MESSAGE FROM THE CHAIRMAN Greetings from VERA!
I am delighted to once again be a bearer of good news and report another year of good performance at your company. Your Company has come up with an IPO in April, 2018.
We are incorporated in India, and all of our assets and employees are located in India. As a result, we are highly dependent on prevailing economic conditions in India and our results of operations are significantly affected by factors influencing the Indian economy. Factors that may adversely affect the Indian economy, and hence our results of operations, may include:
> Any increase in Indian interest rates or inflation;
> Any scarcity of credit or other financing in India, resulting in an adverse impact on economic conditions in India;
> Prevailing income conditions among Indian consumers and Indian corporations;
Our people strategy has always been to recruit and retain people with leadership qualities. We invest in our people and believe they are one of the major reasons for our success. We believe that growth of our people precedes the growth of the company. We promote leadership within our ranks by offering people greater responsibility with the freedom to perform to their best.
Our growth story, to my mind has been largely due to our Unique Business model as well as our striving excellence. We have great vision and power of innovation in the field of fishing Net, Agriculture Net, Ropes, Twines, Yarn and Taps. We draw our strength and quality from the art manufacturing facilities. Also the latest imported machinery from China for manufacturing of Fishing and Agricutural Net.
During the year, your Company have significantly poured efforts and as result the Operational Income of the Company has been increased to Rs.222,511,077.00/- compared to Rs.184,201,677.00/- in the previous year.
I would also like to declare that our desire for future expansions through increased production by new Machinery and to improve the depth of our business to provide the desired growth strategy still prevails and we are constantly surveying the horizon in this regard.
I would like to conclude with a sense of confidence and strong optimism that we are striving and will continue to strive for a sustained and enduring growth across our various product mix.
I take this opportunity to express my sincere thanks to all the shareholders for their continued trust in the Board of Directors and the Management of the Company. On behalf of the Company, I would also like to thank all our stakeholders - customers, dealers, suppliers, other business associates the Government and regulatory agencies and employees for invaluable support and co-operation in the year gone by and expect similar support in the years to come.
Chairman & Managing Director