For the first time in the History of your Company, we have faced a very tough year due to
the EURO crisis, the wide fluctuation of the US Dollar versus the rest of the world currencies
resulting in slowdown of the International trade and delay in receivables, which led to the
Company incurring losses. As a result of the tough times faced by the Company, we have applied for Corporate Debt Restructuring (CDR) through our consortium banks and the same has been admitted by the CDR Cell. We have taken various measures to reduce our operational cost, stabilize the operation and consolidate our market position.
Further, as a gesture all the Directors have waived the salary due to them from March 2012 till such time the situation improves.
I am hopeful that we shall be able to overcome the challenges faced by the Company and post better results in coming years. Warm Regards,
Chairman and Managing Director