Dear Shareholders,

The year 2008-09 was an year of high volatility for the entire global economy when the global turmoil fuelled by the sub-prime crisis, failure of the major financial institutions in the USA and higher interest rates took toil of the economies round the globe. Even the Indian Economy was not the one which left out unaffected but it still managed a growth of around 7% next only to China. The bench-mark indices too tumbled to their lows with Sensex touching 7800 level after reaching ever high level of 21000.

The entire series of events leading to global recession has created new problems of unemployment, reduced consumer spending and falling GDP. To counter the negative fallout of the global slowdown on the Indian economy, Government responded by providing three focused fiscal stimulus packages in the form of tax relief and increased expenditure on public projects along with RBI taking a number of monetary easing and liquidity enhancing measures. However, a lot more needs be done.

On a positive side, the recession has given us an opportunity to restructure our operations and implement several cost saving intiatives designed to streamline and maximise productive efficiency keeping the quality at the foremost.

The new Congress led UPA government at the Centre has come back to the power with renewed mandate for continuity, stability and prosperity focussing the need to provide required impetus to sustain 9% GDP growth in future. The attempts made by Hon'ble Finance Minister would lead to improve the living standard of the people and provide adequate purchasing power to the common people so as to triger forces of demand in the economy. The Finance Minister's announcement to support Indian Industries to meet the challenges of recession and sustain the growth momentum in exports is an important landmark for the company.

MIL remains one of the Leading Footwear companies in India. The company recorded a gross turnover of Rs. 361.38 Crores during the year registering a robust growth of 13.5%, negating the effects of the global downturn. The net profit after tax remained at Rs. 5.36 Crores compared to Rs. 3.61 Crores last year. This shows the strong competitive advantages enjoyed by the company across the markets it operates. Further, our strong logistics network, relationships coupled with strong brand pull for our products gives us competitive edge.

The ambitious expansion programme chalked on by the company for building up shoe manufacturing unit has reached next level. The Unit V of the company on a mass piece of land in Unnao, U.P. having become operational, the construction activities at the newly acquired land in Greater Noida has begun. This will enhance value for our shareholders in the long run.

At the end, I would like to take this opportunity to express my gratitude to the Board of Directors, bankers, employees, suppliers and the shareholders for their unstinted support and the confidence reposed on us.

With best wishes,

Irshad Mirza
Chairman