It gives me immense pleasure to write to you.
Post the completion of the takeover in December 2015 your Company(under a new management) has been growing exponentially for a fourth straight financialyear. From a scenario of No Operations in the Company prior to takeover toachieving a turnover of more than Rs 335 Crores during FY 2019-20 this is a testimonytowards the commitment and relentless efforts from the employees and the management of thecompany. After four years of exceptional performance the numbers stack up as follows onstandalone level basis:
|Particulars ||FY 2016-17 ||FY 2017-18 ||FY 2018-19 ||FY 2019-20 |
|Total Income ||62.83 ||69.72 ||131.40 ||335.91 |
|Profit after tax ||0.17 ||0.17 ||1.41 ||1.07 |
|EPS ||0.08 ||0.12 ||1.01 ||0.77 |
|Net worth ||14.62 ||14.79 ||16.21 ||17.10 |
|Book Value (Per Share) ||10.48 ||10.61 ||11.62 ||12.39 |
Simultaneously the Company has acquired following companies during FY2019-20 in order to cater to growth and diversify the businesses of the Group (AEL &its subsidiaries):
On April 04 2019 incorporated our wholly owned subsidiary namedTout Comtrade Private Limited under Companies Act 2013 for trading business.
On May 29 2019 acquired 100% ownership in Abans Jewels PrivateLimited (AJPL) at a consideration of ' 5.67 Crores for further expansion in tradingbusiness of the Company and particularly in precious metal space. And as a result ofacquisition Company also acquired 100% ownership in foreign subsidiary of AJPL namedAbans Gems and Jewels FZE a company having the business of trading incommodities.
On October 09 2019 incorporated our wholly owned foreignsubsidiary in Mauritius named Splendid International Limited under Section 24of the Companies Act 2001 of Mauritius for trading business.
On November 15 2019 acquired 100% ownership in ZicuroTechnologies Private Limited at a consideration of ' 603621/- for technologicaladvancement of the Company and enter into software business.
On January 01 2020 acquired 100% ownership in LifesurgeBiosciences Private Limited at a consideration of '100000/- for venturing intopharmaceutical business.
All the above acquisitions are in line with the management's strategyto create value for all the stakeholders of the Company and continue to deliverexceptional operational performance and build sustainable business. Alongside ourcontinuous focus on operational performance we also continue to be committed towardsbuilding a healthy work environment for our employees adhering to corporate governancestandards in entirety and building internal systems that support transparency and ethicalbusiness conduct and operations.
I am grateful to the Board of Directors and the senior management teamfor their unwavering support and guidance in these testing times. I take this opportunityto express my gratitude to all our stakeholders who have reposed their trust and faith inus and their constant support. I sincerely place on record my word of thanks to you foryour continued patronage.
|Abhishek Bansal |
|Chairman and Managing Director |
|June 30 2020 |