On behalf of the Board of Directors I welcome you all to the 17th Annual GeneralMeeting of your company. Thank you for your presence here today and for your continuedsupport that is critical to the success of our company. The fiscal 2016-17 was probablythe most challenging year for us we recorded reduction in revenues. Fierce global economyis under significant stress and the economic inertia is smothering India's growth ratesand creating a dismal investment horizon. We at SRS are thinking harder putting inefforts and running the extra mile to counter a not-too-exciting business outlook.
Your company's performance in the last fiscal illustrates the challenges faced by theindustry we have a presence in. The phenomenal impact that digital technology is havingon businesses around the world is creating exciting and viable new opportunities. Howevercapitalizing on this opportunity requires a strong focus on innovation and collaboration.
While these are aggressive and ambitious goals the Board strongly believes that theseare eminently achievable through game changing initiatives. This will of course not beeasy. These goals have to be viewed in the context of significant external and internalchallenges. Markets are volatile business models are changing rapidly new capabilitiesneed to be built and the organization needs to adapt with great agility. Our turnover isreduced to 27% with a loss of Rs.160.50 Crore and Share price has come down to very low.However with focused energy creativity and discipline many new initiatives will begin toshow tangible results.
We had approached National Company Law Tribunal (NCLT) for extension of time to repaythe depositor. The order was passed; however we are not able to totally comply with thatdue to the poor financial health of the company.
Since April 2016 your Company is facing liquidity problems; brand image of the companywas affected. We were unable to repay secured/unsecured debts rendering the accountsunder NPA category. Numerous losses incurred during the F.Y.2016-2017 entailing turnoverreduction and resignation of Senior and middle-level staff.
The following measures have been taken to revive the financial health of the Company:
Selling of Shares by Promoters
Closure of business of FZC Dubai
Consolidation of verticals/business
As a Group we stand committed to the values of integrity excellence respectteamwork and trust. Our values have transcended the barriers of time and continue toinspire the way we operate our businesses engage with our stakeholders and shape ourfuture.
Your Company SRS since 2000 has remained an inseparable part of Indian consumer'sdaily life. In consonance with the Group's spirit of trust quality and perseverance SRShas continuously strived to reinvent itself in tune with changing times.
In addition to our business goals and commitment to drive shareholder value yourcompany is focused on playing its role as a responsible corporate citizen. We continue tocontribute towards initiatives that drive societal change in the communities where weoperate while ensuring that our growth is sustainable.
Unarguably the road ahead is filled with challenges and opportunities. We are fullyequipped to grab the opportunities and face any challenges the market throws up. The year2017-18 therefore will be a year of consolidation and laying the foundation for a growthpath. The Government's determination to remove the obstacles to economic growth isencouraging. Let us pray for a burst of consistent growth that our country needs growthdriven by our efforts and commitment to serve the Indian masses. Our company's plans ofgenerating greater returns will continue and I would like you to remain with us amidst theunfavourable circumstances.
With this I would like to conclude my speech.
I once again thank you for your continued support.I would also like to thank otherstakeholders - our clients vendors and partners - for their trust and support.
(Dr. Anil Jindal)