Yet another challenging year with COVID-19 looming over us and iscontinuing to unsettle normal life. Even before realizing that the worst is over thesecond surge brought our country to a standstill.

Your company was not spared with the after-effects of the first wave.As we were limping back to normalcy the second wave hampered our progress as we struggledto get in terms with the unstable situation. Amid the uncertainties we still succeeded tosurpass the previous year's sales and managed to reach a respectable gross salesturnover of Rs158412473/-(Rupees Fifteen Corer Eighty Lakhs Twelve Thousand FourHundred Seventy Three Only) with a growth of 10%.

The good news was that we were able to fulfil the commitments to ourclients. In these challenging times your team stood up to this trial and against all oddswe were able to give our best to reach the achieved sales figures. Something to cheerabout is that our newly set up manufacturing unit became fully operational. This has madelife much easier for us with the new machinery and proper material handling facilities. Weare now perfectly placed and geared for bigger tests with a good blend of man and machineto give the best finished product in a timely manner.

Your new product Cos Var Manager (CVM) Panel has continued to pick upquite well and we have been able to make a good progress with this product. We are happywith the continuous improvement in the quality of all the products and services offered byyour company - most importantly we have been able to win customer's delight.

But for the impediments that we faced we could have enhanced theperformance and delivered better results. Despite better sales the profitability wasaffected due to factors like - severe price hike in metals manpower issues andavailability of raw materials. To fulfil the commitments made to clients we incurredhigher procurement &manufacturing cost thus compromising in our profits. We believedthat it's always better to lose some battles than to win the war.

The silver lining is the significant improvement in the market withmany projects underway and the increase in demand. Power sector is doing well and hasshown signs of a promising future. We are confident of a much-improved performance thisyear. We are contesting in some good projects this year and looking at some good exportbusiness.