To

The Members,

Filtra Consultants and Engineers Limited

Your Directors have pleasure in presenting the 12^th Annual Report of the Company and the Standalone Audited Financial Statement of the Company for the financial year ended March 31, 2023 together with the Auditor's Reports thereon.

1. Financial Results:

The summarized financial results for the financial year ending March 31, 2023, are highlighted as under:

2. Brief description of the Company's working during the year/State of Company's affairs and Operational Results:

The Company is trading in various water treatment products such as Multiport Valves, Dosing System, Electronic dosing pump, Pressure Vessels, Conductivity Meters, Rota Meters etc. Your Company is one stop solution for all water treatment components, providing wide range of components and spares, gives advantage and freedom to the clients to choose products and spares parts as per their requirement. In addition to that the Company also assemble the parts and sale the customized products as per the customer's needs. The Company runs business through its various branches as well as through its online portal where products are sold on B2B basis.

The Company has done exceptionally well in the year 2022-23. The income from operation of the Company increased to Rs. 9,066.02 Lac from Rs. 7,391.17 Lac in previous year registering a growth of 22.66%. Further, the Profit after tax increased to Rs. 344.32 Lac from Rs. 300.79 Lac in previous year, registering a growth of 14.47%. The reason for increase is due to better inventory Management, increase in sales and control on expenses.

The Management is continuously working on increasing the revenue and to give better results in coming years by introducing new technologically advanced products at competitive rates, adding new customers by venturing into new market and area and also do better inventory management.

3. Change in the nature of business, if any:

The Company is in the business of selling water treatment products and provides the related services. There was no change in nature of business during the period under report.

4. Reserves:

The Board does not propose to carry any amounts to reserves.

5. Dividend:

To conserve resources for future, your Directors do not recommend any dividend for the financial year under review.

6. Annual Return:

Pursuant to Section 92(3) and 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return is placed on website of the Company and which shall be treated as part of this Report. The link of the Annual Report is as follows: https://www.filtra.in/upload/investment/1692787953.Form MGT-7 - 22-23 web.pdf

7. Details of Subsidiary/Toint Ventures/Associate Companies:

The Company does not have any Subsidiary, Joint Venture or Associate Company as on March 31, 2023. During the year under report, pursuant to approval of strike-off application filed by Of Water Private Limited, Subsidiary Company of the Company, the said Company was closed w.e.f. April 01, 2022 and hence, it ceased to be Subsidiary of the Company.

As there was no subsidiary/associates/joint venture Company of the Company as on March 31, 2023, providing Form AOC-1 is not applicable to the Company.

8. Auditors:

a) Statutory Auditors:

At the 8^th Annual General Meeting held on August 22, 2019, M/ s. Krunal Shah & Co. (Firm Registration No. 131794W), Chartered Accountants, were appointed as the Statutory Auditors of the Company for 5 consecutive financial years i.e. till the Annual General Meeting to be held for the financial year 2023-24.

b) Internal Auditors:

M/s. CNK & Associates LLP was Internal Auditors of the Company for the financial year 2022-23. In compliance with the provisions of Section 138 of the Companies Act, 2013, the Board, on the recommendation of the Audit Committee, has appointed M/s. CNK & Associates LLP as Internal Auditors of the Company for the financial year 2023-24.

c) Secretarial Auditors:

As required under section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board, on the recommendation of the Audit Committee, has appointed M/s. Hemanshu Kapadia & Associates (FCS: 3477 and C.P. No.: 2285), Practicing Company Secretaries, as the Secretarial Auditors of the Company for the financial year 2023-24 to undertake the Secretarial Audit of the Company for the financial year 2023-24 and issue Secretarial Audit Report as required under the Act.

9. Auditors Report:

a) Statutory Audit Report:

The Auditors' Report and annexure to the Auditors' Report are self-explanatory and does not contain any observation/qualification therefore, no explanations need to be provided for in this report.

b) Secretarial Audit Report:

The Secretarial Audit Report in form MR-3 issued by M/ s. Hemanshu Kapadia & Associates, Practicing Company Secretaries, who were appointed as the Secretarial Auditors of the Company for the financial year 2022-23, is appended as Annexure - 1 to the Board's Report. The Secretarial Audit Report for the financial year 2022 - 23 contains one observation. Observation of Secretarial Auditors and Management reply for the same is given as under:

10. Conservation of energy, technology absorption and foreign exchange earnings and outgo:

A. Conservation of energy:

i. The steps taken or impact on conservation of energy:

As the Company is trading Company and does not have any manufacturing activity, it does not require much energy to operate. Your Company has always considered energy and natural resource conservation as a focus area and has been constantly making efforts towards its conservation. Even though the operations of the Company are not energy-intensive, the Company on continuous basis has taken several sustainable steps voluntarily to contribute towards better environment. Select few steps are listed below:

a) Monitoring the Electricity Expenses on monthly basis,

b) Reducing the wastage in transport by internal Branch Movement as well as the supply to clients. This is challenging but leads to less consumption of energy or Transportation which means less pollution and better Environment,

c) The Company is planning to install Solar Electricity Generation in Head office of Filtra,

d) Installation of LED lights in all the offices of the Company,

e) Cross ventilation and time based auto light sensors for less electricity consumption,

f) Use of energy efficient electric equipment, and

g) Educating employees and workers for energy conservation.

11. The steps taken by the Company for utilizing alternate sources of energy:

The Company is using electricity as main source of its energy requirement. The Company is planning to install Solar Electricity Generation in Head office of Filtra

iii. The capital investment on energy conservation equipment:

The Company has not made any capital investment on energy conservation equipment.

B. Technology absorption:

i. The efforts made towards technology absorption:

The Company is a trading Company hence; no efforts were made for technology absorption. However, the Company is keeping track worldwide on technological development of the products in which it deals to have competitive advantage.

ii. The benefits derived like product improvement, cost reduction, product development or import substitution: Not Applicable.

iii. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year): No technology has been imported by the Company during the last three financial years.

iv. The expenditure incurred on Research and Development: Nil

C. Foreign exchange earnings and Outgo:

The Company is majorly engaged in activities relating to trading of water treatment component/ equipment in India. The Company is also engaged in export activities and taking measures for increasing exports, developing new export markets and formulating export plans. Details of total foreign exchange used and earned on actual basis are given below:

11. Particulars of contracts or arrangements with related parties:

The particulars of every contract or arrangements entered into by the Company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 including transactions entered at arms' length under third proviso, in prescribed Form No. AOC -2 is appended as Annexure - 2 to the Board's Report.

The details of transactions entered into with related parties, as per Accounting Standards, are disclosed in the Note No. 26 of the Financial Statement.

12. Particulars of Loans, Guarantees or Investments under section 186:

During the year under report the Company has not given any loans or guarantees to any person, except employees of the Company details of which are given in Note No. 17 of the financial statements. Further, the Company does not have any investment falling within the preview of Section 186 of the Act. However, the Company has invested surplus funds, which was not immediately required, in liquid funds/mutual funds.

13. Directors and Key Managerial Personnel:

a) Directors and Key Managerial Personnel and changes therein:

As on the date of this Report, your Company has 6 (Six) Directors consisting of 3 (Three) Independent Directors and 3 (Three) Executive Directors (Promoters) including a Woman Director (Promoter).

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with the applicable Rules thereto and Articles of Association of the Company, Mr. Ashfak Mulla (DIN: 03506172) retires by rotation at the ensuing AGM and, being eligible, offers himself for re-appointment. The Board recommends to the Members his re-appointment as Director of the Company.

Based on the recommendation of the Nomination and Remuneration Committee and the Board of Directors of the Company, the Members in its 10^th AGM had approved re-appointment of Mr. Ketan Khant (DIN: 03506163) as Managing Director and Mrs. Anjali Khant (DIN: 03506175) & Mr. Ashfak Mulla (DIN: 03506172) as Whole-time Directors of the Company for a further period of three years w.e.f. April 01, 2021 i.e. till March 31, 2024 and approved their remuneration. As their tenure is expiring soon, the Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, in its meeting held on August 18, 2023 has approved their re-appointment for a further period of three years w.e.f. April 01, 2024 to March 31, 2027, which is subject to the approval of the Members at the ensuing Annual General Meeting.

Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors in its meeting held on February 27, 2023 has approved increase in sitting fees of Independent Directors as follows:

a) Rs. 25,000/- per quarterly Board Meeting effective immediately; and

b) Rs. 30,000/- per quarterly Board Meeting to be held on or after April 01, 2023.

In the said meeting, remuneration of the executive Directors were also increased, details of which were given in notice of 12^th AGM.

Ms. Shikha Sunil Chaurasia (Membership No.: A59412) acted as Whole-time Company Secretary and Compliance Officer of the Company till she tendered her resignation from the Company w.e.f. June 23, 2022. Thereafter, the Board of Directors in its meeting held on November 12, 2022 has appointed Ms. Keshmira Behram Behramkamdin (Membership No.: A40724) as Company Secretary and Compliance Officer w.e.f. November 12, 2022.

Further, at the time of the appointment of an Independent Director, the Company issues a formal letter of appointment outlining his / her role, function, duties and responsibilities. The format of the letter of appointment is available on our website at

http://filtra.in/upload/investment/1535001740.Appointment letter of ID.pdf

As on March 31, 2023 following were the Directors and Key Managerial Personnel in the Company:

1. Mr. Ketan Khant (DIN: 03506163) Chairman & Managing Director - Key Managerial Personnel

2. Mrs. Anjali Khant (DIN: 03506175), Whole-Time Director

3. Mr. Ashfak Mulla (DIN: 03506172), Whole-Time Director

4. Mr. Abhay Nalawade (DIN: 00342055), Independent Director

5. Mr. Haresh Malusare (DIN: 02246773), Independent Director

6. Mr. Yogesh Tavkar (DIN: 07011793), Independent Director

7. Ms. Vaishali Pai (PAN: AOWPP3359K), Chief Financial Officer - Key Managerial Personnel

8. Ms. Shikha Chaurasia (Membership No. A59412), Company Secretary & Compliance Officer - Key Managerial Personnel (She resigned from the Company w.e.f June 23, 2022)

9. Ms. Keshmira Behram Behramkamdin (Membership No. A40724), Company Secretary & Compliance Officer - Key Managerial Personnel (appointed w.e.f November 12, 2022)

Brief resume of the Directors proposed to be re-appointed at the 12^th AGM, relevant information as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards - 2 have been given in the Notice convening the 12^thAGM.

Mr. Ketan Khant (DIN: 03506163) and Mrs. Anjali Khant (DIN: 03506175), Directors of the Company, are related with each other (inter-se).

b) Board Evaluation:

The Board evaluation process is carried through a structured questionnaire which was prepared after taking into consideration inputs received from the Directors, setting out parameters of evaluation; the questionnaire for evaluation are to be filled in, consolidated and then evaluation was carried out.

Pursuant to the provisions of Section 178 of the Companies Act, 2013 and terms of reference of Nomination and Remuneration Committee, the Committee had decided that performance of the Board, Committee and all the Directors, excluding Independent Directors, would be carried by Independent Directors and performance evaluation of Independent Directors would be carried by the Board of Directors once in year. In accordance with the criteria suggested by the Nomination and Remuneration Committee, the performance of each Independent Director was evaluated by the entire Board of Directors in its meeting held on February 27, 2023 (wherein the Director getting evaluated was absent) on various parameters like engagement, leadership, analysis, decision making, communication, governance, interest of stakeholders, etc. The Board was of the unanimous view that every Independent Director was a reputed person and brought their rich experience to the deliberations of the Board and suggesting new system and process to improve performance of the Company.

The performance of all the Non-Independent Directors was evaluated by the Independent Directors at their separate meeting held on February 27, 2023. The various criteria considered for the purpose of evaluation included leadership, engagement, transparency, analysis, decision making, functional knowledge, governance, stakeholders, etc. Independent Directors were of the unanimous view that all the Non-independent Directors were having good business and leadership skills. The Independent Directors also reviewed and discussed the performance of the Board as whole and flow of information from Management to the Directors. They were satisfied with the performance of the Board as a whole. Further, they have also evaluated the performance of the Chairman of the Company on various aspects such as Meeting dynamics, Leadership (business and people), Governance and Communication, etc. and expressed their satisfaction over the same.

c) Declaration by an Independent Director(s) and re-appointment, if any:

All the Independent Directors have provided declaration of Independence, as required pursuant to Section 149(7) of the Companies Act, 2013, stating that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 and that they are not disqualified to become Directors under the Act; and in the opinion of the Board of Directors, all the Independent Directors fulfill the criteria of independence as provided under the Act and that they are independent of the Management.

14. Number of meetings of the Board of Directors:

The Board of Directors met four (4) times during the financial year 2022-23. The intervening gap between any two meetings was not more than 120 days as prescribed by the Companies Act, 2013. Details of date of Board meeting held during the year and attendance of Directors are given in table

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15. Details of Committees of the Board:

Currently the Board has 3 Committees: the Audit Committee, Nomination & Remuneration Committee and Stakeholders' Relationship Committee. The Composition of various Committees and other details are as follows:

A. Audit Committee:

The Board has an Audit Committee in conformity with the provisions of Section 177 of the Companies Act, 2013. As on March 31, 2023, the Audit Committee was comprised of three Independent Directors namely, Mr. Haresh Malusare (DIN: 02246773), Mr. Abhay Nalawade (DIN: 00342055) and Mr. Yogesh Tavkar (DIN: 07011793), where Mr. Haresh Malusare (DIN: 02246773) acted as the Chairman of the Committee. Further, Ms. Shikha Chaurasia, Company Secretary and Compliance Officer of the Company, acted as Secretary of the Committee till her resignation. Thereafter, Ms. Keshmira Behram Behramkamdin, Company Secretary and Compliance Officer of the Company, acted as Secretary of the Committee since November 12, 2022.

All the Members of the Audit committee are financially literate and have accounting or related financial management expertise as required under the Companies Act, 2013.

All the major steps impacting the financials of the Company are undertaken only after the consultation of the Audit Committee. During the year under review, the Board of Directors of the Company had accepted all the recommendations of the Audit Committee.

The details of number of Committee Meetings held during the year 2022-23 and attendance of Members of the Committee are given in table below:

Details of establishment of Vigil mechanism cum Whistle Blower policy for Directors and employees:

The Company, pursuant to Section 177(9) of the Companies Act, 2013, has established Vigil Mechanism cum Whistle Blower Policy for Directors and Employees to report their concerns and has also taken steps to safeguard any person using this mechanism from victimization. Further, in appropriate and exceptional cases, there is direct access to approach Mr. Haresh Malusare (DIN: 02246773), the Chairman of the Audit Committee. The Policy on vigil mechanism may be accessed on the Company's website at the link: http: / / www.filtra.in/upload/investment/1529333294.16.pdf

B. Nomination & Remuneration Committee:

The Board has Nomination & Remuneration Committee in conformity with the provisions of Section 178 of the Companies Act, 2013. As on March 31, 2023, the Nomination and Remuneration Committee was comprised of three Independent Directors namely, Mr. Abhay Nalawade (DIN: 00342055), Mr. Haresh Malusare (DIN: 02246773) and Mr. Yogesh Tavkar (DIN: 07011793), where Mr. Abhay Nalawade (DIN: 00342055) acted as the Chairman of the Committee. Further, Ms. Shikha Sunil Chaurasia, Company Secretary and Compliance Officer of the Company, acted as Secretary of the Committee till her resignation. Thereafter, Ms. Keshmira Behram Behramkamdin Company Secretary and Compliance Officer of the Company, acted as Secretary of the Committee since November 12, 2022.

The appointment of the Directors and Key Managerial Personnel is recommended by the Nomination & Remuneration Committee to the Board. Your Company has devised the Nomination Policy for the appointment of Directors and Key Managerial Personnel (KMPs) of the Company who have ability to lead the Company towards achieving sustainable development. The said Policy also covers the matters related to the remuneration of Directors, Key Managerial Personnel and Senior Managerial Personnel. A copy of the policy is appended as Annexure - 3 to the Board's Report.

The Details of remuneration paid to the Directors are given in form MGT-7 and also in annexures to the Board's Report.

The details of number of Committee Meetings held during the year 2022-23 and attendance of Members of the Committee are given in table below:

C. Stakeholders' Relationship Committee:

The Company has always valued its investors and stakeholders. In order to ensure the proper and speedy redressal of shareholders'/investors' complaints, the Stakeholders' Relationship Committee was constituted. The role of the Committee is to consider and resolve securities holders' complaint and to approve/ratify transfer of securities. The constitution and terms of reference of the Stakeholders' Relationship Committee is in conformity with the provisions of Section 178(5) of the Companies Act, 2013. As on March 31, 2023, the Stakeholders' Relationship Committee was comprised of Mr. Yogesh Tavkar (DIN: 07011793), Mr. Abhay Nalawade (DIN: 00342055) and Mr. Haresh Malusare (DIN: 02246773), where Mr. Yogesh Tavkar (DIN: 07011793) has acted as the Chairman of the Committee.

The details of number of Committee Meetings held during the year 2022-23 and attendance of Members of the Committee are given in table below:

16. Management Discussion & Analysis Report:

In accordance with Regulation 34 read with Schedule V of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015, the Management Discussion & Analysis Report is

appended as Annexure - 4 of the Board's Report.

17. Directors' Responsibility Statement:

As stipulated under section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, your

Directors subscribe to the Directors' Responsibility Statement and state that:

a) in the preparation of the annual accounts for the financial year ended on March 31, 2023, the applicable accounting standards have been followed and that there are no material departures from the same;

b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended on March 31, 2023 and of the profit and loss of the Company for that period;

c) they have 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) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls for the Company and such internal financial controls are adequate and operating effectively during the financial year ended March 31, 2023; and

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively during the financial year ended March 31, 2023.

18. Managerial Remuneration:

The information required to be disclosed with respect to the remuneration of Directors and KMPs in the Board's Report pursuant to Section 197 of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the financial year 2022-23, is appended as Annexure - 5 to the Board's Report.

The names of top ten employees of the Company in terms of remuneration drawn as required pursuant to Section 197 of the Companies Act, 2013, read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the financial year 2022-23, is appended as Annexure - 6 to the Board's Report.

19. Report on Corporate Governance:

Your Company is committed to maintain the highest standards of corporate governance. We believe sound corporate governance is critical to enhance and retain investor trust. We have implemented best corporate governance practices in the Company to enhance long-term shareholder value and respect minority rights in all our business decisions.

Being listed on SME exchange of BSE Ltd., as per regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Corporate Governance provisions contained in the said Regulations are not applicable to your Company hence your Company is not required to give report on Corporate Governance. Even though the provisions of Corporate Governance are not applicable to the Company, the Company is in words and spirit follows the most of the provisions of Corporate Governance.

20. Cost Records:

As the provisions of Section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 was not applicable on the Company; the Company was not required to maintain Cost records.

21. Risk Assessment and Management:

Your Company has a well-defined Risk Management System in place, as a part of its good Corporate Governance practices. All the risks are identified at various levels and suitable mitigation measures are thereafter adopted. These are subjected to a quarterly review by the Audit Committee as well as the Board. Accordingly, management of risk has always been an integral part of the Company's 'Strategy of Organisation' and straddles its planning, execution and reporting processes and systems. Backed by strong internal control systems, the current Risk Management Framework consists of the following key elements:

• The Risk management policy approved by the Board, clearly lays down the roles and responsibilities of the entity in relation to risk management covering a range of responsibilities, from the strategic to the operational. These role definitions, inter-alia, provides the foundation for your Company's Risk Management Policy and Framework that is endorsed by the Board and is aimed at ensuring formulation of appropriate risk management procedures, their effective implementation across your Company and independent monitoring and reporting by Internal Auditors.

• Appropriate structures are in place to proactively monitor and manage the inherent risks in businesses with unique / relatively high risk profiles.

• The Audit Committee of the Board reviews Internal Audit findings and provides strategic guidance on internal controls. The Audit Committee closely monitors the internal control environment within your Company including implementation of the action plans emerging out of internal audit findings.

• The Company has appointed Internal Auditors and Secretarial Auditors to comply with the various provisions and compliances under applicable laws.

22. Internal Control System and their Adequacy:

Adequate internal controls, systems and checks are in place, which commensurate with the size of the Company and the nature of its business. The Management exercises financial control on the operations through a well-defined budget monitoring process and other standard operating procedures. In addition to the above, the Audit Committee and the Board specifically reviews the Internal Control and Financial Reporting process prevalent in the Company. On a periodical basis, the Board also engages the services of professional experts in the said field in order to ensure that the financial controls and systems are in place. The Management also improvise the various Standard Operating Process (SoP) based on findings of Internal Auditors as well review of SoPs by the Management.

23. Disclosure under the Sexual Harassment of Women at work place (Prevention, Prohibition and Redressal) Act, 2013:

The Company has Policy on Prevention of Sexual Harassment at work place. The Company has not received any complaints pertaining to sexual harassment during the financial year 2022-23. Your Directors state that Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

24. Secretarial Standards:

The Company has complied with the applicable Secretarial Standards, as issued by the Institute of Company Secretaries of India and notified by the Central Government.

25. Other Disclosures / Reporting:

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions/event on these items during the year under review:

a) Issue of equity shares with differential rights as to dividend, voting or otherwise as no such shares were issued;

b) Issue of shares (including sweat equity shares) to employees of the Company as no such scheme was drawn;

c) Voting rights which are not directly exercised by the employees in respect of shares for the subscription/purchase of which loan was given by the Company (as there is no scheme pursuant to which such persons can beneficially hold shares as envisaged under section 67(3)(c) of the Companies Act, 2013);

d) Material changes and commitments, if any, 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 relate and the date of the report;

e) Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future;

f) Details relating to deposits covered under Chapter V of the Act;

g) Details of payment of remuneration or commission to Managing Director or Whole-time Director of the Company from any of its subsidiaries as the Company does not have any Subsidiaries/Joint Venture/ Associate Company;

h) Details in respect of frauds reported by Auditors under sub-section (12) of Section 143 other than those which are reportable to the Central Government, as there was no such frauds reported by the Auditors;

i) Reporting on Corporate Social Responsibility as the Company does not attract any of the criteria as mentioned in Section 135(1) of the Act;

j) The details of application made and proceeding pending under the Insolvency and Bankruptcy Code, 2016; and

k) 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.

26. Acknowledgments:

Your Directors take this opportunity to thank Filtra's customers, Members, suppliers, bankers, business partners and associates, financial institutions and Central and State Governments for their consistent support and encouragement to the Company.

Finally, your Directors would like to record sincere appreciation to all the employees of the Company for their hard work and commitment.