To,

Dear Shareholders,

Your Directors have pleasure in presenting 39^th (Thirty Ninth) Annual Report together with the Audited Financial Statements of the Company for the Financial Year ("FY") ended on 31^st March, 2025.

During the year under review, your company recorded Rs. 1997.56 Lakhs as compared to Rs. Nil of Previous Financial Year. The Net Profit for FY 2024-25 is 47.96 lakhs as compared to Net Loss of Rs. (16.41) Lakhs of Previous Financial Year.

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

The Company has changed its name from Containerway International Limited to Indus AluminumRecyclers Limited .

In order to conserve the profit for future years, the company do not recommend dividend for the financial year 2024-25.

During the period under review, the Company has not transferred any profit to reserves.

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 at https://www.containerway.co.in/

The following are the material changes and commitments, which affect the financial position of the company which have occurred between the end of the financial year to which the financial statements relate and the date of this Report:

Company Increase its Authorised Share Capital

(i) 69,00,000 (Sixty-Nine Lakh) equity shares of Rs. 5 (Rupees Five Only) each, amounting to Rs. 3,45,00,000 (Rupees Three Crores Forty-Five Lakh Only); and

(ii) 33,00,000 (Thirty-Three Lakh) 0.01% Non-Convertible Redeemable Preference Shares of Rs. 10 (Indian Rupees Ten Only) each, amounting to Rs. 3,30,00,000 (Rupees Three Crore Thirty Lakh Only).

(i) 3,34,00,000 [Three Crore Thirty-Four Lakhs] equity shares of Rs. 5/- (Rupees Five only) eacsh, amounting to Rs. 16,70,00,000 (Rupees Sixteen Crores Seventy Lakhs Only); and (ii) 33,00,000 (Thirty-Three Lakh) 0.01% Non-Convertible Redeemable Preference Shares of Rs. 10 (Rupees Ten Only) each, amounting to Rs. 3,30,00,000 (Rupees Three Crore Thirty Lakh Only) vide Extra-Ordinary General Meeting held on Thursday, 25th July, 2024 through Special Resolution

As a result of the above changes, the Authorized Share Capital of the Company is Rs. 20,00,00,000/- (Rupees Twenty Crores only) divided into 3,34,00,000 (Three Crore Thirty-Four Lakhs) Equity Shares of Rs. 5/- (Rupees Five only) each and 33,00,000 (Thirty-Three Lakh) Preference Shares of Rs. 10 (Rupees Ten Only) each.

The company issued 50,35,000 Equity Shares at a price of Rs.20.00 (Rupees Twenty) per Equity Share including a premium of Rs.15.00 (Rupees Fifteen) per Equity Share, aggregating to Rs.1,71,03,305 (Rupees One crore seventy-one lakh three thousand three hundred five Only) to Non promoter/Public Category of the company, on a preferential and private placement basis, as approved in the Extra-Ordinary General Meeting held on Thursday, 25^th July, 2024 through Special Resolution and Board Meeting for Allotment held on 27^th August 2024.

The company issued 34,20,661 Convertible Warrants exercisable into Equity Shares at an issue price of Rs. 20.00- per Convertible Warrant upon receipt of upfront payment of 25% of Issue Price aggregating Rs.1,71,03,305(Rupees One crore seventy-one lakh three thousand three hundred five Only.). Each Convertible Warrant carries a right to subscribe to 1 (one) equity share of face value of Rs.5.00/- each of the Company at a premium of Rs.15.00/- per equity share, any time within a period of 18 months from the date of allotment, in one or more tranches, as approved in the Extra-Ordinary General Meeting held on Thursday, 25^th July, 2024 through Special Resolution and Board Meeting for Allotment held on 27^th August 2024. . As a result of the above changes, the Paid-up Share Capital of the Company now stands at Rs. 5,78,61,000/- (Rupees Five Crore Seventy-Eight Lakhs Sixty-one Thousand) and on fully diluted basis stands at Rs.7,49,64,305/- (Rupees Seven Crore Forty Nine Lakhs Sixty-Four Thousand Three Hundred Five).

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.

During the financial year, your Company has not accepted any amount as Public Deposits within the meaning of provisions of Chapter V – Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

To meet the funds requirement of working / operational capital your Company utilize the internal accruals as funds.

CREDIT RATING:

The provisions related to Credit Rating is not applicable to the Company.

Your Company does not have any holding, subsidiary, associate or any joint venture.

There were no mergers/acquisitions during the year.

The composition of the Board of Directors of the Company on 31^stMarch, 202 5 is as under: i) Directors to retire by Rotation:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of your Company Mr. Sanjay Vimalchand Deora (DIN: 01010427) Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible have offered themselves for re-appointment.

The details as required under the provisions of the Companies Act and Listing Regulations are provided in the Notice convening the ensuing Annual General Meeting. ii) APPOINTMENT AND RESIGNATION OF DIRECTORS

During the period under review, following director were appointed and resigned:

During the financial year under review, there was no appointment of Directors on the Board.

However, subsequent to the closure of the financial year, Ms. Niki Nitin Thakkar (DIN: 10663415) was appointed as an Additional Director (Non-Executive, Non-Independent) with effect from 03rd July, 2025, pursuant to the provisions of Section 161(1) of the Companies Act, 2013 and the Articles of Association of the Company.

During the financial year under review, Mr. Salem Lakshmanan Ganapathi (DIN: 01151727) resigned from the Board of Directors with effect from 08th July, 2024. The Board places on record its appreciation for his valuable contribution during his tenure.

Subsequent to the closure of the financial year:

1. Ms. Sonu Gupta (DIN: 07333591) resigned as a director with effect from 02^nd June, 2025; and 2. Ms. Ila Sunil Trivedi (DIN: 10297697) resigned as a director with effect from 03rd July, 2025.

The Board also records its sincere appreciation for their guidance and support during their association with the Company.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under the provisions of Section 149(6) of the Companies Act, 2013 read with Schedules & Rules issued thereunder as well as Regulation 16 of the Listing Regulations.

The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act.

During the period under review, separate Meeting of Independent Director of the company was held on 10^th May, 2024. iv) Key Managerial Personnel (KMP):

Pursuant to Section 2 (51) and Section 203 of the Companies Act, 2013 read with Rules framed there under, the following executives have been designated as Key Managerial Personnel (KMP) of the Company.

1. Mr. Abhishek Khursija – Company Secretary

2. Mr. Sanjay Deora - Chief Financial Officer

During the period under review, Mr. Sanjay Deora was appointed as the Chief Financial Officer of the Company with effect from 05th September, 2024.

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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, Twele (12) Board meetings were convened and held on 15.05.2024, 23.05.2024, 29.05.2024, 10.05.2024, 29.06.2024, 02.07.2024, 14.08.2024, 27.08.2024, 05.09.2024, 14.11.2024, 01.01.2025 and 14.02.2025 respectively, in respect of which meetings proper notices were given and the proceedings were properly recorded and signed.

* Note: Ms. Niki Nitin Thakkar was appointed as a director after the end of the financial year and hence did not attend any Board meetings during the year under review.

In pursuance of Section 134(5) of the Companies Act, 2013 read with the rules made there under, including any enactment or re-enactment thereon, the Directors hereby confirm that:

a) In the preparation of the Annual Accounts for the year ended on 31^st March, 2025, the applicable accounting standards had been followed along with proper explanation relating to material departures;

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 31^st March, 2025 and of the Profit of the Company for the period ended on 31^st March, 2025.

c) The Directors had taken proper and sufficient care 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 Directors had prepared the annual accounts on a going concern basis; e) The Directors had laid down Internal Financial Controls (‘IFC') and that such Internal Financial Controls are adequate and were operating effectively.

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 Company has conducted familiarization programme for Independent Directors during the year. The details of the same are given in the Corporate Governance Report and also posted on the website of the Company at https://www.containerway.co.in/.

Pursuant to the provisions of the Act and Regulation 17 of Listing Regulations, the Board has carried out the annual performance evaluation of its own performance and that of its statutory committee's Viz., Audit Committee, Stakeholder Relationship Committee, Nomination and Remuneration Committee and also of the individual Directors. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. A separate exercise was carried out to evaluate the performance of Directors on parameters such as level of engagement and contribution, independence of judgment safeguarding the interest of the Company and its minority shareholders etc. The entire Board carried out the performance evaluation of the Independent Directors and also reviewed the performance of the Secretarial Department. As required under the provisions of the Act and the Listing Regulations, a separate meeting of the Independent Directors of the Company was held on 10^th May, 2024 to evaluate the performance of the Chairman, Non- Independent Directors and the Board as a whole and also to assess the quality, quantity and timeliness of flow of information between the management of the Company and the Board. The Directors expressed their satisfaction with the evaluation process.

The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration.

Non-Executive Directors are paid sitting fees for attending each meeting of the Board and/or Committee of the Board, approved by the Board of Directors within the overall ceilings prescribed under the Act and Rules framed thereunder. All the Executive Directors (i.e., Chairman/Managing Director/Whole-time Director) are paid remuneration as mutually agreed between the Company and the Executive Directors within the overall limits prescribed under the Companies Act, 2013. In determining the remuneration of the Senior Management Employees, the Nomination and Remuneration Committee ensures / considers the following:

The remuneration is divided into two components viz. fixed component comprising salaries, perquisites and retirement benefits and a variable component comprising performance bonus; The remuneration including annual increment and performance bonus is decided based on the criticality of the roles and responsibilities, the Company's performance vis-?-vis the annual budget achievement, individual's performance vis-?-vis Key Result Areas (KRAs)

/ Key performance Indicators (KPIs), industry benchmark and current compensation trends in the market.

The Board of Directors has adopted the Policy on Code of Conduct in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The Code of Conduct of the Company lays down guidelines and procedures to be followed and disclosures to be made while dealing with shares of the Company as well as consequences ofviolation.

The code of practices and procedures for fair Disclosures of unpublished price sensitive information and code of conduct to regulate, monitor and report trading by Insiders is available on the website www.containerway.co.in

All Board members and Senior Management Personnel have affirmed compliance of the Code of Conduct. A declaration to this effect, signed by the Managing Director of the Company forms part of this Report. The Board has also adopted separate code of conduct with respect to duties of Independent Directors as per the provisions of the Companies Act, 2013.

The composition of the Committees constituted by the Board is provided separately in this Annual Report. As per the applicable provisions, the requirement to annex a Corporate Governance Report is not applicable to the Company.

The Company has constituted an Audit Committee as per the requirement of the Companies Act, 2013.

During the year under review 8 (Eight) meetings were held viz 15.05.2024, 23.05.2024, 29.05.2024, 02.07.2024, 14.08.2024, 27.08.2024, 14.11.2024 and 14.02.2025. The Composition and attendance of the Committee s as under:

*Note: Ms. Niki Nitin Thakkar was appointed as a Chairman after the end of the financial year and hence did not attend any Audit Committeemeetings during the year under review .

TERMS OF REFERENCE:

The terms of reference of the Audit Committee are as under:

Overseeing the Company's financial report process and the disclosure of its financial information.

To recommendation for appointment, remuneration and terms of appointment of auditors of the listed entity.

To approve the payment to statutory auditors for any other services rendered by the statutory auditors.

To review, with the management, the financial Statements and Auditor's Report thereon before submitting to the board for approval.

To review quarterly, half yearly and Annual Financial results before submission to the Board.

To review, with Management, the statement of uses/application of funds raised through issue, the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in this matter.

To review and monitor the auditor's independence and performance, and effectiveness of audit process.

To approve any subsequent modification of transactions of the listed entity with related parties.

Scrutiny of inter -corporate loans and investments.

Valuation of undertakings or assets of the listed entity, wherever it is necessary.

Evaluation of internal financial controls and risk management systems.

To review the adequacy of internal control systems with the management, external & internal auditors.

To review, with the management, performance of statutory and internal auditors, adequacy of the internal control systems.

To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) (in case of non-payment of declared dividends) and creditors.

To review the functioning of the whistle blower mechanism.

Recommendation for appointment, remuneration and terms of appointment of auditors of the listed entity.

Approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc. of the candidate.

Discussion with external auditors about the nature and scope of audit including their observation.

To investigate into any matter referred to by the Board.

The Company has constituted a Stakeholders Relationship Committee in terms of the requirements of the Companies Act, 2013.

During the year under review 2 (Two) meetings was held viz. 15.05.2024 and 05.09.2024. The Composition and attendance of the Committee is as under:

*Note: Ms. Niki Nitin Thakkar was appointed as a Chairman after the end of the financial year and hence did not attend any Stakeholders Relationship Committee meetings during the year under review.

The terms of reference of the Stakeholder Relationship Committee are as under:

Redressal of shareholders'/investor's complaints;

Reviewing on a periodic basis the Approval of Transfer or transmission of shares, debentures or any other securities made by the Registrar and Share Transfer Agent;

Issue of duplicate certificates and new certificates on split/ consolidation/renewal;

Non-receipt of declared dividends, balance sheets of the Company; and

Carrying out any other function as prescribed under the Listing Compliances.

The Company has constituted a Nomination and Remuneration Committee in terms of the requirements of the Companies Act, 2013.

During the year under review 3 (Three) meetings was held viz. 14.08.2024, 05.09.2024, and 01.01.2025. The Composition and attendance of the Committee is as under:

*Note: Ms. Niki Nitin Thakkar was appointed as a Chairman after the end of the financial year and hence did not attend any Nomination and Remuneration Committee meetings during the year under review.

The terms of reference of the Nomination and Remuneration Committee are as under:

To recommend to the Board, the remuneration packages of the Company's Managing/Joint Managing/Whole time /Executive Directors, including all elements of remuneration package (i.e., salary, benefits, bonuses, perquisites, commission, incentives, stock options, pension, retirement benefits, details of fixed components and performances linked incentives along with the performance criteria, service contracts. notice period, severance fees, etc.);

To be authorized at its duly constituted meeting to determine on behalf of the Board of Directors and on behalf of the shareholders with agreed terms of reference, the Company's policy on specific remuneration packages for Company's Managing/Joint Managing/Whole time /Executive Directors, including pension rights and any compensation payment;

Such other matters as May from time to time are required by any statutory, contractual or other regulatory requirements to be attended to by such committee.

The provisions regarding the Risk Management Committee does not apply to the Company.

The provisions of section 135 of the Companies Act, 2013 does not apply to the Company.

Statutory Auditors:

The Notes to the Financial Statements referred in the Auditors' Report are self-explanatory.

There are no qualifications or reservations, or adverse remarks made by Statutory Auditors of the Company and therefore do not call for any comments under Section 134 of the Act. The Auditors' Report is attached with the Financial Statements in this Annual Report.

M/s. Rajeshkumar P. Shah & Co., Chartered Accountants (Firm Registration No. 129110W), were appointed as Statutory Auditors of the Company for a term of five consecutive years at the 38th Annual General Meeting held in the year 2024. They will continue to hold office until the conclusion of the 43rd Annual General Meeting, in accordance with the provisions of Section 139 of the Companies Act, 2013. The Statutory Auditors have audited the financial statements of the Company for the financial year ended March 31, 2025. As required under Regulation 33(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Auditors have confirmed that they continue to hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI).

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. Utkarsh Shah & Co., Company Secretaries in Practice (FCS: 12526, COP: 26241) to conduct the Secretarial Audit for the financial year ended 31^st March, 2025.

The Secretarial Audit Report in Form No. MR-3 for the financial year ended 31^st March, 2025, is annexed to this Report as Annexure – A. The Secretarial Auditor has made certain observations in the report, and the Board of Directors has taken necessary steps and complied with the same. Further, based on the recommendation of the Audit Committee, the Board of Directors at its meeting held on 23.05.2025, approved the appointment of M/s. Utkarsh Shah & Co. as the

Secretarial Auditors of the Company for a term of five consecutive years, starting from the financial year 2025–26, subject to the approval of the members at the 39^th Annual General Meeting. Internal Auditor:

The Internal Auditor has carried out the internal audit for the reporting period.

During the year under review, no instance of fraud in the Company was reported by the Auditors.

The provisions related to dividend distribution policy uploaded on the website of the Company.

The Company has in its place adequate Internal Financial Controls with reference to Financial Statements. During the year, such controls were tested and no reportable material weakness in the design or operation of Internal Finance Control System was observed. For all amendments to Accounting Standards and the new standards notified, the Company carries out a detailed analysis and presents the impact on accounting policies, financial results including revised disclosures to the Audit Committee. The approach and changes in policies are also validated by the Statutory Auditors. Further, the Audit Committee periodically reviewed the Internal Audit Reports submitted by the Internal Auditors. Internal Audit observations and corrective action taken by the Management were presented to the Audit Committee. The status of implementation of the recommendations were reviewed by the Audit Committee on a regular basis and concerns if any were reported to the Board. As per the relevant provisions of the Companies Act, 2013, the Statutory Auditors have expressed their views on the adequacy of Internal Financial Control in their Audit Report.

RELATED PARTY TRANSACTIONS (RPT):

All transactions to be entered by the Company with related parties will be in the ordinary course of business and on an arm's length basis. However, the Company has not entered into any related party transaction, as provided in Section 188 of the Companies Act, 2013, with the related party. Hence, Disclosure as required under Section 188 of the Companies Act, 2013 is not applicable to the Company. The Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions as approved by the Board is put up on the Company's website and can be accessed at www.containerway.co.in PARTICULARS OF LOANS, GUARANTEES, ADVANCES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

During the period under review, the Company has not accepted any unsecured loan from the Directors pursuant to Rule 2(1) (c) (viii) of Companies (Acceptance of Deposits) Rules, 2014.

The Vigil Mechanism/Whistle Blower Policy has been adopted to provide appropriate Avenues to the employees to bring to the attention of the management, the concerns about any unethical behaviour, by using the mechanism provided in the Policy. In cases related to financial irregularities, including fraud or suspected fraud, the employees may directly approach the Chairman of the Audit Committee of the Company. We confirm that no director or employee has been denied access to the Audit Committee during FY 2024-25. The Policy provides that no adverse action shall be taken or recommended against any employee in retaliation to his/her disclosure, if any, in good faith of any unethical and improper practices or alleged wrongful conduct. This Policy protects such employees from unfair or prejudicial treatment by anyone in the Company. The same is available on the Company's Web Site https://www.containerway.co.in/ With a view to regulate trading in securities by the Directors and Designated Employees, the Company has adopted a Code of Conduct for Prohibition of Insider Trading (Code) and Vigil Mechanism/Whistle Blower Policy. The Code also covers the policy and procedures for inquiry in case of leak of Unpublished Price Sensitive Information (UPSI) or suspected leak of UPSI. The Code/Policy is available on the website of the Company https://www.containerway.co.in/ PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

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 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. The details regarding the same is enclosed as ‘Annexure – B'. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed to this report as ‘Annexure - C'.

Since the paid-up Capital of Company is less than Rs. 10 Crores and Turnover is less than Rs.

25 Crores 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.

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 - D

As per Regulation 34 of the Listing Regulations, the Business Responsibility and Sustainability Report does not applicable to the Company.

The Company's Plant, Property, Equipment and Stocks are adequately insured under the Industrial All Risk (IAR) Policy. The Company covers the properties on full sum insured basis on replacement value. The scope of coverage, insurance premiums, policy limits and deductibles are in line with the size of the Company and its nature of business.

As a responsible corporate citizen and as company is involved in textile business and environment safety has been one of the key concerns of the Company. It is the constant endeavor of the Company to strive for compliant of stipulated pollution control norms.

The relationship with the workmen and staff remained cordial and harmonious during the year and management received full cooperation from employees.

During the year under review, the Company is in Compliance with the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2). The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Act.

(B) No One Time Settlement:

There was no instance of one-time settlement with any Bank or Financial Institution.

The work related to Share Transfer Registry in terms of both physical and electronic mode is being dealt with by M/s Beetal Financial & Computer Services Private Limited and their address is- Beetal House, 3rdFloor,99 Madangir, Behind Local Shopping Centre, Near Dada Harsukhdas Mandir, New Delhi- 110062

The share transfer activities under physical mode are carried out by the RTA. Shares in physical mode which are lodged for transfer are processed and returned within the stipulated time. Physical shares received for dematerialization are processed and completed within a period of 21 days from the date of receipt. Bad deliveries are promptly returned to Depository Participants (DP's) under advice to the shareholders.

Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. Customers, Members, Dealers, Vendors, Banks and other business partners for the excellent support received from them during the year. The Directors place on record unstinted commitment and continued contribution of the Employee to the Company. By Order of the Board ForIndus Aluminium Recyclers Limited (Formerly Containerway International Limited)