartered Accountants (ICAI FRN - 000561N), the statutory auditors of the Company have been appointed at the 49th annual general meeting held on September 30, 2023 for a period of 5 years from the conclusion of 49th Annual General Meeting upto the conclusion of 54th Annual General Meeting to be held in the year 2028.

The statutory audit report for the year 2023-24 is annexed hereto and forms part of the Annual Report. There are no qualifications made by the Auditors in their Report which requires any explanation from the Board of Directors of the Company. The Notes to Accounts referred to in the Auditors' Report are self-explanatory and do not call for any further comments.

The Auditors have confirmed that they are not disqualified within the meaning of Section 141 of the Companies Act, 2013 read with Rule 4(1) of the Companies (Audit and Auditors) Rules, 2014 to continue as Auditors of the Company.

COST AUDITORS

The Board of Directors at their meeting held on 05.09.2024 appointed M/s. Manisha & Associates, Cost Accountants (FRNo.-000321), as the Cost Auditor for conducting the Cost Audit for the financial year 2024-25. A resolution seeking members' ratification of the remuneration payable to Cost Auditor is included in the AGM notice. The Cost Audit Report for financial year 2023-24 will be filed within the stipulated period. The Company is maintaining the Cost Records as per Section 148(1) of the Companies Act, 2013.

SECRETARIAL AUDITORS

The Board had appointed M/s Deepak Bansal & Associates, Company Secretaries, to conduct Secretarial Audit of the Company. The Secretarial Audit Report for the financial year ended March 31, 2024 is annexed herewith as "Annexure A". The Secretarial Audit Report is self-explanatory and does not require any further comments from the Board of Directors.

As required by Regulation 24A (1) of the SEBI (LODR) Regulations, 2015, a secretarial audit report for the financial year ended March 31, 2024 for its material unlisted subsidiary company, namely Modi Biotech Private Limited is also annexed herewith as Annexure-B. The Secretarial Audit Report is self-explanatory and does not require any further comments from the Board of Directors

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

During the year under review, Mr. Sudhir Shankar Halwasiya (DIN: 00020000), Mr. Alok Garg (DIN: 01394308) and Mr. Sulabh Singal (DIN: 05270534) ceased as Independent Directors of the Company on March 31, 2024 due to completion of their second term in office as Independent Directors. Consequently, they ceased to be Directors of the Company with effect from close of business hours on March 31, 2024.

The Board placed on record it's deep appreciation for the valuable contribution made by Mr. Sudhir Shankar Halwasiya, Mr. Alok Garg and Mr. Sulabh Singal during their tenure as Independent Directors of the Company.

The Board at its meeting held on 31st March, 2024 appointed Mr. Udit Jain (DIN: 00166794), Mrs. Ankita Singal (DIN: 01633449), and Mr. Ankit Garg (DIN: 10567791), as Additional Directors (Non-Executive, Independent) of the Company, for a first term of 5 years i.e from April 1, 2024 to March 31, 2029, upon the recommendation of the Nomination and Remuneration Committee, subject to approval of the shareholders to be obtained within three months hereof. The Company obtained the approval of shareholders by passing special resolution through postal ballot on 27th June, 2024.

Pursuant to the provisions of section 152 of the Companies Act, 2013, Mr. Akshay Modi, Joint Managing Director, retires by rotation and being eligible, has offered himself for re-appointment. The Board recommends the re-appointment of Mr. Akshay Modi.

The information as required to be disclosed under regulation 36(3) of the SEBI Listing Regulations, 2015 and Secretarial Standard 2 in case of appointment /re-appointment of the directors is provided in the AGM Notice.

Key Managerial Personnel

The Key Managerial Personnel of the Company as stipulated under the Companies Act, 2013 are Mr. Anil Modi, Chairman & Managing Director, Mr. Akshay Modi, Joint Managing Director, Mr. Pradeep Kapoor, Chief Financial Officer and Mr. Ankit Agarwal, Company Secretary.

EVALUATION BY THE BOARD

The Board has made a formal annual evaluation of its own performance, Committees of the Board, Independent Directors and Individual Directors of the Company.

The Board's performance was evaluated based on criteria like Structure, Governance, Dynamics & Functioning, Approval & Review of Operations, Financials, Internal Controls etc. The performance of the Independent Directors as well as Individual Directors including the Chairman of the Board was evaluated based on the evaluation criteria laid down under the Nomination and Remuneration Policy and the Code of Conduct as laid down by the Board.

The Committees of the Board were evaluated individually based on the terms of reference specified by the Board to the said Committee. The Board of Directors were satisfied with the evaluation process which ensured that the performance of the Board, its Committees, Independent Directors, and Individual Directors adhered to their applicable criteria.

SECRETARIAL STANDARDS

The company had complied with the applicable Secretarial Standards issued by ICSI.

CSR INITIATIVES

Modi Naturals' Corporate Social Responsibility (CSR) activities reflect its philosophy of enhancing value to the society and the environment around us. CSR activities are carried out through registered trust (SLRE Foundation). During the year under review, the Company was not required to spend any amount on CSR activities, therefore, the Annual Report on CSR activities is not provided herewith.

DISCLOSURES:

1. Independent Directors have given declarations that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. Salient features of the Nomination and Remuneration Policy is disclosed in the Report on Corporate Governance.

3. Qualification, reservation or adverse remark or disclaimer made by Statutory Auditor in their report: NIL

4. The particulars of Loans, Guarantees and Investments made by the Company under Section 186 of the Companies Act, 2013 are given in Note-5 to the Standalone Financial Statements.

5. Disclosure as required under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given in Note. 5 & 36 to the Standalone Financial Statements.

6. There are no significant and material orders passed by the Regulators / Courts / Tribunals which would impact the going concern status and the Company's operations in future.

7. 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 statements relate and the date of the report: NIL.

8. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 is annexed herewith as "Annexure C".

9. Annual Return:

Annual Return in Form MGT-7 is available at the Company's website www.modinaturals.com and the weblink: https://modinaturals.com/compliance-reports/

10. Particulars of Employees:

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 annexed at Page -28 of this report.

Pursuant to the provisions of Section 136(1) of the Companies Act, 2013, the statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, will be available for inspection at the Registered Office of the Company during working hours and Members interested in obtaining a copy of the same may write to the Company Secretary and the same will be furnished on request. Hence, the Annual Report is being sent to the Members excluding the aforesaid information

No Director of the company, including its Managing Director or Whole-Time Director, is in receipt of any commission from the Company or its Subsidiary Company.

11. Disclosures of transactions of the listed entity with any person or entity belonging to the promoter / promoter group which hold(s) 10% or more shareholding in the listed entity, in the format prescribed in the relevant accounting standards for annual results: Details are given in Note. 36 to the Standalone Financial Statements.

12. Number of other board of directors or committees in which a director is a member or Chairperson, including separately the names of the listed entities where the person is a director and the category of directorship:

Disclosed in the Report on Corporate Governance "Annexure D".

13. Detailed reasons for the resignation of an independent director who resigns before the expiry of his tenure along with a confirmation by such director that there are no other material reasons other than those provided: Not Applicable

14. Business Responsibility Reporting: Not Applicable

15. Details of Subsidiary Companies, Joint Venture and Associate Companies, and their financial position:

The information as required under the first proviso to sub-section (3) of Section 129 in Form AOC-1 is annexed herewith as "Annexure F".

16. Details in respect of frauds reported by auditors under section 143(12) of the Companies Act, 2013:

During the year under review, there were no frauds reported by the auditors to the Audit Committee or the Board under section 143(12) of the Companies Act, 2013.

17. List of all credit ratings obtained by the entity along with any revisions thereto during the relevant financial year, for all debt instruments of such entity or any fixed deposit programme or any scheme or proposal of the listed entity involving mobilization of funds, whether in India or abroad:

18. Key Financial Ratios (Explanations for significant change i.e., change of 25% or more as compared to the immediately previous financial year) : Refer Note 42 to Standalone Financial statements.

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

20. There was no instance of one-time settlement with any Bank or Financial Institution.

21. Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof:

CORPORATE GOVERNANCE

Your company re-affirms its commitment to good corporate governance practices. The company complies with corporate governance requirements specified in Regulation 17 to 27 and Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, whichever applicable.

Pursuant to Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Report on Corporate Governance which forms a part of this Report, has been annexed herewith as "Annexure D".

Chief Executive Officer/Managing Director and Chief Financial Officer have certified to the Board with regard to the financial statements and other matters as required under Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Practicing Company Secretary's Certificate regarding compliance of conditions of Corporate Governance, is made a part of this Director's Report. All the Board Members and Senior Management personnel have affirmed compliance with the code of conduct for the year 2023-24.

DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(3)(c) & (ca) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state that:

i. In the preparation of the annual accounts for the financial year ended March 31, 2024, the applicable accounting standards have been followed:

ii. The directors had 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 ended on March 31, 2024, and the profit of the Company for the year ended on that date:

iii. 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:

iv. The directors have prepared the annual accounts on a going concern basis:

v. The directors have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively: and

vi. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CAUTIONARY STATEMENT

Management Discussion and Analysis forming part of this Report is in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and such statements may be "forward-looking" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied, important factors that could make a difference to the Company's operations include economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws and other statutes and other incidental factors.

ACKNOWLEDGEMENT

The Board takes this opportunity to place on record appreciation to Customers, Distributors, Dealers, Suppliers, Shareholders, Bankers and Government authorities for their continued support and co-operation during the year under review. The Directors also wish to place on record their appreciation to the employees at all levels for their continued cooperation and commitment.

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