Balrampur Chini Mills Ltd.

Dear Shareholder''s The time is right to raise the case for India''s sugar industry. I have some fundamental points. India''s economy was liberalised in 1991 but India''s sugar industry remains under control. Why single out one industry for sustained regulation Why is the country not creating a sustainable ecosystem that benefits all stakeholders of India''s sugar industryh'' This Annual Report suggests answers that could benefit the farmers, millers and consumers. Everyone. Vivek Saraogi, Managing Director