2017-18 was a good year for CCL International Limited. I am delighted with the successwe have achieved and I am sure you are too. CCL International Limited is proud of ourwork helping to expand infrastructure networks which have earned us the position ofpreferred contractor to numerous public-private entities all across the country.
Amid the continuing challenge of the most difficult global macroeconomic environment indecades we delivered strong operating performance that has generated significantoperating cash flow. I believe these financial results and operational performance reflecta compelling story of CCL International Limited at work which has set us on a path tostrong sustainable earnings growth.
We can now confidently say that CCL International Limited continues to operate from aposition of balance and strength. We are growing construction business in not only Indiabut also stretching global. We are performing today to deliver top-tier financialperformance while investing to ensure that our performance levels can be sustained in thelong term. This year we stepped up our investments without compromising in brand buildingR&D emerging markets infrastructure and our people.
The ability to effectively identify mitigate and manage the construction risk inherentin every project it undertakes and the ability to deliver those projects in a manner thatappropriately protects the safety of employees stakeholders and the public are keyelements of success in the construction industry. Developing industry leading capabilitiesin these areas is a fundamental part of CCL's strategy. CCL International has establisheda detailed set of project criteria and risk management practices that are continuouslyreviewed updated and improved. From the criteria set for selecting the projects it bidsto the evaluation of project risks and appropriate mitigation measures to project pricingand the senior management approval processes a bid must go through risk management is astrategic and operational priority for CCL International Ltd. An important element of CCLInternational's risk management strategy is the ongoing monitoring of projects underconstruction to ensure that the risk management plan established at the bid stage of theproject remains sufficient and is being effectively implemented. To assist in this effortcCl International has established a 'project controls' team consisting of some of CCLInternational's most experienced and knowledgeable staff whose mandate is to ensure thatcomplex projects are provided with state-of-the-art management controls for contractadministration cost control scheduling and other best practices. This team also reviewsthe status of key projects against a set of pre-determined criteria and ensures that theproject is meeting its financial and risk management objectives.
This year we started certain safety programs from our front line employees to themanaging division onsite. It is the responsibility of everyone at CCL to ensure eachworker including direct employees and subcontractors gets home safely to their familieseach day. Training is being provided for various activities now on-site to reduceaccidents to zero levels which include tripping hazards pedestrian and vehicle trafficconstruction awareness ladder safety dressing for the weather secured shelving instorage areas electrical safety and personal protective equipment.
We are confident that CCL International will be India's premier construction andinfrastructure Development Company. Our employees across India are hard at work making CCLInternational the best company for our clients our partners and you our valuedshareholders.
Thank you for your continued support
Rama Gupta (Chairman cum Managing Director)