Total income on consolidated basis for the year stood at Rs.29,021 lakhs as against Rs.
31,522 lakhs reported for the corresponding period last year. EBITDA for the year stood at
Rs. 20,295 lakhs as against Rs. 22,846 lakhs during previous year. EBITDA margins for the
year stood at 70% as against 72% for previous year. Depreciation for the year stood at
Rs.8,295 lakhs as against Rs. 8,862 lakhs recognized during last year.
Interest expense for the year stood at Rs.10,824 lakhs as against Rs. 12,161 lakhs for
the previous year. Profit from continuing operations for the year stood at Rs.3,510 lakhs
as against Rs.4,655 lakhs reported for previous year. The Loss from discontinued
operations stood at Rs.177 lakhs as against a Loss of Rs. 1,077 lakhs in previous year.
Business Performance
The current fiscal is a moderate one in terms of wind availability with a dip in
generation in comparative terms. Besides this, the previous year witnessed a one time
income of Rs. 2,465 lakhs due to resumption in REC trading. Adjusting this, the EBITDA
comparable for the year is marginally lower by Rs.86 lakhs, despite reduced generation.
Our efforts to reduce the finance cost and improved loan servicing resulted in improved
ratings and helped us in refinancing Rs. 721 crores of debt at an interest rate of 9.4%
from Indian Renewable Energy Development Agency Limited (IREDA). Prior to refinancing the
interest rate on these loans were 12.4%. The interest savings from these refinancing will
be visible in the coming years. In addition, the Late Payment Surcharge (LPS) scheme
introduced by the Ministry of Power helped in realizing the long pending dues from State
owned discoms. To curtail the increasing costs of maintenance, the company is developing
in house maintenance expertise reducing the reliance on external service providers. With
improving cash flows, the management is exploring the opportunities for capacity expansion
and venturing into solar energy.
During the year, one of the subsidiaries of the company having 129.3 MW of its capacity
registered under Renewable Energy Certificates (REC) scheme opted out of the scheme. In
the Management's assessment, this transition does not have any significant impact on the
revenues of the company.
Rights Issue
During the year, the company proposed to issue equity shares on a rights basis to the
existing eligible equity shareholders for an amount aggregating up to Rs. 23,000 lakhs.
The proceeds of the said issue are proposed to be utilized towards interalia, repayment of
borrowings availed by the company and its subsidiaries and general corporate purposes. The
draft letter of offer dated September 07, 2022 duly approved by the Rights Issue Committee
was filed by the company with Securities and Exchange Board of India ("SEBI")
and the stock exchanges on which the Rights Equity Shares are proposed to be listed.
The company received letters dated September 21, 2022 and September 19, 2022 from BSE
and NSE, respectively granting in-principle approval for undertaking the Issue. Further
SEBI issued final observations on the DLOF vide its letter dated February 13, 2023. The
company is in the process of filing the letter of offer with Stock Exchanges and SEBI.
Consolidated Financial Statements
The Consolidated Financial Statements of the Company and its subsidiaries, prepared in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards specified under Section 133 of the Companies Act, 2013 (the
Act') read with relevant rules issued thereunder form part of the Annual Report and are
reflected in the Consolidated Financial Statements of the Company. The annual financial
statements of the subsidiaries and related detailed information will be kept at the
Registered Office of the Company and will be available to investors seeking information at
any time.
The Company has adopted a Policy for determining Material Subsidiaries in terms of
Regulation 16 (1) (c) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'). The Policy, as
approved by the Board, are available on our website, at http://orientgreenpower.com/
files/Policy-on-Material-Unlisted-Subsidiary-Company.pdf.
Dividend
The Company has not declared any dividend due to inadequate profit earned by the
Company during the year.
Alteration of Memorandum of Association
During the year under review, the company vide approval of shareholders via Annual
General Meeting the Memorandum of Association of the company has been altered by merging
and retaining Clause III (C) – OTHER OBJECTS with Clause III B and to rename the
Clause III (B) as per the provisions of the Companies Act, 2013.
Change in promoter's Shareholding
During the year under review, the Promoter ie. Janati Bio Power Private Limited's
shareholding has been reduced from 25,88,08,809 Equity Shares to 24,38,08,809 Equity
Shares by way of invocation of shares.
Reclassification of Promoter to Public
During the year under review, SEPC Limited, one of the Promoter vide its letter dated
September 24, 2022 had requestedourCompanyforreclassificationfromthepromoter category to
the public category, in view of its change in management and control pursuant to
restructuring of debts under the "Prudential Framework for Resolution of Stressed
Assets". Our Company has made an application dated November 30, 2022 to the Stock
Exchanges under Regulation 31A of the SEBI Listing Regulations seeking reclassification of
SEPC to public category and the said application is pending for the approval of the Stock
Exchanges.
Particulars of Loans, Guarantees and Investments
The Particulars of Loans, guarantees and investments covered under Section 186 of the
Companies Act, 2013 form part of the Notes to the financial statements provided in this
Annual Report.
During the year ended March 31, 2023, Beta Wind Farm Private Limited (BETA),
[Subsidiary of Orient Green Power Company Limited] had refinanced the existing term loan
and working capital facilities amounting to Rs. 721.21 Crores and availed an additional
term loan facility of Rs. 4.90 Crore from Indian Renewable Energy Development Agency
Limited (IREDA), for which Orient Green Power Company Limited (OGPL) had issued a
corporate guarantee for Rs. 726.11 crores and executed a pledge of 1,80,04,812 equity
shares held by the company in Beta Wind Farm Private Limited. This guarantee replaces the
earlier guarantees provided to Axis Bank Limited (Acting as a Security Trustee for
Consortium Lenders) to an extent of Rs. 1,232.03 Crores and the pledge of 1,80,04,812
equity shares which earlier were provided as security to the erstwhile consortium of
lenders.
Material changes and commitments affecting financial position between the end of the
financial year and date of the report
There were no material changes and commitments affecting the financial position of the
Company between the end of the financial year and the date of the report.
Disclosure requirements
As per SEBI Listing Regulations, the Corporate Governance Report with the Auditors'
Certificate thereon, and the Management Discussion and Analysis Report, the Business
Responsibility and Sustainability Report ("BRSR") form part of the Director's
Report.
Subsidiaries and Associates
As at March 31, 2023 your Company had a total of 6 subsidiaries, 3 step down
subsidiaries, the details of which are given elsewhere in the Annual Report under the
relevant Sections.
During the previous year, the Board gave its in-principle approval to liquidate Orient
Green Power (Maharashtra) Private Limited and is in the process of voluntary strike off.
During the year, the company disposed its entire shareholding in M/s. Pallavi Power and
Mines Limited, associate company. The information as required under the first proviso to
sub-section (3) of Section 129 is given in Form AOC-1, is attached to the financial
statements of the Company. Further, pursuant to the provisions of Section 136 of the
Companies Act, 2013 ("Act"), financial statements of the Company, Consolidated
financial statements along with the relevant documents and separate audited accounts in
respect of the subsidiaries of the Companies are available in the website of the Company
http://www.orientgreenpower. com/ Subsidiary-Accounts.asp
Deposits
The Company has not accepted any deposits either from the shareholders or public and as
such, no amount of principal or interest was outstanding as on the date of Balance Sheet.
Corporate Governance
The Company has been complying with the provisions of Corporate Governance as
stipulated in Regulations 24, 27 and other relevant provisions of SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015. A separate report on Corporate
Governance along with Auditors' Certificate on compliance of the Corporate Governance
norms as stipulated in Regulation 34(3) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015 forming part of this report are provided elsewhere in this
Annual Report.
Internal Control System
The Company has in place, an adequate system of internal controls commensurate with its
size, requirements and the nature of operations. These systems are designed, keeping in
view the nature of activities carried out at each location and the various business
operations. The company has documented a robust and comprehensive internal control system
for all the major processes to ensure reliability of financial reporting, timely feedback
on achievement of operational and strategic goals, compliance with policies, procedures,
laws and regulations, safeguarding of assets and economical and efficient use of
resources.
The Internal Auditor monitors and evaluates the efficacy and adequacy of internal
controls system in the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit, process owners undertake corrective action in their respective
areas and thereby strengthen the controls. During the year, the Audit Committee met
regularly to review reports submitted by the Internal Auditor. All significant audit
observations and follow-up actions thereon were reported to the Audit Committee. The Audit
Committee also met the Company's Statutory Auditors to ascertain their views on the
financial statements, including the financial reporting system, compliance to accounting
policies and procedures, the adequacy and effectiveness of the internal controls and
systems followed by the Company.
Risk Management
Your Company also has a Risk Management Framework in place covering all critical areas
of operation. This framework is reviewed periodically keeping in mind the business
dynamics and external environment and provides the guidelines for managing the various
risks across the business.
Directors' Responsibility Statement
The Financial Statements are prepared in accordance with Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended
from time to time, the provisions of the Act (to the extent notified) and guidelines
issued by the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed
under Section 133 of the Companies Act, 2013 (‘the Act'), read with Rule 3 of the
Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting
Standards) Amendment Rules, 2016. The Company has adopted all the Ind AS standards and the
adoption was carried out in accordance with applicable transition guidance. Accounting
policies have been consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard requires a change in
the accounting policy hitherto in use.
The directors confirm that: i. In the preparation of the annual accounts for the
year ended March 31, 2023 the applicable accounting standards have been followed along
with proper explanation relating to material departures if any; ii. 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 as at March 31, 2023 statement of Profit & Loss, statement
of changes in equity and statement of cash flows of the Company for the year ended on that
date; iii. 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; iv. the Directors had prepared the annual accounts of the Company on
a ‘going concern' basis. v. the Directors, had laid down internal financial controls
to be followed by the company and that such internal financial controls are reasonably
adequate and operating effectively; and vi. the Directors had devised proper systems to
ensure compliance with the provisions of all applicable laws and that such systems are
reasonably adequate and operating effectively.
Number of Board Meetings
The Board of Directors met 9 (Nine) times in the financial year 2022-23. The details of
the board meetings and the attendance of the Directors are provided in the Corporate
Governance Report. The maximum interval between any two meetings did not exceed 120 days,
as prescribed in the Companies Act, 2013.
Familiarization Program for Independent Directors
The Company has an orientation programme upon induction of new Directors as well as
other initiatives to update Directors on a continuous basis. The Familiarization Programme
of the Company will provide information relating to the Company, wind energy / renewable
energy industry, business model of the Company, geographies in which Company operates,
etc. The programme also intends to improve awareness of the Independent Directors on their
roles, rights, responsibilities towards the Company. Further, the Familiarization
Programme should also provide information relating to the financial performance of the
Company and budget and control process of the Company. The format of the letter of
appointment is available on our website,
http://orientgreenpower.com/files/DRAFT-LETTER-OF-APPOINTMENT-OF-INDEPENDENT-DIRECTOR.pdf
Directors and Key Managerial Personnel a) Directors:
Mr. T Shivaraman has been appointed as Managing Director & CEO of the Company for a
period of 3 years with effect from 30th March 2022 till 29th March 2025 and the same has
been approved by the shareholders at the Annual General Meeting held on 30th June 2022.
Mr. N Rangachary, has retired from the position of Chairman, Independent Director of the
Company and Maj.Gen. A L Suri (Retd), has retired from the position of Independent
Director of the Company with effect from 2nd November 2022 as per unanimous decision taken
by the Board of Directors at their meeting held on 2nd November 2022.
Mr. P Krishna Kumar (DIN: 01717373) retires by rotation and being eligible, offers
himself for re-appointment in accordance with the provisions of Section 152(6) and the
Articles of Association of the Company. A resolution seeking shareholders' approval for
his re-appointment forms part of the Notice.
Mr. K S Sripathi has been appointed as Chairman, Independent Director of the Company
for a period of 3 years with effect from 3rd November 2022 till 02nd November 2025 and the
same has been approved by the shareholders through Postal Ballot Process. b)
Independent Directors:
The Company has received declarations from each independent directors of the Company
under Section 149(7) of the Companies Act, 2013, that they meet the criteria of
independence as laid down in Section 149(6) of the Act.
Further the Independent Directors have complied with the Code for Independent Directors
prescribed in Schedule IV to the Act.
c) Key Managerial Personnel:
There has been no change in the Key Managerial Personnel during the year except for the
details as mentioned in point (a) above.
Committees of the Board
The Company has following committees of the Board:
1. Audit Committee
2. Nomination & Remuneration Committee
3. Stakeholder's Relationship Committee
4. Risk Management Committee
5. Investment/Banking/Borrowing Committee
6. Corporate Social Responsibility Committee
7. Rights Issue Committee
A detailed note on the composition of the Board and its committees are provided in the
Corporate Governance Report as part of this Annual Report.
Related Party Transactions and Particulars of contracts or arrangements made with
related parties.
All the related party transactions that were entered into during the Financial Year
2022-23 were on an arm's length basis and in the ordinary course of business. There are no
materially significant Related Party transactions made by the Company with Promoters,
Directors or Key Managerial
Personnel etc. which may have potential conflict with the interest of the company at
large.
All Related Party Transactions are presented to the Audit Committee and the Board. A
statement of all related party transactions was presented before the Audit Committee
specifying the nature, value and terms and conditions of the transactions.
The Related Party Transactions Policy as approved by the Board is uploaded on the
Company's website at http://
orientgreenpower.com/files/Policy-on-Related-Party-Transactions.pdf.
The details of the material contracts or arrangements i.e. transactions with Related
Parties during the year, are provided in the accompanying financial statements and also in
form AOC-2 is appended as Annexure 1 to the Board's Report.
Evaluation of the Board's Performance
In compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, the performance evaluation of the Board was carried out
during the year under review.
Prevention of Sexual Harassment at workplace
The Company has always provided a congenial atmosphere for work to all the employees
that is free from discrimination and harassment including sexual harassment. It has
provided equal opportunities of employment to all without regard to their caste, religion,
colour, marital status and sex. There were no complaints reported during the financial
year under the said policy.
Audit reports and Auditors Audit reports
1. The Auditors' Report for the year 2022- 2023 does not contain any qualification,
reservation or adverse remark. The Auditors' Report is forming part of the financial
statements in this Annual Report.
2. The Secretarial Auditors' Report for the year 2022- 2023 does not contain any
qualification, reservation or adverse remark. The Secretarial Auditors' Report is enclosed
as Annexure 2 to the Board's report.
3. As required by the Listing Regulations, the auditors' certificate on corporate
governance is enclosed. The auditors' certificate for Year 2022-2023 does not contain any
qualification, reservation or adverse remark.
4. The Company is in compliance with Regulation 24A of the Listing Regulations. The
Company's unlisted material subsidiaries undergo Secretarial Audit. Copy of Secretarial
Audit Reports of Beta Wind Farm Private Limited, Bharath Wind Farm Limited and Clarion
Wind
Farm Private Limited are enclosed as Annexure 3, 4 & 5 respectively.
Auditors
Statutory Auditor
M/s. G.D.Apte & Co, Chartered Accountants (Firm Registration No. 100515W) had been
appointed as Statutory Auditors of the Company as per Section 139 of the Companies Act,
2013 for a period of 5 years from the conclusion of Tenth Annual General Meeting till the
conclusion of Fifteenth Annual General Meeting, by the members at the Annual General
Meeting held on August 09, 2017.
Further, the members at the Annual General Meeting held on 30th June 2022 re-appointed
M/s. G.D.Apte & Co, Chartered Accountants as the statutory auditors of the Company,
for a second term of five consecutive years, from the conclusion of the Fifteenth Annual
General Meeting till the conclusion of the Twentieth Annual General Meeting to be held in
the year 2027.
Internal Auditor
Internal Audit of the company and its subsidiaries are handled by the Internal audit
department of the company. The Internal Audit evaluates the adequacy of internal controls
by adopting a systematic approach.
The annual audit plan, coverage, frequency of the audits are directed by the Audit
committee. Independence of Internal Auditor is ensured by direct reporting to the Audit
Committee of the Board.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. M Alagar &
Associates, Practicing Company Secretary, CP No. 8196 were appointed as Secretarial
Auditors for the financial year 2022-23, to audit the secretarial and related documents of
the Company.
Insider Trading
In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as
amended, your Company has instituted a comprehensive Code titled as "Code of Conduct
to regulate, Monitor and Report trading by Insiders" which lays down guidelines and
advises the Directors and Employees of the Company on procedures to be followed and
disclosures to be made while dealing in securities of the Company.
The policy provides the framework in dealing with securities of the Company. Details of
the policy are available on our website, at
http://orientgreenpower.com/files/Code-of-Conduct-to-Regulate-Monitor-and-Report-Trading-by-Insiders.pdf
Conservation of energy, research and development, technology absorption, 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) Rule 2014, is appended as Annexure- 6 to the
Board's report.
Particulars of Employees
The Information as required under Section 197(12) of the Companies Act, 2013, read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is appended as Annexure- 7 to the Board's report. The Information as required under
Rule 5(1) & Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is provided in an annexure forming part of this Annual report. In
terms of the first provision to Section 136 of the Act, the report and accounts are being
sent to members excluding the aforesaid Annexure. Any member interested in obtaining the
same may write to the Company Secretary at the registered office of the Company. None of
the employees listed in the said annexure are related to any directors of the Company.
Significant and Material Orders
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and Company's operations in future.
Compliance with Secretarial Standards
During the year under review, the Company has complied with all the applicable
Secretarial Standards.
Extract of Annual Returns
Annual Return of the Company is available on our website at
http://orientgreenpower.com/annual-report.asp
Board Policies
The details of the major policies approved and adopted by the Board as per SEBI
Regulations are as follows:
Whistle Blower Policy (Policy on Vigil Mechanism)
The company has adopted a whistle blower mechanism for directors and employees to
report concerns about unethical behavior, actual or suspected fraud, or violation of the
company's code of conduct and ethics. Details of the policy are available on our website,
at http://orientgreenpower. com/files/Whistle-Blower-Policy.pdf
Policy for Determining Materiality for Disclosures
The policy applies to disclosures of material events affecting the Company and its
subsidiaries. Details of the policy are available on our website, at
http://orientgreenpower.
com/files/POLICY-ON-CRITERIA-FOR-DETERMINING-MATERIALITY-OF-EVENTS.pdf
Nomination and Remuneration Policy
This policy formulates the criteria for determining qualifications, competencies,
positive attributes and independence for the appointment of the director (Executive/
non-executive) and also the criteria for determining the remunerations of the Directors,
Key Managerial Personnel, Senior Management. Details of the policy are available on our
website, at
http://orientgreenpower.com/files/Code-of-Conduct-Directors-and-Senior-Management.pdf
Corporate Social Responsibility Policy
The policy outlines the company's strategy to bring about a positive impact on society
through programs relating to hunger, poverty, education, healthcare, environment and lower
its resource footprint. Details of the CSR policy are available on our website,
athttp://orientgreenpower.com/ files/Policy-on-CSR.pdf
Policy on Material Subsidiaries
The policy is used to determine the material subsidiaries of the company. Details of
the policy are available on our website, at
http://orientgreenpower.com/files/Policy-on-Material-Unlisted-Subsidiary-Company.pdf
Related Party Transactions Policy
The policy regulates all transactions between the company and its related parties.
Details of the policy are available on our website, at
http://orientgreenpower.com/files/Policy-on-Related-Party-Transactions.pdf
Documents Retention and Archival Policy
The policy deals with the retentions and archival of corporate records of the Company
and all its subsidiaries. Details of the policy are available on our website, at http://orientgreenpower.com/files/ARCHIVAL-POLICY.pdf
Risk Management Policy
The Board of Directors of the Company has formed a Risk Management Committee to frame,
implement and monitor the risk management plan for the Company.
The Committee is responsible for monitoring and reviewing the risk management plan and
ensuring its effectiveness. The Audit Committee has additional oversight in the area of
financial risks and controls. The major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis. The Details
of policy on Risk management is available on the website of the Company at
http://orientgreenpower.com/files/Risk-Management-Policy.pdf
Dividend Distribution Policy
Policy is to set out guidelines as to return to the shareholders that cash, which in
the opinion of the board, is in excess to the short and medium term cash requirements and
facilitate the process of dividend recommendation or declaration and its pay-out by the
company which would ensure a regular dividend income for the shareholders and long term
capital appreciation for all stakeholders of the company. Details of the Policy are
available on our website at http://orientgreenpower.com/files/Dividend-Distribution-Policy.pdf
Succession Planning
The Nomination and Remuneration Committee of the Board (‘NRC') oversees matters
relating to succession planning of Directors, Senior Management and other Key Executives
of the Company.
Investor Education and Protection Fund (IEPF)
Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules'), any
Application money received by the company for allotment of securities and due for refund
shall be transferred to the IEPF established by the Central Government, after the
completion of seven years. Further, according to the Rules, the amounts which have not
been paid or claimed by the shareholders for seven consecutive years or more shall also be
transferred to the IEPF account created by the IEPF Authority. Accordingly, on 5th October
2017 unclaimed Share Application money amounting to Rs. 16,750 has been transferred to
IEPF account as per the requirements of the IEPF rules.
Business Responsibility and Sustainability Report (BRSR)
The Listing Regulations mandate the inclusion of the BRSR as part of the Annual Report
for the top 1,000 listed entities. Even though for the financial year 2022-23 as per
Market Capitalization criteria, the company falls below the thresholds, the Company shall
continue to comply as per regulation 3 of the SEBI(LODR). In compliance with the Listing
Regulations, Our Business Responsibility and Sustainability Report forms part of this
Annual Report.
Disclosure requirements
• The Company complies with all applicable mandatory Secretarial Standards issued
by the Institute of Company Secretaries of India
• Neither the statutory auditors nor the secretarial auditor, internal auditor has
reported to the audit committee, under Section 143 (12) of the Companies Act, 2013, any
instances of fraud committed against the Company by its officers or employees.
• The Company does not have any scheme or provision of money for the purchase of
its own shares by employees/ Directors or by trustees for the benefit of employees/
Directors; and
• The Company has not issued equity shares with differential rights as to
dividend, voting or otherwise
Green Initiative
Electronic copy of the Annual Report for FY 2023 and the Notice of the ensuing AGM is
being sent to all shareholders whose email addresses are available in demat account and
registered with Company's Registrar and Share Transfer Agent. As per the General Circular
No. 20/2020 of Ministry of Corporate Affairs dated May 5, 2020, shareholders holding
shares in demat form are requested to update their email addresses with their Depository
Participant(s) and for shareholders holding shares in physical form, should get their
email registered with Cameo Corporate Services Limited, Company's Registrar and Share
Transfer Agent.
Appreciation
Your Directors wish to convey their deep appreciation to all the employees, customers,
vendors, investors, Bankers, Financial Institutions for their sincere and dedicated
services as well as their collective contribution to the Company's performance.
Your Directors also thank the Government of India, Government of various States in
India and concerned Government Departments for their co-operation.