To,

The Membc,s

(In Lakhs)

REVIEW OF OPERATIONS

During the F1nancial Year under review, the operational results ended with a toss d~46:t8 ttnsas against a profit of Rs.12147 L.-at6 during the previous year. The Net rcvoouc of the company standsRat6335.89 lakhs as against Rs.5610.4 Lakhs during the previous year, showing an ina-casc of 12.93%. The consolidated net revenue including its subsldiaricstlor current year is Rs. 9369.99 Lakhs agalnstRs. 8069.97 Lakhs during the previous year.

Thero arc no material Changes and commitments affcctlng the financial position of the company wtDcbrrtuivc o between the end of the financial year of the oomp.any to which the financial state-moots rcJatcd and the date of this report except as mentioned in the Financials.

SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

Your company has seven subskfiarics indudi.ng one step down subsidiary as on 31 "' Marcil, 2022 and the details.arc as under.

•CMS Katra Holdings LLC ho&ds 100'?6:harcholding in CM S Katra Nursing LLC; hoocc CMS Katra Nursing LLC is astep -down subsidiary of your oompany.

HIGHLIGHTS ON PERFORMANCE OF SUBSIDIARIES

n Indian Subsidiary

Ourlng the year under review. Mis. Ayurvcda,gram Heritago Wellness Centre Private Limited. has achieved a turnovor of Rs.904.30 lakhs as against Rs.529.98 lakhs In the previous financial year. AccordingJy, the EBITDA of the cornpany is Rs.288.25 lakhs against Rs. 135.9 lakhs in the previous year.

n Overseas Subsid1artes

The combined turnover of overseas subsidiaries is Rs.2246.34 L.a.khs as compared to Rs. 2118.31 Lakhs ln the previous year. The performance of each of the subsidiaries of me Company is mentioned below:

a} Ayurvcd1c A cademy Inc

The rumovcr of Ayurvcda Academy Inc during the financial ydl022- 23 is Rs.1815.84 Lakhs as compared Rs1705.2 Lakhs in the previous year. The k>ss of the subsidiary after taxes was Rs. 33.73 Lakhs as oomparod to profit of Rs. 467 Lakhs In the previous year.

b) Suveda Inc. (formerty k nown as Nutravcda Inc.)

The turnover of Suveda Inc. during the financial ycao22- 23 Is Rs. 41 3.1 Lakhs as romp.a.red to Rs. 430.50 Lakhs ln the previous year. The subsidiary incurred a loss of Ai.9.85 Lakhs as oompared to a loss of RlB2.85 in the pro\lious year. c} Ayu Natural Medici ne Clinic, PS, USA

The turnover of Ayu Natural Medicine Clinic, PS, USP,s nil during the financial yca2022- 23 and in the previous year.

The subsidiary has not earned crny profit i.n the financial ycal022- 23 and In the previous year.

d) CMS Katra Hold;ngs LLC, USA

The turnover of CMS Katra Moktir,gs U.C, USA nil during the financial yea()22- 23 and ln the previous year. The subsidiary has oot earned any profit in the financial yca.2022- 23 and In the previous year.

o) CMS Katra N ursing LLC, USA

The turnover of CMS Katra Moldings LLC, USA nil during the financial ycaQ22- 23 and in the previous year. The subsidiary has not ca.med any profit in the financial yca!022- 23 and In the previous year.

f) Nutraveda Pte ltd

The turnover of Nutravcda Ptc Ltd Is nil during the financial year 2022-23 and In the previous year. The subsidiary has not earned any profit in the financial ycal2022- 23 and In the previous year.

CONSOLIDATED FINANCIAL STATEMENTS

As per Ruic 8 of Companies (Accounts) Amcnd1ncnts Rules, 2016, a report on the highlights of performance of subsidiaries, associates and joint venture companies and the-Ir oontrfbutions to the overall performance of the oompa.ny during the period under report is attached as Anne-xurc-1. Any mc-mbcr intending to have a copy of the Balanoo sheet a.nd other financial statement of these Companies shall be made available on the website of the Comp.anywww. kerataayurvcda.biz/invcstor-rolationships/undcr the "'Investor- Tab. It shan also be kept for inspection during business hours by any shareholder in the rcg1stcrcd office of the Company and the respective offices of its subsidiary oomp.anles.

COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES DURING THE YEAR

During theAnanclal yoo.r ended 31st Ma.rch, 2023, no entity has bOCOme or ceased to be a subsidiary, joint venture Of associate of the Company.

DIVIDEND

With a view to COf)SCl'YC too resources for future business requirements of the Company, the Board of Directors dccldcd not to rcoommeOO any dM dood on cqufty shares for the year Otldcd 31 sc March, 2023.

RESERVES

The oompany docs oot proposotransfening any amount to reserves during the period. At the end of the year, thG:lther equity of too company is Rs.397.69 Laklls as against Rs.71.96 Lal<hs of the previous year. During the year the company had a surplus of Rs.325.73 Lakhs.

CHANGE IN THE NATURE OF BUSINESS IF ANY

Thero Is no change in the nature of business of the Company during the flna.odal year ended 31st March, 2023

DIRECTORS & KEY MANAGERIAL PERSONS:

Appointment I RoappoJntment / Resignation of DlrectorS/Rctirement of Directors

Resignation of Directors

None of the Oiroctors resigned during the FY 2022 23.

Retirement by rotation

Mr. Ramesh Vangal (DIN: ABOPV1073O), Director wlll retire by rotation at the onsu;ng Annual General Mcclin9 of the company ai'ld befog eligible has offered himself for rc..appolntmont.

A brief resume of the aforesaid Director and other lnforrnation have been detailed In the notice oonvcning the An11ual

General Meeting of the Company. Appropriate resolution for his ro appointment Is being placed for approval of the members at the ensuing AnnuaJ General Meeting.

Appointment and resignation of Key Managerial Personnel

Ms. Jyothi Gulccha, Membership NOO. 63350 is appoi:ntcd as Company Seucta.,y/Compiancc officer with effect frCN'l'I 14^th February, 2023.

MEETINGS OF T HE BOARD OF DIRECTORS

An annual calendar of Board and Committee Meetings planned during the year were prepared and circulated i.n adva1-.oo to the Directors. During the year Frvo Board Meetings, Fi'Vc Audit Conunittco Meetings, Ono NomJnation Remuneration Committee meeting and Throe Stakchokfcrs Relationship Committee meetl.ogs were convened and he.Id. The dctafls of meeting & attendance arc given in the Corporate. Govcma.ncc Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act. 2013 and the SEBI (LODR) Rogulal!ons, 2015 and pursuant to the relaxations provided. During the finafdat year 2022 23. the Board of Directors of the Company met on the following datcs-3Qlh May, 2022, 121h August. 2022, 14• Novcmbcr2022 a.net 14¹¹¹ Feb 2023.

Further, separate meeting of lndcpoodoot Directors of the Company was held on 141h February, 2023 where the prescribed items onuincratcd under Sdloduk) IV to the Companies Act, 2013 and clause 25(4) of SEBI (Listing Obligations and Oisdosurc Requirements) Regulations, 2015 were discussed.

DECLARATION BY INDEPENDENT DIRECTORISI

AU the lndopcndont Directors have furnished dcctaraUons that they moot the criteria of indopcndcncc as prosufbed under Section 149(6) of the Companies Act. 2013 a.net the Rules made there under. lo the opinion of the Boa.rd, they fulfill the conditions of Independence as specified In the Companies Act. 2013 and SEBI (Listing Obligations and Oiselosurc Requirements) Regulations, 2015 ad arc independent of the managcmenl

FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTORS

Periodic presontations a.re made at the Board and Committee meetings on business and performance updates of the Company and business strategy. The Company has carried out various programmes to familiarize Independent Directors with the Company. responsibilities in the Company, nature of the rooust,y in which the Company ope.rates, buslooss model of the Company and related matters.

Details of the ramiiarization programme for Independent Directors arc explained in the Corporate Govemancc Report.

DETAILS OF EMPLOYEES AND RELATED DISCLOSURES PURSUANT TO SECTION 197/12) OF THE COMPANIES ACT 2013

In terms of the first proviso to Section 136 of the Act. the Reports and Accounts arc being soot to the shareholders cxciuding the information required under Rule 5(2) and (3) of the Companies (Appointment aod Remuneration of Managerial Personnel) Rules, 2014. Arly shareholder intcrosted in obtaining the same may write to the Company Secretary. The said infom1ation Is available for inspection by the Members at the Registered Office of the Comp;Uly on any working day of the Comp.any up to the date of the 30th Annual General Meeting.

The statement cootainjng information as required under the provi:slons of Section 197(12) of the Act read with Rulo 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Anncxuro 3 and forms part of this Report as Annexure 2

BOARD EVALUATION

Pursuant to the provisions of The Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, the Board has canicd out an :.um ual pcrfonnance evaluation of Its own pc-rfonnanco. the directors Individually as well as the working of its committees. Tbo way the evaluation has boon ca.rrk::d out has been explained in the Corporate Govcmancc Report.

NOMINATION AND REMUNERATION POLICY OF DIRECTORS. KEY MANAGERIAL PERSONNEL AND OTHEREMPLOYEES

As required under Section 178(1) of the Com.panics Act, 2013. the Board of Directors of the Company has approved a policy on directors' appointment and remuneration including criteria for detem"tining qualifications. positive attrlbutcs, indepcndcnoo of a dJroctor and other matte-rs provided u/s 178(3).The broad parameters oovercd under the Policy arc Company Philosophy, Guiding Principjcs, Nomination of Oimctors. Remuneration of Directors, Nomination and Remuneration of the Key Managerial Pcrsooool and Senior Management and the Remuneration of other c-mployoos. The Company's Policy fumishod as Annexure 3 fomls part of this Report. The policy is also uploaded on the website of the Company and is reproduced on the website of the Company.

PARTICULARS OF AUDIT ORS:

1. Statutory Auditors

Mis. Maharaj Rajan & M athew. (Fiml Registration No. 01932S), Chartered Acoountants, were appointed as the Statutory Auditors of the Company at the AGM held on 24^th September, 2019 for a tenn of five consecutive years from the oonduslon of dl e 21• Annual General M eeting till the conclusion of 32"" Annual General Meeting.

The Report given by the Statutory Auditors on the standalone financial statements of the Company and the consolidated financial statements of the Company for l fo lnanciaJ year ended Marcil 31. 2023 fonns part of this Annual Report. Thero have been 4 obsc-Natlons/remarks given by the Statutory Auditors in their Re-port as detailed bek>w. (1) The company has boon sanctlonod working capita.J limits in e)(CCSS of five crorc rupees, in aggregate from banks or financial institutions on the baSls of socurity of current assets. The rcwms or statements filed by the oompany with Kotak Mahindra Bank for the 4• quarter arc not lfl ag.rocmcnt with the books of accounts of the company - We Normally s ubmit report to Bank on 10- of every month before the lntemat auditing commenced. (2) In our opinkln and aCOOfdio,g to the infonnatlon and cxplanaUons glveo to us, the company has defaulted In the repayment of loans due to ECL FlnarlOO LTD - Due to covid, the ea.sh flow was inadequate to manage the entire op?aUonal requirements. However the company managed to pay off the samo In April & May 2022.(~ )Undisputcd statuto,y dU-OS including GST, provident fund, employees' state insuraoce, l"lrot?tax, sales-tax, SCMCC tax, duty of customs, value added tax. cess and other material statutory dues, as applicable, havo gen-0rally boon regularly deposited to too appropriate aitheritics, theogh there has boon a sliglt delay In a row cases. Further, undisputed amounts of TOS payable outstaod:ing at the ycar-Ond for a period of more than six months frorn the date they became payabac Is Rs. 38.34 Lakhs Actually company has paid all the statutory duc-s after the Covid 19 Pandemic, but there was a delay In repayment of ECL loan and the TOS payable outstanding pertains to tMs paymen t. (4) The company has not lncu,rcd cash losses during the finaoctat year. Cash losses In the lmmocllately prccoding financial year Is Rs.576.09 Lakhs- Cash losses In the Immediately preceding financial year Is mainly duo to Covid 19 pandemic and the company has no cash losses during this financial year~

There was 1')() inst.a.nee of fraud during the year under review, which required the Statutory Auditors to roport to the Audit Committee and /or Board under Section 143(12)of theAct and Rules framed there under.

2. Secretarial Auditor&

Mis. SVJS & Associates. a fuTo of practicing Company Secretaries ('"Sea-eta.rial Auditors;. carried out the secretariaJ audit of compliance with the Act and the rules made there under, the Listing Regulations and other applicable regulations as prescribed by SEBI, Foreign Exchange Management Act, 1999 and other laws specifically appUcabto to the Company. The SecretariaJ Audit Report in Fonn MR-3 for the financial yoar under review ls attached to thls Report as Annexuro 4. The said report docs not contain any qualification, reservation or adverse mark or dlsdalmcr made by the Secretarial Auditors, e)(ccpt that (1) There was delay In Olsciosurc of related party trallSactions Which Is to be 1nadc within fifteen days from the date of publication of its standalOnc and consolidated financiaJ results.

(2) Company dd not have a compliance officer during the period 29/09/203il 13/02/2023, Company has appointed Mrs. JycUll Gulccha as the Compliance Officer with effect from 14/02f2023. (3) The Company has an unllstcd matorlal subsldia,y on the Board of wluch Independent Director ol Kcrala Ayurvcda is not a director. An Independent Director Mr. S Krishnamurthy of the Company has bCOn appointed as a director on the Board of matc,lal subsldla,yon 14.11.2022.

(4) The rcquircO')O()t of havi.ng hatf of the board of dircctOf'S ot the ltStod entity as lndcpeodC:nt dlrcctors was not ,net during the period. However, the company has appointed ooo more lodepcndcnt Oircck>r on its board of directors on 28.06.2022 thus complying with the rcquircinent. - The oampany appointed Mr. Ra.josh Shanna one more llldcpc-ndcnt Director on 28.6.2022 aod complied with the requirement.

(5) The Notice of Annual General Meeting was soot oo 06.09.2022 for the meeting held oo27.09.2022 which is not 21 clear days In advance of the meeting. Which is a Non~mplia1\CO with u,c Sec 118(10) of co,npanics Act, 2013 aod Sccrctarial Standards.

The Secretarial Audit Report of Ayurvcdagram Heritage Wellness Centre Private Limited, too material subsidiary of the Company is annexed to its Annual Report. The report is uploaded on the website of the Company.

Internal Audit and Internal Financial Controls with rcforonce to the financial statements

The Company appointed Mr. Biju George. Chartered Accountant, as its lntcmaJ Auditor. The Comp.a.ny's internal oontrol systems commoosuratc with the nature of its busiJ)CSS and the size and complexity of its operations. These arc routinely tested and certified by Statutory as well as lntcmal Auditors. Slgnific;rnt audit observations fmldiw ~p actions thereon arc reported to the Audit Committee.

3. Cost Auditors

According to Companies (Cost Reoords and Audit) Rules, 2014. your Company is roquirod to get thCS:: ost Audit done for the financial year 2022-23 and the Company has ma1ntaincd oost records for the financial year 2022 23.

VIGIL MECHANISM I WHIST LE BLOWER POLICY:

Pursuant to tile prolrisions of Section 1TT(9) & (10) of the Companies Act, 2013, a Vigil Mechanism/Whistle Blowor Policy for directors and employees to report genuine ooncems has been cstabUshed. The Vtgfl Mechanism / WhtSUC Blower Po1icy has been uploaded on the website of the Coo1JiMWYJ.kltralaavuCYQda bl?: /invcstor-rolationships/ uoocr 'Investor Scctioi'l'.

The Policy is an extension of the Code of Conduct for Oirooors & Senior Management Personnel and covors any unethical and improper actio1)S or malpractices aoo events which have taken place/suspected to take place:

As per the policy all Protected Disclosures should be addressed to dl o Vigilance Officer/ Company Secretary or to the Chalrman of the Audit Committoo in exceptional cases.

RISK MANAGEMENT POLICY

The Comp.any has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks Identified by the businesses and functk>ns a.re systcmatlcally addressed through m..itigating actions on a continuing basis. Mafor ck>ments of risk/throats for Ayurvoda Industry arc regulatory concerns, consumer pcrocptioos and competition. These arc discussed at the meetings of the Audit Committee ahd the Board of Directors of the Comp.any.

The Board of Directors has adopted a risk management policy for too comp.any outlining the parameters of identification, assessment, monitoring and mitigation of various risks wnlch ts available on the website of the COO'lpany.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

Thero was no Slgnlficant and material ordct passed by the Regulators or Courts or Tribunals impactin,g the going concom statlS aod Company's operations in future as on 31 s,i March, 2023.

CORPORATE SOCIAL RESPONSIBILITY

The Corporate Social Responsibility provisions of the Companies Act. 20?13 a.re not apptlcablo to the company and the same Is being done as a part of the coqx:,ratc ethes of the Company. However, your company always had a deep sense of responsibility towards the con--1.munity and has conducted booo care camps, diabetes camps and BMD camps ..

DEPOSITS

In terms of the provisions of Section 73 of the Companies Act, 2013, the company has not accepted any deposits from the public during the financial year under review and there arc no outstanding fixed deposits from the public as on 31,.a March 2023.

CORPORATE GOVERNANCE

Your COO'lpany has complied with corporate governance noons as stipulated by SEBI (Listing Obligations and Olsdosuro

Requirements) Regulations, 2015. A dcta0Cd report on Corporate Governance In lino with rcqulrorncnts of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Rcqulrcmoots) Regulations, 2015 is attached to this re-port. A certificate from Statutory Auditors cootlnntng the compliance of Corporate GovcmaJ'K:O Is also attached to this report.

AUDIT COMMITTEE

The details pertaining to composition and meetings of the Audit Committee are indudcd in the report on corporate Governance.

MANAGEMENT DISCUSSION ANO ANALYSIS REPORT

A detailed review of the operations, pcrtom-.ancc a.nd future outlook of your company and itsbuslncsscs is given in the Management Discussion and Analysis Report, which forms part of this report.

EXTRACT OF A NNUAL RETURN

As required under Section 92(3) of the Companies Act, 2013, an extract of Annual Rctum is uploaded on the website of the Company athttps://www .koralaayyrvcda.blz/invcstor -relationships

PARTICULARS O F LOANS. GUARANTEES OR INVESTM ENTS UNDER SECTION 186

The dctafJs of loans and lnvcstn1eots and guarantees covered under the provisk>.ns of Section 186 of the Act arc gfvcn in the Notes to too Financial Statcmcots fanning a part of Annual Report.

Curre<lt bo<rowin9S of tllC eoo>pany arc compllant with Section 180(1)(c) of lhc Companies Act, 2013

PARTICULARS O F CONTRACTS OR ARRANGEM ENTS WlTH RELATED PARTIES:

The particulars of cootradS or arrangements entered lnto by the Cornp;my with related parties referred to lo subsection (1) of Section 188 of the Companies Act, 2013 lnduding certain arm's length transactions under that proviso attached asAnnoxure 6 In Form AOC?2 forms an integral part of this report.. All related party transactions arc presented to the Audit Committee and the Board Omnibus approval Is obtained before the coirwncnccmcnt of the new financial year, for the transactions which arc ropctitivc in nature and for the transactions whleh arc not foreseen.

In line with the rcquitcmcots of the applicable laws, the Company has fc>rmulatcd a policy on related party transactioos which ts uploaded on I.he website of the Comp;rny at:https:/Jwww.kcrolaayu,ycda.blz/lnvc.stor-rclatio11Ships.

DIRECTORS' RESPON SIBILITY STATEMENT

In tcnns of Section 134(3)(c) of the Companies Act, 2013, in rotation toF ina.ncial statements of the company, the Board of

Olrccsors state that:

a. In the preparation of the arinual accounts. the applicable aocounting standards have bocn fo11owod along with proper oxp&a.natioo. relating to material dcpartl.W'CS. b. The directors have soaoctcd such accounting policlcs and applied them OOI\Sistcntty and made judgments and estimates that arc reasonable and prudent to give a true aOd falr view of the state of affairs of the company at the end of the financial year aod of the profit aod toss of the company for that period. c. The directors have taken proper and sufficient care for the maintenance ol adequate accounting records i.o accordanoo with the provisions of this Act fa- safeguarding the assets of the company and for preventing and dotocmg fraud and othef frrogularitics. d. The directors have prepared the annual accounts on a going oooccm basis. o. The directors, ha10 laid down internal financial controls to be fotlowod by the company and th.at such i.ntcmal financial controJs a,e adoquato and were operating etroctivoly, a.od f. The di.rectors have dovisod proper systems to cnsute compllanco with the provisions of aD applicable laws aod th.at such systems were adequate a..od operating effectivcty.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSALl ACT. 2013

The Company has zero tolerance towatds sexual harassment at the workplaco and has adoptod a policy oo ptc'ICf'l6on, prohibition and rod.rossal of sexual ha.rassrne:nt at workplace In lino with the provisions of the Sexual Marassme:nt of Women at Wot1<plaoo (Prcvcotlon, Prohtbition and Redrcssal) Act, 2013 and the Rules theroo1\dct. As required under law, a.n Internal Compliance Committee has been constituted for reporting and conducting lnquiryinto the complaints made by the victim on the harassment at U\o workplaoo.

During the year, no complairit of sexual harassment has boon roccivod by the Committco.

CONSERVATION O F ENERGY, TECHNOLOGY ABSORPTION A ND FOREIGN EXCHANGE EARNINGS A ND OUTGO

The infonnation pertaining to conservation of cncsgy, tooh.1\dogy absorption, forclgn cxehango oamlngs and outgoes required under Scctioo134(3)(m) of Ille Companies Act, 2013 road wilh Rulc8(3) of too Companies (Aooowits) Rules, 2014 is lumlshod In Anne.xure 7 that fom1s part of th.is Report..

HUMAN RESOURCES

Your Company treats its "human rcsou.rccs• as ooo of its most important assets. Your Company confuuousty invests In attraction, retention., and dovelol)!ncnt of talent on an ongcMng basis. A number of programs that provide focuse(k>ople's attention arc cu.rreotty underway. Your Company's thrust is on the promotion of talent intcmalty th.rough job rotation. aod job enlargement

RESEARCH ANO DEVELOPMENT

The Rcsoarch & Dcvciop,ncnt centre of KAL is recognized R&D Lab by DSIR, Ministry of Science and Technology, Govt. or India. This rocognitioo was obtained In 1999 and it was renewed tiU 2025.

Our new product range further increased rcvonuo or 25 laklls in 2022 23 year ,.;th tile help of produclS Evakalp & Thyrokalp launchod in 2021- 22. Further ctlnlcal trials arc being dooo for Arishtam shots, 4 of them airoady completed and submfttcd for license. These shots will be launchod in US market, Amazon, and olhcr E ooffimcrcc markets in current year. We have envisaged extending our product range like Myaxyt spray & Organic products by outsourcing with market leaders.

TRANSFER OF AMOUNT S T O INVESTOR EDUCATION ANO PROTECT ION FUND

Your Company did not h3\fc any funds tying lo unpaid or undaimod dividends for a period of seven years. Therefore, there were no funds which wore required to be transferred to Investor Education a.od Protection Fund (IEPF) undc:f Soctk>n 124 of the

Companies Act, 2013.

DISCLOSURE WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT

Thero arc no shares In the DEMAT suspense aooounvundalmcd suspc,osc account

LISTING WITH STOCK EXCHANGES

The equity shares of the company aro listed on Bombay Stock Exchange and the Company confirms that It has paid the Mf\U:a.l Listing Fees fo, the year 2021-22 to BSE Limited.

During the year under review, the Company Is foltowiog the Secretarial Standards. I.e., SS-1 and SS-2 relating 10 •Meetings of tile Board or Directors? and "General Meeti09s" rospcdlvely.

The Board places on record its appreciation for the continued patronage, support and ~operation extended by its shareholders, customers, bankers and all Govemrncnt and statutOf)' agencies with whose hetp,coopcration, and hard wortc the Company was able to achieve the results. Your directors would further like to rocotd appreciation to the efforts of al I.ho employees for their valuable contribution to the Company.