Dear Fellow Partners
In the present fast paced world where everybody is on a constant run if you want to beat the forefront you should be committed in novativeand flexible to changes while alwayskeeping sight of the long term goals. This is especially true in the packaging sectorwhere todays consumerwants packaged goodsthat workbetterfastersmarter while beingaffordable.
After the effective merger of the subsidiary company-Clear Mipak Packaging SolutionsLimited into the Company Hitech has widened its activities by providing completepackaging solutions to multi-sector industries. Though while doing the same the Companywill continue to retain its focus on its existing business while exploring new businessaven ues. In order to truly representthe image of the Company it haschanged Its namefromHitech Plast Limited' to 'Hitech Corporation Limited'. We believethis step will assist usto expand into greener pastures.
Asintimated in ourCompany's last Annual Report the manufacturing unitat RohtakHaryana was disrupted from 20th February 2016 due to fire set to the said unitby agitatorsresulting in irreparable damage to the property. Whilethe Company madeanalternate arrangement to meetthesales requirement the impact ofthisarrangementwassignificant only in the last quarter. Therefore the performance of this quarter has beensatisfactory but clearly our profitability has been affected due to the disruption of oursaid facility. We would like to inform you that Hitech has successfully completed therebuilding tasks of the manufacturing facility at Rohtak by March 2017. In order tomeetthe growing demand of our customers in the North we have increased the capacity ofthenew Rohtakfacility.
We are in the midst of building an environment for a strong-growth trajectory withconti n uous investmenttowards expandi ng our manufacturing footprint to serve customerdemands. We pledge to be innovative and responsive while offering high qualitysustainable packaging solutions. We affirm and avow our resolve to relentlessly strive tooffer better customer experience by driving innovation.
Hitech has made a significant Impact in the community by launching a tree plantationdrive around its areas of operations and the mid-day meal programme for underprivilegedchildren. It has also collaborated with the Ram Krishna Mission to impart life skillsvalue education to primary secondary and Industrial Training Institute (I.T.I) studentsand with INTACH (Indian NationalTrustforArt&Cultural Heritage) for its currentinitiative of cleaning the rivers of Pune to bring them back to their original naturalstate. We shall continueto look for ways for social interventions in the identified areasgoing forward.
Lastly wetakethis opportunity to thank you for maintaining faith in usand make certainthat weareand will continueto stay committed to scaling greater heights in allourfutureendeavours. We lookforward to a rewarding jou rney aheadtogether. As always we deeplyvalue your investments and appreciate your contin ued patronage.
Hitech Corporation Ltd.