Dear Members,

Your Directors are pleased to present the Forty Eighth Annual Report together with the Audited Financial Statements of your Company for the financial year ended March 31,2017. The summarized financial performance of your Company for the financial year ended March 31, 2017 is as follows:-

FINANCIAL RESULTS

(Rs in Lacs)

During the year under review, the total Income was Rs. 6,419.69 Lacs as against Rs. 9,240.77 Lacs in the previous year representing decrease in total income. Net loss after providing for interest, depreciation and tax increased to Rs. 3,137.50 Lacs as against net loss of Rs. 2,530.93 Lacs during the previous year.

OPERATIONAL HIGHLIGHTS

During the year under review, your Company continued to face hurdles from all corners. The overall weak economic conditions, rising cost of production, liquidity crunch, borrowing costs and other global factors posed hardships on the Company.

The Promoter have extended their financial and technical support from time to time. The Company has invested these funds towards improvement in infrastructure, repayments of debts, working Capital requirement and loss funding.

CAST ROLL DIVISION

Production during the year under review decreased to 4401 MT (Metric Ton) as against 5309 MT during the year 2015-16. Cast Roll Sales decreased to 4391 MT as against 5481 MT during the year 2015-16. Consequently the total revenue from the Cast Roll Division decreased to Rs. 5,363.63 Lacs as compared to Rs. 7,093.40 Lacs in the previous year.

FORGE ROLL DIVISION

Production during the year under review decreased to 291 MT as against 873 MT during the previous year. Forge Roll sales decreased to 316 MT as against 897 MT in the previous year 2015-16. Consequently, the total revenue from the Forged roll division was Rs. 768.47 Lacs compared to Rs. 2,003.49 Lacs in the previous year which reflects a marginal decrease. EXPORT

During the year under review, the Company exported 854 MT of Cast Rolls as compared to 1513 MT during the previous year and exported 31 MT of Forge Rolls as compared to 186 during the previous year. Your Company is exploring new markets for Cast Rolls in Turkey, UAE, Qatar, Nigeria, Iran, Egypt, Bangladesh, Oman, AHMSA (Mexico) while strengthening its presence in the existing markets.

DIVIDEND

In view of losses incurred and requirement of capital, considering the capital intensive nature of the industry, for working of the Company, your Directors did not recommend any dividend for the financial year 2016-17.

TRANSFER TO RESERVES

In view of the losses incurred by the Company during the financial year 2016-17, no amount has been proposed to be carried to the General Reserve.

SHARE CAPITAL

The Authorized Capital and Paid up Share Capital as on March 31, 2017 was Rs. 3,000.00 Lacs and Rs. 2,282.44 Lacs respectively.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no 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 except as stated in the report.

CHANGE IN NATURE OF BUSINESS, IF ANY

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

EROSION OF NET WORTH

As reported earlier the accumulated losses of the Company as on March 31, 2016, are in excess of its entire net worth as on the same date, as such the Company has become a Sick Industrial Company and the necessary reference to be made with the Board for Industrial & Financial Reconstruction (BIFR) in terms of the provisions of Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), for determination of measures for its rehabilitation. In view of the complete erosion of the net worth of the Company, the Board of Director at their meeting dated November 11,2016 has decided to refer the Company to Board for Industrial and Financial Reconstruction (BIFR) in terms of Section 15(1) of The Sick Industrial Companies (Special Provisions) Act, 1985. Further the Company on November 22,2016 submitted the application for reference to the Board of BIFR but due to repealment of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) with effect from 1st December, 2016 , the Company's application not get registered with BIFR Board.

SUBSIDIARY COMPANY/JOINT VENTURE COMPANY/ASSOCIATE COMPANY

The Company does not have any Subsidiary Company/Joint Venture Company/Associate Company in terms of provisions 134(3) of the Companies Act, 2013 read with Rule 8(5)(iv) of Companies (Accounts) Rules, 2014 and hence no disclosure is required.

PUBLIC DEPOSIT

During the year, your Company has not accepted/ received any deposit pursuant to section 73 of Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

CORPORATE DEBT RESTRUCTURING

Your Company continues to be under CDR Scheme as reported in the previous year and is making repayments as laid down in the terms and conditions of the Scheme.

SCHEME OF AMALGAMATION

As reported last year, your Directors as well as the Shareholders (Both Equity Shareholders and 6% Cumulative Optionally Convertible Redeemable Preference Shareholder at their Court Convened Meeting held on March 28, 2015) of the Company has approved the Scheme of Amalgamation of Geetapuram Port Services Limited ("GPSL or the Transferor Company No.1") and its wholly owned subsidiary North East Natural Resources Private Limited ("NENRPL or the Transferor Company No.2") with Gontermann-Peipers (India) Limited (GPIL or the Transferee Company No. 1").

Necessary approval for approving the said Scheme is pending before the Hon'ble High Courts. The amalgamation, if approved will be advantageous and beneficial to all stakeholders of your Company.

INTERNAL FINANCIAL CONTROL

The Internal Financial Control with reference to the Financial Statements are considered to be commensurate with the size, scale and complexity of the operations of the Company. All Operations are executed through Standard Operating Procedures (SOPs) in all functions activities for which key manuals have been put in place. The manuals are operated and validated periodically. Approvals of all transactions is ensured through a pre approved Delegation of Authority (DOA) Schedule which is in built into the SAP system. DOA is reviewed periodically by the management and compliance of DOA is regularly checked and monitored by the Auditors. The Company's Books of Accounts are maintained in SAP and transactions are executed through SAP (ERP) setup to ensure correctness/effectiveness of all transactions, integrity and reliability of reporting.

The Internal Audit team monitors and evaluates efficacy and adequacy of internal control system in the Company. Based on the report of internal auditors, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board on quarterly basis.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

As per section 135 (1) of the Companies Act, 2013, every Company having a net worth of Rupees five hundred crores or more, or turnover of Rupees one thousand crores or more, or net profit of Rupees five crores or more, during any financial year is required to constitute a Corporate Social Responsibility Committee of the Board consisting of three or more Directors, out of which at least one Director shall be Independent Director.

Your Company is suffering losses since FY 2011-12 and doesn't fulfill any of the criteria's as specified under section 135 (1) of the Companies Act, 2013, therefore, Corporate Social Responsibility Committee of the Board is not required, and as a result Company has not constituted a Corporate Social Responsibility Committee. Your Company has tried to meet its social obligations, wherever possible, with its limited resources.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and the future operations of the Company during the year under review.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointment(s)

During the year under review, Mr. Aurindam Dey was appointed as an Chief Executive Officer (CEO) and Key Managerial Personnel ('KMP') of the Company with effect from August 11, 2016 and Mr. Prithwi Manas Mitra was appointed as Chief Financial Officer (CFO) and Key Managerial Personnel ('KMP') of the Company with effect from September 1,2016.

Mr. Dwijen Lahiri, Whole Time Director, Mr. Prithwi Manas Mitra, Chief Financial Officer and Mr. Alok Kumar Samant, Company Secretary of the Company are the Key Managerial Personnel's of your Company in accordance with the provisions of Section 2(51) and Section 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015.

The details of remuneration paid to the Key Managerial Personnel appointed by your Company in accordance with the provision of Section 203 of Companies Act, 2013 are set out in this Report.

Resignation(s)

During the year under review, Mr. Anil Sureka, Non-Executive Director has resigned from the position of Non-Executive Director with effect from August 11, 2016. Mr. Sandip Gupta, CFO and Key Managerial Personnel(KMP) of the Company has been relieved from the position of CFO and KMP due to reaching the age of Superannuation with effect from August 29, 2016. Further Mr. Aurindam Dey, CEO and KMP of the Company has resigned from the position of CEO and KMP with effect from November 11,2016.

The Board of Directors placed on record their appreciation for their valuable contribution during their association with the Company.

RETIREMENT BY ROTATION

In accordance with the provisions of Section 152 of the Companies Act, 2013 and rules made thereunder and in terms of the Article of Association of the Company, Ms. Shristi Mittal (DIN:02451240), Non-Executive Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. Your Board of Directors recommends her re-appointment. The details of the re-appointment are set out in the notice convening the 48th Annual General Meeting of your Company.

BOARD EVALUATION

During the year under review in terms of requirement of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the formal annual evaluation was carried out for the Board's own performance, its committees & individual directors. The Evaluation process focused on various aspects of the functioning of the Board and Committees such as composition of the Board and Committees, experience and competencies, performance of specific duties and obligations, governance issues etc. The manner in which evaluation was carried out is stated in the Corporate Governance Report which is annexed and forms a part of this report.

The Board approved the evaluation made by Nomination and Remuneration Committee of the Board of Directors.

MEETING OF THE BOARD AND AUDIT COMMITTEE

The details of the number of Board and Audit Committee Meetings of the Company are set out in the Corporate Governance Report which forms part of this report. The intervening gap between the meetings was within the period prescribed by the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.

COMPOSITION OF AUDIT COMMITTEE AND OTHER COMMITTEE

The Composition of Audit Committee and other Committees is provided in the Corporate Governance Report forming part of this Report.

SEPARATE MEETING OF INDEPENDENT DIRECTORS

Pursuant to the provisions of Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligation and Disclosure Requirement), Regulations, 2015, a separate meeting of the Independent Directors was held on Thursday, March 30, 2017. In the said meeting the Directors have reviewed the performance of Board and its Committees, Chairman of the Board, Non-Executive Directors and further assessed the quality, quantity and the timeliness of flow of information between the Management and Board of the Company.

DECLARATION OF INDEPENDENCE BY THE INDEPENDENT DIRECTORS

Your Company has received declarations from all the Independent Directors that they meet the criteria of Independence as laid down under the Companies Act, 2013 read with Schedule IV and Rules made thereunder, as well as SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.The Board considered the independence of each of the Independence Directors in terms of above provisions and is of the view that they fulfill the criteria of independence.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The Company is required to conduct the Familiarisation Programme for Independent Directors (IDs) in terms of Regulation 25(7) of the SEBI (Listing Obligations and disclosure Requirements), Regulation, 2015 to familiarize the Independent Directors about the Company and their roles, rights, responsibilities in the Company, nature of the industry in which Company operates, business model of the Company and other related matters. During the year under review, the Company continuously through its Board Meeting and/or Committee meeting(s) aggregating in twelve in number facilitated Directors to familiarize about the Company performance and in turn helped them in their active participation in managing the affairs of the Company. The details of such Familiarization Programme for Directors are available on the Company's website (URL: www.gontermann-peipers.com/ investorsrelations/Directors/familiarization programme of Independent Directors).

(iv) they have prepared the annual accounts for the financial year ended March 31, 2017 on a going concern basis;

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

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

EXTRACT OF THE ANNUAL RETURN

An Extract of Annual Return as on the financial year ended March 31,2017 in Form No. MGT-9 as required Under Section 92(3) of the Companies Act, 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is set out as Annexure -1 to this Report and forms part of this Annual Report.

REMUNERATION POLICY

The Company has in place a Nomination and Remuneration policy duly adopted and approved by the Board. The Nomination and Remuneration Policy of the Company includes the terms and conditions for appointment and payment of remuneration to the Directors and Key Managerial Personnel (KMP) and other senior management personnel including criteria for determining qualifications, positive attributes, independence of a director as per Schedule IV of the Companies Act, 2013. The said policy has been made available on the website of the Company "www.gontermann-peipers.com".The same is attached as Annexure - II and forms integral part of this Report.

STATUTORY AUDITORS

M/s. V. Malik & Associates, Chartered Accountants, having Registration No. 000155N, issued by The Institute of Chartered Accountants of India, the Statutory Auditors of the Company hold office till the conclusion of the forty-eighth Annual General Meeting of the Company. They have audited the Financial Statements of the Company for the Financial Year under review.

Comments /Qualifications of the Auditors in their report and the notes forming part of the Accounts are self-explanatory:-

1. Long outstanding (i) capital advances (Note No. 12) of Rs. 925.25 Lacs (including amount represented as trade receivable) and (ii) advances to suppliers (Note No. 16) of Rs. 454.55 Lacs (including Rs. 288.61 Lacs recoverable from related party) in respect of which no confirmation, acknowledgement, schedule of delivery, agreements, etc. are available and in the absence of initiation of concrete steps for recovery/ settlement, non-availability of legal tenable rights and doubt about their ability to pay, besides other factors, equivalent provision for advances doubtful for recovery is necessary considering the magnitude of above factors coupled with considerable delay by these parties, non-creation of such provision is contrary to the requirements of Accounting Standard-4, "Contingencies and Events occurring after the Balance Sheet date". Consequently, the Loss for the year would be impacted by Rs. 1,379.80 Lacs.

2. The company has recognized Net deferred tax asset (DTA) of Rs.5,332.49 Lacs (including Rs.1,385.29 Lacs for the year) up to March 31,2017 on account of unabsorbed depreciation, carried forward business losses and disallowances under Income tax laws (Refer Note No. 11 and 51) based on the future profitability projections made by the management. The company has history of continuous losses for last six years and in the absence of virtual certainty supported by convincing evidence along with non-disclosure of nature of evidences supporting its recognition that sufficient taxable income will be available against which such deferred tax assets can be realized in near future, in our opinion, the recognition of deferred tax asset is in contravention to Accounting Standard-22 "Accounting for Taxes on Income" and impacted the Loss for the year and financial position to that extent.

Had the impact of 'Basis of Qualified Opinion' Para 4 (a) and (b) above been considered and not considering the impact of Para 6 though Emphasized by us,

i) the Loss for the year would have been Rs. 5,902.59 Lacs as against the reported Loss of Rs. 3,137.50 Lacs and

ii) the balance in Reserves and Surplus would have been Rs. (11,309.71 Lacs) as against the reported Reserves and Surplus of Rs. (4,597.42 Lacs).

Further the management representation to the above qualifications/comments are as follows:

1. As regards long outstanding (i) Capital advances of Rs. 925.25 Lacs (including amount represented as trade receivables) and (ii) advances to suppliers of Rs.454.55 Lacs, the management is confident that the same will be adjusted against supply of materials or realisation of advances.

2. As regards Net Deferred Tax (NDTA), based on the future profitability projections, management is confident of achieving the profitability in the coming years and the Company is virtually certain that there would be sufficient taxable income in the future against which the Deferred Tax Asset can be accounted for.

COST AUDITORS

Your Board on the recommendation of the Audit Committee, has approved the appointment of M/s. Datta Chakraborty & Associates, having firm registration No. 000300 issued by The Institute of Cost & Works Accountants of India, Cost Accountants, for audit of cost records maintained by the Company for the financial year ended 2017- 2018. In terms of section 148 of Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 appropriate resolution seeking your ratification of the remuneration payable to M/s. Datta Chakraborty & Associates, Cost Accountants, is included in the Notice convening the 48th Annual General Meeting of the Company.

SECRETARIAL AUDITORS

Pursuant to the provision 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. MKB & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit of the Company for the financial year 2016-17.The Report of the Secretarial Audit is attached herewith as Annexure-lll to this report.

Below mentioned qualification is observed by the Secretarial Auditor in their report to which the Board has shared the following explanation:

Qualifications:

During the period under review the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above except that

1. the company has not complied with provisions of Section 197 read with Schedule V of Companies Act, 2013 as salary has been paid to Whole-time Director of the Company without taking approval of Central Government as the Company has defaulted in payment of loans and interest thereon;

2. the promoter contribution of Rs. 91.61 Lacs received against share application money in the Financial Year 2014-15 against which shares have not been allotted till date has been shown under current liabilities.

Management Response:

1. NOC as required under the Act is awaiting from the lender for filing of application to Central Government. Upon receipt of the NOC from the lender Company would submit the application for waiver/approval to Central Government.

2. Global Steel Holding Limited (the Foreign Promoter/GSHL) vide their letter dated 01st April, 2015 has been directed the Company to hold the allotment of the shares and keep the said amount in trust as a non-interest bearing till the formal approval of the Board of GSHL. Further they have requested to refund the said amount and refund of same is under process. For refund of same, RBI approval is required and necessary application is under process for filing with RBI for their approval to refund the said Rs. 91.40 Lacs to GHSL.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY

There was no such loan given, investment made, guarantee given or security provided by the Company to any entity pursuant to the provisions of section 186 of the Companies Act, 2013 during the financial year 2016-17.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on ami's length basis. During the year under review, the Company has not entered into any contracts/arrangements/transactions with related parties which could be considered as material in accordance with the provision of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015.

Your Board of Directors, based on the recommendation of audit committee has approved the Policy on materiality of related party transactions and dealing with related party transactions in accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement), Regulations, 2015 and Companies Act, 2013. The said policy is also hosted in Company's Website www.gontermann-peipers.com .

Since all the related party transactions entered into by your Company were on Ordinary course of Business and were on arms length basis, form AOC-2 is not applicable to our Company.

CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO.

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

RISK MANAGEMENT

The Company has in place robust risk management framework which identifies and evaluates business risk and opportunities. Pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement), Regulations, 2015, the Company has a Risk Management Committee of the Board, which looks after the identification of risks and their mitigation plans.

During the year under review, the Board and Management teams are embracing the concept of Enterprise Risk Management (ERM). ERM is used as a strategy decision making tool to refine management strategies and risk controls. Thereafter, the management evaluated the risk on priorities basis and their mitigation plan were formulated and implemented on regular basis. The evaluated risk along with their mitigation plan and their implementation are presented before the Board on time to time basis.

WHISTLE BLOWER POLICY & VIGIL MECHANISM

Your Company has formulated a codified Whistle Blower Policy incorporating the provisions relating to Vigil Mechanism in terms of Section 177 of the Companies Act, 2013 read with Companies (Meeting of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in order to encourage Directors and Employees of your Company to escalate to the level of the Audit Committee any issue of concerns impacting and compromising with the interest of your Company and its stakeholders in any way.

Your Company is committed to adhere to highest possible standards of ethical, moral and legal business conduct and to open communication and to provide necessary safeguards for protection of employees from reprisals or victimisation, for whistle blowing in good faith. The said Policy is hosted on the Company's website: www.gontermann-peipers.com .

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

Your Company is committed to provide and promote a safe, healthy and congenial atmosphere irrespective of gender, caste, creed or social class of the employees. The Company in its endeavour to provide a safe and healthy work environment for all its employees has developed a policy to ensure zero tolerance towards verbal, physical, psychological conduct of a sexual nature by any employee or stakeholder that directly or indirectly harasses, disrupts or interferes with another's work performance or creates an intimidating, offensive or hostile environment such that each employee can realize his / her maximum potential.

Your Company has put in place a 'Policy on Prevention of Sexual Harassment' as per The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Policy is meant to sensitize the employees about their fundamental right to have safe and healthy environment at workplace. As per the Policy, any employee may report his / her complaint to the Internal Complaint Committee formed for this purpose. The Company affirms that during the year under review adequate access was provided to any complainant who wished to register a complaint under the Policy.

During the year under review, there were no such Complaints received by the Internal Complaint Committee.

POLICY FOR PRESERVATION OF DOCUMENTS

Your Company has put in place a policy on preservation of documents and achieving of the documents and policy to determine material of events, pursuant to requirement of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said Policy is hosted on the Company's website: www.gontermann-peipers.com .

PARTICULARS OF EMPLOYEES AND OTHER RELATED INFORMATIONS

The information required to be disclosed in the Director's Report pursuant to the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out in as an Annexure- V to this Report.

CORPORATE GOVERNANCE

Your Company is committed to maintain and adhere highest standards of Corporate Governance requirements as stipulated in SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. The Corporate Governance Report along with the Certificate from Mr. Pankaj Kumar Modi, Practicing Company Secretary of Corporate Governance is attached with this report.

CEO/CFO Certification

Pursuant to the provisions of Regulation 34(3) of Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulation, 2015 pertaining to Corporate Governance, Mr. Dwijen Lahiri, Whole Time Director and Mr. Prithwi Manas Mitra, Chief Financial Officer of the Company have certified inter-alia, about review of financial statements for the financial year ended 31st March, 2017. The said Certificate has been provided elsewhere in the Annual Report.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

During the year under review, your Company has not transferred any sum to the Investor Education Protection Fund (IEPF) of the Central Government, as there was no unclaimed or unpaid amount of dividend which was due and payable at the end of the financial year 2016-17.

AWARDS AND RECOGNITION

Your Company had participated in Chapter Convention on Quality Concepts (CCQC - 2016) organized by Kolkata Chapter and had been recognized and awarded as "Gold Category" (Kaizen).

MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report for the year under review, as stipulated under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 being presented in a separate section forming a part of this Annual Report.

APPRECIATION

Your Directors would like to express their appreciation for the assistance and co-operation received from the Financial Institutions, Banks, Government Authorities, Customers, Vendors and Members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the services rendered by the officers, staff and workers of the Company at all levels and look forward to their continued co-operation.

For and on behalf of the Board