It gives me immense pleasure to write to you at the end of another landmark year forMohit Industries Limited.
I am pleased to inform you that your company has completed successfully financial year2017-18 with Net profit after Tax for the year recorded ` 35.09 lakhs. During the yearunder review your Company has recorded net revenue from operations as ` 15791.06 lakhsagainst revenue recorded of ` 15333.29 lakhs in the previous year.
During Financial year 2017-18 Your Company's Export Sales has been recorded to ` 6928lakhs. Your Company is successfully exporting DTY Yarn with a brand name to ThailandCzech Republic Germany Bulgaria Indonesia United Kingdo Vietnam South Korea JapanSweden Nepal Malaysia and many more Countries.
With the introduction of GST from 01st July 2017 in our yarns division the rateapplicable on draw Texturised yarn was fixed at 18% while GST on fabric moved from nil to5%. This inverted duty structure posed serious implications for the textiles value-chain.A number of textile manufacturers selected to shut operations affecting production. Afterdue consideration the government reduced GST on yarn to 12% which ensured that spinnerswere able to absorb the entire input credit and fabric manufacturer could claim the entireGST as input credit.
Details of our growth Strategies and your company' performances during Financial Year2017-18 have been elaborated in the Director Report and Management Discussion AnalysisReport Section of this Annual Report.
Your Company has been able to drive strong growth inspite of challenging Environment.All this would have not possible but for the untiring efforts of our highly committed anddedicated employee force.
I would like to thank all our consumers employees Suppliers who are directly orindirectly associated with the company for their support and commitment which helped usreach where we are now.
I would like to thank our shareholders for their trust and encouragement and assure toserve strong and Profitable and Sustainable Growth.
With Warm regards
Mr. Sitaram Nandlal Saboo
Chairman Mohit Industries Limited