It is my privilege to welcome you all to the 28th Annual General Meeting of theCompany. The Stakeholders of the Company share the company's desire to provide sustainablesolutions in the field of industry and infrastructure.
Your Company proposes to leverage its domain knowledge to create advantage for itsexisting business in the light of renewed Development push by the present Central andState Governments. Our focus remained on optimum utilization of available resources toprovide impetus and to take advantage of the vast emerging opportunities in Infrastructuresectors.
The financial year 2015-16 was a year of favorable macroeconomic developments forInfrastructure sector in India.
Your Company continues performing irrespective of the difficult global economicindicators. It continued to focus on improvisation and project performance. The operatingmargins were protected but significant interest costs and fixed overheads requiresubstantial scale up of operations.
Your Company earned gross revenues from operations of Rs 1797.76 Lacs as compared to Rs2200.96 Lacs in the last fiscal year. The reason for decrease in revenue is mainly becauseof the completion of on- going projects and assignments.
The net profits before tax of the company were Rs 46.02 Lacs (Previous Year Rs 140.62Lacs) due to higher costs of Debt Servicing depreciation and Provisioning of Rs 483.14Lacs. Billing for new orders bagged commenced only in FY 2016-17.
I am happy to inform you that the company has bagged Projects Assignments and iseligible for award of number of projects Bids involving Gross Fees exceeding Rs 27.15Crores in past 3 months. With large number of Projects coming up for bidding your Companyexpects a sizeable order book to suffice Business and Revenue targets for next 3 to 4Years.
Further your Company's management has decided to propose divestment of its investmentin its Wholly Owned Subsidiary i.e. Artefact Infrastructure Limited due to poor sentimentsin metal and mining industry change of laws weak global off take and cheaper imports.This will require change in business plans in short term for the subsidiary and hence it'sin the Company's interest to divest its investment in the Subsidiary.
Your Company has always maintained required governance standards and practices byadopting Corporate Governance Policies and Code of Conduct which are reviewed periodicallyto meet the needs of investors and other stakeholders.
Your Company expects the youthful Professional Board and Senior Management Executivesto shape Company's future more dynamically. Your Company feels it's time to provide spaceto the youthful ability of Company's Professionals to take up more challenges andresponsibilities to shape the Company's future.
I would like to take this opportunity to thank the entire management and team ofArtefact Projects Limited for their indefatigable work and consistency. I would also liketo thank our joint ventures partners bankers customers and business associates for theirsupport and backing. At last I would like to thank all investors for continuing to showtheir confidence in our Company and its management.
Date :13th August 2016
Place : Nagpur