LETTER TO THE SHAREHOLDERS
Every year brings its share of events that take us by surprise andshake up the global economy Year 2017-18 was no different.
Let me give you a canvas of Global and Indian economy update. In 2016we experienced a turbulence in Global economy however in 2017 we observed momentum of theeconomy. Global economic activity is picking up with a long-awaited cyclical recovery ininvestment and manufacturing World trade has risen from 3.1% in 2016 to 3.5% in 2017 itis forecasted to further grow to 3.6 % in 2018.
In India the bearing industry is on a positive growth trend. Thisrise is the result of the bearings market in India being very dynamic and competitivewith an emphasis on the importance of innovation and new technology labour andinfrastructural developments. The manufacturing Industry in India is touted to growexponentially and is essential in the Indian economy as it aids in creating employmentopportunities improving income boosting development and growth.
Elevation in heavy general automotive and other industries hasencouraged the growth of the bearings sector in India. We foresee that the emphasis onrural and agricultural development continued investment in infrastructure implementationof Goods and Service Tax and waning negative impact of demonetisation will lead to growthin demand of Bearings and other Industrial products in FY 2018-19.
The Union budget 2018 proved to be pro-development and presents a greatopportunity to catapult the manufacturing sector into a high growth trajectory. It alsohighlights the Indian government's strong focus towards boosting the economy and pushtowards infrastructure development and connectivity.
Your Company continues to increase its market share in all BusinessSegments which strengthens our position in the industrial market. In 2017-18 we havegrown by 4 % compared to the previous year. We have focused on increasing the number ofcustomer and market reach in all three verticals i.e. OEM Distribution and Exports.
"Customer First" is the motto of our organisation and it isimbedded into all our strategic initiatives. We pride ourselves in offering customizedbearing solutions.
To increase customer satisfaction we have focused on product rangeexpansion during the year adding 80 plus new products for both generic andsegment/application specific.
We would also like to share that company has been certified withInternational certification on Environment Health and Safety Management - OSHAS:ISO18001 ISO14001 and International Quality Certification- ISO
As part of our regional growth strategy we successfully participatedin several Engineering Exhibitions in regions like Raipur Indore Ahmedabad and Ludhianaas well as International Exhibitions. This helps to create brand awareness in theseregions along with penetration in growing segments like Metal Machine Tools Agriculture
Industrial electrical and Textile.
Now your Company is focusing on Digital marketing as one of its toolsfor brand awareness and creating visibility.
As an organization we are working towards our goal to be the leader inFriction Management in every market we serve. We still have many milestones to achievebut we never lose sight of our vision. For me this means one thing in particular that wehave an array of opportunities to increase the value of our Company by adapting to marketchanges and requirement of our Customers Employees and Business partners and for you ourshareholders.
Thank you for your belief in NRB Industrial Bearings Limited and forbeing a Shareholder.
|Warm Regards |
|Devesh Singh Sahney |
|Managing Director |
|DIN : 00003956 |