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STEELCAST LIMITED
REGD. OFFICE: Ruvapari Road, Bhavnagar, Gujarat, India 364 005
Phone no.: (+91) (278) 251 9062, Fax nos.: (+91) (278) 242 0589/2519831
E-mail: info@steelcast.net   Website: www.steelcast.net


May 17, 2006

Dear Shareholder,

I am pleased to share with you some further developments in your Company since my last letter dated November 8, 2005. Compared to the year 2004-05, 2005-06 showed significantly improved financial results, as reflected in the statement below. The trend of improvement will hopefully continue in the current Financial Year also.

The capital expenditure of Rs. 650 lacs made in F.Y. 2005-06 will be fully effective from 1st June 2006, and we are now at near 100% capacity utilization. In this year we are making a further investment of approximately Rs. 617 lacs in the areas of R&D, capacity expansion, Energy Conservation/Pollution Control and additional facilities in our Machine Shop, thus increasing value addition.

In my letter of March 17, 2005 we had projected 6500 tons output in 2006-07. I am happy to inform you that we have already produced 6329 Tons in 2005-06. Likewise, based on the present indications, we expect to do significantly better in the current year.

Our Vision 2010 document is now ready. The Vision 2010 consists of:
  1. To be a reputed Global source of reliable, ready to use, high integrity castings, especially structural
    steel castings.
  2. To offer customer delight and employee growth, together with fairness towards all stakeholders.
  3. These to be achieved through being a participative, continuously learning organization with focus on
    innovation and creativity.

Some key aspects of projected achievements are (percentages are over the Base Year 2003-04):

  1. Sales of Rs. 175 crores
  2. Output of 12000 tons
  3. 35% of output to be supplied in machined condition, thus improving value addition.
  4. Improvement in productivity by 175%
  5. Total investment of Rs. 54 crores
  6. Increase in value addition per employee by more than 400%
  7. Totally debt free
The work for obtaining certifications under ISO:14001 and OHSAS 18001 pertaining to pollution control is in progress and we expect to receive these certifications by end June 2006.

I would like to place on record my sincere appreciation of the contribution of our employees at various levels and also thank all the stakeholders for supporting us, without which your Company could not have achieved the level of results reflected above.

Finally, I convey my personal gratitude for the confidence that you have reposed in your Company’s Board of Directors and hope that you will continue to extend your wholehearted support to us in our quest for further accelerated progress of your company.

I look forward to being in touch with you and sharing my perceptions in future also, periodically.

With regards,
Yours sincerely,

Thanking you,
Yours sincerely,
Chetan M. Tamboli
MANAGING DIRECTOR

PS  Our financial results for the year 2005-06 is uploaded under "Quarterly Results" in this website. Please visit that page.

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