Dear Shareholders,

Global economy :

It has been several months since the pandemic engulfed the world and yet there is a lot of uncertainty with respect to the extent of the economic contraction due to this crisis, and the subsequent pace of recovery. This year will see an economic contraction, but this 2020 recession is turning out very different from the past recessions. It has been too sudden - almost off the cliff; its spread has been all encompassing - affecting almost every economy and sector, and the plunge in economic activitylevels and employment has been unprecedented. On the positive side, this recession is likely to be one of the shortest, assuming no second wave of the pandemic recurs. Around $9-trillion stimulus from different governments globally will help to support this recovery, along with the monetary actions by Central banks. These policies will also help to restrict the second-order effects like defaults and bankruptcies. Some scars of the crisis will remain in the form of subdued consumer and business confidence. The International Monetary Fund (IMF) and other agencies are predicting that it could take about 5-6 quarters for global GDP to inch back to pre-crisis levels, and the global economic trajectory thereafter will be below the Pre-COVID trajectory for the next few years. As the world emerges from the current crisis, the next few years are likely to be marked by lack of buoyancy in growth, subdued commodity prices and inflation, a cautious trend in project investments, heightened risks of deglobalization and political uncertainty; and increased dependence of financial systems on ultra loose monetary policy conditions. We will also have to watch out for potential Post-COVID changes in consumer behavior (such as more virtual engagements) and of operating models of organizations (such as work-from home norms, diversification of supply chain risks, more use of e-commerce).

Indian economy :

COVID-19 struck India at a time when the underlying economic conditions were subdued on account of heightened global uncertainty and stress in the domestic financial system. Against this backdrop, a stringent national lockdown to slow the spread of the pandemic started in the last week of FY20 and remained active to varying degrees in different geographies through most of the Q1 of FY21. It is estimated that about 80% of India's GDP originates from districts which were classified under the red and orange zones during the lockdown, where economic activity remained severely constrained. Correspondingly, India's GDP is likely to contract in FY21, which would be the first such instance in over four decades. The contraction is estimated to be particularly severe during Q1. Responding to this challenge, both the Reserve Bank of India (RBI) and Government of India announced several policy measures to provide relief to the affected sections of the economy, to reduce the possibility of business failures and to support the process of recovery. Government has initiated some remarkable reforms in agriculture, mining and public sector enterprises. Such pragmatic policies - along with the ambitious National Infrastructure Pipeline program that the Government had announced in December 2019 - will support India's medium-term growth rebound. In the interim, however, the Indian economy - like the global economy - will need to navigate through some difficult quarters. Performance ofyour Company :

The year ended March 2020 was a good year for your company. The Company during the year recorded a turnoverof Rs. 8023.74 Lacs in 2019-20 as against Rs. 10242.22 Lacs in 2018-19 with a net profit after tax at Rs.414.13 lacs as against Rs.671.48 Lacs. We remain confident that your company will also perform well during the current year too. New Developments :

New development includes NC Metal Cutting Bandsaw Machines as well as large capacity Carbide Circular Sawing Machines are at final stage of trials. We hope to get good market in domestic and export market. Pipe and Tube division has developed state of the art, very economical and highly reliable "On Line Burr Free Fly Cutoff' for conventional tube/pipe mills. Import substitute development of custom built machines is progressing well and hope to do more in this segment. Stainless Steel Pipe/Tube Manufacturing equipment market is expected to grow rapidly, accordingly 4 new models are being developed for domestic market.

The domestic demand for company's products is expected to remain better. Apart from Designing and Manufacturing activities, Company's Trading divisions are also expected to perform well.

We remain committed to improve the Shareholders value towards this end, we are continuously looking for the opportunities and are upgrading the infrastructure befitting to the same.

To Our Teams :

The support of our Shareholders, Business Associates, Valued Customers, Banks and Financial Institutions has always been a source of strength to us and we thank all of them wholeheartedly for remaining the integral part of our growth story. I also wish to thank all the employees for their devoted efforts in bringing up the company to the present level.

Thanking you,

tgp;

Rajendra Jain

Managing Director

DIN - 00256515