Dear Fellow shareowners
I Kaushalkumar Gupta extend a warm welcome to all of you to the 8th AnnualGeneral Meeting of "Bansal Roofing Products Ltd". Incorporated in 2008 theCompany has come a long way from the year of Incorporation to successful completion of SMEListing of two years.
Today I am proud to be at the helms of the Company that is run by the team ofenthusiastic and dedicated employees who have led the Company to newer heightssuccessfully through the tough times. The Company and the industry faced many headwindsdue to sluggish growth in the market in the financial year 2015-16 and indeed it was a bittense year for Steel Industry.
The rates of raw materials and finished goods have dropped bit by bit in successionfrom April 2015 to December 2015. The reason was lot of inlet of materials from China andother Asian countries which resulted into global slowdown in commodity prices. Since thequality of these materials was not at par but apparently it was similar client gotattracted to cheaper material and hence it became challenging for quality consciousCompanies to sell their premium products at imported material price.
Prices has started recovering after imposition of MIP by Government to curb the importsand we could improve our margin after that. We put in our best efforts to increaseprofitability by supplying product mix and newly introduced PEB and we were successful inachieving it. .
Your Company has taken several remedial measures at all levels to ensure efficientworking to find the ways to reduce the cost of production. These measures include thoroughreview of processes and procedures re-examining of strategies and others. Due to thesemeasures we have been able to maintain the quality of product at lower cost and maintainour position in the market.
Turnover of the Company decreased by 8 % in the financial year 2015-16 ascompared to the previous financial year 2014-15 due to two factors- Sluggishness inmarket and steep fall in domestic prices of steel. However there was a rise in Profitafter Tax by 34.57 % in the financial year 2015-16 as compared to the previous financialyear 2014-15. Exports of the Company increased by 22% in the financial year 2015-16 ascompared to the previous year 2014-15. In the financial year 2015-16 Company startedexporting Pre- Engineering Building FRP Sheets and Color coated sheets to East & WestAfrican Countries like Ghana Tanzania and Rawanda. Therefore future prospects in exportof roofing products seems to be good.
I would like to mention that your Company has added a new segment called PreengineeredBuilding to enhance the turnover and quantum of profit of the Company. PreengineeredBuilding is the most innovative and cost effective way in the construction industry. Itoutclasses the traditional concept of fabrication.
I also thank my entire Board for their contribution towards Company's growth andsuccess by providing their intellectual skills.
I take this opportunity to appreciate the efforts of all the employees as I personallybelieve that employees are assets as well as backbone of the Company. I salute theircommitment and single-minded focus that enables our substantial progress.
Lastly I would like to express my deepest gratitude to our shareholders for theirimmense faith in the Company. I would like to reiterate that we are cautiously optimisticabout the coming year. We will continue to deliver on our strategic commitments whichdrive operational performance and maximize shareholders value.
|With Best Wishes |
|Kaushalkumar S. Gupta |