To the Members of Gitanjali Gems Limited

The Directors are pleased to present the 31^st Annual Report and the Audited Statement of Accounts for the year ended 31st March 2017:

FINANCIAL RESULTS

(Rs. in Lakhs)

REGULATORY ENVIRONMENT AND ITS IMPACT ON BUSINESS AND INDUSTRY

The year 2016-17 was a tough year for the business and industry due to the unfavorable regulatory framework coupled with challenge of demonetization. Government took a very strong position against black money and cash transactions. The demonetization exercise, its impact on cash transactions and the subsequent raids conducted by Income Tax department on many jewellers created negative market sentiments.

Government also implemented the ‘Rs. 2 lakh PAN card rule' and ‘no cash beyond Rs. 2 lakh rule' which impacted the business and made operations very difficult for jewellery industry across the country which has high dependence on cash transactions.

Further Company was preparing itself to deal with the initial adaptability challenges that implementation of GST was about to bring due to rolling out of GST from July 1,

2017. Under new GST regimen, governments (central and state) are expected to be stringent with tax collections and this focus will positively drive noteworthy compliance from all sectors. Also in long run the organized players are going to be benefitted as consumers will increasingly turn to them due to trust, transparency, better consumer experience and quality of service.

COMPANY'S PERFORMANCE

Pursuant to the notification dated February 16, 2015 issued by the Ministry of Corporate Affairs, the Company has adopted the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2016. Financial statements for the year ended and as at March 31, 2016 have been restated to conform to Ind AS.

During the year under review, the Company's standalone sales and other income stood at Rs. 10,61,126.93 Lakhs and Profitafter Tax & before Other Comprehensive Income on standalone basis for the year was Rs. 3,972.18 Lakhs.

The consolidated sales and other income of the company stood at Rs. 16,83,143.97 Lakhs and consolidated Profit after Tax & before Other Comprehensive Income for the year was Rs. 16,683.38 Lakhs. The performance of jewellery segment continued to dominate the diamond segment. The revenue from Jewellery segment stood at Rs. 7,77,730.63 Lakhs whereas income from diamond segment stood at Rs. 2,82,164.13 Lakhs. The consolidated revenue from Jewellery segment stood at Rs. 13,60,734.20 Lakhs whereas consolidated income from diamond segment stood at Rs. 3,85,413.21 Lakhs.

DIVIDEND AND APPROPRIATION

The Directors are pleased to recommend the payment of dividend on equity shares at the rate of 8% (Rs. 0.80 per equity share), subject to approval of the same by shareholders at the Annual General Meeting (AGM). No amount is Proposed to be transfer to general reserve.

PUBLIC DEPOSITS

During FY 2013-14, the Company had accepted deposits of Rs. 227.29 lacs from the public in line with the provisions of section 58A of the Companies Act, 1956.

Fixed deposits were for the period ranging from 1 year to 3 year and accordingly carried interest rate variance from 11.50% to 12.50%. As on March 31, 2017, the company repaid all the deposits except unclaimed matured deposit amounting to Rs. 1.25 lacs which will be paid by the company as and when claimed by the Fixed Deposit holders. During the year the company did not accept any further public deposit within the meaning of Section 73 to 76 of the Companies Act 2013 and rules framed there under.

SHARE CAPITAL

As on April 1, 2016 the paid up share capital of the Company was Rs. 1,02,43,77,240 consisting of 10,24,37,724 equity shares of Rs. 10 each. During the year under review 1,61,78,281 shares were allotted at a price of Rs. 72.39/- pursuant to conversion of warrants issued to the persons other than promoter on preferential basis in different tranches. Consequent to conversion, paid up capital of the Company as on date stood at Rs. 1,18,61,60,050 consisting of 11,86,16,005 equity shares of Rs. 10 each.

SUBSIDIARIES

A separate statement containing the salient features of financial statements of all subsidiaries of the Company forms a part of consolidated financial statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary and associate companies are available for inspection by the members at the Registered Office of the Company during business hours on all days except Saturdays, Sundays and public holidays. Any member desirous of obtaining a copy of the said financial statements may write to the Company Secretary at the Registered Office of the Company. The financial statements including the consolidated financial statements, financial statements of subsidiaries and all other documents required to be attached to this report have been uploaded on the website of the Company (www.gitanjaligroup.com). The Company has formulated a policy for determining material subsidiaries. The policy may be accessed on the website of the Company (www.gitanjaligroup.com).

During the year under review, Nakshatra World Limited (NWL), a wholly owned subsidiary of the Company decided to raised funds through Initial Public Offering (IPO) of its equity shares in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. NWL filed Draft Red Herring Prospectus with Securities and Exchange Board of India (SEBI) and stock exchanges i.e BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on March 10, 2017. As on date, NWL has received in principle approval from BSE and NSE and also has received nod from SEBI to launch an IPO. NWL is in process of preparation of Red Herring Prospectus and has an option to open the issue within 12 months from the date of SEBI's approval. With a view to rationalize the existing group structure, during the year under review various measures as enlisted herein below were undertaken:

a) Aston Luxury Group Limited, a Hong Kong based wholly owned subsidiary company sold its investment in Tianxin Diamonds (Shanghai) Co. Ltd.

b) Gitanjali Infratech Limited, another wholly owned subsidiary of the company acquired 100% stake in ‘Dynamic Infrazone Private Limited'.

c) Nakshatra World Limited, wholly owned subsidiary incorporated a wholly owned subsidiary in Dubai, UAE named "Kiam Jewels DMCC" with an objective of enhancing the group's presence in the UAE market where the Company already has operations through its direct subsidiary Company, Gitanjali Ventures DMCC, Dubai.

d) During the year, Bezel Jewellery (India) Private

Limited became the wholly owned step down subsidiary of the Company as the existing stakeholder ‘Damas Lewellery LLC' sold off its equity stake to Nakshtra World Limited.

e) Members may recall that for consolidation of distribution activities, subsidiaries of the Company

Asmi Jewellery India Limited and Spectrum Jewellery Limited were in process to merge with Nakshatra Brands Limited, another subsidiary. After complying with all the directions of the court and obtaining approval from requisite authorities, merger of Asmi Jewellery India Limited and Spectrum Jewellery Limited with Nakshatra Brands Limited became effective from July 7, 2016.

f) Members may recall that for consolidation of manufacturing activities, wholly owned subsidiary, Gitanjali Exports Corporation Limited, was in process to merge with the Company. After complying with all the directions of the court and obtaining approval from requisite authorities, merger of Gitanjali Exports Corporation Limited with Company became effective from August 24, 2016.

g) The company acquired balance 1 (one) equity share of the face value of Rs.10/- in Nakshatra World Limited (NWL) pursuant to which NWL became wholly owned subsidiary of the Company.

h) Subsequent to the period of year under review, in order to avail various benefits of consolidation of operations, the group has undertaken two more consolidation exercise for its US based subsidiaries as enumerated herein below:

i) Diamlink Jewelry Inc. and Jewelry Marketing Company, LLC have merged with Diamlink Inc. New York. After merger of these entities the remaining entity is renamed as "Jewelry Marketing Company, Inc."

ii) ABBEY USA, LLC (erstwhile GGL Diamond LLC) and Tri-Star Worldwide, LLC merged with Gitanjali USA Inc. After merger of these entities the remaining entity is renamed as "Tri-Star Worldwide Inc."

A statement containing the financial performance of each of the subsidiaries companies is included in the consolidated financial statements of the Company as set out elsewhere in this Report.

CORPORATE GOVERNANCE

As per SEBI Listing Regulations, Corporate Governance Report and Auditors' Certificate regarding compliance of conditions of Corporate Governance forms part of the Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of provisions of Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, the Management Discussion and Analysis Report is given separately as part of this annual report.

CONSOLIDATED FINANCIAL STATEMENTS

The Audited Consolidated Financial Statements are provided in this Annual Report which have been prepared in accordance with relevant Accounting Standards issued by the Institute of Chartered Accountants of India.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The particulars of loans, guarantees and investments have been disclosed in the financial statements in Notes to the Financial Statements covered in the Annual Report.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN END OF THE FINANCIAL YEAR AND DATE OF REPORT

There have been no material changes and commitments affecting financial position between end of the financial year and the date of the report and there are no significant and material orders passed by the regulators or any courts or tribunals impacting the going concern status and Company's operations in future.

ADEQUACY OF INTERNAL CONTROLS AND COMPLIANCE

The Audit Committee of the Company has reviewed the existing Internal Financial Control systems and is of an opinion that Internal Financial Control framework as prescribed under the ambit of Section 134(5) of Companies Act, 2013 is functioning properly. The financial statements are prepared and presented in line with the essential components of internal control - as stated in the "Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI)".

The existing Internal Financial Control framework ensures systematic and professional conduct of the Company's business. It ensures that Company adheres to its stated policies and practices duly ensuring the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

Based on the assessment carried out by the Audit Committee, Board of Directors are of the opinion that the Company has adequate Internal Financial Controls system, operating effectively as at March 31, 2017 and there were no instances of fraud which necessitates reporting of material misstatement to the Company's operations. There has been no communication from regulatory agencies concerning non-compliance with or deficiencies in financial reporting

RELATED PARTY TRANSACTIONS

There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interests of the Company at large. Prior omnibus approval of the Audit Committee is obtained for the transactions which are of a foreseen and repetitive nature and a statement of such transactions entered into pursuant to the omnibus approval, giving requisite details is placed before the Audit Committee and the Board of Directors for their noting and approval, if applicable, on a quarterly basis. The Policy on Related Party as approved by the Board is uploaded on the Company's website. During the year under review, the contracts or arrangements with related parties referred to in section 188 of Companies Act, 2013 have been on arms length and in ordinary course of business and they were not material in nature. Accordingly, the particulars of the transactions as prescribed in form AOC -2 of the rules prescribed under chapter IX relating to accounts of companies under the Companies Act, 2013 are not required to be disclosed as they are not applicable. None of the transactions with any of related parties were in conflict with the Company's interest. The Company's major related party transactions are generally with its subsidiaries. The related party transactions are entered into based on considerations of various business exigencies such as synergy in operations, Company's long-term strategy for investments, optimization of market share, profitability, liquidity, capital resources of subsidiaries, etc.

The Policy on dealing with related party transactions as approved by the Board may be accessed on the Company's website at http://gitanjaligroup.com/policies-codes

AUDIT COMMITTEE:

The Audit Committee of the company consists of the following Directors:

Mr. S. Krishnan - Chairman

Ms. Nazura Ajaney - Member

Mr. Mehul Choksi - Member

The board accepted all the recommendations made by the audit committee during the year under review. The details of terms of reference, number of audit committee meetings held during the year under review, attendance, etc are separately given in the section of corporate governance.

A. CONSERVATION OF ENERGY

The operations of your company is not energy intensive. However, the Company makes its best efforts for conservation of energy in its factory and office premises.

B. TECHNOLOGY ABSORPTION, ADAPTATIONS & INNOVATION

The Company has not carried out any specific research and development activities. The Company uses indigenous technology for its operations. Accordingly, the information related to technology absorption, adaptation and innovation is reported to be NIL.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of foreign exchange earnings and expenditure are as follows.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The said policy states the criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under section 178(3) of Companies Act, 2013. The said Policy of the Company is given as Annexure 1 of this report. The same can also be viewed by visiting following link: http://gitanjaligroup.com/policies-codes

CORPORATE SOCIAL RESPONSIBILITY (CSR)

A report on CSR is attached in Annexure 2 in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

PARTICULARS OF EMPLOYEES

The details in terms of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report as Annexure 3A and 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 is forming part of this report as Annexure 3B.

RISK MANAGEMENT POLICY

The Company has adopted a Risk Management Policy duly approved by the Board and also has in place a mechanism to identify, assess, monitor and mitigate various risks that the key business objectives might be exposed to. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

EXTRACT OF ANNUAL RETURN

As provided under Section 92(3) of the Act, the extract of annual return is given in Annexure 4 in the prescribed Form MGT-9, which forms part of this Report.

VIGIL MECHANISM

The Company has a whistle blower mechanism wherein the employees can approach the senior management or Audit Committee and make disclosures about unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct or of an event that affect the business or reputation of the Company. A mechanism is in place whereby any employee of the Company has access to the Chairman of the Audit Committee to report any concern. No person has been denied access to the Chairman to report any concern. Further, the said policy has been disseminated within the organization and has also been posted on the Company's website.

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

The Company is committed to provide a safe & conducive work environment to its employees and has zero tolerance for sexual harassment at workplace. It has 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 made thereunder for prevention and redressal of complaints of sexual harassment at workplace. During the financial year 2016-17, the Company has not received any complaints on sexual harassment.

NUMBER OF MEETINGS OF THE BOARD

Five (5)meetings of the Board were held during the year. For details of the meetings of the Board, reference may be made to the Corporate Governance Report, which forms part of the Annual Report. The intervenimg gap between two consecutive board meetings did not exceed 120 days.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. S. Krishnan, Ms. Nazura Ajaney and Mr. Anil Haldipur are independent directors on the Board and all have given declarations that they continue to meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.

None of the Directors is related to each other within the meaning of the term "relative" as per Section 2(77) of the Act.

In accordance with the provisions of the Act and in terms of the Memorandum and Articles of Association of the Company, Mr. Dhanesh Sheth retires by rotation at the Annual General Meeting and is eligible for re-appointment. Pursuant to Section 134 of the Act read with Rule 8(5) (iii) of Companies (Accounts) Rules, 2014, no Director or Key Managerial Personnel was appointed or has resigned during the year. However subsequent to the year under review following changes took place at Board level:

* Mr. Mehul Choksi was re-appointed as managing director on the Board w.e.f. August 1, 2017.

* Mr. Dhanesh Sheth was designated as whole time director on the Board w.e.f. August 11, 2017.

* Mr. Anil Haldipur was appointed as an Additional Director (Independent) on the Board of the Company on August 11, 2017.

Member's attention is drawn to Item No. 5, 6 and 8 of the Notice for the appointment of above mentioned directors on the Board of the Company.

Pursuant to the provisions of Section 203 of the Act, Mr. Mehul Choksi –Managing Director, Mr. Chandrakant Karkare - Chief Financial Officer and Ms. Pankhuri

Warange – Company Secretary continue to be the Key Managerial Personnel of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134 (5) of the Companies Act 2013, (including any statutory modification(s)or re-enactment(s) thereof for the time being in force), the Directors hereby confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

ii. they 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 and of the profit of the Company for that

iii. they have 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. they have prepared the annual accounts on a going concern basis;

v. they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;

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

BOARD EVALUATION

The performance evaluation of the Board, its Committees and individual Directors was conducted and the same was based on questionnaire and feedback from all the Directors on the Board as a whole and its Committees. The Company obtained feedback on overall Board effectiveness as well as on each of the Directors. The performance of Directors was evaluated inter alia on the basis of key criteria for performance evaluation as enumerated herein below-

Performance evaluation of Directors:

• Contribution made by them at the Board / Committee meetings

• Guidance provided / Support given to Management outside Board / Committee Meetings

Performance evaluation of Board and Committees:

• The structure and composition of Board

• Degree of fulfillment of key responsibilities in line with prescribed requirements

• Establishment and demarcation of responsibilities to various Committees of Board

• Effectiveness of Board Processes, Information and Functioning

• Quality of relationship between the Board and Management

• Effectiveness of communique with External Stakeholders

• The areas of improvement in the functioning of committees on the basis of their terms of reference.

INDEPENDENT DIRECTORS

A separate meeting of the independent directors was convened, which reviewed the performance of the Board (as a whole), the performance of non-independent directors and the Chairman. Post the Annual Meeting of Independent Directors and performance evaluation of Board, its Committees and individual Directors, the collective feedback of each of the Directors was discussed and noted by the Nomination and Remuneration Committee.

FAMILIARIZATION PROGRAMS FOR BOARD MEMBERS

The Board members are provided with necessary documents/brochures, reports and internal policies to enable them to familiarize with the Company's procedures and practices.

Periodic presentations are made at the Board Meetings, on business and performance updates of the Company, global business environment, business strategy and risks involved. The details of such familiarization programs conducted for Independent Directors are posted on the website of the Company.

Further the policy of the Company on such familiarization programs can be accessed at the following link: http://gitanjaligroup.com/policies-codes

AUDITORS

a) Statutory Auditors and their report

Pursuant to the provisions of Section 139 of the Companies Act 2013 read with applicable Rules framed there under, M/s. Ford, Rhodes, Parks & Co. LLP, Chartered Accountants, the present Auditors of the Company complete their term as Auditors. In view of the above, M/s. Ambawat, Jain & Associates, LLP, Chartered Accountants having LLP Registration No: AAA-7120 and ICAI Registration No: 109681W/ W 100012 is proposed to be appointed for a term of five years commencing from conclusion of the 31^st Annual General Meeting of the Company till the conclusion of the 36th Annual General Meeting to be held for the financial year 2021-22 (subject to ratification of their appointment by the Members at every intervening Annual General Meeting held after this Annual General Meeting) on such remuneration and out of pocket expenses as may be decided by the Board of Directors. M/s. Ambawat, Jain & Associates, LLP, have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under for appointment as Auditors of the Company. As required under Regulation 33 of the Listing Regulations, they have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

The statutory auditors in their report on the financials of the company have drawn attention towards the matter of emphasis. The response of directors on the same is as follows:

Response to point (a)

Since 2013, the Company is passing through difficult financial conditions due to extraneous factors beyond its control viz, unfavourable regulatory framework and adverse forex movement. Due to liquidity challenges, there remained an overdue of principal and interest amount and liquid reserve was partially created. However, management is confident of clearing the outstanding dues soon along with due compliance of requirement of creation of liquid reserve.

Response to point (b)(i) and (b) (ii)

Due to liquidity challenges as mentioned above both principal and interest amount of ECBs raised through ICICI Bank and principal amount of ECBs raised through IDBI (BOB portion) remained overdue.

However management is confident of clearing the outstanding dues soon.

Response to point (c)

Due to liquidity challenges, there have been occasions during FY 2016-17 where there were few overdrawn position in some accounts. However, from time to time, the Company has been clearing the said overdrawn positions and is making best efforts to regularise the status.

Response to point (d)

The subsidiaries have been formed for providing support of company's business. The terms and conditions of amount given to the subsidiaries are not prejudicial to the interest of Company. The Company is making efforts to recover the advances given to these subsidiaries and regularize the existing status.

With regard to emphasis of matter mentioned in audit report on consolidated financial statements for the year ended March 31, 2017, the directors reply to points no (a), (b) and, (d) of auditors report are covered in reply to emphasis of matter in auditor report on standalone financial statement of the Company for the financial year ended March 31, 2017.

With regard to point (c), (e), and (f) of emphasis of matter in audit report on consolidated financial statements the response of your directors are as follows sequentially:

• Interest on ICDs availed from SICOM by one of the subsidiary was overdue as at March 31, 2017 due to liquidity crunch

• The group has been regularly honoring all its debt obligations/ statutory dues with some delays. Multiple extraneous factors have made significant negative impact on the liquidity status of the group. The group however is committed to pay all its outstanding undisputed statutory dues and liabilities and will pay the same gradually.

• As on March 31, 2017, Bezel Jewellery

(India) Private Limited, one of the step down subsidiary of the Company has not redeemed its Non cumulative redeemable 4% preference shares of Rs. 100 each which was partly due for redemption, as it was considering the option of extending due dates of redemption.

b) Secretarial Auditor and their report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Manish Ghia & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed herewith as Annexure-5.

During the period under review, the Company has complied with provisions of the Act, Rules, regulations, Guidelines, standards etc. subject to some observations made by secretarial auditors. The response of directors on the observations made in secretarial audit report is as follows:

Response to point (a)

Since 2013, the Company is passing through difficult financial conditions due to multiple extraneous factors beyond its control viz, unfavourable market conditions and unfavorable regulatory changes and adverse movement in forex etc. The Company has been facing liquidity challenges and due to this the liquid reserve was partially created. The Company has created liquid reserve to the tune of Rs. 63.47 lakhs as against required reserve of Rs. 2.11 crores. Management is taking adequate steps to comply with the requirement of creating the balance reserve soon.

Response to Point (b) and (c)

The filing of Annual Performance Report and Annual Return on Foreign Liabilities and Assets involves compilation and filing of details of various subsidiaries scattered across the globe.

Due to technical difficulties in compiling the relevant information, the requirement of filing was unintentionally delayed.

Response to point (d)

The delays in filing of form ECB-2 was due to administrative issues. The requisite steps will be taken to ensure that Form ECB-2 is filed on time.

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 year under review:

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

2. Issue of sweat equity shares to employees of the Company under any scheme.

3. Issue of shares under Employee Stock Option Scheme.

4. The Managing Director of the Company is not in receipt of any commission from the Company nor he received any remuneration or commission from any of the subsidiary of the Company.

Acknowledgements

Your Directors wish to place on record their sincere appreciation of the support which the Company has received from its promoters, shareholders, lenders, business associates, vendors, customers, media and the employees of the Company.

We thank the Governments of various countries where we have operations. We also 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, NSE, NSDL, CDSL and various bankers, various State Governments and other Government Agencies for their support and we look forward to their continued support in the future.