It gives me immense pleasure to welcome you all to the 22nd Annual General Meeting ofyour Company.
We are as a nation growing faster in the world standing second in population isalarming but how Indian can better utilise its human capital and convert them to tangibleeconomic capital that is the challenge we need to come over as a nation together. We havefull of resources and it is true for the sake of growth we need to consume resources andwe should not panic over consuming resources as R&D is J i on to find alternativeresource for the future. Albeit we should strike balance between conventional and nonconventional resources available for the sustainability of the earth. Indian poised togrow 8% of its GDP. The present china crisis after devaluation of its currency andrestricting its investor to invest in other countries because of huge debt given Indianan opportunity for more growth thru encouraging FII &FPI to come to our shore. After adoldrums in infrapower sector it has now started showing early indication of growth.Govt has taken initiative to give fillip to infra which becoming main source employmentand investment avenue for FDI and PE/VC . The mining woe in the verge of getting a clearsky soon and manufacturing growth is sure to mark its impression soon. The demand side offinished product of steel market will take its journey towards north in tandem with infragrowth. In the recent time steel products from china landed in India & create a panicamong Indian manufacturers as the price was less than our cost of production of raw steelthis scenario is almost over after govt restriction now steel industries have sigh ofrelief from that aspects and focusing more on low cost production and its value chain.Steel plays an important role in infrastructure and its consumption is always a reflectiveindex to measure economic development and social well being. India is the fifth largestglobal steel producer at present and is well positioned to become the second largestproducer in the near future. The steel industry in India holds considerable edge despitethe global economic slowdown.
The industry does not rely heavily on exports to the developed world. India's enormousdomestic market can support its growth. The domestic steel consumption in theinfrastructure and consumer durables sector is likely to see an upward trend.
The global economic upheaval is bound to pave the way for better and strongersocio-economic institutions. The emerging economies can draw important lessons from theGreek crisis and present china downturn. The most important lesson would be that noeconomic bloc can grow sustainably without the foundation of a strong institutionalframework and legislations which bind the countries together as one unified whole.
Over a period of last almost 20 years Company has created its brand image in all partof Odisha as well as in neighboring states. In every nook and corner of the state you willfind our very own SHRISHTII TMT. It has now become a house-hold name in Orissa. All thissuccess is only because of your support and support of our operational & managementteam of Scan Steels. Discuss about the business growth and we are ready to listen yoursgood suggestion always. I will not forget to share my feelings and experience of scangroup journey as far as our business and market reach are concern. All the success isattributed to the support and good will of all of my beloved and trust worthy stakeholdersand operation as well as management team. I wish all our internal and externalstake-holders for their faith on us I assure with the support of all of them we wish togrow further in the coming year.
The Board also desires to place on record its appreciation for the support andco-operation received from its Shareholders Regulatory & Government AuthoritiesSuppliers Customers and Bankers. The Company has always looked upon them as partners inits progress. It will be the Company's endeavor to build and nurture strong links withtrade based on mutuality respect and co-operation with each other. The Board wishes torecord their deep sense of appreciation for the committed services of all the employees ofthe Company.
With kind regards
Date: 31st August 2015