To,

The Members,

The Board of Directors hereby submit the report of the business and operations of your company along with the Audited Financial Statements for the financial year ended 31st March, 2024.

Pursuant to order dated 07^th June, 2024 passed by the Hon'ble National Company Law Tribunal, Allahabad Bench, Corporate Insolvency Resolution Process ("CIRP") has been initiated against the Company in accordance with the provisions of Insolvency and Bankruptcy Code, 2016 and related rules and regulations issued thereunder. Mr. Sandeep Kumar Agrawal having IP Regn. No. Regn. No. IBBI/IPA-001/IP- P01135/2018-2019/11828 has been appointed as Interim Resoltion Professional and later confirmed as Resolution Professional in terms of the NCLT order.

The powers of the Board of Directors of the Company stands suspended effective from Insolvency Commencement Date i.e. 07^th June, 2024 and such powers along with the management of the Company are now vested with the RP in accordance with the section 17 and 23 of the code read with Regulation 15(2A) and (2B) of the SEBI (Listing Obligations and Disclosure Requirements), 2015. As a part of CIRP, financial and operational creditors were called upon to submit their claims to the IRP on or before 5^th September, 2024, being the last date of submission.

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), and in accordance with the requirements of sub-clause 16(h) of Para A of Part A of Schedule III of LODR read with Section 25(2)(h) of Insolvency & Bankruptcy Code, 2016 and Regulation 36A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Invitation for Expression of Interest in Form - G was published on 06th August , 2024 for its submission to the RP on or before 27th September, 2024.

Corporate Overview

Raama Paper Mills Limited ("Your Company") is a leading Indian Newsprint, Duplex Board, Tissue manufacturing Company. However, the operations of the Company are in shut mode due to acute shortage of working capital.

Overview of the Economv

India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships. India's appeal as a destination for investments has grown stronger and more sustainable because of the current period of global unpredictability and volatility, and the record amounts of money raised by India-focused funds in 2022 are evidence of investor faith in the "Invest in India" narrative.

(Rs. In Lakhs)

Qperations

During the year under review, your Company has Net Loss of Rs. (1948.32) Lakhs against the Net Loss of Rs. 552.13 Lakhs in the previous year, the revenue has been decreased to Rs. 6159.73 Lakhs against the previous year revenue of Rs. 8101.46 Lakhs.

CAPITAL

The paid up equity capital of the Company is Rs. 19,66,47,330 divided into 96,64,733 Equity Shares of Rs. 10 each. It is important to point out here that the pending issue of 20,83,333 Equity Shares made to the persons falling under the category "Promoter and Promoter Group" has now got the trading approval from Bombay Stock Exchange and now they are allowed to be actively traded on the exchange. The Company also has 10,00,000 Preference Shares of Rs.100 each. The Company has not come out with any issue of securities during the year 2023-24.

ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, The Annual Return as on 31^st March 2024 is available on your Company's website; www.ramapaper.com.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S QPERATIONS IN FUTURE

The Honb'le Allahabad Bench of National Company Law Tribunal has vide its order dated 07.06.2024 admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 filed by M/s Amar Ujala Limited and another. Mr. Sandeep Kumar Agrawal having Regn No. Regn. No. IBBI/IPA- 001/IP-P01135/2018-2019/11828 has been appointed as Interim Resolution Professional for the Company. Later, in the first meeting of the Committee of Creditors held on 08.07.2024, he was confirmed as the Resolution Professional for the Company to act as per the provisions of the code.

DIVIDEND AND RESERVES

During the year under review, your Company does not recommend any dividend in the absence of profits. And also, your company has not made any transfer to Reserves during the financial year 2023-24.

FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There are no such frauds reported by auditors, which are committed against the company by officers or employees of the company.

MATERIAL CHANGES AND COMMITMENTS AFTER THE DATE OF CLOSE OF FINANCIAL YEAR 202324

The Honb'le Allahabad Bench of National Company Law Tribunal has vide its order dated 07.06.2024 admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 filed by M/s Amar Ujala Limited and another. Mr. Sandeep Kumar Agrawal having Regn No. Regn. No. IBBI/IPA- 001/IP-P01135/2018-2019/11828 has been appointed as Interim Resolution Professional for the

Company. Later, in the first meeting of the Committee of Creditors held on 08.07.2024, he was confirmed as the Resolution Professional for the Company to act as per the provisions of the code. Further, the operations at the factory are completely in shut mode due to acute shortage of the working capital in the Company.

DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013

Your Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder.

During the financial year 2023-24, the Company did not receive any complaints on sexual harassment and therefore, no complaints remain pending as of 31st March, 2024.

FIXED DEPOSITS

Your Company has not accepted any fixed deposits covered under Chapter V of the Company Act, 2013 and as such, no amount of principal or interest was outstanding on the date of the Balance Sheet.

BONUS ISSUE

During the year the Company has not issued any bonus shares.

INSURANCE

The Properties and insurable assets and interest of your Company such as buildings, plant & machinery and stocks among others, are adequately insured.

• Retirement by Rotation

In accordance with the provisions of Section 152 of Companies Act, 2013 Smt. Sapna Agarwal, Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment.

It is important to point out here that the re-appointment of the director liable to retire by rotation is only in compliance to the provisions of Companies Act, 2013. The powers of the Board of Directors will still remain suspended during the continuance of Corporate Insolvency Resolution Process. The tenure of the Directors will be subject to the Resolution Plan as may be approved by the appropriate authority only.

• Appointment / Re-appointment and Cessation of Directors & KMP

None of the directors or KMP have been appointed/re-appointed during the period 2023-24. The Company is under CIRP and the existing Board of Directors of the Company are suspended as per the provisions of the Insolvency and Bankruptcy Code, 2016.

Pursuant to the provisions of Section 203 of the Act, your Company has following Key Managerial Personnel(s):

• Mr. Pramod Agarwal - Managing Director*;

• Mr. Nirdesh Agarwal - Chief Financial Officer;

• Mr. Himanshu Duggal - Company Secretary;

*The powers of Mr. Pramod Agarwal have been suspended as per the provisions of Insolvency and Bankruptcy Code, 2016.

DECLARATION BY THE INDEPENDENT DIRECTORS

All Independent Directors has given declarations to the company confirming that they meet the criteria of independence as laid down under Section 149 (6) of The Companies Act, 2013 and Regulation 16(1) (b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

a) Audit Committee

The present Audit Committee of the board comprises of three members with independent directors forming a majority, namely Mr. Vijay Pal Singh as Chairman, Ms. Amarjeet Sandhu and Mr. Pramod Agarwal as members of the Committee.

All the recommendations made by the Audit Committee were accepted by the board.

Further, the Roles and Responsibility and other related matters of Audit Committee forms an integral part of annual report.

b) Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises of Ms. Amarjeet Sandhu as chairman, and Mr. Vijay Pal Singh and Mrs. Sapna Agarwal as members, all of whom are Non- Executive Directors.

All the recommendations made by the Nomination and Remuneration committee were accepted by the board.

Further, the terms of reference and other related matters of Nomination.

c) Stakeholder Relationship Committee

Stakeholders Relationship Committee comprises of Mr. Vijay Pal Singh as Chairman and Ms. Amarjeet Sandhu, Mr. Pramod Agarwal as members of the Committee.

The Committee is set up to monitor the process of share transfer, issue of fresh Share Certificates as well as review of redressed of investors/shareholders grievances.

Further, the role and responsibility and other related matters of Stakeholders Relationship Committee forms an integral part of Corporate Governance Report as part of annual report.

BOARD EVALUATION

Pursuant to provisions of the Companies Act, 2013 and as per applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a structured questionnaire was prepared after taking into consideration of the various aspects of the Board's functioning, composition of the Board and its committees, culture, execution and performance of specific duties, obligations and governance.

The performance evaluation of the independent Directors was completed. The performance evaluation of the Chairman and Non-Independent Directors was carried out by the independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

NUMBER OF BOARD MEETINGS

The Board duly met at regular intervals to discuss and decide on business strategies/policies and review the financial performance of the company. The notice along with Agenda and notes on agenda of each Board Meeting was given in writing to each Director.

In the Financial Year 2023-24, the Board met sixteen (16) times. The interval between two meetings was well within the period mentioned under Section 173 of Companies Act, 2013 and Regulation 17(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the Financial year 2023-24, the Board met sixteen (16) times. The meetings were held on 12.05.2023, 30.05.2023, 11.07.2023, 04.08.2023, 14.08.2023, 07.09.2023, 27.09.2023, 19.10.2023,

14.11.2023, 14.12.2023, 29.12.2023, 08.01.2024, 09.01.2024, 07.02.2024, 14.02.2024 and 27.03.2024. The interval between two meetings was well within the m?ximum period mentioned under Section 173 of the Companies Act, 2013 or within the extensions granted by the Ministry of Corporate Affairs during the covid 19 pandemic and the Listing Regulations.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS BY COMPANY

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes of financial statements as on 31.03.2024.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, there is no employee in the company, which draws the remuneration in excess of the limits set out in the said rules.

Disclosures pertaining to remuneration and other details of directors & KMP as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are enclosed as Annexure A to this Report.

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

Particulars relating to energy conservation, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under Section 134 (3) (m) of the Companies Act, 2013 read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 are given hereunder:

Conservation of Energy

i) Steps taken or impact on conservation of energy: Energy conservation efforts are ongoing activities. During the year under review further efforts were made to ensure optimum utilization of electricity.

ii) Steps taken by the company for utilizing alternate sources of energy: The Company uses optimum combination of fuel sources i.e. Husk, Bagasse, India as well as Imported coal to take advantage out of the market availability of the material which has resultant effect in the Cost of Energy.

iii) The Capital investment on energy conservation equipment's: During the year under review, the Company has made normal routine maintenance but no capital expenditure has been made.

TECHNOLOGY ABSORPTION. ADAPTION & INNOVATION AND RESEARCH & DEVELOPMENT

No research & development or technical absorption or adaption & innovation taken place in the company during the Financial Year 2022-23, the details as per rule 8(3) of The companies (Accounts) Rules 2014 are as follows:

i) Efforts made towards technology absorption: - Nil

ii) Benefits derived like product improvement, cost reduction, product development or import substitution: Nil

iii) In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year)

a. Details of technology imported: Nil

b. Year of Import: NA

c. Whether the technology been fully absorbed: Nil

d. Areas where absorption has not taken place and the reasons there of: Nil

iv) Expenditure incurred on Research and Development: Nil

FOREIGN EXCHANGE EARNINGS AND OUTGO

As your Company imports waste paper from the various countries owing to its high recovery, therefore the particulars relating to Foreign Exchange Earnings and Outgo are described hereunder.

Foreign Exchange Earnings: NIL

Foreign Exchange Outgo: Rs. 1061.76 Lakhs

CORPORATE GOVERNANCE

The provisions relating to Corporate Governance are not applicable on the Company as per Regulation 15(2) of SEBI (LODR) Regulations, 2015. A certificate obtained from the Practicing Company Secretary to that effect has been obtained as attached as Annexure B to the report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(5) of the Act, the directors hereby confirm that:

a) In the preparation of the Annual Accounts for the year ended 31st March, 2024 the applicable accounting standards have been followed along with proper explanations relating to material departure.

b) Appropriate accounting policies have been selected and applied consistently and judgments 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 31st March, 2024 and of the Profit of the Company for the year ended 31st March, 2024.

c) Proper and sufficient care has been taken for the maintenance of accounting records in accordance with the Provisions of the Companies Act, 2013. They further confirm that there are adequate systems and controls for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

e) That the Director had laid down internal financial controls to be followed by Company and such internal Controls are adequate and were operating effectively; and

f) That the Directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

MANAGEMENTS' DISCUSSION AND ANALYSIS REPORT

Managements' Discussion and Analysis Report for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not presented since the Company is under the purview of CIRP.

AUDITORS AND AUDITORS' REPORT

The Board of Directors of your Company has appointed Jagdish Chand & Co., Chartered Accountants as the statutory auditors of the Company for the period of five years from the conclusion of last annual general meeting till the conclusion of annual general meeting to be held for the Financial Year 2026-27.

The Company has received a consent and certificates from the auditors to the effect that their appointment, if made, would be within the limits prescribed under the Companies Act, 2013, and they are not disqualified for appointment, as per the provisions of section 141 of the Companies Act, 2013.

The auditor report and notes on accounts referred to in the Auditors Report is self-explanatory and there are no adverse remarks or qualification in the Report.

COST AUDIT

As per requirement of Central Government and pursuant to section148 of Companies Act 2013 read with the Companies (Cost records and Audit) Rules, 2014 as amended from time to time, your Company has been carrying out audit of Cost records relating to the Company.

The Board of Directors on the recommendation of the Audit Committee has appointed M/s. Jain Sharma & Company, Cost Accountants as the Cost Auditor of the Company for the Financial Year 2024-25. As it requires under the Companies Act 2013, a resolution seeking member's approval for the remuneration payable to the Cost Auditor forms part of the Notice convening Annual General Meeting.

SECRETARIAL AUDIT

Pursuant to the provisions of the Section 204 of the Companies Act 2013 and rules made thereunder, the Board has appointed Ms. Sameer Kishore Bhatnagar, Company Secretary in Practice to conduct the Secretarial Audit of the Company for the Financial Year 2023-24. The Secretarial Audit Report for the Financial Year is attached herewith as Annexure C which forms integral part of this report.

Explanation on Comments of Secretarial Auditor in Secretarial Audit Report for the Financial Year ended 31st March, 2024:

• The Preference Shares are due for redemption during the financial year.

- The management of the Company due to liquidity crunch has failed to redeem the said preference shares in due course of time.

• The Deposit of PF is pending during during the Financial Year.

- The Company has already deposited the PF dues but with some delays occurred due to the liquidity issues.

• Regulation 33 i.e. failed to submit Unaudited Standalone Financial Results for the period ending March 2023, September 2023, December 2023 and March 2024 to the Stock Exchange within the prescribed stipulated time.

- The said filing got delayed for the period of 3 days from the due date of filing and the Company undertakes to be more careful in future about timely updating the relevant disclosures to the exchange.

• The Company has defaulted in repayment of Inter-Corporate Deposit (ICD) taken from M/s Amar Ujala Limited and M/s Impressions Printing and Packaging Limited.

- The Company has failed to repay its obligations due to acute liquidity crunch and huge financial losses due to working capital limitations.

• There are regular defaults in payment of TDS due during the year.

- There may be delays of delay during the year under review. However, the Company has paid the entire dues along with interest and penalties.

Internal Auditor

As per requirements of Section 138 of Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules 2014, The Board of Directors on the recommendation of the Audit Committee appointed M/s. GR & Company, Chartered Accountants, as the Internal Auditor of the Company for the Financial Year 2023-24.

Internal Control System and Their Adequacy

Your Company has an effective internal Control and risk mitigation system, which are constantly assessed risk mitigation system, which are constantly assessed and strengthened with new/revised standards operating procedures. The Company's internal Control System is commensurate with its size, scale and complexities of its operations.

The Audit Committee of the Board of directors actively reviews the adequacy and effectiveness of the internal control system and suggests improvements to strengthen the same. The company has a robust Management information system, which is an integral part of the control mechanism.

The Audit Committee of the Board of Directors, Statuary Auditors and the Business heads are periodically apprised of the internal Audit findings and Corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant Audit observation and corrective actions taken by the management are presented to Audit Committee of the Board. To maintain its objectivity and independence, the internal Audit function reports to the Chairman of the Audit Committee.

Risk Management

The risk management framework defines the risk management approach of the Company and includes periodic review of such risks and also documentation, mitigating controls and reporting mechanism of all risks.

During the year under review, the senior officials of the Company performs the task of risk management to identify and evaluate elements of business risk. Consequently, a revised robust Business Risk Management framework is in place. The risk management framework defines the risk management approach of the Company and includes periodic review of such risk and also documentation, mitigation control and reporting mechanism of such Risk.

Details of Subsidiarv Companies, Joint Ventures and Associate Company, and their Financial Position

There is no subsidiary, Associate and joint venture of the company and further there are no companies, which have become or ceased to be the subsidiary and joint venture of the company during the year.

LISTING OF SECURITIES

The Company's Equity Shares are listed on Bombay Stock Exchange.

RELATED PARTY TRANSACTIONS

All the related party transactions are entered on arm's length basis and are in compliance with the applicable provisions of the Act and the Listing Agreement. There are no materially significant related party transactions made by the company with Promoters, Directors or Key Managerial Personnel etc. which may have potential conflict with the interest of the company at large.

All Related Party Transactions are presented to the Audit committee. Omnibus approval is obtained for the transactions which are foreseen and repetitive in nature. A statement of related party transactions was presented before the Audit Committee on a quarterly basis, specifying the nature, value and terms and conditions of the transactions.

All the contracts/arrangements/transactions entered with related party for the year under review were on Arm's Length basis. Company has entered into material related party transactions during the year under review. Further disclosure in Form AOC-2 is as attached as Annexure D.

The policy on Related Party Transactions as approved by the Board of Directors has been uploaded on the website of the Company (www.ramapaper.com).

VIGIL MECHANISM

Your Company has established 'Vigil Mechanism' for directors and employees to report concerns about unethical behaviour, actual or suspected, fraud or violation of the Company's code of conduct or ethics policy and provides safeguard against victimization of employees who avail the mechanism. The policy permits all the directors and employees to report their concerns directly to the Chairman of the Audit Committee of the Company.

The Vigil Mechanism/Whistle blower Policy of the company provides that protected disclosures can be made by a whistle blower through an email to the Chairman of the audit committee. The Whistle Blower Policy can be accessed on the Company's Website (www.ramapaper.com). This disclosure also forms part of the Corporate Governance Report as per applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

NOMINATION AND REMUNERATION POLICY

The nomination and remuneration committee has recommended to the Board:

• A policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. The details of this policy are attached as Annexure E to this report and

• Further, Policy for selection criteria of Directors and Senior Management and Criteria for determining qualifications, positive attributes and director independence is also attached as Annexure F to this Report. The Remuneration and Nomination Policy has also been posted on the website of the Company (www.ramapaper.com).

CORPORATE SOCIAL RESPONSIBILITY

Pursuant to Section 135 of the Companies Act, 2013 and rules made there under, every company having net worth of Rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board.

However, it is not applicable in case of your Company. Hence there is no need to form Corporate Social Responsibility Committee and Corporate Social Responsibility Policy for the company as per the requirement of the Companies Act, 2013.

FAMILIARIZATION PROGRAMME AND TRAINING OF INDEPENDENT DIRECTORS

The details of programmes for familiarization of Independent Directors with the company, their roles and responsibilities in the company, business model of the company and other related matter are updated on the website of the Company (www.ramapaper.com).

To familiarize the new inductees as independent director with the strategy, operations and functions of our Company, the executive directors make presentations to the inductees about the Company's organization structure, finance, human resources, facilities and risk management.

POLICY FOR PRESERVATION OF DOCUMENTS

In terms of applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Company have incorporated policy for preservation of documents as specified in the Regulation.

POLICY ON MATERIALITY OF RELATED PARTY TRANSACTIONS

In terms of Regulation 23(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Company have incorporated policy to determine materiality of Related Party Transactions as specified in the Regulation.

RISK MANAGEMENT POLICY

Enterprise Risk Management is a risk based approach to manage an enterprise, identifying events that may affect the entity and manage risks to provide reasonable assurance regarding achievement of entity's objective.

The risks identified by the Company broadly fall into the following categories viz. strategic risks, operational risks, regulatory risks, financial and accounting risks, foreign currency and other treasury related risks and

information systems risks. The risk management process consists of risk identification, risk assessment, risk prioritization, risk treatment or mitigation, risk monitoring and documenting the new risks.

Your Board has laid down a risk management framework and policy to address the above risks. The objective of the policy is to identify existing & emerging challenges that may adversely affect the Company and manage risks in order to provide reasonable assurance to the various stakeholders. In the opinion of your Board, none of the risks which have been identified may threaten the existence of the Company.

GENERAL

Your Director states that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:-

a) Details relating to deposits covered under Chapter V of the Act.

b) Issue of the equity shares with differential rights as to dividend, voting or otherwise.

c) Issue of shares (including sweat equity shares) to directors or employees of the Company

d) Issue of Employee Stock Option Scheme to employees of the company

e) There is no subsidiary, Associate and joint venture of the company and further there are no companies, which have become or ceased to be the subsidiary and joint venture of the company during the year.

f) No significant or material orders were passed by the regulators or courts or tribunals, which impact the going concern status and Company's operations in future.

g) Purchase of or subscription for shares in the company by the employees of the company.

h) There is no material subsidiary of company, so no policy on material subsidiary is required to be adopted.

Your Directors further state that:-

a) The Company has zero tolerance for sexual harassment and during the year under review, there were no complaint received and no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

b) And there is no change in the nature of business of company during the year.

Acknowledgment

Your Directors take this opportunity to place on record their appreciation for the shareholders, bankers and other business associates for their forbearance, understanding and support to the Company. They also wish to place on record their great appreciation of the commitment, sense of involvement and dedication exhibited by each staff member in the overall development, growth and prosperity of the company.