Dear Fellow Share Owners
I always feel honoured to be amongst the annual stake holder's meeting of the Companyand thank you all for being part of our journey for last more than three decades.
In this journey we have witnessed several ups & downs and remained patient andtogether surely it will continue.
Remembering the passage of such a illustrious journey together sometimes I feel verynostalgic and emotional.
During the period under review as anticipated the economic environment was quiteeventful at the International and Domestic theatre.
Several developments in the global arena including US-China Trade relationsun-resolved issue of Brexit and other geo political uncertainties resulted in GlobalEconomic slowdown particularly in the second half of last year reflecting a confluence offactors affecting major economies. This may continue for some more time and immediatefuture is relatively un-predictable.
The Economic Survey of India for 2018-19 has reaffirmed the slowdown in the domesticeconomy and has indicated a marginal and gradual revival. With the huge mandate the Govt.at the Centre is in the process of consolidating and stream lining the economic process ofthe Country with an objective of overall growth in all the sectors. This pragmaticapproach is starting to give the fruits to the Society.
In view of the above the Domestic Industry is growing slowly at the moment andInternational Trade remained under pressure both in terms of value and margins which wouldalso be a great challenge to your Company. Your Company is quite aware of the situationand exploring new Business Models and aligning in to this evolving economic scenario. TheManagement is optimistic to leverage itself to this new economic regime.
Over more than 3 decades your Company has continued to grow and evolve creating valuefor the share owner and we are sure that we will continue to strive ahead.
In the end I would like to place on record my sincere thanks to all the stake holdersand having deep satisfaction of what your Company is today. Way forward ushering in tothe new challenges new business environment it is time to look for the new ideas withfresh vigour and zeal. Therefore it is imperative to give way to the Genext which isquite mature and have talent in abundance. Wishing you all be always with the Companywhich is bound to grow in future. With lots of Thanks
Place : Kanpur
Dated : 30th July 2019