I wish to present to you the Sixty fifth Annual Report and Accounts for the year endedMarch 2015.
The year under review has been challenging one more on the finance front. The growthin our own branded products seen in earlier years could not continue due to constraint offinance which is still creating the bottleneck.
The streamlining of operation started two years ago is still continuing and has helpedto reduce the expenses substantially.
In the pursuit of raising our own money we had to sell some assets and were attemptingto sell our two Solar Plants of 1 MW each in Rajasthan & Punjab from our subsidiaryCompany Sovox Renewables Private Limited. The process was completed in June 2015.Further in order to meet working capital finance the Promoters also have contributed byway of Preference Capital of Rs.390 Lacs during the year.
I had cautioned in my statement last year that "The Financial Year ending March2015 is not necessarily expected to be great" unfortunately it has come true. Thecurrent year is also passing through difficult time and does not indicate recovery forsometime to come however the "Management is striving to come out from the currentsituation and hopeful of finding a solution."
Finally I sincerely thank all our shareholders business partners employees and thelast but not the least our customers for the continued support and faith reposed in yourCompany.
Arvind R. Doshi