It gives me immense pleasure to welcome you all to the 15th Annual
General Meeting of the Company. Financial Year 2008-09 has been the
first full year of operations of the Company since its takenover by the
present management in November 2007. The year has been full of
challenges, difficulties and accomplishments, promising better
operational performance and profit-earnings during the years to come.
Global Economic Scenario:
The global economy is struggling to wriggle out of the recessionary
forces as evident today. No part of the world is left unaffected by
this turmoil, including our national economy which too had to face the
tremors resulting from the sub-prime saga. But as rightly said, dawn
follows dusk. Considering the latest trends of various parameters, we
as a nation are well on the road to economic revival and apparently,
have overcome the after effects of the global economic turmoil. The
overall business confidence rate is gradually picking up, providing
enough symptoms of sustained economic stability and growth being
achieved sooner than was expected.
Plastic Industry Scenario:
The global demand for plastics since 1990 has grown at an average of
5.5 percent annually. The global consumption reached about 200 million
tons during 2008, with per capita consumption levels of 30 kilograms.
This sector is expected to grow at about 5 percent annually up to 2015,
with the highest growth rates in Asia. Rapid urbanization and growth in
retail business in populous countries like India will result in high
growth performance for the plastic sector.
Your Company was exposed to the usual problems related to infancy, the
financial year just gone by being its first full year of operations. In
spite of nagging difficulties related to liquidity shortage, delay in
arrangement for requisite government and local authority approvals,
delay in sanction of power supply etc., the Company successfully
completed the setting up and commissioning of its unit at Silvassa for
manufacturing of Tarpaulins and Plastic Bags with an initial capacity
of 24000 MT of Tarpaulins/Wagon Cover and 6000 MT of Shopping/Carry
Bags per annum. The Company achieved a Turnover of Rs. 10.12 Crore and
earned Profit ofRs. 17.13 Lacs.
Based on the unaudited Financial Results for the quarter ended June 30,
2009, the Company has achieved Turnover of Rs. 7.06 Crores and Net
Profit of Rs. 22.37 Lacs. Based on these indications, we are reasonably
optimistic of recording much better performance during the current
We look forward to your continued support and trust in the new Board of
Directors and in turn, we pledge our continued focus, integrity,
highest level of corporate governance practices and unrelenting efforts
to put the Company on the growth trajectory and achieve sustained
better operational results and returns.