O.P Chains Ltd

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The directors take pleasure in presenting the 24^th Annual Report together with the Audited Statement of Accounts of your Company for the financial Year ended March 31, 2025.

The Company’s Financial Performance for the financial year ended on 31^st March, 2025 under review along with previous year figures are given hereunder:

(Amount in ’000)

The Board of Directors of your company, has decided not to transfer any amount to the Reserves for the year under review.

Profit but not declared: The Board of Directors of your company, after considering holistically the relevant circumstances, has decided that it would be prudent, not to recommend any Dividend for the year under review.

The Company is having and copy of annual return of Company has been published on such website. The Link of the same is given below:

There is no change in the Authorized and Paid-up Share Capital of the company during the year.

The Authorized Share Capital of the Company is Rs.7,25,00,000/- (Rupees Seven Crore and Twenty- Five Lakhs only) divided into 72,50,000 (Seventy-Two Lakhs and Fifty Thousand) equity shares of Rs.10/- each.

The Issued, subscribed &Paid-up share capital of the Company is Rs. 6,85,00,000/- (Rupees SixCrore and Eighty-Five Lakhs only) divided into 68,50,000 (Sixty-Eight Lakhs Fifty Thousand) equity shares of Rs. 10/- each.

6. STATE OF AFFAIRS:

i. The Company is engaged in the business of Trading of precious and non-precious metals.

ii. There has been no change in the business of the Company during the financial year ended 31st March, 2025.

The Company’s Equity Shares have been admitted to the depository mechanism of the National Securities Depository Limited (NSDL) and also the Central Depository Services (India) Limited (CDSL). As a result, the investors have an option to hold the shares of the Company in a dematerialized form in either of the two Depositories. The Company has been allotted ISIN No. INE118Q01018.

Shareholders therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

There have been no material changes and commitments which have occurred.

There have been no material changes and commitments, if any, 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.

There has been no application under Securities and Exchange Board of India (settlement proceedings) regulations, 2018 during the financial year to which the financial statements of the Company relate and the date of the report.

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

The Company has not developed and implemented any Corporate Social Responsibility initiatives, as the provisions of Section 135 of the Companies Act, 2013 are not applicable to the company.

M/s Garima & Co., Chartered Accountants, were appointed as Statutory Auditors of the company at the Annual General Meeting held on 16^th Day of August, 2024, for a term of five consecutive years from the conclusion of this Annual General Meeting till the conclusion of sixth Annual General Meeting to be held in 2029, for a term of 5 (five) year.

The Report given by the Auditors on the financial statement of the Company is part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

The statutory auditors report is annexed to this annual report. There are no adverse remarks on disclosure by the statutory auditors in their report. They have not reported any incident of fraud to the Audit Committee of the Company during the year under review.

The Auditors’ Report for the financial year 2024-2025 given by M/s Garima and Co., to the shareholders does not contain any qualification. The notes to accounts referred to in the Auditors’ Report are self-explanatory and therefore do not call for any comments.

The Secretarial Auditors Report for the financial year 2024-2025 given by M/s R.C. Sharma and Associates to the shareholders does not contain any qualification. The matters referred to in the Secretarial Auditors Report is self-explanatory and therefore do not call for any comments.

As per auditors’ report, no fraud u/s 143(12) reported by the auditor.

1. DIRECTORS

As per Section 152 of the Companies Act, 2013 Mr. Moon Goyal (DIN: 06831411), Whole Time Director of the Company who is retiring by rotation at the ensuing Annual General Meeting, and being eligible, he offers himself for re-appointment.

In accordance with section 152 of the Companies Act, 2013 Mr. Moon Goyal (DIN: 06831411), Whole Time Director of the company shall be liable to retire by rotation at the ensuing Annual General Meeting and being eligible, he offers himself for re-appointment. The Additional information as required under Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard - 2 is annexed as Annexure-A.

2. DISCLOSURE OF REMUNERATION OF EMPLOYEES COVERED UNDER RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:

None of the employee of your company, who was employed throughout the financial year, was in receipt of remuneration in aggregate of one crore and two lakhs’ rupees or more or if employed for the part of the financial year was in receipt of remuneration of Eight lakhs and fifty thousand rupees per month.

3. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The appointment of Key Managerial Personnel is mandatory as per Section 203 of the Companies Act, 2013 as the company fall in the limits as prescribed under section 203 of the Companies Act 2013(“Act”).

The existing composition of the Company's board is fully in conformity with the applicable provisions of the Act 2013 and applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 having the following directors

and Key managerial Personnel: Non-Executive Independent Directors, namely, Mr. Nikhil Sundrani (DIN: 10710710), Mrs. Sohini Bansal (DIN: 09822553) and Mr. Abhishek Sharma (DIN: 06387076), Mr. Satish Kumar Goyal (DIN: 00095295) as Managing Director, Mr. Ashok Kumar Goyal (DIN: 00095313) as Chairman cum Whole time Director, Mr. Moon Goyal (DIN: 06831411) as Whole time Director and Ms. Amit Kaur Lamba as Company Secretary & Compliance Officer and Mr. Abhay Kumar Pal as Chief Financial Officer (CFO) of the company.

4. DECLARATION BY THE INDEPEDNENT DIRECTORS:

The Company has received declarations from all Independent Directors of the Company confirming that they continue to meet the criteria of independence as prescribed under Section 149 of the Companies Act 2013, Regulations 16 of the Securities and Exchange board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have also confirmed that they have complied with the Company’s code of conduct.

5. CHANGES IN KEY MANAGERIAL PERSONNEL/DIRECTORS:

There are changes in Key Managerial Personnel/Directors during the financial year 2024-2025.

During the Financial Year under review following changes in Key Managerial Personnel/Directors had occurred:

1. Re-Appointment of Mr. Satish Kumar Goyal (DIN: 00095295) as Managing Director of the Company who retires by rotation and being eligible, offers himself for re-appointment. in the last Annual General Meeting held on 16.08.2024.

2. Re-Appointment of Mr. Ashok Kumar Goyal (DIN: 00095313) as Whole-Time Director of the Company for the Further Period of 5 Years and Payment of Remuneration Therein in the last Annual General Meeting held on 16.08.2024.

3. Appointment of Mr. Nikhil Sundrani (Din: 10710710) as an Independent Director of the Company in the last Annual General Meeting held on 16.08.2024.

4. Appointment of Mrs. Sohini Bansal (Din: 09822553) as an Independent Director of the Company in the last Annual General Meeting held on 16.08.2024

5. Appointment Of Mr. Abhishek Sharma (Din: 06387076) as an Independent Director of the Company in the last Annual General Meeting held on 16.08.2024

6.. Appointment of Ms. Amit Kaur Lamba as the Company Secretary and Compliance Officer of the company w.e.f 27^th day of August, 2024 to fill casual vacancy caused by Resignation of Mrs. Cheena Golani from the post of Company Secretary and Compliance Officer of the company w.e.f 23^rd day of August, 2024.

7. Retirement of Mr. Rajesh Kumar Gupta (DIN: 01048355) from the position of Non-Executive Independent director of the company w.e.f 22.09.2024.

8. Retirement of Mr. Amol Doneria (DIN: 06897314) from the position of Non-Executive Independent director of the company w.e.f 22.09.2024.

9. Retirement of Mrs. Astha Sharma (DIN: 01888937) from the position of Non-Executive Independent director of the company w.e.f 22.09.2024.

The Company’s shares are listed on SME Platform of BSE Limited. 22. INTERNAL CONTROL SYSTEM

The Company has a well-placed, proper and adequate internal control system, which ensures that all assets are safeguarded and protected and that the transactions are authorized, recorded and reported correctly. The Company’s internal control system comprises audit and compliance by in-house Internal Audit Division, supplemented by internal audit checks. Independence of the audit and compliance is ensured by direct reporting of Internal Audit Division to the Audit Committee of the Board.

The Company does not have any Subsidiary, Joint Venture or Associate Company and no company have become or ceased to be company’s subsidiary, joint venture and associate companies during the financial year 2024-2025.

The Company does not have any Subsidiary, Joint Venture or Associate Company and not required to report on the highlights of performance of subsidiaries, associates and joint venture companies and their contribution to the overall performance of the company during the period under report.

During the financial year under review, the Company has complied with all the provisions of the POSH Act and the rules framed thereunder. Further details are as follow:

There is no application made or any proceeding pending under the insolvency and bankruptcy code, 2016 during the year.

During the period under review, there has been no one time settlement from the banks or financial institutions.

The company does not have any dividend which remains unclaimed/unpaid for a period of seven years from the date of transfer to the unpaid dividend account and hence no amount has been transferred to the IEPF established by the Central Government.

Particulars under Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 do not apply to the company as the company has not issued any equity shares with differential voting rights during the financial year.

The Company is pleased to report that during the year under reporting, the industrial relations were cordial.

During the year under review, the Company has not accepted any fixed deposits from the public, and as on March 31, 2025 the Company had no unclaimed deposits or interest thereon due to any depositor.

The Company has not accepted any deposits from public under Chapter V of the Companies Act, 2013, during the financial year under review.

Information regarding Energy Conservation, Technology absorption and Foreign Exchange earnings and outgo as per Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rule 2014, are given under:

Energy consumed during the year does not constitute a significant amount, thus Particulars under Rule 8(3) of the Companies (Accounts) Rules, 2014 and Section 134(3) (m) of the Companies Act, 2013 on Conservation of Energy, Technology Absorption are not applicable to the Company, hence no disclosure has been made in this report.

Value of Imports : NIL Expenditure in Foreign Currency : NIL

Value of Imported Raw Material : NIL Foreign Exchange Earning during the year : NIL

The Board of Directors of the Company met Seven times during the year on 17.05.2025, 30.05.2025, 23.07.2025, 23.08.2025, 27.08.2025, 14.11.2025 and 10.02.2025 in respect of which proper notices were given and the proceedings were properly recorded, signed and maintained in the Minutes book kept by the Company for the purpose. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

The details of attendance of the Director at the meetings held during the year under review is stated herewith:

Pursuant to the provisions of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of the independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. The Board works with the Nomination and Remuneration Committee to lay down the evaluation criteria. The Board has carried out an evaluation of its own performance, the directors individually as well as (including chairman) the evaluation of the working of its Audit Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee of the Company.

The Board has devised questionnaire to evaluate the performances of each of Executive, NonExecutive and Independent Directors. Such questions are prepared considering the business of the Company and the expectations that the Board have from each of the Directors. The evaluation framework for assessing the performance of Directors comprises of the following key areas:

1. Attendance at the Board Meetings and Committee Meetings;

2. Quality of contribution to Board deliberations;

3. Strategic perspectives or inputs regarding future growth of Company and its performance;

4. Providing perspectives and feedback going beyond information provided by the management.

As stipulated by the Code of Independent Directors under Schedule IV of the Companies, Act, 2013, a separate meeting of the Independent Directors of the Company was held to review the performance of Non- Independent Directors, the Board as whole, including the Chairman of the Company and to discuss the matters related to the quality, quantity and timeliness of flow of information between the Company management and the Board. The Independent Director Meeting for this Matter was held by the Company on 1^st March, 2025 and the information regarding this matter has been preserved and kept under record by the Company Secretary of the Company.

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection, appointment and remuneration of Directors and KMPs and is also available in the website of the company

(a) The Remuneration/Commission etc. to be paid to Managing Director / Whole-time Directors, etc. shall be governed as per provisions of the Companies Act, 2013 and rules made there under or any other enactment for the time being in force and the approvals obtained from the Members of the Company.

(b) The Nomination & Remuneration Committee shall make such recommendations to the Board of Directors, as it may consider appropriate with regard to remuneration to Managing Director/Whole- time Directors.

(a) The Non-Executive/Independent Directors may receive sitting fees and such other remuneration as permissible under the provisions of the Companies Act, 2013.

(b) All remuneration of the Non-Executive/Independent Directors (excluding remuneration for attending meetings as prescribed under Section 197(5) of the Companies Act, 2013) shall be subject to ceiling/limits as provided under the Companies Act, 2013 and rules made there under or any other enactment for the time being in force. The amount of such remuneration shall be such as may be recommended by the Nomination and Remuneration Committee and approved by the Board of Directors or shareholders, as the case may be.

(c) An Independent Director shall not be eligible to get Stock Options and shall also not be eligible to participate in any share-based payment schemes of the Company.

(d) Any remuneration paid to Non-Executive/ Independent Directors for services rendered which are of professional nature shall not be considered as part of the remuneration for the purposes of clause (b) above if the following conditions are satisfied:

• The Services are rendered by such Director in his capacity as the professional; and

• In the opinion of the Nomination and Remuneration Committee, the Director possesses the requisite qualification for the practice of that profession.

(a) The remuneration to Key Managerial Personnel shall consist of fixed pay, in compliance with the provisions of the Companies Act, 2013 and in accordance with the Company’s Policy.

(b) The Fixed pay shall include monthly remuneration, employer’s contribution to Provident Fund, contribution to pension fund, pension schemes, etc. as decided from time to time in accordance with the Company’s Policy.

Non-executive Directors of a company’s Board of Directors add substantial value to the Company through their contribution to the Management of the Company. In addition, they also play an appropriate control role.

As Per Regulation 22 (1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 it is mandatory for every listed company to formulate a vigil mechanism for directors and employees to report genuine concern. According to section 177(10) of the Companies Act, 2013 it is mandatory for the company to disclose the establishment of such mechanism on the website of the company and in the Board’s Report.

The Company has established a vigil mechanism, through a Whistle Blower Policy, where Directors and employees can voice their genuine concerns or grievances about any unethical or unacceptable business practice. A whistle-blowing mechanism not only helps the Company in detection of fraud, but is also used as a corporate governance tool leading to prevention and deterrence of misconduct.

Vigil mechanism provides direct access to the employees of the Company to approach the Compliance Officer or the Chairman of the Audit Committee, where necessary and in case of appropriate or exceptional cases. The Company ensures that genuine Whistle Blowers are accorded complete protection from any kind of unfair treatment or victimization.

The mechanism also provides for adequate safeguards against victimization of directors and employees who avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in the exceptional cases.

We affirm that during the financial year 2024-25, no employee or director was denied access to the Audit Committee.

The Vigil mechanism / Whistle Blower Policy is available on the website of the Company at

As required under Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company is required to appoint a Secretarial Auditor for auditing the secretarial and related records of the Company and to provide a report, in this regard M/s R.C. Sharma & Associates, was appointed as the Secretarial Auditor of the company in the Board Meeting held on 30^th day of May, 2024 for the financial year 2024-2025.

The Secretarial Audit Report (FORM MR-3) made by practicing company secretary M/s R.C.

Sharma & Associates for the financial year 2024-2025contains no qualification, reservation or adverse remark. The Secretarial Audit Report made by practicing company secretary M/s R.C. Sharma & Associates for the financial year 2024-2025 is annexed as (ANNEXURE-F).

The Board of Directors appointed M/s R. C. Sharma & Associates, Company Secretaries as Secretarial Auditors for the financial year 2024-2025.

The loan given or guarantee provided, or investment made by the Company during the financial year 2024-2025 as per Section 186 of the Companies Act, 2013 have been given in the Balance Sheet and Audit Report.

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013, are not applicable on the Company.

The Company maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinting efforts of employees have enabled the Company to maintain efficiency in the industry. It has taken various steps to improve productivity across organization.

The Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards and that such systems are adequate and operating effectively.

Corporate Governance as stipulated in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 is not applicable to the Company as the Company has listed its specified securities on the SME Exchange. Therefore, your Company is eligible for exemption provided under Regulation No. 15(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 with regard to Regulation 27 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation, 2015.

Declaration by the Managing Director (MD), inter alia, confirming that the Board of Directors of the company have complied with the “CODE OF CONDUCT OF THE BOARD OF DIRECTORS”, is attached as ANNEXURE-Gand forms part of Annual report.

Certificate of the MD and Chief Financial Officer (“CFO”), inter alia, confirming the correctness of the financial statements, compliance with Company’s Code of Conduct, adequacy of the Internal Control measures and reporting of matters to the Audit Committee in terms of Securities and Exchange board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is attached as ANNEXURE-Hand forms part of Annual report.

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 the corporate governance requirements as prescribed by Securities and Exchange Board of India (“SEBI”) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, development of suitable strategies and business plans at appropriate time and its effectiveness; etc.

The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness/conduct of committee meetings, process and procedures followed for discharging its functions etc.

The Board and the Nomination and Remuneration Committee (“RC”) reviewed the performance of the individual directors on the basis of the criteria such as developing and managing / executing business plans, operational plans, risk management, and financial affairs of the organization and 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 addition, the Chairman was also evaluated on the key aspects of his role like demonstration of leadership qualities, managing relationship with the members of the Board and management etc.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors and also assess 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 same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

The performance evaluation of Independent Directors was done by the entire Board and in the evaluation the Director who was subject to evaluation did not participate. On the basis of performance evaluation done by the Board, it shall be determined whether to extend or continue their term of appointment, as and when their respective term expires.

The Company has appointed Mrs. Bhumika Parwani as Internal Auditors of the company to conduct Internal audit of the accounts maintained by the Company for financial year 2024-25.

There were no qualifications, reservation or adverse remark made by the Internal Auditors in their report.

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 there is no employee drawing remuneration above the limits set under Section 197 (12) read with Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the disclosure 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 is annexed to this Board’s report as Annexure-I.

The Management Discussion and Analysis Report for the year under review, as required under regulation 34 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is given as a separate statement in Annual Report as ANNEXURE-J.

As per the provisions of Regulation 34(2) of the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the Annual Report of the top 1000 listed entities based on market capitalization shall include a Business Responsibility and Sustainability Report. But, the Company, not being one of such top 1000 listed entities, is not required to annex any Business Responsibility and Sustainability Report.

Pursuant to Section 134(5) of the Companies Act, 2013 (“Act”), the board of directors, to the best of their knowledge and ability, confirm that: -

i. that in the preparation of the annual accounts for the financial year ended 31st March 2025, the applicable Accounting Standards had been followed and that there were no material departures;

ii. that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review;

iii. that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. that the directors had prepared the accounts for the financial year ended 31st March 2025 on a going concern basis; and

v. that the directors of the Company, 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. that the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

The Board has adopted the Code of Conduct for members of the Board and Senior Management personnel of the Company. The Code lays down, in details, the standards of business conduct, ethics and governance. Code of Conduct has also been posted on the Company’s

The Board has, on the recommendation of the Nomination & Remuneration Committee, framed a Policy for selection, appointment and remuneration of Directors and Key Managerial Personnel, employees including criteria for determining qualifications, positive attributes and Independence of Directors.

The said policy is available on the Company’s Website. Website Link:

The Company has clearly defined organization structure and lines of authority and sufficient Control is exercised through business review by the Management. The Company has adopted a well-defined system to ensure adequacy and efficiency of the Internal Financial Control Function and the company has adequate internal financial control with reference to financial statements.

The Company has adopted an ‘Internal Code of Conduct for Regulating, Monitoring and Reporting of Trades by Designated Persons’ (“the Code”) in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”). The Code is applicable to promoters, member of promoter group, all Directors and such designated employees who are expected to have access to unpublished price sensitive information relating to the Company. The Company Secretary is the Compliance Officer for monitoring adherence to the said PIT Regulations. The Company has also formulated ‘The Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI)’ in compliance with the PIT Regulations. This Code is displayed on the Company’s

No application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the Financial Year 2024-2025.

The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act, 1961, and has extended all statutory benefits to eligible women employees during the year.

We thank our customers, vendors, investors and bankers for their continued support during the year. We place on record our appreciation of the contribution made by the employees at all levels. Our consistent growth was made possible by their hard work, solidarity, co-operation, and support.

We thank the Government of India, Ministry of Commerce &Industry, Ministry of Corporate Affairs, Ministry of Finance, Department of Economic Affairs, Customs & Excise Departments, Income Tax Department, Reserve Bank of India, BSE, NSDL, CDSL and various bankers, various State Governments and other Government Agencies for their support, and look forward to their continued support in the future.

Your Directors appreciate and value the trust imposed upon them by the members of the Company.