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CMI FPE

BSE: 500147|NSE: FLATPROD|ISIN: INE515A01019|SECTOR: Engineering - Heavy
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Mar 17
Chairman's Speech (CMI FPE) Year : Mar '18

Dear Shareholders,

After years of sluggish economy, I think it is safe to say that 2017-18 has seen considerable improvement in global economic growth. World crude steel production was up in 2017 and is expected to grow by another 2.8% in 2018. Strategists believe that the Asia-Pacific region is set to continue its impressive performance through 2018, underpinned by robust growth. The region’s outlook for 2018 is solid, with GDP growth expected to come in at just under 5%. India is expected to pursue its 2017 growth also in 2018, harvesting the real fruits of its recent national reforms in the next 12-18 months, with a rising consumption following a drop in prices for the end users and corporate earnings that are forecasted to further improve.

The year 2017-18 was marked by the glorious 200 years celebration of our CMI Group. The events organized for the bicentennial consolidated the brand recognition and reputation of CMI through the identity of its founder, John Cockerill, and his successors including of course our Indian colleagues, who make up approximately 50% of the Industry sector’s workforce.

After this significant milestone in the Group’s history, 2018 is another important year for the group and our sector, as it marks the 10 years anniversary of CMI FPE’s acquisition by CMI group and the first decade of our common journey. Since 2008, CMI FPE has continuously played an important role in the growth and development of CMI Group and has helped CMI to become an important player in the supply of global cold rolling steel complexes.

To serve its customers best, CMI FPE heralded growth on many fronts in 2017-18. Thus, as part of its long-term economic development, CMI has been further stepping up its manufacturing expansion on the Indian sub-continent. At the same time our company has put in place processes to improve its expertise in overall production performance and to manufacture products in the most economical and reliable manner. Also, our company provides customised after sales services and spare parts to minimise the downtime of its customers’ equipment. Additionally, CMI FPE booked many orders for new production lines and mills in 2017-18 and also continues to be successful in modernising existing equipment and lines. A positive trend that is due to the implementation of innovation, process optimisation and effective management of its projects in terms of both cost and technology. In 2017-18 our company focused on two major areas: safety & people, and innovation & markets.

As such, CMI FPE’s Safety Management System incorporates safety into daily operations. In 2017, our employees have received training in personal and work safety, with the clear goal to create a safety mind-set that teaches how to speak up in a constructive way when spotting any unsafe behaviour at work.

Like safety, innovation is the responsibility of all employees. As such, CMI FPE has been vigorously working to keep its customers abreast of technological advancements through revamping and upgrading projects so as to ensure better sustainability. The rapid evolution of our portfolio of technologies demonstrates that the dynamism and innovative strength of our founder, John Cockerill, are still firmly rooted in the DNA of our CMI teams, also in India.

In order to best prepare to a fast developing steel industry, CMI FPE understood that innovation-based development is an imperative for sustainable economic growth, as it is a huge creator of economic value and a driver of competitive advantage. Hence in 2017-18, our company focused, more than ever, on providing added value to its customers, by offering state-of-the-art technologies, cost optimisation, value engineering and product life cycle management. The ‘2018 Public Award’ won by CMI FPE for its innovative product ‘Compact Color Coating Line’ during the 2017 edition of the “CMI Awards” is one prominent example of our company’s innovative culture. Another notable example is the ‘Total Productive Maintenance (TPM) Award’ that our company has been attributed with by TCIL in 2017 for our innovative maintenance approach. Thus, demonstrating that innovation within CMI FPE is not only technological, but is also focusing on the improvement of our company’s operational efficiency.

This year as we complete a decade of good work, we realise that CMI FPE has been going through a major transformation over the past years and while it is not easy to assess the transformation impact from one single year’s results, it becomes clear when looking back, just how much has changed. As such, several global industry best practises have been put in place to increase our overall operational efficiency, to increasingly adapt to demanding market conditions and to best seize opportunities in order to penetrate more aggressively into our target markets.

However we are also well aware of the many challenging years ahead of us. Despite an improving economical context, we all know that the world still faces many social, financial, economic and environmental challenges, we, as a company, have to focus on those areas where we can make the best impact. As such, technology and innovation must inspire us also in the years to come, to provide solutions to these global challenges, instead of slowing down in the face of obstacles.

I would like to personally thank all our CMI FPE employees for their contributions to our success in 2017. Our Indian staff has been quick to recognize our customers’ changing needs, and have responded efficiently and effectively. Progressive thinking and improved strategic management will push us further towards sustainable growth and profitability and help CMI FPE under the helm of the CMI Industry Sector to become a global player in the supply of cold rolling steel complexes.

I would like to seize this opportunity to thank all our stakeholders for their continued support and trust in us, and ensure them that we will continue to be committed towards creating value for them also in the future.

Yours Sincerely,

Joao Felix Da Silva

Source : Dion Global Solutions Limited
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