At the outset, I welcome you all to the 35th Annual Meeting of the Company.
For Indian economy, recovery was interrupted this year due to intensification of debt crises In Euro Zone, political turmoil in Middle East, North American economic instabilities and rise in crude 0il.
The economy is currently experiencing a slowdown in growth due to unstable World economy India's GOP grew at 6 5% In the fiscal 2011-12 after growing at 84% In the year 2010 -11. The economy still continues to experience high inflation and Interest rates coupled with turbulence in financial and commodity markets.
Slowdown in comparison to preceding two years is primarily due to down fall in industrial growth. Our Country, however, remains front runner in economic growth 10 any cross-country comparison. The service sector along with the agricultural sector placed India in the top fastest growing economies of the world despite the aforementioned crises.
Notwithstanding the slowdown in economy, your Company continues to maintain its growth momentum Company's performance during the year 2011-12, in terms of operational and financial parameters has shown a marked improvement over the previous year. Company's Gross turnover has grown by 8% to Rs. 12,290.27 Lacs and Net profit by 41% to Rs. 345.74 Lacs.
It gives me immense pleasure to share with you that the Company's name has appeared in top 10 India’s fastest growing mid-sized companies in Inc. India 5002011, in spite of a fierce competition In the segments in which your Company is engaged, during the Financial Year 2011-12.
I would like to inform you that the Company has successfully completed some of its projects including premium quality residential flats and a Hotel at Dwarka, New Delhi, which has commenced its operation recently. Besides this the Company has in hand some infrastructure projects including laying of concrete roads in Faridabad (Haryana). The Company is focusing on opportunities in Delhi and NCR and hill stations especially in Dehradun and Mussoorie where the Company is having its own land.
Looking ahead to 2012-13, global macro-economic challenges persist. The world is witnessing slower GDP growth. Rating agency CRISIL slashed India's growth forecast to 5.5 percent for tl1e fiscal year ending March 2013 one of the lowest estimates on the street, just two months after pruning its projection to 6 5 per cent from 7 per cent. Poor monsoon rainfall in India alongside a weakening euro zone outlook contributed to the latest cut in the growth projection. The revised growth forecast assumes that the stretched fiscal situation will limit the ability of the government to give a generous stimulus to the economy However the long term fundamentals of the Indian economy remain strong and we are optimistic that the sectors in which your Company is engaged namely -infrastructure, hospitality, construction and real estate will have reasonable growth.
As u aware that the shares of the company are at present listed on Delhi stock Exchange limited which is not on operation since long. To protect the interest of the shareholders of the company and to provide liquidity to the investment made in the company’s share, an application has been made under ‘Direct Listing Norms’ of Bombay Stock Exchange, which is under consideration and we expect the outcome in the near future.
The mission of the company is to be rated as one of the best managed company in the field of infrastructure, Hospitality, Real Estate and Construction to be achieved through vision, innovation, dedicated efforts, efficiency, quality and timely execution.
In all its actions, our Company is committed to Corporate and Social Responsibility. We strive to ensure ail economic, environmental and social factors are given due attention and importance. Th1s approach, driven by our core values -caring for people, commitment to excellence and business integrity &transparency has enabled us to be more responsible to serve the Nation and the Society.
I express my sincere thanks to all the stakeholders of the Company for their continual faith and trust in the Company. I greatly appreciate the Company's Management team whose unabated dedication and contribution .has been invaluable to the Company. I also thank the employees of the Company, customers, banks, business associates, the Government and other authorities for their continued cooperation and valuable support from time to time.
With best wishes,
Chairman & Managing Director