Letter from Chairman

Dear Fellow Shareholders

Your company has over a period of last many years grown quite well during which time substantial capital investments were made and new frontiers conquered. Your company today is the only one in the world to have complete Horizontal, Vertical and Backward Integration at a single location for Bimetal Saws. The Vision we set for ourselves to – "Become a Fully Integrated Company where we Produce our Raw Material namely Edge Wire and Backing Material which will be Converted into Bimetal Strips that will then be used for Manufacturing Bandsaw Blades, Hacksaw Blades, Hole Saws, Reciprocating Saw Blades and Jigsaw Blades thus Facilitating End to End Solutions" now stands completed and the aim is on Efficient Capacity Utilization and Sale of products whose raw material is manufactured in-house.

In essence, the company's growth over the next few years will be driven by three key aspects of value creation -Profitability, Asset-Productivity and Growth. We have put in place well thought strategies to ensure improved volume and efficient utilization of physical and strategic assets. Our Strategies are geared to deliver enhanced value for shareholders in future and it is our belief that Innovation and Growth never come with a finishing line, as these simply keep extending, and nothing highlights this better than here at MAGICUT.

The future holds immense promise for us and we are geared to measure up to every challenge that leaps at us. The change in industry scenario is not only in terms of the business landscape, but also in terms of how we do business. The challenges being faced have become the 'New Normal' and we strongly believe this changing landscape will give us considerable benefits. As a result of having the complete End-to-EndSolutions we have the option to 'Make vs. Buy' choices, resulting in bringing down costs and helping us to create more cost effective solutions for our customers. While independent analysts project challenging times, they are united in their forecast of a strong domestic outlook in the medium to long term. Your company's management will continue to focus on operational and commercial excellence across all its operations and also leverage its asset footprint to drive customer centricity with its differentiated product portfolio to overcome the market challenges. Looking ahead there is no doubt that we continue to face significant challenges, but are confident in equal measure that we are better prepared than ever before and that MAGICUThas a strong and sustainable long-term outlook.

We the Management Team of the Company, and every member of the MAGICUT family remains grateful for the continuous support from all our stakeholders and, with it, we are confident of Countering all Challenges and Building Long-term Value for all our stakeholders.

With Warm Regards,

Narendra R Gupta
Chairman & Whole Time Director