1992-93 has seen further progress for your company in terms of turnover and profitability, especially in light
of the year long recession and civil strife in the first quarter of 1993.
 
 Last year, your company changed its focus to become an export driven company.  This has resulted in a 400%
increase in our export turnover.  We will continue all efforts in this direction.
 
 During the financial year 1993-94, your company's main objective will be to increase profitability through
expansion of the Chemical Storage Division and reduction of finance charges.  This will pave the way further
for rewarding our loyal shareholders through increasing dividends.
 
 Your company is coming out with a Rights Issue in 1993-94 for the purpose mentioned above.  I am sure all of
you will participate in this Issue to help fulfill our corporate objectives of increasing profitability and
steadily increasing dividends.
 
 I would like to thank all shareholders, employees, financial institutions, banks, customers and suppliers
for their continuing support.
 
 
 K.M. Chandaria
 Chairman