Ladies and Gentlemen,
 
 I have great pleasure in welcoming you to the 13th Annual 
 General Meeting of your company.  The Directors report and 
 the audited accounts for the year 31st March 1995 have been 
 with you for sometime now and with your permission I take 
 them as read.
 
 REVIEW OF OPERATIONS
 
 The year ended 31st March 1995 has been an excellent year 
 for the company's performance and financial results.  The 
 turnover has gone up by 104% to Rs.96.55 crores and Net 
 Profit up by over 173% to Rs.13.28 crores.
 
 Your company has touched a turnover of around Rs.100 crores 
 during the current financial year i.e. during the period 
 April 1995 to 25th September, 1995, which is more than the 
 turnover achieved in the previous whole year.  However, I am 
 confident that even this turnover, highly satisfactory 
 though it is, will appear to be small to you all when 
 compared in the context of the expected turnover in the next 
 six months on account of the jewellery project which has 
 already commenced.
 
 EXPORTS
 
 Your company has achieved an export turnover of Rs.8.90 
 crores during the financial year 1994-95.
 
 DIVIDEND
 
 It also gives me pleasure that the Board of Directors of 
 your company has decided to increase the dividend to 40% for 
 the year under review namely 1994-95 as against 15% declared 
 for the previous year.  I think the perspective of our 
 operations for the years to come explains this optimistic 
 approach of our board, I am sure the shareholders will 
 endorse the recommended dividend.
 
 PROSPECTS AND NEW PROJECTS
 
 Gold, this glittering treasure has enthralled people the 
 world over from the immemorial.  The most common use of Gold 
 all over the world is for making jewellery.  Besides this, 
 gold is bought for investment.  It is also used in the 
 industries for its other properties.
 
 While the enduring physical properties of gold have made  it 
 a commodity by which a person can confidently and 
 successfully cross the financial plights and difficulties, 
 its glittering malleability makes it suitable for shapes and 
 forms which are aesthetically beautiful, pleasing to the eye 
 and satisfying to the heart.
 
 It is worth noting that India Tops the list in the 
 international market for consuming the largest amount of 
 Gold.
 
 As per World Gold Council report for the year 1994.  The 
 estimated consumption for gold is 415 tonnes as against the 
 overall world demand of 3109 tonnes.  The gold business in 
 India is expected to register a cumulative growth rate of 
 21% per annum.  I hope that your company will prove itself 
 to be a fitting instrument in Giving a thrust to the 
 expected growth in demand as well as establish itself as a 
 leading and major partner in the trade so enhanced.
 
 Your company has to cater to the aesthetic needs of each and 
 every segment of society.  It has, therefore, started 
 manufacturing the exclusive jewellery as well as hollow 
 light weight jewellery, with your company's expertise and 
 technical skill gold jewellery would also become accessible 
 to all homes at a price which they can afford and pay 
 without any pinch or embarrassment.
 
 IMPLEMENTATION OF PROMISED SCHEME AT LAUNCHING OF PRODUCTS
 
 The civil works for the company's jewellery project at Bhat 
 gem & jewellery complex, District Gandhinagar, Gujarat State 
 are in progress.  There has been some delay in the 
 implementation of the project, due to circumstances beyond 
 our control.  We, however, do not foresee any cost over-run.  
 This project is likely to be commissioned before the end of 
 the year.  However, your company has commenced production of 
 master alloys, semi-finished products and finished jewellery 
 at its existing Bombay plant.
 
 The jewellery manufactured by this jewellery plant is under 
 test marketing and is displayed on the stage for viewing by 
 the shareholders.
 
 The company proposed to launch the jewellery nation wide 
 before the end of the calendar year.  On first launching of 
 the products, as promised in the Directors report, your 
 Directors have worked out a scheme of offering a special 
 discount to each and every member of your company.  
 Accordingly a special discount of 7.5% on the purchases made 
 by them of company's jewellery upto Rs.50,000 will be given.  
 It is needless to say that this discount, which covers even 
 the price of the gold is substantial in products of precious 
 metals in general and of gold in particular.  I have no 
 doubt that this humble gesture on the part of the company 
 would be welcomed by you as cementing further our mutual 
 bonds, and the members will avail this opportunity.
 
 The Company has initiated action for acquiring space for 
 Company's showroom in the major cities of the country.  The 
 Company has also started negotiations with prospective 
 franchises with the intention to make the jewellery 
 available throughout the country.
 
 I am further pleased to announce that Parekh Micro 
 electronics (India) Ltd., our associate company which is 
 having its factory situated at Gandhinagar in Gujarat has 
 commenced production of thick film materials in technical 
 collaboration with Du Pont, U.S.A.  The Company has also 
 entered into technical collaboration with Osram Sylvania 
 Inc, USA, formerly known as GTE Corporation for manufacture 
 of electronic phosphors and it has started implementing the 
 project.  The Company is also setting up a project for 
 manufacture of chip resistors and resistor networks.
 
 ACKNOWLEDGEMENT
 
 I am grateful to our members for their overwhelming response 
 to the Company's Rights Cum Public Issue of Equity Shares 
 floated during April 1995.  I would like to thank all the 
 employees of your company for their dedication and 
 commitment as also to members of the Board who continue to 
 steer your company with Sagacity and Foresight.
 
 The Co-operation and support received by us from the 
 Government at the centre as well as at the States, Financial 
 Institutions, Banks and our Business Associates have been a 
 source of Great Strength to us.
 
 I would like to thank them all and our shareholders for 
 their confidence and support extended to us.
 
 Thank you very much.