Your directors have pleasure in presenting the Forty-Seventh Annual Report of Shivagrico Implements Limited (the “Company”) along with the Audited Financial Statements for the Financial Year Ended 31^st March, 2026.

1. FINANCIAL RESULTS:

2. PERFORMANCE & RESULTS:

During the current year under review, total Income of the Company increased by 9.32% i.e. from Rs. 4350.39 lakhs to Rs. 4756.04 lakhs from the previous year. Profit before Interest, Depreciation, Exceptional Items and Tax during the current year increased to Rs. 329.25 lakhs as against Rs. 326.39 lakhs for the previous year. The profit before exceptional items & tax for the current year increased to Rs. 69.29 lakhs from Rs. 38.99 lakhs in the previous Year. The Profit after tax for the current year marginally increased to Rs. 38.60 lakhs from Rs. 37.78 lakhs for the previous year.

The overall cost of production has decreased, primarily due to a reduction in fuel costs on account of withdrawal of Cess on coal by the Government. Additionally, reduction in maintenance expenses during the year. However, the company's exports increased which also attributed to the improvement in overall operating efficiency.

3. OPERATIONS AND FUTURE PLANS

Looking to the present scenario the management of the company has taken following steps:

a) EXPORT:

Export in the current financial year were Rs. 746.30 lacs as compared with previous financial year Rs. 697.29 lacs. The increase in Export Sales is about 7.03% as compared to previous year. The management is also making efforts to further increase the exports.

b) NEW PRODUCT DEVELOPMENT

The Company is continuously developing new products in rolling mill as well as forging products as per the demands of customers and market in close working with the buyers.

c) BOOST UP HOME MARKET ACTIVITIES

The company is increasing it's Market network Pan India.

4. CHANGES IN THE NATURE OF BUSINESS, IF ANY:

There is no Change in the nature of Business of the company during the Financial Year 2025 - 2026.

5. DIVIDEND:

In order to conserve the resources, your Board of Directors regrets its inability to declare dividend for the year 2025-26.

6. ISSUE OF SHARES:

The Company during the year under review has not issued any shares including Sweat Equity Shares or Shares with differential rights or under Employee Stock option scheme nor did it buy-back any of its shares.

7. BORROWINGS:

The total long term and short-term borrowings as at 31st March, 2026 stood at Rs. 1756.89 lacs as against of Rs. 1583.53 lacs as on 31st March, 2025. There was no one-time settlement of loan obtained from Banks or Financial Institutions

8. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:

Since the Company has no subsidiaries, Associates and Joint Ventures, provisions of Section 134(3)(q) of the Companies Act, 2013 read with Rule 8(5)(iv) of Companies (Accounts) Rules, 2014 are not applicable.

9. CAPITAL EXPENDITURE

During the financial year 2025-26 the Company's outlay towards capital expenditure towards fixed assets was Rs. 99.86 lakhs.

10. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act, the Board of Directors, based on the representation received from the Operating Management and after due enquiry, confirm that:

a) in the preparation of the annual accounts for the financial year ended 31st March, 2026, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended on 31st March, 2026, and of the profit and loss of the Company for that financial year ended on that date;

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors had prepared the annual accounts on a going concern basis;

e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively during the financial year ended 31st March, 2026;

f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively during the financial year ended 31st March, 2026.

11. DIRECTORS:

A. Changes in directors and Key Managerial Personnel Directors retiring by rotation

In terms of Section(s) 149, 152 and all other applicable provisions of the Companies Act, 2013, for the purpose of determining the Directors liable to retire by rotation, the Independent Directors are not included in the total number of Directors of the Company. Accordingly, Mr. Hemant Ranawat (DIN: 00194870), shall retire by rotation at the ensuing Annual General Meeting and being eligible has offered himself for re-appointment as a Director of the Company.

Director's Appointment

Upon the recommendation of Nomination and Remuneration Committee, Mr. Vimalchand Jain will be re-appointed as Managing Director of the Company pursuant to Section 196 of the Companies Act, 2013 and other applicable provisions (including any statutory modification(s) or re-enactment thereof) if any, of the Companies Act, 2013 by the Board of Directors w.e.f. from 14th August, 2026, subject to approval of the Shareholders.

Mr. Vinit Ranawat was appointed as an Additional / Non-Independent Director of the Company pursuant to section 161 of the Companies Act, 2013 and other applicable provisions (including any statutory modification(s) or re-enactment thereof) if any, of the Companies Act, 2013 by the Board of Directors w.e.f. 12th August, 2025.

Mr. Arvind Kumar Joshi was appointed as an Additional / Independent Director of the Company pursuant to section 161 of the Companies Act, 2013 and other applicable provisions (including any statutory modification(s) or re-enactment thereof) if any, of the Companies Act, 2013 by the Board of Directors w.e.f. 26th February, 2026.

Mrs. Kavita Rakesh Jain was appointed as an Additional / Independent Director of the Company pursuant to section 161 of the Companies Act, 2013 and other applicable provisions (including any statutory modification(s) or re-enactment thereof) if any, of the Companies Act, 2013 by the Board of Directors w.e.f. 26th February, 2026.

The justification for appointment / reappointment of directors have been given in their profile forming part of the Notice of AGM.

Pursuant to the provisions of Section 149 of the Act, Mr. Arvind Kumar Joshi and Mrs. Kavita Rakesh Jain have submitted the declaration that they meet the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1 )(b) of the SEBI Listing Regulations.

The resolutions seeking shareholders' approval for their appointment form part of the Notice.

Brief profile of the Directors proposed to be appointed / re-appointed as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are part of the Notice convening the Annual General Meeting.

Expiration of Term of Independent Director

Term of office of Mrs. Manju Sanghvi, who was appointed as an independent director for a second term of five years, expired on 30th September, 2025. The Board places on record its appreciation for her invaluable contribution and guidance provided to the Company over the years

Director's Resignation

Mrs. Priyanka Shah Independent Director resigned from her post w.e.f. 26th February, 2026. The Board places on record its appreciation for her invaluable contribution and guidance provided to the Company over the years

Appointment/Resignation of Company Secretary and Key Managerial Personnel

During the year under review, there is no change in Key Managerial Personnel (KMP) as defined under section 2(51) and 203 of the Companies Act, 2013.

B. Annual Evaluation of Board of Directors, its committees and individual Directors:Performance Evaluation

During the year under review, the Nomination and Remuneration Committee and Independent Directors have ascertained and reconfirmed that the deployment of “Questionnaire” as a methodology, is effective for evaluation of performance of Board, its Committees and Individual Directors including Non-Independent Directors and the Chairman.

Accordingly, feedback was sought on the structured questionnaire from all the Directors of the Company, covering various aspects, on performance evaluation of the Board, Committees of Board, Independent Directors, NonIndependent Directors, and the Chairman. A report aggregating the responses of all the Directors of the Company was generated.

Performance Evaluation of Individual Directors

The reports of the performance evaluation of Individual Directors were shared with respective Directors and Chairman of the Nomination and Remuneration Committee (NRC). Based on the same the NRC evaluated the performance of all individual Directors.

The Independent Directors at their meeting separately evaluated the performance of Non-Independent Directors and the Chairman.

Performance Evaluation of the Board and Committees of Board

The report of the feedback received from all the Directors on performance evaluation of Board and Committees of Board was shared with the Chairman of the Board and the Chairman of the respective Committees. The Board reviewed the reports and evaluated its own performance and performance of the Committees of the Board.

The Independent Directors at their meeting separately evaluated the performance of the Board.

The performance of Board, Committees and Individual Directors was evaluated on the basis of criteria such as:

* Evaluation of the Board was based on criteria such as composition and role of the Board, Board

communication and relationships, functioning of Board Committees, review of performance of Executive Directors, succession planning, strategic planning, etc.

* Evaluation of Committees was based on criteria such as adequate independence of each Committee,

frequency of meetings and time allocated for discussions at meetings, functioning of Board Committees and effectiveness of its advice/recommendation to the Board, etc.

* Evaluation of Directors was based on criteria such as participation and contribution in Board and Committee meetings, representation of shareholder interest and enhancing shareholder value, experience, and expertise to provide feedback and guidance to top management on business strategy, governance, risk and understanding of the organization's strategy, etc.

* Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017 Familiarisation Programme for 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, and related matters are given in the Report on Corporate Governance.

12. DECLARATION BY INDEPENDENT DIRECTORS

In accordance with Section 149(7) of the Act and Regulation 25(8) of the Listing Regulations, all the Independent Directors have submitted declarations confirming that they meet the criteria as mentioned in Regulation 16(1 )(b) of the Listing Regulations and Section 149(6) of the Act. The Independent Directors have also confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. Further, the Board after taking these declaration/disclosures on record and acknowledging the veracity of the same, opined that the Independent Directors of the Company, are persons of integrity and possess the relevant expertise and experience (including the proficiency), fulfils the conditions specified in the Listing Regulations and the Act for appointment of Independent Directors and are Independent of the Management.

13. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

The Board of Directors of the Company met Six times during the financial year under review on 27th May, 2025, 12th August, 2025, 13th November, 2025, 10th February, 2026, 26th February, 2026 and 28th February, 2026. The 46th Annual General Meeting of the Company was held on 7th August, 2025 through Video Conference (“VC”) / Other Audio-Visual Means (“OAVM”) without the physical presence of the Members at a common venue. Details of attendance of meetings of the Board, its Committees and the AGM are included in the Report on Corporate Governance, which forms part of the Annual Report-2025-26.

The notice of Board Meeting is given well in advance to all the Directors. The Agenda of the Board / Committee meetings is generally circulated at least a week prior to the date of the meeting.

The Board meets at regular intervals to discuss and decide on Company / business policy and strategy apart from other business matters. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Meeting of Independent Directors

The Independent Directors of the Company met on 28th March, 2026 without the presence of the Chairman, Executive Director(s), other Non-Independent Director(s) and any other Managerial Personnel.

14. COMMITTEES OF THE BOARD

During the financial year 2025-26, the Company had three (3) Committees of the Board, namely

* Audit Committee

* Nomination and Remuneration Committee

* Stakeholders Relationship Committee

The Board decides the terms of reference for these committees. Minutes of meetings of the Committees are placed before the Board for information. The details as to the composition, terms of reference, number of meetings and related attendance, etc. of these Committees are provided in detail, in the Corporate Governance Report which forms a part of this Annual Report.

15. NOMINATION AND REMUNERATION POLICY:

The Nomination & Remuneration Committee of the Board of Directors has adopted a policy which deals with the manner of selection and appointment of Directors, Senior Management and their remuneration. The policy is in compliance with the provisions of sub-section (3) of Section 178 of the Companies Act, 2013 and is available on the Company's website at www.shivagrico.in

16. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work perform by the internal, statutory and secretarial auditors, including audit of internal financial controls over financial reporting by the statutory auditors, and the reviews performed by the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during financial year 2025-26.

17. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The provisions of Section 134 (3)(o) and 135(1) of the Companies Act, 2013 read with Rule 8 of Companies (CSR) rules is not applicable to the Company as it is not falling under the criteria mentioned in the Act.

18. STATUTORY AUDITORS AND AUDITOR'S REPORT:

M/s. Ambavat Jain & Associates LLP (Firm registration No. 109681W), were appointed as Statutory Auditors of the Company at 43rd Annual General Meeting held on 22nd September, 2022, to hold office till the conclusion of the 48th Annual General Meeting.

The Auditor's Report for the financial year ended 31st March, 2026 on financial statements of the Company is a part of this report and is annexed to this Annual Report.

The Auditor's Report does not contain any qualification, reservation or adverse remark on the financial statements for the year ended 31st March, 2026.

The notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any other comments. The Auditors Report contains an unmodified opinion.

19. SECRETARIAL AUDITORS AND AUDITORS REPORT.

The Shareholders of the Company at their 46th Annual General Meeting held on 7th August, 2025 had approved the appointment of M/s. A.D. Parekh & Associates (Unique Identification No. S2021MH787600) (Peer Review No. 5685 / 2024) as the Secretarial Auditors of the Company for a term of five consecutive years to conduct the Secretarial Audit of five consecutive financial years respectively ending on 31st March, 2026, 31st March, 2027, 31st March, 2028, 31st March, 2029 and 31st March, 2030 (Term) and to inter-alia issue the Secretarial Audit Report under Section 204 of the Companies Act, 2013 for the Term.

The Secretarial Audit Report for the Financial Year ended 31st March, 2026, issued as aforesaid, is appended to this Report as Annexure B. The report does not contain any qualification, reservation, adverse remark or disclaimer

20. COST AUDITOR:

The provisions of Cost Audit as prescribed under Section 148 of the Act are not applicable to the Company.

21. REPORTING OF FRAUD BY AUDITORS

During the Financial Year 2025-26 under review, neither the Statutory Auditors nor the Secretarial Auditor have reported to the Audit Committee of the Board, under Section 143(12) of the Act, any instances of fraud committed against your Company by its officers or employees, the details of which would need to be mentioned in this Report.

22. RISK MANAGEMENT POLICY

Pursuant to clause 15 (2) (a) of SEBI (Listing Obligation and Disclosure Requirement), Regulation, 2015 compliance with Corporate Governance provisions as specified under Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 and Para C, D, and E of Schedule V of SEBI (Listing Obligation and Disclosure

Requirement), Regulations, 2015 are not applicable to the Company; however, the Company operates with well-defined risk management policy to identify measures to mitigate various business risks.

The Company has evolved risk management policy identifying primary risk and secondary risk. Primary risk includes manpower development, product efficiency, fluctuation in price of raw materials and competition. Although the profitability of the company may be affected on account of these risk factors, Board has not identified any risk which threatens the existence of the Company.

23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Particulars of investments made by the Company, as required under Section 186 of the Act, are provided in Note No. 4 of the Notes to the Financial Statements of the Company for the financial year under review.

The particulars of loans given by the Company, as required under Section 186 of the Act, are also provided in Note No. 10 of the Notes to the Financial Statement of the Company for the financial year under review.

During the year under review, the Company has not provided any guarantee or security in connection with the loan to any other person or body corporate

24. PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTY:

Details of the related party transactions entered into by the Company is provided in Note No. 37 of the Notes to the Financial Statements for the financial year under review as required to be provided under Section 134(3)(h) of the Act and are disclosed in Form AOC-2 as Annexure A and forms part of this Report.

There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

All Related Party Transactions are placed before the Audit Committee and also the Board for their approval. Prior omnibus approval of the Audit Committee is obtained for the transactions, which are of a foreseen and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted are audited and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors for their approval.

All transactions entered into with Related Parties of the Company, during the year under review, were in ordinary course of business and were transacted at arm's length basis.

The Policy on materiality of and dealing with Related Party Transactions as approved by the Board is uploaded on the website of the Company and is accessible at the web-link: https://www.shivagrico.in.

25. EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, 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.shivagrico.in

26. PERSONNEL/PARTICULARS OF EMPLOYEES:

The company continues to maintain cordial relationship with its workforce.

There were no employees during the whole or part of the year that were in receipt of remuneration in excess of limits as covered under the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The total number of employees employed with your company as 31st March, 2026 is 247 as compared to 248 as on 31st March, 2025.

During the financial year, the following officers were the Key Managerial Personnel of the Company in accordance with Section 203 of the Act read with Section 2(51) of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

1. Mr. Vimalchand Jain - Managing Director

2. Mr. Hemant Ranawat - Executive Director and Chief Financial Officer

3. Mrs. Jinal Joshi - Company Secretary & Compliance Officer.

27. MANAGERIAL REMUNERATION

During the year under review, the Company has not paid any remuneration, sitting fees for attending Board/ Committee Meetings and Commission to any of its directors.

28. RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN EMPLOYEES:

During the year under review, no remuneration has been paid to any of the directors, and hence the ratio of remuneration of each Director to the median of the employees has not been calculated.

29. CORPORATE GOVERNANCE:

The Paid-up Equity Share Capital and Net Worth as per Audited Balance Sheet as at 31st March, 2026 of our company is Rs. 501.36 lakhs and Rs. 785.69 lakhs respectively. In view of the same and pursuant to clause 15 (2)

(a) of SEBI (LODR) Regulations, 2015, the compliance with the Corporate Governance provisions as specified of Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 and Para C, D and E of Schedule V of SEBI (LODR) Regulations, 2015 shall not apply to our company.

However, as a matter of good corporate Governance practice, a detailed report on the Corporate Governance system and practices of the Company forming part of this report is given as a separate section of the Annual report.

30. MANAGEMENT DISCUSSION AND ANALYSIS

A Management Discussion and Analysis on the business and operations of the company forming part of this report is given as a separate section of the annual report.

31. DEPOSITS:

The Company has not accepted any deposits from public within the purview of provisions of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review and no amount of principal or interest on fixed deposits was outstanding as on the Balance Sheet Date.

32. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information pertaining to energy conservation, technology absorption and foreign exchange earnings and outgo, as required under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in Annexure C to this Report.

33. MATERIAL EVENTS OCCURRING AFTER BALANCE SHEET DATE:

No material changes and commitments which could affect the company's financial position that have occurred between the end of the financial year of the Company and date of this report.

34. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS, IF ANY:

There is no significant material order passed by the Regulators/ Courts which would impact the going concern status of your Company and its future operations.

35. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment at all workplaces of the Company in compliance with the provisions of the POSH Act. All employees (permanent, contractual, temporary, trainees) are covered under this Policy.

The framework ensures complete anonymity and confidentiality.

Details of complaints received and resolved during the year under review are as under:

(a) number of complaints pending as on beginning of FY 2025-26 : Nil

(b) number of complaints of sexual harassment received in FY 2025-26: Nil

(c) number of complaints disposed off during FY 2025-26 : NA

(d) number of cases pending for more than ninety days : NA

Maternity Benefit Act, 1961

The Company has in place Maternity Benefit Policy in line with the requirements of the Maternity Benefit Act, 1961. During the year under review, the Company has duly complied with the provisions of the said Act

36. VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

The Vigil Mechanism as envisaged in the Companies Act, 2013, the Rules prescribed thereunder and the Listing Regulations is implemented through the Company's Whistle Blower Policy to enable the Directors, Employees and all Stakeholders of the Company to report their genuine concerns, to provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairman of the Audit Committee. The policy is also available on the website of the Company at www.shivagrico.in

37. FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of earnings and expenditure in foreign currency are given in Note no. 42 in the Notes Forming Part of the Financial Statement.

38. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated persons of the Company, as per SEBI (Prohibition of Insider Trading) Regulations, 2015.

39. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Your Company has not declared any dividend during the last seven years and accordingly there are no unpaid or unclaimed dividend for a period of seven years. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

40. CASH FLOW STATEMENT:

In conformity with the Accounting Standard-3 issued by the Institute of Chartered Accountants of India and the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Cash Flow Statement for the year ended 31st March, 2026 is annexed to the accounts.

41. AMOUNT TRANSFER TO RESERVES:

During the year under review, the Company does not propose to transfer any amount to reserves pursuant to the provisions of Section 134(3)(j) of the Companies Act, 2013.

42. LISTING WITH STOCK EXCHANGE:

The Company confirms that it has paid the Annual Listing Fees for the year 2026-27 to BSE Limited where the Company's Shares are listed.

43. SECRETARIAL STANDARDS ISSUED BY ICSI:

The Company is in compliance with all the applicable Secretarial Standards as specified by the Institute of Company Secretaries of India (ICSI).

44. INDIAN ACCOUNTING STANDARDS:

The Ministry of Corporate Affairs (MCA) on 16th February, 2015 notified that Indian Accounting Standards (Ind AS) are applicable to certain classes of Companies from 1st April, 2016 with a transition date of April 1, 2015. Ind AS has replaced the previous Indian GAAP prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of the Companies (Accounts) Rules, 2014. Ind AS is applicable to the Company from 1st April, 2017 and since then the company continues to follow the same.

45. RISKS AND CONCERNS:

In today's challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The main risks inter alia include strategic risk, operational risk, financial risk and compliances & legal risk.

46. DISCLAIMER:

Certain statement in the management discussion and analysis may be forward looking within the meaning of applicable securities laws and regulations and actual results may differ materially from those expressed or implied. Factors that would make differences to Company's operations include competition, price realization, changes in government policies and regulations, tax regimes, economic development and other incidental factors.

47. INDUSTRIAL RELATIONS

The industrial relations continued to be generally peaceful and cordial during the year. Your directors recognize and appreciate the sincere and hard work, loyalty, dedicated efforts and contribution of all the employees during the year under review.

48. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC):

No application has been filed for corporate insolvency resolution process, by a financial or operational creditor or by the Company under the IBC before the National Company Law Tribunal.

49. ACKNOWLEDGMENTS:

The Board of Directors wish to place on record their sincere appreciation to the Company's Customers, Investors, Vendors and to the Bankers for their continued support during the year. The Directors also wish to place on record their appreciation for the dedication and contribution of our employees at all levels and look forward to their support in future as well.