Dear Members, BHARAT GLOBAL DEVELOPERS LIMITED (Formerly Known as Kkrrafton Developers Limited)

The Directors of your Company have pleasure in presenting the Annual Report together with the audited financial statements for the financial year ended 31st March, 2026.

The Company's financial performance for the year ended 31st March, 2026 as compared to the previous financial year is summarised below:

(Rs.in Lakhs)

The Company is engaged in the business of dealing in Construction Materials, Gold, Agricultural Products and Textiles etc. There has been no change in the business of the Company during the financial year ended March 31, 2026.

Due to the Losses, Directors have not recommended any dividend during the financial year 2025-26.

During the year, the Company has not apportioned any amount to other reserve. The loss incurred during the year has been carried to the balance sheet of the Company.

The total Authorised capital of the Company as on March 31, 2026 is Rs. 200,00,00,000/- comprising of 20,00,00,000 Equity Shares of Rs. 10/- each.

During the financial year, the Company has not increased its Authorised Share Capital.

The total paid up capital of the Company as on March 31, 2026 is Rs. 101,25,96,000/- comprising of 10,12,59,600 Equity Shares of Rs. 10/- .

During the financial year, the Company has not allotted any equity shares.

Your Company is fully aware and well positioned to tab market opportunities. We would like to add that Management is looking forward to an optimistic year 2026-27 and we appreciate all our stakeholders for their faith in the Company especially during these challenging times. We are optimistic about the opportunities ahead of us, and we look forward to taking our Company to greater heights and achieving many more successes in the years to come.

In compliance with the applicable provisions of the Companies Act, 2013 including the relevant Indian Accounting Standards (Ind AS) as issued by the Institute of Chartered Accountants of India and notified under Section 133 of the Companies Act, 2013, Consolidated financial statements are not applicable to the Company.

The Company does not have any Subsidiaries, Associates and Joint Venture within the meaning of Section 2(6) of the Companies Act, 2013.

During the year, Company has Shifted it's Registered office from G block, Uniza Corporate Office, Premchand Nagar Rd, opp. Krishna Complex, Satellite, Azad Society, Ahmedabad-380015, Gujarat, India To 6th Floor-604, Shivalik Shilp, Iscon Cross Road, Ambli-Bhopal Road, S.G. Highway, Ahmedabad-380015, Gujarat, India with effect from 17th September, 2025.

In line with the requirements of the Act and the SEBI Listing Regulations, the Company has adopted a Policy on Related Party Transactions, which is available on the Company's website at www.bgdl.co.in.

All related party transactions and subsequent modifications, if any, are placed before the Audit Committee for its review and approval. Prior omnibus approval is obtained before the commencement of the new financial year for transactions which are repetitive in nature and for transactions which are not foreseen, subject to the prescribed financial limits.

A statement of related party transactions, as applicable, is placed before the Audit Committee on a quarterly basis, specifying the nature, value and terms and conditions of such transactions. During the year under review, there were no related party transactions entered into by the Company. Accordingly, there were no transactions with related parties requiring

disclosure under the applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations.

The Company has complied with its Policy on Related Party Transactions and the applicable provisions relating to related party transactions during the year under review.

Particulars of loans given, investments made, guarantees given and securities provided during the year under review and as covered under the provisions of Section 186 of the Companies Act, 2013 have been disclosed in the notes to the standalone financial statements forming part of the Annual Report.

As on date of the report, the Board of Directors of the Company comprises of Six Directors, of which Two Executive Directors one of them being Managing Director, One Non-Executive Non Independent Directors and Three Independent Directors (including Woman Independent Director).

The constitution of the Board of Directors of the Company is in accordance with Section 149 of the Companies Act, 2013 and Regulation 17 of the Listing Regulations, as amended from time to time.

Following changes have taken place in the Board of Directors:

The Board of Directors of the Company in their Meeting held on 29th August, 2025 has appointed Mr. Keyurkumar Pravinbhai Patel as a Managing Director of the Company and the same is approved by the members through Postal Ballot dated 10th November, 2025. Mr. Keyurkumar Pravinbhai Patel is also appointed as a Chief Financial Officer of the Company with effect from 29th August, 2025. Mrs. Niyati Vaishnav Ambani (DIN: 07365260) appointed as an Additional Non-Executive and Independent Director of the company with effect from 03rd April, 2025 and who is regularised as an Independent Director of the Company through Postal Ballot dated 22nd August, 2025. Mr. Tahir Mustufa Masalawala (DIN: 08681775) appointed as an Additional Executive Director of the company with effect from 03rd April, 2025 and who is regularised as an Executive Director of the Company through Postal Ballot dated 22nd August, 2025. Mr. Dheeraj Kumar Sahu was appointed as a Company Secretary and Compliance Officer of the Company with effect from 04th July, 2025.

Mr. Dharmesh Solanki (DIN: 11236014) appointed as an Additional Non-Executive Director of the company with effect from 29th August, 2025 who is regularised as a Non-Executive Director of the Company through Postal Ballot dated 10th November, 2025. Mr. Ketan Chavda (DIN: 11388522) appointed as an Additional Executive Director of the company with effect from 20th November, 2025 who is regularised as an Executive Director of the Company through Postal Ballot dated 17th February, 2026.

Mr. Dheeraj Kumar Sahu has resigned from the post of Company Secretary and Compliance Officer of the Company with effect from 30th November, 2025. Mr. Tahir Mustufa Masalawala (DIN: 08681775) has resigned from the post of Executive Director of the Company with effect from 20th November, 2025

In accordance with the provisions of The Companies Act, 2013 and the Articles of Association of Company, Mr. Dharmesh Solanki (DIN: 11236014) retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

The Board recommends all the resolutions placed before the members relation to the appointment / re-appointment of directors for their approval.

With regard to integrity, expertise and experience (including the proficiency) of the Independent Directors appointed/ re-appointed during the Financial Year 2025-26, the Board of Directors have taken on record the declarations and confirmations submitted by the Independent Directors and is of the opinion that all the Independent Directors are persons of integrity and possess relevant expertise and experience and their continued association as Directors will be of immense benefit and in the best interest of the Company.

In accordance with Section 149(7) of the Companies Act, 2013, and Regulation 25(8) of the Listing Regulations, as amended, each Independent Director of the Company has provided a written declaration confirming that he/she meets the criteria of independence as stipulated under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing Regulations.

In the opinion of the Board, Independent Directors fulfil the conditions specified in Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as Listing Regulations and are independent from Management. All the Independent Directors of the Company have enrolled their names in the online database of Independent Directors maintained with the

Indian Institute of Corporate Affairs in terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014.

The Company arranges detailed presentations at the Board meetings to familiarise Independent Directors with the Company's business, strategy, annual plan and budget, operations, etc. Functional heads are invited to provide update and insights in the areas of HR, Supply chain and logistics, IT and Cyber Security, IFC, ESG and CSR, etc.

Directors are regularly briefed on the regulatory changes and legal updates applicable to the Company. This facilitates Board interaction and engagement with the Senior Management team. The details of the training and familiarisation programmes arranged by the Company during FY 2025-26 are disclosed on the Company's website www.bgdl.co.in.

The Board of Directors met 13 (Thirteen) times during the financial year under review. The details of the Board meetings and attendance of each Director thereat are provided in the Corporate Governance Report forming part of the Annual Report.

The Company's Audit Committee composition is in line with the requirements of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. The composition of the Audit Committee as on date of report is as under:

The terms of reference of the Audit Committee and the particulars of meetings held, and attendance thereat are mentioned in the Corporate Governance Report forming part of the Annual Report.

The Members of the Audit Committee are financially literate and have requisite accounting and financial management expertise. During the year under review, all the recommendations made by the Audit Committee were accepted by the Board.

The composition of the Nomination and Remuneration Committee as on date of report is as under:

The terms of reference of the Nomination and Remuneration Committee and the particulars of meetings held, and attendance thereat are mentioned in the Corporate Governance Report forming part of the Annual Report.

The Company has formulated a Nomination and Remuneration Policy, which sets standards for appointment, remuneration and evaluation of the Directors, Key Managerial Personnel, Senior Management Personnel and other employees of the Company.

The said policy inter-alia other matters include the criteria for determining qualifications, attributes, independence of Directors as required under sub-section (3) of Section 178 of the Companies Act, 2013 and the Listing Regulations.

The Nomination and Remuneration Policy of the Company is available on the Company's website www.bgdl.co.in.

The Stakeholders Relationship Committee was constituted by the Board of Directors in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of the Listing Regulations.

The Composition as on date of report is as under

The brief terms of reference of the Stakeholders' Relationship Committee and particulars of meetings held and attendance thereat are mentioned in the Corporate Governance Report forming part of the Annual Report.

Pursuant to Regulation 21 of the Listing Regulations, the Board constituted Risk Management Committee to frame, implement and monitor risk management plan of the Company. The Board has adopted the Risk Management Policy and framework to mitigate foreseeable risks, avoid events, situations or circumstances, which may lead to negative consequences on the Company's businesses. The major risks identified are systematically approached through mitigating actions on continual basis. Risk evaluation is an ongoing and continuous process within the Company, and it is regularly updated to the Board of the Company. The Risk Management Committee has been entrusted with the responsibility to assist the Board in overseeing and approving the Company's enterprise-wide risk management framework. A detailed analysis of the business risks and opportunities is given under Management Discussion and Analysis Report.

The composition of the Risk Management Committee as on date of report is as under:

In accordance with the provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time, the Board of Directors of the Company has constituted Corporate Social Responsibility (CSR) Committee.

The brief outline of the Company's CSR initiatives undertaken during the year under review is furnished and part of this report in the format as prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time.

The Company's CSR Policy is placed on the website of the Company www.bgdl.co.in.

The composition of the CSR Committee is as under:

The brief terms of reference, particulars of meetings held, and attendance thereat are mentioned in the Corporate Governance Report forming part of the Annual Report.

17. DIRECTOR'S RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended 31st March, 2026; the Board of Directors hereby confirms that:

a) in the preparation of annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) such accounting policies have been selected and applied consistently and the Directors made judgements 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 31st March, 2026 and of the profit of the Company for that year;
c) proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of this Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts of the Company have been prepared on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, and in accordance with Regulation 22 of the Listing Regulations, the Company had adopted Vigil Mechanism Policy' for Directors, Employees and other Stakeholders of the Company to report concerns about unethical behaviour.

The policy provides a mechanism, which ensures adequate safeguards to Employees, Directors and other stakeholders from any victimisation on raising concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and reports, and so on.

The employees of the Company have the right/option to report their concern/grievance to Chairperson of the Audit Committee. The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations. The Vigil Mechanism Policy is hosted on the Company's website www.bgdl.co.in.

Pursuant to the provisions of the Companies Act, 2013 and as per the Listing Regulations, the Board of Directors carried out annual performance evaluation of its own performance, individual directors as well as the working of its committees.

The performance of the Board as a whole and of its committees was evaluated by the Board through structured questionnaire which covered various aspects such as adequacy of composition of Board and its Committees, execution and performance of specific duties and

obligations, preparedness and participation in discussions, quality of inputs, effectiveness of the functions allocated, relationship with management, appropriateness and timeliness of information etc.

Taking into consideration the responses received from the Individual Directors to the questionnaire, the performance of the Board and its Committees was evaluated. The Directors expressed their satisfaction with the evaluation process.

In terms of requirements of Schedule IV of the Companies Act, 2013, a separate meeting of Independent Directors of the Company was held on 13th February, 2026 to review:

? The performance of non-independent directors and the Board as a whole and its committees thereof

? The performance of the Chairman of the Company, taking into account the views of executive directors and non executive directors;

? To assess the quality, quantity and timeliness of the flow of information between the Management and the Board. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

The disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report.

The details of the internal financial control systems and their adequacy are included in the Management Discussions and Analysis Report, which forms part of the Annual Report.

The matters relating to the Auditors and their Reports are as under:

M/s. K M Chauhan & Associates, Chartered Accountants (Firm Registration No. 125924W), tendered their resignation as the Statutory Auditors of the Company on 4th July, 2025, citing pre-occupation as the reason for their resignation. The Auditors, in their resignation letter, did not raise any concern or issue in relation to the Company, and there was no reason for their resignation other than the reason stated in their resignation letter.

Consequent upon the resignation of M/s. K M Chauhan & Associates, Chartered Accountants, a casual vacancy arose in the office of Statutory Auditors of the Company. Accordingly, M/s. Sunit M Chhatbar & Co., Chartered Accountants (Firm Registration No. 141068W), were appointed as Statutory Auditors of the Company with effect from 4th July, 2025, to fill the said casual vacancy. The appointment was made in accordance with the applicable provisions of the

Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s. Sunit M Chhatbar & Co. were to hold office until the conclusion of the ensuing Annual General Meeting of the Company.

However, the appointment of M/s. Sunit M Chhatbar & Co., Chartered Accountants (Firm Registration No. 141068W), as Statutory Auditors was not approved by the members at the Annual General Meeting of the Company held on 30th September, 2025. Consequently, M/s. R B Gohil & Co., Chartered Accountants (Firm Registration No. 119360W), were appointed as the Statutory Auditors of the Company with effect from 8th October, 2025, to fill the vacancy arising due to the non-appointment of the aforesaid auditors. The said appointment was subsequently approved by the members through Postal Ballot dated 10th November, 2025.

The Audit Report issued by M/s. R B Gohil & Co., Chartered Accountants, for the financial year ended 31st March, 2026, does not contain any qualification, adverse remark, reservation or disclaimer. Accordingly, the Audit Report does not call for any further explanation or comments from the Board of Directors under Section 134(3) of the Companies Act, 2013.

Further, the Statutory Auditors have not reported any matter to the Company under Section 143(12) of the Companies Act, 2013, requiring disclosure in the financial statements or otherwise.

The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit is not applicable to the Company.

Pursuant to provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and any other applicable provisions of the Companies Act, 2013 and the rules made thereunder the company has appointed M/s. H. Togadiya and Associates (FCS. 11822, COP No. 18233), Practicing Company Secretary, as a Secretarial Auditor of the Company for the Financial Year 2025-2026 and for the same MR-3 Secretarial Audit Report was issued as ANNEXURE I

Furthermore, The Board of Directors of the Company, pursuant to the recommendations of the Audit Committee, has recommended appointment of M/s. H. Togadiya and Associates (FCS. 11822, COP No. 18233), Practicing Company Secretary, as the Secretarial Auditors of the Company for a term of 5 (five) consecutive financial years commencing from 1st April, 2025 till 31st March, 2030 and the members approved the same vide postal ballot meeting dated 10th November, 2025.

The said report contains certain observation or qualifications which are as under:

1. Company should appoint Company Secretary as per Section 203 of the Companies Act, 2013

Board's Reply: The Company will appoint a suitably qualified Company Secretary within the prescribed requirements and will ensure that the necessary statutory compliances are duly completed within the applicable timeline

2. Certain statutory forms/returns required to be filed with the Registrar of Companies (ROC) were filed by the Company beyond the prescribed timelines, along with the applicable additional filing fees.

Board's Reply: The delay was inadvertent and primarily due to administrative and procedural reasons. The applicable additional filing fees were duly paid at the time of filing.

Management has taken note of the observation and will strengthen its compliance monitoring mechanism to ensure timely filing of all statutory forms and returns within the prescribed timelines going forward

3. Delay in furnishing prior intimation about the meeting of the Board of Directors. (February, 2026)

Board's Reply: Management has taken note of the matter and has strengthened its internal compliance calendar and monitoring mechanism to ensure that prior notices/intimations relating to Board meetings are furnished within the prescribed timelines going forward. Necessary care will be exercised to ensure timely compliance with the applicable statutory requirements.

4. Delay in Submission of Annual Report March, 2025 with Exchange.

Board's Reply: Management has taken note of the matter and has strengthened its internal compliance monitoring mechanism to ensure timely submission of the Annual Report and other applicable disclosures

5. Late Submission of Financial Results for September, 2025

Board's Reply: Management has taken note of the matter and has strengthened its internal compliance monitoring mechanism to ensure timely submission of financial results and other applicable disclosures within the prescribed timelines going forward.

The Company has laid down a well-defined Risk Management Policy. The Board periodically reviews the risk and suggests steps to be taken to control and mitigate the same through a proper defined framework. The Risk Management Policy has been uploaded on the website of the Company and can be accessed at www.bgdl.co.in

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day-to-day business operations of the Company. The code laid down by the Board is known as "Code of Business Conduct" which forms an Appendix to the Code. The Code has been posted on the Company's website.

The company has in place a sound financial control system and frame work in place to ensure:

The orderly and efficient conduct of its business including adherence to Company's policies, Safe guarding of its assets, The prevention and detection of frauds and errors, The accuracy and completeness of the accounting records and The timely preparation of reliable financial information.

The Audit Committee reviews internal audit reports and internal control measures at its quarterly meetings. The Company's internal controls are commensurate with the size and operations of the business. Continuous internal monitoring mechanism ensures timely identification and redressal of issues.

In terms of Section 92(3) of the Companies Act, 2013 read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return of the Company as on 31st March, 2025 is available on the Company's website at www.bgdl.co.in

The shares of the Company are listed on the BSE Limited and for the same BSE has allotted ISIN: INE893C01032 (BSE Code: 521238).

The Company has appointed Purva Sharegistry (India) Pvt. Ltd having its Registration Number: INE893C01032 as Share Transfer Agent of the Company.

The Company is having demat connectivity with both depositories i.e. National Securities Depository Limited and Central Depository Services (India) Limited.

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated hereunder:

The Company has taken measures and applied strict control system to monitor day to day power consumption, to endeavor to ensure the optimal use of energy with minimum extent possible wastage as far as possible. The day to day consumption is monitored and various ways and means are adopted to reduce the power consumption in an effort to save energy.

2. The steps taken by the company for utilizing alternate sources of energy.

Company has not taken any step for utilizing alternate sources of energy.

Company has not made any capital investment on energy conservation equipment.

Company has not imported any technology and hence there is nothing to be reported here.

The details of foreign exchange Earnings and outgo during the year are as follows:

(Amount in Lakh)

A separate report on Corporate Governance is provided together with the Certificate from the Practicing Company Secretaries confirming compliance of conditions of Corporate Governance as stipulated under the Listing Regulations. Pursuant to the provisions of Regulation 34 read with Schedule V of the Listing Regulations, a report on Management Discussion & Analysis is attached separately, which forms part of this Annual Report.

In accordance with the provisions of Regulation 34 of the Listing Regulations, the BRSR forms part of this Annual Report and the same is in line with the SEBI requirement based on the 'National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business' notified by Ministry of Corporate Affairs (MCA). Further, the Assurance Statement on BRSR Core also forms part of this Annual Report and is also available on the Company's Website.

During the year under review, the Company has complied with all the applicable Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Central Government pursuant to Section 118 of the Companies Act, 2013.

The 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 the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules thereunder for prevention and redressal of complaints of sexual harassment at workplace.

No complaints were received from any employees of the Company or otherwise during the financial year 2025-26 and hence no complaint is outstanding as on 31st March, 2026 for Redressal. Details for the same is as under:

No. of complaints received during the year 0
No. of complaints disposed off during the year 0
No. of complaints pending as on 31st March, 2026 0

No material changes and commitments, affecting the financial position of the Company occurred between the end of the Financial Year of the Company i.e. 31st March, 2026 and the date of this Directors' Report except as mentioned in this Report.

SEBI vide its order no. WTM/AB/CFID/CFID-TPD/31067/2024-25 dated December 23, 2024, has inter-alia issued following directions:

Notices 1 to 5 and 7 to 19 are hereby restrained from buying, selling or dealing in securities, or accessing capital market either directly or indirectly, in any manner whatsoever until further orders. If the said Notices have any open position in any exchange-traded derivative contracts, as on the date of the order, they can close out /square off such open positions within 7 days from the date of order or at the expiry of such contracts, whichever is earlier. The said Notices are permitted to settle the pay-in and pay-out obligations in respect of transactions, if any, which have taken place before the close of trading on the date of this order. Notices 1 to 47 are directed to not deal in shares of BGDL in any manner whatsoever.

However, SEBI vide its confirmatory order dated March 26, 2025 having Ref. no. WTM/AB/CFID/CFID-TPD/31324/2024-25 has directed the Company to disclose Key financial numbers for the FY 2024-25 before April 15, 2025. The Company has submitted provisional and Key financial numbers for the FY 2024-25 on April 04, 2025.

Accordingly, the suspension of trading in the securities of the Company initiated by the Exchange vide notice no. 20241223-3 dated December 23, 2024, will be revoked w.e.f. April 11, 2025.

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions for the same during the year under review:

a) Deposits covered under Chapter V of the Companies Act, 2013;

b) Non-exercising of voting rights in respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Companies Act, 2013 read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014;
c) Receipt of any remuneration or commission from any of its subsidiary companies by the Managing Director or the Whole-time Directors of the Company;
d) Revision of the financial statements pertaining to previous financial periods during the financial year under review; Maintenance of cost records as per sub-section (1) of Section 148 of the Companies Act, 2013;
e) Frauds reported as per Section 143(12) of the Companies Act, 2013;
f) There were no employees who are in receipt of salary in excess of the limits prescribed under Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
g) The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year and
h) The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

Your Board takes this opportunity to thank Company's employees at all levels for their hard work and commitment. Your Board also places on record its sincere appreciation for the continued support received from the customers, members, suppliers, bankers, financial institutions and all other business partners/associates.