It is a pleasure for me to be a part of Modi Naturals and it is my
 endeavour to take the company to new heights over the years to come.
 Whilst addressing you for the first time, I will take you through some
 of the highlights of the past year and share with you some plans that
 we have, going forward.
 
 It has been an eventful year in many ways. We have fundamentally
 reorganised our business to better address market opportunities. The
 high growth of the Indian economy has opened up new opportunities,
 rendered investment accessible and created a business climate
 favourable for expansion and growth.  
 
 As you may be aware, until now our focus was only on bulk supply of
 Rice Bran and Sunflower oils. I will be pleased to inform you that our
 focus is now on becoming a 360 degree FMCG company over the next 5
 years, with innovative brands and products serving consumers in
 different demographic segments.
 
 Business Restructuring
 
 We have structured our operations into three divisions Branded
 Business, Bulk Commodities and Value Added Products. The new structure
 will refocus our efforts, unlock embedded value and result in
 accelerated growth on all fronts.
 
 Branded Business
 
 In the branded business, Mr Narendra Ambwani, Ex MD Johnson & Johnson
 India joined us as a strategic advisor. He brings to Modi Naturals 
 his vast experience in the FMCG sector and will help us achieve success 
 from the word go.
 
 Tarai
 
 We launched our first brand of edible oil - Tarai, in the mass prestige
 category in March with two variants Tarai Shudh and Tarai Tasty+.
 
 Whilst our sales volumes are growing exponentially, our primary focus
 is on developing a strong distribution network across North India for
 this brand. By the end of the current fiscal, we will be present in 9
 States including UP, Punjab, J&K, Himachal Pradesh, Bihar, Jharkhand,
 Delhi, Uttarakhand and West Bengal. The idea is to make Tarai a mass,
 household brand name and leverage our distribution strength to supply
 more and more products, including non-oil products in the future. This
 fiscal we are all set to launch another variant of Tarai - Tarai
 Sun-lite Advance sunflower oil underthe same brand umbrella.
 
 In the current fiscal, you will also see the launch of a new brand,
 which will mark the companies foray into the health and wellness
 category of the FMCG segment serving the higher SECs.
 
 Bulk Commodities
 
 We continue to leverage our strength in bulk commodities by increasing
 our portfolio of products. By the end of this year we will have started
 dealing in some imported oils as well.
 
 Value Added Products
 
 This year, we intend to add significant value to one of our
 by-products. This will help us further strengthen the manufacturing
 base and help bring down the average inputs costs.
 
 I would like to sincerely thank members of our Board for diligently
 representing the interests of our shareholders. I also take this
 opportunity to express my appreciation to all our shareholders for
 their trust in us.
 
 We work with the attitude to maximise returns on the investments you
 have made in Modi Naturals Limited. In a world that is hungry for
 optimism and good news, I am proud to state that we are indeed making a
 positive difference.
 
 The various growth engines that we have put into motion will gather
 momentum and deliver returns at a pace we have not witnessed in the
 past. This will enable us to create wealth and enhance shareholder
 value exponentially.
 
                                    Best Regards,
 
                                            sd/-
 
 Place: New Delhi                     Akshay Modi
 
 Dated : 04.09.2010       Chief Executive Officer