Hope you all are doing safe at home.
During these extraordinary times of the COVID-19 pandemic the global economy witnessedits weakest pace during the year 2019-20 Intensified trade wars Brexit delays and weakmanufacturing activities in a few emerging markets are largely responsible for theslowdown. We have made a small effort as an organisation with the strengths of MeeraIndustries and all the members of the Company to deploy a sustainable and resilientresponse to this global pandemic.
During the year under review Indian economy witnessed challenges owing to on theadvent of Innovated technology the demand for Twisting Machines manufactured by theCompany was affected. Irrespective of the economy growing moderately the textile sectorcontinued to grow at its own pace. The Government has been taking measures such asabolishment of anti-dumping duty on Purified Terephthalic Acid (PTA) and launch of theNational Technical Textiles mission among others which will boost the sector goingforward. In the Textile Machine industry warehouse play a vital role in the entire valuechain from raw material to final product especially in the manufacturing sector. OurInfrastructure involves storage of goods and merchandise in order to protect the qualityand quantity of the stored products awaiting future use.
Though the year 2019 faced various headwinds the focused approach of the Companyensured good performance. With continuous innovation superior product quality and strongexpertise we are well positioned for a sustainable future. Despite adversities MeeraIndustries continued to enhance the core strength of its business segments. With our yearsof efforts and dedication we have shaped our business for a sustainable future - abusiness that is more robust responsive and competitive. We continued to deliver on ourstrategy during the year by focusing on elements we can control building foundations forcontinuous improvement and working towards our goal of nation building.
What is extremely satisfying is that not only the management but every department canaccurately access their contribution to the organisational goal. Further our rigorousmonitoring discipline of mapping the aspiration with the reality helps realign ourapproach with the prevailing situations. The efforts that we have made in last year hashelped us in better identifying and plugging the gaps in our processes products andservices. This will strengthen our opportunity matrix when demand revives.
The Year ended with the menace of the new novel corona virus pandemic - covid-19setting the global economy on a tailspin. As the virus runs riot across the globe aglobal economic recession looks imminent drowning consumption. India is not exception tothis trend. The lockdown announced by Central Government to curb the spread of thiscontagion has brought business activity to grinding halt.
During the year we delivered the stand-alone revenue of Rs. 21.00 Crores andconsolidated income of Rs. 21.12 Crores. As volatility in forex and business scenario wehave clocked EBITDA of Rs. 79.86 Lakhs and PAT of Rs. 55.86 Lakhs. Also this yearconsistently your company has declared Interim dividend of Rs. 1 per equity share of Rs.10/- (Rupees Ten only) each for the F.Y. 2019-20.
Over the few years our company has established a global presence with one or moreproducts in 26 Countries across 5 continents in which MIL exports. In the past three yearswe are striving to make people aware regarding our products through participation invarious Exhibitions conferences and trade shows held in various countries.
Core business segment:
The past year has been a challenging year for the Textile Industry with lots of ups anddowns. Textile Industry has played a key role in the country's progress over the years andthe situation is likely to gain momentum in the times ahead. The Industry continues tohold a dominant position in country's economic structure because of its huge contributiontowards employment generation.
In the year we have extended the accelerating competency for Design Excellence. Wecontinue to invest in technology and innovation and broke new grounds in diverse fieldsincluding Artificial Intelligence Additive Manufacturing etc.
During the year under review we have Developed and Delivered New Cabler / Twister forthe Carpet Industry for BCF Yarn A sector known to be dominated by only one player in theworld. We have Improved the Size of TPRS Twister for Industrial Thread and FIBC Segmentwhere in the new machine can twist directly large packages upto 280 MM. A significant movewelcomed and appreciated by industry veterans.
I believe the implementation of our strategies has facilitated the improvements weexperienced during the year under review
To continue to strengthen our market position we are further strengthening ourcapabilities with addition of some machinery such as Rope Twisting Machine which will helpto cover whole range of yarn twisting technology.
Year 2020 appears to be very different because of COVID-19. Global economy is expectedto suffer heavily. The impact is being felt by all businesses around the world. The impactis not only limited to the demand side of the market but the supply chain also ishampered. Lockdown and social distancing are impacting how businesses conduct their dailywork. The pandemic is certainly affecting your company as well. Your company is taking thedesired actions including keeping their employees & customers safe and reorientingoperations to tide over the crisis.
I am confident that with the Quality products in hand disciplined credit controlsystem our customer centric and focused approach and highly committed work force yourCompany will maintain and continue to reinforce its strong position across the Markets. Iam also confident that the initiatives underway or those already taken under variousbusiness segments will further solidify the foundation as we gear up for the ambitiousgrowth that is earmarked. Besides focusing on the growth of our business we are alsocommitted to extend our social responsibility and contribute to a better tomorrow.
Finally I would like to thank our shareholders customers employees and themanagement team for their incredible support to the Company. I would like to extendgratitude to my fellow Board members for their continued guidance in ensuring that Stovecdelivers on its action plans. I am optimistic that with our size heritage andversatility we shall continue to meet every kind of printing need with quality productsbetter turn-around time and reliable solutions.
Dharmesh V. Desai
Chairman and Managing Director