It is my immense pleasure to present before you the 18th Annual Report
of your Company. The growth of a company is invariably determined not
just by its strategy but on how it responds to the challenges it
encounters. Over the decades of 19 years the company has successfully
countered several challenges that have come its way with innovative
responses and continuous improvements which have enable it to remain
stable and even convert some of these challenges into opportunities.
There is an impressive growth of 8.4% in the preceding two financial
years. But, according to the official data the India growth rate for
the fourth quarter in 2011-12 stood at 5.3%, the lowest in nine years
while it was 6.5% for the full fiscal year.
At Richa, We believe in the power of words. At the core of our
Existence, as one of the fastest growing building solution Companies.
The strength of our products, which allow us to sculpt the future of
building solution across the globe.
We remain committed to our long term strategy and will continue to
allocate capital towards our existing operation and new projects that
are of strategic importance. We continue to work closely with industry
partners, suppliers, customers to map the future path for the industry
and hence our own business.
In the current competitive environment, it is not easy even to endure.
But Richa, in view of its promises made to you, is continuously
striving to serve you in the best possible manner, it can. During the
year, your company has earned total revenues of Rs. 31814.73 Lacs and
it is far better than the previous year.
We are happy to announce that the board of Richa has recommended a
final dividend of 5% on the paid up value of shares. The dividend is
payable to the equity shareholders whose names appear in the records of
our share Transfer Agent i.e. Link Intime India Private Limited as on
the date of Book Closure. The payment of dividend is subject to
approval by the shareholders on the Annual General Meeting.
In Textile, we are in the process of merging of our IMT Manesar Unit to
the Kanwara Unit for better operation. This major decision was taken by
the board of the directors for the benefit of your Company because in
present financial year your Company faced many difficulties and to
overcome from those difficulties the management has taken this
decision. Now, Despite such difficulties your Company has a stable
growth and increasing profitability and also the graph of the sales of
your Company is going upward.
We have remained committed to protecting of our employees, ensuring
their safety, supporting local community and safeguarding the
Environment. Our employees have been a source of strength for us. The
entire workforce worked as a team to fulfill the stretch targets that
they set for themselves. Suppliers of materials and services responded
positively to our request by offering better terms and reducing prices
to the extent they could.
Looking forward, we see exciting opportunities for growth in the PRE-
Engineered Building and we had long way to go in this area.
I would also like to thank our Board of Directors for their support and
inputs. At the same time, I would like to pay my heartfelt thanks to
our Bankers whose faith and cooperation helps us to climb the stairs of
success. Their dedication and hard work are invaluable contribution to
your company''s performance.
In ending, I would like to thank my colleagues for their support and
understanding through the year. They have collectively made the company
what it is today, and will help lead the company into tomorrow. I would
also like to thank our shareholder for their trust they have responds
in the company over years.
With best wishes,
Chairman & Managing Director