The past year has been a year in which the Company has gone through significantchallenges. However I am happy to inform you that we are on the way to overcoming most ofthem. During the year the majority of the bankers converted a large part of their workingcapital term loans into equity. The Promoters have also infused Rs 265 crores of equity inthe Company. Both these measures will substantially reduce the interest burden on theCompany going forward while simultaneously increasing the networth of the Company.
There have been delays in release of banking limits by the banks and the Company isworking with the bankers to resolve this situation during the financial year 2017-18.
The order inflow has been encouraging. The Company has bagged two very significantoverseas orders viz: 1) for a large steel plant in Oman and 2) for a water distributionsystem in Tanzania.
The renewed focus of the Indian Government on substantial expansion of infrastructurespend in all areas including roads water railways energy and urban infrastructurethrows up a large number of opportunities for Shriram EPC. The outlook is thereforeencouraging and we can look forward to an accelerating order intake in the coming years.
At this juncture I wish to express my gratitude and appreciation towards ouremployees customers business associates suppliers and bankers who have stood by usduring these trying times. Lastly I would like to thank our shareholders for theirunstinted support.
S R Ramakrishnan (DIN: 00015839)