My Dear Shareholders

I welcome you all to the Thirtieth Annual General Meeting of your company. It gives mepleasure in placing before you the performance highlights of your company during thefinancial year ended 31^st March 2013.

This year the policy makers around the world have confronted increasingly difficultchallenges led byglobal slowdownstickiness in inflation with surging cost of moneytherebycrippling theeconomic growth.

The growth rate of Indian economy (measured in terms of GDP) was 5.4% in the Firsthalfof year 2012-2013 as against 7.3% in the corresponding time period of the previous year.

Amidst this global slowdown and uncertainty the Indian economy remains sluggish helddown by stalled investment weakening consumption and declining exports. However recentpolicy initiatives undertaken by the Government have begun to dispel pervasive negativesentiments. As the measuresalready announced are implemented and further reforms areinitiated they should help improve the investment climate further.

Considering such a volatile marketthe performance of the company during the year underreview can be considered satisfactory.