Dear Shareholder''s
 
 I am pleased to present before you 25th Annual Report of RR
 Financial Consultants Limited (RRFC) and would like to thank you for
 having reposed your confidence in RRFC. RRFC has been consistently
 evolving itself in a rapidly changing environment while retaining its
 core values in an industry which has been very turbulent. We have made
 great progress in reshaping RRFC into a more focused value oriented
 organization while consistently enhancing our professional streams.
 Each of our businesses has developed its own strategy in face of stiff
 competition to reach a position of profitable market leadership
 
 Our principles are: -
 
 - Adhere to principles, practices and values to be a business leader.
 
 - Build strong and diversify product strengths.
 
 - Create value through efficiency and products.
 
 - Devote resources to improve quality and up gradation of people.
 
 - Enhance value for clients, employees and shareholders
 
 With a strong belief in our principles and enthusiasm of our people, we
 are looking to the future with confidence.
  
                                                   Sd /-
 
                                             RAGHUNANDAN PRASAD
 
                                                  Chairman