It gives me immense pleasure in sharing the Annual Report of your company for thefinancial year ended 3r'March 2017.1 would like to take this opportunity to express mydeepest appreciation to all our customers employees investors and partners who havebelieved in us and extended their support at all times.
As communicated in the last AGM yourcompany had launched its Electric E Rickshaw-the"E Raaja". This vehicle met with huge success and I am pleased to announcethat your company has progressed in the field of Electric vehicles on the three wheeledplatform and has in the year under consideration designed developed and launched a rangeof vehicles to address the needs of various sectors. All statutory and mandatory approvalshave been obtained from the relevant Central and State authorities and necessaryinfrastructure has been created to manufacture these vehicles in several locations acrossIndia with the help of dedicated manufacturing partners. An extensive distribution andretail network supported by a service network is also being built to ensure availabilityof the vehicles across the country. Your company has also tied up with Capital FirstLimited one of the largest NBFC's in the country who would extend finance to ourprospective customers. With the International and National focus on E mobility I am surethat this diversification would result in quantum increase in the business of yourcompany.
With the implementation of BS IV emission norms from April 2017 and the announcementof implementation of BS VI norms from April 2020 the demand for the automotive componentsmanufactured by your company especially plastic fuel tanks has gone up considerably. Iexpect that this trend will continue and the years of research and development spent inthis sector would now give value and result in higher sales.
In the toys sector your company exported products to Vietnam to cater to a Governmentsponsored project on a trial basis. I am told that the products have been wellappreciated and your company expects large orders from Vietnam in the current andsubsequent years. Such opportunities are being explored in other countries also which mayresult in further growth in this sector.
I am pleased to inform you that the rebuilding of your companies factory which wasdestroyed In the huge fire is now almost complete. Along with this the productioncapacities have also been enhanced by adding on further machineries.
I would like to place on record my compliments for the grit and determination shown byall the stakeholders and the manner in which each one of them rose to meet the challengesof the huge accident and bring the plant back to normal working thus ensuring that ourcustomers were not put to any loss or hardship due to non supply of products.
I would also like to place on record my deep appreciation for the support and loyaltyof your company's extended family of customers dealers and supplier partners and lookforward to their continued support for mutual benefits in the years ahead.
|With best wishes |
|Justice (Retd) T.R. Handa Chairman & Whole time Director |