Dear Fellow Stakeholders
 
 The macro business environment in the year under review was
 characterized by uncertainty and volatility. The Company also
 experienced extended prospect-to-award timelines. Nevertheless, the
 execution schedule of our existing orders remained largely on track. We
 also continued to gain significantly through our focus on competency
 quality assurance and delivery. This ensured that the external
 environment did not impinge unduly on our performance, and we could
 successfully navigate through the economic cross currents to convert
 profitable business opportunities into contracted customer commitments.
 
 Your company posted yet another year of good performance with a
 significant top line growth reflecting the robustness of its corporate
 strategy of creating multiple drivers of growth. This performance is
 particularly noteworthy when viewed against the back drop of the
 extremely challenging business context in which this was achieved.
 
 It is a matter of great pride to reflect on the enormous progress made
 by your company over the last five years.  Your company today is one
 among the leading engineering company in India, one among the top
 market leaders in manufacturing of process equipments, pre-dominant EPC
 player in Metals & Minerals and Water Segments and complete solution
 provider Concept to Commissioning.
 
 Technology is defining our lives; technology is also shaping corporate
 growth and leadership. Your company has always adopted contemporary
 technologies to achieve the cost competitive position in engineering
 and manufacturing to create new products/projects and to continuously
 innovate through their sustained R&D efforts to enhance organization
 effectiveness. We are constantly engaged through technical partnership
 with global players to gain access to technology, markets, products and
 projects to ensure long term sustainability and scalability prospects
 of the company.
 
 The world has trillion opportunities and aspirations. Your company
 symbolizes opportunity to create wealth for the shareholders, provide
 technology to the industrial sector and manufacture critical equipment
 to the Power Sector / Oil & Gas / Hydrocarbon / Nuclear Power Plants.
 This opportunity is growing at a faster pace than before and we are
 already participating in new emerging markets like Iron & Steel
 Industry, Nuclear Power Plants, Power generation from Waste Heat
 Recovery Route with new enabling technology.
 
 During the year your company secured first Global order from M/s.
 Konkola Copper Mines (KCM), Zambia for Copper Refineryfor expansion of
 the existing facility by 50000 TPAof finished copper production. During
 the year,
 
 the manufacturing business secured orders from Nuclear Power
 Corporation of India (NPCIL), for manufacture of IFTM Shield Doors for
 Nuclear Reactors, Water Accumulator & Gas Accumulators, Heavy Water
 Storage Tank, D20-Heat Exchangers and Condenser for RAPP 7&8 Nuclear
 power projects.
 
 Converting seawater into potable water with desalination plants throws
 up increasing business prospects both in Domestic and Middle East
 markets. Industrial opportunities in the form of effluent treatment
 plants also offers an increased market.
 
 With the evident growth in the mining and industrial components of GDP
 coupled with a domestic imbalance in the demand-supply of steel, your
 Company sees abundant opportunities in mining equipment and capacity
 addition in the metals sector. Larger business prospects in Material
 Handling is being driven by power capacity addition, increase in ports
 and expansion of ferrous and non-ferrous metals production capacities.
 
 Your Company''s heavy engineering facilities in Vatva located in Gujarat
 is widely acclaimed for its world class design, manufacturing
 capabilities and on-time execution track record of technologically
 complex large sized equipment orders for process plants in India and
 abroad. This is standing your Company in good stead when scouting for
 business in domestic and international markets and is expected to
 facilitate growth in Power and Hydrocarbon sectors.
 
 We are gearing up for the next phase of growth through a combination of
 our strategic initiatives and forging new partnerships with leading
 global companies.
 
 Sustainable development is the key to an organization to survive and
 thrive. Accordingly, we have set out on a multi-year journey to achieve
 world class sustainable development through conservation of natural
 resources environment protection, employee engagement and welfare
 measures that affect different parts of society.
 
 Your Company is committed to the pursuit of value creation through
 profitable growth of its business and we reaffirm our commitment to
 uphold highest standards of governance.
 
 Before concluding, I would like to appreciate the efforts of all the
 employees of this organization for taking your Company to greater
 heights once again - this achievement would not have been possible
 without their wholehearted and unstinting efforts.
 
 I would like to thank all our Board of Directors for their unwavering
 support and guidance and would like to take this opportunity to express
 my gratitude to all our stakeholders, customers and associates of our
 supply chain who have reposed confidence in us and extended their
 unrelenting support.
 
 S.C. Sekaran, Executive Director