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S & S Power Switchgear Ltd.

BSE: 517273 Sector: Engineering
BSE 05:30 | 01 Jan S & S Power Switchgear Ltd
NSE 05:30 | 01 Jan S & S Power Switchgear Ltd

S & S Power Switchgear Ltd. (S&SPOWER) - Chairman Speech

Company chairman speech

Dear Fellow Shareholders

I am pleased to present the 39th Annual report of your company. On the face of itafter the very good performance of the previous year the numbers look disappointing.However these numbers have been impacted by a few serious macro-economic challenges suchas Brexit which caused a slowdown in UK sales and adverse impact on the Pound exchangerate. We have also had to take a notional Rs 4.6 cr charge to our consolidated P/L accounton account of increase in Pension deficit in our UK Company. As you may know this is onlyan actuarial valuation and did not warrant any additional cash outflow. We have alsoincreased the rigor by which we provide for impairments due to which there have beenincreased provisions for inventory and debtors. So overall I am pleased with ourperformance on account of increased activity customers products and processes. A moredetailed account of the UK and Indian operation follows by the respective businessleaders.

I think our business with a clear focus on engineered high voltage equipment made fordiscerning customers is the right way to go. We have seen as to how it has a positiveimpact on margins predictability and working capital. As a result of this we have beenable to do our business within our own means and have not had to resort to bank financefor our business operations. We recognize that we are in a competitive market and the onlyway we can get ahead is by providing our customers with quality ontime delivery and lowercosts. We are constantly innovating and relooking at processes to achieve these ends. Abig focus for us has been to move ahead in our quality management system from product toprocess to people. We hope to upgrade our QMS in Indian operations to ISO 9001-2015Version and achieve ISO 14000 and OHSAS 18001 certification in this financial year whichwould be a big validation of this Integrated Management system implementation. We believethat with our product range cost base and this certification in hand it would give usaccess to greater markets and customers.

One of our other commitments is to be compliant to the laws and guidelines of thecountries that we operate in both in letter and spirit. In this process we have beenguided by our Board of Directors and Auditors both in the UK and India and we aregrateful for their time and guidance. For your information we do expect that our companywill get re-listed on the Indian Stock exchanges sometime during the course of thisfinancial year providing some much-needed liquidity to our shareholders and a fairvaluation of your company.

Some of the other developments which you would see this year is a simplification of ourcompany structure and also some changes in our relationship with our join venture partnerswhich would allow us to access more of the world markets. As a company we would also betransitioning to GST & IND-AS- the new accounting standard mandated by the IndianGovt. My gratitude to our mentor Mr Santhanakrishnan all of our colleagues who haveworked hard to put this company back on its feet after a long time and to all of you dearshareholders for your patience and faith.

Ashish Sushil Jalan