Sejal Glass Ltd

Dear Fellow shareholders,

I have pleasure in welcoming you to the Eighteenth Annual General Meeting of your Company.

The global economic activities had remained very subdued on account of various factors resulting in weak investor sentiments towards emerging markets. This had the impact on FDI inflows especially to infrastructure sector. Both the Government of India and RBI have been engaged actively in restoring macroeconomic stability to the economy. Their efforts are on to turn India into a manufacturing hub by initiating various programmes such as Make in India, Skill India; and increasing investments in infrastructure, digitization, education and health. Various steps towards ease of business and recent enactment of GST (Goods and Services Tax) are expected to be a game changers for India Inc. At the same time relentless focus on cleaning up the Banking System through various measures such SDR, S4A have significant implication for bank lending in particular and businesses in general. The reluctance of banks to lend to stressed assets including well deserving ones is quite palpable. Working Capital funding has virtually disappeared forcing many operations to depend on expensive private funding. The manufacturing sector- the Achilles heel of the economy has failed to show an uptick.

There had been no major investment in infrastructure sector during the year under review. This led to sluggishness in the realty sector. Investor activism and judgements favouring consumers by Courts have dampened further the spirit of Realty sector. Since your company is dependent on this sector the performance of your company was affected and had a nominal decline over previous year.

Two major regulatory requirements - IFRS / Ind AS (Indian Accounting Standards) and IFCFR (Internal Financial Controls Over Financial Reporting) have become applicable to your company's accounting procedures and policies. Keeping their impact in mind, your Board of Directors had made many forward looking decisions and have provided for doubtful assets including receivables during the year under review, affecting the pre-tax profitability for the year.

Turning to the positives, I am pleased to inform you that the five year tenure of the Non-Compete agreement entered into with Saint Gobain Glass (India) Limited at the time of sale of the company's float glass plant has come to an end as of May this year, enabling your company to have relook into what the glass industry offers to Sejal. This may afford opportunities to your company to expand its product range, diversify its customer base leading to improved performance in coming years.

I'm optimistic about the future of glass and glass processing industries and envisage significant business potential in the ensuing years. Needless to mention that challenges abound on the road to greater prosperity

On this positive note, I thank all the stakeholders of Sejal Glass Ltd for your continued support and solicit your encouragement and appreciation going forward.