It has been an eventful year for Manaksia Limited, marked as it was
 with our Follow on Public Offering (FPO) of 15,500,000 equity shares,
 which was oversubscribed 8.33 times. The success of the FPO is a
 reflection of public confidence in the companys future. By and large,
 the funds have been earmarked to enhance our capabilities in the
 production of steel and aluminium products, which we believe have
 immense potential.
 
 There are several reasons to back our belief. For the last few years
 world commodity prices have steadily spiraled upwards as supply has
 struggled to catch up with demand. In metals, developing countries such
 as China, India and the Middle East that have witnessed an
 unprecedented infrastructure boom has largely fueled the demand.
 Equally important is the steady shift in manufacturing power from the
 first world to emerging economies as centers of production seek to come
 closer to markets and raw materials.
 
 India, of course, is very fortuitously placed to ride the commodity
 bull-run. In our chosen fields of steel and aluminium we have excellent
 raw material reserves, technological expertise and skilled labour to
 give us a competitive advantage. The economy has consistently been
 clocking over 9% growth with concomitant growth of infrastructure. The
 emergence of India as a major automobile manufacturer is further icing
 on the cake.
 
 Manaksias interests, of course, extend beyond India. We have
 considerable investments in Nigeria, which is poised to mirror the
 India story as political stability and oil wealth contribute to create
 a resurgent economy. In the current year we have initiated a footprint
 in Georgia, which is strategically located at the junction of Asia and
 Europe, by beginning the process of setting up a new steel long
 products facility at an investment of$ 35 million. It is also worth
 mentioning that our steel cold rolling facility at Haldia, West Bengal,
 which started commercial production in December 2007, is now fully
 operational.
 
 While steel is undoubtedly an important contributor with great future
 potential, the current year has seen remarkable growth in aluminium
 products. The company has been privileged to win the trust of leading
 auto-ancillary and durable manufacturers for its ingots and sheets and
 add new clients each year. Value added products, such as colour coated
 and corrugated roofing sheets also enjoy a buoyant market, particularly
 in Africa.
 
 Among traditional products, our caps and crowns continue to benefit
 from the growth in beverage and liquor industries. Mosquito coils made
 by us retain the faith of major marketers to be sold under prestigious
 brand names. Although their share in our portfolio has been decreasing,
 the traditional products remain market leaders in their own niches -
 their dominance unlikely to be challenged in the near term.
 
 As we enter yet another financial year, the future of Manaksia looks
 bright. We look ahead to adding capabilities and capacities across the
 entire value chain, particularly in metals, to emerge as an integrated
 producer from mining to finished products. As the world shrinks we will
 continue to grow, spreading our wings to emerge as a true Indian
 multinational. The journey has just begun.
 
                                                           B. K. Agrawal
                                                       Managing Director