"But there's a big difference between 1impossible' and hard to imagine' The firstis about it; the second is about you!"
It is my honour and privilege to interact with you as the Chairman of the Board ofJindal Worldwide Limited and great pleasure to share with you the key highlights of theCompany's performance during the Financial Year 2016-2017 in this Annual report.
On the 31st year of Excellence we are passionate towards not only building asustainable and profitable business but also towards inclusive growth. The expansion ofJindal Group during the year 2016 observed a significant growth. In this challengingbusiness environment Jindal Worldwide Limited delivered a resilient performance in2016-2017.
Your Company's performance during the Financial Year 2016-2017 has been fairlysatisfactory and encouraging. The single biggest event that left its mark on each andevery sector of the domestic economy was "demonetisation". Coming at a time whenthe economy was just beginning to look up the Central Government's decision to demonetisealmost 86% of the currency notes in circulation caused severe cash shortage in thedomestic economy which prefers cash as the mode of payments even today. This cashshortage led to a strain on the consumption demand and business activity of second half ofthe year. Implementation of GST will also bring few fundamental shifts in the textile andapparel retail market. Both these reforms are poised to create a positive effect in theeconomic & business climate of the country as it entails much higher degree oftransparency & accountability.
Looking ahead to 2018 we will need to work even harder to execute these strategies inthe face of uncertain economic conditions confronting our business.
As always the Company strives to enhance its internal controls and governancestandards as a matter of ethical responsibility to all its stakeholders and not merely asa regulatory requirement. Your Company worked on a plethora of activities towardsdevelopment and welfare of the society in the areas of Health Sanitation EducationSkill Development and Livelihood Interventions to name a few. None of achievements wouldhave been possible without the passion and commitment of our employees - our biggestasset.
I would like to take this opportunity to thank each and everyone who work with usacross the value chain for their unstinting support and hard work in the service of ourCompany. I would also like to extend my deep gratitude to our Shareholders CustomersBankers our invaluable Employees and all the Stakeholders for their commitment continuedtrust and confidence reposed in the Company to pursue excellence and grow year after yearin our shared mission and objective of being again one of the best textile Company in theworld and look forward to your continued support in this journey.
As I look ahead I strongly believe that the best is yet to come.
Dr. YamunaduttA. Agarwal