The highlights of the meeting is as under:

• The order book position of the company stands strong at Rs 505 crore as on 1^st Jan’06 visa vis Rs 395 crore on Jan’05.

• The company expects that the boom in the Indian economy and industry will take care of the growth for the company. However the company would not go after building up the order book position without considering the bottomline.

• The company expects a rise in Operating Profit, which was badly affected in first half of 2005 due to rise in steel prices.

• The results for the 1^st Quarter ended Dec’05 was declared in the meeting. The company reported a net sales of Rs 55.32 crore, up by 54% as compared to corresponding quarter ended Dec’04. The company reported a net profit of Rs 1.35 crore as against net loss of Rs 1.10 crore in the corresponding previous quarter.

• The company made it very clear that going forward the dividend will certainly rise, but strongly negated the possibility of any bonus or stock split.

• Some of the concerns that the shareholders made at the meeting were about the increase in inventories and debtors. The management responded that they are aware of the facts and the future picture would be better. Measures are already taken to recover the debts and other claims that are outstanding.

• The company has incurred some capital expenditure of around Rs 12 crore from internal accruals for modernization of its foundry division. Also the company has raised around Rs 18 crore for meeting its working capital requirements. The company strongly opposed the demand of liquidating its investments.

• The company did not specify the breakup of its order book position, but made a comment that all its divisions including the infotech and hospitality are growing at a satisfactory pace. The management gave a positive outlook for the future but refrained from giving details and preferred to remain conservative