It gives me immense pleasure in welcoming you to the 22nd Annual
 General Meeting of your Company.
 
 The year 2009-10 was a year of mixed opportunities with the economy
 across the globe showing signs of revival after the unprecedented
 fnancial meltdown with some hiccups still felt in between.
 
 The Indian story witnessed quicker recovery and better results than its
 peers and other developed economies owing to its low cost manufacturing
 and strong domestic & improved global consumption. Companies across
 India showed a robust growth in their fnancials. The Indian linepipe
 manufacturers clocked increased proft margins and today stand at a
 comfortable position, boasting of healthy order book position.
 
 I would like to update on your Company’s performance across all
 operating and fnancial parameters. Your Company recorded an increase of
 15.39% in the operating proft from Rs.151.09 crores in Financial Year
 2008-09 to Rs.174.34 crores in Financial Year 2009-10 and a robust
 increase of 41.45% at Rs.67.09 crores in PAT on YoY basis. Although the
 net sales witnessed a decline of 19.04% at Rs.1524.29 crores, the
 volumes in the year under review were higher than the previous year.
 The fall owed to fall in the prices of the raw materials.
 
 Your Company has current order book position of approx. Rs. 2000
 crores. The company is in the bidding stage for many projects both in
 International and domestic market for supplying pipes worth Rs 5000
 crores.
 
 The Indian line pipe industry is among the top three manufacturing hubs
 after Japan and Europe and India is also becoming a major export hub to
 countries like USA, Middle East, Africa and thus enabling us to explore
 many opportunities in the future.
 
 Our business visibility remains strong and we remain confdent in our
 ability to expand existing relationships, add new clients, identify the
 need of the customer’s, optimum utilization of resources and maximizing
 long term value for the stakeholders. We are confdent that we can
 continue to drive growth and achieve our strategic corporate objectives
 in 2010 and beyond. I am confdent that with your continued support your
 Company shall continue to climb the growth ladder at a faster pace in
 the coming years.
 
 On behalf of the Board of Directors, I take this opportunity to thank
 all our shareholders for their confdence and faith in the company, our
 bankers, customers and vendors for their continued co-operation and
 support. I would also like to thank all the employees of the Company,
 for their dedicated services.
 
 R. C. Mansukhani Chairman