I whole heartedly welcome you to the 33rd Annual General Meeting of your company. The Annual Report and the Boards’ Report for the year ended 31st March, 2018 are with you. I trust you must have glanced through them.
The Company’s net revenue for the year ended 31st March, 2018 stood at Rs. 1738.18 Crores as against Rs.1960.89 Crores for the financial year 2016-17. Profit after tax, for the year under review, stands at Rs. 21.97 Crores, as against Rs.26.28 Crores in the previous financial year. The company’s EPS is Rs. 2.33 as against Rs. 2.79 in the previous financial year.
The Indian economy was volatile in 2017-18. However, it appears that the effect of GST has started gaining positive effect and the economy will gain further momentum in coming years. The effect of demonetization has also completely dissipated.
The macro economic fundamentals are strong in terms of Inflation control, revenue deficit, fiscal deficit and current account deficit. These are well under control. The country has a strong foreign ex change reserve of $418 billion.
Your company has prominent place in plastic industry in India. The products of your company comprise of various grades of compounds. The customer base of your company is expanding slowly but steadily.
Your directors have recommended dividend of 12% for the year ended 31st March, 2018 on the paid up share capital. The outgo of the company on this account, excluding taxes, will be Rs. 225.78 lacs.
I will be failing in my duty if I do not mention about the hard work and sincere endeavor of the members of the staff at all levels. Their co-operation will always remain vital to the company.
I am grateful to the members of the Board of your company for their valuable advice and guidance which enabled me to steer the company out of volatility in the Financial Year 2017-18.
With Best Regards,
Chairman & Managing Director
Date: 30th May, 2018 Kolkata