It gives me an Immense pleasure to present you all the 14th Annual Report of Tima TrodeLimited. First of all I would like to express my heartfelt gratitude to our frontlineworkers who exceptionally and tirelessly worked during all the adversities. The first halfof the FY 22 was dominated by the second wave of the pandemic which disrupted the marketled by localized lockdowns. Second wave created a havoc resulting In higher death rate.However a faster vaccination drive helped the people and the economy to remainprogressive.
The ongoing war between Ukraine and Russia has brought risk of food shortage In many ofthe countries as Russia and Ukraine account for 2SX of Global grain export and Ukrainealone Is amongst the largest producer of many of the cereals and oliseed crops. The warlsstlllgolng an and It has disrupted shipments from Black Sea. Among many uncertainties and"knee- jerk 'reactions we have seen from Courttrlies a notable action that directlyImpacts India Is the surprise export ban of Palm oil by Indonesia who Is the largestproducer of Palm oil and Its derivatives In the world. Your company Is In the commoditiestrading business and these exceptional circumstances have really challenged us In FY22.1am pleased to soy that with tireless wok put in by everyone in the company we havenavigated successfully through these difficult times and managed to protect our capital.
India's GDP is seen growing at an enviable 8.9 per cent in the current financial year.While this is lower than the earlier estimate of 9.2 per cent after a contraction of 7.3%in 2020-21 it is still extremely impressive given the global situation. Also thisimplies that overall economic activity has recovered from the pre pandemic levels. Almostall indicators show that the economic impact of the Covid-19 second wave was much lesserthan the first wave even though the health impact was more severe.
I would like to appreciate the dedication & efforts of our team and employees whoexceptionally and tirelessly worked during all the adversity of the odd hours andcompleted the task. Due to these efforts and spirit of team work we could achieve animpressive sales growth of 38 % during FY22 as compared to the sales of FY21.
In continuation of our diversification plan we shall continue to penetrate deeper inthe markets and explore new markets / customers for the steel abrasives. India being thefourth largest automotive market in the world is set to see a growth of 10% in FY 23 onstrong underlying demand reflecting the general economic recovery and consumers'preference for personal vehicles over public transportation. We are able to see a goodgrowth in the sales of Abrasives and proud to say that we are registered vendors to mostof the leading manufacturers in automobile industry like Tata Motors Ashok LeylandsMahindra Munjal Kiriu and Sanmar. It is also our aim for FY22 to leverage the customerbase we have developed for the steel abrasive business by offering additional products toour esteemed customers running foundries and forging units.
The association and exclusive representation of G3 Canada Limited is being continuedand bringing a stable revenue stream to the company. In the changing weather patternssupply demand scenario Geo political situation and Infationary pressure of commodities inmost of the countries we hope to fully harvest the benefits of our alliance with G3Canada in the near future.
The basic principal of business format of low assets based model has proved a rightstrategy. Company did not have any impact of regular expenditure / liability ofmaintaining & managing the fixed assets of processing / manufacturing. We aresearching and exploring the opportunities in Agri - tech space where company's ability offlexibility in deploying funds may result into the transformation of new age business. Wehope to partner with latest technology in this space.
We have seen an uptrend in the sales commodity prices are also rising and there aremore opportunities for the serious players like us. We understand that our conservativeand analytical approach shall enable us to nurture the business in changed scenario whichshould bring proft for the shareholders and everyone else who has been associated withcompany.
Finally On behalf of the Board of Directors I would like to thank our stakeholdersfor their continued trust in us. I take this opportunity to thank Team 'TINNA' for theirefforts and contributions in these tough times. We thank our associates and every one fortheir continuous support and trust.
Chairman and Managing Director.