Dear Shareholders

I Nikhil Gupta Managing Director of the Company heartily welcome you all to thisTenth Annual General Meeting being held at Bhavnagar.

This is the fifth year of operations of the Company after IPO. This was a verydifficult year for the economy in general & your company in particular. The overallrecessionary trend prevailing in the market coupled with wild fluctuations in steel pricesaffected the performance of the Company. Apart from volatility there was overallsouthward movement in prices of steel which badly affected the bottom line of the Company.

Your Company is in the process of adopting the most suitable business model which willenable it to tide over the crisis.

I would like to thank the entire management team the entire work force the Bankersand also Business Associates for enabling your Company to grow. I also take thisopportunity to thank my fellow Directors for their immense efforts in formulating andsteering your Company's strategies and policies.

This year as the previous one witnessed high volatility in market conditions. YourCompany could withstand this only on account of efforts at all levels. Your Company ispresently focusing on improving efficiency and also on tackling vibrant and volatilemarket conditions by adopting different business models. I am confident that your Companywill achieve greater heights in the times to come and also will deliver long term valueaddition to its shareholders.

Nikhil Gupta

Managing Director