The beginning of 1998 saw the installation of a new Govt. in India.
The Political coalition represented the diversity of India and the
differing aspirations of various segments of Indian society. Given the
inherent political instability in the system, the reforms process and
the boost to Indian economy could not take place as was anticipated.
However, despite a slow down, Indian economy continued to witness
growth of 5% for the 5th year in succession.
The Global economic scenario presented a multi-hued spectrum with the
East Asian economy struggling to recover and the US power in the world
Your Company, given the changes taking place in the environment all
around us, went through a significant process of transformation. The
seeds for this were sown by both the JV Partners, ModiCorp & GBC,
confirming their active involvement in Direction & Management of the
To start with, a new Management headed by Sutendra Kumar, an able &
experienced professional has been put in charge of the Operations and
to bring around the desired transformation. Both the partners also
infused additional funds in equal proportion as advance towards equity
With two key resources of a motivated & professional Management team
and the financial resources in place, we can now move forward to meet
our objectives of creating Shareholder Value. The focus of the
Management team is to maximise Customer Satisfaction, increase Revenue,
Increase Market Reach and penetration and maximise Shareholder Value.
For achieving these the Company carried out an extensive review of the
market needs, and rationalized its products range by incorporating a
range of new products from GBC which are top of the line products,
launched only recently around the world. These products will provide
high quality solutions for our customers' needs. In addition, the
Company is venturing into new range of business such as electronic data
projectors, copy printers, commercial laminators etc. The Company has
had an enthusiastic response from a large number of dealers all over
the country. By the end of the year the company had over 70 active
dealers, covering the entire geographical spread of the country. The
company has geared up its sales and distribution system to realize the
tremendous untapped potential in its line of business.
To ensure rapid growth in the next millennium, your Company has opted to
settle all pending past disputes with the Income Tax department under
the Kar Vivad Samadhan Scheme, 1998. In addition the Company has
reviewed its debtors and inventory in consultation with the auditors,
and has written off those items which were considered doubtful. The
company has also strengthened its Operating systems and Management
Processes across all functions including Marketing to increase its
efficiency and productivity. Enterprise Resource Planning (ERP) is one
such system which will help in planning, monitoring, and controlling
our sales, production, inventory and financial operations. With the
objectives of cost saving, increasing productivity and efficiency, the
Company has consolidated its activities of Head Office and Plant to a
new facility in Noida. It is hoped that the Company would come out
much stronger as a result of those actions.
Underlying it all is our essential commitment to achieve substantial
improvement in revenue growth and profitability.
In the end, I would like to take this opportunity to extend my
gratitude to all my colleagues for their whole hearted support; to our
extended family of vendors, suppliers and our dealers with whom we have
worked very closely and forged strong bonds; to our collaborators for
their invaluable support and guidance; to our shareholders for their
trust in us; to our bankers for their extended support and most of all
to our growing family of customers for their loyalty and trust in us.