Dear Shareholders

Further to the commitment made by us for raising capital to ensure that the Company canrun steadily thereafter your Board created a Committee to focus on this. To revitalizethe process Arpwood Capital Private Limited a leading investment bank was appointed togenerate interest amongst various types of investors and advise the Board in selecting thebest possible option.

The Committee met frequently to assess evolving situation and finally decided to zeroin on the non-binding offer (NBO) received from the credible Murugappa Group and starteddiscussions/ negotiations with them to find the best possible solution for the Company.The Company simultaneously entered into a Debt Resolution process with the lendersadvised by SBI Caps to find an optimal solution to take care of the interest of all thestakeholders. Towards this and with utmost delight I am happy to say that TubeInvestments of India Limited (Murugappa Group) your Company and the lenders have agreedto a proposed investment of I 650 crore as equity and I 150 crore of warrants along with asustainable debt in the books of the Company. I have no doubts that all stakeholders willrejoice at this momentous development.

I wish to commend the management employees vendors customers of our Company who wereable to survive this severe paucity of working capital on account of the non-availabilityof funds. Innovative methods were customised to tide over this difficult situation. I willdesist from writing about the woes of the Company in greater details as we have now foundourselves berthed in a safe harbour.

On behalf of the Board I am extremely happy to say that we as the new Board andManagement comprising of seven Independent Directors and one Whole Time Executive Directorhave kept our promise to our shareholders and all other stakeholders towards a bettertomorrow.

I wish you the very best in the future and must say that your support to us under myChairmanship has made it possible for us to reach this point. A very big "ThankYou" to you all. God Bless.