The Members
The Directors of your Company are pleased to present the Eighty Fourth (84th)Annual
Report together with the Audited Financial Statements of the Company for the Financial
Year ended 31st March, 2023.
FINANCIAL HIGHLIGHTS
Summary of the financial results of the Company for the year under report are as under:
(Rs. in lakhs, unless otherwise stated)
|
2022-23 |
2021-22 |
Revenue from Operations |
- |
- |
Other Income |
48 |
61 |
PBIDT |
(2547) |
(3002) |
Finance Cost |
1567 |
15836 |
Depreciation |
4679 |
4658 |
Profit/(Loss) before exceptional Items |
(8793) |
(23496) |
Exceptional Item |
97163 |
(134) |
Profit/(Loss) before Tax |
88370 |
(23630) |
Tax |
- |
- |
Profit/(Loss) after Tax |
88370 |
(23630) |
Deferred Tax |
(6592) |
- |
Net Profit / (Loss) |
94962 |
(23630) |
Other Comprehensive Income |
- |
- |
Total Comprehensive Income |
94962 |
(23630) |
Basic & Diluted Earnings per share of Rs. 10/- each |
34.82 |
(8.05) |
THE DETAILS OF THE 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
CORPORATE INSOLVENCY RESOLUTION PROCESS
The Hon'ble NCLT, Amaravati Bench, vide its Order dated 16th February, 2023
approved the Resolution Plan submitted by the Resolution Applicant, Sagar Cements Limited.
The Resolution Applicant, Sagar Cements Limited upon successful implementation of the
Resolution Plan took over the control of the management and ownership of the Company and
by virtue of which your company has become subsidiary of Sagar
Cements Limited. The reconstituted Board reflects the control of the Company's
Management by Sagar Cements Limited by appointing their Nominees as Directors.
A new Board was constituted on 7th March, 2023 (Re-constituted Board) (and
the Independent Directors were appointed on 23.03.2023) and new Management was put in
place, in accordance with provisions of the IBC and NCLT Order. The approved Resolution
Plan is binding on the Company and its employees, creditors, guarantors and other
stakeholders involved.
Members may kindly note that, for the financial year under review, the Directors of the
Re-constituted Board (Directors) were in office from 7th March, 2023, to which
this report primarily pertains. During the CIRP which commenced from 26th
April, 2022 to 16thFebruary, 2023, the Resolution Professional (RP) was
entrusted with the management of the affairs of the Company.
This report was prepared by the reconstituted board in compliance with the provisions
of the Companies Act, 2013, the rules and regulations framed thereunder, and the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (LODR').
The erstwhile Board consisted of Mr. K.V Rajendran, Mr. Pankaj Gaur, Mr. Naveen Kumar
Singh, Mr. Suresh Chand Rathi, Mr. S.D. Nailwal and Mrs. Manju Sharma ceased to be
Directors of the Company w.e.f. 7th March, 2023 without any further action.
The Board of Directors of the Company was re-constituted and as on the date of this
Report, the Company consists of the following Directors.
S.No. |
Name of the Director |
Designation |
1 |
Dr. S. Anand Reddy |
Managing Director |
2 |
Mr. S. Sreekanth Reddy |
Non-Executive Director |
3 |
Mrs. S. Rachana |
Non-Executive Director |
4 |
Mr. K.V. Vishnu Raju |
Non-Executive -Independent Director |
5 |
Mrs. O. Rekha |
Non-Executive-Independent Director |
6 |
Mr. Ravichandran Rajagopal |
Non-Executive-Independent Director |
subject to the approval of the members in the 84th Annual General Meeting Silent
features of the approved Resolution Plan and implemented during the financial year under
review are as follows:
The CIRP under the Insolvency and Bankruptcy Code, 2016 initiated on 26th
April, 2022. The National Company Law Tribunal (NCLT), Amaravati Bench, vide its order
dated 16th February, 2023 approved the Resolution Plan submitted by SAGAR
CEMENTS LIMITED, which inter alia resulted in the following:
a) Extinguishment of 20,17,41,371 equity shares of Rs. 10/- each held by the erstwhile
promoters.
b) Reduction of Capital of 9,17,79,121 equity shares of Rs. 10/- each held by the
public (Non-Promoter) to the extent of 95% of their holdings and issued 46,08,607 new
equity shares of Rs. 10/- each fully paid-up, in terms of the Resolution Plan. The Company
issued 8,75,63,533 equity shares of Rs. 10/- at a premium of Rs. 26.80/- per share to the
Resolution Applicant viz., Sagar Cements Limited, which constitute 95% of the post issue
share capital of the company.
c) Fractional entitlement of equity shares 0.5 or more, rounding off to next higher
integer. Further, every shareholder holding 19 or less equity shares of the company on
Record Date (03-03-2023) has allotted one equity share.
d) Settlement of debts of financial creditors amounting to Rs. 725,89,33,418/-
e) Settlement of Employees and workmen amounting to Rs. 8,27,18,455/-
f) Settlement of Operational Creditors (other than Employees and workmen) for a sum of
Rs. 9,34,76,068/- payable by the Company and extinguishment of other current and
non-current liabilities standing as on the commencement of CIRP
g) Extinguishment of all contingent liabilities, commitments and other claims and
obligations including all taxes and other government dues standing as on the commencement
of CIRP
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT
There were no material changes and commitments, affecting the financial position of the
Company, which have occurred between the end of the financial year of the company to which
the financial statements relates and the date of the report.
AUTHORISED SHARE CAPITAL
The Authorised Share Capital of the Company is Rs.500 crores comprising of 40.00.
00.000 Equity Shares of Rs. 10/- each amounting to Rs.400 crores and 10.00. 00.000
Preference Shares of Rs. 10/- each amounting to Rs.100 crores.
PAID-UP SHARE CAPITAL
In terms of the Resolution Plan as approved by the Hon'ble NCLT Amaravati Bench, vide
its Order dated 16-02-2023, the existing Promoter Shareholding was extinguished and their
shareholding stands cancelled and the existing Public Shareholding was reduced to the
extent of 95% and allotted 46,08,607 new equity shares of Rs. 10/- each, on 07-03-2023.
Further, the Company has issued and allotted 8,75,63,533 equity shares of Rs. 10/- each at
a premium of Rs. 26.80/- per share on 23-03-2023 to the Resolution Applicant viz, Sagar
Cements Limited, as per the approved Resolution Plan on a preferential basis. Consequent
to the above the paid-up equity share capital of the Company as at 31st March,
2023 is Rs. 92,17,21,400/-.
During the period under review, your Company has not issued any shares with
differential rights, sweat equity shares and equity shares under employee's stock option
scheme expect the above allotments. Your Company has also not bought back its own shares
during the period under review.
DIVIDEND
No Dividend is recommended in view of the losses during the year and non-availability
of any carry forward surplus.
TRANSFER TO RESERVES
No transfer to any reserve is proposed in view of the losses during the year.
PLANT OPERATIONS
During the year under review, Company's plants viz, Durga Cement Works (DCW) and Visaka
Cement Works (VCW) were not operated due to operational constraints. Further, the plant
operations of the Company are at halt due to shortage of working capital and consequential
attachment of stocks and bank accounts of the Company by the GST authorities and Power
disconnection by the concerned Electricity Board. The Company was under the process of
Corporate Insolvency Resolution Process as per the NCLT Order dated 26th April,
2022.
After successful implementation of Resolution Plan, the Company re-commenced its Plant
Operations/Grinding Operations from 12th April, 2023 at its Durga Cement Works,
FINANCIAL STATEMENTS
As per the provisions of the Companies Act, 2013 and Regulation 34 of LODR, Companies
are required to prepare financial statements to be laid before the Annual General Meeting
of the Company. Accordingly, the financial statements along with the Auditors' Report
thereon, forms part of this Annual Report.
As per section 136(1) of the Companies Act, 2013 the Financial Statements are available
at the Company's website i.e www.andhracements.com.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under report the following changes took place in the Board of the
Company:
1. In term of the Resolution Plan as approved by the NCLT Order dt. 16-02-2023, the
exiting Board was suspended and all the Directors were ceased to be a Directors of the
Company, without any action from their end. The Board was re-constituted on 7th
March, 2023 by induction of Dr. S. Anand Reddy, Shri. S. Sreekanth Reddy and Smt. S.
Rachana as Additional Directors and Shri.K.Prasad as CFO of the Company. Subsequently the
newly constituted Board appointed Shri. K.V. Vishnu Raju and Smt. O. Rekha as Additional
Directors (under Independent category) on 23rd March, 2023, and Shri.
Ravichandran Rajagopal was inducted as an Additional Director (under Independent
category)on 14th April, 2023. Subject to members approval Dr. S. Anand Reddy is
appointed as Managing Director. Required resolutions for the appointment of Directors have
been included in the notice of the Annual General Meeting seeking approval of the members.
2. During the year under report, the Board Meet 6 times, the details whereof are given
in Report on Corporate Governance. The meetings of Board of Directors were held on
30.05.2022, 22.07.2022, 03.11.2022, 09-02-2023, 07.03.2023 and 23.03.2023.
3. All Independent Directors have given declaration that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation
16(1)(b) of the LODR.
4. Pursuant to the provisions of the Companies Act, 2013 and LODR, the Board has
carried out an annual performance evaluation of its own performance, the Directors
individually as well as the evaluation of the Committees constituted by it. The manner in
which the formal annual evaluation has been carried out has been explained in the Report
on Corporate Governance.
5. The Board has on the recommendation of the Nomination & Remuneration Committee
adopted a policy for selection and appointment of Directors, Senior Management and their
remuneration. A gist of the policy is available in the Corporate Governance Report.
6. Independent Directors have complied with the Code for Independent Directors
prescribed in Schedule IV of the Companies Act, 2013. As required under Regulation 25(7)
of LODR, the Company has programmes for familiarization for the Independent Directors. The
Board of Directors is of the opinion that all the Independent Directors possess requisite
qualifications, experience and expertise in industry knowledge and corporate governance
and they hold highest standards of integrity.
BOARD EVALUATION
Pursuant to Section 134(3)(p) of the Companies Act, 2013 and Regulation 25(4) of LODR,
Independent Directors have evaluated the quality, quantity and timeliness of the flow of
information between the management and the board, performance of the Board as a whole and
its Members and other required matters. Pursuant to Regulation 17(10) of LODR Board of
Directors have evaluated the performance of the Independent Directors and observed the
same to be satisfactory and their deliberations beneficial in Board/Committee Meetings.
The Company had formulated a code of conduct for the Directors and Senior Management
personnel and the same has been complied.
RELATED PARTY TRANSACTIONS
All Related Party Transactions that were entered into during the financial year were on
an arm's length basis and were in the ordinary course of business. During the year, the
Company had not entered into any contract/ arrangement/transaction with related parties
which could be considered material in accordance with the policy of the Company on
materiality of related party transaction.
The policy on materiality of Related Party Transactions and dealing with Related Party
Transactions as approved by the Board may be accessed on the Company's website at
www.andhracements.com.
The details of Related Party Transactions as required under IND AS-24 are provided in
the accompanying financial statements forming part of this Annual Report. Form AOC- 2
pursuant to Section 134 (3)(h) of the Companies Act, 2013 read with Rule 8(2) of the
Companies (Accounts) Rules, 2014 is set out as "Annexure-A" to this
Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the Regulators / Courts which
would impact the going concern status of the Company and its future operations, except the
Order passed by the Hon'ble NCLT Amaravati Bench, Hyderabad dated 26.04.2022 for the
Commencement of Corporate Insolvency Resolution Process (CIRP) and appointment of RP and
later the Hon'ble NCLT Amaravati Bench, approved the Resolution Plan submitted the
Resolution Applicant viz, Sagar Cements Limited, vide Order dated 16th
February, 2023. These two orders are available on the Company's website at
www.andhracements.com.
MAINTENANCE OF COST RECORDS
Cost records are required to be maintained by the Company under Section 148 (1) of the
Companies Act, 2013. Accordingly, such accounts and records made and maintained.
AUDITORS
1. Statutory Auditors
As the members are aware in accordance with the provisions of Section 139 of the
Companies Act, 2013 and the Rules made thereunder, M/s. Dass Gupta & Associates,
Chartered Accountants (Firm Registration No. 000112N), were appointed as Statutory
Auditors of the Company, however they have tendered their resignation on 06.05.2023, thus
resulted into casual vacancy, the Board of Directors of the Company recommended
appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration
No. 008072S) as Statutory Auditors of the Company to fill the casual vacancy caused by
M/s. Dass Gupta & Associates, to hold the office from 06.05.2023 until the conclusion
of this AGM. Accordingly, based on the recommendations of the Audit Committee, the Board
has recommended for approval of the shareholder at the ensuing AGM, the appointment of
M/s. Deloitte Haskins & Sells, Chartered Accountants as Statutory Auditors of the
Company the year 2028. The resolution along with explanatory statement for statutory
auditors appointment has been included in the Notice of ensuing Annual General Meeting.
The Company has obtained a written consent and a certificate from the Statutory
Auditors to the effect that their appointment, if appointed, would be in accordance with
the conditions as prescribed and they fulfill the criteria laid down in Section 141 of the
Companies Act, 2013.
2. Cost Auditors
The Board of Directors of the Company on the recommendation of Audit Committee,
appointed M/s. Narasimha Murthy & Co, Cost Accountants (Firm Regn No. 000042) for the
Financial Year 2023-24 for auditing the Cost Records relating to the product
Cement'. In this regard, they have submitted a certificate certifying their
independence and their arm's length relationship with the Company. The Resolution for
ratification of their remuneration has been included in the Notice of ensuing Annual
General Meeting.
3. Secretarial Auditor
Secretarial Audit Report for the financial year ended on 31st March, 2023,
issued by M/s. Savita Jyoti Associates, Company Secretaries, in form MR-3 forms part of
this report and marked as "Annexure-B".
The said report does not contain any qualification or observation requiring explanation
or comments from Board under section 134(3)(f)(ii) of the Companies Act, 2013.
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, on
recommendations of the Audit Committee, the Board has appointed M/s. BSS & Associates,
a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the
Company for the financial year ended 31st March, 2024.
AUDITORS REPORT
The auditors' report does not contain any qualifications, reservations or adverse
remarks and it is an unmodified one.
WEB ADDRESS, WHERE ANNUAL RETURN HAS BEEN PLACED
Annual Return in Form MGT-7 for the year ended 31st March, 2023 is available
on the company's website and link for the same is https://www.andhracements.com/
Investors.html.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
During the year under review, there were no Loans, Guarantees and Investments
made/given as per the provisions of Section 186 of the Companies Act, 2013.
SECURITIES OF THE COMPANY SUSPENDED FROM TRADING DURING THE FINANCIAL YEAR, IF ANY
During the year under review, Securities of the Company not suspended from Trading,
except at the stage of Capital Reduction in terms of the NCLT Order dated 16.02.2023.
RISK MANAGEMENT
The Company has formulated a Risk Management Policy. The Risk Management Policy, which
inter-alia:
a) define framework for identification, assessment, monitoring, mitigation and
reporting of risks.
b) ensures that all the current and future material risk exposures of the Company are
identified, assessed, quantified, appropriately mitigated, minimized and managed i.e to
ensure adequate systems for risk management.
The Risk Management policy of the Company is available at the Company's website.
CORPORATE SOCIAL RESPONSIBILITY
In view of absence of required profit/net worth/turnover, the provisions of the
Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the
Company.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A Report on Corporate Governance as stipulated by Regulation 34(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, forms part of this Annual
Report along with the required Certificate from the Practicing Company Secretary
confirming compliance with conditions of Corporate Governance.
As required under Regulation 34(2)(c) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Management Discussion & Analysis Report on
operations and financial position of the Company has been provided in a separate section
which forms part of this Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the Directors,
based on the representation received from the operating management, certification by MD
and CFO to the Board of Directors and after due enquiry, confirm that in respect of the
Audited Annual Accounts for the year ended 31st March, 2023 that:
a) in the preparation of the annual accounts, the applicable accounting standards had
been followed and that there were no material departures;
b) the Directors had, in consultation with the Statutory Auditors, 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 for the year ended 31st March, 2023 and the profit of the Company
for that period;
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 proper internal financial controls to be followed and that
such internal financial controls were adequate and were operating effectively; and
f) Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws that such systemswere adequate and operating effectively.
WHISTLE BLOWER POLICY AND VIGIL MECHANISM
The Company has in terms of the provisions of Section 177(9) of the Companies Act, 2013
read with Rule 7 of the Companies (Meeting of Board and its Powers) Rules, 2014 and
Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, formulated Whistle Blower Policy and Vigil Mechanism for Directors and employees
under which protected disclosures can be made by a whistle blower. (www.andhracements.com)
INTERNAL FINANCIAL CONTROL
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the year under review, no material or
serious observation has been received from the Internal Auditors of the Company for
insufficiency or inadequacy of such controls.
The information about internal financial controls is set out in the Management
Discussion & Analysis Report which forms part of this Report.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SEB- SECTION (12) OF SECTION
143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
No frauds were reported by the Auditors under Sub-Section 12 of Section 143 of the
Companies Act, 2013 read with the Rules made there under.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of business and activities during the year.
THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
The Company doesn't have any subsidiaries or joint ventures or associate Companies
during the year.
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
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.
DEPOSITS
The Company has not accepted or renewed any amount falling within the purview of
provisions of Section 73 of the Companies Act 2013 ("the Act") read with the
Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the
details relating to deposits as also requirement for furnishing of details of deposits
which are not in compliance with Chapter V of the Act is not applicable.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a
statement showing the names and other particulars of the employees drawing remuneration in
excess of the limits set out in the said Rules forms part of this Annual Report and is
provided as "Annexure- C" in this report.
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are provided as "Annexure- C" to this
Report.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of The Companies (Accounts) Second Amendment Rules, 2015 (as per the notification
dated 4th September, 2015), is annexed herewith as "Annexure-D".
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN 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 Woman at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. During the year under review, no complaints were received by the Company.
FUTURE OUTLOOK
GDP growth isexpected to increase in the year 2023-24. However, there are several
uncertainties which can have an impact in the projected GDP The outlook of oil prices
continue to be hazy both on upside and downside. It is expected that the demand for cement
would increase and will grow to a higherfor the financial year 2023-24. Our plants are
fully equipped and supported with grinding units at strategic locations. Our company will
be able to make suitable measures to take advantage of the present economic momentum in
the coming years.
THREATS
The Sanctions imposed on countries from where India is imposing maximum crude would
adversely affect the fuel price, which would have negative impact on our manufacturing and
transportation cost. The Mines and Minerals (Development & Regulation) Amendment Act,
2015, (MMDR) has made the Limestone as a notified mineral. Pursuant to the amendment act,
grant of mining lease for all notified minerals shall be through public auction process by
the respective State Governments. Since, several State Governments do not have the
required geological data of availability of the reserves and they are not able to proceed
with the auction. This is delaying the process of getting fresh mining leases allotted.
OPPORTUNITIES
The Company's products have always been perceived to possess superior quality standards
in the market and the company has been enjoying a high-level customer satisfaction index.
Hence, products will be sold at higher profitability and revenue.
INSURANCE
All the properties of the Company have been adequately insured.
POLLUTION CONTROL
Your Company is committed to keep the pollution at its plant within the acceptable
norms and as part of this commitment, it has, interalia, an adequate number of bag filters
in the plant.
SUB COMMITTEES OF THE BOARD
The Board has an Audit Committee, Nomination and Remuneration Committee, Stakeholders'
Relationship Committee and Risk Management Committee. The composition and other details of
these committees have been given in the Report on the Corporate Governance, which forms
part of the Annual Report.
COMPLIANCE CERTIFICATE
A certificate as stipulated under Schedule V (E) of the SEBI Listing Regulations from a
Practicing Company Secretary regarding compliance with the conditions of Corporate
Governance is attached to this Report along with our report on Corporate Governance.
CAUTIONARY STATEMENT
Statements in this report and its annexures describing the company's projections,
expectations and hopes are forward looking. Though these are based on reasonable
assumptions, their actual results may differ.
ACKNOWLEDGEMENT
The Board places on record its sincere appreciation and gratitude to various
Departments and Undertakings of the Central Government, and State Governments, Financial
Institutions, Banks and other authorities for their continued co-operation and support to
the Company. The Board sincerely acknowledges the faith and confidence reposed by the
Shareholders in the Company.
|