Dear shareholders

If there is one lesson that the ongoing pandemic has taught the world then it is 'Howfast and how much can you change?'

The pandemic came upon the world with a speed that made it impossible to takeprecautionary action. The new priorities are hygiene safe practices and increased healthcare spending.

At the business level there is a greater need for de-risking; with companies seekinglower debt as well as broadbased products and markets de-risking could protect them in adownturn.

At the national level there is a greater recognition of the need for self-reliancewith a marked demand for products manufactured in India. We already see a growing needfrom a number of market sectors.

The world over businesses are seeking to broad-base their global supply chain andavoid an excessive dependence on one country.

India can emerge as a large beneficiary.

Your company has been in business for nearly five decades with a wide presence in themarket and rich sectoral experience.

Your company is focused primarily on its domestic business with a niche presence inthe international market. Over 75% of the company's raw materials are sourced from localvendors and suppliers considerably higher than most peers.

Your company has adopted the best of Japanese practises blended with its deep Indianethos.

Responding to the pandemic the company broadbased the sectors addressed by itsproducts optimized its resources and moderated costs. The Company became more nimblecompetitive and profitable.

I am pleased that the effects of the transformation were evident in the financials. Thecompany recovered from a first quarter that was hit by the lockdown to a decentperformance in the fourth quarter.

The manner in which the company rebounded provides confidence that we will remainviable during a downtrend and enhance value for our stakeholders in a secure andsustainable way.

Hidemi Yasuki

Chairman.