Dear Shareholders,
 
 On behalf of the Board of Directors and on my personal behalf, I
 welcome you all to the 21M Annual General Meeting of your company.
 
 The Annual Statement of Accounts together with the Directors'' Report
 giving details of your Company''s performance during the current year
 (2010-2011) have already been circulated. I have no doubt that from
 these statements, you would have noted that, despite a continuing
 down-turn in the shipping market world over and other factors already
 affecting the operations of shipping companies in India, your Company
 has maintained its predominant position amongst the Indian shipping
 companies and has achieved a good profit (PAT) of Rs.3.27 crores. Your
 Company''s Gross Profit of Rs 14.21 crores during this year is 3129r
 higher than the Gross Profit of Rs 3.45 crores in the previous year.
 Your Board of Directors have thus decided to recommend a dividend @ 5%
 and I sincerely hope that you would approve the same to secure best
 possible returns on your investment in this Company.
 
 The Fiscal 2011 continued to be a challenging year for shipping
 industry as a whole. The Shipping trade in India has been doing good of
 late, as freight rates have gone up since the global financial crisis
 of 2008. This is happening at a time when India''s foreign trade
 continues to soar. This can be seen from the fact the exports in April
 2011 jumped to .84 billion (as compared to .74 billion in April
 2010) registering a growth of 34.42%. Similarly imports were also up by
 14.13 percent to .83 billion (.77 billion in April 2010).
 Similarly LPG markets have also started improving on the back of
 improvement in global economy. There are good growth prospects for LPG
 and coal demand in India in future. In my view there is thus good
 prospect for the industry and the majors in the industry will expand
 aggressively in future.
 
 In Indian coasts, there are numerous power plants that are being set up
 which require import of coal for which the type of vessels owned by
 your company are regularly deployed. You will be happy to know that
 your company is setting up massive logistics infrastructure which will
 cater to the needs of bulk importers of coal, fertilizers etc. The
 company will provide one stop all logistics support to such bulk
 importers right from chartering of the ships to handling and clearance
 of such bulk cargo in the ports and delivering the same to power plants
 or the factories located anywhere in India by rail or roads. This will
 greatly lead to increase in the revenues.
 
 The year ahead however also going to a challenging one. Though the
 fundamental drivers of India''s medium growth prospects remain intact,
 certain global developments are likely to impact Indian economy in
 major way. The Global economic and financial conditions will remain
 adverse for some time now in the aftermath of natural disaster in Japan
 and the lowering of credit rating of the United States recently.
 
 Your company is in the process of setting up floating dry dock. I had
 mentioned about this in my message last year. We have covered this in
 detail in the Board of Directors Report under the heading Future
 Projects. You will also be happy to know about the KRIBHCO project
 which is also covered extensively under the same heading.
 
 Lastly on behalf of the Board of Directors and on my on behalf, I place
 on record our sincere thanks to our customers, shareholders, bankers
 and other stakeholders for their unstinting support.
 
 I would also like to thank all the employees of the company for their
 commitment and consistent efforts that helped us overcome several
 challenges and look forward to their continued contribution as the
 company grows from the strength within.
 
 S. K. Shahi
 
 Chairman & Managing Director