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Another year has gone by and it is my pleasure to share with you the achievements of your Company and our plans for the coming year.
The year 2012-13 saw the spectre of recession looming over Europe, USA and Japan with the resultant slow down impact in India and China. In India, there were other macro issues too that accentuated the difficult situation. The result - GDP growth rate of only 5% against the projected 6.5%, which itself was substantially lower than the rates achieved in the previous years.
Despite all odds, Essel Propack has done well and is on track with its growth plans. This is proof of the DNA of the Company - 'Determined to Deliver' against all odds. I can proudly say we have never failed to seize and multiply opportunities for growth - be it Products, Customers or Markets. The Company has taken conscious decisions that have triggered business growth both in India and overseas. We are determined to increase market share in Europe and drive profitability in the Americas. China is proving to be a big opportunity for us in the Cosmetics, Personal Care and Pharma categories.
Innovation continues to be our strength. As someone said "You can't expect to meet the challenges of today with yesterday's tools and expect to be in business tomorrow." Our focus on meeting customer requirements and equipping ourselves to handle evolving trends is our strength and therefore, a whole new world of opportunities is open to us.
The Dream to be the world's Numero Uno supplier of Laminated Tubes combined with the Desire to realise the dream, has manifested itself as a 'Determination to Deliver' - through the 1980's when we persevered against all odds to build and dominate the laminated tube market in India; through the next decade and a half in which we widened our horizons and became a Global Company; during the last 5 years of global financial crisis when we sustained and emerged stronger.
This focus, I am confident, will eventually lead us to our Destiny - Remain the world's Number One Tube Supplier and Grow.
Throughout this tumultuous but exciting journey, we have continued to have the unstinted support of our Employees, Customers, Shareholders and Stakeholders and Members of the Board. We recognise with gratitude their contribution. A special deserving recognition of our Director, Mr. K.V. Krishnamurthy who left for his heavenly abode on 16 January, 2013. I would like to thank all for their support over the years and look forward to their continued support in the future as well.
With best wishes,