It is with great pleasure we present to you the 30th Annual Report on the performance of your company for the financial year 2017 - 2018.
The financial year 2017 - 2018 was extremely good year with overall improvement in Turnover and profit. This is the first year after your company went public and got listed on NSE Emerge, the SME Growth Platform. The public offer of 39,34,000 Equity shares of the face value of Rs. 10/- each issued at Premium of Rs. 44/- per share aggregating to Rs. 21.24 Crores. Your Company''s turnover increased to Rs. 173.48 Crores in 2017 - 2018 from Rs. 153.19 Crores in 2016 - 2017 and net Profit also went up to Rs. 7.77 Crores this year from Rs. 5.35 Crores in the previous year.
The Company has been again rated at SME-1 by CRISIL for ''Higher Credit Worthiness'', CRISIL has also upgraded its rating on bank loan facilities of the Company to ''CRISIL BBB/Stable/CRISIL A3 '' from ''CRISIL BBB-/Stable/CRISIL A3''. We have cordial relation with all the staff members and their high productivity is well appreciated. We also place on record full co-operation received from all vendors and clients.
Since Oil & Gas industry went through price turbulence, we decided to move into additional fields of Renewable Energy (Solar and Wind Energy). You will be glad to know that we have now more than 600 Engineers deputed to various Solar plants to supervise all contractors. We have also decided to take large shutdown jobs of various refineries and fertilizer plants. Our diversification efforts in the field of Operation Maintenance of LPG Plants, Cross Country Pipeline and Refinery Upgradation along with upcoming chemical projects. We expect that your company will achieve greater heights in upcoming year i.e 2018 -2019.
During the year we have taken Operational control of “Bon Accord Employment Services” at UAE represented by its Owner Mr. Najeeb Hasan Al Zaabi. Mr. Najeeb is Ex-Adnoc and is good supporter to the company. Our capable representative Mr. R. Manoj, Vice-President has been nominated to look after the operation of the aforesaid Company. We expect good business from Bon Accord.
Our Saudi Venture with local partner is picking up with steady oil prices. Our partners are well connected with various Industrial Houses in Saudi Arabia, and provide better co-ordination in deployment of staff.
We are pleased to inform that Company has deployed 9.84 Million man hours without loss of time and there has been no incident at site. We also state that Cairn India have issued Best Safe Contractor Award to your Company.
General business tempo is very positive and would be giving us added revenue and profits. We are also planning to acquire some Indian and International companies in different vertical / geography.
I would like to express my gratitute to all our stake holders for their continuing faith in the company.
Once again thanking you for your support.
VIRENDRA D. SANGHAVI