I am happy to report that after suffering for last four years due to lack of ordersfrom the Railways we have in the current year a very good order booking.
Due to lack of adequate sales in the past the Company suffered losses which seriouslyaffected the working capital. To overcome this problem the Company is coming out with aRight Issue.
To enter into advanced technology Railway business the Company has signed acollaborator agreement with a Croatian company.
Our R&D team is actively working in diversified fields such as new productdevelopment cost reduction of existing products and trying to achieve internationalstandards in all respects.
Have a little patience I assure you beginning from the current financial year yourcompany will be on an ascending graph.
I take this opportunity to thank my colleagues on the Board for their valuablecontribution.
I also would like to thank our employees for their unstinted support and loyaltyespecially when the Company was passing through difficult times.
I would like to express my gratitude to all our shareholders for their continuing faithin HIRECT.
With Best Wishes
S. K. Nevatia
Chairman & Managing Director