Mangalam Cement

Message from the Chairman to the shareholders
 
 I am delighted to share with you my satisfaction with the performance
 of your Company in 2008-09. What makes it even more special is the fact
 that it was achieved in a deteriorating economic environment.
 
 The continuing investments in infrastructure development and housing
 will ensure that the demand for cement in India remains robust in the
 long-term.  This is indeed encouraging for companies such as ours,
 which are planning Greenfield capacity expansions to meet the enhanced
 demand.
 
 Our recent initiatives and the hard work of all our employees have
 ensured that Mangalam Cement has all the requisite strengths and
 competencies to benefit from a positive outlook for the industry. A
 strong market presence, strong balance sheet and a robust growth
 strategy are all components of a vision to create a respected brand. I
 thank you, all those who contributed to this success and hope to
 continue receiving it.
 
                                                    With best wishes
 
                                                          O.P. Gupta
                                                            Chairman