While welcoming all of you to the General Body meeting I would like to share all the information relating to various achievements of your company during the year through this 28th annual report. At the outset it gives me immense pleasure to inform you that your company received much awaited patent for its LED Digi Poster”, the key for next generation digital display technology for various applications across the world. This patent is valid up to the year 2028.
Your company continued the tradition of giving maximum importance to R&D and in the process achieved a major breakthrough in developing a Smart Solar LED street lighting solution” for which already MIC secured a first commercial order. Further for the first time MIC designed and manufactured an unique Centralized Control and Monitoring System(CCMS)”, which is meant for automatically maintaining and monitoring the street lights. In the days to come CCMS is going to play a very important role in the maintenance of street lights in the country as it can drastically reduce the dependence on human element in switching on and off the street lights while assisting in logging so much of other vital information automatically. It is indeed a great pleasure to inform you that your company already supplied and installed 4000 CCMS across the country much to the delight of their end users.
While continuing the unabated focus on R&D, your company could expand and consolidate its platform required for mass production of its products. This can be visualized from the fact that your company successfully manufactured, supplied and installed more than 150,000 street lights across the country
The demand for development of 3D Hologrammes and small pixel LED Display Systems has opened new avenues of business. Recently, the Railtel Corporation , a subsidiary of the Indian Railways came out with a plan to use digital media in all the railway stations across the country so as to provide better passenger information and to generate revenues through digital media using the bandwidth already in its possession, which is lying underutilized at present. As part of this programme a tender was invited by Railtel to identify and short list the competent partners for the project. It is a great pleasure once again to inform you that your company is one among four others short listed to prove their concept on this project before the final order is awarded I have no hesitation to mention that this project has all the elements, which can transform the face of especially the advertising arena in the country beyond imagination. Further, the steps initiated by the Central Government for establishing ''Smart Cities'' are also opening up new fronts, which can have tremendous impact on the business potential of your company.
As you are aware the LED sector has been expanding globally and our association with M/s. Leyard (China), LG Innotek (Korea) and other international business partners certainly is going to strengthen us in enhancing our global market share in the near future. All the countries including India have initiated programmes to adopt LED technologies in a big way thus leading to expansion of the scope of business in the LED sector to unprecedented levels. Considering these global developments, I have no hesitation to say that the growth of business potential in the LED sector is going to be very robust in the near future and assure you that every effort will be made to ensure that your company secure a very decent share out of that huge potential I am also happy to inform you that Company’s liquidity is improving. Seeing the huge market for the Company’s products and its growth potential, Company’s lenders are volunteering for debt restructuring to enable reduction in debt thru equity conversion. This would greatly facilitate in improving the finances of the Company to a large extent in the near future”.
I sincerely thank all the shareholders for the trust and confidence reposed in your company and I look forward to your continuous support.
With best wishes,
Dr. M. V. Ramana Rao
( Managing Director)