It gives me immense pleasure to welcome you all to the 23rd Annual General Meeting ofyour Company.
Financial year 2015-2016 was another year of mixed result but remarkable for ScanSteels Limited in other aspects. Since its inception The company has grown into one ofthe reputed Steel companies in the eastern region increasing its production substantiallyand modernizing its plant facilities it has become one of the leading steel players notonly in the eastern market but it has got its foot prints in Southern and Central marketsof India . As we know steel industry is cyclic industry and there is huge impact ofrecession and china effect. Domestic steel industries are at their nadir. We see enormousgrowth potentials for steel industry in coming time in India as well as in global scale.Scan Steels is rapidly pursuing its growth plans to enhance its annual production throughrevamping its existing facilities planning new expansions establishing joint venturesand acquisitions.
Global economic recovery during the year remained sluggish fragile and uninspiring.In advance economies the recovery was modest and largely uneven. The US economy performedwith resilience supported by relatively easy financial conditions with strengtheninghousing and labour markets. In the Euro area robust private consumption supported bylower oil prices and easy financial conditions outweighed the weakening net exports.
The scenario for emerging markets and developing economies is not very encouragingeither. China is on a re-balancing mode; it is navigating a momentous but complextransition towards a more sustainable growth. Given Chinas important role in globaltrade the re-balancing efforts can have substantial spill-over effects especially onemerging market and developing economies.
Keeping in view on our vision and strategic goals Scan Steels has establishedstrategic investments in Karnataka. We are working diligently to seize possible jointventure opportunities in the Steel processing and raw material security sector. We arecrafting plan for long term strategic sourcing of key raw material for current and futureproduction requirements.
Over the years we have successfully forged a leadership brand image by establishingunrivalled quality flexibility and reliability in all our products and services. Throughour motto of making steel better we are constantly striving for continuous improvementsin all areas of operations keeping customers as the core theme of our business. Our closecollaboration with our valued distributors has enabled us to proactively respond tochanging market requirements and to stay ahead of competition and it will continue tostrive not only to maintain but enhance its reputation by a process of continuousimprovement in every area of its operations. As an existing or potential customer yourunstinted support is highly valued as we continue to grow and participate in thedevelopment of the steel industry.
In the difficult times also our business grows to shape new horizons for both our ownpeople and the communities we remain committed to our philosophy of producing highquality products which comply with the highest standards and cost effective for ourcustomers .
As a forward looking company we believe on planning for the long term & have awell laid out policy for our employees. Our people are the key to our success and we takemeasured steps to build skill and efficiency in our staff to help them achieve theirprofessional goals.
Our management teams are working tirelessly to achieve the business result and keep ourcompany ahead of completion.
I seize this opportunity to extend our deep thanks and appreciation to all stakeholdersand well-wishers for their constant support in our journey of growth. )
| ||With kind regards |
| ||Rajesh Gadodia |
|Place: Mumbai. ||Chairman |
|Date: 20th August 2016 ||(DIN: 00574465) |