Dear Shareholders

It gives me immense pleasure to be present amongst you in the ensuing 21st AnnualGeneral Meeting of the Company. The Company is an emerging market leader in providing thecomplete end-to-end facade solutions. I place on record my sincere gratitude to all thestakeholders for bestowing their faith and continuous support.

Real estate sector in India is transforming continuously with the various regulatoryand structural reforms by the government in the recent times.

The year that was passed by was very challenging for business environment. The lowerGDP growth and economic slowdown has weaken the client's sentiment and has lower thedemand across all the sectors especially in real estate. Our focus on design and executionwith improved efficiency well equipped manufacturing facility and the strong corporategovernance and management practices has supported us to sustain despite subdued marketsentiments.

Further the spread of novel coronavirus (COVID-19) has affected not just human healthbut severely impacted the businesses and the society at large. However the macro-economicfactors that caused a slowdown in the last month of FY 2019-20 will continue in FY2020-21 with the first half of 2020 completely dominated by the COVID-19 pandemic and theconsequent lockdowns.

The management is well aware of the fact that the current business environment may posechallenges in the near term but also very optimistic about growth and opportunities inthe medium and long term.

The COVID-19 pandemic may have an extended impact but as I mentioned earlier thismeans opportunities as well as challenges. The Board through its engagement with themanagement will guide the Company in recalibrating its growth strategy to address thesechallenges and to make use of the new opportunities. On behalf of the Board we seeksupport from each and every stakeholder to bring prosperity to one and all.

On an ending note I would like to thank the entire work force of the Company for theirtireless support. Also I place my sincere gratitude to our bankers for extending timelymonetary assistance.

With Best Wishes

Sincerely

Radheshyam Sharma

Chairman & Managing Director