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Letter to Shareholders
I hereby take great pleasure in extending a hearty welcome to all the shareholders of the Company. Most of the shareholders have been with the Company since our maiden Public Issue and have trust in future growth of the Company in years to come. I am aware that many of you are seriously concerned about the economic slow down, irratic fluctuations in share prices and the dismal performance of number of companies from different diverse sector in the FY 2008–2009. The Construction industry, as everybody is aware of, comprises of different segments like Housing, Infrastructure, Industrial, Commercial, Real Estate, etc. Construction industry witnessed a big boom in the year 2005–2006, but subsequent rise in the prices of Steel, Bitumen, Cement and also in the interest costs resulted in slow down in growth with construction industry registering a growth of 7% only in 2008–2009. Beginning with
Construction industry, as all of you are aware of, everywhere faces challenges and problems and particularly in developing countries like
At the recent Central elections, UPA Govt, led by Congress has come back to power with a better political stability and renewed mandate. Hon'ble Finance Minister in his budgetory speech, had quoted the words of Hon'ble Prime Minister Mr. Manmohan Singh that:
"It is a mandate for continuity, stability and prosperity. It is a mandate for inclusive growth and equitable development. It is a mandate that we accept with humility and a firm resolve to do all that we can for the welfare of this nation".
With better political stability, the Government thus is willing to push ahead its development programmes with more vigour and firmness.
The policies and plans of your Company, are framed to have the "Best" from every opportunity we may get and to protect ourselves from various threats. Please allow me to avail of this opportunity to assure all the members of the Company that the Management is doing its best to safeguard the interest of the stakeholders. Your company has on hand number of projects – major amongst those being New Mangalore Trust Project, Sahara Amby Valley Project, Bus Rapid Transport System Project at Ahmedabad, Cochin International Airport Project, Tamilnadu Road Infrastructure Development Corporation's Project, etc. The Company, therefore, is optimistic of achieving a targeted better turnover, for the FY2009–2010.
I once again sincerely thank all the shareholders, employees, bankers, suppliers and the management for their unstinted support and trust in the Company.
With Best Wishes