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Press Note For Fire At Panoli Pigment Division

BackNov 02, 2007

Meghmani Organics Limited ("Meghmani" or the "Company") would like to inform investors that a fire broke out at 5 A.M early on Thursday morning at its pigment manufacturing unit at Panoli situated in GIDC Industrial Estate Panoli, Ankleshwar, Bharuch. (India)

No one was injured during the incident and the fire was brought under control very quickly. Likely cause of the fire appears to be short circuit but we are still investigating.

Our manufacturing unit suffered no damage from the fire and is still operating at full capacity. Our Finished Goods Packing Division was affected. The loss to Building, Goods; Electric Installation has been estimated at Rs. 2.75 Crore (one million Sing$ or 700 thousand US$), which is fully insured.

The claim is expected to be settled within 30 days as Meghmani has already lodged the insurance claim and the Surveyor has carried out the survey of the site.

We wish to reassure all our investors and business associate that our business operations have not been affected in any way; and extend a note of gratitude for the concern they have shown us.