CHAIRMAN'S MESSAGE

On behalf of the Board of Directors of Generation Next Fashions Limited, let me take this opportunity to welcome you all to the 18‘" Annual General Meeting of the company. We are pleased to submit before you the operational activities and Audited Financial Statements for the year ending 30 June 2022 as approved by the Board of Directors.

Business Condition: The global economy is currently facing recession due to Covid 19 and on-going Russia-Ukraine war. As a result, many apparels traders and brands went on 'Shutdown'. Many of our orders have been either cancelled or postponed/deferred. Prices of raw materials has gone up manifolds. Overhead cost of the factory including the utility bills has increased to a great extent. This has caused a huge negative Impact on the business of ready-made garments suppliers all over the country.