placed on the cultivation of employees' talents. This has made it possible for the Group to transform its technical expertise and pursue its business in an efficient & systematic way.

Born in the modern world, our objectives are sustained growth through ever-improving financial results, world class service, and being an employer of choice. We shall achieve these objectives by having a total commitment to the highest ethical standards, by treating everyone with honesty, fairness and respect, and by conducting our business with the highest level of integrity. We believe in open, informal communications, hard work, and prudent financial management.

These are Pushpanjali's core values, the foundation on which our business culture is based. But a statement of values is not enough. Unless our values are consistently practiced, they become just platitudes. Consistent implementation occurs only when each of us respect the rights of others, when our actions are free from discrimination, and when each associate is accorded full equal opportunity.

As we continue to grow and as our businesses become increasingly complex, a shared, well-communicated corporate philosophy is more important than ever. We are not perfect. Our actions will occasionally fall short of our aspirations. Such shortcomings should be viewed as an opportunity to learn and to refocus our efforts to live upto our values and corporate philosophy. We thank each one of you for your talent, dedication and efforts, and for the superior results that you have helped Pushpanjali achieve. Your efforts and contributions make Pushpanjali what it is today and what it will become in the future. It is your continued dedication that will ensure our success.