To,

The Members,

Your Directors present the 43rd Annual Report on the Business and Operations of the Company along with the Audited Statement of Accounts for the Financial Year ended on 31st March, 2025.

The financial performance of the Company for the Financial Year ended on 31st March, 2025 and for the previous financial year ended on 31st March, 2024 is given below:

Total revenue for Financial Year 2024-25 is Rs. 2,377.42 Lakhs compared to the total revenue of Rs. 33.34 Lakhs of previous Financial Year. The Company has incurred Profit before tax for the Financial Year 2024-25 of Rs. 231.85 Lakhs as compared to Profit before tax of Rs. 38.58 Lakhs of previous Financial Year. Net Profit after Tax for the Financial Year 2024-25 is Rs. 223.13 Lakhs as against Net Profit after tax of Rs. 16.79 Lakhs of previous Financial Year. The Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in the future period.

During the Financial Year 2024-25 there was no changes in nature of Business of the Company.

Increase in the Authorized Share Capital of the Company from Rs 10,00,00,000/- (Rupees Ten Crore only), divided into 1,00,00,000 (One Crore) Equity Shares of Rs 10/- (Rupees ten only) Each to Rs 16,50,00,000/- (Rupees Sixteen Crore Fifty Lakhs only), divided into 1,65,00,000 (One Crore Sixty Five Lakhs) Equity Shares of t 10/- (Rupees Ten only) each, by creation of Additional 65,00,000 (Sixty Fifty Lakhs) Equity Shares of face value of Rs 10/- (Rupees Ten Only) each.

The Authorized Share Capital of the Company as on March 31, 2025 is Rs 16,50,00,000/- (Rupees Sixteen Crore Fifty Lakhs only), divided into 1,65,00,000 (One Crore Sixty Five Lakhs) Equity Shares of t 10/- (Rupees Ten only) each, and Issued, Subscribed and Paid-up Equity Share Capital of the Company is Rs. 16,01,50,000/- divided into 16,01,50,00 Equity shares of Rs. 10/-.

During the year under review:

• On 16th October, 2024, the Company has Sub-division of 1 (One) Equity share of face value of ^10/- (Rupees Ten only) each fully paid up to 10 (Ten) Equity shares of the face value of ^ 1 (Rupee One only) each fully paid-up.

• On 9th December, 2024, the Company had allotted 8,00,75,000 (Eight Crores Seventy Five Thousand) fully paid-up Equity shares of face value of Rs. 1.00/- (Rupees Ten Only) per share, in the ratio of 1:1 per share, aggregating to Rs. 8,00,75,000/- (Eight Crores Seventy Five Thousand) for cash consideration, to the person(s)/ entity (ies) belonging to Non-Promoter category on a preferential basis. Consequently, post-allotment of Equity shares, the Paid-up Equity Share Capital of the Company increased from Rs. 10,00,00,00/- divided into 1,00,00,000 Equity shares having face value of Rs. 10/- per share to Rs. 16,01,50,000/- divided into 16,01,50,00 Equity shares having face value of Rs. 1/- per share.

To conserve the resources for future prospect and growth of the Company, your Directors do not recommend any dividend for the Financial Year 2024-25 (Previous year - Nil).

Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or unclaimed for a period of seven years shall be transferred to the Investor Education and Protection Fund (“IEPF”). During the year under review, there was no unpaid or unclaimed dividend in the “Unpaid Dividend Account” lying for a period of seven years from the date of transfer of such unpaid dividend to the said account. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund.

The Profit of the Company for the Financial Year ending on 31st March, 2025 is transferred to profit and loss account of the Company under Other Equity.

Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31, 2025 is available on the Company's website www.consecutiveinvestment.com

During the year under review:

• On 16th October, 2024, the Company has Sub-division of 1 (One) Equity share of face value of ^10/- (Rupees Ten only) each fully paid up to 10 (Ten) Equity shares of the face value of ^ 1 (Rupee One only) each fully paid-up.

• On 9th December, 2024, the Company had allotted 8,00,75,000 (Eight Crores Seventy Five Thousand) fully paid-up Equity shares of face value of Rs. 1.00/- (Rupees Ten Only) per share, in the ratio of 1:1 per share, aggregating to Rs. 8,00,75,000/- (Eight Crores Seventy Five Thousand) for cash consideration, to the person(s)/ entity (ies) belonging to Non-Promoter category on a preferential basis. Consequently, post-allotment of Equity shares, the Paid-up Equity Share Capital of the Company increased from Rs. 10,00,00,00/- divided into 1,00,00,000 Equity shares having face value of Rs. 10/- per share to Rs. 16,01,50,000/- divided into 16,01,50,00 Equity shares having face value of Rs. 1/- per share.

There are no significant material orders passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operation.

The Directors of the Company met at regular intervals at least once in a quarter with the gap between two meetings not exceeding 120 days to take a view of the Company's policies and strategies apart from the Board Matters.

During the year under the review, the Board of Directors met 15 (Fifteen) times viz 2 nd May 2024, 30th May 2024, 12th August 2024, 14th August 2024, 29th August 2024, 6th September 2024, 16th October 2024, 21st October 2024, 9th December 2024, 17th December 2024, 20th January 2025, 23th January 2025, 19th February 2025, 13th March 2025 and 18th March 2025.

In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

a. In the preparation of the Annual Accounts, for the year ended on 31st March, 2025 the applicable accounting standards have been followed and there are no material departure from the same,

b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of financial year and of the profit of the Company for the financial year ended on 31st March, 2025.

c. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities,

d. The Directors had prepared the Annual Accounts on a going concern basis,

e. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and

f. 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 provisions of section 135 of the Companies Act, 2013 is not applicable to your Company as the Company does not fall under the criteria limits mentioned in the said section of the Act.

Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate Social Responsibility.

i. Auditors' Report:

The observations of the Statutory Auditor, when read together with the relevant notes to the accounts and accounting policies are self-explanatory and do not call for any further comment.

ii. Secretarial Auditor's Report:

The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has appointed Ms. Monika Shekhawat, Proprietor of M/s. Shekhawat & Associates, Company Secretaries, Ahmedabad as a Secretarial Auditor of the Company to conduct Secretarial Audit for the Financial Year 2024-25.

The Secretarial Audit Report for the Financial Year 2024-25 is annexed herewith as Annexure - III in Form MR-3.

The report of the Secretarial auditor has not made any adverse remark in their Audit Report.

Further, Maintenance of cost records as specified under Companies Act, 2013 is not applicable to the Company.

The details of loans, investment, guarantees and securities covered under the provisions of section 186 of the Companies Act, 2013 are provided in the financial statement.

During the year under review, Company has not entered in any Related Party Transactions.

Pursuant to Section 188 of the Act read with rules made thereunder and Regulation 23 of the Listing Regulations, all Material Related Party Transactions (“material RPTs”) require prior approval of the shareholders of the Company vide ordinary resolution.

The Company has formulated and adopted a policy on dealing with related party transactions, in line with Regulation 23 of the Listing Regulations, which is available on the website of the Company.

As a part of the mandate under the Listing Regulations and the terms of reference, the Audit Committee undertakes quarterly review of related party transactions entered into by the Company with its related parties. Pursuant to Regulation 23 of Listing Regulations and Section 177 of the Act, the Audit Committee has granted omnibus approval in respect of transactions which are repetitive in nature, which may or may not be foreseen, not exceeding the limits specified thereunder. The transactions under the purview of omnibus approval are reviewed on quarterly basis by the Audit Committee. Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed the disclosures on Related Party Transactions in prescribed format with the Stock Exchanges.

The Company has in place adequate internal financial controls with reference to financial statement across the organization. The same is subject to review periodically by the internal audit cell for its effectiveness. During the financial year, such controls were tested and no reportable material weaknesses in the design or operations were observed. The Statutory Auditors of the Company also test the effectiveness of Internal Financial Controls in accordance with the requisite standards prescribed by ICAI. Their expressed opinion forms part of the Independent Auditor's report.

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

During the year, no reportable material weakness was observed.

The Company does not have any Holding / Subsidiary/Associate Company and Joint Venture.

The details of conservation of energy, technology absorption etc. as required to be given under section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014, is not given as the Company has not taken any major step to conserve the energy etc.

There were no foreign exchange earnings or outgo during the year under review.

During the year under review, the Company has complied with the applicable Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI). The Company has devised proper systems to ensure compliance with its provisions and is in compliance with the same.

The Board evaluated the effectiveness of its functioning, that of the Committees and of individual Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the feedback of Directors on various parameters including:

• Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring corporate governance practices, participation in the long-term strategic planning, etc.);

• Structure, composition, and role clarity of the Board and Committees;

• Extent of co-ordination and cohesiveness between the Board and its Committees;

• Effectiveness of the deliberations and process management;

• Board / Committee culture and dynamics; and

• Quality of relationship between Board Members and the Management.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with each Independent Director and the Chairman of NRC had one-on-one meetings with each Executive and Non-Executive, Non-Independent Directors. These meetings were intended to obtain Directors' inputs on effectiveness of the Board/ Committee processes.

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

The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole.

In the Board meeting that followed the meeting of the independent directors and the meeting of Nomination and Remuneration Committee, the performance of the Board, its committees, and individual directors was discussed.

The evaluation process endorsed the Board Members' confidence in the ethical standards of the Company, the resilience of the Board and the Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management, and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities and fiduciary duties.

The Board carried out an annual performance evaluation of its own performance and that of its committees and individual directors as per the formal mechanism for such evaluation adopted by the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The exercise of performance evaluation was carried out through a structured evaluation process covering various aspects of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board by way of individual feedback from directors.

The evaluation frameworks were the following key areas:

a) For Non-Executive & Independent Directors:

• Knowledge

• Professional Conduct

• Comply Secretarial Standard issued by ICSI Duties

• Role and functions

b) For Executive Directors:

• Performance as leader

• Evaluating Business Opportunity and analysis of Risk Reward Scenarios

• Key set investment goal

• Professional conduct and integrity

• Sharing of information with Board.

• Adherence applicable government law

The Directors expressed their satisfaction with the evaluation process.

The Company has established vigil mechanism and framed whistle blower policy for Directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of Company's Code of Conduct or Ethics Policy.

The Company has framed “Business Conduct Policy”. Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the Policy. The objective of the Policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Company has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the financial year 2024

25.

During the year under review, the Company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company at large. Suitable disclosures as required are provided in AS-18 which is forming the part of the notes to financial statement.

The Directors and Key Managerial Personnel of the Company are summarized below:

1. Ms. Shaifali Nehriya has been Appointment as Compliance Officer of the company w.e.f. 30th May 2024

2. Mr. Vijay Vasisth has been resigned from post of Chief Financial Officer of the company w.e.f. 12 th August 2024.

3. Mr. Vijay Kumar Jain has been resigned from the post of Managing Director of the company w.e.f. 12 th August 2024.

4. Mr. Subodh Kumar Jain has been resigned from the post of Non-Executive and Independent Director of the company w.e.f. 12 th August 2024.

5. Mrs. Smita Murarka has been resigned from the post Non-Executive and Non- Independent Director of the company w.e.f. 12 th August 2024.

6. Mrs. Preeti has been appointed as Non-Executive and Independent Director of the company w.e.f. 12 th August 2024.

7. Mrs. Deepa Garg has been appointed as Additional Non-Executive and Independent Director of the company w.e.f. 29th August 2024.

8. Mr. Ashish Ashvinkumar Chauhan has been appointed as Chief Financial Officer cum Additional Executive Director of the company w.e.f.

17th December 2024.

9. Mr. Ashish Ashvinkumar Chauhan has been resigned from the post of Chief Financial Officer cum Additional Executive Director of the company w.e.f. 20th January 2025.

10. Mr. Vimal Koli has been appointed as Chief Financial Officer cum Additional Executive Director of the company w.e.f. 20 th January 2025.

11. Mr. Himanshu Shah has been resigned from the post of Managing Director of the company w.e.f. 19th February 2025.

12. Mr. Jitendrakumar Chimanlal Leuva has been appointed as Managing Director of the company w.e.f. 19th February 2025.

13. Ms. Kanta Bokaria has been resigned from the post of Non- Executive and Independent Director of the company w.e.f. 13th March 2025.

14. Ms. Promila Sharma has been appointed as Non - Executive and Independent Director of the company w.e.f.13th March 2025.

Mrs. Preeti, Mrs. Deepa Garg and Mrs. Promila Sharma Independent Directors of the Company have confirmed to the Board that they meet the criteria of Independence as specified under Section 149 (6) of the Companies Act, 2013 and they qualify to be Independent Directors. They have also confirmed that they meet the requirements of Independent Director as mentioned under Regulation 16 (1) (b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted by the Board.

Since the paid-up Capital of Company is not exceeding Rs. 10.00 Crores and Turnover is less than Rs. 25.00 Crores during the period under review, therefore by virtue of Regulation 15 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and Para C, D and E of Schedule V are not applicable to the Company. Hence Corporate Governance does not form part of this Board's Report, for the period under review.

As per Section 73 of the Companies Act, 2013 the Company has neither accepted nor renewed any deposits during the financial year. Hence the Company has not defaulted in repayment of deposits or payment of interest during the financial year.

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has carried the evaluation of its own performance, performance of Individual Directors, Board Committees, including the Chairman of the Board on the basis of attendance, contribution towards development of the Business and various other criteria as recommended by the Nomination and Remuneration Committee of the Company. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

In a separate meeting of Independent Directors the performances of Executive and Non- Executive Directors were evaluated in terms of their contribution towards the growth and development of the Company. The achievements of the targeted goals and the achievements of the Expansion plans were too observed and evaluated, the outcome of which was satisfactory for all the Directors of the Company.

M/s. S K Bhavsar & Co., Chartered Accountants, Ahmedabad, were appointed as the Statutory Auditors of the Company. The Auditor's report for the Financial Year ended 31st March, 2025 has been issued with an unmodified opinion, by the Statutory Auditor.

The Board appointed M/s. Shekhawat & Associates, Company Secretaries, Ahmedabad to conduct Secretarial Audit for the Financial Year 2024-25. The Secretarial Audit Report for the Financial Year ended 31st March, 2025 is annexed herewith marked as Annexure - 1 to this Report. Following observations have been made by the Secretarial Auditor in their Report and against each Observations Company has provided their explanation:

Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report, and provides the Company's current working and future outlook as per Annexure - 2.

During the year under review, 9 (Nine) meetings of members of the Audit committee as tabulated below, was held on 30th May 2024, 12th August 2024, 29th August, 2024, 6th September 2024, 21st October 2024, 23rd January 2025, 19th February 2025, 13th March 2025 and 18th March 2025.

The attendance records of the members of the Committee are as follows:

1. Ms. Kanta Bokaria has been resigned from the post of Chairperson of the Audit Committee w.e.f. 13th March 2025

2. Mr. Subodh Kumar Jain has been resigned from the post of Member of Audit Committee w.e.f. 12th August 2025

3. Mr. Vijay Kumar Jain has been resigned from the post of Member of Audit Committee w.e.f. 13th March 2025

4. Mr. Himanshu Shah has been resigned from the post of Member of Audit committee w.e.f. 19 th February 2025.

5. Mrs. Deepa Garg has been appointed as Member of Audit Committee w.e.f. 29th August 2024

6. Mrs. Promila Sharma has been appointed as Chairperson of Audit Committee w.e.f. 13 th March 2025

7. Mr. Jitendrakumar Chimanlal Leuva has been appointed as Member of Audit Committee w.e.f. 19th February 2025.

During the year under review, 8 (Eight) meetings of the members of the Nomination and Remuneration committee, as tabulated below, was held on 2nd May 2024, 12th August 2024, 29th August 2024, 6th September 2024, 17th December 2024, 20th January 2025, 19th February 2025 and 13th March 2025.

The attendance records of the members of the Committee are as follows:

1. Mrs. Kanta Bokaria has been resigned from the post of Chairperson of Nomination and Remuneration Committee w.e.f. 13th March 2024.

2. Mr. Subodh Kumar Jain has been resigned from the post of member of Nomination and Remuneration Committee w.e.f. 12 th August 2024.

3. Mrs. Smita Murarka has been resigned from the post of member of Nomination and Remuneration Committee w.e.f. 12 th August 2024.

4. Mrs. Promila Sharma has been appointed as Member of Nomination and Remuneration Committee w.e.f. 13th March 2025.

5. Mrs. Preeti has been appointed as member of Nomination and Remuneration Committee w.e.f. 12 th August 2024.

6. Mrs. Deepa Garg has been appointed as Chairperson of Nomination and Remuneration Committee w.e.f. 29th August 2024.

During the year under review, meetings of members of Stakeholders' Relationship committee as tabulated below, was held on 12th August 2024 and 19th February 2025.

The attendance records of the members of the Committee are as follows:

1. Mrs. Kanta Bokaria has been resigned from the post of Chairperson of Stakeholders' Relationship Committee w.e.f. 13th March 2024.

2. Mr. Subodh Kumar Jain has been resigned from the post of member of Stakeholders' Relationship Committee w.e.f. 12 th August 2024.

3. Mrs. Smita Murarka has been resigned from the post of member Stakeholders' Relationship Committee w.e.f. 12th August 2024

4. Mrs. Preeti has been appointed as Member of Stakeholders' Relationship Committee w.e.f. 12th August 2024.

5. Mrs. Deepa Garg has been appointed as Chairperson of Stakeholders' Relationship Committee w.e.f. 29th August 2024.

6. Mrs. Promila Sharma has been appointed as Member of Stakeholders' Relationship Committee w.e.f. 13th March 2025

During the year under review, meetings of members of Stakeholders' Relationship committee as tabulated below, was held on 12th August 2024 and 19th February 2025. The attendance records of the members of the Committee are as follows:

1. Mrs. Kanta Bokaria has been resigned from the post of Chairperson of Risk Management Committee w.e.f. 13th March 2024.

2. Mr. Subodh Kumar Jain has been resigned from the post of member of Risk Management Committee w.e.f. 12th August 2024.

3. Mr. Vijay Kumar Jain has been resigned from the post of Member of Risk Management Committee w.e.f. 13th March 2025

4. Mrs. Preeti has been appointed as Member of Risk Management Committee w.e.f. 12 th August 2024.

5. Mrs. Deepa Garg has been appointed as Chairperson of Risk Management Committee w.e.f. 29th August 2024.

6. Mrs. Promila Sharma has been appointed as Member of Risk Management Committee w.e.f. 13th March 2025

7. Mrs. Smita Murarka has been resigned from the post of Member of Risk Management Committee w.e.f. 13th March 2024.

The Company has always been committed to provide a safe and conducive work environment to its employees. Your Directors further state that during the year under review there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.

The following no. of complaints was received under the POSH Act and the rules framed thereunder during the year:

a. number of complaints filed during the financial year - NIL

b. number of complaints disposed of during the financial year - NIL

c. number of complaints pending as on end of the financial year - NIL

The Directors are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review

According to information and explanation given to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Act in respect of activities carried out by the Company.

As per direction of the SEBI, the shares of the Company are under compulsory demat form. The Company has established connectivity with both the Depositories i.e., National Securities Depository Limited and Central Depository Services (India) Limited and the Demat activation number allotted to the Company is ISIN: INE187R01029. Presently shares are held in electronic and physical mode.

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.

The Remuneration policy is directed towards rewarding performance based on review of achievements on a periodical basis. The remuneration policy is in consonance with the existing industry practice and is designed to create a high-performance culture. It enables the Company to attract, retain and motivate employees to achieve results. The Company has made adequate disclosures to the members on the remuneration paid to Directors from time to time. The Company's Policy on director's appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Act is available on the website of the Company at www.consecutiveinvestment.com

The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable to the Company.

Management Discussion and Analysis Report for the year under review, as stipulated in Regulation 34(2) (e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a detailed write up and explanation about the performance of the Company.

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers, Customers and other business associates who have extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We look forward for the continued support of every stakeholder in the future.