Dear Shareholders

It is with great pleasure that I present to you our 30th Annual Report.

As we turned 30 we encountered one of the toughest years in our history. Despite thecrisis situation arising out of the pandemic it is important to note that your Companyhas performed well on all fronts.

We accorded the highest priority to human life and safety of all our employees as wellas our various stakeholders like vendors customers dealers and painters as it worked tomeet the challenges and opportunities of the pandemic.

At Vishal Bearings we have been growing our business without compromising the healthand safety of our people. In the face of the COVID-19 pandemic we have been actingresponsibly supporting communities and making a small difference to all around us.

We have been investing in a safe and sustainable future for all our stakeholders.

We have been investing responsibly in stakeholder partnerships strengthening ourorganisational resilience.

We are optimistic that the outcome of these initiatives will be profitable andsustainable growth for all our stakeholders well into the long-term.

I take this opportunity to express my gratitude to all our stakeholders. In thesechallenging times I wish for the wellbeing and safety of you and your families.

Hiralal G. Changela

Chairman.