SECRET OF CHANGE
The secret of change is to focus all your energy not on fighting the old but onbuilding the new. Likewise in past few years there had been a lot of changes made in theIndian Economy. But we also need to change the way we look at our economy. There are a lotof things we don't measure well.
On 1st July 2017 GST came in to the picture in the Indian Economy under Prime MinisterNarendra Modi's Government. GST is defined as Goods and Service Tax which was areplacement to existing indirect taxes like excise duty Service Tax VAT etc. It will belevied all over India on the supply of goods and services
GST has brought in one nation one tax' system but its effect on variousindustries is slightly different. The first level of differentiation will come independing on whether the industry deals with manufacturing distributing and retailing oris providing a service.
At all stages of the supply chain there is no tax post GST. Moreover the availabilityof input credits is welcomed. Real Estate sector has mostly benefitted from theintroduction of GST as much of this sector is becoming more transparent. GST demandsbusinesses to set-up mechanism for meeting the requirements of GST. Therefore once thecompanies adopt the requirements the compliance costs will go down drastically.Implementation of GST is believed to be positive to the chemical industry especially inthe long term. Despite some changes under the GST regime the textile sector benefittedwith the implementation of the regime.
But due to GST business which was not under the tax bracket previously will now have toregister. This will lead to lesser tax evasion.
THE COMPANY-STANDING FIRM
Your Company has diversified its business mainly on trading of various items i.e.Chemicals Plastics Texties etc. and Realty Business.
The revenue from operations of the company from the various segment was Rs. 338.75 croresfor the year 2017-18 as against the turnover of Rs. 352.15 crore during the year 2016-17.
Your Company earned net profit (including Comprehensive Income) as per Ind As-19 of Rs.17.80crores during the year 2017-18 as against the net profit (includingComprehensive Income) as per Ind As-19 of Rs.15.62 crores during the year 2016-17.
Your Company's performance has maintained steady growth during 2017-18 due toimplementation of GST & RERA In real estate sector. However management of the companyis making sincere efforts for better performance in coming years through more innovativestrategies and increased productivity.
THE COMPANY PILLARS
Behind this steady performance story are the efforts of the Metroglobal team thatpushed the limits to take the company forward and higher. I humbly acknowledge theirvaluable contribution to your company.
The tremendous support in all forms by the Board was the backbone of overcoming hurdlesand making progress even in difficult circumstances. Other stakeholders also played animportant role in the transformation. I thank them all for their encouragement and backingthat makes me optimistic and enthusiastic about the future of your company with theconfidence to face any challenges with success.
|13th August 2018 ||Gautam M. Jain |