The overall performance of the company for the year under review improved in line withthe business re-engineering work undertaken in the previous year. It has restrained itsposition in the industry due to proactive planning efficient use of resourcescapitalising on emerging opportunity and striving on cutting edge technology.
I strongly believe that tomorrows innovations will be a result of how effectivelyhuman intellect can leverage modern technology. Technology will be the key differentiatorin every sphere of life and work. Therefore to stay ahead of competition the managementof your Company is investing in creating a state-of-the-art- technology platform and atthe same time devoting time and energy in training our people to stay abreast withtechnology. The company has crossed many milestones in its journey so far and we are readyto accelerate faster now we have both expertise and the experience.
The financial year 2016 saw major realignments in the global economy having a farreaching impact on the growth prospects of advanced and emerging economies. The slowdownand rebalancing of the economic activity in China with the devaluation of Yuan hadsignificant spill over across the global trade financial markets and currency movements.
India has emerged as the fastest growing economy among large economies of the world dueto its intrinsic strengths such as strong domestic consumption greater macroeconomicfundamentals and a reform oriented government. Crucial parameters such as current accountdeficit fiscal deficit inflation level foreign exchange reserves and foreign directinvestments have improved. Government of India has adopted and implemented several reformmeasures accelerating the economic growth the Indian economy managed to clock a 7.6percent GDP growth making it the worlds fastest growing major economy. However thedomestic operating environment remained a cause for concern with the industrial trade andagriculture sector reeling under pressure. Overall going forward broad-based economicstability can be seen globally as well as locally with India playing important and majorrole.
The Indian man-made fibre manufacturing industry is not only one of the rapidly growingsectors in the economy but also a critical enabler of the largest export earner amongstthe textiles industry. The fortunes of the man-made fibres industry are linked to theperformance of the petrochemicals industry at the global level and of the textileindustry at the domestic level.
We are enhancing our capacity and focusing on speciality and value added yarnsi.e.micro filament yarns carpet yarns dope dyed yarns of different colours polyestercolour yarns with the simple objective of catering to a wide customer spectrum. Ourmarketing efforts are helping us reach more customers nationally and internationally.
We are confident of the fact that polyester has much to gift the world as the fabric ofthe future. The demand for man-made fibre is showing signs of growing relevance in dailylife across home textiles apparel automotive furnishing fabrics technical textile andnon-woven segments.
In the year 2015-16 the company has achieved consolidated Turnover of Rs. 123540.79Lakh and acquired Net Profit of Rs. 1891.87 Lakh. Total export of goods during the yearwas Rs. 11765.48 Lakh. During the first quarter of the current year the company hasachieved Turnover of Rs. 36913.13 Lakh an increase over 34% and recorded Net Profit of Rs.830.59 Lakh an impressive increase over 74% in comparison to previous year.
I take this opportunity to thank for continued trust and confidence in the Company byour Stakeholders Bankers and thanks to our esteemed Board of Directors for their constantguidance and support. I am also grateful to our customers for reposing faith in ourcapability to serve them and employees for their relentless efforts and our community forits support and understanding.
Chairman cum Mg. Director