It gives me immense pleasure to write to you at the end of another landmark year forMohit Industries Limited.
I am pleased to inform you that your company has completed successfully financial year2016-17 with Net profit after Tax for the year recorded 3154.20 lakhs. During the yearunder review your Company has recorded its revenue from operations as 3 15333.29 lakhsagainst revenue recorded of 3 13616.25 lakhs in the previous year.
During Financial year 2016-17 Your Company's Export Sales has been recorded to 37174lakhs as compared to 3 5584 lakhs in previous year. Your Company is successfullyexporting DTY Yarn with a brand name to Thailand Czech Republic Denmark GermanyBulgaria Indonesia United Kingdo Mexico Brazil Guatemala Vietnam South KoreaTurkey Algeria and many more Countries.
It gives great pleasure to state that company has received Rs. 8.5 crores as VATrefund in reference to case for Gujarat Vat demand before Gujarat Value Added TaxTribunal that has been decided in the Company's favour vide Gujarat value Added TaxTribunal order dated 13th August 2015 and The Hon'ble Gujarat high Court vide its orderdated 09th January 2017 ordered and directed to the VAT Department Gujarat State forrefund / pay input tax credit due to the company.
As you are aware Goods & Service Tax ("GST") which is a comprehensiveindirect tax reform has been introduced in India w.e.f. 01st July 2017. The said reformis a fundamental change in the framework of indirect taxes and impacts not only the rateof tax but also various business processes and associated documentation. With theimplementation of a uni3ed GST your Company being integrated Textile Company in the 3eldof yarn and fabric that produce yarn and use it to make fabric shall be at an advantage asthere are di3erential tax rates for yarn & fabric.
Details of our growth Strategies and your company' performances during Financial Year2016-17 have been elaborated in the Director Report and Management Discussion AnalysisReport Section of this Annual Report.
Your Company has been able to drive strong growth inspite of challenging Environment.All this would have not possible but for the untiring efforts of our highly committed anddedicated employee force.
I would like to thank all our consumers employees Suppliers who are directly orindirectly associated with the company for their support and commitment which helped usreach where we are now.
I would like to thank our shareholders for their trust and encouragement and assure toserve strong and Profitable and Sustainable Growth.
With Warm regards
Mr. Sitaram Nandlal Saboo
Mohit Industries Limited