It is my privilege to reach you through this report. The last nancial year has beenvery challenging year for your company due to an unprecedented and unfair in ow of Pipesfrom China PR at very low prices forcing domestic players to revise prices and therebyaffecting their margins adversely. Acceding to the Industrys petition the Govt. hadimposed safeguard duty but it failed to safeguard the interest of domestic industry dueto steep fall in global steel prices.
Govt. of india on the plea from Industry stepped in and undertook corrective traderemedial measure by imposition of Anti -Dumping Duty on imports from China. This timelyintervention is going to help domestic industry to sustain and survive.
Increasing Oil and Gas consumption in Asia-Paci c will continue to be driving force forincreased pipeline construction. The Govt of India has introduced various policy reformswhich will attract investment and encourage the domestic oil and gas sector. MaharashtraSeamless Limited (MSL) has ventured into speciality product like coated pipes. Also withthe premium thread facility available it enjoys an edge over other competitors for thegrowing demand in the Oil and Gas Sector
India continues to be major and one of the most attractive economies of the world. TheGovernment is focussing on reforms to spearhead infrastructure development in RoadsPower and Oil & Gas to build a foundation for accelerated growth and development yearon year. The Govts Make in India initiative Smart Cities Power forall Water Supply Improved Sanitation and Solid Waste Management etc. will boost thedemand of your Companys products.
MSL is geared up with renewed energy and positive outlook. We remain committed to drivethe business towards delivering consistent pro table and ethically driven growth path.
To maintain highest level of competitiveness and to consolidate its leading position inSeamless Pipe industry MSL has undertaken Operational Excellance Program. This initiativeinvolves re-looking at our systems processes and structure in order to identifyopportunities of improvement. This initiative is reaf rmation of MSLs continuousimprovement culture.
MSL continuously penetrating into new countries for export in our efforts to explorenew geographies. At the same time we have maintained focus on supplying to Europe andNorth America.
MSL believes in clean environment and have been investing in Green Energy. PowerGeneration from its 12 MW capacity of Wind and Solar Power is equivalent to 29% of totalpower consumption of its manufacturing facilities. MSL has also won through competitivebidding 20 MW Solar Power Capacity under National Solar Mission (NSM) in Rajasthan.
I am happy to share that "Jindal Star" a brand of D.P. Jindal Group waselated to be honoured with Indias Most Trusted Brand Award 2015 based on a surveyconducted by IBC Infomedia Pvt. Ltd. a division of IBC Infomedia Corporation USA.
We continue to invest in our human capital regularly. We have strong and motivatedforce of our employees. We support our employees by formulating career development andprogression plan. we also work towards enhancing the skills of our employees by providingvarious training programs. Your Company also foster the culture of innovation byencouraging employees to present new ideas in their respective domain or otherwise. Wealso have Reward and Recognition Scheme.
Pursuing the corporate philosophy of bringing prosperity to all stakeholders MSL hasbeen investing extensively in CSR initiatives like-Education- School/Scholarship Health-Hospitals/Medical Camps/Safe Drinking Water helping old age/widow and poor and AnimalWelfare Activities.
I express my gratitude for the guidance and contribution of my fellow Directors. Icommend MSL team as everyone has contributed to the Companys growth and theirdedication commitment and hard work is indeed an inspiration. I am thankful to thecustomers business partners and banks for their sustained support. I look forward to yourcontinued support in our journey to build a sustainable and progressive enterprise.
D P Jindal