To

THE SHAREHOLDERS,

Your directors have pleasure in presenting the 82nd annual
report together with audited statements of accounts of the company for the financial year
ended 31st March, 2023.



FINANCIAL RESULTS:

( In Lakhs)


  

    
Particulars
    
Standalone
    
Consolidated
  
  

    

    
2022-23
    
2021-22
    
2022-23
    
2021-22
  
  

    
Total income
    
101956.21
    
76917.02
    
104988.11
    
79726.52
  
  

    
Operating profit before interest,
    depreciation and taxation
    
3351.36
    
5180.96
    
3100.66
    
5261.40
  
  

    
Gross profit
    
2317.79
    
4173.72
    
1901.76
    
4134.19
  
  

    
Profit before exceptional item
    & tax
    
912.85
    
2958.51
    
844.05
    
2937.15
  
  

    
Exceptional item
    
-
    
-
    
-
    
-
  
  

    
Profit after exceptional item but
    before tax
    
912.85
    
2958.51
    
844.05
    
2937.15
  
  

    
Tax expenses
    
191.20
    
1074.12
    
149.60
    
1052.20
  
  

    
Profit after tax
    
721.65
    
1884.39
    
694.45
    
1884.95
  
  

    
Other comprehensive income
    
(134.63)
    
(150.23)
    
(137.29)
    
(152.43)
  
  

    
Total comprehensive income
    
587.02
    
1734.16
    
557.16
    
1732.52
  
  

    
Earnings per share
    
11.42
    
29.82
    
11.42
    
29.86
  


 


YEAR IN RETROSPECT:

Your directors are pleased to report that for the first time in the
history of the company, the total income of the company increased to more than Rs 1000
Crores. The company expanded its grinding capacity to 850 Tons per day which resulted into
increased grinding activity which in turn improved the topline of the company. The bottom
line however remained subdued during the year under review due to worsening of
geopolitical situation and increase in the price of maize and other inputs. Though the
company could pass on some portion of the increased cost to its customer, the bottom line
of the company remained affected and, as a result of this, despite of increase in the
total income of the company, there has not been corresponding increase the net profit of
the company.



A) RESULTS ON STANDALONE BASIS :

Your directors are pleased to report that during the year under review,
your company could achieve maize grind of 2.87 lakh tons as against 2.52 lakh tons in the
previous year due to increased capacity utilization and gradual expansion in capacities of
the company. The total income of the company increased to 101956.21 lakhs as against Rs
76917.02 lakhs in the previous year which indicates a jump of 32.55% for the reasons
indicated earlier. The company witnessed increase in demand for all its products,
especially value added products. The price of maize during the year under review remained
high as compared to the previous year. Cost of some other inputs has also increased. The
company could pass on only some portion of such increased cost to its customers. As a
result of this the bottom-line of the company remained subdued as compared to previous
year. The EBITDA of the company during the year under review remained lower at Rs 3351.36
lakhs as against 5180.96 lakhs in the previous year. The gross profit of the company
decreased to Rs 2317.69 lakhs as against 4173.72 lakhs in the previous year. The profit
before tax of the company reduced to Rs 912.85 lakhs as against 2958.51 lakhs in the
previous year and profit after tax declined to Rs 721.65 lakhs as against Rs 1884.39 lakhs
in the previous year.



B) RESULTS ON CONSOLIDATED BASIS :

There has been an improvement in the turnover and profitability of
Alland & Sayaji LLP, the joint venture of Sayaji Industries Limited during the year
under review. However, there has been a nominal increase in the loss of Sayaji Seeds LLP,
subsidiary of the company due to delay in monsoon in the previous year and impacted kharif
sowing peak season. On a consolidated basis, the total income of your company increased to
104988.11 lakhs as against 79726.52 lakhs in the previous year, indicating a jump of
32%. The Gross Profit of the Company reduced to 1901.76 lakhs as against.4134.19 lakhs in
the previous year. During the year under review, the profit before tax of the company
stood at Rs 844.05 lakhs as against Rs 2937.15 lakhs in the previous year. The net profit
after tax during the year under review was Rs 694.45 lakhs as against 1884.95 Lakhs in
the previous year.

Keeping in view the policy of the company to increase/ decrease the
dividend payouts to the shareholders based on the profits of the company and also
considering the requirements of funds for the proposed expansion and modernization plans
of the company in the times to come, your directors have thought it appropriate not to
recommend any dividend on the equity shares of the company.



FUTURE OUTLOOK :

There has been an increase in the demand for all the products of your
company in the previous year. The company has initiated process to increase its grinding
capacity in coming years and modernize its equipment to improve quality and yield of its
finished products. The price of maize remained high and there has also been increase in
some input costs during the year under review. Your company has been able to pass on some
part of increased input costs to its client in order to protect its margins but still
margins remained stress during the year under review. Your directors are hopeful that with
expected normal monsoon the price of maize may come down. This coupled with increase
grinding activities due to expansion and modernization program undertaken by your company
is expected to substantially improve the top line and bottom line of the company in the
years to come.

Your directors are hopeful of improved economic activities in India
which may lead to improved demand for the products of the company from sectors like FMCG,
pharmaceuticals, textile, food, paper, paints etc. which may impact the margins of the
company positively in the current financial year.



TRANSFER TO RESERVES

During the year under review, no amount has been transferred to general
reserve.



COMMITTEES OF BOARD

The board of directors has constituted the following committees and the
details pertaining to such committees are included in the corporate governance report,
which forms part of this annual report.


  
Audit Committee
  
Nomination and Remuneration Committee
  
Stakeholders Relationship Committee
  
Corporate Social Responsibility Committee




NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES

There were 5(five) meetings of the board held during the year. The
details of the meetings of the board and the committees thereof, convened during the
financial year 2022-23 are given in the corporate governance report which forms part of
this annual report. During the year, all recommendations made by the committees were
approved by board.



EXPLANATION TO REMARKS IN THE STATUTORY AUDITORS' REPORT AND
SECRETERIAL AUDIT REPORT:


  
  
The statutory audit report for the year 2022-23 does not contain any qualification,
    reservation or adverse remark or disclaimer made by statutory auditors; and 
  
The secretarial audit report for the year 2022-23 does not contain any qualification,
    reservation or adverse remark or disclaimer made by the secretarial auditor appointed by
    the company.




MAINTENANCE OF COST RECORDS

As specified by the central government under subsection (1) of section
148 of the Companies Act, 2013, the company has maintained cost accounts and records.



VIGIL MECHANISM/WHISTLE BLOWER POLICY

In compliance with the provisions of Section 177(9) the board of
directors of the company has framed the "Whistle Blower Policy" as the vigil
mechanism for directors and employees of the company. The whistle blower policy is
disclosed on the website of the company at https://www.sayajigroup.in/investor-relations/.



PREVENTION OF INSIDER TRADING

The insider trading policy of the company lays down guidelines and
procedures to be followed and disclosures to be made while dealing with the shares of the
company. The policy has been formulated to regulate, monitor and ensure reporting of deals
by designated person/employees and maintain the highest ethical standards of dealing in
company?s securities.



SIGNIFICANT & MATERIAL COURT ORDERS

No significant and material orders have been passed by any regulator or
court or tribunal which can have an impact of the going concern status and the company's
operations in future.



TRANSFER TO IEPF OF EQUITY SHARES AND UNCLAIMED DIVIDEND

In terms of the provisions of Section 125 of the Companies Act, 2013
read with the Companies (Declaration and Payment of Dividend) Rules, 2014, all unclaimed /
unpaid dividend up to FY 2014-15 amounting to Rs 6,06,550/- has been transferred to the
Investor Education and Protection Fund. In compliance with the applicable rules and after
complying with the requisite formalities, company will be transferring requisite
applicable equity shares to the designated demat account of IEPF authority. The details of
the shareholders whose shares are liable to be transferred to IEPF can be accessed at
company's website viz. www.sayajigroup.in.



CREDIT RATINGS

Details pertaining to credit rating is included in the corporate
governance report, which forms part of this annual report.



DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The company pursuant to the Section 4 of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has constituted an internal
complaints committee. During the year, no complaint was lodged with the internal complaint
committee.



MD & CFO CERTIFICATION

Certificate from managing director and chief financial officer of the
company, pursuant to the Regulation 17 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, for the financial year 2022-23 under review was placed
before the board of directors of the company at its meeting held on 24th May,
2023.



SECRETARIAL STANDARD

The company complies with all applicable secretarial standards issued
by The Institute of Company Secretaries of India and approved by the Central Government
under Section 118(10) of the Companies Act, 2013 for the financial year ended 31st
March, 2023.



AWARDS AND RECOGNITION :

The company has received in past no. of awards for its products, use of
boiler and certifications in recognition of the company's systems. The most recent
certifications received by the company are OHSAS 18001:2007 certification in recognition
of company's health and safety management system, ISO 9001:2015 in recognition of
company's quality management system and ISO 14001:2015 in recognition of company's
environmental management system.



TECHNICAL ASSISTANCE AGREEMENTS:

The company had continued to avail the benefits of technical expertise
from M/s Tate & Lyle, Belgium and SIGMA Mudhendislik Makine Sanayi Ve Ticaret Auaturk
Mahallesi, Girne Cad, Turkey in the past. This has enabled it to further improve the
technical parameters of the production processes and also improve the quality of its
products.



EXPORTS:

Your directors report that the export turnover of the company during
the year under review is Rs 13458 lakhs as against Rs 7717 lakhs in the previous year.
There has been 75% increase in the export turnover of the company. With expansion of
grinding capacities of the company and modernization programs being implemented, your
directors hope that there would be more increase in the export turnover of the company.
The company intends to continue with its long term export oriented marketing policy by
penetrating more in its existing international market and exploring new avenues for its
high value products.



MARKETING:

Your directors are pleased to inform you that Sayaji Industries Limited
has continued to utilize its working capital very effectively as a result of which there
has been less utilization of working capital limits sanctioned by the bank despite of
increase in the turnover of the company. The liquidity position is adequate to service all
interest and debt repayments. Your company has been able to maintain and increase its
market share for all its products and get better prices for its products due to extensive
and effective efforts of the company's sole selling agents, M/s L G & Doctor
Associates Private Limited. It is heartening to note that due to efforts on the part of
the sole selling agents, despite of substantial increase in the revenue from operations of
the company, total receivables at the end of the year remained in control and average
credit period has reduced during the year under review.

The directors place on record their appreciation for the persistent
untiring efforts of the sole selling agents to find new markets, pursue with the customers
for additional orders and to ensure timely collection of dues. The directors also remain
assured that with expansion of its capacities and modernization of its facilities the
company would be able gain its market share due to efforts on the part of its sole selling
agents.



PUBLIC DEPOSITS:

Deposits aggregating Rs 11.19 lakhs due for repayment on or before 31st
March, 2023 were not claimed by the depositors on that date. As on the date of this
report, the entire amount has been claimed/ paid.

Your company has accepted the deposits aggregating to Rs 3028.45 lakhs
(including renewed of deposits 388.50 lakhs) during the year under review after complying
with the provisions of the Companies Act, 2013 and Companies (Acceptance of Deposits)
Rules, 2014. There has been no default in repayment of deposits or payment of interest
thereon during the year under review and there are no deposits which are not in compliance
with the requirements of Chapter V of the Companies Act, 2013.

Your directors appreciate the support which the company has received
from the public and shareholders to its fixed deposit scheme.



INSURANCE:

All the properties and insurable interests of the company including
buildings, plant and machinery, stocks, loss of profit and standing charges etc. are
adequately insured.



GREEN INITIATIVE:

During the year under review, the company continued utilization of
biogas captured while treating the effluents which are generated from the manufacturing
processes of the company. This has resulted into generation of more power at a reduced
power cost. Utilization of biogas for generation of electricity reduces emission of the
green house gases into environment and thus supports green environment. The new UASB
digester is also helping the company to treat increased effluents generated after
expansion of the capacities of the company to 850 tons per day and proposed expansion to
1100 tons per day.



MATERIAL CHANGES :

There are no other material changes and commitments affecting the
financial position of the company which has occurred between the end of the financial year
under review of the company to which the financial statements relate and the date of this
report.



DIRECTORS:

Mr. Varun P. Mehta retires by rotation at the forthcoming annual
general meeting and being eligible, offers himself for re-appointment.

Mr. Premal Mehta, Independent Director of the company resigned from the
company with effect from 6th June, 2022 due to his increased work commitments
and family responsibilities and obligations. The directors place on record their
appreciation for his contributions and guidance to the company on its path of progress.

The board of directors of the company appointed Mr. Chiranjiv Patel
aged 41 years and holding DIN 01252668 as additional director from 10th
November, 2022 under section 161(1) of the Companies Act, 2013 and Article 89 of the
Articles of Association off the company. He was also appointed as an independent
non-executive director of the company under Section 149 of the Companies Acct, 2013 for a
consecutive period to hold the office from 10th November, 2022 to 31st
March, 2027. His appointment was approved by the shareholders of the company by way of
postal ballot with effect from 31st December, 2022. The board considers that
his association with the company would be of immense benefit to the company.

Consent of the members of the company is also being obtained by way of
special resolutions through postal ballot for reappointment of Mr. Priyam B. Mehta as the
chairman and managing director of the company for the period of five years from 01/04/2023
to 31/03/2028 and to his remuneration for the period of three years from 01/04/2023 to
31/03/2026, reappointment of Mr. Amit N. Shah as the whole time director (technical) for
the period of three years from 01/04/2023 to 31/03/2026 and to approve his remuneration
and for increase in the remuneration to be paid to Mr. Varun P. Mehta, executive director
from 01/06/2023 to 31/03/2024 and Mr. Vishal P. Mehta, executive director from 01/06/2023
to 31/03/ 2024.

Mr. Priyam B. Mehta is the chairman and managing director of the
company since November, 1982. He is assisted by Mr. Varun P. Mehta who is the executive
director of the company since January, 2010 and Mr. Vishal P. Mehta who is also the
executive director of the company since July, 2011. Mr. Amit N. Shah who has been
associated with the company since more than three decades is the whole time director
(technical) to ensure smooth plant operations. The appointment of the said whole time
directors and their remuneration are recommended by the nomination and remuneration
committee keeping in mind their contribution to the growth of the company, the financial
position of the company, prevailing industry norms, provisions of the Companies Act, 2013
and as approved by the board of directors and members of the company from time to time.

The independent directors of the company are highly qualified and
stalwarts in their respective filed with wide and varied experience. They actively
participate in the discussions at the board meeting and their suggestions have helped the
company to grow at a rapid pace. The independent directors are paid sitting fees for
attending the board and committee meetings. The nomination and remuneration committee has
in place their criteria for determination of qualifications, positive attributes and
independence of the directors, which they have considered for the appointment of the new
independent directors and reappointment of independent directors for the second term of
consecutive five years.

Pursuant to the provisions of Companies Act, 2013 and SEBI (LODR)
Regulations, 2015, the board has carried out an evaluation of its own performance, the
performance of directors individually as well as the evaluation of working of its audit
committee, nomination and remuneration committee, stakeholders relationship committee and
corporate social responsibility committee. The manner in which the evaluation has been
carried out has been explained in the corporate governance report.

The manner in which the remuneration is paid to the directors,
executive directors and senior level executives of the company has also been explained in
the corporate governance report.

During the year under review, 5 board meetings, 4 audit committee
meetings and 1 meeting of independent directors were convened and held, the details of
which are given in the corporate governance report. The intervening gap between the
meetings was within the period prescribed under the Companies Act, 2013.



DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134 (5) of the Companies Act,
2013 your directors would like to state that:

(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed;

(ii) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company at the end of the
financial year as on 31st March, 2023 and of the profit of the company for that
period;

(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities;

(iv) the directors have prepared the annual accounts on a "going
concern" basis;

(v) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively; and

(vi) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.



EXTRACT OF ANNUAL RETURN AND OTHER DISCLOSURES UNDER COMPANIES
(APPOINTMENT AND REMUNERATION) RULES, 2014 :

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the
Companies (Management and Administration) Rules, 2014, the annual return of the company is
available on the website of the company at the link :
https://www.sayajigroup.in/investor-relations/



PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT, 2013 :

The details of loans, guarantees or investments under Section 186 of
the Companies Act, 2013 at the beginning of the year, given/ made during the year and at
the end of the financial year under review is as given below:

(Amount in )


  

    
Particulars of Loans/Guarantees/
    Investments
    
As at 01/04/2022
    
Given/Made during the financial
    year
    
As at 31/03/2023
  
  

    
Investment in Sayaji Seeds LLP
    
Rs 6,30,00,000/-
    
Rs 10,00,000/-
    
Rs 6,40,00,000/-
  
  

    
Investment in Alland & Sayaji
    LLP
    
Rs 3,50,00,000/-
    
Nil
    
Rs 3,50,00,000/-
  
  

    
Corporate guarantee given to
    Kotak Mahindra Bank for financial assistance to Alland & Sayaji LLP
    
Rs 8,25,00,000/-
    
(Rs
    4,25,00,000/-)
    
Rs 4,00,00,000/-
  
  

    
Corporate guarantee given to
    Kotak Mahindra Bank for financial assistance to Sayaji Seeds LLP
    
Rs
    13,00,00,000/-
    
Nil
    
Rs
    13,00,00,000/-
  


 


PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES :

All related party transactions that were entered into during the
financial year were at arm's length basis and were in the ordinary course of business. The
company had not entered into any transactions with related parties which could be
considered material in terms of Section 188 of the Companies Act, 2013. Accordingly, the
disclosure of related party transactions as required under Section 134(3)(h) of the
Companies Act, 2013 in Form AOC-2 is not applicable.



SUBSIDIARY COMPANIES:

During the year, the company has incorporated a subsidiary in the name
of "Sayaji Industries (FZC)" in the United Arab Emirates on 20th
December, 2022 for business expansion purposes. The company is in the process of investing
the fund in the newly incorporated subsidiary, and therefore no details are provided in
the form AOC-1. SAYAJI INDUSTRIES (FZC) is yet to commence its business. It will be
engaged in the marketing of company products such as starch, dextrose etc. in middle east
countries.

Pursuant to Section 129(3) of the Companies Act, 2013, details required
for Sayaji Seeds LLP, a subsidiary of the company, is given in Form AOC 1, which contains
the salient features of the financial statements and is attached to the annual report.



CODE OF CONDUCT:

The board of directors has approved a code of conduct which is
applicable to the members of the board and all executives one level below the board. The
company believes in zero tolerance against bribery, corruption and unethical dealings/
behaviour of any form and the board has laid down the directives to counter such acts. The
code of conduct has been posted on company's web site www.sayajigroup.in

The code lays down the standard procedure of business conduct which is
expected to be followed by the directors and executives one level below the board in their
business dealings and in particular on matters relating to integrity in the work place, in
business practice and in dealing with stakeholders.

All the board members and executives one level below the board have
confirmed compliance with the code.



STATEMENT ON DEVELOPMENT AND IMPLEMENATION OF RISK MANAGEMENT POLICY:

The statement on development and implementation of risk management
policy is given under the management discussion and analysis report which is attached with
this annual report.



INTERNAL FINANCE CONTROL:

Details in respect of adequacy of internal finance control with
reference to the financial statements are stated in management discussion and analysis
report which forms the part of this report.



CORPORATE SOCIAL RESPONSIBITY (CSR) POLICY AND CSR INITIATIVES:

The company has developed CSR policy with the objective to lay down
guiding principles for proper functioning of CSR activities to attain sustainable
development of nearby society. CSR policy is also available on the web-site of the
company.

The company is contributing in the areas like promotion of education,
public welfare and animal welfare.

The CSR policy developed by the company mentions the areas of its
operation, the CSR activities, the allocation of funds and arrangements for carrying out
such activities. The members of CSR committee include Mr. Varun P. Mehta as chairman Dr.
Gaurang K. Dalal, Dr. Janak D. Desai and Mrs. Sujata P. Mehta as members.

The company has spent a sum of Rs 22.80 Lakhs on CSR activities during
the year under review. After considering the amount of Rs 12.89 Lakhs available for set
off at the beginning of the year, the company was required to spend Rs 21.75 Lakhs on CSR
Activities pursuant to the provisions of Section 135 of the Companies Act, 2013 against
which the company has spent a sum of Rs 22.80 Lakhs and a sum of Rs 1.05 Lakh is available
for set off in subsequent financial years. The CSR activities were overseen by the CSR
Committee and also by the Board of Directors on a regular basis. The report on CSR
activities is annexed hereto as Annexure - 2 and forms the part of this report.



MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The management discussion and analysis report as required under
Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 has been attached and forms part of this directors' report.



CORPORATE GOVERNANCE:

Your company has complied with the requirements of corporate governance
as prescribed under Schedule V of the SEBI (LODR) Regulations, 2015. A separate report on
corporate governance forms the part of the annual report. A certificate from the
Practicing Company Secretary Amrish Gandhi & Associates regarding compliance of
conditions of corporate governance also forms the part of this report.



AUDITORS:

M/s Shah and Shah Associates, Chartered Accountants, Ahmedabad (ICAI
Registration No. 113742W) continue to act as the statutory auditors of the company till
the conclusion of 86th annual general meeting of the company to be held in the
year 2027.



SECRETARIAL AUDIT:

Pursuant to provisions of Section 204 of the Companies Act, 2013 and
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Amrish
Gandhi & Associates practicing company secretary was appointed to undertake
secretarial audit of the company. The secretarial audit report is annexed herewith as
Annexure - 3 and forms the part of this report.



COST AUDITORS:

The Company has received a letter dated 12th April, 2023
from the cost auditors M/s Dalwadi & Associates, Cost Accountants to the effect that
their re-appointment, if made, would be within the prescribed limits under Section 141(3)
(g) of the Companies Act, 2013 and that they are not disqualified for re-appointment. The
board of directors of the company at its meeting held on 24th May, 2023
appointed M/s Dalwadi & Associates Cost Accountants as the cost auditors of the
company to conduct the audit of cost records maintained by the company as required by the
Companies (Cost Records and Audit) Rules, 2014 as amended from time to time.

The members are requested to ratify the remuneration to be paid to the
cost auditors of the company.



CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS & OUTGO:

The information on conservation of energy, technology absorption,
foreign exchange earnings and outgo as required under Rule 8(3) of the Companies
(Accounts) Rules, 2014 is appended hereto as Annexure - 4 and forms part of this report.



PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of
the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 in
respect of employees of the company will be provided upon request. In terms of Section 136
of the Act, the reports and accounts are being sent to the members and others entitled
thereto excluding the information on employees particulars which is available for
inspection by members at the registered office of the company during the business hours on
working days of the company upto the date of ensuing 82nd annual general
meeting of the company. If any member is interested in inspecting the same, the member may
write to the company secretary in advance.



APPRECIATION:

Your directors express their deep sense of appreciation for the
valuable and devoted services rendered by the chairman and managing director and the
executive directors in the management and conduct of the affairs of the company. The
directors also express their appreciation for the devoted services of the sole selling
agents. Your directors also thank Kotak Mahindra Bank, bankers to the company for
extending financial assistance by way of working capital facilities and term loans at
competitive rates. Your directors also wish to place on record their deep sense of
appreciation for the devoted services of the company's executives, staff, workers and all
associated, directly and indirectly with the affairs of the company.



For and on behalf of the Board of Directors

Priyam B. Mehta

Chairman and Managing Director

Place : Ahmedabad