It gives me immense pleasure to present the first Annual Report after listing of thesecurity at "EMERGE" Platform of National Stock Exchange of India Limited. It isgood to be addressing you as a chairman because it gives me a chance to say thanks toeveryone for their role in making our venture a success. On behalf of the Board ofDirectors I express my gratitude for faith confidence and conviction kept towards us bythe stake holders. The expansion project undertaken by the Company during the year isgoing ahead of the schedule. This could be possible with the support of all of you beingthe new investor in the company State Bank of India and Punjab National Bank who grantedTerm Loan of Rs. 94 Crores and most sincere and dedicated efforts put in to implement theproject ahead of schedule by all the members of Lagnam Team. The overwhelming response ofour Initial Public Offer proves the confidence of stake holder in our company.
There is series of important events in financial year ended on 31 st March 2019. Thecompany has come with the Initial Public Offer by way of issue of New Equity Shares. Theoverwhelming response of Initial Public Offer is displaying the trust and faith towardsthe company by the stake holders. The Company strives to bring best human skill for makingthe growth in a best possible way.
The Indian economy is running towards exception growth and rapid development. TheLeadership of our Prime Minister is taking the economy at higher level. "Make inIndia" concept is getting prodigious response form the public. The Management of thecompany is very much impressed with various new concept of development floated by theGovernment. The Management is trying to improve the quality of product by doing researchfrom available source. The company tried to increase the brand value of India by givingbest quality in its products which are exported out of India. With great endeavour ofwhole team the company is stepping towards the progress in quality as far as inprofitability. Nonetheless the progress is not achieved overnight and will definitely callfordedication and commitment.
The way ahead is filled with numerous opportunities. We are committed to exceptionalstandards of productivity corporate governance willingness to embrace new ideas andlearn continuously. Your company's most automated and state of the art technology qualityand wide range of products building trusted relationships with customers adequateproduction capacity diversified manufacturing facilities and various strategicinitiatives will surely help us to achieve excellent performance and sustainable growth inyears ahead.
At the end I would like to thank entire team of the LAGNAM for an outstanding yearwhich is reflective of their hard work dedication and commitment to success.
I would like to place on record my sincere appreciation to the Board of directors fortheir guidance. I would also like to place on record my heartfelt thanks to all thecustomers business associates suppliers bankers Lead Manager Underwriter MarketMaker the Central - State - Local Government and authorities of the NSE SEBI NSDLCDSLand RTA for their support. Lastly I would like to extend my gratitude towards all ourShareholders for their continuing faith and confidence in the management of the Company;we aim to earn your trust every day and will work towards achieving the greater heights ofsuccess in coming years.
With best wishes
D. P. Mangal