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Wim Plast Ltd.

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Jan 22, 16:00
433.00 -1.80 (-0.41%)
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Annual Report

For Year :
2017 2016 2015 2014 2013 2012 2010 2009 2003

Chairman's Speech

Dear Shareholders,

lam happy to welcome you all to the 29th Annual General Meeting of your Company. Thank you for your presence here today, and for your continued support.

During the fiscal year2016-17, we recorded a profit off4852.74 lacs, despite a flat revenue growth rate.

The sudden and unprecedented step of demonetization by the government of India rendered high-value currency obsolete. The timing was also critical as it was just the start of the peak season as a result of which it crippled almost every sector of the domestic economy. The decision to demonetize almost 86% of currency caused severe cash shortage in the domestic economy, which is primarily a ''cash'' economy, even today. The demonization initiative has caused a sudden breakdown in India''s commerce and the unbanked and informal economy is hard hit.

The Board of Directors and his management team have articulated a new strategy to reengineer the business of your Company and have set new targets to achieve.

Your Company started a new unit in Pardi (Gujarat) exclusively for manufacturing coolers. In 2016-17 we also expanded our extruded sheets line at Daman unit and with great pleasure I take this opportunity to announce that it will be functional from July 2017.

This fiscal year we plan to out do our best performance and create a new paradigm . While these are aggressive and ambitious goals, the Board strongly believes that these are eminently achievable through game-changing initiatives. Of course, this will not be easy. These goals have to be viewed in the context of significant external and internal challenges. Markets are volatile, business models are changing rapidly, new capabilities need to be built and the organization needs to adapt with great agility.

Our strategies are completely aligned with our long-term goals, and I would like to take this opportunity to pledge to you that we will pursue them on a foundation of the highest standards of governance and ethics. These are the aspects that your Company has always valued, and been known for. Respect for the laws of the land, fairness to the interests of all our stakeholders and a commitment to uphold our core values drive the deliberations and decisions of the Board.

In addition to our business goals and commitment to drive shareholder value, your Company is focused on playing its role as a responsible corporate citizen. We continue to contribute towards initiatives that drive societal change in the communities where we operate, while ensuring that our growth is sustainable. Our CSR initiative in the field of education has brought positive changes.

I would like to gratefully acknowledge each employee''s commitment and contribution towards the growth and advancement of your Company. We have always believed that our biggest assets are our people. It is their commitment and efforts that has made Financial Year 2016 -17 yet another successful year for the Company.

Before I conclude, I would also like to thank all our stakeholders - our clients, vendors and partners -for their trust and support. I thank the Shareholders, Fellow Directors, Promoters, Employees, Government and Regulatory Authorities. And of course, I look forward to your continued support and best wishes.

Chairman 26h May, 2017