The Indian textile Industry is facing a challenging environment in the
 face of global recession, increasing raw material prices and the
 drastic curtailment of power supply.  While recession has caused a
 significant dip in exports in the last two quarters of 2008 and a
 consequent decrease in demand for textile products across the world,
 the more serious challenge facing us is the unavailability of power in
 the medium term, a critical factor for our power intensive industry.
 
 Our company has implemented a slew of cost optimizing and efficiency
 boosting measures in this period, shielding us to an extent from the
 full brunt of the negative factors affecting our sector. Our increased
 capacities have come into utilization as can be seen from the financial
 results. Our efforts to create more visibility for our products and to
 value add across product categories will stand us in good stead in the
 years to come. We have increased our market outreach activities and are
 confident of an improved scenario in the coming years.
 
 (S V BALASUBRAMANIAM) 
 Chairman