I have great pleasure in presenting the 52nd Annual Reportfortheyear
ended 31 March''''2013.
The year 2012 has been extremely challenging for the Indian and Global
Economy. Uncertainty has ruled in all sectors across all domains''''be it
economical''''financial or political.The manufacturing industry saw this
uncertainty translated into unpredictable demand patterns'''' increased
credit restrictions'''' and a highly competitive environment driven by
general overcapacity in most of the sectors.
Inspite of this''''ano thers trong year in 2012 and has continuedwith the
positivetrend. Our results reflected the sound execution of our
business plans''''centered on expansion and disciplined cost and asset
management.Among our achievements'''' we delivered our highest-ever sales''''
made substantial inroads to new markets'''' and continued aggressive
launches of advanced new products. As a result'''' the company is well-
positioned to reap the benefits whenever there is upsurge in economy.
For fiscal 2012-13'''' Gee reported net sales and revenues of 1862.98
million''''a growth of 8%.The net income reported was 46.40 million.The
profit margins were adversely affected on account of hike in the
material cost and unpredictable movement in the currency market.
The Company''s performance affirmed the wisdom of keeping our eyes on
the horizon and feet on the ground.That means investing to capitalize
on powerful macroeconomic trends'''' while at the same time maintaining a
laser-like focus on operational excellence and customer service. The
Company continued tostrengthen its financial condition.
We gain confidence as the Indian and Global Economy is gaining traction
and is expected to perform better in this fiscal. The resurgence of the
global growth is crucial for industrial recovery in India. India is
tipped for resurgent growth'''' with the reform measures undertaken
recently. The measures include liberalization of FDI in multi-brand
retail''''amendment of the Banking Regulation Act and expeditious
decisions on approvals for implementation of mega projects.The impact
of these steps will be felt on macro parameters in the current
fiscal.Economic growth is projected to be in the range of 6.1% - 6.7%
We resolve to put in our best to achieve greater heights in the time to
come. Yours Sincerely''''
S.LAgarwal Managing Director