The year 2017-2018 was a challenging year both on business and personal fronts.
Exports declined by almost 11.93%. Increased share of Engineered Stone IndustryIntense Competition from Chinese and Brazil Markets prolonged shortage of raw materialare some of the factors that impacted Indian Granite Industry and its participants.
In today's expanding business environment there is a heightened need to ensure thatorganization has the right mix of products operations and technologies to balance riskand capitalize on growth opportunities all while responding to evolving market demand.Our Company has been strategically thinking a number of ways and initiatives which willhelp in offering long term sustained value and growth to its stakeholders.
Our focus is to now build our presence in growing geographies and also strengtheningour share in the existing markets. We are making available different color and designs.Taking the increased demand for Engineered Quartz as an opportunity rather than threatCompany has started supplying Engineered Stone to the existing customers in USA throughtrading route.
During the year we installed two block cutters purchased from M/s Pedrini Italy andalso replaced our slab polishing plant with a new one purchased from M/s Breton Italy.
Now we have an annual installed capacity of 600000 square meters consisting of 6Gaspari Ganagsaws 2 Breton Polishing lines Maema Flaming machine and Resin Line forSlabs. 6 Pedrini Block Cutters 2 Pedrini Polishing Lines Pedrini Resin Line for Tiles.With this expansion we hope to become one of the largest manufacturers and processors ofGranite Tiles.
During February this year we lost our father mentor Shri Ashok Doshi. We will miss himat every juncture of this life's journey.
His exemplary efforts as founder and Managing Director of this Company has positionedthe MADHAV group as a renowned name in Indian Marble and Granite Industry.
The outlook for the ongoing year for your Company is extremely positive. With furtherthrust on productivity continuous addition of products and technological excellence inmanufacturing your Company will deliver better operational and financial performancedespite the odds in the coming years.
We thank you all for the confidence you have reposed in the Company.
We would also sincerely thank our customers the Board Management Unions and ourdedicated employees for their unrelenting support and commitment
With Best Regards.
CEO & Managing Director*