Manaksia Ltd. Date: 2004.03.31. Chairman speech CHAIRMANS' SPEECH FOR THE YEAR ENDED 31ST MARCH, 2004 We are no longer Hindusthan Seals Limited. We are Manaksia Limited. Over the last few years, our core business evolved from crowns and caps to assume wider dimensions. As a result, the word 'Seals' :'within our name was considered limiting and inappropriate. The new name reflects the migration of our business from the national to the international, from a few products to a wider basket and from relatively medium-value items to a value-added portfolio. The name may have changed, but the competencies have not. This is reflected in our topline and bottomline during the year under review: a growth in our turnover from Rs. 448.24 crores in 2002-03 to Rs. 712.83 crores in 2003-04, an increase in the profit after current tax from Rs. 29.17 crores to Rs. 45.17 crores and a rise in exports from Rs. 91.68 crores to Rs. 116.99 crores during the period. At Manaksia Limited, we reinforced our ongoing growth with the following during the year under review: MINL Limited, our Nigerian subsidiary, went on stream with the production of aluminium ingots, aluminium profiled sheets and galvanised sheets. The subsidiary has been granted a US$ 5 million term loan by State Bank of India, London, for this project. * Crescent Industries Pvt. Ltd., our subsidiary for the manufacture of galvanised sheets in Nepal, went into an advanced state of implementation and is expected to go on stream in 2004-05. * Our EOU at Haldia for the manufacture of cold-rolled aluminium sheets and other value-added aluminium products progressed well and is expected to commence commercial operations in 2004-05. * We started a marine division to enter into ship design and ship building and bagged a three-year contract from Cochin Shipyard to work on various aspects of design for the most recent aircraft carrier of the Indian Navy. At Manaksia Limited, we are leveraging our rich engineering expertise, built over the years, to deepen our presence in the international market. I have no doubt that in a short time, Manaksia Limited will attain a global presence of considerable significance.