I have great pleasure in welcoming you to the 31st Annual General Meeting of theCompany. The year 2018-19 was indeed a challenging period for businesses across India. Ithas not been any different for your company too as it had to re-forge its vision andgoals not to just remain relevant to the times but also to thrive in a fast-changingeconomic scenario.
Keeping this in mind the Board of Directors had taken certain conscious decisions torefocus our attention to our core strengths and re-envision our business model to improveoperational efficiency and convert your company into a lean force endowed with sharpergoals better yield business volume and overall profits.
One such decision was to reduce our dependence on real estate and construction toconcentrate on our core strength namely sustainable aquaculture. Looking back and takinginto account the current state of real estate and construction sector you will appreciatethat it was indeed a wise decision. The decision to refocus on sustainable aquaculturehowever beat all other decisions I must say.
For we have been very successful in forecasting in advance fish consumption patternand the imminent rise in the demand for sustainably grown fish and related productsglobally. Likewise we have also been spot on in foreseeing Central Government's renewedinterest in supporting and boosting the country's aquaculture industry.
A slew of measures initiated by the Central Government headed by Prime MinisterNarendra Modi the latest being the clarion call to usher in Blue Revolution 2.0 tostrengthen rural economy and create additional employment opportunities and boost exportsin the country by Finance Minister Ms. Nirmala Sitharaman reflect this fact.
In correlation I am glad to inform you that your company has been quite active inResearch and Development (R&D) to come up with innovative technologies that are set torevolutionise existing fish farming practices. The STQC aquaculture hub (sustainabletraceable quality-certified) aqua mimicry and open pond recirculating aquaculturesystems being launched by your company are key initiatives which will yield richdividends to your company as well as to thousands of small farmers and fishermen andcreate a sustainable aquaculture model for the country.
Moving forward your company is exploring to take this model to different parts of thecountry for the larger benefit of fishermen community. Your company has also initiated theprocess o testing the various technologies in collaboration with Tamil Nadu Dr.J.Jayalalithaa Fisheries University.
Another project on the anvil is a multi species integrated aquaculture facility andtechnology extension centre an in about 25 acres which I am sure will be another featherin the cap of your company as it would also help train farmers and small entrepreneurs whoare eager to test the aquaculture waters.
It is with great pride that I want to inform you that after starting our exports lastyear your company's products have reached 12 countries across 3 continents including someof the most sensitive and stringent markets like Japan EU and USA and our order books areflush with repeat orders. We are working towards long term partnerships to do more valueaddition and move up the value chain.
In short I can see that the road ahead is quite exciting for aquaculture industry ingeneral and for your company in particular. The fact that your company is prepared to takefull advantage of the unfolding opportunities reflects in Silicon India declaring it asthe Company of the Year 2019.
Now that your company is through with its restructuring phase and the entire team isworking in tandem I am certain in the financial year ahead the efforts put in by theteam would come to fruition and your company will have an exciting balance sheet of whichyou can take pride and gloat in pride. This is considering the market outlook and thecountry's aquaculture eco system.
Before concluding I reminisce here what Ernest Hemingway wrote in his classic shortheroic novel The Old Man and the Sea: "Now is not the time to think of what you donot have. Think of what you can do with that there is." Yes now that there is aright environment and a market that is exciting your company will do well using what isat hand rather than thinking about what it does not have.
With warm regards
SHAJI BABY JOHN