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Asian Star Company Ltd.

BSE: 531847 Sector: Consumer
NSE: N.A. ISIN Code: INE194D01017
BSE 00:00 | 20 Jan 880.25 -19.75
(-2.19%)
OPEN

930.00

HIGH

930.00

LOW

880.00

NSE 05:30 | 01 Jan Asian Star Company Ltd
OPEN 930.00
PREVIOUS CLOSE 900.00
VOLUME 125
52-Week high 1086.05
52-Week low 652.95
P/E 17.29
Mkt Cap.(Rs cr) 1,409
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 930.00
CLOSE 900.00
VOLUME 125
52-Week high 1086.05
52-Week low 652.95
P/E 17.29
Mkt Cap.(Rs cr) 1,409
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asian Star Company Ltd. (ASIANSTARCO) - Chairman Speech

Company chairman speech

"Like diamonds we emerge stronger from pressure. We constantly chip away ourweaknesses through continuous learning and development. We have our unique new strengthsand competencies that make us shine in our own way."

- Vipul P. Shah

dear shareholders

It is always a privilege and a pleasure to present a review of the Company'sperformance for the year as well as share a strategic overview of the steps we are takingto navigate what is undoubtedly a challenging phase for the industry.

The global economy has been facing rough headwinds since the last few years. Keyconsumption markets in the US as well as Europe are yet to completely recover from theaftershocks of the global financial crisis. The ripples created by the continueduncertainty in the US over tariff wars with China have been affecting all major economies.The undecided deadlock over Brexit and its impact on UK-Europe trade relations has furtheradded to the already nervous investor and consumer sentiments. Despite this demand fordiamond jewellery continued to grow during the year 2018 although at a marginal rate. TheUS and China continued to be the key markets driving this moderate growth.

The Indian Gems and Jewellery industry is going through a period of aberration.Impacted by the recent crisis triggered by unethical and unscrupulous activities theentire industry has borne the brunt. This is both unfortunate and unfair. In my opinionthe Indian diamond trade and industry is founded on solid foundations of trust andbuttressed by centuries and generations of faith. This crisis is only a temporary blipthat the industry will soon leave behind and move on. The industry in India has faced manychallenges from time to time over the years. It has not only overcome these challengesbut more importantly emerged stronger. During the year gross exports of gems andjewellery from India was USD 40 billion. Exports of cut and polished diamonds for the yearwas moderately higher at USD 23.8 billion against USD 23.7 billion in the previous year.However gold jewellery exports witnessed a spectacular growth of 24.6% rising from USD9.67 billion in 2017-18 to USD 12.03 billion in 2018-19.

At Asian Star we have always been a company that is built on strong values and ethics.While business cycles have their own highs and lows we believe it is our strict adherenceto purpose and principles that has seen us emerge as one of the leading players in theIndian Gems and Jewellery industry. Like diamonds we emerge stronger from pressure. Weconstantly chip away our weaknesses through continuous learning and development. We haveour unique new strengths and competencies that make us shine in our own way.

Let me now update you on the performance of the Company for the year:

Our Consolidated Turnover for the year was Rs. 3642.19 crore against Rs. 3905.03crore in the previous year. However our PAT for the year in spite of a lesser turnoverincreased to Rs. 114.93 crore against Rs. 109.13 crore in the previous year. Consideringthe extremely challenging operating environment during the year I believe this is asteady financial performance mirroring our consistent marketing efforts our financialprudence as well as our operational efficiency.

Looking ahead I am confident that the industry is on the right track. The demand inthe US and China is expected to continue to grow. Demand in India is also expected to pickup driven by the increasingly affluent middle class. Moreover initiatives taken by theGovernment like 100% FDI setting up of Jewellery Park in Mumbai and sustained promotionof Brand India in international markets are all definitive steps in the right directionaimed at long-term growth of the Gems and Jewellery industry in the country.

Overall I am quite optimistic. The worse is behind for the industry and allindications point to a positive future ahead. As favourable tailwinds accelerate themomentum Asian Star is perfectly positioned to leverage its established image andspotless reputation in the industry and deliver excellent value to all its stakeholders.

My sincere thanks and heartfelt gratitude to our customers our suppliers ourinvestors our bankers our employees and all our shareholders for their sustainedcooperation and support.

Yours sincerely

Vipul P. Shah

CEO & Managing Director.

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