I was delighted to be appointed as the Chairman of your Company in September 2017. Itgives me great pleasure and immense pride in placing before you the 25th Annual Report ofyour Company for the financial year 2017-18.
According to Central Statistics Office (CSO) the Indian economy posted a growth rateof 7.7% during Q4 - January - March 2018 enabling the country to retain its position asthe fastest growing major economy. India has positioned itself as the most dynamicemerging economy among the largest countries and is expected to remain the fastest growingon the back of robust private consumption and noteworthy domestic reforms gradually beingimplemented by the Government. During the year under review RBI made the variousamendments to the regulatory framework for NBFCs. Your Company is keeping a consistentmonitoring of all these developments and is continuously exploring new opportunities. Thedomestic challenges are not insurmountable. The overall business environment today is muchbetter than what it was during the last few years. Your Company has been aggressivelytaking up the cause of the sector by way of regular interaction with the regulators andthe Governments both at the Centre and the States.
Indian businesses have successfully coped with numerous policy-led realignments and thefinancial services sector has been witnessing regulatory led credit quality changes whichwill enable a secured future for the market. Compared to the global scenario the Indiastory remains buoyant and holds significant potential. We are committed to furtherstrengthening our capabilities that allow us to serve various financial needs of ourcustomers.
At the heart of everything we do we try to deliver excellent service making customersconnected with us feel recognised respected and valued with each interaction. Over morethan two decades of rich knowledge enables us to develop products and services accordingto the specific needs of our customers across various locations. Our continued focus onstringent credit norms has helped us in maintaining asset quality over the years. Qualityand Profitability has been the underlying philosophy that has guided your Company over theyears and shall continue to do so in the future as well. As always preservation of assetquality will remain a key imperative.
We are constantly building on our existing strengths while at the same time envisagingour business priorities to reach new horizons of growth and opportunities and alsore-assured stability and soundness in terms of overall business performance by achievingprofit before tax of Rs 1647.21 lakhs for the financial year ended 31st March 2018
Your directors are pleased to recommend a final dividend of Rs 0.05/-per equity share(i.e 1% on the face value of Rs 5/-each) for the financial year ended March 31 2018 outof the profits of the Company for the financial year ended March 31 2018 on the paid upcapital of Rs 9511.92 Lakhs if approved by the shareholders will be recognised as aliability during the financial year 2018-19.
At Golden Goenka Our people are an important asset to us and are essential to securethe trust of our stakeholders at all times. We strive to be an employer of choice and arefully committed to improving the safety of our people. Our work environment encourages aculture of teamwork continuous learning and work- life balance. The Company encouragesall employees to advance their career through several learning programmes.
During the year under review Mr. Girdhai Lal Goenka had resigned from the post ofChairman & Managing Director of the Company after serving over seven years on theBoard. I would like to thank him for his support and wise counsel and wish him well in thefuture. Furthermore I have the good fortune and privilege to serve this great Company asa Chairman with the new leadership team. With the huge opportunities ahead I am veryexcited about the future and sincerely believe that Golden Goenka's best days are yet tocome.
On behalf of the Board and on my own behalf I place on record my sincere appreciationand gratitude to our Bankers RBI SEBI MCA Registrar and Share Transfer AgentsRegistrar of Companies Stock Exchanges Depositories Customers Business Associates& Auditors for their continued support and the confidence they have reposed in theCompany. I record my special appreciation of the tireless efforts of Team Golden adedicated and loyal band of people who have displayed unswerving commitment to their workin these challenging times and helped the Company deliver strong results. I owe mygratitude to the Company's valuable shareholders for their continued patronage &co-operation and seek their continued support and co-operation in future.
(Chairman & Managing Director)