Dear Shareholders

I am privileged to inform that FY 2018-19 was a good year for 'Vidhi' in terms ofperformance in our core business of manufacturing synthetic colours. We have alsocompleted the acqusition of Arjun Food Colorants Private Limited which will be valueaccretive to us.

I am delighted to share with you all that the Company has earned net pro t after tax of` 2905.52 lakhs in FY 2018-19 which is the highest ever net pro t in the history of theCompany and it is expected to grow every year.

In F.Y. 2018-19 the Company's performance with regard to the export manufacturingsales volumes improved to 76% of total sales from 56% of total sales in previous year.Domestic manufacturing sales grew by 3%. Further the EBITDA of the company increasedconsiderably by 47%. Considering the improved operational and nancial performance yourCompany has declared three Interim Dividend each of Rs. 0.20/- per equity share of ` 1/-each (totaling to ` 0.60/- per share) during the nancial year 2018-19 and also recommendeda dividend payment of `. 0.20/- per equity share of ` 1/- each (i.e. 20%) for the nancialyear 2018-19.

You will be pleased to note that the Company made further progress during the year inimplementing planned key initiatives to better its performance. Manufacturing e ciency andcapacity utilisation were improved and enhanced over the previous year.

Success of any business can be possible if its employees and peoples who put inpersistent e orts to rise to their excellence level are taken together. I would like toiterate that your Company's employees are its valuable assets and it is entirely due totheir hard works rmness commitment and dedication that your Company has been able todeliver sustainable growth and value creation.

While we march ahead towards our business goals we also make conscious e orts towardsmaking active contributions to society and environment. We have invested in adequatepollution control equipment's as we believe in sustainable environment. Our regularcontributions and initiatives towards uplifting several people in various aspects are ourhumble endeavor to make our world a better place.

I would like to assure you that your Company will strive to capitalize by remainingfocused on operational excellence and to remain committed to deliver strong growth andenhance shareholders and other stakeholders' values in every possible ways.

We expect to keep performing and delivering sustainable growth going forward with focuson pro tability. I am thankful to the Board of Directors for their continued support andguidance towards taking the Company ahead. We also need to credit our success to ouremployees nancial institutions vendors customers & shareholders.

With warm regards

Bipin M. Manek

Chairman and Managing Director