WELCOME TO THE 24 ANNUAL GENERAL MEETING OF ASHIANA ISPAT LIMITED
It gives me immense pleasure to once again highlight on the performance of AshianaIspat Limited. The year 2015-16 was a year of cautious optimism for Ashiana as theexternal environment was volatile and unpredictable.
Global economic conditions were sluggish and showed modest signs of recovery. HoweverIndian economy grew by considerate levels and Government took various measures tospearhead infrastructure development for furthering the economic development.
When we look at Ashiana today it can be seen that it has been a year of greattransition for the Company.
During 2015-16 your company witnessed many challenges but we faced those challengeswith optimism and resilence.
Review of Performance
I am pleased to inform that Ashiana has recorded revenues of Rs 21600.02 lacs. PBTshowed a decline to Rs 87.54 lacs from. The Company's performance during the year wasaverage. The Company's profit margins showed a decline due to unabated import of steelfrom China and other countries which affected the overall revenues also. But despite thechallenges- both internal and external the overall financial stability of the Companyremains however strong Through the conscious efforts and other ongoing improvementmeasures I hope to revive our earlier growth performance in the medium term. On thepositive side there is a significant recovery of steel prices on the domestic frontwhich is a positive indication.
At Ashiana we follow the principles and ethics of Jainism while operating thebusiness. Business ethics define code of conduct of human beings operating the business inan economy. The element of non-violence (Ahimsa) establishes Jainism as an environmentfriendly philosophy. As a responsible corporate citizen Ashiana recognizes and fulfilsits duty of integrating its business goals with the needs and aspirations of the society.Lord Mahavira?s emphasis on distribution of excess resources to weaker sections of theeconomy has relevance in modern economic theories also.
The ethical principles of Jainism prescribe a code of conduct which requires anindividual to be an ideal person with nonviolence as the foundation of his life not onlyfrom the Indian context but also universally in this 21st century.
Steel sector is the backbone of the Indian economy. Government is also providingcertain measures to provide thrust to Indian Steel sector. The criteria of Minimum Importprice as introduced by the Government is a positive initiative to protect the domesticsteel manufacturers from the clutches of import of steel from China and other countries.Historically steel has been one of the fastest growing commodities and this trend islikely to continue thereby auguring well for overall progress of the Industry.
Ashiana always put emphasis on becoming a customer centric delivery-focus organization.It consistently put focus on innovative techniques and implementing best industrypractices. During the year under review Competition both at local and internationallevels continued to be aggressive but your Company is committed to tread on volume-ledpath.
Our employees are the mainstay of the organization. We at Ashiana always put focus onenhancing the skiils innovation creativity and overall improvement in the caliber of theemployees at all levels. Ashiana is working towards creating a simpler and diverseorganization that will help it to innovate better and move faster. We focus on creating awork culture where employees feel empowered and are engaged to the best of theircapabilities. At Ashiana people work on Jain system of business ethics thereby bringout a harmonious blend of religious values with the modern style of management to headtowards a transparent and content organization.
On behalf of the Board of Directors and the Management I would like to place on recordyour Company's sincere appreciation of the continuing patronage and support of allstakeholders without which it will be impossible for the Company to scale new heights andachieve new levels. I would also like to extend my heartfelt gratitude to the employees ofthe Company for their timeless commitment for enhancing the well-being of the Company. Itis the unmatched support of the shareholders and employees that has helped Ashianaclimbing the stairs of success.
(Naresh Chand) Chairman DIN: 00004500