Dear Members

At the outset thank you very much for being part of our journey. I am happy to share mythoughts with you on our journey so far. During the year under review your companycrossed total revenue of Rs. 100 crores (Actuals for the year at Rs. 110.71 crores) - agrowth of 40% over the previous year. While we have grown the revenues your company hasremained focused on ensuring improvement in margins. During the year your company recordeda Profit after tax of Rs.6.85 crores a PAT margin of 6.2% against the PAT margins of 2.2%achieved in the previous year. The improvement in margins have been achieved against thebackdrop of a reduction in the cost of services thus bettering the Gross margins reducingfinance cost and other costs. I am also pleased to share positive outcomes achieved duringthe year. Members may recollect that during the previous year your company had allottedwarrants on preferential basis to Promoters and Non Promoters. I am pleased to inform youthat the warrant holders have reposed faith in the company and full payments against thewarrants have been received and converted into equivalent equity shares. Your company alsorewarded the members for their faith in the company in the form of a bonus issue in theratio of 3:5 thus taking the paid up capital of your company to above Rs. 10 crores. Yourcompany has moved the application to the Bombay Stock Exchange Limited to migrate from theSME platform of the Bombay Stock Exchange to the Main board. As on the date of thisreport I am pleased to inform you that your company has been successfully migrated to themain board of the BSE with effect from 10^th May 2018. There has been changes inthe external environment as well. During the year under review the government introducedthe Goods and Service Tax (GST) which subsumed most of the Indirect taxes (mostly Servicetax and to some extent VAT in the case of your company). Your company has obtained therequired registrations under the new regulatory regime. Infrastructure led growth is beingpromoted in a big manner. In November 2017 the Department of Economic Affairs (DEA)issued a notification widening the category of infrastructure sub-sectors to"transport and logistics" from the earlier sub-head of "transport". Inaddition to the above the various initiatives currently underway under the Sagarmalaproject in the form of Port Modernization developing new ports improving capacity atexisting ports enhancing port connectivity through highways railways Inland waterwaysand logistics hubs Port-led industrialization are all expected to improve the efficiencyof the sector.

To make the company future ready your company has invested in a bigger premise whichhas now been designated as the new registered office with effect from 25^thAugust 2018. We will continue with our tireless efforts to grow the company even furtherin times to come. On behalf of the board I thank you for the continuous support extendedand the confidence placed in your company.

Abdul Khalik Chataiwala Managing Director