It is yet another year testing period for the company. Your company continue to facemore challenges both internally and externally. You are aware that the promoters and thepast Directors of the Company were removed by the shareholders for their misdeeds in theCompany. The new management constituted by me which had the approval of the shareholdersvia an Extraordinary General Meeting in March 2016 are in the process of resolving theissues created in the past. The confidence that the you posed on the new management teamgives us immense strength to address the challenges before us. Your company hasexperienced few turbulances in the years 2000 and 2007 where the economic hurricane sweptaway many companies across the globe. But your company could sustain all these and emergedmore powerfully with its inherent strength. In fact subsequent to the downfalls thecompany could increase its performances in many folds. We hope the company will ariselike a phoenix and all signs are clearly visible for this. Your company has also beenfocusing on consolidating its business across the globe and rebuilding the confidenceamongst the employees customers vendors and investors. It is pertinent to note thatdespite tremendous challenges your company could turnaround the cash profit to positiveafter a long time in the first quarter of FY2017. The Company operations in the MiddleEast have been awarded a sizeable contract from one of the leading Telecom players in theMiddle East for our Field Power product the first big project in the last couple ofyears. Also your Company is ISO 9001-2009 certified now which has been possible because ofthe relentless focus and continuous efforts of our employees. This is typically theinherent strength of the company which made possible for the company to come out of thedifficult times. The new Management team is also putting in efforts to settle theoutstanding issues with the banks and are actively negotiating with them. The year 2016-17is going to be an important year in the history of your Company the year of Turn around.
If these positive signs are of any indication the company is travelling on thepositive track and with the same vigour and strength your company is poised to witnessfew more good news before this financial year end.
We once again thank all the shareholders for posing their confidence in the newmanagement team and we assure you that we will endeavor to put our sincere efforts toraise upto your expectations.
|Warm Regards |
|Retd. Justice S Rajeswaran |