To,

The Members of,

(Formerly known as Cressanda Solutions Limited)

Your directors take pleasure in presenting the 40th Annual Report along with the Audited Standalone and Consolidated Financial Statements for the year ended 31st March, 2025.

Total Revenue: During the Financial Year 2024-25, the total revenue of the Company is decreased by 74.70% from _9,854.94 Lakhs to _2,493.78 Lakhs as compared to the previous Financial Year 2023-24. The revenue has decreased mainly on account of the Company has not carried out trading of food grains during the financial year 2024-25 and the Company has carried out its business activities of the company in the main segments i.e., Railway Auxiliary Services.

Expenditure: During the year, total expenditure has decreased by 73.29% from _9,230.30 Lakhs in FY 2023-24 to _2,465.02 Lakhs in the current FY 2024-25. The decrease in expenses is largely on account of the decrease in purchase of trading of food grains and the decrease in employee benefit expenses, however, other expenses have increased from _1,360.31 Lakhs in FY 2023-24 to _2,236.73 Lakhs in FY 2024-25.

Employee benefits expenses: During the year under review, the Employee benefits expenses decreased by 12.88% from _203.83 Lakhs to _177.56 Lakhs as compared to the previous financial year. The key reason for decrease is because of non-continuation of trading of food grains business.

Finance Cost: The finance cost decreased by 14.02% from 8.34 Lakhs in FY 2023-24 to _7.17- Lakhs as compared to the previous FY 2023-24.

Operational & other Expenses: The operational & other expenses increased by 64.43% from _1,360.31 Lakhs to _2236.73akhs as compared to the previous FY 2023-24 mainly on account of licensee fees.

Profit before Tax: During the year, there is decrease in the Profit before Tax by 95.51% for _43.17 Lakhs as compared to of _962.34 Lakhs in the previous FY 2023-24 on non-continuation of trading of food grains business from the previous financial year.

Non-Current Liabilities: The non-current liabilities have decreased by 66.40% from _29.29 to _9.84 Lakhs as compared to the previous FY 2023-24 owing mainly to lease liabilities.

Current Liabilities: The current liabilities have decreased from _5,293.18 Lakhs to _1,146. 91 Lakhs as compared to the previous FY 2023-24

Non-Current Assets: The non-current assets have decreased from _4.574.97 Lakhs to _3,325. 73 Lakhs as compared to the previous FY 2023-24.

Current Assets: The current assets have decreased by 13.86% from _15,380.49 Lakhs to _13,248.62 Lakhs as compared to the previous FY 2023-24.

The business of the company is continuing as a going concern. The company is the first and only listed company offering Railway Auxiliary Services and leading digital media breakthroughs. The company has demonstrated incredible growth, value and potential for shareholders, partners, investors and other stakeholders. Cressanda Railway Solutions Limited is an innovative, and technology-driven company and a pioneer in it's field.

The Company in its pursuit to achieve its goals has expanded its working areas and has secured a bid for a large institutional concierge opportunity to enhance the overall customer experience.

Cressanda joined hands with Broadcast Engineering Consultants India Limited (BECIL) a Govt. of India Enterprise under the Ministry of Information and Broadcasting, and signed a joint consortium to bid for a marquee tender from the Ministry of Railways.

Cressanda has secured a 5 years contract with Eastern Railway with a right to extend it for a further period of 5 years. right to provide onboard Wi-Fi, internet services and Content on Demand in Mail/Express and premium trains. the right to advertise on the interior/exterior surfaces of over 500 Mail Express/Premium trains/Intercity trains/Local trains. right to provide a bouquet of services comprising on-board sale of non-catering travel related items.

Under Eastern Railways Agreement, Cressanda covers 4 divisions, which cover 18 zones connecting several states and cities.

With over 40 years of commitment to innovation, Cressanda aims to scale new heights and surpass industry milestones in the years to come. As an end-to-end Rail Media Powerhouse, the company drives media innovation in Railways by integrating the cutting-edge tech into this fast-paced market.

In order to conserve resources, your directors do not recommend any dividend for the Financial Year 2024-25 and propose to retain the profits for future requirements of the Company. (Previous Year: NIL)

To the best of the knowledge and belief and according to the information and explanations obtained by them, your directors confirm the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) In the preparation of the annual financial statements for the year ended March 31, 2025 the applicable accounting standards have been followed;

b) Appropriate accounting policies have been selected, applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2025 and of the profit of the company for the year ended on that date;

c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) The annual financial statements have been prepared on a going concern basis;

e) Proper internal financial controls were in place and the financial controls were adequate and operating effectively; and

f) Proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

The Authorized Equity Share Capital of the Company as on 31st March 2025 was _7,000.00 Lakhs divided into 70,00,00,000 equity shares of _1/- each. The paid-up Equity Share Capital of the Company as on 31st March, 2025 was _42,31,44,706 divided into 41,49,02,690 fully paid-up equity shares of _1/- each and 82,42,016 partly paid-up shares of _10/- each.

The entire equity shares of the company continue to remain listed on BSE Ltd. (Scrip Code: 512379). The company has paid the Annual Listing Fees to BSE Ltd. for the year 2024-25 and the Custodian fee to the CDSL and NSDL for the financial year 2024-25. The shares of the Company are regularly traded at BSE Ltd.

During the year under review, the Company has forfeited 8,18,504 partly paid-up equity shares issued pursuant to the Rights Issue, on which the holders thereof failed to pay the balance call money in pursuant to the final call money cum forfeiture notice dated 6th August 2024.

There is no mandatory requirement for transfer of the profits to the general reserves, therefore, to provide an open-ended opportunity to utilize the profits towards the Company activities, during the year under review the Board have not considered appropriate to transfer any amount to the general reserves or any other reserves.

Cash and cash equivalent of the Company as at 31st March, 2025 is _22.25 Lakhs (Previous year _28.04 Lakhs). Your Company continues to focus on the management of its working capital. Further, receivables, inventories and other working capital parameters are kept under continuous monitoring.

Your Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 and there were no remaining unclaimed deposits as on 31st March, 2025. Further, the Company has not accepted any deposit or loans in contravention of the provisions of Chapter V of the Companies Act, 2013 and the rules made there under.

The company has made investments and provided loans and advances, which are within the limit as prescribed under the provisions Section 186 of the Companies Act, 2013.

Details of the Loans and investment made by the company has been given in the financial statements attached with the Annual Report.

In view of the profits, your Company was required to undertake "Corporate Social Responsibility" (CSR) activities during the year 2024-25 as required under the provisions of Section 135 of the Companies Act, 2013 and the rules made thereunder. The Annual Report on CSR activities is annexed herewith as "Annexure A". The CSR Policy is available at https://www.cressanda.com/docs/ csr-policy-cressanda/ .

The Company has in place a Policy for prevention of Sexual Harassment at the workplace in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("SHOW"). As per the requirement of the "SHOW" and Rules made thereunder, your company has constituted Internal Complaints Committees (ICC). All employees (permanent, contractual, temporary, trainees) are covered under this policy.

Statement showing the number of complaints filed during the financial year and the number of complaints pending as on the end of the financial year is shown as under:

Since, no complaint is received during the year which is appreciable as the management of the company endeavour to provide safe environment for the female employees of the company.

The Board has formed a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan for the Company. The RMC is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses are systematically addressed through mitigation actions on a continual basis.

The Risk Management Policy is available on Company's website at www.cressanda.com.

The details in respect of internal financial controls system and their adequacy are included in the Management Discussion and Analysis Section, which forms part of this Annual Report.

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Company has appointed Internal Auditors and the scope and authority of the Internal Audit (IA) function is defined in the procedure and appointment letter. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board.

Based on the report of internal audit and process, the company undertakes corrective action in their respective areas and thereby strengthens the controls. Significant audit observations and corrective actions thereon, if any, are presented to the Audit Committee of the Board.

The Company has a vigil mechanism named Vigil Mechanism/ Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The details of the Vigil Mechanism Policy are annexed to the Board Report as "Annexure B" and are also posted on the website of the Company https://www.cressanda. com/docs/vigil-mechanism-policy/ .

As on March 31, 2025 your company has the following subsidiary companies:

1. Cressanda Renewable Energy Solutions Limited

2. Cressanda Retail Solution Private Limited (Formerly known as Cressanda Food Solution Private Limited)

3. Cressanda E-Platform Private Limited

4. Cressanda Consumers Private Limited (Formerly known as Cressanda Staffng Solution Private Limited)

5. Cressanda Analytica Services Private Limited

6. Mastermind Advertising Private Limited

7. Cressanda Green Energy Vehicle Limited

Apart from this there is no other associate or joint venture. Pursuant to provisions of Section 129(3) of the Companies Act, 2013 and a statement containing salient features of the financial statements of the Company's subsidiary in Form AOC-1 is annexed herewith as "Annexure-C."

During the year under review, Cressanda has grown in Group Trajectory.

Your board during the year under review, has incorporated a wholly-owned subsidiary company in the name and style of Cressanda Green Energy Vehicle Limited to carry on in India or elsewhere all or any of the business or businesses to manufacture, design, develop, improve, invent, carry our research papers, trade, buy, sell, wholesale, retail, distribute, import, export, assemble, fabricate, repair, maintain, alter, convene, own, operate, make use of, license, hire, lease, franchise or otherwise deal in all kinds of Green Energy Vehicle modules, cells, accessories.

Cressanda Subsidiary Entered Into An Exclusive Distributorship With Patanjali Peya Pvt. Ltd.

*Cressanda'S Subsidiary Enters Into An Exclusive Distributorship With Bharatiyam Distribution Pvt. Ltd.

As on March 31, 2025, the company's board comprised 6 (Six) Directors, which includes 4 (Four) Independent Directors including 1 (one) Women Independent Director, and 2 (Two) Executive Directors.

The details are as follows:

Further, as on the date of report the board of the company comprised of 6(six) directors. As Mr. Rajkumar Dinesh Masalia (DIN: 09772787), Executive Director tendered his resignation w.e.f., February 24, 2025 due to his Personal Reasons. In Place of Mr. Rajkumar Dinesh Masalia, Mr. Pankaj Agarwal (DIN: 10943582) Joined the Cressanda and he holds the position of Executive Director of the Company and Mr. Vijay Solanki has tendered his resignation from the post of Non-Executive Director and Chief Technical Officer of the company w.e.f., June 21, 2024 due to his medical issues

The Board members are highly qualified with the varied experience in the relevant field of the business activities of the Company, which plays significant roles for the business policy and decision-making process and provide guidance to the executive management to discharge their functions effectively.

Our definition of ‘Independence ‘of Directors or Regulation is derived from Regulation 16 of SEBI (LODR) Regulations, 2015 and Section 149(6) of the Companies Act, 2013. The Company is having total 6 (Six) Directors in the Board out of them the following directors are Independent Directors during the period under review:

1. Mr. Chander Parkash Sharma (DIN: 02143588)

2. Ms. Nisha Asija Zutshi (DIN: 10348173)

3. Mr. Satya Prakash (DIN: 08489173)

4. Mr. Mukesh Wardhan Tyagi (DIN: 00047133)

The Independent Directors were appointed for a term of 5 (Five) consecutive years and shall not be liable to retire by rotation.

All the Independent Directors have given their declaration of Independence stating that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. Your Board of directors is of the opinion that all the Independent Directors fulfil the criteria as laid down under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 during the year 2024-25. All the Independent Directors are continuing their registration with the Independent Directors' Data bank maintained by IICA.

The Independent Directors have complied with the Code for Independent Directors as prescribed in Schedule IV to the Act. Further as per the provisions of Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 the directors are not aware of any circumstance or situation, which exits or may be reasonable anticipated that could impair or impact his ability to discharge his duties with an objective independent judgment and without any external influence and that they are independent of the management.

Mr. Arun Kumar Tyagi (DIN:05195956) Managing Director is liable to retire by rotation at the ensuing Annual General Meeting and being eligible offers themselves for re-appointment. Your directors recommend passing necessary resolution as set out in notice of Annual General Meeting.

As on the date of report Mr. Hemant Singh as the Chief Financial Officer and Mr. Sunil Kumar Trivedi as a Company Secretary & Compliance Officer are Key Managerial Personnel of the Company:

During the year under review the following changes took place in the Board of Directors:

The relevant details, as required under Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and Secretarial Standard, of the person seeking appointment as Director are also provided in Notes to the Notice convening the 40th Annual General meeting.

The Board meets at regular intervals to discuss and decide on Company/business policy and strategy apart from other Board business.

The notice of Board meetings is given well in advance to all the Directors. Meetings of the Board are held at the Registered Office of the Company or through other audio-video means.

The Agenda of the Board/Committee meetings along with the relevant Board papers is circulated at least a week prior to the date of the meeting. However, in case of urgent business needs, notice and agenda of Board/Committee Meetings were circulated on shorter notice period with consent and presence of Independent Directors at the Meeting.

The Agenda for the Board and Committee meetings includes detailed notes on the items to be discussed at the meeting to enable the Directors to take an informed decision.

The Board met 13 (Thirteen) times in the Financial Year 2024-25 viz., May 3, 2024; June 12, 2024; July 2, 2024; July 29, 2024; August

1, 2024; August 14, 2024; September 6, 2024; September 18, 2024; September 25, 2024, October 23, 2024; November 14, 2024; February 12, 2025; February 27, 2025.

The maximum interval between any two meetings did not exceed 120 days.

Details of attendance is provided in Corporate Governance Report as attached in the Annual Report of this year.

As stipulated by the Code of Independent Directors under the Companies Act, 2013; a separate meeting of the Independent Directors of the Company was held on 14th February, 2025 to review the performance of Non-Independent Directors (including the Chairman) and the entire Board. The Independent Directors also reviewed the quality, content and timeliness of the flow of information between the Management and the Board and its' Committees which is necessary to effectively and reasonably perform and discharge their duties.

The Policy of the Company on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes and independence of a Director and other matters provided under Section 178(3), is uploaded on company's website https://www.cressanda.com/docs/nomination-remuneration-policy/ .

The evaluation framework for assessing the performance of directors comprises of the following key areas: a. Attendance of Board Meetings and Board Committee Meetings. b. Quality of contribution to Board deliberations. c. Strategic perspectives or inputs regarding future growth of company and its performance. d. Providing perspectives and feedback going beyond the information provided by the management. e. Commitment to shareholder and other stakeholder interests.

The evaluation involves self-evaluation by the Board Member and subsequently assessment by the Board of directors. A member of the Board will not participate in the discussion of his/ her evaluation.

In accordance with the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 and other purposes the Board has the following Five (5) committees: a) Audit Committee; b) Nomination and Remuneration Committee; c) Stakeholders' Relationship Committee; d) Corporate Social Responsibility Committee (CSR); and e) Risk Management Committee

A detailed note on the Board and its committees is provided under the Corporate Governance Report section in this report. Apart from the above committees, the company is also having an Internal Compliant Committee constituted as required under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.

All Related Party Transactions (RPT) that were entered into during the Financial Year 2024-25 were on Arm's Length Basis and were in the Ordinary Course of business. There were no material related party transactions during the year and hence the requirement of attaching Form AOC-2 is not applicable.

All the Related Party Transactions were approved by the Audit Committee on omnibus basis or otherwise and also by the Board. The Company has Related Party Transactions Policy, Standard Operating Procedures for purpose of identification and monitoring of such transactions. The company is not having any material Related Party Transactions as defined under Regulation 23 of the SEBI (LODR) Regulations.

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

During the audit period, M/s. Agrawal Jain & Gupta, Statutory Auditors of the Company, tendered their resignation with effect from 14th August, 2024, citing disagreement with the management regarding their qualified opinion on the Financial Statements.

To fill the resultant casual vacancy, the Board of Directors, on 14th August, 2024, appointed M/s. H Rajen & Co., Chartered Accountants, Mumbai (Firm Registration No. 108351W), as Statutory Auditors of the Company as per the provisions of Section 139 of the Companies Act, 2013 read with Regulation 33(d) of the SEBI (LODR) Regulation, 2015, the auditor has confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI). The said appointment was subsequently approved by the members at the 39th Annual General Meeting of the Company.

Accordingly, M/s. H Rajen & Co. have been appointed as Statutory Auditors of the Company to hold office for a period of five (5) consecutive years, i.e., from the conclusion of the 39th Annual General Meeting till the conclusion of the 44th Annual General Meeting, to examine and audit the accounts of the Company.

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 Mehul Raval & Associates Practicing Company Secretaries; (ACS 28155, CP 10500) to undertake the Secretarial Audit for the year, 2024-25. The Report of the Secretarial Auditors in Form MR-3 is annexed herewith as "Annexure D" of this report.

Your Board is pleased to inform you that there is no such observation made by the Auditors in their report which needs any explanation by the Board.

Your Company was not required to appoint a Cost Auditor and maintain the cost records as per the Companies (Cost Records and Audit) Rules, 2014 for the year 2024-25.

As per the provisions of Section 134 (3) of the Companies Act, 2013 read with Rule 13(4) of the Companies (Audit and Auditors) Rules, 2014 no frauds were reported by the Auditors to Audit Committee/Board during the year under review. Further that there were no frauds committed against the Company and persons which are reportable under Section 141(12) by the Auditors to the Central Government.

Your Company firmly believes and adopts the highest standards of practice under Corporate Governance.

A separate section on Corporate Governance and a certificate obtained from Auditors of the Company and Practicing Company Secretary related to Non-Disqualification of Directors forms part of Corporate Governance Report.

Regulation 17(5) of the SEBI (LODR) Regulations, 2015 requires listed companies to lay down a Code of Conduct for its directors and senior management, incorporating duties of directors as laid down in the Companies Act, 2013. The Company has adopted a Code of Conduct for all Directors and Senior Management of the

Company and same is hosted on the website of the company at https://www.cressanda.com/docs/code-of-conduct-for-board-senior-management-personnel/ .

In accordance with the applicable provisions of the Companies Act, 2013 and rules made thereunder read with Ind (AS), specified under the Companies (Indian Accounting Standards) Rules, 2015, the consolidated financial statements of the Company as at and for the year ended 31st March, 2025, forms part of the Annual Report and is also available on the website of the company www. cressanda.com .

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as

"Annexure E".

In compliance with the provisions of Section 92 of the Companies Act, 2013, the Annual Return of the Company for the financial year ended 31st March, 2025 has been uploaded on the website of the Company and the web link of the same is: https://www.cressanda. com/docs-category/annual-returns/ .

Pursuant to the provision of Section 197(12) of Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the details of Top 10 employees given in the "Annexure F".

During the year, none of the employees received remuneration in excess of Rupees One Crore Two Lakhs or more per annum, or Rupees Eight Lakhs Fifty Thousand per month for the part of the year, in accordance with the provisions of Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.Therefore, there is no information to disclose in terms of the provisions of the Companies Act, 2013.

There have been no material changes and commitments affecting the financial position of the Company which have occurred between financial year ended on 31st March, 2025, to which the financial statements relate and the date of this report.

During the year under review your Company enjoyed cordial relationship with workers and employees at all levels.

The company has changed its business operations during the year from IT enabled to Railway Auxiliary Services.

There is no transfer of Business during the period under review.

In view of the SEBI (Prohibition of Insider Trading) Regulation, 2015 the Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company and amended Code/Policy were also hosted on the website of Company.

The Code requires Trading Plan, pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed.

The Company has in place a Familiarization Program for Independent Directors to provide insights into the company to enable the Independent Directors to understand its business in depth and contribute significantly to the company's success. The Company has devised and adopted a policy on Familiarization Program for Independent Directors and is also available at the company's website at https://www.cressanda.com/docs-category/ policies-and-other-information/ .

Your Company is providing E-voting facility as required under Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Amendment Rules, 2015. The ensuing AGM will be conducted through VC /OVAM and no physical meeting will be held and your company has made necessary arrangements with NSDL to provide facility for remote e-voting and voting at the AGM. The details regarding e-voting facility are given with the notice of the Meeting.

The Company has not obtained any credit rating for its securities.

During the year the Company has not failed to execute any corporate action.

In accordance with Rule 9 of the Appointment of Designated Person (Management and Administration) Rules 2014, it is essential for the company to designate a responsible individual for ensuring compliance with statutory obligations.

The company has proposed and appointed a Designated person in a Board meeting and the same has been reported in Annual Return of the company.

The statements made in this Report and Management Discussion and Analysis Report relating to the Company's objectives, projections, outlook, expectations and others may be "forward-looking statements" within the meaning of applicable laws and regulations. Actual results may differ from expectations those expressed or implied. Some factors could make a difference to the Company's operations that may be, due to change in government policies, global market conditions, foreign exchange fluctuations, natural disasters etc.

Your directors state that during the year under review:

a. The company has not filed any application or there is no application or proceeding pending against the company under the Insolvency and Bankruptcy Code, 2016 during the year under review;

b. There is no requirement to conduct the valuation by the bank and no Valuation done at the time of one-time Settlement during the period under review; c. Neither the Managing Director nor the Whole-time Directors receive any remuneration or commission from its subsidiary.

d. The Company has complied with the applicable Secretarial Standards under the Companies Act, 2013.

e. Your Company has not declared and approved any Corporate Action viz buy back of securities, mergers and de-mergers, split of any securities and has not failed to implement or complete the Corporate Action within prescribed timelines. However, during the period under review, the company has approved the Rights Issue of shares to the members of the company during the period under review in compliance with the applicable laws of the Companies Act, 2013 and SEBI regulations;

f. There were no revisions in the Financial Statement and Board's Report.

g. The Company has not issued shares (including sweat equity shares) to employees of the Company under any scheme.

h. Details of unclaimed dividends have been provided as part of the Corporate Governance report.

i. There are no voting rights exercised by any employee of the Company pursuant to the Section 67(3) read with the Rule 16 of the Companies (Share Capital and Debenture) Rules, 2014.

Your directors' thanks the Central and various State Government Departments, Organizations and Agencies and bankers to the Company for the continued help and co-operation extended by them. The Directors also gratefully acknowledge support of all other stakeholders of the Company viz. customers, members, dealers, vendors, and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.