Dear Members,

The Directors take the pleasure in presenting this 18th Annual Report on the affairs of the Company together with the Audited Financial Statements for the Financial Year (FY) ended on 31st March, 2024. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

FINANCIAL HIGHLIGHTS/ PERFORMANCE OF THE COMPANY:

The financial results for the year ended 31st March, 2024 and the corresponding figures for the last year are as under: -

(Rs. in lakhs)

NOTES:

1. The Consolidated Financial performance includes results of Jet Freight Logistics Limited and its wholly-owned Indian subsidiary Jet Freight Express Private Limited and Vank Global Services Private Limited (VANK) and wholly owned international subsidiaries Jet Freight Logistics BV and Jet Freight Logistics Inc. (together referred to as 'Group') together with results of the previous period have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 Interim Financial Reporting prescribed under 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

2. The business of the Company has grown, specifically in Ocean Product, for the year ended March 31,2024, in comparison to last year however due to a drastic drop in the Freight rates, the Revenue of the Company is Rs 390 Crores during the reported period. The company's EBITDA is Rs.7.20 Crores for the Financial year ended 31st March 2024. Increase in Volume AIR 18% and Ocean 7%.

3. The Company operates in a single segment of freight forwarding and therefore, the segment-wise reporting is not applicable to the Company.

4. Previous periods' figures have been regrouped, rearranged, and reclassified wherever necessary to correspond with those of the current period.

OVERVIEW OF AIR CARGO:

For the Financial Year 2023-24, the Indian air cargo sector has shown notable developments and trends.

The Indian air cargo industry experienced growth, although the pace varied across different sectors. The overall cargo volume saw an increase, supported by rising demand for e-commerce, pharmaceuticals, and perishable goods. Airports like Delhi, Mumbai, and Bengaluru continued to handle the majority of air cargo traffic. E-commerce remained a significant driver of air cargo demand, with a notable increase in shipments related to online retail.

There were ongoing investments in improving air cargo infrastructure, including upgrades to cargo handling facilities at major airports and the development of dedicated cargo airports and hubs. Initiatives to streamline processes and enhance efficiency were also prominent.

The Indian government and aviation authorities continued to implement policies aimed at boosting the air cargo sector. This included efforts to simplify regulations, improve customs processes, and encourage public-private partnerships.

There was a growing focus on sustainability within the air cargo sector, with efforts to reduce carbon emissions and improve the environmental footprint of cargo operations.

Overall, the Indian air cargo sector in the Financial year 2023-24 demonstrated resilience and adaptability, reflecting broader trends in global logistics and trade.

In upcoming years air cargo industry will be experiencing several key trends and developments. The global air cargo market will be valued at approximately $226 billion in 2024, with expectations for steady growth driven by increasing demand in various sectors. The industry is projected to grow at a compound annual growth rate (CAGR) of around 4-5% over the next few years.

SIGNIFICANT EVENTS OCCURRED DURING THE FINANCIAL YEAR 2023-2024:

a) Jet Freight Logistics FZCO

Jet Freight Logistics FZCO was a wholly owned subsidiary of Jet Freight Logistics Limited which was incorporated on April 01, 2018, however Management decided to apply for voluntary liquidation by applying for deregistration with the Department of Dubai Airport Free Zone Authority (DAFZA). Further, on February 9, 2024 license was terminated by Department of Dubai Airport Free Zone Authority (DAFZA).

b) Vank Global Services Private Limited (Vank)

During the year under review, Company acquired 51% shares of Vank Global Services Private Limited (Vank).

DEALING WITH BANKS AND FINANCIAL INSTITUTIONS:

The Company had a cordial relationship with the bankers during the year whereby the required support in terms of enhancement in the working capital limits was adequately provided by the bankers. Multiple banking arrangements were entered into, during the year, in order to diversify the sources of funding required for growth. All the banks i.e Kotak Mahindra Bank Limited, State Bank of India, Deutsche Bank AG, and IndusInd Bank are keen on supporting our future growth and would stand by us in terms of their commitment to be a valued stakeholder of our Company. The Company is thankful to the Bankers for extending additional support by providing credit facilities in addition to the existing one, for meeting the need for funds due to liquidity crunch faced by the Company.

TRANSFER TO RESERVES:

The Company has made no transfer to reserves for the Financial Year 2023-2024.

DIVIDEND

In order to conserve profits, the Board of Directors do not recommend payment of dividend on the Equity Shares of the Company for the financial year ended 31st March, 2024.

DEPOSITORY SYSTEM:

All the equity shares of the Company are in dematerialized form at National Securities Depository Limited and Central Depository Services India Limited.

CHANGE IN THE NATURE OF BUSINESS:

During the year under review, there were no material changes in the nature of the business of the Company.

SHARE CAPITAL:

The Authorised Share Capital and the issued and paid-up Equity Share Capital of the Company stood, as at the end of the financial year under review, at Rs. 75,00,00,000 and at Rs. 23,20,18,920/- respectively.

SUBSIDIARIES, ASSOCIATES AND HOLDING COMPANY:

The Company has four subsidiaries as on March 31,2024, three of which are wholly-owned subsidiaries. There are no associates or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiaries.

Jet Freight Express Private Limited ("Jet XPS")

Jet XPS, a wholly-owned subsidiary of the Company was incorporated on 17.06.2018. The Company holds 100% stake in Jet XPS as on March 31,2024.

Jet Freight Logistics B.V.

Jet Freight Logistics B.V., a wholly-owned subsidiary of the Company is incorporated in Netherlands on April 22, 2021. Jet Freight Logistics B.V. is yet to commence its operations.

Jet Freight Logistics Inc.

Jet Freight Logistics Inc., a wholly-owned subsidiary of the Company is incorporated in United States of America on December 21, 2022. Jet Freight Logistics Inc. is yet to commence its operations.

Vank Global Services Private Limited (Vank)

Vank Global Services Private Limited, a subsidiary of the Company engaged in the import and export of fresh fruits and vegetables, coconuts, ground nuts, products of plantation, horticulture, agriculture, and farm products. The Company holds 51% stake in Vank as on March 31,2024.

Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient features of financial statements of the Company's subsidiaries in Form AOC-1 is attached to the financial statements of the Company.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries (except for Jet Freight Logistics B.V. & Jet Freight Logistics Inc.), are available on the website of the Company https://www.ifll.com.

DETAILS OF BOARD OF DIRECTORS:

> The Composition of the Board of Directors of the Company at the end of the Financial Year 2023-2024 are as follows:

During the year Ms. Kamalika Guha Roy, Independent Director tendered her resignation from Directorship of the company w.e.f. close of business hours of March 11,2024.

Mr. Keki Cusrow Patel, Independent Director tendered his resignation from the Directorship of the Company w.e.f. close of business hours of April 02, 2024.

Ms. Jaya Ankur Singhania was appointed as an Additional Director in the Category of Independent Director w.e.f. 07.05.2024. Re-appointment of Director retiring by rotation:

Pursuant to the provisions of section 152 of the Companies Act, 2013, the office of Mr. Dax F Theknath, (DIN: 01338030) Director is liable to retire by rotation at this Annual General Meeting, and being eligible, he has offered himself for re-appointment. Accordingly, the proposal for his re-appointment has been included in the Notice convening the Annual General Meeting of the Company.

A brief resume of directors seeking appointment/re-appointment consisting nature of expertise in specific functional areas and name of companies in which they hold directorship and/or membership/ chairmanships of committees of the respective Boards, shareholding and relationship between directorship inter-se as stipulated under Reg. 36(3) of the SEBI (LODR) Regulations, 2015, are given in the section of notice of AGM forming part of the Annual Report.

The Board of Jet Freight is strong, diverse, upholds integrity and comprises of strategic thinkers. It has a proper mix of Directors having knowledge and expertise in technology, business operations, legal and finance/banking field for conducting the affairs of the Company effectively.

Change in Key Managerial Personnel of the Company:

Chief Financial Officer

Mr. Arvind Kumar Talan, Chief Financial Officer of the Company has resigned from the office w.e.f. February 9, 2024 to pursue alternate career opportunity. The Board of Directors based on the recommendation of Audit Committee and Nomination & Remuneration Committee at it's meeting held on February 12, 2024 appointed Mr. Deepak Kacha as Interim Chief Financial Officer of the Company.

Further, on the recommendation of Audit Committee & Nomination & Remuneration Committee, the Board of Directors and at it's meeting held on May 29, 2024 appointed Mr. Deepak Kacha as full-time Chief Financial Officer of the Company.

Company Secretary & Compliance Officer

Ms. Shraddha Prakash Mehta (Membership No: A44186), Company Secretary & Compliance Officer tendered her resignation from the office w.e.f. close of Business hours of April 22, 2024. The Board of Directors based on the recommendation of Nomination & Remuneration Committee at it's meeting held on July 11, 2024 appointed Ms. Anmol Ashvin Patni (Membership No: A54691) as Company Secretary & Compliance officer of the Company w.e.f. July 11,2024.

DIRECTORS AND OFFICERS INSURANCE ('D AND O INSURANCE'):

With the continuous effort of becoming a qualitative Corporate Governance Company and in order to safeguard the interest of our Directors and Officers, the Company has renewed Directors and Officers insurance ('D and O insurance') from TATA AIG General Insurance Company Ltd, one of the most preferred liability insurance underwriters among corporates in India on a voluntary basis.

CREDIT RATING OF THE COMPANY:

In November 2023, India Ratings & Research rated the outlook on the various instruments of the Company and assigned an IND BB+/ Stable on the Long-Term Bank Facilities and IND A4+ on the Short-Term Bank Facilities.

VIGIL MECHANISM/ WHISTLE BLOWER:

A fraud and corruption free environment in a Company is the objective and in view of that, a Vigil Mechanism (Whistle Blower) Policy has been adopted by the Board for Directors and employees, which is uploaded on the website of the Company under the heading polices at https://wwwjfll.com pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013. No complaint of this nature has been received by the Audit Committee during the year under review.

ANNUAL RETURN:

The Annual Return for FY 2023-24 as per provisions of the Act and Rules thereto, is available on the Company's website at https:// www.ifll.com/financials/

STATUTORY AUDITOR:

As per Section 139(2) of the Companies Act, 2013 and the Rules made thereunder, it is mandatory to rotate the statutory auditors on completion of two terms of five consecutive years and each such term would require approval of the Members. In view of the requirements of the Companies Act, 2013, M/s S. C. Mehra & Associates LLP (R. No. 106156W/ W100305) has completed their consecutive second term as Statutory Auditor at the conclusion of the 18th Annual General Meeting.

The Board of Directors of the Company based on the recommendation of Audit Committee in their meeting held on May 29, 2024 have appointed GMCS & Co., Chartered Accountants (FRN-141236W) as Statutory Auditors of the Company, subject to the approval of members in the ensuing annual general meeting of the Company for a period of 5 (Five) years from the conclusion of 18th Annual General Meeting to the Conclusion of 23rd Annual General Meeting to be held in the year 2029.

M/s. S. C. Mehra & Associates LLP has audited the book of accounts of the Company for the Financial Year ended March 31, 2024 and have issued the Auditors' Report thereon. There are no qualifications or reservations or adverse remarks or disclaimers in the said Report.

The report of the Statutory Auditors on Standalone & Consolidated Financial Statements forms a part of the Annual Report. There are no specifications, reservations, adverse remarks on disclosure by the Statutory Auditors in their report. They have not reported any incident of fraud to the Audit Committee of the Company during the year under review.

SECRETARIAL AUDITOR:

Section 204 of the Companies Act, 2013 inter-alia requires every listed Company to annex with its Board's report, a Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form. The Board appointed Parikh & Associates (Registration No. P1988MH009800), Practicing Company Secretaries, as Secretarial Auditor to conduct Secretarial Audit of the Company for the FY 2023-2024 and their report is annexed to this report as Annexure - A.

There are no qualifications or reservations or adverse remarks or disclaimers in the said Report.

The Board has also appointed Parikh & Associates as Secretarial Auditor to conduct Secretarial Audit of the Company for FY 20242025.

INTERNAL FINANCIAL CONTROL WITH REFERENCE TO FINANCIAL STATEMENTS

The Company has adequate financial control procedure commensurate with its size and nature of business. These controls include well defined policies, guidelines, standard operating procedure, authorization and approval procedures. The internal financial control of the Company is adequate to ensure the accuracy and completeness of the accounting records, timely preparation of reliable financial information, prevention and detection of frauds and errors, safeguarding of the assets, and that the business is conducted in an orderly and efficient manner.

DEPOSITS:

The Company has not invited/ accepted any deposits from the public during the year ended March 31, 2024. Hence, there were no unclaimed or unpaid deposits as on March 31,2024.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

During the year under review, there has been no such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

Corporate Social Responsibility (CSR):

As per the provision of Section 135(1) of the Companies Act, 2013 every company having net worth of Rs. 500 Cr (five hundred crore) or more, or turnover of Rs. 1,000 (one thousand crore) or more or a net profit of Rs. 5 (five crore) or more during immediately preceding financial year shall constitute a Corporate Social Responsibility Committee. However, during the preceding financial year, the Company did not fall under the aforesaid criteria to constitute a Corporate Social Responsibility Committee and contribute funds towards CSR activities during the period.

Further, as per section 135(9) of the Act provides an exemption from the requirement of constituting a CSR Committee if the amount to be spent by the company referred under section 135(5) of the Act does not exceed Rs. 50 lakhs in a financial year. In such cases, the functions of CSR Committee as provided under section 135 of the Act shall be discharged by the Board of Directors of such company.

In view of the above provisions of the Companies Act, 2013, Board of Directors of the Company dissolved the Corporate Social Responsibility (CSR) Committee in it's meeting held on 7th July, 2023.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under section 134(3)(c) of the Companies Act, 2013 with respect to Directors' Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of the annual accounts for the financial year ended 31st March, 2024, the applicable accounting standards read with requirements set out under Schedule III to the Act have been followed along with proper explanation relating to material departures;

(ii) the Directors 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 as at March 31,2024 and of the profit and loss of the Company for that period;

(iii) the Directors 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;

(iv) the Directors have prepared the annual accounts on a going concern basis;

(v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

(vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

RISK MANAGEMENT:

The Company has developed and implemented on voluntary basis, a Risk Management Policy which identifies and, monitors major risks which may threaten the existence of the Company. The same has also been adopted by our Board and is also subject to its review from time to time. Risk mitigation process and measures have been also formulated and clearly spelled out in the said policy.

INDEPENDENT DIRECTORS' DECLARATION:

The Company has received the necessary declaration from each Independent Director in accordance with Section 149(7) of the Act and Regulations 16(1)(b) and 25(8) of the SEBI Listing Regulations, that he/she meets the criteria of independence as laid out in Section 149(6) of the Act and Regulations 16(1)(b) of the SEBI Listing Regulations.

In the opinion of the Board, there has been no change in the circumstances which may affect their status as Independent Directors of the Company and the Board is satisfied with their integrity, expertise, and experience.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUBSECTION (3) OF SECTION 178:

A policy known as "Appointment criteria for Directors & Senior Management and their Remuneration Policy" approved by the Nomination and Remuneration Committee and Board is followed by the Company on remuneration of Directors and Senior Management employees as required under Section 178(3) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. The Policy aims at attracting and retaining high caliber personnel from diverse educational fields and with varied experience to serve on the Board for guiding the Management team to enhanced organizational performance.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient under the provisions of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 amended from time to time, are forming part of the notes to the financial statements provided in this Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188 OF THE COMPANIES ACT, 2013:

The particulars of material contracts or arrangements made with related parties referred to in section 188(1) of the Companies Act 2013, in the prescribed form AOC-2 is appended as Annexure - B to the Boards' Report.

PARTICULARS OF EMPLOYEE:

Details in terms of the provisions of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration) Rules 2014, the names and other particulars of the employee are appended as Annexure - C to the Boards' Report.

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 employees drawing remuneration in excess of the limits set out in the said Rules forms part of this report, is annexed herewith as Annexure - C.

CORPORATE GOVERNANCE

Jet Freight is one of the leading freight forwarders today, offering complete logistics solutions. The vision of the Company is to be a growth-oriented company by becoming the indisputable choice in total logistics management and serving the global customer by adhering to the corporate governance norms and creating value for our stakeholders.

The Company is committed to transparency in all its dealings and places high emphasis on business ethics. Our Corporate Governance norms guide the conduct of affairs of the Company and clearly delineate the roles, responsibilities, and authorities at each level of its governance structure and key functionaries involved in the governance.

A detailed Report on Corporate Governance along with a Certificate from a Practicing Company Secretary regarding compliance with the conditions of Corporate Governance as stipulated under Schedule V of the SEBI Listing Regulations is included as a separate section and forms part of this Annual Report.

General Meeting:

The 17th Annual General Meeting of the Members was held on 10th August, 2023.

Meetings of the Board:

During the Financial Year 2023-2024, the Board of Directors met Five times viz. on May 25, 2023; July 07, 2023; August 11, 2023; November 11,2023 and February 12, 2024.

The Committees of the Board usually meet on the day of the Board meeting, or whenever the need arises for transacting business. Details of the composition of the Board and its Committees as well as details of Board and Committee meetings held during the year under review and Directors attending the same are given in the Corporate Governance Report forming part of this Report.

In accordance with the Regulation 34 of the SEBI (LODR) Regulations, 2015, ensuring that we follow the corporate governance guidelines and diligently follow best corporate practices, the Company presents disclosures on the Corporate Governance Report along with the Certificate from a Practicing Company Secretary, certifying compliance with conditions of Corporate Governance, required under Section C of Schedule V of SEBI (LODR) Regulations, 2015 is annexed herewith as Annexure - D and forms part of this Report.

Committees of the Board:

Audit Committee:

The Audit Committee of the Company comprised Four Non-Executive Directors three of whom are Independent Directors. Details of the composition of Audit Committee as on March 31,2024 is given hereunder:

• Mr. Keki Cusrow Patel - Chairperson

• Mrs. Agnes Francis Theknath - Member

• Mr. Rushabh Prashant Patil - Member

• Mr. Ajay Madhusudan Gandeja - Member

Mr. Keki Cusrow Patel, Independent Director tendered his resignation w.e.f. April 02, 2024 and he ceased to be Chairperson and Member of the Audit Committee.

Ms. Jaya Ankur Singhania, Additional Director in the Category of Independent Director was appointed as member of the Audit Committee w.e.f. May 07, 2024.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 for the year ended March 31,2024 is given below:

A. Conservation of Energy:

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

The operations of the Company do not involve high energy consumption. However, the Company has for many years now been laying great emphasis on the Conservation of Energy and has taken several measures including regular monitoring of consumption, implementation of viable energy saving proposals, improved maintenance of systems etc.

ii) The steps taken by the Company for utilizing alternate sources of energy: Nil

iii) The capital investment on energy conservation equipments: Nil

B. Technology Absorption:

i) The efforts made towards technology absorption: Nil

ii) The benefits derived like product improvement, cost reduction, product development or import substitution: Nil

a) the details of technology

b) the year of Import Nil

c) whether the technology been fully absorbed

d) If not fully absorbed, areas where this has not taken place, reasons therefore and future plan of action

iv) The expenditure incurred on Research and Development during the year included in the manufacturing cost.- Nil

C. Foreign Exchange Earnings and Outgo:

(Figures in Rupees)

FORMAL ANNUAL EVALUATION MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

Pursuant to Section 134(3) read with Rule 8(4) of the Companies (Account) Rules, 2014 & Section 178(2) of the Companies Act, 2013, a formal annual evaluation needs to be conducted by the Board of its own performance and that of its committees and individual Directors. Schedule IV to the Companies Act 2013 states that the performance evaluation of Independent Directors shall be done by the entire Board of Directors, excluding the Director being evaluated.

The Board based on evaluation criteria recommended by the 'Nomination and Remuneration Committee' and 'Code for Independent Directors' evaluated the performance of Board members.

The Board after due discussion and taking into consideration of the various aspects such as Knowledge and skills, Competency, Financial literacy, Attendance at the Meeting, Responsibility towards the Board, Qualifications, Experience, Fulfillment of functions assigned to him, Ability to function as a team, Initiative Availability & Attendance, Commitment, Contribution; expressed their satisfaction with the evaluation process and performance of the Board.

DISCLOSURES UNDER THE SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has been employing women employees in various cadres within its Registered Office and its Branches. The Company has in place a policy against Sexual Harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has gone a step ahead and made the policy gender-neutral and applicable to all employees irrespective of their sexual orientation or preferences. An Internal Complaint Committee along with coopted members for various branches are set up to redress complaints if received and are monitored on regular basis. During the year under review, the Company did not receive any complaint regarding sexual harassment.

SECRETARIAL STANDARDS:

The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.

SUSTAINABILITY

The Company continues with its journey on sustainable development with conscious efforts to minimize the environmental impact caused by its operations and simultaneously taking responsibility to enable communities to Rise without losing focus on economic performance.

ACKNOWLEDGEMENTS

We place on record our appreciation of the contribution made by employees at all levels. Our resilience to meet challenges was made possible by their hard work, solidarity, cooperation and support.

Your Directors take this opportunity to place on record their appreciation and sincere gratitude to the Government of India, the Government of Maharashtra, Bankers to the Company, the Airlines, customers, its employees/consultants for their valuable support and look forward to their continued co-operation in the years to come.

Your Directors acknowledge the support and co-operation received from the employees and all those who have helped in the day-today management.

For and on behalf of the Board of Directors