I enjoin the entire team of Mercatorians to congratulate each one of you as your company commemorates its Silver Jubilee this year!

It has been a wonderful journey of just twenty five years during which your company has grown from strength to strength both vertically and horizontally. Beginning with a moderate barge operator to India's second largest private sector company with six solid verticals, the growth trajectory seems to have been satisfactory. Moreover, your company reached out geographically as well, having a base at Singapore, further expanding in Indonesia and Mozambique. Yet, for us at Mercator, it still is the beginning!

At Mercator, we believe, nothing gets accomplished without challenges and ability to weather the storms, this daunting spirit of your company is once again demonstrated by this year's annual report at hand. As you are aware, this year witnessed a historical global meltdown, recession across the board with many countries even slipping into depression; many economists compared this with the great depression of 1930 in different ways. Despite recessive markets and negative sentiments; your company's operating results are in line with its legacy of growth and expansions. I would let the figures and numbers presented fill the details for you.

Apart from growth, we have been equally focusing on building organizational development, cutting across the entire gamut of people, processes and corporate governance. I am delighted to share with you, our Singapore based subsidiary, Mercator Lines (Singapore) Ltd. has won the coveted Singapore Corporate Awards in two categories in its first year of operation itself, as listed company.

Companies never make great organizations but for its people. As over past few years, this year too. We have laid emphasis on human capital development, talent management and talent retention. I would like to thank each Mercatorian for their spirit and support in making Mercator what it is today.

We shall endeavor to continually and consistently improve and deliver. Deliver long term value to all of our stakeholders in general and to you our shareholders.

I take this opportunity to thank all of you for your faith in the company, trust in the organization and support to our businesses.