Dear Shareholders

I am very pleased to be writing to you to report on our positiveresults in fiscal 2021-2022. Despite significant global challenges it was anothersuccessful year with continued progress against our strategic growth priorities - anintense focus on cost margin and efficiencies improvement expansion of our Chennai basedhandbag and accessories group and accelerated growth of our virtual manufacturingbusiness.

Focused efforts and investments in these key growth drivers coupledwith continued success and expansion of our Bangalore outerwear business has helped fuel astrong financial rebound and has built momentum for future financial success. Thediversity and strength of our global customer portfolio provides a solid and stableplatform as we prepare for continued business development.

I feel a strong sense of pride and optimism as we enter fiscal2022-2023. Our strategic choices have prepared us well to capitalize on global macro andmicro sourcing opportunities. I am confident Bhartiya International will continue toprosper and to produce improved financial results.

Sustained and profitable growth continues to be our primary goal andthe senior leadership team remains focused on executing the initiatives and activitiesthat will allow us to succeed.

Our success this year reflects the hard work and efforts of ourremarkable and dedicated global Bhartiya team. On behalf of all of our associates I thankour shareholders for your continued support.

Sincerely

Snehdeep Aggarwal Chairman