These are exciting times for our company as the technology is reshaping our world - anincreasingly digital world and a deeply connected world. As part of the "Internet ofEvery Thing" world our focus will be on IOV "Internet of Vehicles". Ourvast experience in vehicle electronics becomes our core competitive advantage.
The analysts forecast global auto electronics market to grow at a CAGR of approximately15% during the period 2016-2020. A key growth driver is the rising consumer demand.Consumer demand for safety connectivity and infotainment in the vehicle promises todrive the auto electronics industry.
According to "Global Automotive Executive Survey -2016" (Courtesy KPMGInternational) Connectivity and digitalization will be key trend dominating the strategicagenda until 2025. As per the survey the countdown for disruption already started and thatmore than 80% of the executives are convinced that the new digitalized connectivity willstrongly disrupt the auto industry by the end of this decade.
As consumers increasingly aim to be always connected the relationships are shifting toa much more service-oriented and new data driven business model. The center of gravity ofthe customer relationship in a connected car seems to be rapidly shifting towards techgiants from Silicon Valley.
As the OEMs and large Tier-ls along with tech giants concentrate on the new vehiclesyour company has an opportunity to address the existing vehicles that will not have allthe new technologies. As an after-market telematics provider along with the investments weare making in cloud based software applications we will be well positioned to takeadvantage of this disruptive trend.
Data from the cars will be the fuel that will ignite informational engineering. It isvery critical for our company to invest in Data Science and deliver some valuable serviceslike Vehicle Health to the consumers. We are confident our strengths will lead to newopportunities in this exciting space.
Summary of financial results:
Total revenue 1242 lacs as compared to 995 lacs of previous year
Profit after tax of 190 lacs vs.94 lacs in previous year
Danlaw Technologies Inc. our US WOS:
o Total revenues of $725 thousand US Dollars
o Income from Operations $81 thousand USD
In conclusion I would like to place on record the management's appreciation of thecontributions made by our employees at all levels. We certainly thank our customersvendors and our bankers for their support during the year.
I thank the Board of Directors for their continued guidance.
We take this opportunity to thank all the shareholders of the company for their trustin us.
Best Regards Sincerely Y ours
Chairman & Managing Director