Dear Shareholders

At the onset I would like to thank you for your unwavering trust in your managementteam to steer your company in these challenging times. We are happy to share with you thatour endeavor is to maneuver through the lockdowns and slowdowns with gentle human approachbut a tight focus on maintaining profitability and a strong balance-sheet.

The last year has been one of the most challenging times our company has faced withglobal logistics sector being severely impacted by COVID-19 shutdowns. Despite this wewere able to increase our Profit after Tax for Fiscal FY2020-21 to Rs.97.1 Mn 21% highercompared to Rs.80 Mn in FY20. We optimized our revenue growth with a mix of lease andself- owned boxes. This is the continuation of the strategy we adopted two year back.During the year we added 1194 leased boxes which now account for 12% of our boxes vs NILin FY2018. This enabled us to improve revenues while efficiently managing cash flow.

During the year under review especially the first half of the year we faceddifficulty and slowdown in round trips and bringing back our containers into India. Thisimpacted our overall volumes which remained subdued during the year. However we see thisas a temporary issue and gearing up to bounce back with the economy picking up in thesecond half of FY2021-22.

During the year we had taken a conscious decision to keep the burden on balance sheetat bare minimum bringing down net debt to just Rs.34 Mn. The cash on hand as on 31stMarch 2020-21 was at an all time high at Rs.188 Mn.

Our strong balance sheet now gives us sufficient flexibility to optimize growth goingforward. With the global economies opening up and demand for containers strong we are nowputting in place aggressive growth plans to add owned and leased containers.

Excluding cash on hand our Return on Net Worth (RONW) percentage has improved at 38%in FY21 vs 27% in FY20. We assure you to keep our focus on growth with margins andcommitment to maximising shareholder wealth. I am pleased to share that our Board ofDirectors has proposed a dividend of 5% per share to Non-promoter shareholders anotherfirst for company.

I would like to take this opportunity on behalf of the Board of Directors to thankeach and every one of you for your continuing support in this exciting journeytogether".