Zodiac Clothing Company Ltd

To,

The Members,

Zodiac Clothing Company Limited

The Board of Directors are pleased to present the Company's 41^st Annual Report and the Company's Audited Financial Statements (Standalone and Consolidated) for the Financial Year ended 31^st March 2025.

1. Financial Results:

2. pERFORMANCE REViEW:

During the financial year ended 31^st March, 2025, the operational revenue of the Company on a Standalone basis was R17,291.47 Lakhs vs. R14,412.19 Lakhs in the previous year. Profit/ (Loss) Before Tax and before exceptional items was R(3,450.43) Lakhs vs. R(3,510.92) Lakhs in the previous year, while the Net Profit/(Loss) after Tax for the Financial Year ended 31^st March 2025 was R(4,031.09) Lakhs vs. R(3,486.58) Lakhs in the previous year. The Total Comprehensive Profit/ (Loss) for the year was R(4,364.24) Lakhs vs. R(3,261.74) Lakhs in the previous year.

On a Consolidated basis the Operational revenue of the Company for the year was R17,440.25 Lakhs vs. R 14,580.49 Lakhs in the previous year. The Consolidated Profit/(Loss) before Tax and before exceptional items was R(3,610.91) Lakhs vs. R(3,627.79) Lakhs in the previous year, the Net

Profit/(Loss) after tax being R(3,719.59) Lakhs vs. R(3,637.34) Lakhs in the previous year. The Consolidated Total Comprehensive Income/ (Loss) for the year was R(4,054.93) Lakhs vs. R(3,308.95) Lakhs in the previous year.

3. subsidiary, associates and joint venture companies:

As on 31^st March, 2025, the Company had one (1) subsidiary and Five (5) step-down subsidiaries. There are no Associate Companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiaries.

Pursuant to the provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Company's subsidiaries/ step-down subsidiaries in Form AOC-1 is attached as Annexure 3 to this report.

Pursuant to the provisions of Section 136 of the

Act, the Standalone and Consolidated financial statements of the Company along with relevant documents and the financial statements of the subsidiaries/step-down subsidiaries, are available on the website of the Company at the link https://www. zodiaconline.com/others.

4. CONSOLIDATED FINANCIAL STATEMENTS:

In accordance with the requirements of Accounting Standards AS-21, a Report on the performance and financial position of all the company's subsidiaries/step-down subsidiaries are included in the Consolidated Financial Statement and their contribution to the overall performance of the Company, is provided in Form AOC - 1 and forms part of this Annual Report.

5. CREDIT RATING:

The Company shall initiate the process of credit rating based on the audited consolidated accounts for the FY 2024-25 and the same is expected to be completed by September 2025.

6. CAPEX:

During the year the Company has incurred a Capital expenditure of R302.18 Lakhs, primarily in state of the art production equipment, new stores and information systems to sharpen our competitiveness

7. LIQuIDITY:

The Debt Equity ratio as on 31^st March, 2025 was 0.52 on a Standalone basis and 0.46 on a Consolidated basis.

The Cash and Bank balances/Cash equivalents along with liquid investments (free reserves on consolidated basis) were R933.98 in March 2025, as against R2821.03 last year

8. Share CApITAL:

During the year under review, there has been no change in the paid-up share capital of the company of 2,59,93,717 Equity Shares of R10/- each.

9. Dividend:

The Board of Directors of your Company have not recommended any dividend for the Financial year 2024-25 (previous year - NIL).

10. CORPORATE Governance:

The Company has complied with all the mandatory requirements regarding Corporate Governance as required under Regulations 17 to 27 and Schedule V of the SEBI LODR with the Stock Exchange(s). The report on Corporate Governance, Management Discussion and Analysis, as well as the Auditors Certificate on the compliance of Corporate Governance forms a part of the Annual Report. As required under Regulations 17(8) of Listing Regulations, the Managing Director and CFO have certified to the Board about compliance by the Company with the requirement of the said sub

regulation for the financial year ended 31^st March, 2025.

11. CONTRACTS AND ARRANGEMENT WITH RELATED PARTIES:

In line with the requirements of the Companies Act, 2013 and the amended SEBI LODR, the Company has a policy on Related Party Transactions which is also available on Company's website at the link https://www.zodiaconline.com/codes-and-policies.

The policy ensures that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.

The policy interalia deals with the review and approval of Material Related Party Transactions (MRPTs) keeping in view the potential or actual conflict of interest that may arise because of entering into these transactions. All Related Party Transactions are placed before the Audit Committee for review and prior approval (including omnibus approvals) and wherever applicable board/members approvals are obtained. Note no. 43 of the Standalone financial statements contained disclosures on related party transactions.

Disclosure on MRPT is given in Form AOC 2 (Annexure 4) as per Section 134(3)(h) read with Section 188(2) of the Companies Act, 2013.

12. QuALITY:

The focus on productivity gains and consistent quality continues to be the cornerstone of the Company's philosophy. Quality, continuous innovation and pursuit of high value addition and cost control continue to drive the Company.

13. BRAND Building:

The Company continues to invest in building the strength of it's 3 brands (Zodiac, Z3 and ZOD!), aspiring to get traction in sales in the present, as well as in the future.

Upgradation of quality to win customer loyalty is a continuously ongoing exercise, the objective being to get the customers delight at the price value relationship, with truly international quality and design at prices which are not exorbitant, even without any discounts

i) The steps taken or impact on conservation of energy:

The Company having already achieved excellent bench marks in conservation of energy, has invested

in steam optimization projects for its process requirements, which has resulted in a drop in the consumption and the efficiency going up.

Conservation of energy continues to receive increased emphasis at all units of the Company. Energy audits and Inter-unit studies are carried out on a regular basis for analyzing and taking steps for reduction of energy consumption. We believe that conservation is a continuous effort and every day there is an opportunity to be better than the previous day this is what helps us to live up to the stringent standard we set for ourselves.

All machinery and equipment are being continuously serviced, updated and overhauled to maintain them in good and energy efficient condition. This results in consumption of lesser energy.

The company has achieved significant advancements in energy conservation by transitioning from the utilization of furnace oil and diesel to employing gas-fired steam & power generation. This makes the entire process of steam generation more efficient, resulting in reduced fuel wastage and a diminished need for transportation. In contrast to previous practices involving the transportation of furnace oil via tankers from distant states, the adoption of gas delivery through on-site pipelines from the central grid has proven to be remarkably cost-effective and environmentally beneficial, effectively lowering the carbon footprint. Moreover, this shift has eradicated fuel losses attributed to transportation and spillage, ultimately amplifying the yield per unit of expenditure.

Our Higg score speaks for itself 100/100 on the following evaluation parameters water/waste water / 90 + on energy.

(B) Pollution Control

The Company's zero liquid discharge plant for water treatment has resulted in the Company's dependency on outside water to almost nil.

With the increase in the catchment area for rain water harvesting, the surplus water generated is used to recharge the existing ground water sources and for maintaining the beautiful garden and flowering plants around the factory premises thereby creating a very pleasant atmosphere. The Company's continuous efforts have been recognized by the Pollution Control Board and the Company is being referred as a model factory by the Pollution Control Board.

It is the Company's continuous thrust in this area that has resulted in results which far exceed the industry norm. As a result of aggressively mapping the input parameters /processes and live balancing of the effluent treatment, the Company has been able to achieve a high level of efficiency.

With its energy-efficient design, the ZODIAC corporate office continues to use around 60 percent less energy than a typical office of the same size.

(C) Technology, Absorption, Adaptations and Innovation:

(i) The efforts made towards technology absorption:

Continuing with its thrust on being energy efficient -the company has changed over the boilers from diesel /furnace oil to gas fired -resulting in savings of fuel. We are also optimizing the dye process house by bringing in more fully computerised automatic equipment to do the processing which will result in a further savings in chemicals and water -the next step is investment in technology to monitor steam consumption and efficiency thereby making that next jump in our conservation efforts.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution

The Company continues to use the latest technologies for improving the productivity and quality of its services and products. The Company's operations do not require significant import of technology. In addition to product development and raw material development continues to be strengthened, Development activities on fashion designing are carried out on an on-going basis. Adopting technologies with state-of-art systems and machineries like PLM software, automated cutting machine, automated fabric inspection machines, etc., the quality of the products and efficiency of the systems have substantially improved. Applying these technologies has helped keep costs of production under control.

(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- Not Applicable

The Company continues to use the latest technologies for improving the productivity and quality of its services and products. The Company's operations do not require significant import of technology.

(D) Foreign Exchange Earnings and Outgo:

15. corporate social responsibility:

Corporate Social Responsibility (CSR) is traditionally driven by a moral obligation and philanthropic spirit. The Company has a heritage of being engaged in such activities. The

Company is committed to sustainability and all business decisions take into account its social and environmental impact.

As per the provisions of Section 135 of the Companies Act 2013, the Company has a CSR Committee, details of which are given in the Corporate Governance Report forming part of this report. The details of the Company's CSR policy has been posted on the website of the Company at the link https://www.zodiaconline.com/codes-and- policies.

The Report on CSR activities as required under Companies (Corporate Social Responsibility) Rules, 2014 including a brief outline of the Company's CSR Policy, total amount to be spent under CSR for the Financial Year, amount unspent and the reasons thereof are set out at Annexure 1 forming part of the report.

16. DIRECTORS & KEY MANAGERIAL PERSONNEL:

During the year under review, there were following changes in Directors/ Key Managerial Personnel of the Company:

• Mr. Dilip J. Thakkar and Amb. Ahmad Javed were appointed as Independent Directors w.e.f. 24^th July 2024

• Mr. Y. P. Trivedi and Mr. Bernhard Steinruecke

ceased to be Independent Directors of the Company w.e.f. 11^th August 2024, upon

completion of their second term.

• Mr. S. R. Iyer has been appointed as NonExecutive, Non-Independent Director of the Company w.e.f 12^th August, 2024 upon completion of his second term as an Independent Director.

• Mr. Vaman M. Apte has been re-appointed as an Independent Director for a second term of 5 (five) years w.e.f 12^th August, 2024.

In accordance with the provisions of Section 152 of the Companies Act 2013 and the Articles of Association of the Company, Mr. Mohamed Awais Jehangir Noorani, Whole-Time Director -Exports and Mr. Adnan Salman Noorani, Whole-Time Director- Digital, retire by rotation at the ensuing Annual General Meeting and being eligible, have offered themselves for re-appointment.

List of key managerial personnel

evaluation of performance of THE board, ITS COMMITTEES And INDIVIDuAL DIRECTORS:

During the year, annual performance evaluation of the Board and Committees of the Board, individual Directors including the Chairman of the Company, was carried out as per the criteria and process approved by Nomination and Remuneration Committee, which is in line with the SEBI Guidance Note on Board Evaluation.

The Chairman and other members of the Board discussed upon the performance evaluation outcome and concluded that they were satisfied with the overall performance of the Board and Committees of the Board and Directors individually. The Board also assessed the fulfillment of the independence criteria as specified in Listing Regulations, by the Independent Directors of the Company and their independence from the management.

The performance evaluation of the Non-Independent Directors including the Chairman of the Company and performance of the Board as a whole was discussed at the separate meeting of the Independent Directors.

DECLARATION By INDEpENDENT DIRECTORS:

The Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

In the opinion of the Board, the Independent Directors fulfil the conditions specified under the Act and Listing Regulations and are independent of the management. The Board skill/ expertise/ competencies matrix of all the Directors, including the Independent Directors is provided in the Corporate Governance Report forming part of this Annual Report.

INDEpENDENT DIRECTORS:

The details of programmes for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are posted on the website of the Company at the link

https://www.zodiaconline.com/codes-and-policies.

17. NUMBER OF MEETINGS OF THE BOARD:

The Board of Directors of the Company met 4 (Four) times during the year under review. The dates of the Board meeting and the attendance of the Directors at the said meetings are provided in detail in the Corporate Governance Report, which forms a part of this Report.

18. DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors state that:

(i) In the preparation of the annual accounts for the year ended 31^st March, 2025, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

(ii) The Directors have 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 as at 31^st March, 2025 and of the profit and loss of the Company for the year ended on that date;

(iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) The Directors have prepared the annual accounts on a ‘going concern' basis;

(v) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and

(vi) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and are operating effectively.

19. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There are no material changes or commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this Report.

20. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

The Company's policy on Board Diversity provides for an appropriate mix of diversity, skills, experience and expertise required on the Board and assesses the extent to which the required skills are represented on the Board including the criteria for determining qualifications, positive attributes and independence of a Director.

The Company has a Remuneration Policy to evaluate the performance of the members of the Board, to ensure remuneration to Directors, KMP and Senior Management involving a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals and to retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage. The policy ensures that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors, KMP and Senior Management to run the Company successfully and the relationship of remuneration to performance is clear and meets appropriate performance benchmarks.

The Independent Directors have complied with the requirements of the Companies Act, 2013 and Regulation 16 (b) of SEBI LODR on their independence. The Company has obtained certification of independence from the Independent Directors in accordance with Section 149(6) of the Companies Act, 2013.

The remuneration details of the Executive and NonExecutive Directors is disclosed in the Corporate Governance report which forms part of the Directors Report. The above policy has been posted on the website of the Company at the link https://www. zodiaconline.com/codes-and-policies.

21. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The particulars of loans and investments have been disclosed in the financial statements. The Company has not given any guarantees.

22. HUMAN RESOURCE MANAGEMENT:

The Company recognizes the need for continuous growth and development of its employees to meet the challenges posed by the industry, besides fulfilling their own career path objectives. Consequently, the

role of Human Resources continues to remain vital and strategic to the Company. Employee recruitment, training and development are a key focus area, with policies, processes and extensive use of technology to attract, retain and build on skills of high caliber employees. Industrial relations have continued to be harmonious throughout the year.

23. COMPLIANCE WITH THE CODE OF CONDUCT:

The Code of Conduct adopted by the Company for its Board of Directors and Senior Management Personnel has been uploaded on the Company's website at the link https://www.zodiaconline.com/ codes-and-policies.

The Declaration of the Compliance with the Code of Conduct has been received from all Board members and Senior Managerial Personnel. A certificate to this effect from Mr. S. Y. Noorani, Vice Chairman & Managing Director forms part of this report.

24. PUBLIC DEPOSITS:

During the Financial Year 2024-25, the Company did not invite or accept any deposits from the public under the provisions of Section 73 of the Companies Act, 2013.

25. COMpANY'S Website:

The Financial Statements, Annual Report, including Corporate Governance Report, Shareholding Pattern, etc., are displayed inter-se with the other information on the Company's website, viz. www. zodiaconline.com.

26. DONATIONS:

During the financial year, the Company has contributed R 91,52,000/- (Rupees Ninety-One Lakhs and Fifty-Two Thousand only) to various deserving causes.

27. INSURANCE:

All the properties/assets, including buildings, furniture/ fixtures, etc. and insurable interests of the Company are adequately insured. The international debtors who avail of credit are also insured, despite their flawless record, as a measure of abundant caution.

28. AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act and the Rules framed thereunder, M/s MSKA & Associates, Chartered Accountants (ICAI Firm Registration No. 105047W) have been appointed as statutory Auditors of the Company for a term of five (5) years to hold office from the conclusion of the 38^th AGM till the conclusion of the 43^rd AGM.

The Auditor's Report to the members for the

financial year ended 31^st March, 2025 year does not contain any qualification, reservation, adverse remark or disclaimer.

29. MAINTENANCE OF COST RECORDS BY THE COMPANY AS SPECIFIED BY THE CENTRAL GOVERNMENT:

Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products and accordingly, such accounts and records are made and maintained by the Company.

However, in terms of the Companies (Cost Records and Audit) Amendment Rules, 2014, the Company is not covered under the purview of Cost Audit from the F. Y. 2014-15 onwards.

30. SECRETARIAL AUDIT:

As per Section 204 of the Companies Act, 2013 and Rules made thereunder, the Company has appointed M/s. Robert Pavrey & Associates LLP, Company Secretaries, a peer reviewed firm bearing Firm Registration No. L2024MH016100 to undertake the Secretarial Audit of the Company. The Secretarial Audit report is included as Annexure 2 and forms an integral part of this report.

The Secretarial Audit Report to the members for the year under review does not contain any qualification, reservation, adverse remark or disclaimer.

31. AUDIT COMMITTEE:

The details pertaining to the composition of Audit Committee are included in the Corporate Governance Report, which forms a part of this report.

33. RISK MANAGEMENT:

In line with the regulatory requirements, the Company has a Risk Management Policy to identify and assess the key risk areas, monitor and report the compliance and effectiveness of the same. The

Risk Management Committee 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. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis

34. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/ revised standard operating procedures. the Company's internal control system is commensurate with its size, scale and complexities of its operations. The internal and operational audit is entrusted to M/s. M J Mange & Associates. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides bench marking controls with best practices in the industry.

The Audit Committee actively reviews the adequacy and effectiveness of the internal control systems 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 members, Statutory Auditors and the Business Heads are periodically apprised of the Internal Audit findings and corrective action taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

35. POLICY ON PREVENTION OF SEXUAL HARASSMENT :

The Company has in place an Prevention of Sexual Harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 & the Rules made thereunder. Internal Complaints Committee (ICC) has been set up to redress Complaints received regarding sexual harassment. All employees, permanent, contractual, temporary and trainees are covered under the policy.

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

36. ANNuAL RETuRN:

Pursuant to Section 92(3) read with section 134(3)

(a) of the Companies Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are placed on the website of the Company and is accessible at the web-link: https:// www.zodiaconline.com/annual-reports.

37. SECRETARiAL Standards:

The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India on Board and General Meeting.

38. vigil mechanism/ whistle blower pOLICY:

The details pertaining to the establishment of Vigil Mechanism/ Whistle Blower Policy is included in the Corporate Governance Report, which forms part of this report.

39. INVESTOR EDuCATION AND pROTECTION FuND:

As per the provisions of Sections 124 and 125 of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules') all unpaid or unclaimed dividends and the respective shares thereof for the Financial Year upto 2016-17 have been transferred to the IEPF established by the Central Government within the stipulated time.

40. FRAuD REpORTING:

There was no fraud reported by the Auditors of the Company under Section 143 (12) of the Companies Act, 2013, to the Audit Committee or the Board of Directors during the year under review.

41. particulars of employees:

The information required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

a. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial year 2024-25:

Note:

* The Chairman is not paid any remuneration nor sitting fees for attending Board and Committee Meetings.

The Non-Executive Directors of the Company are paid only Sitting Fees for attending the Board and Committee Meetings of the Company, details of which are given in the Corporate Governance Report and are not entitled to any other remuneration.

Note: The ratio to median remuneration is nil for Mr. S. Y. Noorani, as he has voluntarily agreed to not receive any remuneration.

b. The percentage increase in remuneration of each Director, Chief Financial Officer, Company Secretary in the Financial Year 2024-25:

Note:

*The Chairman & Vice Chairman were not paid any remuneration nor sitting fees during FY 2024-25 for attending Board and Committee Meetings. the NonExecutive Directors of the Company were paid only Sitting Fees for attending the Board and Committee Meetings of the Company, details of which are given in the Corporate Governance Report and are not entitled to any other remuneration.

c. the percentage increase in the median remuneration of employees in the financial year: 5.08% (as the median employee is a piece rated worker)

d. the number of permanent employees on the rolls of Company: 1008 (as on 31^st March, 2025)

e. the average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: there has been no increase in the salaries of the managerial personnel during the FY 2024-25.

f. the key parameters for any variable component of remuneration availed by the Directors: During the Financial Year 2024-25 no performance linked bonus or any other variable component of remuneration has been paid to the Executive Director(s) of the Company.

g. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms that the remuneration is as per the remuneration policy of the Company

h. Information of top 10 employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, for the year ended 31^st March, 2025 is given below:

42. OTHER DISCLOSURES:

In terms of the applicable provisions of the Act and the SEBI Listing Regulations, your Company additionally discloses that, during the year under review:

• there was no change in the nature of business of the Company;

• it has not issued any shares with differential voting rights;

• it has not issued any sweat equity shares;

• no significant or material orders were passed by the regulators or courts or tribunals which impact the going concern status operations of your Company in future;

• it has not transferred any amount to the Reserves;

• it has not raised any funds through qualified institutions placement as per Regulation 32(7A) of the SEBI Listing Regulations;

• it does not engage in commodity hedging activities;

• it has not made application or no proceeding is pending under the Insolvency and Bankruptcy Code, 2016 and

• it has not made any one-time settlement for the loans taken from the Banks or Financial Institutions.

43. ACKNOWLEDGEMENT:

The Directors are grateful for the co-operation, support and assistance received from the customers, shareholders, the Government, other statutory bodies, Banks, Solicitors, Distributors, Suppliers and other business associates during this year under review.

The Directors also express their sincere appreciation to the employees at all levels for having risen to meet the several challenges encountered and look forward to their valuable support and commitment in the times ahead.