CHAIRMAN-CUM MANAGING DIRECTOR's ADDRESS TO SHARE HOLDERS
Dear Share Holders
I Wholeheartedly convey my gratitude to all our shareholders the board members and theemployees for having faith and patience as well as for the unstitching support to me aswell as to the company.
I wish to inform you all that the Amalgamation of M/s Minihyd Hydraulics Limited andM/s Ganpati Handtex Private Limited with our Company on the appointed date i.e. 1st April2016 was approved by the Chandigarh Bench of National Company Law Tribunal (NCLT) on 11thSeptember 2017. The merger is expected to result in creation of a combined entity andsynergy in the business besides achieving economies of scale. Combining the functions andthe operations of both the companies is expected to result In better performance with thebenefits in the form of better utilisation of managerial technical and the financialresources thereby enhancing the value of stakeholders. The amalgamation and restructuringis expected to result in Operational rationalization Cost reduction betteradministration and organizational efficiency.
Looking at our business in 2017-2018 I am pleased to report that despite the difficultmarket environment we laid a strong foundation to build the future of the company aroundour well-performing surface solutions business. As expected the financial result isbetter.
Side by side impact of GST on our business is also positive.
This year our long expected Railway Lubrication has become reality. The tracklubrication through Make in India campaign was really our R & D effort. OurEngineers worked hard to achieve this goal. Ultimately we did it.
Apart from our standard products we are doing well in Power Sector i.e. OilCirculatory System with much bigger capacity. Wind Turbine Lubrication is our next targetto achieve. We hope to get it done in near future. we are able to attain all these withthe efforts of our work force Managers and Staff.
I am thankful to all our stakeholders for the trust and faith that you repose in us. Iexpect your support as it was in the past.
With warm regards