The company was incorporated in the year 2012 with the aim of becoming a dominant andqualitative player in the shipbuilding industry catering to small and medium sized boatsand warships. We immediately made our presence felt by getting orders to work on HullsSuperstructures and Piping of Interceptor Boats for the Coast Guard. These are allAluminium high speed boats which are used by the Coast Guard for patrolling our long coastline. Over period of 3 years we delivered 12 such works for L&T Shipbuilding atHazira. We got recognized for our speed of turnaround and quality of work.
But by 2015 the Shipbuilding industry had taken a turn for the worse and the ordersdried down for our principal client. This adversely affected our business as well. Thiswould have had a long term impact on our top line and bottom line but a proactive actionand decision from our Directors to venture into other areas of work like Engineeringservices and Defence related work. We had the team and the resources but we lackedrelevant experience in these fields so we made a conscious decision to take it slow andget to learn the ropes.
In Financial year 2016 we executed to Critical and Time bound projects for Coke Drumrepair. The projects were completed in record time and with utmost quality. This markedour entry into the Maintenance Repair and Upgrade Business. But again this is not aconstant revenue source and the business is cyclical and project based. It also requiresinstant mobilization of resources. So we created a dedicated team of Professionals forthis project.
In the same year we also made entry into Defence division with a small and dedicatedteam to understand the technical requirement of that business. Though the progress wasslow we persisted and finally got orders for Defence as well.
Financial Year 2017 was a slightly slow year because we were trying to consolidated andmake entry into new business areas. It was a tough year for everyone on manufacturing andengineering services and it got worse in the next financial year.
Financial Year 2018 was a very challenging year for both the industry and us. But as anorganization we spent time in building our capabilities and skill sets for the new areasof work. We have built dedicated teams and capabilities for Defence Engineering ServicesProjects and Machining and Precision Engineering.
The company executed a complete shutdown maintenance project on De-Salter equipmentsalso.
Our outlook for the current financial year and next 2 -3 years is very positive. We arevery confident about orders in the following areas:
1. The Defence Division should generate good volume of business.
2. Our newly set up Machining and Precision Engineering division should generate goodbusiness.
3. We have made a significant entry into the Reactor and Pressure Vessel Division.
The company is also confident of getting in to the Ship building and repair businessindependently by Financial Year 2020.
All this augurs well for all the stake holders. In terms of revenue our Financial Year2019 revenue should show a progress.
SanjaykumarGovind Prasad Sarawagi