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Shri Ram Switchgears Ltd.

BSE: 538430 Sector: Engineering
NSE: SRIRAM ISIN Code: INE634W01012
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Shri Ram Switchgears Ltd. (SRIRAM) - Chairman Speech

Company chairman speech

Dear Members

I am elated to present before you the 31st Annual Report of your Company.The Company has had a long and momentous journey. The financial year 2016-17 has been yetanother outstanding year and I am proud of the progress the company has made. It is thecontinued support and unwavering trust of all the stakeholders in the Company that hasenabled us to deliver sustained performance and growth over the years.

The continued commitment and passion of employees helped your Company exhibit strongleadership against the sphere of immense volatility in the markets and the world economydue to Demonetization and US President elections. Your Company too was not kept apart fromthese happenings and has faced margin pressures. It has been a challenging year for themarket.

Looking to the trust being reposed by the stakeholders your company decided toapproach the public for financing its working capital needs. The company decided to gopublic and come out with initial public offering of its shares. The company converteditself into public limited company vide resolution passed by the shareholder at the ExtraOrdinary General Meeting held on 14.12.2016. The Registrar of Companies issued freshcertificate of incorporation on 03.01.2017. The company filed draft prospectus on

18.01.2017 with NSE Emerge. The Initial Public offering of the shares was opened from

25.05.2017 to 30.05.2017. The company received tremendous response from the market forits IPO and the issue got oversubscribed by around 70 times. It was all possible with cooperation of all the associates of our company dedicated employees bankers customersofficials at NSE Emerge and the stakeholders.

We are extremely happy to inform that the shares of the company got listed on NSEEmerge Platform on 07.06.2017. The glimpse of the listing ceremony are attached at thelast page of annual report.

The total turnover of for Financial Year 2015-16 was Rs. 45.65 crore and in FinancialYear 2016-17 it was Rs. 70.93 crores with the growth of 55.38%. Your company recorded theexcellent growth in Financial Year 2016-17. There was a major increase in project turnoverfrom Rs. 21.94 Crores in 2015 - 16 to Rs. 51.09 Crores in 2016 - 17. The project turnoverwas increased by more than two times as compared to previous year. The project workconsists of integrated work of supply erection and commissioning and maintenance ofmultiple products under one contract to the customer.

The improvement in India's economic fundamentals is expected to accelerate due to thecombined impact of strong government reforms and RBI's rigorous focus on keeping inflationunder check. The steps taken by the Government and unique initiatives such as ‘Makein India' ‘Digital India' ‘Housing for All' and ‘Skill India' have giventhe economy a major boost.

India has emerged as the fastest growing major economy in the world as per the CentralStatistics Organisation (CSO) and International Monetary Fund (IMF) also Corporateearnings in India are expected to grow by over 20 per cent in FY 2017-18 supported bynormalization of profits while GDP is expected to grow by 7.5 per cent during the sameperiod according to Bloomberg consensus.

Indian economy grew at the rate of 7 per cent in 2016-17 and the Wold Bank anticipatedthat it will further accelerate to 7.6 per cent in 2017-18 and 7.8 per cent in 2018-19.Demonetisation is expected to have a positive impact on the Indian economy which willhelp foster a clean and digitised economy in the long run according to Ms KristalinaGeorgieva Chief Executive Officer The World Bank.

The implementation of a unified GST is viewed as one of the most far-reaching indirecttax reforms as it is likely to create a common Indian market improve tax compliance andgovernance. Financial services in India have come out of a volatile cycle and withgovernment initiatives to devise various fiscal reforms the future opportunity scenariolooks quite attractive. Hence these are truly exciting times for all of us and as anorganization we must fully leverage the opportunity to the maximum.

The Economy is currently at a stage where a slight pickup in demand can lead to asignificant improvement in growth. The opportunity is out there in the open one justneeds to focus and choose the right path for success. As an organization we have setambitious yet realistic plans for each of our businesses.

The tag line and the motto of your company is "Power Solutions Redefined."The company is keeping with its tag line and is always trying to come out with bestsolution for every power need. The power needs of urban and rural area are extremelydiversified. In addition to urban market the emphasis of the company has always been therural market. The company embraces the rural market with more zeal then the urban market.As the real India lies in villages and agriculture is the stem of our economy the companyalways believes that the development of rural sector is the development of entire India.

At Shri Ram Group our corporate credo has been to ‘Trade with Confidence' andhence we deliver utmost satisfaction to our customers consistently. With over threedecades of expertise and experience we have emerged as a front-runner in our field. Wehave come this far solely based on our core values serving as a moral compass in all ourdealings. Our team's experience and expertise diversified product offerings disciplinedapproach product quality post sale services have enabled us to win the trust ofdistinguished investors customers and a wide fraternity of stakeholders.

Our strength emanates from the trust of people that we have earned over the years byproviding customized solutions to our customers. Today we are known for our diversifiedproduct portfolio and prominent position in all our business area. The recognition we haveearned through several accolades is a manifestation to our excellence. We are ready withoptimism to leverage future opportunities. Flexibility and reinvention while staying trueto our ethos by helping every customer meet their requirements will set our foundation ofgrowth for the forthcoming financial year and beyond. We are all set to enter new businesstransactions with local as well as overseas customers.

Your company is involved in engineering and manufacturing of Electrical products. Wemanufacture Transformers (EHV Power Distribution and Special Application) upto 5 mVA -33 kV Class as well as Oil Type Compact Sub-Stations. We manufacture full range of HT& LT switchgears from Distribution boards to Distribution Boxes Control and RelayPanel Feeder Pillars ACB Boxes Single Phase Boxes MCB & MCCB panels JunctionBoxes A.C./D.C. Boards and other related products. Recently the Company has developed VPIDry Type Transformer.

A dry type transformer is used where there is space constraint and higher chances ofoccurrences of fire. These are mostly used by industrial and corporate clients at softwareparks hotels hospitals high rise buildings etc. These transformers are categorized asdistribution transformers due to their nature of operation i.e. at end user's locations.

For our manufacturing facility we do not need a Water or Air Treatment plant as we areproud to say that our plant is a zero pollution emission plant and received certificatedated November 23 2015 for the same from District Trade & Industries Centre Ratlam.We recently got elected as member in general category by Confederation of Indian Industry(CII) for its State Council of Madhya Pradesh for the year 2017-18. The Company alsoPartners with Govt. Industrial Training Institute Ratlam & Alot as a socialresponsibility and has received 2nd Skill Champions of India Award by FICCI andLeapvault The Company has also received Best dedicated Entrepreneur award by Zee.

Our vision is that we believe "Customer is the core of all the endeavors".Thus the primary objective of the company is up-holding the value of the"customer". Our Company strives to provide "solutions" rather than"selling of products." Our Objectives are to establish the organizationleadership in the area of electrical engineering both in the field of manufacturing andmarketing and to develop high level of satisfied customer profile with dedicated serviceand high grade of products and quality as well as to maintain the growth patternsconsistently both in terms of sales volume and return from sales.

Our customers are majorly the Power DISCOMs (Distribution Companies). We cover thestates of Maharashtra Rajasthan Gujarat Madhya Pradesh Delhi Odisha Uttar Pradeshfor supply of our products and services. From engineers to skilled labours everyone ismotivated to manufacture the highest quality products in Our Company. Our Company has puta lot of systems in place for quality check and control. We have been accredited with"ISO:9001-2008" certification for design and development productioninstallation & marketing of electrical switchgear & transformers. We have alwaysbeen a frontrunner in adapting technology ahead of its times.

In current financial year the company has already reached execution of around 75% oforders as mentioned in the prospectus. Further the order base of the company has beenexpanded by Rs. 40 Corers till now. The company is exploring the opportunities forentering into overseas market. Various steps are being taken in this direction. Thecompany is in talks with Government of Vietnam and Israel for business tie ups. TheCompany has deputed its marketing personnel to Vietnam for preliminary talks with theconcerned department.

The company has always committed to super most quality for its products. The governmentof India has recently prescribed for BEEE Rating for transformers. Although the rating hasnot been accepted by the industry we feel pleasure to announce that your company hasalready upgraded the quality of its products to BEEE Equivalent.

The company believes that the support of shareholders have played indispensable role inimproved performance of the company.

Your Company believes in serving its own people first by providing the right workplacefacilities and atmosphere for every staff members with highly subsidized and qualitycanteen facilities; employee health provisions for all the Employees. To connect with theemployees on a personal level the company initiates outings on regular basis.

With your continued support we will think bigger. Indeed not just bigger but bettercreating ever greater value for all our stakeholders. Don't hide - engage. Take a riskget outside your comfort zone and challenge yourself to try something new with thisbelief the company will continue its journey towards advancement. I would like to end byexpressing my gratitude to all our clients employees investors bankers and shareholders- for the trust they have reposed in us. I would especially like to thank our Boardmembers for their guidance throughout our journey. We look forward to your continuedsupport in our journey to create long term value for all our stakeholders. Last but notthe least I would like to extend my sincere thanks to officials and entire staff at NSEEmerge for their co operation and support for completion of listing procedures of thecompany.

With Warm Regards
Sd/-
Nilesh Jhalani
(Managing Director)