WALCHANDNAGAR Chairmans Speech

Dear Members,

It is my pleasure to welcome you all to this 106th Annual General
Meeting and present the Annual Report of your Company.

The year under consideration has been a challenging one for the economy
in general and the Capital Goods sector in particular. While there has
definitely been an improvement in the overall business sentiment in the
domestic economy, there is bound to be a time lag for the same to
translate into tangible investments and progress of stalled projects
especially in the core sectors of the economy.

Your Company has ended the Financial Year 2013-14 with Revenue of Rs.
646.08 Crore and a Net Loss of '' 12.37 Crore. Though there has been a
shrinking of revenue compared to the previous financial year, your
company has fared better in terms of bottom line. Our focus on
profitable growth will continue even in the new financial year, though
order booking remains a challenge. While this points to a shrinkage
vis-a-vis last year, your company continues to remain conscious about
its order book quality and would not compromise on inherent
profitability. While project execution challenges continued to spill
over into Financial Year 2013-14 from the previous Financial Year, some
of the long gestation projects are seeing definite signs of progress
albeit in a phased manner.

Owing to definite signs of encouragement for private players, your
Company looks at sectors like Aerospace and Defence as high potential
areas for the future. There are efforts under way to chart out our
growth strategy in these domains. Some of the critical components of
the launch vehicle of the recently concluded Mars Orbiter Mission were
manufactured and supplied by our Company. It is achievements like these
that give us tremendous confidence about the Company''s potential in
such niche domains. As far as traditional businesses like Sugar,
Co-Generation and Cement Machinery are concerned, the focus would be on
significantly improving project execution and gaining scale. Focus on
export markets viz. Africa, Latin America and South East Asia would
continue and your Company is hopeful of gaining strong footholds in
these regions. Skill-Development and strengthening Engineering
capability are going to be high priority areas this year.

We are hopeful that macro-economic stability, conducive business
environment coupled with emphasis on execution and organizational
alignment would enable your Company to deliver improved and sustained
results in the years going ahead.

I take this opportunity to place on record my sincere thanks for your
continued support and expect similar confidence from the shareholding
fraternity in the years to come.

Thank You,

Chakor L. Doshi
Chairman

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