The Company has not transferred any amount to the Investor Education & Protection Fund (IEPF) and no amount is lying in Unpaid Dividend Account of the Company.

Scheme of Arrangement between Sapphire Foods India Limited ("Transferor Company") and Devyani International Limited ("Transferee Company") and their respective shareholders

The Board of Directors at its meeting held on 1st January 2026, approved the scheme of arrangement between Sapphire Foods India Limited ("Transferor Company"/"Company") and Devyani International Limited ("Transferee Company") and their respective shareholders ("Scheme") under Sections 230 to 232 and other applicable provisions of

the Companies Act, 2013, read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and other rules and regulations framed thereunder. Pursuant to the Scheme, with effect from the Appointed Date (defined in the Scheme as 1st April 2026), the Transferor Company shall stand amalgamated with and absorbed into the Transferee Company,

The effectiveness of the Scheme is subject to the receipt of required statutory and regulatory approvals and other customary conditions precedent, including approvals / non-objections from the BSE Limited and National Stock Exchange of India Limited; Competition Commission of India; National Company Law Tribunal; creditors and shareholders of the Transferor Company and Transferee Company and other third parties such as contractual counterparties. The effectiveness of the Scheme is also conditional on the transfer by sale of 5,94,55,837 (Live Crore Ninety Lour Lakh Lifty Live Thousand Eight Hundred and Thirty Seven) fully paid up equity shares of Rs. 2 (Rupees Two) each of the Transferor Company, by Sapphire Poods Mauritius Limited (promoter of the Transferor Company) to Arctic International Private Limited (group company of the Transferee Company), representing about 18.5% (Eighteen Point Live Percent) of the fully paid up equity share capital of the Transferor Company. ("Secondary Sale Transaction").

In consideration of the amalgamation of the Transferor Company with the Transferee Company, the Transferee Company shall issue and allot to shareholders of the Transferor Company 177 (One Hundred and Seventy Seven) equity shares of the Transferee Company of Rs. 1/- each fully paid up for every 100 (One Hundred) equity shares of Rs. 2/- each fully paid up, held by the shareholders of the Transferor Company, whose name is recorded in the register of members and/ or records of the depository on the Record Date

Shifting of Registered Office of the Company

The Board of Directors at its meeting held on 1st January 2026, subject to the receipt of approval of the Members of the Company, Central Government (through Regional Director / Registrar of Companies) and such other statutory / regulatory approvals, as may be necessary, approved the shifting of Registered Office of the Company from the State of Maharashtra to the State of Haryana and consequent amendment to Clause II ("situation clause") of the Memorandum of Association of the Company

The proposed shifting of Registered Office of the Company and consequent amendment to Clause II was approved by the members of the Company through postal ballot on 8th Lebruary 2026. Subsequently, an application was made with the Regional Director (Western Region) for the aforesaid proposed shifting which was approved by the Regional Director vide Order dated 21st April 2026.

As on the date of this report and pursuant to the receipt of the Order from the Regional Director, the Board of Directors has accorded their consent for shifting the Registered Office of the Company from the existing address i.e., 702, A Wing, Prism Tower, Mindspace, Link Road, Goregaon (West), Mumbai - 400062' to 'SCO 328, Sector - 9, Panchkula -134109, Haryana.', subject to receipt of approvals from the respective Registrar of Companies.

Subsidiaries, Joint Venture and Associate Companies

As at the close of the financial year 31st March 2026, your Company has two wholly-owned subsidiary companies viz., Gamma Pizzakraft Lanka (Private) Limited, Sri Lanka & Lrench Restaurants (Private) Limited, Sri Lanka and one subsidiary / joint venture viz., Gamma Island Rood Private Limited, Maldives.

Apart from the above, no other company has become or ceased to be a subsidiary, joint venture or associate of the Company during the financial year under review.

The highlights of performance and financial position of each of the subsidiary company for the financial year ended 31st March 2026, are provided in form AOC-1, in accordance with the provisions of Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014. The form AOC-1 is enclosed with the Consolidated Linancial Statements and forms an integral part of this Annual Report.

Share Capital Authorised Share Capital

As on 31st March 2026 the authorised share capital of the Company stands at Rs. 467,01,20,000 divided into 233,50,60,000 Equity shares of face value Rs. 2 each.

Issued, Subscribed and Paid-up Share Capital

As on 31st March 2026, the issued, subscribed and paid-up capital of the Company stands at Rs. 64,27,65,810 comprising of 32,13,82,905 equity shares of face value of Rs. 2 each.

During the year under review, your Company had issued and allotted 1,92,011 equity shares to its eligible employees pursuant to the exercise of stock options under Employee Stock Option Schemes.

The Company has not issued any shares with differential rights and hence no information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

Employee Stock Option Plan / Schemes

With a view to attract, reward and retain talented and key employees in the competitive environment and encourage them to align their individual performance with Company objectives, your Company has implemented Sapphire Foods Employees Stock Option Plan 2017 ("ESOP Plan") which was originally approved by the Board of Directors and the Shareholders of the Company on 24th May 2018 and 30th May 2018 respectively and subsequently ratified by the shareholders of the Company post IPO. Sapphire Foods Employees Stock Option Scheme 2019 - Scheme

III - Management other than CEO ("Scheme III"), Sapphire Foods Employees Stock Option Scheme 2019 - Scheme

IV - CEO ("Scheme IV"), Sapphire Foods Employee Stock Option Scheme 2022 - Scheme 111A - Management other than CEO ("Scheme IIIA") and Sapphire Foods Employee Stock Option Scheme 2022 - Scheme IVA - CEO ("Scheme IVA") (hereinafter collectively referred to as "ESOP Schemes") forms an integral part of the ESOP Plan. With a view to reward loyalty for past services with the Company, retention of critical employees and align employees' interest with company's performance and shareholder's interest, the Company has granted, from time to time, stock options to the eligible employees under the said ESOP Plan / Schemes. During the year under review, there were no material changes in the Employee Stock Option Plan / Schemes (ESOPs) of the Company.

The Nomination and Remuneration Committee is entrusted with the responsibility of implementation and administration of the ESOP Plan / Schemes.

The Company has not issued any sweat equity shares during the year under review and hence no information as per the provisions of the Companies Act and SEBI SBEB & SE Regulations is furnished thereto.

Credit Rating

As at the end of the financial year 31st March 2026, long term rating on the bank lines of your company is [ 1CRA]A and the long term/short term unallocated limits is [ICRA] A / [ICRA1A2+.

Deposits

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing details relating to deposits covered under Chapter V of the Companies Act or the details of deposits which are not in compliance with Chapter V of the Companies Act is not applicable.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the financial year under review, as prescribed under Listing Regulations, is presented as a separate section which forms an integral part of this Annual Report.

Report on Corporate Governance

Your Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by Securities and Exchange Board of India. A separate report on Corporate Governance for the financial year ended 31st March 2026 is appended to this report and forms an integral part of this Annual Report.

A certificate from Practicing Company Secretary confirming compliance with the conditions of Corporate Governance under Listing Regulations is also annexed to the report on Corporate Governance.

Environment, Social and Governance & Corporate Social Responsibility Practices

Environment, Social and Governance (ESG) has long been an integral to our journey and your company recognize it as a continuous path that requires a clear strategy and roadmap. As part of the ESG journey, your company is committed for integrating environmental, social, and governance (ESG) considerations into our business operations, guided by our four strategic pillars - Food, People, Planet and Governance. These pillars serve as the foundation for our ESG approach, emphasizing on sustainability, responsible practices, and long-term value creation for our stakeholders.

During the financial year under review, S&P Global Ratings had assigned ESG Score of 73 (Methodology Year: 2025) to the Company Your Company was ranked No.l* QSR Brand in India for the third consecutive year, No.3* amongst Global QSR Companies and placed at 98th percentile amongst QSR globally on Dow Jones Sustainability Index (DJSI). Further, your Company is only Indian QSR Company to publish ESG report under GRI, SASB and BRSR standards for the fourth consecutive year

In accordance with the provisions of Section 135 of the Companies Act, 2013 and Rules made thereunder, your Company has formed the CSR Committee (widely known as CSR & ESG Committee) to monitor CSR & ESG activities of the Company The details of the Committee and its terms of reference are set out in the Corporate Governance Report forming part of this Report.

The Business Responsibility and Sustainability Report ("BRSR") as mandated under Listing Regulations, detailing the various initiatives taken by your Company from the Environmental, Social and Governance perspective, forms part of this annual report and is appended hereinbelow. The Annual Report on CSR activities as prescribed under the Companies Act and Rules made thereunder is also annexed to this report.

74s per DJSI Rating release as on 21st November 2025

Directors and Key Managerial Personnel

The Board of Directors is constituted in accordance with the provisions of the Companies Act and Listing Regulations and Articles of Association of the Company. The Company has received relevant disclosures and declarations from the Directors and none of them are disqualified from being appointed as Director in terms of Section 164 of the Companies Act and Listing Regulations.

Your Board consists of eminent personalities with considerable professional expertise and credentials in finance, law, accountancy, retail and other related skills and fields. Their wide experience and professional credentials help the Company with strategy formulation and its implementation, thereby enabling its growth objectives. This is detailed in the Corporate Governance Report which is annexed hereto.

As on 31st March 2026, the composition of Board of Directors of your Company was as under:

During the period under review, Mr. Vikram Agarwal (DIN: 03038370), Non-Executive Nominee Director resigned from the Board of Directors of the Company effective from 28th May 2025. Consequently, the Board of Directors at their meeting held on 28th May 2025 based on the recommendation of Nomination and Remuneration Committee, had appointed Mr. Vijay Jain (DIN: 11129200) as an Additional Director designated as Executive Director and Chief Financial Officer ("ED & CFO") which was regularized by the members at their 16th Annual General Meeting of the Company held on 8th August 2025.

Further, Mr. Rohit Mutthoo (DIN: 10386059), Non- Executive Nominee Director had resigned from the Board of Directors of the Company effective from 17th October 2025. Consequently, the Board of Directors at their meeting held on 6th February 2026, based on the recommendation of Nomination and Remuneration Committee, had appointed Mr. Kushal Agarwal (DIN:11528795) as an Additional Director, in the capacity of Non-Executive Nominee Director which was regularized by the members of the Company through postal ballot dated 26th March 2026.

Further, the existing term of Mr. Sanjay Purohit (DIN: 00117676), Whole-time Director & Group CEO is set to expire on 22nd July 2026. The Board of Directors at their meeting held on 28th April 2026, based on the recommendation of Nomination and Remuneration Committee, has re-appointed Mr. Sanjay Purohit as Wholetime Director & Group CEO of the Company, effective immediately from the expiry of his present term of office, i.e. from 23rd July 2026 for a tenure of 5 (five) consecutive years. The regularization of Mr. Sanjay Purohit as Wholetime Director & Group CEO shall be placed before the shareholders at the ensuing 17th Annual General Meeting of the Company.

Pursuant to applicable provisions of Listing Regulations, the continuation of a Director serving on the Board of Directors of a listed entity shall be subject to the approval by the Members at a general meeting at least once in every five (5) years from the date of their appointment or reappointment, as the case may be. Mr. Sumeet Narang (DIN: 01874599) was appointed as the Non-Executive Nominee Director (nominee representative of Sapphire Foods Mauritius Limited), of the Company, not liable to retire by rotation effective from 22nd July 2021. The period of five years as per Regulation 17(1 D) of Listing Regulations is set to expire on 21st July 2026. The Board of Directors at their meeting held on 28th April 2026, based on the recommendation of Nomination and Remuneration Committee, has approved appointment/continuation of Mr. Sumeet Narang, Non- Executive Nominee Director, not liable to retire by rotation, from the expiry of his present term of office i.e. effective from 22nd July 2026 for a tenure of 5 (five) consecutive years. The regularization of Mr. Sumeet Narang as Non- Executive Nominee Director shall be placed before the shareholders at the ensuing 17th Annual General Meeting of the Company.

Retirement by Rotation

In terms of Section 152 of the Companies Act, 2013 and Articles of Association of the Company, Mr. Vijay Jain, Executive Director & CFO and Mr. Kabir Thakur, Non- Executive Nominee Director of the Company, retires by rotation and being eligible, offers themselves for reappointment at the ensuing 17th Annual General Meeting of the Company

The brief profile in terms of Regulation 36 of Listing Regulations and the Secretarial Standards on General Meetings (SS-2), in respect of the directors seeking appointment/re-appointment has been annexed to the notice of the 17th Annual General Meeting.

Independent Directors

Mr. Sunil Chandiramani, Ms. Anu Aggarwal and Ms. Deepa Wadhwa were appointed as Independent Directors of the Company, effective 5th August 2021, for a fixed term of five years from the date of their respective appointment/ regularization by the shareholders. Mr. Sunil Chandiramani has been designated as the Chairperson of the Board of Directors.

Particulars of Employees

The disclosures pertaining to remuneration and other required information pursuant to Section 197(12) of the Companies Act read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of Directors, Key Managerial Personnel's and Employees of the Company, is appended to this report and forms part of this Annual Report.

The disclosure pertaining to remuneration as required under provisions of Section 197(12) of the Companies Act read with Rule 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Annual Report. In terms of Section 136(1) of the Act and the rules made thereunder, the Report and Financial Statements are being sent to the shareholders excluding the said information. Any shareholder interested in obtaining copy of the aforesaid information, may send an email to the Company Secretary and Compliance Officer at investorGsapphirefoods.in.

Auditors Statutory Auditors

M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration No. 117365W) were appointed as Statutory Auditors of the Company at Annual General Meeting held on 8th August 2025, for a term of five consecutive years to hold office from the conclusion of 16th Annual General Meeting (AGM) till the conclusion of 21st Annual General Meeting of the Company. The auditors have confirmed that they are not disqualified from being appointed as Statutory Auditors of the Company and that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

The report given by the Statutory Auditors on the Financial Statements (Standalone and Consolidated) of the Company for the financial year ended 31st March 2026 is annexed to the Financial Statements, forming an integral part of this Annual Report. The Auditors' Report read together with Annexures referred to in the Auditors' Report for the

financial year ended 31st March 2026 does not contain any qualification, reservation, adverse remark or disclaimers.

During the year under review, the Statutory Auditors have not reported any matter of fraud under Section 143(12) of the Companies Act.

Internal Auditors

The Company had appointed M/s. Protiviti India Member Private Limited, as Internal Auditor Partner for carrying out the activities of Management Testing of Internal Financial Controls and Internal Audit of various business/ functions process for the financial year 31st March 2026.

The Company has designated Mr. Balkrishna Chaturvedi as Internal Auditor of the Company, in compliance with the provisions of Section 138 of the Companies Act, 2013 and Rules framed thereunder.

Internal Audit Reports are reviewed by the Audit Committee of the Company at their meetings held during quarterly intervals. The Internal Auditor/Partner carry out their functions as per the scope of work assigned and place their reports at the meetings of the Audit Committee, during quarterly intervals.

Secretarial Auditors

M/s. Alwyn Jay & Co., Practicing Company Secretaries (Firm Registration No. P2010MF-I021500) were appointed as Secretarial Auditors of the Company at Annual General Meeting held on 8th August 2025, for a term of five consecutive years from the financial year 2025-26 to hold office from the conclusion of 16th Annual General Meeting (AGM) till the conclusion of 21st Annual General Meeting of the Company for carrying out secretarial audit and requisite certifications as mandated under Companies Act and Listing Regulations. The auditors have confirmed that they are not disqualified from being appointed as Secretarial Auditors of the Company and that they hold a valid certificate issued by the Peer Review Board of the Institute of Company Secretaries of India.

The Secretarial Audit Report for the financial year ended 31st March 2026 received from M/s. Alwyn Jay & Co., Secretarial Auditor of the Company is annexed to this report and forms an integral part of this Annual Report. The Report does not contain any qualifications, reservations, adverse remarks, disclaimers or reporting of fraud.

Cost Auditors

The Company is not required to maintain cost records, as specified by the Central Government under section 148 of the Companies Act, 2013 and Rules made thereunder.

Particulars of Investments, Loans, Guarantees and Securities

The full particulars of the loan, investments, guarantees and securities, in accordance with the applicable provisions of

the Companies Act, 2013 and Listing Regulations made by your Company during the financial year 2025-26, if any, has been furnished at the Notes to Accounts of the Financial Statements forming an integral part of this Annual Report.

Particular of Contracts or Arrangements with Related Parties

The Related Party Transactions are placed at the meetings of the Audit Committee for their respective approval. Prior omnibus approval of the Audit Committee is obtained by the Company on an annual basis for Related Party Transactions that are foreseeable and repetitive in nature. A detailed statement of such Related Party Transactions entered into pursuant to the omnibus approval so granted are placed at the meetings of the Audit Committee for their review on a quarterly basis. The half yearly statement on the Related Party Transactions are also filed with the respective stock exchanges on which the equity shares of the Company are listed.

The Related Party Transactions entered during the financial year under review were in the ordinary course of business and on arm's length basis. There were no significant material related party transactions entered into by the Company with any related party during the financial year under review. Thus, the disclosure under Section 134 of the Companies Act, 2013 as per specified form AOC-2 is not applicable to the Company.

The details of Related Party Transactions as per Indian Accounting Standard - 24 (Ind AS 24) are given under Note 37 forming part of the Notes to Account of the Standalone Financial Statements to this Report.

Annual Return

Risk Management Policy

Adequate Risk Management Framework is a necessity for the purpose of Risk Assessment and minimization/ mitigation of risks involved in business activity. The Company has laid down a robust risk management framework for identification and management of risks that could adversely affect the Company. The Company has formulated Risk Management Policy in order to achieve the following objectives, inter-alia:

• To ensure that ait the current and future material risk exposures of the Company are identified, assessed, appropriately mitigated, minimized and managed i.e. to ensure adequate systems for risk management.

• To establish a framework for the company's risk management process and to ensure its implementation.

• To enable compliance with appropriate regulations, wherever applicable, through the adoption of best practices.

• To assure business growth with financial stability.

In terms of the provision of Regulation 21 of Listing Regulations, the Board of Directors has constituted a Risk Management Committee. The details with respect to its terms of reference, composition and meetings held during the part of the financial year under review are set out at the Report on Corporate Governance, annexed to this Report. 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.

Vigil Mechanism

The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior.

Your Company has adopted a Whistle Blower Policy to provide a mechanism for the employees, vendors and suppliers to report genuine concerns about any unethical behavior, actual or suspected fraud or violation of your Company's Code of Conduct.

The constituents concerned, including employees of the Company, are encouraged to voice their concerns internally and at a high level and to disclose information which the individual believes shows malpractice or impropriety. A designated email id whistleblowerGsapphirefoods.in has been created and disseminated through this policy/code to the concerned stakeholders to voice their grievances. The access of this designated email id is mapped and made available to the members of the Audit Committee including its Chairperson.

The provisions of this policy are in line with the provisions of Section 177 (9) of the Companies Act, 2013 and Regulation 22 of Listing Regulations. All cases registered under the whistle blower policy of the Company are subject to review by the Audit Committee. The Whistle Blower policy of the

Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

In line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act"), your Company has in place a policy on prevention, prohibition and redressal of sexual harassment at workplace. All employees (permanent, contractual, temporary, trainees) including at store level, are covered under this policy.

As per the rules made under the POSH Act, the Company has constituted an Internal Complaints Committee (ICC) to redress the complaints received pertaining to sexual harassment at workplace. The Committee meets, as and when required, to discuss various cases received and to address the same uniformly across the organization.

The details of the complaints received during the financial year 2025-26 are as follows:

An update on the aforesaid complaints received and resolved, were placed at the meetings of the Audit Committee during quarterly intervals.

A statement with respect to the compliance of the provisions relating to the Maternity Benefit Act, 1961

The Board affirms that the Company remains fully committed to upholding its Maternity Policy in strict compliance with applicable laws, including the Maternity Benefit Act, 1961, and in alignment with internal human resource protocols.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The activities of the Company are not energy intensive as the Company is not engaged in any manufacturing activity. Further, no technology has been developed and / or imported by way of foreign collaboration.

For complete details, please refer to the section of 'Business Responsibility and Sustainability Report' which

forms an integral part of this Report. The particulars with regard to Foreign Exchange Earnings and Outgo are given in Standalone and Consolidated Financial Statements, forming part of this Annual Report.

Disclosure of Orders Passed by Regulators or Courts or Tribunal

During the financial year under review, there were no significant/ material orders passed by the Regulator, Courts, Tribunals, etc. which could have an impact on the going concern status and the Company's operations in future.

Further, there were no applications made or any proceedings pending under the Insolvency and Bankruptcy Code, 2016.

Internal Financial Controls

Your Company has aligned its current systems of internal financial control with the requirement of the Companies Act, 2013. The Internal Control Framework is intended to increase transparency and accountability in an organization's process of designing and implementing a system of internal control. Your Company has successfully laid down the framework and ensured its effectiveness. The internal controls are commensurate with the size of the Company and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance with corporate policies.

M/s. Deloitte Haskins & Sells, Statutory Auditors of the Company have audited the financial statements included in this annual report and have issued an attestation report on our internal control over financial reporting (as defined in section 143 of Companies Act 2013).

The internal audit department along with the external partners/ consultants carry out internal audit of the Company's business/ functional activities. The audit is based on an internal audit plan, which is reviewed each year in consultation with and approved by the audit committee. The audit committee reviews reports submitted by the internal auditor, internal audit partner and statutory auditor. Basis inputs received from the audit committee, suggestions for improvement are considered and the audit committee follows up on corrective action.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the work performed by the internal auditor, statutory auditors and external partner/consultant, including the audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management and the relevant board committees, including the audit committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during the financial year ended 31st March 2026.

Director's Responsibility Statement

In terms of Section 134(5) of the Companies Act, 2013, the Board of Directors hereby confirms that:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

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 as on 31st March 2026 and of the profit/loss of the Company for that year;

c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts of the Company on a going concern basis;

e. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

f. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Material Changes and Commitments, if any, affecting Financial Position of the Company

Except as disclosed in this report, no material changes and commitments which could affect the Company's financial position, have occurred between the end of the financial year of the Company and date of this report.

Acknowledgements and Appreciation

The Board places on record its appreciation for the support and co-operation, your company has been receiving from its various stakeholders including Customers, Suppliers, Business Partners and Associates, Financial Institutions, Regulatory Bodies and Central & State Governments.

Your Directors appreciate and value the contribution made by every member of the Sapphire Family.