ROMAN TARMAT LIMITED
ANNUAL REPORT 2008-2009
Letter to Shareholders
I hereby take great pleasure in extending a hearty welcome to all the
shareholders of the Company. Most of the shareholders have been with the
Company since our maiden Public Issue and have trust in future growth of
the Company in years to come. I am aware that many of you are seriously
concerned about the economic slow down, irratic fluctuations in share
prices and the dismal performance of number of companies from different
diverse sector in the FY 2008-2009. The Construction industry, as everybody
is aware of, comprises of different segments like Housing, Infrastructure,
Industrial, Commercial, Real Estate, etc. Construction industry witnessed a
big boom in the year 2005-2006, but subsequent rise in the prices of Steel,
Bitumen, Cement and also in the interest costs resulted in slow down in
growth with construction industry registering a growth of 7% only in 2008-
2009. Beginning with U.S. sub-prime mortgage market in mid-2008 and
spreading to European markets afterwards resulted in unprecedented
financial crisis in the stock market all over the world putting number of
financial giants into severe trouble. Not only the stock prices were
adversely affected but confidence also was badly shaken. With crude oil
price going up to US$ 145 per barrel in the first half of FY 2008-2009, the
situation further worsened.
Construction industry, as all of you are aware of, everywhere faces
challenges and problems and particularly in developing countries like
India, challenges are along side the general situation of socio-economic
political stress, chronic resource shortages, etc.
At the recent Central elections, UPA Govt. led by Congress has come back to
power with a better political stability and renewed mandate. Hon'ble
Finance Minister in his budgetory speech, had quoted the words of Hon'ble
Prime Minister Mr. Manmohan Singh that:
'It is a mandate for continuity, stability and prosperity. It is a mandate
for inclusive growth and equitable development. It is a mandate that we
accept with humility and a firm resolve to do all that we can for the
welfare of this nation'.
With better political stability, the Government thus is willing to push
ahead its development programmes with more vigour and firmness.
The policies and plans of your Company, are framed to have the 'Best' from
every opportunity we may get and to protect ourselves from various threats.
Please allow me to avail of this opportunity to assure all the members of
the Company that the Management is doing its best to safeguard the interest
of the stakeholders. Your company has on hand number of projects - major
amongst those being New Mangalore Trust Project, Sahara Amby Valley
Project, Bus Rapid Transport System Project at Ahmedabad, Cochin
International Airport Project, Tamilnadu Road Infrastructure Development
Corporation's Project, etc. The Company, therefore, is optimistic of
achieving a targeted better turnover. for the FY2009-2010.
I once again sincerely thank all the shareholders, employees, bankers,
suppliers and the management for their unstinted support and trust in the
With Best Wishes