It gives me great pleasure to present the Annual Report of your Company
for the financial year 2014-15. In the last year''s Annual Report, I had
spoken about the uncertainties facing our economy and more particularly
issues related to growth of infrastructure and construction Industry.
While the macroeconomic environment has improved, challenges persist in
the form of muted demand and depressed consumer sentiments.
Economy has shown signs of picking up in the last few quarters.
Unfortunately for ACE and the construction and infrastructure sectors
of the country, the growth is extremely modest. The entire construction
and infrastructure has continued to remain seriously stressed both
operationally and financially.
India''s economy is in the midst of a recovery with lower fiscal and
current account deficit, lower inflation and weak commodity prices.
Ours country growth seems poised to return to a high-growth path.
The outlook for the ongoing fiscal year remains positive. Industry is
largely optimistic and believes that the Indian economy is at the
initial stages of a business cycle recovery. Our Government is
addressing economic reforms on a war footing basis. The Roads and
Highways sector is major thrust area of the Government. It is expected
that the benefits will flow into the sector that your company operates
in the coming years.
A sharp focus on marketing coupled with continuing investments in R&D
is the mantra to ACE next level of growth. The Company believes in
providing products suiting to market requirements. R&D is providing the
impetus to take forward this mindset. Our dedicated R&D Centres have
sharpened our focus on various product categories and helped us launch
new products that are in tune with customer needs. We are alive to the
realities of technological challenges. Our R&D teams are working on all
these areas to ensure that ACE always remains the forefront of
innovation and keep breaking new paths in customer satisfaction.
Our Social Responsibility and Sustainability efforts continue to win us
laurels, because we undertake these with some beliefs and conviction as
we do our commercial activities. What makes us different from others is
that we have made these efforts intrinsic to our commercial activity or
strategy, and not something that we are forced to do by regulatory
In spite of tough business environment during the FY 2014-15, your
Company continued to increase our market share by increasing customer
base and product improvements. We believe that we have key strengths to
remain healthy and face challenges with courage and conviction. We are
confident that our commitment, dedication, cost cutting measures and
continuing R&D programme will enable us to take full advantage of our
market leadership positions and achieve our growth ambitions.
I would like to place on record my sincere appreciation to the Board of
Directors and employees for their dedication, commitment and
contribution to strengthen ACE. I would like to express my gratitude to
all our stakeholders like bankers, customers, vendors etc
fortheircontinuing faith in ACE.
With best wishes.
Chairman and Managing Director