Dear Members,
The Board of Director's of the Company takes pleasure in presenting the Forty Second
Annual Report on the business and operation of Expo Engineering and Projects Limited
(Formerly known as Expo Gas Containers Limited) together with Audited Financial statement
for the year ended 31st March 2025.
FINANCIAL RESULTS (Rs. in Lacs)
| Particulars |
As on |
As on |
|
31.03.2025 |
31.03.2024 |
Sales Turnover |
11474.36 |
7569.86 |
Pro t / (Loss) before Depreciation and Interest |
848.48 |
586.07 |
| Less:- Interest |
390.77 |
440.13 |
| Less:- Depreciation |
45.97 |
44.24 |
Net Pro t / (Loss) before Tax |
411.73 |
101.70 |
| Less:-Tax |
|
|
| - Current tax |
95.26 |
18.71 |
| - Earlier Tax |
2.49 |
9.22 |
| - Deferred Tax Liabilities / (Assets) |
4.31 - |
1.77 - |
Net Pro t/Loss after Tax |
318.28 |
75.53 |
| Other Comprehensive Income |
5.22 - |
9.02 |
| Net Pro t after Tax & Comprehensive Income |
313.06 |
84.55 |
| Pro t / (Loss) brought forward |
773.45 |
688.90 |
Balance Carried to Balance Sheet |
1086.51 |
773.45 |
OPERATIONAL PERFORMANCE
During the Financial Year ended 31st March, 2025, your Company has achieved on
standalone basis an operational turnover Rs. 11474.36 lakh as compared to Rs. 7569.86 lakh
in the previous nancial year and the Pro t after Tax of Rs. 318.28 lakh as compared to Rs.
75.53 lakh in the previous nancial year.
MANAGEMENT OUTLOOK FOR THE YEAR 2025-26
The global economy in 2025 is expected to see continued growth, although with potential
for volatility and uncertainty. While some sectors, like technology and renewable energy,
are projected to offer high returns, others face challenges like potential trade policy
impacts and geopolitical tensions
The Government of India, is actively developing new strategic petroleum reserve (SPR)
sites in locations such as Bikaner (Rajasthan), Mangalore (Karnataka), and Bina (Madhya
Pradesh), complementing the existing facilities in Mangalore, Padur, and Visakhapatnam.
The Company aims to bene t from the Government's continued focus on strengthening
energy security and mitigating risks associated with potential supply disruptions.
FUTURE OUTLOOK
India's oil demand is expected to grow at the fastest pace among major economies and
double the rate of rise in China in 2025 and 2026, oil cartel OPEC said in its latest
global outlook. India's oil demand is projected to rise from 5.55 million barrels a day in
2024 to 5.74 million bpd in 2025, up 3.39 per cent, helped by rising energy needs in the
world's fastest growing economy.
This is projected to further rise to 5.99 million bpd in 2026, growing at 4.28 percent.
The demand growth is higher than 1.5 per cent expansion projected in China's oil demand
in 2025 and 1.25 per cent in 2026.
The Company is actively engaging with prospective clients for their upcoming projects
by providing budgetary quotations. Some of these projects include:
1) Poly Propylene Project for M/s Petronet LNG Limited, Dahej, Gujarat
2) Nayara Energy - Petrochemical Complex Project at “Nayara Re nery, Vadinar,
Gujarat, India” 3) PP + BUTENE PROCESS of BPCL Bina Re nery 4) LLDPE/HDPE SWING UNIT
BPCL Bina Re nery
5) GNFC Weak Nitric Acid (WNA) and Ammonium Nitrate (AN) Projects located at Bharuch,
Gujarat, India.
6) “BPCL Kochi Polypropylene Unit”, located at Ambalamugal, Kochi, Kerala
India
7) IHCD and SDA Unit for LMBU Project for HPCL, Mumbai Re nery
8) HP Trijet (eSAF) Project (7.4 KTPA demonstration plant for HP Triglyceride to
Jet-Fuel Process for the production of SAF (Synthetic Aviation Fuel)) located at HPCL,
Vizag Re nery, Vishakhapatnam in Andhra Pradesh, India.
9) SAIL IISCO STEEL PLANT, BURNPUR
10) 600 MTPD Green Ammonia plant in Gopalpur, Ganjam district, Odisha, India - OCIOR
Energy (Owner).
CHANGE IN NATURE OF BUSINESS OF THE COMPANY
During the year under review there has been no change in the nature of business of the
company.
After the closure of Financial Year 2024-25, Board of Directors of the company has
proposed to change the name of the company from Expo Gas Containers Limited to Expo
Engineering and Projects Limited for the expansion of business of the Company. Ministry of
Corporate Affairs has approved the Name change application through Certi cate of
Incorporation pursuant to change of name vide dated 21st July 2025
DIVIDEND
The Dividend for the year ended 31st March, 2025 is not advisable as in order to
conserve the resources, your Directors feel that the pro ts be retained in the business to
overcome any unforeseen dif culties.
TRANSFER TO RESERVE
The Company has not transferred any amount to the Reserves during the year.
MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Management Discussion and Analysis of nancial condition, including the results of
operations of the Company for the year under review as required under Regulation 34(2)(e)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is
provided as a separate section forming part of the Annual Report as Annexure-I
MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION
There are no material changes affecting the nancial position of the Company subsequent
to the close of the FY 2024-25. After the closure of Financial Year 2024-25 Board of
Director of the Company proposes to change the name of the Company from Expo Gas
Containers Limited to Expo Engineering and Projects Limited and the new name was approved
by MCA vide letter dated 21st July,2025
INDIAN ACCOUNTING STANDARD (IND AS):
The nancial statements for the year under review have been prepared in accordance with
the Indian Accounting Standards (Ind AS) noti ed under section 133 of the Companies Act,
2013 ('Act') read with Companies (Accounts) Rules, 2014 to the extent applicable to the
Company.
DEPOSITS
During the nancial year 2024-25 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.
Hence, the requirement of furnishing details relating to Deposits covered under Chapter
V of the Act or the details of Deposits that are not in compliance with Chapter V of the
Act is not applicable.
SUBSIDIARY COMPANIES ASSOCIATE AND JOINT VENTURE COMPANIES:
As on March 31, 2025, according to the Companies Act,2013 and rules made there under
the Company doesn't have any Subsidiary Company, Associate Company and Joint Venture
Company.
SHARE CAPITAL.
The Authorized Capital of the Company is 4,00,00,000 Equity shares of the Company of
Rs. 4/- each and the paid capital of the Company as on 31.03.2025 is 2,27,96,400 Equity
shares of the Company of Rs. 4/- each.
During the year under review, the Company came out with the issue, offer shares through
Preferential issue of 37,60,000 (Thirty-Seven Lakh Sixty Thousand Only) Equity Shares on
private placement basis having face value of Rs. 4 each at a price Rs.20/- each (including
premium of Rs. 16/- per shares) to promoter and non-promoters as per the provision of ICDR
Regulation and same was approved by shareholders at extra-ordinary general meeting dated
22nd March, 2024. The said shares were allotted on 9th April 2024. Hence the paid-up share
capital of the company is increased from 1,90,36,400 to 2,27,96400 Shares None of the
Directors of the Company hold any convertible instruments of the Company.
After the closure of the nancial year 2024-25, Company has proposed to raise funds by
an issue of convertible warrant into equity shares to promoters, non-promoters and certain
identi ed entities amounting to Rs. 22,02,00050/- (Twenty-Two crore Two lakhs Fifty only)
by passing a Special Resolution at the Extra Ordinary General Meeting of the Company dated
27th June 2025.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. Murtuza S. Mewawala, Director (DIN:00125534) retires by rotation at the ensuing
Annual General Meeting ('AGM') of your Company and being eligible, offers himself for
re-appointment in accordance with the provisions of Section 152(6) of the Act read with
Articles of Association of the Company.
Mr. Sajjadhussein Mohammedhussein Nathani (DIN: 00195888) retires by rotation at the
ensuing Annual General Meeting ('AGM') of your Company and being eligible, offers himself
for reappointment in accordance with the provisions of Section 152(6) of the Act read with
Articles of Association of the Company.
Particulars in pursuance of Regulation 36 of the SEBI LODR Regulations read with
Secretarial Standard -2 on General Meetings, brief pro le of retiring Directors, Mr.
Murtuza S. Mewawala and Mr. Sajjadhussein Mohammedhussein Nathani is provided as an
Annexure-I to the Notice of the 42nd Annual General Meeting.
DECLARATION BY AN INDEPENDENT DIRECTORS
Based on the con rmation / disclosures received from the Directors, the following
Non-Executive Directors are Independent as on March 31, 2025:
1) Mr. Venkateswaran Manickam Chittoor
2) Mrs. Sayada Mukadam
3) Mrs. Fatema Soyel Nayani
The Company has received the necessary declaration from each Independent Director under
Section 149 (7) of the Companies Act, 2013 that they meet the criteria of independence
laid down under Companies Act, 2013 along with a declaration received pursuant to sub rule
(3) of Rule 6 of the Companies (Appointment and Quali cation of Directors) Rules, 2014.
They have also furnished the declaration pursuant to relevant regulations of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (including any statutory modi cation(s) or re-enactment(s) thereof, for the time
being in force) ('Listing Regulations'). The Independent Directors have individually con
rmed that they are not aware of any circumstances or situation, which exist or may be
reasonably anticipated, that could impair or impact their ability to discharge their
duties with an objective independent judgment and without any external in uence and that
they comply with the Company's Code of Conduct.
Based on the declarations and con rmations of the Independent Directors and after
undertaking due assessment of the veracity of the same, the Board of Directors recorded
their opinion that all the Independent Directors are independent of the Management and
have ful lled all the conditions as speci ed under the governing provisions of the
Companies Act, 2013 and the Listing Regulations.
ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTES AND INDIVIDUAL
DIRECTORS
The Board of Directors of the Company has initiated and put in place evaluation of its
own performance, its committees and individual directors. In a separate meeting of
independent directors, performance of non-independent directors, the Board as a whole and
the Chairman of the Company was evaluated, considering the views of executive directors
and non-executive directors. The results of the evaluation are satisfactory and adequate
and meet the requirement of the Company.
The Board of Directors of the Company is of the opinion that all the Independent
Directors of the Company possess the highest standard of integrity, relevant expertise,
and experience required to best serve the interest of the Company.
BOARD MEETINGS
During the year Six (06) Board Meetings, Four (4) Audit Committee Meetings One (1)
Nomination and Remuneration Committee Meeting and Six (6) Stakeholders Relationship
Committee Meetings were held. The details of which are given in the Corporate Governance
Report. The intervening gap between the Meetings was within the period prescribed under
the Companies Act, 2013. The maximum gap between two Board meetings did not exceed 120
days
A separate meeting of Independent Directors, pursuant to Section 149 (7) read with
Schedule VI of the Companies Act, 2013 was held on 24th March 2025.
COMMITTEES OF THE BOARD
In accordance with the provisions of the Companies Act, 2013 and SEBI (LODR)
Regulations, 2015 the Board has the following Three (3) committees as on 31st March,2025
(i) Audit Committee
(ii) Nomination and Remuneration Committee (iii) Stakeholders' Relationship Committee
A detailed update on the Board committees, its composition, detailed charter including
terms of reference of various Board Committees, number of Committee meetings held, and
attendance of the directors at each meeting is provided in the Corporate Governance
Report, which forms part of this Annual Report.
CORPORATE GOVERNANCE
During the year under review the Regulations of Corporate Governance pursuant to the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
The Company used to comply with the Provisions of Corporate Governance even when it was
not applicable to the Company. The Company has implemented several best governance
practices. and endeavor to enhance long-term shareholder value and respect minority rights
in all the business decisions.
Company is committed to maintain the highest standards of corporate practices, a
separate section on Corporate Governance is provided as part of this Annual Report as
Annexure II & IIA.
STATUTORY AUDITOR AND THEIR REPORT
The shareholders at their 39th Annual General Meeting (AGM) held on 21st September,2022
as per the recommendation of Audit Committee and Board had appointed M/s. K. S Shah &
Co., Chartered Accountants (Firm Reg. No. 109644W) from the conclusion of the Thirty Ninth
(39th) Annual General Meeting until the conclusion of the Forty Fourth (44th) Annual
General Meeting for the nancial year 2026-2027 and that the Board is authorized to x the
remuneration as may be determined by the Audit Committee in consultation with the
Auditors. Now it is proposed to con rm their appointment for the nancial year 2025-26 i.
e. from the conclusion of the ensuing Annual General Meeting till the conclusion of the
next Annual General Meeting
The Auditors Report and the Notes on nancial statement for the year 2024-25 referred to
in the Auditor's Report are self-explanatory and do not contain any quali cation,
reservation or adverse remark, therefore, do not call for any further comments.
INTERNAL AUDITOR
Pursuant to the provisions of Section 138 of the Companies Act, 2013 and rules made
thereunder (including any amendment(s), modi cation(s) or re-enactment(s) thereof for the
time being in force), the Board of Directors of the Company, on the recommendation of
Audit Committee, at their meeting held 29th May,2025 has re-appointed Mr. Sunil Sawant as
Internal Auditors of the Company for the Financial Year 2025-26, to conduct Internal Audit
of the Company.
The Internal Auditors are appointed to audit the function and activities of the Company
and to review various operations of the Company and the Company has continued to implement
their suggestions and recommendations to improve the control environment
The observations of Auditors are self-explanatory in the notes referred to by them.
SECRETARIAL AUDITOR
Pursuant to Regulation 24A(1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, and in compliance with SEBI's circular
SEBI/HO/CFD/CFD-Pod-2/CIR/P/2024/185 dated 31st December, 2024 read with the applicable
provisions of Companies Act, 2013 and other applicable regulations/ noti cations, Board of
Directors has recommended M/s ND and Associates, Company Secretary in practice (COP No:
4741) as the Secretarial Auditor of the Company for a period of ve consecutive years, from
the conclusion of the ensuing Annual General Meeting till the conclusion of the 47th
Annual General Meeting subject to the approval of Shareholders in the ensuing Annual
General Meeting of the Company on such terms and remunerations as may be mutually agreed
upon between the said secretarial auditor and Board of Directors of the Company
secretarial Audit of the Company.
The Report of the Secretarial Audit for the nancial year ended 31st March 2025 annexed
herewith as “Annexure- III.”
The observations of Auditors are self-explanatory in the reports referred to by them.
COST RECORDS
Pursuant to sub-section (1) of section 148 of the Act for any of the products of the
company Accordingly, during the year, maintenance of Cost Records and Cost Audit was not
applicable to the Company.
RISK MANAGEMENT POLICY
The Company has a well-de ned process to ensure the risks are identi ed and mitigation
steps are put in place. The Company's Risk Management process focuses on ensuring that
these risks are identi ed on a timely basis and reasonably addressed. The Audit Committee
oversees nancial risks and controls. Major risks are identi ed by the businesses and
functions and these are systematically addressed through mitigating actions on a
continuing basis.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Board of Directors of the Company is responsible for ensuring that Internal
Financial Controls have been established in the Company and that such controls are
adequate and operating effectively. The Company has laid down certain guidelines and
processes which enables implementation of appropriate internal nancial controls across the
organization. The Internal Financial Control with reference to the nancial statement was
adequate and operating effectively. During the Financial Year, no frauds were reported by
auditors in terms of section 143(12) of the Companies Act, 2013.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Board of Directors has formulated a Whistle Blower Policy in compliance with the
Section 177(10) read with Regulation 22 of SEBI (Listing Obligation and Disclosure
Requirement) Regulations 2015. The Company has a vigil mechanism to deal with instance of
fraud and mismanagement, if any. The policy is in place and the Company has uploaded the
same to its website.
PARTICULARS OF LOAN, GUARANTEE & INVESTMENTS
The particulars of loans, guarantees and investments as per Section 186 of the Act by
the Company, have been disclosed in the nancial statements.
ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The information required under Section 134(3)(m) of the Companies Act, 2013 read with
the Companies (Accounts) Rules, 2014, with respect to conservation of energy, technology
absorption and foreign exchange earnings/outgo is given hereto and forms a part of this
report.
FORM - A
Form for disclosure of particulars with respect to Conservation of Energy.
|
|
Current Year |
Previous Year |
|
Power and Fuel Consumption |
|
|
|
|
31.03.2025 |
31.03.2024 |
| 1) |
Electricity |
|
|
|
Purchase Unit (KWH) |
2.53 |
3.10 |
|
Total Amount (Rupees in lacs) |
37.13 |
35.36 |
|
Rate per Unit (Rupees) |
14.66 |
11.41 |
| 2) |
Coal |
N.A. |
N.A. |
| 3) |
Furnace Oil |
N.A. |
N.A. |
| 4) |
Internal Generation |
N.A. |
N.A. |
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
Energy conservation is not only a national priority but also a key value driver for
your Company. Employees are also encouraged to give suggestion that will result in energy
saving.
As prescribed under the Section 134 (3) (m) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014 is not applicable, as there is no technology absorption,
adaptation and innovation made by your Company in the goods manufactured.
FOREIGN EXCHANGE EARNING AND OUTGO
Particulars |
2024 - 2025 |
2023 - 2024 |
| CIF Value of Imports |
87.03 |
Nil |
| Expenditure in foreign currency |
5.88 |
0.26 |
| Foreign Exchange earned |
Nil |
Nil |
PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Companies Act, 2013 and Rule 5(1), 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as
Annexure-IV
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Sections 92(3) and 134(3)(a) of the Act read with Rule 12
of the Companies (Management and Administration) Rules, 2014 (as substituted by the
Companies (Management and Administration) Amendment Rules, 2021 dated March 05, 2021), a
copy of the Annual Return (MGT -7) is available on the website of the Company at
www.expogas.com
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the nancial year were on
arm's length basis and were in the ordinary course of business. There are no materially
signi cant related party transactions made by the Company with Promoter's, Director's, Key
Managerial Personnel or other designated persons which may have a potential con ict with
the interest of the Company at large.
Separate disclosure as per Regulation 34(3) of SEBI (LODR) Regulations, 2015 is made in
the notes to the accounts attached with the nancial statement, therefore not reproduced
here under. The policy on Related Party Transactions duly approved by the Board has been
posted on the Company's https://www.expogas.com/Investor%20Relations.html
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
Industrial Relations continued to be harmonious throughout the year under review. Many
initiatives have been taken to support business through organizational ef ciency, process
change support and various employee engagement programs which have helped the Organization
achieve higher productivity levels.
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 employees of the
Company. The Code requires pre-clearance beyond threshold limit mentioned in the policy
for dealing in the Company's shares and prohibits the purchase or sale of Company shares
by the Directors and the designated employees while in possession of unpublished price
sensitive information in relation to the Company and during the period when the Trading
Window is closed.
As per the requirements of Regulation 8(1) of Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulation, 2015, the Company has formulated code of fair
disclosure of unpublished price sensitive information and has uploaded the same on the of
cial website of the Company. All Board Directors and the designated employees have con
rmed compliance with the Code.
STATEMENT PURSUANT TO LISTING AGREEMENT
The Company's Equity shares are listed at Bombay Stock Exchange Limited. The Annual
Listing fee for the year 2025-26 has been paid.
STATUTORY DISCLOSURES
None of the Directors of the Company are disquali ed as per provisions of Section
164(2) of the Companies Act, 2013. Your Directors have made necessary disclosures, as
required under various provisions of the Companies Act, 2013 and Listing regulations.
Certi cate as required under Part C of Schedule V of Listing Regulations is enclosed as
Annexure V.
QUALITY / SAFETY CERTIFICATIONS
Your Company has obtained the prestigious OHSAS (ISO45001:2018 certi cation. Your
Company is also ISO 9001:2015 & ISO 14001:2015 certi ed by URS.
COMMITTEE AND POLICY UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION ANDREDRESSAL) ACT, 2013
An Internal Complaints Committee has been duly constituted by the Company in line with
the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules thereunder to redress complaints received on sexual
harassment.
During the nancial year under review, the Company has not received any complaints of
sexual harassment.
Under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, the Company takes continuous efforts to ensure that the Women in our
workplace are safe, and have trust in the organization to speak up and report to the
Internal Complaints Committee if they are faced with any kind of harassment. When
employers and employees know the rules and regulations regarding sexual harassment, they
are better equipped to identify and prevent it.
CORPORATE SOCIAL RESPONSIBILITY
As per the Section 134 (o) Corporate Social Responsibility is not applicable to our
Company.
CODE OF CONDUCT
The Company has a de ned code of conduct for its Directors and Senior Management
Personnel and the same is uploaded on the website.
As on March 31, 2025, all the Board Members and Senior Management of the Company have
af rmed compliance with the Code of Conduct. Annexure VI.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship with contractor
and employees at all levels.
THE DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016
The company has not made any application under aforesaid bankruptcy code nor is the
company facing any proceeding under the said Insolvency and Bankruptcy Code, 2016.
DIRECTOR'S RESPONSIBILTY STATEMENT AS REQUIRED UNDER SECTION 134(3)(c) OF THE COMPANIES
ACT 2013
The Directors state that: -
a) In the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation by way of notes to accounts relating to
material departures;
b) The selected accounting policies were applied consistently and the judgments and
estimates made by them are reasonable and prudent so as to give true and fair view of the
state of affairs of the Company as at 31st March 2025 and of the pro t for the year ended
on that date;
c) The proper and suf cient care has been taken 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;
d) The annual accounts have been prepared on a going concern basis.
a) The Directors had laid down internal nancial controls to be followed by the Company
and that such internal controls are adequate and were operating effectively.
b) 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
OTHER GENERAL DISCLOSURE; SECRETARIAL STANDARDS:
The Institute of Company Secretaries of India, a Statutory Body, has issued Secretarial
Standards on various aspects of corporate law and practices and the same is approved by
the Government of India under section 118 (10) of the Companies Act, 2013.The Company has
devised a proper system to ensure compliance with the provisions of all applicable
Secretarial Standards issued by the Institute of Company Secretaries of India and that
such systems are adequate and operating effectively.
EMPLOYEES STOCK OPTION SCHEME (ESOS), SWEAT EQUITY & SHARES HAVING DIFFERENTIAL
VOTING RIGHTS:
Your Company has not issued any shares to the employees of the Company under the
Employee Stock Option Scheme, Sweat Equity and with differential voting rights in the
previous nancial year.
ACKNOWLEDGEMENT
Your Directors place on record their deep appreciation to employees at all levels for
their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the
employees have enabled the Company to remain an industry leader.
The Board places on record its appreciation for the support and co-operation your
Company has been receiving from its suppliers, distributors, retailers and others
associated with it.
Your Directors also take this opportunity to thank all Shareholders, Clients, Vendors,
Banks, Government and Regulatory Authorities and Stock Exchanges, for their continued
support.
|