Dear Fellow Shareholders
It gives me great pleasure to share with you an update of the overall performance ofyour company. In spite of challenging year for Indian Exporting Industries your companyperformed well and delivered another year of consistent competitive and profitableperformance. The Company received the Best Export Award in Non-LeatherHarness/Saddles/Bridles during the year.
Your company achieved turnover of Rs. 5436.83 millions and export turnover of Rs.4542.43 million during the year. The export turnover contributing 84% of the totalturnover. The impressive share of exports is an indicator of the very good demand for theproducts of the company across the world.
Due to overall depressed condition of International Market the margins of the companyalso reduced during the year. We expect that your company will overcome the pressure onmargin shortly.
Your company has strong financial to support it ambitious growth plans.
Our results reflected sound execution of our business plans centered on globalexpansion and disciplined cost and asset management.
As a responsible Corporate Citizen your company serves the society in the domains ofEducation and Healthcare. During the year the company contributed 2% of the net profittowards Corporate Social Responsibility (CSR) activities.
I would like to thank all our customers suppliers and colleagues in India and a broadfor their whole hearted support and valued contribution during 2016-17. Further we havemuch to look forward to as we strive to make our company even stronger and continue offocus on delivering to our customers.
I am grateful to our independent directors who have given their contribution and sharetheir valuable experience and knowledge of the management to take the company forward. Ialso take this opportunity to express my gratitude to all our stakeholders who havereposed a trust in us and extended their constant support.
With best wishes
Chairman and Managing Director