It gives me pleasure to present the Company's 23rd Annual Report for the financial yearending March 312014 to you.
I take this opportunity to address the concerns you may have regarding the presentstatus and future opportunities for Company. I would also like to outline our strategy togrow our enterprise and enhance shareholder value going forward.
I am confident that Company will recoup its past glory but it will take time.
We have assimilated the learning of the past and created a blueprint which we areconfident will enable us reach our goal.
We are optimistic about Company's long-term prospects. We believe the Company has thedynamism the resources the know-how and the motivation to not only drive growth in thefuture but also to development in a few selected domain technology areas.
Our continuous ability to innovate enables us to enhance our execution and servicedelivery. The growing level of dedication and passion to excel gives us the confidence tomeet our desired growth objectives.
In addition we will fulfill our obligations to all our stakeholders customers andemployees as well as the nation and the larger society providing all of them withindustry-leading values through advanced and responsible management.
The Company is planning to consolidate and optimise the existing resources in the bestpossible way. We shall be focusing on stabilizing our operations to achieve our goal. Weare further focusing on improving our efficiencies at all the levels. We expect the steeldemand in India to pick up gradually. The current economic environment in combination withgrowth ambitions carries with it an evolving set of risks.
Your company recognizes that these risk need to be managed to protect its customersemployees shareholders and other stakeholders to achieve its business objective andenable sustainable growth.
Your company realises its responsibility towards the society in which it operates andcontributes towards the society and environment.
An integrated system of risk management and internal controls framework has beendeployed taking into account various factors such as size and nature of the inherent riskand the regulatory environment.
With a 3.3% increase in demand in 2014 followed by an even better 4.5% in 2015 citingexpectations of reforms implemented by a new government.
Management appreciates dedication and commitment of Company's team and is confidentthat they will guide the company through uncertain times and unforeseen challenges.
The Innoventive team continues to work diligently at sustaining operational excellenceand remains resolved to manage any challenges and seize every opportunity that may arise.
We see a team with greater determination to succeed and an unrelenting commitment toprovide exceptional customer service. These together with the passion to pursue knowledgeand courage to make a difference will enable the Company to achieve its long-termoperational and financial priorities and goals.
Future opportunities & challenges have been analyzed and addressed. That is how weensure that your company can maneuver its growth potential. We seek and shall rely on yourcontinued support in pursuit of these objectives. We would like to thank all our businesspartners for preserving their confidence in us during tough business environment like thisand we express our gratitude towards the employees who are the driving force behind thesuccess of this organization over the years.
Management is committed to the growth and development of its employees which willensure the continued success of this company. Taking in view the current business scenarioand need for cash to be deployed in the business in the near future the Board andmanagement shall be cautious with respect to the use of funds.
On behalf of the Board of Directors I express my sincere gratitude to the Central andState Governments financial institutions public and private sector banks Governmentagencies and Non-government institutions for reposing their faith in the management.
I am also thankful to our valued stakeholders namely vendors customers strategicalliance partners and business associates for supporting our vision and businessstrategies.
I also acknowledge the vital role played by our valued employees in our corporateevolution.
Finally I am grateful to our community of shareholders for their confidence andcontinued support in the management team which has helped in steering the Company throughchallenging times.
Chandu Chavan Chairman & Managing Director