Cautionary statement: This Management Discussion and Analysis of the Company's performance and outlook may contain forward-looking statements that set out anticipated performance based on the management's plans and assumptions. Its aim is to facilitate a better understanding of the Company's prospects and make informed decisions. We cannot guarantee that any forward-looking statement will be realized, though we have been prudent in our plans and assumptions. The forward-looking statements are subject to risk, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management analysis only as of the date hereof. We do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. For any further clarification please contact Mastek Investor Relations (investor.relations@mastek.com ) MANAGEMENT DISCUSSION AND ANALYSIS Overview of Industry and Business Environment Global Economy & IT CY2015 was further proof that volatility and turmoil is all pervasive, and perhaps the new normal. The global economy-both developed and emerging countries, experienced multiple headwinds. Economic growth stagnated, global terrorism spiked, inflationary brssures continued to build up, turbulence in currency and equity markets brvailed, weak aggregate demand, commodity prices declined, and unemployment continued to haunt. Global economy grew at 3.1% in CY2015, is projected to grow at 3.4% in CY2016 and 3.6% in CY2017. The pickup in global activity is projected to be more gradual than in October 2015 according to World Economic Outlook (WEO), especially in emerging market and developing economies. In advanced economies, a modest and uneven recovery is expected to continue, with a gradual further narrowing of output gaps. The picture for emerging market and developing economies is diverse but in many cases challenging. The slowdown and rebalancing of the Chinese economy, lower commodity prices, and strains in some large emerging market economies is expected to continue to weigh on growth prospects in 2016-17. (IMF) U.S. economic growth is expected to be at 2% in CY2016, down from 2.4% in CY2015. Economic growth in the U.S. slowed because the strong dollar hurt exports and was compounded by the low oil prices. These headwinds are expected to ease this year, but with export markets on course for sluggish growth, business investment remaining mediocre and few signs of upward brssure on real wages, there is little sign that other sources of demand will reinforce U.S. economic growth. The UK economy is forecast to grow 2.1% in CY2016, down from a forecast of 2.4% in November 2015, while growth is expected to slow to 2% in CY2017. Only India was singled out as "bright light" and expected to grow at 7.5%, both in CY2016 and CY2017. The Eurozone growth is expected to expand at 1.4% in CY2016 and 1.7% in CY2017. Despite the Fed's move in December 2015 to nudge up its benchmark interest rate from an unbrcedented near zero level, monetary policy in the U.S. and worldwide remained stimulative. Overall, advanced economies are expected to make modest recovery, while many emerging market and developing economies are under strain from the rebalancing of the Chinese economy, lower commodity prices and capital outflows. Higher investment, loose monetary policy and structural reforms would all be needed to boost the recovery and ward off the financial stability risks "plaguing"theeconomy. (Source: OECD) According to the latest forecast by Gartner, Worldwide IT spending is forecast to total $ 3.54 trillion in 2016, just a 0.6% increase over 2015 spending of $ 3.52 trillion; largest U.S. dollar drop in IT spending since Gartner began tracking IT spending. $ 216 billion less was spent on IT in 2015 than in 2014 and 2014 spending levels won't be surpassed until 2019. By 2019, spending is forecast to exceed $ 3.8 trillion. IT spending in the retail sector is forecastto decline 1.5% in 2015. In 2015, the Global IT-BPM spend impacted by the volatility in exchange currencies resulting in a flat growth of 0.4% (USD 1.2 trillion). The IT services saw a slight decline in growth (0.2%); shift to cloud-based applications has led to a decline in traditional IS outsourcing and NDOS businesses, thereby impacting overall IT services growth. India's IT-BPM industry is projected to grow 8.5% in FY2016 - from USD 132 billion in FY2015 to USD 143 billion (excluding e-commerce), an addition of USD 11 billion. The aggregate growth rate has been affected due to the dollar's strengthening against the rupee bringing down domestic market growth to about 3.2%. The US and UK continued to remain leading customer markets with a combined share of nearly 80%. However, there is growing demand from APAC, LATAM and MEA. BFSI, Hi-Tech/Telecom and Manufacturing continued to gain momentum driven by the Make in India and Industry 4.0 initiatives; emerging verticals like Healthcare and Retail share increased as SMAC adoption across industries became all pervasive. ISO and System integration growth dropped while CADM and IT consulting grew marginally driven by adoption of SMAC technologies. Commoditization, increasing demand for cloud platform services and drop in hardware maintenance services also affected the segment. IT Services Industry According to NASSCOM Strategic Review report, Global IT services spend dropped to -0.2% in CY2015, to reach USD 650 billion in dollar terms. The decline has come from a wide variety of factors, namely large declines in the price of oil, currency fluctuations, volatility in equity and investment markets. The global IT sourcing market grew at 9-10% in 2015 compared to 2014, with India accounting for 67% of the overall sourcing market. The BI and analytics market segment continued to expand and is expected to sustain its 2014 CAGR of 5.8% through 2019 — as reflected in Gartner's latest report. However, this lower rate of growth reflects a market in transition, with changing buying patterns and requirements. Purchasing decisions continue to move from IT leaders to line-of-business executives and users who want more agility and more flexible personalized options — making the land-and-expand model the new norm. The primary drivers of new growth in this rapidly evolving market are being influenced by the following dynamics: • New vendors continue to emerge, offering innovative products to the market for buyers to consider. • Increased need for governance to serve as the catalyst for renewed IT engagement as business-user-led deployments expand. • Market awareness and adoption of smart data discovery will extend data discovery to a wider range of users, increasing the reach and impact of analytics. • Need for organizations to integrate and derive insight from a growing number of multistructured data sources will drive innovation in smart self-service data brparation and smart data discovery. • Search-based data discovery enabled by natural-language query will extend the reach of analytics to more users. • Marketplaces will expand and mature, creating new opportunities for organizations to buy and sell analytic capabilities. • Organizations will need to support real-time events and streaming data capture in support of IoT use cases. Indian Market The Indian IT industry is a global powerhouse today and its impact on India has been incomparable. In the last decade, the industry has grown six-fold in revenue terms and relative share to India's GDP has increased to 9.3%. In 2015, Indian IT industry accounted for over 45% of the country's total services exports. Rapid consumerisation of India's economy, coupled with a pervasive Government digital agenda, rapid advancement in technology infrastructure and increasingly competitive Indian organizations are key drivers for increased technology adoption in India. The government's expected investments in digitization, infrastructure improvement, implementing technology in healthcare, manufacturing and agriculture sectors is expected to provide an opportunity of around USD 5.9 billion to the IT services sector. The e-governance agenda of reforming government through technology by enabling customer services, providing electronic delivery of services through e-education, e-healthcare, etc. is expected to be a major demand driver. Digital technologies forecast to propel the addressable market for global technology services to USD 4 trillion by 2025. The Indian IT-BPM sector is projected to grow 8.5% in FY2016 - from USD 132 billion in FY2015 to USD 143 billion (excluding e-Commerce), an addition of USD 11 billion. The aggregate growth rate has been affected due to the dollars strengthening against the rupee bringing down domestic market growth to 3.2%. The Indian IT services sector has grown over 2X in the last five years and is expected to touch revenues worth USD 75 billion in FY2016, with a growth rate of 9% over FY2015. Of the total Indian IT services market in FY2016, contribution of the exports revenue is 81%, while the remaining 19% is attributed to domestic clients. The exports market grew at a faster pace compared to domestic market. The domestic market witnessed a growth of 3.9% to reach USD 14 billion in FY2016 while the exports market grew at 10.3% during the same period to reach USD 61 billion. ER&D and product development continued to be the fastest growing segment at 12.6% driven by trends around IoT/connected devices and customers' demands for disruptive innovation. With increase in technology spending, Industry expects the double digit growth story to continue in FY2017. The IT-BPM industry export revenue is expected to grow by 10-12% in FY2017 reaching revenues of USD 119-121 billion. The domestic revenue is expected to grow by 11-13% and achieve revenue of INR 1,560-1,590 billion in FY2017. With this, the industry is marching steadily on the path to reach USD 350 billion by 2025, with digital revenues spearheading the growth. (Source: NASSCOM) The US and UK are the leading customer markets with a combined share of nearly 80%. However, there is growing demand from APAC, LATAM and MEA. Mastek in UK The British Chambers of Commerce (BCC) has upgraded its UK GDP growth forecast for the next three years, from 2.3% to 2.6% in CY2015, from 2.6% to 2.7% in CY2016 and from 2.6% to 2.7% in CY2017. The principal driver for the leading business group's forecast upgrade is stronger than brviously expected growth in both the UK's service sector and consumer spending. The service sector is forecast to report growth of 2.8% in CY2015, 2.9% in CY2016 and 2.9% in CY2017. In contrast, the manufacturing sector is expected to grow 0.8% in CY2015, 1.9% in CY2016, and 2.1% in CY2017. According to Deloitte research report, the UK Software Development industry is in the growth stage of its life cycle. Industry value added (IVA), the contribution of the industry to the overall economy, is expected to grow at a CAGR of 8.4% over the 10 years through 2020-21. Compared with expected CAGR of 2.1% in UK GDP over the same period, the IVA growth indicates that the industry is growing as a share of the economy. The growth stage of the industry is characterized by innovation in products and services, significant technological change and the continuous entrance of new players in the market. The UK economy appears to be on the cusp of a period of sustained good health. Average forecasts suggest GDP will grow at a rate of about 2.5% in 2016. Mastek is positioned largely in the UK, as 96% of its business comes from this region. At the beginning of the year, the company acquired the IndigoBlue, a leading UK consultancy specializing in Agile programme and project management, has been successfully integrated with Mastek operations. The acquisition has opened up an opportunity to cross sell/ up and go to market together for winning new deals. The acquisition has materialized in line with the company's expectation in terms of addition of new capabilities and new clients. During the year, IndigoBlue has witnessed strong deal momentum and added new clients. This has given a base for building up growth and profitability in the year ahead. On a like for like basis, the financial results have been overall disappointing both from a revenue and a margin perspective. The main impact on margin has been due to overruns on a specific program due to the significant requirement of onsite security cleared resources. Nevertheless, the underlying business is strong. Several key accounts performed very well in the health, government and Financial Services sectors - with revenue and/or margin growth. We also opened 10 new customers in the UK. We also registered our first UK banking customer, a challenger bank. A decision was made jointly by Mastek and The Law Society to wind up the joint venture, Legal Practice Technologies (LPT). This was based on a review undertaken by the Board which demonstrated that the shape of the conveyancing market had radically changed since LPT was founded and also new providers were introducing free products to the market. All substantial matters have been concluded with some residual work requiring legal completion. We continue to be registered with the G Cloud and the GDS frameworks, which has helped create a good pipeline of opportunities in the government sector. The direct customers in the government sector see value in their association with Mastek and we expect these accounts to be the foundation of our next year's business growth. Our Retail sector has been successful in opening up new accounts and the key challenge and opportunity for us is to develop this business further. Our Financial services division has been strengthened and we expect a strong showing in the coming fiscal year. Mastek in North America As you know, all our US business was demerged to Majesco, as part of the demerger exercise. Considering the tremendous growth opportunities, the US market brsents to IT companies with Solutioning capabilities, Mastek has decided to enter the US market with its unique Solutions offerings. Towards this end, Mastek UK has incorporated a wholly-owned subsidiary in the US, called Digility Inc in November 2015. Digility is expected to be operational during the Financial year 2016-17. Mastek in India and Asia Pacific During the year, Mastek sold its 100% stake in Mastek Asia Pacific Pte.Ltd, Singapore to Majesco Sdn. Bhd. India continued to do well though it is a small part of the Company's operation. There has been a good momentum in the e-governance space that we operate in India both in terms of revenues, and in terms of the gross margins from these lines of business. Review of Financial and Operating Performance Financial performance review For the year ended March 31, 2016, our business performance in terms of revenue witnessed muted growth. Continuing on the trend of investing. Mastek UK Ltd acquired IndigoBlue Consulting Ltd, an award-winning Agile consultancy, on May 01, 2015. The acquisition is now well integrated into the Mastek operations. IndigoBlue will continue to operate as a standalone business unit. Financials On a consolidated basis, the Group registered total operating revenue of Rs. 52,693 lakhs in FY2016 as compared to Rs. 101,258 lakhs in FY2015 which was for combined operations before demerger. The Group registered a net profit of Rs. 1,374 lakhs in FY2016 as compared to Rs. 1,773 lakhs in FY2015. Post demerger, the Insurance Products and Services business across various geographies was demerged into Majesco. The U.K. operations contributed Rs. 50,370 lakhs in revenue for the year 2015-16, of which Rs. 27,785 lakhs (i.e. 55%) was contributed by the Government vertical and Rs. 7,117 lakhs by the Retail vertical. The share of total operating revenue of other regions, i.e. India and Asia Pacific as a percentage of total operating revenue of the Group was 4.4%. Profitability During the Year ended March 31, 2016, the Group earned a profit of Rs. 1,374 lakhs as compared to Rs. 1,773 lakhs for the year ended March 31, 2015. The profits for the year ended 2015-16 were impacted on account of the following: 1. Cost over-run of Rs. 3,200 lakhs on one customer account due to requirement of Onsite Security cleared resources. 2. Exceptional cost on account of reorganization and de-merger related expenses of Rs. 254 lakhs. 3. Share of loss from Legal Practice Technologies (LPT) JV in UK region of Rs. 1,084.63 lakhs. Balance Sheet Non-current Assets A) Fixed Assets Tangible assets as at March 31, 2016 were Rs. 4,351.79 lakhs as compared to Rs. 6,582.71 lakhs in the brvious year. This included a gross addition of Rs. 948.81 lakhs for purchase of computers, furniture and fixtures, vehicles, etc. and after considering debrciation of Rs. 1,098.99 lakhs for the 12-month period ended March 31, 2016 and foreign exchange translation adjustment of Rs. 3.84 lakhs. Intangible assets as at March 31, 2016 were Rs. 2,225.55 lakhs as compared to Rs. 21,304.3 lakhs the brvious year. This included Rs. 454.90 lakhs on account of purchase of computer software and after considering debrciation of Rs. 768.42 lakhs for the 12-month period ended March 31, 2016 and foreign exchange translation adjustment ofRs. 4.50 lakhs. B) Long-term loans and advances Long term loans and advances were Rs. 4,964 lakhs as compared to Rs. 5,004 lakhs as at the end of brvious year. Current Assets A) Current Investments and Cash and Bank Balances The total current investments and cash and bank balances as on March 31, 2016 was Rs. 11,985 lakhs as compared to Rs. 21,425 lakhs in the brvious year. B) Trade Receivables Trade receivables as at March 31, 2016 stood at Rs. 9,713 lakhs as compared to Rs. 13,349 lakhs as at March 31, 2015 which reflects debt collection period of 61 days. C) Short Term Loans and Advances and Other Current Assets The short term loans and advances were at Rs. 1,574 lakhs as at March 31, 2016 as compared to Rs. 3,547 lakhs as at March 31, 2015. Other current assets were at Rs. 4,391 lakhs as at March 31, 2016 as compared to Rs. 8,899 lakhs as at March 31, 2015. Shareholders' Funds Total shareholders' funds as at March 31, 2016 stood at Rs. 31,932.9 lakhs as compared to Rs. 59,585.5 lakhs. Non-current Liabilities The total non-current liabilities stood at Rs. 607.9 lakhs as at March 31, 2016 as compared to Rs. 4,675.8 lakhs as at March 31, 2015. Current Liabilities The total of current liabilities as at March 31, 2016 was Rs. 10,253.1 lakhs as compared to Rs. 18,907.5 lakhs as at March 31, 2015. Operations review Operational delivery within Mastek has always been a core attribute. The Company aligned the delivery organization to focus on improving the overall productivity and efficiency levels within projects. Client Wins during the year Mastek added 31 clients during the year and we finished the year at 81 active clients. The client profile includes some marquee names across verticals in UK and India. During the year, we won a multi-year contract from National Credit Guarantee Trustee Company (NCGTC) to deliver a "digital guarantee-processing platform' thereby enabling Banks, FIs, referred to as MLIs (Member Lending Institutions) to participate in various credit guarantee schemes of Government of India. It is a nationwide initiative of extending collateral free loans to various underprivileged sections of the society. With this win, Mastek once again poised to impact the lives of many and strengthen its position as prime IT - Solution player in e-governance. Update on Board of Directors: The Mastek Board currently has 5 members, of which 3 are Independent Directors and the remaining 2 are Promoter Directors. Update on De-merger: On April 30,2015, the Hon. High Court of Gujarat and Hon. High Court of Bombay approved the Scheme of Arrangement, which was earlier approved by the Stock Exchange on December 09, 2014. The Scheme envisaged creation of independent listed Insurance business company by demerger of Insurance business of Mastek to MCPL (renamed as Majesco Limited - "Majesco"). Post demerger Majesco achieved automatic listing with stock exchanges and all the shareholders of Mastek as on June 15, 2015 were allotted shares in Majesco in the same proportion (shares entitlement being 1:1 pursuant to Part II of the Scheme of Arrangement in terms of clause 11.1.1). People Strength: As on March 31, 2016, the Company had a total headcount of 1,298, of which about 30% were based on-site while the rest were at various offshore locations as compared to a total of 3,352 employees at the end of March 31, 2015. The Company continues to recruit fresh talent and intends to add more technical resources at various levels during the new fiscal. Interim Dividend: The Company paid two Interim dividends totalling to Rs. 2.50 (i.e. 50%) per Equity Share for the year 2015-16. The Company has not proposed any Final Dividend for the year 2015-16. Awards/Accolades - Mastek, either directly or through its clients was also recipient of many awards in India, notable among those being: • Mastek ranked 71st in the Leader category in the "The 2014 Global Outsourcing 100®' service providers list by The International Association ofOutsourcing Professional (IOAP). • Mastek U.K., named as one of the top 41 fastest growing Indian companies in the UK. • Mastek chosen by TEST Magazine as one of the 20 leading software testing providers 2014. BUSINESS OUTLOOK This was first year post demerger where Mastek rebrsented itself as a standalone company. During this period, the management was committed to remain focussed on its core business across key verticals - Government, Retail and Financial Services. The key highlight during the year was acquisition of IndigoBlue, a leading UK consultancy specialising in Agile programme and project management. The acquisition brings together IndigoBlue's Agile consulting and programme management expertise with Mastek's world-class technology delivery capability. Together, these synergistic offerings provide a compelling proposition across combined client base. This will allow company to offer a fully end-to-end transformational service/ solution delivery to new as well as existing customer base of Mastek. IndigoBlue has a robust customer acquisition method which will help the company to build its business mainly in UK and the company will also look at leveraging IndigoBlue's capability in other parts of the world going forward. The company has successfully completed the acquisition and now it is fully integrated with Mastek. The company will continue to invest in agile methodologies to get through its aspiration of being involved in large and complex transformation programs which will help its customers to leverage digital opportunities in agile manner. On Government side, it had been muted during the year, but post UK election, now it is in place and the UK Government is ready to restart on its IT initiatives. The pipeline will start building up and the company expects to see revenue growth and profitability in these verticals going forward next year. Retail business has started picking up the growth momentum. The company has added new logos this year. A few small pilot programs with large retailers were seen and company expects them to start growing over a period of time. On Financial Services with insurance exiting, the company had to re-strategize its position here. The company has an existing base of business with customers like IPF who are in the micro lending space, but have now brought in a new Financial Services head to re-strategize this business and spearhead the growth in this segmentwithin UK. From the India geography perspective, the growth momentum got a bit slowed down last year due to elections but now as new government is focused on IT, the company is bidding in quite a few large deals and expect to grow that part of the business in this financial year. Company has started focusing more on digital capabilities and it might make some acquisitions in this area where it wants to establish and grow over a period of time. Overall business focus that it has got by demerging, by completely focusing on digital solutions, deal momentum is going up and better pipeline is seen going forward. The company expects to have a very good growth in the business over the next 3to4 years. INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT Mastek's systems for internal control and risk management go beyond what is mandatorily required to cover best practice reporting matrices and to identify opportunities and risks with regard to its business operations. Internal control systems The Company has mechanisms in place to establish and maintain adequate internal controls over all operational and financial functions. The Company intends to undertake further measures as necessary in line with its intent to adhere to procedures, guidelines, and regulations as applicable in a transparent manner. Mastek maintains adequate internal control systems that provide, among other things, reasonable assurance of recording the transactions of its operations in all material respects and of providing protection against significant misuse or loss of Company assets. The Company uses an enterprise resource planning (ERP) package that enhances the efficiency of its internal control mechanism. The Company's internal control systems are supplemented by an internal audit program and periodic reviews by the management. Mastek has appointed an independent audit firm as its Internal Auditors, and the Audit Committee reviews its findings and recommendations at periodic intervals. Mastek's internal control system is adequate considering the nature, size and complexity of its business. Mastek has also put in place a strong enterprise risk management function which oversees the risk management of the Company on an ongoing basis. Enterprise Risk Management: The primary objective of the Enterprise Risk Management (ERM) function is to: • Provide a framework that enhances risk response decisions • Reduce operational surprises and thereby losses • Identify and manage cross-enterprise risks The ERM policy, approved by the Board, lays down the risk management process, expected outcomes, governance and reporting structure. Risk Governance Structure: Mastek has put in place a strong risk governance model to ensure risk management principles are followed throughout the organization. This ERM process and policy is approved by the Governance Committee of the Board and is executed through the Risk Management Committee (RMC) rebrsented by the business and functional heads within Mastek. Being the primary champion of risk management at strategic and operational level, the RMC is responsible for: • setting policy and strategy for enterprise risk management • ensuring that risk management policies are implemented with the right spiritthrough a monitoring mechanism • building a risk aware culture within the organization including appropriate trainings • informing the Board (through the Audit Committee) about the ERM status & top risks of the Company on a timely basis Risk Champions: The RMC is supported by the risk champions who are responsible for: • providing oversight to line managers who manage risk on a day-today basis • promoting risk awareness within their operations • ensuring that risk management is incorporated right from the conceptual stage of projects / opportunities • ensuring compliance to the risk management procedures • providing periodic reports to the RMC A discussion of key risks and concerns, and measures aimed at mitigating them, are discussed in the following paragraphs. Strategic risks: The Company could be susceptible to strategy, innovation, and business or product portfolio related risks if there is any significant and unfavorable shift in industry trends, customer brferences, or returns on R&D investments. Mastek does have the benefit of being very well entrenched with many of its customers, involved in their critical and strategic initiatives. Therefore, client concentration related risks are mitigated to an extent. The Company's investments in intellectual property creation too are being done in a measured manner and are focused more on extending and strengthening existing offerings rather than on new business or end-use/application areas. Macro-economic risks: Risks emanating from changes in the global markets such as the recent financial meltdown, regulatory or political changes, and alterations in the competitive landscape could affect the Company's operations and outlook. Any adverse movements in economic cycles in the Company's target markets and volatility in foreign currency exchange rates could have a negative impact on the Company's performance. This risk is mitigated to some extent due to the Company's brsence in United Kingdom and India. The Company also takes necessary steps such as forex hedging to mitigate exchange rate risks. Competition-led risks: Mastek operates in a highly competitive industry, replete with much bigger competitors, in both India and abroad. Shifts in clients'and prospective clients'dispositions could affect its business. While the Company has strong domain expertise, robust delivery capabilities, and significant project experience, there is no guarantee that it will always get the better of competition. Dependence on Key Personnel: Mastek has one of the best management teams in the industry and this has been a critical enabler of its operating successes. Any loss of personnel through attrition or other means may have an impact on the Company's performance. Mastek does endeavor to have an effective succession plan in place to mitigate these risks. Client and account risks: The Company's strategy is to engage with a few strategic customers and build long-term relationships with them. Any shift in customer brferences, priorities, and internal strategies can have an adverse impact on the Company's operations and outlook. Mastek does have the benefit of being very well entrenched with many of its customers, involved in their critical and strategic initiatives. Therefore, client concentration related risks are mitigated to an extent. Contractual, execution and delivery related risks: The Company's operating performance is subject to risks associated with factors that may be beyond its control, such as the termination or modification of contracts and non-fulfillment of contractual obligations by clients due to their own financial difficulties or changed priorities or other reasons. Mastek does have mechanisms in place to try and brvent such situations, as well as insurance cover as necessary. Acquisition/M&A related risk: Well-considered, properly evaluated and strategic acquisitions form part of the Company's growth strategy. There is no guarantee, however that an acquisition will produce the business synergies, revenues and profits anticipated at the time of entering into the transaction although the Company would undertake all due care and diligence in the process of making any acquisition. In addition to the aforementioned issues, there are multiple other risk factors that the Company believes it will need to take cognizance of and manage. The Board and management team continually assess the operations and operating environment to identify potential risks and take meaningful mitigation actions. The Company does take necessary insurance or related cover in cases as necessary. |