The year 2021-22 has given a ride of ups-downs in the world economy.With second wave of COVID pandemic in the first quarter of the year the Indian economywas under fear of lockdown leading to more difficulties for running businesses. Howeverwith wise planning by Indian government the day to close down business operations did notcome. However commodity price volatility soaring energy prices lingering supply chainchallenges and geopolitical conflicts have made the recovery increasingly fragile. As wecontinued to navigate through the pandemic with resilience the war in Ukraine hastriggered another crisis that has brought before us numerous other challenges in the formof strained geopolitical and trade relations. The ongoing geopolitical conflictre-imposition of lockdown in China on account of fresh COVID-19 cases global inflationand continuing supply shortages are expected to adversely impact global GDP growth in2022. The World Bank expects global growth to decelerate from an estimated 5.5% to 3.2%Commodity and energy prices are expected to remain high in the wake of the conflict andsanctions thereby resulting in an increase in global inflation. Although global growthexpectations have moderated recently the structural demand drivers for commodities likesteel remain intact.
Our Company is engaged in manufacturing of Copper and Copper AlloyProducts which are mainly industrial in nature and improvement in industrial sentimentswill also improve the performance of our Company.
During the financial year 2021-22 as informed your Company startedcommercial production of Copper Sulphate with a production capacity of 25MT/Month howeverthis inclusion of new line of activity did not turn out to be profitable. Therefore nowit is considered and decided to discontinue the said operations. However Your Companywill continue to explore the available opportunity to improve its market position and alsoof its financial performance.
On behalf of the Board I would like to thank all our stakeholdersincluding shareholders investors bankers creditors and employees for their continuedsupport. I would like to express my sincere gratitude to all the members of our Board fortheir continued insights and invaluable guidance as we explore new opportunities and moveahead with confidence.
SATISHKUMAR ASAMAL MEHTA CHAIRMAN