To

The Shareholders of,

Frontier Springs Limited,

Your Directors have pleasure in presenting the Forty- Fifth Annual Report of the Company together with the Audited Financial

Statements for the financial year ended 31st March, 2025.

FINANCIAL RESULTS

The summarized financial results of the Company for the year ended 31st March, 2025 as compared to the preceding year are as under:

FINANCIAL AND OPERATIONAL PERFORMANCE

The financial statements for the year ended 31st March, 2025 forming part of this Annual Report, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs.

The total income of the Company was ` 23231.66 lakhs. The operating profit (EBIDTA) stood at ` 4640.71 lakhs. During the year under review, the Company has earned at net profit of ` 3536.53 lakhs. During the year under review, the performance of the Company has increased considerably and your Directors expect the company to perform even better in years to come.

TRANSFER TO RESERVES

The Board of Directors has decided to retain the entire amount of profit for Financial Year 2024-25 in the statement of profit and loss.

SHARE CAPITAL

As on 31st March, 2025, your Company has Total Paid up Share Capital of ` 3,93,85110 divided into 39,38,511

Equity shares of ` 10/- each.

DIVIDEND

The Board is pleased to recommend a dividend of Re 1.8 per Equity Share (i.e @18%) of ` 10/- each of the Company for the financial year 2024-25, payable to those shareholders, whose names appear in the Register of Members/ Beneficial Ownership list provided by the depositories on the record date, involving cash outflow of ` 70.89 lakh of the Company's standalone net profit for the financial year

2024-2025. Dividend is subject to approval of members at the ensuing Annual General Meeting (AGM) and shall be subject to deduction of income tax at source.

EXPANSION

• Coil Springs Division

During the year under review; your Company has installed an automatic peeling machine to overcome the production bottlenecks and an order for another peeling machine is already placed in coil springs division which shall be executed in next two months tenure.

• Forging Division

During the year under review your Company has installed a six ton hammer and will be able to forge components of higher weights.

• Air Springs Division

In the Air Spring Division we have already installed more CNC and Testing machines.

Initially at commencement we had a plant set up for

100 coach sets Air Springs.The same is now increased to up to 300 coach sets per month.

We are also buying new fatigue testing machine for in-house testing of Air Springs for which earlier we were dependent on Contitech.

SUBSIDIARY COMPANY/ASSOCIATE/JOINT VENTURE COMPANY

The Company has no Subsidiary, Associate and Joint Venture Companies and as such the requirement of furnishing the information relating to the financial position of Subsidiary, Associate and Joint Venture Companies is not applicable.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company Smt Manju Bhatia (DIN: 03480362),

Whole-time Director of the Company retires from the Board by rotation, at the ensuing Annual General Meeting (AGM) of the Company and being eligible she has offered herself for re–appointment. The Board recommends the proposal of her re-appointment for consideration of the members at the ensuing AGM of the Company.

Based on the performance evaluation and the recommendation of Nomination and Remuneration Committee and Board of Directors of the Company and in accordance with the provisions of Section 149, 150 and 152 read with Schedule IV of the Companies Act, 2013 and Regulation 17 and 25 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations,

2015, the Members of the Company at 44^th Annual General Meeting held on 28th September, 2024 had re-appointed Shri Keshao Parnuji Somkumar (DIN:

08712772) to hold the office for the second term of 5 (five) consecutive years w.e.f. 8th February, 2025 to 7^th February, 2030.

Based on the recommendation of Nomination and Remuneration Committee and in accordance with the provisions of Section 149, 150, 152 and 161 read with Schedule IV of the Companies Act, 2013 and Regulation 17 and 25 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 the

Board of Directors of the Company at its meeting held on 9th August, 2024 had appointed Shri Sudhanshu Mani (DIN:10124439) as an Additional (Independent and Non-Executive) Director of the Company with effect from 9th August, 2024 for a term of 5 (five) consecutive year and the same were approved by the Members of the Company by way of Special Resolution at the 44^th Annual General Meeting of the Company held on 28th September, 2024.

Based on the recommendation of the Board of Directors of the Company and Nomination and Remuneration Committee and in accordance with the provisions of Section 149, 150 and 152 read with Schedule IV of the Companies Act, 2013 and Regulation 17 and 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Members of the Company at 44th Annual General Meeting held on 28^th September, 2024 had appointed Shri Surendra Kumar Prem Narayan Gupta (DIN: 00054836) as a Non-

Executive Independent Director of the Company to hold the office for a term of 5 (five) consecutive years with effect from 1st October, 2024

During the year under review, Shri Yash Pal Sethi

(DIN: 00929185) and Shri Ramesh Kumar Bhatia (DIN: 00958948) ceased to be the Non-Executive

Independent Director of the Company with effect from 28th September, 2024 due to the completion of second term of 5 (five) consecutive years.

KEY MANAGERIAL PERSONNEL

As per the provisions of Section 203 of the Companies Act, 2013 the following persons were designated as Key

Managerial Personnel and there had been no change in KMP during the year under review:

DECLARATION FROM INDEPENDENT DIRECTORS

The company had received the declarations u/s 149(7) of the Companies Act, 2013 from all Independent Directors that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing Regulations the Independent Directors have confirmed that they are not aware of any circumstance or situation which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence.

In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent

Directors of the Company have confirmed that they have registered themselves with the databank maintained by the Indian Institute of Corporate Affairs.

In the opinion of the Board, all the independent directors on the Board of the Company possess requisite qualifications and attributes of integrity, expertise and experience. They fulfill the conditions specified in the Act read along with the rules made thereunder and are independent of the Management.

MEETINGS OF THE BOARD

During the financial year 2024-25, 4 (Four) meetings of the Board of Directors were held and the details of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between two consecutive meetings were within the period prescribed by the Companies Act, 2013 and the Securities Exchange Board of India (Listing Obligations & Disclosure Requirements)

Regulations, 2015 "SEBI Listing Regulations").

BOARD EVALUATION

The Board of Directors at its meeting held on 10^th February, 2025 has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to provisions of the Act and SEBI Listing Regulations.

The performance of the Board and individual directors was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

In the Board Meeting that followed the meeting of the independent directors and meeting of Nomination and Remuneration Committee, 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, excluding the director being evaluated. The Evaluation Process was conducted through a structured questionnaire prepared after taking into consideration the various aspects laid down under the Nomination and Remuneration Policy of the Company. The Board of Directors expressed satisfaction with the evaluation process.

In a separate meeting of Independent Directors held on

10th February, 2025 the performance of Non Independent

Directors, the Chairman of the Company and the Board as a whole was evaluated taking into account the views of Executive and Non-Executive Directors of the Company.

CORPORATE GOVERNANCE

The Company is committed to sound corporate governance practices as well as compliance with all applicable laws and regulations. The Board believes that combining the highest level of ethical principles with our unmatched brand, experience and expertise, will ensure that Frontier Springs Limited will continue to be the leading company in the Railway Sector. The Corporate Governance Report, as stipulated under Regulations 17 to 27 and 46(2) and

Paragraph C, D and E of Schedule V to the SEBI Listing Regulations, forms part of the Annual Report.

The Report on Corporate Governance as stipulated under

Regulation 34 of SEBI Listing Regulations is annexed to the

Annual Report as Annexure-A and forms part of this report.

The Certificates from M/s P. Manghwani & Associates certifying that:

(1) the Company has complied with the requirements of Corporate Governance in terms of SEBI(LODR)

Regulations,2015;

(2) none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing directors of Companies by SEBI/MCA; are attached and forms part of this report.

COMPANYS' POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of Executive and Independent directors to maintain the independence of the Board, and separate its functions of governance and management. The Company has duly constituted the Nomination and Remuneration Committee of the Board in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of SEBI Listing

Regulations and the committee inter-alia periodically evaluates:

1. The need for change in composition and size of the

Board;

2. Recommend/review remuneration of the Managing

Director(s) and Whole–time Director(s) based on their performance;

3. Recommend the policy for remuneration of Directors,

KMPs & others senior level employees of the Company and review the same in accordance with the performance of the Company and industry trend.

The Nomination & Remuneration Policy of the Company is available on the website of the Company at the link https://frontiersprings.co.in/downloads/

Nomination%20and%20Remuneration%20Policy.pdf

There has been no change in the policy during the year under review. We affirm that the remuneration paid to the Directors is as per the terms laid out in the Policy.

ANNUAL RETURN

The copy of Annual Return as required under Section

92(3) and Section 134(3)(a) of the Companies Act, 2013 is placed on the Company's website and can be accessed at https://frontiersprings.co.in/downloads/MGT-annual-report-2024-25.pdf

(1) Statutory Auditors

M/s Sanjay Nandini & Co., Chartered Accountants, Kanpur

(ICAI Registration No. 006941C) were appointed as the

Statutory Auditors of the Company to hold office for a term of 5 (Five) consecutive years from the conclusion of the Forty Fourth Annual General Meeting of the Company held on 28th September, 2024 until the conclusion of the

Forty Ninth Annual General Meeting of the Company to be held in the year, 2029. Accordingly, they continued to hold the office of Statutory Auditors of the Company during the financial year under scrutiny.

The Auditors' Report for the Financial Year 2024-2025 does not contain any qualification, reservation or adverse remark requiring clarification or explanation in the Directors' Report.

(2) Cost Auditors

Pursuant to the Rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148 (1) of the Companies Act, 2013 in respect of its products. The Board of Directors of the

Company on the recommendation of the Audit Committee has approved the appointment of M/s. R. M. Bansal & Co.,

Cost Accountants (Firm Registration No.: 000022), as the

Cost Auditors of the Company to conduct the audit of the

Cost Accounts of the Company, for the financial year 2025-26. M/s. R. M. Bansal & Co. have furnished a certificate of their eligibility and consent for appointment under Section

139(1) of the Companies Act, 2013 and Rules framed thereunder.

The Board on the recommendation of the Audit Committee have approved the remuneration payable to the Cost Auditor, subject to ratification of their remuneration by the members at this Annual General Meeting.As required under the Companies Act, 2013, the resolutions seeking members' ratification for the remuneration payable to Cost Auditors forms part of the Notice convening the Annual General Meeting.

(3) Secretarial Auditors

M/s P. Manghwani & Associates, Practicing Company Secretary ((bearing Unique Identification No.

S2016UP357400) are the Secretarial Auditor of the Company for the financial year 2024-25. The Secretarial

Auditor Report issued by M/s P. Manghwani & Associates for the financial year ended 31st March, 2025 is annexed herewith as Annexure-B to this report.

The Secretarial Audit Report for the financial year 2024-25 does not contain any qualification, reservation or adverse remark.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and amended Regulation 24A of SEBI Listing Regulations read with SEBI circular no. SEBI/HO/CFD/CFD-PoD-2/ CIR/P/2024/185 dated December 31, 2024 the Board of Directors based on the recommendation of the Audit Committee has approved the appointment of M/s V Agnihotri & Associates, a peer reviewed firm of Practicing Company Secretary (bearing Unique Identification No.

S2019UP652800)as Secretarial Auditor of the Company for a period of 5 (five) consecutive years with effect from 1st April, 2025 to 31st March, 2030 subject to the approval of the Members of the Company at the ensuing Annual General Meeting.

The resolution approving the above proposal is being placed for approval of the Members in the Notice of Annual General Meeting.

(4) Internal Auditors

Pursuant to provisions of Section 138 read with Rule 13 of Companies (Accounts) Rules 2014, your Company engaged the services of M/s J Chandra & Co., Chartered Accountants, Kanpur, to conduct the Internal Audit of the functions and activities of the Company for the Financial Year 2024-25.

The Quarterly Internal Audit Report is placed before the Audit Committee of the Company for its review, at regular intervals.

REPORTING OF FRAUDS

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit

Committee and/or Board under Section 143(12) of the Act and Rules framed there under.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Pursuant to Regulation 34(2) of the SEBI Listing Regulations, a Management Discussion & Analysis Report for the year under review is annexed as a separate section forming part of this Annual Report.

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

Information as per Section 134(3)(m) of the Companies Act, 2013 read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 relating to conservation of energy, technology absorption and foreign exchange earnings and outgo for the financial year 2024-25 is annexed as Annexure-C which forms part of this Report.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013 the

Board of Directors, to the best of their knowledge and ability in respect of the financial year ended on 31st March, 2025 confirm that:

1) in the preparation of the Annual Accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

2) they have selected such accounting policies and applied them consistently and made judgements 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 period;

3) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4) they have prepared the Annual Accounts of the

Company on a going concern basis.

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

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

CORPORATE SOCIAL RESPONSIBILITY

In terms of Section 135 and Schedule VII of the Companies Act 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended, the Board of Directors of your company had constituted a Corporate Social Responsibility Committee which under take CSR activities, projects and programs as provided in the CSR Policy of the Company and identified under Schedule VII of the Companies Act, 2013. The Composition of the CSR

Committee along-with the detailed report on CSR activities as required under the Companies (Corporate Social

Responsibility Policy) Rules, 2014 as amended is annexed with this report as Annexure-D and forms an integral part of this Report. During the year under report, the company was unable to spend an amount of INR. 4,29,547/- towards

CSR activities, due to unprecedented operational hurdles. In compliance with the second proviso to Section 135(5) of the Companies Act, 2013, the Company has transferred an amount of INR 4,35,000/- to the PM CARES Fund.

Corporate Social Responsibility Committee of the Board has developed a CSR policy which can be accessed on https://frontiersprings.co.in/downloads/FSL_Corporate%20 Social%20Responsibility%20Policy-.pdf

DEPOSITS

During the year under review, the Company has neither accepted nor renewed any deposits from public in terms of provisions of Section 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

In terms of Rule 2(1)(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014, the Company, during the year, had not accepted any unsecured loans from the Directors of the Company.

PARTICULARS OF EMPLOYEES

The disclosure required under Section 197(12) of the Companies Act, 2013 read with Rule 5 (1) & 5(2) of the

Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014, is annexed as Annexure-E and forms an integral part of this report. The information showing names and other particulars of employees as per Rule 5(2) and 5(3) of the aforesaid rules forms part of this report.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS BY THE COMPANY

Your Company has not given any loans or provided guarantees and/or any securities or provided security attracting provisions of Section 186 of the Companies Act, 2013 and Schedule V of the SEBI Listing Regulations.

However, the details of investments made are provided in the Note No.2 of the Notes to the Financial Statements for the year ended 31st March, 2025.

LISTING

The Equity Shares of Company continued to be listed at BSE Limited and the Annual Listing Fee for the financial year

2025-26 has been paid up to date within the stipulated time period.

INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY

The Company has in place internal financial control systems, commensurate with the size of the Company and the nature of its business, with reference to financial statements. The Audit Committee of the Board of Directors regularly reviews the adequacy and effectiveness of Internal Control Systems and suggests improvement to strengthen them.

COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, the Company has duly complied with the applicable provisions of the Secretarial

Standards on Meetings of the Board of Directors (SS 1) and General Meetings (SS 2) issued by The Institute of

Company Secretaries of India.

COMPOSITION OF AUDIT COMMITTEE

The composition of Audit Committee is in line with the provisions of Section 177 of the Act read with Regulation 18 of the Securities Exchange Board of India (Listing

Obligations and Disclosure Requirements) Regulations,

2015. The Audit Committee comprises of 5 (five) members and all members are Independent Directors of the Company. The Company Secretary is the Secretary of the Committee. All transactions with related parties are on arms' length basis. During the year, there are no instances where the Board had not accepted the recommendations of the Audit Committee.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

Pursuant to Section 177(9) of the Companies Act, 2013 and Regulation 22 of SEBI Listing Regulations, the Company has adopted Whislte Policy for vigil mechanism for Directors and

Employees, to report genuine concerns about any wrongful conduct with respect to the Company or its business or affairs. This policy covers malpractices, misuse or abuse of authority, fraud, violation of the Company's policies or rules, manipulations, negligence causing danger to public health and safety and other matters or activity on account of which the interest of the company is affected or likely to be affected and formally reported by whistle blowers. If an investigation leads the Chairman of the Audit Committee shall recommend to the management of the Company to take such disciplinary or corrective action as he may deem fit.

The policy has been posted on the website of the Company and may be accessed at the link: https://frontiersprings. co.in/downloads/Whistle%20Blower%20Policy.pdf

RISK MANAGEMENT

Risk is an inherent factor in business cycle and cannot be avoided. However, proper planning and checks lead to risk mitigation. The Audit Committee has also been delegated the responsibility for monitoring and reviewing risk management, assessment and minimization procedures, developing, implementing and monitoring the risk management plan and identifying, reviewing and mitigating all elements of risks which the Company may be exposed to. The Board also reviews the risk management, assessment and minimization procedures.

The Risk Management Policy has been uploaded on the Company's website and may be accessed at the link https:// frontiersprings.co.in/downloads/Risk%20Mangement%20

Policy.pdf

INSIDER TRADING

In compliance with the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and to preserve the confidentiality and prevent misuse of unpublished price sensitive information, the Company has adopted a Code of Conduct to Regulate, Monitor and Report Trading by Insiders (‘Insider Trading Code') and a Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (‘Code of Fair Disclosure').

The Insider Trading Code is intended to prevent misuse of unpublished price sensitive information by insiders and connected persons and ensures that the Directors and specified persons of the Company and their dependents shall not derive any benefit or assist others to derive any benefit from access to and possession of price sensitive information about the company which is not in the public domain, that is to say, insider information.

The Code of Fair Disclosure ensures that the affairs of the Company are managed in a fair, transparent and ethical manner keeping in view the needs and interest of all the stakeholders.

The Code of Conduct for Insider trading is placed on the website of the Company and can be accessed through the link: https://frontiersprings.co.in/downloads/Code_of_

Conduct_for_Prevention_of_Insider_Trading_FSL%20(2).pdf

POLICY ON SEXUAL HARASSMENT

Prevention and control of sexual harassment at workplace constitutes an important part of corporate culture while aligning with best practices and improving management processes. The company has zero tolerance for sexual harassment at workplace and has adapted a policy on prevention, prohibition and redressal of sexual harassment at workplace with a mechanism of lodging complaints and has constituted an Internal Complaints Committee in line with the provisions of the Sexual Harassment of Women at

Workplace (Prevention, Prohibition and Redressal) Act,2013 and the rules framed there under.

No complaints were reported to the Board for sexual harassment of women at work place during the financial year

2024-25.

The policy on Sexual Harassment at Workplace is placed on the website of the Company and can be accessed through the link: https://frontiersprings.co.in/downloads/

Policy%20Against%20Sexual%20Harrasment%20at%20 Workplace-%20%20FSL.pdf

MATERNITY BENEFIT COMPLIANCE

During the year under review, the company has ensured full compliance with the provisions of the maternity Benefit

Act, 1961. The company remains committed to upholding the Rights and welfare of its female employees by providing all statutory maternity benefits and other entitlements as mandated under the act.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company occurred from the end of the financial year 2024-25 till the date of this Report.

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

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

During the year under review, there were no significant and material orders passed by the Regulators, or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

During the financial year under review, the transactions entered/continue to be entered into with related parties were in the ordinary course of business and on an arm's length basis. The omnibus approval from the Audit Committee was obtained on Annual basis for transactions of repetitive nature and which are subsequently approved by the Board of Directors of the Company. During the year, the Company had not entered into any contract, arrangement/transaction with related parties which could be considered material in accordance with the Company's related party transaction policy and accordingly, the disclosure of Related party transaction as required under

Section 134(3)(h) of the Companies Act, 2013 and Regulation 23 of the SEBI Listing Regulations, in Form AOC-2 does not form part of this report. However, the related party transactions entered by the Company are disclosed under Note No.32 of the Notes to the financial statements for the year ended 31st March, 2025.

Pursuant to SEBI Listing Regulations, the Resolution for seeking approval of the Members on material related party transactions is being placed at this AGM.

In line with the requirements of the Act and the Listing Regulations, the Company has formulated a Policy on Related Party Transactions and the same can be accessed on the Company's website at https://frontiersprings. co.in/downloads/Policy%20on%20Related%20Party%20

Transactions.pdf

GENERAL

• The Company has not issued any equity shares with differential rights as to dividend, voting or otherwise.

• The Company has not issued any shares (including sweat equity shares) to employees of the Company or its subsidiary under any scheme.

• There is no change in the Share Capital Structure of the Company during the year under review.

• There was no revision in the financial statements.

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

• There is no proceeding initiated/pending against the Company under the Insolvency/Bankruptcy Code,

2016.

• There was no instance of time settlement with any bank or financial institution.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation for the contributions made by employees towards the success of the Company. Your Directors gratefully acknowledge the co-operation and support received from the shareholders, customers, vendors, bankers, Regulatory and Government authorities.