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Letter to Shareholders


Mumbai Office

Post Box 9495, Andheri (East), Mumbai 400 093

Phone : +91 22 6644 8888 Fax: +91 22 66448899

Email :

Website :

November 1, 2008

Dear Shareholder,

It gives us great pleasure in sending you the enclosed report showing our half yearly results for the current financial year 2008-09. These results have already appeared in the press a few days ago. But some of you may have missed seeing them and hence we thought we will communicate them to you directly.

It gives us some satisfaction that the quarter ended 30th September was the best ever quarter for our Company in terms of net sales. And the six months of this financial year have also been our best period so far. Our sales have increased by 18% as compared to the same period last year. At the half year mark we are well on track to achieve our business objectives for the year. However, given the dramatic change in the economic scenario all around us, we are being conservative to the extent of taking all possible precautions to ensure that the Company’s business continues to grow year-on-year.

Although we do see signs amongst some market segments where customers have put their investments in planned projects on hold, we have nevertheless not yet seen signs of panic amongst our customers. We continue to book orders for fresh business at an acceptable pace. Thus the Company continues to be intrinsically sound and there is no reason for being unnecessarily pessimistic. Our share price has fallen along with the rest of the market and is currently hovering at around Rs.70 per share. This is not indicative of the true worth of the Company, a fact which is confirmed by the healthy results which we continue to post every quarter.

Most sectors of our economy are sound and are in a growth phase and will continue to be so in the foreseeable future. Hence we can reasonably expect the market to start turning around soon.

Best regards

E. A. Elias