Chairman''s Letter to Shareholder
It gives me immense pleasure to write to you at the end of another landmark year for Mohit Industries Limited.
I am pleased to inform you that your company has completed successfully financial year 2016-17 with Net profit after Tax for the year recorded Rs.154.20 lakhs. During the year under review, your Company has recorded its revenue from operations as Rs.15,333.29 lakhs against revenue recorded of Rs.13,616.25 lakhs in the previous year.
During Financial year 2016-17, Your Company''s Export Sales has been recorded to Rs.7,174 lakhs as compared to Rs.5,584 lakhs in previous year. Your Company is successfully exporting DTY Yarn with a brand name to Thailand, Czech Republic, Denmark, Germany, Bulgaria, Indonesia, United Kingdo, Mexico, Brazil, Guatemala, Vietnam, South Korea, Turkey, Algeria and many more Countries.
It gives great pleasure to state that company has received Rs. 8.5 crores as VAT refund, in reference to case for Gujarat Vat demand before Gujarat Value Added Tax Tribunal that has been decided in the Company''s favour vide Gujarat value Added Tax Tribunal order dated 13th August, 2015 and The Hon''ble Gujarat high Court vide its order dated 09th January, 2017 ordered and directed to the VAT Department, Gujarat State for refund / pay input tax credit due to the company.
As you are aware, Goods & Service Tax (GST), which is a comprehensive indirect tax reform, has been introduced in India w.e.f. 01st July, 2017. The said reform is a fundamental change in the framework of indirect taxes and impacts not only the rate of tax but also various business processes and associated documentation. With the implementation of a unified GST, your Company being integrated Textile Company in the field of yarn and fabric that produce yarn and use it to make fabric shall be at an advantage as there are differential tax rates for yarn & fabric.
Details of our growth Strategies and your company'' performances during Financial Year 2016-17 have been elaborated in the Director Report and Management Discussion Analysis Report Section of this Annual Report.
Your Company has been able to drive strong growth inspite of challenging Environment. All this would have not possible but for the untiring efforts of our highly committed and dedicated employee force.
I would like to thank all our consumers, employees, Suppliers who are directly or indirectly associated with the company for their support and commitment, which helped us reach where we are now.
I would like to thank our shareholders for their trust and encouragement and assure to serve strong and Profitable and Sustainable Growth.
With Warm regards
Mr. Sitaram Nandlal Saboo
Mohit Industries Limited