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The last fiscal year, which started with a lot of promise has just concluded – economic recovery continues to remain slow. Domestic inflation continues to be quite high and growth has slowed down to around 5%. Both fiscal and current account deficits have remained high and are taking a toll on overall business confidence. Despite these headwinds, long–term growth prospects are quite encouraging, with industrial production having started to show signs of recovery.
Despite the above scenario Your Company has posted good results in the year that has just concluded. Both, in terms of value and volume, revenue has shown good growth, confirming my belief in Your Company's broad product portfolio as well as the efforts taken to widen its distribution network. Further, sustained efforts to achieve reduction in costs, improvement in operational efficiency and technological upgrades have helped Your Company record good profits in the year under review,
After 38 years as Chairman of Your Company, 1 will retire from this position on 30th June 2013. This will be the last Annual General Meeting for which I will be the Chairman. I nurture fond memories of this long journey, comprising of over five and half decades of presence in the electrical cable business, which has seen both good times and bad times. While this journey has been challenging and demanding, one constant throughout was my association with my dear shareholders and their active support, It has been extremely rewarding for me to personally see the growth achieved by Your Company over these years. Your Company has progressed from having one manufacturing unit at Pimpri to having a number of additional units that are located at: Urse, Pune, Verna and Usgaon–Tisk, Ponda in Goa and at Roorkee in Uttarakhand. Your Company now has plans to procure suitable land in Gujarat to build a business hub for its future electrical products.
Today Your Company has become a multi–product, multi–location conglomerate having a distribution network, spread across the length and breadth of the Country. Finolex is now not only a household name commanding enviable respect and confidence, but also has consistently been selected for and has held the coveted and elite Super Brand status for the last so many years.
I sincerely express my gratitude and thanks to all stakeholders who have guided and helped us in our pursuit of leadership and excellence in the Wire and Cable Industry.
I will be handing over charge to Mr. D. K. Chhabria who has been the Managing Director of Your Company since 1st July 2000. Also, I have great confidence in Mr. D. K. Chhabria and feel convinced that he will be a worthy successor to me as Chairman of the Board and of Your Company effective from my stepping down as Chairman.
I look forward to your active support to Mr, D. K. Chhabria and to your continuing encouragement, which will continue to propel Your Company to greater heights in the years to come.
With best wishes,
P. P. Chhabria