Dear Shareholders,

I am pleased to present to you our annual report for FY 2020-21. Your company has withstood yet another difficult year amidst the bleak scenario worldwide, and shown a steady improvement in its performance. Our total profit increased by 45% and sales increased by 25.5% when compared to the previous year.

This has been possible with the support of our employees, our strong knowledge of the industry, long standing relationships with vendors and customers, and timely decision making.

I am thankful to God and all our well-wishers that nothing untoward has happened to any of the members of the SIL family at a time when we have been hearing of irreparable losses such as loss of lives. To protect our employees during the Pandemic, the company took all the necessary measures such as distributing immunity boosting medicines, sanitising all locations, maintaining social distancing and making the wearing of masks at the workplace compulsory. Some categories of staff were permitted to work from home, and some employees were instructed to work on alternate days, to reduce crowding at the work premises. Vaccination camps were conducted in the company premises and an awareness was created about the pandemic and the preventive and therapeutic measures to be taken to safeguard their health.

Alongside focussing on protecting our workforce, and sustaining our performance, we have upgraded our plant and machinery with a view to varying our product range and tapping new markets. As a result of the unprecedented global situation and economic conditions, some countries and buyers closed their doors to products from India. The company identified new buyers and markets, and resumed business. The company has increased its production capacities and implemented several cost controlling measures in its daily operations. As in the case of any new and difficult situations, the company has reset its goals and priorities to overcome the challenges.

Glancing back at the year gone by, I can say with reasonable confidence that we have successfully countered every challenge to emerge steadier and stronger. I thank all our stakeholders who have supported us now and always. I extend my deepest appreciation to our supply chain partners and committed employees who displayed immense resilience in these testing times. Finally, I am grateful to all our shareholders for your belief in us. With your continued support, we seek to scale greater heights.

Warm regards,

S. Prasad Reddy

Managing Director.