Chairman's Speech....

FINANCIAL YEAR 2008-09

During the first quarter, your company performed according to plans in spite of general slow down in the industrial sector. Sales in the first quarter of 2008-09 grew by 13% from Rs.78.5 Crores to Rs.89 Crores over the corresponding quarter of previous year.  Profit before tax grew from Rs.5.07 Crores to Rs.5.91 Crores registering a growth of 18%.

Your company will continue to pursue its growth strategy adopted in the last 2 years. The growth drivers will be the new products introduced in all categories since 2007 and the net work of Prestige Smart Kitchens and Prestige Kitchen Boutiques.

PROPERTY DEVELOPMENT

Your company‘s property at Dooravaninagar, Bangalore has been handed over to the Developer for development of a Mall of international standards. The existing structures have been demolished. Preliminary building permission has been obtained. The development is expected to commence on receipt of detailed sanction plan. Your company will be entitled to 43% of the developed space. Your company will have a separate income stream as and when the project is complete and portions leased out.

CONCLUSION

 I acknowledge the support received form the shareholders, employees and banks in putting the company into a growth and profitable track.

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Note: This does not purport to be a record of the minutes of the Annual General Meeting.