MARAL OVERSEAS LIMITED
ANNUAL REPORT 2005-2006
India has performed excellently yet again. The initial estimate of India's
Real GDP growth in 2005-06 is 8.1%. For the textile industry, there has
been another positive; dismantling of quota restrictions on 1st January,
2005, with the expiry of the Multi- Fibre Agreement, has provided
opportunities for Indian players who have the scale and the ability to
consistently produce yarn, fabric and garments, that meet increasingly
demanding global standards.
These developments present us with both opportunities and challenges. Your
Company has done well to leverage this opportunity by focusing on building
fresh capacities and consolidating the operations.
The margins have been under pressure in the last few years and we are
expecting the trend to continue in the future also. Our continued efforts
in upgrading and modernising of operations in the past have borne results,
and with investments lined up for a captive thermal power project, we can
further increase productivity and secure attractive price points, so as to
continue increasing operational efficiencies. It is not an easy task in a
market as competitive as textiles. But if anyone can do it, it has to be
your Company's employees. Time and time again they have risen to
challenges. And I am confident that the elixir of growth will stimulate the
best out of them in the years to come.
Your Company is confident of getting the best out of its larger, more
consolidated and technologically modern operations, to further leverage the
goodwill that its products enjoy in global markets. I am therefore looking
forward to a better performance in 2006-07.
May I request you to bestow your good wishes upon all those at Maral
Overseas Limited, who are responsible for making this growth possible? And
please allow me to express my heartfelt thanks and gratitude for your
India will grow. And with it, Maral Overseas Limited.