Dear Stakeholders,
 
 It has truly been a landmark year for all of us.
 
 Your Company has successfully fulfilled its commitment to the nation by
 setting up India's first Gold Refinery to the international standard.
 The 1,40,000 sq. ft. plant and development of 50 acres of plant site as
 also the Shirpur airport were all completed in a record time span of
 just 12 months.
 
 Inaugurated by Shri Vilasrao Deshmukh, Hon'ble Chief Minister of
 Maharashtra on the auspicious day of Gudi Padwa, 26th March 2001, the
 Refinery is poised to tap into the huge demand for gold and silver.
 
 The Refinery is now operative with all plant and equipment installed,
 supported by world-class facilities and state-of-the-art technology.
 Market acceptability trials and supply chain development have been
 successfully completed. E-connectivity is also being completed. The
 roll-out for both gold and silver will commence on a national grid.
 India's bullion industry will soon move over from commodity to brand.
 As some of you are aware, mid-way through the year we had to bid adieu
 to our erstwhile Chairman, Shri Dilip Kumar who has resigned from the
 helm ot various companies for personal reasons. We are indeed grateful
 to Shri Dilip Kumar for his distinguished presence and his valued
 contributions.  He has assured us that his best wishes continue with
 us.
 
                                                    Amarish R. Patel
                                                        Chairman
                                             Agee Gold Refiners Limited