The Directors have pleasure in presenting the 15th Annual Report on the business and operations of your Company along with the audited financial statements (Consolidated as well as standalone) for the financial year ended March 31,2023.
FINANCIAL RESULTS
The Financial performance of your Company for the financial year ended March 31,2023 is summarized below:
|
(in Rs. Million)
|
|
Particulars
|
Year ended March 31, 2023 (Consolidated)
|
Year ended March 31, 2022 (Consolidated)
|
Year ended March 31,2023 (Standalone)
|
Year ended March 31,2022 (Standalone)
|
|
Total Income
|
7,765.48
|
2,839.89
|
7,765.33
|
2,839.87
|
|
Total Expenses
|
6,791.13
|
2,635.13
|
6,790.73
|
2,635.16
|
|
Profit/ (Loss) before Tax (PBT)
|
974.35
|
204.76
|
974.60
|
204.71
|
|
Profit/ (Loss) after Tax (PAT)
|
725.27
|
162.52
|
725.46
|
162.47
|
1. FINANCIAL PERFORMANCEI. Consolidated Performance
During the year under review, the consolidated income of the Company increased to ^ 7,765.48 million compared to ^ 2,839.89 million in the previous year, registering a growth of 173.44%. The consolidated net profit after tax increased to ^ 725.27 million compared to ^ 162.52 million in the previous year, representing a growth of 346.25%.
II. Standalone Performance
During the year under review, the standalone income of the Company increased to ^ 7,765.33 million compared to ^ 2,839.87 million in the previous year, registering a growth of 173.44%. The standalone net profit after tax increased to ^ 725.46 million compared to ^ 162.47 million in the previous year, representing a growth of 346.52%.
2. CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements of your Company for the Financial Year 2022-23 are prepared in compliance with applicable provisions of the Companies Act, 2013 (''the Act"), Indian Accounting Standards and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
The consolidated financial statements have been prepared on the basis of audited financial statements of the Company and its Subsidiaries, as approved by their respective Board of Directors.
3. DIVIDEND
Your Company has a dividend policy that balances the dual objectives of rewarding shareholders through dividends, whilst also ensuring availability of sufficient funds for growth of the Company. During the Financial Year, your Company has not declared any dividend.
The Dividend Distribution Policy of the Company is available on the following weblink https://www.dreamfolks.in/img/ policy/Dividend-Distribution-policy.pdf.
4. TRANSFER TO RESERVES
The closing balance of the retained earnings of the Company for FY 2023, after all appropriation and adjustments was INR 1462.73 Mn.
Further, during the year under review, no amount has been transferred to the Reserve of the Company.
5. INITIAL PUBLIC OFFER
A major highlight for the year under review was the successful Initial Public Offering ("IPO") of the Company. The equity shares of the Company were listed on BSE Limited and National Stock Exchange of India Limited on September 6, 2022. This is surely a milestone in our corporate strategy, and the Directors hereby place on record gratitude to all the shareholders and other stakeholders for their overwhelming response to the Company's IPO and for reiterating their faith in its longterm growth story.
The IPO comprised of an offer for the sale of ^ 562.10 Cr. by the selling shareholders wherein 17,242,368 Equity Shares were sold through offer for sale.
6. SHARE CAPITAL
During the year under review, there has been no change in the share capital of the Company. The paid-up equity share capital of the Company as at 31 st March, 2023 stood at INR 10,45,00,000/- consisting of 5,22,50,000 equity shares of INR 2/- each fully paid up.
7. EMPLOYEES STOCK OPTION PLAN /SCHEME
Employees' Stock Options represent a reward system based on the overall performance of the individual employee and the Company.
In order to reward and retain the key employees and to create a sense of ownership and participation amongst them, the members of the Company has in their meeting held on 29th September, 2021 approved the Dreamfolks Employees Stock Option Plan 2021 ("ESOP 2021 Plan").
Post IPO of equity shares of the Company, ESOP 2021 Plan has been ratified, confirmed and amended, as per the requirements of 12(1) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI SBEB Regulations 2021"), by the members of the Company through Postal Ballot on 20th November, 2022.
The Company has received a certificate from M/s. DMK Associates, Secretarial Auditor of the Company as required under Regulation 13 of SEBI SBEB Regulations and it confirms that the ESOP 2021 Plan has been implemented in accordance with these Regulations. The Certificate is available for inspection during the AGM of the Company and is also placed at the website of the Company at https://www.dreamfolks.in/financial.
Applicable disclosure as stipulated under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 with regard to the ESOP 2021 Plan is available on the Company's website at https://www.dreamfolks.in/ company-announcements.
8. SUBSIDIARIES
On March 31, 2023, the Company has 2 (two) subsidiaries and there are no associates or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013.
During the year under review, the Company has acquired 60% equity shares of Vidsur Golf Private Limited ("Vidsur"), consequent to which it became a subsidiary of the Company. Post closure of the financial year, the name of Vidsur was changed to Golfklik Private Limited w.e.f. 2nd June, 2023.
Post closure of the financial year 2022-23, the Company has incorporated as a wholly owned subsidiary, Dreamfolks Services Pte. Ltd. ("'DSPL") is on 27th April, 2023 as a Private Limited Company by shares under the laws of Singapore.
A report on the performance and financial position of each of the subsidiaries for the financial year ended March 31, 2023 in prescribed Form AOC -1 as per the Companies Act, 2013 is set out in Annexure- 1 and forms an integral part of this Annual Report.
The annual financial statements of the subsidiaries shall also be made available to the Members of the Company/ Subsidiary Companies seeking such information at any point of time. The Annual Financial Statements of the subsidiaries are available under investors section on the website of the Company at https://www.dreamfolks.in/financial.
The Company has formulated a policy for determining material subsidiaries. The said policy is also available on the website of the Company at: https://www. dreamfolks.in/corporate-governance.
Further, during the year under review, no Company has become or ceased to a joint venture or associate of the Company.
9. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION
There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year to which this financial statement relate and date of this report.
10. PUBLIC DEPOSITS
During the year under review, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposits) Rules, 2014.
11. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosures 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 are provided in the prescribed format and annexed herewith as Annexure- 2 to this Report.
The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Annual Report. Further, the Report is being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, any shareholder interested in obtaining a copy thereof may write to the Company Secretary of the Company at investor.support@dreamfolks.in.
12. DIRECTORS AND KEY MANAGERIAL PERSONNEL I. Directors
Mr. Mukesh Yadav (DIN: 01105819), Non-Executive Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting ("AGM") pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and being eligible offers himself for reappointment. An appropriate resolution for his re-appointment is being placed for the approval of the Members of the Company at the ensuing AGM.
A brief profile of Mr. Mukesh Yadav and other related information is detailed in the Notice convening the 15th AGM of your Company.
During the year under review, there were following changes in the composition of Board of Directors of your Company:
1. Mr. Sudhir Jain and Mr. Sharadchandra Damodar Abhyankar were re-appointed as Independent Directors of the Company w.e.f.
4th November, 2022 for a term of two years for which the approval of members was obtained at the Extra Ordinary General Meeting held on 29th November, 2022.
2. Ms. Aditi Balbir and Mr. Mario Nazareth were re-appointed as Independent Directors of the Company w.e.f. 4th November, 2022 for a term of one year for which the approval of members was obtained at the Extra Ordinary General Meeting held on 29th November, 2022.
Post closure of the financial year, Ms. Aditi Balbir resigned w.e.f. 17th July 2023 from the directorship of the Company due to some personal reasons. For further details in this connection, please refer to the Corporate Governance Report.
Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as the Listing Regulations. The Independent Directors have affirmed compliance to the Code of Conduct for Independent Directors as prescribed in Schedule IV to the Act.
In the opinion of the Board the Independent Directors of the Company appointed during the financial year are the person of integrity and possess requisite expertise, skills and experience (including the proficiency) required for their role as well as fulfil the conditions specified in Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as the Listing Regulations and are independent from Management.
The Independent Directors have also confirmed that they have registered their names in the Independent Directors' databank with the Indian Institute of Corporate Affairs.
None of the Directors of the Company are disqualified as per the provisions of Section 164 of the Act. The Directors of the Company have made necessary disclosures under Section 184 and other relevant provisions of the Act.
II. Key Managerial Personnel
In accordance with the provisions of Sections 2(51), 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following were the Key Managerial Personnel of the Company as on March 31,2023.
1. Ms. Liberatha Peter Kallat - Chairperson and Managing Director;
2. Mr. Balaji Srinivasan - Executive Director;
3. Ms. Giya Diwaan - Chief Financial Officer; and
4. Ms. Rangoli Aggarwal - Company Secretary and Compliance Officer.
During the year under review, there is no change in the key managerial personnel of your Company.
13. COMMITTEES OF THE BOARD
As on the date of this report, the Company has the following Board committees:
a. Audit Committee
b. Nomination & Remuneration Committee
c. Risk Management Committee
d. Stakeholder's Relationship Committee
e. Corporate Social Responsibility Committee
f. IPO Committee
The composition and other related information of the above Committees are stated in the Corporate Governance Report, which forms an integral part of this Annual Report..
Further, all the recommendations made by the Audit committee were accepted by the Board.
14. BOARD'S EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance, Board Committees, and Individual Directors pursuant to the provisions of Companies Act, 2013.
A structured questionnaire was prepared after taking into consideration the inputs received from Nomination and Remuneration Committee, covering various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. A separate exercise was carried out to evaluate the performance of individual Directors, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of Non-Independent Directors, Board as a whole and the Chairman of the Board was evaluated in a separate meeting of Independent Directors.
The feedback and results of the questionnaire were collated and consolidated report was shared with the Board for improvements of its effectiveness. The Directors expressed their satisfaction with the evaluation process.
Further, the evaluation process confirms that the Board and its Committees continue to operate effectively and the performance of the Directors and Chairman is satisfactory.
15. REMUNERATION POLICY
In compliance with the provisions of Section 178 of the Companies Act, 2013, the Board has, on the recommendation of the Nomination & Remuneration Committee of the Company, framed a policy for selection and appointment of Directors, Key Managerial Personnel, Senior Management and their remuneration.
The salient features of the Policy are:
a) It lays down the criteria for determining qualifications, competencies, positive attributes and independence for appointment of a director (executive/non-executive/independent) of the Company;
b) To recommend to the Board the policy relating to the remuneration of the Directors, KMP and Senior Management/Other Employees of the Company; and
c) Reviewing and approving corporate goals and objectives relevant to the compensation of the executive Directors, evaluating their performance in light of those goals and objectives and either as a committee or together with the other independent Directors (as directed by the Board), determine and approve executive Directors' compensation based on this evaluation; making recommendations to the Board with respect to KMP and Senior Management compensation and recommending incentive-compensation and equity-based plans that are subject to approval of the Board.
The Nomination and Remuneration Policy of the Company is available on the website of the Company and can be accessed at the following web link:
https://www.dreamfolks.in/img/policy/nomination and remuneration policy.pdf.
Throughout the financial year, the Policy remained unchanged, and no amendments were introduced.
16. NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES
The Board met 10 (ten) times during the Financial Year 2022-23. The details of the meetings of the Board and Committees thereof are given in the Corporate Governance Report, which forms an integral part of this Annual Report.
17. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors confirm that:
I. In the preparation of the annual accounts for the Financial Year ended March 31, 2023, the applicable accounting standards and Schedule III of the Companies Act, 2013, 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 your Company as at March 31, 2023 and of the profit of the Company for the Financial Year ended March 31,2023;
III. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
IV. the annual accounts have been prepared on a 'going concern' basis;
V. proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and were operating effectively; and
VI. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
18. AUDITORS AND AUDITORS' REPORTI. Statutory Auditors
Pursuant to the provisions of Section 139 of the Act and the Rules framed thereunder, M/s S. S. Kothari Mehta & Company, Chartered Accountants (FRN 000756N), were appointed as Statutory Auditors of the Company from the conclusion of 13th Annual General Meeting (AGM) of the Company till the conclusion of 18th AGM to be held in the FY 2025-26.
The Statutory Auditor's Reports on the financial statements are self explanatory and not having any qualification/ observation/ remark etc.
The Auditors of the Company have not reported any fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) for the time being in force).
II. Maintenance of Cost Records and Cost Auditors
In terms of Section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014, the Company is not required to maintain cost accounting records and get them audited every year.
III. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed M/s. DMK Associates, Company Secretaries ("Secretarial Auditors") to conduct the Secretarial Audit of your Company for the Financial Year 2022-23.
The Secretarial Audit Report for the Financial Year ended March 31, 2023 is annexed herewith as Annexure-3 and forms an integral part of this Annual Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
19. ANNUAL RETURN
As required under Section 92(3) of the Companies
Act, 2013 read with the Companies (Management and
Administration) Rules, 2014, the Annual Return of the
Company is available on the Company's website at
https://www.dreamfolks.in/financial.
Risk Management Policy of the Company is available on the website of the Company and can be accessed via. https://www.dreamfolks.in/corporate-governance.
23. WHISTLE BLOWER POLICY AND VIGIL MECHANISM
In Compliance with the provisions of section 177 of the Companies Act, 2013 and Regulation 22 of the Listing Regulations, the Company has in place the Whistle Blower Policy and Vigil Mechanism for Directors, employees and other stakeholders which provides a platform to them for raising their voice about any breach of code of conduct, financial irregularities, illegal or unethical practices, unethical behaviour, actual or suspected fraud. Adequate safeguards are provided against victimization to those who use such mechanism and direct access to the Chairman of the Audit Committee in appropriate cases is provided. The policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination is made against any person. The Whistle Blower Policy and Vigil Mechanism may be accessed on the Company's website at https://www.dreamfolks.in/ corporate-governance.
24. CORPORATE SOCIAL RESPONSIBILITY
The prime objective of our Corporate Social Responsibility policy is to develop the required capability and self-reliance of beneficiaries at the grass roots, especially of children and women, in the belief that these are pre-requisites for social and economic development.
The Board of Directors of your Company has formulated and adopted a policy on Corporate Social Responsibility which can be accessed at: https://www.dreamfolks.in/ img/policy/Policy-on-Corporate-Social-Responsibility Dreamfolks-Services-Limited v1.pdf.
The annual report on corporate social responsibility activities containing composition of CSR committee and disclosure as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is attached and marked as Annexure - 4 and forms part of this report.
25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report of financial performance and results of operations of the Company, as required under the Listing Regulations is provided in a separate section and forms an integral part of this report. It inter-alia gives details of the overall industry structure, economic developments, performance and state of affairs of your Company's business, risks and concerns and material developments during the financial year under review.
26. BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT
The Business Responsibility and Sustainability Report, as stipulated under Regulation 34 (2) (f) of the Listing Regulations, describing the initiatives taken by the
20. RELATED PARTY TRANSACTIONS
In compliance with the requirements of the Companies Act, 2013 and the Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is also available on Company's website at https:// www.dreamfolks.in/img/policy/Policy-on-Related-Party-Transactions Dreamfolks-Services-Limited v1.11.pdf.
The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and its Related Parties. All Related Party Transactions are placed before the Audit Committee for review and approval. Prior omnibus approval is obtained for Related Party Transactions which are of repetitive nature and / or entered in the Ordinary Course of Business and are at Arm's Length.
All related party transaction entered during the year were in Ordinary Course of the Business and on Arm's Length basis. No Material Related Party Transaction, i.e. transaction exceeding ten percent of the annual consolidated turnover as per the last audited financial statements, was entered during the year by your Company. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is not applicable.
21. LOANS AND INVESTMENTS
Details of Investments made by the Company during Financial Year 2022-23 within the meaning of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 and Schedule V of the Listing Regulations, are set out in Note No. 52 to the Standalone Financial Statements of the Company.
There are no loans, advances, guarantees and security given by company during the Financial year 2022-23 in respect of which the provision of section 186 are applicable.
22. RISK MANAGEMENT
Your Company has a Risk Management Committee which monitors and reviews the risk management plan / process of your Company. The Company has adequate risk management procedures in place. The major risks are assessed through a systemic procedure of risk identification and classification. Risks are prioritised according to significance and likelihood.
The Risk Management Committee is responsible to oversee the risk management processes with respect to all probable risks that the organization could face such as strategic, financial, liquidity, security including cyber security, regulatory, legal, reputational and other risks. The Committee ensures that there is a sound Risk Management Policy to address such risks. There are no elements of risk which in the opinion of the Board may threaten the existence of the Company.
The details of the Risk Management Committee are given in the Corporate Governance Report which forms integral part of this Annual Report.
Company from environment, social and governance perspective is provided in a separate section and forms an integral part of this Report.
27. CORPORATE GOVERNANCE REPORT
Your Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out under listing regulations. Separate report on Corporate Governance, forms an integral part of this Annual Report.
A certificate from M/s. Deepak Kukreja & Associates, Company Secretaries confirming compliance with the conditions of corporate governance is also attached to the Corporate Governance Report.
28. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in compliance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has complied with the provisions relating to the constitution of Internal Complaints Committee ("ICC") as specified under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company conducts sessions for employees to build awareness amongst employees about the Policy and the provisions of Prevention of Sexual Harassment of Women at Workplace Act.
During the period under review, no complaint was received by the ICC.
29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is given below:
(A) Conservation of energy:
(i) The steps taken or impact on conservation of
energy: The Company continuously evaluates new technologies and techniques to make infrastructure more energy efficient.
(ii) the steps taken by the company for utilising alternate sources of energy: Since the Company is not engaged in any manufacturing activity, the particulars are not applicable.
(iii) the capital investment on energy conservation equipments: There was no capital
investment on energy conservation equipment during the year ended March 31,2023.
(B) Technology absorption:
(i) the efforts made towards technology absorption: The Company is engaged into the services of payment aggregator and using latest technology for its business.
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution:
Since the Company is not engaged in any manufacturing activity, the particulars are not applicable.
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year): The
Company has not imported any technology.
(iv) The expenditure incurred on Research and Development: Not Applicable.
(C) Foreign exchange earnings and outgo:
|
S
Particulars
No.
|
Amount (In ^ Million)
|
|
1 Foreign Exchange Earnings
|
256.68
|
|
2 Foreign Exchange Outgo
|
115.27
|
30. INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY
Your Company has in place an adequate internal financial control framework with reference to financial and operating controls thereby ensuring orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.
During Financial Year 2022-23, such controls were tested and no reportable material weakness in the design or operation was observed.
The Directors have in the Directors Responsibility Statement confirmed the same to this effect.
31. DISCLOSURE RELATED TO INSOLVENCY AND BANKRUPTCY:
No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the financial year is not applicable.
32. NO DIFFERENCE IN VALUATION:
The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.
33. SIGNIFICANT/ MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/ material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
34. COMPLIANCE OF SECRETARIAL STANDARDS
The Company has duly complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and Shareholders (SS-2).
35. ACKNOWLEDGEMENT & APPRECIATION
Your Directors express their sincere appreciation for the assistance and co-operation received from the Government authorities, financial institutions, banks, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the employees.
|