It gives me immense pleasure to present before you Annual Report on the performance ofyour company for the financial year 2017-18. This year has been yet another outstandingyear and I am proud of the progress the Company has made.
Aggressive marketing activities done in last 3 years has started contributing towardsprofitability from this year. Your company has registered remarkable net profit of Rs.3.10 Cr. with turnover of Rs. 32.26 Cr in the year. We could sustain adverse marketscenario and achieved desired results.
This year has been very eventful for the company first we got company converted fromPrivate Limited to Limited company and got ourselves listed on NSE Emerge platform. Thelisting has been successful and we got good response from investors. We are thankful toall the subscribers. Secondly we have registered our subsidiary company "Callistus UKLtd." at UK to cater international market with the brand name "Callistus".
At this point of time I have the pleasure and privilege to share with you thehighlights of the year's performance and outlook for the next year as mention below:
We have increased our pan India presence by adding 66 New Marvel Galleries in this yearreaching to a total of 355 Marvel galleries. Now Marvel has reached in 243 cities of 23state which includes 355 Marvel Galleries 68 Kiosk Partner a total pan India network of620 dealers.
We have opened new Vertical for the Projects business and it has started contributionin revenue as well.
Your company is going to enter into a Joint Venture with Dubai's Blinds Company toestablish
Assembling Facility at Sharjah - Saif Zone with 50-50% Partnership. This company willfurther expand business in GCC Countries.
Further I would like to inform you about some of our initiatives which are expectedto yield more positive result in near future as below:
Company has made an investment into new Fabric Printing Plant of INR 2 Cr. which hasthe following benefits:
1) This machine will help company to increase Blinds ratio to home which is lowercompare with developed country. Ratio of Blinds in to home in India is 4-5% approximatewhere in developed countries it is more than 50%.
2) In house fabric printing facilities will enable company to offer limitless designwhich will increase revenue.
3) Fabrics printing facilities will help to reduce inventory which will help to reducefinance cost as well.
Company is adding new value added products like Skylight Blinds Panel Blinds PleatedBlinds Curtain Tracks for Hotel & Hospitals & special technical products forcommercial segment.
Company is planning to start 1st international operation in UAE from October 2018.Initially UK business will also be catered from UAE and later on another assembly unit tobe set up at UK.
I am very optimistic that all the aforesaid initiatives and business moves would leadus to the next level of growth and help us mark our presence around the globe.
I am thankful to all our Stakeholders Banker Investor Vendors and most important ourcustomer for their trust and faith. I must acknowledge huge contribution from entire teamof Marvel.
Chairman & Managing Director