The Golden Jubilee year 2007-08 has Seen a year of sustained growth in
 Both Safes and (profits in spite of inflationary pressures and enhanced
 competition.
 
 The Company has taken several strategic steps to 6uifd a sustainable
 competitive advantage of lowering manufacturing cost, increasing
 customer equity and creating new foreign tie-ups for ensuring HIRECTS
 good fortune for times to come.
 
 India will continue to be an attractive market particularly, in
 Infrastructure, (Power, Metal and core sectors where HIRECTS products
 will be at the service of the customers.  However steep increase in
 Oil and Metals like Copper, Aluminium and Steel will generate a cost
 push challenge for which your company is all geared up.
 
 I greatly value the contribution and support of all our Stakeholders
 viz., Suppliers, (Dealers, Customers, (Bankers, Foreign .Associates and
 all other well wishers in making HIRECT complete its golden Jubilee
 year on a happy note. We seek your support in future as well.
 
 With best wishes,
 S. % S.k. Nevatia,
 Chairman &
 Managing (Director)