I HAVE GREAT PLEASURE IN WELCOMING YOU TO 
 THE 22ND ANNUAL GENERAL MEETING OF YOUR COMPANY. 
 THE
 DIRECTORS’ REPORT AND THE AUDITED ACCOUNTS FOR THE
 YEAR ENDED 31ST MARCH 2007 HAVE BEEN WITH YOU FOR
 SOME TIME AND WITH YOUR PERMISSION I SHALL TAKE THEM
 AS READ.
 
 THE INDIAN ECONOMY CONTINUED TO GROW AT 
 MORE THAN 8.5% FOR THE THIRD YEAR IN SUCCESSION. 
 WITH THE ROBUST GROWTH IN THE INDUSTRIAL, 
 AGRICULTURAL AND RETAIL SECTORS, INDIA CONTINUED 
 TO ATTRACT HUGE FOREIGN DIRECT INVESTMENTS. 
 AS A RESULT, THE FOREIGN EXCHANGE RESERVES POSTED 
 30% GROWTH, CROSSING THE USD 200 BILLION MARK, 
 DURING THE YEAR.
 
 THE ALL-ROUND ECONOMIC GROWTH HAD A POSITIVE IMPACT
 ON THE CAPITAL MARKETS ALTHOUGH RAMPANT VOLATILITY
 WAS WITNESSED DURING THE YEAR.
 
 I AM HAPPY TO ANNOUNCE THAT YOUR COMPANY WAS ABLE
 TO MAINTAIN ITS GROWTH MOMENTUM DURING THE CURRENT
 YEAR ALSO.
 
 THE NET PROFITS FOR THE YEAR STOOD AT RS.11.20 CRORES AS
 COMPARED TO RS.10.53 CRORES LAST YEAR (CONSOLIDATED
 BALANCE SHEET 19.49 – 24.12).
 
 NETWORTH OF THE COMPANY INCREASED FROM RS.59.30
 CRORES TO RS.68.50 CRORES REGISTERING A GROWTH OF 15 %
 (CONSOLIDATED BALANCE SHEET 74.03 – 91.48).
 
 THE EPS WAS MAINTAINED AT RS.6.40 WHICH COMPARES
 FAVOURABLY WITH THE INDUSTRY.
 
 THE SUBSIDIARY OF YOUR COMPANY SBIL ALSO MAINTAINED
 ITS GROWTH MOMENTUM WITH IMPRESSIVE RESULTS.
 
 IN THE LIGHT OF THESE POSITIVE DEVELOPMENTS, 
 I AM HAPPY TO ANNOUNCE THAT YOUR DIRECTORS 
 HAVE RECOMMENDED A DIVIDEND OF RE.1 (10%) FOR 
 EACH SHARE FOR THIS YEAR ALSO, THUS MAINTAINING 
 THE LAST YEAR DIVIDEND TRACK
 RECORD INTACT.
 
 WITH YOUR CONTINUED SUPPORT, I AM CONFIDENT THAT
 YOUR COMPANY WILL STRIVE TO MAINTAIN ITS GROWTH IN
 FUTURE ALSO.
 
 DURING THE CURRENT YEAR, THE MARKETS WITNESSED A
 MAJOR SWING AND CORRECTION RESULTING IN HIGH
 VOLATILITY. AS YOU MUST BE AWARE, CHANGES IN THE
 GLOBAL MARKETS AFFECTED THE INDIAN CAPITAL MARKETS
 ALSO, THUS RENDERING INVESTMENT ACTIVITIES HIGHLY
 RISKY.
 
 YOUR COMPANY, HOWEVER, WEATHERED THE STORM
 ADEQUATELY AND I WOULD LIKE TO ASSURE YOU THAT
 PROPER RISK CONTROL MEASURES WILL ALWAYS BE IN PLACE
 ON PRIORITY BASIS TO MITIGATE SUCH UNFORESEEN
 VOLATILE SITUATIONS.
 
 YOUR COMPANY WILL CONTINUE TO FOCUS ON 
 THE EXISTING LINE OF BUSINESS THOUGH NO EFFORTS 
 WILL BE SPARED TO EXPLOIT THE OPPORTUNITIES 
 IN ORDER TO IMPROVE THE SHAREHOLDERS’ WEALTH.
 
 I ALSO WISH TO INFORM YOU THAT SHRI GAGAN 
 CHATURVEDI,VICE CHAIRMAN AND DIRECTOR OF YOUR 
 COMPANY, HAS RESIGNED FROM THE BOARD ON 29.08.2007 
 FOR PURSUING HIS PROFESSIONAL CAREER BY JOINING 
 CHATURVEDI & SHAH AS A PARTNER. ON BEHALF OF 
 THE BOARD OF DIRECTORS AND MYSELF, I WISH TO 
 PLACE ON RECORD OUR IMMENSE
 APPRECIATION FOR HIS VALUABLE CONTRIBUTION, DURING
 HIS TENURE, FOR THE ALL-ROUND GROWTH OF YOUR
 COMPANY.I AM ALSO HAPPY TO INFORM YOU THAT HIS
 SERVICES WILL CONTINUE TO BE AVAILABLE TO THE
 COMPANY IN AN ADVISORY CAPACITY WHENEVER REQUIRED
 .
 ON BEHALF OF THE BOARD AND ON MY OWN BEHALF, I TAKE
 THIS OPPORTUNITY TO THANK OUR CUSTOMERS, BANKERS
 AND ALL OTHER AGENCIES FOR THEIR CO-OPERATION AND
 ASSISTANCE EXTENDED TO YOUR COMPANY.
 
 I ALSO THANK
 ALL SHAREHOLDERS FOR THEIR SUPPORT,
 THE BOARD OF DIRECTORS FOR THEIR VALUABLE GUIDANCE,
 ALL THE EMPLOYEES AND PROFESSIONALS OF THE COMPANY
 FOR THEIR EXCELLENT CONTRIBUTION TO THE GROWTH OF
 YOUR COMPANY,
 AND LOOK FORWARD TO YOUR CONTINUED SUPPORT.
 THANK YOU.
 CHAIRMAN