My Dear Stakeholders
To create value for everybody is a belief well assimilated in the DNA of Bharat WireRopes Limited. "Bharat Wire Ropes Limited (BWRL) can be personified like a mirror itreflects the meaning of its name culture of India & its core values relentlesspursuit of perfection warm & hospitable nature of our people fearless leadership& a sense of social conscience."
Following the grand success of our IPO at the beginning of this year which saw usbeing oversubscribed over two times in Retail and HNI category we are well on coursetowards realizing our stated goals-kick-starting our Greenfield Project in MIDCChalisgaon Maharashtra with a total capacity of 66000 MTPA and meeting other corporateexpenses. The Greenfield project making use of state of the art machinery procured fromworld leaders across the globe will help us cater to the specialized wire roperequirements of both the domestic as well as the international market.
Make in India and other government-initiated reforms
look set to transform India into one of the leading manufacturing destinations in theworld. The Honble Prime Minister of India Shri. Narendra Modi has said that astrong Democracy Demography and Demand are major growth drivers for any country. India islucky to possess all; and coupled with a skilled workforce a robust legal and IPR regimeand a steadfast commitment to calibrated liberalization the manufacturing sector in Indiamay well enter a new era of global competitiveness where it will be pitched against worldleading companies.
Over the years we at BWRL have constantly endeavored to strengthen our productportfolio and develop capabilities at every step to manufacture a wider range of productsadhering to the highest standards of quality. Our relentless efforts have helped positionourselves as the Company of choice for the wire rope needs of all our clients. Adiversified client base that is spread across India has reduced our dependency on anysingle industrys contribution to our overall revenue. We have adopted the strategyof "Partial Backward Integration" necessitating the purchase of Wire Rods fromreputed companies-this constitutes the first step in the raw material procurement process.The change has enabled us to have better control over Quality & Cost streamliningInventory and be in a position to provide timely service.
The profit after tax for the financial year 2015-16 was in line with expectations.However there has been a downfall due to reduction in prices of final products andreduced raw material prices although we do expect the scenario to improve towards the endof current year itself. Meeting the growing technology demands of the market is achallenge which BWRL is well- equipped to meet with its range of cost effective andtechnically advanced products that adhere to international standards. BWRL plans to caterto the needs of various customers belonging to different geographies by following thedirect market route for larger consumers and by utilizing zone-wise local distributors toserve the demands of the wide market. Besides enhancing our presence in our existingbusiness segment we would also be looking to enter untapped markets that hold vastpotential. Our planned foray into countries such as USA Canada Brazil South-East AsiaSingapore Middle East Russia Africa Europe and Australia will help us make deeperinroads in the international market. Our multi-pronged strategy would allow us to increaserevenue while at the same time shielding us from risks arising out of price volatility andfluctuations in unstable regions. Our marketing and sales network is widely spread acrossIndia while also boasting of an international presence evidenced by our participation inhighly acclaimed international wire trade fairs.
BWRL being an Engineering Product Company
Research and Development is what we thrive on. We have procured various sophisticatedmachinery making use of high- end technology. All of these are already in erection stageand have been optimized for efficient usage. We are also proud to have undertakeninitiatives to promote the future leaders of the wire ropes industry. True to our ethoswe believe in nurturing our workforce by providing opportunities for growth as alsooperating with a sense of social conscience evidenced by our energy optimization and wastereduction measures.
Lastly I am delighted to share that we are taking giant strides towards becoming aworld-leading Company in the manufacture of wire ropes strands slings etc. Safety is atthe core of what we do. We have certifications of approval from reputed agencies such asthe Bureau of Indian Standards RDSO CORE and IRS to allow us to embark on unhinderedproduction of world-class products from both our existing and upcoming facility. With aconstant focus on innovation we aim to offer the best-in-class value proposition to allour clients.
Our vision to be "World Leading Wire Rope Company" is taking shape & weare moving in that direction. A Strong team Years of experience sufficient resources anda Strong Will to achieve is what drives our Company. We at BWRL will strive to improveourselves at every step in our journey.
Last but not the least I take this opportunity to express my sincere gratitude to ourBoard of Directors our Management Employees our Customers Suppliers Bankers andInvestors for their continual support to BWRL.
|Yours Sincerely |
|Murarilal Mittal |
|Managing Director |