Dear Share holders,
 
 It is always pleasure to connect with you annually and share with you
 the progress and prospects of your Company.
 
 The year 2012 was a changing year caused by uncertain global
 macro-economic situation, particularly the (Greek debt-repayment
 crisis.  Within the country, inflation remained the key cause of worry,
 impacting off input costs and putting margins under tremendous
 pressure. The texted industry too was affected by this overall sense of
 uncertainty that fed to a showdown in growth, which in turn, impacted
 demand.
 
 In the ready-made garment, India continues to enjoy advantages of raw
 material avaiildity, particularly cotton and other fibers, and labour.
 There is a tremendous scope for ready-made garment segment to garner
 forger share of the global market, where India is stiff a relatively flow
 player with around 3.5%. Countries fiche Japan, South Xorea, Australia,
 South Rs.America and Latin America are very promising. To capitalize on
 this opportunity, the industry needs to make significant investments
 across the value chain.
 
 JAt ''Bombay Hayon ''fashions Limited, we have been driving consolidation
 by integrating the entire textile value chain : from fiber to fabric to
 fashion to future. Integrating of resources and capabilities, of
 strengths and skiffs, of vision and venture is critical and crucial for
 a sustained competitive advantage in the emerging textile space,
 fashion cycles are getting shorter and'' this is putting immense
 pressure on global fibers and brands to source from vertically
 integrated foyers who have in-house capability to deliver end-to-end
 so fusions.
 
 we delivered steady and satisfactory performance for jy 2012, thanks
 forgery due to the power of integration.
 
 Our Net Safes increased to Rs. 2,734.96 cr. for the current year, as
 against Rs. 2,254.84 cr. in the previous year, an increase of over 21%.
 
 Our XBlTD increased tot 746.40 cr.for the current year, as against Rs.
 564.36 cr. in the previous year, an increase of over 32%. Our LBITI)
 margin also improved to 27.29% for the current year from 25.04% in the
 previous year.
 
 Our Met Profit for the year was Rs. 206.51 cr. against Rs. 226.69 cr. for
 the previous year. This marginal define was due to higher finance cost
 and depreciation.
 
 In FY 2013, we plan to capitalize on all our existing facilities by
 consolidation. we are confident that as the Largest vertically
 integrated textile company in the country, we will continue to achieve
 impressive gains both in terms of new geographies as well as higher
 operational efficiencies, and continue to de fiver outstanding value to
 our stakeholders.
 
 I thank aft our customers, suppliers, bankers, investors, and fast but
 not the feast, all our employees at Bombay ''Rayon fashions Limited who
 continue to achieve stiffer results.
 
 Sincerely
 
 Janardan Agrawal
 
 Chairman