A separate report on Corporate Governance compliance and a Management Discussion and Analysis Report as stipulated by Clause 49 of the Listing Agreement forms partofthis Annual Report along with the required Certificate from the Statutory Auditors of the Company regard- ing compliance of the conditions of Corporate Governance as stipulated by Clause 49 of the Listing Agreement. In compliance with Corporate Governance requirements as per Clause 49 of the Listing Agreement, your Company has formulated and implemented a Code of Busi- ness Conduct and Ethics for all Board members and senior management personnel of the Company, who have affirmed the compliance thereto. As in the past, your Company continues to follow proper Corporate Governance policies.

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